Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FVIT-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

MicroCap

Value

Fund

2

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

5

Franklin

Small

Cap

Value

Fund

8

Notes

to

Schedules

of

Investments

12

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

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

98.2%

Aerospace

&

Defense

1.6%

a

Ducommun,

Inc.

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

United

States

68,025

$

3,357,034

Banks

21.8%

American

National

Bankshares,

Inc.

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

United

States

79,729

3,610,927

Arrow

Financial

Corp.

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

United

States

133,847

3,371,606

Bar

Harbor

Bankshares

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

United

States

72,519

1,907,975

First

Business

Financial

Services,

Inc.

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

United

States

130,500

4,798,485

First

Internet

Bancorp

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

United

States

129,182

4,260,422

a

First

Western

Financial,

Inc.

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

United

States

110,706

1,887,537

Investar

Holding

Corp.

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

United

States

215,100

3,850,290

Northeast

Bank

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

United

States

100,183

5,493,034

Northrim

BanCorp,

Inc.

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

United

States

21,640

1,093,469

Orrstown

Financial

Services,

Inc.

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

United

States

122,379

3,387,451

Peapack-Gladstone

Financial

Corp.

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

United

States

114,985

3,171,286

Premier

Financial

Corp.

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

United

States

173,135

3,616,790

Southern

Missouri

Bancorp,

Inc.

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

United

States

69,811

3,044,458

WesBanco,

Inc.

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

United

States

42,357

1,242,754

44,736,484

Biotechnology

2.7%

a

Anika

Therapeutics,

Inc.

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

United

States

129,315

3,041,489

a

Catalyst

Pharmaceuticals,

Inc.

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

United

States

169,495

2,440,728

5,482,217

Communications

Equipment

1.2%

a

Digi

International,

Inc.

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

United

States

98,957

2,405,645

Construction

&

Engineering

6.0%

a

Matrix

Service

Co.

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

United

States

513,631

4,766,496

a

Northwest

Pipe

Co.

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

United

States

72,942

2,215,249

a

Sterling

Infrastructure,

Inc.

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

United

States

70,035

5,259,628

12,241,373

Diversified

REITs

3.5%

Alpine

Income

Property

Trust,

Inc.

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

United

States

219,121

3,405,140

CTO

Realty

Growth,

Inc.

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

United

States

233,613

3,861,623

7,266,763

Diversified

Telecommunication

Services

0.5%

ATN

International,

Inc.

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

United

States

29,000

1,070,100

Electrical

Equipment

2.1%

LSI

Industries,

Inc.

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

United

States

166,042

2,268,134

Preformed

Line

Products

Co.

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

United

States

17,221

2,105,267

4,373,401

Electronic

Equipment,

Instruments

&

Components

1.7%

a

Daktronics,

Inc.

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

United

States

80,012

606,491

a

Kimball

Electronics,

Inc.

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

United

States

120,416

2,863,492

3,469,983

Energy

Equipment

&

Services

5.4%

a

DMC

Global,

Inc.

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

United

States

203,926

3,470,821

a

Helix

Energy

Solutions

Group,

Inc.

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

United

States

486,866

4,576,540

a

Oil

States

International,

Inc.

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

United

States

493,390

3,044,216

11,091,577

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)

Food

Products

1.5%

Alico,

Inc.

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

United

States

103,315

$

3,041,594

Health

Care

Equipment

&

Supplies

3.7%

a

Semler

Scientific,

Inc.

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

United

States

57,777

2,558,944

a

UFP

Technologies,

Inc.

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

United

States

10,520

1,772,725

Utah

Medical

Products,

Inc.

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

United

States

41,696

3,302,740

7,634,409

Health

Care

Technology

0.6%

a

Computer

Programs

and

Systems,

Inc.

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

United

States

128,040

1,297,045

Hotels,

Restaurants

&

Leisure

1.7%

a

Century

Casinos,

Inc.

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

United

States

392,262

1,361,149

a

Chuy's

Holdings,

Inc.

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

United

States

61,874

2,091,960

3,453,109

Household

Durables

2.1%

Hooker

Furnishings

Corp.

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

United

States

188,406

4,348,410

Independent

Power

and

Renewable

Electricity

Producers

1.6%

Polaris

Renewable

Energy,

Inc.

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

Canada

327,240

3,300,636

Insurance

3.7%

Investors

Title

Co.

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

United

States

10,670

1,784,558

Tiptree,

Inc.

,

A

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

United

States

186,569

3,531,751

United

Fire

Group,

Inc.

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

United

States

106,157

2,378,978

7,695,287

Interactive

Media

&

Services

2.1%

a

DHI

Group,

Inc.

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

United

States

531,181

1,216,405

a

QuinStreet,

Inc.

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

United

States

236,700

2,998,989

4,215,394

IT

Services

1.7%

Hackett

Group,

Inc.

(The)

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

United

States

152,200

3,518,864

Machinery

12.6%

Alamo

Group,

Inc.

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

United

States

13,249

2,812,498

a

Commercial

Vehicle

Group,

Inc.

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

United

States

401,700

2,607,033

a

Graham

Corp.

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

United

States

192,178

3,739,784

Hurco

Cos.,

Inc.

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

United

States

105,700

2,548,427

a

L

B

Foster

Co.

,

A

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

United

States

272,576

6,266,521

Miller

Industries,

Inc.

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

United

States

143,000

5,755,750

Shyft

Group,

Inc.

(The)

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

United

States

192,745

2,087,428

25,817,441

Media

1.3%

Entravision

Communications

Corp.

,

A

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

United

States

661,471

2,665,728

Metals

&

Mining

1.7%

Haynes

International,

Inc.

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

United

States

64,177

3,572,734

Office

REITs

0.9%

City

Office

REIT,

Inc.

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

United

States

352,743

1,851,901

Oil,

Gas

&

Consumable

Fuels

1.9%

VAALCO

Energy,

Inc.

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

United

States

901,246

3,839,308

Paper

&

Forest

Products

1.5%

Mercer

International,

Inc.

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

Germany

366,300

3,098,898

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

MicroCap

Value

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

See

Abbreviations

on

page

16.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Pharmaceuticals

1.3%

a

Harrow,

Inc.

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

United

States

281,463

$

2,682,342

Professional

Services

3.0%

Heidrick

&

Struggles

International,

Inc.

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

United

States

113,278

3,394,942

Resources

Connection,

Inc.

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

United

States

201,297

2,709,457

6,104,399

Semiconductors

&

Semiconductor

Equipment

0.6%

a

AXT,

Inc.

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

United

States

465,948

1,146,232

Specialty

Retail

3.7%

a

America's

Car-Mart,

Inc.

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

United

States

50,311

3,063,437

a

Children's

Place,

Inc.

(The)

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

United

States

30,300

675,084

a

Citi

Trends,

Inc.

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

United

States

50,197

1,351,805

a

Genesco,

Inc.

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

United

States

93,068

2,585,429

7,675,755

Textiles,

Apparel

&

Luxury

Goods

4.5%

a

Delta

Apparel,

Inc.

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

United

States

184,890

1,407,013

Rocky

Brands,

Inc.

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

United

States

151,560

4,240,649

a

Vera

Bradley,

Inc.

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

United

States

471,674

3,622,456

9,270,118

Total

Common

Stocks

(Cost

$

147,299,141

)

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

201,724,181

Short

Term

Investments

2.2%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

2.2%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.003

%

....

United

States

4,462,194

4,462,194

Total

Money

Market

Funds

(Cost

$

4,462,194

)

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

4,462,194

Total

Short

Term

Investments

(Cost

$

4,462,194

)

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

4,462,194

a

Total

Investments

(Cost

$

151,761,335

)

100.4

%

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

$206,186,375

Other

Assets,

less

Liabilities

(

0.4

)

%

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

(762,768)

Net

Assets

100.0%

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

$205,423,607

a

a

a

a

Non-income

producing.

b

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.1%

Aerospace

&

Defense

5.8%

Babcock

International

Group

plc

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

United

Kingdom

1,997,686

$

11,418,165

L3Harris

Technologies,

Inc.

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

United

States

68,557

14,288,650

Melrose

Industries

plc

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

United

Kingdom

1,180,430

8,799,020

Moog,

Inc.

,

A

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

United

States

72,976

10,202,045

44,707,880

Automobile

Components

2.5%

Dowlais

Group

plc

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

United

Kingdom

4,653,578

5,316,263

Lear

Corp.

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

United

States

104,469

13,883,930

19,200,193

Banks

5.1%

Citizens

Financial

Group,

Inc.

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

United

States

530,557

17,349,214

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

145,832

22,051,257

39,400,471

Broadline

Retail

1.0%

eBay,

Inc.

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

United

States

183,531

7,537,618

Building

Products

2.3%

Johnson

Controls

International

plc

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

United

States

328,162

17,290,856

Chemicals

5.5%

Ashland,

Inc.

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

United

States

96,490

9,033,394

Avient

Corp.

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

United

States

289,694

10,489,819

Huntsman

Corp.

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

United

States

425,178

10,433,868

Olin

Corp.

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

United

States

232,098

12,085,343

42,042,424

Commercial

Services

&

Supplies

1.4%

a

Stericycle,

Inc.

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

United

States

230,967

11,086,416

Construction

&

Engineering

2.3%

a

WillScot

Mobile

Mini

Holdings

Corp.

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

United

States

375,264

17,749,987

Consumer

Finance

1.5%

Capital

One

Financial

Corp.

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

United

States

83,170

11,254,564

Containers

&

Packaging

1.3%

International

Paper

Co.

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

United

States

289,160

10,360,603

Electric

Utilities

6.0%

Entergy

Corp.

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

United

States

189,446

18,899,133

Evergy,

Inc.

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

United

States

164,041

8,328,362

PPL

Corp.

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

United

States

721,865

18,912,863

46,140,358

Electrical

Equipment

1.6%

Regal

Rexnord

Corp.

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

United

States

90,977

12,141,790

Electronic

Equipment,

Instruments

&

Components

2.1%

a

Flex

Ltd.

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

United

States

684,747

16,255,894

Energy

Equipment

&

Services

3.5%

Baker

Hughes

Co.

,

A

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

United

States

442,321

12,606,149

Schlumberger

NV

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

United

States

292,473

14,243,435

26,849,584

Financial

Services

5.2%

a

Fiserv,

Inc.

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

United

States

61,289

8,695,071

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.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Financial

Services

(continued)

Global

Payments,

Inc.

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

United

States

106,193

$

14,148,093

Voya

Financial,

Inc.

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

United

States

230,071

16,650,238

39,493,402

Food

Products

1.9%

Kraft

Heinz

Co.

(The)

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

United

States

393,026

14,593,055

Health

Care

Equipment

&

Supplies

2.8%

Baxter

International,

Inc.

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

United

States

226,266

8,754,232

a

Envista

Holdings

Corp.

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

United

States

524,440

12,324,340

21,078,572

Health

Care

Providers

&

Services

4.0%

Cencora,

Inc.

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

United

States

53,111

12,357,868

Fresenius

SE

&

Co.

KGaA

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

Germany

259,256

7,278,725

Humana,

Inc.

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

United

States

28,806

10,890,396

30,526,989

Household

Durables

2.0%

DR

Horton,

Inc.

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

United

States

109,652

15,670,367

Independent

Power

and

Renewable

Electricity

Producers

1.1%

AES

Corp.

(The)

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

United

States

507,845

8,470,855

Insurance

4.6%

Everest

Group

Ltd.

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

United

States

41,784

16,085,587

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

221,069

19,224,160

35,309,747

Interactive

Media

&

Services

1.0%

a

Match

Group,

Inc.

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

United

States

196,847

7,554,988

Life

Sciences

Tools

&

Services

1.0%

a

Bio-Rad

Laboratories,

Inc.

,

A

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

United

States

24,295

7,796,023

Machinery

3.5%

Dover

Corp.

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

United

States

78,964

11,827,228

Parker-Hannifin

Corp.

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

United

States

32,730

15,203,085

27,030,313

Media

1.3%

a

Liberty

Broadband

Corp.

,

C

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

United

States

124,153

9,739,803

Oil,

Gas

&

Consumable

Fuels

2.6%

Crescent

Point

Energy

Corp.

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

Canada

841,051

5,483,652

Williams

Cos.,

Inc.

(The)

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

United

States

408,065

14,143,533

19,627,185

Personal

Care

Products

2.0%

Kenvue,

Inc.

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

United

States

744,372

15,453,163

Pharmaceuticals

1.1%

GSK

plc

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

United

States

432,667

8,557,850

Professional

Services

5.1%

ICF

International,

Inc.

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

United

States

65,667

9,130,339

KBR,

Inc.

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

United

States

266,943

13,910,400

SS&C

Technologies

Holdings,

Inc.

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

United

States

257,204

15,694,588

38,735,327

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

See

Abbreviations

on

page

16.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Real

Estate

Management

&

Development

3.0%

a

CBRE

Group,

Inc.

,

A

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

United

States

154,900

$

13,369,419

Colliers

International

Group,

Inc.

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

Canada

79,280

9,310,643

22,680,062

Retail

REITs

2.3%

Brixmor

Property

Group,

Inc.

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

United

States

797,148

17,888,001

Semiconductors

&

Semiconductor

Equipment

1.1%

a

Onto

Innovation,

Inc.

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

United

States

51,148

8,260,402

Software

2.0%

Gen

Digital,

Inc.

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

United

States

643,041

15,098,603

Specialized

REITs

1.5%

SBA

Communications

Corp.

,

A

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

United

States

50,988

11,414,174

Specialty

Retail

1.6%

Dick's

Sporting

Goods,

Inc.

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

United

States

79,987

11,923,662

Trading

Companies

&

Distributors

3.5%

a

AerCap

Holdings

NV

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

Ireland

141,813

10,857,203

Ferguson

plc

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

United

States

84,184

15,814,806

26,672,009

Total

Common

Stocks

(Cost

$

611,665,154

)

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

735,593,190

Short

Term

Investments

4.0%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

4.0%

b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.003

%

....

United

States

30,812,464

30,812,464

Total

Money

Market

Funds

(Cost

$

30,812,464

)

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

30,812,464

Total

Short

Term

Investments

(Cost

$

30,812,464

)

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

30,812,464

a

Total

Investments

(Cost

$

642,477,618

)

100.1

%

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

$766,405,654

Other

Assets,

less

Liabilities

(

0.1

)

%

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

(938,730)

Net

Assets

100.0%

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

$765,466,924

a

a

a

a

Non-income

producing.

b

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

January

31,

2024

Franklin

Small

Cap

Value

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

98.7%

Aerospace

&

Defense

4.7%

Melrose

Industries

plc

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

United

Kingdom

6,328,808

$

47,175,442

QinetiQ

Group

plc

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

United

Kingdom

19,119,290

86,353,823

a

Senior

plc

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

United

Kingdom

28,282,051

56,626,965

190,156,230

Automobile

Components

3.6%

b

Adient

plc

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

United

States

2,200,895

76,393,066

b

Atmus

Filtration

Technologies,

Inc.

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

United

States

1,784,158

39,840,248

LCI

Industries

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

United

States

257,051

28,604,635

144,837,949

Banks

14.8%

Atlantic

Union

Bankshares

Corp.

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

United

States

439,956

15,028,897

a

Camden

National

Corp.

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

United

States

801,753

28,887,161

Columbia

Banking

System,

Inc.

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

United

States

4,683,652

94,422,424

First

Bancorp

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

United

States

803,153

27,756,968

First

Commonwealth

Financial

Corp.

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

United

States

1,768,384

24,775,060

First

Interstate

BancSystem,

Inc.

,

A

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

United

States

3,119,072

85,836,861

German

American

Bancorp,

Inc.

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

United

States

828,774

27,457,283

Peoples

Bancorp,

Inc.

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

United

States

1,211,265

35,490,064

Seacoast

Banking

Corp.

of

Florida

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

United

States

1,276,541

31,351,847

SouthState

Corp.

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

United

States

1,313,819

109,178,359

TriCo

Bancshares

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

United

States

1,021,104

37,117,130

WSFS

Financial

Corp.

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

United

States

1,833,500

81,609,085

598,911,139

Building

Products

3.3%

Insteel

Industries,

Inc.

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

United

States

441,343

15,283,708

b

Masonite

International

Corp.

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

United

States

22,506

2,071,677

UFP

Industries,

Inc.

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

United

States

862,478

97,848,129

Zurn

Elkay

Water

Solutions

Corp.

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

United

States

658,861

19,535,229

134,738,743

Capital

Markets

0.9%

Piper

Sandler

Cos.

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

United

States

217,198

37,681,681

Chemicals

5.8%

Ashland,

Inc.

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

United

States

253,390

23,722,372

Avient

Corp.

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

United

States

1,715,715

62,126,040

a,b

Elementis

plc

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

United

Kingdom

39,868,704

71,457,703

Olin

Corp.

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

United

States

289,517

15,075,150

Tronox

Holdings

plc

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

United

States

4,553,984

62,799,439

235,180,704

Commercial

Services

&

Supplies

1.6%

HNI

Corp.

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

United

States

840,678

34,232,408

Vestis

Corp.

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

United

States

1,445,011

30,923,235

65,155,643

Communications

Equipment

0.7%

a,b

Clearfield,

Inc.

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

United

States

1,060,093

26,703,743

Construction

&

Engineering

3.1%

Primoris

Services

Corp.

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

United

States

1,668,326

54,721,093

Stantec,

Inc.

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

Canada

73,584

5,912,883

b

WillScot

Mobile

Mini

Holdings

Corp.

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

United

States

1,354,264

64,056,687

124,690,663

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

Franklin

Small

Cap

Value

Fund

(continued)

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

(continued)

Construction

Materials

0.1%

b

Summit

Materials,

Inc.

,

A

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

United

States

120,687

$

4,366,456

Consumer

Finance

0.1%

Bread

Financial

Holdings,

Inc.

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

United

States

61,182

2,219,071

Diversified

REITs

1.1%

Alexander

&

Baldwin,

Inc.

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

United

States

2,558,721

44,317,048

Electric

Utilities

0.6%

IDACORP,

Inc.

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

United

States

284,451

26,334,473

Electrical

Equipment

2.1%

Regal

Rexnord

Corp.

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

United

States

622,154

83,032,673

Electronic

Equipment,

Instruments

&

Components

5.3%

Benchmark

Electronics,

Inc.

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

United

States

1,597,302

43,318,830

b

Coherent

Corp.

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

United

States

1,623,747

77,192,932

CTS

Corp.

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

United

States

47,225

1,939,059

a,b

Knowles

Corp.

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

United

States

5,721,347

93,315,170

215,765,991

Energy

Equipment

&

Services

0.4%

TechnipFMC

plc

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

United

Kingdom

863,703

16,704,016

Food

Products

3.5%

Glanbia

plc

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

Ireland

6,293,661

112,508,199

Maple

Leaf

Foods,

Inc.

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

Canada

1,522,119

29,029,404

141,537,603

Health

Care

Equipment

&

Supplies

3.7%

b

Envista

Holdings

Corp.

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

United

States

3,635,506

85,434,391

b

Integer

Holdings

Corp.

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

United

States

628,670

63,696,844

149,131,235

Hotel

&

Resort

REITs

1.4%

Sunstone

Hotel

Investors,

Inc.

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

United

States

5,283,854

56,378,722

Hotels,

Restaurants

&

Leisure

5.7%

Boyd

Gaming

Corp.

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

United

States

512,901

32,564,084

b

Brinker

International,

Inc.

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

United

States

1,337,502

57,231,711

Dalata

Hotel

Group

plc

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

Ireland

7,106,746

36,907,065

b

Hilton

Grand

Vacations,

Inc.

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

United

States

2,076,931

86,608,023

Jack

in

the

Box,

Inc.

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

United

States

203,149

15,839,527

229,150,410

Household

Durables

1.6%

Century

Communities,

Inc.

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

United

States

140,017

12,139,474

b

M/I

Homes,

Inc.

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

United

States

195,074

24,856,329

Meritage

Homes

Corp.

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

United

States

99,007

16,396,549

b

Taylor

Morrison

Home

Corp.

,

A

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

United

States

253,924

13,239,598

66,631,950

Industrial

REITs

0.1%

STAG

Industrial,

Inc.

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

United

States

106,895

3,948,701

Insurance

6.7%

CNO

Financial

Group,

Inc.

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

United

States

2,809,340

76,357,861

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

825,605

108,988,116

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)

Insurance

(continued)

a

Horace

Mann

Educators

Corp.

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

United

States

2,382,585

$

87,750,606

273,096,583

Leisure

Products

2.2%

Brunswick

Corp.

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

United

States

424,059

34,213,080

b

Mattel,

Inc.

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

United

States

3,024,759

54,112,939

88,326,019

Machinery

3.4%

a

Columbus

McKinnon

Corp.

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

United

States

1,663,598

64,996,774

Mueller

Water

Products,

Inc.

,

A

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

United

States

5,121,578

70,216,834

Timken

Co.

(The)

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

United

States

25,937

2,124,500

137,338,108

Metals

&

Mining

1.2%

Commercial

Metals

Co.

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

United

States

375,665

19,617,226

Ryerson

Holding

Corp.

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

United

States

806,030

27,662,950

47,280,176

Multi-Utilities

0.3%

Black

Hills

Corp.

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

United

States

235,110

12,169,294

Office

REITs

1.2%

Highwoods

Properties,

Inc.

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

United

States

2,133,485

49,006,150

Oil,

Gas

&

Consumable

Fuels

3.9%

Crescent

Point

Energy

Corp.

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

Canada

16,206,935

105,723,609

b

Green

Plains,

Inc.

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

United

States

2,538,607

52,625,323

158,348,932

Paper

&

Forest

Products

1.3%

Louisiana-Pacific

Corp.

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

United

States

771,316

51,331,080

Professional

Services

1.3%

ICF

International,

Inc.

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

United

States

17,928

2,492,709

Kforce,

Inc.

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

United

States

719,411

49,171,742

51,664,451

Real

Estate

Management

&

Development

0.6%

Colliers

International

Group,

Inc.

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

Canada

215,337

25,289,177

Retail

REITs

0.1%

Kite

Realty

Group

Trust

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

United

States

187,840

4,019,776

Semiconductors

&

Semiconductor

Equipment

2.4%

b

Cohu,

Inc.

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

United

States

1,939,535

61,793,585

b

Onto

Innovation,

Inc.

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

United

States

224,583

36,270,155

98,063,740

Software

3.7%

b

ACI

Worldwide,

Inc.

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

United

States

5,009,973

150,649,888

Specialty

Retail

0.2%

Group

1

Automotive,

Inc.

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

United

States

24,149

6,280,189

Textiles,

Apparel

&

Luxury

Goods

1.1%

Dr.

Martens

plc

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

United

Kingdom

18,574,794

20,916,009

PVH

Corp.

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

United

States

195,257

23,481,607

44,397,616

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

See

Abbreviations

on

page

16.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Trading

Companies

&

Distributors

4.9%

Herc

Holdings,

Inc.

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

United

States

306,013

$

45,133,857

a

McGrath

RentCorp

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

United

States

1,227,151

154,191,523

199,325,380

Total

Common

Stocks

(Cost

$

3,460,170,985

)

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

3,994,161,403

Short

Term

Investments

1.2%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

1.2%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.003

%

....

United

States

48,920,542

48,920,542

Total

Money

Market

Funds

(Cost

$

48,920,542

)

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

48,920,542

Total

Short

Term

Investments

(Cost

$

48,920,542

)

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

48,920,542

a

Total

Investments

(Cost

$

3,509,091,527

)

99.9

%

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

$4,043,081,945

Other

Assets,

less

Liabilities

0.1

%

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

4,876,608

Net

Assets

100.0%

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

$4,047,958,553

a

a

a

a

See

Note

3

regarding

holdings

of

5%

voting

securities.

b

Non-income

producing.

c

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

12

Quarterly

Schedules

of

Investments

1.

Organization

Franklin

Value

Investors

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of three

separate

funds

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

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

January

31,

2024,

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)

13

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

January

31,

2024,

investments

in

“affiliated

companies”

were

as

follows:

4.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

January

31,

2024,

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

ACI

Worldwide,

Inc.

...

$

118,605,425

$

—

$

(21,678,951)

$

(6,100,222)

$

—

a

$

—

a

—

a

$

—

Camden

National

Corp

.

22,829,626

1,367,023

(877,076)

(346,620)

5,914,208

28,887,161

801,753

346,798

Children's

Place,

Inc.

(The)

24,228,745

—

(18,862,522)

(46,404,953)

41,038,730

—

b

—

—

Clearfield,

Inc.

.......

25,463,434

—

—

—

1,240,309

26,703,743

1,060,093

—

Columbus

McKinnon

Corp.

50,856,191

—

—

—

14,140,583

64,996,774

1,663,598

116,452

Elementis

plc

.......

57,383,349

—

—

—

14,074,354

71,457,703

39,868,704

—

Horace

Mann

Educators

Corp

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

77,847,302

—

(2,486,929)

(473,183)

12,863,416

87,750,606

2,382,585

809,632

Knowles

Corp

.......

71,614,533

3,572,893

—

—

18,127,744

93,315,170

5,721,347

—

McGrath

RentCorp

....

135,104,593

—

(12,645,738)

1,925,397

29,807,271

154,191,523

1,227,151

589,667

Senior

plc

..........

53,752,095

—

—

—

2,874,870

56,626,965

28,282,051

—

Total

Affiliated

Securities

(Value

is

14.4%

of

Net

Assets)

..........

$637,685,293

$4,939,916

$(56,551,216)

$(51,399,581)

$140,081,485

$583,929,645

$1,862,549

a

As

of

January

31,

2024,

no

longer

an

affiliate.

b

As

of

January

31,

2024,

no

longer

held

by

the

fund.

2. Financial

Instrument

Valuation

(continued)

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

14

Quarterly

Schedules

of

Investments

5. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

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,

2024,

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,

5.003%

$3,026,861

$13,816,902

$(12,381,569)

$—

$—

$4,462,194

4,462,194

$58,426

Total

Affiliated

Securities

...

$3,026,861

$13,816,902

$(12,381,569)

$—

$—

$4,462,194

$58,426

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

$33,756,988

$28,741,240

$(31,685,764)

$—

$—

$30,812,464

30,812,464

$376,864

Total

Affiliated

Securities

...

$33,756,988

$28,741,240

$(31,685,764)

$—

$—

$30,812,464

$376,864

Franklin

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.003%

$76,597,843

$207,742,784

$(235,420,085)

$—

$—

$48,920,542

48,920,542

$787,554

Total

Affiliated

Securities

...

$76,597,843

$207,742,784

$(235,420,085)

$—

$—

$48,920,542

$787,554

4.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

15

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

MicroCap

Value

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

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

$

201,724,181

$

—

$

—

$

201,724,181

Short

Term

Investments

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

4,462,194

—

—

4,462,194

Total

Investments

in

Securities

...........

$206,186,375

$—

$—

$206,186,375

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Assets:

Common

Stocks

:

Aerospace

&

Defense

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

24,490,695

20,217,185

—

44,707,880

Automobile

Components

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

13,883,930

5,316,263

—

19,200,193

Banks

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

39,400,471

—

—

39,400,471

Broadline

Retail

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

7,537,618

—

—

7,537,618

Building

Products

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

17,290,856

—

—

17,290,856

Chemicals

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

42,042,424

—

—

42,042,424

Commercial

Services

&

Supplies

...........

11,086,416

—

—

11,086,416

Construction

&

Engineering

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

17,749,987

—

—

17,749,987

Consumer

Finance

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

11,254,564

—

—

11,254,564

Containers

&

Packaging

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

10,360,603

—

—

10,360,603

Electric

Utilities

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

46,140,358

—

—

46,140,358

Electrical

Equipment

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

12,141,790

—

—

12,141,790

Electronic

Equipment,

Instruments

&

Components

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

16,255,894

—

—

16,255,894

Energy

Equipment

&

Services

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

26,849,584

—

—

26,849,584

Financial

Services

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

39,493,402

—

—

39,493,402

Food

Products

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

14,593,055

—

—

14,593,055

Health

Care

Equipment

&

Supplies

.........

21,078,572

—

—

21,078,572

Health

Care

Providers

&

Services

..........

23,248,264

7,278,725

—

30,526,989

Household

Durables

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

15,670,367

—

—

15,670,367

Independent

Power

and

Renewable

Electricity

Producers

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

8,470,855

—

—

8,470,855

Insurance

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

35,309,747

—

—

35,309,747

Interactive

Media

&

Services

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

7,554,988

—

—

7,554,988

Life

Sciences

Tools

&

Services

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

7,796,023

—

—

7,796,023

Machinery

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

27,030,313

—

—

27,030,313

Media

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

9,739,803

—

—

9,739,803

Oil,

Gas

&

Consumable

Fuels

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

19,627,185

—

—

19,627,185

Personal

Care

Products

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

15,453,163

—

—

15,453,163

Pharmaceuticals

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

—

8,557,850

—

8,557,850

Professional

Services

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

38,735,327

—

—

38,735,327

Real

Estate

Management

&

Development

....

22,680,062

—

—

22,680,062

Retail

REITs

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

17,888,001

—

—

17,888,001

Semiconductors

&

Semiconductor

Equipment

.

8,260,402

—

—

8,260,402

Software

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

15,098,603

—

—

15,098,603

Specialized

REITs

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

11,414,174

—

—

11,414,174

Specialty

Retail

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

11,923,662

—

—

11,923,662

Trading

Companies

&

Distributors

..........

26,672,009

—

—

26,672,009

Short

Term

Investments

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

30,812,464

—

—

30,812,464

Total

Investments

in

Securities

...........

$725,035,631

$41,370,023

b

$—

$766,405,654

Franklin

Small

Cap

Value

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

190,156,230

—

190,156,230

Automobile

Components

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

144,837,949

—

—

144,837,949

Banks

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

598,911,139

—

—

598,911,139

5. Fair

Value

Measurements 

(continued)

Franklin

Value

Investors

Trust

Notes

to

Schedules

of

Investments

(unaudited)

16

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

Level

1

Level

2

Level

3

Total

Franklin

Small

Cap

Value

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Building

Products

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

$

134,738,743

$

—

$

—

$

134,738,743

Capital

Markets

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

37,681,681

—

—

37,681,681

Chemicals

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

163,723,001

71,457,703

—

235,180,704

Commercial

Services

&

Supplies

...........

65,155,643

—

—

65,155,643

Communications

Equipment

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

26,703,743

—

—

26,703,743

Construction

&

Engineering

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

124,690,663

—

—

124,690,663

Construction

Materials

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

4,366,456

—

—

4,366,456

Consumer

Finance

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

2,219,071

—

—

2,219,071

Diversified

REITs

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

44,317,048

—

—

44,317,048

Electric

Utilities

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

26,334,473

—

—

26,334,473

Electrical

Equipment

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

83,032,673

—

—

83,032,673

Electronic

Equipment,

Instruments

&

Components

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

215,765,991

—

—

215,765,991

Energy

Equipment

&

Services

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

16,704,016

—

—

16,704,016

Food

Products

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

141,537,603

—

—

141,537,603

Health

Care

Equipment

&

Supplies

.........

149,131,235

—

—

149,131,235

Hotel

&

Resort

REITs

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

56,378,722

—

—

56,378,722

Hotels,

Restaurants

&

Leisure

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

229,150,410

—

—

229,150,410

Household

Durables

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

66,631,950

—

—

66,631,950

Industrial

REITs

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

3,948,701

—

—

3,948,701

Insurance

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

273,096,583

—

—

273,096,583

Leisure

Products

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

88,326,019

—

—

88,326,019

Machinery

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

137,338,108

—

—

137,338,108

Metals

&

Mining

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

47,280,176

—

—

47,280,176

Multi-Utilities

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

12,169,294

—

—

12,169,294

Office

REITs

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

49,006,150

—

—

49,006,150

Oil,

Gas

&

Consumable

Fuels

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

158,348,932

—

—

158,348,932

Paper

&

Forest

Products

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

51,331,080

—

—

51,331,080

Professional

Services

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

51,664,451

—

—

51,664,451

Real

Estate

Management

&

Development

....

25,289,177

—

—

25,289,177

Retail

REITs

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

4,019,776

—

—

4,019,776

Semiconductors

&

Semiconductor

Equipment

.

98,063,740

—

—

98,063,740

Software

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

150,649,888

—

—

150,649,888

Specialty

Retail

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

6,280,189

—

—

6,280,189

Textiles,

Apparel

&

Luxury

Goods

..........

23,481,607

20,916,009

—

44,397,616

Trading

Companies

&

Distributors

..........

199,325,380

—

—

199,325,380

Short

Term

Investments

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

48,920,542

—

—

48,920,542

Total

Investments

in

Securities

...........

$3,760,552,003

$282,529,942

c

$—

$4,043,081,945

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$41,370,023,

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

$282,529,942,

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)