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Schedules
of
Investments
(unaudited)
Franklin
Mutual
Small-Mid
Cap
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,
2026
Franklin
Mutual
Small-Mid
Cap
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
97.6%
Aerospace
&
Defense
3.1%
Babcock
International
Group
plc
........................
United
Kingdom
90,122
$
1,776,885
Melrose
Industries
plc
................................
United
Kingdom
32,857
282,502
QinetiQ
Group
plc
...................................
United
Kingdom
686,082
4,726,702
6,786,089
Banks
10.2%
Atlantic
Union
Bankshares
Corp.
........................
United
States
93,372
3,626,569
Citizens
Financial
Group,
Inc.
..........................
United
States
84,700
5,334,406
Columbia
Banking
System,
Inc.
.........................
United
States
151,198
4,451,269
First
Business
Financial
Services,
Inc.
....................
United
States
12,246
701,941
First
Interstate
BancSystem,
Inc.
,
A
......................
United
States
69,511
2,465,555
Southern
Missouri
Bancorp,
Inc.
........................
United
States
18,441
1,153,853
SouthState
Bank
Corp.
...............................
United
States
44,330
4,536,289
22,269,882
Building
Products
2.4%
Fortune
Brands
Innovations,
Inc.
........................
United
States
3,741
202,388
Johnson
Controls
International
plc
.......................
United
States
14,264
1,701,125
a
Resideo
Technologies,
Inc.
............................
United
States
31,030
1,063,088
UFP
Industries,
Inc.
..................................
United
States
21,061
2,175,180
5,141,781
Capital
Markets
2.3%
Raymond
James
Financial,
Inc.
.........................
United
States
18,999
3,151,174
Victory
Capital
Holdings,
Inc.
,
A
.........................
United
States
25,654
1,809,377
4,960,551
Chemicals
3.5%
Ashland,
Inc.
.......................................
United
States
54,108
3,309,245
Avient
Corp.
.......................................
United
States
121,652
4,397,720
7,706,965
Commercial
Services
&
Supplies
2.5%
Brady
Corp.
,
A
.....................................
United
States
32,461
2,806,903
MSA
Safety,
Inc.
....................................
United
States
14,603
2,586,921
5,393,824
Construction
&
Engineering
2.4%
Valmont
Industries,
Inc.
...............................
United
States
11,591
5,164,486
Construction
Materials
1.7%
a
Amrize
Ltd.
........................................
United
States
70,310
3,699,712
Consumer
Finance
1.5%
Bread
Financial
Holdings,
Inc.
..........................
United
States
46,577
3,378,696
Consumer
Staples
Distribution
&
Retail
1.9%
Dollar
General
Corp.
.................................
United
States
28,617
4,104,536
Containers
&
Packaging
0.4%
International
Paper
Co.
...............................
United
States
23,957
965,946
Electric
Utilities
1.0%
IDACORP,
Inc.
.....................................
United
States
8,480
1,126,059
PPL
Corp.
.........................................
United
States
27,329
990,677
2,116,736
Electrical
Equipment
4.0%
a
Generac
Holdings,
Inc.
...............................
United
States
10,131
1,702,413
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Small-Mid
Cap
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)
Electrical
Equipment
(continued)
Regal
Rexnord
Corp.
................................
United
States
42,832
$
6,917,368
8,619,781
Electronic
Equipment,
Instruments
&
Components
2.6%
a
Flex
Ltd.
..........................................
United
States
14,732
928,705
Vontier
Corp.
.......................................
United
States
124,442
4,666,575
5,595,280
Energy
Equipment
&
Services
3.1%
Baker
Hughes
Co.
,
A
.................................
United
States
90,892
5,093,588
Liberty
Energy,
Inc.
,
A
................................
United
States
69,660
1,717,119
6,810,707
Financial
Services
2.6%
Apollo
Global
Management,
Inc.
........................
United
States
18,792
2,528,276
a
Corpay,
Inc.
.......................................
United
States
10,134
3,188,460
5,716,736
Ground
Transportation
0.7%
Knight-Swift
Transportation
Holdings,
Inc.
,
A
...............
United
States
23,234
1,280,193
a
RXO,
Inc.
.........................................
United
States
15,634
227,944
1,508,137
Health
Care
Equipment
&
Supplies
4.5%
a
Cooper
Cos.,
Inc.
(The)
...............................
United
States
63,770
5,189,603
a
Envista
Holdings
Corp.
...............................
United
States
193,865
4,550,011
9,739,614
Health
Care
Providers
&
Services
1.5%
a
Henry
Schein,
Inc.
...................................
United
States
42,620
3,216,958
Hotels,
Restaurants
&
Leisure
1.8%
Boyd
Gaming
Corp.
.................................
United
States
13,062
1,104,262
a
Hilton
Grand
Vacations,
Inc.
...........................
United
States
41,514
1,872,697
Wyndham
Hotels
&
Resorts,
Inc.
........................
United
States
13,874
1,009,888
3,986,847
Household
Durables
1.8%
Meritage
Homes
Corp.
...............................
United
States
15,404
1,070,732
a
Mohawk
Industries,
Inc.
...............................
United
States
24,027
2,844,316
3,915,048
Industrial
REITs
0.3%
STAG
Industrial,
Inc.
.................................
United
States
19,922
747,274
Insurance
2.4%
CNO
Financial
Group,
Inc.
............................
United
States
70,719
2,973,734
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
4,857
845,798
Selective
Insurance
Group,
Inc.
.........................
United
States
17,289
1,453,659
5,273,191
Leisure
Products
2.0%
a
Mattel,
Inc.
........................................
United
States
205,062
4,283,745
Life
Sciences
Tools
&
Services
1.5%
Bruker
Corp.
.......................................
United
States
74,698
3,308,374
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Small-Mid
Cap
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
7.9%
CNH
Industrial
NV
...................................
United
States
178,421
$
1,919,810
Dover
Corp.
.......................................
United
States
15,808
3,185,154
a
Gates
Industrial
Corp.
plc
.............................
United
States
192,348
4,427,851
Lincoln
Electric
Holdings,
Inc.
..........................
United
States
17,564
4,660,607
a
Middleby
Corp.
(The)
................................
United
States
3,707
545,559
Mueller
Water
Products,
Inc.
,
A
.........................
United
States
44,951
1,216,824
Oshkosh
Corp.
.....................................
United
States
9,666
1,390,164
17,345,969
Metals
&
Mining
4.7%
Commercial
Metals
Co.
...............................
United
States
58,262
4,478,600
Steel
Dynamics,
Inc.
.................................
United
States
32,250
5,791,132
10,269,732
Oil,
Gas
&
Consumable
Fuels
3.1%
Expand
Energy
Corp.
................................
United
States
33,612
3,778,325
Whitecap
Resources,
Inc.
.............................
Canada
333,292
3,040,052
6,818,377
Personal
Care
Products
1.7%
Estee
Lauder
Cos.,
Inc.
(The)
,
A
........................
United
States
32,543
3,751,557
Residential
REITs
0.9%
Independence
Realty
Trust,
Inc.
........................
United
States
111,406
1,860,480
Retail
REITs
0.8%
Brixmor
Property
Group,
Inc.
...........................
United
States
66,020
1,768,676
Semiconductors
&
Semiconductor
Equipment
6.0%
Melexis
NV
........................................
Belgium
7,364
556,703
MKS,
Inc.
.........................................
United
States
31,778
7,480,859
a
Onto
Innovation,
Inc.
.................................
United
States
25,047
5,060,746
13,098,308
Software
4.3%
a
ACI
Worldwide,
Inc.
..................................
United
States
141,657
6,142,248
Gen
Digital,
Inc.
....................................
United
States
137,186
3,291,092
9,433,340
Specialized
REITs
0.3%
SBA
Communications
Corp.
,
A
.........................
United
States
3,976
732,021
Specialty
Retail
2.9%
Dick's
Sporting
Goods,
Inc.
............................
United
States
5,386
1,087,972
Gap,
Inc.
(The)
.....................................
United
States
155,885
4,361,662
Group
1
Automotive,
Inc.
..............................
United
States
2,410
853,767
6,303,401
Textiles,
Apparel
&
Luxury
Goods
0.1%
a
Crocs,
Inc.
........................................
United
States
3,735
313,441
Trading
Companies
&
Distributors
3.2%
Ferguson
Enterprises,
Inc.
............................
United
States
16,176
4,083,793
McGrath
RentCorp
..................................
United
States
991
110,685
United
Rentals,
Inc.
..................................
United
States
3,521
2,753,633
6,948,111
Total
Common
Stocks
(Cost
$
179,207,211
)
...................................
213,054,309
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Small-Mid
Cap
Value
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
17.
Short
Term
Investments
2.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.4%
b,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
5,236,119
$
5,236,119
Total
Money
Market
Funds
(Cost
$
5,236,119
)
.................................
5,236,119
Total
Short
Term
Investments
(Cost
$
5,236,119
)
...............................
5,236,119
a
Total
Investments
(Cost
$
184,443,330
)
100.0
%
................................
$218,290,428
Other
Assets,
less
Liabilities
(0.0)
%
†
.........................................
(67,808)
Net
Assets
100.0%
.........................................................
$218,222,620
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
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,
2026
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
93.8%
Automobile
Components
0.6%
a
Aptiv
plc
..........................................
United
States
63,896
$
4,840,122
Banks
5.8%
Citizens
Financial
Group,
Inc.
..........................
United
States
333,800
21,022,724
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
102,318
22,847,609
43,870,333
Building
Products
1.9%
Johnson
Controls
International
plc
.......................
United
States
123,571
14,737,077
Capital
Markets
1.6%
Raymond
James
Financial,
Inc.
.........................
United
States
74,750
12,398,035
Chemicals
1.8%
PPG
Industries,
Inc.
.................................
United
States
119,069
13,767,948
Construction
&
Engineering
2.7%
AECOM
..........................................
United
States
74,554
7,189,242
Valmont
Industries,
Inc.
...............................
United
States
29,010
12,925,696
20,114,938
Consumer
Finance
1.3%
Capital
One
Financial
Corp.
...........................
United
States
45,173
9,889,725
Consumer
Staples
Distribution
&
Retail
3.4%
Dollar
General
Corp.
.................................
United
States
129,894
18,630,697
Kroger
Co.
(The)
....................................
United
States
60,844
3,824,045
a
US
Foods
Holding
Corp.
..............................
United
States
43,439
3,632,369
26,087,111
Containers
&
Packaging
1.5%
International
Paper
Co.
...............................
United
States
289,107
11,656,794
Electric
Utilities
8.0%
Entergy
Corp.
......................................
United
States
208,125
19,957,107
Evergy,
Inc.
........................................
United
States
274,766
21,082,795
PPL
Corp.
.........................................
United
States
533,153
19,326,796
60,366,698
Electronic
Equipment,
Instruments
&
Components
1.9%
a
Flex
Ltd.
..........................................
United
States
234,018
14,752,495
Energy
Equipment
&
Services
3.3%
Baker
Hughes
Co.
,
A
.................................
United
States
120,227
6,737,521
SLB
Ltd.
..........................................
United
States
385,350
18,643,233
25,380,754
Financial
Services
3.2%
Apollo
Global
Management,
Inc.
........................
United
States
76,930
10,350,162
a
Fiserv,
Inc.
........................................
United
States
72,265
4,605,449
Voya
Financial,
Inc.
..................................
United
States
117,603
9,015,446
23,971,057
Health
Care
Equipment
&
Supplies
4.7%
a
Cooper
Cos.,
Inc.
(The)
...............................
United
States
111,703
9,090,390
a
Envista
Holdings
Corp.
...............................
United
States
548,061
12,862,991
Zimmer
Biomet
Holdings,
Inc.
..........................
United
States
155,839
13,568,902
35,522,283
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)
Health
Care
Providers
&
Services
1.0%
Cencora,
Inc.
......................................
United
States
21,967
$
7,890,986
Hotels,
Restaurants
&
Leisure
1.3%
Boyd
Gaming
Corp.
.................................
United
States
115,128
9,732,921
Household
Durables
0.5%
DR
Horton,
Inc.
.....................................
United
States
23,470
3,493,275
Household
Products
1.1%
Colgate-Palmolive
Co.
...............................
United
States
92,410
8,343,699
Industrial
REITs
1.5%
EastGroup
Properties,
Inc.
............................
United
States
61,173
11,111,464
Insurance
4.3%
Everest
Group
Ltd.
..................................
United
States
28,917
9,579,624
Hartford
Insurance
Group,
Inc.
(The)
.....................
United
States
173,425
23,422,780
33,002,404
IT
Services
1.5%
Amdocs
Ltd.
.......................................
United
States
143,062
11,722,500
Life
Sciences
Tools
&
Services
1.3%
a
Bio-Rad
Laboratories,
Inc.
,
A
...........................
United
States
34,514
10,136,762
Machinery
6.2%
CNH
Industrial
NV
...................................
United
States
984,578
10,594,059
Dover
Corp.
.......................................
United
States
122,613
24,705,294
a
Gates
Industrial
Corp.
plc
.............................
United
States
521,097
11,995,653
47,295,006
Metals
&
Mining
2.6%
Reliance,
Inc.
......................................
United
States
60,420
19,908,390
Oil,
Gas
&
Consumable
Fuels
3.4%
EOG
Resources,
Inc.
................................
United
States
149,016
16,709,164
Williams
Cos.,
Inc.
(The)
..............................
United
States
135,904
9,140,903
25,850,067
Personal
Care
Products
2.1%
Estee
Lauder
Cos.,
Inc.
(The)
,
A
........................
United
States
139,482
16,079,485
Pharmaceuticals
1.8%
Haleon
plc
,
ADR
....................................
United
States
1,264,826
13,242,728
Professional
Services
3.5%
KBR,
Inc.
.........................................
United
States
284,719
12,188,821
SS&C
Technologies
Holdings,
Inc.
.......................
United
States
175,961
14,409,446
26,598,267
Real
Estate
Management
&
Development
1.5%
a
CBRE
Group,
Inc.
,
A
.................................
United
States
67,763
11,542,072
Retail
REITs
3.1%
Brixmor
Property
Group,
Inc.
...........................
United
States
872,045
23,362,085
Semiconductors
&
Semiconductor
Equipment
2.3%
NXP
Semiconductors
NV
.............................
Netherlands
76,841
17,376,824
Software
1.1%
Gen
Digital,
Inc.
....................................
United
States
330,789
7,935,628
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
17.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialized
REITs
1.4%
Lamar
Advertising
Co.
,
A
..............................
United
States
29,852
$
3,830,310
SBA
Communications
Corp.
,
A
.........................
United
States
35,641
6,561,865
10,392,175
Specialty
Retail
5.0%
Dick's
Sporting
Goods,
Inc.
............................
United
States
48,720
9,841,440
Gap,
Inc.
(The)
.....................................
United
States
478,897
13,399,538
a
Ulta
Beauty,
Inc.
....................................
United
States
22,706
14,698,956
37,939,934
Trading
Companies
&
Distributors
5.6%
AerCap
Holdings
NV
.................................
Ireland
107,606
15,458,678
Ferguson
Enterprises,
Inc.
............................
United
States
65,245
16,471,753
United
Rentals,
Inc.
..................................
United
States
13,222
10,340,397
42,270,828
Total
Common
Stocks
(Cost
$
519,010,475
)
...................................
712,582,870
Short
Term
Investments
5.9%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
5.9%
b,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
45,210,065
45,210,065
Total
Money
Market
Funds
(Cost
$
45,210,065
)
................................
45,210,065
Total
Short
Term
Investments
(Cost
$
45,210,065
)
..............................
45,210,065
a
Total
Investments
(Cost
$
564,220,540
)
99.7
%
.................................
$757,792,935
Other
Assets,
less
Liabilities
0.3
%
...........................................
2,231,885
Net
Assets
100.0%
.........................................................
$760,024,820
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),
January
31,
2026
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
97.5%
Aerospace
&
Defense
5.9%
Babcock
International
Group
plc
........................
United
Kingdom
2,591,564
$
51,096,409
Melrose
Industries
plc
................................
United
Kingdom
1,069,159
9,192,559
QinetiQ
Group
plc
...................................
United
Kingdom
12,096,813
83,339,938
a
Senior
plc
.........................................
United
Kingdom
27,907,624
93,385,777
237,014,683
Banks
18.7%
Atlantic
Union
Bankshares
Corp.
........................
United
States
1,908,651
74,132,005
a
Camden
National
Corp.
...............................
United
States
978,520
46,548,196
Central
BanCo,
Inc.
,
A
................................
United
States
597,491
14,399,533
Columbia
Banking
System,
Inc.
.........................
United
States
3,468,940
102,125,594
First
Bancorp
......................................
United
States
1,053,957
61,055,729
First
Commonwealth
Financial
Corp.
.....................
United
States
2,414,952
43,541,585
First
Interstate
BancSystem,
Inc.
,
A
......................
United
States
1,180,135
41,859,388
German
American
Bancorp,
Inc.
........................
United
States
1,151,789
48,455,763
Peoples
Bancorp,
Inc.
................................
United
States
310,040
10,082,501
Seacoast
Banking
Corp.
of
Florida
......................
United
States
1,269,513
42,452,515
SouthState
Bank
Corp.
...............................
United
States
979,983
100,281,660
TriCo
Bancshares
...................................
United
States
1,028,817
51,255,663
Washington
Trust
Bancorp,
Inc.
.........................
United
States
402,827
13,845,164
WSFS
Financial
Corp.
................................
United
States
1,511,067
97,811,367
747,846,663
Building
Products
1.9%
b
American
Woodmark
Corp.
............................
United
States
247,036
14,671,468
Fortune
Brands
Innovations,
Inc.
........................
United
States
68,730
3,718,293
b
Resideo
Technologies,
Inc.
............................
United
States
566,657
19,413,669
UFP
Industries,
Inc.
..................................
United
States
387,250
39,995,180
77,798,610
Capital
Markets
0.8%
Victory
Capital
Holdings,
Inc.
,
A
.........................
United
States
467,039
32,940,261
Chemicals
5.8%
Ashland,
Inc.
.......................................
United
States
997,048
60,979,456
Avient
Corp.
.......................................
United
States
2,294,986
82,963,744
a
Elementis
plc
......................................
United
Kingdom
39,868,704
88,159,815
232,103,015
Commercial
Services
&
Supplies
2.8%
Brady
Corp.
,
A
.....................................
United
States
763,404
66,011,544
MSA
Safety,
Inc.
....................................
United
States
269,002
47,653,704
113,665,248
Construction
&
Engineering
2.3%
Valmont
Industries,
Inc.
...............................
United
States
204,439
91,089,841
Consumer
Finance
1.5%
Bread
Financial
Holdings,
Inc.
..........................
United
States
849,225
61,602,781
Electric
Utilities
0.4%
IDACORP,
Inc.
.....................................
United
States
132,852
17,641,417
Electrical
Equipment
4.6%
EnerSys
..........................................
United
States
165,197
29,766,847
Regal
Rexnord
Corp.
................................
United
States
729,095
117,748,843
b
Rosebank
Industries
plc
..............................
Jersey
7,285,678
34,793,058
182,308,748
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)
Electronic
Equipment,
Instruments
&
Components
5.5%
Benchmark
Electronics,
Inc.
...........................
United
States
1,728,883
$
90,143,960
Oxford
Instruments
plc
...............................
United
Kingdom
846,459
29,130,042
Vontier
Corp.
.......................................
United
States
2,643,665
99,137,437
218,411,439
Energy
Equipment
&
Services
3.4%
a
Hunting
plc
........................................
United
Kingdom
7,806,253
47,493,612
Liberty
Energy,
Inc.
,
A
................................
United
States
1,173,250
28,920,613
Select
Water
Solutions,
Inc.
,
A
..........................
United
States
4,641,526
56,116,049
TechnipFMC
plc
....................................
United
Kingdom
40,256
2,243,064
134,773,338
Ground
Transportation
0.7%
Knight-Swift
Transportation
Holdings,
Inc.
,
A
...............
United
States
423,281
23,322,783
b
RXO,
Inc.
.........................................
United
States
286,499
4,177,156
27,499,939
Health
Care
Equipment
&
Supplies
2.6%
b
Envista
Holdings
Corp.
...............................
United
States
4,464,269
104,776,393
Hotels,
Restaurants
&
Leisure
2.9%
Boyd
Gaming
Corp.
.................................
United
States
535,035
45,231,859
b
Hilton
Grand
Vacations,
Inc.
...........................
United
States
1,124,869
50,742,841
c
Wyndham
Hotels
&
Resorts,
Inc.
........................
United
States
281,141
20,464,253
116,438,953
Household
Durables
2.0%
Century
Communities,
Inc.
............................
United
States
217,534
13,700,291
La-Z-Boy,
Inc.
......................................
United
States
959,965
34,952,326
b
M/I
Homes,
Inc.
.....................................
United
States
75,471
10,090,473
Meritage
Homes
Corp.
...............................
United
States
218,213
15,167,985
b
Taylor
Morrison
Home
Corp.
,
A
.........................
United
States
91,737
5,591,370
79,502,445
Industrial
REITs
0.4%
STAG
Industrial,
Inc.
.................................
United
States
399,200
14,973,992
Insurance
5.4%
CNO
Financial
Group,
Inc.
............................
United
States
2,333,177
98,110,093
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
77,127
13,430,895
Horace
Mann
Educators
Corp.
.........................
United
States
1,765,222
79,099,598
Selective
Insurance
Group,
Inc.
.........................
United
States
327,226
27,513,162
b
TWFG,
Inc.
,
A
......................................
United
States
6,521
162,960
218,316,708
Leisure
Products
3.5%
BRP,
Inc.
..........................................
United
States
65,159
4,917,850
Brunswick
Corp.
....................................
United
States
553,107
44,370,244
b
Mattel,
Inc.
........................................
United
States
4,270,227
89,205,042
138,493,136
Life
Sciences
Tools
&
Services
1.6%
Bruker
Corp.
.......................................
United
States
1,404,858
62,221,161
Machinery
4.6%
b
Gates
Industrial
Corp.
plc
.............................
United
States
4,033,247
92,845,346
b
Middleby
Corp.
(The)
................................
United
States
67,934
9,997,847
Mueller
Water
Products,
Inc.
,
A
.........................
United
States
2,132,974
57,739,606
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
(continued)
Oshkosh
Corp.
.....................................
United
States
175,293
$
25,210,639
185,793,438
Metals
&
Mining
3.4%
Commercial
Metals
Co.
...............................
United
States
1,097,847
84,391,499
a
Ryerson
Holding
Corp.
...............................
United
States
1,777,173
50,151,822
134,543,321
Multi-Utilities
0.4%
Black
Hills
Corp.
....................................
United
States
195,645
14,278,172
Oil,
Gas
&
Consumable
Fuels
1.5%
Whitecap
Resources,
Inc.
.............................
Canada
6,672,464
60,861,457
Paper
&
Forest
Products
0.6%
Louisiana-Pacific
Corp.
...............................
United
States
298,581
25,003,173
Residential
REITs
0.9%
Independence
Realty
Trust,
Inc.
........................
United
States
2,060,156
34,404,605
Retail
REITs
0.6%
Kite
Realty
Group
Trust
...............................
United
States
966,666
22,706,984
Semiconductors
&
Semiconductor
Equipment
6.1%
b
Cohu,
Inc.
.........................................
United
States
152,703
4,358,143
Melexis
NV
........................................
Belgium
134,369
10,158,005
MKS,
Inc.
.........................................
United
States
580,587
136,675,986
b
Onto
Innovation,
Inc.
.................................
United
States
461,638
93,273,958
244,466,092
Software
2.8%
b
ACI
Worldwide,
Inc.
..................................
United
States
2,631,496
114,101,667
Specialty
Retail
2.9%
Gap,
Inc.
(The)
.....................................
United
States
3,164,500
88,542,710
Group
1
Automotive,
Inc.
..............................
United
States
44,694
15,833,297
Signet
Jewelers
Ltd.
.................................
United
States
139,694
12,889,565
117,265,572
Textiles,
Apparel
&
Luxury
Goods
1.0%
b
Crocs,
Inc.
........................................
United
States
163,243
13,699,352
Dr.
Martens
plc
.....................................
United
Kingdom
28,142,109
25,935,310
39,634,662
Trading
Companies
&
Distributors
0.0%
†
McGrath
RentCorp
..................................
United
States
18,135
2,025,498
Total
Common
Stocks
(Cost
$
2,910,308,797
)
..................................
3,904,503,412
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
17.
Short
Term
Investments
2.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.6%
d,e
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.603
%
.........................................
United
States
102,165,185
$
102,165,185
Total
Money
Market
Funds
(Cost
$
102,165,185
)
...............................
102,165,185
Total
Short
Term
Investments
(Cost
$
102,165,185
)
.............................
102,165,185
a
Total
Investments
(Cost
$
3,012,473,982
)
100.1
%
..............................
$4,006,668,597
Other
Assets,
less
Liabilities
(
0.1
)
%
.........................................
(775,438)
Net
Assets
100.0%
.........................................................
$4,005,893,159
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
holdings
of
5%
voting
securities.
b
Non-income
producing.
c
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2026.
d
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
e
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
January
31,
2026,
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,
2026,
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,
2026,
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
Camden
National
Corp
..
$
37,330,538
$
—
$
—
$
—
$
9,217,658
$
46,548,196
978,520
$
410,978
Elementis
plc
........
86,179,132
—
—
—
1,980,683
88,159,815
39,868,704
—
Horace
Mann
Educators
Corp.
............
98,036,198
—
(19,203,210)
1,916,175
—
a
—
a
—
a
—
Hunting
plc
..........
27,337,342
8,588,815
—
—
11,567,455
47,493,612
7,806,253
—
Ryerson
Holding
Corp
..
39,204,437
—
—
—
10,947,385
50,151,822
1,777,173
333,220
Senior
plc
...........
70,815,772
—
(1,295,990)
450,847
23,415,148
93,385,777
27,907,624
—
Total
Affiliated
Securities
(Value
at
End
of
Period
is
8.1%
of
Net
Assets)
.
$358,903,419
$8,588,815
$(20,499,200)
$2,367,022
$57,128,329
$325,739,222
$744,198
a
As
of
January
31,
2026,
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)
    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
Mutual
Small-Mid
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$4,879,040
$19,735,517
$(19,378,438)
$—
$—
$5,236,119
5,236,119
$32,623
Total
Affiliated
Securities
...
$4,879,040
$19,735,517
$(19,378,438)
$—
$—
$5,236,119
$32,623
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$53,895,829
$35,718,967
$(44,404,731)
$—
$—
$45,210,065
45,210,065
$324,922
Total
Affiliated
Securities
...
$53,895,829
$35,718,967
$(44,404,731)
$—
$—
$45,210,065
$324,922
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$44,488,005
$282,545,597
$(224,868,417)
$—
$—
$102,165,185
102,165,185
$575,760
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund,
3.603%
............
$609,000
$2,497,000
$(3,106,000)
$—
$—
$—
—
$1,407
Total
Affiliated
Securities
...
$45,097,005
$285,042,597
$(227,974,417)
$—
$—
$102,165,185
$577,167
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Value
Investors
Trust
Notes
to
Schedules
of
Investments
(unaudited)
16
Quarterly
Schedules
of
Investments
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
January
31,
2026,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Small-Mid
Cap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
6,786,089
$
—
$
6,786,089
Banks
...............................
22,269,882
—
—
22,269,882
Building
Products
......................
5,141,781
—
—
5,141,781
Capital
Markets
........................
4,960,551
—
—
4,960,551
Chemicals
...........................
7,706,965
—
—
7,706,965
Commercial
Services
&
Supplies
...........
5,393,824
—
—
5,393,824
Construction
&
Engineering
...............
5,164,486
—
—
5,164,486
Construction
Materials
..................
3,699,712
—
—
3,699,712
Consumer
Finance
.....................
3,378,696
—
—
3,378,696
Consumer
Staples
Distribution
&
Retail
......
4,104,536
—
—
4,104,536
Containers
&
Packaging
.................
965,946
—
—
965,946
Electric
Utilities
........................
2,116,736
—
—
2,116,736
Electrical
Equipment
....................
8,619,781
—
—
8,619,781
Electronic
Equipment,
Instruments
&
Components
........................
5,595,280
—
—
5,595,280
Energy
Equipment
&
Services
.............
6,810,707
—
—
6,810,707
Financial
Services
......................
5,716,736
—
—
5,716,736
Ground
Transportation
..................
1,508,137
—
—
1,508,137
Health
Care
Equipment
&
Supplies
.........
9,739,614
—
—
9,739,614
Health
Care
Providers
&
Services
..........
3,216,958
—
—
3,216,958
Hotels,
Restaurants
&
Leisure
.............
3,986,847
—
—
3,986,847
Household
Durables
....................
3,915,048
—
—
3,915,048
Industrial
REITs
.......................
747,274
—
—
747,274
Insurance
............................
5,273,191
—
—
5,273,191
Leisure
Products
.......................
4,283,745
—
—
4,283,745
Life
Sciences
Tools
&
Services
............
3,308,374
—
—
3,308,374
Machinery
............................
17,345,969
—
—
17,345,969
Metals
&
Mining
.......................
10,269,732
—
—
10,269,732
Oil,
Gas
&
Consumable
Fuels
.............
6,818,377
—
—
6,818,377
Personal
Care
Products
.................
3,751,557
—
—
3,751,557
Residential
REITs
......................
1,860,480
—
—
1,860,480
Retail
REITs
..........................
1,768,676
—
—
1,768,676
Semiconductors
&
Semiconductor
Equipment
.
12,541,605
556,703
—
13,098,308
Software
.............................
9,433,340
—
—
9,433,340
Specialized
REITs
......................
732,021
—
—
732,021
Specialty
Retail
........................
6,303,401
—
—
6,303,401
Textiles,
Apparel
&
Luxury
Goods
..........
313,441
—
—
313,441
Trading
Companies
&
Distributors
..........
6,948,111
—
—
6,948,111
Short
Term
Investments
...................
5,236,119
—
—
5,236,119
Total
Investments
in
Securities
...........
$210,947,636
$7,342,792
b
$—
$218,290,428
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
712,582,870
—
—
712,582,870
Short
Term
Investments
...................
45,210,065
—
—
45,210,065
Total
Investments
in
Securities
...........
$757,792,935
$—
$—
$757,792,935
5. Fair
Value
Measurements
(continued)
Franklin
Value
Investors
Trust
Notes
to
Schedules
of
Investments
(unaudited)
17
Quarterly
Schedules
of
Investments
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
237,014,683
$
—
$
237,014,683
Banks
...............................
747,846,663
—
—
747,846,663
Building
Products
......................
77,798,610
—
—
77,798,610
Capital
Markets
........................
32,940,261
—
—
32,940,261
Chemicals
...........................
232,103,015
—
—
232,103,015
Commercial
Services
&
Supplies
...........
113,665,248
—
—
113,665,248
Construction
&
Engineering
...............
91,089,841
—
—
91,089,841
Consumer
Finance
.....................
61,602,781
—
—
61,602,781
Electric
Utilities
........................
17,641,417
—
—
17,641,417
Electrical
Equipment
....................
182,308,748
—
—
182,308,748
Electronic
Equipment,
Instruments
&
Components
........................
218,411,439
—
—
218,411,439
Energy
Equipment
&
Services
.............
87,279,726
47,493,612
—
134,773,338
Ground
Transportation
..................
27,499,939
—
—
27,499,939
Health
Care
Equipment
&
Supplies
.........
104,776,393
—
—
104,776,393
Hotels,
Restaurants
&
Leisure
.............
116,438,953
—
—
116,438,953
Household
Durables
....................
79,502,445
—
—
79,502,445
Industrial
REITs
.......................
14,973,992
—
—
14,973,992
Insurance
............................
218,316,708
—
—
218,316,708
Leisure
Products
.......................
138,493,136
—
—
138,493,136
Life
Sciences
Tools
&
Services
............
62,221,161
—
—
62,221,161
Machinery
............................
185,793,438
—
—
185,793,438
Metals
&
Mining
.......................
134,543,321
—
—
134,543,321
Multi-Utilities
..........................
14,278,172
—
—
14,278,172
Oil,
Gas
&
Consumable
Fuels
.............
60,861,457
—
—
60,861,457
Paper
&
Forest
Products
.................
25,003,173
—
—
25,003,173
Residential
REITs
......................
34,404,605
—
—
34,404,605
Retail
REITs
..........................
22,706,984
—
—
22,706,984
Semiconductors
&
Semiconductor
Equipment
.
234,308,087
10,158,005
—
244,466,092
Software
.............................
114,101,667
—
—
114,101,667
Specialty
Retail
........................
117,265,572
—
—
117,265,572
Textiles,
Apparel
&
Luxury
Goods
..........
39,634,662
—
—
39,634,662
Trading
Companies
&
Distributors
..........
2,025,498
—
—
2,025,498
Short
Term
Investments
...................
102,165,185
—
—
102,165,185
Total
Investments
in
Securities
...........
$3,712,002,297
$294,666,300
c
$—
$4,006,668,597
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$7,342,792,
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
$294,666,300,
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
ADR
American
Depositary
Receipt
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.