# EDGAR Filing Document

**Accession Number:** 0001109441
**File Stem:** 0001133228-26-004193
**Filing Date:** 2026-3
**Character Count:** 132771
**Document Hash:** a916a01c501d18447ff95e29fd49cacc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004193.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001133228-26-004193

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260327

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09869
- **FILM NUMBER:** 26806819

**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'? 2026-02-1874200005200_FranklinFloatingRateMasterSeries_ClassA_TSRSemiAnnual

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: **January 31, 2026**

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) |
| Semi-Annual Shareholder Report \| January 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Floating Rate Master Series for the period August 1, 2025, to January 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Franklin Floating Rate Master Series | $27 | 0.53% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of January 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $412053450 |
| **Total Number of Portfolio Holdings** | 293 |
| **Portfolio Turnover Rate** | 21.11% |

---

**WHAT DID THE FUND INVEST IN?** (as of January 31, 2026)

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

![image](ts6519img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img477793_202512231342805.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img477793_202512231342805.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-internalusefunds-documents, including its: |
| ![image](img477793_202512231342805.jpg) | • proxy voting information • financial information • holdings • tax information |

---

Franklin Floating Rate Master Series PAGE 1 4021-STSR-0326

------

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

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

#### Semi-Annual
\|

January

31,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 19
Notes

to

Financial

Statements

#### 22
Changes

In

and

Disagreements

with

Accountants

#### 31
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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$7.03

$7.13

$7.13

$7.00

$7.38

$6.99

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.262 0.547 0.656 0.567 0.292 0.301 Net

realized

and

unrealized

gains

(losses)

(0.195)

(0.042)

0.039 0.165 (0.341)

0.417 Total

from

investment

operations

........

0.067 0.505 0.695 0.732 (0.049)

0.718 Less

distributions

from:

Net

investment

income

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

(0.271)

(0.603)

(0.695)

(0.602)

(0.331)

(0.328)

Net

asset

value,

end

of

period

..........

$6.83

$7.03

$7.13

$7.13

$7.00

$7.38

Total

return

c

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

1.02%

7.37%

10.10%

11.00%

(0.73)%

10.51%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.57%

0.56%

0.57%

0.56%

0.57%

0.61%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.53%

0.53%

0.53%

0.53%

e

0.53%

e

0.53%

e

Net

investment

income

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

7.47%

7.77%

9.12%

8.11%

4.01%

4.19%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$412,053

$470,621

$514,936

$389,707

$616,607

$430,129

Portfolio

turnover

rate

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

21.11%

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

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited),

January

31,

2026

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value

#### %

#### of

#### Net

#### Assets
a

#### Common

#### Stocks

#### Diversified

#### Consumer

#### Services
a,b

All

Day

Electric,

Inc.

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

United

States

667

$

—

0.00 b

#### Machinery
a

UTEX

Industries,

Inc.

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

United

States

120,386

6,342,297

.54

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
b

Talos

Energy,

Inc.

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

United

States

5,647

67,312

.02

b

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 12,175,824

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

#### 6,409,609

#### 1

#### .56

#### Management

#### Investment

#### Companies

#### Capital

#### Markets
c,d

Franklin

Senior

Loan

ETF

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

United

States

112,166

2,622,441

.64

Invesco

Senior

Loan

ETF

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

United

States

191,000

3,961,340

.96

6,583,781

.60

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 6,846,783

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

#### 6,583,781

#### 1

#### .60

#### Principal

#### Amount

#### \*
a

#### a
a

#### Corporate

#### Bonds

#### Aerospace

#### &

#### Defense
e

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/31/34

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

United

States

122,000

126,141

.03

#### Air

#### Freight

#### &

#### Logistics
e

Rand

Parent

LLC

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/30

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

United

States

950,000

993,340

.24

#### Capital

#### Markets
e

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125 %

,

11/01/32

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

United

States

1,668,000

1,699,787

.41

#### Chemicals
e

SCIH

Salt

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

4.875 %

,

5/01/28

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

United

States

1,100,000

1,097,862

.27

#### Commercial

#### Services

#### &

#### Supplies
e

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

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

United

States

500,000

526,504

.13

e

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29 %

,

4/15/29

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

United

States

1,200,000

1,233,109

.30

1,759,613

.43

#### Containers

#### &

#### Packaging
e

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

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

United

States

100,000

100,850

.02

#### Electric

#### Utilities
e

Vistra

Operations

Co.

LLC

,

Senior

Secured

Bond

,

144A,

5.25 %

,

10/15/35

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

United

States

1,300,000

1,287,935

.31

#### Entertainment
e

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

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

France

600,000

624,558

.15

#### Ground

#### Transportation
e

Albion

Financing

SARL

/

Aggreko

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

5/21/30

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

Luxembourg

311,900

325,274

.08

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Ground

#### Transportation
(continued)

e

First

Student

Bidco,

Inc.

/

First

Transit

Parent,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

7/31/29

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

United

States

700,000

$

682,310

.16

1,007,584

.24

#### Health

#### Care

#### Equipment

#### &

#### Supplies
e

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

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

United

States

320,000

334,000

.08

#### Hotels,

#### Restaurants

#### &

#### Leisure
e

Brightstar

Lottery

plc

,

Senior

Secured

Note

,

144A,

5.25 %

,

1/15/29

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

United

States

400,000

399,563

.10

e

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

2/15/32

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

United

States

1,400,000

1,432,221

.35

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

e

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

.......

Canada

1,930,000

1,963,798

.47

3,795,582

.92

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
e

Calpine

Corp.

,

Senior

Secured

Note

,

144A,

4.5 %

,

2/15/28

United

States

1,100,000

1,099,614

.27

#### Insurance
e

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

4.25 %

,

2/15/29

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

United

States

529,400

513,116

.12

e

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Note

,

144A,

6.75 %

,

10/15/27

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

United

States

1,700,000

1,705,836

.41

Senior

Secured

Note

,

144A,

6.5 %

,

10/01/31

........

United

States

1,500,000

1,543,650

.38

3,762,602

.91

#### IT

#### Services
e

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

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

United

States

600,000

611,931

.15

#### Machinery
e

Columbus

McKinnon

Corp.

,

Senior

Secured

Note

,

144A,

7.125 %

,

2/01/33

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

United

States

250,000

251,486

.06

#### Media
e

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

7.375 %

,

9/01/31

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

United

States

100,000

105,196

.03

#### Passenger

#### Airlines
e

Allegiant

Travel

Co.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/15/27

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

United

States

926,000

937,133

.23

e

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/29

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

United

States

1,300,000

1,357,352

.33

e

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5 %

,

4/20/26

.........

United

States

157,444

157,633

.04

e

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375 %

,

4/15/26

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

United

States

1,165,000

1,164,804

.28

3,616,922

.88

#### Software
e

Cloud

Software

Group,

Inc.

,

Secured

Note

,

144A,

%

,

9/30/29

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

United

States

1,100,000

1,112,046

.27

#### Specialty

#### Retail
e

Petco

Health

&

Wellness

Co.,

Inc.

,

Senior

Secured

Note

,

144A,

8.25 %

,

2/01/31

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

United

States

484,848

486,574

.12

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Wireless

#### Telecommunication

#### Services
e

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.25 %

,

1/31/31

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

United

Kingdom

360,000

$

325,955

.08

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 23,661,007

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

#### 24,199,578

#### 5

#### .87
f

#### Senior

#### Floating

#### Rate

#### Interests
g

#### Aerospace

#### &

#### Defense
Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B1

,

5.672 %

,

(1-month

SOFR

+

%),

10/31/31

..

United

States

428,179

429,808

.10

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B2

,

5.672 %

,

(1-month

SOFR

+

%),

10/31/31

..

United

States

162,866

163,486

.04

Signia

Aerospace

LLC,

First

Lien,

CME

Term

Loan

,

6.571 %

,

(3-month

SOFR

+

2.75 %),

12/11/31

.......

United

States

718,641

720,736

.18

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

2/28/31

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

United

States

1,272,085

1,272,931

.31

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K

,

5.922 %

,

(1-month

SOFR

+

2.25 %),

3/22/30

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

United

States

1,995,000

1,995,499

.48

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

M

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

8/19/32

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

United

States

1,158,387

1,158,827

.28

5,741,287

.39

a

a

a

a

a

a

g

#### Air

#### Freight

#### &

#### Logistics
Clue

Opco

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.167 %

,

(3-month

SOFR

+

4.5 %),

12/19/30

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

United

States

1,572,523

1,570,117

.38

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.672 %

,

(3-month

SOFR

+

%),

3/18/30

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

United

States

1,269,952

1,274,314

.31

2,844,431

.69

a

a

a

a

a

a

g

#### Automobile

#### Components
Adient

US

LLC,

First

Lien,

CME

Term

Loan,

B2

,

5.672 %

,

(1-month

SOFR

+

%),

1/31/31

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

United

States

1,160,424

1,160,876

.28

h

American

Axle

&

Manufacturing,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

C

,

7.408 %

,

(12-month

SOFR

+

3.25 %),

9/20/32

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

United

States

945,274

948,818

.23

h

Autokiniton

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.786 %

,

(1-month

SOFR

+

%),

4/06/28

........

United

States

1,700,000

1,697,875

.41

Clarios

Global

LP,

First

Lien,

2024

Dollar

CME

Term

Loan

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

5/06/30

....

United

States

579,760

580,215

.14

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan

,

6.422 %

,

(1-month

SOFR

+

2.75 %),

1/28/32

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

United

States

1,605,700

1,610,212

.39

DexKo

Global,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan

,

7.917 %

,

(3-month

SOFR

+

4.25 %),

10/04/28

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

United

States

1,282,274

1,275,862

.31

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

7.678 %

,

(3-month

SOFR

+

3.75 %),

10/04/28

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

United

States

409,101

407,618

.10

i

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

PIK,

10.814 %

,

(1-month

SOFR

+

%),

3/30/27

.

United

States

1,520,307

8,491

0.00 †

h

First

Brands

Group

LLC,

First

Lien,

2022-II

Incremental

CME

Term

Loan

,

10.814 %

,

(1-month

SOFR

+

%),

3/30/27

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

United

States

1,561,437

8,721

0.00 †

i

First

Brands

Group

LLC,

First

Lien,

Debtor-In-Possession

Roll

Up

CME

Term

Loan

,

PIK,

13.759 %

,

(12-month

SOFR

+

%),

6/29/26

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

United

States

1,617,704

12,747

.01

i

First

Brands

Group

LLC,

First

Lien,

USD

Debtor-In-

Possession

New

Money

CME

Term

Loan

,

PIK,

5.238 %

,

(1-month

SOFR

+

1.55 %),

6/29/26

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

United

States

1,386,962

200,413

.05

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Automobile

#### Components
(continued)

i

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

PIK,

14.314 %

,

(1-month

SOFR

+

10.5 %),

3/30/28

United

States

1,987,073

$

5,693

0.00 †

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2025-1

CME

Term

Loan

,

7.322 %

,

(3-month

SOFR

+

3.5 %),

2/13/30

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

United

States

112,498

112,991

.03

8,030,532

.95

a

a

a

a

a

a

#### Beverages
g

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

5.922 %

,

(3-month

SOFR

+

2.25 %),

3/31/28

United

States

1,678,801

1,681,252

.41

#### Biotechnology
h

,j

BioMarin

Pharmaceutical,

Inc.,

First

Lien,

CME

Term

Loan

,

TBD,

12/28/32

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

United

States

503,331

504,589

.12

g

Genmab

A/S,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.733 %

,

(3-month

SOFR

+

%),

12/13/32

..........

Denmark

297,442

298,903

.07

803,492

.19

a

a

a

a

a

a

g

#### Broadline

#### Retail
Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B4B

,

6.172 %

,

(3-month

SOFR

+

2.5 %),

10/28/30

........

Netherlands

118,791

118,924

.03

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.172 %

,

(3-month

SOFR

+

2.5 %),

7/01/31

.........

Netherlands

1,690,863

1,692,765

.41

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8

,

5.922 %

,

(3-month

SOFR

+

2.25 %),

9/29/32

........

Netherlands

320,052

320,553

.08

2,132,242

.52

a

a

a

a

a

a

g

#### Building

#### Products
Chariot

Buyer

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan

,

6.466 %

,

(1-month

SOFR

+

2.75 %),

9/08/32

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

United

States

488,772

489,021

.12

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.18 %

,

(1-month

SOFR

+

4.5 %),

5/15/31

...

United

States

811,644

561,049

.14

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

7.03 %

,

(1-month

SOFR

+

3.25 %),

4/12/28

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

United

States

1,306,783

1,016,023

.25

Groundworks

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.673 %

,

(1-month

SOFR

+

%),

3/14/31

..........

United

States

439,560

440,728

.11

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

CME

Term

Loan

,

6.422 %

,

(1-month

SOFR

+

2.75 %),

3/28/31

United

States

1,525,943

1,527,949

.37

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

5.922 %

,

(1-month

SOFR

+

2.25 %),

4/14/31

........

United

States

1,432,880

1,435,466

.35

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

5.922 %

,

(1-month

SOFR

+

2.25 %),

3/19/29

........

United

States

1,832,844

1,837,216

.44

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

5.922 %

,

(1-month

SOFR

+

2.25 %),

2/10/32

........

United

States

1,259,448

1,260,790

.30

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan

,

6.672 %

,

(1-month

SOFR

+

%),

3/30/29

.

United

States

223,693

223,834

.05

8,792,076

.13

a

a

a

a

a

a

g

#### Capital

#### Markets
Aretec

Group,

Inc.,

First

Lien,

CME

Term

Loan,

B4

,

6.672 %

,

(1-month

SOFR

+

%),

8/09/30

..........

United

States

1,262,361

1,258,656

.31

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

,

6.672 %

,

(1-month

SOFR

+

%),

4/07/28

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

United

States

1,498,328

1,500,628

.36

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Capital

#### Markets
(continued)

Edelman

Financial

Engines

Center

LLC

(The),

Second

Lien,

2024

Refinancing

CME

Term

Loan

,

8.922 %

,

(1-month

SOFR

+

5.25 %),

10/20/28

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

United

States

1,300,000

$

1,303,796

.32

GIH

Borrower

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.172 %

,

(3-month

SOFR

+

2.5 %),

11/26/31

........

United

States

467,717

468,886

.11

GTCR

Everest

Borrower

LLC,

First

Lien,

2025

CME

Term

Loan

,

6.422 %

,

(3-month

SOFR

+

2.75 %),

9/05/31

...

United

States

689,570

689,838

.17

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

5.822 %

,

(3-month

SOFR

+

%),

12/15/31

.....

United

States

1,637,539

1,627,713

.39

Nexus

Buyer

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

7.716 %

,

(1-month

SOFR

+

%),

7/31/31

.

United

States

675,726

666,857

.16

Victory

Capital

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

5.672 %

,

(3-month

SOFR

+

%),

9/23/32

.......

United

States

498,750

500,371

.12

8,016,745

.94

a

a

a

a

a

a

g

#### Chemicals
Hexion

Holdings

Corp.,

Second

Lien,

Initial

CME

Term

Loan

,

11.209 %

,

(1-month

SOFR

+

7.438 %),

3/15/30

..

United

States

572,392

551,646

.13

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

6.922 %

,

(1-month

SOFR

+

3.25 %),

2/18/30

Luxembourg

508,365

368,565

.09

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.022 %

,

(1-month

SOFR

+

4.25 %),

4/02/29

United

States

1,507,283

1,056,349

.26

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan,

B

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

12/31/29

........

United

States

808,769

810,855

.20

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B1

,

7.036 %

,

(3-month

SOFR

+

3.25 %),

4/03/28

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

Netherlands

1,165,666

1,167,123

.28

SCIH

Salt

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.522 %

,

(3-month

SOFR

+

2.75 %),

1/31/29

........

United

States

833,440

835,144

.20

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.05 %

,

(3-month

SOFR

+

4.25 %),

4/23/29

....

United

States

750,154

313,193

.08

5,102,875

.24

a

a

a

a

a

a

g

#### Commercial

#### Services

#### &

#### Supplies
Allied

Universal

Holdco

LLC,

First

Lien,

Amendment

No.

Replacement

USD

CME

Term

Loan

,

6.922 %

,

(1-month

SOFR

+

3.25 %),

8/20/32

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

United

States

1,975,456

1,981,540

.48

Aramark

Services,

Inc.,

First

Lien,

U.S.

CME

Term

Loan,

B10

,

5.422 %

,

(1-month

SOFR

+

1.75 %),

6/24/30

....

United

States

526,144

528,051

.13

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B

,

6.422 %

,

(1-month

SOFR

+

2.75 %),

10/23/28

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

United

States

3,144,809

3,154,322

.76

Madison

IAQ

LLC,

First

Lien,

2025

Repriced

Incremental

CME

Term

Loan

,

6.378 %

,

(6-month

SOFR

+

2.75 %),

11/08/32

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

United

States

1,432,270

1,436,861

.35

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.128 %

,

(6-month

SOFR

+

2.5 %),

6/21/28

.........

United

States

1,768,713

1,771,596

.43

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

8.767 %

,

(3-month

SOFR

+

%),

4/11/29

....

United

States

2,501,680

2,505,333

.61

PG

Polaris

BidCo

SARL,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

5.922 %

,

(3-month

SOFR

+

2.25 %),

3/26/31

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

Luxembourg

1,161,386

1,162,942

.28

Pitney

Bowes,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.422 %

,

(3-month

SOFR

+

3.75 %),

3/19/32

........

United

States

2,580,260

2,568,171

.62

Prime

Security

Services

Borrower

LLC,

First

Lien,

2024-1

Refinancing

CME

Term

Loan,

B1

,

5.688 %

,

(1-month

SOFR

+

%),

10/15/30

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

United

States

1,230,789

1,230,020

.30

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Commercial

#### Services

#### &

#### Supplies
(continued)

Reworld

Holding

Corp.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

5.923 %

,

(1-month

SOFR

+

2.25 %),

1/15/31

United

States

727,273

$

727,614

.18

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.933 %

,

(3-month

SOFR

+

%),

9/04/30

..........

United

States

470,364

383,112

.09

17,449,562

.23

a

a

a

a

a

a

#### Communications

#### Equipment
g

Delta

Topco,

Inc.,

First

Lien,

Fourth

Amendment

Refinancing

CME

Term

Loan

,

6.41 %

,

(3-month

SOFR

+

2.75 %),

11/30/29

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

United

States

2,940,276

2,872,018

.70

g

#### Construction

#### &

#### Engineering
Artera

Services

LLC,

First

Lien,

CME

Term

Loan,

C

,

8.172 %

,

(3-month

SOFR

+

4.5 %),

2/18/31

.........

United

States

2,594,750

2,102,331

.51

h

Azuria

Water

Solutions,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.191 %

,

(12-month

SOFR

+

2.75 %),

1/27/33

.....

United

States

1,253,870

1,249,168

.30

Brand

Industrial

Services,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.354 %

,

(3-month

SOFR

+

4.5 %),

8/01/30

..

United

States

1,847,065

1,639,271

.40

Chromalloy

Corp.,

First

Lien,

CME

Term

Loan

,

6.911 %

,

(3-month

SOFR

+

3.25 %),

3/27/31

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

United

States

855,743

858,284

.21

DG

Investment

Intermediate

Holdings

2,

Inc.,

First

Lien,

Closing

Date

Initial

CME

Term

Loan

,

6.922 %

,

(1-month

SOFR

+

3.25 %),

7/09/32

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

United

States

295,302

296,532

.07

h

Dycom

Industries,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.167 %

,

(12-month

SOFR

+

1.75 %),

1/20/33

.......

United

States

119,469

119,843

.03

Red

SPV

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.921 %

,

(1-month

SOFR

+

2.25 %),

3/15/32

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

United

Kingdom

892,677

894,913

.22

Zekelman

Industries,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

5.927 %

,

(1-month

SOFR

+

2.25 %),

1/24/31

...

United

States

380,186

382,271

.09

7,542,613

.83

a

a

a

a

a

a

#### Consumer

#### Finance
g

Shift4

Payments

LLC,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan

,

5.652 %

,

(3-month

SOFR

+

%),

7/06/32

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

United

States

576,494

580,697

.14

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
g

Boots

Group

Finco

LP,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

7.206 %

,

(3-month

SOFR

+

3.5 %),

8/30/32

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

United

Kingdom

401,384

403,307

.10

g

#### Containers

#### &

#### Packaging
BradyPlus

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.19 %

,

(3-month

SOFR

+

3.5 %),

12/29/32

....

United

States

350,000

348,540

.08

Charter

Next

Generation,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.438 %

,

(1-month

SOFR

+

2.75 %),

11/29/30

..

United

States

3,518,081

3,524,431

.86

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

6.922 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

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

United

States

2,313,497

2,304,833

.56

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

Term

Loan,

B

,

7.413 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

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

United

States

32,640

32,518

.01

h

Graham

Packaging

Co.,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.691 %

,

(12-month

SOFR

+

2.25 %),

1/14/33

.....

United

States

257,555

257,649

.06

Kleopatra

Finco

SARL,

First

Lien,

Exit

CME

Term

Loan

,

10.667 %

,

(3-month

SOFR

+

%),

1/30/31

..........

Luxembourg

2,018,195

1,813,005

.44

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.044 %

,

(6-month

SOFR

+

4.75 %),

2/12/26

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

Luxembourg

1,311,294

209,807

.05

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Containers

#### &

#### Packaging
(continued)

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

2025

CME

Term

Loan

,

7.232 %

,

(1-month

SOFR

+

3.5 %),

4/15/30

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

United

States

1,008,648

$

986,675

.24

ProAmpac

PG

Borrower

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

7.761 %

,

(3-month

SOFR

+

%),

9/15/28

....

United

States

1,598,277

1,601,937

.39

11,079,395

.69

a

a

a

a

a

a

g

#### Distributors
BCPE

Empire

Holdings,

Inc.,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan

,

6.922 %

,

(1-month

SOFR

+

3.25 %),

12/11/30

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

United

States

1,536,465

1,531,187

.37

Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

E

,

5.69 %

,

(3-month

SOFR

+

%),

2/10/31

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

United

States

515,839

516,646

.13

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

7.672 %

,

(3-month

SOFR

+

%),

11/30/30

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

United

States

1,769,722

1,736,761

.42

3,784,594

.92

a

a

a

a

a

a

g

#### Diversified

#### Consumer

#### Services
Ascend

Learning

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.716 %

,

(1-month

SOFR

+

%),

12/11/28

..........

United

States

1,431,338

1,419,264

.34

h

Belron

Finance

2019

LLC,

First

Lien,

CME

Term

Loan,

B

,

5.424 %

,

(12-month

SOFR

+

%),

10/16/31

.........

United

States

726,316

729,584

.18

Learning

Care

Group

US

No.

2,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.699 %

,

(3-month

SOFR

+

%),

8/11/28

United

States

396,886

301,633

.07

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.672 %

,

(1-month

SOFR

+

%),

5/04/28

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

United

States

1,138,180

1,139,814

.28

Spring

Education

Group,

Inc.,

First

Lien,

CME

Term

Loan

,

6.922 %

,

(3-month

SOFR

+

3.25 %),

9/30/30

........

United

States

461,153

462,511

.11

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

1/30/31

.........

United

States

609,885

610,285

.15

4,663,091

.13

a

a

a

a

a

a

#### Diversified

#### Telecommunication

#### Services
g

Zayo

Group

Holdings,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan

,

6.831 %

,

(1-month

SOFR

+

%),

3/11/30

..

United

States

1,738,174

1,674,463

.41

g

#### Electric

#### Utilities
Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.68 %

,

(1-month

SOFR

+

%),

9/30/31

.........

United

States

994,962

995,151

.24

Hamilton

Projects

Acquiror

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.216 %

,

(1-month

SOFR

+

2.5 %),

5/30/31

United

States

510,194

513,564

.13

1,508,715

.37

a

a

a

a

a

a

#### Electrical

#### Equipment
g

Indicor

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

6.422 %

,

(3-month

SOFR

+

2.75 %),

11/22/29

.......

United

States

782,849

783,738

.19

g

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components
MX

Holdings

US,

Inc.,

First

Lien,

Senior

USD

CME

Term

Loan,

B

,

5.721 %

,

(1-month

SOFR

+

%),

3/17/32

....

United

States

406,044

406,805

.10

Project

Aurora

US

Finco,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.49 %

,

(3-month

SOFR

+

2.75 %),

9/30/32

......

United

States

213,650

214,319

.05

Sanmina

Corp.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

5.7 %

,

(1-month

SOFR

+

%),

10/27/32

........

United

States

981,132

986,038

.24

1,607,162

.39

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Entertainment
Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

6.438 %

,

(1-month

SOFR

+

2.75 %),

3/01/28

.....

France

612,345

$

615,866

.15

h

Crown

Finance

US,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.188 %

,

(1-month

SOFR

+

4.5 %),

12/02/31

...

United

Kingdom

1,200,000

1,172,406

.28

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.536 %

,

(1-month

SOFR

+

2.75 %),

3/13/28

........

United

States

1,095,021

1,065,122

.26

TKO

Worldwide

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B5

,

5.868 %

,

(3-month

SOFR

+

%),

11/21/31

..

United

States

5,100,551

5,117,408

.24

7,970,802

.93

a

a

a

a

a

a

g

#### Financial

#### Services
Belfor

Holdings,

Inc.,

First

Lien,

Replacement

CME

Term

Loan,

B5

,

6.422 %

,

(1-month

SOFR

+

2.75 %),

11/01/30

United

States

1,152,469

1,154,636

.28

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.172 %

,

(3-month

SOFR

+

3.5 %),

8/16/32

....

United

States

1,613,480

1,603,146

.39

h

Hudson

River

Trading

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.173 %

,

(1-month

SOFR

+

2.5 %),

3/18/30

......

United

States

2,077,322

2,072,347

.50

Orion

US

Finco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.15 %

,

(3-month

SOFR

+

3.5 %),

10/08/32

.........

United

States

1,848,035

1,851,315

.45

h

Osaic

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.167 %

,

(12-month

SOFR

+

2.75 %),

8/02/32

.......

United

States

1,000,000

994,005

.24

Osaic

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.595 %

,

(6-month

SOFR

+

%),

8/02/32

..........

United

States

2,313,942

2,300,070

.56

Priority

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.422 %

,

(1-month

SOFR

+

3.75 %),

7/30/32

........

United

States

1,041,640

1,024,453

.25

Red

Planet

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.672 %

,

(1-month

SOFR

+

%),

9/08/32

......

United

States

1,800,000

1,795,923

.44

Speed

Midco

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

6.288 %

,

(6-month

SOFR

+

2.5 %),

10/01/32

......

Luxembourg

877,193

880,482

.21

13,676,377

.32

a

a

a

a

a

a

g

#### Food

#### Products
Chobani

LLC,

First

Lien,

Closing

Date

CME

Term

Loan

,

5.922 %

,

(1-month

SOFR

+

2.25 %),

10/28/32

.......

United

States

1,090,566

1,094,383

.26

Nourish

Buyer

I,

Inc.,

First

Lien,

2026-1

CME

Term

Loan

,

7.669 %

,

(3-month

SOFR

+

%),

7/09/32

..........

United

States

486,123

486,833

.12

1,581,216

.38

a

a

a

a

a

a

g

#### Ground

#### Transportation
Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

6.868 %

,

(3-month

SOFR

+

%),

5/21/31

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

United

Kingdom

1,179,518

1,176,386

.29

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.172 %

,

(3-month

SOFR

+

2.5 %),

8/15/30

.........

United

States

2,864,575

2,865,176

.69

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

6.172 %

,

(3-month

SOFR

+

2.5 %),

8/15/30

.........

United

States

524,146

523,818

.13

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

6.922 %

,

(1-month

SOFR

+

3.25 %),

1/25/29

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

United

States

3,241,946

3,215,200

.78

i

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

PIK,

5.434 %

,

(3-month

SOFR

+

1.5 %),

8/10/29

.........

United

States

2,528,341

1,908,036

.46

i

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

PIK,

5.434 %

,

(3-month

SOFR

+

1.5 %),

8/10/29

.........

United

States

1,830,867

502,472

.12

Savage

Enterprises

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

6.175 %

,

(1-month

SOFR

+

2.5 %),

8/05/32

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

United

States

235,726

236,537

.06

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Ground

#### Transportation
(continued)

WWEX

Uni

Topco

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.672 %

,

(3-month

SOFR

+

%),

7/26/28

.

United

States

1,473,146

$

1,474,995

.36

11,902,620

.89

a

a

a

a

a

a

g

#### Health

#### Care

#### Equipment

#### &

#### Supplies
Bausch

+

Lomb

Corp.,

First

Lien,

2025-2

Refinancing

CME

Term

Loan

,

7.422 %

,

(1-month

SOFR

+

3.75 %),

1/15/31

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

United

States

560,818

565,725

.14

h

Hologic,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.755 %

,

(12-month

SOFR

+

2.25 %),

1/14/33

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

United

States

5,000,000

4,969,700

.20

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan

,

5.422 %

,

(1-month

SOFR

+

1.75 %),

10/23/28

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

United

States

1,094,133

1,098,034

.27

Medline

Borrower

LP,

First

Lien,

2030

Refinancing

CME

Term

Loan

,

5.466 %

,

(1-month

SOFR

+

1.75 %),

10/23/30

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

United

States

796,000

799,196

.19

7,432,655

.80

a

a

a

a

a

a

g

#### Health

#### Care

#### Providers

#### &

#### Services
ADMI

Corp.,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan

,

7.161 %

,

(1-month

SOFR

+

3.375 %),

12/23/27

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

United

States

884,339

846,533

.20

ADMI

Corp.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

7.536 %

,

(1-month

SOFR

+

3.75 %),

12/23/27

..

United

States

1,450,216

1,387,676

.34

ADMI

Corp.,

First

Lien,

CME

Term

Loan,

B5

,

9.422 %

,

(1-month

SOFR

+

5.75 %),

12/23/27

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

United

States

330,909

322,636

.08

Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

7.924 %

,

(1-month

SOFR

+

4.25 %),

2/11/28

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

United

States

3,246,784

3,179,316

.77

CNT

Holdings

I

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan

,

6.167 %

,

(3-month

SOFR

+

2.5 %),

11/08/32

United

States

2,376,642

2,377,141

.58

Concentra

Health

Services,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

5.672 %

,

(1-month

SOFR

+

%),

7/28/31

...

United

States

304,621

305,765

.07

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.917 %

,

(3-month

SOFR

+

4.25 %),

3/26/29

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

United

States

2,468,147

2,380,886

.58

LifePoint

Health,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan

,

7.152 %

,

(3-month

SOFR

+

3.5 %),

5/19/31

United

States

1,094,092

1,093,184

.26

LifePoint

Health,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.422 %

,

(3-month

SOFR

+

3.75 %),

5/19/31

........

United

States

3,366,000

3,369,686

.82

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.267 %

,

(3-month

SOFR

+

3.5 %),

11/01/28

...

United

States

1,428,742

320,574

.08

MPH

Acquisition

Holdings

LLC,

First

Lien,

Exchange

First

Out

CME

Term

Loan

,

7.417 %

,

(3-month

SOFR

+

3.75 %),

12/31/30

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

United

States

250,053

249,950

.06

MPH

Acquisition

Holdings

LLC,

First

Lien,

Second

Out

CME

Term

Loan

,

8.702 %

,

(3-month

SOFR

+

4.6 %),

12/31/30

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

United

States

584,041

539,692

.13

Paradigm

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.172 %

,

(3-month

SOFR

+

4.5 %),

4/16/32

.........

United

States

2,309,596

1,980,479

.48

Pathway

Vet

Alliance

LLC,

First

Lien,

CME

Term

Loan,

A

,

8.84 %

,

(3-month

SOFR

+

%),

6/30/28

...........

United

States

766,474

769,731

.19

i

Pathway

Vet

Alliance

LLC,

First

Lien,

CME

Term

Loan,

B

,

PIK,

8.84 %

,

(3-month

SOFR

+

%),

6/30/28

........

United

States

2,452,052

1,671,491

.41

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

2/21/31

.........

United

States

952,895

952,681

.23

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Surgery

Center

Holdings,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

12/19/30

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

United

States

279,932

$

280,685

.07

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.814 %

,

(1-month

SOFR

+

%),

10/02/28

.....

United

States

1,560,354

1,562,312

.38

US

Fertility

Enterprises

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.221 %

,

(1-month

SOFR

+

3.5 %),

12/10/32

...

United

States

955,263

961,472

.23

24,551,890

.96

a

a

a

a

a

a

g

#### Health

#### Care

#### Technology
AthenaHealth

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.422 %

,

(1-month

SOFR

+

2.75 %),

2/15/29

...

United

States

3,065,866

3,031,697

.74

Cotiviti,

Inc.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

6.45 %

,

(1-month

SOFR

+

2.75 %),

3/26/32

....

United

States

1,194,000

1,108,032

.27

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

6.45 %

,

(1-month

SOFR

+

2.75 %),

5/01/31

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

United

States

1,842,305

1,709,898

.41

5,849,627

.42

a

a

a

a

a

a

g

#### Hotels,

#### Restaurants

#### &

#### Leisure
Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

5.922 %

,

(1-month

SOFR

+

2.25 %),

2/06/30

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

United

States

1,810,428

1,803,078

.44

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.966 %

,

(1-month

SOFR

+

3.25 %),

1/29/29

.

United

States

1,981,392

1,979,579

.48

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

5.422 %

,

(3-month

SOFR

+

1.75 %),

12/02/30

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

Ireland

1,314,172

1,314,500

.32

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

,

7.422 %

,

(1-month

SOFR

+

3.75 %),

1/28/32

...

United

States

3,708,876

3,713,512

.90

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.171 %

,

(3-month

SOFR

+

3.5 %),

12/04/31

...

United

States

836,885

840,133

.21

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.445 %

,

(3-month

SOFR

+

4.75 %),

11/01/29

Canada

2,242,356

2,198,911

.53

Hilton

Grand

Vacations

Borrower

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.672 %

,

(1-month

SOFR

+

%),

8/02/28

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

United

States

916,545

916,055

.22

IRB

Holding

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan,

B

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

12/16/30

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

United

States

3,970,759

3,975,722

.97

Light

&

Wonder

International,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

5.671 %

,

(1-month

SOFR

+

%),

4/16/29

...

United

States

1,656,204

1,656,204

.40

Ontario

Gaming

GTA

LP,

First

Lien,

CME

Term

Loan,

B

,

7.922 %

,

(3-month

SOFR

+

4.25 %),

8/01/30

........

Canada

3,212,731

3,012,433

.73

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

5/03/29

.........

United

States

1,323,503

1,324,806

.32

Raising

Cane's

Restaurants

LLC,

First

Lien,

First

Amendment

New

CME

Term

Loan

,

5.688 %

,

(1-month

SOFR

+

%),

11/03/32

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

United

States

1,277,891

1,276,300

.31

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.652 %

,

(3-month

SOFR

+

%),

4/04/29

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

United

States

893,755

880,353

.21

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

8/03/28

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

United

States

1,634,996

1,635,503

.40

26,527,089

.44

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Household

#### Durables
AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

6.773 %

,

(3-month

SOFR

+

%),

7/31/28

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

United

States

2,236,520

$

2,239,886

.55

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.672 %

,

(3-month

SOFR

+

%),

1/16/32

..........

Netherlands

1,416,864

1,415,681

.34

3,655,567

.89

a

a

a

a

a

a

#### Household

#### Products
g

Energizer

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.671 %

,

(1-month

SOFR

+

%),

3/19/32

......

United

States

114,441

114,441

.03

g

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.353 %

,

(3-month

SOFR

+

2.5 %),

12/11/31

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

United

States

319,641

320,291

.08

Talen

Energy

Supply

LLC,

First

Lien,

2025-1

Incremental

CME

Term

Loan,

B

,

5.672 %

,

(3-month

SOFR

+

%),

11/25/32

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

United

States

335,051

335,554

.08

Talen

Energy

Supply

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.353 %

,

(3-month

SOFR

+

2.5 %),

5/17/30

..

United

States

3,196,697

3,202,403

.78

3,858,248

.94

a

a

a

a

a

a

g

#### Insurance
Acrisure

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

6.922 %

,

(1-month

SOFR

+

3.25 %),

6/21/32

.

United

States

522,920

523,464

.13

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

6.672 %

,

(1-month

SOFR

+

%),

11/06/30

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

United

States

3,552,634

3,546,861

.86

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

9/19/31

United

States

4,375,248

4,367,722

.06

AmWINS

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.966 %

,

(1-month

SOFR

+

2.25 %),

1/30/32

........

United

States

1,310,334

1,309,489

.32

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

7.772 %

,

(1-month

SOFR

+

%),

8/21/28

..........

United

States

957,106

959,498

.23

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.022 %

,

(1-month

SOFR

+

4.25 %),

8/21/28

........

United

States

1,125,193

1,128,354

.27

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.036 %

,

(1-month

SOFR

+

5.25 %),

1/19/29

........

United

States

1,274,930

1,276,524

.31

Broadstreet

Partners

Group

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

6/16/31

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

United

States

2,312,081

2,302,486

.56

CRC

Insurance

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.422 %

,

(3-month

SOFR

+

2.75 %),

5/06/31

......

United

States

1,904,248

1,902,467

.46

HUB

International

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

5.92 %

,

(3-month

SOFR

+

2.25 %),

6/20/30

United

States

6,343,845

6,351,902

.54

OneDigital

Borrower

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.672 %

,

(1-month

SOFR

+

%),

7/02/31

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

United

States

1,879,988

1,878,428

.46

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

7/31/31

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

United

States

5,667,806

5,654,090

.37

31,201,285

.57

a

a

a

a

a

a

g

#### IT

#### Services
Barracuda

Networks,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.167 %

,

(3-month

SOFR

+

4.5 %),

8/15/29

....

United

States

1,614,541

1,257,832

.30

Fortress

Intermediate

3,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.675 %

,

(1-month

SOFR

+

%),

6/27/31

........

United

States

1,957,483

1,925,674

.47

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### IT

#### Services
(continued)

Gainwell

Acquisition

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.772 %

,

(3-month

SOFR

+

%),

10/01/27

..........

United

States

1,405,612

$

1,348,798

.33

Kaseya,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.672 %

,

(1-month

SOFR

+

%),

3/22/32

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

United

States

1,820,091

1,758,098

.42

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

7.922 %

,

(1-month

SOFR

+

4.25 %),

12/31/31

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

United

States

3,746,788

3,080,403

.75

9,370,805

.27

a

a

a

a

a

a

g

#### Machinery
h

Columbus

McKinnon

Corp.,

First

Lien,

CME

Term

Loan,

B

,

6.924 %

,

(12-month

SOFR

+

3.5 %),

1/21/33

......

United

States

289,615

288,167

.07

CompoSecure

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.928 %

,

(1-month

SOFR

+

2.25 %),

1/14/33

...

United

States

494,624

494,317

.12

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.2 %

,

(1-month

SOFR

+

4.5 %),

9/28/28

...........

United

States

1,265,254

1,249,837

.30

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

Replacement

CME

Term

Loan

,

7.216 %

,

(1-month

SOFR

+

3.5 %),

8/16/29

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

United

States

819,461

821,059

.20

h

Engineered

Machinery

Holdings,

Inc.,

First

Lien,

2025

USD

Refinancing

CME

Term

Loan

,

6.922 %

,

(3-month

SOFR

+

3.25 %),

11/26/32

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

United

States

666,986

670,437

.16

Madison

Safety

&

Flow

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B

,

6.174 %

,

(1-month

SOFR

+

2.5 %),

9/26/31

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

United

States

828,730

831,838

.20

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1

,

6.947 %

,

(6-month

SOFR

+

2.75 %),

4/30/30

.....

Germany

1,903,214

1,910,237

.47

6,265,892

.52

a

a

a

a

a

a

g

#### Media
Cengage

Learning,

Inc.,

First

Lien,

2026

Refinancing

CME

Term

Loan

,

6.671 %

,

(1-month

SOFR

+

3%;

3-month

SOFR

+

3%),

3/24/31

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

United

States

796,374

796,621

.19

h

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.786 %

,

(1-month

SOFR

+

%),

8/23/28

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

United

States

751,610

753,357

.18

CMG

Media

Corp.,

First

Lien,

CME

Term

Loan

,

7.272 %

,

(3-month

SOFR

+

3.5 %),

6/18/29

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

United

States

2,790,409

2,616,009

.64

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.178 %

,

(3-month

SOFR

+

5.25 %),

8/02/29

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

United

States

189,231

189,769

.05

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

6.814 %

,

(1-month

SOFR

+

%),

12/01/28

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

United

States

406,588

405,645

.10

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

9.606 %

,

(1-month

SOFR

+

5.775 %),

5/01/29

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

United

States

1,267,495

1,163,275

.28

McGraw-Hill

Education,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.422 %

,

(1-month

SOFR

+

2.75 %),

8/06/31

......

United

States

319,376

321,322

.08

6,245,998

.52

a

a

a

a

a

a

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
h

,j

CPPIB

OVM

Member

US

LLC,

First

Lien,

CME

Term

Loan,

B

,

TBD,

1/01/33

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

United

States

24,242

24,242

.01

g

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

2/22/30

....

United

States

1,245,142

1,247,477

.30

1,271,719

.31

a

a

a

a

a

a

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Passenger

#### Airlines
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.918 %

,

(3-month

SOFR

+

3.25 %),

5/28/32

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

United

States

480,242

$

481,743

.11

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

5.918 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

........

United

States

3,854,828

3,862,865

.94

4,344,608

.05

a

a

a

a

a

a

g

#### Pharmaceuticals
Endo

Finance

Holdings

LP,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.422 %

,

(1-month

SOFR

+

3.75 %),

4/23/31

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

United

States

364,840

365,524

.09

Organon

&

Co.,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

5.922 %

,

(1-month

SOFR

+

2.25 %),

5/19/31

United

States

400,369

388,858

.10

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan

,

6.173 %

,

(1-month

SOFR

+

2.5 %),

12/04/31

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

United

States

670,518

670,940

.16

1,425,322

.35

a

a

a

a

a

a

g

#### Professional

#### Services
AlixPartners

LLP,

First

Lien,

2025

Dollar

CME

Term

Loan

,

5.672 %

,

(1-month

SOFR

+

%),

8/12/32

..........

United

States

2,513,089

2,502,547

.61

CHG

Healthcare

Services,

Inc.,

First

Lien,

Amendment

No.

Refinancing

CME

Term

Loan

,

6.59 %

,

(3-month

SOFR

+

2.75 %),

9/29/28

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

United

States

1,084,948

1,087,172

.26

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.286 %

,

(1-month

SOFR

+

3.5 %),

6/02/28

.........

United

States

2,553,333

2,552,810

.62

Ensemble

RCM

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.667 %

,

(3-month

SOFR

+

%),

8/01/29

..........

United

States

268,538

266,650

.06

h

Grant

Thornton

Advisors

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.422 %

,

(1-month

SOFR

+

2.75 %),

6/02/31

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

United

States

3,063,844

3,028,319

.74

Ingenovis

Health,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.334 %

,

(1-month

SOFR

+

4.25 %),

3/06/28

........

United

States

1,746,928

450,463

.11

9,887,961

.40

a

a

a

a

a

a

#### Real

#### Estate

#### Management

#### &

#### Development
g

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2025-2

CME

Term

Loan

,

6.466 %

,

(1-month

SOFR

+

2.75 %),

1/31/30

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

United

States

88,543

89,318

.02

g

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
MKS

Instruments,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.174 %

,

(12-month

SOFR

+

1.75 %),

1/27/33

.......

United

States

576,812

578,903

.14

MKS,

Inc.,

First

Lien,

2025-1

Dollar

CME

Term

Loan,

B

,

5.672 %

,

(1-month

SOFR

+

%),

8/17/29

..........

United

States

1,344,787

1,349,662

.33

1,928,565

.47

a

a

a

a

a

a

g

#### Software
Avalara,

Inc.,

First

Lien,

First

Amendment

CME

Term

Loan

,

6.422 %

,

(3-month

SOFR

+

2.75 %),

3/26/32

...

United

States

1,296,750

1,274,057

.31

Azalea

Topco,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.672 %

,

(1-month

SOFR

+

%),

4/30/31

.

United

States

995,000

996,378

.24

Boxer

Parent

Co.,

Inc.,

First

Lien,

2031

Replacement

Dollar

CME

Term

Loan

,

6.822 %

,

(3-month

SOFR

+

%),

7/30/31

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

United

States

893,250

861,986

.21

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

6.922 %

,

(3-month

SOFR

+

3.25 %),

7/06/29

United

States

1,721,797

1,386,047

.34

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Software
(continued)

h

Cloud

Software

Group,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B

,

6.922 %

,

(3-month

SOFR

+

3.25 %),

3/21/31

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

United

States

1,903,225

$

1,850,887

.45

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B

,

6.922 %

,

(3-month

SOFR

+

3.25 %),

8/16/32

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

United

States

1,449,121

1,409,871

.34

Cloudera,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.566 %

,

(1-month

SOFR

+

3.75 %),

10/09/28

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

United

States

1,868,291

1,612,961

.39

Cloudera,

Inc.,

Second

Lien,

Initial

CME

Term

Loan

,

9.772 %

,

(1-month

SOFR

+

%),

10/10/29

..........

United

States

1,000,000

750,000

.18

Clover

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.674 %

,

(1-month

SOFR

+

%),

12/09/31

..........

United

States

903,702

890,146

.22

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.434 %

,

(3-month

SOFR

+

3.5 %),

9/29/28

.........

United

States

779,695

754,355

.18

h

Dawn

Bidco

LLC,

First

Lien,

CME

Term

Loan

,

6.759 %

,

(12-month

SOFR

+

%),

8/20/32

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

United

States

4,000,000

3,897,500

.94

ECI

Macola/Max

Holding

LLC,

First

Lien,

2025

Repricing

CME

Term

Loan

,

6.422 %

,

(3-month

SOFR

+

2.75 %),

5/09/30

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

United

States

1,876,118

1,857,948

.45

Epicor

Software

Corp.,

First

Lien,

CME

Term

Loan,

E

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

5/30/31

.........

United

States

2,277,536

2,265,795

.55

Genesys

Cloud

Services,

Inc.,

First

Lien,

2025

Dollar

CME

Term

Loan

,

6.172 %

,

(1-month

SOFR

+

2.5 %),

1/30/32

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

United

States

2,606,014

2,554,715

.62

IGT

Holding

IV

AB,

First

Lien,

CME

Term

Loan,

B8

,

6.672 %

,

(3-month

SOFR

+

%),

9/02/31

..........

Sweden

987,459

979,436

.24

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.672 %

,

(1-month

SOFR

+

%),

3/01/29

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

United

States

3,399,739

3,021,518

.73

Mermaid

Bidco,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

7.151 %

,

(3-month

SOFR

+

3.25 %),

7/03/31

........

United

States

1,620,405

1,596,099

.39

PointClickCare

Technologies,

Inc.,

First

Lien,

2025

CME

Term

Loan

,

6.422 %

,

(3-month

SOFR

+

2.75 %),

11/03/31

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

Canada

661,675

659,194

.16

Polaris

Newco

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

7.852 %

,

(3-month

SOFR

+

3.75 %),

6/02/28

........

United

States

1,218,592

1,128,879

.27

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

6.922 %

,

(3-month

SOFR

+

3.25 %),

10/28/30

.......

United

States

1,618,079

1,508,867

.37

Project

Boost

Purchaser

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.422 %

,

(3-month

SOFR

+

2.75 %),

7/16/31

...

United

States

870,211

857,001

.21

Proofpoint,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

6.672 %

,

(3-month

SOFR

+

%),

8/31/28

......

United

States

2,103,060

2,091,893

.51

Rocket

Software,

Inc.,

First

Lien,

CME

Term

Loan

,

7.466 %

,

(1-month

SOFR

+

3.75 %),

11/28/28

.......

United

States

1,542,893

1,478,771

.36

Sophos

Holdings

LLC,

First

Lien,

Dollar

CME

Term

Loan

,

7.331 %

,

(1-month

SOFR

+

3.5 %),

3/05/27

.........

United

States

1,465,138

1,454,794

.35

Sovos

Compliance

LLC,

First

Lien,

Amendment

No.

Replacement

CME

Term

Loan

,

6.922 %

,

(1-month

SOFR

+

3.25 %),

8/13/29

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

United

States

1,171,995

1,145,625

.28

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.167 %

,

(3-month

SOFR

+

2.5 %),

2/10/31

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

United

States

6,020,659

5,883,930

.43

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.672 %

,

(1-month

SOFR

+

%),

10/22/29

.....

United

States

869,315

866,054

.21

45,034,707

.93

a

a

a

a

a

a

g

#### Specialty

#### Retail
AIP

RD

Buyer

Corp.,

First

Lien,

CME

Term

Loan

,

7.172 %

,

(1-month

SOFR

+

3.5 %),

12/23/30

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

United

States

2,454,254

2,438,154

.59

Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

g

#### Specialty

#### Retail
(continued)

a

,i

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

9.772 %

,

(1-month

SOFR

+

%),

10/07/26

..........

United

States

5,598,287

$

4,198,715

.02

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.922 %

,

(1-month

SOFR

+

3.25 %),

1/23/32

......

United

States

1,766,814

1,769,244

.43

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.184 %

,

(3-month

SOFR

+

4.25 %),

4/17/28

........

United

States

812,348

806,730

.19

h

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.674 %

,

(12-month

SOFR

+

4.25 %),

1/22/31

United

States

964,717

945,939

.23

Petco

Health

&

Wellness

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.184 %

,

(3-month

SOFR

+

3.25 %),

3/03/28

United

States

1,044,610

1,044,354

.25

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.671 %

,

(1-month

SOFR

+

%),

8/18/32

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

United

States

1,800,000

1,801,575

.44

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.536 %

,

(1-month

SOFR

+

3.75 %),

1/31/28

........

United

States

615,946

481,749

.12

RealTruck

Group,

Inc.,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

8.786 %

,

(1-month

SOFR

+

%),

1/31/28

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

United

States

1,449,389

1,136,872

.28

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

6.966 %

,

(1-month

SOFR

+

3.25 %),

10/19/29

United

States

1,542,608

1,541,783

.37

16,165,115

.92

a

a

a

a

a

a

g

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods
ABG

Intermediate

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B1

,

5.922 %

,

(1-month

SOFR

+

2.25 %),

12/21/28

United

States

1,160,645

1,161,440

.28

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.922 %

,

(3-month

SOFR

+

3.25 %),

9/13/32

.....

United

States

101,095

101,411

.02

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.354 %

,

(3-month

SOFR

+

3.5 %),

3/02/28

.........

United

States

1,543,163

1,385,375

.34

2,648,226

.64

a

a

a

a

a

a

#### Water

#### Utilities
g

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.438 %

,

(1-month

SOFR

+

2.75 %),

10/01/32

..

United

States

477,327

479,418

.12

#### Wireless

#### Telecommunication

#### Services
g

Crown

Subsea

Communications

Holding,

Inc.,

First

Lien,

2025

CME

Term

Loan

,

7.172 %

,

(1-month

SOFR

+

3.5 %),

1/30/31

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

United

States

1,501,799

1,508,369

.37

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 360,806,267

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

#### 342,082,127

#### 83

#### .02

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 403,489,881

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

#### 379,275,095

#### 92

#### .05

#### a

#### Short

#### Term

#### Investments
a

a

#### Country

#### Shares
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

#### Money

#### Market

#### Funds
d,k

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.603 %

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

United

States

46,067,727

46,067,727

.18

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 46,067,727

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

#### 46,067,727

#### 11

#### .18
Franklin

Floating

Rate

Master

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value

#### %

#### of

#### Net

#### Assets
a

a

#### a
a

l

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### Money

#### Market

#### Funds
d,k

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.603 %

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

United

States

359,000

$

359,000

.09

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 359,000

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

#### 359,000

#### 0

#### .09

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 46,426,727

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

#### 46,426,727

#### 11

#### .27

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 449,916,608

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

#### $425,701,822

#### 103

#### .32

#### Other

#### Assets,

#### less

#### Liabilities

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

#### (13,648,372)

#### (#### 3

#### .32

####)

#### Net

#### Assets

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

#### $412,053,450
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

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Non-income

producing.

c

A

portion

or

all

of

the

security

is

on

loan

at

January

31,

2026. See

Note

1(c).

d

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

January

31,

2026,

the

aggregate

value

of

these

securities

was

$24,199,578,

representing

5.9%

of

net

assets.

f

See

Note

1(d)

regarding

senior

floating

rate

interests.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

i

Income

may

be

received

in

additional

securities

and/or

cash.

j

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

l

See

Note

1(c)

regarding

securities

on

loan.

Franklin

Floating

Rate

Master

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

January

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$400,663,578

Cost

-

Non-controlled

affiliates

(Note

d)

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

49,253,030

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$

350,700)

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

$376,652,654

Value

-

Non-controlled

affiliates

(Note

d)

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

49,049,168

Cash

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

3,674,960

Receivables:

Investment

securities

sold

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

5,058,404

Dividends

and

interest

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

3,209,940

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

7)

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

1,854

Total

assets

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

437,646,980

Liabilities:

Payables:

Investment

securities

purchased

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

22,396,267

Management

fees

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

174,374

Trustees'

fees

and

expenses

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

638

Distributions

to

shareholders

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

2,640,033

Payable

upon

return

of

securities

loaned

(Note

c)

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

359,000

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

7)

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

2,182

Accrued

expenses

and

other

liabilities

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

21,036

Total

liabilities

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

25,593,530

Net

assets,

at

value

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

$412,053,450

Net

assets

consist

of:

Paid-in

capital

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

$845,656,106

Total

distributable

earnings

(losses)

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

(433,602,656)

Net

assets,

at

value

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

$412,053,450

Shares

outstanding

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

60,365,328

Net

asset

value

and

maximum

offering

price

per

share

($

412,053,450

÷

60,365,328

shares

outstanding)

a

..........

$6.83

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Floating

Rate

Master

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

January

31,

2026

(unaudited)

franklintempleton.com

Semiannual

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

$57,346)

Unaffiliated

issuers

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

$323,605

Non-controlled

affiliates

(Note

d)

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

527,569

Interest:

Unaffiliated

issuers

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

17,128,083

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(18,124)

Non-controlled

affiliates

(Note

d)

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

28,554

Total

investment

income

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

17,989,687

Expenses:

Management

fees

(Note

a)

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

1,191,727

Custodian

fees

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

Reports

to

shareholders

fees

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

3,090

Professional

fees

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

68,119

Trustees'

fees

and

expenses

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

2,308

Other

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

13,927

Total

expenses

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

1,279,288

Expenses

waived/paid

by

affiliates

(Note

d

and

e)

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

(87,562)

Net

expenses

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

1,191,726

Net

investment

income

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

16,797,961

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(3,170,504)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(9,404,493)

Non-controlled

affiliates

(Note

d)

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

(100,949)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

Unfunded

loan

commitments

(Note

7)

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

3,021

Net

change

in

unrealized

appreciation

(depreciation)

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

(9,502,418)

Net

realized

and

unrealized

gain

(loss)

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

(12,672,922)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$4,125,039

Franklin

Floating

Rate

Master

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### July

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$16,797,961

$36,334,608

Net

realized

gain

(loss)

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

(3,170,504)

(4,607,130)

Net

change

in

unrealized

appreciation

(depreciation)

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

(9,502,418)

320,069

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

4,125,039

32,047,547

Distributions

to

shareholders

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

(17,388,567)

(39,978,935)

Capital

share

transactions

(Note

2)

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

(45,304,387)

(36,382,859)

Net

increase

(decrease)

in

net

assets

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

(58,567,915)

(44,314,247)

Net

assets:

Beginning

of

period

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

470,621,365

514,935,612

End

of

period

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

$412,053,450

$470,621,365

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

(unaudited)

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Floating

Rate

Master

Trust

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

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.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Securities

#### Purchased

#### on

#### a

#### 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

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

c. #### 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.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

d. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

e. #### Income

#### Taxes
The

Fund

is

a

disregarded

entity

for

U.S.

income

tax

purposes.

As

such,

no

provision

has

been

made

for

income

taxes

because

all

income,

expenses,

gains

and

losses

are

allocated

to

a

non-U.S.

beneficial

owner

for

inclusion

in

its

individual

income

tax

return,

as

applicable.

f. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(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.

g. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

h. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

January

31,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

an

investment

management fee,

calculated daily and

paid

monthly,

to

Advisers based

on the

average

daily net

assets

of

the

Fund

as

follows:

#### Six

#### Months

#### Ended

#### January

#### 31,

#### 2026

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount
Shares

sold

a

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

7,748,655

$53,950,984

32,955,931

$232,697,596

Shares

redeemed

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

(14,311,636)

(99,255,371)

(38,206,471)

(269,080,455)

Net

increase

(decrease)

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

(6,562,981)

$(45,304,387)

(5,250,540)

$(36,382,859)

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.530%

Up

to

and

including

$2.5

billion

0.450%

Over

$2.5

billion,

up

to

and

including

$6.5

billion

0.430%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.400%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.390%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.380%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.370%

In

excess

of

$21.5

billion

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

g. #### Accounting

#### Estimates
(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

For

the

period

ended

January

31,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.530%

of

the

Fund's

average daily

net

assets.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c. #### Transfer

#### Agent

#### Fees
Investor

Services,

under

terms

of

an

agreement,

performs

shareholder

servicing

for

the

Fund and

is

not

paid

by

the Fund

for

the

services.

d. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

January

31,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

e. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has voluntarily

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the expenses

(excluding

interest

expense,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

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

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

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

#### a

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.603%

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

$—

$107,819,141

$(61,751,414)

$—

$—

$46,067,727

46,067,727

$457,199

Franklin

Senior

Loan

ETF

....

2,723,390

—

—

—

(100,949)

2,622,441

112,166

70,370

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.603%

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

$—

$24,252,000

$(23,893,000)

$—

$—

$359,000

359,000

$28,554

#### Total

#### Affiliated

#### Securities

#### ...
$2,723,390

$132,071,141

$(85,644,414)

$—

$(100,949)

$49,049,168

$556,123

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

of

the

Fund

do

not

exceed 0.53%

based

on

the

average

net

assets

of

the

Fund.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Advisers

may

discontinue

this

waiver

at

any

time

upon

notice

to

the

Board.

#### f

#### .

#### Other

#### Affiliated

#### Transactions
At

January

31,

2026, Franklin

Floating

Rate

Fund,

PLC

owned

100%

of

the

Fund's

outstanding

shares.

Investment

activities

of

this

shareholder

could

have

a

material

impact

on

the

Fund.

4. #### Income

#### Taxes
At

January

31,

2026,

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

period

ended

January

31,

2026,

aggregated

$86,102,036 and

$131,886,232,

respectively.

At

January

31,

2026,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$359,000

of

cash

collateral.

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statement

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

6. #### Credit

#### Risk
At

January

31,

2026,

the

Fund

had 83.5% 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

January

31,

2026,

unfunded

commitments

were

as

follows:

Cost

of

investments

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

$449,897,897

Unrealized

appreciation

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

$2,009,527

Unrealized

depreciation

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

(26,205,602)

Net

unrealized

appreciation

(depreciation)

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

$(24,196,075)

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

8. #### Shareholder

#### Distributions
For

the period

ended

January

31,

2026,

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

29,

2027. 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

period

ended

January

31,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

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)

#### Borrower

#### Unfunded

#### Commitment

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
Azuria

Water

Solutions,

Inc.

$

334,365

GC

Ferry

Acquisition

I,

Inc.

275,472

Signia

Aerospace

LLC

35,032

US

Fertility

Enterprises

LLC

144,737

$

789,606

#### Payment

#### Date

#### Amount

#### Per

#### Share
8/29/2025

$0.046009

9/30/2025

0.044861 10/31/2025

0.045753 11/28/2025

0.047705 12/31/2025

0.043647 1/30/2026

0.043081 Total

$0.271056

7. #### Unfunded

#### Loan

#### Commitments
(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

January

31,

2026,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

A

reconciliation

of

assets

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

period.

At

January

31,

2026,

the

reconciliation

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Industrial

Machinery

&

Supplies

&

Components

$

—

$

—

$

6,342,297

$

6,342,297

Oil

&

Gas

Exploration

&

Production

.........

67,312

—

—

67,312

Specialized

Consumer

Services

...........

—

—

—

b

—

Management

Investment

Companies

.........

6,583,781

—

—

6,583,781

Corporate

Bonds

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

—

24,199,578

—

24,199,578

Senior

Floating

Rate

Interests

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

—

337,883,412

4,198,715

342,082,127

Short

Term

Investments

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

46,426,727

—

—

46,426,727

Total

Investments

in

Securities

...........

$53,077,820

$362,082,990

$10,541,012

$425,701,822

Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$—

$1,854

$—

$1,854

Total

Other

Financial

Instruments

.........

$—

$1,854

$—

$1,854

#### Liabilities:
Other

Financial

Instruments:

Unfunded

Loan

Commitments

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

$

—

$

2,182

$

—

$

2,182

Total

Other

Financial

Instruments

.........

$—

$2,182

$—

$2,182

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

#### Balance

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### a

#### Sales

#### b

#### Transfer

#### Into

#### Level

#### 3

#### c

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciatio

#### n

#### (#### Depreciation

####)

#### Balance

#### at

#### End

#### of

#### Period

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Period

#### End

#### a

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Diversified

Consumer

Services

........

$

—

$

—

d

$

—

$

—

$

—

$

—

$

—

$

—

$

—

d

$

—

Machinery

.........

5,802,834

—

—

—

—

—

—

539,463

6,342,297

539,463

Warrants

:

Machinery

.........

—

—

d

—

—

—

—

(1) —

—

Senior

Floating

Rate

Interests

:

Specialty

Retail

.....

—

399,624

(12,253)

3,452,842

—

145,066

612

212,824

4,198,715

391,880

Escrows

and

Litigation

Trusts

:

—

d

—

—

d

—

—

—

—

—

—

—

Total

Investments

in

Securities

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

$5,802,835

$399,624

$(12,253)

$3,452,842

$—

$145,066

$612

$752,286

$10,541,012

$931,343

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Floating

Rate

Master

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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

January

31,

2026,

are

as

follows:

11. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

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.

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Transferred

into

Level

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

d

Includes

financial

instruments

determined

to

have

no

value.

#### Description

#### Fair

#### Value

#### at

#### End

#### of

#### Period

#### Valuation

#### Technique

#### Unobservable

#### Inputs

#### Amount

#### Impact

#### to

#### Fair

#### Value

#### if

#### Input

#### Increases

#### a

#### Franklin

#### Floating

#### Rate

#### Master

#### Series

#### Assets:
Investments

in

Securities:

Common

Stocks:

Machinery.

.

.

.

.

.

.

.

.

.

.

.

$6,342,297

Market

comparables

Discount

for

lack

of

marketability

5.7%

Decrease

EBITDA

$34.4

mil

Increase

EV/EBITDA

multiple

8.8x

Increase

Volatility

27.3%

Decrease

All

Other

Investments

.

.

.

.

4,198,715

b,c,d

Total

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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

$10,541,012

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.

d

Includes

the fair

value

of assets

and/or

liabilities derived from recent

transactions,

private

transaction

prices, or

non-public

third-party

pricing

information that is

unobservable.

#### 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

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Floating

#### Rate

#### Master

#### Series
(continued)

12. #### 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

franklintempleton.com

Semiannual

Report

#### 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

Not

applicable.

4021-SFSOI

03/26©

2026

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) Not applicable

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.](ffrmt-efp23262_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.](ffrmt-efp23262_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: | March 27, 2026 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | March 27, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | March 27, 2026 |

---

## 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: March 27, 2026

---

| |
|:---|
| /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: March 27, 2026

---

| |
|:---|
| /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 **January 31, 2026** (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: March 27, 2026 | Date: March 27, 2026 |

---

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.