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Form NPORT-P FRANKLIN VALUE INVESTORS For: Jul 31

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September 22, 2021 2:49 PM EDT 

  
    NPORT-P
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          0000856119
          XXXXXXXX
        
      
      
      
      
        S000007354
        C000128826
        C000020198
        C000020197
      
      
      
    
  
  
    
      Franklin Value Investors Trust
      811-05878
      0000856119
      549300RD0PTCJOMRSV24
      One Franklin Parkway
      San Mateo
      
      94403-1906
      650-312-2000
      Franklin MicroCap Value Fund
      S000007354
      5493006EVJKC1V25UM73
      2021-10-31
      2021-07-31
      N
    
    
      228180594.69
      257846.24
      227922748.45
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        IntriCon Corp.
        549300QOZJC6ZFWND923
        IntriCon Corp.
        46121H109
        
          
          
        
        193377.00000000
        NS
        USD
        4641048.00000000
        2.036237291609
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Schnitzer Steel Industries, Inc.
        549300F62TK8VRDSM285
        Schnitzer Steel Industries, Inc., Class A
        806882106
        
          
          
        
        37400.00000000
        NS
        USD
        1960508.00000000
        0.860163372604
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WesBanco, Inc.
        N/A
        WesBanco, Inc.
        950810101
        
          
          
        
        42357.00000000
        NS
        USD
        1367283.96000000
        0.599889203380
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ATN International, Inc.
        54930013NP7VEU877V56
        ATN International, Inc.
        00215F107
        
          
          
        
        29000.00000000
        NS
        USD
        1248450.00000000
        0.547751380013
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sierra Wireless, Inc.
        549300E33RZ5BJ726L53
        Sierra Wireless, Inc.
        826516106
        
          
          
        
        78100.00000000
        NS
        USD
        1510454.00000000
        0.662704363768
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Daktronics, Inc.
        549300IOLZ3SG5YUJ288
        Daktronics, Inc.
        234264109
        
          
          
        
        588958.00000000
        NS
        USD
        3598533.38000000
        1.578839060371
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American National Bankshares, Inc.
        5493001AQ734BV16EM88
        American National Bankshares, Inc.
        027745108
        
          
          
        
        94823.00000000
        NS
        USD
        2995458.57000000
        1.314242913605
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northwest Pipe Co.
        54930056VW2CRCZ9RE54
        Northwest Pipe Co.
        667746101
        
          
          
        
        65700.00000000
        NS
        USD
        1866537.00000000
        0.818934052302
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hibbett Sports, Inc.
        529900RD6P643J1CZM55
        Hibbett Sports, Inc.
        428567101
        
          
          
        
        34700.00000000
        NS
        USD
        3076502.00000000
        1.349800325295
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trecora Resources
        549300YM7091ZVQS2B12
        Trecora Resources
        894648104
        
          
          
        
        429318.00000000
        NS
        USD
        3400198.56000000
        1.491820620417
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Utah Medical Products, Inc.
        5493002R27BBGV8DID60
        Utah Medical Products, Inc.
        917488108
        
          
          
        
        41696.00000000
        NS
        USD
        3727622.40000000
        1.635476241555
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Century Casinos, Inc.
        549300H2L4Y24HXY7M50
        Century Casinos, Inc.
        156492100
        
          
          
        
        304662.00000000
        NS
        USD
        3415261.02000000
        1.498429201659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Delta Apparel, Inc.
        549300YCES15WEDS8Z04
        Delta Apparel, Inc.
        247368103
        
          
          
        
        94000.00000000
        NS
        USD
        3008000.00000000
        1.319745405167
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chuy's Holdings, Inc.
        N/A
        Chuy's Holdings, Inc.
        171604101
        
          
          
        
        81100.00000000
        NS
        USD
        2676300.00000000
        1.174213639577
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southern Missouri Bancorp, Inc.
        N/A
        Southern Missouri Bancorp, Inc.
        843380106
        
          
          
        
        80900.00000000
        NS
        USD
        3630792.00000000
        1.592992373377
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Graham Corp.
        254900EI9P4LTY524J77
        Graham Corp.
        384556106
        
          
          
        
        246397.00000000
        NS
        USD
        3373174.93000000
        1.479964133874
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Haynes International, Inc.
        549300I9MS5UZLRFDO40
        Haynes International, Inc.
        420877201
        
          
          
        
        30620.00000000
        NS
        USD
        1155292.60000000
        0.506879022763
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Children's Place, Inc. (The)
        549300BGVK2OO5O7TC19
        Children's Place, Inc. (The)
        168905107
        
          
          
        
        30300.00000000
        NS
        USD
        2555199.00000000
        1.121081163410
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vera Bradley, Inc.
        52990005Q6LEJKXO7M51
        Vera Bradley, Inc.
        92335C106
        
          
          
        
        321100.00000000
        NS
        USD
        3535311.00000000
        1.551100547901
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimball Electronics, Inc.
        549300COBYN2GZCBIU87
        Kimball Electronics, Inc.
        49428J109
        
          
          
        
        108100.00000000
        NS
        USD
        2204159.00000000
        0.967064066658
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natural Gas Services Group, Inc.
        N/A
        Natural Gas Services Group, Inc.
        63886Q109
        
          
          
        
        59402.00000000
        NS
        USD
        594020.00000000
        0.260623392811
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mercer International, Inc.
        549300Z5IAG39VRTY874
        Mercer International, Inc.
        588056101
        
          
          
        
        192300.00000000
        NS
        USD
        2236449.00000000
        0.981231147487
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Bar Harbor Bankshares
        N/A
        Bar Harbor Bankshares
        066849100
        
          
          
        
        121700.00000000
        NS
        USD
        3485488.00000000
        1.529240948392
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PCTEL, Inc.
        N/A
        PCTEL, Inc.
        69325Q105
        
          
          
        
        243931.00000000
        NS
        USD
        1622141.15000000
        0.711706558924
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Premier Financial Corp.
        N/A
        Premier Financial Corp.
        74052F108
        
          
          
        
        127500.00000000
        NS
        USD
        3414450.00000000
        1.498073370569
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northeast Bank
        549300F0LV9TSW34E306
        Northeast Bank
        66405S100
        
          
          
        
        141735.00000000
        NS
        USD
        4522763.85000000
        1.984340694712
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Resources Connection, Inc.
        N/A
        Resources Connection, Inc.
        76122Q105
        
          
          
        
        233100.00000000
        NS
        USD
        3610719.00000000
        1.584185442021
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Seneca Foods Corp.
        N/A
        Seneca Foods Corp., Class A
        817070501
        
          
          
        
        38840.00000000
        NS
        USD
        2126101.60000000
        0.932816761143
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        L B Foster Co.
        549300AUUJGJ2T2L2179
        L B Foster Co., Class A
        350060109
        
          
          
        
        156265.00000000
        NS
        USD
        2837772.40000000
        1.245058871612
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Photronics, Inc.
        549300OK5JVNIBNY6F63
        Photronics, Inc.
        719405102
        
          
          
        
        220700.00000000
        NS
        USD
        2950759.00000000
        1.294631194150
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Business Financial Services, Inc.
        549300BXKLW2T50TKU95
        First Business Financial Services, Inc.
        319390100
        
          
          
        
        145900.00000000
        NS
        USD
        4023922.00000000
        1.765476253408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Internet Bancorp
        549300T25MP2M92XU194
        First Internet Bancorp
        320557101
        
          
          
        
        141700.00000000
        NS
        USD
        4290676.00000000
        1.882513276616
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heritage-Crystal Clean, Inc.
        N/A
        Heritage-Crystal Clean, Inc.
        42726M106
        
          
          
        
        76900.00000000
        NS
        USD
        2167042.00000000
        0.950779163000
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shoe Carnival, Inc.
        N/A
        Shoe Carnival, Inc.
        824889109
        
          
          
        
        25797.00000000
        NS
        USD
        869358.90000000
        0.381426999240
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Purple Innovation, Inc.
        N/A
        Purple Innovation, Inc.
        74640Y106
        
          
          
        
        61900.00000000
        NS
        USD
        1630446.00000000
        0.715350271566
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UFP Technologies, Inc.
        549300RJ8LY41HS70C91
        UFP Technologies, Inc.
        902673102
        
          
          
        
        27200.00000000
        NS
        USD
        1626016.00000000
        0.713406630561
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Investar Holding Corp.
        54930001EK2YM28LOJ08
        Investar Holding Corp.
        46134L105
        
          
          
        
        194681.00000000
        NS
        USD
        4273247.95000000
        1.874866804239
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Genesco, Inc.
        549300VY2Q511P1K5P56
        Genesco, Inc.
        371532102
        
          
          
        
        66500.00000000
        NS
        USD
        3820425.00000000
        1.676192932026
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Indus Realty Trust, Inc.
        N/A
        Indus Realty Trust, Inc.
        45580R103
        
          
          
        
        64378.00000000
        NS
        USD
        4348733.90000000
        1.907985898544
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ducommun, Inc.
        549300Z71HMWF90S2214
        Ducommun, Inc.
        264147109
        
          
          
        
        38600.00000000
        NS
        USD
        2082470.00000000
        0.913673608344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alpine Income Property Trust, Inc.
        N/A
        Alpine Income Property Trust, Inc.
        02083X103
        
          
          
        
        146121.00000000
        NS
        USD
        2866894.02000000
        1.257835841089
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hackett Group, Inc. (The)
        5K016KLIRB6156644289
        Hackett Group, Inc. (The)
        404609109
        
          
          
        
        152200.00000000
        NS
        USD
        2727424.00000000
        1.196644046523
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Western Financial, Inc.
        549300PPOGX4C7S66B47
        First Western Financial, Inc.
        33751L105
        
          
          
        
        110706.00000000
        NS
        USD
        2869499.52000000
        1.258978991572
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Polaris Infrastructure, Inc.
        529900TVRAUXW0I7VZ94
        Polaris Infrastructure, Inc.
        73106R100
        
          
          
        
        177300.00000000
        NS
        
        2662341.35000000
        1.168089349617
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Miller Industries, Inc.
        549300F1O74SPUJ7UU94
        Miller Industries, Inc.
        600551204
        
          
          
        
        65300.00000000
        NS
        USD
        2449403.00000000
        1.074663681733
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Peoples Financial Services Corp.
        N/A
        Peoples Financial Services Corp.
        711040105
        
          
          
        
        82013.00000000
        NS
        USD
        3518357.70000000
        1.543662369783
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ruth's Hospitality Group, Inc.
        529900JQW9JP41OHOD14
        Ruth's Hospitality Group, Inc.
        783332109
        
          
          
        
        147000.00000000
        NS
        USD
        2935590.00000000
        1.287975869001
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northrim Bancorp, Inc.
        5493006X7RLLTZ3SG075
        Northrim Bancorp, Inc.
        666762109
        
          
          
        
        65600.00000000
        NS
        USD
        2677792.00000000
        1.174868247338
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WSFS Financial Corp.
        549300SU7VQHD6QRG886
        WSFS Financial Corp.
        929328102
        
          
          
        
        34300.00000000
        NS
        USD
        1501654.00000000
        0.658843406466
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Computer Programs and Systems, Inc.
        5493005Q6CJC78TGL805
        Computer Programs and Systems, Inc.
        205306103
        
          
          
        
        79600.00000000
        NS
        USD
        2512972.00000000
        1.102554272045
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Orrstown Financial Services, Inc.
        5493008IR3FINUFGVM95
        Orrstown Financial Services, Inc.
        687380105
        
          
          
        
        110325.00000000
        NS
        USD
        2542991.25000000
        1.115725072329
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Consolidated Water Co. Ltd.
        5299001BMEW8X9VIJA73
        Consolidated Water Co. Ltd., Class D
        N/A
        
          
          
        
        216067.00000000
        NS
        USD
        2739729.56000000
        1.202043051267
        Long
        EC
        CORP
        KY
        N
        
        1
        
          N
          N
          N
        
      
      
        Arrow Financial Corp.
        2549007Z8GI9ZZIQ1817
        Arrow Financial Corp.
        042744102
        
          
          
        
        95946.00000000
        NS
        USD
        3458853.30000000
        1.517555102999
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Magellan Aerospace Corp.
        N/A
        Magellan Aerospace Corp.
        558912200
        
          
          
        
        159000.00000000
        NS
        
        1303341.35000000
        0.571834693493
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameresco, Inc.
        529900NZXZGBCBXYY327
        Ameresco, Inc., Class A
        02361E108
        
          
          
        
        43000.00000000
        NS
        USD
        2946790.00000000
        1.292889814658
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CTO Realty Growth, Inc.
        N/A
        CTO Realty Growth, Inc.
        22948Q101
        
          
          
        
        53909.00000000
        NS
        USD
        3029146.71000000
        1.329023421575
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LSI Industries, Inc.
        529900HY42OANH6BVT33
        LSI Industries, Inc.
        50216C108
        
          
          
        
        335118.00000000
        NS
        USD
        2523438.54000000
        1.107146415687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invacare Corp.
        549300NNUTG7HCZICS76
        Invacare Corp.
        461203101
        
          
          
        
        376035.00000000
        NS
        USD
        2718733.05000000
        1.192830934379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arbor Realty Trust, Inc.
        549300ASFUWYQO0RW077
        Arbor Realty Trust, Inc.
        038923108
        
          
          
        
        135513.00000000
        NS
        USD
        2477177.64000000
        1.086849670270
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hooker Furniture Corp.
        N/A
        Hooker Furniture Corp.
        439038100
        
          
          
        
        70000.00000000
        NS
        USD
        2323300.00000000
        1.019336602335
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Digi International, Inc.
        529900KG656HGROI4N27
        Digi International, Inc.
        253798102
        
          
          
        
        113801.00000000
        NS
        USD
        2353404.68000000
        1.032544884617
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Peapack-Gladstone Financial Corp.
        549300G8DN2UK8K0ET30
        Peapack-Gladstone Financial Corp.
        704699107
        
          
          
        
        120885.00000000
        NS
        USD
        3893705.85000000
        1.708344549405
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CareCloud, Inc.
        549300GEO5Y45G5I3070
        CareCloud, Inc.
        14167R100
        
          
          
        
        390791.00000000
        NS
        USD
        3212302.02000000
        1.409381925167
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pure Cycle Corp.
        N/A
        Pure Cycle Corp.
        746228303
        
          
          
        
        178887.00000000
        NS
        USD
        2765593.02000000
        1.213390518852
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Spartan Motors, Inc.
        549300YY0TB51BGRV994
        Spartan Motors, Inc.
        825698103
        
          
          
        
        112700.00000000
        NS
        USD
        4444888.00000000
        1.950173043378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DHI Group, Inc.
        529900489RAC0CU0AO81
        DHI Group, Inc.
        23331S100
        
          
          
        
        830765.00000000
        NS
        USD
        3323060.00000000
        1.457976451494
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Geospace Technologies Corp.
        N/A
        Geospace Technologies Corp.
        37364X109
        
          
          
        
        290312.00000000
        NS
        USD
        2534423.76000000
        1.111966127661
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Powell Industries, Inc.
        549300V08RO7MX2UBN26
        Powell Industries, Inc.
        739128106
        
          
          
        
        45800.00000000
        NS
        USD
        1332322.00000000
        0.584549813066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ardmore Shipping Corp.
        549300J8HD7K6BHD8O28
        Ardmore Shipping Corp.
        N/A
        
          
          
        
        998200.00000000
        NS
        USD
        3623466.00000000
        1.589778126422
        Long
        EC
        CORP
        MH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Territorial Bancorp, Inc.
        5493003VDUGN5KBPTN24
        Territorial Bancorp, Inc.
        88145X108
        
          
          
        
        112239.00000000
        NS
        USD
        2866584.06000000
        1.257699847643
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AXT, Inc.
        549300M2142IVLVIJN37
        AXT, Inc.
        00246W103
        
          
          
        
        254300.00000000
        NS
        USD
        2593860.00000000
        1.138043489576
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sterling Construction Co., Inc.
        549300RZIK6K1215XU51
        Sterling Construction Co., Inc.
        859241101
        
          
          
        
        153251.00000000
        NS
        USD
        3365391.96000000
        1.476549393549
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Village Super Market, Inc.
        25490069686XCNNEMQ07
        Village Super Market, Inc., Class A
        927107409
        
          
          
        
        148898.00000000
        NS
        USD
        3357649.90000000
        1.473152602289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alamo Group, Inc.
        54930080C93RVZRSDV26
        Alamo Group, Inc.
        011311107
        
          
          
        
        18100.00000000
        NS
        USD
        2656537.00000000
        1.165542719217
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Anika Therapeutics, Inc.
        529900R9LS3Z0O6QH455
        Anika Therapeutics, Inc.
        035255108
        
          
          
        
        47392.00000000
        NS
        USD
        1901840.96000000
        0.834423493457
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Institutional Fiduciary Trust - Money Market Portfolio
        549300M4TP89K77LG374
        Institutional Fiduciary Trust - Money Market Portfolio
        457756500
        
          
          
        
        5148698.84100000
        NS
        USD
        5148698.84000000
        2.258966634534
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hurco Cos., Inc.
        XSC5XDOTBYOBQPOG2O82
        Hurco Cos., Inc.
        447324104
        
          
          
        
        95500.00000000
        NS
        USD
        3241270.00000000
        1.422091485840
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Preformed Line Products Co.
        549300EYH53XDJID2098
        Preformed Line Products Co.
        740444104
        
          
          
        
        32700.00000000
        NS
        USD
        2240604.00000000
        0.983054133576
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Spok Holdings, Inc.
        549300HXXANIVN2ICC89
        Spok Holdings, Inc.
        84863T106
        
          
          
        
        215800.00000000
        NS
        USD
        1778192.00000000
        0.780173112202
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Matrix Service Co.
        529900VYBKSX6HD2YW58
        Matrix Service Co.
        576853105
        
          
          
        
        166641.00000000
        NS
        USD
        1818053.31000000
        0.797662068557
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gibraltar Industries, Inc.
        N/A
        Gibraltar Industries, Inc.
        374689107
        
          
          
        
        18696.00000000
        NS
        USD
        1396217.28000000
        0.612583557146
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rocky Brands, Inc.
        5299004HQ6GCTW838N96
        Rocky Brands, Inc.
        774515100
        
          
          
        
        81620.00000000
        NS
        USD
        4440128.00000000
        1.948084616474
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-08-30
      Franklin Value Investors Trust
      Robert Kubilis
      Robert Kubilis
      Chief Financial Officer, Chief Accounting Officer and Treasurer
    
  
  XXXX
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FVIT-Q3PH
1
Statements
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
2
Franklin
Mutual
U.S.
Value
Fund
6
Franklin
Small
Cap
Value
Fund
9
Notes
to
Statements
of
Investments
13
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited),
July
31,
2021
Franklin
MicroCap
Value
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.0%
Aerospace
&
Defense
1.5%
a
Ducommun,
Inc.
......................................
United
States
38,600
$
2,082,470
Magellan
Aerospace
Corp.
..............................
Canada
160,500
1,315,637
3,398,107
Banks
19.3%
American
National
Bankshares
,
Inc.
.......................
United
States
94,823
2,995,459
Arrow
Financial
Corp.
..................................
United
States
95,946
3,458,853
Bar
Harbor
Bankshares
.................................
United
States
121,700
3,485,488
First
Business
Financial
Services,
Inc.
......................
United
States
145,900
4,023,922
First
Internet
Bancorp
..................................
United
States
141,700
4,290,676
a
First
Western
Financial,
Inc.
.............................
United
States
110,706
2,869,499
Investar
Holding
Corp.
.................................
United
States
194,681
4,273,248
Northeast
Bank
.......................................
United
States
141,735
4,522,764
Northrim
BanCorp
,
Inc.
.................................
United
States
65,600
2,677,792
Orrstown
Financial
Services,
Inc.
.........................
United
States
110,325
2,542,991
Peapack
-Gladstone
Financial
Corp.
.......................
United
States
120,885
3,893,706
Peoples
Financial
Services
Corp.
.........................
United
States
82,013
3,518,358
WesBanco
,
Inc.
.......................................
United
States
42,357
1,367,284
43,920,040
Biotechnology
0.8%
a
Anika
Therapeutics,
Inc.
................................
United
States
47,392
1,901,841
Building
Products
0.6%
a
Gibraltar
Industries,
Inc.
................................
United
States
18,696
1,396,217
Chemicals
1.5%
a
Trecora
Resources
....................................
United
States
429,318
3,400,199
Commercial
Services
&
Supplies
0.9%
a
Heritage-Crystal
Clean,
Inc.
.............................
United
States
76,900
2,167,042
Communications
Equipment
2.4%
a
Digi
International,
Inc.
..................................
United
States
113,801
2,353,405
a
PCTEL,
Inc.
.........................................
United
States
243,931
1,622,141
a
Sierra
Wireless,
Inc.
...................................
Canada
78,100
1,510,454
5,486,000
Construction
&
Engineering
4.4%
a
Ameresco
,
Inc.,
A
.....................................
United
States
43,000
2,946,790
a
Matrix
Service
Co.
.....................................
United
States
166,641
1,818,053
a
Northwest
Pipe
Co.
....................................
United
States
65,700
1,866,537
a
Sterling
Construction
Co.,
Inc.
............................
United
States
153,251
3,365,392
9,996,772
Containers
&
Packaging
0.7%
a
UFP
Technologies,
Inc.
.................................
United
States
27,200
1,626,016
Diversified
Telecommunication
Services
0.5%
ATN
International,
Inc.
..................................
United
States
29,000
1,248,450
Electrical
Equipment
2.7%
LSI
Industries,
Inc.
....................................
United
States
335,118
2,523,438
Powell
Industries,
Inc.
..................................
United
States
45,800
1,332,322
Preformed
Line
Products
Co.
............................
United
States
32,700
2,240,604
6,096,364
Electronic
Equipment,
Instruments
&
Components
2.5%
a
Daktronics,
Inc.
.......................................
United
States
588,958
3,598,533
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
a
Kimball
Electronics,
Inc.
................................
United
States
108,100
$
2,204,159
5,802,692
Energy
Equipment
&
Services
1.4%
a
Geospace
Technologies
Corp.
............................
United
States
290,312
2,534,424
a
Natural
Gas
Services
Group,
Inc.
.........................
United
States
59,402
594,020
3,128,444
Equity
Real
Estate
Investment
Trusts
(REITs)
4.5%
Alpine
Income
Property
Trust,
Inc.
.........................
United
States
146,121
2,866,894
CTO
Realty
Growth,
Inc.
................................
United
States
53,909
3,029,147
Indus
Realty
Trust,
Inc.
.................................
United
States
64,378
4,348,734
10,244,775
Food
&
Staples
Retailing
1.5%
Village
Super
Market,
Inc.,
A
.............................
United
States
148,898
3,357,650
Food
Products
0.9%
a
Seneca
Foods
Corp.,
A
.................................
United
States
38,840
2,126,102
Health
Care
Equipment
&
Supplies
4.9%
a
IntriCon
Corp.
........................................
United
States
193,377
4,641,048
a
Invacare
Corp.
.......................................
United
States
376,035
2,718,733
Utah
Medical
Products,
Inc.
..............................
United
States
41,696
3,727,622
11,087,403
Health
Care
Technology
2.5%
a
CareCloud
,
Inc.
.......................................
United
States
390,791
3,212,302
Computer
Programs
and
Systems,
Inc.
.....................
United
States
79,600
2,512,972
5,725,274
Hotels,
Restaurants
&
Leisure
4.0%
a
Century
Casinos,
Inc.
..................................
United
States
304,662
3,415,261
a
Chuy's
Holdings,
Inc.
..................................
United
States
81,100
2,676,300
a
Ruth's
Hospitality
Group,
Inc.
............................
United
States
147,000
2,935,590
9,027,151
Household
Durables
1.7%
Hooker
Furniture
Corp.
.................................
United
States
70,000
2,323,300
a
Purple
Innovation,
Inc.
.................................
United
States
61,900
1,630,446
3,953,746
Independent
Power
and
Renewable
Electricity
Producers
1.2%
Polaris
Infrastructure,
Inc.
...............................
Canada
177,300
2,662,341
Interactive
Media
&
Services
1.5%
a
DHI
Group,
Inc.
.......................................
United
States
830,765
3,323,060
IT
Services
1.2%
Hackett
Group,
Inc.
(The)
...............................
United
States
152,200
2,727,424
Machinery
8.3%
Alamo
Group,
Inc.
.....................................
United
States
18,100
2,656,537
Graham
Corp.
........................................
United
States
246,397
3,373,175
Hurco
Cos.,
Inc.
......................................
United
States
95,500
3,241,270
a
L
B
Foster
Co.,
A
......................................
United
States
156,265
2,837,772
Miller
Industries,
Inc.
...................................
United
States
65,300
2,449,403
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
(continued)
Shyft
Group,
Inc.
(The)
.................................
United
States
112,700
$
4,444,888
19,003,045
Metals
&
Mining
1.4%
Haynes
International,
Inc.
...............................
United
States
30,620
1,155,293
Schnitzer
Steel
Industries,
Inc.,
A
.........................
United
States
37,400
1,960,508
3,115,801
Mortgage
Real
Estate
Investment
Trusts
(REITs)
1.1%
Arbor
Realty
Trust,
Inc.
.................................
United
States
135,513
2,477,178
Oil,
Gas
&
Consumable
Fuels
1.6%
a
Ardmore
Shipping
Corp.
................................
Ireland
998,200
3,623,466
Paper
&
Forest
Products
1.0%
Mercer
International,
Inc.
................................
Germany
192,300
2,236,449
Professional
Services
1.6%
Resources
Connection,
Inc.
.............................
United
States
233,100
3,610,719
Semiconductors
&
Semiconductor
Equipment
2.4%
a
AXT,
Inc.
............................................
United
States
254,300
2,593,860
a
Photronics
,
Inc.
.......................................
United
States
220,700
2,950,759
5,544,619
Specialty
Retail
4.5%
a
Children's
Place,
Inc.
(The)
..............................
United
States
30,300
2,555,199
a
Genesco,
Inc.
........................................
United
States
66,500
3,820,425
Hibbett,
Inc.
.........................................
United
States
34,700
3,076,502
Shoe
Carnival,
Inc.
....................................
United
States
25,797
869,359
10,321,485
Textiles,
Apparel
&
Luxury
Goods
4.8%
a
Delta
Apparel,
Inc.
.....................................
United
States
94,000
3,008,000
Rocky
Brands,
Inc.
....................................
United
States
81,620
4,440,128
a
Vera
Bradley,
Inc.
.....................................
United
States
321,100
3,535,311
10,983,439
Thrifts
&
Mortgage
Finance
5.0%
Premier
Financial
Corp.
.................................
United
States
127,500
3,414,450
Southern
Missouri
Bancorp,
Inc.
..........................
United
States
80,900
3,630,792
Territorial
Bancorp,
Inc.
.................................
United
States
112,239
2,866,584
WSFS
Financial
Corp.
..................................
United
States
34,300
1,501,654
11,413,480
Water
Utilities
2.4%
Consolidated
Water
Co.
Ltd.
.............................
United
States
216,067
2,739,730
a
Pure
Cycle
Corp.
.....................................
United
States
178,887
2,765,593
5,505,323
Wireless
Telecommunication
Services
0.8%
Spok
Holdings,
Inc.
....................................
United
States
215,800
1,778,192
Total
Common
Stocks
(Cost
$139,963,317)
.....................................
223,416,306
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
Short
Term
Investments
2.1%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
2.1%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
4,746,554
$
4,746,554
Total
Money
Market
Funds
(Cost
$4,746,554)
...................................
4,746,554
Total
Short
Term
Investments
(Cost
$4,746,554
)
.................................
4,746,554
a
Total
Investments
(Cost
$144,709,871)
100.1%
..................................
$228,162,860
Other
Assets,
less
Liabilities
(0.1)%
...........................................
(178,584)
Net
Assets
100.0%
...........................................................
$227,984,276
a
Non-income
producing.
b
See
Note
5
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
Statement
of
Investments
(unaudited),
July
31,
2021
Franklin
Mutual
U.S.
Value
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Shares
a
Value
a
Common
Stocks
95.9%
Aerospace
&
Defense
3.3%
a
Airbus
SE
.........................................................
88,110
$
12,086,453
Huntington
Ingalls
Industries,
Inc.
.......................................
83,900
17,210,407
29,296,860
Automobiles
1.7%
a
General
Motors
Co.
..................................................
266,700
15,159,228
a
Banks
10.4%
Bank
of
America
Corp.
...............................................
715,500
27,446,580
Citizens
Financial
Group,
Inc.
..........................................
299,300
12,618,488
ING
Groep
NV
.....................................................
1,387,966
17,809,327
JPMorgan
Chase
&
Co.
...............................................
117,500
17,834,150
PNC
Financial
Services
Group,
Inc.
(The)
.................................
93,000
16,964,130
92,672,675
Building
Products
2.9%
Johnson
Controls
International
plc
.......................................
359,500
25,675,490
Chemicals
2.1%
Ashland
Global
Holdings,
Inc.
..........................................
218,459
18,584,307
Commercial
Services
&
Supplies
1.1%
Tetra
Tech,
Inc.
.....................................................
73,200
9,773,664
Construction
Materials
1.0%
HeidelbergCement
AG
...............................................
102,000
9,039,395
Consumer
Finance
1.6%
Capital
One
Financial
Corp.
...........................................
87,400
14,132,580
Diversified
Financial
Services
2.4%
Voya
Financial,
Inc.
..................................................
328,100
21,129,640
Electric
Utilities
4.2%
Entergy
Corp.
......................................................
125,900
12,957,628
Evergy
,
Inc.
........................................................
199,900
13,037,478
Pinnacle
West
Capital
Corp.
...........................................
135,100
11,287,605
37,282,711
Electronic
Equipment,
Instruments
&
Components
1.5%
Corning,
Inc.
.......................................................
312,271
13,071,664
Energy
Equipment
&
Services
1.6%
Schlumberger
NV
...................................................
483,700
13,945,071
Entertainment
1.3%
a
Walt
Disney
Co.
(The)
................................................
64,500
11,353,290
a
Equity
Real
Estate
Investment
Trusts
(REITs)
4.1%
Brixmor
Property
Group,
Inc.
...........................................
862,100
19,845,542
Vornado
Realty
Trust
.................................................
393,000
17,095,500
36,941,042
Food
Products
4.5%
Archer-Daniels-Midland
Co.
...........................................
185,700
11,090,004
Kraft
Heinz
Co.
(The)
................................................
756,200
29,091,014
40,181,018
Health
Care
Equipment
&
Supplies
1.9%
Medtronic
plc
......................................................
126,600
16,623,846
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
U.S.
Value
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
5.0%
Anthem,
Inc.
.......................................................
56,600
$
21,734,966
CVS
Health
Corp.
...................................................
275,300
22,673,708
44,408,674
Household
Durables
1.8%
DR
Horton,
Inc.
.....................................................
167,133
15,949,502
Independent
Power
and
Renewable
Electricity
Producers
1.1%
AES
Corp.
(The)
....................................................
425,800
10,091,460
Industrial
Conglomerates
2.5%
General
Electric
Co.
.................................................
1,762,300
22,821,785
Insurance
5.2%
Everest
Re
Group
Ltd.
...............................................
92,335
23,345,058
Hartford
Financial
Services
Group,
Inc.
(The)
..............................
360,584
22,940,354
46,285,412
IT
Services
4.5%
Cognizant
Technology
Solutions
Corp.,
A
..................................
320,876
23,594,012
a
Fiserv,
Inc.
........................................................
142,400
16,391,664
39,985,676
Machinery
1.3%
Oshkosh
Corp.
.....................................................
99,900
11,943,045
Media
4.1%
a
Charter
Communications,
Inc.,
A
........................................
20,400
15,178,620
Comcast
Corp.,
A
...................................................
367,880
21,642,381
36,821,001
Oil,
Gas
&
Consumable
Fuels
1.5%
Chevron
Corp.
.....................................................
128,100
13,041,861
Pharmaceuticals
9.9%
GlaxoSmithKline
plc
.................................................
1,577,300
31,137,452
Merck
&
Co.,
Inc.
...................................................
462,800
35,575,435
Novartis
AG,
ADR
...................................................
218,300
20,168,737
a
Organon
&
Co.
.....................................................
40,510
1,175,195
88,056,819
Professional
Services
1.5%
KBR,
Inc.
.........................................................
346,187
13,397,437
Software
4.3%
NortonLifeLock
,
Inc.
.................................................
648,338
16,091,749
Oracle
Corp.
.......................................................
253,200
22,063,848
38,155,597
Specialty
Retail
1.7%
Best
Buy
Co.,
Inc.
...................................................
25,662
2,883,126
Dick's
Sporting
Goods,
Inc.
............................................
120,400
12,538,456
15,421,582
Technology
Hardware,
Storage
&
Peripherals
1.9%
a
Western
Digital
Corp.
................................................
259,732
16,864,399
a
Textiles,
Apparel
&
Luxury
Goods
1.7%
a
Tapestry,
Inc.
......................................................
354,600
14,999,580
a
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
Mutual
U.S.
Value
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
See
Abbreviations
on
page
17
.
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Wireless
Telecommunication
Services
2.3%
a
T-Mobile
US,
Inc.
...................................................
141,300
$
20,350,026
a
Total
Common
Stocks
(Cost
$640,720,015)
.....................................
853,456,337
Principal
Amount
a
a
a
a
Corporate
Bonds
0.6%
Software
0.6%
b
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.5
%
,
2/01/24
........
$
4,661,000
4,766,688
Total
Corporate
Bonds
(Cost
$4,272,734)
.......................................
4,766,688
Total
Long
Term
Investments
(Cost
$644,992,749)
...............................
858,223,025
a
a
a
a
a
Short
Term
Investments
3.8%
Shares
a
Money
Market
Funds
3.8%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
33,947,127
33,947,127
Total
Money
Market
Funds
(Cost
$33,947,127)
..................................
33,947,127
Total
Short
Term
Investments
(Cost
$33,947,127
)
................................
33,947,127
a
Total
Investments
(Cost
$678,939,876)
100.3%
..................................
$892,170,152
Other
Assets,
less
Liabilities
(0.3)%
...........................................
(2,427,419)
Net
Assets
100.0%
...........................................................
$889,742,733
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2021,
the
value
of
this
security
was
$4,766,688,
representing
0.5%
of
net
assets.
c
See
Note
5
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
Statement
of
Investments
(unaudited),
July
31,
2021
Franklin
Small
Cap
Value
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.4%
Aerospace
&
Defense
2.2%
a
Meggitt
plc
..........................................
United
Kingdom
16,198,722
$
105,556,213
Auto
Components
1.0%
LCI
Industries
........................................
United
States
311,653
45,445,240
Automobiles
0.3%
Thor
Industries,
Inc.
...................................
United
States
109,975
13,016,641
Banks
9.2%
Atlantic
Union
Bankshares
Corp.
..........................
United
States
1,153,814
40,925,783
Bryn
Mawr
Bank
Corp.
.................................
United
States
988,052
38,662,475
Camden
National
Corp.
.................................
United
States
254,673
11,401,710
Columbia
Banking
System,
Inc.
...........................
United
States
1,531,213
53,500,582
First
Horizon
Corp.
....................................
United
States
5,107,423
78,909,685
First
Interstate
BancSystem,
Inc.,
A
........................
United
States
62,107
2,603,525
b
First
of
Long
Island
Corp.
(The)
...........................
United
States
1,230,606
26,519,559
German
American
Bancorp,
Inc.
..........................
United
States
571,608
21,549,622
Lakeland
Financial
Corp.
................................
United
States
283,767
18,975,499
Peoples
Bancorp,
Inc.
..................................
United
States
540,026
15,925,367
South
State
Corp.
.....................................
United
States
901,575
62,064,423
TriCo
Bancshares
.....................................
United
States
908,962
35,840,372
Washington
Trust
Bancorp,
Inc.
...........................
United
States
616,609
30,059,689
436,938,291
Building
Products
4.5%
b
Apogee
Enterprises,
Inc.
................................
United
States
1,400,192
55,545,617
Insteel
Industries,
Inc.
..................................
United
States
896,697
34,818,744
a
Masonite
International
Corp.
.............................
United
States
210,755
23,849,036
UFP
Industries,
Inc.
....................................
United
States
1,324,421
98,351,503
212,564,900
Chemicals
8.3%
Ashland
Global
Holdings,
Inc.
............................
United
States
1,250,955
106,418,742
Avient
Corp.
.........................................
United
States
2,301,924
111,689,352
Cabot
Corp.
.........................................
United
States
617,288
33,987,877
a
Elementis
plc
........................................
United
Kingdom
22,200,006
43,997,188
Minerals
Technologies,
Inc.
..............................
United
States
1,199,532
96,226,457
392,319,616
Communications
Equipment
2.0%
a
NetScout
Systems,
Inc.
.................................
United
States
3,318,700
95,445,812
Construction
&
Engineering
4.3%
b
Argan,
Inc.
..........................................
United
States
1,055,946
47,464,773
a,b
Great
Lakes
Dredge
&
Dock
Corp.
........................
United
States
4,091,750
63,012,950
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
3,254,214
93,428,484
203,906,207
Construction
Materials
2.7%
a
Summit
Materials,
Inc.,
A
................................
United
States
3,804,102
127,817,827
Electric
Utilities
0.8%
IDACORP,
Inc.
.......................................
United
States
364,837
38,472,062
Electrical
Equipment
0.9%
Regal
Beloit
Corp.
.....................................
United
States
294,508
43,360,413
Electronic
Equipment,
Instruments
&
Components
3.3%
b
Benchmark
Electronics,
Inc.
.............................
United
States
2,069,900
54,645,360
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
a,b
Knowles
Corp.
.......................................
United
States
5,099,897
$
102,201,936
156,847,296
Energy
Equipment
&
Services
1.5%
Hunting
plc
..........................................
United
Kingdom
4,813,093
14,033,050
a
Natural
Gas
Services
Group,
Inc.
.........................
United
States
531,000
5,310,000
a
NexTier
Oilfield
Solutions,
Inc.
............................
United
States
3,145,452
12,015,627
a
TechnipFMC
plc
......................................
United
Kingdom
5,192,601
37,490,579
68,849,256
Equity
Real
Estate
Investment
Trusts
(REITs)
1.2%
Alexander
&
Baldwin,
Inc.
...............................
United
States
550,797
11,026,956
Healthcare
Realty
Trust,
Inc.
.............................
United
States
764,103
24,359,604
Highwoods
Properties,
Inc.
..............................
United
States
182,699
8,712,915
a
Sunstone
Hotel
Investors,
Inc.
............................
United
States
883,723
10,198,163
Weingarten
Realty
Investors
.............................
United
States
24,600
791,874
55,089,512
Food
&
Staples
Retailing
0.5%
a
BJ's
Wholesale
Club
Holdings,
Inc.
........................
United
States
477,202
24,165,509
Food
Products
2.0%
Glanbia
plc
..........................................
Ireland
5,414,833
92,961,283
Gas
Utilities
0.1%
Spire,
Inc.
...........................................
United
States
76,415
5,421,644
Health
Care
Equipment
&
Supplies
2.5%
a
Envista
Holdings
Corp.
.................................
United
States
1,345,499
57,964,097
a
Integer
Holdings
Corp.
.................................
United
States
625,374
61,217,861
119,181,958
Hotels,
Restaurants
&
Leisure
6.7%
a
Dalata
Hotel
Group
plc
.................................
Ireland
10,142,910
46,381,680
a,b
Denny's
Corp.
........................................
United
States
5,543,812
78,001,435
a
Hilton
Grand
Vacations,
Inc.
.............................
United
States
2,341,003
95,208,592
Jack
in
the
Box,
Inc.
...................................
United
States
892,629
97,171,593
316,763,300
Household
Durables
0.1%
a
M/I
Homes,
Inc.
.......................................
United
States
72,295
4,678,209
Insurance
10.7%
CNO
Financial
Group,
Inc.
..............................
United
States
3,384,264
77,296,590
Hanover
Insurance
Group,
Inc.
(The)
.......................
United
States
1,048,906
142,546,325
Horace
Mann
Educators
Corp.
...........................
United
States
2,031,284
80,865,416
Old
Republic
International
Corp.
..........................
United
States
4,787,956
118,070,995
Selective
Insurance
Group,
Inc.
...........................
United
States
1,049,807
85,401,800
504,181,126
Leisure
Products
1.6%
Brunswick
Corp.
......................................
United
States
714,832
74,628,461
Machinery
13.6%
Astec
Industries,
Inc.
...................................
United
States
469,918
28,810,673
Columbus
McKinnon
Corp.
..............................
United
States
660,991
30,669,982
Flowserve
Corp.
......................................
United
States
485,095
20,417,649
b
Greenbrier
Cos.,
Inc.
(The)
..............................
United
States
2,638,829
112,941,881
Hillenbrand,
Inc.
......................................
United
States
939,545
42,561,389
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
(continued)
Mueller
Industries,
Inc.
.................................
United
States
536,425
$
23,280,845
Mueller
Water
Products,
Inc.,
A
...........................
United
States
4,873,292
72,222,187
Oshkosh
Corp.
.......................................
United
States
504,889
60,359,480
REV
Group,
Inc.
......................................
United
States
1,173,645
17,733,776
Rexnord
Corp.
.......................................
United
States
1,491,323
84,006,225
Terex
Corp.
..........................................
United
States
520,233
24,929,565
Timken
Co.
(The)
.....................................
United
States
1,582,886
125,839,437
643,773,089
Metals
&
Mining
0.7%
Kaiser
Aluminum
Corp.
.................................
United
States
261,517
31,821,389
Multi-Utilities
1.5%
Black
Hills
Corp.
......................................
United
States
1,065,010
72,047,926
Oil,
Gas
&
Consumable
Fuels
3.9%
Crescent
Point
Energy
Corp.
.............................
Canada
28,334,158
103,528,654
a,b
Green
Plains,
Inc.
.....................................
United
States
2,231,429
78,903,330
182,431,984
Professional
Services
1.4%
ICF
International,
Inc.
..................................
United
States
107,757
9,867,309
a,c
Intertrust
NV,
144A,
Reg
S
..............................
Netherlands
500,155
8,258,019
Kforce,
Inc.
..........................................
United
States
285,382
17,816,398
Stantec,
Inc.
.........................................
Canada
691,199
32,167,338
68,109,064
Software
3.6%
a
ACI
Worldwide,
Inc.
....................................
United
States
2,927,220
100,403,646
Software
AG
.........................................
Germany
1,469,946
71,039,547
171,443,193
Specialty
Retail
4.5%
a
Bed
Bath
&
Beyond,
Inc.
................................
United
States
1,287,492
36,745,022
a
Children's
Place,
Inc.
(The)
..............................
United
States
273,408
23,056,496
a
Dufry
AG
............................................
Switzerland
1,460,002
77,245,476
Group
1
Automotive,
Inc.
................................
United
States
435,215
75,614,254
212,661,248
Textiles,
Apparel
&
Luxury
Goods
0.4%
Carter's,
Inc.
.........................................
United
States
219,540
21,457,840
Thrifts
&
Mortgage
Finance
0.2%
TrustCo
Bank
Corp.
...................................
United
States
289,760
9,744,629
Trading
Companies
&
Distributors
2.2%
a
Herc
Holdings,
Inc.
....................................
United
States
192,314
23,854,628
McGrath
RentCorp
....................................
United
States
1,043,423
81,825,232
105,679,860
Total
Common
Stocks
(Cost
$3,795,520,148)
....................................
4,656,780,998
Franklin
Value
Investors
Trust
Statement
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
Short
Term
Investments
1.6%
a
a
Country
Shares
a
Value
a
Money
Market
Funds
1.6%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.....
United
States
74,151,219
$
74,151,219
Total
Money
Market
Funds
(Cost
$74,151,219)
..................................
74,151,219
Total
Short
Term
Investments
(Cost
$74,151,219
)
................................
74,151,219
a
Total
Investments
(Cost
$3,869,671,367)
100.0%
................................
$4,730,932,217
Other
Assets,
less
Liabilities
0.0%
†
............................................
11,217
Net
Assets
100.0%
...........................................................
$4,730,943,434
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
4
regarding
holdings
of
5%
voting
securities.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2021,
the
value
of
this
security
was
$8,258,019,
representing
0.2%
of
net
assets.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Value
Investors
Trust
13
Quarterly
Statement
of
Investments
Notes
to
Statements
of
Investments
(unaudited)
1.
Organization
Franklin
Value
Investors
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of three
separate
funds,
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
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
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
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. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
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,
book
values,
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'
Franklin
Value
Investors
Trust
Notes
to
Statements
of
Investments
(unaudited)
14
Quarterly
Statement
of
Investments
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
July
31,
2021,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
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.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
July
31,
2021,
investments
in
“affiliated
companies”
were
as
follows: 
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Apogee
Enterprises,
Inc.
$
11,870,152
$
30,492,819
$
—
$
—
$
13,182,646
$
55,545,617
1,400,192
$
762,178
Argan
,
Inc.
.........
11,594,697
39,231,398
—
—
(3,361,322)
47,464,773
1,055,946
1,150,821
Benchmark
Electronics,
Inc.
............
17,701,417
34,118,895
—
—
2,825,048
54,645,360
2,069,900
697,138
Denny's
Corp.
.......
10,968,662
63,605,456
—
—
3,427,317
78,001,435
5,543,812
—
First
of
Long
Island
Corp.
(The)
...........
18,988,250
—
—
—
7,531,309
26,519,559
1,230,606
701,445
Great
Lakes
Dredge
&
Dock
Corp.
.......
—
59,808,436
—
—
3,204,514
63,012,950
4,091,750
—
Green
Plains,
Inc.
....
—
53,498,972
—
—
25,404,358
78,903,330
2,231,429
—
Greenbrier
Cos.,
Inc.
(The)
48,148,697
49,223,423
(10,528,034)
(1,791,928)
27,889,723
112,941,881
2,638,829
2,434,249
Knowles
Corp.
.......
—
104,876,324
—
—
(2,674,388)
102,201,936
5,099,897
—
Total
Affiliated
Securities
(Value
is
13.1%
of
Net
Assets)
..........
$119,271,875
$434,855,723
$(10,528,034)
$
(1,791,928)
$
77,429,205
$619,236,841
$5,745,831
2. Financial
Instrument
Valuation
(continued)
Franklin
Value
Investors
Trust
Notes
to
Statements
of
Investments
(unaudited)
15
Quarterly
Statement
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
July
31,
2021,
investments
in
affiliated
management
investment
companies
were
as
follows: 
6. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
MicroCap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..
$2,721,839
$62,151,870
$(60,127,155)
$—
$—
$4,746,554
4,746,554
$410
Total
Affiliated
Securities
....
$2,721,839
$62,151,870
$(60,127,155)
$—
$—
$4,746,554
$410
Franklin
Mutual
U.S.
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..
$21,438,515
$152,796,377
$(140,287,765)
$—
$—
$33,947,127
33,947,127
$1,460
Total
Affiliated
Securities
....
$21,438,515
$152,796,377
$(140,287,765)
$—
$—
$33,947,127
$1,460
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
..
$67,492,583
$755,114,159
$(748,455,523)
$—
$—
$74,151,219
74,151,219
$2,705
Total
Affiliated
Securities
....
$67,492,583
$755,114,159
$(748,455,523)
$—
$—
$74,151,219
$2,705
Franklin
Value
Investors
Trust
Notes
to
Statements
of
Investments
(unaudited)
16
Quarterly
Statement
of
Investments
A
summary
of
inputs
used
as
of
July
31,
2021,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
MicroCap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
$
223,416,306
$
—
$
—
$
223,416,306
Short
Term
Investments
...................
4,746,554
—
—
4,746,554
Total
Investments
in
Securities
...........
$228,162,860
$—
$—
$228,162,860
Franklin
Mutual
U.S.
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
17,210,407
12,086,453
—
29,296,860
Automobiles
..........................
15,159,228
—
—
15,159,228
Banks
...............................
74,863,348
17,809,327
—
92,672,675
Building
Products
......................
25,675,490
—
—
25,675,490
Chemicals
...........................
18,584,307
—
—
18,584,307
Commercial
Services
&
Supplies
...........
9,773,664
—
—
9,773,664
Construction
Materials
..................
—
9,039,395
—
9,039,395
Consumer
Finance
.....................
14,132,580
—
—
14,132,580
Diversified
Financial
Services
.............
21,129,640
—
—
21,129,640
Electric
Utilities
........................
37,282,711
—
—
37,282,711
Electronic
Equipment,
Instruments
&
Components
........................
13,071,664
—
—
13,071,664
Energy
Equipment
&
Services
.............
13,945,071
—
—
13,945,071
Entertainment
.........................
11,353,290
—
—
11,353,290
Equity
Real
Estate
Investment
Trusts
(REITs)
.
36,941,042
—
—
36,941,042
Food
Products
........................
40,181,018
—
—
40,181,018
Health
Care
Equipment
&
Supplies
.........
16,623,846
—
—
16,623,846
Health
Care
Providers
&
Services
..........
44,408,674
—
—
44,408,674
Household
Durables
....................
15,949,502
—
—
15,949,502
Independent
Power
and
Renewable
Electricity
Producers
..........................
10,091,460
—
—
10,091,460
Industrial
Conglomerates
................
22,821,785
—
—
22,821,785
Insurance
............................
46,285,412
—
—
46,285,412
IT
Services
...........................
39,985,676
—
—
39,985,676
Machinery
............................
11,943,045
—
—
11,943,045
Media
...............................
36,821,001
—
—
36,821,001
Oil,
Gas
&
Consumable
Fuels
.............
13,041,861
—
—
13,041,861
Pharmaceuticals
.......................
56,919,367
31,137,452
—
88,056,819
Professional
Services
...................
13,397,437
—
—
13,397,437
Software
.............................
38,155,597
—
—
38,155,597
Specialty
Retail
........................
15,421,582
—
—
15,421,582
Technology
Hardware,
Storage
&
Peripherals
.
16,864,399
—
—
16,864,399
Textiles,
Apparel
&
Luxury
Goods
..........
14,999,580
—
—
14,999,580
Wireless
Telecommunication
Services
.......
20,350,026
—
—
20,350,026
Corporate
Bonds
........................
—
4,766,688
—
4,766,688
Short
Term
Investments
...................
33,947,127
—
—
33,947,127
Total
Investments
in
Securities
...........
$817,330,837
$74,839,315
b
$—
$892,170,152
Franklin
Small
Cap
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
105,556,213
—
105,556,213
Auto
Components
......................
45,445,240
—
—
45,445,240
Automobiles
..........................
13,016,641
—
—
13,016,641
6. Fair
Value
Measurements 
(continued)
Franklin
Value
Investors
Trust
Notes
to
Statements
of
Investments
(unaudited)
17
Quarterly
Statement
of
Investments
7.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Statements of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Value
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Banks
...............................
$
436,938,291
$
—
$
—
$
436,938,291
Building
Products
......................
212,564,900
—
—
212,564,900
Chemicals
...........................
392,319,616
—
—
392,319,616
Communications
Equipment
..............
95,445,812
—
—
95,445,812
Construction
&
Engineering
...............
203,906,207
—
—
203,906,207
Construction
Materials
..................
127,817,827
—
—
127,817,827
Electric
Utilities
........................
38,472,062
—
—
38,472,062
Electrical
Equipment
....................
43,360,413
—
—
43,360,413
Electronic
Equipment,
Instruments
&
Components
........................
156,847,296
—
—
156,847,296
Energy
Equipment
&
Services
.............
54,816,206
14,033,050
—
68,849,256
Equity
Real
Estate
Investment
Trusts
(REITs)
.
55,089,512
—
—
55,089,512
Food
&
Staples
Retailing
.................
24,165,509
—
—
24,165,509
Food
Products
........................
—
92,961,283
—
92,961,283
Gas
Utilities
..........................
5,421,644
—
—
5,421,644
Health
Care
Equipment
&
Supplies
.........
119,181,958
—
—
119,181,958
Hotels,
Restaurants
&
Leisure
.............
270,381,620
46,381,680
—
316,763,300
Household
Durables
....................
4,678,209
—
—
4,678,209
Insurance
............................
504,181,126
—
—
504,181,126
Leisure
Products
.......................
74,628,461
—
—
74,628,461
Machinery
............................
643,773,089
—
—
643,773,089
Metals
&
Mining
.......................
31,821,389
—
—
31,821,389
Multi-Utilities
..........................
72,047,926
—
—
72,047,926
Oil,
Gas
&
Consumable
Fuels
.............
182,431,984
—
—
182,431,984
Professional
Services
...................
59,851,045
8,258,019
—
68,109,064
Software
.............................
100,403,646
71,039,547
—
171,443,193
Specialty
Retail
........................
135,415,772
77,245,476
—
212,661,248
Textiles,
Apparel
&
Luxury
Goods
..........
21,457,840
—
—
21,457,840
Thrifts
&
Mortgage
Finance
...............
9,744,629
—
—
9,744,629
Trading
Companies
&
Distributors
..........
105,679,860
—
—
105,679,860
Short
Term
Investments
...................
74,151,219
—
—
74,151,219
Total
Investments
in
Securities
...........
$4,315,456,949
$415,475,268
c
$—
$4,730,932,217
a
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
b
Includes
foreign
securities
valued
at
$70,072,627,
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
$415,475,268,
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.
Selected
Portfolio
ADR
American
Depositary
Receipt
CLO
Collateralized
Loan
Obligation
6. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report. 

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