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Schedules
of
Investments
(unaudited)
Franklin
Mutual
Small-Mid
Cap
Value
Fund
2
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
6
Franklin
Small
Cap
Value
Fund
10
Notes
to
Schedules
of
Investments
14
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Mutual
Small-Mid
Cap
Value
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.6%
Aerospace
&
Defense
3.9%
Babcock
International
Group
plc
........................
United
Kingdom
189,932
$
2,883,270
Melrose
Industries
plc
................................
United
Kingdom
529,680
3,258,210
QinetiQ
Group
plc
...................................
United
Kingdom
414,307
2,836,487
8,977,967
Automobile
Components
1.2%
a
Aptiv
plc
..........................................
United
States
50,374
2,844,620
Banks
12.9%
Atlantic
Union
Bankshares
Corp.
........................
United
States
112,249
4,762,725
Citizens
Financial
Group,
Inc.
..........................
United
States
90,636
6,494,069
Columbia
Banking
System,
Inc.
.........................
United
States
202,517
6,332,707
First
Interstate
BancSystem,
Inc.
,
A
......................
United
States
49,898
1,897,122
Southern
Missouri
Bancorp,
Inc.
........................
United
States
39,365
3,047,245
SouthState
Bank
Corp.
...............................
United
States
69,625
7,316,891
29,850,759
Biotechnology
1.2%
a
BioNTech
SE
,
ADR
..................................
Germany
13,469
1,220,022
a
Jade
Biosciences,
Inc.
...............................
United
States
77,082
1,522,370
2,742,392
Building
Products
3.3%
Fortune
Brands
Innovations,
Inc.
........................
United
States
53,810
2,650,681
Louisiana-Pacific
Corp.
...............................
United
States
44,344
3,211,836
UFP
Industries,
Inc.
..................................
United
States
19,888
1,725,085
7,587,602
Capital
Markets
1.4%
Raymond
James
Financial,
Inc.
.........................
United
States
7,233
1,272,863
Victory
Capital
Holdings,
Inc.
,
A
.........................
United
States
19,881
1,968,816
3,241,679
Chemicals
5.3%
Ashland,
Inc.
.......................................
United
States
93,572
6,794,263
Element
Solutions,
Inc.
...............................
United
States
60,992
2,240,236
PPG
Industries,
Inc.
.................................
United
States
28,758
3,178,334
12,212,833
Commercial
Services
&
Supplies
1.2%
HNI
Corp.
.........................................
United
States
16,902
760,759
MSA
Safety,
Inc.
....................................
United
States
10,486
1,995,171
2,755,930
Construction
&
Engineering
0.9%
Valmont
Industries,
Inc.
...............................
United
States
3,020
1,454,734
WillScot
Holdings
Corp.
...............................
United
States
30,216
733,644
2,188,378
Construction
Materials
0.9%
Amrize
Ltd.
........................................
United
States
40,609
1,986,186
Consumer
Staples
Distribution
&
Retail
1.6%
Dollar
General
Corp.
.................................
United
States
28,617
3,635,790
Electric
Utilities
2.6%
IDACORP,
Inc.
.....................................
United
States
21,707
3,102,147
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Small-Mid
Cap
Value
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electric
Utilities
(continued)
PPL
Corp.
.........................................
United
States
82,348
$
2,899,473
6,001,620
Electrical
Equipment
2.8%
a
Generac
Holdings,
Inc.
...............................
United
States
1,986
391,461
a
Rosebank
Industries
plc
..............................
United
States
982,719
4,458,099
Sensata
Technologies
Holding
plc
.......................
United
States
35,666
1,650,979
6,500,539
Electronic
Equipment,
Instruments
&
Components
2.1%
TD
SYNNEX
Corp.
..................................
United
States
4,284
1,095,419
a
Zebra
Technologies
Corp.
,
A
...........................
United
States
12,998
3,819,072
4,914,491
Energy
Equipment
&
Services
4.0%
Hunting
plc
........................................
United
Kingdom
493,224
2,948,134
a
Oceaneering
International,
Inc.
.........................
United
States
96,491
4,706,831
Patterson-UTI
Energy,
Inc.
............................
United
States
145,521
1,525,060
9,180,025
Entertainment
2.4%
a
Liberty
Media
Corp.-Liberty
Formula
One
Corp.
,
A
...........
United
States
49,710
4,464,455
a
Madison
Square
Garden
Sports
Corp.
....................
United
States
2,957
1,164,112
5,628,567
Food
Products
0.2%
Glanbia
plc
........................................
Ireland
18,573
493,081
Gas
Utilities
0.8%
Spire,
Inc.
.........................................
United
States
22,334
1,783,593
Health
Care
Equipment
&
Supplies
1.3%
a
Envista
Holdings
Corp.
...............................
United
States
108,349
2,959,011
Health
Care
Providers
&
Services
2.6%
a
Henry
Schein,
Inc.
...................................
United
States
70,851
6,075,473
Hotels,
Restaurants
&
Leisure
0.5%
a
Hilton
Grand
Vacations,
Inc.
...........................
United
States
8,762
404,279
Wyndham
Hotels
&
Resorts,
Inc.
........................
United
States
10,963
820,690
1,224,969
Household
Durables
2.1%
Meritage
Homes
Corp.
...............................
United
States
31,063
2,180,623
a
Mohawk
Industries,
Inc.
...............................
United
States
21,765
2,679,271
4,859,894
Insurance
4.7%
Arthur
J
Gallagher
&
Co.
..............................
United
States
23,218
5,791,034
CNO
Financial
Group,
Inc.
............................
United
States
55,505
3,057,770
Selective
Insurance
Group,
Inc.
.........................
United
States
21,540
2,041,777
10,890,581
IT
Services
1.8%
a
Akamai
Technologies,
Inc.
.............................
United
States
36,583
4,213,630
Life
Sciences
Tools
&
Services
2.1%
Bruker
Corp.
.......................................
United
States
77,222
4,852,630
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Small-Mid
Cap
Value
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
9.4%
CNH
Industrial
NV
...................................
United
States
108,389
$
1,110,987
Donaldson
Co.,
Inc.
.................................
United
States
53,975
5,086,604
Dover
Corp.
.......................................
United
States
21,262
4,350,630
a
Gates
Industrial
Corp.
Ltd.
.............................
United
States
78,968
2,209,525
Lincoln
Electric
Holdings,
Inc.
..........................
United
States
7,804
2,039,263
Mueller
Water
Products,
Inc.
,
A
.........................
United
States
105,306
2,657,924
Oshkosh
Corp.
.....................................
United
States
31,241
4,449,031
21,903,964
Metals
&
Mining
3.6%
Alamos
Gold,
Inc.
,
A
.................................
Canada
40,011
1,111,979
Commercial
Metals
Co.
...............................
United
States
37,058
2,546,626
Eldorado
Gold
Corp.
.................................
Turkiye
33,876
1,022,430
a
ERO
Copper
Corp.
..................................
Brazil
41,511
1,117,061
Steel
Dynamics,
Inc.
.................................
United
States
10,134
2,546,269
8,344,365
Office
REITs
0.5%
Highwoods
Properties,
Inc.
............................
United
States
38,551
1,277,195
Oil,
Gas
&
Consumable
Fuels
5.0%
Expand
Energy
Corp.
................................
United
States
39,258
3,691,430
Ovintiv,
Inc.
........................................
United
States
43,521
2,718,322
Whitecap
Resources,
Inc.
.............................
Canada
432,077
5,097,944
11,507,696
Pharmaceuticals
1.0%
a
Indivior
Pharmaceuticals,
Inc.
..........................
United
States
58,006
2,320,820
Residential
REITs
1.5%
Independence
Realty
Trust,
Inc.
........................
United
States
208,991
3,475,520
Retail
REITs
0.8%
Brixmor
Property
Group,
Inc.
...........................
United
States
58,061
1,829,502
Semiconductors
&
Semiconductor
Equipment
2.9%
Melexis
NV
........................................
Belgium
12,799
1,005,031
a
ON
Semiconductor
Corp.
.............................
United
States
9,235
753,668
a
Synaptics,
Inc.
.....................................
United
States
26,090
2,799,979
Universal
Display
Corp.
...............................
United
States
26,318
2,109,651
6,668,329
Software
3.8%
a
ACI
Worldwide,
Inc.
..................................
United
States
105,770
6,063,794
a
Nutanix,
Inc.
,
A
.....................................
United
States
45,037
2,657,633
8,721,427
Specialty
Retail
1.6%
Dick's
Sporting
Goods,
Inc.
............................
United
States
7,826
1,533,192
Group
1
Automotive,
Inc.
..............................
United
States
7,400
2,122,098
3,655,290
Textiles,
Apparel
&
Luxury
Goods
1.8%
a
Crocs,
Inc.
........................................
United
States
33,393
4,274,638
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Small-Mid
Cap
Value
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
19.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
0.9%
Ferguson
Enterprises,
Inc.
............................
United
States
9,027
$
2,115,297
Total
Common
Stocks
(Cost
$
198,028,264
)
...................................
223,696,283
Short
Term
Investments
3.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.6%
b,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
8,328,436
8,328,436
Total
Money
Market
Funds
(Cost
$
8,328,436
)
.................................
8,328,436
Total
Short
Term
Investments
(Cost
$
8,328,436
)
...............................
8,328,436
a
Total
Investments
(Cost
$
206,356,700
)
100.2
%
................................
$232,024,719
Other
Assets,
less
Liabilities
(
0.2
)
%
.........................................
(365,399)
Net
Assets
100.0%
.........................................................
$231,659,320
a
a
a
a
Non-income
producing.
b
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
91.8%
Automobile
Components
0.8%
a
Aptiv
plc
..........................................
United
States
105,375
$
5,950,526
Banks
4.8%
Citizens
Financial
Group,
Inc.
..........................
United
States
264,652
18,962,316
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
73,213
18,293,732
37,256,048
Broadline
Retail
0.4%
eBay,
Inc.
.........................................
United
States
29,674
3,383,133
Building
Products
3.1%
Allegion
plc
........................................
United
States
33,222
5,229,143
Carlisle
Cos.,
Inc.
...................................
United
States
26,427
9,511,606
Johnson
Controls
International
plc
.......................
United
States
27,053
3,967,593
Masco
Corp.
.......................................
United
States
80,964
5,787,306
24,495,648
Capital
Markets
1.7%
Raymond
James
Financial,
Inc.
.........................
United
States
74,859
13,173,687
Chemicals
1.8%
PPG
Industries,
Inc.
.................................
United
States
126,991
14,035,045
Construction
&
Engineering
1.5%
AECOM
..........................................
United
States
27,349
1,979,794
Valmont
Industries,
Inc.
...............................
United
States
19,563
9,423,497
11,403,291
Consumer
Finance
1.4%
Capital
One
Financial
Corp.
...........................
United
States
54,281
11,345,272
Consumer
Staples
Distribution
&
Retail
3.8%
Dollar
General
Corp.
.................................
United
States
130,427
16,570,750
Kroger
Co.
(The)
....................................
United
States
124,878
7,210,456
a
US
Foods
Holding
Corp.
..............................
United
States
54,893
5,521,687
29,302,893
Containers
&
Packaging
2.1%
Avery
Dennison
Corp.
................................
United
States
58,062
9,854,863
International
Paper
Co.
...............................
United
States
166,794
6,810,199
16,665,062
Electric
Utilities
7.4%
Entergy
Corp.
......................................
United
States
131,401
14,141,376
Evergy,
Inc.
........................................
United
States
252,343
20,946,992
PPL
Corp.
.........................................
United
States
634,717
22,348,386
57,436,754
Electrical
Equipment
1.3%
Sensata
Technologies
Holding
plc
.......................
United
States
219,583
10,164,497
Electronic
Equipment,
Instruments
&
Components
4.3%
a
Flex
Ltd.
..........................................
United
States
75,469
8,584,599
TD
SYNNEX
Corp.
..................................
United
States
56,243
14,381,335
TE
Connectivity
plc
..................................
Switzerland
50,166
10,318,644
33,284,578
Energy
Equipment
&
Services
2.6%
Baker
Hughes
Co.
,
A
.................................
United
States
134,633
8,143,950
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Energy
Equipment
&
Services
(continued)
SLB
Ltd.
..........................................
United
States
249,706
$
12,382,921
20,526,871
Financial
Services
2.9%
Apollo
Global
Management,
Inc.
........................
United
States
88,144
11,070,005
a
Fiserv,
Inc.
........................................
United
States
217,308
11,721,594
22,791,599
Health
Care
Equipment
&
Supplies
4.8%
a
Cooper
Cos.,
Inc.
(The)
...............................
United
States
236,716
17,119,301
a
Envista
Holdings
Corp.
...............................
United
States
360,576
9,847,330
Zimmer
Biomet
Holdings,
Inc.
..........................
United
States
112,603
10,576,800
37,543,431
Health
Care
Providers
&
Services
1.3%
a
Henry
Schein,
Inc.
...................................
United
States
118,496
10,161,032
Hotels,
Restaurants
&
Leisure
2.4%
Boyd
Gaming
Corp.
.................................
United
States
120,609
10,259,001
Restaurant
Brands
International,
Inc.
.....................
Canada
112,844
8,352,713
18,611,714
Household
Durables
0.4%
DR
Horton,
Inc.
.....................................
United
States
23,962
3,428,004
Household
Products
1.0%
Colgate-Palmolive
Co.
...............................
United
States
84,905
7,751,827
Industrial
REITs
1.6%
EastGroup
Properties,
Inc.
............................
United
States
61,583
12,871,463
Insurance
5.5%
Arthur
J
Gallagher
&
Co.
..............................
United
States
44,168
11,016,383
Everest
Group
Ltd.
..................................
United
States
30,860
11,546,269
Hartford
Insurance
Group,
Inc.
(The)
.....................
United
States
143,762
20,401,265
42,963,917
IT
Services
1.3%
Amdocs
Ltd.
.......................................
United
States
181,450
10,110,394
Life
Sciences
Tools
&
Services
1.5%
a
Bio-Rad
Laboratories,
Inc.
,
A
...........................
United
States
36,820
11,984,174
Machinery
4.8%
CNH
Industrial
NV
...................................
United
States
770,980
7,902,545
Dover
Corp.
.......................................
United
States
92,808
18,990,373
a
Gates
Industrial
Corp.
Ltd.
.............................
United
States
370,304
10,361,106
37,254,024
Media
1.2%
Fox
Corp.
,
A
.......................................
United
States
154,910
9,020,409
Metals
&
Mining
1.1%
Reliance,
Inc.
......................................
United
States
20,441
8,301,090
Oil,
Gas
&
Consumable
Fuels
4.0%
EOG
Resources,
Inc.
................................
United
States
141,022
20,968,561
Williams
Cos.,
Inc.
(The)
..............................
United
States
147,925
10,582,555
31,551,116
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Personal
Care
Products
1.7%
Estee
Lauder
Cos.,
Inc.
(The)
,
A
........................
United
States
157,309
$
13,198,225
Pharmaceuticals
1.1%
Haleon
plc
,
ADR
....................................
United
States
863,417
8,521,926
Professional
Services
3.0%
KBR,
Inc.
.........................................
United
States
322,327
11,800,391
SS&C
Technologies
Holdings,
Inc.
.......................
United
States
148,339
11,429,520
23,229,911
Retail
REITs
2.8%
Brixmor
Property
Group,
Inc.
...........................
United
States
704,131
22,187,168
Semiconductors
&
Semiconductor
Equipment
1.5%
MKS,
Inc.
.........................................
United
States
18,596
5,531,380
NXP
Semiconductors
NV
.............................
Netherlands
25,507
5,845,184
11,376,564
Software
0.7%
Roper
Technologies,
Inc.
..............................
United
States
13,447
5,270,821
Specialized
REITs
0.7%
Lamar
Advertising
Co.
,
A
..............................
United
States
35,087
5,612,517
Specialty
Retail
4.5%
Dick's
Sporting
Goods,
Inc.
............................
United
States
56,529
11,074,596
Gap,
Inc.
(The)
.....................................
United
States
579,240
11,636,932
a
Ulta
Beauty,
Inc.
....................................
United
States
24,599
12,615,105
35,326,633
Trading
Companies
&
Distributors
5.0%
AerCap
Holdings
NV
.................................
Ireland
73,503
11,091,603
Ferguson
Enterprises,
Inc.
............................
United
States
66,997
15,699,407
United
Rentals,
Inc.
..................................
United
States
11,364
12,264,710
39,055,720
Total
Common
Stocks
(Cost
$
550,759,572
)
...................................
716,546,984
Management
Investment
Companies
2.5%
Capital
Markets
2.5%
iShares
Russell
Mid-Cap
Value
ETF
.....................
United
States
117,156
19,574,424
Total
Management
Investment
Companies
(Cost
$
19,384,086
)
..................
19,574,424
Total
Long
Term
Investments
(Cost
$
570,143,658
)
.............................
736,121,408
a
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
See
Abbreviations
on
page
19.
Short
Term
Investments
5.3%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
5.3%
b,c
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
41,031,399
$
41,031,399
Total
Money
Market
Funds
(Cost
$
41,031,399
)
................................
41,031,399
Total
Short
Term
Investments
(Cost
$
41,031,399
)
..............................
41,031,399
a
Total
Investments
(Cost
$
611,175,057
)
99.6
%
.................................
$777,152,807
Other
Assets,
less
Liabilities
0.4
%
...........................................
3,323,495
Net
Assets
100.0%
.........................................................
$780,476,302
a
a
a
a
Non-income
producing.
b
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited),
July
31,
2026
Franklin
Small
Cap
Value
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.1%
Aerospace
&
Defense
5.7%
Babcock
International
Group
plc
........................
United
Kingdom
4,840,471
$
73,480,958
Chemring
Group
plc
.................................
United
Kingdom
2,987,380
23,812,589
Melrose
Industries
plc
................................
United
Kingdom
9,722,133
59,803,566
QinetiQ
Group
plc
...................................
United
Kingdom
12,732,809
87,173,153
244,270,266
Banks
19.0%
Atlantic
Union
Bankshares
Corp.
........................
United
States
2,006,861
85,151,112
a
Camden
National
Corp.
...............................
United
States
978,520
56,646,523
Central
BanCo,
Inc.
,
A
................................
United
States
83,097
2,725,582
Columbia
Banking
System,
Inc.
.........................
United
States
3,470,242
108,514,467
First
Bancorp
......................................
United
States
988,430
62,142,594
First
Commonwealth
Financial
Corp.
.....................
United
States
2,305,266
49,632,377
First
Interstate
BancSystem,
Inc.
,
A
......................
United
States
689,070
26,198,441
German
American
Bancorp,
Inc.
........................
United
States
1,194,036
60,752,552
Peoples
Bancorp,
Inc.
................................
United
States
249,342
10,387,588
Seacoast
Banking
Corp.
of
Florida
......................
United
States
1,616,744
56,165,687
SouthState
Bank
Corp.
...............................
United
States
1,045,804
109,903,542
TriCo
Bancshares
...................................
United
States
1,028,817
59,198,130
Washington
Trust
Bancorp,
Inc.
.........................
United
States
516,333
20,126,660
WSFS
Financial
Corp.
................................
United
States
1,339,317
107,413,224
814,958,479
Biotechnology
0.8%
Genus
plc
.........................................
United
Kingdom
158,378
4,692,477
b
Jade
Biosciences,
Inc.
...............................
United
States
1,412,559
27,898,040
32,590,517
Building
Products
3.9%
Fortune
Brands
Innovations,
Inc.
........................
United
States
986,125
48,576,518
Louisiana-Pacific
Corp.
...............................
United
States
812,687
58,862,919
b
Masterbrand,
Inc.
...................................
United
States
1,356,501
11,191,133
b
Resideo
Technologies,
Inc.
............................
United
States
610,417
20,937,303
UFP
Industries,
Inc.
..................................
United
States
313,386
27,183,102
166,750,975
Capital
Markets
0.9%
b
Lincoln
International,
Inc.
,
A
............................
United
States
430,991
8,964,613
Victory
Capital
Holdings,
Inc.
,
A
.........................
United
States
315,963
31,289,816
40,254,429
Chemicals
7.3%
Ashland,
Inc.
.......................................
United
States
1,841,188
133,688,661
Avient
Corp.
.......................................
United
States
1,153,066
41,879,357
Element
Solutions,
Inc.
...............................
United
States
1,130,632
41,528,113
a
Elementis
plc
......................................
United
Kingdom
39,868,704
96,104,617
313,200,748
Commercial
Services
&
Supplies
2.2%
Brady
Corp.
,
A
.....................................
United
States
258,778
24,395,002
HNI
Corp.
.........................................
United
States
314,019
14,133,995
MSA
Safety,
Inc.
....................................
United
States
289,809
55,141,959
93,670,956
Construction
&
Engineering
1.0%
Valmont
Industries,
Inc.
...............................
United
States
55,337
26,655,833
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Construction
&
Engineering
(continued)
WillScot
Holdings
Corp.
...............................
United
States
706,498
$
17,153,771
43,809,604
Consumer
Finance
0.6%
Bread
Financial
Holdings,
Inc.
..........................
United
States
231,179
24,983,515
Electric
Utilities
0.7%
IDACORP,
Inc.
.....................................
United
States
208,476
29,793,305
Electrical
Equipment
4.3%
EnerSys
..........................................
United
States
106,564
19,826,232
Regal
Rexnord
Corp.
................................
United
States
100,569
20,639,776
b
Rosebank
Industries
plc
..............................
United
States
25,566,187
115,980,861
Sensata
Technologies
Holding
plc
.......................
United
States
650,665
30,119,283
186,566,152
Electronic
Equipment,
Instruments
&
Components
2.3%
Benchmark
Electronics,
Inc.
...........................
United
States
378,836
30,219,748
Oxford
Instruments
plc
...............................
United
Kingdom
777,376
28,623,396
b
Rogers
Corp.
......................................
United
States
140,278
17,320,125
Vontier
Corp.
.......................................
United
States
742,011
23,840,813
100,004,082
Energy
Equipment
&
Services
6.9%
a
Hunting
plc
........................................
United
Kingdom
9,225,918
55,145,814
Liberty
Energy,
Inc.
,
A
................................
United
States
648,432
12,132,163
b
Oceaneering
International,
Inc.
.........................
United
States
1,772,055
86,440,843
Patterson-UTI
Energy,
Inc.
............................
United
States
2,678,439
28,070,041
Select
Water
Solutions,
Inc.
,
A
..........................
United
States
5,791,682
107,261,950
b
TETRA
Technologies,
Inc.
.............................
United
States
1,029,643
7,928,251
296,979,062
Entertainment
0.5%
b
Madison
Square
Garden
Sports
Corp.
....................
United
States
54,425
21,426,034
Food
Products
0.2%
Glanbia
plc
........................................
Ireland
248,177
6,588,672
Gas
Utilities
0.8%
Spire,
Inc.
.........................................
United
States
409,310
32,687,497
Health
Care
Equipment
&
Supplies
1.6%
b
Envista
Holdings
Corp.
...............................
United
States
2,570,956
70,212,808
Hotels,
Restaurants
&
Leisure
1.1%
Boyd
Gaming
Corp.
.................................
United
States
154,126
13,109,957
b
Hilton
Grand
Vacations,
Inc.
...........................
United
States
398,083
18,367,550
Wyndham
Hotels
&
Resorts,
Inc.
........................
United
States
205,874
15,411,728
46,889,235
Household
Durables
2.0%
Century
Communities,
Inc.
............................
United
States
217,534
14,609,583
La-Z-Boy,
Inc.
......................................
United
States
838,608
33,024,383
b
M/I
Homes,
Inc.
.....................................
United
States
141,881
20,733,071
Meritage
Homes
Corp.
...............................
United
States
218,213
15,318,553
83,685,590
Industrial
REITs
0.4%
STAG
Industrial,
Inc.
.................................
United
States
453,732
17,359,786
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Insurance
5.7%
CNO
Financial
Group,
Inc.
............................
United
States
1,989,764
$
109,616,098
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
16,538
3,847,235
Horace
Mann
Educators
Corp.
.........................
United
States
1,566,707
81,641,102
Selective
Insurance
Group,
Inc.
.........................
United
States
407,620
38,638,300
b
TWFG,
Inc.
,
A
......................................
United
States
326,261
8,743,795
242,486,530
Leisure
Products
1.1%
Brunswick
Corp.
....................................
United
States
609,392
48,141,968
Life
Sciences
Tools
&
Services
2.1%
Bruker
Corp.
.......................................
United
States
1,420,074
89,237,450
Machinery
5.1%
b
Gates
Industrial
Corp.
Ltd.
.............................
United
States
2,595,999
72,636,052
Mueller
Water
Products,
Inc.
,
A
.........................
United
States
2,805,981
70,822,960
Oshkosh
Corp.
.....................................
United
States
533,390
75,960,070
219,419,082
Metals
&
Mining
4.0%
Commercial
Metals
Co.
...............................
United
States
679,160
46,671,875
Eldorado
Gold
Corp.
.................................
Turkiye
1,500,819
45,297,037
b
ERO
Copper
Corp.
..................................
Brazil
757,624
20,387,662
Ryerson
Holding
Corp.
...............................
United
States
2,200,667
61,156,536
173,513,110
Multi-Utilities
0.9%
Black
Hills
Corp.
....................................
United
States
559,911
39,871,262
Office
REITs
0.5%
Highwoods
Properties,
Inc.
............................
United
States
706,520
23,407,008
Oil,
Gas
&
Consumable
Fuels
2.9%
Ovintiv,
Inc.
........................................
United
States
218,772
13,664,499
Whitecap
Resources,
Inc.
.............................
Canada
9,325,372
110,027,216
123,691,715
Pharmaceuticals
1.0%
b
Indivior
Pharmaceuticals,
Inc.
..........................
United
States
1,062,981
42,529,870
Residential
REITs
1.5%
Independence
Realty
Trust,
Inc.
........................
United
States
3,830,195
63,696,143
Retail
REITs
0.6%
Kite
Realty
Group
Trust
...............................
United
States
834,699
23,889,085
Semiconductors
&
Semiconductor
Equipment
2.5%
Melexis
NV
........................................
Belgium
233,478
18,333,661
b
Synaptics,
Inc.
.....................................
United
States
479,124
51,419,588
Universal
Display
Corp.
...............................
United
States
480,089
38,483,934
108,237,183
Software
3.4%
b
ACI
Worldwide,
Inc.
..................................
United
States
2,525,732
144,800,216
Specialty
Retail
2.1%
Academy
Sports
&
Outdoors,
Inc.
.......................
United
States
359,829
17,073,886
Group
1
Automotive,
Inc.
..............................
United
States
137,683
39,483,354
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
See
Abbreviations
on
page
19.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
(continued)
Signet
Jewelers
Ltd.
.................................
United
States
375,824
$
34,914,050
91,471,290
Textiles,
Apparel
&
Luxury
Goods
2.5%
b
Crocs,
Inc.
........................................
United
States
612,807
78,445,424
Dr.
Martens
plc
.....................................
United
Kingdom
28,142,109
29,356,680
107,802,104
Total
Common
Stocks
(Cost
$
3,257,418,796
)
..................................
4,208,875,728
Short
Term
Investments
1.9%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.9%
c,d
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
.........................................
United
States
82,754,310
82,754,310
Total
Money
Market
Funds
(Cost
$
82,754,310
)
................................
82,754,310
Total
Short
Term
Investments
(Cost
$
82,754,310
)
..............................
82,754,310
a
Total
Investments
(Cost
$
3,340,173,106
)
100.0
%
..............................
$4,291,630,038
Other
Assets,
less
Liabilities
(0.0)
%
†
.........................................
(1,231,153)
Net
Assets
100.0%
.........................................................
$4,290,398,885
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
holdings
of
5%
voting
securities.
b
Non-income
producing.
c
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Value
Investors
Trust
Notes
to
Schedules
of
Investments
(unaudited)
14
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Value
Investors
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of three
separate
funds
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and exchange
traded
funds listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
July
31,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
Franklin
Value
Investors
Trust
Notes
to
Schedules
of
Investments
(unaudited)
15
Quarterly
Schedules
of
Investments
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
July
31,
2026,
investments
in
“affiliated
companies”
were
as
follows:
4.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
July
31,
2026,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Camden
National
Corp
..
$
37,330,538
$
—
$
—
$
—
$
19,315,985
$
56,646,523
978,520
$
1,232,935
Elementis
plc
........
86,179,132
—
—
—
9,925,485
96,104,617
39,868,704
1,209,805
Horace
Mann
Educators
Corp.
............
98,036,198
—
(
29,530,828
)
4,954,708
—
a
—
a
—
a
—
Hunting
plc
..........
27,337,342
17,920,307
—
—
9,888,165
55,145,814
9,225,918
556,611
Ryerson
Holding
Corp.
..
39,204,437
11,890,718
—
—
—
a
—
a
—
a
333,220
Senior
plc
...........
70,815,772
—
(
108,825,224
)
49,727,918
(
11,718,466
)
—
b
—
—
Total
Affiliated
Securities
(Value
at
End
of
Period
is
4
.9
%
of
Net
Assets)
.
$358,903,419
$29,811,025
$(138,356,052)
$54,682,626
$27,411,169
$207,896,954
$3,332,571
a
As
of
July
31,
2026,
no
longer
an
affiliate.
b
As
of
July
31,
2026,
no
longer
held
by
the
fund.
2. Financial
Instrument
Valuation
(continued)
Franklin
Value
Investors
Trust
Notes
to
Schedules
of
Investments
(unaudited)
16
Quarterly
Schedules
of
Investments
5. Fair
Value
Measurements
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Mutual
Small-Mid
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
............
$4,879,040
$80,575,643
$(77,126,247)
$—
$—
$8,328,436
8,328,436
$124,839
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
............
$—
$580,000
$(580,000)
$—
$—
$—
—
$177
Total
Affiliated
Securities
...
$4,879,040
$81,155,643
$(77,706,247)
$—
$—
$8,328,436
$125,016
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
............
$53,895,829
$134,378,292
$(147,242,722)
$—
$—
$41,031,399
41,031,399
$856,599
Total
Affiliated
Securities
...
$53,895,829
$134,378,292
$(147,242,722)
$—
$—
$41,031,399
$856,599
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
............
$44,488,005
$1,026,871,084
$(988,604,779)
$—
$—
$82,754,310
82,754,310
$2,342,084
Non-Controlled
Affiliates
Income
from
securities
loaned
Franklin
Institutional
U.S.
Government
Money
Market
Fund
,
3.618
%
............
$609,000
$7,305,000
$(7,914,000)
$—
$—
$—
—
$2,249
Total
Affiliated
Securities
...
$45,097,005
$1,034,176,084
$(996,518,779)
$—
$—
$82,754,310
$2,344,333
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Value
Investors
Trust
Notes
to
Schedules
of
Investments
(unaudited)
17
Quarterly
Schedules
of
Investments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
July
31,
2026,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Small-Mid
Cap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
8,977,967
$
—
$
8,977,967
Automobile
Components
.................
2,844,620
—
—
2,844,620
Banks
...............................
29,850,759
—
—
29,850,759
Biotechnology
.........................
2,742,392
—
—
2,742,392
Building
Products
......................
7,587,602
—
—
7,587,602
Capital
Markets
........................
3,241,679
—
—
3,241,679
Chemicals
...........................
12,212,833
—
—
12,212,833
Commercial
Services
&
Supplies
...........
2,755,930
—
—
2,755,930
Construction
&
Engineering
...............
2,188,378
—
—
2,188,378
Construction
Materials
..................
1,986,186
—
—
1,986,186
Consumer
Staples
Distribution
&
Retail
......
3,635,790
—
—
3,635,790
Electric
Utilities
........................
6,001,620
—
—
6,001,620
Electrical
Equipment
....................
2,042,440
4,458,099
—
6,500,539
Electronic
Equipment,
Instruments
&
Components
........................
4,914,491
—
—
4,914,491
Energy
Equipment
&
Services
.............
9,180,025
—
—
9,180,025
Entertainment
.........................
5,628,567
—
—
5,628,567
Food
Products
........................
—
493,081
—
493,081
Gas
Utilities
..........................
1,783,593
—
—
1,783,593
Health
Care
Equipment
&
Supplies
.........
2,959,011
—
—
2,959,011
Health
Care
Providers
&
Services
..........
6,075,473
—
—
6,075,473
Hotels,
Restaurants
&
Leisure
.............
1,224,969
—
—
1,224,969
Household
Durables
....................
4,859,894
—
—
4,859,894
Insurance
............................
10,890,581
—
—
10,890,581
IT
Services
...........................
4,213,630
—
—
4,213,630
Life
Sciences
Tools
&
Services
............
4,852,630
—
—
4,852,630
Machinery
............................
21,903,964
—
—
21,903,964
Metals
&
Mining
.......................
8,344,365
—
—
8,344,365
Office
REITs
..........................
1,277,195
—
—
1,277,195
Oil,
Gas
&
Consumable
Fuels
.............
11,507,696
—
—
11,507,696
Pharmaceuticals
.......................
2,320,820
—
—
2,320,820
Residential
REITs
......................
3,475,520
—
—
3,475,520
Retail
REITs
..........................
1,829,502
—
—
1,829,502
Semiconductors
&
Semiconductor
Equipment
.
5,663,298
1,005,031
—
6,668,329
Software
.............................
8,721,427
—
—
8,721,427
Specialty
Retail
........................
3,655,290
—
—
3,655,290
Textiles,
Apparel
&
Luxury
Goods
..........
4,274,638
—
—
4,274,638
Trading
Companies
&
Distributors
..........
2,115,297
—
—
2,115,297
Short
Term
Investments
...................
8,328,436
—
—
8,328,436
Total
Investments
in
Securities
...........
$217,090,541
$14,934,178
b
$—
$232,024,719
5. Fair
Value
Measurements
(continued)
Franklin
Value
Investors
Trust
Notes
to
Schedules
of
Investments
(unaudited)
18
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
716,546,984
$
—
$
—
$
716,546,984
Management
Investment
Companies
.........
19,574,424
—
—
19,574,424
Short
Term
Investments
...................
41,031,399
—
—
41,031,399
Total
Investments
in
Securities
...........
$777,152,807
$—
$—
$777,152,807
Franklin
Small
Cap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
—
244,270,266
—
244,270,266
Banks
...............................
814,958,479
—
—
814,958,479
Biotechnology
.........................
27,898,040
4,692,477
—
32,590,517
Building
Products
......................
166,750,975
—
—
166,750,975
Capital
Markets
........................
40,254,429
—
—
40,254,429
Chemicals
...........................
217,096,131
96,104,617
—
313,200,748
Commercial
Services
&
Supplies
...........
93,670,956
—
—
93,670,956
Construction
&
Engineering
...............
43,809,604
—
—
43,809,604
Consumer
Finance
.....................
24,983,515
—
—
24,983,515
Electric
Utilities
........................
29,793,305
—
—
29,793,305
Electrical
Equipment
....................
70,585,291
115,980,861
—
186,566,152
Electronic
Equipment,
Instruments
&
Components
........................
100,004,082
—
—
100,004,082
Energy
Equipment
&
Services
.............
296,979,062
—
—
296,979,062
Entertainment
.........................
21,426,034
—
—
21,426,034
Food
Products
........................
—
6,588,672
—
6,588,672
Gas
Utilities
..........................
32,687,497
—
—
32,687,497
Health
Care
Equipment
&
Supplies
.........
70,212,808
—
—
70,212,808
Hotels,
Restaurants
&
Leisure
.............
46,889,235
—
—
46,889,235
Household
Durables
....................
83,685,590
—
—
83,685,590
Industrial
REITs
.......................
17,359,786
—
—
17,359,786
Insurance
............................
242,486,530
—
—
242,486,530
Leisure
Products
.......................
48,141,968
—
—
48,141,968
Life
Sciences
Tools
&
Services
............
89,237,450
—
—
89,237,450
Machinery
............................
219,419,082
—
—
219,419,082
Metals
&
Mining
.......................
173,513,110
—
—
173,513,110
Multi-Utilities
..........................
39,871,262
—
—
39,871,262
Office
REITs
..........................
23,407,008
—
—
23,407,008
Oil,
Gas
&
Consumable
Fuels
.............
123,691,715
—
—
123,691,715
Pharmaceuticals
.......................
42,529,870
—
—
42,529,870
Residential
REITs
......................
63,696,143
—
—
63,696,143
Retail
REITs
..........................
23,889,085
—
—
23,889,085
Semiconductors
&
Semiconductor
Equipment
.
89,903,522
18,333,661
—
108,237,183
Software
.............................
144,800,216
—
—
144,800,216
Specialty
Retail
........................
91,471,290
—
—
91,471,290
Textiles,
Apparel
&
Luxury
Goods
..........
107,802,104
—
—
107,802,104
Short
Term
Investments
...................
82,754,310
—
—
82,754,310
Total
Investments
in
Securities
...........
$3,805,659,484
$485,970,554
c
$—
$4,291,630,038
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$14,934,178,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
Includes
foreign
securities
valued
at
$485,970,554,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
5. Fair
Value
Measurements
(continued)
Franklin
Value
Investors
Trust
Notes
to
Schedules
of
Investments
(unaudited)
19
Quarterly
Schedules
of
Investments
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
REIT
Real
Estate
Investment
Trust
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.