Franklin Value Investors Trust NPORT-P Franklin Mutual U.S. Mid Cap Value Fund (Jul 2024 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FVIT-Q3PH

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),

July

31,

2024

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

99.3%

Aerospace

&

Defense

4.8%

Babcock

International

Group

plc

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

United

Kingdom

289,796

$

1,982,006

a

Ducommun,

Inc.

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

United

States

64,637

4,147,756

QinetiQ

Group

plc

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

United

Kingdom

654,743

4,066,870

10,196,632

Banks

15.7%

Arrow

Financial

Corp.

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

United

States

118,643

3,739,627

Atlantic

Union

Bankshares

Corp.

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

United

States

96,359

3,978,663

First

Business

Financial

Services,

Inc.

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

United

States

88,768

4,085,103

First

Internet

Bancorp

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

United

States

96,639

3,581,441

Investar

Holding

Corp.

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

United

States

189,982

3,514,667

Northeast

Bank

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

United

States

51,737

3,759,211

Orrstown

Financial

Services,

Inc.

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

United

States

107,976

3,796,436

Premier

Financial

Corp.

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

United

States

134,688

3,412,994

Southern

Missouri

Bancorp,

Inc.

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

United

States

65,984

3,774,285

33,642,427

Biotechnology

1.6%

a

Anika

Therapeutics,

Inc.

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

United

States

129,315

3,523,834

Building

Products

2.5%

Johnson

Controls

International

plc

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

United

States

42,531

3,042,668

UFP

Industries,

Inc.

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

United

States

17,147

2,262,203

5,304,871

Capital

Markets

1.2%

Victory

Capital

Holdings,

Inc.

,

A

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

United

States

49,023

2,568,315

Chemicals

0.5%

a,b

Covestro

AG

,

144A

,

Reg

S

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

Germany

19,035

1,120,569

Construction

&

Engineering

5.9%

a

Matrix

Service

Co.

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

United

States

302,354

3,059,823

a

Sterling

Infrastructure,

Inc.

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

United

States

28,448

3,310,209

Valmont

Industries,

Inc.

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

United

States

10,516

3,137,554

a

WillScot

Holdings

Corp.

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

United

States

77,354

3,171,514

12,679,100

Diversified

REITs

2.9%

Alpine

Income

Property

Trust,

Inc.

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

United

States

156,407

2,716,790

CTO

Realty

Growth,

Inc.

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

United

States

178,564

3,583,779

6,300,569

Diversified

Telecommunication

Services

1.5%

Koninklijke

KPN

NV

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

Netherlands

831,299

3,275,472

Electric

Utilities

2.9%

IDACORP,

Inc.

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

United

States

31,792

3,107,668

PPL

Corp.

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

United

States

105,966

3,149,310

6,256,978

Electrical

Equipment

1.2%

Regal

Rexnord

Corp.

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

United

States

16,372

2,630,653

Electronic

Equipment,

Instruments

&

Components

1.8%

a

Flex

Ltd.

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

United

States

34,721

1,116,280

a

Sanmina

Corp.

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

United

States

37,216

2,803,481

3,919,761

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

3.9%

Baker

Hughes

Co.

,

A

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

United

States

93,846

$

3,633,717

a

Helix

Energy

Solutions

Group,

Inc.

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

United

States

391,886

4,624,255

8,257,972

Financial

Services

0.5%

Voya

Financial,

Inc.

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

United

States

13,096

952,472

Food

Products

1.1%

Glanbia

plc

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

Ireland

121,467

2,430,652

Ground

Transportation

0.3%

Knight-Swift

Transportation

Holdings,

Inc.

,

A

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

United

States

9,801

533,468

Health

Care

Providers

&

Services

2.1%

a

Fresenius

SE

&

Co.

KGaA

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

Germany

123,353

4,419,835

Hotels,

Restaurants

&

Leisure

2.4%

a

Brinker

International,

Inc.

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

United

States

28,658

1,914,641

a

Hilton

Grand

Vacations,

Inc.

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

United

States

76,150

3,290,442

5,205,083

Household

Durables

1.8%

Hooker

Furnishings

Corp.

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

United

States

168,099

2,566,872

a

M/I

Homes,

Inc.

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

United

States

8,061

1,344,816

3,911,688

Insurance

5.2%

CNO

Financial

Group,

Inc.

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

United

States

108,274

3,774,432

Everest

Group

Ltd.

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

United

States

5,241

2,059,032

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

19,795

2,721,614

Tiptree,

Inc.

,

A

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

United

States

134,479

2,655,960

11,211,038

Interactive

Media

&

Services

2.0%

a

QuinStreet,

Inc.

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

United

States

231,386

4,326,918

IT

Services

1.8%

Hackett

Group,

Inc.

(The)

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

United

States

143,590

3,917,135

Leisure

Products

2.9%

a

Mattel,

Inc.

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

United

States

241,174

4,652,247

Polaris,

Inc.

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

United

States

19,144

1,594,312

6,246,559

Life

Sciences

Tools

&

Services

1.7%

a

Bio-Rad

Laboratories,

Inc.

,

A

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

United

States

10,706

3,622,482

Machinery

8.8%

a

Chart

Industries,

Inc.

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

United

States

20,341

3,276,529

a

Gates

Industrial

Corp.

plc

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

United

States

45,585

847,425

a

Graham

Corp.

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

United

States

123,164

4,036,084

a

L

B

Foster

Co.

,

A

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

United

States

132,787

3,188,216

Miller

Industries,

Inc.

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

United

States

67,596

4,592,472

Mueller

Water

Products,

Inc.

,

A

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

United

States

141,187

2,919,747

18,860,473

Media

1.2%

Cable

One,

Inc.

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

United

States

6,178

2,553,862

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)

Metals

&

Mining

1.1%

Commercial

Metals

Co.

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

United

States

27,481

$

1,651,608

Rio

Tinto

plc

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

Australia

9,929

645,612

2,297,220

Oil,

Gas

&

Consumable

Fuels

3.7%

VAALCO

Energy,

Inc.

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

United

States

682,277

4,885,103

Veren,

Inc.

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

Canada

378,753

2,956,844

7,841,947

Paper

&

Forest

Products

0.5%

Mercer

International,

Inc.

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

Germany

128,303

977,669

Pharmaceuticals

2.7%

a

Harrow,

Inc.

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

United

States

224,610

5,790,446

Professional

Services

1.5%

Heidrick

&

Struggles

International,

Inc.

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

United

States

80,762

3,241,787

Retail

REITs

1.7%

Brixmor

Property

Group,

Inc.

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

United

States

139,335

3,548,862

Semiconductors

&

Semiconductor

Equipment

0.5%

MKS

Instruments,

Inc.

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

United

States

8,480

1,067,632

Software

1.4%

a

ACI

Worldwide,

Inc.

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

United

States

68,028

2,940,850

Specialty

Retail

3.0%

a

America's

Car-Mart,

Inc.

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

United

States

40,474

2,802,825

Group

1

Automotive,

Inc.

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

United

States

9,931

3,631,965

6,434,790

Textiles,

Apparel

&

Luxury

Goods

3.5%

PVH

Corp.

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

United

States

9,051

923,111

Rocky

Brands,

Inc.

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

United

States

106,310

3,644,307

a

Vera

Bradley,

Inc.

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

United

States

438,325

3,015,676

7,583,094

Trading

Companies

&

Distributors

1.5%

Ferguson

plc

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

United

States

14,623

3,255,811

Total

Common

Stocks

(Cost

$

152,509,883

)

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

212,848,926

Short

Term

Investments

1.7%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.7%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

3,704,330

3,704,330

Total

Money

Market

Funds

(Cost

$

3,704,330

)

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

3,704,330

Total

Short

Term

Investments

(Cost

$

3,704,330

)

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

3,704,330

a

Total

Investments

(Cost

$

156,214,213

)

101.0

%

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

$216,553,256

Other

Assets,

less

Liabilities

(

1.0

)

%

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

(2,223,591)

Net

Assets

100.0%

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

$214,329,665

a

a

a

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

MicroCap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

See

Abbreviations

on

page

18.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2024,

the

value

of

this

security

was

$1,120,569,

representing

0.5%

of

net

assets.

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

Schedule

of

Investments

(unaudited),

July

31,

2024

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

98.9%

Aerospace

&

Defense

4.1%

Babcock

International

Group

plc

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

United

Kingdom

1,617,601

$

11,063,282

L3Harris

Technologies,

Inc.

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

United

States

54,164

12,289,270

Melrose

Industries

plc

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

United

Kingdom

1,296,380

9,815,068

33,167,620

Automobile

Components

2.5%

a

Aptiv

plc

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

United

States

168,431

11,687,427

Dowlais

Group

plc

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

United

Kingdom

9,631,917

7,933,644

19,621,071

Banks

5.7%

Citizens

Financial

Group,

Inc.

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

United

States

495,235

21,131,678

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

134,761

24,405,217

45,536,895

Building

Products

2.0%

Johnson

Controls

International

plc

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

United

States

226,238

16,185,067

Chemicals

5.3%

Ashland,

Inc.

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

United

States

101,750

9,834,137

Avient

Corp.

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

United

States

196,824

8,904,318

LyondellBasell

Industries

NV

,

A

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

United

States

127,456

12,676,774

Olin

Corp.

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

United

States

243,171

11,091,029

42,506,258

Commercial

Services

&

Supplies

2.1%

a

Stericycle,

Inc.

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

United

States

183,125

10,721,969

Vestis

Corp.

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

United

States

440,231

5,709,796

16,431,765

Construction

&

Engineering

1.7%

a

WillScot

Holdings

Corp.

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

United

States

335,466

13,754,106

Consumer

Finance

1.4%

Capital

One

Financial

Corp.

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

United

States

75,958

11,500,041

Containers

&

Packaging

2.1%

International

Paper

Co.

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

United

States

369,715

17,184,353

Distributors

1.7%

Genuine

Parts

Co.

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

United

States

90,118

13,257,259

Electric

Utilities

8.5%

Entergy

Corp.

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

United

States

198,697

23,042,891

Evergy,

Inc.

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

United

States

368,650

21,381,700

PPL

Corp.

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

United

States

792,579

23,555,448

67,980,039

Electrical

Equipment

1.9%

Regal

Rexnord

Corp.

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

United

States

95,936

15,414,997

Electronic

Equipment,

Instruments

&

Components

2.3%

a

Flex

Ltd.

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

United

States

574,753

18,478,309

Energy

Equipment

&

Services

3.6%

Baker

Hughes

Co.

,

A

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

United

States

354,817

13,738,515

Schlumberger

NV

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

United

States

308,418

14,893,505

28,632,020

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)

Financial

Services

5.4%

a

Fiserv,

Inc.

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

United

States

53,815

$

8,802,519

Global

Payments,

Inc.

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

United

States

161,487

16,413,539

Voya

Financial,

Inc.

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

United

States

242,614

17,645,316

42,861,374

Food

Products

1.8%

Kraft

Heinz

Co.

(The)

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

United

States

408,792

14,393,566

Health

Care

Equipment

&

Supplies

2.9%

Baxter

International,

Inc.

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

United

States

360,720

12,920,990

a

Envista

Holdings

Corp.

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

United

States

617,481

10,540,401

23,461,391

Health

Care

Providers

&

Services

4.4%

Cencora,

Inc.

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

United

States

56,006

13,322,707

a

Fresenius

SE

&

Co.

KGaA

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

Germany

303,543

10,876,185

Humana,

Inc.

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

United

States

30,376

10,984,266

35,183,158

Household

Durables

2.0%

DR

Horton,

Inc.

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

United

States

90,695

16,318,751

Insurance

4.5%

Everest

Group

Ltd.

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

United

States

44,062

17,310,638

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

170,484

18,910,085

36,220,723

Interactive

Media

&

Services

0.7%

a

Match

Group,

Inc.

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

United

States

136,691

5,213,395

IT

Services

0.7%

Amdocs

Ltd.

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

United

States

60,002

5,248,375

Leisure

Products

1.3%

Polaris,

Inc.

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

United

States

120,405

10,027,328

Life

Sciences

Tools

&

Services

1.7%

a

Bio-Rad

Laboratories,

Inc.

,

A

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

United

States

41,033

13,883,926

Machinery

1.9%

Dover

Corp.

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

United

States

83,285

15,346,094

Media

1.3%

a

Charter

Communications,

Inc.

,

A

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

United

States

27,126

10,300,285

Oil,

Gas

&

Consumable

Fuels

3.0%

Veren,

Inc.

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

Canada

1,228,676

9,583,673

Williams

Cos.,

Inc.

(The)

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

United

States

337,409

14,488,342

24,072,015

Personal

Care

Products

2.1%

Kenvue,

Inc.

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

United

States

913,232

16,885,660

Pharmaceuticals

1.0%

GSK

plc

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

United

States

432,667

8,400,561

Professional

Services

4.8%

ICF

International,

Inc.

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

United

States

43,360

6,378,256

KBR,

Inc.

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

United

States

214,592

14,289,681

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

See

Abbreviations

on

page

18.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Professional

Services

(continued)

SS&C

Technologies

Holdings,

Inc.

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

United

States

238,001

$

17,362,173

38,030,110

Real

Estate

Management

&

Development

3.4%

a

CBRE

Group,

Inc.

,

A

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

United

States

140,576

15,844,321

Colliers

International

Group,

Inc.

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

Canada

83,973

11,308,644

27,152,965

Retail

REITs

2.7%

Brixmor

Property

Group,

Inc.

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

United

States

840,607

21,410,260

Software

1.9%

Gen

Digital,

Inc.

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

United

States

598,683

15,559,771

Specialized

REITs

1.7%

SBA

Communications

Corp.

,

A

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

United

States

61,234

13,443,312

Specialty

Retail

1.1%

Dick's

Sporting

Goods,

Inc.

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

United

States

39,369

8,517,483

Trading

Companies

&

Distributors

3.7%

AerCap

Holdings

NV

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

Ireland

149,544

14,049,659

Ferguson

plc

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

United

States

71,002

15,808,595

29,858,254

Total

Common

Stocks

(Cost

$

625,381,081

)

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

791,438,557

Short

Term

Investments

5.1%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

5.1%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

40,613,818

40,613,818

Total

Money

Market

Funds

(Cost

$

40,613,818

)

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

40,613,818

Total

Short

Term

Investments

(Cost

$

40,613,818

)

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

40,613,818

a

Total

Investments

(Cost

$

665,994,899

)

104.0

%

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

$832,052,375

Other

Assets,

less

Liabilities

(

4.0

)

%

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

(31,552,356)

Net

Assets

100.0%

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

$800,500,019

a

a

a

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),

July

31,

2024

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

99.7%

Aerospace

&

Defense

6.9%

Babcock

International

Group

plc

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

United

Kingdom

8,471,618

$

57,940,062

Melrose

Industries

plc

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

United

Kingdom

5,418,108

41,021,226

QinetiQ

Group

plc

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

United

Kingdom

22,712,650

141,077,311

a

Senior

plc

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

United

Kingdom

28,282,051

59,472,419

299,511,018

Automobile

Components

0.5%

LCI

Industries

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

United

States

183,776

21,444,821

Banks

18.9%

Atlantic

Union

Bankshares

Corp.

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

United

States

903,334

37,298,661

a

Camden

National

Corp.

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

United

States

760,566

31,700,391

Columbia

Banking

System,

Inc.

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

United

States

4,592,604

120,142,521

First

Bancorp

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

United

States

1,127,765

47,140,577

First

Commonwealth

Financial

Corp.

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

United

States

2,214,213

40,032,971

First

Interstate

BancSystem,

Inc.

,

A

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

United

States

3,531,394

111,486,108

German

American

Bancorp,

Inc.

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

United

States

992,296

39,036,925

Peoples

Bancorp,

Inc.

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

United

States

1,146,235

38,135,238

Sandy

Spring

Bancorp,

Inc.

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

United

States

604,573

18,518,071

Seacoast

Banking

Corp.

of

Florida

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

United

States

1,773,200

49,365,888

SouthState

Corp.

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

United

States

1,310,047

129,655,351

TriCo

Bancshares

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

United

States

979,117

45,558,314

WSFS

Financial

Corp.

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

United

States

1,861,083

105,132,579

813,203,595

Building

Products

2.3%

Insteel

Industries,

Inc.

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

United

States

441,343

15,115,998

UFP

Industries,

Inc.

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

United

States

625,994

82,587,388

97,703,386

Capital

Markets

1.6%

Piper

Sandler

Cos.

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

United

States

58,350

15,945,888

Victory

Capital

Holdings,

Inc.

,

A

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

United

States

995,223

52,139,733

68,085,621

Chemicals

4.3%

Ashland,

Inc.

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

United

States

62,308

6,022,068

Avient

Corp.

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

United

States

1,556,177

70,401,448

a

Elementis

plc

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

United

Kingdom

39,868,704

81,889,891

Olin

Corp.

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

United

States

107,125

4,885,971

Tronox

Holdings

plc

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

United

States

1,325,708

21,423,441

184,622,819

Commercial

Services

&

Supplies

1.6%

HNI

Corp.

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

United

States

1,284,598

70,588,660

Communications

Equipment

0.5%

b

Lumentum

Holdings,

Inc.

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

United

States

452,236

23,416,780

Construction

&

Engineering

5.9%

Primoris

Services

Corp.

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

United

States

1,573,450

88,852,722

Valmont

Industries,

Inc.

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

United

States

213,839

63,801,004

b

WillScot

Holdings

Corp.

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

United

States

2,475,625

101,500,625

254,154,351

Consumer

Finance

1.1%

Bread

Financial

Holdings,

Inc.

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

United

States

894,777

48,836,929

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)

Diversified

REITs

1.0%

Alexander

&

Baldwin,

Inc.

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

United

States

2,301,072

$

45,354,129

Electric

Utilities

1.4%

IDACORP,

Inc.

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

United

States

602,570

58,901,218

Electrical

Equipment

2.1%

Regal

Rexnord

Corp.

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

United

States

555,087

89,191,379

Electronic

Equipment,

Instruments

&

Components

5.9%

Benchmark

Electronics,

Inc.

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

United

States

1,158,518

55,458,256

b

Coherent

Corp.

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

United

States

494,954

34,488,395

CTS

Corp.

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

United

States

36,178

1,768,380

a,b

Knowles

Corp.

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

United

States

5,622,273

102,718,928

b

Sanmina

Corp.

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

United

States

773,581

58,273,857

252,707,816

Energy

Equipment

&

Services

2.0%

Hunting

plc

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

United

Kingdom

6,069,869

35,639,663

b

John

Wood

Group

plc

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

United

Kingdom

14,929,189

39,146,035

TechnipFMC

plc

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

United

Kingdom

391,017

11,535,002

86,320,700

Food

Products

2.0%

Glanbia

plc

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

Ireland

4,217,105

84,387,655

Ground

Transportation

0.2%

Knight-Swift

Transportation

Holdings,

Inc.

,

A

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

United

States

197,595

10,755,096

Health

Care

Equipment

&

Supplies

0.7%

b

Envista

Holdings

Corp.

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

United

States

1,201,428

20,508,376

b

Integer

Holdings

Corp.

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

United

States

80,436

9,552,579

30,060,955

Hotel

&

Resort

REITs

0.6%

Sunstone

Hotel

Investors,

Inc.

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

United

States

2,408,722

24,954,360

Hotels,

Restaurants

&

Leisure

5.9%

Boyd

Gaming

Corp.

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

United

States

442,014

26,905,392

b

Brinker

International,

Inc.

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

United

States

1,590,980

106,293,374

Dalata

Hotel

Group

plc

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

Ireland

7,871,617

35,044,138

b

Hilton

Grand

Vacations,

Inc.

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

United

States

2,011,509

86,917,304

255,160,208

Household

Durables

2.2%

Century

Communities,

Inc.

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

United

States

140,017

14,661,180

b

M/I

Homes,

Inc.

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

United

States

195,074

32,544,195

Meritage

Homes

Corp.

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

United

States

144,926

29,401,138

b

Taylor

Morrison

Home

Corp.

,

A

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

United

States

253,924

17,033,222

93,639,735

Industrial

REITs

0.2%

STAG

Industrial,

Inc.

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

United

States

218,036

8,898,049

Insurance

5.3%

CNO

Financial

Group,

Inc.

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

United

States

3,049,576

106,308,219

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

496,109

68,210,026

Horace

Mann

Educators

Corp.

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

United

States

1,530,456

52,907,864

b

TWFG,

Inc.

,

A

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

United

States

6,521

164,721

227,590,830

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)

Leisure

Products

3.5%

BRP,

Inc.

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

United

States

483,090

$

34,995,469

Brunswick

Corp.

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

United

States

103,534

8,432,844

b

Mattel,

Inc.

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

United

States

5,514,646

106,377,521

149,805,834

Machinery

5.8%

b

Atmus

Filtration

Technologies,

Inc.

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

United

States

111,736

3,445,938

b

Chart

Industries,

Inc.

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

United

States

415,291

66,895,074

Columbus

McKinnon

Corp.

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

United

States

1,000,499

38,179,042

b

Gates

Industrial

Corp.

plc

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

United

States

1,279,547

23,786,779

Mueller

Water

Products,

Inc.

,

A

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

United

States

5,526,204

114,281,899

Timken

Co.

(The)

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

United

States

25,937

2,255,222

248,843,954

Media

1.2%

Cable

One,

Inc.

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

United

States

125,108

51,717,145

Metals

&

Mining

1.3%

Commercial

Metals

Co.

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

United

States

631,443

37,949,725

Ryerson

Holding

Corp.

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

United

States

772,556

18,379,107

56,328,832

Multi-Utilities

0.4%

Black

Hills

Corp.

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

United

States

313,976

18,540,283

Office

REITs

0.9%

Highwoods

Properties,

Inc.

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

United

States

1,295,937

40,135,169

Oil,

Gas

&

Consumable

Fuels

3.2%

b

Green

Plains,

Inc.

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

United

States

926,167

16,420,941

Veren,

Inc.

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

Canada

15,586,769

121,682,565

138,103,506

Paper

&

Forest

Products

0.5%

Louisiana-Pacific

Corp.

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

United

States

233,067

22,877,857

Professional

Services

1.0%

Kforce,

Inc.

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

United

States

595,987

41,403,217

Real

Estate

Management

&

Development

0.7%

Colliers

International

Group,

Inc.

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

Canada

223,277

30,068,714

Retail

REITs

0.6%

Kite

Realty

Group

Trust

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

United

States

1,103,207

27,205,085

Semiconductors

&

Semiconductor

Equipment

1.3%

b

Cohu,

Inc.

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

United

States

1,758,911

56,267,563

Software

3.4%

b

ACI

Worldwide,

Inc.

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

United

States

3,360,914

145,292,312

Specialty

Retail

0.7%

Group

1

Automotive,

Inc.

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

United

States

88,957

32,533,354

Textiles,

Apparel

&

Luxury

Goods

0.6%

Dr.

Martens

plc

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

United

Kingdom

14,631,252

13,374,858

PVH

Corp.

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

United

States

131,523

13,414,031

26,788,889

Trading

Companies

&

Distributors

1.5%

Herc

Holdings,

Inc.

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

United

States

22,859

3,562,347

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

See

Abbreviations

on

page

18.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Trading

Companies

&

Distributors

(continued)

McGrath

RentCorp

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

United

States

547,782

$

60,162,897

63,725,244

Total

Common

Stocks

(Cost

$

3,250,446,843

)

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

4,299,127,068

Short

Term

Investments

1.0%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.0%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

..

United

States

41,713,353

41,713,353

Total

Money

Market

Funds

(Cost

$

41,713,353

)

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

41,713,353

Total

Short

Term

Investments

(Cost

$

41,713,353

)

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

41,713,353

a

Total

Investments

(Cost

$

3,292,160,196

)

100.7

%

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

$4,340,840,421

Other

Assets,

less

Liabilities

(

0.7

)

%

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

(27,885,402)

Net

Assets

100.0%

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

$4,312,955,019

a

a

a

a

See

Note

3

regarding

holdings

of

5%

voting

securities.

b

Non-income

producing.

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

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

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

July

31,

2024,

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

July

31,

2024,

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

July

31,

2024,

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

Held

at

End

of

Period

Investment

Income

Franklin

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

ACI

Worldwide,

Inc.

...

$

118,605,425

$

—

$

(

80,848,616

)

$

785,459

$

—

a

$

—

a

—

a

$

—

Camden

National

Corp

.

22,829,626

1,768,112

(

2,949,083

)

(

966,392

)

11,018,128

31,700,391

760,566

1,030,559

Children's

Place

Inc.

(The)

24,228,745

—

(

18,862,522

)

(

46,404,953

)

41,038,730

—

b

—

—

Clearfield,

Inc.

.......

25,463,434

—

(

31,570,237

)

(

14,838,998

)

20,945,801

—

b

—

—

Columbus

McKinnon

Corp.

50,856,191

8,167,693

(

30,974,808

)

(

2,359,524

)

—

a

—

a

—

a

369,224

Elementis

plc

.......

57,383,349

—

—

—

24,506,542

81,889,891

39,868,704

826,210

Horace

Mann

Educators

Corp.

...........

77,847,302

2,743,821

(

34,498,337

)

(

5,622,498

)

—

a

—

a

—

a

2,178,396

Knowles

Corp

.......

71,614,533

3,572,893

(

1,569,254

)

(

479,441

)

29,580,197

102,718,928

5,622,273

—

McGrath

RentCorp

....

135,104,593

9,354,033

(

103,904,378

)

36,749,890

—

a

—

a

—

a

1,081,305

Senior

plc

..........

53,752,095

—

—

—

5,720,324

59,472,419

28,282,051

602,748

Total

Affiliated

Securities

(Value

is

6

.4

%

of

Net

Assets)

..........

$637,685,293

$25,606,552

$(305,177,235)

$(33,136,457)

$132,809,722

$275,781,629

$6,088,442

a

As

of

July

31,

2024,

no

longer

an

affiliate.

b

As

of

July

31,

2024,

no

longer

held

by

the

fund.

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:

    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

,

5.002

%

$3,026,861

$45,353,824

$(44,676,355)

$—

$—

$3,704,330

3,704,330

$207,843

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

$—

$3,913,000

$(3,913,000)

$—

$—

$—

—

$561

Total

Affiliated

Securities

...

$3,026,861

$49,266,824

$(48,589,355)

$—

$—

$3,704,330

$208,404

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

$33,756,988

$113,655,004

$(106,798,174)

$—

$—

$40,613,818

40,613,818

$1,350,350

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

$—

$4,083,000

$(4,083,000)

$—

$—

$—

—

$—

Total

Affiliated

Securities

...

$33,756,988

$117,738,004

$(110,881,174)

$—

$—

$40,613,818

$1,350,350

Franklin

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

$76,597,843

$836,614,220

$(871,498,710)

$—

$—

$41,713,353

41,713,353

$2,443,092

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.002

%

$—

$25,106,000

$(25,106,000)

$—

$—

$—

—

$19,581

Total

Affiliated

Securities

...

$76,597,843

$861,720,220

$(896,604,710)

$—

$—

$41,713,353

$2,462,673

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

–

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

July

31,

2024,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

MicroCap

Value

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

4,147,756

$

6,048,876

$

—

$

10,196,632

Banks

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

33,642,427

—

—

33,642,427

Biotechnology

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

3,523,834

—

—

3,523,834

Building

Products

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

5,304,871

—

—

5,304,871

Capital

Markets

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

2,568,315

—

—

2,568,315

Chemicals

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

—

1,120,569

—

1,120,569

Construction

&

Engineering

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

12,679,100

—

—

12,679,100

Diversified

REITs

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

6,300,569

—

—

6,300,569

Diversified

Telecommunication

Services

.....

—

3,275,472

—

3,275,472

Electric

Utilities

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

6,256,978

—

—

6,256,978

Electrical

Equipment

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

2,630,653

—

—

2,630,653

Electronic

Equipment,

Instruments

&

Components

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

3,919,761

—

—

3,919,761

Energy

Equipment

&

Services

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

8,257,972

—

—

8,257,972

Financial

Services

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

952,472

—

—

952,472

Food

Products

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

2,430,652

—

—

2,430,652

Ground

Transportation

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

533,468

—

—

533,468

Health

Care

Providers

&

Services

..........

—

4,419,835

—

4,419,835

Hotels,

Restaurants

&

Leisure

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

5,205,083

—

—

5,205,083

Household

Durables

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

3,911,688

—

—

3,911,688

Insurance

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

11,211,038

—

—

11,211,038

Interactive

Media

&

Services

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

4,326,918

—

—

4,326,918

IT

Services

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

3,917,135

—

—

3,917,135

Leisure

Products

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

6,246,559

—

—

6,246,559

Life

Sciences

Tools

&

Services

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

3,622,482

—

—

3,622,482

Machinery

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

18,860,473

—

—

18,860,473

Media

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

2,553,862

—

—

2,553,862

Metals

&

Mining

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

1,651,608

645,612

—

2,297,220

Oil,

Gas

&

Consumable

Fuels

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

7,841,947

—

—

7,841,947

Paper

&

Forest

Products

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

977,669

—

—

977,669

Pharmaceuticals

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

5,790,446

—

—

5,790,446

Professional

Services

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

3,241,787

—

—

3,241,787

Retail

REITs

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

3,548,862

—

—

3,548,862

Semiconductors

&

Semiconductor

Equipment

.

1,067,632

—

—

1,067,632

Software

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

2,940,850

—

—

2,940,850

Specialty

Retail

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

6,434,790

—

—

6,434,790

Textiles,

Apparel

&

Luxury

Goods

..........

7,583,094

—

—

7,583,094

Trading

Companies

&

Distributors

..........

3,255,811

—

—

3,255,811

Short

Term

Investments

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

3,704,330

—

—

3,704,330

Total

Investments

in

Securities

...........

$201,042,892

$15,510,364

a

$—

$216,553,256

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

Mutual

U.S.

Mid

Cap

Value

Fund

Assets:

Common

Stocks

:

Aerospace

&

Defense

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

$

12,289,270

$

20,878,350

$

—

$

33,167,620

Automobile

Components

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

11,687,427

7,933,644

—

19,621,071

Banks

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

45,536,895

—

—

45,536,895

Building

Products

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

16,185,067

—

—

16,185,067

Chemicals

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

42,506,258

—

—

42,506,258

Commercial

Services

&

Supplies

...........

16,431,765

—

—

16,431,765

Construction

&

Engineering

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

13,754,106

—

—

13,754,106

Consumer

Finance

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

11,500,041

—

—

11,500,041

Containers

&

Packaging

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

17,184,353

—

—

17,184,353

Distributors

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

13,257,259

—

—

13,257,259

Electric

Utilities

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

67,980,039

—

—

67,980,039

Electrical

Equipment

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

15,414,997

—

—

15,414,997

Electronic

Equipment,

Instruments

&

Components

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

18,478,309

—

—

18,478,309

Energy

Equipment

&

Services

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

28,632,020

—

—

28,632,020

Financial

Services

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

42,861,374

—

—

42,861,374

Food

Products

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

14,393,566

—

—

14,393,566

Health

Care

Equipment

&

Supplies

.........

23,461,391

—

—

23,461,391

Health

Care

Providers

&

Services

..........

24,306,973

10,876,185

—

35,183,158

Household

Durables

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

16,318,751

—

—

16,318,751

Insurance

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

36,220,723

—

—

36,220,723

Interactive

Media

&

Services

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

5,213,395

—

—

5,213,395

IT

Services

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

5,248,375

—

—

5,248,375

Leisure

Products

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

10,027,328

—

—

10,027,328

Life

Sciences

Tools

&

Services

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

13,883,926

—

—

13,883,926

Machinery

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

15,346,094

—

—

15,346,094

Media

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

10,300,285

—

—

10,300,285

Oil,

Gas

&

Consumable

Fuels

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

24,072,015

—

—

24,072,015

Personal

Care

Products

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

16,885,660

—

—

16,885,660

Pharmaceuticals

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

—

8,400,561

—

8,400,561

Professional

Services

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

38,030,110

—

—

38,030,110

Real

Estate

Management

&

Development

....

27,152,965

—

—

27,152,965

Retail

REITs

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

21,410,260

—

—

21,410,260

Software

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

15,559,771

—

—

15,559,771

Specialized

REITs

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

13,443,312

—

—

13,443,312

Specialty

Retail

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

8,517,483

—

—

8,517,483

Trading

Companies

&

Distributors

..........

29,858,254

—

—

29,858,254

Short

Term

Investments

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

40,613,818

—

—

40,613,818

Total

Investments

in

Securities

...........

$783,963,635

$48,088,740

b

$—

$832,052,375

Franklin

Small

Cap

Value

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

59,472,419

240,038,599

—

299,511,018

Automobile

Components

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

21,444,821

—

—

21,444,821

Banks

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

813,203,595

—

—

813,203,595

Building

Products

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

97,703,386

—

—

97,703,386

Capital

Markets

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

68,085,621

—

—

68,085,621

Chemicals

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

184,622,819

—

—

184,622,819

Commercial

Services

&

Supplies

...........

70,588,660

—

—

70,588,660

Communications

Equipment

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

23,416,780

—

—

23,416,780

Construction

&

Engineering

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

254,154,351

—

—

254,154,351

Consumer

Finance

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

48,836,929

—

—

48,836,929

Diversified

REITs

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

45,354,129

—

—

45,354,129

5. Fair

Value

Measurements 

(continued)

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

18

Quarterly

Schedules

of

Investments

Abbreviations

Level

1

Level

2

Level

3

Total

Franklin

Small

Cap

Value

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Electric

Utilities

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

$

58,901,218

$

—

$

—

$

58,901,218

Electrical

Equipment

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

89,191,379

—

—

89,191,379

Electronic

Equipment,

Instruments

&

Components

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

252,707,816

—

—

252,707,816

Energy

Equipment

&

Services

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

50,681,037

35,639,663

—

86,320,700

Food

Products

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

84,387,655

—

—

84,387,655

Ground

Transportation

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

10,755,096

—

—

10,755,096

Health

Care

Equipment

&

Supplies

.........

30,060,955

—

—

30,060,955

Hotel

&

Resort

REITs

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

24,954,360

—

—

24,954,360

Hotels,

Restaurants

&

Leisure

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

220,116,070

35,044,138

—

255,160,208

Household

Durables

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

93,639,735

—

—

93,639,735

Industrial

REITs

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

8,898,049

—

—

8,898,049

Insurance

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

227,590,830

—

—

227,590,830

Leisure

Products

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

149,805,834

—

—

149,805,834

Machinery

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

248,843,954

—

—

248,843,954

Media

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

51,717,145

—

—

51,717,145

Metals

&

Mining

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

56,328,832

—

—

56,328,832

Multi-Utilities

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

18,540,283

—

—

18,540,283

Office

REITs

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

40,135,169

—

—

40,135,169

Oil,

Gas

&

Consumable

Fuels

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

138,103,506

—

—

138,103,506

Paper

&

Forest

Products

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

22,877,857

—

—

22,877,857

Professional

Services

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

41,403,217

—

—

41,403,217

Real

Estate

Management

&

Development

....

30,068,714

—

—

30,068,714

Retail

REITs

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

27,205,085

—

—

27,205,085

Semiconductors

&

Semiconductor

Equipment

.

56,267,563

—

—

56,267,563

Software

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

145,292,312

—

—

145,292,312

Specialty

Retail

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

32,533,354

—

—

32,533,354

Textiles,

Apparel

&

Luxury

Goods

..........

13,414,031

13,374,858

—

26,788,889

Trading

Companies

&

Distributors

..........

63,725,244

—

—

63,725,244

Short

Term

Investments

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

41,713,353

—

—

41,713,353

Total

Investments

in

Securities

...........

$4,016,743,163

$324,097,258

c

$—

$4,340,840,421

a

Includes

foreign

securities

valued

at

$15,510,364,

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.

b

Includes

foreign

securities

valued

at

$48,088,740,

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

$324,097,258,

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)

Selected

Portfolio

REIT

Real

Estate

Investment

Trust

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.