Franklin Value Investors Trust NPORT-P Franklin Mutual U.S. Mid Cap Value Fund (Jan 2023 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FVIT-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

MicroCap

Value

Fund

2

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

6

Franklin

Small

Cap

Value

Fund

9

Notes

to

Schedules

of

Investments

13

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

MicroCap

Value

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

92.7%

Aerospace

&

Defense

2.1%

a

Ducommun,

Inc.

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

United

States

58,625

$

3,387,352

Magellan

Aerospace

Corp.

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

Canada

243,900

1,686,494

5,073,846

Banks

18.6%

American

National

Bankshares

,

Inc.

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

United

States

94,823

3,281,824

Arrow

Financial

Corp.

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

United

States

101,788

3,349,843

Bar

Harbor

Bankshares

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

United

States

121,700

3,781,219

First

Business

Financial

Services,

Inc.

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

United

States

130,500

4,671,900

First

Internet

Bancorp

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

United

States

85,500

2,247,795

a

First

Western

Financial,

Inc.

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

United

States

110,706

2,906,032

Investar

Holding

Corp.

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

United

States

184,381

3,844,344

Northeast

Bank

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

United

States

101,675

4,799,060

Northrim

BanCorp

,

Inc.

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

United

States

28,900

1,547,017

Orrstown

Financial

Services,

Inc.

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

United

States

113,653

2,812,912

Peapack

-Gladstone

Financial

Corp.

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

United

States

114,985

4,264,793

Peoples

Financial

Services

Corp.

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

United

States

66,013

3,365,343

Premier

Financial

Corp.

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

United

States

127,500

3,190,050

WesBanco

,

Inc.

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

United

States

42,357

1,574,410

45,636,542

Biotechnology

2.5%

a

Anika

Therapeutics,

Inc.

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

United

States

116,661

3,617,658

a

Catalyst

Pharmaceuticals,

Inc.

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

United

States

85,100

1,318,199

a

Vanda

Pharmaceuticals,

Inc.

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

United

States

141,200

1,084,416

6,020,273

Commercial

Services

&

Supplies

1.6%

a

Heritage-Crystal

Clean,

Inc.

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

United

States

106,300

3,954,360

Communications

Equipment

1.7%

a

Digi

International,

Inc.

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

United

States

68,901

2,341,945

PCTEL,

Inc.

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

United

States

393,331

1,821,123

4,163,068

Construction

&

Engineering

4.9%

a

Matrix

Service

Co.

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

United

States

607,019

4,898,643

a

Northwest

Pipe

Co.

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

United

States

65,700

2,457,180

a

Sterling

Infrastructure,

Inc.

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

United

States

127,451

4,637,942

11,993,765

Diversified

Telecommunication

Services

0.6%

ATN

International,

Inc.

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

United

States

29,000

1,417,520

Electrical

Equipment

3.2%

LSI

Industries,

Inc.

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

United

States

174,418

2,394,759

Powell

Industries,

Inc.

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

United

States

64,100

2,544,770

Preformed

Line

Products

Co.

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

United

States

32,750

2,892,808

7,832,337

Electronic

Equipment,

Instruments

&

Components

2.6%

a

Daktronics,

Inc.

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

United

States

814,658

3,397,124

a

Kimball

Electronics,

Inc.

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

United

States

120,416

3,073,016

6,470,140

Energy

Equipment

&

Services

3.8%

a

DMC

Global,

Inc.

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

United

States

23,000

523,020

a

Geospace

Technologies

Corp.

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

United

States

199,400

949,144

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

MicroCap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Energy

Equipment

&

Services

(continued)

a

Helix

Energy

Solutions

Group,

Inc.

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

United

States

526,542

$

4,175,478

a

Oil

States

International,

Inc.

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

United

States

431,890

3,696,978

9,344,620

Equity

Real

Estate

Investment

Trusts

(REITs)

4.9%

Alpine

Income

Property

Trust,

Inc.

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

United

States

193,121

3,958,980

CTO

Realty

Growth,

Inc.

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

United

States

190,428

3,740,006

Indus

Realty

Trust,

Inc.

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

United

States

68,578

4,395,850

12,094,836

Food

&

Staples

Retailing

1.4%

Village

Super

Market,

Inc.,

A

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

United

States

148,898

3,463,367

Food

Products

0.6%

Alico

,

Inc.

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

United

States

54,500

1,444,250

Health

Care

Equipment

&

Supplies

5.1%

a

Orthofix

Medical,

Inc.

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

United

States

167,800

3,629,514

a

Semler

Scientific,

Inc.

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

United

States

76,300

2,991,723

a

UFP

Technologies,

Inc.

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

United

States

18,600

2,115,378

Utah

Medical

Products,

Inc.

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

United

States

41,696

3,841,453

12,578,068

Health

Care

Technology

1.6%

a

CareCloud

,

Inc.

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

United

States

346,708

1,248,149

a

Computer

Programs

and

Systems,

Inc.

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

United

States

92,333

2,712,743

3,960,892

Hotels,

Restaurants

&

Leisure

3.9%

a

Century

Casinos,

Inc.

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

United

States

361,662

3,189,859

a

Chuy's

Holdings,

Inc.

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

United

States

97,300

3,330,579

Ruth's

Hospitality

Group,

Inc.

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

United

States

183,200

3,171,192

9,691,630

Household

Durables

1.5%

Hooker

Furnishings

Corp.

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

United

States

179,900

3,788,694

Independent

Power

and

Renewable

Electricity

Producers

1.5%

Polaris

Renewable

Energy,

Inc.

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

Canada

331,900

3,597,142

Insurance

1.8%

Tiptree,

Inc.

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

United

States

150,318

2,256,273

United

Fire

Group,

Inc.

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

United

States

72,200

2,273,578

4,529,851

Interactive

Media

&

Services

1.9%

a

DHI

Group,

Inc.

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

United

States

360,217

2,139,689

a

QuinStreet

,

Inc.

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

United

States

163,900

2,512,587

4,652,276

IT

Services

1.4%

Hackett

Group,

Inc.

(The)

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

United

States

152,200

3,363,620

Machinery

7.6%

Alamo

Group,

Inc.

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

United

States

18,100

2,832,107

a

Graham

Corp.

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

United

States

214,009

2,075,887

Hurco

Cos.,

Inc.

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

United

States

95,500

2,693,100

a

L

B

Foster

Co.,

A

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

United

States

255,365

3,020,968

Miller

Industries,

Inc.

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

United

States

125,500

3,640,755

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

MicroCap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

(continued)

Shyft

Group,

Inc.

(The)

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

United

States

133,417

$

4,441,452

18,704,269

Media

1.3%

Entravision

Communications

Corp.,

A

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

United

States

483,099

3,140,144

Metals

&

Mining

1.5%

Haynes

International,

Inc.

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

United

States

64,177

3,574,017

Oil,

Gas

&

Consumable

Fuels

1.4%

VAALCO

Energy,

Inc.

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

United

States

754,200

3,507,030

Paper

&

Forest

Products

1.0%

Mercer

International,

Inc.

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

Germany

192,300

2,447,979

Pharmaceuticals

1.3%

a

Harrow

Health,

Inc.

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

United

States

217,396

3,265,288

Professional

Services

1.8%

Heidrick

&

Struggles

International,

Inc.

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

United

States

40,676

1,251,194

Resources

Connection,

Inc.

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

United

States

187,400

3,236,398

4,487,592

Semiconductors

&

Semiconductor

Equipment

0.6%

a

AXT,

Inc.

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

United

States

254,300

1,497,827

Specialty

Retail

1.9%

a

America's

Car-Mart,

Inc.

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

United

States

15,500

1,335,170

a

Children's

Place,

Inc.

(The)

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

United

States

30,300

1,374,711

a

Genesco,

Inc.

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

United

States

40,504

1,955,938

4,665,819

Textiles,

Apparel

&

Luxury

Goods

3.7%

a

Delta

Apparel,

Inc.

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

United

States

72,636

847,662

Rocky

Brands,

Inc.

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

United

States

127,817

4,023,679

a

Vera

Bradley,

Inc.

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

United

States

698,125

4,153,844

9,025,185

Thrifts

&

Mortgage

Finance

2.7%

Southern

Missouri

Bancorp,

Inc.

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

United

States

76,800

3,718,656

Territorial

Bancorp,

Inc.

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

United

States

121,739

2,924,171

6,642,827

Wireless

Telecommunication

Services

0.7%

Spok

Holdings,

Inc.

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

United

States

202,951

1,694,641

Total

Common

Stocks

(Cost

$153,778,809)

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

227,723,715

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

MicroCap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

Short

Term

Investments

7.9%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

7.9%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

19,489,366

$

19,489,366

Total

Money

Market

Funds

(Cost

$19,489,366)

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

19,489,366

Total

Short

Term

Investments

(Cost

$19,489,366

)

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

19,489,366

a

Total

Investments

(Cost

$173,268,175)

100.6%

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

$247,213,081

Other

Assets,

less

Liabilities

(0.6)%

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

(1,564,507)

Net

Assets

10

0.0

%

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

$245,648,574

a

Non-income

producing.

b

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

94.4%

Aerospace

&

Defense

1.8%

Airbus

SE

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

France

71,623

$

8,979,493

a

Babcock

International

Group

plc

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

United

Kingdom

1,652,648

6,243,559

15,223,052

Auto

Components

2.5%

Lear

Corp.

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

United

States

149,104

21,736,381

Banks

8.6%

Citizens

Financial

Group,

Inc.

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

United

States

644,147

27,904,448

ING

Groep

NV

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

Netherlands

648,230

9,386,971

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

113,185

18,724,195

a

SVB

Financial

Group

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

United

States

62,646

18,946,656

74,962,270

Building

Products

2.2%

Johnson

Controls

International

plc

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

United

States

279,940

19,475,426

Chemicals

5.2%

Ashland,

Inc.

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

United

States

115,109

12,577,960

Avient

Corp.

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

United

States

412,684

16,721,956

Huntsman

Corp.

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

United

States

511,347

16,204,587

45,504,503

Commercial

Services

&

Supplies

1.5%

a

Stericycle,

Inc.

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

United

States

239,030

12,862,204

Construction

&

Engineering

1.7%

a

WillScot

Mobile

Mini

Holdings

Corp.

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

United

States

312,872

15,161,777

Consumer

Finance

1.2%

Capital

One

Financial

Corp.

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

United

States

90,633

10,785,327

Containers

&

Packaging

1.4%

International

Paper

Co.

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

United

States

295,278

12,348,526

Diversified

Financial

Services

2.3%

Voya

Financial,

Inc.

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

United

States

280,725

19,586,183

Electric

Utilities

3.2%

Entergy

Corp.

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

United

States

136,911

14,824,723

Evergy

,

Inc.

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

United

States

205,492

12,874,074

27,698,797

Electrical

Equipment

1.5%

Regal

Rexnord

Corp.

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

United

States

95,144

13,244,045

Electronic

Equipment,

Instruments

&

Components

2.3%

a

Flex

Ltd.

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

United

States

840,931

19,635,739

Energy

Equipment

&

Services

3.5%

Baker

Hughes

Co.

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

United

States

415,292

13,181,368

Schlumberger

Ltd.

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

United

States

307,061

17,496,336

30,677,704

Equity

Real

Estate

Investment

Trusts

(REITs)

4.1%

Brixmor

Property

Group,

Inc.

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

United

States

925,706

21,781,862

Vornado

Realty

Trust

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

United

States

552,198

13,468,109

35,249,971

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Food

Products

3.0%

Kraft

Heinz

Co.

(The)

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

United

States

634,775

$

25,727,431

Health

Care

Equipment

&

Supplies

0.6%

a

Envista

Holdings

Corp.

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

United

States

143,610

5,599,354

Health

Care

Providers

&

Services

3.1%

AmerisourceBergen

Corp.

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

United

States

87,002

14,699,858

CVS

Health

Corp.

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

United

States

70,889

6,253,827

Elevance

Health,

Inc.

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

United

States

11,902

5,950,881

26,904,566

Household

Durables

2.5%

DR

Horton,

Inc.

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

United

States

219,138

21,626,729

Independent

Power

and

Renewable

Electricity

Producers

1.8%

AES

Corp.

(The)

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

United

States

571,472

15,664,048

Insurance

4.9%

Everest

Re

Group

Ltd.

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

United

States

33,480

11,707,621

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

189,187

14,682,803

Willis

Towers

Watson

plc

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

United

States

65,106

16,549,294

42,939,718

Internet

&

Direct

Marketing

Retail

2.0%

eBay,

Inc.

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

United

States

352,288

17,438,256

IT

Services

4.0%

a

Fiserv,

Inc.

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

United

States

56,998

6,080,546

Global

Payments,

Inc.

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

United

States

102,954

11,604,975

SS&C

Technologies

Holdings,

Inc.

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

United

States

290,471

17,529,925

35,215,446

Machinery

3.4%

Parker-Hannifin

Corp.

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

United

States

56,582

18,445,732

Timken

Co.

(The)

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

United

States

138,296

11,388,676

29,834,408

Media

1.4%

a

Liberty

Broadband

Corp.,

C

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

United

States

140,395

12,604,663

Metals

&

Mining

1.5%

Alcoa

Corp.

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

United

States

242,145

12,649,655

Oil,

Gas

&

Consumable

Fuels

1.8%

Chevron

Corp.

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

United

States

37,516

6,528,534

Williams

Cos.,

Inc.

(The)

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

United

States

287,305

9,262,713

15,791,247

Personal

Products

1.4%

a

Haleon

plc

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

United

States

3,050,030

12,222,147

Pharmaceuticals

2.6%

a

Elanco

Animal

Health,

Inc.

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

United

States

685,551

9,412,615

GSK

plc

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

United

States

753,750

13,239,111

22,651,726

Professional

Services

3.5%

a

CACI

International,

Inc.,

A

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

United

States

16,888

5,203,024

ICF

International,

Inc.

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

United

States

102,339

10,458,022

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

(continued)

KBR,

Inc.

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

United

States

282,478

$

14,471,348

30,132,394

Real

Estate

Management

&

Development

4.1%

a

CBRE

Group,

Inc.,

A

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

United

States

249,405

21,326,622

a

Cushman

&

Wakefield

plc

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

United

States

1,009,912

14,573,030

35,899,652

Semiconductors

&

Semiconductor

Equipment

0.3%

a

Onto

Innovation,

Inc.

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

United

States

27,554

2,167,122

Software

2.1%

Gen

Digital,

Inc.

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

United

States

784,506

18,051,483

Specialty

Retail

0.8%

Dick's

Sporting

Goods,

Inc.

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

United

States

52,651

6,884,645

Technology

Hardware,

Storage

&

Peripherals

0.8%

a

Western

Digital

Corp.

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

United

States

162,781

7,154,225

Textiles,

Apparel

&

Luxury

Goods

2.6%

Tapestry,

Inc.

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

United

States

496,811

22,639,677

Trading

Companies

&

Distributors

3.2%

a

AerCap

Holdings

NV

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

Ireland

144,011

9,102,936

a

Univar

Solutions,

Inc.

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

United

States

548,711

18,919,555

28,022,491

Total

Common

Stocks

(Cost

$673,322,074)

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

821,972,988

Short

Term

Investments

5.9%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

5.9%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

51,092,458

51,092,458

Total

Money

Market

Funds

(Cost

$51,092,458)

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

51,092,458

Total

Short

Term

Investments

(Cost

$51,092,458

)

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

51,092,458

a

Total

Investments

(Cost

$724,414,532)

100.3%

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

$873,065,446

Other

Assets,

less

Liabilities

(0.3)%

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

(2,360,788)

Net

Assets

100.0%

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

$870,704,658

a

Non-income

producing.

b

See

Note

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

January

31,

2023

Franklin

Small

Cap

Value

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.8%

Aerospace

&

Defense

0.8%

QinetiQ

Group

plc

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

United

Kingdom

8,278,440

$

37,132,209

Auto

Components

1.6%

a

Adient

plc

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

United

States

1,487,284

66,957,525

LCI

Industries

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

United

States

41,140

4,616,731

71,574,256

Banks

11.9%

Atlantic

Union

Bankshares

Corp.

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

United

States

2,105,924

81,478,199

Camden

National

Corp.

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

United

States

652,964

27,574,670

Columbia

Banking

System,

Inc.

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

United

States

2,984,466

92,249,844

First

Bancorp

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

United

States

221,330

8,820,000

First

Interstate

BancSystem,

Inc.,

A

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

United

States

2,387,377

85,659,087

First

of

Long

Island

Corp.

(The)

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

United

States

601,539

10,623,179

German

American

Bancorp,

Inc.

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

United

States

682,332

26,283,429

Peoples

Bancorp,

Inc.

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

United

States

1,064,606

31,586,860

SouthState

Corp.

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

United

States

1,189,418

94,677,673

TriCo

Bancshares

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

United

States

809,169

40,903,493

Washington

Trust

Bancorp,

Inc.

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

United

States

567,652

24,278,476

524,134,910

Building

Products

4.1%

Apogee

Enterprises,

Inc.

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

United

States

451,966

21,170,087

Insteel

Industries,

Inc.

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

United

States

79,459

2,382,975

a

Masonite

International

Corp.

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

United

States

388,607

35,448,731

UFP

Industries,

Inc.

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

United

States

1,306,382

122,212,036

181,213,829

Chemicals

5.9%

Ashland,

Inc.

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

United

States

201,814

22,052,216

Avient

Corp.

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

United

States

715,748

29,002,109

a,b

Elementis

plc

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

United

Kingdom

39,868,704

61,625,278

Minerals

Technologies,

Inc.

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

United

States

1,262,647

87,690,834

Tronox

Holdings

plc

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

United

States

3,358,660

57,601,019

257,971,456

Commercial

Services

&

Supplies

1.5%

a

IAA,

Inc.

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

United

States

1,595,338

66,573,455

Communications

Equipment

1.7%

a

NetScout

Systems,

Inc.

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

United

States

2,345,173

75,280,053

Construction

&

Engineering

1.8%

a

Great

Lakes

Dredge

&

Dock

Corp.

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

United

States

20,829

143,304

Primoris

Services

Corp.

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

United

States

1,230,588

32,733,641

Stantec,

Inc.

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

Canada

827,121

43,118,461

a

WillScot

Mobile

Mini

Holdings

Corp.

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

United

States

46,701

2,263,130

78,258,536

Construction

Materials

1.7%

a

Summit

Materials,

Inc.,

A

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

United

States

2,312,466

75,987,633

Consumer

Finance

0.1%

Bread

Financial

Holdings,

Inc.

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

United

States

120,751

4,954,413

Electric

Utilities

0.9%

IDACORP,

Inc.

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

United

States

370,526

39,205,356

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

Small

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electrical

Equipment

1.4%

Regal

Rexnord

Corp.

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

United

States

437,574

$

60,910,301

Electronic

Equipment,

Instruments

&

Components

5.2%

b

Benchmark

Electronics,

Inc.

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

United

States

2,150,810

60,201,172

a

Coherent

Corp.

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

United

States

1,851,193

80,341,776

CTS

Corp.

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

United

States

47,225

2,101,985

a,b

Knowles

Corp.

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

United

States

4,547,752

87,453,271

230,098,204

Energy

Equipment

&

Services

2.2%

Hunting

plc

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

United

Kingdom

7,300,467

31,365,054

a

TechnipFMC

plc

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

United

Kingdom

4,732,096

65,728,813

97,093,867

Equity

Real

Estate

Investment

Trusts

(REITs)

3.4%

Alexander

&

Baldwin,

Inc.

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

United

States

2,205,405

44,152,208

Highwoods

Properties,

Inc.

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

United

States

129,440

3,931,093

STAG

Industrial,

Inc.

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

United

States

937,348

33,369,589

Sunstone

Hotel

Investors,

Inc.

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

United

States

6,211,244

68,261,571

149,714,461

Food

Products

3.6%

Glanbia

plc

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

Ireland

8,822,663

107,667,368

Maple

Leaf

Foods,

Inc.

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

Canada

2,757,018

52,405,100

160,072,468

Health

Care

Equipment

&

Supplies

3.6%

a

Envista

Holdings

Corp.

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

United

States

2,064,260

80,485,497

a

Integer

Holdings

Corp.

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

United

States

1,181,218

77,735,957

158,221,454

Hotels,

Restaurants

&

Leisure

6.1%

Boyd

Gaming

Corp.

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

United

States

274,124

17,080,666

a,b

Brinker

International,

Inc.

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

United

States

2,560,136

101,022,967

a

Dalata

Hotel

Group

plc

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

Ireland

7,114,641

30,058,538

a

Denny's

Corp.

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

United

States

2,179,142

26,193,287

a

Hilton

Grand

Vacations,

Inc.

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

United

States

785,167

37,185,509

Jack

in

the

Box,

Inc.

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

United

States

727,112

55,245,970

266,786,937

Household

Durables

1.3%

Century

Communities,

Inc.

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

United

States

213,003

13,035,784

a

M/I

Homes,

Inc.

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

United

States

441,409

26,396,258

a

Meritage

Homes

Corp.

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

United

States

101,649

10,946,581

a

Taylor

Morrison

Home

Corp.

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

United

States

188,649

6,753,634

57,132,257

Insurance

5.9%

CNO

Financial

Group,

Inc.

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

United

States

1,846,527

47,566,536

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

916,187

123,300,446

Horace

Mann

Educators

Corp.

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

United

States

1,841,893

65,589,810

Selective

Insurance

Group,

Inc.

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

United

States

223,306

21,214,070

257,670,862

Leisure

Products

0.6%

Brunswick

Corp.

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

United

States

304,914

25,713,397

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

Small

Cap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

3.2%

Astec

Industries,

Inc.

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

United

States

251,210

$

11,088,409

Columbus

McKinnon

Corp.

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

United

States

1,026,097

36,888,187

Greenbrier

Cos.,

Inc.

(The)

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

United

States

1,607,964

49,718,247

REV

Group,

Inc.

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

United

States

656,097

8,404,603

Timken

Co.

(The)

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

United

States

424,982

34,997,268

141,096,714

Metals

&

Mining

2.1%

Alcoa

Corp.

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

United

States

943,969

49,312,940

a

Arconic

Corp.

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

United

States

840,156

19,752,068

Commercial

Metals

Co.

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

United

States

445,963

24,202,412

93,267,420

Multi-Utilities

0.9%

Black

Hills

Corp.

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

United

States

539,257

39,031,422

Oil,

Gas

&

Consumable

Fuels

5.0%

Crescent

Point

Energy

Corp.

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

Canada

15,925,633

118,978,423

a

Green

Plains,

Inc.

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

United

States

2,862,271

99,521,163

218,499,586

Professional

Services

0.5%

ICF

International,

Inc.

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

United

States

201,823

20,624,292

Real

Estate

Management

&

Development

1.3%

a

Cushman

&

Wakefield

plc

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

United

States

4,037,268

58,257,777

Road

&

Rail

1.5%

a

Saia,

Inc.

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

United

States

233,783

63,771,327

Semiconductors

&

Semiconductor

Equipment

1.9%

a

Cohu,

Inc.

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

United

States

1,351,968

48,779,006

a

Onto

Innovation,

Inc.

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

United

States

444,788

34,982,576

83,761,582

Software

4.0%

a

ACI

Worldwide,

Inc.

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

United

States

5,548,516

154,970,053

Software

AG

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

Germany

721,961

20,122,369

175,092,422

Specialty

Retail

1.0%

a,b

Children's

Place,

Inc.

(The)

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

United

States

885,230

40,162,885

Group

1

Automotive,

Inc.

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

United

States

24,149

5,164,264

45,327,149

Textiles,

Apparel

&

Luxury

Goods

1.4%

Carter's,

Inc.

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

United

States

673,025

56,110,094

Dr.

Martens

plc

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

United

Kingdom

3,379,473

6,476,694

62,586,788

Thrifts

&

Mortgage

Finance

1.8%

WSFS

Financial

Corp.

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

United

States

1,632,184

78,850,809

Trading

Companies

&

Distributors

6.9%

Herc

Holdings,

Inc.

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

United

States

579,298

89,976,565

McGrath

RentCorp

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

United

States

1,004,673

100,005,150

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

Small

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Trading

Companies

&

Distributors

(continued)

a

Univar

Solutions,

Inc.

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

United

States

3,237,797

$

111,639,241

301,620,956

Total

Common

Stocks

(Cost

$3,602,790,353)

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

4,257,488,558

Short

Term

Investments

2.3%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

2.3%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

....

United

States

100,896,617

100,896,617

Total

Money

Market

Funds

(Cost

$100,896,617)

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

100,896,617

Total

Short

Term

Investments

(Cost

$100,896,617

)

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

100,896,617

a

Total

Investments

(Cost

$3,703,686,970)

99.1%

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

$4,358,385,175

Other

Assets,

less

Liabilities

0.9%

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

38,155,961

Net

Assets

100.0%

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

$4,396,541,136

a

Non-income

producing.

b

See

Note

3

regarding

holdings

of

5%

voting

securities.

c

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Value

Investors

Trust

13

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Franklin

Value

Investors

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of three

separate

funds

(Funds).

The

Funds

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.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

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

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

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

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

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. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

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. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

January

31,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

14

Quarterly

Schedules

of

Investments

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

3.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

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

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

January

31,

2023,

investments

in

“affiliated

companies”

were

as

follows: 

4.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

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

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

January

31,

2023,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

at

End

of

Period

Investment

Income

Franklin

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Benchmark

Electronics,

Inc.

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

$

72,807,149

$

—

$

(11,802,784)

$

(573,235)

$

(229,958)

$

60,201,172

2,150,810

$

354,884

Brinker

International,

Inc.

81,893,483

13,066,065

(10,190,607)

(666,655)

16,920,681

101,022,967

2,560,136

—

Children's

Place

Inc.

(The)

35,834,110

—

—

—

4,328,775

40,162,885

885,230

—

Denny's

Corp.

.......

42,995,424

—

(19,573,223)

(3,027,776)

—

a

—

a

—

a

—

Elementis

plc

.......

33,707,697

10,432,994

—

—

17,484,587

61,625,278

39,868,704

—

Great

Lakes

Dredge

&

Dock

Corp.

.......

29,489,239

—

(24,927,783)

(31,565,967)

—

a

—

a

—

a

—

Green

Plains,

Inc.

....

84,898,985

10,026,518

(10,811,094)

(1,455,956)

—

a

—

a

—

a

—

Hunting

plc

.........

28,146,395

—

(6,318,560)

(4,038,439)

—

a

—

a

—

a

—

Knowles

Corp

.......

62,531,590

—

—

—

24,921,681

87,453,271

4,547,752

—

McGrath

RentCorp

....

132,308,599

—

(39,068,561)

7,969,869

—

a

—

a

—

a

491,162

NetScout

Systems,

Inc

.

129,284,413

—

(41,055,587)

3,549,958

—

a

—

a

—

a

—

Total

Affiliated

Securities

(Value

is

8.0%

of

Net

Assets)

..........

$733,897,084

$33,525,577

$(163,748,199)

$(29,808,201)

$63,425,766

$350,465,573

$846,046

a

As

of

January

31,

2023,

no

longer

an

affiliate.

2. Financial

Instrument

Valuation

(continued)

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

15

Quarterly

Schedules

of

Investments

5. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

January

31,

2023,

in

valuing

the

Funds’

assets carried

at

fair

value,

is

as

follows:  

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Franklin

MicroCap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$

20,193,831

$

16,551,053

$

(17,255,518)

$

—

$

—

$

19,489,366

19,489,366

$

136,558

Total

Affiliated

Securities

...

$20,193,831

$16,551,053

$(17,255,518)

$—

$—

$19,489,366

$136,558

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$

30,561,198

$

76,749,074

$

(56,217,814)

$

—

$

—

$

51,092,458

51,092,458

$

367,148

Total

Affiliated

Securities

...

$30,561,198

$76,749,074

$(56,217,814)

$—

$—

$51,092,458

$367,148

Franklin

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

3.969%

$

139,833,283

$

255,448,509

$

(294,385,175)

$

—

$

—

$

100,896,617

100,896,617

$

1,072,672

Total

Affiliated

Securities

...

$139,833,283

$255,448,509

$(294,385,175)

$—

$—

$100,896,617

$1,072,672

4.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

16

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

MicroCap

Value

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

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

$

227,723,715

$

—

$

—

$

227,723,715

Short

Term

Investments

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

19,489,366

—

—

19,489,366

Total

Investments

in

Securities

...........

$247,213,081

$—

$—

$247,213,081

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

15,223,052

—

15,223,052

Auto

Components

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

21,736,381

—

—

21,736,381

Banks

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

65,575,299

9,386,971

—

74,962,270

Building

Products

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

19,475,426

—

—

19,475,426

Chemicals

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

45,504,503

—

—

45,504,503

Commercial

Services

&

Supplies

...........

12,862,204

—

—

12,862,204

Construction

&

Engineering

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

15,161,777

—

—

15,161,777

Consumer

Finance

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

10,785,327

—

—

10,785,327

Containers

&

Packaging

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

12,348,526

—

—

12,348,526

Diversified

Financial

Services

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

19,586,183

—

—

19,586,183

Electric

Utilities

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

27,698,797

—

—

27,698,797

Electrical

Equipment

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

13,244,045

—

—

13,244,045

Electronic

Equipment,

Instruments

&

Components

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

19,635,739

—

—

19,635,739

Energy

Equipment

&

Services

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

30,677,704

—

—

30,677,704

Equity

Real

Estate

Investment

Trusts

(REITs)

.

35,249,971

—

—

35,249,971

Food

Products

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

25,727,431

—

—

25,727,431

Health

Care

Equipment

&

Supplies

.........

5,599,354

—

—

5,599,354

Health

Care

Providers

&

Services

..........

26,904,566

—

—

26,904,566

Household

Durables

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

21,626,729

—

—

21,626,729

Independent

Power

and

Renewable

Electricity

Producers

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

15,664,048

—

—

15,664,048

Insurance

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

42,939,718

—

—

42,939,718

Internet

&

Direct

Marketing

Retail

..........

17,438,256

—

—

17,438,256

IT

Services

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

35,215,446

—

—

35,215,446

Machinery

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

29,834,408

—

—

29,834,408

Media

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

12,604,663

—

—

12,604,663

Metals

&

Mining

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

12,649,655

—

—

12,649,655

Oil,

Gas

&

Consumable

Fuels

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

15,791,247

—

—

15,791,247

Personal

Products

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

—

12,222,147

—

12,222,147

Pharmaceuticals

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

9,412,615

13,239,111

—

22,651,726

Professional

Services

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

30,132,394

—

—

30,132,394

Real

Estate

Management

&

Development

....

35,899,652

—

—

35,899,652

Semiconductors

&

Semiconductor

Equipment

.

2,167,122

—

—

2,167,122

Software

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

18,051,483

—

—

18,051,483

Specialty

Retail

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

6,884,645

—

—

6,884,645

Technology

Hardware,

Storage

&

Peripherals

.

7,154,225

—

—

7,154,225

Textiles,

Apparel

&

Luxury

Goods

..........

22,639,677

—

—

22,639,677

Trading

Companies

&

Distributors

..........

28,022,491

—

—

28,022,491

Short

Term

Investments

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

51,092,458

—

—

51,092,458

Total

Investments

in

Securities

...........

$822,994,165

$50,071,281

b

$—

$873,065,446

Franklin

Small

Cap

Value

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

37,132,209

—

37,132,209

5. Fair

Value

Measurements 

(continued)

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

17

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Small

Cap

Value

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Auto

Components

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

$

71,574,256

$

—

$

—

$

71,574,256

Banks

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

524,134,910

—

—

524,134,910

Building

Products

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

181,213,829

—

—

181,213,829

Chemicals

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

196,346,178

61,625,278

—

257,971,456

Commercial

Services

&

Supplies

...........

66,573,455

—

—

66,573,455

Communications

Equipment

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

75,280,053

—

—

75,280,053

Construction

&

Engineering

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

78,258,536

—

—

78,258,536

Construction

Materials

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

75,987,633

—

—

75,987,633

Consumer

Finance

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

4,954,413

—

—

4,954,413

Electric

Utilities

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

39,205,356

—

—

39,205,356

Electrical

Equipment

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

60,910,301

—

—

60,910,301

Electronic

Equipment,

Instruments

&

Components

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

230,098,204

—

—

230,098,204

Energy

Equipment

&

Services

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

97,093,867

—

—

97,093,867

Equity

Real

Estate

Investment

Trusts

(REITs)

.

149,714,461

—

—

149,714,461

Food

Products

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

52,405,100

107,667,368

—

160,072,468

Health

Care

Equipment

&

Supplies

.........

158,221,454

—

—

158,221,454

Hotels,

Restaurants

&

Leisure

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

236,728,399

30,058,538

—

266,786,937

Household

Durables

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

57,132,257

—

—

57,132,257

Insurance

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

257,670,862

—

—

257,670,862

Leisure

Products

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

25,713,397

—

—

25,713,397

Machinery

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

141,096,714

—

—

141,096,714

Metals

&

Mining

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

93,267,420

—

—

93,267,420

Multi-Utilities

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

39,031,422

—

—

39,031,422

Oil,

Gas

&

Consumable

Fuels

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

218,499,586

—

—

218,499,586

Professional

Services

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

20,624,292

—

—

20,624,292

Real

Estate

Management

&

Development

....

58,257,777

—

—

58,257,777

Road

&

Rail

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

63,771,327

—

—

63,771,327

Semiconductors

&

Semiconductor

Equipment

.

83,761,582

—

—

83,761,582

Software

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

154,970,053

20,122,369

—

175,092,422

Specialty

Retail

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

45,327,149

—

—

45,327,149

Textiles,

Apparel

&

Luxury

Goods

..........

56,110,094

6,476,694

—

62,586,788

Thrifts

&

Mortgage

Finance

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

78,850,809

—

—

78,850,809

Trading

Companies

&

Distributors

..........

301,620,956

—

—

301,620,956

Short

Term

Investments

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

100,896,617

—

—

100,896,617

Total

Investments

in

Securities

...........

$4,095,302,719

$263,082,456

c

$—

$4,358,385,175

a

For

detailed

categories,

see

the

accompanying

schedule

of

investments.

b

Includes

foreign

securities

valued

at

$50,071,281,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$263,082,456,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

5. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.