2026-05-2074200009700_FranklinMutualSmall-MidCapValueFund_ClassA


Franklin Mutual Small-Mid Cap Value Fund
Class A [FRMCX]
Semi-Annual Shareholder Report \| April 30, 2026

This semi-annual shareholder report contains important information about Franklin Mutual Small-Mid Cap Value Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class A	$61	1.15%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$222,409,033
Total Number of Portfolio Holdings	80
Portfolio Turnover Rate	47.75%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Mutual Small-Mid Cap Value Fund
Class R6 [FMCVX]
Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class R6	$46	0.86%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$222,409,033
Total Number of Portfolio Holdings	80
Portfolio Turnover Rate	47.75%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Mutual Small-Mid Cap Value Fund
Advisor Class [FVRMX]
Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Advisor Class	$48	0.90%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$222,409,033
Total Number of Portfolio Holdings	80
Portfolio Turnover Rate	47.75%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Mutual U.S. Mid Cap Value Fund
Class A [FRBSX]
Semi-Annual Shareholder Report \| April 30, 2026

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class A	$47	0.90%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$766,442,311
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	23.02%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Mutual U.S. Mid Cap Value Fund
Class C [FCBSX]
Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class C	$85	1.65%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$766,442,311
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	23.02%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Mutual U.S. Mid Cap Value Fund
Class R [FBSRX]
Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class R	$60	1.15%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$766,442,311
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	23.02%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Mutual U.S. Mid Cap Value Fund
Class R6 [FBSIX]
Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class R6	$29	0.56%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$766,442,311
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	23.02%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Mutual U.S. Mid Cap Value Fund
Advisor Class [FBSAX]
Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Advisor Class	$34	0.65%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$766,442,311
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	23.02%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Small Cap Value Fund
Class A [FRVLX]
Semi-Annual Shareholder Report \| April 30, 2026

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class A	$53	0.97%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$4,084,578,931
Total Number of Portfolio Holdings	87
Portfolio Turnover Rate	30.26%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Small Cap Value Fund
Class C [FRVFX]
Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class C	$93	1.72%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$4,084,578,931
Total Number of Portfolio Holdings	87
Portfolio Turnover Rate	30.26%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Small Cap Value Fund
Class R [FVFRX]
Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class R	$66	1.22%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$4,084,578,931
Total Number of Portfolio Holdings	87
Portfolio Turnover Rate	30.26%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Small Cap Value Fund
Class R6 [FRCSX]
Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class R6	$33	0.60%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$4,084,578,931
Total Number of Portfolio Holdings	87
Portfolio Turnover Rate	30.26%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)


Franklin Small Cap Value Fund
Advisor Class [FVADX]
Semi-Annual Shareholder Report \| April 30, 2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Advisor Class	$39	0.72%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2026)


Total Net Assets	$4,084,578,931
Total Number of Portfolio Holdings	87
Portfolio Turnover Rate	30.26%

WHAT DID THE FUND INVEST IN? (as of April 30, 2026)

Portfolio Composition^* (% of Total Investments)

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Mutual

Small-Mid

Cap

Value

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$25.27

$29.99

$25.79

$27.57

$32.58

$21.77

Income

from

investment

operations

Net

investment

income

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

0.05

0.11

0.15

0.12

0.11

Net

realized

and

unrealized

gains

(losses)

3.05

1.17

5.50

(0.30)

(0.81)

12.15

Total

from

investment

operations

........

3.10

1.28

5.65

(0.15)

(0.69)

12.26

Less

distributions

from:

Net

investment

income

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

(0.10)

(0.15)

(0.18)

(0.09)

(0.08)

(0.11)

Net

realized

gains

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

(3.36)

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

Total

distributions

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

(3.46)

(6.00)

(1.45)

(1.63)

(4.32)

(1.45)

Net

asset

value,

end

period

..........

$24.91

$25.27

$29.99

$25.79

$27.57

$32.58

Total

return

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

13.28%

5.00%

22.43%

(0.71)%

(2.00)%

57.97%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.21%

1.22%

1.27%

1.23%

1.24%

1.23%

Expenses

net

waiver

and

payments

affiliates

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

1.15%

1.19%

1.22%

1.23%

Net

investment

income

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

0.38%

0.43%

0.54%

0.56%

0.45%

0.37%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$181,421

$166,289

$160,115

$139,370

$144,717

$161,200

Portfolio

turnover

rate

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

47.75%

104.36%

87.90%

32.63%

19.91%

31.98%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.05

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.20%.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Mutual

Small-Mid

Cap

Value

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$26.04

$30.73

$26.39

$28.18

$33.21

$22.17

Income

from

investment

operations

Net

investment

income

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

0.08

0.19

0.25

0.27

0.22

Net

realized

and

unrealized

gains

(losses)

3.16

1.20

5.63

(0.34)

(0.82)

12.36

Total

from

investment

operations

........

3.24

1.39

5.88

(0.07)

(0.60)

12.58

Less

distributions

from:

Net

investment

income

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

(0.17)

(0.23)

(0.27)

(0.18)

(0.19)

(0.20)

Net

realized

gains

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

(3.36)

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

Total

distributions

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

(3.53)

(6.08)

(1.54)

(1.72)

(4.43)

(1.54)

Net

asset

value,

end

period

..........

$25.75

$26.04

$30.73

$26.39

$28.18

$33.21

Total

return

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

13.44%

5.29%

22.82%

(0.35)%

(1.67)%

58.51%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.94%

0.92%

0.98%

0.90%

0.91%

Expenses

net

waiver

and

payments

affiliates

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

0.86%

0.87%

0.86%

0.87%

0.88%

Net

investment

income

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

0.67%

0.72%

0.87%

0.98%

0.79%

0.72%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$15,827

$14,791

$15,938

$15,228

$25,570

$23,137

Portfolio

turnover

rate

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

47.75%

104.36%

87.90%

32.63%

19.91%

31.98%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.05

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.54%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Mutual

Small-Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$25.75

$30.45

$26.15

$27.95

$32.96

$22.01

Income

from

investment

operations

Net

investment

income

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

0.08

0.18

0.23

0.19

Net

realized

and

unrealized

gains

(losses)

3.12

1.18

5.59

(0.33)

(0.81)

12.28

Total

from

investment

operations

........

3.20

1.36

5.82

(0.10)

(0.62)

12.47

Less

distributions

from:

Net

investment

income

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

(0.16)

(0.21)

(0.25)

(0.16)

(0.15)

(0.18)

Net

realized

gains

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

(3.36)

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

Total

distributions

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

(3.52)

(6.06)

(1.52)

(1.70)

(4.39)

(1.52)

Net

asset

value,

end

period

..........

$25.43

$25.75

$30.45

$26.15

$27.95

$32.96

Total

return

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

13.45%

5.25%

22.74%

(0.44)%

(1.77)%

58.40%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.96%

0.97%

1.01%

0.98%

0.99%

0.98%

Expenses

net

waiver

and

payments

affiliates

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

0.90%

0.94%

0.96%

0.97%

0.98%

Net

investment

income

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

0.63%

0.69%

0.81%

0.83%

0.69%

0.60%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$25,161

$24,464

$29,160

$36,980

$44,877

$38,829

Portfolio

turnover

rate

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

47.75%

104.36%

87.90%

32.63%

19.91%

31.98%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.05

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.43%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited),

April

30,

2026

Franklin

Mutual

Small-Mid

Cap

Value

Fund

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

97.6%

Aerospace

Defense

2.9%

Aevex

Corp.

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

United

States

19,345

585,186

Babcock

International

Group

plc

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

United

Kingdom

101,957

1,536,010

Melrose

Industries

plc

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

United

Kingdom

147,190

965,901

QinetiQ

Group

plc

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

United

Kingdom

553,394

3,353,570

6,440,667

Banks

10.5%

Atlantic

Union

Bankshares

Corp.

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

United

States

93,372

3,515,456

Citizens

Financial

Group,

Inc.

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

United

States

84,700

5,509,735

Columbia

Banking

System,

Inc.

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

United

States

184,276

5,454,569

First

Business

Financial

Services,

Inc.

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

United

States

12,246

688,225

First

Interstate

BancSystem,

Inc.

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

United

States

59,563

2,113,891

Southern

Missouri

Bancorp,

Inc.

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

United

States

18,441

1,258,414

SouthState

Bank

Corp.

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

United

States

49,849

4,868,752

23,409,042

Biotechnology

0.5%

BioNTech

ADR

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

Germany

10,130

1,047,948

Building

Products

1.1%

Fortune

Brands

Innovations,

Inc.

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

United

States

7,362

298,455

UFP

Industries,

Inc.

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

United

States

23,592

2,111,248

2,409,703

Capital

Markets

2.3%

Raymond

James

Financial,

Inc.

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

United

States

18,999

3,007,922

Victory

Capital

Holdings,

Inc.

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

United

States

25,654

2,014,095

5,022,017

Chemicals

3.0%

Ashland,

Inc.

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

United

States

43,461

2,314,733

Avient

Corp.

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

United

States

104,234

3,864,997

Element

Solutions,

Inc.

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

United

States

11,534

491,233

6,670,963

Commercial

Services

Supplies

1.8%

Brady

Corp.

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

United

States

25,700

2,102,774

MSA

Safety,

Inc.

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

United

States

11,990

1,995,016

4,097,790

Construction

Engineering

2.8%

Valmont

Industries,

Inc.

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

United

States

11,144

5,661,598

WillScot

Holdings

Corp.

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

United

States

24,755

560,453

6,222,051

Construction

Materials

1.2%

Amrize

Ltd.

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

United

States

51,175

2,752,191

Consumer

Finance

1.0%

Bread

Financial

Holdings,

Inc.

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

United

States

27,133

2,300,336

Consumer

Staples

Distribution

Retail

1.5%

Dollar

General

Corp.

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

United

States

28,617

3,316,138

Electric

Utilities

3.5%

IDACORP,

Inc.

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

United

States

21,707

3,206,992

PPL

Corp.

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

United

States

121,133

4,535,220

7,742,212

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Mutual

Small-Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

(continued)

Electrical

Equipment

7.6%

Generac

Holdings,

Inc.

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

United

States

19,523

5,060,947

Regal

Rexnord

Corp.

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

United

States

30,369

6,530,246

Rosebank

Industries

plc

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

United

States

836,820

4,213,201

Sensata

Technologies

Holding

plc

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

United

States

28,361

1,180,952

16,985,346

Electronic

Equipment,

Instruments

Components

3.5%

Flex

Ltd.

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

United

States

14,732

1,348,715

SYNNEX

Corp.

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

United

States

10,247

2,338,160

Vontier

Corp.

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

United

States

112,416

4,033,486

7,720,361

Energy

Equipment

Services

7.0%

Baker

Hughes

Co.

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

United

States

90,892

6,332,446

Hunting

plc

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

United

Kingdom

493,224

3,409,465

Liberty

Energy,

Inc.

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

United

States

69,660

2,353,811

Oceaneering

International,

Inc.

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

United

States

49,185

1,846,405

Patterson-UTI

Energy,

Inc.

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

United

States

128,226

1,566,922

15,509,049

Financial

Services

1.0%

Corpay,

Inc.

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

United

States

6,990

2,142,225

Ground

Transportation

0.8%

Knight-Swift

Transportation

Holdings,

Inc.

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

United

States

26,258

1,704,144

Health

Care

Equipment

Supplies

1.8%

Envista

Holdings

Corp.

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

United

States

153,497

3,981,712

Health

Care

Providers

Services

2.2%

Henry

Schein,

Inc.

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

United

States

64,961

4,845,441

Hotels,

Restaurants

Leisure

0.9%

Boyd

Gaming

Corp.

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

United

States

1,745

151,728

Hilton

Grand

Vacations,

Inc.

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

United

States

16,609

780,125

Wyndham

Hotels

Resorts,

Inc.

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

United

States

13,874

1,129,066

2,060,919

Household

Durables

1.6%

Meritage

Homes

Corp.

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

United

States

15,404

1,037,305

Mohawk

Industries,

Inc.

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

United

States

24,027

2,536,290

3,573,595

Industrial

REITs

0.3%

STAG

Industrial,

Inc.

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

United

States

19,922

768,591

Insurance

2.6%

CNO

Financial

Group,

Inc.

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

United

States

70,719

3,143,460

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

4,857

911,610

Selective

Insurance

Group,

Inc.

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

United

States

21,540

1,808,283

5,863,353

Services

2.1%

Akamai

Technologies,

Inc.

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

United

States

45,950

4,731,931

Life

Sciences

Tools

Services

1.4%

Bruker

Corp.

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

United

States

83,748

3,074,389

Machinery

9.0%

CNH

Industrial

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

United

States

141,492

1,515,379

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Mutual

Small-Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

(continued)

Machinery

(continued)

Donaldson

Co.,

Inc.

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

United

States

50,216

4,427,545

Dover

Corp.

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

United

States

22,683

5,135,658

Gates

Industrial

Corp.

plc

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

United

States

164,879

4,222,551

Lincoln

Electric

Holdings,

Inc.

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

United

States

7,804

2,068,060

Mueller

Water

Products,

Inc.

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

United

States

25,880

721,793

Oshkosh

Corp.

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

United

States

12,466

1,948,436

20,039,422

Metals

Mining

5.1%

Commercial

Metals

Co.

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

United

States

71,536

4,933,123

Steel

Dynamics,

Inc.

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

United

States

27,664

6,325,650

11,258,773

Oil,

Gas

Consumable

Fuels

4.0%

Expand

Energy

Corp.

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

United

States

21,387

2,184,682

Whitecap

Resources,

Inc.

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

Canada

574,052

6,774,435

8,959,117

Residential

REITs

0.7%

Independence

Realty

Trust,

Inc.

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

United

States

97,939

1,597,385

Retail

REITs

0.9%

Brixmor

Property

Group,

Inc.

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

United

States

66,020

1,986,542

Semiconductors

Semiconductor

Equipment

4.5%

Melexis

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

Belgium

16,192

1,362,631

MKS,

Inc.

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

United

States

21,176

6,008,690

Onto

Innovation,

Inc.

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

United

States

7,212

2,127,973

Synaptics,

Inc.

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

United

States

6,512

609,458

10,108,752

Software

3.1%

ACI

Worldwide,

Inc.

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

United

States

157,035

6,787,053

Specialty

Retail

2.4%

Dick's

Sporting

Goods,

Inc.

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

United

States

5,386

1,222,191

Gap,

Inc.

(The)

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

United

States

133,644

3,286,306

Group

Automotive,

Inc.

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

United

States

2,410

860,057

5,368,554

Textiles,

Apparel

Luxury

Goods

0.7%

Crocs,

Inc.

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

United

States

16,043

1,636,065

Trading

Companies

Distributors

2.3%

Ferguson

Enterprises,

Inc.

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

United

States

15,375

4,116,041

United

Rentals,

Inc.

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

United

States

941

903,210

5,019,251

Total

Common

Stocks

(Cost

178,965,386

)

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

217,153,028

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Mutual

Small-Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

See

Abbreviations

page

Short

Term

Investments

2.5%

Country

Value

Money

Market

Funds

2.5%

b,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

3.593

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

United

States

5,579,529

Total

Money

Market

Funds

(Cost

5,579,529

)

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

5,579,529

Total

Short

Term

Investments

(Cost

5,579,529

)

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

5,579,529

Total

Investments

(Cost

184,544,915

)

100.1

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

$222,732,557

Other

Assets,

less

Liabilities

(

0.1

)

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

(323,524)

Net

Assets

100.0%

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

$222,409,033

Non-income

producing.

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$36.08

$37.52

$30.11

$32.32

$40.20

$27.59

Income

from

investment

operations

Net

investment

income

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

0.19

0.43

0.47

0.43

0.37

0.43

Net

realized

and

unrealized

gains

(losses)

2.98

0.58

7.73

(1.23)

(3.28)

13.37

Total

from

investment

operations

........

3.17

1.01

8.20

(0.80)

(2.91)

13.80

Less

distributions

from:

Net

investment

income

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

(0.38)

(0.45)

(0.42)

(0.33)

(0.45)

(1.19)

Net

realized

gains

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

(1.24)

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(1.62)

(2.45)

(0.79)

(1.41)

(4.97)

(1.19)

Net

asset

value,

end

period

..........

$37.63

$36.08

$37.52

$30.11

$32.32

$40.20

Total

return

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

9.03%

2.99%

27.55%

(2.70)%

(8.06)%

51.14%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.91%

0.90%

0.91%

Expenses

net

waiver

and

payments

affiliates

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

0.90%

0.89%

0.88%

0.90%

0.91%

e,f

Net

investment

income

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

1.07%

1.21%

1.35%

1.33%

1.07%

1.18%

Supplemental

data

Net

assets

end

period

(000’s)

........

$661,041

$645,355

$687,011

$607,754

$688,933

$790,329

Portfolio

turnover

rate

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

23.02%

48.72%

37.84%

64.21%

66.63%

60.45%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$33.93

$35.39

$28.39

$30.50

$38.15

$26.21

Income

from

investment

operations

Net

investment

income

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

0.06

0.16

0.20

0.18

0.11

0.15

Net

realized

and

unrealized

gains

(losses)

2.80

0.54

7.29

(1.16)

(3.11)

12.72

Total

from

investment

operations

........

2.86

0.70

7.49

(0.98)

(3.00)

12.87

Less

distributions

from:

Net

investment

income

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

(0.07)

(0.16)

(0.12)

(0.05)

(0.13)

(0.93)

Net

realized

gains

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

(1.24)

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(1.31)

(2.16)

(0.49)

(1.13)

(4.65)

(0.93)

Net

asset

value,

end

period

..........

$35.48

$33.93

$35.39

$28.39

$30.50

$38.15

Total

return

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

8.64%

2.21%

26.60%

(3.42)%

(8.77)%

50.06%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.66%

1.65%

1.66%

Expenses

net

waiver

and

payments

affiliates

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

1.65%

1.64%

1.63%

1.65%

1.66%

e,f

Net

investment

income

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

0.32%

0.47%

0.61%

0.58%

0.32%

0.42%

Supplemental

data

Net

assets

end

period

(000’s)

........

$6,158

$6,811

$9,324

$10,359

$15,412

$20,132

Portfolio

turnover

rate

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

23.02%

48.72%

37.84%

64.21%

66.63%

60.45%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$36.28

$37.70

$30.25

$32.46

$40.34

$27.67

Income

from

investment

operations

Net

investment

income

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

0.15

0.35

0.39

0.35

0.28

0.34

Net

realized

and

unrealized

gains

(losses)

3.00

0.58

7.76

(1.23)

(3.29)

13.44

Total

from

investment

operations

........

3.15

0.93

8.15

(0.88)

(3.01)

13.78

Less

distributions

from:

Net

investment

income

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

(0.29)

(0.35)

(0.33)

(0.25)

(0.35)

(1.11)

Net

realized

gains

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

(1.24)

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(1.53)

(2.35)

(0.70)

(1.33)

(4.87)

(1.11)

Net

asset

value,

end

period

..........

$37.90

$36.28

$37.70

$30.25

$32.46

$40.34

Total

return

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

8.91%

2.74%

27.23%

(2.94)%

(8.32)%

50.87%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.16%

1.15%

1.16%

Expenses

net

waiver

and

payments

affiliates

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

1.15%

1.14%

1.13%

1.15%

1.16%

e,f

Net

investment

income

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

0.82%

0.96%

1.10%

1.08%

0.82%

0.93%

Supplemental

data

Net

assets

end

period

(000’s)

........

$5,390

$5,009

$5,854

$4,922

$5,419

$6,362

Portfolio

turnover

rate

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

23.02%

48.72%

37.84%

64.21%

66.63%

60.45%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$38.11

$39.49

$31.66

$33.91

$41.93

$28.73

Income

from

investment

operations

Net

investment

income

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

0.27

0.59

0.62

0.57

0.51

0.59

Net

realized

and

unrealized

gains

(losses)

3.15

0.61

8.11

(1.29)

(3.43)

13.91

Total

from

investment

operations

........

3.42

1.20

8.73

(0.72)

(2.92)

14.50

Less

distributions

from:

Net

investment

income

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

(0.50)

(0.58)

(0.53)

(0.45)

(0.58)

(1.30)

Net

realized

gains

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

(1.24)

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(1.74)

(2.58)

(0.90)

(1.53)

(5.10)

(1.30)

Net

asset

value,

end

period

..........

$39.79

$38.11

$39.49

$31.66

$33.91

$41.93

Total

return

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

9.23%

3.35%

27.96%

(2.34)%

(7.76)%

51.74%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.59%

0.58%

0.57%

0.58%

0.59%

Expenses

net

waiver

and

payments

affiliates

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

0.56%

0.55%

0.54%

0.55%

Net

investment

income

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

1.41%

1.55%

1.69%

1.67%

1.42%

1.54%

Supplemental

data

Net

assets

end

period

(000’s)

........

$37,297

$35,733

$35,893

$31,790

$36,512

$39,290

Portfolio

turnover

rate

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

23.02%

48.72%

37.84%

64.21%

66.63%

60.45%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$38.25

$39.63

$31.76

$34.02

$42.04

$28.80

Income

from

investment

operations

Net

investment

income

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

0.25

0.55

0.59

0.54

0.48

0.55

Net

realized

and

unrealized

gains

(losses)

3.17

0.62

8.15

(1.31)

(3.44)

13.95

Total

from

investment

operations

........

3.42

1.17

8.74

(0.77)

(2.96)

14.50

Less

distributions

from:

Net

investment

income

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

(0.47)

(0.55)

(0.50)

(0.41)

(0.54)

(1.26)

Net

realized

gains

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

(1.24)

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(1.71)

(2.55)

(0.87)

(1.49)

(5.06)

(1.26)

Net

asset

value,

end

period

..........

$39.96

$38.25

$39.63

$31.76

$34.02

$42.04

Total

return

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

9.18%

3.24%

27.88%

(2.45)%

(7.86)%

51.57%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.66%

0.65%

0.66%

Expenses

net

waiver

and

payments

affiliates

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

0.65%

0.64%

0.63%

0.65%

0.66%

e,f

Net

investment

income

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

1.32%

1.45%

1.60%

1.58%

1.32%

1.43%

Supplemental

data

Net

assets

end

period

(000’s)

........

$56,556

$51,030

$52,612

$43,244

$46,625

$56,787

Portfolio

turnover

rate

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

23.02%

48.72%

37.84%

64.21%

66.63%

60.45%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited),

April

30,

2026

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

96.3%

Automobile

Components

0.5%

Aptiv

plc

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

United

States

64,876

3,909,428

Banks

5.3%

Citizens

Financial

Group,

Inc.

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

United

States

303,366

19,733,958

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

93,673

20,889,079

40,623,037

Broadline

Retail

0.4%

eBay,

Inc.

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

United

States

29,674

3,070,665

Building

Products

3.2%

Carlisle

Cos.,

Inc.

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

United

States

19,169

6,809,979

Johnson

Controls

International

plc

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

United

States

92,106

13,450,239

Masco

Corp.

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

United

States

58,575

4,206,857

24,467,075

Capital

Markets

1.7%

Raymond

James

Financial,

Inc.

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

United

States

82,361

13,039,394

Chemicals

1.7%

PPG

Industries,

Inc.

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

United

States

119,694

12,986,799

Construction

Engineering

3.0%

AECOM

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

United

States

96,068

8,079,319

Valmont

Industries,

Inc.

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

United

States

29,180

14,824,607

22,903,926

Consumer

Finance

1.3%

Capital

One

Financial

Corp.

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

United

States

52,397

10,023,546

Consumer

Staples

Distribution

Retail

3.2%

Dollar

General

Corp.

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

United

States

130,427

15,113,881

Kroger

Co.

(The)

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

United

States

79,682

5,423,953

Foods

Holding

Corp.

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

United

States

45,457

4,249,775

24,787,609

Containers

Packaging

1.6%

Avery

Dennison

Corp.

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

United

States

33,134

5,431,657

International

Paper

Co.

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

United

States

218,884

6,658,451

12,090,108

Electric

Utilities

8.3%

Entergy

Corp.

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

United

States

191,906

22,627,637

Evergy,

Inc.

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

United

States

253,767

21,022,058

PPL

Corp.

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

United

States

533,153

19,961,248

63,610,943

Electronic

Equipment,

Instruments

Components

4.3%

Flex

Ltd.

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

United

States

249,225

22,816,549

SYNNEX

Corp.

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

United

States

11,521

2,628,862

Connectivity

plc

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

Switzerland

36,493

7,724,108

33,169,519

Energy

Equipment

Services

3.6%

Baker

Hughes

Co.

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

United

States

121,585

8,470,827

SLB

Ltd.

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

United

States

331,502

18,855,834

27,326,661

Financial

Services

2.5%

Apollo

Global

Management,

Inc.

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

United

States

88,144

11,345,896

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

(continued)

Financial

Services

(continued)

Fiserv,

Inc.

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

United

States

130,962

8,204,769

19,550,665

Health

Care

Equipment

Supplies

4.6%

Cooper

Cos.,

Inc.

(The)

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

United

States

195,164

12,275,815

Envista

Holdings

Corp.

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

United

States

382,267

9,916,006

Zimmer

Biomet

Holdings,

Inc.

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

United

States

155,839

12,845,809

35,037,630

Health

Care

Providers

Services

1.7%

Cencora,

Inc.

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

United

States

24,172

7,445,218

Henry

Schein,

Inc.

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

United

States

76,891

5,735,299

13,180,517

Hotels,

Restaurants

Leisure

1.7%

Boyd

Gaming

Corp.

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

United

States

116,062

10,091,591

Restaurant

Brands

International,

Inc.

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

Canada

36,241

2,923,924

13,015,515

Household

Durables

0.5%

Horton,

Inc.

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

United

States

23,962

3,686,793

Household

Products

1.2%

Colgate-Palmolive

Co.

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

United

States

106,367

9,079,487

Industrial

REITs

1.6%

EastGroup

Properties,

Inc.

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

United

States

61,583

12,390,500

Insurance

5.6%

Arthur

Gallagher

Co.

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

United

States

44,168

9,116,275

Everest

Group

Ltd.

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

United

States

28,917

10,316,429

Hartford

Insurance

Group,

Inc.

(The)

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

United

States

173,969

23,800,699

43,233,403

Services

1.2%

Amdocs

Ltd.

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

United

States

144,112

9,319,723

Life

Sciences

Tools

Services

1.0%

Bio-Rad

Laboratories,

Inc.

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

United

States

27,996

7,842,240

Machinery

6.3%

CNH

Industrial

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

United

States

770,980

8,257,196

Dover

Corp.

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

United

States

112,527

25,477,238

Gates

Industrial

Corp.

plc

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

United

States

557,563

14,279,188

48,013,622

Media

0.5%

Fox

Corp.

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

United

States

55,353

3,514,362

Metals

Mining

2.0%

Reliance,

Inc.

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

United

States

41,917

15,194,912

Oil,

Gas

Consumable

Fuels

3.7%

EOG

Resources,

Inc.

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

United

States

126,284

17,751,742

Williams

Cos.,

Inc.

(The)

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

United

States

137,068

10,459,659

28,211,401

Personal

Care

Products

1.6%

Estee

Lauder

Cos.,

Inc.

(The)

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

United

States

157,309

12,067,173

Pharmaceuticals

1.5%

Haleon

plc

ADR

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

United

States

1,271,995

11,753,234

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

(continued)

Professional

Services

2.1%

KBR,

Inc.

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

United

States

246,556

9,243,384

SS&C

Technologies

Holdings,

Inc.

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

United

States

103,012

7,138,732

16,382,116

Real

Estate

Management

Development

0.6%

CBRE

Group,

Inc.

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

United

States

30,686

4,379,813

Retail

REITs

2.9%

Brixmor

Property

Group,

Inc.

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

United

States

727,008

21,875,671

Semiconductors

Semiconductor

Equipment

3.7%

MKS,

Inc.

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

United

States

19,353

5,491,414

NXP

Semiconductors

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

Netherlands

77,189

22,661,918

28,153,332

Specialized

REITs

0.8%

Lamar

Advertising

Co.

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

United

States

47,082

6,489,783

Specialty

Retail

4.6%

Dick's

Sporting

Goods,

Inc.

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

United

States

56,529

12,827,561

Gap,

Inc.

(The)

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

United

States

481,660

11,844,019

Ulta

Beauty,

Inc.

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

United

States

19,926

10,709,827

35,381,407

Trading

Companies

Distributors

6.3%

AerCap

Holdings

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

Ireland

108,145

15,379,300

Ferguson

Enterprises,

Inc.

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

United

States

73,167

19,587,538

United

Rentals,

Inc.

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

United

States

14,259

13,686,359

48,653,197

Total

Common

Stocks

(Cost

539,569,863

)

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

738,415,206

Short

Term

Investments

3.7%

Country

Value

Money

Market

Funds

3.7%

b,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

3.593

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

United

States

28,149,846

Total

Money

Market

Funds

(Cost

28,149,846

)

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

28,149,846

Total

Short

Term

Investments

(Cost

28,149,846

)

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

28,149,846

Total

Investments

(Cost

567,719,709

)

100.0

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

$766,565,052

Other

Assets,

less

Liabilities

(0.0)

†

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

(122,741)

Net

Assets

100.0%

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

$766,442,311

See

Abbreviations

page

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Small

Cap

Value

Fund

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$57.78

$58.94

$47.55

$51.18

$61.24

$41.84

Income

from

investment

operations

Net

investment

income

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

0.24

0.55

0.39

0.25

0.47

Net

realized

and

unrealized

gains

(losses)

10.05

2.17

13.28

(2.42)

(4.60)

20.03

Total

from

investment

operations

........

10.29

2.72

13.83

(2.03)

(4.35)

20.50

Less

distributions

from:

Net

investment

income

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

(0.58)

(0.51)

(0.46)

(0.20)

(0.34)

(0.35)

Net

realized

gains

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

(3.87)

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.45)

(3.88)

(2.44)

(1.60)

(5.71)

(1.10)

Net

asset

value,

end

period

..........

$63.62

$57.78

$58.94

$47.55

$51.18

$61.24

Total

return

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

18.74%

4.81%

29.65%

(4.09)%

(7.83)%

49.59%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.98%

0.97%

0.99%

0.98%

1.00%

Expenses

net

waiver

and

payments

affiliates

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

0.97%

0.96%

0.98%

1.00%

Net

investment

income

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

0.80%

0.97%

0.99%

0.75%

0.46%

0.81%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$1,221,993

$1,115,548

$1,213,950

$1,076,436

$1,268,890

$1,577,561

Portfolio

turnover

rate

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

30.26%

52.73%

59.68%

68.74%

47.06%

52.76%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.15

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.56%.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$46.86

$48.50

$39.48

$42.88

$52.25

$35.87

Income

from

investment

operations

Net

investment

income

(loss)

........

0.01

0.11

0.12

—

(0.13)

0.02

Net

realized

and

unrealized

gains

(losses)

8.09

1.76

10.99

(2.00)

(3.87)

17.20

Total

from

investment

operations

........

8.10

1.87

11.11

(2.00)

(4.00)

17.22

Less

distributions

from:

Net

investment

income

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

(0.24)

(0.14)

(0.11)

—

(0.09)

Net

realized

gains

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

(3.87)

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.11)

(3.51)

(2.09)

(1.40)

(5.37)

(0.84)

Net

asset

value,

end

period

..........

$50.85

$46.86

$48.50

$39.48

$42.88

$52.25

Total

return

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

18.31%

4.03%

28.69%

(4.82)%

(8.51)%

48.51%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.73%

1.72%

1.74%

1.73%

1.75%

Expenses

net

waiver

and

payments

affiliates

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

1.72%

1.71%

1.73%

1.75%

Net

investment

income

(loss)

..........

0.06%

0.23%

0.26%

—%

(0.29)%

0.05%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$35,968

$37,016

$48,722

$50,027

$68,960

$99,994

Portfolio

turnover

rate

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

30.26%

52.73%

59.68%

68.74%

47.06%

52.76%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Amount

rounds

less

than

$0.01

per

share.

Net

investment

income

per

includes

approximately

$0.15

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

(0.20)%.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$56.86

$58.04

$46.86

$50.46

$60.43

$41.31

Income

from

investment

operations

Net

investment

income

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

0.16

0.40

0.41

0.26

0.11

0.32

Net

realized

and

unrealized

gains

(losses)

9.90

2.14

13.07

(2.38)

(4.53)

19.79

Total

from

investment

operations

........

10.06

2.54

13.48

(2.12)

(4.42)

20.11

Less

distributions

from:

Net

investment

income

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

(0.44)

(0.35)

(0.32)

(0.08)

(0.18)

(0.24)

Net

realized

gains

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

(3.87)

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.31)

(3.72)

(2.30)

(1.48)

(5.55)

(0.99)

Net

asset

value,

end

period

..........

$62.61

$56.86

$58.04

$46.86

$50.46

$60.43

Total

return

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

18.58%

4.55%

29.35%

(4.35)%

(8.05)%

49.22%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.23%

1.22%

1.24%

1.23%

1.25%

Expenses

net

waiver

and

payments

affiliates

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

1.22%

1.21%

1.23%

1.25%

Net

investment

income

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

0.56%

0.73%

0.75%

0.50%

0.21%

0.56%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$101,298

$97,179

$109,718

$102,284

$119,060

$150,288

Portfolio

turnover

rate

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

30.26%

52.73%

59.68%

68.74%

47.06%

52.76%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.15

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.32%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$62.35

$63.29

$50.90

$54.68

$65.05

$44.37

Income

from

investment

operations

Net

investment

income

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

0.38

0.81

0.63

0.48

0.71

Net

realized

and

unrealized

gains

(losses)

10.87

2.35

14.23

(2.60)

(4.89)

21.27

Total

from

investment

operations

........

11.25

3.16

15.04

(1.97)

(4.41)

21.98

Less

distributions

from:

Net

investment

income

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

(0.79)

(0.73)

(0.67)

(0.41)

(0.59)

(0.55)

Net

realized

gains

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

(3.87)

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.66)

(4.10)

(2.65)

(1.81)

(5.96)

(1.30)

Net

asset

value,

end

period

..........

$68.94

$62.35

$63.29

$50.90

$54.68

$65.05

Total

return

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

18.95%

5.19%

30.17%

(3.72)%

(7.46)%

50.21%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.61%

0.60%

0.61%

0.62%

Expenses

net

waiver

and

payments

affiliates

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

0.60%

0.59%

Net

investment

income

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

1.18%

1.34%

1.37%

1.14%

0.84%

1.15%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$1,366,239

$1,284,737

$1,419,996

$1,225,364

$1,248,367

$1,336,020

Portfolio

turnover

rate

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

30.26%

52.73%

59.68%

68.74%

47.06%

52.76%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.15

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.90%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

2024

2023

2022

2021

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$62.46

$63.40

$50.98

$54.76

$65.13

$44.44

Income

from

investment

operations

Net

investment

income

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

0.34

0.75

0.73

0.55

0.41

0.63

Net

realized

and

unrealized

gains

(losses)

10.91

2.33

14.26

(2.60)

(4.91)

21.30

Total

from

investment

operations

........

11.25

3.08

14.99

(2.05)

(4.50)

21.93

Less

distributions

from:

Net

investment

income

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

(0.72)

(0.65)

(0.59)

(0.33)

(0.50)

(0.49)

Net

realized

gains

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

(3.87)

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.59)

(4.02)

(2.57)

(1.73)

(5.87)

(1.24)

Net

asset

value,

end

period

..........

$69.12

$62.46

$63.40

$50.98

$54.76

$65.13

Total

return

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

18.88%

5.07%

29.97%

(3.86)%

(7.59)%

49.98%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.73%

0.72%

0.74%

0.73%

0.75%

Expenses

net

waiver

and

payments

affiliates

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

0.72%

0.71%

0.73%

0.75%

Net

investment

income

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

1.06%

1.23%

1.24%

1.00%

0.71%

1.01%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$1,359,081

$1,232,693

$1,306,760

$1,199,891

$1,406,507

$1,687,270

Portfolio

turnover

rate

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

30.26%

52.73%

59.68%

68.74%

47.06%

52.76%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.15

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.76%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited),

April

30,

2026

Franklin

Small

Cap

Value

Fund

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

98.1%

Aerospace

Defense

3.2%

Aevex

Corp.

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

United

States

360,126

10,893,811

Babcock

International

Group

plc

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

United

Kingdom

2,819,498

42,476,506

Melrose

Industries

plc

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

United

Kingdom

2,735,632

17,951,966

QinetiQ

Group

plc

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

United

Kingdom

9,676,659

58,640,591

129,962,874

Banks

18.1%

Atlantic

Union

Bankshares

Corp.

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

United

States

1,908,651

71,860,710

Camden

National

Corp.

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

United

States

978,520

47,135,308

Central

BanCo,

Inc.

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

United

States

83,097

2,245,281

Columbia

Banking

System,

Inc.

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

United

States

3,602,689

106,639,594

First

Bancorp

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

United

States

988,430

57,071,948

First

Commonwealth

Financial

Corp.

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

United

States

2,305,266

42,439,947

First

Interstate

BancSystem,

Inc.

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

United

States

1,088,445

38,628,913

German

American

Bancorp,

Inc.

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

United

States

1,151,789

49,607,552

Peoples

Bancorp,

Inc.

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

United

States

249,342

8,577,365

Seacoast

Banking

Corp.

Florida

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

United

States

1,421,873

44,746,343

SouthState

Bank

Corp.

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

United

States

1,046,832

102,244,082

TriCo

Bancshares

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

United

States

1,028,817

51,718,631

Washington

Trust

Bancorp,

Inc.

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

United

States

516,333

16,228,346

WSFS

Financial

Corp.

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

United

States

1,395,184

100,411,393

739,555,413

Building

Products

2.1%

American

Woodmark

Corp.

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

United

States

306,891

13,404,999

Fortune

Brands

Innovations,

Inc.

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

United

States

134,883

5,468,157

Resideo

Technologies,

Inc.

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

United

States

566,657

23,442,600

UFP

Industries,

Inc.

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

United

States

472,867

42,316,868

84,632,624

Capital

Markets

0.9%

Victory

Capital

Holdings,

Inc.

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

United

States

467,039

36,667,232

Chemicals

5.1%

Ashland,

Inc.

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

United

States

800,990

42,660,727

Avient

Corp.

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

United

States

2,074,618

76,926,835

Element

Solutions,

Inc.

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

United

States

212,679

9,057,999

Elementis

plc

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

United

Kingdom

39,868,704

80,291,982

208,937,543

Commercial

Services

Supplies

2.6%

Brady

Corp.

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

United

States

710,458

58,129,674

MSA

Safety,

Inc.

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

United

States

289,809

48,221,319

106,350,993

Construction

Engineering

2.8%

Valmont

Industries,

Inc.

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

United

States

204,384

103,835,247

WillScot

Holdings

Corp.

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

United

States

454,100

10,280,824

114,116,071

Consumer

Finance

1.0%

Bread

Financial

Holdings,

Inc.

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

United

States

491,528

41,671,744

Electric

Utilities

0.8%

IDACORP,

Inc.

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

United

States

208,476

30,800,244

Electrical

Equipment

8.8%

EnerSys

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

United

States

369,205

78,736,658

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

(continued)

Electrical

Equipment

(continued)

Regal

Rexnord

Corp.

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

United

States

599,572

128,925,967

Rosebank

Industries

plc

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

United

States

25,566,187

128,719,999

Sensata

Technologies

Holding

plc

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

United

States

537,910

22,398,573

358,781,197

Electronic

Equipment,

Instruments

Components

6.0%

Benchmark

Electronics,

Inc.

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

United

States

1,389,158

113,980,414

Oxford

Instruments

plc

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

United

Kingdom

1,296,960

50,933,234

Vontier

Corp.

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

United

States

2,223,144

79,766,407

244,680,055

Energy

Equipment

Services

6.7%

Hunting

plc

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

United

Kingdom

9,225,918

63,775,173

Liberty

Energy,

Inc.

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

United

States

1,313,190

44,372,690

Oceaneering

International,

Inc.

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

United

States

906,915

34,045,589

Patterson-UTI

Energy,

Inc.

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

United

States

2,364,313

28,891,905

Select

Water

Solutions,

Inc.

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

United

States

6,222,596

104,104,031

275,189,388

Ground

Transportation

0.8%

Knight-Swift

Transportation

Holdings,

Inc.

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

United

States

510,586

33,137,031

Health

Care

Equipment

Supplies

2.1%

Envista

Holdings

Corp.

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

United

States

3,341,724

86,684,321

Hotels,

Restaurants

Leisure

1.6%

Boyd

Gaming

Corp.

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

United

States

251,041

21,828,015

Hilton

Grand

Vacations,

Inc.

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

United

States

590,890

27,754,103

Wyndham

Hotels

Resorts,

Inc.

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

United

States

205,874

16,754,026

66,336,144

Household

Durables

1.8%

Century

Communities,

Inc.

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

United

States

217,534

12,186,255

La-Z-Boy,

Inc.

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

United

States

959,965

33,349,184

M/I

Homes,

Inc.

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

United

States

75,471

9,923,682

Meritage

Homes

Corp.

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

United

States

218,213

14,694,463

Taylor

Morrison

Home

Corp.

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

United

States

91,737

5,572,105

75,725,689

Industrial

REITs

0.6%

STAG

Industrial,

Inc.

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

United

States

611,642

23,597,148

Insurance

5.5%

CNO

Financial

Group,

Inc.

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

United

States

2,190,921

97,386,438

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

77,127

14,475,967

Horace

Mann

Educators

Corp.

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

United

States

1,765,222

80,211,688

Selective

Insurance

Group,

Inc.

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

United

States

407,620

34,219,699

TWFG,

Inc.

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

United

States

6,521

121,160

226,414,952

Leisure

Products

1.2%

Brunswick

Corp.

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

United

States

609,392

48,416,194

Life

Sciences

Tools

Services

1.4%

Bruker

Corp.

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

United

States

1,523,752

55,936,936

Machinery

4.7%

ATS

Corp.

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

Canada

401,228

13,017,350

Gates

Industrial

Corp.

plc

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

United

States

3,631,164

92,994,110

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

(continued)

Machinery

(continued)

Mueller

Water

Products,

Inc.

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

United

States

1,794,567

50,050,474

Oshkosh

Corp.

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

United

States

226,664

35,427,583

191,489,517

Metals

Mining

3.4%

Commercial

Metals

Co.

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

United

States

1,284,030

88,546,709

Ryerson

Holding

Corp.

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

United

States

1,777,173

49,245,464

137,792,173

Multi-Utilities

1.0%

Black

Hills

Corp.

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

United

States

559,911

42,155,699

Oil,

Gas

Consumable

Fuels

3.1%

Whitecap

Resources,

Inc.

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

Canada

10,623,873

125,373,198

Paper

Forest

Products

0.4%

Louisiana-Pacific

Corp.

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

United

States

216,704

15,643,862

Residential

REITs

0.9%

Independence

Realty

Trust,

Inc.

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

United

States

2,316,648

37,784,529

Retail

REITs

0.7%

Kite

Realty

Group

Trust

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

United

States

1,121,023

29,325,962

Semiconductors

Semiconductor

Equipment

4.3%

Cohu,

Inc.

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

United

States

504,847

23,904,506

Melexis

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

Belgium

298,757

25,141,768

MKS,

Inc.

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

United

States

268,961

76,317,684

Onto

Innovation,

Inc.

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

United

States

134,883

39,798,578

Synaptics,

Inc.

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

United

States

120,043

11,234,824

176,397,360

Software

3.1%

ACI

Worldwide,

Inc.

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

United

States

2,889,857

124,899,620

Specialty

Retail

2.0%

Academy

Sports

Outdoors,

Inc.

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

United

States

135,854

7,450,233

Gap,

Inc.

(The)

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

United

States

1,837,587

45,186,264

Group

Automotive,

Inc.

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

United

States

44,694

15,949,948

Signet

Jewelers

Ltd.

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

United

States

139,694

12,436,957

81,023,402

Textiles,

Apparel

Luxury

Goods

1.4%

Crocs,

Inc.

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

United

States

313,028

31,922,596

Dr.

Martens

plc

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

United

Kingdom

28,142,109

23,819,101

55,741,697

Total

Common

Stocks

(Cost

2,958,900,433

)

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

4,005,220,812

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Short

Term

Investments

2.1%

Country

Value

Money

Market

Funds

2.1%

c,d

Franklin

Institutional

U.S.

Government

Money

Market

Fund

3.593

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

United

States

85,595,429

Total

Money

Market

Funds

(Cost

85,595,429

)

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

85,595,429

Total

Short

Term

Investments

(Cost

85,595,429

)

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

85,595,429

Total

Investments

(Cost

3,044,495,862

)

100.2

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

$4,090,816,241

Other

Assets,

less

Liabilities

(

0.2

)

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

(6,237,310)

Net

Assets

100.0%

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

$4,084,578,931

See

Abbreviations

page

Non-income

producing.

See

Note

regarding

holdings

voting

securities.

See

Note

(

)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Value

Investors

Trust

Financial

Statements

Assets

and

Liabilities

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

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

$178,965,386

$539,569,863

$2,808,503,872

Cost

Non-controlled

affiliates

(Note

and

)

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

5,579,529

28,149,846

235,991,990

Value

Unaffiliated

issuers

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

$217,153,028

$738,415,206

$3,814,018,349

Value

Non-controlled

affiliates

(Note

and

)

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

5,579,529

28,149,846

276,797,892

Cash

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

166,481

1,128

Foreign

currency,

value

(cost

893

–

and

440

respectively)

.....

900

—

441

Receivables:

Investment

securities

sold

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

3,718,448

—

16,229,317

Capital

sold

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

198,349

178,522

1,400,180

Dividends

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

111,853

767,755

3,132,634

Total

assets

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

226,762,185

767,677,810

4,111,579,941

Liabilities:

Payables:

Investment

securities

purchased

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

3,893,412

—

18,278,967

Capital

redeemed

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

150,813

450,138

5,219,694

Management

fees

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

100,316

293,071

1,777,170

Distribution

fees

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

36,042

139,832

313,807

Transfer

agent

fees

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

51,941

209,389

1,068,848

Professional

fees

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

88,331

79,588

74,369

Trustees'

fees

and

expenses

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

2,545

8,117

28,061

Accrued

expenses

and

other

liabilities

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

29,752

55,364

240,094

Total

liabilities

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

4,353,152

1,235,499

27,001,010

Net

assets,

value

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

$222,409,033

$766,442,311

$4,084,578,931

Net

assets

consist

of:

Paid-in

capital

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

$181,223,263

$558,208,770

$2,816,456,426

Total

distributable

earnings

(losses)

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

41,185,770

208,233,541

1,268,122,505

Net

assets,

value

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

$222,409,033

$766,442,311

$4,084,578,931

Franklin

Value

Investors

Trust

Financial

Statements

Assets

and

Liabilities

(continued)

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Class

Net

assets,

value

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

$181,421,402

$661,041,328

$1,221,992,954

outstanding

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

7,282,192

17,565,474

19,208,041

Net

asset

value

per

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

$24.91

$37.63

$63.62

Maximum

offering

price

per

(net

asset

value

per

.50

)

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

$26.36

$39.82

$67.32

Class

Net

assets,

value

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

$—

$6,157,620

$35,968,175

outstanding

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

—

173,536

707,333

Net

asset

value

and

maximum

offering

price

per

..........

$—

$35.48

$50.85

Class

Net

assets,

value

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

$—

$5,390,094

$101,297,715

outstanding

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

—

142,228

1,618,020

Net

asset

value

and

maximum

offering

price

per

...........

$—

$37.90

$62.61

Class

R6:

Net

assets,

value

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

$15,826,832

$37,297,484

$1,366,238,688

outstanding

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

614,675

937,453

19,816,899

Net

asset

value

and

maximum

offering

price

per

...........

$25.75

$39.79

$68.94

Advisor

Class:

Net

assets,

value

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

$25,160,799

$56,555,785

$1,359,081,399

outstanding

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

989,547

1,415,373

19,664,040

Net

asset

value

and

maximum

offering

price

per

...........

$25.43

$39.96

$69.12

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Franklin

Value

Investors

Trust

Financial

Statements

Operations

for

the

six

months

ended

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Investment

income:

Dividends:

(net

foreign

taxes

$15,571,

$26,437

and

$301,739,

respectively)

Unaffiliated

issuers

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

$1,546,717

$6,747,667

$30,180,119

Non-controlled

affiliates

(Note

and

)

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

75,557

631,591

4,413,161

Income

from

securities

loaned:

Unaffiliated

entities

(net

fees

and

rebates)

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

—

319

Non-controlled

affiliates

(Note

)

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

—

1,508

Total

investment

income

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

1,622,274

7,379,258

34,595,107

Expenses:

Management

fees

(Note

)

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

742,985

1,803,413

10,650,208

Distribution

fees:

(Note

)

Class

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

215,210

806,513

1,445,646

Class

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

—

32,123

182,612

Class

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

—

12,885

248,167

Transfer

agent

fees:

(Note

)

Class

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

109,984

385,159

898,834

Class

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

—

3,837

28,369

Class

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

—

3,076

77,133

Class

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

7,577

9,497

243,934

Advisor

Class

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

16,005

31,654

994,228

Custodian

fees

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

585

2,009

13,707

Reports

shareholders

fees

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

16,917

31,594

102,529

Registration

and

filing

fees

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

31,865

55,967

61,188

Professional

fees

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

75,197

80,775

78,819

Trustees'

fees

and

expenses

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

5,625

18,096

84,444

Other

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

12,652

31,531

125,485

Total

expenses

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

1,234,602

3,308,129

15,235,303

Expenses

waived/paid

affiliates

(Note

and

)

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

(67,053)

(32,374)

(114,089)

Net

expenses

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

1,167,549

3,275,755

15,121,214

Net

investment

income

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

454,725

4,103,503

19,473,893

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

3,167,540

9,692,352

195,029,033

Non-controlled

affiliates

(Note

and

)

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

—

51,644,093

Foreign

currency

transactions

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

2,963

9,239

(222,587)

Net

realized

gain

(loss)

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

3,170,503

9,701,591

246,450,539

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

22,952,002

51,324,213

400,812,423

Non-controlled

affiliates

(Note

and

)

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

—

10,716,678

Translation

other

assets

and

liabilities

denominated

foreign

currencies

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

(1,733)

160

17,150

Net

change

unrealized

appreciation

(depreciation)

..........

22,950,269

51,324,373

411,546,251

Net

realized

and

unrealized

gain

(loss)

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

26,120,772

61,025,964

657,996,790

Net

increase

(decrease)

net

assets

resulting

from

operations

........

$26,575,497

$65,129,467

$677,470,683

Franklin

Value

Investors

Trust

Financial

Statements

Changes

Net

Assets

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

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

$454,725

$993,125

$4,103,503

$9,470,665

Net

realized

gain

(loss)

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

3,170,503

30,434,483

9,701,591

28,585,321

Net

change

unrealized

appreciation

(depreciation)

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

22,950,269

(21,652,915)

51,324,373

(15,562,242)

Net

increase

(decrease)

net

assets

resulting

from

operations

26,575,497

9,774,693

65,129,467

22,493,744

Distributions

shareholders:

Class

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

(22,409,424)

(32,867,557)

(28,402,124)

(44,691,796)

Class

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

—

(251,670)

(551,490)

Class

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

—

(212,161)

(354,225)

Class

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

(1,913,151)

(3,074,258)

(1,642,643)

(2,323,564)

Advisor

Class

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

(3,355,056)

(5,749,715)

(2,274,751)

(3,374,658)

Total

distributions

shareholders

.....

(27,677,631)

(41,691,530)

(32,783,349)

(51,295,733)

Capital

transactions:

(Note

)

Class

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

16,037,074

31,416,256

(12,077,284)

(16,290,674)

Class

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

—

(946,516)

(2,130,570)

Class

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

—

147,851

(644,988)

Class

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

1,045,433

1,082,527

(66,628)

975,937

Advisor

Class

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

885,154

(251,695)

3,100,496

138,010

Total

capital

transactions

.......

17,967,661

32,247,088

(9,842,081)

(17,952,285)

Net

increase

(decrease)

net

assets

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

16,865,527

330,251

22,504,037

(46,754,274)

Net

assets:

Beginning

period

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

205,543,506

205,213,255

743,938,274

790,692,548

End

period

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

$222,409,033

$205,543,506

$766,442,311

$743,938,274

Franklin

Value

Investors

Trust

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Small

Cap

Value

Fund

Six

Months

Ended

April

30,

2026

(unaudited)

Year

Ended

October

31,

2025

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

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

$19,473,893

$45,725,542

Net

realized

gain

(loss)

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

246,450,539

259,102,710

Net

change

unrealized

appreciation

(depreciation)

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

411,546,251

(121,482,516)

Net

increase

(decrease)

net

assets

resulting

from

operations

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

677,470,683

183,345,736

Distributions

shareholders:

Class

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

(84,149,790)

(78,734,678)

Class

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

(3,098,415)

(3,391,822)

Class

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

(7,183,639)

(6,872,387)

Class

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

(93,717,191)

(90,543,199)

Advisor

Class

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

(88,353,970)

(81,902,317)

Total

distributions

shareholders

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

(276,503,005)

(261,444,403)

Capital

transactions:

(Note

)

Class

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

(9,869,151)

(72,072,489)

Class

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

(4,153,587)

(9,833,051)

Class

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

(5,698,232)

(10,253,837)

Class

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

(55,505,686)

(110,380,911)

Advisor

Class

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

(8,335,419)

(51,332,623)

Total

capital

transactions

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

(83,562,075)

(253,872,911)

Net

increase

(decrease)

net

assets

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

317,405,603

(331,971,578)

Net

assets:

Beginning

period

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

3,767,173,328

4,099,144,906

End

period

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

$4,084,578,931

$3,767,173,328

Franklin

Value

Investors

Trust

franklintempleton.com

Semiannual

Report

Notes

Financial

Statements

(unaudited)

Organization

and

Significant

Accounting

Policies

Franklin

Value

Investors

Trust (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-

end

management

investment

company,

consisting

of three

separate

funds

(Funds). The

Funds

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

classes of

offered

within

each

the Funds

are

indicated

below. Class

automatically

convert

Class

monthly

basis,

after

they

have

been

held

for

years.

Each

class

may

differ

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

Class

Advisor

Class

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Class

Advisor

Class

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

The

following

summarizes

the Funds'

significant

accounting

policies.

Financial

Instrument

Valuation

The Funds'

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier. Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds'

administrator

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

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded,

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Investments

in open-end mutual

funds

are

valued

the

closing

NAV.

The

Funds

have

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Funds'

business

day.

Events

can occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Funds'

portfolio

securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time.

order

minimize

the

potential

for

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Funds'

portfolio

securities

the

latest

indications

fair

value

p.m.

Eastern

time.

April

30,

2026,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Funds'

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Funds'

portfolio

securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Funds

for

financial

reporting

purposes.

Foreign

Currency

Translation

Portfolio

securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

based

the

exchange

rate

such

currencies

against

U.S.

dollars

the

date

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

facilitate

transactions

denominated

foreign

currency.

Purchases

and

sales

securities,

income

and

expense

items

denominated

foreign

currencies

are

translated

into

U.S.

dollars

the

exchange

rate

effect

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

foreign

currencies

contain

risks

that

those

currencies

will

decline

value

relative

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

reliability

foreign

exchange

rates

used

convert

the

U.S.

dollar

equivalent

value.

such

event

occurs,

the

foreign

exchange

rate

will

valued

fair

value

using

procedures

established

and

approved

the

Board.

The

Funds

not

separately

report

the

effect

changes

foreign

exchange

rates

from

changes

market

prices

securities

held.

Such

changes

are

included

net

realized

and

unrealized

gain

loss

from

investments

the

Statements

Operations.

Realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions

and

the

difference

between

the

recorded

amounts

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

foreign

exchange

rates

foreign

denominated

assets

and

liabilities

other

than

investments

securities

held

the

end

the

reporting

period.

Securities

Lending

Certain

all

Funds

participate

agency

based

securities

lending

program

earn

additional

income.

The

Fund

receives

collateral

the

form

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

amount

equal

least

102%

the

fair

value

the

loaned

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

100%

the

fair

value

loaned

securities,

determined

the

Fund

business

each

day;

any

additional

collateral

required

due

changes

security

values

delivered

the

Fund

the

business

day.

Any

cash

collateral

received

deposited

into

joint

cash

account

with

other

funds

and

used

invest

money

market

fund

managed

Franklin

Advisers,

Inc.,

affiliate

the

Funds. The

Fund

may

receive

income

from

the

investment

cash

collateral,

addition

lending

fees

paid

the

borrower.

Income

from

securities

loaned,

net

fees

paid

the

securities

lending

agent

and/or

third-party

vendor,

reported

separately

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

its

obligations

the

Fund.

the

borrower

defaults

its

obligation

return

the

securities

loaned,

the

Fund

has

the

right

repurchase

the

securities

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

indemnify

the

Fund

the

event

default

third

party

borrower.

Securities

loan

outstanding

period

end,

any,

are

listed

the

Funds'

Schedules

Investments.

Income

and

Deferred

Taxes

is each

Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

distribute

shareholders

substantially

all

its

Organization

and

Significant

Accounting

Policies

(continued)

Financial

Instrument

Valuation

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

taxable

income

and

net

realized

gains

relieve

from

federal

income

and excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

The

Funds

may

subject

foreign

taxation

income

received,

capital

gains

the

sale

securities

and

certain

foreign

currency

transactions

the

foreign

jurisdictions

which

the

Funds

invest.

Foreign

taxes,

any,

are

recorded

based

the

tax

regulations

and

rates

that

exist

the

foreign

markets

which

the

Funds

invest.

When

capital

gain

tax

determined

apply,

certain

all

Funds

record

estimated

deferred

tax

liability

amount

that

would

payable

the

securities

were

disposed

the

valuation

date.

Each

Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

April

30,

2026, each

Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

examination

the

Internal

Revenue

Service

and

state

departments

revenue.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis.

Estimated

expenses

are

accrued

daily.

Dividend

income

recorded

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

not

available.

such

cases,

the

dividend

recorded

soon

the

information

received

the

Funds.

Distributions

shareholders

are

recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

Realized

and

unrealized gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Organization

and

Significant

Accounting

Policies

(continued)

Income

and

Deferred

Taxes

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Beneficial

Interest

April

30,

2026,

there

were

unlimited

number

authorized

(without

par value).

Transactions

the

Funds'

were

follows:

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Amount

Class

Six

Months

ended

April

30,

2026

sold

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

602,750

$14,774,376

788,782

$28,996,910

issued

reinvestment

distributions

..........

952,224

22,110,637

750,266

26,867,044

redeemed

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

(852,351)

(20,847,939)

(1,861,043)

(67,941,238)

Net

increase

(decrease)

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

702,623

$16,037,074

(321,995)

$(12,077,284)

Year

ended

October

31,

2025

sold

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

1,417,918

$36,294,627

1,632,241

$58,771,565

issued

reinvestment

distributions

..........

1,325,888

32,285,368

1,222,744

42,270,282

redeemed

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

(1,503,207)

(37,163,739)

(3,277,022)

(117,332,521)

Net

increase

(decrease)

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

1,240,599

$31,416,256

(422,037)

$(16,290,674)

Class

Six

Months

ended

April

30,

2026

sold

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

—

$—

14,166

$489,184

issued

reinvestment

distributions

..........

—

7,416

251,025

redeemed

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

—

(48,776)

(1,686,725)

Net

increase

(decrease)

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

—

$—

(27,194)

$(946,516)

Year

ended

October

31,

2025

sold

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

—

$—

24,986

$848,317

issued

reinvestment

distributions

..........

—

16,815

550,352

redeemed

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

—

(104,506)

(3,529,239)

Net

increase

(decrease)

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

—

$—

(62,705)

$(2,130,570)

Class

Six

Months

ended

April

30,

2026

sold

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

—

$—

6,671

$245,303

issued

reinvestment

distributions

..........

—

5,879

212,161

redeemed

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

—

(8,380)

(309,613)

Net

increase

(decrease)

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

—

$—

4,170

$147,851

Year

ended

October

31,

2025

sold

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

—

$—

16,754

$597,517

issued

reinvestment

distributions

..........

—

10,167

354,225

redeemed

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

—

(44,117)

(1,596,730)

Net

increase

(decrease)

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

—

$—

(17,196)

$(644,988)

Class

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Amount

Class

Six

Months

ended

April

30,

2026

sold

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

62,945

$1,585,310

91,823

$3,534,696

issued

reinvestment

distributions

..........

78,883

1,890,824

43,275

1,636,230

redeemed

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

(95,165)

(2,430,701)

(135,335)

(5,237,554)

Net

increase

(decrease)

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

46,663

$1,045,433

(237)

$(66,628)

Year

ended

October

31,

2025

sold

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

125,382

$3,119,341

230,055

$8,624,561

issued

reinvestment

distributions

..........

121,805

3,048,770

63,687

2,318,838

redeemed

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

(197,771)

(5,085,584)

(264,908)

(9,967,462)

Net

increase

(decrease)

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

49,416

$1,082,527

28,834

$975,937

Advisor

Class

Advisor

Class

Six

Months

ended

April

30,

2026

sold

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

121,807

$3,082,618

118,141

$4,556,716

issued

reinvestment

distributions

..........

137,883

3,263,702

58,325

2,215,780

redeemed

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

(220,035)

(5,461,166)

(95,230)

(3,672,000)

Net

increase

(decrease)

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

39,655

$885,154

81,236

$3,100,496

Year

ended

October

31,

2025

sold

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

214,394

$5,594,174

216,933

$8,106,698

issued

reinvestment

distributions

..........

225,883

5,592,868

90,246

3,300,288

redeemed

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

(448,062)

(11,438,737)

(300,596)

(11,268,976)

Net

increase

(decrease)

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

(7,785)

$(251,695)

6,583

$138,010

Franklin

Small

Cap

Value

Fund

Amount

Class

Six

Months

ended

April

30,

2026

sold

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

600,086

$35,642,191

issued

reinvestment

distributions

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

1,409,932

80,196,950

redeemed

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

(2,108,707)

(125,708,292)

Net

increase

(decrease)

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

(98,689)

$(9,869,151)

Year

ended

October

31,

2025

sold

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

1,102,668

$61,840,299

issued

reinvestment

distributions

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

1,343,346

75,200,504

redeemed

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

(3,737,316)

(209,113,292)

Net

increase

(decrease)

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

(1,291,302)

$(72,072,489)

Class

Beneficial

Interest

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Small

Cap

Value

Fund

Amount

Class

Six

Months

ended

April

30,

2026

sold

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

29,993

$1,427,914

issued

reinvestment

distributions

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

66,232

3,019,507

redeemed

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

(178,812)

(8,601,008)

Net

increase

(decrease)

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

(82,587)

$(4,153,587)

Year

ended

October

31,

2025

sold

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

62,987

$2,937,775

issued

reinvestment

distributions

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

71,391

3,261,857

redeemed

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

(349,088)

(16,032,683)

Net

increase

(decrease)

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

(214,710)

$(9,833,051)

Class

Six

Months

ended

April

30,

2026

sold

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

113,118

$6,673,321

issued

reinvestment

distributions

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

127,702

7,155,167

redeemed

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

(331,923)

(19,526,720)

Net

increase

(decrease)

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

(91,103)

$(5,698,232)

Year

ended

October

31,

2025

sold

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

280,823

$15,562,856

issued

reinvestment

distributions

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

124,091

6,851,088

redeemed

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

(586,094)

(32,667,781)

Net

increase

(decrease)

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

(181,180)

$(10,253,837)

Class

Six

Months

ended

April

30,

2026

sold

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

1,849,001

$119,354,895

issued

reinvestment

distributions

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

1,403,474

86,397,866

redeemed

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

(4,041,200)

(261,258,447)

Net

increase

(decrease)

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

(788,725)

$(55,505,686)

Year

ended

October

31,

2025

sold

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

4,976,488

$302,244,216

issued

reinvestment

distributions

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

1,340,121

80,702,090

redeemed

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

(8,147,077)

(493,327,217)

Net

increase

(decrease)

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

(1,830,468)

$(110,380,911)

Advisor

Class

Beneficial

Interest

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

Certain

officers

and

trustees

the Trust are

also

officers

and/or

directors

the

following

subsidiaries:

Management

Fees

Franklin

Mutual

Small-Mid

Cap

Value

Fund pays

investment

management

fee,

calculated

daily

and

paid

monthly,

Franklin

Mutual

based

the

average

daily

net

assets

the

Fund

follows:

Franklin

Small

Cap

Value

Fund

Amount

Advisor

Class

Six

Months

ended

April

30,

2026

sold

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

1,379,809

$89,447,539

issued

reinvestment

distributions

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

1,289,341

79,603,903

redeemed

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

(2,739,748)

(177,386,861)

Net

increase

(decrease)

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

(70,598)

$(8,335,419)

Year

ended

October

31,

2025

sold

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

3,575,470

$214,368,117

issued

reinvestment

distributions

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

1,224,215

73,930,323

redeemed

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

(5,677,992)

(339,631,063)

Net

increase

(decrease)

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

(878,307)

$(51,332,623)

May

include

portion

Class

that

were

automatically

converted

Class

Subsidiary

Affiliation

Franklin

Mutual

Advisers,

LLC

(Franklin

Mutual)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

Annualized

Fee

Rate

Net

Assets

0.700%

and

including

$500

million

0.650%

excess

$500

million

Beneficial

Interest

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

pays

investment

management

fee,

calculated

daily

and

paid

monthly,

Franklin

Mutual

based

the

average

daily

net

assets

the

Fund

follows:

Franklin

Small

Cap

Value

Fund

pays

investment

management

fee,

calculated

daily

and

paid

monthly,

Franklin

Mutual

based

the

average

daily

net

assets

the

Fund

follows:

For

the

period

ended

April

30,

2026,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

average

daily

net

assets

was

follows:

Administrative

Fees

Under

agreement

with

Franklin

Mutual,

Services

provides

administrative

services

the

Funds.

The

fee

paid

Franklin

Mutual

based

each

of the

Fund's

average

daily

net

assets,

and

not

additional

expense

the

Funds.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

class,

with

the

exception

Class

and

Advisor

Class

shares,

pursuant

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

the

maximum

annual

plan

rate.

Under

the

Class

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

reimbursed

subsequent

periods.

addition,

under

the

Funds'

Class

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

monitoring

compliance

with

the

maximum

annual

plan

rates,

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

the

average

daily

net

assets,

for

each

class,

are

follows:

Annualized

Fee

Rate

Net

Assets

0.625%

and

including

$100

million

0.500%

Over

$100

million,

and

including

$250

million

0.450%

Over

$250

million,

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

and

including

$10

billion

0.430%

Over

$10

billion,

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

and

including

$15

billion

0.400%

excess

$15

billion

Annualized

Fee

Rate

Net

Assets

0.750%

and

including

$500

million

0.625%

Over

$500

million,

and

including

billion

0.500%

Over

billion,

and

including

billion

0.490%

excess

billion

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Gross

effective

investment

management

fee

rate

........

0.700%

0.483%

0.548%

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

Franklin

Small

Cap

Value

Fund,

the

Board

has

set

the

current

rate

0.25%

per

year

for

Class

until

further

notice

and

approval

the

Board.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

not

represent

expenses

the

Funds.

These

charges

are

deducted

from

the

proceeds

sales

fund

prior

investment

from

redemption

proceeds

prior

remittance,

applicable.

Distributors

has

advised

the

Funds

the

following

commission

transactions

the

sales

and

redemptions

the

Funds'

for

the

period:

Transfer

Agent

Fees

Each

class

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

shareholder

servicing

obligations. The

fees

are based

fixed

margin

earned

Investor

Services

and

are allocated

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

third

parties.

These

fees

paid

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

such

classes'

aggregate

net

assets.

Class

pays

Investor

Services

transfer

agent

fees

allocated

specifically

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

April

30,

2026,

the Funds

paid

transfer

agent

fees

noted

the

Statements of

Operations

which

the

following

amounts

were

retained

Investor

Services:

Investments

Affiliated

Management

Investment

Companies

Certain

all

Funds

invest

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Funds

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

Management

fees

paid

the

Funds

are

waived

assets

invested

the

affiliated

management

investment

companies,

noted

the

Statements

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Class

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

0.25%

0.35%

Class

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

—%

1.00%

Class

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

—%

0.50%

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

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

$18,661

$12,912

$9,230

CDSC

retained

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

$2,682

$301

$1,594

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Transfer

agent

fees

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

$47,893

$125,577

$704,323

Transactions

with

Affiliates

(continued)

Distribution

Fees

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Operations,

amount

not

exceed

the

management

and

administrative

fees,

applicable, paid

directly

indirectly

each

affiliate.

During

the

period

ended

April

30,

2026,

investments

affiliated

management

investment

companies

were

follows:

Waiver

and

Expense

Reimbursements

Franklin

Mutual

has

contractually

agreed

advance

waive

limit

its

fees

and

assume

its

own

expense

certain

expenses

otherwise

payable

Franklin

Mutual

Small-Mid

Cap

Value

Fund

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

costs,

including

those

relating

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

the

Fund

not

exceed

0.90%

based

the

average

net

assets

each

class

until February

28,

2027.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Fund's

fiscal

year

end.

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

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

$4,879,040

$45,637,096

$(44,936,607)

$—

$5,579,529

5,579,529

$75,557

Total

Affiliated

Securities

...

$4,879,040

$45,637,096

$(44,936,607)

$—

$5,579,529

$75,557

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

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

$53,895,829

$66,551,423

$(92,297,406)

$—

$28,149,846

28,149,846

$631,591

Total

Affiliated

Securities

...

$53,895,829

$66,551,423

$(92,297,406)

$—

$28,149,846

$631,591

Franklin

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

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

$44,488,005

$624,916,587

$(583,809,163)

$—

$85,595,429

85,595,429

$1,491,568

Non-Controlled

Affiliates

Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

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

$609,000

$3,497,000

$(4,106,000)

$—

—

$1,508

Total

Affiliated

Securities

...

$45,097,005

$628,413,587

$(587,915,163)

$—

$85,595,429

$1,493,076

Transactions

with

Affiliates

(continued)

Investments

Affiliated

Management

Investment

Companies

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Transfer

agent

fees

Class

the

Funds have

been

capped

that

transfer

agent

fees

for

that

class

not

exceed

0.03%

based

the

average

net

assets

the

class

until

February

28,

2027.

Income

Taxes

April

30,

2026,

the

cost

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatments

wash

sales

and

passive

foreign

investment

company

shares.

Investment

Transactions

Purchases

and

sales

investments

(excluding

short

term

securities)

for

the

period

ended

April

30,

2026,

were

follows:

Holdings

Voting

Securities

Portfolio

Companies

The

1940

Act

defines

"affiliated

companies"

include

investments

portfolio

companies

which

fund

owns

the

outstanding

voting

securities.

Additionally,

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

companies’

outstanding

has

the

power

exercise

control

over

management

policies

such

company.

During

the

period

ended

April

30,

2026,

investments

“affiliated

companies”

were

follows:

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Cost

investments

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

$185,169,629

$570,656,303

$3,079,939,952

Unrealized

appreciation

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

$41,839,160

$219,342,746

$1,096,212,297

Unrealized

depreciation

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

(4,276,232)

(23,433,997)

(85,336,008)

Net

unrealized

appreciation

(depreciation)

.......

$37,562,928

$195,908,749

$1,010,876,289

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Purchases

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

$99,943,348

$164,587,965

$1,159,132,587

Sales

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

$111,804,103

$177,754,222

$1,537,392,582

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Camden

National

Corp

37,330,538

—

9,804,770

47,135,308

978,520

821,957

Elementis

plc

........

86,179,132

—

(5,887,150)

80,291,982

39,868,704

1,209,805

Transactions

with

Affiliates

(continued)

Waiver

and

Expense

Reimbursements

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

Franklin

Templeton,

are

borrowers

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

January

29,

2027.

This

Global

Credit

Facility

provides

source

funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

Under

the

terms

the

Global

Credit

Facility,

the

Funds

may,

addition

interest

charged

any

borrowings

made

the

Funds

and

other

costs

incurred

the

Funds,

pay

their

fees

and

expenses

incurred

connection

with

the

implementation

and

maintenance

the

Global

Credit

Facility,

based

upon

their

relative

the

aggregate

net

assets

all

the

Borrowers,

including

annual

commitment

fee

0.15%

based

upon

the

unused

portion

the

Global

Credit

Facility.

These

fees

are

reflected

other

expenses

the

Statements

Operations.

During

the

period ended

April

30,

2026,

the

Funds

did

not

use

the

Global

Credit

Facility.

Fair

Value

Measurements

The Funds

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

determining

the

value

the Funds' financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

determining

the

fair

value

financial

instruments)

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Small

Cap

Value

Fund

(continued)

Non-Controlled

Affiliates

Horace

Mann

Educators

Corp.

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

98,036,198

—

(19,203,210)

1,916,175

—

Hunting

plc

..........

27,337,342

17,920,307

—

18,517,524

63,775,173

9,225,918

556,611

Ryerson

Holding

Corp.

39,204,437

—

333,220

Senior

plc

...........

70,815,772

—

(108,825,224)

49,727,918

(11,718,466)

—

Total

Affiliated

Securities

(Value

End

Period

4.7%

Net

Assets)

$358,903,419

$17,920,307

$(128,028,434)

$51,644,093

$10,716,678

$191,202,463

$2,921,593

April

30,

2026,

longer

affiliate.

April

30,

2026,

longer

held

the

fund.

Holdings

Voting

Securities

Portfolio

Companies

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

of April

30,

2026,

valuing

the

Funds'

assets

carried

fair

value,

follows:

Level

Total

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

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

585,186

5,855,481

—

6,440,667

Banks

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

23,409,042

—

23,409,042

Biotechnology

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

1,047,948

—

1,047,948

Building

Products

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

2,409,703

—

2,409,703

Capital

Markets

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

5,022,017

—

5,022,017

Chemicals

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

6,670,963

—

6,670,963

Commercial

Services

Supplies

...........

4,097,790

—

4,097,790

Construction

Engineering

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

6,222,051

—

6,222,051

Construction

Materials

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

2,752,191

—

2,752,191

Consumer

Finance

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

2,300,336

—

2,300,336

Consumer

Staples

Distribution

Retail

......

3,316,138

—

3,316,138

Electric

Utilities

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

7,742,212

—

7,742,212

Electrical

Equipment

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

16,985,346

—

16,985,346

Electronic

Equipment,

Instruments

Components

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

7,720,361

—

7,720,361

Energy

Equipment

Services

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

15,509,049

—

15,509,049

Financial

Services

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

2,142,225

—

2,142,225

Ground

Transportation

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

1,704,144

—

1,704,144

Health

Care

Equipment

Supplies

.........

3,981,712

—

3,981,712

Health

Care

Providers

Services

..........

4,845,441

—

4,845,441

Hotels,

Restaurants

Leisure

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

2,060,919

—

2,060,919

Household

Durables

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

3,573,595

—

3,573,595

Industrial

REITs

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

768,591

—

768,591

Insurance

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

5,863,353

—

5,863,353

Services

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

4,731,931

—

4,731,931

Life

Sciences

Tools

Services

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

3,074,389

—

3,074,389

Machinery

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

20,039,422

—

20,039,422

Metals

Mining

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

11,258,773

—

11,258,773

Oil,

Gas

Consumable

Fuels

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

8,959,117

—

8,959,117

Residential

REITs

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

1,597,385

—

1,597,385

Retail

REITs

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

1,986,542

—

1,986,542

Semiconductors

Semiconductor

Equipment

8,746,121

1,362,631

—

10,108,752

Software

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

6,787,053

—

6,787,053

Specialty

Retail

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

5,368,554

—

5,368,554

Textiles,

Apparel

Luxury

Goods

..........

1,636,065

—

1,636,065

Trading

Companies

Distributors

..........

5,019,251

—

5,019,251

Short

Term

Investments

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

5,579,529

—

5,579,529

Total

Investments

Securities

...........

$215,514,445

$7,218,112

$—

$222,732,557

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Assets:

Investments

Securities:

Common

Stocks

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

738,415,206

—

738,415,206

Short

Term

Investments

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

28,149,846

—

28,149,846

Total

Investments

Securities

...........

$766,565,052

$—

$766,565,052

Fair

Value

Measurements

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Operating

Segments

Each

Fund

operates

single

operating

segment,

which

investment

portfolio.

The portfolio

managers

assigned

the

Fund

within the

Funds'

investment

manager

serve

the

Chief

Operating

Decision

Maker

(“CODM”)

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

accordance

with each

Fund’s

investment

strategy.

Internal

reporting

provided

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

the

financial

statements.evel

Level

Total

Franklin

Small

Cap

Value

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

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

10,893,811

119,069,063

—

129,962,874

Banks

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

739,555,413

—

739,555,413

Building

Products

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

84,632,624

—

84,632,624

Capital

Markets

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

36,667,232

—

36,667,232

Chemicals

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

208,937,543

—

208,937,543

Commercial

Services

Supplies

...........

106,350,993

—

106,350,993

Construction

Engineering

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

114,116,071

—

114,116,071

Consumer

Finance

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

41,671,744

—

41,671,744

Electric

Utilities

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

30,800,244

—

30,800,244

Electrical

Equipment

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

358,781,197

—

358,781,197

Electronic

Equipment,

Instruments

Components

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

244,680,055

—

244,680,055

Energy

Equipment

Services

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

275,189,388

—

275,189,388

Ground

Transportation

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

33,137,031

—

33,137,031

Health

Care

Equipment

Supplies

.........

86,684,321

—

86,684,321

Hotels,

Restaurants

Leisure

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

66,336,144

—

66,336,144

Household

Durables

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

75,725,689

—

75,725,689

Industrial

REITs

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

23,597,148

—

23,597,148

Insurance

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

226,414,952

—

226,414,952

Leisure

Products

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

48,416,194

—

48,416,194

Life

Sciences

Tools

Services

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

55,936,936

—

55,936,936

Machinery

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

191,489,517

—

191,489,517

Metals

Mining

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

137,792,173

—

137,792,173

Multi-Utilities

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

42,155,699

—

42,155,699

Oil,

Gas

Consumable

Fuels

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

125,373,198

—

125,373,198

Paper

Forest

Products

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

15,643,862

—

15,643,862

Residential

REITs

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

37,784,529

—

37,784,529

Retail

REITs

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

29,325,962

—

29,325,962

Semiconductors

Semiconductor

Equipment

151,255,592

25,141,768

—

176,397,360

Software

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

124,899,620

—

124,899,620

Specialty

Retail

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

81,023,402

—

81,023,402

Textiles,

Apparel

Luxury

Goods

..........

55,741,697

—

55,741,697

Short

Term

Investments

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

85,595,429

—

85,595,429

Total

Investments

Securities

...........

$3,946,605,410

$144,210,831

$—

$4,090,816,241

For

detailed

categories,

see

the

accompanying

Schedule

Investments.

Includes

foreign

securities

valued

$7,218,112,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Includes

foreign

securities

valued

$144,210,831,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Fair

Value

Measurements

(continued)

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Christopher Kings
	Christopher Kings
	Chief Executive Officer – Finance and Administration

Date:	June 29, 2026

By:	/s/ Christopher Kings
	Christopher Kings
	Chief Executive Officer – Finance and Administration

Date:	June 29, 2026

By:	/s/ Jeffrey White
	Jeffrey White
	Chief Financial Officer, Chief Accounting Officer and Treasurer

Date:	June 29, 2026


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information