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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
    false
    
      
      
        
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        S000007356
        C000020207
        C000020203
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      Franklin Value Investors Trust
      811-05878
      0000856119
      549300RD0PTCJOMRSV24
      One Franklin Parkway
      San Mateo
      
      94403-1906
      650-312-2000
      Franklin Small Cap Value Fund
      S000007356
      5493008L8BP00V1G7510
      2021-10-31
      2021-07-31
      N
    
    
      4738045364.07
      6960105.38
      4731085258.69
      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
      9905908.16999999
      N
      
        
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Green Plains, Inc.
        VJ5WLTHARBSDR14KIZ98
        Green Plains, Inc.
        393222104
        
          
          
        
        2231429.00000000
        NS
        USD
        78903329.44000000
        1.667763845410
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Group 1 Automotive, Inc.
        549300US8QAZJLWYAF63
        Group 1 Automotive, Inc.
        398905109
        
          
          
        
        435215.00000000
        NS
        USD
        75614254.10000000
        1.598243319777
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carter's, Inc.
        5299003WAQK4R3L3ZU36
        Carter's, Inc.
        146229109
        
          
          
        
        219540.00000000
        NS
        USD
        21457839.60000000
        0.453550050923
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriCo Bancshares
        N/A
        TriCo Bancshares
        896095106
        
          
          
        
        908962.00000000
        NS
        USD
        35840371.66000000
        0.757550745765
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Great Lakes Dredge & Dock Corp.
        549300H65E3MZ1CX0P05
        Great Lakes Dredge & Dock Corp.
        390607109
        
          
          
        
        4091750.00000000
        NS
        USD
        63012950.00000000
        1.331892082990
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dalata Hotel Group plc
        635400L2CWET7ONOBJ04
        Dalata Hotel Group plc
        N/A
        
          
          
        
        10142910.00000000
        NS
        
        46381680.60000000
        0.980360278116
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Timken Co. (The)
        B0I35MLPFXZSE70ASS73
        Timken Co. (The)
        887389104
        
          
          
        
        1582886.00000000
        NS
        USD
        125839437.00000000
        2.659842934955
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden National Corp.
        549300ZVEDL2L8UW4F28
        Camden National Corp.
        133034108
        
          
          
        
        254673.00000000
        NS
        USD
        11401710.21000000
        0.240995661387
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Integer Holdings Corp.
        549300SUD2ED5XG6X569
        Integer Holdings Corp.
        45826H109
        
          
          
        
        625374.00000000
        NS
        USD
        61217860.86000000
        1.293949643954
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Masonite International Corp.
        549300H0H07ZFT4JYM32
        Masonite International Corp.
        575385109
        
          
          
        
        210755.00000000
        NS
        USD
        23849035.80000000
        0.504092285299
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Jack in the Box, Inc.
        5493002OJW26P0SUUP68
        Jack in the Box, Inc.
        466367109
        
          
          
        
        892629.00000000
        NS
        USD
        97171592.94000000
        2.053896466175
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BJ's Wholesale Club Holdings, Inc.
        549300UCIWH1C93V0J03
        BJ's Wholesale Club Holdings, Inc.
        05550J101
        
          
          
        
        477202.00000000
        NS
        USD
        24165509.28000000
        0.510781521757
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TechnipFMC plc
        549300D5I93QWCJTCK36
        TechnipFMC plc
        N/A
        
          
          
        
        5192601.00000000
        NS
        USD
        37490579.22000000
        0.792430851909
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Glanbia plc
        635400SRMCBHVMSKJS84
        Glanbia plc
        N/A
        
          
          
        
        5414833.00000000
        NS
        
        92961283.33000000
        1.964903996588
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Software AG
        529900M1LIO0SLOBAS50
        Software AG
        N/A
        
          
          
        
        1469946.00000000
        NS
        
        71039547.23000000
        1.501548658408
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Hunting plc
        2138008S5FL78ITZRN66
        Hunting plc
        N/A
        
          
          
        
        4813093.00000000
        NS
        
        14033050.07000000
        0.296613764130
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Mueller Water Products, Inc.
        549300F7ZU4P1F8V8L60
        Mueller Water Products, Inc., Class A
        624758108
        
          
          
        
        4873292.00000000
        NS
        USD
        72222187.44000000
        1.526545887274
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Children's Place, Inc. (The)
        549300BGVK2OO5O7TC19
        Children's Place, Inc. (The)
        168905107
        
          
          
        
        273408.00000000
        NS
        USD
        23056496.64000000
        0.487340544067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthcare Realty Trust, Inc.
        549300CB86LH2IOKHH22
        Healthcare Realty Trust, Inc.
        421946104
        
          
          
        
        764103.00000000
        NS
        USD
        24359603.64000000
        0.514884055307
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McGrath RentCorp
        254900EUH6IPWFQ83445
        McGrath RentCorp
        580589109
        
          
          
        
        1043423.00000000
        NS
        USD
        81825231.66000000
        1.729523506466
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bryn Mawr Bank Corp.
        4NOIGQXI7NPP6IUQF087
        Bryn Mawr Bank Corp.
        117665109
        
          
          
        
        988052.00000000
        NS
        USD
        38662474.76000000
        0.817200972842
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First of Long Island Corp. (The)
        N/A
        First of Long Island Corp. (The)
        320734106
        
          
          
        
        1230606.00000000
        NS
        USD
        26519559.30000000
        0.560538604779
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mueller Industries, Inc.
        5493005IZFE4VJLLYG84
        Mueller Industries, Inc.
        624756102
        
          
          
        
        536425.00000000
        NS
        USD
        23280845.00000000
        0.492082550345
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TrustCo Bank Corp.
        N/A
        TrustCo Bank Corp.
        898349204
        
          
          
        
        292616.00000000
        NS
        USD
        9840676.08000000
        0.208000396144
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbus McKinnon Corp.
        549300W3HQB0HO1F3G69
        Columbus McKinnon Corp.
        199333105
        
          
          
        
        680023.00000000
        NS
        USD
        31553067.20000000
        0.666930851479
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natural Gas Services Group, Inc.
        N/A
        Natural Gas Services Group, Inc.
        63886Q109
        
          
          
        
        531000.00000000
        NS
        USD
        5310000.00000000
        0.112236404749
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICF International, Inc.
        5493003KYFDDC5B3WY64
        ICF International, Inc.
        44925C103
        
          
          
        
        107757.00000000
        NS
        USD
        9867308.49000000
        0.208563320051
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Terex Corp.
        YAWJZJYEQ7M1SYMOS462
        Terex Corp.
        880779103
        
          
          
        
        520233.00000000
        NS
        USD
        24929565.36000000
        0.526931221841
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Republic International Corp.
        549300IV6O2YY2A1KH37
        Old Republic International Corp.
        680223104
        
          
          
        
        4787956.00000000
        NS
        USD
        118070994.96000000
        2.495642933999
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bed Bath & Beyond, Inc.
        529900ZBUWWUV7BKGX39
        Bed Bath & Beyond, Inc.
        075896100
        
          
          
        
        1287492.00000000
        NS
        USD
        36745021.68000000
        0.776672151754
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        REV Group, Inc.
        549300SRD0SIG5ZZ3X20
        REV Group, Inc.
        749527107
        
          
          
        
        1173645.00000000
        NS
        USD
        17733775.95000000
        0.374835264645
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Regal Beloit Corp.
        QH78R09VCJGQKPBPYU33
        Regal Beloit Corp.
        758750103
        
          
          
        
        269125.00000000
        NS
        USD
        39623273.75000000
        0.837509188345
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NexTier Oilfield Solutions, Inc.
        529900L27H2D4QT0IT24
        NexTier Oilfield Solutions, Inc.
        65290C105
        
          
          
        
        3145452.00000000
        NS
        USD
        12015626.64000000
        0.253971889809
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ashland Global Holdings, Inc.
        529900E4L9R04SB8HB11
        Ashland Global Holdings, Inc.
        044186104
        
          
          
        
        1250955.00000000
        NS
        USD
        106418741.85000000
        2.249351597596
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Horace Mann Educators Corp.
        254900G5YAV3A2YK8T32
        Horace Mann Educators Corp.
        440327104
        
          
          
        
        2031284.00000000
        NS
        USD
        80865416.04000000
        1.709236076256
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brunswick Corp.
        YM4O38W15AX4YLLQKU27
        Brunswick Corp.
        117043109
        
          
          
        
        714832.00000000
        NS
        USD
        74628460.80000000
        1.577406804557
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UFP Industries, Inc.
        5493007KB485C9OV5572
        UFP Industries, Inc.
        90278Q108
        
          
          
        
        1324421.00000000
        NS
        USD
        98351503.46000000
        2.078835998132
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apogee Enterprises, Inc.
        549300579S7QW8V4IJ60
        Apogee Enterprises, Inc.
        037598109
        
          
          
        
        1400192.00000000
        NS
        USD
        55545616.64000000
        1.174056555797
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Herc Holdings, Inc.
        549300TP80QLITMSBP82
        Herc Holdings, Inc.
        42704L104
        
          
          
        
        192314.00000000
        NS
        USD
        23854628.56000000
        0.504210498345
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stantec, Inc.
        549300MZ7NGUZDCP2T16
        Stantec, Inc.
        85472N109
        
          
          
        
        691199.00000000
        NS
        
        32167338.08000000
        0.679914571839
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        CNO Financial Group, Inc.
        11XPYHB76MPM4Y4P2897
        CNO Financial Group, Inc.
        12621E103
        
          
          
        
        3384264.00000000
        NS
        USD
        77296589.76000000
        1.633802511126
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dufry AG
        549300X53WDBVW7TIF57
        Dufry AG
        N/A
        
          
          
        
        1460002.00000000
        NS
        
        77245475.65000000
        1.632722122437
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Sunstone Hotel Investors, Inc.
        529900ZQ2V52V96ATF67
        Sunstone Hotel Investors, Inc.
        867892101
        
          
          
        
        883723.00000000
        NS
        USD
        10198163.42000000
        0.215556534333
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kaiser Aluminum Corp.
        N/A
        Kaiser Aluminum Corp.
        483007704
        
          
          
        
        261517.00000000
        NS
        USD
        31821388.56000000
        0.672602306237
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        South State Corp.
        549300JZUANXM0YQ4W53
        South State Corp.
        840441109
        
          
          
        
        859557.00000000
        NS
        USD
        59171903.88000000
        1.250704661711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Weingarten Realty Investors
        549300JMKTJNB8GWHU88
        Weingarten Realty Investors
        948741103
        
          
          
        
        24600.00000000
        NS
        USD
        791874.00000000
        0.016737681878
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Black Hills Corp.
        3MGELCRSTNSAMJ962671
        Black Hills Corp.
        092113109
        
          
          
        
        1065010.00000000
        NS
        USD
        72047926.50000000
        1.522862568744
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexander & Baldwin, Inc.
        N/A
        Alexander & Baldwin, Inc.
        014491104
        
          
          
        
        546932.00000000
        NS
        USD
        10949578.64000000
        0.231439047095
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intertrust NV
        724500NRH17KKW68GO66
        Intertrust NV
        N/A
        
          
          
        
        500155.00000000
        NS
        
        8258018.82000000
        0.174548087139
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Insteel Industries, Inc.
        52990026LKY4MOX3L174
        Insteel Industries, Inc.
        45774W108
        
          
          
        
        896697.00000000
        NS
        USD
        34818744.51000000
        0.735956817646
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Denny's Corp.
        54930037V56XOULXM917
        Denny's Corp.
        24869P104
        
          
          
        
        5543812.00000000
        NS
        USD
        78001434.84000000
        1.648700680181
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oshkosh Corp.
        549300FEKNPCFSA2B506
        Oshkosh Corp.
        688239201
        
          
          
        
        504889.00000000
        NS
        USD
        60359479.95000000
        1.275806218861
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hanover Insurance Group, Inc. (The)
        JJYR6MFKFF6CF8DBZ078
        Hanover Insurance Group, Inc. (The)
        410867105
        
          
          
        
        1048906.00000000
        NS
        USD
        142546325.40000000
        3.012973083462
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Elementis plc
        549300LQIH685LI2ML36
        Elementis plc
        N/A
        
          
          
        
        22200006.00000000
        NS
        
        43997187.52000000
        0.929959726242
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Greenbrier Cos., Inc. (The)
        5493001GAGGFR30BP390
        Greenbrier Cos., Inc. (The)
        393657101
        
          
          
        
        2638829.00000000
        NS
        USD
        112941881.20000000
        2.387229885416
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M/I Homes, Inc.
        5299005M71FH9CCSFB69
        M/I Homes, Inc.
        55305B101
        
          
          
        
        72295.00000000
        NS
        USD
        4678209.45000000
        0.098882374639
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meggitt plc
        YMFO3TKB4UAWQTDZJJ31
        Meggitt plc
        N/A
        
          
          
        
        16198722.00000000
        NS
        
        105556213.06000000
        2.231120499596
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        German American Bancorp, Inc.
        N/A
        German American Bancorp, Inc.
        373865104
        
          
          
        
        571608.00000000
        NS
        USD
        21549621.60000000
        0.455490028644
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WillScot Mobile Mini Holdings Corp.
        549300HJ4VIXF476Q166
        WillScot Mobile Mini Holdings Corp.
        971378104
        
          
          
        
        3254214.00000000
        NS
        USD
        93428483.94000000
        1.974779122155
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Spire, Inc.
        549300NXSY15DRY2R511
        Spire, Inc.
        84857L101
        
          
          
        
        76415.00000000
        NS
        USD
        5421644.25000000
        0.114596206864
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Thor Industries, Inc.
        254900XZO1228PDSG060
        Thor Industries, Inc.
        885160101
        
          
          
        
        109975.00000000
        NS
        USD
        13016641.00000000
        0.275130129521
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ACI Worldwide, Inc.
        5493003BPVMZUJ6F5C02
        ACI Worldwide, Inc.
        004498101
        
          
          
        
        2927220.00000000
        NS
        USD
        100403646.00000000
        2.122211723316
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Washington Trust Bancorp, Inc.
        J66MZFCNJPP3PERHZW54
        Washington Trust Bancorp, Inc.
        940610108
        
          
          
        
        616609.00000000
        NS
        USD
        30059688.75000000
        0.635365610771
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbia Banking System, Inc.
        N/A
        Columbia Banking System, Inc.
        197236102
        
          
          
        
        1531213.00000000
        NS
        USD
        53500582.22000000
        1.130831073520
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Benchmark Electronics, Inc.
        549300W18RHYZOZKOP53
        Benchmark Electronics, Inc.
        08160H101
        
          
          
        
        2069900.00000000
        NS
        USD
        54645360.00000000
        1.155028011799
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Selective Insurance Group, Inc.
        549300R3WGJWLE40R258
        Selective Insurance Group, Inc.
        816300107
        
          
          
        
        1049807.00000000
        NS
        USD
        85401799.45000000
        1.805120702340
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hilton Grand Vacations, Inc.
        549300O9K6MFD8D07574
        Hilton Grand Vacations, Inc.
        43283X105
        
          
          
        
        2341003.00000000
        NS
        USD
        95208592.01000000
        2.012404909320
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Minerals Technologies, Inc.
        549300D3I1QU67GP6403
        Minerals Technologies, Inc.
        603158106
        
          
          
        
        1212153.00000000
        NS
        USD
        97238913.66000000
        2.055319410729
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Horizon Corp.
        TF3RXI1ZB1TQ30H9JV10
        First Horizon Corp.
        320517105
        
          
          
        
        5107423.00000000
        NS
        USD
        78909685.35000000
        1.667898189005
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Knowles Corp.
        5493003EO323TDZQU148
        Knowles Corp.
        49926D109
        
          
          
        
        5099897.00000000
        NS
        USD
        102201935.88000000
        2.160221815750
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rexnord Corp.
        549300AM3633XDFU1Q85
        Rexnord Corp.
        76169B102
        
          
          
        
        1491323.00000000
        NS
        USD
        84006224.59000000
        1.775622716494
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NetScout Systems, Inc.
        5493005HZXZ3SPNVCV76
        NetScout Systems, Inc.
        64115T104
        
          
          
        
        3318700.00000000
        NS
        USD
        95445812.00000000
        2.017418980659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lakeland Financial Corp.
        N/A
        Lakeland Financial Corp.
        511656100
        
          
          
        
        327579.00000000
        NS
        USD
        21905207.73000000
        0.463005981339
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Argan, Inc.
        529900E4KZWBV9KGBS83
        Argan, Inc.
        04010E109
        
          
          
        
        1055946.00000000
        NS
        USD
        47464772.70000000
        1.003253378552
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Summit Materials, Inc.
        N/A
        Summit Materials, Inc., Class A
        86614U100
        
          
          
        
        3804102.00000000
        NS
        USD
        127817827.20000000
        2.701659771724
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Peoples Bancorp, Inc.
        N/A
        Peoples Bancorp, Inc.
        709789101
        
          
          
        
        540026.00000000
        NS
        USD
        15925366.74000000
        0.336611281962
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IDACORP, Inc.
        N134NUJDWN8UEFA8B673
        IDACORP, Inc.
        451107106
        
          
          
        
        364837.00000000
        NS
        USD
        38472061.65000000
        0.813176249135
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crescent Point Energy Corp.
        549300FTKUHZK8OC7N74
        Crescent Point Energy Corp.
        22576C101
        
          
          
        
        28334158.00000000
        NS
        
        103528654.23000000
        2.188264395359
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        First Interstate BancSystem, Inc.
        549300WRWYTYX0RCNJ43
        First Interstate BancSystem, Inc., Class A
        32055Y201
        
          
          
        
        59733.00000000
        NS
        USD
        2504007.36000000
        0.052926701234
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Highwoods Properties, Inc.
        ZIIGTYKL9T0X3HLTDX53
        Highwoods Properties, Inc.
        431284108
        
          
          
        
        182699.00000000
        NS
        USD
        8712915.31000000
        0.184163142991
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Institutional Fiduciary Trust - Money Market Portfolio
        549300M4TP89K77LG374
        Institutional Fiduciary Trust - Money Market Portfolio
        457756500
        
          
          
        
        64312717.58100000
        NS
        USD
        64312717.58000000
        1.359365009579
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Astec Industries, Inc.
        5493002DO2QKHLKB2A48
        Astec Industries, Inc.
        046224101
        
          
          
        
        469918.00000000
        NS
        USD
        28810672.58000000
        0.608965406554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kforce, Inc.
        5493003RDQQDVXY2SK46
        Kforce, Inc.
        493732101
        
          
          
        
        296596.00000000
        NS
        USD
        18516488.28000000
        0.391379298142
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantic Union Bankshares Corp.
        N/A
        Atlantic Union Bankshares Corp.
        04911A107
        
          
          
        
        1153814.00000000
        NS
        USD
        40925782.58000000
        0.865040056186
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avient Corp.
        SM8L9RZYIB34LNTWO040
        Avient Corp.
        05368V106
        
          
          
        
        2301924.00000000
        NS
        USD
        111689352.48000000
        2.360755437134
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Flowserve Corp.
        6Y0GK87T6V7NJKZJVM41
        Flowserve Corp.
        34354P105
        
          
          
        
        485095.00000000
        NS
        USD
        20417648.55000000
        0.431563741374
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Envista Holdings Corp.
        549300BX623VURJZ5269
        Envista Holdings Corp.
        29415F104
        
          
          
        
        1345499.00000000
        NS
        USD
        57964096.92000000
        1.225175488299
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LCI Industries
        549300E1B98YNJ1WIQ04
        LCI Industries
        50189K103
        
          
          
        
        311653.00000000
        NS
        USD
        45445240.46000000
        0.960566930738
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cabot Corp.
        K05C0SER542GQ6VLRO68
        Cabot Corp.
        127055101
        
          
          
        
        617288.00000000
        NS
        USD
        33987877.28000000
        0.718394943688
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hillenbrand, Inc.
        U246OE781574J2BUD366
        Hillenbrand, Inc.
        431571108
        
          
          
        
        964131.00000000
        NS
        USD
        43675134.30000000
        0.923152551938
        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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