FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-08271
FRANKLIN FLOATING RATE TRUST
(Exact name of registrant as specified in charter)
ONE FRANKLIN PARKWAY, SAN MATEO, CA 94403-1906
(Address of principal executive offices) (Zip code)
MURRAY L. SIMPSON, 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
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Date of fiscal year end: 7/31
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Date of reporting period: 4/30/05
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Item 1. Schedule of Investments.
Franklin Floating Rate Trust
QUARTERLY STATEMENT OF INVESTMENTS
APRIL 30, 2005
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CONTENTS
Statement of Investments............................................... 3
Notes to Statement of Investments ..................................... 17
[LOGO OMITTED]
FRANKLIN TEMPLETON
INVESTMENTS
FRANKLIN o Templeton o Mutual Series
Quarterly Statement of Investments | 1
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Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED)
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COUNTRY PRINCIPAL AMOUNT A VALUE
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CORPORATE BONDS 0.9%
BROADCASTING 0.5%
b Paxson Communications Corp., senior secured note, 144A, FRN, 4.82%,
1/15/10 ........................................................ United States $ 6,450,000 $ 6,417,750
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STEEL 0.4%
b Ispat Inland ULC, senior secured note, FRN, 7.86%, 4/01/10 ....... United States 5,000,000 5,350,000
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TOTAL CORPORATE BONDS (COST $11,511,063) ......................... 11,767,750
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b SENIOR FLOATING RATE INTERESTS 89.5%
ADVERTISING/MARKETING SERVICES 0.3%
c Adams Outdoor Advertising Inc., Term Loan B, 5.15%, 10/15/12 ..... United States 3,900,000 3,950,856
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AEROSPACE & DEFENSE 2.6%
Anteon International Corp., Term Loan B, 4.814%, 12/31/10 ........ United States 2,962,613 3,002,424
CACI International Inc., Term Loan B, 4.96%, 4/23/11 ............. United States 990,000 1,005,469
DRS Technologies Inc., Term Loan B, 4.64 - 5.17%, 11/04/10 ....... United States 1,334,407 1,352,547
Dyncorp International, Term Loan B, 6.063%, 2/08/11 .............. United States 4,500,000 4,539,375
GenCorp Inc.,
L/C Term Loan, 6.07%, 11/30/10 ................................ United States 1,275,000 1,291,754
Term Loan B, 5.89%, 11/30/10 .................................. United States 420,750 428,113
IAP Worldwide Services Inc., First Lien Term Loan, 5.938%, 3/30/11 United States 1,000,000 1,002,500
ILC Industries Inc.,
First Lien Term Loan, 5.814%, 8/04/10 ......................... United States 921,791 933,258
Second Lien Term Loan, 8.814%, 2/05/11 ........................ United States 500,000 504,805
K&F Acquisition Inc., Term Loan B, 5.25 - 5.67%, 11/18/12 ........ United States 950,000 967,120
SI International Inc., Term Loan, 6.75%, 2/08/11 ................. United States 1,000,000 1,018,125
Titan Corp., Term Loan B, 5.54 - 7.00%, 2/23/09 .................. United States 9,920,254 10,039,604
United Defense Industries Inc., Term Loan B, 5.07%, 8/13/09 ...... United States 750,479 752,042
Vought Aircraft Industries Inc.,
L/C Term Loan, 5.134%, 12/22/10 ............................... United States 1,000,000 1,010,520
Term Loan B, 5.57%, 12/22/11 .................................. United States 4,988,235 5,040,213
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32,887,869
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ALUMINUM 0.9%
Novelis Corp., U.S. Term Loan, 4.50%, 1/09/12 .................... United States 7,295,392 7,386,147
Novelis Inc., CAD Term Loan, 4.50%, 1/09/12 ...................... Canada 4,200,377 4,252,630
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11,638,777
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APPAREL/FOOTWEAR 0.2%
St. John Knits International Inc., Term Loan B, 5.563 - 5.625%,
3/23/12 ........................................................ United States 2,100,000 2,121,000
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AUTO PARTS: ORIGINAL EQUIPMENT MANUFACTURER 3.8%
Accuride Corp., Term Loan B, 5.25 - 5.50%, 1/31/12 ............... United States 1,212,614 1,213,624
Cooper Standard Automotive Inc.,
Term Loan B, 5.125%, 12/23/11 ................................. Canada 2,007,469 2,016,669
Term Loan C, 5.125%, 12/23/11 ................................. United States 3,229,406 3,244,207
Grand Vehicle Works, Term Loan B, 8.06 - 8.10%, 7/23/10 .......... United States 1,240,625 1,203,406
Hayes Lemmerz, Term Loan, 5.85 - 6.66%, 6/03/09 .................. United States 7,134,971 7,146,815
Quarterly Statement of Investments | 3
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
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COUNTRY PRINCIPAL AMOUNT A VALUE
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b SENIOR FLOATING RATE INTERESTS (CONT.)
AUTO PARTS: ORIGINAL EQUIPMENT MANUFACTURER (CONT.)
Key Plastics LLC and Key Safety Inc.,
First Lien Term Loan, 5.85 - 7.75%, 7/31/10 ................... United States $ 2,378,311 $ 2,393,175
Term Loan C, 8.60 - 8.64%, 7/31/11 ............................ United States 1,000,000 987,550
Mark IV (Dayco), Term Loan B, 5.77 - 6.37%, 6/18/11 .............. United States 5,260,250 5,358,880
Progressive Moulded Products, Term Loan B, 4.844 - 5.23%, 8/13/11 Canada 995,000 893,012
Tenneco Automotive Inc.,
L/C Term Loan, 5.11%, 12/12/10 ................................ United States 4,396,552 4,488,145
Term Loan B, 5.12%, 12/12/10 .................................. United States 8,737,455 8,919,483
TRW Automotive Inc.,
Term Loan B, 4.375%, 10/31/10 ................................. United States 7,481,250 7,506,499
Term Loan E, 3.875%, 10/31/10 ................................. United States 1,995,000 2,004,353
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47,375,818
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AUTOMOTIVE AFTERMARKET 0.4%
Affinia Group Inc., Term Loan B, 5.44%, 11/30/11 ................. United States 3,990,000 4,042,867
United Components Inc., Term Loan C, 5.29%, 6/30/10 .............. United States 1,208,333 1,231,292
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5,274,159
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BEVERAGES: ALCOHOLIC 1.0%
Constellation Brands Inc., Term Loan B, 4.563 - 5.188%, 12/22/11 . United States 11,970,000 12,088,766
Southern Wine & Spirits of America Inc., Term Loan B, 5.35%,
7/02/08 ........................................................ United States 984,865 998,663
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13,087,429
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BEVERAGES: NON-ALCOHOLIC 0.4%
Dr. Pepper Bottling Co. of Texas, Term Loan, 5.08 - 5.339%, 12/18/10 United States 3,083,212 3,137,939
Sunny Delight Beverages Co., First Lien Term Loan, 6.79 - 9.00%,
8/23/10 ........................................................ United States 1,935,294 1,932,314
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5,070,253
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BROADCASTING 2.7%
Alliance Atlantis Communications Inc., Term Loan B, 4.76 - 4.78%,
12/17/11 ....................................................... United States 3,100,000 3,118,408
Cumulus Media Inc.,
Term Loan E, 4.813%, 3/28/10 .................................. United States 1,389,500 1,412,079
Term Loan F, 4.563%, 3/28/10 .................................. United States 3,731,250 3,752,294
Emmis Operating Co., Term Loan B, 4.66%, 11/10/11 ................ United States 8,229,375 8,344,817
Entravision Communications Corp.,
Multi-Draw Term Loan, 4.84%, 2/24/12 .......................... United States 1,500,000 1,527,500
Term Loan B, 4.84%, 2/24/12 ................................... United States 5,000,000 5,091,665
Gray Television Inc., Term Loan C, 4.31 - 6.75%, 12/31/10 ........ United States 1,745,625 1,764,059
Mission Broadcasting Inc., Term Loan B, 4.87%, 10/01/12 .......... United States 2,967,521 2,988,540
NEP Supershooters LP, First Lien Term Loan, 7.12 - 8.50%, 2/03/11 United States 1,492,500 1,519,552
Nexstar Broadcasting Group Inc., Term Loan B, 4.87%, 10/01/12 .... United States 3,132,479 3,154,666
Sinclair Broadcasting,
Term Loan A, 6.25%, 6/30/09 ................................... United States 337,500 339,398
Term Loan C, 6.50%, 12/31/09 .................................. United States 352,500 356,098
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33,369,076
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4 | Quarterly Statement of Investments
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
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COUNTRY PRINCIPAL AMOUNT A VALUE
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b SENIOR FLOATING RATE INTERESTS (CONT.)
BUILDING PRODUCTS 1.3%
Atrium Cos. Inc., Term Loan, 5.60 - 5.65%, 12/15/11 .............. United States $ 997,500 $ 1,001,448
Building Materials Holding Corp., Term Loan B, 5.125%, 8/21/10 ... United States 982,500 991,156
Headwaters Inc., Term Loan B, 5.40 - 7.00%, 4/30/11 .............. United States 3,458,379 3,509,535
NCI Building Systems Inc., Term Loan B, 4.75%, 6/07/10 ........... United States 3,846,050 3,897,733
c Nortek Inc., Term Loan, 5.34 - 7.00%, 8/25/11 .................... United States 5,980,000 6,065,963
Ply Gem Industries Inc., Incremental Term Loan, 5.60%, 2/12/11 ... United States 998,756 1,001,113
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16,466,948
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CABLE/SATELLITE TELEVISION 9.4%
Bresnan Broadband Holdings LLC,
Term Loan A, 6.64 - 6.94%, 3/31/10 ............................ United States 1,250,000 1,261,025
Term Loan B, 6.45 - 6.65%, 9/30/10 ............................ United States 1,000,000 1,015,781
Century Cable (Adelphia),
Term Loan, 7.75%, 6/30/09 ..................................... United States 1,000,000 991,607
Term Loan (New), 7.75%, 12/31/09 .............................. United States 3,000,000 2,972,250
Charter Communications Operating LLC, Term Loan B, 6.37 - 6.44%,
4/27/11 ........................................................ United States 9,428,750 9,337,414
c DirecTV Holdings LLC/Financing Co., Term Loan B, 4.454%, 4/12/13 . United States 14,000,000 14,057,750
Grapeclose Ltd. (Inmarsat),
Term Loan B, 6.031%, 10/10/10 ................................. United Kingdom 5,271,912 5,317,778
Term Loan C, 6.531%, 10/10/11 ................................. United Kingdom 5,284,303 5,330,858
Insight Midwest Holdings LLC,
Additional Term Loan, 5.75%, 12/31/09 ......................... United States 3,950,000 4,013,777
Term Loan B, 5.75%, 12/31/09 .................................. United States 2,962,500 3,010,333
Intelsat (Bermuda) Ltd., Senior Term Loan Facility, 4.843%, 7/31/12 Bermuda 1,995,000 2,002,481
c Mediacom Broadband Inc., Term Loan B, 5.25 - 5.59%, 9/12/10 ...... United States 4,997,855 4,997,855
Mediacom LLC Group, Term Loan B, 4.96 - 5.47%, 4/01/13 ........... United States 4,987,500 5,052,961
New Skies Satellites B.V., Term Loan, 5.50 - 5.688%, 5/02/11 ..... Netherlands 5,648,087 5,679,857
NTL Investment Holdings, Term Loan B, 6.41%, 4/13/12 ............. United Kingdom 12,500,000 12,625,000
Olympus Cable Holdings (Adelphia), Term Loan B, 7.75%, 9/30/10 ... United States 2,000,000 1,984,286
Panamsat Corp., Term Loan B, 5.31%, 8/01/11 ...................... United States 5,954,819 6,043,570
UCA-HHC (Adelphia), Term Loan, 7.00%, 3/31/08 .................... United States 20,935,000 20,675,929
UPC Financing Partnership, Term Loan H2, 5.752%, 9/30/12 ......... Netherlands 11,000,000 11,017,281
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117,387,793
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CASINOS/GAMING 1.4%
Ameristar Casinos Inc.,
Term Loan B, 5.063%, 12/06/06 ................................. United States 958,101 974,269
Term Loan B1, 5.063%, 12/20/06 ................................ United States 2,544,630 2,587,571
Boyd Gaming Corp., Term Loan B, 4.53 - 5.13%, 6/30/11 ............ United States 1,985,000 2,011,674
Global Cash Access LLC, Term Loan B, 5.314%, 3/10/10 ............. United States 814,423 818,047
Greektown Casinos LLC, Term Loan D, 6.25 - 6.593%, 12/31/05 ...... United States 4,278,285 4,302,351
Isle of Capri, Term Loan B, 4.57 - 4.843% 1/24/10 ................ United States 997,500 1,008,832
Isle of Capri Black Hawk LLC, Term Loan C, 5.75 - 6.13%, 12/31/07 United States 982,457 1,000,264
Marina District Finance Co. Inc. (Borgata), Term Loan B, 4.843 - 5.13%,
10/14/11 ....................................................... United States 5,120,500 5,186,641
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17,889,649
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Quarterly Statement of Investments | 5
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
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COUNTRY PRINCIPAL AMOUNT A VALUE
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b SENIOR FLOATING RATE INTERESTS (CONT.)
CATALOG/SPECIALTY DISTRIBUTION 0.1%
Affinity Group Inc.,
Term Loan B1, 5.97 - 6.12%, 6/24/09 ........................... United States $ 228,980 $ 231,938
Term Loan B2, 6.12%, 6/24/09 .................................. United States 572,449 579,843
Oriental Trading Co. Inc., Term Loan B, 5.625%, 8/04/10 .......... United States 902,374 914,218
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1,725,999
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CHEMICALS: MAJOR DIVERSIFIED 1.9%
BCP Crystal US Holdings Corp. (Celanese), Term Loan B, 5.625%,
4/06/11 ........................................................ United States 6,813,821 6,942,644
Huntsman International LLC, Term Loan B, 5.50%, 12/31/10 ......... United States 7,218,146 7,346,268
Huntsman LLC, Term Loan B, 6.05%, 3/31/10 ........................ United States 1,200,000 1,219,800
Invista Canada Co., Term Loan B2, 5.875%, 4/29/11 ................ Canada 2,335,529 2,361,197
Invista SARL, Term Loan B1, 5.875%, 4/29/11 ...................... Luxembourg 5,383,059 5,489,040
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23,358,949
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CHEMICALS: SPECIALTY 1.5%
Brenntag, Term Loan B2, 5.88%, 2/27/12 ........................... United States 1,500,000 1,521,813
Ineos Group Ltd., Term Loan C, 6.565%, 6/30/09 ................... United States 2,154,834 2,166,551
Nalco Co., Term Loan B, 4.92 - 5.05%, 11/04/10 ................... United States 8,659,533 8,798,899
Niagara Acquisition Inc. (PQ Corp.), Term Loan B, 5.125%, 2/11/12 United States 1,200,000 1,215,000
Rockwood Specialties Group Inc., Term Loan D, 5.43%, 7/30/11 ..... United States 5,300,000 5,367,909
Westlake Chemical Corp., Term Loan B, 5.314 - 7.00%, 7/31/10 ..... United States 82,500 83,059
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19,153,231
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COAL 0.3%
Foundation Coal, Term Loan B, 4.78 - 5.38%, 7/30/11 .............. United States 2,170,745 2,205,114
International Coal Group LLC, Term Loan B, 5.88%, 11/09/10 ....... United States 995,000 1,008,084
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3,213,198
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COMMERCIAL PRINTING/FORMS 0.1%
American Reprographics, Term Loan B, 6.04%, 6/17/09 .............. United States 855,500 861,625
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CONSTRUCTION MATERIALS 0.2%
St. Marys Cement Inc., Term Loan B, 5.093%, 12/04/09 ............. Canada 2,962,500 2,981,075
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CONSUMER SUNDRIES 0.5%
American Safety Razor Co., Term Loan B, 5.64 - 5.88%, 2/20/12 .... United States 1,500,000 1,526,250
Central Garden & Pet Co., Term Loan, 4.66 - 4.814%, 5/14/09 ...... United States 2,214,402 2,239,314
c Scotts Co., Term Loan B, 4.563%, 9/30/10 ......................... United States 2,300,000 2,330,599
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6,096,163
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CONTAINERS/PACKAGING 1.5%
ACI Operations Property Ltd., Term Loan A, 5.53%, 4/01/07 ........ Australia 486,733 495,068
Atlantis Plastics Inc., Term Loan B, 5.62%, 3/12/12 .............. United States 1,250,000 1,266,400
Berry Plastics Corp., Term Loan C, 4.77%, 7/22/10 ................ United States 1,411,151 1,430,808
Graham Packaging Co.,
First Lien Term Loan, 5.50 - 5.688%, 10/07/11 ................. United States 7,980,000 8,086,772
Second Lien Term Loan, 7.313%, 4/07/12 ........................ United States 1,000,000 1,026,125
6 | Quarterly Statement of Investments
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
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COUNTRY PRINCIPAL AMOUNT A VALUE
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b SENIOR FLOATING RATE INTERESTS (CONT.)
CONTAINERS/PACKAGING (CONT.)
Graphic Packaging International Corp., Term Loan C, 5.06 - 5.91%,
8/08/10 ........................................................ United States $ 3,634,771 $ 3,691,110
Kerr Group Inc., Term Loan B, 6.60%, 8/11/10 ..................... United States 1,692,137 1,713,559
Owens-Brockway Glass Container Inc., Term Loan B, 5.73%, 4/01/08 . United States 1,576,857 1,608,789
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19,318,631
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DATA PROCESSING SERVICES 0.3%
InfoUSA Inc.,
Term Loan A, 5.50%, 3/25/09 ................................... United States 833,333 841,933
Term Loan B, 5.31%, 3/30/09 ................................... United States 2,602,500 2,629,358
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3,471,291
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DRUG STORE CHAINS 0.8%
The Jean Coutu Group (PJC) Inc., Term Loan B, 5.375 - 5.50%,
7/30/11 ........................................................ Canada 7,452,500 7,575,347
Rite Aid Corp., Term Loan, 4.66 - 4.81%, 9/22/09 ................. United States 2,977,519 2,997,989
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10,573,336
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ELECTRIC UTILITIES 3.7%
AES Corp., Term Loan B, 5.25 - 5.57%, 4/30/08 .................... United States 1,857,143 1,884,573
Cogentrix Delaware Holdings Inc., Term Loan B, 4.71%, 4/14/12 .... United States 4,000,000 4,014,000
Coleto Creek WLE LP,
Term Loan B, 5.314%, 6/30/11 .................................. United States 1,648,741 1,677,594
Term Loan C, 6.564%, 6/30/12 .................................. United States 1,000,000 1,019,375
Dynegy Holdings Inc., Term Loan B, 6.87%, 5/27/10 ................ United States 4,962,500 5,001,272
Midwest Generation LLC, Term Loan, 4.006 - 5.41%, 4/27/11 ........ United States 899,380 913,995
NRG Energy Inc.,
Credit Linked Deposit, 4.868%, 12/24/11 ....................... United States 3,150,000 3,189,769
Term Loan B, 4.968 - 5.255%, 12/24/11 ......................... United States 4,039,875 4,090,879
Pike Electric Inc.,
Term Loan B, 5.188%, 7/02/12 .................................. United States 2,860,000 2,894,148
Term Loan C, 5.188%, 12/10/12 ................................. United States 1,874,667 1,907,398
Quanta Services Inc., Term Loan B, 3.05 - 6.04%, 6/19/08 ......... United States 2,970,000 2,992,572
Reliant Energy Inc., Term Loan B, 5.395 - 6.089%, 4/30/10 ........ United States 5,985,000 5,992,481
Texas Genco LLC,
Delay Draw, 6.75%, 12/14/11 ................................... United States 2,996,154 3,022,993
First Lien Term Loan, 4.97 - 5.091%, 12/14/11 ................. United States 7,235,712 7,300,529
TNP Enterprises Inc., Term Loan, 8.075%, 12/31/06 ................ United States 982,500 987,413
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46,888,991
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ELECTRICAL PRODUCTS 0.1%
Enersys Capital Inc., Term Loan D, 4.54 - 5.30%, 3/17/11 ......... United States 1,439,125 1,448,350
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ELECTRONIC COMPONENTS 0.2%
Seagate Technology HDD Holdings, Term Loan B, 5.063%, 5/13/07 .... Cayman Islands 2,089,328 2,115,402
Seagate Technology (US) Holdings, Term Loan B, 5.063%, 5/13/07 ... United States 835,673 846,102
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2,961,504
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Quarterly Statement of Investments | 7
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
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COUNTRY PRINCIPAL AMOUNT A VALUE
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b SENIOR FLOATING RATE INTERESTS (CONT.)
ELECTRONICS/APPLIANCES 0.5%
Directed Electronics Inc., Term Loan, 6.32 - 6.37%, 6/17/10 ...... United States $ 2,672,612 $ 2,700,594
Juno Lighting Inc., First Lien Term Loan, 5.37 - 7.25%, 10/21/10 . United States 2,161,742 2,191,575
Oreck Corp., Term Loan B, 5.85%, 1/27/12 ......................... United States 1,795,500 1,817,944
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6,710,113
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ENGINEERING & CONSTRUCTION 1.0%
URS Corp., Term Loan B, 4.814 - 4.94%, 8/22/08 ................... United States 2,802,259 2,817,448
Washington Group International Inc., Synthetic Term Loan, 2.964%,
10/01/07 ....................................................... United States 9,700,000 9,711,471
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12,528,919
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ENVIRONMENTAL SERVICES 1.9%
Allied Waste North America Inc.,
Credit Link, 2.00%, 1/15/12 ................................... United States 3,540,540 3,552,812
Term Loan B, 5.00 - 5.37%, 1/15/12 ............................ United States 9,559,459 9,588,740
Duratek Inc., Term Loan B, 6.00 - 6.55%, 12/16/09 ................ United States 1,474,528 1,478,214
Envirocare of Utah LLC., Term Loan B, 6.11%, 1/31/10 ............. United States 3,500,000 3,503,430
Envirosolutions Inc.,
Delay Draw, 7.62%, 3/01/09 .................................... United States 695,427 693,675
Term Loan B, 7.62%, 3/01/09 ................................... United States 2,135,455 2,132,785
IESI Corp., Term Loan B, 4.848 - 5.15%, 1/21/12 .................. United States 900,000 907,884
Synagro Technologies Inc.,
c Delay Draw, 8.00%, 3/25/12 .................................... United States 257,143 260,438
c Term Loan B, 8.00%, 3/25/12 ................................... United States 1,542,857 1,562,626
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23,680,604
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FINANCE/RENTAL/LEASING 0.5%
United Rentals (North America) Inc.,
L/C Term Loan, 2.64%, 2/14/11 ................................. United States 1,053,333 1,068,805
Term Loan B, 5.31%, 2/14/11 ................................... United States 5,280,000 5,359,200
---------------
6,428,005
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FINANCIAL CONGLOMERATES 1.1%
Fidelity National Information Services Inc., Term Loan B, 4.66%,
3/08/13 ........................................................ United States 14,337,500 14,301,656
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FOOD DISTRIBUTORS 0.2%
OSI Group LLC,
Dutch Term Loan, 5.343%, 9/02/11 .............................. Netherlands 746,250 756,511
German Term Loan, 5.343%, 9/02/11 ............................. Germany 597,000 605,209
U.S. Term Loan, 5.343%, 9/02/11 ............................... United States 1,343,250 1,361,719
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2,723,439
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FOOD: MAJOR DIVERSIFIED 1.3%
Birds Eye Foods Inc. (Agrilink Foods), Term Loan B, 5.814%, 8/08/08 United States 7,412,119 7,500,916
Del Monte Corp., Term Loan B, 4.69%, 2/08/12 ..................... United States 1,200,000 1,218,150
Pinnacle Foods Holding Corp., Term Loan B, 6.04 - 6.37%, 11/25/10 United States 5,411,335 5,459,117
Solvest Ltd. (Dole), Term Loan B, 4.50 - 6.25%, 4/18/12 .......... Bermuda 2,300,000 2,320,125
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16,498,308
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8 | Quarterly Statement of Investments
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
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COUNTRY PRINCIPAL AMOUNT A VALUE
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b SENIOR FLOATING RATE INTERESTS (CONT.)
FOOD: MEAT/FISH/DAIRY 0.3%
American Seafoods, Term Loan B, 6.34%, 4/15/09 ................... United States $ 1,220,091 $ 1,239,537
Michael Foods Inc., Term Loan B, 4.841 - 5.098%, 11/21/10 ........ United States 1,825,503 1,852,885
Pierre Foods Inc., Term Loan B, 5.44 - 5.69%, 6/30/10 ............ United States 910,000 920,617
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4,013,039
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FOOD: SPECIALTY/CANDY 0.7%
Leiner Health Products Inc., Term Loan B, 6.10 - 6.38%, 6/09/11 .. United States 1,985,000 2,004,989
Meow Mix Co., First Lien Term Loan, 6.77 - 7.12%, 8/21/09 ........ United States 3,696,541 3,708,093
Otis Spunkmeyer Inc., Term Loan B, 6.875 - 7.188%, 6/24/11 ....... United States 1,764,082 1,783,928
c Reddy Ice Group Inc., Term Loan, 6.50%, 4/12/12 .................. United States 985,000 994,234
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8,491,244
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FOREST PRODUCTS 0.3%
c Escanaba Timber LLC, Timber Term Facility, 7.50%, 4/25/08 ........ United States 2,300,000 2,317,250
Roseburg Forest Products (RLC Industries), Term Loan B, 4.593%,
2/24/10 ........................................................ United States 1,627,679 1,635,817
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3,953,067
---------------
HOME FURNISHINGS 1.2%
Knoll Inc., Term Loan, 5.89 - 6.09%, 10/01/11 .................... United States 3,520,000 3,562,240
National Bedding Co., Term Loan B, 4.88 - 5.38%, 12/20/10 ........ United States 6,365,636 6,453,163
Sealy Mattress Co.,
Revolver, 7.00%, 4/06/10 ...................................... United States 50,000 49,000
Term Loan D, 4.73 - 6.50%, 8/06/12 ............................ United States 1,857,051 1,867,883
Simmons Holdings Inc., Term Loan C, 5.625 - 7.25%, 12/19/11 ...... United States 3,395,821 3,451,003
---------------
15,383,289
---------------
HOME IMPROVEMENT CHAINS 0.2%
Harbor Freight Tools USA Inc., Term Loan B, 5.47%, 7/31/10 ....... United States 1,990,000 2,005,174
---------------
HOMEBUILDING 1.2%
Builders FirstSource Inc., Term Loan B, 5.41%, 8/11/11 ........... United States 1,250,000 1,267,188
CONTECH Construction Products Inc., Term Loan B, 5.54 - 7.50%,
10/31/11 ....................................................... United States 997,500 1,014,956
c Goodman Global Holdings Inc., Term Loan B, 5.50%, 4/30/10 ........ United States 1,915,769 1,948,098
LandSource Communities Development LLC, Term Loan B, 5.50%,
3/31/10 ........................................................ United States 6,000,000 6,086,100
Stile Acquisition Corp. (Masonite), CAD Term Loan, 5.14 - 5.21%,
4/05/13 ........................................................ Canada 2,497,872 2,501,777
Stile U.S. Acquisition Corp. (Masonite), Term Loan, 5.14 - 5.21%,
4/05/13 ........................................................ United States 2,502,128 2,506,038
---------------
15,324,157
---------------
HOSPITAL/NURSING MANAGEMENT 2.7%
Beverly Enterprises Inc., Term Loan B, 5.42 - 5.88%, 10/22/08 .... United States 1,970,000 1,980,323
Community Health Systems Inc., Term Loan B, 4.64%, 8/19/11 ....... United States 1,990,000 2,014,668
Iasis Healthcare LLC, Term Loan B, 5.34 - 5.37%, 6/22/11 ......... United States 9,180,625 9,337,458
c Lakers Holdings Corp. (LifePoint Hospitals Inc.), Term Loan B, 6.375%,
4/15/12 ........................................................ United States 10,400,000 10,432,500
Quarterly Statement of Investments | 9
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
---------------------------------------------------------------------------------------------------------------------------
COUNTRY PRINCIPAL AMOUNT A VALUE
---------------------------------------------------------------------------------------------------------------------------
b SENIOR FLOATING RATE INTERESTS (CONT.)
HOSPITAL/NURSING MANAGEMENT (CONT.)
MedCath Corp., Term Loan B, 5.55%, 6/30/11 ....................... United States $ 2,481,250 $ 2,516,918
Select Medical Corp., Term Loan B, 4.63%, 2/24/12 ................ United States 2,000,000 1,997,250
Triad Hospitals Inc., Term Loan B, 5.32%, 9/30/08 ................ United States 734,975 747,723
Vanguard Health Holding Co. II LLC, Term Loan B, 6.34%, 9/23/11 .. United States 4,726,250 4,819,300
---------------
33,846,140
---------------
HOTEL/RESORTS/CRUISELINES 1.0%
c Resorts International Holdings LLC, Term Loan B, LLC, 7.50%,
4/01/12 ........................................................ United States 1,673,229 1,689,627
Venetian Casino Resorts, Term Loan B, 4.81%, 8/17/11 ............. United States 8,705,128 8,767,152
Wyndham International Inc., Term Loan B, 7.688%, 6/30/06 ......... United States 1,517,112 1,521,220
---------------
11,977,999
---------------
HOUSEHOLD/PERSONAL CARE 0.9%
Jarden Corp., Term Loan B, 5.093%, 1/24/12 ....................... United States 2,194,500 2,207,987
Prestige Brands Inc., Term Loan B, 5.38 - 7.00%, 4/06/11 ......... United States 3,465,000 3,515,530
Rayovac Corp., Term Loan B, 4.77 - 5.13%, 2/07/12 ................ United States 4,000,000 4,073,752
Springs Industries Inc., Term Loan B, 5.875%, 12/07/10 ........... United States 1,995,000 2,034,900
---------------
11,832,169
---------------
INDUSTRIAL CONGLOMERATES 0.9%
Invensys (BTR Dunlop),
Bonding Facility, 5.951%, 3/05/09 ............................. United States 1,945,920 1,965,379
Term Loan B, 6.881%, 9/05/09 .................................. United States 1,225,833 1,244,986
SPX Corp., Term Loan B, 5.375%, 9/30/09 .......................... United States 2,318,194 2,332,393
TriMas Corp., Term Loan B, 6.64 - 6.90%, 12/06/09 ................ United States 5,698,564 5,788,790
---------------
11,331,548
---------------
INDUSTRIAL MACHINERY 1.6%
Colfax Corp., Term Loan B, 5.375%, 11/30/11 ...................... United States 2,493,750 2,522,845
Dresser Inc., Unsecured Term Loan, 5.84%, 3/01/10 ................ United States 1,500,000 1,530,938
Dresser-Rand Group Inc., Term Loan B, 5.125 - 5.438%, 10/29/11 ... United States 1,851,907 1,881,423
c Flowserve Corp., Term Loan C, 5.688 - 5.875%, 6/30/09 ............ United States 1,417,011 1,445,351
Itron Inc., Term Loan C, 4.75%, 7/01/11 .......................... United States 1,347,162 1,356,144
Mueller Group, Term Loan, 5.64 - 5.94%, 4/14/11 .................. United States 6,039,181 6,110,896
Rexnord Corp., Term Loan, 5.92 - 6.39%, 11/25/09 ................. United States 1,527,778 1,530,619
Sensus Metering Systems Inc., Term Loan, 5.348 - 5.58%, 12/17/10 . United States 3,920,000 3,962,022
---------------
20,340,238
---------------
INDUSTRIAL SPECIALTIES 0.3%
Polypore Inc., Term Loan B, 4.92%, 11/11/11 ...................... United States 3,103,750 3,142,547
---------------
INFORMATION TECHNOLOGY SERVICES 1.4%
Relizon Co.,
Incremental Term Loan, 5.85%, 2/20/11 ......................... United States 337,172 338,902
Term Loan B, 5.54 - 5.85%, 2/20/11 ............................ United States 3,088,765 3,104,610
Telcordia Technologies Inc., Term Loan B, 5.829%, 9/14/12 ........ United States 3,000,000 2,986,875
Transfirst Holdings, Term Loan B, 7.125%, 3/31/10 ................ United States 4,962,500 5,018,973
Xerox Corp., Term Loan, 4.82%, 9/30/08 ........................... United States 6,500,000 6,587,055
---------------
18,036,415
---------------
10 | Quarterly Statement of Investments
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
---------------------------------------------------------------------------------------------------------------------------
COUNTRY PRINCIPAL AMOUNT A VALUE
---------------------------------------------------------------------------------------------------------------------------
b SENIOR FLOATING RATE INTERESTS (CONT.)
INSURANCE BROKERS/SERVICES 0.3%
Alliant Resources Group Inc., Term Loan B, 6.593 - 8.00%, 8/31/11 United States $ 3,721,875 $ 3,787,008
---------------
INVESTMENT BANKS/BROKERS 0.2%
Refco Group Ltd. LLC, Term Loan B, 5.02%, 8/05/11 ................ United States 2,043,673 2,064,110
---------------
LIFE/HEALTH INSURANCE 0.8%
Conseco Inc., Term Loan, 6.564%, 6/22/10 ......................... United States 9,589,006 9,776,788
---------------
MAJOR PHARMACEUTICALS 0.6%
Warner Chilcott Holdings Co.,
Term Loan B, 5.72%, 1/18/12 ................................... Puerto Rico 4,640,238 4,686,640
Term Loan C, 5.72%, 1/18/12 ................................... United States 1,869,789 1,888,487
Term Loan D, 5.72%, 1/18/12 ................................... Bermuda 863,790 872,428
---------------
7,447,555
---------------
MAJOR TELECOMMUNICATIONS 0.9%
Alaska Communications Systems Holdings Inc., Term Loan, 5.093%,
2/01/12 ........................................................ United States 4,650,000 4,696,500
c Consolidated Comm Inc., Term Loan D, 5.32 - 5.564%, 10/14/11 ..... United States 3,000,000 3,037,500
Qwest Corp., Term Loan A, 7.39%, 6/30/07 ......................... United States 3,000,000 3,090,939
d Winstar Communications Inc., DIP, 2/20/49 ........................ United States 3,926,973 393
---------------
10,825,332
---------------
MANAGED HEALTH CARE 0.9%
Multiplan Inc., Term Loan, 5.85%, 3/04/09 ........................ United States 2,013,889 2,033,988
PacifiCare Health Systems Inc., Term Loan B, 4.25 - 4.938%,
12/13/10 ....................................................... United States 9,376,500 9,458,544
---------------
11,492,532
---------------
MARINE SHIPPING 0.2%
Horizon Lines LLC, Term Loan C, 5.62%, 7/07/11 ................... United States 2,282,750 2,296,065
US Shipping Partners LP, Term Loan, 5.093%, 4/25/09 .............. United States 477,163 483,725
---------------
2,779,790
---------------
MEDIA CONGLOMERATES 0.6%
Canwest Media Inc., Term Loan E, 5.044%, 5/15/09 ................. Canada 3,330,237 3,372,364
Liberty Group Operating Inc., Term Loan B, 5.125%, 2/28/12 ....... United States 4,000,000 4,060,832
---------------
7,433,196
---------------
MEDICAL DISTRIBUTORS 0.5%
VWR International Inc., Term Loan B, 5.65%, 4/07/11 .............. United States 6,407,334 6,515,457
---------------
MEDICAL SPECIALTIES 0.9%
Cooper Companies Inc., Term Loan B, 4.563%, 1/06/12 .............. United States 2,000,000 2,026,250
c Fisher Scientific International Inc., Term Loan B, 6.25%, 8/02/11 United States 4,885,000 4,933,850
Healthtronics Inc., Term Loan B, 4.813%, 3/23/11 ................. United States 2,200,000 2,197,250
Kinetic Concepts Inc., Term Loan B2, 4.85%, 8/11/10 .............. United States 1,546,228 1,570,872
---------------
10,728,222
---------------
Quarterly Statement of Investments | 11
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
---------------------------------------------------------------------------------------------------------------------------
COUNTRY PRINCIPAL AMOUNT A VALUE
---------------------------------------------------------------------------------------------------------------------------
b SENIOR FLOATING RATE INTERESTS (CONT.)
MEDICAL/NURSING SERVICES 1.6%
Alliance Imaging Inc., Term Loan C1, 5.125 - 5.50%, 12/29/11 ..... United States $ 2,213,022 $ 2,243,451
AMR Holdco/EmCare Holdco, Term Loan B, 5.27 - 5.50% 2/02/12 ...... United States 3,000,000 3,041,250
Insight Health Services, Delay Draw, 6.843%, 10/17/08 ............ United States 5,382,000 5,405,546
Sheridan Healthcare, Term Loan B, 6.26 - 6.39% 11/09/10 .......... United States 1,481,250 1,507,172
Team Health Inc., Term Loan C, 5.85 - 5.87%, 3/23/11 ............. United States 3,661,900 3,680,063
US Oncology Inc., Term Loan B, 5.51 - 6.125%, 8/20/11 ............ United States 3,830,877 3,902,707
---------------
19,780,189
---------------
MISCELLANEOUS COMMERCIAL SERVICES 2.4%
Buhrmann US Inc., Term Loan C1, 5.088 - 5.223%, 12/23/10 ......... United States 5,233,949 5,320,832
CCC Information Services Group Inc., Term Loan B, 5.814%, 8/15/10 United States 3,619,239 3,669,112
Corrections Corp. (Prison Realty), Term Loan E, 4.89 - 4.92%, 3/31/08 United States 1,883,636 1,893,055
DS Waters Enterprises LP, Term Loan, 7.266 - 7.59%, 11/07/09 ..... United States 3,064,295 2,932,438
Global Imaging Systems Inc., Term Loan B, 4.42 - 4.60%, 5/10/10 .. United States 2,481,287 2,492,920
JohnsonDiversey Inc.,
Term Loan B, 4.50 - 4.61%, 5/03/08 ............................ United States 4,103,244 4,159,024
Tranche B EURO, 4.641%, 11/03/09 .............................. United States 96,756 97,481
Language Lines Inc., Term Loan B, 7.35 - 7.42%, 6/11/11 .......... United States 3,226,742 3,267,141
US Investigations Services Inc., Term Loan C, 6.55%, 12/31/08 .... United States 2,296,886 2,303,157
Worldspan LP, Term Loan B, 5.625 - 5.875%, 2/11/10 ............... United States 3,991,111 3,906,300
---------------
30,041,460
---------------
MISCELLANEOUS MANUFACTURING 0.1%
Day International Group Inc., Term Loan D, 6.57 - 6.60%, 9/16/09 . United States 1,200,761 1,201,890
---------------
MOVIES/ENTERTAINMENT 5.7%
24 Hour Fitness Inc., Term Loan, 6.25%, 7/01/09 .................. United States 3,313,461 3,337,981
Carmike Cinemas Inc., Term Loan, 8.00%, 2/02/09 .................. United States 1,580,000 1,613,575
CH Operating LLC, Term Loan B, 7.625%, 6/21/07 ................... United States 2,521,552 2,527,856
Cinemark USA Inc., Term Loan, 4.35%, 3/31/11 ..................... United States 990,000 1,005,800
Cinram International, Term Loan D, 5.91%, 9/30/09 ................ Canada 6,941,548 7,056,083
Loews Cineplex Entertainment Corp., Term Loan B, 5.00 - 5.373%,
7/30/11 ........................................................ United States 1,969,603 2,002,533
Metro-Goldwyn-Mayer Inc., Term Loan B, 5.38%, 4/06/12 ............ United States 13,700,000 13,732,113
Mets II LLC, Term Loan, 6.27%, 8/23/05 ........................... United States 3,000,000 3,006,090
New Jersey Devils LLC, Term Loan, 6.843%, 9/30/06 ................ United States 1,900,000 1,906,403
Rainbow National Services LLC, Term Loan B, 5.69%, 3/31/12 ....... United States 8,500,000 8,628,384
Regal Cinemas Inc., Term Loan B, 4.843%, 11/10/10 ................ United States 13,438,947 13,652,533
Shinn Acquisition LLC (Hornets), Term Loan, 8.375%, 6/30/07 ...... United States 2,250,000 2,253,442
Warner Music, Term Loan B, 5.13 - 5.65%, 2/28/11 ................. United States 11,122,189 11,226,459
---------------
71,949,252
---------------
OIL & GAS PIPELINES 0.4%
El Paso Corp.,
L/C Term Loan, 2.505%, 11/23/09 ............................... United States 1,687,500 1,698,985
Term Loan B, 5.875%, 11/23/09 ................................. United States 2,790,000 2,813,444
---------------
4,512,429
---------------
12 |Quarterly Statement of Investments
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
---------------------------------------------------------------------------------------------------------------------------
COUNTRY PRINCIPAL AMOUNT A VALUE
---------------------------------------------------------------------------------------------------------------------------
b SENIOR FLOATING RATE INTERESTS (CONT.)
OIL & GAS PRODUCTION 0.4%
Williams Production RMT Co., Term Loan C, 5.46%, 5/30/08 ......... United States $ 4,912,813 $ 4,964,495
---------------
OIL REFINING/MARKETING 0.8%
Getty Petroleum Marketing, Term Loan B, 6.35%, 5/19/10 ........... United States 1,894,189 1,929,250
Lyondell-Citgo Refining LP, Term Loan, 4.591%, 5/21/07 ........... United States 992,500 998,207
Magellan Midstream Holdings LP, Term Loan B, 5.09%, 12/10/11 ..... United States 1,363,021 1,386,874
Semcams Holding Co. (Semgroup),
CAD Term Loan, 5.35%, 8/27/08 ................................. Canada 592,308 598,787
U.S. Term Loan, 7.50%, 8/27/08 ................................ United States 676,923 684,327
Tesoro Petroleum Corp., L/C Term Loan, 2.954%, 6/30/07 ........... United States 2,000,000 2,007,540
Universal Compression Inc., Term Loan B, 4.85%, 1/14/12 .......... United States 3,000,000 3,045,000
---------------
10,649,985
---------------
OTHER CONSUMER SERVICES 0.5%
Alderwoods Group Inc., Term Loan B1, 4.54 - 5.296%, 8/19/10 ...... United States 1,030,634 1,039,518
Knowledge Learning Corp., Term Loan B, 5.57%, 1/07/05 ............ United States 2,590,000 2,616,304
c Protection One Inc., Term Loan B, 6.00 - 8.00%, 4/15/11 .......... United States 800,000 809,000
Weight Watchers,
Additional Term Loan B, 4.65%, 3/31/10 ........................ United States 995,000 1,005,358
Term Loan B, 4.79%, 3/31/10 ................................... United States 987,500 999,844
---------------
6,470,024
---------------
OTHER CONSUMER SPECIALTIES 1.5%
Alliance Laundry Systems LLC, Term Loan B, 5.12%, 1/15/12 ........ United States 2,376,000 2,406,691
Solo Cup Co., Term Loan B, 5.00 - 5.093%, 2/27/11 ................ United States 11,899,850 12,057,522
Visant Holding Corp. (Jostens), Term Loan B, 5.19%, 10/01/11 ..... United States 4,074,000 4,138,080
---------------
18,602,293
---------------
OTHER TRANSPORTATION 0.1%
Sirva Woldwide Inc., Term Loan B, 5.37 - 5.62%, 12/01/10 ......... United States 1,280,000 1,244,787
---------------
PERSONNEL SERVICES 0.1%
Allied Security Holdings LLC, Term Loan B, 7.35%, 6/30/10 ........ United States 1,154,286 1,156,975
---------------
PUBLISHING: BOOKS/MAGAZINES 2.1%
Dex Media West LLC, Term Loan B, 4.62 - 5.05%, 3/09/10 ........... United States 7,776,883 7,898,397
F&W Publications Inc., Term Loan B, 6.52%, 12/31/09 .............. United States 1,786,448 1,809,895
Primedia Inc., Term Loan B, 5.775%, 6/30/09 ...................... United States 4,227,228 4,253,649
R.H. Donnelley Inc.,
Term Loan A3, 4.31 - 4.78%, 3/30/11 ........................... United States 825,688 835,080
Term Loan D, 4.70 - 4.88%, 6/30/11 ............................ United States 7,446,407 7,549,644
Transwestern Publishing Co.,
Term Loan, 4.563%, 2/24/11 .................................... United States 2,760,000 2,764,968
Term Loan B, 5.313 - 6.75%, 2/25/11 ........................... United States 875,500 877,076
---------------
25,988,709
---------------
Quarterly Statement of Investments | 13
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
---------------------------------------------------------------------------------------------------------------------------
COUNTRY PRINCIPAL AMOUNT A VALUE
---------------------------------------------------------------------------------------------------------------------------
b SENIOR FLOATING RATE INTERESTS (CONT.)
PUBLISHING: NEWSPAPERS 1.5%
Advertising Directory Solutions Inc., Term Loan B, 5.07%, 11/09/11 Canada $10,650,563 $ 10,692,717
Freedom Communications, Term Loan B, 4.59 - 4.60%, 5/17/09 ....... United States 2,500,000 2,508,333
Herald Media, Term Loan B, 5.56%, 7/30/11 ........................ United States 2,106,575 2,136,857
Journal Register Co., Term Loan B, 4.60 - 4.69%, 8/13/12 ......... United States 3,000,000 3,027,189
MediaNews Group Inc., Term Loan C, 4.57%, 12/30/10 ............... United States 920,318 924,828
---------------
19,289,924
---------------
PULP & PAPER 1.9%
Appleton Papers Inc., Term Loan B, 4.79 - 5.55%, 6/11/10 ......... United States 893,250 903,020
c Boise Cascade LLC, Term Loan D, 4.74%, 10/28/11 .................. United States 3,669,521 3,709,019
Intertape Polymer Group Inc., Term Loan B, 4.96 - 5.204%, 7/28/11 United States 3,781,000 3,832,989
Koch Cellulose LLC,
L/C Term Loan, 4.60%, 5/07/11 ................................. United States 643,132 654,789
Term Loan B, 5.34%, 5/07/11 ................................... United States 2,093,175 2,131,113
MDCP Acquisitions I (Jefferson Smurfit),
Term Loan B, 5.626 - 5.873%, 9/12/10 .......................... Ireland 925,801 929,198
Term Loan C, 6.126 - 6.373%, 9/12/11 .......................... Ireland 925,801 929,744
c NewPage Corp., Term Loan, 7.75%, 4/25/11 ......................... United States 3,000,000 3,018,750
Smurfit-Stone Container Canada Inc., Term Loan C, 4.875 - 4.938%,
11/01/11 ....................................................... Canada 1,606,568 1,633,846
Smurfit-Stone Container Enterprises,
L/C Term Loan, 2.597%, 11/01/10 ............................... United States 654,975 666,949
Term Loan B, 4.688 - 4.938%, 11/01/11 ......................... United States 5,221,345 5,309,998
---------------
23,719,415
---------------
RAILROADS 0.3%
Kansas City Southern Railway Co., Term Loan B1, 4.76 - 4.87%,
3/31/08 ........................................................ United States 1,712,708 1,739,683
RailAmerica Inc.,
CAD Term Loan, 4.875%, 9/29/11 ................................ Canada 160,328 163,468
U.S. Term Loan, 4.875%, 9/29/11 ............................... United States 1,356,292 1,382,852
---------------
3,286,003
---------------
REAL ESTATE DEVELOPMENT 1.4%
CNL Hotel & Resorts, Term Loan B, 5.39%, 12/30/06 ................ United States 5,089,667 5,172,374
General Growth Properties Inc., Term Loan B, 5.10%, 11/12/08 ..... United States 3,492,152 3,520,707
LNR Property Corp., Term Loan B, 5.81%, 12/31/07 ................. United States 3,527,892 3,546,854
The Macerich Co.,
c Interim Facility, 6.35%, 3/31/06 .............................. United States 1,900,000 1,902,375
c Term Loan B, 6.25%, 3/31/10 ................................... United States 1,700,000 1,700,000
Maguire Properties Inc., Term Loan B, 4.621%, 3/15/10 ............ United States 2,250,000 2,259,338
---------------
18,101,648
---------------
REAL ESTATE INVESTMENT TRUSTS 0.6%
Crescent Real Estate Funding XII, Term Loan, 5.11%, 1/12/06 ...... United States 3,146,728 3,173,280
Newkirk Master LP, Term Loan, 7.564%, 11/24/06 ................... United States 3,916,275 3,966,051
---------------
7,139,331
---------------
14 | Quarterly Statement of Investments
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
---------------------------------------------------------------------------------------------------------------------------
COUNTRY PRINCIPAL AMOUNT A VALUE
---------------------------------------------------------------------------------------------------------------------------
b SENIOR FLOATING RATE INTERESTS (CONT.)
RECREATIONAL PRODUCTS 0.7%
Amscan Holdings Inc., Term Loan B, 5.62 - 5.819%, 4/30/12 ........ United States $ 992,500 $ 998,703
PlayPower Inc., Term Loan, 6.09%, 2/07/10 ........................ United States 850,000 859,307
Pure Fishing Inc., Term Loan B, 5.85 - 6.13%, 9/30/10 ............ United States 1,485,000 1,500,815
True Temper Sports Inc., Term Loan, 5.661 - 7.75%, 3/15/11 ....... United States 5,875,909 5,767,264
---------------
9,126,089
---------------
RESTAURANTS 0.6%
CKE Restaurants Inc., Term Loan, 4.938%, 4/30/09 ................. United States 534,007 540,015
Denny's Inc., Term Loan B, 6.01 - 6.545%, 9/27/09 ................ United States 997,502 1,023,687
Dominos Inc., Term Loan, 4.875%, 6/25/10 ......................... United States 2,326,293 2,359,372
Jack In The Box Inc., Term Loan B, 4.64 - 5.17%, 1/08/11 ......... United States 2,962,500 3,008,789
---------------
6,931,863
---------------
SEMICONDUCTORS 0.3%
Fairchild Semiconductor Corp., Term Loan, 4.688%, 12/31/10 ....... United States 4,117,524 4,166,419
---------------
SERVICES TO THE HEALTH INDUSTRY 0.4%
Accredo Health Inc., Term Loan B, 4.82%, 8/02/11 ................. United States 3,703,333 3,718,380
Quintiles Transnational Corp., Term Loan B, 4.84%, 9/25/09 ....... United States 851,919 856,179
---------------
4,574,559
---------------
SPECIALTY STORES 0.6%
c Movie Gallery Inc., Term Loan B, 7.75%, 8/15/11 .................. United States 4,800,000 4,842,000
Pantry Inc., Term Loan, 5.32%, 3/12/11 ........................... United States 2,397,311 2,429,507
---------------
7,271,507
---------------
SPECIALTY TELECOMMUNICATIONS 2.3%
D&E Communications Inc., Term Loan B, 4.89 - 6.75%, 12/31/11 ..... United States 2,320,377 2,337,780
Fairpoint Communications Inc., Term Loan B, 5.125 - 5.438%,
2/08/12 ........................................................ United States 3,000,000 3,038,250
GCI Holdings Inc., Term Loan, 5.314%, 11/01/07 ................... United States 2,384,777 2,400,421
Iowa Telecommunications Services Inc., Term Loan B, 4.97 - 5.10%,
11/30/11 ....................................................... United States 6,750,000 6,825,937
Ntelos Inc., Term Loan B, 5.57%, 8/31/11 ......................... United States 5,486,250 5,488,538
Valor Telecom, Term Loan, 5.02 - 5.10%, 10/30/11 ................. United States 9,310,000 9,426,375
---------------
29,517,301
---------------
STEEL 0.4%
Copperweld Corp., Term Loan, 7.564%, 12/17/11 .................... United States 4,531,109 4,542,436
---------------
TOBACCO 0.1%
Commonwealth Brands Inc., Term Loan, 6.375%, 8/28/07 ............. United States 1,473,846 1,496,875
---------------
WHOLESALE DISTRIBUTORS 0.3%
Interline Brands, Term Loan B, 5.343%, 12/31/10 .................. United States 2,244,375 2,260,557
National Waterworks Inc., Term Loan C, 5.60%, 11/22/09 ........... United States 841,837 855,166
Nebraska Book Co., Term Loan C, 5.60 - 5.88%, 3/04/11 ............ United States 990,000 997,217
---------------
4,112,940
---------------
Quarterly Statement of Investments | 15
Franklin Floating Rate Trust
STATEMENT OF INVESTMENTS, APRIL 30, 2005 (UNAUDITED) (CONTINUED)
---------------------------------------------------------------------------------------------------------------------------
COUNTRY PRINCIPAL AMOUNT A VALUE
---------------------------------------------------------------------------------------------------------------------------
b SENIOR FLOATING RATE INTERESTS (CONT.)
WIRELESS COMMUNICATIONS 1.7%
AAT Communications Corp., Term Loan B, 5.77 - 5.80%, 12/31/11 .... United States $ 2,992,500 $ 3,039,258
Nextel Partners Inc., Term Loan C, 5.438%, 5/31/11 ............... United States 6,500,000 6,605,625
SBA Communications Corp., Term Loan, 5.10 - 6.13%, 10/31/08 ...... United States 9,431,237 9,619,862
SpectraSite Communications Inc., Term Loan B, 4.52%, 5/30/12 ..... United States 1,745,625 1,762,900
---------------
21,027,645
---------------
TOTAL SENIOR FLOATING RATE INTERESTS (COST $1,117,975,002) ....... 1,124,836,473
---------------
------------------
SHARES/WARRANTS
------------------
COMMON STOCKS AND WARRANTS 1.1%
COMMERCIAL PRINTING/FORMS 0.0%e
f Vertis Holdings Inc., wts., 6/30/11 .............................. United States 39,812 --
---------------
SPECIALTY TELECOMMUNICATIONS 0.1%
f IDT Corp., B ..................................................... United States 53,428 751,198
---------------
STEEL 0.6%
f Copperweld Holding Co., A ........................................ United States 242 4,059,550
f Copperweld Holding Co., B ........................................ United States 1,741 3,248,706
---------------
7,308,256
---------------
WIRELESS COMMUNICATIONS 0.4%
f First Ave Networks Inc. .......................................... United States 362,173 689,940
f Leap Wireless International Inc. ................................. United States 38,068 903,734
f USA Mobility Inc. ................................................ United States 138,746 4,154,055
---------------
5,747,729
---------------
TOTAL COMMON STOCKS AND WARRANTS (COST $5,959,457) ............... 13,807,183
---------------
TOTAL LONG TERM INVESTMENTS (COST $1,135,445,522) ................ 1,150,411,406
---------------
SHORT TERM INVESTMENT (COST $107,141,774) 8.5%
MONEY FUND
g Franklin Institutional Fiduciary Trust Money Market Portfolio .... 107,141,774 107,141,774
---------------
TOTAL INVESTMENTS (COST $1,242,587,296) 100.0% ................... 1,257,553,180
OTHER ASSETS, LESS LIABILITIES 0.0% .............................. (427,878)
---------------
NET ASSETS 100.0% ................................................ $1,257,125,302
---------------
SELECTED PORTFOLIO ABBREVIATIONS
DIP - Debtor-In-Possession
L/C - Line of Credit
a The principal amount is stated in U.S. dollars unless otherwise indicated.
b The coupon shown represents the rate at period end.
c Security purchased on a delayed delivery basis.
d Defaulted security.
e Rounds to less than 0.05% of net assets.
f Non-income producing.
g The Franklin Institutional Fiduciary Trust Money Market Portfolio is managed by
the Fund's investment manager.
16 | See Notes to Statement of Investments.|Quarterly Statement of Investments
Franklin Floating Rate Trust
NOTES TO STATEMENT OF INVESTMENTS (UNAUDITED)
The Franklin Floating Rate Trust (the Fund) is registered under the Investment
Company Act of 1940 as a non-diversified, closed-end, continuously offered
investment company.
1. INCOME TAXES
At April 30, 2005, the unrealized appreciation (depreciation) based on the cost
of investments for income tax purposes was as follows:
Cost of investments ................................... $1,243,090,035
---------------
Unrealized appreciation ............................... $ 19,432,512
Unrealized depreciation ............................... (4,969,367)
---------------
Net unrealized appreciation (depreciation) ............ $ 14,463,145
---------------
For information on the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund's most recent
semiannual or annual shareholder report.
Quarterly Statement of Investments | 17
Item 2. Controls and Procedures.
(a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The Registrant maintains
disclosure controls and procedures that are designed to ensure that information
required to be disclosed in the Registrant's filings under the Securities
Exchange Act of 1934 and the Investment Company Act of 1940 is recorded,
processed, summarized and reported within the periods specified in the rules and
forms of the Securities and Exchange Commission. Such information is accumulated
and communicated to the Registrant's management, including its principal
executive officer and principal financial officer, as appropriate, to allow
timely decisions regarding required disclosure. The Registrant's management,
including the principal executive officer and the principal financial officer,
recognizes that any set of controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving the desired
control objectives.
Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio
Holdings on Form N-Q, the Registrant had carried out an evaluation, under the
supervision and with the participation of the Registrant's management, including
the Registrant's principal executive officer and the Registrant's principal
financial officer, of the effectiveness of the design and operation of the
Registrant's disclosure controls and procedures. Based on such evaluation, the
Registrant's principal executive officer and principal financial officer
concluded that the Registrant's disclosure controls and procedures are
effective.
(b) CHANGES IN INTERNAL CONTROLS. There have been no significant changes in the
Registrant's internal controls or in other factors that could significantly
affect the internal controls subsequent to the date of their evaluation in
connection with the preparation of this Quarterly Schedule of Portfolio Holdings
on Form N-Q.
Item 3. Exhibits.
(A) Certification pursuant to Section 30a-2 under the Investment Company Act of
1940 of Jimmy D. Gambill, Chief Executive Officer - Finance and Administration,
and Galen G. Vetter, Chief Financial Officer.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) FRANKLIN FLOATING RATE TRUST
By /s/JIMMY D. GAMBILL
-------------------
Jimmy D. Gambill
Chief Executive Officer - Finance and Administration
Date June 20, 2005
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/JIMMY D. GAMBILL
-------------------
Jimmy D. Gambill
Chief Executive Officer - Finance and Administration
Date June 20, 2005
By /s/GALEN G. VETTER
------------------
Galen G. Vetter
Chief Financial Officer
Date June 20, 2005
Exhibit A
I, Jimmy D. Gambill, certify that:
1. I have reviewed this report on Form N-Q of Franklin Floating Rate Trust;
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;
3. Based on my knowledge, the schedules of investments included in this
report fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) 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:
(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;
(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;
(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
(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most
recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting;
and
5. The registrant's other certifying officer(s) 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):
(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
(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.
June 20, 2005
Jimmy D. Gambill
Chief Executive Officer - Finance and Administration,
Galen G. Vetter, certify that:
1. I have reviewed this report on Form N-Q of Franklin Floating Rate Trust;
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;
3. Based on my knowledge, the schedules of investments included in this
report fairly present in all material respects the investments of the registrant
as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) 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:
(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;
(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;
(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
(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the registrant's most
recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting;
and
5. The registrant's other certifying officer(s) 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):
(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
(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.
June 20, 2005
/s/GALEN G. VETTER
Chief Financial Officer