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        <name>Middleby Corp. (The)</name>
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        <name>RXO, Inc.</name>
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        <name>Knight-Swift Transportation Holdings, Inc.</name>
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        <name>Steel Dynamics, Inc.</name>
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        <name>Johnson Controls International plc</name>
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        <name>Victory Capital Holdings, Inc.</name>
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        <name>Regal Rexnord Corp.</name>
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        <name>Northeast Bank</name>
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        <name>Dollar General Corp.</name>
        <lei>OPX52SQVOZI8IVSWYU66</lei>
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        <name>Mattel, Inc.</name>
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        <name>UFP Industries, Inc.</name>
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        <name>Chart Industries, Inc.</name>
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        <name>First Business Financial Services, Inc.</name>
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        <name>Gap, Inc. (The)</name>
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        <name>CNO Financial Group, Inc.</name>
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        <name>SouthState Corp.</name>
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        <name>PPL Corp.</name>
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        <name>Ducommun, Inc.</name>
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        <name>Hanover Insurance Group, Inc. (The)</name>
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        <name>Apollo Global Management, Inc.</name>
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        <name>Sanmina Corp.</name>
        <lei>X5K24XLM8QYRXF00EB42</lei>
        <title>Sanmina Corp.</title>
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        <name>Henry Schein, Inc.</name>
        <lei>VGO3WGL8H45T73F4RR92</lei>
        <title>Henry Schein, Inc.</title>
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        <name>Mohawk Industries, Inc.</name>
        <lei>549300JI1115MG3Q6322</lei>
        <title>Mohawk Industries, Inc.</title>
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        <name>Zimmer Biomet Holdings, Inc.</name>
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      <invstOrSec>
        <name>Arrow Financial Corp.</name>
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        <name>MKS Instruments, Inc.</name>
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        <name>Commercial Metals Co.</name>
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        <name>Flex Ltd.</name>
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        <name>M/I Homes, Inc.</name>
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        <name>WillScot Holdings Corp.</name>
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        <title>WillScot Holdings Corp.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ACI Worldwide, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Global Payments, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dick's Sporting Goods, Inc.</name>
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        <name>Gates Industrial Corp. plc</name>
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        <name>Columbia Banking System, Inc.</name>
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        <name>Hilton Grand Vacations, Inc.</name>
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        <name>Ferguson Enterprises, Inc.</name>
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        <name>Boyd Gaming Corp.</name>
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        <name>Baker Hughes Co.</name>
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        <name>IDACORP, Inc.</name>
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        <name>First Interstate BancSystem, Inc.</name>
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        <name>Voya Financial, Inc.</name>
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        <name>Bread Financial Holdings, Inc.</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>Bread Financial Holdings, Inc.</title>
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        <name>STAG Industrial, Inc.</name>
        <lei>549300QWYX2W6FASVQ07</lei>
        <title>STAG Industrial, Inc.</title>
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        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>549300M4TP89K77LG374</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
        <cusip>457756500</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Charter Communications, Inc.</name>
        <lei>0J0XRGZE3PBRFEZ7MV65</lei>
        <title>Charter Communications, Inc., Class A</title>
        <cusip>16119P108</cusip>
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          <other otherDesc="Inhouse Asset ID" value="634072"/>
        </identifiers>
        <balance>6373.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2497323.78000000</valUSD>
        <pctVal>1.367037177128</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="320561"/>
        </identifiers>
        <balance>199773.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37860000"/>
        <valUSD>1182466.04000000</valUSD>
        <pctVal>0.647282923550</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>Bath &amp; Body Works, Inc.</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
        <title>Bath &amp; Body Works, Inc.</title>
        <cusip>070830104</cusip>
        <identifiers>
          <isin value="US0708301041"/>
          <other otherDesc="Inhouse Asset ID" value="783"/>
        </identifiers>
        <balance>77503.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2364616.53000000</valUSD>
        <pctVal>1.294393114761</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>Atlantic Union Bankshares Corp.</name>
        <lei>N/A</lei>
        <title>Atlantic Union Bankshares Corp.</title>
        <cusip>04911A107</cusip>
        <identifiers>
          <isin value="US04911A1079"/>
          <other otherDesc="Inhouse Asset ID" value="238074"/>
        </identifiers>
        <balance>96289.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2667205.30000000</valUSD>
        <pctVal>1.460030466747</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>Liberty Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Liberty Energy, Inc., Class A</title>
        <cusip>53115L104</cusip>
        <identifiers>
          <isin value="US53115L1044"/>
          <other otherDesc="Inhouse Asset ID" value="806784"/>
        </identifiers>
        <balance>121223.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1394064.50000000</valUSD>
        <pctVal>0.763112101873</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>Matrix Service Co.</name>
        <lei>529900VYBKSX6HD2YW58</lei>
        <title>Matrix Service Co.</title>
        <cusip>576853105</cusip>
        <identifiers>
          <isin value="US5768531056"/>
          <other otherDesc="Inhouse Asset ID" value="34121"/>
        </identifiers>
        <balance>255873.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2968126.80000000</valUSD>
        <pctVal>1.624755153707</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>132078.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4399518.18000000</valUSD>
        <pctVal>2.408300021677</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>61860.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2282015.40000000</valUSD>
        <pctVal>1.249177185418</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>74059.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1844809.69000000</valUSD>
        <pctVal>1.009850405122</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>Cable One, Inc.</name>
        <lei>549300648QS85T0XSH18</lei>
        <title>Cable One, Inc.</title>
        <cusip>12685J105</cusip>
        <identifiers>
          <isin value="US12685J1051"/>
          <other otherDesc="Inhouse Asset ID" value="607282"/>
        </identifiers>
        <balance>6457.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1725762.39000000</valUSD>
        <pctVal>0.944683811091</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>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>243402.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3913904.16000000</valUSD>
        <pctVal>2.142474491007</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>Valmont Industries, Inc.</name>
        <lei>5493009ZGZJJ8F77JN08</lei>
        <title>Valmont Industries, Inc.</title>
        <cusip>920253101</cusip>
        <identifiers>
          <isin value="US9202531011"/>
          <other otherDesc="Inhouse Asset ID" value="13283"/>
        </identifiers>
        <balance>15504.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4546082.88000000</valUSD>
        <pctVal>2.488529664049</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>QinetiQ Group plc</name>
        <lei>213800S8OBDOZMCMUW34</lei>
        <title>QinetiQ Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0WMWD03"/>
          <other otherDesc="Inhouse Asset ID" value="357750"/>
        </identifiers>
        <balance>803753.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75035641"/>
        <valUSD>4230623.74000000</valUSD>
        <pctVal>2.315847060496</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>2025-05-30</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>
