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        <name>American Woodmark Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ashland, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hunting plc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Atlantic Union Bankshares Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Avient Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Oxford Instruments plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Benchmark Electronics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Black Hills Corp.</name>
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        <title>Black Hills Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Babcock International Group plc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Boyd Gaming Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Brady Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bruker Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Brunswick Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CNO Financial Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Camden National Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Central BanCo, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Century Communities, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cohu, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Columbia Banking System, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Commercial Metals Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Crocs, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Element Solutions, Inc.</name>
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        <title>Element Solutions, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>EnerSys</name>
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        <title>EnerSys</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Commonwealth Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>First Interstate BancSystem, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fortune Brands Innovations, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Hilton Grand Vacations, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Horace Mann Educators Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kite Realty Group Trust</name>
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        <name>Knight-Swift Transportation Holdings, Inc.</name>
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        <name>Louisiana-Pacific Corp.</name>
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        <name>MSA Safety, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Meritage Homes Corp.</name>
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        <title>Meritage Homes Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Oceaneering International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Onto Innovation, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Oshkosh Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Patterson-UTI Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Peoples Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Melexis NV</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Regal Rexnord Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Resideo Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ryerson Holding Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Seacoast Banking Corp. of Florida</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Select Water Solutions, Inc.</name>
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        <name>Selective Insurance Group, Inc.</name>
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        <name>SOUTHSTATE BANK Corp.</name>
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        <name>STAG Industrial, Inc.</name>
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        <name>Synaptics, Inc.</name>
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        <name>TWFG, Inc.</name>
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        <name>Taylor Morrison Home Corp.</name>
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        <name>TriCo Bancshares</name>
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        <name>UFP Industries, Inc.</name>
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        <name>Valmont Industries, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Victory Capital Holdings, Inc.</name>
        <lei>549300BN5LH2CIPPHS71</lei>
        <title>Victory Capital Holdings, Inc., Class A</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Vontier Corp.</name>
        <lei>549300VVSQLG4P5K4639</lei>
        <title>Vontier Corp.</title>
        <cusip>928881101</cusip>
        <identifiers>
          <isin value="US9288811014"/>
          <other otherDesc="Inhouse Asset ID" value="1109941"/>
        </identifiers>
        <balance>2223144.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79766406.72000000</valUSD>
        <pctVal>1.950822981240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WSFS Financial Corp.</name>
        <lei>549300SU7VQHD6QRG886</lei>
        <title>WSFS Financial Corp.</title>
        <cusip>929328102</cusip>
        <identifiers>
          <isin value="US9293281021"/>
          <other otherDesc="Inhouse Asset ID" value="4170"/>
        </identifiers>
        <balance>1395184.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100411392.48000000</valUSD>
        <pctVal>2.455731179115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Washington Trust Bancorp, Inc.</name>
        <lei>J66MZFCNJPP3PERHZW54</lei>
        <title>Washington Trust Bancorp, Inc.</title>
        <cusip>940610108</cusip>
        <identifiers>
          <isin value="US9406101082"/>
          <other otherDesc="Inhouse Asset ID" value="285590"/>
        </identifiers>
        <balance>516333.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16228346.19000000</valUSD>
        <pctVal>0.396891774329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wyndham Hotels &amp; Resorts, Inc.</name>
        <lei>549300FE3MQ4RVXXC673</lei>
        <title>Wyndham Hotels &amp; Resorts, Inc.</title>
        <cusip>98311A105</cusip>
        <identifiers>
          <isin value="US98311A1051"/>
          <other otherDesc="Inhouse Asset ID" value="876056"/>
        </identifiers>
        <balance>205874.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16754026.12000000</valUSD>
        <pctVal>0.409748170027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QinetiQ Group plc</name>
        <lei>213800S8OBDOZMCMUW34</lei>
        <title>QinetiQ Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0WMWD03"/>
          <other otherDesc="Inhouse Asset ID" value="357750"/>
        </identifiers>
        <balance>9676659.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488884"/>
        <valUSD>58640591.09000000</valUSD>
        <pctVal>1.434155272074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Whitecap Resources, Inc.</name>
        <lei>894500UA4G4BTB67II45</lei>
        <title>Whitecap Resources, Inc.</title>
        <cusip>96467A200</cusip>
        <identifiers>
          <isin value="CA96467A2002"/>
          <other otherDesc="Inhouse Asset ID" value="503634"/>
        </identifiers>
        <balance>10623873.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>125373198.51000000</valUSD>
        <pctVal>3.066214549985</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dr. Martens plc</name>
        <lei>213800QPT8YM6NQZPH28</lei>
        <title>Dr. Martens plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BL6NGV24"/>
          <other otherDesc="Inhouse Asset ID" value="1132465"/>
        </identifiers>
        <balance>28142109.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488884"/>
        <valUSD>23819101.14000000</valUSD>
        <pctVal>0.582536581590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Melrose Industries plc</name>
        <lei>213800RGNXXZY2M7TR85</lei>
        <title>Melrose Industries plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNGDN821"/>
          <other otherDesc="Inhouse Asset ID" value="617831"/>
        </identifiers>
        <balance>2735632.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488884"/>
        <valUSD>17951965.82000000</valUSD>
        <pctVal>0.439045820417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATS Corp.</name>
        <lei>5493005KP4RP3IU7HQ41</lei>
        <title>ATS Corp.</title>
        <cusip>00217Y104</cusip>
        <identifiers>
          <isin value="CA00217Y1043"/>
          <other otherDesc="Inhouse Asset ID" value="61243"/>
        </identifiers>
        <balance>401228.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>13017350.43000000</valUSD>
        <pctVal>0.318361418270</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rosebank Industries plc</name>
        <lei>2138005KFPHBAEW69F51</lei>
        <title>Rosebank Industries plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BSBJ5M88"/>
          <other otherDesc="Inhouse Asset ID" value="1449088"/>
        </identifiers>
        <balance>25566187.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73488884"/>
        <valUSD>128719999.16000000</valUSD>
        <pctVal>3.148066245331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canadian Dollar</name>
        <lei>N/A</lei>
        <title>Canadian Dollar</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="CAD"/>
        </identifiers>
        <balance>-0.07000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="CAD" exchangeRt="1.35835000"/>
        <valUSD>-0.05000000</valUSD>
        <pctVal>-0.00000000122</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="EUR"/>
        </identifiers>
        <balance>376.26000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.85204277"/>
        <valUSD>441.60000000</valUSD>
        <pctVal>0.000010800078</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gates Industrial Corp. plc</name>
        <lei>549300S6K4FWUSB9KM27</lei>
        <title>Gates Industrial Corp. plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BD9G2S12"/>
          <other otherDesc="Inhouse Asset ID" value="821665"/>
        </identifiers>
        <balance>3631164.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>92994110.04000000</valUSD>
        <pctVal>2.274328936777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sensata Technologies Holding plc</name>
        <lei>529900MS7KFYCY9MS037</lei>
        <title>Sensata Technologies Holding plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BFMBMT84"/>
          <other otherDesc="Inhouse Asset ID" value="825414"/>
        </identifiers>
        <balance>537910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22398572.40000000</valUSD>
        <pctVal>0.547795138099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Signet Jewelers Ltd.</name>
        <lei>549300N3XPGE91WV7M22</lei>
        <title>Signet Jewelers Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG812761002"/>
          <other otherDesc="Inhouse Asset ID" value="53375"/>
        </identifiers>
        <balance>139694.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12436956.82000000</valUSD>
        <pctVal>0.304166906581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Value Investors Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
