# EDGAR Filing Document

**Accession Number:** 0001109441
**File Stem:** 0001133228-25-010212
**Filing Date:** 2025-9
**Character Count:** 185183
**Document Hash:** 7904ce88e1127ae69541692e5d7afaab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-010212.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001133228-25-010212

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**EFFECTIVENESS DATE**: 20250926

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin Floating Rate Master Trust
- **CENTRAL INDEX KEY:** 0001109441

**ORGANIZATION NAME:**
- **EIN:** 943356217
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09869
- **FILM NUMBER:** 251349681

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN FLOATING RATE MASTER TRUST
- **DATE OF NAME CHANGE:** 20000316

## Series and Classes Contracts Data

### FRANKLIN FLOATING RATE MASTER SERIES (Series ID: S000007441)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020415 | Class A      | XFFLX           |

?xml version='1.0' encoding='ASCII'? 2025-08-1974200005200_FranklinFloatingRateMasterSeries_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-09869**

 **Franklin Floating Rate Master Trust**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **July 31**

Date of reporting period: **July 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Floating Rate Master Series**  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| July 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Floating Rate Master Series for the period August 1, 2024, to July 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-internalusefunds-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Floating Rate Master Series | $55 | 0.53% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended July 31, 2025, Franklin Floating Rate Master Series returned 7.37%. The Fund compares its performance to the Morningstar LSTA U.S. Leveraged Loan Index, which returned 7.50% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The Fund's loan selection in leisure, chemical and service issuers contributed to relative results.  |
| ↑ | Our overweight in Lower-Tier loans and underweight in upper-tier loans relative to the index benefited returns.  |
| ↑ | Our underweight loan allocation to the food/tobacco and housing industries contributed to performance, as did our overweight loan allocation to the diversified media segment. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Our cash exposure hindered performance, as did our allocation to equity received from prior restructurings. |
| ↓ | Our loan selection in health care, information technology and land transportation issuers detracted from results. |
| ↓ | Our underweight loan allocation in the telecommunication and cable/wireless video industries hindered performance, as did our overweight loan allocation to the land transportation segment. |

---

Franklin Floating Rate Master Series PAGE 1 4021-ATSR-0925

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Floating Rate Master Series** 7/31/2015 — 7/31/2025

![image](ts4797img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Franklin Floating Rate Master Series**  | 7.37 | 7.56 | 4.09 |
| **Bloomberg U.S. Aggregate Index**  | 3.38 | -1.07 | 1.66 |
| **Morningstar LSTA U.S. Leveraged Loan Index**  | 7.50 | 7.23 | 5.24 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of July 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $470621365 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 292 |
| **Total Management Fee Paid** | $2327314 |
| **Portfolio Turnover Rate** | 43.94% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of July 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts4797img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

Franklin Floating Rate Master Series PAGE 2 4021-ATSR-0925

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Franklin Floating Rate Master Series PAGE 3 4021-ATSR-0925

10000103071099911299114101036911459113761262813903149281000010594105391045511299124431235611229108511140511790100001023910918114011186011757128731278614035155021666482.24.71.61.40.00.010.1 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending July 31, 2024 and July 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $92,894 in July 31, 2024 and $88,392 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in July 31, 2024 and $0 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in July 31, 2024 and $2500 in July 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee were $140,000 in July 31, 2024 and $0 in July 31, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in July 31, 2024 and $0 in July 31, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $163,638 in July 31, 2024 and $0 in July 31, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre-approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $303,638 in July 31, 2024 and $377,023 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

July

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information

-Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 19
Notes

to

Financial

Statements

#### 22
Report

of

Independent

Registered

Public

Accounting

Firm

#### 31
Changes

In

and

Disagreements

with

Accountants

#### 32
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Floating

Rate

Master

Trust

Financial

Highlights

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$7.13

$7.13

$7.00

$7.38

$6.99

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.547 0.656 0.567 0.292 0.301 Net

realized

and

unrealized

gains

(losses)

...........

(0.042)

0.039 0.165 (0.341)

0.417 Total

from

investment

operations

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

0.505 0.695 0.732 (0.049)

0.718 Less

distributions

from:

Net

investment

income

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

(0.603)

(0.695)

(0.602)

(0.331)

(0.328)

Net

asset

value,

end

of

year

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

$7.03

$7.13

$7.13

$7.00

$7.38

Total

return

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

7.37%

10.10%

11.00%

(0.73)%

10.51%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.56%

0.57%

0.56%

0.57%

0.61%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.53%

0.53%

0.53%

c

0.53%

c

0.53%

c

Net

investment

income

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

7.77%

9.12%

8.11%

4.01%

4.19%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$470,621

$514,936

$389,707

$616,607

$430,129

Portfolio

turnover

rate

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

43.94%

49.16%

11.36%

32.84%

74.82%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments,

July

31,

2025

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value

#### %

#### of

#### Net

#### Assets
a

#### Common

#### Stocks

#### Hotels,

#### Restaurants

#### &

#### Leisure
a

Hour

Fitness

Worldwide,

Inc.

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

United

States

666,669

$

24,667

0.00 †

a

#### Machinery
b

UTEX

Industries,

Inc.

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

United

States

120,386

5,802,834

.23

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
a

Talos

Energy,

Inc.

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

United

States

213,184

1,822,723

.39

a

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 15,538,992

####)
...............................

#### 7,650,224

#### 1

#### .62

#### Management

#### Investment

#### Companies

#### Capital

#### Markets
c

Franklin

Senior

Loan

ETF

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

United

States

112,166

2,723,390

.58

Invesco

Senior

Loan

ETF

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

United

States

191,000

3,997,630

.85

6,721,020

.43

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 6,846,783

####)
..............

#### 6,721,020

#### 1

#### .43

#### Warrants
a

#### a
a

#### Warrants

#### Machinery
a,b

UTEX

Industries,

Inc.

,

12/05/25

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

United

States

0.00 †

#### Total

#### Warrants

#### (Cost

#### $

#### –

####)
...............................................

#### 1
0.00 #### †

#### Principal

#### Amount

#### \*
a

#### Corporate

#### Bonds

#### Air

#### Freight

#### &

#### Logistics
d

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/30

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

United

States

1,950,000

1,962,823

.42

#### Capital

#### Markets
d

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125 %

,

11/01/32

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

United

States

1,668,000

1,656,181

.35

#### Chemicals
d

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875 %

,

5/01/28

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

United

States

1,100,000

1,069,034

.23

#### Commercial

#### Services

#### &

#### Supplies
d

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

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

United

States

500,000

524,654

.11

d

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29 %

,

4/15/29

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

United

States

1,200,000

1,162,500

.25

1,687,154

.36

#### Containers

#### &

#### Packaging
d

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

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

United

States

100,000

102,498

.02

#### Entertainment
d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

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

France

600,000

624,047

.13

#### Ground

#### Transportation
d

Albion

Financing

SARL

/

Aggreko

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

5/21/30

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

Luxembourg

311,900

321,814

.07

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Ground

#### Transportation
(continued)

d

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

7/31/29

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

United

States

500,000

$

471,988

.10

793,802

.17

#### Health

#### Care

#### Equipment

#### &

#### Supplies
d

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

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

United

States

320,000

334,032

.07

#### Hotels,

#### Restaurants

#### &

#### Leisure
d

Brightstar

Lottery

plc

,

Senior

Secured

Note

,

144A,

5.25 %

,

1/15/29

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

United

States

400,000

397,213

.09

d

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

2/15/32

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

United

States

1,400,000

1,428,618

.30

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

d

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.......

Canada

1,150,000

1,126,877

.24

2,952,708

.63

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
d

Calpine

Corp.

,

Senior

Secured

Note

,

144A,

4.5 %

,

2/15/28

United

States

1,100,000

1,088,729

.23

#### Insurance
d

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25 %

,

2/15/29

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

United

States

529,400

505,809

.11

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75 %

,

10/15/27

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

United

States

1,700,000

1,702,895

.36

Senior

Secured

Note

,

144A,

6.5 %

,

10/01/31

........

United

States

1,500,000

1,523,661

.32

3,732,365

.79

#### IT

#### Services
d

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

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

United

States

600,000

630,440

.14

#### Media
d

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

7.375 %

,

9/01/31

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

United

States

100,000

104,034

.02

#### Passenger

#### Airlines
d

Allegiant

Travel

Co.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/15/27

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

United

States

1,200,000

1,200,431

.25

d

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/29

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

United

States

1,300,000

1,359,475

.29

d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5 %

,

4/20/26

.........

United

States

472,324

472,189

.10

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.5 %

,

10/20/25

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

United

States

39,552

39,458

.01

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375 %

,

4/15/26

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

United

States

1,165,000

1,158,812

.25

4,230,365

.90

#### Personal

#### Care

#### Products
d

Coty,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

4/15/26

....

United

States

392,000

391,860

.08

#### Software
d

Cloud

Software

Group,

Inc.

,

Secured

Note

,

144A,

%

,

9/30/29

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

United

States

1,100,000

1,139,150

.24

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Wireless

#### Telecommunication

#### Services
d

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25 %

,

1/31/31

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

United

Kingdom

360,000

$

328,376

.07

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 22,504,126

####)
...............................

#### 22,827,598

#### 4

#### .85
e

#### Senior

#### Floating

#### Rate

#### Interests
f

#### Aerospace

#### &

#### Defense
Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

6.356 %

,

(1-month

SOFR

+

%),

10/31/31

..

United

States

430,342

431,917

.09

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B2

,

6.356 %

,

(1-month

SOFR

+

%),

10/31/31

..

United

States

163,688

164,287

.04

Signia

Aerospace

LLC,

First

Lien,

CME

Term

Loan

,

7.064 %

,

(3-month

SOFR

+

2.75 %),

12/11/31

.......

United

States

698,897

700,644

.15

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.796 %

,

(3-month

SOFR

+

2.5 %),

2/28/31

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

United

States

1,278,543

1,283,766

.27

2,580,614

.55

a

a

a

a

a

a

f

#### Air

#### Freight

#### &

#### Logistics
Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.81 %

,

(3-month

SOFR

+

4.5 %),

12/19/30

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

United

States

2,972,523

2,981,649

.63

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.296 %

,

(3-month

SOFR

+

%),

3/18/30

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

United

States

2,579,640

2,558,397

.55

5,540,046

.18

a

a

a

a

a

a

f

#### Automobile

#### Components
Adient

US

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.606 %

,

(1-month

SOFR

+

2.25 %),

1/31/31

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

United

States

1,166,329

1,171,887

.25

Clarios

Global

LP,

First

Lien,

2024

Dollar

CME

Term

Loan

,

6.856 %

,

(1-month

SOFR

+

2.5 %),

5/06/30

....

United

States

582,688

583,562

.12

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan

,

7.106 %

,

(1-month

SOFR

+

2.75 %),

1/28/32

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

United

States

1,609,724

1,612,066

.34

g

DexKo

Global,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan

,

8.606 %

,

(1-month

SOFR

+

4.25 %),

10/04/28

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

United

States

1,288,816

1,241,774

.26

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

8.221 %

,

(1-month

SOFR

+

3.75 %),

10/04/28

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

United

States

1,413,817

1,351,482

.29

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.57 %

,

(3-month

SOFR

+

%),

3/30/27

.......

United

States

2,237,469

2,199,913

.47

First

Brands

Group

LLC,

First

Lien,

2022-2

Incremental

CME

Term

Loan

,

9.57 %

,

(3-month

SOFR

+

%),

3/30/27

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

United

States

2,298,000

2,255,395

.48

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.041 %

,

(3-month

SOFR

+

8.5 %),

3/30/28

...

United

States

1,871,447

1,768,517

.38

12,184,596

.59

a

a

a

a

a

a

#### Beverages
f

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.546 %

,

(3-month

SOFR

+

2.25 %),

3/31/28

United

States

1,687,280

1,693,143

.36

f

#### Broadline

#### Retail
Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B4B

,

6.796 %

,

(3-month

SOFR

+

2.5 %),

10/28/30

........

Netherlands

119,395

119,805

.03

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.796 %

,

(3-month

SOFR

+

2.5 %),

7/01/31

.........

Netherlands

1,699,402

1,706,047

.36

1,825,852

.39

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Building

#### Products
g

Chariot

Buyer

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.884 %

,

(12-month

SOFR

+

%),

7/22/32

..........

United

States

491,228

$

491,636

.10

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.842 %

,

(1-month

SOFR

+

4.5 %),

5/15/31

..

United

States

815,753

708,347

.15

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

7.692 %

,

(1-month

SOFR

+

3.25 %),

4/12/28

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

United

States

1,313,642

1,204,807

.25

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

CME

Term

Loan

,

7.106 %

,

(1-month

SOFR

+

2.75 %),

3/28/31

United

States

1,533,611

1,537,636

.33

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.606 %

,

(1-month

SOFR

+

2.25 %),

4/14/31

........

United

States

1,440,117

1,440,815

.31

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.606 %

,

(1-month

SOFR

+

2.25 %),

3/19/29

........

United

States

1,842,172

1,844,917

.39

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

6.606 %

,

(1-month

SOFR

+

2.25 %),

2/10/32

........

United

States

1,265,793

1,266,268

.27

8,494,426

.80

a

a

a

a

a

a

f

#### Capital

#### Markets
AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.322 %

,

(1-month

SOFR

+

%),

7/31/28

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

United

States

2,247,787

2,249,248

.48

Aretec

Group,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

7.856 %

,

(1-month

SOFR

+

3.5 %),

8/09/30

.........

United

States

1,265,541

1,269,495

.27

Ascensus

Holdings,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.356 %

,

(1-month

SOFR

+

%),

8/02/28

....

United

States

1,669,694

1,673,418

.36

Deerfield

Dakota

Holding

LLC,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

8.046 %

,

(3-month

SOFR

+

3.75 %),

4/09/27

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

United

States

1,449,130

1,438,522

.31

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

,

7.327 %

,

(1-month

SOFR

+

%),

4/07/28

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

United

States

1,505,895

1,509,863

.32

Edelman

Financial

Engines

Center

LLC

(The),

Second

Lien,

2024

Refinancing

CME

Term

Loan

,

9.606 %

,

(1-month

SOFR

+

5.25 %),

10/20/28

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

United

States

1,300,000

1,310,289

.28

First

Eagle

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.296 %

,

(3-month

SOFR

+

%),

3/05/29

..........

United

States

1,183,515

1,184,196

.25

GIH

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.796 %

,

(3-month

SOFR

+

2.5 %),

11/26/31

........

United

States

470,079

472,018

.10

GTCR

Everest

Borrower

LLC,

First

Lien,

2025

Initial

CME

Term

Loan

,

7.064 %

,

(3-month

SOFR

+

2.75 %),

9/05/31

United

States

693,035

694,279

.15

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.333 %

,

(3-month

SOFR

+

%),

12/15/31

.....

United

States

1,646,157

1,640,865

.35

g

Orion

US

Finco,

First

Lien,

CME

Term

Loan

,

7.325 %

,

(12-month

SOFR

+

3.5 %),

5/21/32

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

United

States

1,848,035

1,858,818

.39

h

Russell

Investments

US

Institutional

Holdco,

Inc.,

First

Lien,

2027

CME

Term

Loan

,

PIK,

9.308 %

,

(3-month

SOFR

+

%),

5/28/27

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

United

States

2,545,152

2,471,873

.52

17,772,884

.78

a

a

a

a

a

a

f

#### Chemicals
Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.34 %

,

(1-month

SOFR

+

%),

3/15/29

..

United

States

1,720,666

1,718,300

.37

Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.894 %

,

(1-month

SOFR

+

7.438 %),

3/15/30

..

United

States

2,344,784

2,321,336

.49

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.606 %

,

(1-month

SOFR

+

3.25 %),

2/18/30

Luxembourg

510,939

475,970

.10

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.706 %

,

(1-month

SOFR

+

4.25 %),

4/02/29

United

States

1,514,954

1,418,376

.30

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Chemicals
(continued)

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan,

B

,

7.356 %

,

(1-month

SOFR

+

%),

12/31/29

..........

United

States

812,833

$

815,519

.17

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1

,

7.51 %

,

(3-month

SOFR

+

3.25 %),

4/03/28

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

Netherlands

1,171,610

1,173,443

.25

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.287 %

,

(3-month

SOFR

+

%),

1/31/29

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

United

States

2,038,562

2,044,239

.44

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.728 %

,

(3-month

SOFR

+

4.25 %),

4/23/29

...

United

States

1,208,656

1,025,345

.22

10,992,528

.34

a

a

a

a

a

a

f

#### Commercial

#### Services

#### &

#### Supplies
Allied

Universal

Holdco

LLC,

First

Lien,

Initial

USD

CME

Term

Loan

,

8.206 %

,

(1-month

SOFR

+

3.75 %),

5/12/28

United

States

3,799,333

3,811,890

.81

Aramark

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B8

,

6.356 %

,

(1-month

SOFR

+

%),

6/24/30

..........

United

States

314,650

315,521

.07

Madison

IAQ

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.452 %

,

(6-month

SOFR

+

3.25 %),

5/06/32

United

States

1,500,000

1,508,160

.32

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.702 %

,

(6-month

SOFR

+

2.5 %),

6/21/28

.........

United

States

1,777,949

1,781,087

.38

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.429 %

,

(3-month

SOFR

+

%),

4/11/29

....

United

States

3,116,081

3,001,658

.64

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

7.046 %

,

(3-month

SOFR

+

2.75 %),

3/26/31

...

Luxembourg

1,164,311

1,169,550

.25

Pitney

Bowes,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.106 %

,

(1-month

SOFR

+

3.75 %),

3/19/32

........

United

States

2,593,500

2,599,984

.55

Prime

Security

Services

Borrower

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan,

B1

,

6.129 %

,

(6-month

SOFR

+

%),

10/15/30

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

United

States

1,377,235

1,378,668

.29

Reworld

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B

,

6.601 %

,

(1-month

SOFR

+

2.25 %),

11/30/28

.......

United

States

451,038

452,166

.10

Reworld

Holding

Corp.,

First

Lien,

CME

Term

Loan,

C

,

6.601 %

,

(1-month

SOFR

+

2.25 %),

11/30/28

.......

United

States

25,010

25,072

0.00 †

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.577 %

,

(3-month

SOFR

+

%),

3/06/28

..........

United

States

3,823,957

3,391,371

.72

19,435,127

.13

a

a

a

a

a

a

#### Communications

#### Equipment
f

Delta

Topco,

Inc.,

First

Lien,

Fourth

Amendment

Refinancing

CME

Term

Loan

,

7.074 %

,

(3-month

SOFR

+

2.75 %),

11/30/29

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

United

States

2,955,126

2,951,639

.63

f

#### Construction

#### &

#### Engineering
Artera

Services

LLC,

First

Lien,

CME

Term

Loan,

C

,

8.796 %

,

(3-month

SOFR

+

4.5 %),

2/18/31

.........

United

States

807,955

673,988

.15

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.776 %

,

(3-month

SOFR

+

4.5 %),

8/01/30

..

United

States

1,856,465

1,561,761

.33

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

,

8.042 %

,

(3-month

SOFR

+

3.75 %),

3/27/31

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

United

States

857,909

861,242

.18

DG

Investment

Intermediate

Holdings

2,

Inc.,

First

Lien,

Closing

Date

Initial

CME

Term

Loan

,

8.088 %

,

(1-month

SOFR

+

3.75 %),

7/09/32

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

United

States

295,302

296,502

.06

Red

SPV

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.59 %

,

(1-month

SOFR

+

2.25 %),

3/15/32

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

United

Kingdom

897,163

899,406

.19

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Construction

#### &

#### Engineering
(continued)

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.578 %

,

(1-month

SOFR

+

2.25 %),

1/24/31

...

United

States

382,121

$

382,785

.08

4,675,684

.99

a

a

a

a

a

a

#### Consumer

#### Finance
f

Shift4

Payments

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

7.048 %

,

(3-month

SOFR

+

2.75 %),

6/30/32

United

States

577,939

582,395

.12

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
f

,g

Boots

Group

Bidco

Ltd.

(The),

First

Lien,

CME

Term

Loan

,

7.384 %

,

(12-month

SOFR

+

3.5 %),

7/16/32

...

United

Kingdom

401,384

401,637

.09

f

#### Containers

#### &

#### Packaging
Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

7.086 %

,

(1-month

SOFR

+

2.75 %),

11/29/30

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

United

States

3,536,597

3,548,851

.75

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.606 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

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

United

States

2,323,904

2,324,915

.49

g

,i

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

B

,

7.606 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

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

United

States

1,219

1,219

0.00 †

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.227 %

,

(6-month

SOFR

+

4.725 %),

2/09/26

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

Luxembourg

2,515,925

2,315,985

.49

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

Initial

CME

Term

Loan

,

7.322 %

,

(1-month

SOFR

+

%),

4/15/27

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

United

States

1,011,235

1,012,767

.22

ProAmpac

PG

Borrower

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

8.32 %

,

(3-month

SOFR

+

%),

9/15/28

.....

United

States

1,247,715

1,253,173

.27

10,456,910

.22

a

a

a

a

a

a

f

#### Distributors
BCPE

Empire

Holdings,

Inc.,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan

,

7.606 %

,

(1-month

SOFR

+

3.25 %),

12/11/30

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

United

States

1,544,225

1,545,391

.33

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

E

,

6.27 %

,

(6-month

SOFR

+

%),

2/10/31

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

United

States

519,757

522,031

.11

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.296 %

,

(3-month

SOFR

+

%),

11/30/30

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

United

States

3,081,966

3,098,346

.66

5,165,768

.10

a

a

a

a

a

a

f

#### Diversified

#### Consumer

#### Services
Ascend

Learning

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.356 %

,

(1-month

SOFR

+

%),

12/11/28

..........

United

States

1,434,934

1,437,237

.31

Ascend

Learning

LLC,

Second

Lien,

Initial

CME

Term

Loan

,

10.206 %

,

(1-month

SOFR

+

5.75 %),

12/10/29

.

United

States

995,008

996,874

.21

KUEHG

Corp.,

First

Lien,

CME

Term

Loan

,

7.041 %

,

(3-month

SOFR

+

2.75 %),

6/12/30

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

United

States

1,138,956

1,141,451

.24

Learning

Care

Group

US

No.

2,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.315 %

,

(3-month

SOFR

+

%),

8/11/28

United

States

398,906

399,737

.09

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.333 %

,

(3-month

SOFR

+

%),

5/04/28

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

United

States

1,143,914

1,146,654

.24

Pre-Paid

Legal

Services,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.606 %

,

(1-month

SOFR

+

3.25 %),

12/07/28

..

United

States

556,812

555,617

.12

Spring

Education

Group,

Inc.,

First

Lien,

CME

Term

Loan

,

8.296 %

,

(3-month

SOFR

+

%),

9/30/30

..........

United

States

463,506

467,024

.10

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Diversified

#### Consumer

#### Services
(continued)

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.856 %

,

(1-month

SOFR

+

2.5 %),

1/30/31

.........

United

States

625,048

$

624,461

.13

6,769,055

.44

a

a

a

a

a

a

f

#### Diversified

#### Telecommunication

#### Services
Zayo

Group

Holdings,

Inc.,

First

Lien,

2022

Incremental

CME

Term

Loan

,

8.531 %

,

(1-month

SOFR

+

4.175 %),

3/09/27

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

United

States

1,089,508

1,062,276

.23

Zayo

Group

Holdings,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

7.471 %

,

(1-month

SOFR

+

%),

3/09/27

.

United

States

1,623,553

1,571,704

.33

2,633,980

.56

a

a

a

a

a

a

f

#### Electric

#### Utilities
g

Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.356 %

,

(1-month

SOFR

+

%),

9/30/31

........

United

States

1,000,000

999,935

.21

Hamilton

Projects

Acquiror

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.856 %

,

(1-month

SOFR

+

2.5 %),

5/30/31

United

States

528,741

530,970

.12

1,530,905

.33

a

a

a

a

a

a

f

#### Electrical

#### Equipment
Indicor

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

7.046 %

,

(3-month

SOFR

+

2.75 %),

11/22/29

.......

United

States

786,803

789,140

.17

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.579 %

,

(1-month

SOFR

+

2.25 %),

1/27/31

........

United

States

1,499,143

1,501,894

.32

2,291,034

.49

a

a

a

a

a

a

f

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components
Coherent

Corp.,

First

Lien,

CME

Term

Loan,

B2

,

6.356 %

,

(1-month

SOFR

+

%),

7/02/29

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

United

States

308,275

309,508

.06

MX

Holdings

US,

Inc.,

First

Lien,

Senior

USD

CME

Term

Loan,

B

,

6.577 %

,

(1-month

SOFR

+

2.25 %),

3/17/32

.

United

States

408,082

410,506

.09

720,014

.15

a

a

a

a

a

a

f

#### Entertainment
Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

7.072 %

,

(1-month

SOFR

+

2.75 %),

3/01/28

.....

France

615,438

617,555

.13

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.221 %

,

(1-month

SOFR

+

2.75 %),

3/13/28

........

United

States

1,100,769

1,093,262

.23

UFC

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B4

,

6.571 %

,

(3-month

SOFR

+

2.25 %),

11/21/31

.......

United

States

4,117,008

4,133,187

.88

5,844,004

.24

a

a

a

a

a

a

f

#### Financial

#### Services
Belfor

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

7.356 %

,

(1-month

SOFR

+

%),

11/01/30

..........

United

States

1,182,349

1,187,528

.25

Boost

Newco

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.296 %

,

(3-month

SOFR

+

%),

1/31/31

.......

United

States

5,167,316

5,181,862

.10

g

GC

Ferry

Acquisition

I,

Inc.,

First

Lien,

CME

Term

Loan

,

7.566 %

,

(12-month

SOFR

+

3.5 %),

6/02/32

........

United

States

1,613,480

1,592,053

.34

g

Hudson

River

Trading

LLC,

First

Lien,

CME

Term

Loan,

B1

,

7.343 %

,

(1-month

SOFR

+

%),

3/18/30

.......

United

States

1,386,634

1,391,854

.30

g

Mermaid

Bidco,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

7.51 %

,

(3-month

SOFR

+

3.25 %),

7/03/31

.........

United

States

1,632,743

1,637,282

.35

g

Osaic

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.384 %

,

(12-month

SOFR

+

3.5 %),

7/19/32

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

United

States

2,313,942

2,317,563

.49

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Financial

#### Services
(continued)

Priority

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.106 %

,

(1-month

SOFR

+

3.75 %),

7/30/32

........

United

States

1,056,958

$

1,060,425

.22

14,368,567

.05

a

a

a

a

a

a

f

#### Food

#### Products
g

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan

,

6.594 %

,

(12-month

SOFR

+

2.5 %),

7/16/32

........

United

Kingdom

796,892

796,247

.17

Nourish

Buyer

I,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.829 %

,

(3-month

SOFR

+

4.5 %),

7/08/32

.........

United

States

487,342

487,342

.10

Simply

Good

Foods

USA,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.356 %

,

(1-month

SOFR

+

%),

3/17/27

.

United

States

82,826

83,447

.02

1,367,036

.29

a

a

a

a

a

a

f

#### Ground

#### Transportation
Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

7.316 %

,

(1-month

SOFR

+

%),

5/21/31

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

United

Kingdom

1,185,445

1,193,002

.25

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.796 %

,

(3-month

SOFR

+

2.5 %),

7/21/28

.........

United

States

1,747,504

1,752,152

.37

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.796 %

,

(3-month

SOFR

+

2.5 %),

7/21/28

.........

United

States

1,105,471

1,108,864

.24

First

Student

Bidco,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

6.796 %

,

(3-month

SOFR

+

2.5 %),

7/21/28

..

United

States

535,746

537,171

.11

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

7.606 %

,

(1-month

SOFR

+

3.25 %),

1/25/29

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

United

States

2,258,403

2,252,057

.48

h

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

PIK,

6.057 %

,

(3-month

SOFR

+

1.5 %),

8/10/29

.........

United

States

2,477,432

1,451,638

.31

h

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

PIK,

6.057 %

,

(3-month

SOFR

+

1.5 %),

8/10/29

.........

United

States

1,794,003

509,397

.11

Savage

Enterprises

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.384 %

,

(12-month

SOFR

+

2.5 %),

7/30/32

........

United

States

236,910

237,503

.05

Savage

Enterprises

LLC,

First

Lien,

Refinancing

CME

Term

Loan

,

7.077 %

,

(1-month

SOFR

+

2.75 %),

9/15/28

United

States

368,711

369,812

.08

WWEX

Uni

Topco

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.296 %

,

(3-month

SOFR

+

%),

7/26/28

.

United

States

1,480,818

1,481,744

.31

10,893,340

.31

a

a

a

a

a

a

f

#### Health

#### Care

#### Equipment

#### &

#### Supplies
Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan

,

8.606 %

,

(1-month

SOFR

+

4.25 %),

1/15/31

United

States

563,636

566,736

.12

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan

,

6.356 %

,

(1-month

SOFR

+

%),

10/23/28

United

States

5,920,421

5,932,351

.26

US

Radiology

Specialists,

Inc.

(US

Outpatient

Imaging

Services,

Inc.),

First

Lien,

CME

Term

Loan

,

9.046 %

,

(3-month

SOFR

+

4.75 %),

12/15/27

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

United

States

1,727,814

1,735,157

.37

8,234,244

.75

a

a

a

a

a

a

f

#### Health

#### Care

#### Providers

#### &

#### Services
ADMI

Corp.,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan

,

7.846 %

,

(1-month

SOFR

+

3.375 %),

12/23/27

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

United

States

2,392,907

2,240,360

.48

ADMI

Corp.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

8.221 %

,

(1-month

SOFR

+

3.75 %),

12/23/27

..

United

States

1,457,789

1,370,927

.29

ADMI

Corp.,

First

Lien,

CME

Term

Loan,

B5

,

10.106 %

,

(1-month

SOFR

+

5.75 %),

12/23/27

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

United

States

332,597

322,786

.07

Aveanna

Healthcare

LLC,

First

Lien,

2021

Extended

CME

Term

Loan

,

8.183 %

,

(3-month

SOFR

+

3.75 %),

7/17/28

United

States

4,192,093

4,144,932

.88

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.596 %

,

(1-month

SOFR

+

4.25 %),

2/11/28

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

United

States

3,263,182

$

3,265,238

.69

CNT

Holdings

I

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan

,

6.78 %

,

(3-month

SOFR

+

2.5 %),

11/08/32

United

States

2,388,615

2,395,780

.51

Concentra

Health

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.356 %

,

(1-month

SOFR

+

%),

7/28/31

...

United

States

306,156

308,166

.07

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.558 %

,

(3-month

SOFR

+

4.25 %),

3/26/29

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

United

States

1,380,935

1,223,854

.26

LifePoint

Health,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan

,

7.82 %

,

(3-month

SOFR

+

3.5 %),

5/19/31

.

United

States

1,099,618

1,095,841

.23

LifePoint

Health,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.068 %

,

(3-month

SOFR

+

3.75 %),

5/19/31

........

United

States

3,383,000

3,381,951

.72

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.808 %

,

(3-month

SOFR

+

3.5 %),

11/01/28

...

United

States

1,436,126

797,646

.17

MPH

Acquisition

Holdings

LLC,

First

Lien,

Exchange

First

Out

CME

Term

Loan

,

8.058 %

,

(3-month

SOFR

+

3.75 %),

12/31/30

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

United

States

251,313

250,685

.05

MPH

Acquisition

Holdings

LLC,

First

Lien,

Second

Out

CME

Term

Loan

,

9.17 %

,

(3-month

SOFR

+

4.6 %),

12/31/30

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

United

States

586,983

526,635

.11

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.171 %

,

(1-month

SOFR

+

3.75%;

3-month

SOFR

+

3.75%),

3/02/28

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

United

States

1,961,675

1,916,655

.41

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

C

,

8.146 %

,

(3-month

SOFR

+

3.75 %),

3/02/28

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

United

States

68,346

66,777

.02

Paradigm

Parent

LLC,

Initial

CME

Term

Loan

,

8.822 %

,

(3-month

SOFR

+

4.5 %),

4/16/32

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

United

States

2,315,385

2,109,894

.45

Pathway

Vet

Alliance

LLC,

First

Lien,

CME

Term

Loan,

A

,

9.308 %

,

(3-month

SOFR

+

%),

6/30/28

..........

United

States

766,474

772,380

.16

h

Pathway

Vet

Alliance

LLC,

First

Lien,

CME

Term

Loan,

B

,

PIK,

9.28 %

,

(3-month

SOFR

+

%),

6/30/28

........

United

States

2,427,178

1,982,397

.42

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.856 %

,

(1-month

SOFR

+

2.5 %),

2/21/31

.........

United

States

957,720

959,842

.20

Surgery

Center

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.106 %

,

(1-month

SOFR

+

2.75 %),

12/19/30

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

United

States

281,339

282,585

.06

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.687 %

,

(1-month

SOFR

+

4.25 %),

10/02/28

..

United

States

1,568,502

1,555,107

.33

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.606 %

,

(1-month

SOFR

+

2.25 %),

10/22/29

..

United

States

873,717

877,361

.19

31,847,799

.77

a

a

a

a

a

a

f

#### Health

#### Care

#### Technology
AthenaHealth

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.106 %

,

(1-month

SOFR

+

2.75 %),

2/15/29

...

United

States

4,585,080

4,587,143

.97

Cotiviti,

Inc.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

7.079 %

,

(1-month

SOFR

+

2.75 %),

3/26/32

...

United

States

1,200,000

1,198,998

.26

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

7.079 %

,

(1-month

SOFR

+

2.75 %),

5/01/31

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

United

States

1,851,633

1,849,133

.39

7,635,274

.62

a

a

a

a

a

a

f

#### Hotels,

#### Restaurants

#### &

#### Leisure
Bally's

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.844 %

,

(3-month

SOFR

+

3.25 %),

10/02/28

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

United

States

545,048

536,758

.11

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.606 %

,

(1-month

SOFR

+

2.25 %),

2/06/30

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

United

States

1,821,569

$

1,822,899

.39

Entain

plc,

First

Lien,

CME

Term

Loan,

B3

,

7.016 %

,

(6-month

SOFR

+

2.75 %),

10/31/29

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

United

Kingdom

1,016,129

1,019,096

.22

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.577 %

,

(1-month

SOFR

+

3.25 %),

1/29/29

.

United

States

1,991,685

1,995,618

.42

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

6.046 %

,

(3-month

SOFR

+

1.75 %),

12/02/30

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

Ireland

1,320,877

1,318,565

.28

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

,

8.077 %

,

(1-month

SOFR

+

3.75 %),

1/28/32

...

United

States

3,727,560

3,735,340

.79

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.586 %

,

(1-month

SOFR

+

4.25 %),

12/04/31

..

United

States

841,123

846,708

.18

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

9.074 %

,

(3-month

SOFR

+

4.75 %),

11/01/29

Canada

1,142,356

1,117,367

.24

Hilton

Grand

Vacations

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.356 %

,

(1-month

SOFR

+

%),

8/02/28

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

United

States

919,972

920,676

.20

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B

,

6.856 %

,

(1-month

SOFR

+

2.5 %),

12/15/27

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

United

States

3,990,738

3,994,150

.85

Light

&

Wonder

International,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.593 %

,

(1-month

SOFR

+

2.25 %),

4/16/29

United

States

1,664,590

1,670,416

.36

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

8.546 %

,

(3-month

SOFR

+

4.25 %),

8/01/30

........

Canada

2,029,122

2,021,513

.43

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.856 %

,

(1-month

SOFR

+

2.5 %),

5/03/29

.........

United

States

1,330,360

1,335,968

.28

g

Sabre

GLBL,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

8.706 %

,

(1-month

SOFR

+

4.25 %),

6/30/28

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

United

States

2,185,032

2,181,754

.46

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.286 %

,

(3-month

SOFR

+

%),

4/04/29

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

United

States

1,702,331

1,703,557

.36

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B

,

6.827 %

,

(1-month

SOFR

+

2.5 %),

8/03/28

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

United

States

1,643,254

1,645,448

.35

27,865,833

.92

a

a

a

a

a

a

#### Household

#### Durables
f

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.546 %

,

(3-month

SOFR

+

3.25 %),

1/16/32

........

Netherlands

1,424,020

1,426,690

.30

f

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.356 %

,

(1-month

SOFR

+

%),

7/19/30

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

United

States

796,000

797,476

.17

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan

,

6.106 %

,

(1-month

SOFR

+

1.75 %),

1/31/31

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

United

States

995,000

996,274

.21

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.808 %

,

(3-month

SOFR

+

2.5 %),

12/11/31

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

United

States

321,256

322,385

.07

Talen

Energy

Supply

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.808 %

,

(3-month

SOFR

+

2.5 %),

5/17/30

..

United

States

3,213,090

3,224,641

.68

5,340,776

.13

a

a

a

a

a

a

f

#### Insurance
Acrisure

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.606 %

,

(1-month

SOFR

+

3.25 %),

6/21/32

.

United

States

525,547

527,518

.11

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Insurance
(continued)

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.356 %

,

(1-month

SOFR

+

%),

11/06/30

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

United

States

3,570,577

$

3,575,593

.76

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.103 %

,

(1-month

SOFR

+

2.75 %),

9/19/31

United

States

4,397,234

4,402,511

.94

AmWINS

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.606 %

,

(1-month

SOFR

+

2.25 %),

1/30/32

........

United

States

1,316,952

1,319,395

.28

AssuredPartners,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.858 %

,

(1-month

SOFR

+

3.5 %),

2/14/31

.........

United

States

7,760,848

7,785,450

.65

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

8.456 %

,

(1-month

SOFR

+

%),

8/21/28

..........

United

States

962,052

955,779

.20

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.706 %

,

(1-month

SOFR

+

4.25 %),

8/21/28

........

United

States

1,130,978

1,122,258

.24

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B3

,

9.721 %

,

(1-month

SOFR

+

5.25 %),

1/31/28

........

United

States

2,652,263

2,558,002

.54

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.721 %

,

(1-month

SOFR

+

5.25 %),

1/19/29

........

United

States

3,248,036

3,062,297

.65

BroadStreet

Partners,

Inc.,

First

Lien,

2024

CME

Term

Loan,

B

,

7.106 %

,

(1-month

SOFR

+

2.75 %),

6/16/31

.

United

States

896,050

897,726

.19

g

Broadstreet

Partners,

Inc.,

First

Lien,

CME

Term

Loan,

B4

,

6.844 %

,

(12-month

SOFR

+

2.75 %),

6/13/31

....

United

States

226,415

226,838

.05

HUB

International

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.825 %

,

(3-month

SOFR

+

2.5 %),

6/20/30

United

States

6,882,791

6,899,069

.47

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

7.327 %

,

(1-month

SOFR

+

%),

7/31/31

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

United

States

5,696,287

5,709,731

.21

Truist

Insurance

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.046 %

,

(3-month

SOFR

+

2.75 %),

5/06/31

.

United

States

1,904,248

1,908,608

.41

40,950,775

.70

a

a

a

a

a

a

f

#### IT

#### Services
Barracuda

Networks,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.808 %

,

(3-month

SOFR

+

4.5 %),

8/15/29

....

United

States

1,622,863

1,321,928

.28

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.322 %

,

(1-month

SOFR

+

%),

6/27/31

........

United

States

1,962,389

1,968,521

.42

Gainwell

Acquisition

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.396 %

,

(3-month

SOFR

+

%),

10/01/27

..........

United

States

1,413,010

1,395,793

.29

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

8.606 %

,

(1-month

SOFR

+

4.25 %),

12/31/31

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

United

States

3,765,711

3,375,282

.72

8,061,524

.71

a

a

a

a

a

a

f

#### Machinery
CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.829 %

,

(1-month

SOFR

+

4.5 %),

9/28/28

.........

United

States

1,271,710

1,252,749

.27

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

Replacement

CME

Term

Loan

,

7.856 %

,

(1-month

SOFR

+

3.5 %),

8/16/29

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

United

States

823,620

829,130

.18

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan

,

7.327 %

,

(1-month

SOFR

+

%),

10/23/28

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

United

States

3,283,800

3,295,343

.70

Madison

Safety

&

Flow

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.108 %

,

(1-month

SOFR

+

2.75 %),

9/26/31

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

United

States

994,987

1,000,584

.21

Pro

Mach

Group,

Inc.,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan

,

7.077 %

,

(1-month

SOFR

+

2.75 %),

8/31/28

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

United

States

1,973,204

1,980,889

.42

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Machinery
(continued)

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1

,

7.237 %

,

(3-month

SOFR

+

%),

4/30/30

.......

Germany

1,912,766

$

1,925,438

.41

10,284,133

.19

a

a

a

a

a

a

f

#### Media
Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.853 %

,

(1-month

SOFR

+

3.5 %),

3/24/31

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

United

States

800,396

801,124

.17

g

CMG

Media

Corp.,

First

Lien,

CME

Term

Loan

,

7.896 %

,

(3-month

SOFR

+

3.5 %),

6/18/29

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

United

States

1,900,000

1,860,100

.40

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.82 %

,

(3-month

SOFR

+

5.25 %),

8/02/29

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

United

States

199,615

198,339

.04

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

7.443 %

,

(1-month

SOFR

+

%),

12/01/28

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

United

States

406,663

406,777

.09

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

10.246 %

,

(1-month

SOFR

+

5.775 %),

5/01/29

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

United

States

2,773,896

2,301,460

.49

McGraw-Hill

Education,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.606 %

,

(1-month

SOFR

+

3.25 %),

8/06/31

......

United

States

436,184

437,718

.09

6,005,518

.28

a

a

a

a

a

a

f

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

,

7.697 %

,

(12-month

SOFR

+

3.5 %),

10/15/31

.......

United

States

1,117,000

1,124,479

.24

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.856 %

,

(1-month

SOFR

+

2.5 %),

2/22/30

....

United

States

1,251,560

1,258,825

.27

2,383,304

.51

a

a

a

a

a

a

#### Paper

#### &

#### Forest

#### Products
f

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan

,

8.583 %

,

(3-month

SOFR

+

4.25 %),

11/04/31

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

United

States

995,000

990,647

.21

f

#### Passenger

#### Airlines
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.575 %

,

(3-month

SOFR

+

3.25 %),

5/28/32

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

United

States

482,661

486,583

.10

g

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.575 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

........

United

States

3,874,248

3,863,594

.82

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.507 %

,

(6-month

SOFR

+

2.25 %),

6/04/29

........

United

States

891,000

888,866

.19

5,239,043

.11

a

a

a

a

a

a

#### Personal

#### Care

#### Products
f

Opal

LLC,

First

Lien,

CME

Term

Loan,

B2

,

7.435 %

,

(6-month

SOFR

+

3.25 %),

4/23/32

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

United

States

1,500,000

1,508,348

.32

f

#### Pharmaceuticals
Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.356 %

,

(1-month

SOFR

+

%),

4/23/31

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

United

States

366,687

368,016

.08

Organon

&

Co.,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.599 %

,

(1-month

SOFR

+

2.25 %),

5/19/31

United

States

868,359

839,777

.18

g

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan

,

6.819 %

,

(3-month

SOFR

+

2.5 %),

12/04/31

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

United

States

672,198

673,143

.14

1,880,936

.40

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Professional

#### Services
AlixPartners

LLP,

First

Lien,

CME

Term

Loan

,

6.384 %

,

(12-month

SOFR

+

2.5 %),

8/02/32

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

United

States

2,513,089

$

2,509,948

.53

CHG

Healthcare

Services,

Inc.,

First

Lien,

Refinancing

CME

Term

Loan

,

7.333 %

,

(3-month

SOFR

+

%),

9/29/28

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

United

States

1,591,653

1,592,894

.34

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.971 %

,

(1-month

SOFR

+

3.5 %),

6/02/28

.........

United

States

2,566,667

2,563,869

.55

Dun

&

Bradstreet

Corp.

(The),

First

Lien,

Incremental

CME

Term

Loan,

B2

,

6.603 %

,

(1-month

SOFR

+

2.25 %),

1/18/29

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

United

States

792,926

793,493

.17

Ensemble

RCM

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.28 %

,

(3-month

SOFR

+

%),

8/01/29

...........

United

States

269,905

271,461

.06

Grant

Thornton

Advisors

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.856 %

,

(1-month

SOFR

+

2.5 %),

6/02/31

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

United

States

771,954

773,471

.16

Grant

Thornton

Advisors

LLC,

First

Lien,

2025-2

Incremental

CME

Term

Loan

,

7.106 %

,

(1-month

SOFR

+

2.75 %),

6/02/31

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

United

States

1,700,000

1,705,533

.36

Ingenovis

Health,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.697 %

,

(3-month

SOFR

+

4.25 %),

3/06/28

........

United

States

1,756,098

614,634

.13

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002 %

,

(3-month

SOFR

+

3.75 %),

7/18/31

United

States

1,386,755

1,378,088

.29

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.546 %

,

(3-month

SOFR

+

3.25 %),

2/14/31

........

Canada

3,013,549

3,018,024

.64

15,221,415

.23

a

a

a

a

a

a

#### Real

#### Estate

#### Management

#### &

#### Development
f

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2025-2

CME

Term

Loan

,

7.106 %

,

(1-month

SOFR

+

2.75 %),

1/31/30

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

United

States

98,990

99,692

.02

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
f

MKS,

Inc.,

First

Lien,

2025-1

Dollar

CME

Term

Loan,

B

,

6.353 %

,

(1-month

SOFR

+

%),

8/17/29

..........

United

States

1,480,295

1,482,700

.32

f

#### Software
g

Azalea

Topco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.577 %

,

(1-month

SOFR

+

3.25 %),

4/30/31

........

United

States

1,000,000

1,001,150

.21

Boxer

Parent

Co.,

Inc.,

First

Lien,

2031

Replacement

Dollar

CME

Term

Loan

,

7.333 %

,

(3-month

SOFR

+

%),

7/30/31

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

United

States

897,750

898,800

.19

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.546 %

,

(3-month

SOFR

+

3.25 %),

7/06/29

United

States

4,930,515

4,030,696

.86

Cloud

Software

Group,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B

,

8.046 %

,

(3-month

SOFR

+

3.75 %),

3/21/31

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

United

States

1,206,863

1,212,560

.26

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B

,

7.796 %

,

(3-month

SOFR

+

3.5 %),

3/30/29

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

United

States

3,496,738

3,506,669

.75

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.206 %

,

(1-month

SOFR

+

3.75 %),

10/09/28

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

United

States

1,878,021

1,807,004

.38

Cloudera,

Inc.,

Second

Lien,

Initial

CME

Term

Loan

,

10.456 %

,

(1-month

SOFR

+

%),

10/10/29

.........

United

States

1,000,000

879,380

.19

Clover

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.307 %

,

(3-month

SOFR

+

%),

12/09/31

..........

United

States

908,254

908,440

.19

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.057 %

,

(3-month

SOFR

+

3.5 %),

9/29/28

.........

United

States

783,756

787,467

.17

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Software
(continued)

ECI

Macola/Max

Holding

LLC,

First

Lien,

2025

Repricing

CME

Term

Loan

,

7.068 %

,

(3-month

SOFR

+

2.75 %),

5/09/30

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

United

States

1,885,570

$

1,893,159

.40

Epicor

Software

Corp.,

First

Lien,

CME

Term

Loan,

E

,

7.106 %

,

(1-month

SOFR

+

2.75 %),

5/30/31

........

United

States

2,289,067

2,295,706

.49

Flexera

Software

LLC,

First

Lien,

CME

Term

Loan,

B3

,

7.31 %

,

(3-month

SOFR

+

%),

3/03/28

...........

United

States

326,279

326,541

.07

Genesys

Cloud

Services,

Inc.,

First

Lien,

2025

Dollar

CME

Term

Loan

,

6.856 %

,

(1-month

SOFR

+

2.5 %),

1/30/32

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

United

States

2,619,176

2,619,870

.56

IGT

Holding

IV

AB,

First

Lien,

CME

Term

Loan

,

7.796 %

,

(3-month

SOFR

+

3.5 %),

8/29/31

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

Sweden

987,459

997,956

.21

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.327 %

,

(1-month

SOFR

+

%),

3/01/29

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

United

States

4,920,688

4,768,959

.01

PointClickCare

Technologies,

Inc.,

First

Lien,

2025

Commitment

CME

Term

Loan

,

7.082 %

,

(3-month

SOFR

+

2.75 %),

11/03/31

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

Canada

663,333

664,786

.14

Polaris

Newco

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

8.32 %

,

(3-month

SOFR

+

3.75 %),

6/02/28

.........

United

States

1,224,955

1,204,057

.26

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

7.546 %

,

(3-month

SOFR

+

3.25 %),

10/28/30

.......

United

States

2,328,039

2,336,479

.50

Project

Boost

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.296 %

,

(3-month

SOFR

+

%),

7/16/31

......

United

States

2,278,093

2,279,972

.48

g

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan

,

6.785 %

,

(12-month

SOFR

+

%),

8/31/28

..........

United

States

444,444

445,696

.09

7.327 %

,

(1-month

SOFR

+

%),

8/31/28

..........

United

States

1,669,889

1,674,589

.36

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

8.106 %

,

(1-month

SOFR

+

3.75 %),

11/28/28

.......

United

States

1,550,647

1,556,345

.33

Sophos

Holdings

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

7.971 %

,

(1-month

SOFR

+

3.5 %),

3/05/27

.........

United

States

1,472,885

1,478,475

.31

Sovos

Compliance

LLC,

First

Lien,

Amendment

No.

Replacement

CME

Term

Loan

,

8.356 %

,

(1-month

SOFR

+

%),

8/13/29

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

United

States

1,174,932

1,177,429

.25

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.31 %

,

(3-month

SOFR

+

%),

2/10/31

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

United

States

6,535,748

6,542,480

.39

Zelis

Payments

Buyer,

Inc.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

7.577 %

,

(1-month

SOFR

+

3.25 %),

11/26/31

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

United

States

573,057

573,452

.12

47,868,117

.17

a

a

a

a

a

a

f

#### Specialty

#### Retail
AIP

RD

Buyer

Corp.,

First

Lien,

CME

Term

Loan

,

8.327 %

,

(1-month

SOFR

+

%),

12/23/30

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

United

States

2,466,587

2,475,948

.53

h

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.427 %

,

(1-month

SOFR

+

%),

10/07/26

.........

United

States

5,077,709

3,452,842

.73

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.606 %

,

(1-month

SOFR

+

3.25 %),

1/23/32

......

United

States

1,775,738

1,779,733

.38

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.807 %

,

(3-month

SOFR

+

4.25 %),

4/17/28

........

United

States

2,019,734

1,722,369

.37

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.807 %

,

(3-month

SOFR

+

3.25 %),

3/03/28

United

States

3,710,943

3,476,931

.74

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.221 %

,

(1-month

SOFR

+

3.75 %),

1/31/28

........

United

States

619,179

573,601

.12

Specialty

Building

Products

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.206 %

,

(1-month

SOFR

+

3.75 %),

10/16/28

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

United

States

691,071

671,310

.14

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Specialty

#### Retail
(continued)

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.577 %

,

(1-month

SOFR

+

3.25 %),

10/19/29

United

States

1,554,324

$

1,554,021

.33

15,706,755

.34

a

a

a

a

a

a

f

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods
ABG

Intermediate

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.606 %

,

(1-month

SOFR

+

2.25 %),

12/21/28

United

States

1,166,522

1,165,793

.25

g

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.316 %

,

(12-month

SOFR

+

3.25 %),

6/25/32

.....

United

States

101,095

101,853

.02

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.776 %

,

(3-month

SOFR

+

3.5 %),

3/02/28

.........

United

States

1,551,046

1,459,232

.31

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.106 %

,

(1-month

SOFR

+

2.75 %),

3/08/32

........

United

States

716,323

720,051

.15

3,446,929

.73

a

a

a

a

a

a

#### Trading

#### Companies

#### &

#### Distributors
f

Foundation

Building

Materials,

Inc.,

First

Lien,

Term

Loan

,

8.291 %

,

(3-month

SOFR

+

%),

1/29/31

..........

United

States

2,910,294

2,815,142

.60

#### Wireless

#### Telecommunication

#### Services
f

Crown

Subsea

Communications

Holding,

Inc.,

First

Lien,

2025

CME

Term

Loan

,

7.818 %

,

(3-month

SOFR

+

3.5 %),

1/30/31

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

United

States

1,501,799

1,513,693

.32

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 405,998,757

####)
..................

#### 398,980,471

#### 84

#### .78

#### Shares/Units

#### Escrows

#### and

#### Litigation

#### Trusts
a,b

Millennium

Corporate

Claim

Trust,

Escrow

Account

....

United

States

6,589,709

—

0.00 a,b

Millennium

Lender

Claim

Trust,

Escrow

Account

......

United

States

6,589,709

—

0.00 #### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
............................

#### —
0.00 #### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 450,888,658

####)
........................

#### 436,179,314

#### 92

#### .68

#### a
Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
a

#### a

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
aa

aa

#### aa
aa

#### Repurchase

#### Agreements
j

Joint

Repurchase

Agreement

,

4.328 %

,

8/01/25

(Maturity

Value

$

48,998,457)

BNP

Paribas

Securities

Corp.

(Maturity

Value

$21,200,653)

Deutsche

Bank

Securities,

Inc.

(Maturity

Value

$6,596,662)

HSBC

Securities

(USA),

Inc.

(Maturity

Value

$21,201,142)

Collateralized

by

U.S.

Government

Agency

Securities,

2%

-

7.5%,

8/20/30

-

7/20/55;

U.S.

Treasury

Bonds,

Index

Linked,

0.13%,

4/15/27;

and

U.S.

Treasury

Notes,

0.38%

-

4.49%,

8/15/25

-

1/31/30

(valued

at

$

50,029,358)

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

48,992,566

$

48,992,566

.41

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $

#### 48,992,566

####)
........................

#### 48,992,566

#### 10

#### .41
a

#### a

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 48,992,566

####)
.........................

#### 48,992,566

#### 10

#### .41

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 499,881,224

####)
..................................

#### $485,171,880

#### 103

#### .09

#### Other

#### Assets,

#### less

#### Liabilities

#### ...........................................

#### (14,550,515)

#### (#### 3

#### .09

####)

#### Net

#### Assets

#### ...........................................................

#### $470,621,365
100.00 See

Abbreviations

on

.

\*

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

regarding

fair

value

measurements.

c

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2025,

the

aggregate

value

of

these

securities

was

$22,827,598,

representing

4.9%

of

net

assets.

e

See

Note

1(e)

regarding

senior

floating

rate

interests.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

h

Income

may

be

received

in

additional

securities

and/or

cash.

i

See

Note

regarding

unfunded

loan

commitments.

j

See

Note

1(b)

regarding

joint

repurchase

agreement.

Franklin

Floating

Rate

Master

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

July

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$448,062,355

Cost

-

Non-controlled

affiliates

(Note

d)

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

2,826,303

Cost

-

Unaffiliated

repurchase

agreements

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

48,992,566

Value

-

Unaffiliated

issuers

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

$433,455,924

Value

-

Non-controlled

affiliates

(Note

d)

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

2,723,390

Value

-

Unaffiliated

repurchase

agreements

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

48,992,566

Cash

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

1,686,818

Receivables:

Investment

securities

sold

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

7,543,370

Dividends

and

interest

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

3,536,696

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

7)

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

Total

assets

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

497,939,073

Liabilities:

Payables:

Investment

securities

purchased

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

23,946,175

Management

fees

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

189,873

Trustees'

fees

and

expenses

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

974

Distributions

to

shareholders

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

3,089,444

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

7)

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

3,658

Accrued

expenses

and

other

liabilities

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

87,584

Total

liabilities

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

27,317,708

Net

assets,

at

value

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

$470,621,365

Net

assets

consist

of:

Paid-in

capital

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

$890,960,493

Total

distributable

earnings

(losses)

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

(420,339,128)

Net

assets,

at

value

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

$470,621,365

Shares

outstanding

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

66,928,309

Net

asset

value

and

maximum

offering

price

per

share

($

470,621,365

÷

66,928,309

shares

outstanding)

a

..........

$7.03

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Floating

Rate

Master

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

July

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$94,899)

Unaffiliated

issuers

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

$642,764

Non-controlled

affiliates

(Note

d)

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

246,505

Interest:

Unaffiliated

issuers

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

37,917,762

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(10,074)

Non-controlled

affiliates

(Note

d)

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

17,513

Total

investment

income

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

38,814,470

Expenses:

Management

fees

(Note

a)

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

2,479,841

Custodian

fees

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

Reports

to

shareholders

fees

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

1,827

Professional

fees

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

112,727

Trustees'

fees

and

expenses

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

6,215

Other

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

31,514

Total

expenses

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

2,632,389

Expenses

waived/paid

by

affiliates

(Note

d

and

e)

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

(152,527)

Net

expenses

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

2,479,862

Net

investment

income

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

36,334,608

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(4,445,562)

Non-controlled

affiliates

(Note

d)

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

(161,568)

Net

realized

gain

(loss)

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

(4,607,130)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

211,467

Non-controlled

affiliates

(Note

d)

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

117,020

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(3) Unfunded

loan

commitments

(Note

7)

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

(8,415)

Net

change

in

unrealized

appreciation

(depreciation)

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

320,069

Net

realized

and

unrealized

gain

(loss)

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

(4,287,061)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$32,047,547

Franklin

Floating

Rate

Master

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$36,334,608

$40,570,410

Net

realized

gain

(loss)

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

(4,607,130)

(2,545,951)

Net

change

in

unrealized

appreciation

(depreciation)

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

320,069

3,966,248

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

32,047,547

41,990,707

Distributions

to

shareholders

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

(39,978,935)

(42,942,066)

Capital

share

transactions

(Note

2)

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

(36,382,859)

126,180,240

Net

increase

(decrease)

in

net

assets

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

(44,314,247)

125,228,881

Net

assets:

Beginning

of

year

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

514,935,612

389,706,731

End

of

year

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

$470,621,365

$514,935,612

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Floating

Rate

Master

Trust

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

one fund,

Franklin

Floating

Rate

Master

Series (Fund).

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund's

shares

are

exempt

from

registration

under

the

Securities

Act

of

1933. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

exchange

traded

funds listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Joint

#### Repurchase

#### Agreement
The

Fund

enters

into

a

joint

repurchase

agreement

whereby

its

uninvested

cash

balance

is

deposited

into

a

joint

cash

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager

and

is

used

to

invest

in

one

or

more

repurchase

agreements.

The

value

and

face

amount

of

the

joint

repurchase

agreement

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

are

allocated

to

the

funds

based

on

their

pro-rata

interest.

A

repurchase

agreement

is

accounted

for

as

a

loan

by

the

Fund

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the

Fund's

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

of

the

dollar

amount

invested

by

the

funds,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Fund,

certain

MRAs

may

permit

the

non-

defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The

Fund

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the

Fund

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

The

joint

repurchase

agreement

held

by

the Fund

at

year

end,

as

indicated

in

the

Schedule

of

Investments,

had

been

entered

into

on July

31,

2025. c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

d. #### Securities

#### Lending
The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Fund. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

July

31,

2025,

the

Fund

had

no

securities

on

loan.

e. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

f. #### Income

#### Taxes
The

Fund

is

a

disregarded

entity

for

U.S.

income

tax

purposes.

As

such,

no

provision

has

been

made

for

income

taxes

because

all

income,

expenses,

gains

and

losses

are

allocated

to

a

non-U.S.

beneficial

owner

for

inclusion

in

its

individual

income

tax

return,

as

applicable.

g. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Joint

#### Repurchase

#### Agreement
(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income

in

the

Statement

of

Operations.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

The

Fund's

gross

investment

income

is

distributed

to

the

owner

daily

and

paid

monthly.

Net

capital

gains

(or

losses) realized

by

the

Fund

will

not

be

distributed.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

h. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

i. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

July

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount
Shares

sold

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

32,955,931

$232,697,596

52,856,297

$380,607,512

Shares

redeemed

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

(38,206,471)

(269,080,455)

(35,328,448)

(254,427,272)

Net

increase

(decrease)

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

(5,250,540)

$(36,382,859)

17,527,849

$126,180,240

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

g. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

an

investment

management fee,

calculated daily and

paid

monthly,

to

Advisers based

on the

average

daily net

assets

of

the

Fund

as

follows:

For

the

year

ended

July

31,

2025,

the

gross

effective

investment

management

fee

rate

was 0.530%

of

the

Fund's

average daily

net

assets.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c. #### Transfer

#### Agent

#### Fees
Investor

Services,

under

terms

of

an

agreement,

performs

shareholder

servicing

for

the

Fund and

is

not

paid

by

the Fund

for

the

services.

d. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

July

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.530%

Up

to

and

including

$2.5

billion

0.450%

Over

$2.5

billion,

up

to

and

including

$6.5

billion

0.430%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.400%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.390%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.380%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.370%

In

excess

of

$21.5

billion

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

e. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has voluntarily

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the expenses

(excluding

interest

expense,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

of

the

Fund

do

not

exceed 0.53%

based

on

the

average

net

assets

of

the

Fund.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Advisers

may

discontinue

this

waiver

at

any

time

upon

notice

to

the

Board.

f. #### Other

#### Affiliated

#### Transactions
At

July

31,

2025, Franklin

Floating

Rate

Fund,

PLC

owned

100%

of

the

Fund's

outstanding

shares.

Investment

activities

of

this

shareholder

could

have

a

material

impact

on

the

Fund.

4. #### Income

#### Taxes
At

July

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

July

31,

2025,

aggregated

$190,116,056 and

$229,439,606,

respectively.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Senior

Loan

ETF

....

$6,866,074

$—

$(4,098,136)

$(161,568)

$117,020

$2,723,390

112,166

$246,505

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.254%

$—

$30,615,000

$(30,615,000)

$—

$—

$—

—

$17,513

#### Total

#### Affiliated

#### Securities

#### ...
$6,866,074

$30,615,000

$(34,713,136)

$(161,568)

$117,020

$2,723,390

$264,018

Cost

of

investments

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

$499,862,513

Unrealized

appreciation

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

$2,655,112

Unrealized

depreciation

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

(17,345,745)

Net

unrealized

appreciation

(depreciation)

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

$(14,690,633)

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

6. #### Credit

#### Risk
At

July

31,

2025,

the

Fund

had 85.1% of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

7. #### Unfunded

#### Loan

#### Commitments
The

Fund

enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedule

of

Investments.

At

July

31,

2025,

unfunded

commitments

were

as

follows:

8. #### Shareholder

#### Distributions
For

the year

ended

July

31,

2025,

the

Fund

made

the

following

distributions:

9. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

year

ended

July

31,

2025,

the Fund

did

not

use

the

Global

Credit

Facility.

#### Borrower

#### Unfunded

#### Commitment

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
Clydesdale

Acquisition

Holdings,

Inc.

$

39,409

GC

Ferry

Acquisition

I,

Inc.

275,472

Signia

Aerospace

LLC

58,387

$

373,26

#### Payment

#### Date

#### Amount

#### Per

#### Share
8/30/2024

$0.056649

9/30/2024

0.055759 10/31/2024

0.055825 11/29/2024

0.051812 12/31/2024

0.054829 1/31/2025

0.049595 2/28/2025

0.041382 3/31/2025

0.048571 4/30/2025

0.048504 5/30/2025

0.046210 6/30/2025

0.047668 7/31/2025

0.046252 Total

$0.603056

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

July

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

year.

At

July

31,

2025,

the

reconciliation

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Industrial

Machinery

&

Supplies

&

Components

$

—

$

—

$

5,802,834

$

5,802,834

Leisure

Facilities

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

—

24,667

—

24,667

Oil

&

Gas

Exploration

&

Production

.........

1,822,723

—

—

1,822,723

Management

Investment

Companies

.........

6,721,020

—

—

6,721,020

Warrants

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

—

—

Corporate

Bonds

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

—

22,827,598

—

22,827,598

Senior

Floating

Rate

Interests

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

—

398,980,471

—

398,980,471

Escrows

and

Litigation

Trusts

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

—

—

—

a

—

Short

Term

Investments

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

—

48,992,566

—

48,992,566

Total

Investments

in

Securities

...........

$8,543,743

$470,825,302

$5,802,835

$485,171,880

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$—

$309

$—

$309

Total

Other

Financial

Instruments

.........

$—

$309

$—

$309

#### Liabilities:
Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$—

$3,658

$—

$3,658

Total

Other

Financial

Instruments

.........

$—

$3,658

$—

$3,658

a

Includes

financial

instruments

determined

to

have

no

value.

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

Significant

unobservable

valuation

inputs

for

material

Level

3 assets

and/or

liabilities and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

July

31,

2025,

are

as

follows:

#### Balance

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Transfer

#### Into

#### Level

#### 3

#### a

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (#### Amortiza

#### -

#### tion

####)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciatio

#### n

#### (#### Depreciation

####)

#### Balance

#### at

#### End

#### of

#### Year

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Year

#### End

#### a

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Machinery

.........

$

—

$

—

$

—

$

5,136,509

$

—

$

—

$

—

$

666,325

$

5,802,834

$

666,325

Warrants

:

Machinery

.........

—

—

—

—

—

—

(29) 1

(29) Escrows

and

Litigation

Trusts

:

—

b

—

—

—

—

—

—

—

—

b

—

Total

Investments

in

Securities

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

$30

$—

$—

$5,136,509

$—

$—

$—

$666,296

$5,802,835

$666,296

a

Transferred

into

Level

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

and

other

significant

observable

valuation

inputs.

b

Includes

financial

instruments

determined

to

have

no

value.

#### Description

#### Fair

#### Value

#### at

#### End

#### of

#### Year

#### Valuation

#### Technique

#### Unobservable

#### Inputs

#### Amount

#### Impact

#### to

#### Fair

#### Value

#### if

#### Input

#### Increases

#### a

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

#### Assets:
Investments

in

Securities:

Common

Stocks:

Machinery.

.

.

.

.

.

.

.

.

.

.

.

$5,802,834

Market

comparables

Discount

for

lack

of

marketability

8.1%

Decrease

EBITDA

$35.5

mil

Increase

EV/EBITDA

multiple

8.0x

Increase

All

Other

Investments

.

.

.

.

b,c

Total

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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

$5,802,835

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

b

Includes

the

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

c

Includes

financial

instruments

determined

to

have

no

value.

#### Abbreviations

#### List

#### EBITDA
-

Earnings

before

interest,

taxes,

depreciation

and

amortization

#### EV
-

Enterprise

value

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

11. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

13. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Cu

#### r

#### rency

#### USD
United

States

Dollar

#### Selected

#### Portfolio

#### CME
Chicago

Mercantile

Exchange

#### ETF
Exchange-Traded

Fund

#### PIK
Payment-In-Kind

#### SOFR
Secured

Overnight

Financing

Rate

Franklin

Floating

Rate

Master

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Floating

Rate

Master

Trust

and

Shareholders

of

Franklin

Floating

Rate

Master

Series

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Franklin

Floating

Rate

Master

Series

(the

"Fund")

as

of

July

31,

2025,

the

related

statement

of

operations

for

the

year

ended

July

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

auditing

standards

of

the

PCAOB

and

in

accordance

with

auditing

standards

generally

accepted

in

the

United

States

of

America.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2025

by

correspondence

with

the

custodian,

transfer

agent,

private

placement

agents,

agent

banks

and

brokers;

when

replies

were

not

received

from

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

September

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

Floating

Rate

Master

Trust

franklintempleton.com

Annual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(unaudited)

#### FRANKLIN

#### FLOATING

#### RATE

#### MASTER

#### TRUST

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(Fund)

At

an

in-person

meeting

held

on

May

28-29,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Floating

Rate

Master

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

the

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

Floating

Rate

Master

Trust

franklintempleton.com

Annual

Report

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

Franklin

Templeton

(FT)

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund's

performance

results

is

below.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

loan

participation

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-

and

10-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

noted

that

the

Fund

does

not

offer

its

shares

to

the

public

and

the

Fund's

investor

was

exclusively

an

offshore

Irish

feeder

fund.

The

Board

concluded

that

the

Fund's

performance

was

acceptable.

Franklin

Floating

Rate

Master

Trust

franklintempleton.com

Annual

Report

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

the

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

each

other

fund

in

its

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

loan

participation

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

below

the

medians

and

in

the

first

quintile

(least

expensive)

of

its

Expense

Group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

a

voluntary

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund's

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund's

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Franklin

Floating

Rate

Master

Trust

franklintempleton.com

Annual

Report

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

noted

that

the

Fund

had

experienced

a

decrease

in

assets

and

would

not

be

expected

to

demonstrate

additional

economies

of

scale

in

the

near

term,

but

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

4021-AFSOI

09/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](ffrms-efp17535_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](ffrms-efp17535_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](ffrms-efp17535_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Franklin Floating Rate Master Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | September 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | September 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | September 26, 2025 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Floating Rate Master Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: September 26, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Floating Rate Master Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 26, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Floating Rate Master Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **July 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Floating Rate Master Trust | Franklin Floating Rate Master Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |

---

Date: September 26, 2025 Date: September 26, 2025

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.