NPORT-EX 2 FVIT.htm
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited),
January
31,
2021
Franklin
MicroCap
Value
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
1
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.3%
Aerospace
&
Defense
1.2%
a
Ducommun,
Inc.
......................................
United
States
38,600
$
1,904,524
Banks
18.2%
American
National
Bankshares
,
Inc.
.......................
United
States
54,604
1,526,182
Arrow
Financial
Corp.
..................................
United
States
89,044
2,617,894
Bar
Harbor
Bankshares
.................................
United
States
121,700
2,617,767
First
Business
Financial
Services,
Inc.
......................
United
States
37,400
720,324
First
Financial
Corp.
...................................
United
States
31,900
1,224,641
First
Internet
Bancorp
..................................
United
States
141,700
4,338,855
First
Mid
Bancshares,
Inc.
...............................
United
States
19,748
668,865
a
First
Western
Financial,
Inc.
.............................
United
States
41,029
757,806
Investar
Holding
Corp.
.................................
United
States
175,181
2,825,669
Northeast
Bank
.......................................
United
States
141,735
3,693,614
Northrim
BanCorp
,
Inc.
.................................
United
States
60,400
1,940,048
Orrstown
Financial
Services,
Inc.
.........................
United
States
43,700
756,447
Peapack
-Gladstone
Financial
Corp.
.......................
United
States
118,376
2,784,203
Peoples
Financial
Services
Corp.
.........................
United
States
56,751
2,044,171
WesBanco
,
Inc.
.......................................
United
States
42,357
1,228,353
29,744,839
Biotechnology
0.8%
a
Anika
Therapeutics,
Inc.
................................
United
States
37,000
1,369,370
Building
Products
1.9%
a
Gibraltar
Industries,
Inc.
................................
United
States
34,596
3,100,840
Commercial
Services
&
Supplies
1.0%
a
Heritage-Crystal
Clean,
Inc.
.............................
United
States
76,900
1,668,730
Communications
Equipment
2.4%
a
Digi
International,
Inc.
..................................
United
States
113,801
2,101,904
a
PCTEL,
Inc.
.........................................
United
States
47,500
349,600
a
Sierra
Wireless,
Inc.
...................................
Canada
78,100
1,445,631
3,897,135
Construction
&
Engineering
5.5%
a
Ameresco
,
Inc.,
A
.....................................
United
States
69,000
3,870,210
a
Northwest
Pipe
Co.
....................................
United
States
65,700
1,987,425
a
Sterling
Construction
Co.,
Inc.
............................
United
States
153,251
3,137,048
8,994,683
Construction
Materials
0.7%
United
States
Lime
&
Minerals,
Inc.
........................
United
States
9,000
1,089,000
Containers
&
Packaging
0.4%
a
UFP
Technologies,
Inc.
.................................
United
States
14,500
667,145
Diversified
Telecommunication
Services
2.2%
ATN
International,
Inc.
..................................
United
States
29,000
1,252,220
a
ORBCOMM,
Inc.
......................................
United
States
317,500
2,378,075
3,630,295
Electrical
Equipment
3.3%
LSI
Industries,
Inc.
....................................
United
States
335,118
3,218,808
Preformed
Line
Products
Co.
............................
United
States
23,400
1,504,386
a
Ultralife
Corp.
........................................
United
States
121,247
711,720
5,434,914
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
2.0%
a
Key
Tronic
Corp.
......................................
United
States
148,000
$
1,262,440
a
Kimball
Electronics,
Inc.
................................
United
States
108,100
2,072,277
3,334,717
Energy
Equipment
&
Services
0.9%
a
Geospace
Technologies
Corp.
............................
United
States
100,800
821,520
a
Natural
Gas
Services
Group,
Inc.
.........................
United
States
71,710
587,305
1,408,825
Equity
Real
Estate
Investment
Trusts
(REITs)
2.0%
Alpine
Income
Property
Trust,
Inc.
.........................
United
States
99,300
1,531,206
CTO
Realty
Growth,
Inc.
................................
United
States
40,860
1,721,432
3,252,638
Food
&
Staples
Retailing
0.8%
Village
Super
Market,
Inc.,
A
.............................
United
States
65,300
1,375,871
Food
Products
0.8%
a
Seneca
Foods
Corp.,
A
.................................
United
States
35,715
1,294,669
Health
Care
Equipment
&
Supplies
3.0%
a
IntriCon
Corp.
........................................
United
States
108,800
1,994,304
Invacare
Corp.
.......................................
United
States
244,800
2,291,328
a
Surgalign
Holdings,
Inc.
................................
United
States
241,200
405,216
Utah
Medical
Products,
Inc.
..............................
United
States
3,261
282,631
4,973,479
Health
Care
Technology
2.0%
Computer
Programs
and
Systems,
Inc.
.....................
United
States
52,800
1,625,184
a
MTBC,
Inc.
..........................................
United
States
149,500
1,707,290
3,332,474
Hotels,
Restaurants
&
Leisure
4.7%
a
Century
Casinos,
Inc.
..................................
United
States
304,662
2,117,401
a
Chuy's
Holdings,
Inc.
..................................
United
States
81,100
2,844,988
a
Full
House
Resorts,
Inc.
................................
United
States
10,433
59,468
Ruth's
Hospitality
Group,
Inc.
............................
United
States
147,000
2,673,930
7,695,787
Household
Durables
2.6%
Hooker
Furniture
Corp.
.................................
United
States
70,000
2,109,100
a
Purple
Innovation,
Inc.
.................................
United
States
61,900
2,107,076
4,216,176
Independent
Power
and
Renewable
Electricity
Producers
0.6%
Polaris
Infrastructure,
Inc.
...............................
Canada
61,100
1,000,574
Interactive
Media
&
Services
0.5%
a
DHI
Group,
Inc.
.......................................
United
States
304,800
762,000
IT
Services
1.2%
Hackett
Group,
Inc.
(The)
...............................
United
States
138,900
1,891,818
Machinery
7.5%
Alamo
Group,
Inc.
.....................................
United
States
18,100
2,526,579
Graham
Corp.
........................................
United
States
30,100
444,276
Hurco
Cos.,
Inc.
......................................
United
States
95,500
2,809,610
Miller
Industries,
Inc.
...................................
United
States
65,300
2,604,164
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
(continued)
Shyft
Group,
Inc.
(The)
.................................
United
States
129,100
$
3,898,820
12,283,449
Metals
&
Mining
1.7%
Olympic
Steel,
Inc.
....................................
United
States
98,100
1,339,065
Schnitzer
Steel
Industries,
Inc.,
A
.........................
United
States
47,200
1,393,344
2,732,409
Mortgage
Real
Estate
Investment
Trusts
(REITs)
1.7%
Arbor
Realty
Trust,
Inc.
.................................
United
States
200,513
2,859,315
Oil,
Gas
&
Consumable
Fuels
1.0%
Adams
Resources
&
Energy,
Inc.
.........................
United
States
18,459
446,892
Ardmore
Shipping
Corp.
................................
Ireland
364,400
1,166,080
1,612,972
Paper
&
Forest
Products
1.3%
Mercer
International,
Inc.
................................
Germany
192,300
2,172,990
Professional
Services
2.2%
a
GP
Strategies
Corp.
...................................
United
States
126,885
1,532,771
Resources
Connection,
Inc.
.............................
United
States
172,400
1,989,496
3,522,267
Real
Estate
Management
&
Development
2.4%
Indus
Realty
Trust,
Inc.
.................................
United
States
62,400
3,976,752
Semiconductors
&
Semiconductor
Equipment
3.3%
a
AXT,
Inc.
............................................
United
States
254,300
2,626,919
NVE
Corp.
..........................................
United
States
5,400
345,006
a
Photronics
,
Inc.
.......................................
United
States
220,700
2,449,770
5,421,695
Specialty
Retail
6.2%
a
Children's
Place,
Inc.
(The)
..............................
United
States
30,300
2,226,141
a
Genesco,
Inc.
........................................
United
States
66,500
2,580,865
Haverty
Furniture
Cos.,
Inc.
..............................
United
States
51,100
1,670,459
a
Hibbett
Sports,
Inc.
....................................
United
States
39,500
2,229,775
Shoe
Carnival,
Inc.
....................................
United
States
31,200
1,466,088
10,173,328
Textiles,
Apparel
&
Luxury
Goods
4.8%
a
Delta
Apparel,
Inc.
.....................................
United
States
101,100
2,024,022
Rocky
Brands,
Inc.
....................................
United
States
92,620
3,191,685
a
Vera
Bradley,
Inc.
.....................................
United
States
321,100
2,713,295
7,929,002
Thrifts
&
Mortgage
Finance
6.2%
Premier
Financial
Corp.
.................................
United
States
127,500
3,539,400
Southern
Missouri
Bancorp,
Inc.
..........................
United
States
80,900
2,479,585
Territorial
Bancorp,
Inc.
.................................
United
States
43,800
1,045,068
Western
New
England
Bancorp,
Inc.
.......................
United
States
92,700
594,207
WSFS
Financial
Corp.
..................................
United
States
59,200
2,543,824
10,202,084
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Water
Utilities
0.3%
Consolidated
Water
Co.
Ltd.
.............................
United
States
38,900
$
492,863
Total
Common
Stocks
(Cost
$92,253,966)
......................................
159,419,629
Short
Term
Investments
2.9%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
2.9%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
4,830,905
4,830,905
Total
Money
Market
Funds
(Cost
$4,830,905)
...................................
4,830,905
Total
Short
Term
Investments
(Cost
$4,830,905
)
.................................
4,830,905
a
Total
Investments
(Cost
$97,084,871)
100.2%
...................................
$164,250,534
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(405,995)
Net
Assets
100.0%
...........................................................
$163,844,539
a
Non-income
producing.
b
See
Note
5
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
Statement
of
Investments
(unaudited),
January
31,
2021
Franklin
Mutual
U.S.
Value
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Shares
a
Value
a
Common
Stocks
95.7%
Aerospace
&
Defense
1.6%
Huntington
Ingalls
Industries,
Inc.
.......................................
70,100
$
11,028,833
Automobiles
2.6%
General
Motors
Co.
..................................................
366,500
18,574,220
Banks
11.3%
Bank
of
America
Corp.
...............................................
875,500
25,958,575
Citizens
Financial
Group,
Inc.
..........................................
289,900
10,563,956
JPMorgan
Chase
&
Co.
...............................................
200,800
25,836,936
PNC
Financial
Services
Group,
Inc.
(The)
.................................
125,500
18,011,760
80,371,227
Building
Products
2.8%
Johnson
Controls
International
plc
.......................................
393,600
19,609,152
Chemicals
3.3%
Ashland
Global
Holdings,
Inc.
..........................................
31,000
2,479,690
Huntsman
Corp.
....................................................
422,600
11,165,092
Westlake
Chemical
Corp.
.............................................
128,400
9,817,464
23,462,246
Commercial
Services
&
Supplies
1.5%
Tetra
Tech,
Inc.
.....................................................
85,400
10,382,078
Consumer
Finance
2.9%
Capital
One
Financial
Corp.
...........................................
196,300
20,466,238
Diversified
Financial
Services
2.4%
Voya
Financial,
Inc.
..................................................
307,100
17,031,766
Electric
Utilities
3.1%
Entergy
Corp.
......................................................
104,700
9,981,051
Evergy
,
Inc.
........................................................
71,043
3,817,140
Pinnacle
West
Capital
Corp.
...........................................
109,400
8,232,350
22,030,541
Electrical
Equipment
1.1%
Regal
Beloit
Corp.
...................................................
63,140
7,922,807
Electronic
Equipment,
Instruments
&
Components
1.0%
Corning,
Inc.
.......................................................
193,700
6,948,019
Energy
Equipment
&
Services
1.7%
Schlumberger
NV
...................................................
531,900
11,813,499
Entertainment
1.9%
a
Walt
Disney
Co.
(The)
................................................
81,600
13,722,672
a
Equity
Real
Estate
Investment
Trusts
(REITs)
4.1%
Brixmor
Property
Group,
Inc.
...........................................
1,217,400
20,610,582
Vornado
Realty
Trust
.................................................
218,200
8,675,632
29,286,214
Food
Products
5.7%
Archer-Daniels-Midland
Co.
...........................................
239,600
11,982,396
Kraft
Heinz
Co.
(The)
................................................
846,600
28,369,566
40,351,962
Health
Care
Equipment
&
Supplies
1.6%
Medtronic
plc
......................................................
104,800
11,667,384
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
U.S.
Value
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
3.0%
Anthem,
Inc.
.......................................................
58,900
$
17,492,122
CVS
Health
Corp.
...................................................
50,100
3,589,665
21,081,787
Household
Durables
2.1%
DR
Horton,
Inc.
.....................................................
190,733
14,648,295
Independent
Power
and
Renewable
Electricity
Producers
1.4%
AES
Corp.
(The)
....................................................
419,600
10,234,044
Industrial
Conglomerates
2.4%
General
Electric
Co.
.................................................
1,623,800
17,342,184
Insurance
4.7%
Everest
Re
Group
Ltd.
...............................................
76,700
16,189,836
Hartford
Financial
Services
Group,
Inc.
(The)
..............................
360,100
17,292,002
33,481,838
IT
Services
1.5%
Cognizant
Technology
Solutions
Corp.,
A
..................................
136,800
10,663,560
Life
Sciences
Tools
&
Services
0.5%
a
Bio-Rad
Laboratories,
Inc.,
A
...........................................
6,495
3,726,636
a
Machinery
1.9%
Oshkosh
Corp.
.....................................................
145,800
13,353,822
Media
3.4%
Comcast
Corp.,
A
...................................................
486,180
24,099,943
Metals
&
Mining
1.5%
Reliance
Steel
&
Aluminum
Co.
.........................................
89,290
10,364,783
Oil,
Gas
&
Consumable
Fuels
2.4%
Chevron
Corp.
.....................................................
119,700
10,198,440
Kinder
Morgan,
Inc.
..................................................
488,700
6,880,896
17,079,336
Pharmaceuticals
7.6%
Merck
&
Co.,
Inc.
...................................................
287,200
22,134,504
Novartis
AG,
ADR
...................................................
233,800
21,151,886
Perrigo
Co.
plc
.....................................................
249,600
10,657,920
53,944,310
Semiconductors
&
Semiconductor
Equipment
1.4%
MKS
Instruments,
Inc.
................................................
62,000
9,800,340
Software
4.9%
NortonLifeLock
,
Inc.
.................................................
858,000
18,078,060
Oracle
Corp.
.......................................................
275,400
16,642,422
34,720,482
Specialty
Retail
1.4%
Dick's
Sporting
Goods,
Inc.
............................................
153,200
10,265,932
Technology
Hardware,
Storage
&
Peripherals
2.5%
Western
Digital
Corp.
................................................
307,732
17,365,317
Textiles,
Apparel
&
Luxury
Goods
2.4%
Tapestry,
Inc.
......................................................
536,600
16,967,292
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
U.S.
Value
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
See
Abbreviations
on
page
16
.
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Wireless
Telecommunication
Services
2.1%
a
T-Mobile
US,
Inc.
...................................................
119,500
$
15,066,560
a
Total
Common
Stocks
(Cost
$541,963,525)
.....................................
678,875,319
Principal
Amount
a
a
a
a
Corporate
Bonds
0.7%
Software
0.7%
b
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.5
%
,
2/01/24
........
$
4,661,000
4,684,305
Total
Corporate
Bonds
(Cost
$4,210,208)
.......................................
4,684,305
Total
Long
Term
Investments
(Cost
$546,173,733)
...............................
683,559,624
a
a
a
a
a
Short
Term
Investments
4.1%
Shares
a
Money
Market
Funds
4.1%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
......................
28,973,043
28,973,043
Total
Money
Market
Funds
(Cost
$28,973,043)
..................................
28,973,043
Total
Short
Term
Investments
(Cost
$28,973,043
)
................................
28,973,043
a
Total
Investments
(Cost
$575,146,776)
100.5%
..................................
$712,532,667
Other
Assets,
less
Liabilities
(0.5)%
...........................................
(3,257,496)
Net
Assets
100.0%
...........................................................
$709,275,171
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2021,
the
value
of
this
security
was
$4,684,305,
representing
0.7%
of
net
assets.
c
See
Note
5
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
Statement
of
Investments
(unaudited),
January
31,
2021
Franklin
Small
Cap
Value
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.9%
Aerospace
&
Defense
1.0%
a
Meggitt
plc
..........................................
United
Kingdom
5,855,017
$
31,660,473
Auto
Components
0.1%
LCI
Industries
........................................
United
States
18,940
2,450,457
Automobiles
1.6%
Thor
Industries,
Inc.
...................................
United
States
426,796
51,646,584
Banks
14.4%
Atlantic
Union
Bankshares
Corp.
..........................
United
States
1,153,814
37,891,252
Bryn
Mawr
Bank
Corp.
.................................
United
States
988,052
30,708,656
Columbia
Banking
System,
Inc.
...........................
United
States
1,933,417
74,475,223
First
Horizon
Corp.
....................................
United
States
7,031,600
97,668,924
b
First
of
Long
Island
Corp.
(The)
...........................
United
States
1,230,606
20,588,038
German
American
Bancorp,
Inc.
..........................
United
States
376,500
12,736,995
Glacier
Bancorp,
Inc.
...................................
United
States
239,983
11,195,207
Lakeland
Financial
Corp.
................................
United
States
711,716
41,777,729
Peoples
Bancorp,
Inc.
..................................
United
States
540,026
16,470,793
South
State
Corp.
.....................................
United
States
991,177
69,124,684
TriCo
Bancshares
.....................................
United
States
908,962
33,904,283
Washington
Trust
Bancorp,
Inc.
...........................
United
States
616,609
26,871,820
473,413,604
Building
Products
3.3%
Apogee
Enterprises,
Inc.
................................
United
States
1,139,791
40,006,664
Insteel
Industries,
Inc.
..................................
United
States
896,697
22,632,632
a
Masonite
International
Corp.
.............................
United
States
44,795
4,457,103
UFP
Industries,
Inc.
....................................
United
States
733,667
39,573,998
106,670,397
Capital
Markets
0.2%
Houlihan
Lokey
,
Inc.
...................................
United
States
90,299
5,855,890
Chemicals
7.7%
Ashland
Global
Holdings,
Inc.
............................
United
States
285,077
22,803,309
Avient
Corp.
.........................................
United
States
2,301,924
88,462,939
Cabot
Corp.
.........................................
United
States
1,242,497
54,558,043
a
Elementis
plc
........................................
United
Kingdom
13,648,457
20,588,426
Minerals
Technologies,
Inc.
..............................
United
States
1,098,933
67,727,241
254,139,958
Commercial
Services
&
Supplies
1.6%
McGrath
RentCorp
....................................
United
States
764,790
53,374,694
Communications
Equipment
2.3%
a
NetScout
Systems,
Inc.
.................................
United
States
2,619,500
76,581,083
Construction
&
Engineering
3.0%
Argan
,
Inc.
..........................................
United
States
498,278
21,540,558
a
Great
Lakes
Dredge
&
Dock
Corp.
........................
United
States
1,269,539
17,303,817
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
2,531,926
60,031,965
98,876,340
Construction
Materials
0.7%
a
Summit
Materials,
Inc.,
A
................................
United
States
1,105,534
22,696,613
Electric
Utilities
0.9%
IDACORP,
Inc.
.......................................
United
States
326,517
28,831,451
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electrical
Equipment
1.0%
Regal
Beloit
Corp.
.....................................
United
States
269,125
$
33,769,805
Electronic
Equipment,
Instruments
&
Components
3.4%
Benchmark
Electronics,
Inc.
.............................
United
States
1,027,831
26,034,959
a
Coherent,
Inc.
........................................
United
States
379,315
76,181,625
a
Knowles
Corp.
.......................................
United
States
539,886
10,414,401
112,630,985
Energy
Equipment
&
Services
0.4%
Hunting
plc
..........................................
United
Kingdom
3,670,911
10,054,001
a
Natural
Gas
Services
Group,
Inc.
.........................
United
States
531,000
4,348,890
14,402,891
Equity
Real
Estate
Investment
Trusts
(REITs)
1.1%
Healthcare
Realty
Trust,
Inc.
.............................
United
States
368,473
11,057,875
Highwoods
Properties,
Inc.
..............................
United
States
182,699
6,849,386
Sunstone
Hotel
Investors,
Inc.
............................
United
States
1,665,335
17,819,084
Weingarten
Realty
Investors
.............................
United
States
24,600
553,746
36,280,091
Food
&
Staples
Retailing
0.2%
a
BJ's
Wholesale
Club
Holdings,
Inc.
........................
United
States
158,416
6,664,561
Food
Products
1.8%
Glanbia
plc
..........................................
Ireland
4,510,289
55,650,667
Maple
Leaf
Foods,
Inc.
.................................
Canada
114,258
2,232,977
57,883,644
Gas
Utilities
0.1%
Spire,
Inc.
...........................................
United
States
50,658
3,099,763
Health
Care
Equipment
&
Supplies
3.4%
a
Envista
Holdings
Corp.
.................................
United
States
1,699,590
60,403,429
a
Integer
Holdings
Corp.
.................................
United
States
672,683
49,644,005
110,047,434
Hotels,
Restaurants
&
Leisure
4.5%
a
Dalata
Hotel
Group
plc
.................................
Ireland
5,936,776
24,062,287
a,b
Denny's
Corp.
........................................
United
States
4,209,787
66,219,950
Jack
in
the
Box,
Inc.
...................................
United
States
584,138
54,990,751
Wyndham
Hotels
&
Resorts,
Inc.
..........................
United
States
49,306
2,868,130
148,141,118
Household
Durables
0.1%
a
M/I
Homes,
Inc.
.......................................
United
States
72,295
3,569,204
Insurance
11.4%
CNO
Financial
Group,
Inc.
..............................
United
States
3,384,264
71,780,239
Hanover
Insurance
Group,
Inc.
(The)
.......................
United
States
829,824
93,330,305
Horace
Mann
Educators
Corp.
...........................
United
States
2,031,284
79,565,394
Old
Republic
International
Corp.
..........................
United
States
5,145,938
93,141,478
Selective
Insurance
Group,
Inc.
...........................
United
States
541,473
35,184,916
373,002,332
Leisure
Products
2.7%
BRP,
Inc.
............................................
United
States
156,483
10,300,441
Brunswick
Corp.
......................................
United
States
917,232
79,303,879
89,604,320
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
16.6%
Astec
Industries,
Inc.
...................................
United
States
442,217
$
26,298,645
Columbus
McKinnon
Corp.
..............................
United
States
887,429
38,328,059
b
Greenbrier
Cos.,
Inc.
(The)
..............................
United
States
1,971,294
71,321,417
Hillenbrand,
Inc.
......................................
United
States
1,930,472
79,342,399
a
Meritor,
Inc.
..........................................
United
States
1,001,932
25,859,865
Mueller
Industries,
Inc.
.................................
United
States
536,425
18,318,914
Mueller
Water
Products,
Inc.,
A
...........................
United
States
4,266,170
51,151,378
Oshkosh
Corp.
.......................................
United
States
700,529
64,161,451
REV
Group,
Inc.
......................................
United
States
1,024,291
10,580,926
Rexnord
Corp.
.......................................
United
States
1,521,419
57,600,923
Timken
Co.
(The)
.....................................
United
States
1,091,920
82,614,667
Wabash
National
Corp.
.................................
United
States
1,242,401
19,816,296
545,394,940
Metals
&
Mining
1.4%
Kaiser
Aluminum
Corp.
.................................
United
States
161,453
13,997,975
Reliance
Steel
&
Aluminum
Co.
...........................
United
States
273,612
31,760,881
45,758,856
Multi-Utilities
1.3%
Black
Hills
Corp.
......................................
United
States
743,531
43,957,553
Oil,
Gas
&
Consumable
Fuels
2.3%
Crescent
Point
Energy
Corp.
.............................
Canada
23,539,568
64,799,624
a
Green
Plains,
Inc.
.....................................
United
States
558,107
10,721,236
75,520,860
Paper
&
Forest
Products
1.0%
Glatfelter
Corp.
.......................................
United
States
2,141,233
33,510,297
Professional
Services
0.9%
a
Huron
Consulting
Group,
Inc.
............................
United
States
68,850
3,646,296
Kforce
,
Inc.
..........................................
United
States
620,154
26,449,568
30,095,864
Road
&
Rail
0.2%
Heartland
Express,
Inc.
.................................
United
States
427,879
8,031,289
Software
1.6%
a
ACI
Worldwide,
Inc.
....................................
United
States
1,367,088
52,482,508
Specialty
Retail
3.7%
a
Boot
Barn
Holdings,
Inc.
................................
United
States
388,846
22,257,545
a
Dufry
AG
............................................
Switzerland
564,396
30,343,429
Group
1
Automotive,
Inc.
................................
United
States
503,953
69,354,012
121,954,986
Textiles,
Apparel
&
Luxury
Goods
1.7%
Carter's,
Inc.
.........................................
United
States
404,000
35,568,160
Wolverine
World
Wide,
Inc.
..............................
United
States
653,669
18,721,080
54,289,240
Thrifts
&
Mortgage
Finance
0.3%
TrustCo
Bank
Corp.
...................................
United
States
1,639,400
10,197,068
Total
Common
Stocks
(Cost
$2,703,523,552)
....................................
3,216,487,153
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
Short
Term
Investments
2.1%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
2.1%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
........
United
States
68,065,385
$
68,065,385
Total
Money
Market
Funds
(Cost
$68,065,385)
..................................
68,065,385
Total
Short
Term
Investments
(Cost
$68,065,385
)
................................
68,065,385
a
Total
Investments
(Cost
$2,771,588,937)
100.0%
................................
$3,284,552,538
Other
Assets,
less
Liabilities
0.0%
.............................................
1,048,745
Net
Assets
100.0%
...........................................................
$3,285,601,283
a
Non-income
producing.
b
See
Note
4
regarding
holdings
of
5%
voting
securities.
c
See
Note
5
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
Statements
of
Investments
(unaudited)
12
Quarterly
Statement
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)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
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
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
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,
book
values,
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'
Franklin
Value
Investors
Trust
Notes
to
Statements
of
Investments
(unaudited)
13
Quarterly
Statement
of
Investments
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
January
31,
2021,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy.
See
the
Fair
Value
Measurements
note
for
more
information.
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.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
4.
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.
During
the
period
ended
January
31,
2021,
investments
in
“affiliated
companies”
were
as
follows: 
5.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
January
31,
2021,
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
Denny's
Corp
...........
$
10,968,662
$
40,145,720
$
—
$
—
$
15,105,568
$
66,219,950
4,209,787
$
—
First
of
Long
Island
Corp/The
.
18,988,251
—
—
—
1,599,788
20,588,038
1,230,606
233,815
Greenbrier
Cos
Inc
/The
....
48,148,697
10,082,661
(2,840,823)
(330,077)
16,260,959
71,321,417
1,971,294
1,014,093
Wabash
National
Corp
.....
39,682,215
—
(26,792,511)
8,173,033
—
a
—
a
—
a
—
Total
Affiliated
Securities
(Value
is
4.8%
of
Net
Assets)
$117,787,825
$50,228,381
$(29,633,334)
7,842,956
32,966,315
$158,129,405
$1,247,908
a
As
of
January
31,
2021,
no
longer
an
affiliate.
2. Financial
Instrument
Valuation
(continued)
Franklin
Value
Investors
Trust
Notes
to
Statements
of
Investments
(unaudited)
14
Quarterly
Statement
of
Investments
6. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
January
31,
2021,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
MicroCap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$2,721,839
$10,612,428
$(8,503,362)
$—
$—
$4,830,905
4,830,905
$—
Total
Affiliated
Securities
....
$2,721,839
$10,612,428
$(8,503,362)
$—
$—
$4,830,905
$—
Franklin
Mutual
U.S.
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$21,438,515
$43,423,664
$(35,889,136)
$—
$—
$28,973,043
28,973,043
$—
Total
Affiliated
Securities
....
$21,438,515
$43,423,664
$(35,889,136)
$—
$—
$28,973,043
$—
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0%
.........
$67,492,583
$239,383,210
$(238,810,408)
$—
$—
$68,065,385
68,065,385
$—
Total
Affiliated
Securities
....
$67,492,583
$239,383,210
$(238,810,408)
$—
$—
$68,065,385
$—
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Value
Investors
Trust
Notes
to
Statements
of
Investments
(unaudited)
15
Quarterly
Statement
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
MicroCap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
$
159,419,629
$
—
$
—
$
159,419,629
Short
Term
Investments
...................
4,830,905
—
—
4,830,905
Total
Investments
in
Securities
...........
$164,250,534
$—
$—
$164,250,534
Level
1
Level
2
Level
3
Total
Franklin
Mutual
U.S.
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
$
678,875,319
$
—
$
—
$
678,875,319
Corporate
Bonds
........................
—
4,684,305
—
4,684,305
Short
Term
Investments
...................
28,973,043
—
—
28,973,043
Total
Investments
in
Securities
...........
$707,848,362
$4,684,305
$—
$712,532,667
Franklin
Small
Cap
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
31,660,473
—
31,660,473
Auto
Components
......................
2,450,457
—
—
2,450,457
Automobiles
..........................
51,646,584
—
—
51,646,584
Banks
...............................
473,413,604
—
—
473,413,604
Building
Products
......................
106,670,397
—
—
106,670,397
Capital
Markets
........................
5,855,890
—
—
5,855,890
Chemicals
...........................
254,139,958
—
—
254,139,958
Commercial
Services
&
Supplies
...........
53,374,694
—
—
53,374,694
Communications
Equipment
..............
76,581,083
—
—
76,581,083
Construction
&
Engineering
...............
98,876,340
—
—
98,876,340
Construction
Materials
..................
22,696,613
—
—
22,696,613
Electric
Utilities
........................
28,831,451
—
—
28,831,451
Electrical
Equipment
....................
33,769,805
—
—
33,769,805
Electronic
Equipment,
Instruments
&
Components
........................
112,630,985
—
—
112,630,985
Energy
Equipment
&
Services
.............
14,402,891
—
—
14,402,891
Equity
Real
Estate
Investment
Trusts
(REITs)
.
36,280,091
—
—
36,280,091
Food
&
Staples
Retailing
.................
6,664,561
—
—
6,664,561
Food
Products
........................
2,232,977
55,650,667
—
57,883,644
Gas
Utilities
..........................
3,099,763
—
—
3,099,763
Health
Care
Equipment
&
Supplies
.........
110,047,434
—
—
110,047,434
Hotels,
Restaurants
&
Leisure
.............
148,141,118
—
—
148,141,118
Household
Durables
....................
3,569,204
—
—
3,569,204
Insurance
............................
373,002,332
—
—
373,002,332
Leisure
Products
.......................
89,604,320
—
—
89,604,320
Machinery
............................
545,394,940
—
—
545,394,940
Metals
&
Mining
.......................
45,758,856
—
—
45,758,856
Multi-Utilities
..........................
43,957,553
—
—
43,957,553
Oil,
Gas
&
Consumable
Fuels
.............
75,520,860
—
—
75,520,860
Paper
&
Forest
Products
.................
33,510,297
—
—
33,510,297
Professional
Services
...................
30,095,864
—
—
30,095,864
Road
&
Rail
..........................
8,031,289
—
—
8,031,289
Software
.............................
52,482,508
—
—
52,482,508
Specialty
Retail
........................
91,611,557
30,343,429
—
121,954,986
Textiles,
Apparel
&
Luxury
Goods
..........
54,289,240
—
—
54,289,240
6. Fair
Value
Measurements 
(continued)
Franklin
Value
Investors
Trust
Notes
to
Statements
of
Investments
(unaudited)
16
Quarterly
Statement
of
Investments
7.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Statements of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Value
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Thrifts
&
Mortgage
Finance
...............
$
10,197,068
$
—
$
—
$
10,197,068
Short
Term
Investments
...................
68,065,385
—
—
68,065,385
Total
Investments
in
Securities
...........
$3,166,897,969
$117,654,569
$—
$3,284,552,538
a
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
Selected
Portfolio
ADR
American
Depositary
Receipt
6. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.