Form NSAR-A FRANKLIN VALUE INVESTORS For: Apr 30
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E-mailPAGE 1 000 A000000 04/30/2016 000 C000000 0000856119 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 FRANKLIN VALUE INVESTORS TRUST 001 B000000 811-05878 001 C000000 6503122000 002 A000000 ONE FRANKLIN PARKWAY 002 B000000 SAN MATEO 002 C000000 CA 002 D010000 94403 002 D020000 1906 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 5 007 C010100 1 007 C020100 Franklin Balance Sheet Investment Fund 007 C030100 N 007 C010200 2 007 C020200 Franklin MicroCap Value Fund 007 C030200 N 007 C010300 3 007 C020300 Franklin Small Cap Value Fund 007 C030300 N 007 C010400 4 007 C020400 Franklin Large Cap Value Fund 007 C030400 N 007 C010500 5 007 C020500 Franklin MidCap Value Fund 007 C030500 N 007 C010600 6 007 C020600 Franklin All Cap Value Fund 007 C030600 Y 008 A00AA01 FRANKLIN ADVISORY SERVICES, LLC 008 B00AA01 A 008 C00AA01 801-51967 008 D01AA01 RIDGEFIELD PARK 008 D02AA01 NJ 008 D03AA01 07660 008 D04AA01 1663 010 A00AA01 FRANKLIN TEMPLETON SERVICES, LLC 010 B00AA01 801-31192 010 C01AA01 SAN MATEO PAGE 2 010 C02AA01 CA 010 C03AA01 94403 010 C04AA01 1906 011 A00AA01 FRANKLIN TEMPLETON DISTRIBUTORS, INC. 011 B00AA01 8-5889 011 C01AA01 SAN MATEO 011 C02AA01 CA 011 C03AA01 94403 011 C04AA01 1906 012 A00AA01 FRANKLIN TEMPLETON INVESTOR SERVICES, LLC 012 B00AA01 84-1036 012 C01AA01 RANCHO CORDOVA 012 C02AA01 CA 012 C03AA01 95670 012 C04AA01 7313 013 A00AA01 PRICEWATERHOUSECOOPERS LLP 013 B01AA01 SAN FRANCISCO 013 B02AA01 CA 013 B03AA01 94111 013 B04AA01 4004 014 A00AA01 FRANKLIN TEMPLETON DISTRIBUTORS INC 014 B00AA01 8-5889 015 A000101 THE BANK OF NEW YORK MELLON 015 B000101 C 015 C010101 NEW YORK 015 C020101 NY 015 C030101 10286 015 C040101 0001 015 E010101 X 015 A000102 EUROCLEAR BANK 015 B000102 S 015 C010102 BRUSSELS 015 D010102 EUROMARKET 015 E040102 X 015 A000103 NATIONAL AUSTRALIA BANK LTD 015 B000103 S 015 C010103 MELBOURNE 015 D010103 AUSTRALIA 015 E040103 X 015 A000104 CITIBANK EUROPE PLC 015 B000104 S 015 C010104 BRUSSELS 015 D010104 BELGIUM 015 E040104 X 015 A000105 CIBC MELLON TRUST CO 015 B000105 S 015 C010105 TORONTO 015 D010105 CANADA 015 E040105 X 015 A000106 SKANDINAVISKA ENSKILDA BANKEN AB 015 B000106 S PAGE 3 015 C010106 COPENHAGEN 015 D010106 DENMARK 015 E040106 X 015 A000107 SKANDINAVISKA ENSKILDA BANKEN AB 015 B000107 S 015 C010107 HELSINKI 015 D010107 FINLAND 015 E040107 X 015 A000108 BNP PARIBAS SECURITIES SERVICES 015 B000108 S 015 C010108 PARIS 015 D010108 FRANCE 015 E040108 X 015 A000109 THE BANK OF NEW YORK MELLON SA/NV 015 B000109 S 015 C010109 FRANKFURT 015 D010109 GERMANY 015 E040109 X 015 A000110 THE HONGKONG AND SHANGHAI BANKING CORP LTD 015 B000110 S 015 C010110 HONG KONG 015 D010110 HONG KONG 015 E040110 X 015 A000111 DEUTSCHE BANK AG 015 B000111 S 015 C010111 JAKARTA 015 D010111 INDONESIA 015 E040111 X 015 A000112 THE BANK OF NEW YORK MELLON 015 B000112 S 015 C010112 LONDON 015 D010112 IRELAND 015 E040112 X 015 A000113 INTESA SANPAOLO SPA 015 B000113 S 015 C010113 MILAN 015 D010113 ITALY 015 E040113 X 015 A000114 THE BANK OF TOKYO-MITSUBISHI UFJ LTD 015 B000114 S 015 C010114 TOKYO 015 D010114 JAPAN 015 E040114 X 015 A000115 BANCO NACIONAL DE MEXICO SA 015 B000115 S 015 C010115 MEXICO CITY 015 D010115 MEXICO 015 E040115 X 015 A000116 THE BANK OF NEW YORK MELLON SA/NV 015 B000116 S 015 C010116 BRUSSELS PAGE 4 015 D010116 NETHERLANDS 015 E040116 X 015 A000117 NATIONAL NOMINEES LTD 015 B000117 S 015 C010117 WELLINGTON 015 D010117 NEW ZEALAND 015 E040117 X 015 A000118 DEUTSCHE BANK AG 015 B000118 S 015 C010118 MAKATI CITY 015 D010118 PHILIPPINES 015 E040118 X 015 A000119 CITIBANK EUROPE PLC 015 B000119 S 015 C010119 LISBON 015 D010119 PORTUGAL 015 E040119 X 015 A000120 UNITED OVERSEAS BANK LTD 015 B000120 S 015 C010120 SINGAPORE 015 D010120 SINGAPORE 015 E040120 X 015 A000121 THE STANDARD BANK OF SOUTH AFRICA LTD 015 B000121 S 015 C010121 JOHANNESBURG 015 D010121 SOUTH AFRICA 015 E040121 X 015 A000122 BANCO BILBAO VIZCAYA ARGENTARIA SA 015 B000122 S 015 C010122 MADRID 015 D010122 SPAIN 015 E040122 X 015 A000123 THE HONGKONG AND SHANGHAI BANKING CORP LTD 015 B000123 S 015 C010123 COLOMBO 015 D010123 SRI LANKA 015 E040123 X 015 A000124 SKANDINAVISKA ENSKILDA BANKEN 015 B000124 S 015 C010124 STOCKHOLM 015 D010124 SWEDEN 015 E040124 X 015 A000125 CREDIT SUISSE AG 015 B000125 S 015 C010125 ZURICH 015 D010125 SWITZERLAND 015 E040125 X 015 A000126 THE HONGKONG AND SHANGHAI BANKING CORP LTD 015 B000126 S 015 C010126 BANGKOK 015 D010126 THAILAND PAGE 5 015 E040126 X 015 A000127 THE BANK OF NEW YORK MELLON 015 B000127 S 015 C010127 LONDON 015 D010127 UNITED KINGDOM 015 E040127 X 015 A000128 HSBC BANK (CHINA) CO LTD 015 B000128 S 015 C010128 SHANGHAI 015 D010128 CHINA 015 E040128 X 015 A000129 DEUTSCHE BANK AG 015 B000129 S 015 C010129 SEOUL 015 D010129 SOUTH KOREA 015 E040129 X 015 A000130 FRANKLIN TEMPLETON INVESTOR SERVICES LLC 015 B000130 C 015 C010130 SAN MATEO 015 C020130 CA 015 C030130 94403 015 C040130 1906 015 E030130 X 015 A000201 THE BANK OF NEW YORK MELLON 015 B000201 C 015 C010201 NEW YORK 015 C020201 NY 015 C030201 10286 015 C040201 0001 015 E010201 X 015 A000202 NATIONAL AUSTRALIA BANK LTD 015 B000202 S 015 C010202 MELBOURNE 015 D010202 AUSTRALIA 015 E040202 X 015 A000203 CITIBANK EUROPE PLC 015 B000203 S 015 C010203 BRUSSELS 015 D010203 BELGIUM 015 E040203 X 015 A000204 SKANDINAVISKA ENSKILDA BANKEN AB 015 B000204 S 015 C010204 COPENHAGEN 015 D010204 DENMARK 015 E040204 X 015 A000205 EUROCLEAR BANK 015 B000205 S 015 C010205 BRUSSELS 015 D010205 EUROMARKET 015 E040205 X 015 A000206 SKANDINAVISKA ENSKILDA BANKEN AB PAGE 6 015 B000206 S 015 C010206 HELSINKI 015 D010206 FINLAND 015 E040206 X 015 A000207 BNP PARIBAS SECURITIES SERVICES 015 B000207 S 015 C010207 PARIS 015 D010207 FRANCE 015 E040207 X 015 A000208 THE BANK OF NEW YORK MELLON SA/NV 015 B000208 S 015 C010208 FRANKFURT 015 D010208 GERMANY 015 E040208 X 015 A000209 THE HONGKONG AND SHANGHAI BANKING CORP LTD 015 B000209 S 015 C010209 HONG KONG 015 D010209 HONG KONG 015 E040209 X 015 A000210 DEUTSCHE BANK AG 015 B000210 S 015 C010210 JAKARTA 015 D010210 INDONESIA 015 E040210 X 015 A000211 THE BANK OF TOKYO-MITSUBISHI UFJ LTD 015 B000211 S 015 C010211 TOKYO 015 D010211 JAPAN 015 E040211 X 015 A000212 INTESA SANPAOLO SPA 015 B000212 S 015 C010212 MILAN 015 D010212 ITALY 015 E040212 X 015 A000213 BANCO BILBAO VIZCAYA ARGENTARIA SA 015 B000213 S 015 C010213 MADRID 015 D010213 SPAIN 015 E040213 X 015 A000214 NATIONAL NOMINEES LTD 015 B000214 S 015 C010214 WELLINGTON 015 D010214 NEW ZEALAND 015 E040214 X 015 A000215 DEUTSCHE BANK AG 015 B000215 S 015 C010215 MAKATI CITY 015 D010215 PHILIPPINES 015 E040215 X 015 A000216 CITIBANK EUROPE PLC 015 B000216 S PAGE 7 015 C010216 LISBON 015 D010216 PORTUGAL 015 E040216 X 015 A000217 UNITED OVERSEAS BANK LTD 015 B000217 S 015 C010217 SINGAPORE 015 D010217 SINGAPORE 015 E040217 X 015 A000218 THE STANDARD BANK OF SOUTH AFRICA LTD 015 B000218 S 015 C010218 JOHANNESBURG 015 D010218 SOUTH AFRICA 015 E040218 X 015 A000219 THE HONGKONG AND SHANGHAI BANKING CORP LTD 015 B000219 S 015 C010219 COLOMBO 015 D010219 SRI LANKA 015 E040219 X 015 A000220 SKANDINAVISKA ENSKILDA BANKEN 015 B000220 S 015 C010220 STOCKHOLM 015 D010220 SWEDEN 015 E040220 X 015 A000221 CREDIT SUISSE AG 015 B000221 S 015 C010221 ZURICH 015 D010221 SWITZERLAND 015 E040221 X 015 A000222 THE HONGKONG AND SHANGHAI BANKING CORP LTD 015 B000222 S 015 C010222 BANGKOK 015 D010222 THAILAND 015 E040222 X 015 A000223 THE BANK OF NEW YORK MELLON 015 B000223 S 015 C010223 LONDON 015 D010223 IRELAND 015 E040223 X 015 A000224 THE BANK OF NEW YORK MELLON SA/NV 015 B000224 S 015 C010224 BRUSSELS 015 D010224 NETHERLANDS 015 E040224 X 015 A000225 CIBC MELLON TRUST CO 015 B000225 S 015 C010225 TORONTO 015 D010225 CANADA 015 E040225 X 015 A000226 FRANKLIN TEMPLETON INVESTOR SERVICES LLC 015 B000226 C 015 C010226 SAN MATEO PAGE 8 015 C020226 CA 015 C030226 94403 015 C040226 1906 015 E030226 X 015 A000227 BANCO NACIONAL DE MEXICO SA 015 B000227 S 015 C010227 MEXICO CITY 015 D010227 MEXICO 015 E040227 X 015 A000228 THE BANK OF NEW YORK MELLON 015 B000228 S 015 C010228 LONDON 015 D010228 UNITED KINGDOM 015 E040228 X 015 A000301 THE BANK OF NEW YORK MELLON 015 B000301 C 015 C010301 NEW YORK 015 C020301 NY 015 C030301 10286 015 C040301 0001 015 E010301 X 015 A000302 CITIBANK EUROPE PLC 015 B000302 S 015 C010302 BRUSSELS 015 D010302 BELGIUM 015 E040302 X 015 A000303 SKANDINAVISKA ENSKILDA BANKEN AB 015 B000303 S 015 C010303 COPENHAGEN 015 D010303 DENMARK 015 E040303 X 015 A000304 SKANDINAVISKA ENSKILDA BANKEN AB 015 B000304 S 015 C010304 HELSINKI 015 D010304 FINLAND 015 E040304 X 015 A000305 BNP PARIBAS SECURITIES SERVICES 015 B000305 S 015 C010305 PARIS 015 D010305 FRANCE 015 E040305 X 015 A000306 THE BANK OF NEW YORK MELLON 015 B000306 S 015 C010306 LONDON 015 D010306 IRELAND 015 E040306 X 015 A000307 THE BANK OF TOKYO-MITSUBISHI UFJ LTD 015 B000307 S 015 C010307 TOKYO 015 D010307 JAPAN 015 E040307 X PAGE 9 015 A000308 NATIONAL NOMINEES LTD 015 B000308 S 015 C010308 WELLINGTON 015 D010308 NEW ZEALAND 015 E040308 X 015 A000309 UNITED OVERSEAS BANK LTD 015 B000309 S 015 C010309 SINGAPORE 015 D010309 SINGAPORE 015 E040309 X 015 A000310 BANCO BILBAO VIZCAYA ARGENTARIA SA 015 B000310 S 015 C010310 MADRID 015 D010310 SPAIN 015 E040310 X 015 A000311 CREDIT SUISSE AG 015 B000311 S 015 C010311 ZURICH 015 D010311 SWITZERLAND 015 E040311 X 015 A000312 NATIONAL AUSTRALIA BANK LTD 015 B000312 S 015 C010312 MELBOURNE 015 D010312 AUSTRALIA 015 E040312 X 015 A000313 THE HONGKONG AND SHANGHAI BANKING CORP LTD 015 B000313 S 015 C010313 HONG KONG 015 D010313 HONG KONG 015 E040313 X 015 A000314 BANCO NACIONAL DE MEXICO SA 015 B000314 S 015 C010314 MEXICO CITY 015 D010314 MEXICO 015 E040314 X 015 A000315 THE BANK OF NEW YORK MELLON SA/NV 015 B000315 S 015 C010315 BRUSSELS 015 D010315 NETHERLANDS 015 E040315 X 015 A000316 THE BANK OF NEW YORK MELLON SA/NV 015 B000316 S 015 C010316 FRANKFURT 015 D010316 GERMANY 015 E040316 X 015 A000317 EUROCLEAR BANK 015 B000317 S 015 C010317 BRUSSELS 015 D010317 EUROMARKET 015 E040317 X 015 A000318 THE HONGKONG AND SHANGHAI BANKING CORP LTD PAGE 10 015 B000318 S 015 C010318 BANGKOK 015 D010318 THAILAND 015 E040318 X 015 A000319 FRANKLIN TEMPLETON INVESTOR SERVICES LLC 015 B000319 C 015 C010319 SAN MATEO 015 C020319 CA 015 C030319 94403 015 C040319 1906 015 E030319 X 015 A000320 CIBC MELLON TRUST CO 015 B000320 S 015 C010320 TORONTO 015 D010320 CANADA 015 E040320 X 015 A000321 THE BANK OF NEW YORK MELLON 015 B000321 S 015 C010321 LONDON 015 D010321 UNITED KINGDOM 015 E040321 X 015 A000401 THE BANK OF NEW YORK MELLON 015 B000401 C 015 C010401 NEW YORK 015 C020401 NY 015 C030401 10286 015 C040401 0001 015 E010401 X 015 A000402 UNICREDIT BANK AUSTRIA AG 015 B000402 S 015 C010402 VIENNA 015 D010402 AUSTRIA 015 E040402 X 015 A000403 CITIBANK EUROPE PLC 015 B000403 S 015 C010403 BRUSSELS 015 D010403 BELGIUM 015 E040403 X 015 A000404 EUROCLEAR BANK 015 B000404 S 015 C010404 BRUSSELS 015 D010404 EUROMARKET 015 E040404 X 015 A000405 SKANDINAVISKA ENSKILDA BANKEN AB 015 B000405 S 015 C010405 HELSINKI 015 D010405 FINLAND 015 E040405 X 015 A000406 BNP PARIBAS SECURITIES SERVICES 015 B000406 S 015 C010406 PARIS PAGE 11 015 D010406 FRANCE 015 E040406 X 015 A000407 BNP PARIBAS SECURITIES SERVICES 015 B000407 S 015 C010407 ATHENS 015 D010407 GREECE 015 E040407 X 015 A000408 THE BANK OF TOKYO-MITSUBISHI UFJ LTD 015 B000408 S 015 C010408 TOKYO 015 D010408 JAPAN 015 E040408 X 015 A000409 NATIONAL NOMINEES LTD 015 B000409 S 015 C010409 WELLINGTON 015 D010409 NEW ZEALAND 015 E040409 X 015 A000410 UNITED OVERSEAS BANK LTD 015 B000410 S 015 C010410 SINGAPORE 015 D010410 SINGAPORE 015 E040410 X 015 A000411 THE STANDARD BANK OF SOUTH AFRICA LTD 015 B000411 S 015 C010411 JOHANNESBURG 015 D010411 SOUTH AFRICA 015 E040411 X 015 A000412 BANCO BILBAO VIZCAYA ARGENTARIA SA 015 B000412 S 015 C010412 MADRID 015 D010412 SPAIN 015 E040412 X 015 A000413 SKANDINAVISKA ENSKILDA BANKEN 015 B000413 S 015 C010413 STOCKHOLM 015 D010413 SWEDEN 015 E040413 X 015 A000414 CREDIT SUISSE AG 015 B000414 S 015 C010414 ZURICH 015 D010414 SWITZERLAND 015 E040414 X 015 A000415 NATIONAL AUSTRALIA BANK LTD 015 B000415 S 015 C010415 MELBOURNE 015 D010415 AUSTRALIA 015 E040415 X 015 A000416 CIBC MELLON TRUST CO 015 B000416 S 015 C010416 TORONTO 015 D010416 CANADA PAGE 12 015 E040416 X 015 A000417 SKANDINAVISKA ENSKILDA BANKEN AB 015 B000417 S 015 C010417 COPENHAGEN 015 D010417 DENMARK 015 E040417 X 015 A000418 THE BANK OF NEW YORK MELLON SA/NV 015 B000418 S 015 C010418 FRANKFURT 015 D010418 GERMANY 015 E040418 X 015 A000419 THE HONGKONG AND SHANGHAI BANKING CORP LTD 015 B000419 S 015 C010419 HONG KONG 015 D010419 HONG KONG 015 E040419 X 015 A000420 THE BANK OF NEW YORK MELLON 015 B000420 S 015 C010420 LONDON 015 D010420 IRELAND 015 E040420 X 015 A000421 INTESA SANPAOLO SPA 015 B000421 S 015 C010421 MILAN 015 D010421 ITALY 015 E040421 X 015 A000422 EUROCLEAR BANK 015 B000422 S 015 C010422 LUXEMBOURG 015 D010422 LUXEMBOURG 015 E040422 X 015 A000423 BANCO NACIONAL DE MEXICO SA 015 B000423 S 015 C010423 MEXICO CITY 015 D010423 MEXICO 015 E040423 X 015 A000424 THE BANK OF NEW YORK MELLON SA/NV 015 B000424 S 015 C010424 BRUSSELS 015 D010424 NETHERLANDS 015 E040424 X 015 A000425 CITIBANK EUROPE PLC 015 B000425 S 015 C010425 LISBON 015 D010425 PORTUGAL 015 E040425 X 015 A000426 THE BANK OF NEW YORK MELLON 015 B000426 S 015 C010426 LONDON 015 D010426 UNITED KINGDOM 015 E040426 X PAGE 13 015 A000427 FRANKLIN TEMPLETON INVESTOR SERVICES LLC 015 B000427 C 015 C010427 SAN MATEO 015 C020427 CA 015 C030427 94403 015 C040427 1906 015 E030427 X 015 A000428 BANCO ITAU URUGUAY SA 015 B000428 S 015 C010428 MONTEVIDEO 015 D010428 URUGUAY 015 E040428 X 015 A000429 STANBIC BANK ZIMBABWE LTD. 015 B000429 S 015 C010429 HARARE 015 D010429 ZIMBABWE 015 E040429 X 015 A000430 STANBIC BANK ZAMBIA LTD. 015 B000430 S 015 C010430 LUSAKA 015 D010430 ZAMBIA 015 E040430 X 015 A000501 THE BANK OF NEW YORK MELLON 015 B000501 C 015 C010501 NEW YORK 015 C020501 NY 015 C030501 10286 015 C040501 0001 015 E010501 X 015 A000502 EUROCLEAR BANK 015 B000502 S 015 C010502 BRUSSELS 015 D010502 EUROMARKET 015 E040502 X 015 A000503 FRANKLIN TEMPLETON INVESTOR SERVICES LLC 015 B000503 C 015 C010503 SAN MATEO 015 C020503 CA 015 C030503 94403 015 C040503 1906 015 E030503 X 018 00AA00 Y 019 A00AA00 Y 019 B00AA00 163 019 C00AA00 FRNKTEMINV 020 A000001 INSTINET CORP 020 B000001 13-3443395 020 C000001 872 020 A000002 JONES & ASSOCIATE 020 B000002 95-3583143 020 C000002 48 PAGE 14 020 A000003 GOLDMAN, SACHS & CO 020 B000003 13-5108880 020 C000003 42 020 A000004 UBS SECURITIES LLC 020 B000004 13-3873456 020 C000004 38 020 A000005 NESBITT BURNS SEC INC 020 B000005 13-2620737 020 C000005 28 020 A000006 CANTOR FITZGERALD & CO 020 B000006 13-3680184 020 C000006 21 020 A000007 RBC DOMINION SECURITIES INC. 020 C000007 18 020 A000008 ELECTRONIC 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A020300 0 028 A030300 0 028 A040300 43542 028 B010300 57540 028 B020300 199918 028 B030300 0 028 B040300 91691 028 C010300 36407 028 C020300 0 028 C030300 0 028 C040300 78726 028 D010300 25593 028 D020300 0 028 D030300 0 028 D040300 56157 028 E010300 31697 028 E020300 0 028 E030300 0 028 E040300 49132 028 F010300 82530 028 F020300 0 028 F030300 0 028 F040300 47465 028 G010300 258370 028 G020300 199918 028 G030300 0 028 G040300 366713 028 H000300 25267 028 A010400 2146 PAGE 17 028 A020400 0 028 A030400 0 028 A040400 3469 028 B010400 5748 028 B020400 15981 028 B030400 0 028 B040400 6246 028 C010400 3844 028 C020400 0 028 C030400 0 028 C040400 6222 028 D010400 1275 028 D020400 0 028 D030400 0 028 D040400 3828 028 E010400 698 028 E020400 0 028 E030400 0 028 E040400 10034 028 F010400 683 028 F020400 0 028 F030400 0 028 F040400 3276 028 G010400 14394 028 G020400 15981 028 G030400 0 028 G040400 33075 028 H000400 3135 028 A010500 2783 028 A020500 0 028 A030500 0 028 A040500 2991 028 B010500 5444 028 B020500 12838 028 B030500 0 028 B040500 4985 028 C010500 2715 028 C020500 0 028 C030500 0 028 C040500 3294 028 D010500 1847 028 D020500 0 028 D030500 0 028 D040500 3502 028 E010500 2265 028 E020500 0 028 E030500 0 028 E040500 2382 028 F010500 2897 028 F020500 0 028 F030500 0 PAGE 18 028 F040500 2631 028 G010500 17951 028 G020500 12838 028 G030500 0 028 G040500 19785 028 H000500 5641 028 A010600 675 028 A020600 0 028 A030600 0 028 A040600 574 028 B010600 675 028 B020600 3376 028 B030600 0 028 B040600 2780 028 C010600 244 028 C020600 0 028 C030600 0 028 C040600 1280 028 D010600 234 028 D020600 0 028 D030600 0 028 D040600 1159 028 E010600 221 028 E020600 52 028 E030600 0 028 E040600 1565 028 F010600 0 028 F020600 0 028 F030600 0 028 F040600 45441 028 G010600 2049 028 G020600 3428 028 G030600 0 028 G040600 52799 028 H000600 764 029 000100 Y 029 000200 Y 029 000300 Y 029 000400 Y 029 000500 Y 029 000600 Y 030 A000100 704 030 B000100 5.75 030 C000100 0.00 030 A000200 37 030 B000200 5.75 030 C000200 0.00 030 A000300 942 030 B000300 5.75 030 C000300 0.00 030 A000400 119 PAGE 19 030 B000400 5.75 030 C000400 0.00 030 A000500 211 030 B000500 5.75 030 C000500 0.00 030 A000600 35 030 B000600 5.75 030 C000600 0.00 031 A000100 125 031 B000100 0 031 A000200 6 031 B000200 0 031 A000300 166 031 B000300 0 031 A000400 20 031 B000400 0 031 A000500 37 031 B000500 0 031 A000600 6 031 B000600 0 032 000100 579 032 000200 31 032 000300 776 032 000400 99 032 000500 174 032 000600 29 033 000100 0 033 000200 0 033 000300 0 033 000400 0 033 000500 0 033 000600 0 034 000100 Y 034 000200 Y 034 000300 Y 034 000400 Y 034 000500 Y 034 000600 Y 035 000100 4 035 000200 0 035 000300 10 035 000400 3 035 000500 2 035 000600 2 036 A000100 N 036 B000100 0 036 A000200 N 036 B000200 0 036 A000300 N 036 B000300 0 036 A000400 N PAGE 20 036 B000400 0 036 A000500 N 036 B000500 0 036 A000600 N 036 B000600 0 037 000100 N 037 000200 N 037 000300 N 037 000400 N 037 000500 N 037 000600 N 038 000100 0 038 000200 0 038 000300 0 038 000400 0 038 000500 0 038 000600 0 039 000100 N 039 000200 N 039 000300 N 039 000400 N 039 000500 N 039 000600 N 040 000100 Y 040 000200 Y 040 000300 Y 040 000400 Y 040 000500 Y 040 000600 Y 041 000100 Y 041 000200 Y 041 000300 Y 041 000400 Y 041 000500 Y 041 000600 Y 042 A000100 0 042 B000100 0 042 C000100 100 042 D000100 0 042 E000100 0 042 F000100 0 042 G000100 0 042 H000100 0 042 A000200 0 042 B000200 0 042 C000200 100 042 D000200 0 042 E000200 0 042 F000200 0 042 G000200 0 042 H000200 0 PAGE 21 042 A000300 0 042 B000300 0 042 C000300 100 042 D000300 0 042 E000300 0 042 F000300 0 042 G000300 0 042 H000300 0 042 A000400 0 042 B000400 0 042 C000400 100 042 D000400 0 042 E000400 0 042 F000400 0 042 G000400 0 042 H000400 0 042 A000500 0 042 B000500 0 042 C000500 100 042 D000500 0 042 E000500 0 042 F000500 0 042 G000500 0 042 H000500 0 042 A000600 0 042 B000600 0 042 C000600 100 042 D000600 0 042 E000600 0 042 F000600 0 042 G000600 0 042 H000600 0 043 000100 1386 043 000200 288 043 000300 2796 043 000400 347 043 000500 262 043 000600 66 044 000100 444 044 000200 6 044 000300 882 044 000400 48 044 000500 66 044 000600 11 045 000100 Y 045 000200 Y 045 000300 Y 045 000400 Y 045 000500 Y 045 000600 Y 046 000100 N PAGE 22 046 000200 N 046 000300 N 046 000400 N 046 000500 N 046 000600 N 047 000100 Y 047 000200 Y 047 000300 Y 047 000400 Y 047 000500 Y 047 000600 Y 048 000100 0.000 048 A010100 100000 048 A020100 0.625 048 B010100 150000 048 B020100 0.500 048 C010100 7250000 048 C020100 0.450 048 D010100 2500000 048 D020100 0.440 048 E010100 2500000 048 E020100 0.430 048 F010100 2500000 048 F020100 0.420 048 G010100 0 048 G020100 0.000 048 H010100 0 048 H020100 0.000 048 I010100 0 048 I020100 0.000 048 J010100 0 048 J020100 0.000 048 K010100 15000000 048 K020100 0.400 048 000200 0.750 048 A010200 0 048 A020200 0.000 048 B010200 0 048 B020200 0.000 048 C010200 0 048 C020200 0.000 048 D010200 0 048 D020200 0.000 048 E010200 0 048 E020200 0.000 048 F010200 0 048 F020200 0.000 048 G010200 0 048 G020200 0.000 048 H010200 0 048 H020200 0.000 PAGE 23 048 I010200 0 048 I020200 0.000 048 J010200 0 048 J020200 0.000 048 K010200 0 048 K020200 0.000 048 000300 0.000 048 A010300 500000 048 A020300 0.750 048 B010300 500000 048 B020300 0.625 048 C010300 4000000 048 C020300 0.500 048 D010300 0 048 D020300 0.000 048 E010300 0 048 E020300 0.000 048 F010300 0 048 F020300 0.000 048 G010300 0 048 G020300 0.000 048 H010300 0 048 H020300 0.000 048 I010300 0 048 I020300 0.000 048 J010300 0 048 J020300 0.000 048 K010300 5000000 048 K020300 0.490 048 000400 0.000 048 A010400 500000 048 A020400 0.750 048 B010400 500000 048 B020400 0.650 048 C010400 500000 048 C020400 0.600 048 D010400 5000000 048 D020400 0.550 048 E010400 5000000 048 E020400 0.525 048 F010400 5000000 048 F020400 0.500 048 G010400 2500000 048 G020400 0.490 048 H010400 2500000 048 H020400 0.480 048 I010400 0 048 I020400 0.000 048 J010400 0 048 J020400 0.000 048 K010400 21500000 PAGE 24 048 K020400 0.470 048 000500 0.000 048 A010500 500000 048 A020500 0.950 048 B010500 500000 048 B020500 0.850 048 C010500 500000 048 C020500 0.800 048 D010500 5000000 048 D020500 0.750 048 E010500 5000000 048 E020500 0.725 048 F010500 5000000 048 F020500 0.700 048 G010500 2500000 048 G020500 0.690 048 H010500 2500000 048 H020500 0.680 048 I010500 0 048 I020500 0.000 048 J010500 0 048 J020500 0.000 048 K010500 21500000 048 K020500 0.670 048 000600 0.000 048 A010600 500000 048 A020600 0.750 048 B010600 500000 048 B020600 0.650 048 C010600 500000 048 C020600 0.600 048 D010600 5000000 048 D020600 0.550 048 E010600 5000000 048 E020600 0.525 048 F010600 5000000 048 F020600 0.500 048 G010600 2500000 048 G020600 0.490 048 H010600 2500000 048 H020600 0.480 048 I010600 0 048 I020600 0.000 048 J010600 0 048 J020600 0.000 048 K010600 21500000 048 K020600 0.470 049 000100 N 049 000200 N 049 000300 N 049 000400 N PAGE 25 049 000500 N 049 000600 N 050 000100 N 050 000200 N 050 000300 N 050 000400 N 050 000500 N 050 000600 N 051 000100 N 051 000200 N 051 000300 N 051 000400 N 051 000500 N 051 000600 N 052 000100 N 052 000200 N 052 000300 N 052 000400 N 052 000500 N 052 000600 N 053 A000100 Y 053 B000100 Y 053 C000100 N 053 A000200 Y 053 B000200 Y 053 C000200 N 053 A000300 Y 053 B000300 Y 053 C000300 N 053 A000400 Y 053 B000400 Y 053 C000400 N 053 A000500 Y 053 B000500 Y 053 C000500 N 053 A000600 Y 053 B000600 Y 053 C000600 N 054 A000100 Y 054 B000100 Y 054 C000100 Y 054 D000100 N 054 E000100 N 054 F000100 N 054 G000100 Y 054 H000100 Y 054 I000100 N 054 J000100 Y 054 K000100 N 054 L000100 Y 054 M000100 Y PAGE 26 054 N000100 N 054 O000100 Y 054 A000200 Y 054 B000200 Y 054 C000200 Y 054 D000200 N 054 E000200 N 054 F000200 N 054 G000200 Y 054 H000200 Y 054 I000200 N 054 J000200 Y 054 K000200 N 054 L000200 Y 054 M000200 Y 054 N000200 N 054 O000200 Y 054 A000300 Y 054 B000300 Y 054 C000300 Y 054 D000300 N 054 E000300 N 054 F000300 N 054 G000300 Y 054 H000300 Y 054 I000300 N 054 J000300 Y 054 K000300 N 054 L000300 Y 054 M000300 Y 054 N000300 N 054 O000300 Y 054 A000400 Y 054 B000400 Y 054 C000400 Y 054 D000400 N 054 E000400 N 054 F000400 N 054 G000400 Y 054 H000400 Y 054 I000400 N 054 J000400 Y 054 K000400 N 054 L000400 Y 054 M000400 Y 054 N000400 N 054 O000400 Y 054 A000500 Y 054 B000500 Y 054 C000500 Y 054 D000500 N PAGE 27 054 E000500 N 054 F000500 N 054 G000500 Y 054 H000500 Y 054 I000500 N 054 J000500 Y 054 K000500 N 054 L000500 Y 054 M000500 Y 054 N000500 N 054 O000500 Y 054 A000600 Y 054 B000600 Y 054 C000600 Y 054 D000600 N 054 E000600 N 054 F000600 N 054 G000600 Y 054 H000600 Y 054 I000600 N 054 J000600 Y 054 K000600 N 054 L000600 Y 054 M000600 Y 054 N000600 N 054 O000600 Y 055 A000100 N 055 B000100 N 055 A000200 N 055 B000200 N 055 A000300 N 055 B000300 N 055 A000400 N 055 B000400 N 055 A000500 N 055 B000500 N 055 A000600 N 055 B000600 N 056 000100 Y 056 000200 Y 056 000300 Y 056 000400 Y 056 000500 Y 056 000600 Y 057 000100 N 057 000200 N 057 000300 N 057 000400 N 057 000500 N 057 000600 N 058 A000100 N PAGE 28 058 A000200 N 058 A000300 N 058 A000400 N 058 A000500 N 058 A000600 N 059 000100 Y 059 000200 Y 059 000300 Y 059 000400 Y 059 000500 Y 059 000600 Y 060 A000100 Y 060 B000100 Y 060 A000200 Y 060 B000200 Y 060 A000300 Y 060 B000300 Y 060 A000400 Y 060 B000400 Y 060 A000500 Y 060 B000500 Y 060 A000600 Y 060 B000600 Y 061 000100 1000 061 000200 1000 061 000300 1000 061 000400 1000 061 000500 1000 061 000600 1000 062 A00AA00 N 062 B00AA00 0.0 062 C00AA00 0.0 062 D00AA00 0.0 062 E00AA00 0.0 062 F00AA00 0.0 062 G00AA00 0.0 062 H00AA00 0.0 062 I00AA00 0.0 062 J00AA00 0.0 062 K00AA00 0.0 062 L00AA00 0.0 062 M00AA00 0.0 062 N00AA00 0.0 062 O00AA00 0.0 062 P00AA00 0.0 062 Q00AA00 0.0 062 R00AA00 0.0 063 A000100 0 063 B000100 0.0 063 A000200 0 063 B000200 0.0 PAGE 29 063 A000300 0 063 B000300 0.0 063 A000400 0 063 B000400 0.0 063 A000500 0 063 B000500 0.0 063 A000600 0 063 B000600 0.0 066 A000100 Y 066 B000100 N 066 C000100 N 066 D000100 N 066 E000100 N 066 F000100 N 066 G000100 Y 066 A000200 Y 066 B000200 N 066 C000200 N 066 D000200 N 066 E000200 N 066 F000200 N 066 G000200 Y 066 A000300 Y 066 B000300 N 066 C000300 N 066 D000300 N 066 E000300 N 066 F000300 N 066 G000300 Y 066 A000400 Y 066 B000400 N 066 C000400 Y 066 D000400 N 066 E000400 N 066 F000400 N 066 G000400 N 066 A000500 Y 066 B000500 N 066 C000500 N 066 D000500 N 066 E000500 N 066 F000500 N 066 G000500 Y 066 A000600 Y 066 B000600 N 066 C000600 N 066 D000600 N 066 E000600 N 066 F000600 N 066 G000600 Y 067 000100 N PAGE 30 067 000200 N 067 000300 N 067 000400 N 067 000500 N 067 000600 N 068 A000100 N 068 B000100 N 068 A000200 N 068 B000200 N 068 A000300 N 068 B000300 N 068 A000400 N 068 B000400 N 068 A000500 N 068 B000500 N 068 A000600 N 068 B000600 N 069 000100 N 069 000200 N 069 000300 N 069 000400 N 069 000500 N 069 000600 N 070 A010100 Y 070 A020100 N 070 B010100 N 070 B020100 N 070 C010100 N 070 C020100 N 070 D010100 N 070 D020100 N 070 E010100 N 070 E020100 N 070 F010100 N 070 F020100 N 070 G010100 N 070 G020100 N 070 H010100 N 070 H020100 N 070 I010100 N 070 I020100 N 070 J010100 Y 070 J020100 N 070 K010100 Y 070 K020100 Y 070 L010100 Y 070 L020100 Y 070 M010100 Y 070 M020100 Y 070 N010100 Y 070 N020100 N PAGE 31 070 O010100 Y 070 O020100 N 070 P010100 Y 070 P020100 N 070 Q010100 N 070 Q020100 N 070 R010100 Y 070 R020100 N 070 A010200 Y 070 A020200 N 070 B010200 N 070 B020200 N 070 C010200 N 070 C020200 N 070 D010200 N 070 D020200 N 070 E010200 N 070 E020200 N 070 F010200 N 070 F020200 N 070 G010200 N 070 G020200 N 070 H010200 N 070 H020200 N 070 I010200 N 070 I020200 N 070 J010200 Y 070 J020200 Y 070 K010200 Y 070 K020200 Y 070 L010200 Y 070 L020200 Y 070 M010200 Y 070 M020200 N 070 N010200 Y 070 N020200 N 070 O010200 Y 070 O020200 N 070 P010200 Y 070 P020200 N 070 Q010200 N 070 Q020200 N 070 R010200 Y 070 R020200 N 070 A010300 Y 070 A020300 Y 070 B010300 N 070 B020300 N 070 C010300 N 070 C020300 N 070 D010300 N PAGE 32 070 D020300 N 070 E010300 N 070 E020300 N 070 F010300 N 070 F020300 N 070 G010300 N 070 G020300 N 070 H010300 N 070 H020300 N 070 I010300 N 070 I020300 N 070 J010300 Y 070 J020300 N 070 K010300 Y 070 K020300 Y 070 L010300 Y 070 L020300 Y 070 M010300 Y 070 M020300 Y 070 N010300 Y 070 N020300 Y 070 O010300 Y 070 O020300 N 070 P010300 Y 070 P020300 N 070 Q010300 N 070 Q020300 N 070 R010300 Y 070 R020300 N 070 A010400 Y 070 A020400 N 070 B010400 N 070 B020400 N 070 C010400 N 070 C020400 N 070 D010400 N 070 D020400 N 070 E010400 N 070 E020400 N 070 F010400 N 070 F020400 N 070 G010400 N 070 G020400 N 070 H010400 N 070 H020400 N 070 I010400 N 070 I020400 N 070 J010400 Y 070 J020400 N 070 K010400 Y 070 K020400 Y PAGE 33 070 L010400 Y 070 L020400 Y 070 M010400 Y 070 M020400 N 070 N010400 Y 070 N020400 N 070 O010400 Y 070 O020400 N 070 P010400 Y 070 P020400 N 070 Q010400 N 070 Q020400 N 070 R010400 Y 070 R020400 N 070 A010500 Y 070 A020500 N 070 B010500 N 070 B020500 N 070 C010500 N 070 C020500 N 070 D010500 N 070 D020500 N 070 E010500 N 070 E020500 N 070 F010500 N 070 F020500 N 070 G010500 N 070 G020500 N 070 H010500 N 070 H020500 N 070 I010500 N 070 I020500 N 070 J010500 Y 070 J020500 N 070 K010500 Y 070 K020500 Y 070 L010500 Y 070 L020500 Y 070 M010500 Y 070 M020500 N 070 N010500 Y 070 N020500 Y 070 O010500 Y 070 O020500 N 070 P010500 Y 070 P020500 N 070 Q010500 N 070 Q020500 N 070 R010500 Y 070 R020500 N 070 A010600 Y PAGE 34 070 A020600 N 070 B010600 N 070 B020600 N 070 C010600 N 070 C020600 N 070 D010600 N 070 D020600 N 070 E010600 N 070 E020600 N 070 F010600 N 070 F020600 N 070 G010600 N 070 G020600 N 070 H010600 N 070 H020600 N 070 I010600 N 070 I020600 N 070 J010600 Y 070 J020600 N 070 K010600 Y 070 K020600 Y 070 L010600 Y 070 L020600 Y 070 M010600 Y 070 M020600 Y 070 N010600 Y 070 N020600 N 070 O010600 Y 070 O020600 N 070 P010600 Y 070 P020600 N 070 Q010600 N 070 Q020600 N 070 R010600 Y 070 R020600 N 071 A000100 108116 071 B000100 179835 071 C000100 913470 071 D000100 12 071 A000200 15262 071 B000200 44782 071 C000200 307912 071 D000200 5 071 A000300 342595 071 B000300 485350 071 C000300 1954181 071 D000300 18 071 A000400 17643 071 B000400 41130 071 C000400 180574 071 D000400 10 PAGE 35 071 A000500 47798 071 B000500 48825 071 C000500 147875 071 D000500 32 071 A000600 16823 071 B000600 22303 071 C000600 41756 071 D000600 40 072 A000100 6 072 B000100 0 072 C000100 7342 072 D000100 0 072 E000100 0 072 F000100 2305 072 G000100 0 072 H000100 0 072 I000100 881 072 J000100 6 072 K000100 51 072 L000100 22 072 M000100 30 072 N000100 84 072 O000100 0 072 P000100 0 072 Q000100 0 072 R000100 20 072 S000100 23 072 T000100 1386 072 U000100 0 072 V000100 0 072 W000100 37 072 X000100 4845 072 Y000100 87 072 Z000100 2584 072AA000100 70438 072BB000100 40245 072CC010100 0 072CC020100 23925 072DD010100 6164 072DD020100 695 072EE000100 149301 072 A000200 6 072 B000200 0 072 C000200 2498 072 D000200 0 072 E000200 0 072 F000200 1175 072 G000200 0 072 H000200 0 072 I000200 229 072 J000200 1 PAGE 36 072 K000200 15 072 L000200 9 072 M000200 9 072 N000200 35 072 O000200 0 072 P000200 0 072 Q000200 0 072 R000200 15 072 S000200 15 072 T000200 288 072 U000200 0 072 V000200 0 072 W000200 5 072 X000200 1796 072 Y000200 13 072 Z000200 715 072AA000200 26749 072BB000200 3026 072CC010200 0 072CC020200 6808 072DD010200 0 072DD020200 0 072EE000200 38812 072 A000300 6 072 B000300 597 072 C000300 16013 072 D000300 0 072 E000300 164 072 F000300 5984 072 G000300 0 072 H000300 0 072 I000300 2504 072 J000300 17 072 K000300 113 072 L000300 56 072 M000300 59 072 N000300 95 072 O000300 0 072 P000300 0 072 Q000300 0 072 R000300 15 072 S000300 30 072 T000300 2796 072 U000300 0 072 V000300 0 072 W000300 33 072 X000300 11702 072 Y000300 131 072 Z000300 5203 072AA000300 156580 072BB000300 68010 PAGE 37 072CC010300 0 072CC020300 57962 072DD010300 5809 072DD020300 6219 072EE000300 205978 072 A000400 6 072 B000400 0 072 C000400 2174 072 D000400 0 072 E000400 0 072 F000400 694 072 G000400 0 072 H000400 0 072 I000400 176 072 J000400 1 072 K000400 9 072 L000400 6 072 M000400 6 072 N000400 38 072 O000400 0 072 P000400 0 072 Q000400 0 072 R000400 7 072 S000400 12 072 T000400 347 072 U000400 0 072 V000400 0 072 W000400 31 072 X000400 1327 072 Y000400 9 072 Z000400 856 072AA000400 4768 072BB000400 12730 072CC010400 0 072CC020400 1879 072DD010400 1331 072DD020400 270 072EE000400 16143 072 A000500 6 072 B000500 0 072 C000500 1634 072 D000500 0 072 E000500 4 072 F000500 699 072 G000500 0 072 H000500 0 072 I000500 164 072 J000500 1 072 K000500 11 072 L000500 6 072 M000500 4 PAGE 38 072 N000500 33 072 O000500 0 072 P000500 0 072 Q000500 0 072 R000500 15 072 S000500 12 072 T000500 262 072 U000500 0 072 V000500 0 072 W000500 3 072 X000500 1210 072 Y000500 175 072 Z000500 603 072AA000500 5396 072BB000500 5619 072CC010500 824 072CC020500 0 072DD010500 566 072DD020500 35 072EE000500 12476 072 A000600 5 072 B000600 44 072 C000600 368 072 D000600 0 072 E000600 0 072 F000600 140 072 G000600 0 072 H000600 0 072 I000600 52 072 J000600 0 072 K000600 0 072 L000600 2 072 M000600 1 072 N000600 18 072 O000600 0 072 P000600 0 072 Q000600 0 072 R000600 0 072 S000600 6 072 T000600 66 072 U000600 0 072 V000600 0 072 W000600 31 072 X000600 316 072 Y000600 68 072 Z000600 164 072AA000600 4236 072BB000600 4262 072CC010600 392 072CC020600 0 072DD010600 185 PAGE 39 072DD020600 25 072EE000600 3387 073 A010100 0.0000 073 A020100 0.0000 073 B000100 5.7700 073 C000100 0.0000 073 A010200 0.0000 073 A020200 0.0000 073 B000200 3.9000 073 C000200 0.0000 073 A010300 0.0000 073 A020300 0.0000 073 B000300 4.9200 073 C000300 0.0000 073 A010400 0.0000 073 A020400 0.0000 073 B000400 1.4100 073 C000400 0.0000 073 A010500 0.0000 073 A020500 0.0000 073 B000500 1.2200 073 C000500 0.0000 073 A010600 0.0000 073 A020600 0.0000 073 B000600 0.7992 073 C000600 0.0000 074 A000100 0 074 B000100 0 074 C000100 0 074 D000100 0 074 E000100 6015 074 F000100 894827 074 G000100 0 074 H000100 0 074 I000100 92425 074 J000100 2422 074 K000100 0 074 L000100 995 074 M000100 1 074 N000100 996685 074 O000100 7213 074 P000100 977 074 Q000100 0 074 R010100 0 074 R020100 0 074 R030100 0 074 R040100 2908 074 S000100 0 074 T000100 985587 074 U010100 24635 074 U020100 4143 PAGE 40 074 V010100 0.00 074 V020100 0.00 074 W000100 0.0000 074 X000100 92833 074 Y000100 0 074 A000200 0 074 B000200 0 074 C000200 0 074 D000200 0 074 E000200 0 074 F000200 315281 074 G000200 0 074 H000200 0 074 I000200 10379 074 J000200 1146 074 K000200 0 074 L000200 275 074 M000200 1 074 N000200 327082 074 O000200 554 074 P000200 342 074 Q000200 0 074 R010200 0 074 R020200 0 074 R030200 0 074 R040200 386 074 S000200 0 074 T000200 325800 074 U010200 8068 074 U020200 2559 074 V010200 0.00 074 V020200 0.00 074 W000200 0.0000 074 X000200 20652 074 Y000200 0 074 A000300 0 074 B000300 1789 074 C000300 0 074 D000300 11866 074 E000300 0 074 F000300 1999198 074 G000300 0 074 H000300 0 074 I000300 131493 074 J000300 7040 074 K000300 0 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NAME OF REGISTRANT Franklin Value Investors Trust File No. 811-05878 EXHIBIT ITEM No. 77C: Submission of matters to a vote of security holders Franklin All Cap Value Fund (a series of Franklin Value Investors Trust) MINUTES OF THE SPECIAL MEETING OF SHAREHOLDERS March 11, 2016 1: To approve a Plan of Reorganization between the Franklin All Cap Value Fund and the Franklin Small Cap Value Fund, another series of Franklin Value Investors Trust Current Voting Level % of Outstanding Shares % of Shares Present For: 1,966,951.355 46.274% 90.690% Against: 58,771,836 1.383% 2.710% Abstain: 143,149.326 3.368% 6.600% Total: 2,168,872.518 51.025% 100.000% Franklin Large Cap Value Fund (a series of Franklin Value Investors Trust) MINUTES OF THE SPECIAL MEETING OF SHAREHOLDERS April 29, 2016 1: To approve an Agreement and Plan of Reorganization between the Franklin Large Cap Value Fund and the Franklin Rising Dividends Fund, a series of Franklin Managed Trust Current Voting Level % of Outstanding Shares % of Shares Present For: 4,494,935.5045 36.217% 70.089% Against: 110,354.8495 0.889% 1.721% Abstain: 250,461.0100 2.018% 3.905% Broker Non-Vote: 1,557,448.0810 12.548% 24.285% Total: 6,413,199.445 51.672% 100.000%
NAME OF REGISTRANT Franklin Value Investors Trust File No. 811-05878 EXHIBIT ITEM No. 77M: Mergers Pursuant to a Plan of Reorganization between the Franklin All Cap Value Fund (All Cap Fund) and the Franklin Small Cap Value Fund (the Small Cap Fund), each a series of Franklin Value Investors Trust, the Small Cap Fund acquired substantially all of the assets of the All Cap Fund on April 1, 2016, in exchange solely for shares of the Small Cap Fund, and the distribution of such shares to the shareholders of the All Cap Fund.
NAME OF REGISTRANT
Franklin Value Investors Trust
File No. 811-05878
EXHIBIT ITEM No. 77q1(g): Exhibits
FORM OF PLAN OF REORGANIZATION
THIS PLAN OF REORGANIZATION (the "Plan"), is made as of this 11th day
of March, 2016, by Franklin Value Investors Trust ("FVIT"), a
statutory trust created under the laws of the State of Delaware,
with its principal place of business at One Franklin Parkway, San
Mateo, CA 94403-1906, on behalf of its series, the Franklin All Cap
Value Fund ("All Cap Value Fund") and the Franklin Small Cap Value
Fund ("Small Cap Value Fund") (together, the "Funds" and, individually,
a "Fund"). Franklin Advisory Services, LLC, a Delaware limited liability
company, joins this Plan solely for purposes of Section 8.
PLAN OF REORGANIZATION
The reorganization (hereinafter referred to as the "Reorganization")
will consist of (i) the acquisition by FVIT, on behalf of Small Cap Value
Fund, of substantially all of the property, assets and goodwill of All
Cap Value Fund in exchange solely for full and fractional Class A,
Class C, Class R and Advisor Class shares of beneficial interest, with no
par value, of Small Cap Value Fund ("Small Cap Value Fund Shares"); (ii)
the distribution of Small Cap Value Fund Shares to the holders of
Class A, Class C, Class R and Advisor Class shares of beneficial
interest, with no par value, of All Cap Value Fund (the "All Cap Value Fund
Shares"), respectively, according to their respective interests in All
Cap Value Fund in complete liquidation of All Cap Value Fund; and (iii)
the dissolution of All Cap Value Fund as soon as is practicable after the
closing (as described in Section 3, hereinafter called the "Closing"), all
upon and subject to the terms and conditions of the Plan hereinafter
set forth.
AGREEMENT
In order to consummate the Reorganization and in consideration of the
premises and of the covenants and agreements hereinafter set forth,
FVIT covenants and agrees as follows:
1. Sale and Transfer of Assets, Liquidation and Dissolution of All
Cap Value Fund.
(a) Subject to the terms and conditions of the Plan, and in reliance
on the representations and warranties herein contained, and in
consideration of the delivery by Small Cap Value Fund of the number
of Small Cap Value Fund Shares hereinafter provided, FVIT, on
behalf of All Cap Value Fund, agrees that, at the time of Closing,
it will convey, transfer and deliver to Small Cap Value Fund all of
All Cap Value Fund's then existing assets, including any interest
in pending or future legal claims in connection with past or
present portfolio holdings, whether in form of class action claims,
opt-out or other direct litigation claims, or regulator or
government-established investor recovery fund claims, and any
and all resulting recoveries, free and clear of all liens,
encumbrances, and claims whatsoever (other than shareholders'
rights of redemption), except for cash, bank deposits, or cash
equivalent securities in an estimated amount necessary to: (i) pay
25% of the costs and expenses of carrying out the Reorganization in
accordance with Section 8 of the Plan, (including, but not limited to,
fees of counsel and accountants, and expenses of All Cap Value Fund's
liquidation and dissolution contemplated hereunder), which costs and
expenses shall be established on All Cap Value Fund's books as
liability reserves; (ii) discharge its unpaid liabilities on its
books at the Closing Date (as such term is defined in Section 3),
including, but not limited to, its income dividends and capital gains
distributions, if any, payable for the period prior to the Closing
Date and through the final taxable year ending with All Cap Value
Fund's complete liquidation; and (iii) pay such contingent liabilities,
if any, as the officers of FVIT, on behalf of All Cap Value Fund,
shall reasonably deem to exist against All Cap Value Fund at the
Closing Date, for which contingent and other appropriate liability
reserves shall be established on All Cap Value Fund's books (such assets
hereinafter "Net Assets"). Small Cap Value Fund shall not assume
any liability of All Cap Value Fund, whether accrued or contingent,
known or unknown, and FVIT, on behalf of All Cap Value Fund, shall
use its reasonable best efforts to discharge all of the known
liabilities of All Cap Value Fund, so far as may be possible,
from the cash, bank deposits and cash equivalent securities
described above.
(b) Subject to the terms and conditions of the Plan, and in reliance
on the representations and warranties herein contained, and in
consideration of such sale, conveyance, transfer, and delivery,
FVIT, on behalf of Small Cap Value Fund, agrees at the Closing
to deliver to All Cap Value Fund the number of Small Cap Value
Fund Shares, determined by dividing the net asset value per
share of each Class A, Class C, Class R and Advisor Class shares
of All Cap Value Fund by the net asset value per share each of
Class A, Class C, Class R and Advisor Class shares of Small Cap
Value Fund, respectively, and separately multiplying the result
thereof by the number of outstanding Class A, Class C, Class R
and Advisor Class shares, respectively, of All Cap Value Fund as
of 1:00 p.m., Pacific time, on the Closing Date. The Small Cap
Value Fund Shares delivered to All Cap Value Fund at the Closing
shall have an aggregate net asset value equal to the value of All
Cap Value Fund's Net Assets, all determined as provided in Section
2 of the Plan and as of the date and time specified herein.
(c) Immediately following the Closing, All Cap Value Fund shall
distribute the Small Cap Value Fund Shares received by All Cap
Value Fund pursuant to this Section 1 pro rata to All Cap Value
Fund's shareholders of record, based upon their respective
holdings of All Cap Value Fund, as of the close of business on the
Closing Date. Such distribution shall be accomplished by the
establishment of accounts on the share records of Small Cap
Value Fund of the type and in the amounts due such shareholders
based on their respective holdings in All Cap Value Fund as of
the close of business on the Closing Date. Fractional Small
Cap Value Fund Shares shall be carried to the third decimal place.
As promptly as practicable after the Closing, each holder of any
outstanding certificate or certificates representing All Cap Value
Fund Shares shall be entitled to surrender the same to the
transfer agent for Small Cap Value Fund in exchange for the number
of Small Cap Value Fund Shares of the same class into which the
All Cap Value Fund Shares theretofore represented by the certificate
or certificates so surrendered shall have been converted. Until
so surrendered, each outstanding certificate, if any, which, prior
to the Closing, represented All Cap Value Fund Shares shall be
deemed for all Small Cap Value Fund purposes to evidence ownership
of the number of Small Cap Value Fund Shares into which the All
Cap Value Fund Shares (which prior to the Closing were represented
thereby) have been converted. Certificates for Small Cap Value
Fund Shares shall not be issued, unless specifically requested by
a shareholder. After the distribution, All Cap Value Fund shall
be dissolved.
(d) At the Closing, each shareholder of record of All Cap Value Fund
as of the record date (the "Distribution Record Date") with respect
to any unpaid dividends and other distributions that were declared
prior to the Closing, including any dividend or distribution
declared pursuant to Section 7(d) hereof, shall have the right
to receive such unpaid dividends and distributions with respect
to the shares of All Cap Value Fund that such person had on such
Distribution Record Date.
(e) All books and records relating to All Cap Value Fund, including
all books and records required to be maintained under the Investment
Company Act of 1940 (the "1940 Act"), and the rules and regulations
thereunder, shall be available to Small Cap Value Fund from and
after the date of the Plan, and shall be turned over to Small Cap
Value Fund on or prior to the Closing.
2. Valuation.
(a) The net asset value of Small Cap Value Fund Shares and All
Cap Value Fund Shares and the value of All Cap Value Fund's Net
Assets to be acquired by Small Cap Value Fund hereunder shall in
each case be computed as of 1:00 p.m., Pacific time, on the
Closing Date, unless on such date: (i) the New York Stock Exchange
("NYSE") is not open for unrestricted trading; or (ii) the reporting
of trading on the NYSE or other relevant market is disrupted; or (iii)
any other extraordinary financial event or market condition occurs
(each of the events described in (i), (ii) or (iii) are referred
to as a "Market Disruption"). The net asset value per share of
Small Cap Value Fund Shares and All Cap Value Fund Shares and the
value of All Cap Value Fund's Net Assets shall be computed in
accordance with the valuation procedures set forth in the most
recent prospectus of Small Cap Value Fund and All Cap Value
Fund, as amended or supplemented, except that the net asset
value per share of All Cap Value Fund shall be carried to the
fourth decimal place.
(b) In the event of a Market Disruption on the proposed Closing
Date so that an accurate appraisal of the net asset value of
Small Cap Value Fund Shares or All Cap Value Fund Shares or
the value of All Cap Value Fund's Net Assets is impracticable,
the Closing Date shall be postponed until the first business
day when regular trading on the NYSE shall have been fully
resumed and reporting shall have been restored and other
trading markets are otherwise stabilized.
(c) All computations of value regarding the net asset value of
Small Cap Value Fund Shares and All Cap Value Fund Shares
and the value of All Cap Value Fund's Net Assets shall be
made by the administrator to the Funds.
3. Closing and Closing Date.
The Closing shall take place at the principal office of FVIT
at 1:00 p.m., Pacific time, on April 1, 2016 or such later date
as the officers of FVIT may determine (the "Closing Date"). FVIT,
on behalf of All Cap Value Fund, shall have provided for delivery
as of the Closing those Net Assets of All Cap Value Fund to be
transferred to the account of Small Cap Value Fund's custodian,
The Bank of New York Mellon, Mutual Funds Division, 100 Church
Street, New York, NY 10286. FVIT, on behalf of All Cap Value
Fund, shall deliver at the Closing a list of names and addresses
of the holders of record of each class of All Cap Value Fund
Shares and the number of full and fractional shares of beneficial
interest owned by each such shareholder, indicating thereon
which such shares are represented by outstanding certificates
and which by book-entry accounts, as of 1:00 p.m., Pacific
time, on the Closing Date. FVIT, on behalf of Small Cap Value
Fund, shall provide evidence that such Small Cap Value Fund
Shares have been registered in an account on the books of Small
Cap Value Fund in such manner as the officers of FVIT may
reasonably request.
4. Representations and Warranties by FVIT on behalf of Small
Cap Value Fund and All Cap Value Fund.
FVIT, on behalf of Small Cap Value Fund and All Cap Value Fund,
represents and warrants that:
(a) Each Fund is a series of FVIT, which was originally organized
as a Massachusetts business trust on September 11, 1989, and was
reorganized as a Delaware statutory trust effective on November 2,
2015. FVIT is validly existing under the laws of the State of
Delaware. FVIT is duly registered under the 1940 Act as an open-end,
management investment company and each Fund's shares sold were
sold pursuant to an effective registration statement filed under
the Securities Act of 1933 (the "1933 Act"), except for those
shares sold pursuant to the private offering exemption for the
purpose of raising initial capital or obtaining any required
initial shareholder approvals.
(b) FVIT is authorized to issue an unlimited number of shares of
beneficial interest, without par value, of each Fund, each
outstanding share of which is, and each share of Small Cap Value
Fund when issued pursuant to and in accordance with the Plan will
be, fully paid, non-assessable, and has or will have full voting
rights. FVIT currently issues shares of six series, including the
Funds. Small Cap Value Fund currently is divided into five classes
of shares: Class A, Class C, Class R, Class R6 and Advisor Class
shares of beneficial interest of which Class A, Class C, Class R
and Advisor Class represent Small Cap Value Fund Shares. All Cap
Value Fund currently is divided into four classes of Shares: Class A,
Class C, Class R and Advisor Class shares of beneficial interest.
No shareholder of either Fund shall have any option, warrant or
preemptive right of subscription or purchase with respect to All
Cap Value Fund Shares or Small Cap Value Fund Shares.
(c) The financial statements appearing in each Fund's Annual Report
to Shareholders for the fiscal year ended October 31, 2015, audited
by PricewaterhouseCoopers LLP, and any interim unaudited financial
statements, fairly present the financial position of each Fund as
of their respective dates and the results of each Fund's operations
for periods indicated, in conformity with Generally Accepted
Accounting Principles applied on a consistent basis.
(d) The books and records of each Fund accurately summarize the
accounting data represented and contain no material omissions
with respect to the business and operations of such Fund.
(e) FVIT, on behalf of each Fund, is not a party to or obligated
under any provision of its Agreement and Declaration of Trust, as
amended, or By-laws, as amended, or any contract or any other
commitment or obligation and is not subject to any order or
decree that would be violated by its execution of or performance
under the Plan, and no consent, approval, authorization or order
of any court or governmental authority is required for the
consummation by FVIT, on behalf of either Fund, of the transactions
contemplated by the Plan, except for the registration of Small Cap
Value Fund Shares under the 1933 Act, the 1940 Act, or as may
otherwise be required under the federal and state securities
laws or the rules and regulations thereunder. All Cap Value
Fund has no material contracts or other commitments (other than
the Plan or agreements for the purchase of securities entered
into in the ordinary course of business and consistent with its
obligations under the Plan) which will not be terminated by All
Cap Value Fund in accordance with their terms at or prior to the
Closing Date, or which will result in a penalty or additional
fee to be due from or payable by All Cap Value Fund.
(f) FVIT has elected to treat each Fund as a regulated investment
company ("RIC") for federal income tax purposes under Part I of
Subchapter M of the Internal Revenue Code of 1986, as amended
(the "Code"). Each Fund is a "fund" as defined in Section 851(g)(2)
of the Code. Each Fund has qualified as a RIC for each taxable
year since its inception and that has ended prior to the
Closing Date, and, with respect to All Cap Value Fund, will have
satisfied the requirements of Part I of Subchapter M of the Code
to maintain such qualification for the period beginning on the
first day of its current taxable year and ending on the Closing
Date, and, with respect to Small Cap Value Fund, intends to
continue to qualify as a RIC after the Closing Date. Neither Fund
has had any earnings and profits accumulated in any taxable year
to which the provisions of Subchapter M of the Code (or the
corresponding provisions of prior law) did not apply. Consummation
of the transactions contemplated by the Plan will not cause
either Fund to fail to be qualified as a RIC as of the Closing Date.
(g) Neither Fund is under jurisdiction of a court in a Title 11 or
similar case within the meaning of Section 368(a)(3)(A) of the Code.
(h) Neither Fund has any unamortized or unpaid organizational fees
or expenses.
(i) All information to be furnished by either Fund for use in
preparing any prospectus, proxy statement and other documents
which may be necessary in connection with the transactions
contemplated hereby shall be accurate and complete.
(j) Neither Fund has any known liabilities, costs or expenses
of a material amount, contingent or otherwise, other than those
reflected in the financial statements referred to in Section 4(c)
hereof and those incurred in the ordinary course of business
as an investment company and of a nature and amount similar
to, and consistent with, those shown in such financial statements
since the dates of those financial statements.
(k) There is no inter-corporate indebtedness existing between All
Cap Value Fund and Small Cap Value Fund that was issued,
acquired, or will be settled at a discount.
(l) The registration statement on Form N-14 referred to in
Section 6(h) hereof (the "Registration Statement"), and any
prospectus or statement of additional information of Small Cap
Value Fund or All Cap Value Fund contained or incorporated therein
by reference, and any supplement or amendment to the Registration
Statement, or any such prospectus or statement of additional
information or supplement thereto, on the effective and clearance
dates of the Registration Statement, on the date of the special
meeting of All Cap Value Fund's shareholders to vote on the Plan
(the "Special Meeting") and on the Closing Date: (i) shall comply
in all material respects with the provisions of the 1933 Act, the
Securities Exchange Act of 1934 (the "1934 Act"), the 1940 Act, the
rules and regulations thereunder, and all applicable state securities
laws and the rules and regulations thereunder; and (ii) shall not
contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under
which the statements were made, not misleading.
(m) Since October 31, 2015, there has not been any material adverse
change in either Fund's financial condition, assets, liabilities,
or business other than changes occurring in the ordinary course of
its business.
(n) No consent, approval, authorization or order of any court or
governmental authority is required for the consummation by FVIT,
on behalf of each Fund, of the transactions contemplated by the
Plan, except as may otherwise be required under federal or state
securities laws or the rules and regulations thereunder.
(o) As of the Closing Date, All Cap Value Fund will not have
outstanding any warrants, options, convertible securities, or
any other type of rights pursuant to which any person could
acquire shares of All Cap Value Fund, except for the right of
investors to acquire its shares at the applicable stated offering
price in the normal course of its business as an open-end management
investment company operating under the 1940 Act.
(p) There is no material suit, judicial action, or legal or
administrative proceeding pending or threatened against
FVIT. FVIT, on behalf of either Fund, is not a party to or
subject to the provisions of any order, decree or judgment of
any court or governmental body which materially and adversely
affects Small Cap Value Fund's or All Cap Value Fund's business
or their ability to consummate the transactions herein contemplated.
(q) The execution, delivery, and performance of the Plan have
been duly authorized by all necessary action of FVIT's Board of
Trustees, subject to approval of All Cap Value Fund's shareholders.
(r) On the Closing Date, all material Returns (as defined below)
of each Fund required by law to have been filed by such date
(including any extensions) shall have been filed and are or will
be true, correct and complete in all material respects, and all
Taxes (as defined below) shown as due or claimed to be due by any
government entity shall have been paid or provision has been made
for the payment thereof. To FVIT's knowledge, no such Return is
currently under audit by any Federal, state, local or foreign Tax
authority; no assessment has been asserted with respect to
such Returns; there are no levies, liens or other encumbrances
on either Fund or its assets resulting from the non-payment of
any Taxes; no waivers of the time to assess any such Taxes are
outstanding nor are any written requests for such waivers
pending; and adequate provision has been made in each Fund's
financial statements for all Taxes in respect of all periods
ended on or before the date of such financial statements.
As used in the Plan, "Tax" or "Taxes" means any tax, governmental
fee or other like assessment or charge of any kind whatsoever
(including, but not limited to, withholding on amounts paid to
or by any person), together with any interest, penalty, additional
tax or additional amount imposed by any governmental authority
(domestic or foreign) responsible for the imposition of any such
tax. "Return" means reports, returns, information returns,
elections, agreements, declarations, or other documents of any
nature or kind (including any attached schedules, supplements
and additional or supporting material) filed or required to be
filed with respect to Taxes, including any claim for refund,
amended return or declaration of estimated Taxes (and including
any amendments with respect thereto).
5. Further Representations and Warranties by FVIT, on behalf
of All Cap Value Fund.
FVIT represents and warrants that:
(a) The statement of assets and liabilities to be furnished by
FVIT, on behalf of All Cap Value Fund, as of 1:00 p.m., Pacific
time, on the Closing Date for the purpose of determining the
number of Small Cap Value Fund Shares to be issued pursuant to
Section 1 of the Plan, will accurately reflect the All Cap Value
Fund's Net Assets and outstanding shares, as of such date, in
conformity with generally accepted accounting principles applied
on a consistent basis.
(b) At the Closing, FVIT, on behalf of All Cap Value Fund,
will have good and marketable title to all of the securities
and other assets shown on the statement of assets and liabilities
referred to in (a) above, free and clear of all liens or
encumbrances of any nature whatsoever, except such imperfections
of title or encumbrances as do not materially detract from the
value or use of the assets subject thereto, or materially affect
title thereto.
(c) FVIT, on behalf of All Cap Value Fund, will declare and
pay or cause to be paid a dividend or dividends prior to the
Closing Date that, together with all previous dividends, shall
have the effect of distributing to its shareholders (i) all of the
All Cap Value Fund's investment company taxable income for the
taxable year ended prior to the Closing Date and substantially
all of such investment company taxable income for the final
taxable year ending with its complete liquidation (in each
case determined without regard to any deductions for dividends
paid); and (ii) all of All Cap Value Fund's net capital gain
recognized in its taxable year ended prior to the Closing Date
and substantially all of any such net capital gain recognized
in such final taxable year (in each case after reduction for
any capital loss carryover).
6. Covenants of FVIT.
(a) FVIT, on behalf of each Fund, covenants to operate each
Fund's respective business as presently conducted between the
date hereof and the Closing, it being understood that such
ordinary course of business will include the distribution of
customary dividends and distributions and any other distribution
necessary or desirable to minimize federal income or excise Taxes.
(b) FVIT, on behalf of All Cap Value Fund, undertakes that
it will not acquire Small Cap Value Fund Shares for the purpose
of making distributions thereof to anyone other than All
Cap Value Fund's shareholders.
(c) FVIT, on behalf of All Cap Value Fund, undertakes that,
if the Plan is consummated, All Cap Value Fund will liquidate
and dissolve.
(d) FVIT, on behalf of each Fund, agrees that, by the Closing,
all of the federal and other Tax Returns required by law to be
filed on or before such date shall have been filed, and either
all federal and other Taxes shown as due on said Returns shall
have been paid, or adequate liability reserves shall have been
provided for the payment of such Taxes.
(e) FVIT, on behalf of the All Cap Value Fund, shall provide at
the Closing:
(1) A statement of the respective tax basis and holding
period of all investments to be transferred by the All Cap
Value Fund to the Small Cap Value Fund.
(2) A copy (which may be in electronic form) of the All
Cap Value Fund's shareholder ledger accounts including,
without limitation, the name, address and taxpayer identification
number of each shareholder of record, the number of shares of
beneficial interest held by each shareholder, the dividend
reinvestment elections applicable to each shareholder, the
backup withholding and nonresident alien withholding
certifications, notices or records on file with FVIT, with
respect to each shareholder, and such information as the
Small Cap Value Fund may reasonably request concerning All
Cap Value Fund shares or All Cap Value Fund shareholders
in connection with All Cap Value Fund's cost basis reporting
and related obligations under Sections 1012, 6045, 6045A,
and 6045B of the Code and related regulations issued by the
United States Treasury ("Treasury Regulations") following the
Closing for all of the shareholders of record of the All Cap
Value Fund's shares as of the close of business on the day of
valuation as described in Section 2, who are to become holders
of the Small Cap Value Fund as a result of the transfer of
assets that is the subject of this Plan (the "Target Fund
Shareholder Documentation").
(3) A copy of any other Tax books and records of the
All Cap Value Fund necessary for purposes of preparing any
Tax Returns, schedules, forms, statements or related documents
(including but not limited to any income, excise or information
returns, as well as any transfer statements
(as described in Treas. Reg. 1.6045A-1)) required by law to
be filed by the All Cap Value Fund after the Closing.
(4) If requested by the Small Cap Value Fund, all
FASB ASC 740-10-25 (formerly, FIN 48) work papers and
supporting statements pertaining to the All Cap Value Fund.
(f) As promptly as practicable, but in any case within sixty
days after the date of Closing, FVIT, on behalf of All Cap
Value Fund, shall furnish Small Cap Value Fund, in such form
as is reasonably satisfactory to Small Cap Value Fund, a
statement of the earnings and profits of All Cap Value Fund
for federal income tax purposes that will be carried over
by Small Cap Value Fund as a result of Section 381 of the Code.
(g) As of the Closing, FVIT, on behalf of All Cap Value Fund,
shall have called, and FVIT shall have held, a Special Meeting
of All Cap Value Fund's shareholders to consider and vote upon
the Plan and FVIT shall have taken all other actions reasonably
necessary to obtain approval of the transactions contemplated
herein. FVIT shall have mailed to each shareholder of record
of All Cap Value Fund entitled to vote at the Special Meeting
at which action on the Plan is to be considered, in sufficient
time to comply with requirements as to notice thereof, a combined
Prospectus/Proxy Statement that complies in all material respects
with the applicable provisions of the 1933 Act, Section 14(a) of
the 1934 Act and Section 20(a) of the 1940 Act, and the rules
and regulations, thereunder (the "Prospectus/Proxy Statement").
(h) FVIT, on behalf of Small Cap Value Fund, has filed the
Registration Statement with the Securities and Exchange
Commission ("SEC") and used its best efforts to provide
that the Registration Statement became effective as promptly
as practicable. At the time it became effective, the
Registration Statement (i) complied in all material respects
with the applicable provisions of the 1933 Act, and the rules
and regulations promulgated thereunder; and (ii) did not contain
any untrue statement of material fact or omit to state a material
fact required to be stated therein or necessary to make the
statements therein not misleading. At the time the Registration
Statement became effective, at the time of the Special Meeting,
and at the Closing Date, the prospectus and statement of additional
information included in the Registration Statement did not and will
not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein,
in the light of the circumstances under which they were made,
not misleading.
(i) Subject to the provisions of the Plan, FVIT, on behalf of
each Fund, shall take, or cause to be taken, all action, and
do or cause to be done, all things reasonably necessary, proper
or advisable to consummate the transactions contemplated by the Plan.
(j) FVIT, on behalf of All Cap Value Fund, shall deliver to Small
Cap Value Fund, at the Closing Date, confirmation or other
adequate evidence as to the Tax costs and holding periods
of the assets and property of All Cap Value Fund transferred to
Small Cap Value Fund in accordance with the terms of the Plan.
(k) FVIT, on behalf of each Fund, intends that the Reorganization
will qualify as a reorganization within the meaning of
Section 368(a)(1) of the Code. FVIT, on behalf of each
Fund, shall not take any action or cause any action to be
taken (including, without limitation the filing of any Tax Return)
that is inconsistent with such treatment or results in the
failure of such Reorganization to qualify as a reorganization
within the meaning of Section 368(a)(1) of the Code.
7. Conditions Precedent to be Fulfilled by FVIT.
The consummation of the Plan hereunder shall be subject
to the following respective conditions:
(a) That all the representations and warranties contained
herein shall be true and correct as of the Closing with
the same effect as though made as of and at such date.
(b) That the SEC shall have declared effective the
Registration Statement and not have issued an unfavorable
management report under Section 25(b) of the 1940 Act or
instituted or threatened to institute any proceeding seeking
to enjoin consummation of the Plan under Section 25(c) of the
1940 Act. And, further, no other legal, administrative or
other proceeding shall have been instituted or threatened
that would materially affect the financial condition of
either Fund or would prohibit the transactions
contemplated hereby.
(c) That the Plan and the Reorganization contemplated hereby
shall have been adopted and approved by the appropriate
action of the shareholders of All Cap Value Fund at a
meeting or any adjournment thereof.
(d) FVIT, on behalf of All Cap Value Fund, shall have
declared and paid or cause to have been paid a dividend
or dividends prior to the Closing Date that, together
with all previous dividends, shall have the effect of
distributing to its shareholders (i) all of All Cap Value
Fund's investment company taxable income for the taxable
year ended prior to the Closing Date and substantially
all of such investment company taxable income for the
final taxable year ending with its complete liquidation
(in each case determined without regard to any deductions
for dividends paid); (ii) all of All Cap Value Fund's net
capital gain recognized in its taxable year ended prior
to the Closing Date and substantially all of any such net
capital gain recognized in such final taxable year
(in each case after reduction for any capital loss carryover).
(e) That all required consents of other parties and all other
consents, orders, and permits of federal, state and local
authorities (including those of the SEC and of state Blue
Sky securities authorities, including any necessary "no-action"
positions or exemptive orders from such federal and state
authorities) to permit consummation of the transactions
contemplated hereby shall have been obtained, except where
failure to obtain any such consent, order, or permit would
not involve a risk of material adverse effect on the
assets and properties of All Cap Value Fund or Small
Cap Value Fund.
(f) That there shall be delivered to FVIT an opinion
in form and substance satisfactory to it, from the
law firm of Stradley Ronon Stevens & Young, LLP,
counsel to FVIT, to the effect that, provided the
transaction contemplated hereby is carried out in
accordance with the Plan, and the laws of the State
of Delaware, and based upon certificates of the
officers of FVIT with regard to matters of fact:
(1) The acquisition by Small Cap Value Fund of
substantially all the assets of All Cap Value
Fund as provided for herein in exchange solely
for Small Cap Value Fund Shares followed by
the distribution by All Cap Value Fund to
its shareholders of Small Cap Value Fund
Shares in complete liquidation of All Cap
Value Fund will qualify as a reorganization
within the meaning of Section 368(a)(1) of
the Code, and All Cap Value Fund and Small
Cap Value Fund will each be a "party to the
reorganization" within the meaning of Section 368(b)
of the Code;
(2) No gain or loss will be recognized by All Cap Value
Fund upon the transfer of substantially all of its assets
to Small Cap Value Fund in exchange solely for voting shares
of Small Cap Value Fund under Sections 361(a) and 357(a) of
the Code;
(3) No gain or loss will be recognized by Small Cap Value Fund
upon the receipt by it of substantially all of the assets of All
Cap Value Fund in exchange solely for voting shares of Small Cap
Value Fund under Section 1032(a) of the Code;
(4) No gain or loss will be recognized by All Cap Value Fund upon
the distribution of Small Cap Value Fund Shares to its shareholders
in complete liquidation of All Cap Value Fund (in pursuance of
the Plan) under Section 361(c)(1) of the Code;
(5) The tax basis of the assets of All Cap Value Fund received
by Small Cap Value Fund will be the same as the tax basis of
these assets in the hands of the All Cap Value Fund
immediately prior to the Reorganization under Section 362(b)
of the Code;
(6) The holding periods of the assets of All Cap Value Fund
received by Small Cap Value Fund will include the periods
during which such assets were held by All Cap Value Fund
under Section 1223(2) of the Code;
(7) No gain or loss will be recognized by the shareholders of
All Cap Value Fund upon the exchange of their shares in All
Cap Value Fund solely for voting shares of Small Cap Value
Fund, including fractional shares to which they may be
entitled, under Section 354(a) of the Code;
(8) The tax basis of Small Cap Value Fund Shares received by
the shareholders of All Cap Value Fund (including fractional
shares to which they may be entitled) will be the same as the
tax basis of the All Cap Value Fund Shares exchanged
therefor under Section 358(a)(1) of the Code;
(9) The holding period of Small Cap Value Fund Shares
received by shareholders of All Cap Value Fund (including
fractional shares to which they may be entitled) will include
the holding period of All Cap Value Fund Shares surrendered in
exchange therefor, provided that the shareholder held the All
Cap Value Fund Shares as a capital asset on the effective date
of the Reorganization under Section 1223(1) of the Code; and
(10) Small Cap Value Fund will succeed to and take into
account as of the date of the transfer (as defined in
Section 1.381(b)-1(b) of the Treasury Regulations) the
items of All Cap Value Fund described in Section 381(c)
of the Code, subject to the conditions and limitations
specified in Sections 381, 382, 383 and 384 of the Code
and the Treasury Regulations.
The foregoing opinion may state that no opinion is
expressed as to the effect of the Reorganization on
the All Cap Value Fund, Small Cap Value Fund, or any
Shareholder of All Cap Value Fund with respect to any
asset as to which any unrealized gain or loss is required
to be recognized for federal income tax purposes at the
end of a taxable year (or on the termination or transfer
thereof) under a mark-to-market system of accounting.
(g) That there shall be delivered to FVIT an opinion in
form and substance satisfactory to it from Stradley Ronon
Stevens & Young, LLP, counsel to FVIT, to the effect that,
subject in all respects to the effects of bankruptcy,
insolvency, reorganization, moratorium, fraudulent
conveyance, and other laws now or hereafter affecting
generally the enforcement of creditors' rights:
(1) All Cap Value Fund and Small Cap Value Fund are
each a series of FVIT and that FVIT is a validly existing
statutory trust in good standing under the laws of the
State of Delaware;
(2) FVIT is an open-end investment company of the
management type registered as such under the 1940 Act;
(3) The consummation of the transactions contemplated
hereby have been duly authorized by all necessary
trust action on the part of FVIT, on behalf of each Fund;
(4) FVIT, on behalf of each Fund, is authorized to issue an
unlimited number of shares of beneficial interest, without
par value; and
(5) Small Cap Value Fund Shares to be issued pursuant to
the terms of the Plan have been duly authorized and, when
issued and delivered as provided in the Plan and the Registration
Statement, will have been validly issued and fully paid and will
be non-assessable by FVIT, on behalf of Small Cap Value Fund.
In giving the opinions set forth above, counsel may state that
it is relying on certificates of the officers of FVIT with regard
to matters of fact, and certain certifications and written
statements of governmental officials with respect to the
good standing of FVIT.
(h) That Small Cap Value Fund's Prospectus contained in
the Registration Statement with respect to Small Cap Value
Fund Shares to be delivered to All Cap Value Fund shareholders
in accordance with the Plan shall be effective, and no stop order
suspending the effectiveness of the Registration Statement or
any amendment or supplement thereto, shall have been issued prior
to the Closing Date or shall be in effect at the Closing, and
no proceedings for the issuance of such an order shall be
pending or threatened on that date.
(i) That Small Cap Value Fund Shares to be delivered hereunder
shall be eligible for sale with each state commission or agency
with which such eligibility is required in order to permit
Small Cap Value Fund Shares lawfully to be delivered to each
holder of All Cap Value Fund Shares.
(j) FVIT, on behalf of the All Cap Value Fund will provide the
Small Cap Value Fund with (1) a statement of the respective tax
basis and holding period of all investments to be transferred
by the All Cap Value Fund to the Small Cap Value Fund, (2) the
Target Fund Shareholder Documentation, (3) if requested by FVIT,
on behalf of the Small Cap Value Fund, all workpapers and
supporting statements related to ASC 740-10-25 (formerly, FIN 48)
pertaining to the All Cap Value Fund, (4) the Tax books and
records of the All Cap Value Fund for purposes of preparing
any Returns required by law to be filed for Tax periods ending
after the Closing Date, and (5) a statement of earnings and
profits as provided in Section 6(f).
8. Expenses.
The expenses of entering into and carrying out the provisions
of the Plan shall be borne as follows: each Fund will pay 25%
of the costs of the Reorganization. Franklin Advisory Services,
LLC, the investment manager for each Fund, will pay 50% of the
costs of the Reorganization.
9. Termination; Postponement; Waiver; Order.
(a) Anything contained in the Plan to the contrary notwithstanding,
the Plan may be terminated and the Reorganization abandoned at any
time prior (whether before or after approval thereof by the
shareholders of All Cap Value Fund) to the Closing, or the
Closing may be postponed by FVIT, on behalf of either Fund, if
any condition of its obligations set forth in Section 7 has not been
fulfilled or waived and it reasonably appears that such condition
or obligation will not or cannot be met.
(b) If the transactions contemplated by the Plan have not been
consummated by December 31, 2016, the Plan shall automatically
terminate on that date, unless a later date is set by officers of
FVIT.
(c) In the event of termination of the Plan prior to its consummation,
pursuant to the provisions hereof, the Plan shall become void and
have no further effect, and neither FVIT, All Cap Value Fund
nor Small Cap Value Fund, nor their trustees, officers, or
agents or the shareholders of All Cap Value Fund or Small
Cap Value Fund shall have any liability in respect of the
Plan, but all expenses incidental to the preparation and
carrying out of the Plan shall be paid as provided in Section 8 hereof.
(d) At any time prior to the Closing, any of the terms or
conditions of the Plan may be waived by FVIT if, in the
judgment of its officers, such action or waiver will not
have a material adverse effect on the benefits intended
under the Plan to its shareholders.
(e) The representations and warranties contained in Sections 4
and 5 hereof shall expire with and be terminated by the Plan
on the Closing Date, and neither FVIT, nor any of its officers,
trustees, agents or shareholders shall have any liability with
respect to such representations or warranties after the Closing Date.
(f) If any order of the SEC with respect to the Plan shall be
issued prior to the Closing that imposes any term or condition
that is determined by action of the Board of Trustees of FVIT,
on behalf of either Fund, to be acceptable, such term or condition
shall be binding as if it were a part of the Plan without a vote or
approval of the shareholders of All Cap Value Fund; provided that,
if such term or condition would result in a change in the method of
computing the number of Small Cap Value Fund Shares to be issued to
All Cap Value Fund, and such term or condition had not been included
in the Prospectus/Proxy Statement or other proxy solicitation
material furnished to the shareholders of All Cap Value Fund
prior to the Special Meeting, the Plan shall not be consummated
and shall terminate unless All Cap Value Fund promptly calls
a special meeting of the shareholders of All Cap Value Fund
at which such condition shall be submitted for approval.
10. Final Tax Returns and Forms 1099 of All Cap Value Fund;
Reporting responsibility.
(a) After the Closing Date, FVIT, on behalf of the All Cap
Value Fund, shall or shall cause its agents to prepare any
federal, state or local Tax Returns, including any Forms 1099,
required to be filed by FVIT with respect to the All Cap Value
Fund's final taxable year ending with its complete liquidation
and for any prior periods or taxable years and shall further
cause such Tax Returns and Forms 1099 to be duly filed with
the appropriate taxing authorities.
(b) Any reporting responsibility of FVIT, on behalf of the
All Cap Value Fund, is and shall remain the responsibility
of the All Cap Value Fund, up to and including the Closing
Date, and such later date on which the All Cap Value Fund is
terminated including, without limitation, responsibility for (i)
preparing and filing Tax Returns relating to Tax periods ending
on or prior to the date of Closing (whether due before or after
the Closing); and (ii) preparing and filing other documents
with the SEC, any state securities commission, and any Federal,
state or local Tax authorities or any other relevant regulatory
authority, except as otherwise mutually agreed by the parties.
11. Liability of FVIT.
It is acknowledged and agreed that all obligations of FVIT under
the Plan with respect to a Fund are binding only with respect to
that Fund; shall be discharged only out of the assets of such
Fund, that no other series of FVIT shall be liable with respect
to the Plan or in connection with the transactions contemplated
herein; and that neither FVIT nor a Fund shall seek satisfaction
of any such obligation or liability from the shareholders of
FVIT or a Fund, the trustees, officers, employees or agents of
FVIT, or any of them.
12. Entire Agreement and Amendments.
The Plan embodies the entire agreement between the parties and
there are no agreements, understandings, restrictions, or
warranties relating to the transactions contemplated by
the Plan other than those set forth herein or herein
provided for. The Plan may be amended only by mutual
consent of the parties in writing. Neither the Plan nor
any interest herein may be assigned without the prior
written consent of the other party.
13. Counterparts.
The Plan may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all
such counterparts together shall constitute but one instrument.
14. Governing Law.
The Plan shall be governed by and carried out in accordance with
the laws of the State of Delaware.
[Signature Page Follows]
IN WITNESS WHEREOF, FVIT, on behalf of All Cap Value Fund, and
on behalf of Small Cap Value Fund, has caused the Plan to be
executed on its behalf by its duly authorized officers, all as
of the date and year first-above written.
FRANKLIN INVESTORS SECURITIES TRUST,
on behalf of FRANKLIN SMALL CAP VALUE FUND
By:
/ s/ Steven J. Gray
Name: Steven J. Gray
Title: Vice President and Secretary
FRANKLIN INVESTORS SECURITIES TRUST,
on behalf of FRANKLIN ALL CAP VALUE FUND
By:
/s/ Steven J. Gray
Name: Steven J. Gray
Title: Vice President and Secretary
With respect to Section 8 of the Plan only:
FRANKLIN ADVISORY SERVICES, LLC
By:
/s/ Donald Taylor
Name: Donald Taylor
Title: President and Chief Investment Officer
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