NPORT-EX 2 FVIT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FVIT-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Mutual
Small-Mid
Cap
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,
2025
Franklin
Mutual
Small-Mid
Cap
Value
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.5%
Aerospace
&
Defense
4.8%
Babcock
International
Group
plc
........................
United
Kingdom
289,796
$
1,933,131
a
Ducommun,
Inc.
....................................
United
States
78,493
5,367,352
QinetiQ
Group
plc
...................................
United
Kingdom
608,521
2,793,543
10,094,026
Banks
10.4%
Arrow
Financial
Corp.
................................
United
States
56,742
1,509,905
Atlantic
Union
Bankshares
Corp.
........................
United
States
86,040
3,249,731
Columbia
Banking
System,
Inc.
.........................
United
States
115,150
3,212,685
First
Business
Financial
Services,
Inc.
....................
United
States
35,619
1,840,077
First
Interstate
BancSystem,
Inc.
,
A
......................
United
States
101,417
3,341,690
Investar
Holding
Corp.
...............................
United
States
33,032
629,920
Northeast
Bank
.....................................
United
States
25,933
2,624,420
Southern
Missouri
Bancorp,
Inc.
........................
United
States
37,548
2,222,091
SouthState
Corp.
...................................
United
States
33,038
3,488,482
22,119,001
Building
Products
3.1%
Johnson
Controls
International
plc
.......................
United
States
42,531
3,317,418
UFP
Industries,
Inc.
..................................
United
States
27,616
3,193,790
6,511,208
Capital
Markets
2.5%
Victory
Capital
Holdings,
Inc.
,
A
.........................
United
States
79,522
5,262,766
Construction
&
Engineering
6.4%
a
Matrix
Service
Co.
...................................
United
States
173,055
2,346,626
Valmont
Industries,
Inc.
...............................
United
States
17,063
5,660,821
a
WillScot
Holdings
Corp.
...............................
United
States
149,069
5,524,497
13,531,944
Consumer
Finance
1.1%
Bread
Financial
Holdings,
Inc.
..........................
United
States
35,708
2,261,388
Distributors
1.0%
Genuine
Parts
Co.
..................................
United
States
17,968
2,088,780
Electric
Utilities
1.5%
IDACORP,
Inc.
.....................................
United
States
9,504
1,044,870
PPL
Corp.
.........................................
United
States
64,865
2,179,464
3,224,334
Electrical
Equipment
1.3%
Regal
Rexnord
Corp.
................................
United
States
17,527
2,782,061
Electronic
Equipment,
Instruments
&
Components
4.3%
a
Flex
Ltd.
..........................................
United
States
89,594
3,731,590
a
Sanmina
Corp.
.....................................
United
States
65,701
5,501,145
9,232,735
Energy
Equipment
&
Services
3.5%
Baker
Hughes
Co.
,
A
.................................
United
States
114,120
5,270,062
Liberty
Energy,
Inc.
,
A
................................
United
States
121,223
2,219,593
7,489,655
Financial
Services
2.5%
Global
Payments,
Inc.
................................
United
States
31,485
3,553,082
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Small-Mid
Cap
Value
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
(continued)
Voya
Financial,
Inc.
..................................
United
States
23,543
$
1,671,318
5,224,400
Ground
Transportation
2.6%
Knight-Swift
Transportation
Holdings,
Inc.
,
A
...............
United
States
68,220
3,894,680
a
RXO,
Inc.
.........................................
United
States
65,132
1,670,636
5,565,316
Health
Care
Equipment
&
Supplies
3.6%
a
Envista
Holdings
Corp.
...............................
United
States
221,310
4,541,281
Zimmer
Biomet
Holdings,
Inc.
..........................
United
States
28,961
3,170,650
7,711,931
Health
Care
Providers
&
Services
3.1%
a
Henry
Schein,
Inc.
...................................
United
States
82,867
6,629,360
Hotels,
Restaurants
&
Leisure
2.8%
Boyd
Gaming
Corp.
.................................
United
States
18,385
1,409,210
a
Hilton
Grand
Vacations,
Inc.
...........................
United
States
108,230
4,459,076
5,868,286
Household
Durables
2.3%
a
M/I
Homes,
Inc.
.....................................
United
States
10,133
1,274,731
a
Mohawk
Industries,
Inc.
...............................
United
States
29,956
3,663,619
4,938,350
Industrial
REITs
0.3%
STAG
Industrial,
Inc.
.................................
United
States
19,922
680,934
Insurance
4.0%
CNO
Financial
Group,
Inc.
............................
United
States
78,519
3,136,049
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
35,633
5,455,056
8,591,105
IT
Services
1.2%
Hackett
Group,
Inc.
(The)
.............................
United
States
79,868
2,466,324
Leisure
Products
2.4%
a
Mattel,
Inc.
........................................
United
States
273,035
5,089,372
Life
Sciences
Tools
&
Services
1.6%
a
Bio-Rad
Laboratories,
Inc.
,
A
...........................
United
States
9,247
3,337,057
Machinery
7.0%
a
Chart
Industries,
Inc.
.................................
United
States
29,499
6,241,693
a
Gates
Industrial
Corp.
plc
.............................
United
States
106,449
2,202,430
a
Graham
Corp.
......................................
United
States
57,457
2,609,697
a
Middleby
Corp.
(The)
................................
United
States
6,236
1,067,229
Mueller
Water
Products,
Inc.
,
A
.........................
United
States
122,768
2,823,664
14,944,713
Media
2.0%
Cable
One,
Inc.
.....................................
United
States
6,457
1,962,992
a
Charter
Communications,
Inc.
,
A
........................
United
States
6,373
2,201,808
4,164,800
Metals
&
Mining
4.0%
Commercial
Metals
Co.
...............................
United
States
67,558
3,275,888
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Small-Mid
Cap
Value
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
See
Abbreviations
on
page
17.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Metals
&
Mining
(continued)
Steel
Dynamics,
Inc.
.................................
United
States
41,506
$
5,321,069
8,596,957
Oil,
Gas
&
Consumable
Fuels
1.3%
Veren,
Inc.
........................................
Canada
566,593
2,853,725
Retail
REITs
1.1%
Brixmor
Property
Group,
Inc.
...........................
United
States
90,285
2,352,827
Semiconductors
&
Semiconductor
Equipment
2.4%
MKS
Instruments,
Inc.
................................
United
States
44,304
5,018,757
Software
3.0%
a
ACI
Worldwide,
Inc.
..................................
United
States
117,650
6,300,157
Specialized
REITs
0.5%
SBA
Communications
Corp.
,
A
.........................
United
States
5,557
1,097,841
Specialty
Retail
5.4%
Bath
&
Body
Works,
Inc.
..............................
United
States
28,432
1,069,327
Dick's
Sporting
Goods,
Inc.
............................
United
States
13,432
3,224,352
Gap,
Inc.
(The)
.....................................
United
States
217,703
5,240,111
Group
1
Automotive,
Inc.
..............................
United
States
4,316
1,970,211
11,504,001
Trading
Companies
&
Distributors
4.5%
Ferguson
Enterprises,
Inc.
............................
United
States
26,467
4,793,703
McGrath
RentCorp
..................................
United
States
39,156
4,803,266
9,596,969
Total
Common
Stocks
(Cost
$
183,254,242
)
...................................
207,131,080
Short
Term
Investments
2.5%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.5%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.089
%
..
United
States
5,280,018
5,280,018
Total
Money
Market
Funds
(Cost
$
5,280,018
)
.................................
5,280,018
Total
Short
Term
Investments
(Cost
$
5,280,018
)
...............................
5,280,018
a
Total
Investments
(Cost
$
188,534,260
)
100.0
%
................................
$212,411,098
Other
Assets,
less
Liabilities
(0.0)
%
†
.........................................
(25,873)
Net
Assets
100.0%
.........................................................
$212,385,225
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
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,
2025
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
95.3%
Aerospace
&
Defense
3.5%
Babcock
International
Group
plc
........................
United
Kingdom
1,394,513
$
9,302,325
L3Harris
Technologies,
Inc.
............................
United
States
29,352
6,222,918
Melrose
Industries
plc
................................
United
Kingdom
1,572,770
11,869,876
27,395,119
Automobile
Components
2.1%
a
Aptiv
plc
..........................................
Jersey
187,340
11,693,763
Dowlais
Group
plc
...................................
United
Kingdom
5,850,000
5,175,714
16,869,477
Banks
5.9%
Citizens
Financial
Group,
Inc.
..........................
United
States
505,385
24,041,164
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
110,988
22,303,039
46,344,203
Building
Products
1.9%
Johnson
Controls
International
plc
.......................
United
States
188,548
14,706,744
Chemicals
3.1%
LyondellBasell
Industries
NV
,
A
.........................
United
States
182,393
13,807,150
Olin
Corp.
.........................................
United
States
379,589
11,118,162
24,925,312
Commercial
Services
&
Supplies
0.9%
Vestis
Corp.
.......................................
United
States
488,176
6,824,700
Construction
&
Engineering
1.9%
a
WillScot
Holdings
Corp.
...............................
United
States
407,080
15,086,385
Consumer
Finance
1.7%
Capital
One
Financial
Corp.
...........................
United
States
64,692
13,178,407
Consumer
Staples
Distribution
&
Retail
0.8%
Dollar
General
Corp.
.................................
United
States
93,654
6,655,053
Containers
&
Packaging
1.9%
International
Paper
Co.
...............................
United
States
265,914
14,792,796
Distributors
1.7%
Genuine
Parts
Co.
..................................
United
States
113,998
13,252,267
Electric
Utilities
8.4%
Entergy
Corp.
......................................
United
States
263,740
21,384,039
Evergy,
Inc.
........................................
United
States
322,772
20,712,279
PPL
Corp.
.........................................
United
States
725,074
24,362,487
66,458,805
Electrical
Equipment
2.0%
Regal
Rexnord
Corp.
................................
United
States
102,063
16,200,460
Electronic
Equipment,
Instruments
&
Components
2.1%
a
Flex
Ltd.
..........................................
United
States
399,695
16,647,297
Energy
Equipment
&
Services
2.4%
Baker
Hughes
Co.
,
A
.................................
United
States
194,139
8,965,339
Schlumberger
NV
...................................
United
States
243,411
9,804,595
18,769,934
Financial
Services
6.3%
Apollo
Global
Management,
Inc.
........................
United
States
58,492
10,000,962
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)
a
Fiserv,
Inc.
........................................
United
States
27,973
$
6,043,287
Global
Payments,
Inc.
................................
United
States
165,156
18,637,855
Voya
Financial,
Inc.
..................................
United
States
217,446
15,436,491
50,118,595
Food
Products
1.0%
Kraft
Heinz
Co.
(The)
................................
United
States
255,650
7,628,596
Health
Care
Equipment
&
Supplies
4.8%
Baxter
International,
Inc.
..............................
United
States
454,175
14,787,938
a
Envista
Holdings
Corp.
...............................
United
States
560,789
11,507,390
Zimmer
Biomet
Holdings,
Inc.
..........................
United
States
108,697
11,900,148
38,195,476
Health
Care
Providers
&
Services
3.1%
Cencora,
Inc.
......................................
United
States
55,329
14,065,185
Humana,
Inc.
......................................
United
States
35,315
10,355,418
24,420,603
Household
Durables
1.6%
DR
Horton,
Inc.
.....................................
United
States
87,162
12,368,288
Insurance
4.2%
Everest
Group
Ltd.
..................................
United
States
45,732
15,892,327
Hartford
Financial
Services
Group,
Inc.
(The)
..............
United
States
152,092
16,965,863
32,858,190
IT
Services
1.6%
Amdocs
Ltd.
.......................................
United
States
147,446
13,003,263
Life
Sciences
Tools
&
Services
2.0%
a
Bio-Rad
Laboratories,
Inc.
,
A
...........................
United
States
44,299
15,986,623
Machinery
3.0%
CNH
Industrial
NV
...................................
United
States
430,259
5,541,736
Dover
Corp.
.......................................
United
States
89,233
18,174,977
23,716,713
Media
2.0%
a
Charter
Communications,
Inc.
,
A
........................
United
States
45,187
15,611,657
Metals
&
Mining
1.3%
Reliance,
Inc.
......................................
United
States
35,756
10,351,362
Oil,
Gas
&
Consumable
Fuels
3.2%
EOG
Resources,
Inc.
................................
United
States
49,750
6,258,053
Veren,
Inc.
........................................
Canada
1,355,841
6,819,880
Williams
Cos.,
Inc.
(The)
..............................
United
States
214,119
11,868,616
24,946,549
Personal
Care
Products
2.0%
Kenvue,
Inc.
.......................................
United
States
762,407
16,231,645
Professional
Services
4.3%
KBR,
Inc.
.........................................
United
States
250,699
13,643,039
SS&C
Technologies
Holdings,
Inc.
.......................
United
States
247,067
20,000,074
33,643,113
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
17.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
Management
&
Development
1.7%
a
CBRE
Group,
Inc.
,
A
.................................
United
States
94,790
$
13,719,905
Retail
REITs
2.5%
Brixmor
Property
Group,
Inc.
...........................
United
States
746,638
19,457,386
Software
1.7%
Gen
Digital,
Inc.
....................................
United
States
511,083
13,753,243
Specialized
REITs
1.7%
SBA
Communications
Corp.
,
A
.........................
United
States
68,750
13,582,250
Specialty
Retail
2.9%
Bath
&
Body
Works,
Inc.
..............................
United
States
214,919
8,083,103
Dick's
Sporting
Goods,
Inc.
............................
United
States
60,494
14,521,585
22,604,688
Trading
Companies
&
Distributors
4.1%
AerCap
Holdings
NV
.................................
Ireland
149,544
14,296,406
Ferguson
Enterprises,
Inc.
............................
United
States
101,672
18,414,833
32,711,239
Total
Common
Stocks
(Cost
$
598,526,665
)
...................................
753,016,343
Short
Term
Investments
4.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
4.6%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.089
%
..
United
States
36,332,281
36,332,281
Total
Money
Market
Funds
(Cost
$
36,332,281
)
................................
36,332,281
Total
Short
Term
Investments
(Cost
$
36,332,281
)
..............................
36,332,281
a
Total
Investments
(Cost
$
634,858,946
)
99.9
%
.................................
$789,348,624
Other
Assets,
less
Liabilities
0.1
%
...........................................
1,004,629
Net
Assets
100.0%
.........................................................
$790,353,253
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,
2025
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
97.5%
Aerospace
&
Defense
6.1%
Babcock
International
Group
plc
........................
United
Kingdom
7,754,126
$
51,725,154
Melrose
Industries
plc
................................
United
Kingdom
8,894,333
67,126,554
QinetiQ
Group
plc
...................................
United
Kingdom
16,425,171
75,403,189
a
Senior
plc
.........................................
United
Kingdom
28,282,051
57,930,544
252,185,441
Banks
19.3%
Atlantic
Union
Bankshares
Corp.
........................
United
States
903,334
34,118,925
a
Camden
National
Corp.
...............................
United
States
842,147
38,199,788
Columbia
Banking
System,
Inc.
.........................
United
States
4,131,334
115,264,219
First
Bancorp
......................................
United
States
1,418,443
62,595,889
First
Commonwealth
Financial
Corp.
.....................
United
States
1,952,023
32,559,744
First
Interstate
BancSystem,
Inc.
,
A
......................
United
States
3,457,936
113,938,991
German
American
Bancorp,
Inc.
........................
United
States
1,103,214
45,595,835
Peoples
Bancorp,
Inc.
................................
United
States
935,037
30,528,958
Sandy
Spring
Bancorp,
Inc.
............................
United
States
1,176,715
39,808,268
Seacoast
Banking
Corp.
of
Florida
......................
United
States
1,520,162
43,248,609
SouthState
Corp.
...................................
United
States
1,038,525
109,657,855
TriCo
Bancshares
...................................
United
States
979,117
42,953,863
Washington
Trust
Bancorp,
Inc.
.........................
United
States
132,438
4,339,993
WSFS
Financial
Corp.
................................
United
States
1,611,695
90,254,920
803,065,857
Building
Products
2.5%
b
American
Woodmark
Corp.
............................
United
States
220,907
17,199,819
UFP
Industries,
Inc.
..................................
United
States
734,601
84,956,606
102,156,425
Capital
Markets
1.9%
Victory
Capital
Holdings,
Inc.
,
A
.........................
United
States
1,215,630
80,450,393
Chemicals
3.4%
Ashland,
Inc.
.......................................
United
States
38,410
2,438,651
Avient
Corp.
.......................................
United
States
1,445,371
62,006,416
a
Elementis
plc
......................................
United
Kingdom
39,868,704
78,005,599
142,450,666
Commercial
Services
&
Supplies
0.9%
HNI
Corp.
.........................................
United
States
759,479
37,860,028
Communications
Equipment
0.2%
b
Lumentum
Holdings,
Inc.
..............................
United
States
82,363
7,005,797
Construction
&
Engineering
5.9%
Primoris
Services
Corp.
...............................
United
States
349,235
26,810,771
Valmont
Industries,
Inc.
...............................
United
States
330,877
109,771,753
b
WillScot
Holdings
Corp.
...............................
United
States
2,978,228
110,373,130
246,955,654
Consumer
Finance
1.1%
Bread
Financial
Holdings,
Inc.
..........................
United
States
706,585
44,748,028
Diversified
REITs
0.8%
Alexander
&
Baldwin,
Inc.
.............................
United
States
1,766,945
31,539,968
Electric
Utilities
0.5%
IDACORP,
Inc.
.....................................
United
States
185,016
20,340,659
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)
Electrical
Equipment
1.9%
Regal
Rexnord
Corp.
................................
United
States
497,242
$
78,927,223
Electronic
Equipment,
Instruments
&
Components
6.5%
Benchmark
Electronics,
Inc.
...........................
United
States
1,192,717
50,881,307
b
Coherent
Corp.
.....................................
United
States
80,189
7,256,303
b
Knowles
Corp.
.....................................
United
States
4,114,144
77,880,746
b
Sanmina
Corp.
.....................................
United
States
1,286,203
107,693,777
b
TTM
Technologies,
Inc.
...............................
United
States
1,024,889
25,202,020
268,914,153
Energy
Equipment
&
Services
2.2%
a
Hunting
plc
........................................
United
Kingdom
8,336,241
35,765,983
Liberty
Energy,
Inc.
,
A
................................
United
States
2,374,025
43,468,397
TechnipFMC
plc
....................................
United
Kingdom
391,017
11,750,061
90,984,441
Ground
Transportation
2.7%
Knight-Swift
Transportation
Holdings,
Inc.
,
A
...............
United
States
1,338,646
76,423,300
b
RXO,
Inc.
.........................................
United
States
1,404,372
36,022,142
112,445,442
Health
Care
Equipment
&
Supplies
2.1%
b
Envista
Holdings
Corp.
...............................
United
States
4,331,405
88,880,431
Hotels,
Restaurants
&
Leisure
3.7%
Boyd
Gaming
Corp.
.................................
United
States
581,567
44,577,111
b
Hilton
Grand
Vacations,
Inc.
...........................
United
States
2,647,797
109,089,236
153,666,347
Household
Durables
2.4%
Century
Communities,
Inc.
............................
United
States
140,017
10,694,499
La-Z-Boy,
Inc.
......................................
United
States
227,877
10,755,794
b
M/I
Homes,
Inc.
.....................................
United
States
161,325
20,294,685
Meritage
Homes
Corp.
...............................
United
States
332,830
25,917,472
b
Taylor
Morrison
Home
Corp.
,
A
.........................
United
States
481,255
31,021,697
98,684,147
Industrial
REITs
0.3%
STAG
Industrial,
Inc.
.................................
United
States
399,200
13,644,656
Insurance
7.2%
CNO
Financial
Group,
Inc.
............................
United
States
2,563,667
102,392,860
Hanover
Insurance
Group,
Inc.
(The)
.....................
United
States
755,202
115,613,874
a
Horace
Mann
Educators
Corp.
.........................
United
States
2,154,346
83,222,386
b
TWFG,
Inc.
,
A
......................................
United
States
6,521
187,022
301,416,142
Leisure
Products
3.2%
BRP,
Inc.
..........................................
United
States
111,466
5,330,366
Brunswick
Corp.
....................................
United
States
103,534
6,982,333
b
Mattel,
Inc.
........................................
United
States
6,519,719
121,527,562
133,840,261
Machinery
7.1%
b
Chart
Industries,
Inc.
.................................
United
States
631,150
133,545,029
b
Gates
Industrial
Corp.
plc
.............................
United
States
2,859,529
59,163,655
b
Middleby
Corp.
(The)
................................
United
States
121,959
20,872,063
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)
Machinery
(continued)
Mueller
Water
Products,
Inc.
,
A
.........................
United
States
3,541,772
$
81,460,756
295,041,503
Media
1.4%
Cable
One,
Inc.
.....................................
United
States
186,022
56,552,548
Metals
&
Mining
2.2%
Commercial
Metals
Co.
...............................
United
States
1,172,552
56,857,046
Ryerson
Holding
Corp.
...............................
United
States
1,480,443
33,102,706
89,959,752
Multi-Utilities
0.5%
Black
Hills
Corp.
....................................
United
States
353,535
20,763,110
Office
REITs
0.5%
Highwoods
Properties,
Inc.
............................
United
States
713,058
21,241,998
Oil,
Gas
&
Consumable
Fuels
1.7%
Veren,
Inc.
........................................
Canada
14,340,208
72,226,458
Paper
&
Forest
Products
0.5%
Louisiana-Pacific
Corp.
...............................
United
States
164,387
19,228,347
Retail
REITs
0.9%
Kite
Realty
Group
Trust
...............................
United
States
1,598,118
36,996,432
Semiconductors
&
Semiconductor
Equipment
0.7%
b
Cohu,
Inc.
.........................................
United
States
1,303,758
29,869,096
Software
3.0%
b
ACI
Worldwide,
Inc.
..................................
United
States
2,324,223
124,462,142
Specialty
Retail
1.2%
Bath
&
Body
Works,
Inc.
..............................
United
States
442,002
16,623,695
Group
1
Automotive,
Inc.
..............................
United
States
72,681
33,178,150
49,801,845
Textiles,
Apparel
&
Luxury
Goods
0.5%
Dr.
Martens
plc
.....................................
United
Kingdom
22,203,406
19,945,487
Trading
Companies
&
Distributors
2.5%
Herc
Holdings,
Inc.
..................................
United
States
29,759
6,069,646
McGrath
RentCorp
..................................
United
States
788,682
96,747,621
102,817,267
Total
Common
Stocks
(Cost
$
3,240,385,816
)
..................................
4,049,068,144
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
17.
Short
Term
Investments
2.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
2.8%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.089
%
..
United
States
116,156,180
$
116,156,180
Total
Money
Market
Funds
(Cost
$
116,156,180
)
...............................
116,156,180
Total
Short
Term
Investments
(Cost
$
116,156,180
)
.............................
116,156,180
a
Total
Investments
(Cost
$
3,356,541,996
)
100.3
%
..............................
$4,165,224,324
Other
Assets,
less
Liabilities
(
0.3
)
%
.........................................
(13,143,174)
Net
Assets
100.0%
.........................................................
$4,152,081,150
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,
2025,
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,
2025,
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,
2025,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Camden
National
Corp
.
$
35,328,067
$
—
$
—
$
—
$
2,871,721
$
38,199,788
842,147
$
353,702
Elementis
plc
.......
68,568,564
—
—
—
9,437,035
78,005,599
39,868,704
—
Horace
Mann
Educators
Corp
............
70,192,857
11,191,510
—
—
1,838,019
83,222,386
2,154,346
732,478
Hunting
plc
.........
29,686,100
2,469,733
—
—
3,610,150
35,765,983
8,336,241
—
Knowles
Corp
.......
97,377,768
—
(
29,686,908
)
(
880,168
)
—
a
—
a
—
a
—
Senior
plc
..........
48,276,524
—
—
—
9,654,020
57,930,544
28,282,051
—
Total
Affiliated
Securities
(Value
is
7
.1
%
of
Net
Assets)
..........
$349,429,880
$13,661,243
$(29,686,908)
$(880,168)
$27,410,945
$293,124,300
$1,086,180
a
As
of
January
31,
2025,
no
longer
an
affiliate.
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.)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Mutual
Small-Mid
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.089
%
$2,807,545
$36,097,329
$(33,624,856)
$—
$—
$5,280,018
5,280,018
$40,210
Total
Affiliated
Securities
...
$2,807,545
$36,097,329
$(33,624,856)
$—
$—
$5,280,018
$40,210
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.089
%
$22,377,306
$60,751,220
$(46,796,245)
$—
$—
$36,332,281
36,332,281
$285,411
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.089
%
$—
$4,125,000
$(4,125,000)
$—
$—
$—
—
$478
Total
Affiliated
Securities
...
$22,377,306
$64,876,220
$(50,921,245)
$—
$—
$36,332,281
$285,889
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.089
%
$64,241,279
$356,426,753
$(304,511,852)
$—
$—
$116,156,180
116,156,180
$618,449
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
4.089
%
$—
$14,316,000
$(14,316,000)
$—
$—
$—
—
$3,171
Total
Affiliated
Securities
...
$64,241,279
$370,742,753
$(318,827,852)
$—
$—
$116,156,180
$621,620
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Value
Investors
Trust
Notes
to
Schedules
of
Investments
(unaudited)
15
Quarterly
Schedules
of
Investments
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,
2025,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Small-Mid
Cap
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
7,300,483
$
2,793,543
$
—
$
10,094,026
Banks
...............................
22,119,001
—
—
22,119,001
Building
Products
......................
6,511,208
—
—
6,511,208
Capital
Markets
........................
5,262,766
—
—
5,262,766
Construction
&
Engineering
...............
13,531,944
—
—
13,531,944
Consumer
Finance
.....................
2,261,388
—
—
2,261,388
Distributors
...........................
2,088,780
—
—
2,088,780
Electric
Utilities
........................
3,224,334
—
—
3,224,334
Electrical
Equipment
....................
2,782,061
—
—
2,782,061
Electronic
Equipment,
Instruments
&
Components
........................
9,232,735
—
—
9,232,735
Energy
Equipment
&
Services
.............
7,489,655
—
—
7,489,655
Financial
Services
......................
5,224,400
—
—
5,224,400
Ground
Transportation
..................
5,565,316
—
—
5,565,316
Health
Care
Equipment
&
Supplies
.........
7,711,931
—
—
7,711,931
Health
Care
Providers
&
Services
..........
6,629,360
—
—
6,629,360
Hotels,
Restaurants
&
Leisure
.............
5,868,286
—
—
5,868,286
Household
Durables
....................
4,938,350
—
—
4,938,350
Industrial
REITs
.......................
680,934
—
—
680,934
Insurance
............................
8,591,105
—
—
8,591,105
IT
Services
...........................
2,466,324
—
—
2,466,324
Leisure
Products
.......................
5,089,372
—
—
5,089,372
Life
Sciences
Tools
&
Services
............
3,337,057
—
—
3,337,057
Machinery
............................
14,944,713
—
—
14,944,713
Media
...............................
4,164,800
—
—
4,164,800
Metals
&
Mining
.......................
8,596,957
—
—
8,596,957
Oil,
Gas
&
Consumable
Fuels
.............
2,853,725
—
—
2,853,725
Retail
REITs
..........................
2,352,827
—
—
2,352,827
Semiconductors
&
Semiconductor
Equipment
.
5,018,757
—
—
5,018,757
Software
.............................
6,300,157
—
—
6,300,157
Specialized
REITs
......................
1,097,841
—
—
1,097,841
Specialty
Retail
........................
11,504,001
—
—
11,504,001
Trading
Companies
&
Distributors
..........
9,596,969
—
—
9,596,969
Short
Term
Investments
...................
5,280,018
—
—
5,280,018
Total
Investments
in
Securities
...........
$209,617,555
$2,793,543
a
$—
$212,411,098
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Assets:
Common
Stocks
:
Aerospace
&
Defense
...................
15,525,243
11,869,876
—
27,395,119
Automobile
Components
.................
11,693,763
5,175,714
—
16,869,477
Banks
...............................
46,344,203
—
—
46,344,203
Building
Products
......................
14,706,744
—
—
14,706,744
Chemicals
...........................
24,925,312
—
—
24,925,312
Commercial
Services
&
Supplies
...........
6,824,700
—
—
6,824,700
Construction
&
Engineering
...............
15,086,385
—
—
15,086,385
5. Fair
Value
Measurements
(continued)
Franklin
Value
Investors
Trust
Notes
to
Schedules
of
Investments
(unaudited)
16
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
(continued)
Assets:
(continued)
Common
Stocks:
(continued)
Consumer
Finance
.....................
$
13,178,407
$
—
$
—
$
13,178,407
Consumer
Staples
Distribution
&
Retail
......
6,655,053
—
—
6,655,053
Containers
&
Packaging
.................
14,792,796
—
—
14,792,796
Distributors
...........................
13,252,267
—
—
13,252,267
Electric
Utilities
........................
66,458,805
—
—
66,458,805
Electrical
Equipment
....................
16,200,460
—
—
16,200,460
Electronic
Equipment,
Instruments
&
Components
........................
16,647,297
—
—
16,647,297
Energy
Equipment
&
Services
.............
18,769,934
—
—
18,769,934
Financial
Services
......................
50,118,595
—
—
50,118,595
Food
Products
........................
7,628,596
—
—
7,628,596
Health
Care
Equipment
&
Supplies
.........
38,195,476
—
—
38,195,476
Health
Care
Providers
&
Services
..........
24,420,603
—
—
24,420,603
Household
Durables
....................
12,368,288
—
—
12,368,288
Insurance
............................
32,858,190
—
—
32,858,190
IT
Services
...........................
13,003,263
—
—
13,003,263
Life
Sciences
Tools
&
Services
............
15,986,623
—
—
15,986,623
Machinery
............................
23,716,713
—
—
23,716,713
Media
...............................
15,611,657
—
—
15,611,657
Metals
&
Mining
.......................
10,351,362
—
—
10,351,362
Oil,
Gas
&
Consumable
Fuels
.............
24,946,549
—
—
24,946,549
Personal
Care
Products
.................
16,231,645
—
—
16,231,645
Professional
Services
...................
33,643,113
—
—
33,643,113
Real
Estate
Management
&
Development
....
13,719,905
—
—
13,719,905
Retail
REITs
..........................
19,457,386
—
—
19,457,386
Software
.............................
13,753,243
—
—
13,753,243
Specialized
REITs
......................
13,582,250
—
—
13,582,250
Specialty
Retail
........................
22,604,688
—
—
22,604,688
Trading
Companies
&
Distributors
..........
32,711,239
—
—
32,711,239
Short
Term
Investments
...................
36,332,281
—
—
36,332,281
Total
Investments
in
Securities
...........
$772,303,034
$17,045,590
b
$—
$789,348,624
Franklin
Small
Cap
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
109,655,698
142,529,743
—
252,185,441
Banks
...............................
803,065,857
—
—
803,065,857
Building
Products
......................
102,156,425
—
—
102,156,425
Capital
Markets
........................
80,450,393
—
—
80,450,393
Chemicals
...........................
142,450,666
—
—
142,450,666
Commercial
Services
&
Supplies
...........
37,860,028
—
—
37,860,028
Communications
Equipment
..............
7,005,797
—
—
7,005,797
Construction
&
Engineering
...............
246,955,654
—
—
246,955,654
Consumer
Finance
.....................
44,748,028
—
—
44,748,028
Diversified
REITs
......................
31,539,968
—
—
31,539,968
Electric
Utilities
........................
20,340,659
—
—
20,340,659
Electrical
Equipment
....................
78,927,223
—
—
78,927,223
Electronic
Equipment,
Instruments
&
Components
........................
268,914,153
—
—
268,914,153
Energy
Equipment
&
Services
.............
55,218,458
35,765,983
—
90,984,441
Ground
Transportation
..................
112,445,442
—
—
112,445,442
Health
Care
Equipment
&
Supplies
.........
88,880,431
—
—
88,880,431
Hotels,
Restaurants
&
Leisure
.............
153,666,347
—
—
153,666,347
Household
Durables
....................
98,684,147
—
—
98,684,147
5. Fair
Value
Measurements
(continued)
Franklin
Value
Investors
Trust
Notes
to
Schedules
of
Investments
(unaudited)
17
Quarterly
Schedules
of
Investments
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Value
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Industrial
REITs
.......................
$
13,644,656
$
—
$
—
$
13,644,656
Insurance
............................
301,416,142
—
—
301,416,142
Leisure
Products
.......................
133,840,261
—
—
133,840,261
Machinery
............................
295,041,503
—
—
295,041,503
Media
...............................
56,552,548
—
—
56,552,548
Metals
&
Mining
.......................
89,959,752
—
—
89,959,752
Multi-Utilities
..........................
20,763,110
—
—
20,763,110
Office
REITs
..........................
21,241,998
—
—
21,241,998
Oil,
Gas
&
Consumable
Fuels
.............
72,226,458
—
—
72,226,458
Paper
&
Forest
Products
.................
19,228,347
—
—
19,228,347
Retail
REITs
..........................
36,996,432
—
—
36,996,432
Semiconductors
&
Semiconductor
Equipment
.
29,869,096
—
—
29,869,096
Software
.............................
124,462,142
—
—
124,462,142
Specialty
Retail
........................
49,801,845
—
—
49,801,845
Textiles,
Apparel
&
Luxury
Goods
..........
19,945,487
—
—
19,945,487
Trading
Companies
&
Distributors
..........
102,817,267
—
—
102,817,267
Short
Term
Investments
...................
116,156,180
—
—
116,156,180
Total
Investments
in
Securities
...........
$3,986,928,598
$178,295,726
c
$—
$4,165,224,324
a
Includes
foreign
securities
valued
at
$2,793,543,
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.
b
Includes
foreign
securities
valued
at
$17,045,590,
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
$178,295,726,
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)
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.