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      <invstOrSec>
        <name>SBA Communications Corp.</name>
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        <name>GSK plc</name>
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      <invstOrSec>
        <name>Everest Group Ltd.</name>
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        <name>Fiserv, Inc.</name>
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      <invstOrSec>
        <name>Babcock International Group plc</name>
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        <name>Aptiv plc</name>
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        <name>Genuine Parts Co.</name>
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        <name>Johnson Controls International plc</name>
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        <name>Hartford Financial Services Group, Inc. (The)</name>
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        <name>ICF International, Inc.</name>
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        <name>Williams Cos., Inc. (The)</name>
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        <name>Regal Rexnord Corp.</name>
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        <name>Vestis Corp.</name>
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        <name>Bio-Rad Laboratories, Inc.</name>
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        <name>Ashland, Inc.</name>
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        <name>LyondellBasell Industries NV</name>
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        <name>Amdocs Ltd.</name>
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        <name>International Paper Co.</name>
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        <name>Capital One Financial Corp.</name>
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        <title>Capital One Financial Corp.</title>
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        <name>PPL Corp.</name>
        <lei>9N3UAJSNOUXFKQLF3V18</lei>
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        <name>KBR, Inc.</name>
        <lei>254900OFQDXZRKRCV808</lei>
        <title>KBR, Inc.</title>
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      <invstOrSec>
        <name>Apollo Global Management, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Schlumberger NV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Flex Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SS&amp;C Technologies Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>L3Harris Technologies, Inc.</name>
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      <invstOrSec>
        <name>Olin Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WillScot Holdings Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kenvue, Inc.</name>
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          <isin value="US49177J1025"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dowlais Group plc</name>
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          <isin value="GB00BMWRZ071"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Global Payments, Inc.</name>
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          <isin value="US37940X1028"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Dick's Sporting Goods, Inc.</name>
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        <title>Dick's Sporting Goods, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Humana, Inc.</name>
        <lei>529900YLDW34GJAO4J06</lei>
        <title>Humana, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Evergy, Inc.</name>
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        <title>Evergy, Inc.</title>
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        <name>Ferguson Enterprises, Inc.</name>
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        <name>Fresenius SE &amp; Co. KGaA</name>
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        <name>Baker Hughes Co.</name>
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        <name>EOG Resources, Inc.</name>
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        <name>Dover Corp.</name>
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        <title>Dover Corp.</title>
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        <name>Voya Financial, Inc.</name>
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        <title>Voya Financial, Inc.</title>
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        <name>AerCap Holdings NV</name>
        <lei>549300SZYINBBLJQU475</lei>
        <title>AerCap Holdings NV</title>
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        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>549300M4TP89K77LG374</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
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        <name>Charter Communications, Inc.</name>
        <lei>0J0XRGZE3PBRFEZ7MV65</lei>
        <title>Charter Communications, Inc., Class A</title>
        <cusip>16119P108</cusip>
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        <name>Entergy Corp.</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corp.</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cencora, Inc.</name>
        <lei>AI8GXW8LG5WK7E9UD086</lei>
        <title>Cencora, Inc.</title>
        <cusip>03073E105</cusip>
        <identifiers>
          <isin value="US03073E1055"/>
          <other otherDesc="Inhouse Asset ID" value="216554"/>
        </identifiers>
        <balance>60472.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13792453.76000000</valUSD>
        <pctVal>1.744147134558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avient Corp.</name>
        <lei>SM8L9RZYIB34LNTWO040</lei>
        <title>Avient Corp.</title>
        <cusip>05368V106</cusip>
        <identifiers>
          <isin value="US05368V1061"/>
          <other otherDesc="Inhouse Asset ID" value="192805"/>
        </identifiers>
        <balance>79660.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3712952.60000000</valUSD>
        <pctVal>0.469527449627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group, Inc.</title>
        <cusip>174610105</cusip>
        <identifiers>
          <isin value="US1746101054"/>
          <other otherDesc="Inhouse Asset ID" value="585839"/>
        </identifiers>
        <balance>461593.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19442297.16000000</valUSD>
        <pctVal>2.458607255164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brixmor Property Group, Inc.</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>Brixmor Property Group, Inc.</title>
        <cusip>11120U105</cusip>
        <identifiers>
          <isin value="US11120U1051"/>
          <other otherDesc="Inhouse Asset ID" value="562985"/>
        </identifiers>
        <balance>717780.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19344171.00000000</valUSD>
        <pctVal>2.446198552277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DR Horton, Inc.</name>
        <lei>529900ZIUEYVSB8QDD25</lei>
        <title>DR Horton, Inc.</title>
        <cusip>23331A109</cusip>
        <identifiers>
          <isin value="US23331A1097"/>
          <other otherDesc="Inhouse Asset ID" value="29652"/>
        </identifiers>
        <balance>82035.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13863915.00000000</valUSD>
        <pctVal>1.753183881692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Veren, Inc.</name>
        <lei>549300FTKUHZK8OC7N74</lei>
        <title>Veren, Inc.</title>
        <cusip>92340V107</cusip>
        <identifiers>
          <isin value="CA92340V1076"/>
          <other otherDesc="Inhouse Asset ID" value="370708"/>
        </identifiers>
        <balance>1355841.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6996139.56000000</valUSD>
        <pctVal>0.884708187453</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Envista Holdings Corp.</name>
        <lei>549300BX623VURJZ5269</lei>
        <title>Envista Holdings Corp.</title>
        <cusip>29415F104</cusip>
        <identifiers>
          <isin value="US29415F1049"/>
          <other otherDesc="Inhouse Asset ID" value="1010597"/>
        </identifiers>
        <balance>483495.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10138890.15000000</valUSD>
        <pctVal>1.282129816089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Melrose Industries plc</name>
        <lei>213800RGNXXZY2M7TR85</lei>
        <title>Melrose Industries plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNGDN821"/>
          <other otherDesc="Inhouse Asset ID" value="617831"/>
        </identifiers>
        <balance>2024813.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77564481"/>
        <valUSD>12398826.67000000</valUSD>
        <pctVal>1.567913758107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-12-02</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Value Investors Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
