Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FVIT-Q3PH

1

Schedules

of

Investments

(unaudited)

Franklin

MicroCap

Value

Fund

2

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

6

Franklin

Small

Cap

Value

Fund

9

Notes

to

Schedules

of

Investments

13

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

July

31,

2023

Franklin

MicroCap

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

98.5%

Aerospace

&

Defense

2.1%

a

Ducommun,

Inc.

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

United

States

68,025

$

3,410,773

Magellan

Aerospace

Corp.

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

Canada

243,900

1,489,000

4,899,773

Banks

19.8%

American

National

Bankshares,

Inc.

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

United

States

79,729

3,291,213

Arrow

Financial

Corp.

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

United

States

128,831

2,592,080

Bar

Harbor

Bankshares

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

United

States

104,962

2,866,512

First

Business

Financial

Services,

Inc.

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

United

States

130,500

4,435,695

First

Internet

Bancorp

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

United

States

162,580

3,664,553

a

First

Western

Financial,

Inc.

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

United

States

110,706

2,296,042

Investar

Holding

Corp.

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

United

States

213,010

3,163,199

Northeast

Bank

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

United

States

101,675

4,843,797

Northrim

BanCorp,

Inc.

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

United

States

28,900

1,381,420

Orrstown

Financial

Services,

Inc.

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

United

States

119,036

2,785,442

Peapack-Gladstone

Financial

Corp.

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

United

States

114,985

3,361,012

Peoples

Financial

Services

Corp.

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

United

States

55,776

2,576,293

Premier

Financial

Corp.

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

United

States

154,765

3,352,210

Southern

Missouri

Bancorp,

Inc.

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

United

States

69,811

3,355,815

Territorial

Bancorp,

Inc.

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

United

States

121,739

1,440,781

WesBanco,

Inc.

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

United

States

42,357

1,186,420

46,592,484

Biotechnology

2.3%

a

Anika

Therapeutics,

Inc.

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

United

States

123,992

2,892,733

a

Catalyst

Pharmaceuticals,

Inc.

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

United

States

104,300

1,442,469

a

Vanda

Pharmaceuticals,

Inc.

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

United

States

176,800

1,021,904

5,357,106

Commercial

Services

&

Supplies

2.1%

a

Heritage-Crystal

Clean,

Inc.

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

United

States

106,300

4,897,241

Communications

Equipment

1.8%

a

Digi

International,

Inc.

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

United

States

54,701

2,293,613

PCTEL,

Inc.

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

United

States

393,331

1,946,988

4,240,601

Construction

&

Engineering

4.9%

a

Matrix

Service

Co.

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

United

States

607,019

3,842,430

a

Northwest

Pipe

Co.

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

United

States

65,700

2,140,506

a

Sterling

Infrastructure,

Inc.

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

United

States

94,541

5,671,515

11,654,451

Consumer

Staples

Distribution

&

Retail

0.9%

Village

Super

Market,

Inc.,

A

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

United

States

91,930

2,140,130

Diversified

REITs

3.3%

Alpine

Income

Property

Trust,

Inc.

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

United

States

219,121

3,722,866

CTO

Realty

Growth,

Inc.

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

United

States

228,604

4,000,570

7,723,436

Diversified

Telecommunication

Services

0.4%

ATN

International,

Inc.

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

United

States

29,000

1,053,860

Electrical

Equipment

3.3%

LSI

Industries,

Inc.

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

United

States

150,118

1,891,487

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

MicroCap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Electrical

Equipment

(continued)

Preformed

Line

Products

Co.

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

United

States

33,218

$

5,763,655

7,655,142

Electronic

Equipment,

Instruments

&

Components

2.6%

a

Daktronics,

Inc.

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

United

States

368,610

2,650,306

a

Kimball

Electronics,

Inc.

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

United

States

120,416

3,513,739

6,164,045

Energy

Equipment

&

Services

5.3%

a

DMC

Global,

Inc.

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

United

States

181,300

3,419,318

a

Helix

Energy

Solutions

Group,

Inc.

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

United

States

526,542

5,054,803

a

Oil

States

International,

Inc.

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

United

States

493,390

3,966,856

12,440,977

Food

Products

1.6%

Alico,

Inc.

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

United

States

144,723

3,748,326

Health

Care

Equipment

&

Supplies

5.1%

a

Orthofix

Medical,

Inc.

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

United

States

167,800

3,303,982

a

Semler

Scientific,

Inc.

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

United

States

76,300

1,873,165

a

UFP

Technologies,

Inc.

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

United

States

14,280

2,779,816

Utah

Medical

Products,

Inc.

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

United

States

41,696

4,099,968

12,056,931

Health

Care

Technology

1.6%

a

CareCloud,

Inc.

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

United

States

346,708

1,161,472

a

Computer

Programs

and

Systems,

Inc.

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

United

States

101,033

2,649,085

3,810,557

Hotels,

Restaurants

&

Leisure

2.4%

a

Century

Casinos,

Inc.

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

United

States

392,262

3,118,483

a

Chuy's

Holdings,

Inc.

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

United

States

61,874

2,573,340

5,691,823

Household

Durables

1.6%

Hooker

Furnishings

Corp.

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

United

States

188,406

3,781,308

Independent

Power

and

Renewable

Electricity

Producers

1.6%

Polaris

Renewable

Energy,

Inc.

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

Canada

354,200

3,857,358

Insurance

2.8%

Investors

Title

Co.

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

United

States

7,900

1,236,745

Tiptree,

Inc.,

A

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

United

States

197,690

2,919,882

United

Fire

Group,

Inc.

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

United

States

106,157

2,552,014

6,708,641

Interactive

Media

&

Services

1.5%

a

DHI

Group,

Inc.

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

United

States

360,217

1,358,018

a

QuinStreet,

Inc.

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

United

States

236,700

2,101,896

3,459,914

IT

Services

1.5%

Hackett

Group,

Inc.

(The)

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

United

States

152,200

3,538,650

Machinery

10.5%

Alamo

Group,

Inc.

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

United

States

13,249

2,567,126

a

Commercial

Vehicle

Group,

Inc.

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

United

States

401,700

4,217,850

a

Graham

Corp.

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

United

States

256,146

3,586,044

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

MicroCap

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

(continued)

Hurco

Cos.,

Inc.

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

United

States

105,700

$

2,461,753

a

L

B

Foster

Co.,

A

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

United

States

297,265

4,167,655

Miller

Industries,

Inc.

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

United

States

151,000

5,728,940

Shyft

Group,

Inc.

(The)

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

United

States

142,317

2,053,635

24,783,003

Media

1.6%

Entravision

Communications

Corp.,

A

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

United

States

766,199

3,662,431

Metals

&

Mining

1.4%

Haynes

International,

Inc.

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

United

States

64,177

3,219,118

Office

REITs

0.6%

City

Office

REIT,

Inc.

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

United

States

248,000

1,356,560

Oil,

Gas

&

Consumable

Fuels

1.7%

VAALCO

Energy,

Inc.

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

United

States

917,300

4,081,985

Paper

&

Forest

Products

1.4%

Mercer

International,

Inc.

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

Germany

366,300

3,260,070

Pharmaceuticals

2.0%

a

Harrow

Health,

Inc.

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

United

States

217,396

4,800,104

Professional

Services

2.7%

Heidrick

&

Struggles

International,

Inc.

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

United

States

126,739

3,456,172

Resources

Connection,

Inc.

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

United

States

187,400

2,994,652

6,450,824

Semiconductors

&

Semiconductor

Equipment

0.4%

a

AXT,

Inc.

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

United

States

316,900

985,559

Specialty

Retail

3.7%

a

America's

Car-Mart,

Inc.

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

United

States

43,577

5,190,892

a

Children's

Place,

Inc.

(The)

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

United

States

30,300

952,632

a

Citi

Trends,

Inc.

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

United

States

24,808

467,631

a

Genesco,

Inc.

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

United

States

70,599

1,991,598

8,602,753

Textiles,

Apparel

&

Luxury

Goods

4.0%

a

Delta

Apparel,

Inc.

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

United

States

218,833

1,811,937

Rocky

Brands,

Inc.

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

United

States

139,217

2,801,046

a

Vera

Bradley,

Inc.

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

United

States

698,125

4,705,363

9,318,346

Total

Common

Stocks

(Cost

$174,426,610)

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

231,993,507

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

MicroCap

Value

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

See

Abbreviations

on

page

18

.

Short

Term

Investments

1.6%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

1.6%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.842%

....

United

States

3,715,801

$

3,715,801

Total

Money

Market

Funds

(Cost

$3,715,801)

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

3,715,801

Total

Short

Term

Investments

(Cost

$3,715,801

)

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

3,715,801

a

Total

Investments

(Cost

$178,142,411)

100.1%

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

$235,709,308

Other

Assets,

less

Liabilities

(0.1)%

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

(164,001)

Net

Assets

100.0%

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

$235,545,307

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,

2023

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

96.4%

Aerospace

&

Defense

4.0%

a

Babcock

International

Group

plc

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

United

Kingdom

2,623,093

$

12,628,477

Melrose

Industries

plc

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

United

Kingdom

1,213,247

8,257,159

Moog,

Inc.,

A

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

United

States

106,826

11,263,733

32,149,369

Automobile

Components

2.7%

a

Dowlais

Group

plc

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

United

Kingdom

4,963,710

7,832,438

Lear

Corp.

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

United

States

90,194

13,958,423

21,790,861

Banks

4.4%

Citizens

Financial

Group,

Inc.

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

United

States

500,016

16,130,516

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

143,011

19,576,776

35,707,292

Broadline

Retail

1.7%

eBay,

Inc.

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

United

States

308,016

13,709,792

Building

Products

1.6%

Johnson

Controls

International

plc

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

United

States

191,020

13,285,441

Chemicals

5.0%

Ashland,

Inc.

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

United

States

132,453

12,100,906

Avient

Corp.

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

United

States

212,090

8,596,008

Huntsman

Corp.

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

United

States

385,039

11,462,611

Olin

Corp.

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

United

States

148,234

8,550,137

40,709,662

Commercial

Services

&

Supplies

1.5%

a

Stericycle,

Inc.

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

United

States

285,151

12,116,066

Construction

&

Engineering

1.9%

a

WillScot

Mobile

Mini

Holdings

Corp.

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

United

States

330,095

15,828,055

Consumer

Finance

1.5%

Capital

One

Financial

Corp.

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

United

States

102,079

11,945,285

Containers

&

Packaging

1.3%

International

Paper

Co.

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

United

States

297,185

10,716,491

Electric

Utilities

6.3%

Entergy

Corp.

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

United

States

163,829

16,825,238

Evergy

,

Inc.

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

United

States

228,878

13,725,814

PPL

Corp.

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

United

States

758,549

20,882,854

51,433,906

Electrical

Equipment

1.5%

Regal

Rexnord

Corp.

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

United

States

75,625

11,811,113

Electronic

Equipment,

Instruments

&

Components

2.5%

a

Flex

Ltd.

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

United

States

741,427

20,285,443

Energy

Equipment

&

Services

4.3%

Baker

Hughes

Co.,

A

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

United

States

442,321

15,830,669

Schlumberger

NV

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

United

States

323,613

18,879,582

34,710,251

Financial

Services

4.5%

a

Fiserv,

Inc.

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

United

States

70,623

8,913,329

Global

Payments,

Inc.

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

United

States

105,620

11,644,605

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)

Financial

Services

(continued)

Voya

Financial,

Inc.

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

United

States

214,552

$

15,932,631

36,490,565

Food

Products

2.9%

Kraft

Heinz

Co.

(The)

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

United

States

641,409

23,206,178

Health

Care

Equipment

&

Supplies

2.3%

Baxter

International,

Inc.

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

United

States

170,166

7,696,608

a

Envista

Holdings

Corp.

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

United

States

310,962

10,700,203

18,396,811

Health

Care

Providers

&

Services

5.1%

AmerisourceBergen

Corp.

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

United

States

74,184

13,864,990

Elevance

Health,

Inc.

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

United

States

20,227

9,539,660

Fresenius

SE

&

Co.

KGaA

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

Germany

565,831

17,758,612

41,163,262

Household

Durables

1.8%

DR

Horton,

Inc.

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

United

States

117,714

14,952,032

Independent

Power

and

Renewable

Electricity

Producers

1.4%

AES

Corp.

(The)

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

United

States

507,285

10,972,575

Insurance

5.3%

Everest

Group

Ltd.

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

United

States

54,454

19,631,211

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

189,187

13,598,762

Willis

Towers

Watson

plc

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

United

States

47,113

9,956,390

43,186,363

Interactive

Media

&

Services

0.6%

a

Match

Group,

Inc.

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

United

States

98,371

4,575,235

Machinery

2.1%

Parker-Hannifin

Corp.

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

United

States

41,532

17,028,535

Media

1.9%

a

Liberty

Broadband

Corp.,

C

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

United

States

169,505

15,107,981

Metals

&

Mining

1.4%

Alcoa

Corp.

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

United

States

304,376

11,015,367

Office

REITs

0.7%

Vornado

Realty

Trust

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

United

States

236,406

5,314,407

Oil,

Gas

&

Consumable

Fuels

2.5%

Williams

Cos.,

Inc.

(The)

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

United

States

591,696

20,383,927

Personal

Care

Products

0.9%

Haleon

plc

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

United

States

1,782,546

7,694,525

Pharmaceuticals

1.2%

GSK

plc

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

United

States

557,935

9,932,285

Professional

Services

4.7%

ICF

International,

Inc.

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

United

States

86,985

10,228,566

KBR,

Inc.

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

United

States

234,849

14,440,865

SS&C

Technologies

Holdings,

Inc.

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

United

States

236,047

13,749,738

38,419,169

Real

Estate

Management

&

Development

3.3%

a

CBRE

Group,

Inc.,

A

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

United

States

225,192

18,760,746

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

See

Abbreviations

on

page

18

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Real

Estate

Management

&

Development

(continued)

Colliers

International

Group,

Inc.

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

Canada

75,523

$

7,648,969

26,409,715

Retail

REITs

2.2%

Brixmor

Property

Group,

Inc.

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

United

States

779,250

17,720,145

Semiconductors

&

Semiconductor

Equipment

1.4%

a

Onto

Innovation,

Inc.

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

United

States

93,532

11,627,898

Software

1.9%

Gen

Digital,

Inc.

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

United

States

785,682

15,281,515

Specialty

Retail

1.4%

Dick's

Sporting

Goods,

Inc.

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

United

States

79,987

11,278,167

Textiles,

Apparel

&

Luxury

Goods

2.2%

Tapestry,

Inc.

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

United

States

419,841

18,116,139

Trading

Companies

&

Distributors

4.5%

a

AerCap

Holdings

NV

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

Ireland

150,479

9,602,065

Ferguson

plc

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

United

States

73,043

11,805,210

a

Univar

Solutions,

Inc.

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

United

States

410,761

14,844,902

36,252,177

Total

Common

Stocks

(Cost

$639,088,108)

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

780,724,000

Short

Term

Investments

3.0%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

3.0%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.842%

....

United

States

24,305,640

24,305,640

Total

Money

Market

Funds

(Cost

$24,305,640)

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

24,305,640

Total

Short

Term

Investments

(Cost

$24,305,640

)

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

24,305,640

a

Total

Investments

(Cost

$663,393,748)

99.4%

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

$805,029,640

Other

Assets,

less

Liabilities

0.6%

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

4,693,230

Net

Assets

100.0%

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

$809,722,870

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,

2023

Franklin

Small

Cap

Value

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.4%

Aerospace

&

Defense

3.1%

Melrose

Industries

plc

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

United

Kingdom

6,328,808

$

43,072,823

QinetiQ

Group

plc

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

United

Kingdom

12,322,434

51,024,190

Senior

plc

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

United

Kingdom

18,268,048

39,059,724

133,156,737

Automobile

Components

4.4%

a

Adient

plc

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

United

States

2,200,895

93,670,091

a

Atmus

Filtration

Technologies,

Inc.

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

United

States

1,784,158

42,552,168

LCI

Industries

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

United

States

377,983

51,507,744

187,730,003

Banks

12.2%

Atlantic

Union

Bankshares

Corp.

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

United

States

373,973

11,959,657

b

Camden

National

Corp.

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

United

States

748,575

25,885,723

Columbia

Banking

System,

Inc.

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

United

States

4,444,907

99,343,671

First

Bancorp

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

United

States

445,402

14,733,898

First

Commonwealth

Financial

Corp.

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

United

States

512,502

7,400,529

First

Interstate

BancSystem,

Inc.,

A

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

United

States

2,627,359

75,484,024

German

American

Bancorp,

Inc.

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

United

States

779,192

22,954,996

Peoples

Bancorp,

Inc.

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

United

States

1,103,546

31,086,891

Seacoast

Banking

Corp.

of

Florida

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

United

States

1,093,811

27,028,070

SouthState

Corp.

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

United

States

1,203,900

93,506,913

TriCo

Bancshares

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

United

States

987,284

36,904,676

WSFS

Financial

Corp.

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

United

States

1,781,197

77,927,369

524,216,417

Building

Products

5.2%

Insteel

Industries,

Inc.

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

United

States

306,264

9,877,014

a

Masonite

International

Corp.

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

United

States

613,713

64,163,694

UFP

Industries,

Inc.

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

United

States

1,045,466

107,432,086

Zurn

Elkay

Water

Solutions

Corp.

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

United

States

1,379,792

42,000,869

223,473,663

Capital

Markets

0.5%

Piper

Sandler

Cos.

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

United

States

143,720

21,034,859

Chemicals

4.3%

Ashland,

Inc.

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

United

States

23,726

2,167,607

Avient

Corp.

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

United

States

1,538,781

62,366,794

a,b

Elementis

plc

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

United

Kingdom

39,868,704

56,591,248

Olin

Corp.

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

United

States

527,521

30,427,411

Tronox

Holdings

plc

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

United

States

2,331,391

30,984,187

182,537,247

Communications

Equipment

2.1%

a,b

Clearfield,

Inc.

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

United

States

1,060,093

49,548,747

a

NetScout

Systems,

Inc.

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

United

States

1,393,880

38,958,946

88,507,693

Construction

&

Engineering

2.4%

Primoris

Services

Corp.

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

United

States

2,022,724

64,241,714

Stantec,

Inc.

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

Canada

561,918

38,054,966

a

WillScot

Mobile

Mini

Holdings

Corp.

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

United

States

46,701

2,239,313

104,535,993

Construction

Materials

1.1%

a

Summit

Materials,

Inc.,

A

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

United

States

1,345,698

48,687,354

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

Small

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Consumer

Finance

0.8%

Bread

Financial

Holdings,

Inc.

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

United

States

796,140

$

33,095,540

Diversified

REITs

1.0%

Alexander

&

Baldwin,

Inc.

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

United

States

2,309,466

44,341,747

Electric

Utilities

0.2%

IDACORP,

Inc.

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

United

States

66,417

6,828,996

Electrical

Equipment

1.2%

Regal

Rexnord

Corp.

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

United

States

320,738

50,092,861

Electronic

Equipment,

Instruments

&

Components

5.8%

Benchmark

Electronics,

Inc.

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

United

States

1,597,302

42,344,476

a

Coherent

Corp.

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

United

States

2,247,410

106,437,338

CTS

Corp.

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

United

States

47,225

2,107,652

a,b

Knowles

Corp.

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

United

States

5,273,917

96,354,463

247,243,929

Energy

Equipment

&

Services

2.3%

a

TechnipFMC

plc

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

United

Kingdom

5,293,742

97,087,228

Food

Products

3.9%

Glanbia

plc

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

Ireland

6,961,332

108,007,541

Maple

Leaf

Foods,

Inc.

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

Canada

2,739,115

57,167,029

165,174,570

Health

Care

Equipment

&

Supplies

4.5%

a

Envista

Holdings

Corp.

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

United

States

3,373,183

116,071,227

a

Integer

Holdings

Corp.

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

United

States

823,346

76,143,038

192,214,265

Hotel

&

Resort

REITs

1.5%

Sunstone

Hotel

Investors,

Inc.

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

United

States

6,115,392

62,315,844

Hotels,

Restaurants

&

Leisure

5.2%

Boyd

Gaming

Corp.

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

United

States

274,124

18,728,152

a

Brinker

International,

Inc.

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

United

States

1,398,790

54,944,471

a

Dalata

Hotel

Group

plc

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

Ireland

6,269,864

29,335,426

a

Hilton

Grand

Vacations,

Inc.

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

United

States

1,958,508

91,070,622

Jack

in

the

Box,

Inc.

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

United

States

307,481

30,566,686

224,645,357

Household

Durables

0.8%

Century

Communities,

Inc.

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

United

States

140,017

10,812,113

a

M/I

Homes,

Inc.

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

United

States

134,718

13,471,800

Meritage

Homes

Corp.

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

United

States

58,743

8,749,770

a

Taylor

Morrison

Home

Corp.,

A

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

United

States

60,491

2,928,974

35,962,657

Industrial

REITs

0.5%

STAG

Industrial,

Inc.

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

United

States

560,715

20,353,954

Insurance

5.6%

CNO

Financial

Group,

Inc.

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

United

States

3,110,233

79,995,193

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

953,993

108,259,125

Horace

Mann

Educators

Corp.

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

United

States

1,732,361

52,196,037

240,450,355

Leisure

Products

3.2%

Brunswick

Corp.

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

United

States

377,080

32,545,775

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)

Leisure

Products

(continued)

a

Mattel,

Inc.

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

United

States

4,956,123

$

105,565,420

138,111,195

Machinery

2.7%

b

Columbus

McKinnon

Corp.

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

United

States

1,663,598

70,436,739

Mueller

Water

Products,

Inc.,

A

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

United

States

2,573,137

41,401,774

Timken

Co.

(The)

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

United

States

25,937

2,408,510

114,247,023

Metals

&

Mining

1.2%

Alcoa

Corp.

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

United

States

59,997

2,171,291

Commercial

Metals

Co.

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

United

States

445,963

25,518,003

Ryerson

Holding

Corp.

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

United

States

542,606

23,055,329

50,744,623

Multi-Utilities

0.3%

Black

Hills

Corp.

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

United

States

183,329

11,060,239

Office

REITs

1.2%

Highwoods

Properties,

Inc.

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

United

States

2,076,736

52,479,119

Oil,

Gas

&

Consumable

Fuels

5.1%

Crescent

Point

Energy

Corp.

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

Canada

15,342,485

124,382,804

a

Green

Plains,

Inc.

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

United

States

2,690,557

95,541,679

219,924,483

Paper

&

Forest

Products

1.0%

Louisiana-Pacific

Corp.

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

United

States

582,132

44,317,709

Professional

Services

1.1%

ICF

International,

Inc.

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

United

States

77,676

9,133,921

Kforce,

Inc.

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

United

States

566,238

35,922,139

45,056,060

Real

Estate

Management

&

Development

0.2%

Colliers

International

Group,

Inc.

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

Canada

101,305

10,260,170

Semiconductors

&

Semiconductor

Equipment

3.0%

a

Cohu,

Inc.

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

United

States

1,577,025

68,837,141

a

Onto

Innovation,

Inc.

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

United

States

476,330

59,217,346

128,054,487

Software

3.3%

a,b

ACI

Worldwide,

Inc.

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

United

States

6,175,255

143,204,163

Specialty

Retail

0.8%

a,b

Children's

Place,

Inc.

(The)

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

United

States

885,230

27,831,631

Group

1

Automotive,

Inc.

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

United

States

24,149

6,243,241

34,074,872

Textiles,

Apparel

&

Luxury

Goods

2.1%

a

Capri

Holdings

Ltd.

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

United

States

624,980

23,068,012

Carter's,

Inc.

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

United

States

549,860

41,244,999

Dr.

Martens

plc

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

United

Kingdom

13,922,778

27,236,715

91,549,726

Trading

Companies

&

Distributors

4.6%

Herc

Holdings,

Inc.

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

United

States

486,535

65,112,979

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

Small

Cap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

See

Abbreviations

on

page

18

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Trading

Companies

&

Distributors

(continued)

b

McGrath

RentCorp

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

United

States

1,358,603

$

130,942,157

196,055,136

Total

Common

Stocks

(Cost

$3,609,016,383)

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

4,212,826,274

Short

Term

Investments

1.5%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

1.5%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.842%

....

United

States

62,535,769

62,535,769

Total

Money

Market

Funds

(Cost

$62,535,769)

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

62,535,769

Total

Short

Term

Investments

(Cost

$62,535,769

)

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

62,535,769

a

Total

Investments

(Cost

$3,671,552,152)

99.9%

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

$4,275,362,043

Other

Assets,

less

Liabilities

0.1%

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

5,039,742

Net

Assets

100.0%

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

$4,280,401,785

a

Non-income

producing.

b

See

Note

3

regarding

holdings

of

5%

voting

securities.

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

13

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Franklin

Value

Investors

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of three

separate

funds

(Funds).

The

Funds

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

July

31,

2023,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

14

Quarterly

Schedules

of

Investments

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds’

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds’

portfolio securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds for

financial

reporting

purposes.

3.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

July

31,

2023,

investments

in

“affiliated

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

ACI

Worldwide

Inc

....

$

111,134,720

$

46,340,761

$

(6,585,192)

$

(4,263,780)

$

(3,422,346)

$

143,204,163

6,175,255

$

—

Benchmark

Electronics,

Inc.

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

72,807,149

—

(25,155,314)

(2,830,676)

—

a

—

a

—

a

618,438

Brinker

International,

Inc.

81,893,483

13,066,065

(51,621,231)

(2,876,479)

—

a

—

a

—

a

—

Camden

National

Corp

.

28,416,993

3,849,294

—

—

(6,380,564)

25,885,723

748,575

903,048

Children's

Place

Inc.

(The)

35,834,110

—

—

—

(8,002,479)

27,831,631

885,230

—

Clearfield

Inc

........

—

46,409,235

—

—

3,139,512

49,548,747

1,060,093

—

Columbus

McKinnon

Corp

.

8,604,142

47,017,181

—

—

14,815,416

70,436,739

1,663,598

187,521

Denny's

Corp.

.......

42,995,424

—

(45,468,218)

(1,339,408)

3,812,202

—

b

—

—

Elementis

plc

.......

33,707,697

10,432,994

—

—

12,450,557

56,591,248

39,868,704

—

Great

Lakes

Dredge

&

Dock

Corp.

.......

29,489,239

—

(25,069,840)

(31,690,386)

27,270,987

—

b

—

—

Green

Plains,

Inc.

....

84,898,985

25,620,970

(29,201,073)

(4,546,761)

—

a

—

a

—

a

—

Hunting

plc

.........

28,146,395

—

(25,776,233)

(11,527,043)

9,156,881

—

b

—

285,736

Knowles

Corp

.......

62,531,590

21,050,194

(9,223,909)

(925,234)

22,921,822

96,354,463

5,273,917

—

McGrath

RentCorp

....

132,308,599

33,148,214

(40,065,524)

8,199,437

(2,648,569)

130,942,157

1,358,603

1,570,847

NetScout

Systems,

Inc.

.

129,284,413

11,155,490

(80,333,771)

5,305,620

—

a

—

a

—

a

—

Total

Affiliated

Securities

(Value

is

14.0%

of

Net

Assets)

..........

$882,052,939

$258,090,398

$(338,500,305)

$(46,494,710)

$73,113,419

$600,794,871

$3,565,590

a

As

of

July

31,

2023,

no

longer

an

affiliate.

b

As

of

July

31,

2023,

no

longer

held

by

the

fund.

2. Financial

Instrument

Valuation

(continued)

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

15

Quarterly

Schedules

of

Investments

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,

2023,

investments

in

affiliated

management

investment

companies

were

as

follows: 

5. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

    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,

4.842%

$

20,193,831

$

35,124,464

$

(51,602,494)

$

—

$

—

$

3,715,801

3,715,801

$

270,383

Total

Affiliated

Securities

...

$20,193,831

$35,124,464

$(51,602,494)

$—

$—

$3,715,801

$270,383

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.842%

$

30,561,198

$

168,362,503

$

(174,618,061)

$

—

$

—

$

24,305,640

24,305,640

$

1,490,316

Total

Affiliated

Securities

...

$30,561,198

$168,362,503

$(174,618,061)

$—

$—

$24,305,640

$1,490,316

Franklin

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.842%

$

139,833,283

$

848,964,663

$

(926,262,177)

$

—

$

—

$

62,535,769

62,535,769

$

3,603,

578

Total

Affiliated

Securities

...

$139,833,283

$848,964,663

$(926,262,177)

$—

$—

$62,535,769

$3,603,578

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

16

Quarterly

Schedules

of

Investments

A

summary

of

inputs

used

as

of

July

31,

2023,

in

valuing

the

Funds’

assets carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

MicroCap

Value

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

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

$

231,993,507

$

—

$

—

$

231,993,507

Short

Term

Investments

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

3,715,801

—

—

3,715,801

Total

Investments

in

Securities

...........

$235,709,308

$—

$—

$235,709,308

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

11,263,733

20,885,636

—

32,149,369

Automobile

Components

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

21,790,861

—

—

21,790,861

Banks

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

35,707,292

—

—

35,707,292

Broadline

Retail

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

13,709,792

—

—

13,709,792

Building

Products

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

13,285,441

—

—

13,285,441

Chemicals

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

40,709,662

—

—

40,709,662

Commercial

Services

&

Supplies

...........

12,116,066

—

—

12,116,066

Construction

&

Engineering

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

15,828,055

—

—

15,828,055

Consumer

Finance

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

11,945,285

—

—

11,945,285

Containers

&

Packaging

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

10,716,491

—

—

10,716,491

Electric

Utilities

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

51,433,906

—

—

51,433,906

Electrical

Equipment

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

11,811,113

—

—

11,811,113

Electronic

Equipment,

Instruments

&

Components

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

20,285,443

—

—

20,285,443

Energy

Equipment

&

Services

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

34,710,251

—

—

34,710,251

Financial

Services

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

36,490,565

—

—

36,490,565

Food

Products

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

23,206,178

—

—

23,206,178

Health

Care

Equipment

&

Supplies

.........

18,396,811

—

—

18,396,811

Health

Care

Providers

&

Services

..........

23,404,650

17,758,612

—

41,163,262

Household

Durables

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

14,952,032

—

—

14,952,032

Independent

Power

and

Renewable

Electricity

Producers

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

10,972,575

—

—

10,972,575

Insurance

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

43,186,363

—

—

43,186,363

Interactive

Media

&

Services

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

4,575,235

—

—

4,575,235

Machinery

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

17,028,535

—

—

17,028,535

Media

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

15,107,981

—

—

15,107,981

Metals

&

Mining

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

11,015,367

—

—

11,015,367

Office

REITs

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

5,314,407

—

—

5,314,407

Oil,

Gas

&

Consumable

Fuels

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

20,383,927

—

—

20,383,927

Personal

Care

Products

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

—

7,694,525

—

7,694,525

Pharmaceuticals

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

—

9,932,285

—

9,932,285

Professional

Services

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

38,419,169

—

—

38,419,169

Real

Estate

Management

&

Development

....

26,409,715

—

—

26,409,715

Retail

REITs

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

17,720,145

—

—

17,720,145

Semiconductors

&

Semiconductor

Equipment

.

11,627,898

—

—

11,627,898

Software

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

15,281,515

—

—

15,281,515

Specialty

Retail

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

11,278,167

—

—

11,278,167

Textiles,

Apparel

&

Luxury

Goods

..........

18,116,139

—

—

18,116,139

Trading

Companies

&

Distributors

..........

36,252,177

—

—

36,252,177

Short

Term

Investments

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

24,305,640

—

—

24,305,640

Total

Investments

in

Securities

...........

$748,758,582

$56,271,058

b

$—

$805,029,640

5. Fair

Value

Measurements 

(continued)

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

17

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Small

Cap

Value

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

39,059,724

$

94,097,013

$

—

$

133,156,737

Automobile

Components

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

187,730,003

—

—

187,730,003

Banks

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

524,216,417

—

—

524,216,417

Building

Products

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

223,473,663

—

—

223,473,663

Capital

Markets

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

21,034,859

—

—

21,034,859

Chemicals

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

182,537,247

—

—

182,537,247

Communications

Equipment

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

88,507,693

—

—

88,507,693

Construction

&

Engineering

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

104,535,993

—

—

104,535,993

Construction

Materials

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

48,687,354

—

—

48,687,354

Consumer

Finance

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

33,095,540

—

—

33,095,540

Diversified

REITs

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

44,341,747

—

—

44,341,747

Electric

Utilities

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

6,828,996

—

—

6,828,996

Electrical

Equipment

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

50,092,861

—

—

50,092,861

Electronic

Equipment,

Instruments

&

Components

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

247,243,929

—

—

247,243,929

Energy

Equipment

&

Services

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

97,087,228

—

—

97,087,228

Food

Products

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

165,174,570

—

—

165,174,570

Health

Care

Equipment

&

Supplies

.........

192,214,265

—

—

192,214,265

Hotel

&

Resort

REITs

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

62,315,844

—

—

62,315,844

Hotels,

Restaurants

&

Leisure

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

224,645,357

—

—

224,645,357

Household

Durables

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

35,962,657

—

—

35,962,657

Industrial

REITs

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

20,353,954

—

—

20,353,954

Insurance

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

240,450,355

—

—

240,450,355

Leisure

Products

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

138,111,195

—

—

138,111,195

Machinery

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

114,247,023

—

—

114,247,023

Metals

&

Mining

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

50,744,623

—

—

50,744,623

Multi-Utilities

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

11,060,239

—

—

11,060,239

Office

REITs

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

52,479,119

—

—

52,479,119

Oil,

Gas

&

Consumable

Fuels

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

219,924,483

—

—

219,924,483

Paper

&

Forest

Products

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

44,317,709

—

—

44,317,709

Professional

Services

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

45,056,060

—

—

45,056,060

Real

Estate

Management

&

Development

....

10,260,170

—

—

10,260,170

Semiconductors

&

Semiconductor

Equipment

.

128,054,487

—

—

128,054,487

Software

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

143,204,163

—

—

143,204,163

Specialty

Retail

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

34,074,872

—

—

34,074,872

Textiles,

Apparel

&

Luxury

Goods

..........

64,313,011

27,236,715

—

91,549,726

Trading

Companies

&

Distributors

..........

196,055,136

—

—

196,055,136

Short

Term

Investments

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

62,535,769

—

—

62,535,769

Total

Investments

in

Securities

...........

$4,154,028,315

$121,333,728

c

$—

$4,275,362,043

a

For

detailed

categories,

see

the

accompanying

schedule

of

investments.

b

Includes

foreign

securities

valued

at

$56,271,058,

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

$121,333,728,

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)

18

Quarterly

Schedules

of

Investments

Selected

Portfolio

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. 

Abbreviations