# EDGAR Filing Document

**Accession Number:** 0001109441
**File Stem:** 0002071691-25-002494
**Filing Date:** 2025-10
**Character Count:** 81426
**Document Hash:** 9a68786176cec801c4e3544817d2b9f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-002494.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0002071691-25-002494

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251010

**DATE AS OF CHANGE**: 20251010

**EFFECTIVENESS DATE**: 20251010

**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-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09869
- **FILM NUMBER:** 251388102

**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           |

## Exempt

```

SEC Releases, In the Matter of Age High Income Fund, Inc., et al.,
777 Mariners Island Boulevard, San Mateo, CA 94404, Securities and
 Exchange Commission, (Jan. 13, 1987)
SEC Releases
 Click to open document in a browser
37 SEC-DOCKET 569-02
Release No. IC-15534
File No. 812-6505
January 13, 1987
ORDER PERMITTING JOINT TRADING ACCOUNTS
AGE High Income Fund, Inc; Birr, Wilson Money Fund; Franklin
 California Tax-Free Income Fund, Inc.; Franklin New York Tax-Free
Income Fund, Inc; Franklin California Tax-Free Trust; Franklin
Tax-Free Trust; Franklin Corporate Cash Management Fund; Franklin
 Custodian Funds, Inc; Franklin Equity Fund; Franklin Federal Money
 Fund; Franklin Federal Tax-Free Income Fund; Franklin Gold Fund;
Franklin Money Fund; Franklin Option Fund; Franklin Tax-Exempt Money
 Fund; Franklin New York Tax-Exempt Money Fund; Franklin
Pennsylvania Investors Fund; and Institutional Fiduciary Trust
("Funds") and Franklin Advisers, Inc., filed an application on
 October 17, 1986, and an amendment thereto on November 24,
1986, requesting an order of the Commission under Section 17(d)
 of the Investment Company Act of 1940 ("Act") and Rule 17d-1
 thereunder to permit the Funds, as well as future investment
 companies for which subsidiaries or affiliates of Franklin
 Resources, Inc. serve as investment managers, to deposit
their cash balances remaining uninvested at the end of each
trading day into a single joint account whose daily balance
would be used to enter into one or more repurchase agreements
 in a total amount equal to the aggregate daily balance in
 the account ("Joint Accounts").
On December 17, 1986, a notice was issued (Investment Company
Act Release No. 15485) of the filing of the application. The
 notice gave interested persons an opportunity to request a
hearing and stated that an order disposing of the application
would be issued as of course unless a hearing should be ordered.
 No request for a hearing has been filed, and the Commission has
 not ordered a hearing.
The matter having been considered, it is found that the
participation of the Funds in the Joint Accounts is consistent
 with the provisions, policies and purposes of the Act and that
 their participation in the Joint Accounts is not on a basis less
 advantageous than that of any other participant. Accordingly,
IT IS ORDERED, pursuant to Section 17(d) of the Act and Rule 17d-1
 thereunder that the application to permit the Funds to participate
 in the Joint Accounts as described in the application, be, and
hereby is granted, effective forthwith.
For the Commission, by the Division of Investment Management,
under delegated authority.
Jonathan G. Katz
Secretary

```

## Exempt

```

UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANY ACT OF 1940
Release no. 32722/July 3, 2017
________________________________________________
In the Matter of :
:
Franklin Fund Allocator Series :
Franklin Advisers, Inc. :
Franklin Templeton Distributors, Inc. :
:
One Franklin Parkway :
San Mateo, CA 94403 :
:
(812-14611) :
________________________________________________:
ORDER UNDER SECTION 12(d)(1)(J) OF THE INVESTMENT COMPANY ACT OF
 1940 GRANTING AN EXEMPTION FROM SECTIONS 12(d)(1)(A), (B), AND
 (C) OF THE ACT, UNDER SECTIONS 6(c) AND 17(b) OF THE ACT
GRANTING AN EXEMPTION FROM SECTION 17(a) OF THE ACT, AND UNDER
 SECTION 6(C) OF THE ACT FOR AN EXEMPTION FROM RULE 12d1-2(a)
UNDER THE ACT
Franklin Fund Allocator Series, Franklin Advisers, Inc., and
 Franklin Templeton Distributors, Inc. filed an application
on February 9, 2016, and an amendment to the application on
May 23, 2017, requesting an order under section 12(d)(1)(J)
of the Investment Company Act of 1940 (the "Act") granting
 an exemption from sections 12(d)(1)(A), (B), and (C) of the
 Act, under sections 6(c) and 17(b) of the Act granting an
exemption from section 17(a) of the Act, and under section
6(c) of the Act for an exemption from rule 12d1-2(a) under
the Act. The order would permit (a) certain registered open-end
management investment companies that operate as "funds of funds"
 to acquire shares of certain registered open-end management
 investment companies, registered closed-end management investment
 companies, "business development companies," as defined by section
 2(a)(48) of the Act, and registered unit investment trusts that
 are within and outside the same group of investment companies as
 the acquiring investment companies and (b) certain registered
 open-end management investment companies relying on rule 12d1-2
 under the Act to invest in certain financial instruments.
On June 5, 2017, a notice of the filing of the application was
issued (Investment Company Act Release No. 32669). The notice
 gave interested persons an opportunity to request a hearing
 and stated that an order granting the application would be
issued unless a hearing was ordered. No request for a hearing
 has been filed, and the Commission has not ordered a hearing.
2
The matter has been considered and it is found, on the basis
of the information set forth in the application, as amended,
that granting the requested exemption is appropriate in and
consistent with the public interest and consistent with the
protection of investors and the purposes fairly intended by
 the policy and provisions of the Act.
It is also found that the terms of the proposed transactions
 are reasonable and fair and do not involve overreaching, and
 the proposed transactions are consistent with the policies of
 each registered investment company concerned and with the
 general purposes of the Act.
Accordingly,
IT IS ORDERED, that the relief requested under section 12(d)(1)(J)
 of the Act from sections 12(d)(1)(A), (B), and (C) of the Act,
 under sections 6(c) and 17(b) of the Act from section 17(a) of
the Act, and under section 6(c) of the Act for an exemption from
 rule 12d1-2(a) under the Act by Franklin Fund Allocator Series,
et al. (File No. 812-14611) is granted, effective immediately,
subject to the conditions contained in the application, as amended.
For the Commission, by the Division of Investment Management,
 under delegated authority.
Eduardo Aleman
Assistant Secretary

```

## Exempt

```

UNITED STATES OF AMERICA
BEFORE THE
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT COMPANY ACT OF 1940
Release No. 33117 / June 5, 2018
__________________________________________________________________
In the Matter of :
:
FRANKLIN ALTERNATIVE STRATEGIES FUNDS :
FRANKLIN CALIFORNIA TAX-FREE INCOME FUND :
FRANKLIN CALIFORNIA TAX-FREE TRUST :
FRANKLIN CUSTODIAN FUNDS :
FRANKLIN ETF TRUST :
FRANKLIN FEDERAL TAX-FREE INCOME FUND :
FRANKLIN FLOATING RATE MASTER TRUST :
FRANKLIN FUND ALLOCATOR SERIES :
FRANKLIN GLOBAL TRUST :
FRANKLIN GOLD AND PRECIOUS METALS FUND :
FRANKLIN HIGH INCOME TRUST :
FRANKLIN INVESTORS SECURITIES TRUST :
FRANKLIN MANAGED TRUST :
FRANKLIN U.S. GOVERNMENT MONEY FUND :
FRANKLIN MUNICIPAL SECURITIES TRUST :
FRANKLIN MUTUAL SERIES FUNDS :
FRANKLIN NEW YORK TAX-FREE INCOME FUND :
FRANKLIN NEW YORK TAX-FREE TRUST :
FRANKLIN REAL ESTATE SECURITIES TRUST :
FRANKLIN STRATEGIC MORTGAGE PORTFOLIO :
FRANKLIN STRATEGIC SERIES :
FRANKLIN TAX-FREE TRUST :
FRANKLIN TEMPLETON ETF TRUST :
FRANKLIN TEMPLETON GLOBAL TRUST :
FRANKLIN TEMPLETON INTERNATIONAL TRUST :
FRANKLIN TEMPLETON MONEY FUND TRUST :
FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST :
FRANKLIN VALUE INVESTORS TRUST :
INSTITUTIONAL FIDUCIARY TRUST :
TEMPLETON CHINA WORLD FUND :
TEMPLETON DEVELOPING MARKETS TRUST :
TEMPLETON FUNDS :
TEMPLETON GLOBAL INVESTMENT TRUST :
TEMPLETON GLOBAL OPPORTUNITIES TRUST :
TEMPLETON GLOBAL SMALLER COMPANIES FUND :
TEMPLETON GROWTH FUND, INC. :
TEMPLETON INCOME TRUST :
TEMPLETON INSTITUTIONAL FUNDS :
THE MONEY MARKET PORTFOLIOS :
FRANKLIN LIMITED DURATION INCOME TRUST :
2
FRANKLIN UNIVERSAL TRUST :
TEMPLETON DRAGON FUND, INC. :
TEMPLETON EMERGING MARKETS FUND :
TEMPLETON EMERGING MARKETS INCOME FUND :
TEMPLETON GLOBAL INCOME FUND :
FRANKLIN ADVISERS, INC. :
FRANKLIN TEMPLETON INVESTMENT MANAGEMENT LIMITED :
K2/D&S MANAGEMENT CO., L.L.C. :
FASA LLC :
FRANKLIN TEMPLETON INSTITUTIONAL, LLC :
FRANKLIN ADVISORY SERVICES, LLC :
FRANKLIN MUTUAL ADVISERS, LLC :
TEMPLETON INVESTMENT COUNSEL, LLC :
TEMPLETON ASSET MANAGEMENT LTD. :
TEMPLETON GLOBAL ADVISORS LIMITED :
:
One Franklin Parkway :
San Mateo, CA 94403 :
:
(812-14819) :
__________________________________________________________________:
ORDER UNDER SECTION 6(c) OF THE INVESTMENT COMPANY ACT OF 1940
GRANTING AN EXEMPTION FROM SECTIONS 18(f) AND 21(b) OF THE ACT;
UNDER
SECTION 12(d)(1)(J) OF THE ACT GRANTING AN EXEMPTION FROM SECTION
12(d)(1) OF THE ACT; UNDER SECTIONS 6(c) AND 17(b) OF THE ACT
GRANTING AN
EXEMPTION FROM SECTIONS 17(a)(1), 17(a)(2), AND 17(a)(3) OF THE
 ACT; AND
UNDER SECTION 17(d) OF THE ACT AND RULE 17d-1 UNDER THE ACT TO
 PERMIT
CERTAIN JOINT ARRANGEMENTS AND TRANSACTIONS
Franklin Alternative Strategies Funds, Franklin California Tax-Free
 Income Fund, Franklin
California Tax-Free Trust, Franklin Custodian Funds, Franklin ETF
Trust, Franklin Federal Tax-
Free Income Fund, Franklin Floating Rate Master Trust, Franklin Fund
 Allocator Series, Franklin
Global Trust, Franklin Gold and Precious Metals Fund, Franklin High
 Income Trust, Franklin
Investors Securities Trust, Franklin Managed Trust, Franklin U.S.
 Government Money Fund,
Franklin Municipal Securities Trust, Franklin Mutual Series Funds,
 Franklin New York Tax-Free
Income Fund, Franklin New York Tax-Free Trust, Franklin Real Estate
 Securities Trust, Franklin
Strategic Mortgage Portfolio, Franklin Strategic Series, Franklin
 Tax-Free Trust, Franklin
Templeton ETF Trust, Franklin Templeton Global Trust, Franklin
Templeton International Trust,
Franklin Templeton Money Fund Trust, Franklin Templeton Variable
 Insurance Products Trust,
Franklin Value Investors Trust, Institutional Fiduciary Trust,
 Templeton China World Fund,
Templeton Developing Markets Trust, Templeton Funds, Templeton
 Global Investment Trust,
Templeton Global Opportunities Trust, Templeton Global Smaller
 Companies Fund, Templeton
Growth Fund, Inc., Templeton Income Trust, Templeton Institutional
Funds, The Money Market
Portfolios, Franklin Limited Duration Income Trust, Franklin
 Universal Trust, Templeton Dragon
Fund, Inc., Templeton Emerging Markets Fund, Templeton Emerging
 Markets Income Fund, and
Templeton Global Income Fund, Franklin Advisers, Inc., Franklin
 Templeton Investment
Management Limited, K2/D&S Management Co., L.L.C., FASA LLC,
Franklin Templeton
Institutional, LLC, Franklin Advisory Services, LLC, Franklin
Mutual Advisers, LLC, Templeton
3
Investment Counsel, LLC, Templeton Asset Management Ltd., and
 Templeton Global Advisors
Limited filed an application on September 14, 2017, and an
amendment on March 9, 2018.
Applicants requested an order under section 6(c) of the Investment
 Company Act of 1940 (the
"Act") for an exemption from sections 18(f) and 21(b) of the Act,
 under section 12(d)(1)(J) of
the Act for an exemption from section 12(d)(1) of the Act, under
 sections 6(c) and 17(b) of the
Act for an exemption from sections 17(a)(1), 17(a)(2), and 17(a)(3)
 of the Act, and under section
17(d) of the Act and rule 17d-1 under the Act to permit certain
joint arrangements and
transactions. The order supersedes a prior order1 and permits
certain registered management
investment companies to participate in a joint lending and
borrowing facility.
On May 10, 2018, a notice of the filing of the application was
 issued (Investment Company Act
Release No. 33095). The notice gave interested persons an
 opportunity to request a hearing and
stated that an order disposing of the application would be issued
unless a hearing was ordered.
No request for a hearing has been filed, and the Commission has
not ordered a hearing.
The matter has been considered and it is found, on the basis of
the information set forth in the
application, as amended, that granting the requested exemption
 is consistent with and appropriate
in the public interest, and consistent with the protection of
investors and the purposes fairly
intended by the policy and provisions of the Act.
It is also found that the terms of the proposed transactions,
including the consideration to be paid
or received, are reasonable and fair and do not involve
overreaching on the part of any person
concerned, and that the proposed transactions are consistent
with the policy of each registered
investment company concerned and the general purposes of the
 Act.
It is further found that the participation of each registered
 investment company in the proposed
credit facility is consistent with the provisions, policies,
and purposes of the Act, and not on a
basis different from or less advantageous than that of other
participants.
Accordingly, in the matter of Franklin Alternative Strategies
Funds, et al., (File No. 812-14819),
IT IS ORDERED, under section 6(c) of the Act, that the requested
 exemptions from sections
18(f) and 21(b) of the Act are granted, effective immediately,
 subject to the conditions in the
application, as amended.
IT IS FURTHER ORDERED, under section 12(d)(1)(J) of the Act,
that the requested exemption
from section 12(d)(1) of the Act is granted, effective immediately,
 subject to the conditions in
the application, as amended.
IT IS FURTHER ORDERED, under sections 6(c) and 17(b) of the Act,
 that the requested
exemptions from sections 17(a)(1), 17(a)(2), and 17(a)(3) of the
 Act are granted, effective
immediately, subject to the conditions in the application, as
amended.
1 Franklin Gold Fund, et al., Investment Company Act Release Nos.
 24016 (Sept. 16, 1999) (notice) and
24080 (Oct. 13, 1999) (order).
4
IT IS FURTHER ORDERED, under section 17(d) of the Act and rule
17d-1 under the Act, that
the proposed transactions are approved, effective immediately,
 subject to the conditions in the
application, as amended.
For the Commission, by the Division of Investment Management,
under delegated authority.
Eduardo A. Aleman
Assistant Secretary

```

## Internal

```

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Floating Rate Master Trust and
Shareholders of Franklin Floating Rate Master Series

In planning and performing our audit of the financial statements of Franklin
Floating Rate Master Series (the "Fund") as of and for the year ended July 31,
2025, in accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the Fund's internal
control over financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures for the purpose
of expressing our opinion on the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of expressing an opinion
on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we do not express an opinion on the effectiveness
of the Fund's internal control over financial reporting.

The management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. A company's internal
control over financial reporting is a process designed 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. A company's internal control over financial
reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition
of a company's assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the
design or operation of a control does not allow management or employees, in
the normal course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material misstatement of
the company's annual or interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was
for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control over financial
reporting that might be material weaknesses under standards established by the
PCAOB. However, we noted no deficiencies in the Fund's internal control over
financial reporting and its operation, including controls over safeguarding
securities, that we consider to be a material weakness as defined above as of
July 31, 2025.

This report is intended solely for the information and use of the Board of
Trustees of Franklin Floating Rate Master Trust and the Securities and
Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.

/s/PricewaterhouseCoopers LLP
San Francisco, California
September 18, 2025

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001109441

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-07-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Franklin Floating Rate Master Trust

- **Item B.1.b - Investment Company Act file number:** 811-09869

- **Item B.1.c - CIK:** 0001109441

- **Item B.1.d - LEI:** 549300W87VC8PPTC1L66

- **Item B.2.a - Street 1:** ONE FRANKLIN PARKWAY

- **Item B.2.b - City:** SAN MATEO

- **Item B.2.c - State:** CA

- **Item B.2.e - Zip Code:** 94403-1906

- **Item B.2.f - Telephone:** 650-312-2000

- **Item B.2.g - Public Website:** franklintempleton.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** JPMorgan Chase Bank, N.A.

- **b. Street 1:** 390 Madison Avenue

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10017

- **g. Telephone number:** 212-464-1909

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Custodian

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Franklin Advisers, Inc.

- **b. Street 1:** One Franklin Parkway

- **c. City:** San Mateo

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94403-1906

- **g. Telephone number:** 650-312-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Investment manager

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** JPMorgan Chase Bank, N.A.

- **b. Street 1:** 380 Madison Avenue

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10179

- **g. Telephone number:** 212-270-6000

- **h. Briefly describe the books and records kept at this location:** Records relating to its functions as Sub-Administrator and Fund Accounting Agent

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Franklin Templeton Investor Services, LLC

- **b. Street 1:** One Franklin Parkway

- **c. City:** San Mateo

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94403-1906

- **g. Telephone number:** 650-312-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as transfer agent

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** FIS Investor Services, LLC /TA

- **b. Street 1:** 4249 Easton Way Suite 400

- **c. City:** Columbus

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 43219

- **g. Telephone number:** 614-337-6605

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Sub-Transfer agent

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Franklin Templeton Services, LLC

- **b. Street 1:** One Franklin Parkway

- **c. City:** San Mateo

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94403-1906

- **g. Telephone number:** 650-312-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as Administrative manager

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** Franklin Templeton Group of Funds

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 1

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** No

### Item B.8 - Directors

| Name                   | Is Interested Person?   | Other Investment Company File Numbers                                                                                                                                                                                                                                                                                                                                                                                                       |
|:---|:---|:---|
| Edith E. Holiday       | No                      | 811-03143, 811-05569, 811-04149, 811-04267, 811-04894, 811-07288, 811-06481, 811-10157, 811-05459, 811-08034, 811-01700, 811-07876, 811-06243, 811-00537, 811-04985, 811-04986, 811-07038, 811-09869, 811-02605, 811-04356, 811-04892, 811-03395, 811-02790, 811-08394, 811-21357, 811-07851, 811-02781, 811-07866, 811-06378, 811-06135, 811-03479, 811-05583, 811-04787, 811-08226, 811-04706, 811-01608                                  |
| Gregory E. Johnson     | Yes                     | 811-05459, 811-05878, 811-04706, 811-09869, 811-04892, 811-02605, 811-04985, 811-02790, 811-05569, 811-07851, 811-04894, 811-01700, 811-03479, 811-06135, 811-06243, 811-06481, 811-21357, 811-08394, 811-07866, 811-00537, 811-08226, 811-22641, 811-03143, 811-01608, 811-07038, 811-05387, 811-07288, 811-04986, 811-06378, 811-04267, 811-10157, 811-05583, 811-02781, 811-04787, 811-04356, 811-08034, 811-04149, 811-07876, 811-03395 |
| Rupert H. Johnson, Jr. | Yes                     | 811-04892, 811-04986, 811-03479, 811-05459, 811-08394, 811-10157, 811-02605, 811-06243, 811-01608, 811-02790, 811-03395, 811-09869, 811-02781, 811-06481, 811-07866, 811-04356, 811-07876, 811-05569, 811-04706, 811-01700, 811-08034, 811-00537, 811-21357, 811-07851, 811-08226, 811-04787, 811-04267, 811-05583, 811-07288, 811-06378, 811-04149, 811-06135, 811-07038, 811-04985, 811-04894, 811-03143                                  |
| Larry D. Thompson      | No                      | 811-07038, 811-01608, 811-04787, 811-09869, 811-07851, 811-04986, 811-10157, 811-08394, 811-04985, 811-00537, 811-08226, 811-04149, 811-05569, 811-04892, 811-06481, 811-08034, 811-06243, 811-07866, 811-04894, 811-01700, 811-05583, 811-03395, 811-02781, 811-04706, 811-04356, 811-03479, 811-04267, 811-06378, 811-05459, 811-02790, 811-07288, 811-21357, 811-07876, 811-02605, 811-03143, 811-06135                                  |
| J. Michael Luttig      | No                      | 811-10157, 811-04149, 811-21357, 811-00537, 811-04787, 811-07866, 811-06135, 811-04706, 811-03479, 811-09869, 811-04985, 811-08226, 811-04267, 811-02781, 811-07038, 811-03143, 811-01700, 811-04986, 811-04892, 811-03395, 811-07851, 811-04894, 811-02605, 811-02790, 811-05459, 811-08034, 811-01608, 811-05583, 811-07876, 811-07288, 811-05569, 811-04356, 811-06243, 811-06378, 811-08394, 811-06481                                  |
| Valerie M. Williams    | No                      | 811-06481, 811-01700, 811-21357, 811-01608, 811-04787, 811-07288, 811-02605, 811-04356, 811-04267, 811-09869, 811-06243, 811-04894, 811-02790, 811-03395, 811-05569, 811-04149, 811-07851, 811-08034, 811-03479, 811-04986, 811-05583, 811-10157, 811-07038, 811-00537                                                                                                                                                                      |
| Mary C. Choksi         | No                      | 811-00537, 811-07866, 811-04986, 811-03395, 811-01700, 811-21357, 811-01608, 811-07851, 811-10157, 811-02790, 811-03479, 811-06243, 811-07876, 811-08034, 811-04894, 811-06378, 811-08226, 811-07288, 811-04267, 811-06481, 811-05583, 811-05459, 811-04985, 811-04356, 811-04787, 811-06135, 811-08394, 811-09869, 811-02605, 811-04149, 811-02781, 811-03143, 811-04892, 811-05569, 811-04706, 811-07038                                  |
| Harris J. Ashton       | No                      | 811-06481, 811-03395, 811-09869, 811-08034, 811-04267, 811-02790, 811-06135, 811-07876, 811-03143, 811-00537, 811-05459, 811-04787, 811-07866, 811-03479, 811-08226, 811-06378, 811-08394, 811-07038, 811-04356, 811-21357, 811-04985, 811-02781, 811-01608, 811-10157, 811-04149, 811-04986, 811-07288, 811-07851, 811-06243, 811-02605, 811-05569, 811-01700, 811-04892, 811-04706, 811-05583, 811-04894                                  |
| Terrence J. Checki     | No                      | 811-08034, 811-21357, 811-07038, 811-04986, 811-02790, 811-03479, 811-09869, 811-04267, 811-04894, 811-04149, 811-07851, 811-03395, 811-01700, 811-06243, 811-05583, 811-02605, 811-06481, 811-04787, 811-00537, 811-10157, 811-05569, 811-01608, 811-04356, 811-07288                                                                                                                                                                      |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Bjorn A. Davis

- **b. CRD Number, if any:** 004104631

- **c. Street Address 1:** 100 First Stamford Place

- **d. City:** Stamford

- **e. State, if applicable:** CT

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 06902

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** Yes

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-33117
  - IC-15534
  - IC-32722

### Item B.16. Principal underwriters.

No Principal Underwriters reported.

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** PRICEWATERHOUSECOOPERS LLP

- **b. PCAOB Number:** 238

- **c. LEI, if any:** 5493002GVO7EO8RNNS37

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Franklin Floating Rate Master Series

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Franklin Floating Rate Master Series

- **b. Series identification number, if any:** S000007441

- **c. LEI:** NP14B7B8WUT9K3HJC885

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 0

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Franklin Floating Rate Master Series | C000020415                                | XFFLX                        |

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** Franklin Advisers, Inc.

- **ii. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** No

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [ ] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [ ] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $464,418.40

- **g. Provide the net income from securities lending activities:** $7,439.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Franklin Advisers, Inc.

- **ii. SEC file number:** 801-26292

- **iii. CRD number:** 000104517

- **iv. LEI, if any:** B1CG1NRZIDDJ0DQEXB52

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. SEC file number:** 084-01036

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** CA

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vii. Is the transfer agent a sub-transfer agent?:** No

**Transfer Agents Record: 2**

- **i. Full name:** FIS Investor Services, LLC /TA

- **ii. SEC file number:** 084-06522

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** Yes

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138005LTLTVZ4WMEX25

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** LSEG

- **ii. LEI, if any, or provide and describe other identifying number:** 2138007FV67QQ13CGJ43

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Self - rule 17f-2 (17 CFR 270.17f-2)

**Custodians Record: 2**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Franklin Templeton Investor Services, LLC

- **ii. LEI, if any:** 084-01036

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** Yes

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** Franklin Templeton Services, LLC

- **ii. LEI, if any, or other identifying number:** 549300DFD0POOJZ42788

- **iii. State, if applicable:** CA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Franklin Templeton Financial Services Corp.

- **b. SEC file number:** 8-29504

- **c. CRD number:** 000013594

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Franklin Templeton Investment Services, Inc.

- **b. SEC file number:** 8-43206

- **c. CRD number:** 000027884

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Franklin Distributors, LLC

- **b. SEC file number:** 8-5889

- **c. CRD number:** 000000332

- **d. LEI, if any:** N/A

- **e. State, if applicable:** CA

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 8-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $728.45

**Aggregate Commission:** $728.45

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| BNP Paribas Securities Corp.  | 8-32682           |    000015794 | RCNB6OTYUAMMP879YW96 | NY      | US        | $759,477,065.01           |
| Barclays Capital, Inc.        | 8-41342           |    000019714 | AC28XWWI3WIBK2824319 | NY      | US        | $21,477,473.91            |
| Goldman Sachs & Co. LLC       | 8-00129           |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $51,673,433.39            |
| Morgan Stanley & Co. LLC      | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $44,867,841.07            |
| J.P. Morgan Securities LLC    | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $9,376,710,910.64         |
| Citigroup Global Markets Inc. | 8-08177           |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $29,846,051.14            |
| Deutsche Bank Securities Inc. | 8-17822           |    000002525 | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $202,336,339.00           |
| Wells Fargo Securities, LLC   | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $14,790,677.64            |
| BofA Securities, Inc.         | 8-69787           |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $55,335,084.00            |
| HSBC Securities (USA) Inc.    | 8-41562           |    000019585 | CYYGQCGNHMHPSMRL3R97 | NY      | US        | $583,070,156.59           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $11,207,411,276.94

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $467,898,524.82

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $2,995,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** HSBC BANK USA, N.A.

  - **Line Institutions Record: 2 Name of institution:** BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

  - **Line Institutions Record: 3 Name of institution:** CITIBANK, N.A.

  - **Line Institutions Record: 4 Name of institution:** JPMORGAN CHASE BANK, N.A.

  - **Line Institutions Record: 5 Name of institution:** DEUTSCHE BANK SECURITIES INC.

  - **Line Institutions Record: 6 Name of institution:** MORGAN STANLEY SENIOR FUNDING, INC.

  - **Line Institutions Record: 7 Name of institution:** STATE STREET BANK AND TRUST COMPANY

  - **Line Institutions Record: 8 Name of institution:** GOLDMAN SACHS BANK USA

  - **Line Institutions Record: 9 Name of institution:** THE BANK OF NEW YORK MELLON

  - **Line Institutions Record: 10 Name of institution:** BANK OF AMERICA, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                                                  | SEC File number   |
|:---|:---|
| ClearBridge International Value Fund                                                          | 811-06444         |
| Templeton International Bond Fund                                                             | 811-04706         |
| Franklin Managed Income Fund                                                                  | 811-04986         |
| Putnam Emerging Markets Equity Fund                                                           | 811-07513         |
| Franklin DynaTech VIP Fund                                                                    | 811-05583         |
| Franklin Mutual U.S. Mid Cap Value Fund                                                       | 811-05878         |
| Putnam Convertible Securities Fund                                                            | 811-02280         |
| Franklin Arizona Tax-Free Income Fund                                                         | 811-04149         |
| Putnam Large Cap Value Fund                                                                   | 811-02742         |
| Templeton Global Smaller Companies Fund                                                       | 811-03143         |
| Franklin Federal Tax-Free Income Fund                                                         | 811-03395         |
| Franklin Global Equity Fund                                                                   | 811-06444         |
| ClearBridge Value Fund                                                                        | 811-22338         |
| ClearBridge Variable Large Cap Growth Portfolio                                               | 811-21128         |
| Franklin Templeton SMACS:  Series E                                                           | 811-06243         |
| Putnam VT George Putnam Balanced Fund                                                         | 811-05346         |
| Western Asset Variable Global High Yield Bond Portfolio                                       | 811-06310         |
| Western Asset Inflation Indexed Plus Bond Fund                                                | 811-06110         |
| Franklin Real Estate Securities Fund                                                          | 811-08034         |
| Western Asset Short Duration Income ETF                                                       | 811-23096         |
| ClearBridge Variable Mid Cap Portfolio                                                        | 811-21128         |
| ClearBridge Variable Growth Portfolio                                                         | 811-21128         |
| Franklin Mutual Shares Fund                                                                   | 811-05387         |
| Franklin LifeSmart 2020 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart Retirement Income Fund                                                     | 811-07851         |
| Western Asset Massachusetts Municipals Fund                                                   | 811-04254         |
| Franklin DynaTech Fund                                                                        | 811-00537         |
| Franklin Natural Resources Fund                                                               | 811-06243         |
| Franklin Low Duration U.S. Government Securities Fund                                         | 811-04986         |
| Putnam Tax-Free High Yield Fund                                                               | 811-04345         |
| Franklin Mutual International Value Fund                                                      | 811-05387         |
| Western Asset SMASh Series M Fund                                                             | 811-06740         |
| Franklin Alabama Tax-Free Income Fund                                                         | 811-04149         |
| Franklin Small Cap Value Fund                                                                 | 811-05878         |
| Western Asset Core Bond Fund                                                                  | 811-06110         |
| Franklin Total Return Fund                                                                    | 811-04986         |
| Western Asset Mortgage Total Return Fund                                                      | 811-04254         |
| Franklin LifeSmart 2050 Retirement Target Fund                                                | 811-07851         |
| Franklin Pennsylvania Tax-Free Income Fund                                                    | 811-04149         |
| Franklin New York Tax-Free Income Fund                                                        | 811-03479         |
| ClearBridge Mid Cap Growth Fund                                                               | 811-06444         |
| Martin Currie SMASh Series EM Fund                                                            | 811-22338         |
| Templeton Growth Fund, Inc.                                                                   | 811-04892         |
| Putnam Dynamic Asset Allocation Conservative Fund                                             | 811-07121         |
| Franklin Gold and Precious Metals Fund                                                        | 811-01700         |
| Putnam Dynamic Asset Allocation Growth Fund                                                   | 811-07121         |
| Putnam Tax Exempt Income Fund                                                                 | 811-02675         |
| Putnam BioRevolution ETF                                                                      | 811-23643         |
| Franklin Biotechnology Discovery Fund                                                         | 811-06243         |
| ClearBridge Mid Cap Fund                                                                      | 811-06444         |
| Franklin LifeSmart 2045 Retirement Target Fund                                                | 811-07851         |
| Templeton Global Balanced Fund                                                                | 811-08226         |
| Western Asset New York Municipals Fund                                                        | 811-04254         |
| BrandywineGLOBAL - Global Opportuniites Bond Fund                                             | 811-22338         |
| Franklin Growth and Income VIP Fund                                                           | 811-05583         |
| Putnam Research Fund                                                                          | 811-07237         |
| Putnam Short-Term Municipal Income Fund                                                       | 811-07513         |
| Putnam Emerging Markets Ex-China ETF                                                          | 811-23643         |
| Franklin Small Cap Growth Fund                                                                | 811-06243         |
| Franklin Large Cap Growth VIP Fund                                                            | 811-05583         |
| Putnam Ultra Short Duration Income Fund                                                       | 811-07513         |
| Putnam ESG High Yield ETF                                                                     | 811-23643         |
| Franklin Strategic Income VIP Fund                                                            | 811-05583         |
| Putnam PanAgora ESG Emerging Markets Equity ETF                                               | 811-23643         |
| Franklin Minnesota Tax-Free Income Fund                                                       | 811-04149         |
| Franklin Connecticut Tax-Free Income Fund                                                     | 811-04149         |
| Putnam Core Bond Fund (f/k/a Putnam Fixed Income Absolute Return Fund)                        | 811-07513         |
| Franklin Louisiana Tax-Free Income Fund                                                       | 811-04149         |
| Putnam BDC Income ETF                                                                         | 811-23643         |
| ClearBridge Variable Dividend Strategy Portfolio                                              | 811-21128         |
| Western Asset Core Plus Bond Fund                                                             | 811-06110         |
| George Putnam Balanced Fund                                                                   | 811-00058         |
| Franklin High Yield Tax-Free Income Fund                                                      | 811-04149         |
| Franklin Michigan Tax-Free Income Fund                                                        | 811-04149         |
| Franklin Multi-Asset Moderate Growth Fund                                                     | 811-06444         |
| Putnam Global Health Care Fund                                                                | 811-03386         |
| Putnam Core Equity Fund (f/k/a Putnam Multi-Cap Core Fund)                                    | 811-07513         |
| Franklin New York Intermediate-Term Tax-Free Income Fund                                      | 811-04787         |
| Putnam Ultra Short MAC Series                                                                 | 811-07513         |
| ClearBridge Variable Appreciation Portfolio                                                   | 811-21128         |
| Western Asset Long Credit VIT                                                                 | 811-06310         |
| Franklin Floating Rate Daily Access Fund                                                      | 811-04986         |
| Franklin High Yield Corporate ETF                                                             | 811-23124         |
| Western Asset New Jersey Municipals Fund                                                      | 811-04254         |
| Franklin Massachusetts Tax-Free Income Fund                                                   | 811-04149         |
| Putnam VT Government Money Market Fund                                                        | 811-05346         |
| Western Asset Core Plus VIT Portfolio                                                         | 811-06310         |
| Putnam VT Large Cap Growth Fund (f/k/a Putnam VT Growth Opportunities Fund)                   | 811-05346         |
| Franklin Allocation VIP Fund (f/k/a Franklin Founding Funds Allocation VIP Fund)              | 811-05583         |
| Franklin Federal Limited-Term Tax-Free Income Fund                                            | 811-04149         |
| ClearBridge Tactical Dividend Income Fund                                                     | 811-06444         |
| Franklin Templeton Moderately Aggressive Model Portfolio                                      | 811-21128         |
| Franklin Small-Mid Cap Growth VIP Fund                                                        | 811-05583         |
| Franklin Small-Mid Cap Growth Fund                                                            | 811-06243         |
| Western Asset Short Duration Municipal Income Fund                                            | 811-04254         |
| Putnam Pennsylvania Tax Exempt Income Fund                                                    | 811-05802         |
| Franklin U.S. Small Capitalization Equity Fund (fka QS U.S. Small Capitalization Equity Fund) | 811-22338         |
| Franklin Mutual Small-Mid Cap Value Fund                                                      | 811-05878         |
| Western Asset SMASh Series Core Plus Completion                                               | 811-06740         |
| Templeton Foreign Fund                                                                        | 811-02781         |
| BrandywineGLOBAL - Flexible Bond Fund                                                         | 811-22338         |
| K2 Alternative Strategies Fund                                                                | 811-22641         |
| Franklin Oregon Tax-Free Income Fund                                                          | 811-04149         |
| Franklin Multi-Asset Variable Conservative Growth Fund                                        | 811-21128         |
| ClearBridge Variable Small Cap Growth Portfolio                                               | 811-21128         |
| Franklin Ohio Tax-Free Income Fund                                                            | 811-04149         |
| ClearBridge Large Cap Value Fund                                                              | 811-06444         |
| BrandywineGLOBAL - Alternative Credit Fund                                                    | 811-22338         |
| Franklin Templeton SMACS:  Series EM                                                          | 811-08226         |
| Putnam VT Large Cap Value Fund                                                                | 811-05346         |
| Putnam VT Diversified Income Fund                                                             | 811-05346         |
| Templeton Global Total Return Fund                                                            | 811-04706         |
| Putnam Mortgage Opportunities Fund                                                            | 811-07513         |
| Western Asset Municipal High Income Fund                                                      | 811-04254         |
| Franklin Multi-Asset Variable Growth Fund                                                     | 811-21128         |
| Franklin Georgia Tax-Free Income Fund                                                         | 811-04149         |
| Putnam VT Core Equity Fund (f/k/a Putnam VT Multi-Cap Core Fund)                              | 811-05346         |
| Putnam Large Cap Growth Fund (f/k/a Putnam Growth Opportunities Fund)                         | 811-07237         |
| Franklin High Income Fund                                                                     | 811-01608         |
| Putnam VT High Yield Fund                                                                     | 811-05346         |
| Franklin Templeton SMACS:  Series CH                                                          | 811-06243         |
| Putnam Focused Large Cap Growth ETF                                                           | 811-23643         |
| Franklin Global Allocation Fund                                                               | 811-07851         |
| ClearBridge International Growth Fund                                                         | 811-22338         |
| Franklin Templeton SMACS:  Series H                                                           | 811-06243         |
| Franklin VolSmart Allocation VIP Fund                                                         | 811-05583         |
| Templeton Global Bond VIP Fund                                                                | 811-05583         |
| Putnam PanAgora ESG International Equity ETF                                                  | 811-23643         |
| Western Asset Intermediate Bond Fund                                                          | 811-06110         |
| Franklin Missouri Tax-Free Income Fund                                                        | 811-04149         |
| Templeton Developing Markets Trust                                                            | 811-06378         |
| Putnam ESG Ultra Short ETF                                                                    | 811-23643         |
| Putnam Mortgage Securities Fund                                                               | 811-03897         |
| Franklin Senior Loan ETF                                                                      | 811-23124         |
| Franklin California High Yield Municipal Fund                                                 | 811-06481         |
| Western Asset SMASh Series TF Fund                                                            | 811-06740         |
| Putnam International Value Fund                                                               | 811-07513         |
| Putnam Income Fund                                                                            | 811-00653         |
| International Equity Series                                                                   | 811-06135         |
| Putnam Sustainable Future Fund                                                                | 811-07237         |
| Templeton Emerging Markets Small Cap Fund                                                     | 811-08226         |
| Putnam Short Duration Bond Fund                                                               | 811-07513         |
| Putnam Strategic Intermediate Municipal Fund                                                  | 811-04345         |
| Franklin Multi-Asset Conservative Growth Fund                                                 | 811-06444         |
| ClearBridge Large Cap Growth Fund                                                             | 811-06444         |
| Templeton World Fund                                                                          | 811-02781         |
| Western Asset Corporate Bond Fund                                                             | 811-04254         |
| Franklin Convertible Securities Fund                                                          | 811-04986         |
| Putnam Global Technology Fund                                                                 | 811-07513         |
| Putnam Ohio Tax Exempt Income Fund                                                            | 811-04528         |
| Putnam Diversified Income Trust                                                               | 811-05635         |
| Putnam Sustainable Future ETF                                                                 | 811-23643         |
| Templeton Global Bond Fund                                                                    | 811-04706         |
| Franklin Small Cap Value VIP Fund                                                             | 811-05583         |
| Franklin Mutual Shares VIP Fund                                                               | 811-05583         |
| Franklin Corefolio Allocation Fund                                                            | 811-07851         |
| Western Asset SMASh Series C Fund                                                             | 811-06740         |
| Franklin Mutual Quest Fund                                                                    | 811-05387         |
| Western Asset Income Fund                                                                     | 811-04254         |
| Franklin Growth Fund                                                                          | 811-00537         |
| Franklin S&P 500 Index Fund                                                                   | 811-06444         |
| Franklin Templeton Moderate Model Portfolio                                                   | 811-21128         |
| Putnam VT Mortgage Securities Fund                                                            | 811-05346         |
| Franklin Utilities Fund                                                                       | 811-00537         |
| Putnam Focused International Equity Fund                                                      | 811-01403         |
| Franklin U.S. Government Securities VIP Fund                                                  | 811-05583         |
| Franklin North Carolina Tax-Free Income Fund                                                  | 811-04149         |
| Putnam Dynamic Asset Allocation Balanced Fund                                                 | 811-07121         |
| Franklin International Equity Fund (fka QS International Equity Fund)                         | 811-22338         |
| Putnam Money Market Fund                                                                      | 811-02608         |
| Franklin Rising Dividends VIP Fund                                                            | 811-05583         |
| Franklin Colorado Tax-Free Income Fund                                                        | 811-04149         |
| Franklin California Tax-Free Income Fund                                                      | 811-02790         |
| ClearBridge Appreciation Fund                                                                 | 811-06444         |
| Western Asset Total Return ETF                                                                | 811-23096         |
| Putnam VT Emerging Markets Equity Fund                                                        | 811-05346         |
| Western Asset Short Duration High Income Fund                                                 | 811-04254         |
| Western Asset Oregon Municipals Fund                                                          | 811-04254         |
| Franklin LifeSmart 2055 Retirement Target Fund                                                | 811-07851         |
| Franklin Growth Opportunities Fund                                                            | 811-06243         |
| Putnam Small Cap Growth Fund                                                                  | 811-07513         |
| Western Asset Pennsylvania Municipals Fund                                                    | 811-04254         |
| Franklin Virginia Tax-Free Income Fund                                                        | 811-04149         |
| Putnam VT Global Asset Allocation Fund                                                        | 811-05346         |
| Western Asset Short-Term Bond Fund                                                            | 811-04254         |
| Franklin LifeSmart 2035 Retirement Target Fund                                                | 811-07851         |
| ClearBridge Small Cap Fund                                                                    | 811-22338         |
| Franklin Income Fund                                                                          | 811-00537         |
| BrandywineGLOBAL - High Yield Fund                                                            | 811-06444         |
| BrandywineGLOBAL - Diversified US Large Cap Value Fund                                        | 811-22338         |
| Putnam Government Money Market Fund                                                           | 811-07237         |
| Franklin Templeton Aggressive Model Portfolio                                                 | 811-21128         |
| Western Asset Managed Municipals Fund                                                         | 811-04254         |
| Templeton Sustainable Emerging Markets Bond Fund                                              | 811-04706         |
| Franklin Rising Dividends Fund                                                                | 811-04894         |
| Western Asset Intermediate Maturity California Municipals Fund                                | 811-04254         |
| Putnam Small Cap Value Fund                                                                   | 811-07237         |
| Putnam VT Focused International Equity Fund                                                   | 811-05346         |
| Franklin Templeton Conservative Model Portfolio                                               | 811-21128         |
| Putnam VT Small Cap Value Fund                                                                | 811-05346         |
| Franklin U.S. Large Cap Equity Fund                                                           | 811-06444         |
| Franklin Maryland Tax-Free Income Fund                                                        | 811-04149         |
| Franklin LifeSmart 2025 Retirement Target Fund                                                | 811-07851         |
| Templeton Foreign VIP Fund                                                                    | 811-05583         |
| Western Asset High Yield Fund                                                                 | 811-06110         |
| Franklin California Intermediate-Term Tax-Free Income Fund                                    | 811-04356         |
| Franklin Core Plus Bond Fund                                                                  | 811-06243         |
| ClearBridge Dividend Strategy Fund                                                            | 811-06444         |
| Putnam Global Income Trust                                                                    | 811-04524         |
| Franklin Multi-Asset Growth Fund                                                              | 811-06444         |
| Franklin Multi-Asset Defensive Growth Fund                                                    | 811-06444         |
| Putnam VT International Value Fund                                                            | 811-05346         |
| Putnam VT Research Fund                                                                       | 811-05346         |
| Franklin Multi-Asset Variable Moderate Growth Fund                                            | 811-21128         |
| ClearBridge Growth Fund                                                                       | 811-06444         |
| Western Asset SMASh Series Core Completion Fund                                               | 811-06740         |
| ClearBridge Select Fund                                                                       | 811-06444         |
| Franklin Strategic Mortgage Portfolio                                                         | 811-07288         |
| Putnam California Tax Exempt Income Fund                                                      | 811-03630         |
| Franklin Conservative Allocation Fund                                                         | 811-07851         |
| Putnam International Capital Opportunities Fund                                               | 811-07237         |
| Franklin Low Duration Total Return Fund                                                       | 811-04986         |
| Putnam New Jersey Tax Exempt Income Fund                                                      | 811-05977         |
| Putnam Dynamic Asset Allocation Equity Fund                                                   | 811-07513         |
| Western Asset Ultra-Short Income Fund                                                         | 811-04254         |
| Western Asset Intermediate Maturity New York Municipals Fund                                  | 811-04254         |
| Franklin New Jersey Tax-Free Income Fund                                                      | 811-04149         |
| BrandywineGLOBAL - Corporate Credit Fund                                                      | 811-06444         |
| Putnam Sustainable Leaders Fund                                                               | 811-06128         |
| Putnam VT Global Health Care Fund                                                             | 811-05346         |
| Western Asset Bond ETF                                                                        | 811-23124         |
| Franklin Emerging Market Debt Opportunities Fund                                              | 811-10157         |
| Western Asset Total Return Unconstrained Fund                                                 | 811-06110         |
| ClearBridge Global Infrastructure Income Fund                                                 | 811-22338         |
| Putnam VT International Equity Fund                                                           | 811-05346         |
| Western Asset California Municipals Fund                                                      | 811-04254         |
| Putnam Focused Large Cap Value ETF                                                            | 811-23643         |
| Franklin LifeSmart 2060 Retirement Target Fund                                                | 811-07851         |
| Franklin LifeSmart 2030 Retirement Target Fund                                                | 811-07851         |
| ClearBridge Small Cap Growth Fund                                                             | 811-06444         |
| Franklin Mutual Global Discovery VIP Fund                                                     | 811-05583         |
| Franklin Global Real Estate VIP Fund                                                          | 811-05583         |
| Franklin Moderate Allocation Fund                                                             | 811-07851         |
| Putnam Multi-Asset Income Fund                                                                | 811-07121         |
| Putnam ESG Core Bond ETF                                                                      | 811-23643         |
| Putnam VT Small Cap Growth Fund                                                               | 811-05346         |
| Franklin Equity Income Fund                                                                   | 811-04986         |
| Franklin Mutual Beacon Fund                                                                   | 811-05387         |
| Franklin LifeSmart 2040 Retirement Target Fund                                                | 811-07851         |
| Putnam Minnesota Tax Exempt Income Fund                                                       | 811-04527         |
| Putnam Sustainable Leaders ETF                                                                | 811-23643         |
| Putnam Intermediate-Term Municipal Income Fund                                                | 811-07513         |
| Martin Currie Emerging Markets Fund                                                           | 811-22338         |
| Putnam VT Sustainable Leaders Fund                                                            | 811-05346         |
| Franklin Income VIP Fund                                                                      | 811-05583         |
| ClearBridge Sustainability Leaders Fund                                                       | 811-06444         |
| Franklin International Growth Fund                                                            | 811-10157         |
| Putnam Floating Rate Income Fund                                                              | 811-07513         |
| Franklin Long Duration Credit Fund                                                            | 811-04986         |
| Franklin U.S. Government Securities Fund                                                      | 811-00537         |
| Franklin Templeton SMACS:  Series I                                                           | 811-06243         |
| Franklin Growth Allocation Fund                                                               | 811-07851         |
| Putnam Massachusetts Tax Exempt Income Fund                                                   | 811-04518         |
| BrandywineGLOBAL - Global Unconstrained Bond Fund                                             | 811-22338         |
| Templeton Growth VIP Fund                                                                     | 811-05583         |
| Putnam VT Income Fund                                                                         | 811-05346         |
| Franklin Mutual Global Discovery Fund                                                         | 811-05387         |
| Putnam VT Sustainable Future Fund                                                             | 811-05346         |
| Putnam Focused Equity Fund                                                                    | 811-07513         |
| Foreign Smaller Companies Series                                                              | 811-06135         |
| Putnam International Equity Fund                                                              | 811-06190         |
| Putnam New York Tax Exempt Income Fund                                                        | 811-03741         |
| Franklin Federal Intermediate-Term Tax-Free Income Fund                                       | 811-04149         |
| Franklin Templeton Moderately Conservative Model Portfolio                                    | 811-21128         |
| ClearBridge Variable Large Cap Value Portfolio                                                | 811-21128         |
| Putnam High Yield Fund                                                                        | 811-04616         |
| Western Asset Intermediate-Term Municipals Fund                                               | 811-04254         |
| Templeton Developing Markets VIP Fund                                                         | 811-05583         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Franklin Floating Rate Master Trust

**Date:** 2025-07-31

**Signature:** Monica Krogh

**Title:** Assistant Treasurer