# EDGAR Filing Document

**Accession Number:** 0000856119
**File Stem:** 0001133228-25-006804
**Filing Date:** 2025-6
**Character Count:** 190862
**Document Hash:** de9e85d92dc8d9d97cd2deadfeff3b7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006804.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001133228-25-006804

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN VALUE INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000856119

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05878
- **FILM NUMBER:** 251082304

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN BALANCE SHEET INVESTMENT FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### FRANKLIN MUTUAL U.S. MID CAP VALUE FUND (Series ID: S000007352)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000020187 | CLASS A       | FRBSX           |
| C000020189 | CLASS C       | FCBSX           |
| C000020190 | ADVISOR CLASS | FBSAX           |
| C000020191 | CLASS R       | FBSRX           |
| C000128824 | Class R6      | FBSIX           |

### FRANKLIN MUTUAL SMALL-MID CAP VALUE FUND (Series ID: S000007354)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000020197 | ADVISOR CLASS | FVRMX           |
| C000020198 | CLASS A       | FRMCX           |
| C000128826 | Class R6      | FMCVX           |

### FRANKLIN SMALL CAP VALUE FUND (Series ID: S000007356)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000020203 | CLASS A       | FRVLX           |
| C000020205 | CLASS C       | FRVFX           |
| C000020206 | CLASS R       | FVFRX           |
| C000020207 | ADVISOR CLASS | FVADX           |
| C000128827 | Class R6      | FRCSX           |

?xml version='1.0' encoding='ASCII'? 2025-05-1274200009700_FranklinMutualSmall-MidCapValueFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-05878**

**Franklin Value Investors Trust**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **650 312-2000**

Date of fiscal year end: **October 31**

Date of reporting period: **April 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Mutual Small-Mid Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Class A [FRMCX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Small-Mid Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $54 | 1.15% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $182114786 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 64 |
| **Portfolio Turnover Rate** | 57.89% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3969img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Small-Mid Cap Value Fund PAGE 1 189-STSR-0625

28.224.312.07.77.07.04.03.12.31.81.31.3 ------

---

| | |
|:---|:---|
| **Franklin Mutual Small-Mid Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Class R6 [FMCVX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Small-Mid Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $41 | 0.87% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $182114786 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 64 |
| **Portfolio Turnover Rate** | 57.89% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3972img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Small-Mid Cap Value Fund PAGE 1 349-STSR-0625

28.224.312.07.77.07.04.03.12.31.81.31.3 ------

---

| | |
|:---|:---|
| **Franklin Mutual Small-Mid Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Advisor Class [FVRMX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Small-Mid Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $43 | 0.90% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $182114786 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 64 |
| **Portfolio Turnover Rate** | 57.89% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3974img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Small-Mid Cap Value Fund PAGE 1 629-STSR-0625

28.224.312.07.77.07.04.03.12.31.81.31.3 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Class A [FRBSX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $43 | 0.88% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $722758996 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 53 |
| **Portfolio Turnover Rate** | 24.10% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3954img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 150-STSR-0625

18.816.910.38.98.67.76.64.94.54.32.16.4 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Class C [FCBSX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $79 | 1.63% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $722758996 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 53 |
| **Portfolio Turnover Rate** | 24.10% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3957img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 250-STSR-0625

18.816.910.38.98.67.76.64.94.54.32.16.4 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Class R [FBSRX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $55 | 1.13% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $722758996 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 53 |
| **Portfolio Turnover Rate** | 24.10% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3966img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 850-STSR-0625

18.816.910.38.98.67.76.64.94.54.32.16.4 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Class R6 [FBSIX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $27 | 0.55% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $722758996 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 53 |
| **Portfolio Turnover Rate** | 24.10% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3960img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 353-STSR-0625

18.816.910.38.98.67.76.64.94.54.32.16.4 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Advisor Class [FBSAX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $31 | 0.63% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $722758996 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 53 |
| **Portfolio Turnover Rate** | 24.10% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3963img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 650-STSR-0625

18.816.910.38.98.67.76.64.94.54.32.16.4 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Class A [FRVLX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $45 | 0.95% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3469674313 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 75 |
| **Portfolio Turnover Rate** | 24.41% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3942img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small Cap Value Fund PAGE 1 482-STSR-0625

32.427.210.69.18.52.92.21.91.91.41.9 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Class C [FRVFX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $80 | 1.70% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3469674313 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 75 |
| **Portfolio Turnover Rate** | 24.41% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3945img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small Cap Value Fund PAGE 1 582-STSR-0625

32.427.210.69.18.52.92.21.91.91.41.9 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Class R [FVFRX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $57 | 1.20% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3469674313 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 75 |
| **Portfolio Turnover Rate** | 24.41% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3951img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small Cap Value Fund PAGE 1 882-STSR-0625

32.427.210.69.18.52.92.21.91.91.41.9 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Class R6 [FRCSX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $28 | 0.59% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3469674313 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 75 |
| **Portfolio Turnover Rate** | 24.41% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3939img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small Cap Value Fund PAGE 1 382-STSR-0625

32.427.210.69.18.52.92.21.91.91.41.9 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](i202405220716489.jpg) |
| Advisor Class [FVADX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $33 | 0.70% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3469674313 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 75 |
| **Portfolio Turnover Rate** | 24.41% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts3948img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small Cap Value Fund PAGE 1 682-STSR-0625

32.427.210.69.18.52.92.21.91.91.41.9 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Value

#### Investors

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

April

30,

2025

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 24
Notes

to

Financial

Statements

#### 29
Changes

In

and

Disagreements

with

Accountants

#### 45
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$29.99

$25.79

$27.57

$32.58

$21.77

$29.32

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.06 0.15 0.15 0.12 0.11 c

0.11 Net

realized

and

unrealized

gains

(losses)

(2.14)

5.50 (0.30)

(0.81)

12.15 (2.89)

Total

from

investment

operations

........

(2.08)

5.65 (0.15)

(0.69)

12.26 (2.78)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.18)

(0.09)

(0.08)

(0.11)

(0.06)

Net

realized

gains

.................

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

(4.71)

Total

distributions

...................

(6.00)

(1.45)

(1.63)

(4.32)

(1.45)

(4.77)

Net

asset

value,

end

of

period

..........

$21.91

$29.99

$25.79

$27.57

$32.58

$21.77

Total

return

d

.......................

(8.96)%

22.43%

(0.71)%

(2.00)%

57.97%

(12.10)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.22%

1.27%

1.23%

1.24%

1.23%

1.28%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.15%

1.19%

1.22%

f

1.22%

f

1.23%

g

1.27%

f

Net

investment

income

...............

0.47%

0.54%

0.56%

0.45%

0.37%

c

0.50%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$146,007

$160,115

$139,370

$144,717

$161,200

$94,015

Portfolio

turnover

rate

................

57.89%

87.90%

32.63%

19.91%

31.98%

31.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.05

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.20%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.73

$26.39

$28.18

$33.21

$22.17

$29.80

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.10 0.25 0.27 0.22 0.22 c

0.20 Net

realized

and

unrealized

gains

(losses)

(2.21)

5.63 (0.34)

(0.82)

12.36 (2.94)

Total

from

investment

operations

........

(2.11)

5.88 (0.07)

(0.60)

12.58 (2.74)

Less

distributions

from:

Net

investment

income

..............

(0.23)

(0.27)

(0.18)

(0.19)

(0.20)

(0.18)

Net

realized

gains

.................

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

(4.71)

Total

distributions

...................

(6.08)

(1.54)

(1.72)

(4.43)

(1.54)

(4.89)

Net

asset

value,

end

of

period

..........

$22.54

$30.73

$26.39

$28.18

$33.21

$22.17

Total

return

d

.......................

(8.86)%

22.82%

(0.35)%

(1.67)%

58.51%

(11.80)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.92%

0.98%

0.90%

0.91%

0.91%

0.95%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.87%

0.87%

0.86%

f

0.87%

f

0.88%

0.91%

f

Net

investment

income

...............

0.75%

0.87%

0.98%

0.79%

0.72%

c

0.86%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$13,428

$15,938

$15,228

$25,570

$23,137

$12,299

Portfolio

turnover

rate

................

57.89%

87.90%

32.63%

19.91%

31.98%

31.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.05

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.54%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.45

$26.15

$27.95

$32.96

$22.01

$29.62

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.09 0.23 0.23 0.19 0.19 c

0.17 Net

realized

and

unrealized

gains

(losses)

(2.18)

5.59 (0.33)

(0.81)

12.28 (2.94)

Total

from

investment

operations

........

(2.09)

5.82 (0.10)

(0.62)

12.47 (2.77)

Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.25)

(0.16)

(0.15)

(0.18)

(0.13)

Net

realized

gains

.................

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

(4.71)

Total

distributions

...................

(6.06)

(1.52)

(1.70)

(4.39)

(1.52)

(4.84)

Net

asset

value,

end

of

period

..........

$22.30

$30.45

$26.15

$27.95

$32.96

$22.01

Total

return

d

.......................

(8.85)%

22.74%

(0.44)%

(1.77)%

58.40%

(11.95)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.97%

1.01%

0.98%

0.99%

0.98%

1.03%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.90%

0.94%

0.96%

f

0.97%

f

0.98%

g

1.02%

f

Net

investment

income

...............

0.72%

0.81%

0.83%

0.69%

0.60%

c

0.73%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$22,679

$29,160

$36,980

$44,877

$38,829

$22,429

Portfolio

turnover

rate

................

57.89%

87.90%

32.63%

19.91%

31.98%

31.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.05

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.43%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

April

30,

2025

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 99.0%

#### Aerospace

#### &

#### Defense

#### 5.8%
Babcock

International

Group

plc

........................

United

Kingdom

171,849

$

1,851,292

a

Ducommun,

Inc.

....................................

United

States

78,493

4,499,219

QinetiQ

Group

plc

...................................

United

Kingdom

803,753

4,230,624

10,581,135

#### Banks

#### 13.2%
Arrow

Financial

Corp.

................................

United

States

82,248

2,017,543

Atlantic

Union

Bankshares

Corp.

........................

United

States

96,289

2,667,205

Citizens

Financial

Group,

Inc.

..........................

United

States

61,860

2,282,015

Columbia

Banking

System,

Inc.

.........................

United

States

165,979

3,721,249

First

Business

Financial

Services,

Inc.

....................

United

States

35,619

1,714,699

First

Interstate

BancSystem,

Inc.

,

A

......................

United

States

143,854

3,768,256

Northeast

Bank

.....................................

United

States

23,926

1,981,551

Southern

Missouri

Bancorp,

Inc.

........................

United

States

37,548

1,976,902

SouthState

Corp.

...................................

United

States

46,066

3,997,608

24,127,028

#### Building

#### Products

#### 3.9%
Johnson

Controls

International

plc

.......................

United

States

42,531

3,568,351

UFP

Industries,

Inc.

..................................

United

States

36,527

3,610,694

7,179,045

#### Capital

#### Markets

#### 2.5%
Victory

Capital

Holdings,

Inc.

,

A

.........................

United

States

79,522

4,555,815

#### Chemicals

#### 2.4%
Avient

Corp.

.......................................

United

States

132,078

4,399,518

#### Construction

#### &

#### Engineering

#### 6.4%
a

Matrix

Service

Co.

...................................

United

States

255,873

2,968,126

Valmont

Industries,

Inc.

...............................

United

States

15,504

4,546,083

WillScot

Holdings

Corp.

...............................

United

States

162,657

4,085,944

11,600,153

#### Consumer

#### Finance

#### 1.1%
Bread

Financial

Holdings,

Inc.

..........................

United

States

42,995

2,040,113

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.3%
Dollar

General

Corp.

.................................

United

States

24,546

2,299,715

#### Electric

#### Utilities

#### 4.0%
IDACORP,

Inc.

.....................................

United

States

31,195

3,683,818

PPL

Corp.

.........................................

United

States

100,662

3,674,163

7,357,981

#### Electrical

#### Equipment

#### 0.2%
Regal

Rexnord

Corp.

................................

United

States

3,137

332,020

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 3.5%
a

Flex

Ltd.

..........................................

United

States

34,949

1,200,149

a

Sanmina

Corp.

.....................................

United

States

68,462

5,257,197

6,457,346

#### Energy

#### Equipment

#### &

#### Services

#### 2.5%
Baker

Hughes

Co.

,

A

.................................

United

States

91,832

3,250,853

Liberty

Energy,

Inc.

,

A

................................

United

States

113,506

1,305,319

4,556,172

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financial

#### Services

#### 2.9%
Apollo

Global

Management,

Inc.

........................

United

States

20,487

$

2,796,066

Global

Payments,

Inc.

................................

United

States

14,607

1,114,660

Voya

Financial,

Inc.

..................................

United

States

23,543

1,393,745

5,304,471

#### Ground

#### Transportation

#### 1.6%
Knight-Swift

Transportation

Holdings,

Inc.

,

A

...............

United

States

57,510

2,252,667

a

RXO,

Inc.

.........................................

United

States

41,544

585,355

2,838,022

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 4.6%
a

Envista

Holdings

Corp.

...............................

United

States

243,402

3,913,904

Zimmer

Biomet

Holdings,

Inc.

..........................

United

States

43,440

4,476,492

8,390,396

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.4%
a

Henry

Schein,

Inc.

...................................

United

States

67,961

4,415,426

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.7%
Boyd

Gaming

Corp.

.................................

United

States

18,385

1,271,139

a

Hilton

Grand

Vacations,

Inc.

...........................

United

States

54,141

1,820,762

3,091,901

#### Household

#### Durables

#### 2.7%
a

M/I

Homes,

Inc.

.....................................

United

States

12,280

1,310,030

a

Mohawk

Industries,

Inc.

...............................

United

States

34,479

3,666,842

4,976,872

#### Industrial

#### REITs

#### 0.4%
STAG

Industrial,

Inc.

.................................

United

States

19,922

658,024

#### Insurance

#### 4.6%
CNO

Financial

Group,

Inc.

............................

United

States

78,519

2,979,011

Hanover

Insurance

Group,

Inc.

(The)

.....................

United

States

32,487

5,396,091

8,375,102

#### Leisure

#### Products

#### 2.0%
a

Mattel,

Inc.

........................................

United

States

226,811

3,604,027

#### Machinery

#### 6.1%
a

Chart

Industries,

Inc.

.................................

United

States

35,334

4,769,383

a

Gates

Industrial

Corp.

plc

.............................

United

States

106,449

2,014,015

a

Middleby

Corp.

(The)

................................

United

States

15,770

2,102,929

Mueller

Water

Products,

Inc.

,

A

.........................

United

States

82,569

2,166,611

11,052,938

#### Media

#### 2.3%
Cable

One,

Inc.

.....................................

United

States

6,457

1,725,762

a

Charter

Communications,

Inc.

,

A

........................

United

States

6,373

2,497,324

4,223,086

#### Metals

#### &

#### Mining

#### 5.3%
Commercial

Metals

Co.

...............................

United

States

94,825

4,223,506

Steel

Dynamics,

Inc.

.................................

United

States

41,506

5,383,743

9,607,249

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.7%
Veren,

Inc.

........................................

Canada

199,773

1,182,466

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

See

Abbreviations

on

.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Retail

#### REITs

#### 1.0%
Brixmor

Property

Group,

Inc.

...........................

United

States

74,059

$

1,844,810

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.9%
MKS

Instruments,

Inc.

................................

United

States

24,127

1,692,268

#### Software

#### 2.5%
a

ACI

Worldwide,

Inc.

..................................

United

States

85,778

4,577,114

#### Specialized

#### REITs

#### 0.4%
SBA

Communications

Corp.

,

A

.........................

United

States

3,176

773,038

#### Specialty

#### Retail

#### 5.3%
Bath

&

Body

Works,

Inc.

..............................

United

States

77,503

2,364,617

Dick's

Sporting

Goods,

Inc.

............................

United

States

10,546

1,979,906

Gap,

Inc.

(The)

.....................................

United

States

240,205

5,260,489

9,605,012

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.4%
a

Crocs,

Inc.

........................................

United

States

6,763

652,088

#### Trading

#### Companies

#### &

#### Distributors

#### 4.4%
Ferguson

Enterprises,

Inc.

............................

United

States

26,467

4,490,391

McGrath

RentCorp

..................................

United

States

32,165

3,431,041

7,921,432

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 183,961,194

####)
...................................

#### 180,271,783

#### Short

#### Term

#### Investments

#### 1.3%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.3%
b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052 %

..

United

States

2,295,499

2,295,499

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 2,295,499

####)
.................................

#### 2,295,499

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,295,499

####)
...............................

#### 2,295,499

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 186,256,693

####)
100.3 #### %
................................

#### $182,567,282

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.3 ####)

#### %
.........................................

#### (452,496)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $182,114,786

#### a
a

Non-income

producing.

b

See

Note

3(f)

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

Financial

Highlights

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$37.52

$30.11

$32.32

$40.20

$27.59

$34.61

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.23 0.47 0.43 0.37 0.43 1.14 c

Net

realized

and

unrealized

gains

(losses)

(1.78)

7.73 (1.23)

(3.28)

13.37 (5.47)

Total

from

investment

operations

........

(1.55)

8.20 (0.80)

(2.91)

13.80 (4.33)

Less

distributions

from:

Net

investment

income

..............

(0.45)

(0.42)

(0.33)

(0.45)

(1.19)

(0.54)

Net

realized

gains

.................

(2.00)

(0.37)

(1.08)

(4.52)

—

(2.15)

Total

distributions

...................

(2.45)

(0.79)

(1.41)

(4.97)

(1.19)

(2.69)

Net

asset

value,

end

of

period

..........

$33.52

$37.52

$30.11

$32.32

$40.20

$27.59

Total

return

d

.......................

(4.31)%

27.55%

(2.70)%

(8.06)%

51.14%

(13.94)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.90%

0.90%

0.90%

0.91%

0.91%

0.95%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.88%

0.88%

0.88%

f

0.90%

f

0.91%

f,g

0.93%

f

Net

investment

income

...............

1.29%

1.35%

1.33%

1.07%

1.18%

3.94%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$628,112

$687,011

$607,754

$688,933

$790,329

$538,538

Portfolio

turnover

rate

................

24.10%

37.84%

64.21%

66.63%

60.45%

57.78%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.69

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.55%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$35.39

$28.39

$30.50

$38.15

$26.21

$32.97

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.09 0.20 0.18 0.11 0.15 0.93 c

Net

realized

and

unrealized

gains

(losses)

(1.68)

7.29 (1.16)

(3.11)

12.72 (5.28)

Total

from

investment

operations

........

(1.59)

7.49 (0.98)

(3.00)

12.87 (4.35)

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.12)

(0.05)

(0.13)

(0.93)

(0.26)

Net

realized

gains

.................

(2.00)

(0.37)

(1.08)

(4.52)

—

(2.15)

Total

distributions

...................

(2.16)

(0.49)

(1.13)

(4.65)

(0.93)

(2.41)

Net

asset

value,

end

of

period

..........

$31.64

$35.39

$28.39

$30.50

$38.15

$26.21

Total

return

d

.......................

(4.69)%

26.60%

(3.42)%

(8.77)%

50.06%

(14.57)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.65%

1.65%

1.65%

1.66%

1.66%

1.70%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.63%

1.63%

1.63%

f

1.65%

f

1.66%

f,g

1.68%

f

Net

investment

income

...............

0.54%

0.61%

0.58%

0.32%

0.42%

3.36%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$8,102

$9,324

$10,359

$15,412

$20,132

$15,881

Portfolio

turnover

rate

................

24.10%

37.84%

64.21%

66.63%

60.45%

57.78%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.66

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.97%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$37.70

$30.25

$32.46

$40.34

$27.67

$34.70

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.19 0.39 0.35 0.28 0.34 1.11 c

Net

realized

and

unrealized

gains

(losses)

(1.80)

7.76 (1.23)

(3.29)

13.44 (5.55)

Total

from

investment

operations

........

(1.61)

8.15 (0.88)

(3.01)

13.78 (4.44)

Less

distributions

from:

Net

investment

income

..............

(0.35)

(0.33)

(0.25)

(0.35)

(1.11)

(0.44)

Net

realized

gains

.................

(2.00)

(0.37)

(1.08)

(4.52)

—

(2.15)

Total

distributions

...................

(2.35)

(0.70)

(1.33)

(4.87)

(1.11)

(2.59)

Net

asset

value,

end

of

period

..........

$33.74

$37.70

$30.25

$32.46

$40.34

$27.67

Total

return

d

.......................

(4.45)%

27.23%

(2.94)%

(8.32)%

50.87%

(14.16)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.15%

1.15%

1.15%

1.16%

1.16%

1.20%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.13%

1.13%

1.13%

f

1.15%

f

1.16%

f,g

1.18%

f

Net

investment

income

...............

1.04%

1.10%

1.08%

0.82%

0.93%

3.80%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,969

$5,854

$4,922

$5,419

$6,362

$4,465

Portfolio

turnover

rate

................

24.10%

37.84%

64.21%

66.63%

60.45%

57.78%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.70

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.41%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$39.49

$31.66

$33.91

$41.93

$28.73

$35.93

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.30 0.62 0.57 0.51 0.59 1.27 c

Net

realized

and

unrealized

gains

(losses)

(1.87)

8.11 (1.29)

(3.43)

13.91 (5.65)

Total

from

investment

operations

........

(1.57)

8.73 (0.72)

(2.92)

14.50 (4.38)

Less

distributions

from:

Net

investment

income

..............

(0.58)

(0.53)

(0.45)

(0.58)

(1.30)

(0.67)

Net

realized

gains

.................

(2.00)

(0.37)

(1.08)

(4.52)

—

(2.15)

Total

distributions

...................

(2.58)

(0.90)

(1.53)

(5.10)

(1.30)

(2.82)

Net

asset

value,

end

of

period

..........

$35.34

$39.49

$31.66

$33.91

$41.93

$28.73

Total

return

d

.......................

(4.16)%

27.96%

(2.34)%

(7.76)%

51.74%

(13.61)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.58%

0.57%

0.58%

0.59%

0.59%

0.61%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.55%

0.54%

0.54%

f

0.55%

f

0.55%

f

0.55%

f

Net

investment

income

...............

1.62%

1.69%

1.67%

1.42%

1.54%

4.24%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$33,918

$35,893

$31,790

$36,512

$39,290

$27,952

Portfolio

turnover

rate

................

24.10%

37.84%

64.21%

66.63%

60.45%

57.78%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.72

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.85%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$39.63

$31.76

$34.02

$42.04

$28.80

$36.01

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.29 0.59 0.54 0.48 0.55 1.28 c

Net

realized

and

unrealized

gains

(losses)

(1.88)

8.15 (1.31)

(3.44)

13.95 (5.72)

Total

from

investment

operations

........

(1.59)

8.74 (0.77)

(2.96)

14.50 (4.44)

Less

distributions

from:

Net

investment

income

..............

(0.55)

(0.50)

(0.41)

(0.54)

(1.26)

(0.62)

Net

realized

gains

.................

(2.00)

(0.37)

(1.08)

(4.52)

—

(2.15)

Total

distributions

...................

(2.55)

(0.87)

(1.49)

(5.06)

(1.26)

(2.77)

Net

asset

value,

end

of

period

..........

$35.49

$39.63

$31.76

$34.02

$42.04

$28.80

Total

return

d

.......................

(4.21)%

27.88%

(2.45)%

(7.86)%

51.57%

(13.71)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.65%

0.65%

0.65%

0.66%

0.66%

0.70%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.63%

0.63%

0.63%

f

0.65%

f

0.66%

f,g

0.68%

f

Net

investment

income

...............

1.53%

1.60%

1.58%

1.32%

1.43%

4.22%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$47,659

$52,612

$43,244

$46,625

$56,787

$34,029

Portfolio

turnover

rate

................

24.10%

37.84%

64.21%

66.63%

60.45%

57.78%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.72

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.83%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

April

30,

2025

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 93.6%

#### Aerospace

#### &

#### Defense

#### 2.6%
Babcock

International

Group

plc

........................

United

Kingdom

1,047,060

$

11,279,751

Melrose

Industries

plc

................................

United

Kingdom

1,284,634

7,467,979

18,747,730

#### Automobile

#### Components

#### 1.1%
a

Aptiv

plc

..........................................

Jersey

141,248

8,059,611

#### Banks

#### 5.1%
Citizens

Financial

Group,

Inc.

..........................

United

States

509,305

18,788,262

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

111,876

17,977,354

36,765,616

#### Building

#### Products

#### 2.4%
Johnson

Controls

International

plc

.......................

United

States

208,898

17,526,542

#### Chemicals

#### 0.9%
LyondellBasell

Industries

NV

,

A

.........................

United

States

113,877

6,628,780

#### Consumer

#### Finance

#### 1.6%
Capital

One

Financial

Corp.

...........................

United

States

64,692

11,661,380

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.8%
Dollar

General

Corp.

.................................

United

States

137,368

12,870,008

#### Containers

#### &

#### Packaging

#### 1.9%
International

Paper

Co.

...............................

United

States

304,129

13,892,613

#### Distributors

#### 1.5%
Genuine

Parts

Co.

..................................

United

States

88,869

10,446,551

#### Electric

#### Utilities

#### 8.6%
Entergy

Corp.

......................................

United

States

200,520

16,677,248

Evergy,

Inc.

........................................

United

States

306,976

21,212,042

PPL

Corp.

.........................................

United

States

672,786

24,556,689

62,445,979

#### Electrical

#### Equipment

#### 1.1%
Regal

Rexnord

Corp.

................................

United

States

73,776

7,808,452

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1.9%
a

Flex

Ltd.

..........................................

United

States

404,640

13,895,338

#### Energy

#### Equipment

#### &

#### Services

#### 1.9%
Baker

Hughes

Co.

,

A

.................................

United

States

147,160

5,209,464

Schlumberger

NV

...................................

United

States

246,697

8,202,675

13,412,139

#### Financial

#### Services

#### 4.9%
Apollo

Global

Management,

Inc.

........................

United

States

82,474

11,256,051

a

Fiserv,

Inc.

........................................

United

States

27,973

5,162,977

Global

Payments,

Inc.

................................

United

States

101,465

7,742,794

Voya

Financial,

Inc.

..................................

United

States

193,425

11,450,760

35,612,582

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 5.6%
Baxter

International,

Inc.

..............................

United

States

454,175

14,156,635

a

Envista

Holdings

Corp.

...............................

United

States

673,530

10,830,362

Zimmer

Biomet

Holdings,

Inc.

..........................

United

States

147,398

15,189,364

40,176,361

#### Health

#### Care

#### Providers

#### &

#### Services

#### 3.2%
Cencora,

Inc.

......................................

United

States

48,006

14,049,916

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Humana,

Inc.

......................................

United

States

35,857

$

9,403,140

23,453,056

#### Household

#### Durables

#### 1.5%
DR

Horton,

Inc.

.....................................

United

States

88,249

11,149,379

#### Insurance

#### 5.3%
Everest

Group

Ltd.

..................................

United

States

48,504

17,404,690

Hartford

Insurance

Group,

Inc.

(The)

.....................

United

States

167,714

20,573,477

37,978,167

#### IT

#### Services

#### 2.2%
Amdocs

Ltd.

.......................................

United

States

181,840

16,107,387

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.5%
a

Bio-Rad

Laboratories,

Inc.

,

A

...........................

United

States

44,317

10,816,893

#### Machinery

#### 3.7%
CNH

Industrial

NV

...................................

United

States

704,206

8,147,664

Dover

Corp.

.......................................

United

States

107,428

18,332,588

26,480,252

#### Media

#### 2.1%
a

Charter

Communications,

Inc.

,

A

........................

United

States

38,132

14,942,405

#### Metals

#### &

#### Mining

#### 2.0%
Reliance,

Inc.

......................................

United

States

50,785

14,637,761

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.5%
EOG

Resources,

Inc.

................................

United

States

55,892

6,166,564

Williams

Cos.,

Inc.

(The)

..............................

United

States

202,252

11,845,900

18,012,464

#### Personal

#### Care

#### Products

#### 2.7%
Kenvue,

Inc.

.......................................

United

States

818,720

19,321,792

#### Professional

#### Services

#### 4.5%
KBR,

Inc.

.........................................

United

States

298,581

15,768,062

SS&C

Technologies

Holdings,

Inc.

.......................

United

States

224,358

16,961,465

32,729,527

#### Real

#### Estate

#### Management

#### &

#### Development

#### 1.4%
a

CBRE

Group,

Inc.

,

A

.................................

United

States

83,612

10,215,714

#### Retail

#### REITs

#### 2.9%
Brixmor

Property

Group,

Inc.

...........................

United

States

838,334

20,882,900

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.7%
NXP

Semiconductors

NV

.............................

Netherlands

65,584

12,087,787

#### Software

#### 1.8%
Gen

Digital,

Inc.

....................................

United

States

511,083

13,221,717

#### Specialized

#### REITs

#### 2.3%
SBA

Communications

Corp.

,

A

.........................

United

States

68,750

16,733,750

#### Specialty

#### Retail

#### 4.8%
Bath

&

Body

Works,

Inc.

..............................

United

States

328,095

10,010,178

Dick's

Sporting

Goods,

Inc.

............................

United

States

46,701

8,767,646

Gap,

Inc.

(The)

.....................................

United

States

299,368

6,556,159

a

Ulta

Beauty,

Inc.

....................................

United

States

22,706

8,983,402

34,317,385

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Trading

#### Companies

#### &

#### Distributors

#### 4.6%
AerCap

Holdings

NV

.................................

Ireland

143,135

$

15,172,310

Ferguson

Enterprises,

Inc.

............................

United

States

106,756

18,112,223

33,284,533

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 552,993,515

####)
...................................

#### 676,322,551

#### Short

#### Term

#### Investments

#### 6.4%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 6.4%
b,c

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052 %

..

United

States

46,315,288

46,315,288

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 46,315,288

####)
................................

#### 46,315,288

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 46,315,288

####)
..............................

#### 46,315,288

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 599,308,803

####)
100.0 #### %
................................

#### $722,637,839

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
..........................................

#### 121,157

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $722,758,996

#### a
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

3(f)

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

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$58.94

$47.55

$51.18

$61.24

$41.84

$49.48

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.25 0.55 0.39 0.25 0.47 c

0.45 Net

realized

and

unrealized

gains

(losses)

(5.52)

13.28 (2.42)

(4.60)

20.03 (5.01)

Total

from

investment

operations

........

(5.27)

13.83 (2.03)

(4.35)

20.50 (4.56)

Less

distributions

from:

Net

investment

income

..............

(0.51)

(0.46)

(0.20)

(0.34)

(0.35)

(0.58)

Net

realized

gains

.................

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

(2.50)

Total

distributions

...................

(3.88)

(2.44)

(1.60)

(5.71)

(1.10)

(3.08)

Net

asset

value,

end

of

period

..........

$49.79

$58.94

$47.55

$51.18

$61.24

$41.84

Total

return

d

.......................

(9.68)%

29.65%

(4.09)%

(7.83)%

49.59%

(10.04)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.96%

0.97%

0.99%

0.98%

1.00%

1.08%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.95%

0.96%

0.98%

f

0.98%

g

1.00%

g

1.07%

f

Net

investment

income

...............

0.90%

0.99%

0.75%

0.46%

0.81%

c

1.08%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,026,146

$1,213,950

$1,076,436

$1,268,890

$1,577,561

$1,123,039

Portfolio

turnover

rate

................

24.41%

59.68%

68.74%

47.06%

52.76%

67.46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.15

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.56%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$48.50

$39.48

$42.88

$52.25

$35.87

$42.84

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.04 0.12 —

c

(0.13)

0.02 d

0.12 Net

realized

and

unrealized

gains

(losses)

(4.50)

10.99 (2.00)

(3.87)

17.20 (4.33)

Total

from

investment

operations

........

(4.46)

11.11 (2.00)

(4.00)

17.22 (4.21)

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.11)

—

—

(0.09)

(0.26)

Net

realized

gains

.................

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

(2.50)

Total

distributions

...................

(3.51)

(2.09)

(1.40)

(5.37)

(0.84)

(2.76)

Net

asset

value,

end

of

period

..........

$40.53

$48.50

$39.48

$42.88

$52.25

$35.87

Total

return

e

.......................

(10.02)%

28.69%

(4.82)%

(8.51)%

48.51%

(10.73)%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.71%

1.72%

1.74%

1.73%

1.75%

1.83%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.70%

1.71%

1.73%

g

1.73%

h

1.75%

h

1.82%

g

Net

investment

income

(loss)

..........

0.16%

0.26%

—%

i

(0.29)%

0.05%

d

0.34%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$36,869

$48,722

$50,027

$68,960

$99,994

$77,586

Portfolio

turnover

rate

................

24.41%

59.68%

68.74%

47.06%

52.76%

67.46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Net

investment

income

per

share

includes

approximately

$0.15

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

(0.20)%.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

i

Rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$58.04

$46.86

$50.46

$60.43

$41.31

$48.88

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.18 0.41 0.26 0.11 0.32 c

0.35 Net

realized

and

unrealized

gains

(losses)

(5.45)

13.07 (2.38)

(4.53)

19.79 (4.97)

Total

from

investment

operations

........

(5.27)

13.48 (2.12)

(4.42)

20.11 (4.62)

Less

distributions

from:

Net

investment

income

..............

(0.35)

(0.32)

(0.08)

(0.18)

(0.24)

(0.45)

Net

realized

gains

.................

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

(2.50)

Total

distributions

...................

(3.72)

(2.30)

(1.48)

(5.55)

(0.99)

(2.95)

Net

asset

value,

end

of

period

..........

$49.05

$58.04

$46.86

$50.46

$60.43

$41.31

Total

return

d

.......................

(9.81)%

29.35%

(4.35)%

(8.05)%

49.22%

(10.27)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.21%

1.22%

1.24%

1.23%

1.25%

1.33%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.20%

1.21%

1.23%

f

1.23%

g

1.25%

g

1.32%

f

Net

investment

income

...............

0.65%

0.75%

0.50%

0.21%

0.56%

c

0.84%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$91,560

$109,718

$102,284

$119,060

$150,288

$106,201

Portfolio

turnover

rate

................

24.41%

59.68%

68.74%

47.06%

52.76%

67.46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.15

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.32%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$63.29

$50.90

$54.68

$65.05

$44.37

$52.29

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.38 0.81 0.63 0.48 0.71 c

0.65 Net

realized

and

unrealized

gains

(losses)

(5.95)

14.23 (2.60)

(4.89)

21.27 (5.27)

Total

from

investment

operations

........

(5.57)

15.04 (1.97)

(4.41)

21.98 (4.62)

Less

distributions

from:

Net

investment

income

..............

(0.73)

(0.67)

(0.41)

(0.59)

(0.55)

(0.80)

Net

realized

gains

.................

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

(2.50)

Total

distributions

...................

(4.10)

(2.65)

(1.81)

(5.96)

(1.30)

(3.30)

Net

asset

value,

end

of

period

..........

$53.62

$63.29

$50.90

$54.68

$65.05

$44.37

Total

return

d

.......................

(9.54)%

30.17%

(3.72)%

(7.46)%

50.21%

(9.65)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.60%

0.60%

0.61%

0.62%

0.62%

0.68%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.59%

0.59%

0.59%

f

0.59%

0.59%

0.64%

f

Net

investment

income

...............

1.26%

1.37%

1.14%

0.84%

1.15%

c

1.47%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,220,792

$1,419,996

$1,225,364

$1,248,367

$1,336,020

$510,946

Portfolio

turnover

rate

................

24.41%

59.68%

68.74%

47.06%

52.76%

67.46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.15

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.90%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$63.40

$50.98

$54.76

$65.13

$44.44

$52.36

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.35 0.73 0.55 0.41 0.63 c

0.58 Net

realized

and

unrealized

gains

(losses)

(5.98)

14.26 (2.60)

(4.91)

21.30 (5.29)

Total

from

investment

operations

........

(5.63)

14.99 (2.05)

(4.50)

21.93 (4.71)

Less

distributions

from:

Net

investment

income

..............

(0.65)

(0.59)

(0.33)

(0.50)

(0.49)

(0.71)

Net

realized

gains

.................

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

(2.50)

Total

distributions

...................

(4.02)

(2.57)

(1.73)

(5.87)

(1.24)

(3.21)

Net

asset

value,

end

of

period

..........

$53.75

$63.40

$50.98

$54.76

$65.13

$44.44

Total

return

d

.......................

(9.58)%

29.97%

(3.86)%

(7.59)%

49.98%

(9.81)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.71%

0.72%

0.74%

0.73%

0.75%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.70%

0.71%

0.73%

f

0.73%

g

0.75%

g

0.82%

f

Net

investment

income

...............

1.15%

1.24%

1.00%

0.71%

1.01%

c

1.30%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,094,307

$1,306,760

$1,199,891

$1,406,507

$1,687,270

$646,240

Portfolio

turnover

rate

................

24.41%

59.68%

68.74%

47.06%

52.76%

67.46%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.15

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.76%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

April

30,

2025

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 98.2%

#### Aerospace

#### &

#### Defense

#### 7.3%
Babcock

International

Group

plc

........................

United

Kingdom

4,959,398

$

53,426,521

Melrose

Industries

plc

................................

United

Kingdom

8,894,333

51,705,542

QinetiQ

Group

plc

...................................

United

Kingdom

18,404,897

96,875,775

a

Senior

plc

.........................................

United

Kingdom

28,282,051

52,240,404

254,248,242

#### Banks

#### 20.0%
Atlantic

Union

Bankshares

Corp.

........................

United

States

1,962,377

54,357,843

a

Camden

National

Corp.

...............................

United

States

932,821

35,932,265

Columbia

Banking

System,

Inc.

.........................

United

States

4,131,334

92,624,508

First

Bancorp

......................................

United

States

1,418,443

57,390,204

First

Commonwealth

Financial

Corp.

.....................

United

States

2,414,952

36,997,065

First

Interstate

BancSystem,

Inc.

,

A

......................

United

States

3,457,936

90,580,634

German

American

Bancorp,

Inc.

........................

United

States

1,103,214

41,822,843

Peoples

Bancorp,

Inc.

................................

United

States

935,037

27,125,423

Seacoast

Banking

Corp.

of

Florida

......................

United

States

1,520,162

36,043,041

SouthState

Corp.

...................................

United

States

1,038,525

90,123,199

TriCo

Bancshares

...................................

United

States

1,067,509

41,184,497

Washington

Trust

Bancorp,

Inc.

.........................

United

States

263,263

7,266,059

WSFS

Financial

Corp.

................................

United

States

1,611,695

83,082,877

694,530,458

#### Building

#### Products

#### 2.7%
b

American

Woodmark

Corp.

............................

United

States

220,907

13,033,513

UFP

Industries,

Inc.

..................................

United

States

820,709

81,127,085

94,160,598

#### Capital

#### Markets

#### 2.5%
Piper

Sandler

Cos.

..................................

United

States

30,102

7,258,194

Victory

Capital

Holdings,

Inc.

,

A

.........................

United

States

1,414,383

81,030,002

88,288,196

#### Chemicals

#### 4.5%
Ashland,

Inc.

.......................................

United

States

53,030

2,884,302

Avient

Corp.

.......................................

United

States

2,584,911

86,103,385

a

Elementis

plc

......................................

United

Kingdom

39,868,704

67,012,335

156,000,022

#### Commercial

#### Services

#### &

#### Supplies

#### 0.5%
HNI

Corp.

.........................................

United

States

431,498

18,252,366

#### Construction

#### &

#### Engineering

#### 5.0%
Valmont

Industries,

Inc.

...............................

United

States

305,627

89,615,949

WillScot

Holdings

Corp.

...............................

United

States

3,332,153

83,703,683

173,319,632

#### Consumer

#### Finance

#### 1.2%
Bread

Financial

Holdings,

Inc.

..........................

United

States

853,149

40,481,920

#### Diversified

#### REITs

#### 0.8%
Alexander

&

Baldwin,

Inc.

.............................

United

States

1,532,566

26,329,484

#### Electric

#### Utilities

#### 0.9%
IDACORP,

Inc.

.....................................

United

States

256,047

30,236,590

#### Electrical

#### Equipment

#### 0.9%
Regal

Rexnord

Corp.

................................

United

States

293,717

31,087,007

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 6.0%
Benchmark

Electronics,

Inc.

...........................

United

States

1,430,829

$

46,544,867

b

Knowles

Corp.

.....................................

United

States

2,470,755

38,889,684

b

Sanmina

Corp.

.....................................

United

States

1,337,656

102,718,604

b

TTM

Technologies,

Inc.

...............................

United

States

1,024,889

20,518,278

208,671,433

#### Energy

#### Equipment

#### &

#### Services

#### 2.2%
a

Hunting

plc

........................................

United

Kingdom

8,336,241

28,763,208

Liberty

Energy,

Inc.

,

A

................................

United

States

2,196,995

25,265,443

Select

Water

Solutions,

Inc.

,

A

..........................

United

States

2,254,524

19,208,544

TechnipFMC

plc

....................................

United

Kingdom

83,768

2,359,745

75,596,940

#### Ground

#### Transportation

#### 1.6%
Knight-Swift

Transportation

Holdings,

Inc.

,

A

...............

United

States

1,131,421

44,317,760

b

RXO,

Inc.

.........................................

United

States

702,186

9,893,801

54,211,561

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.2%
b

Envista

Holdings

Corp.

...............................

United

States

4,768,428

76,676,322

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2.5%
Boyd

Gaming

Corp.

.................................

United

States

581,567

40,209,542

b

Hilton

Grand

Vacations,

Inc.

...........................

United

States

1,414,642

47,574,411

87,783,953

#### Household

#### Durables

#### 2.7%
Century

Communities,

Inc.

............................

United

States

180,382

9,838,034

La-Z-Boy,

Inc.

......................................

United

States

227,877

9,001,142

b

M/I

Homes,

Inc.

.....................................

United

States

196,167

20,927,096

Meritage

Homes

Corp.

...............................

United

States

332,830

22,679,036

b

Taylor

Morrison

Home

Corp.

,

A

.........................

United

States

547,310

31,388,228

93,833,536

#### Industrial

#### REITs

#### 0.4%
STAG

Industrial,

Inc.

.................................

United

States

399,200

13,185,576

#### Insurance

#### 8.7%
CNO

Financial

Group,

Inc.

............................

United

States

2,563,667

97,265,526

Hanover

Insurance

Group,

Inc.

(The)

.....................

United

States

654,117

108,648,834

a

Horace

Mann

Educators

Corp.

.........................

United

States

2,267,869

94,207,278

b

TWFG,

Inc.

,

A

......................................

United

States

6,521

206,585

300,328,223

#### Leisure

#### Products

#### 2.6%
BRP,

Inc.

..........................................

United

States

111,466

3,775,904

Brunswick

Corp.

....................................

United

States

103,534

4,767,741

b

Mattel,

Inc.

........................................

United

States

5,145,065

81,755,083

90,298,728

#### Machinery

#### 7.3%
b

Chart

Industries,

Inc.

.................................

United

States

680,047

91,792,744

b

Gates

Industrial

Corp.

plc

.............................

United

States

2,859,529

54,102,289

b

Middleby

Corp.

(The)

................................

United

States

302,945

40,397,716

Mueller

Water

Products,

Inc.

,

A

.........................

United

States

2,531,015

66,413,833

252,706,582

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Media

#### 1.4%
Cable

One,

Inc.

.....................................

United

States

186,022

$

49,718,100

#### Metals

#### &

#### Mining

#### 3.6%
Commercial

Metals

Co.

...............................

United

States

1,899,528

84,604,977

a

Ryerson

Holding

Corp.

...............................

United

States

1,777,173

41,550,305

126,155,282

#### Multi-Utilities

#### 1.1%
Black

Hills

Corp.

....................................

United

States

603,047

36,725,562

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.7%
Veren,

Inc.

........................................

Canada

3,970,369

23,500,806

#### Paper

#### &

#### Forest

#### Products

#### 0.4%
Louisiana-Pacific

Corp.

...............................

United

States

164,387

14,188,242

#### Retail

#### REITs

#### 0.7%
Kite

Realty

Group

Trust

...............................

United

States

1,197,135

25,917,973

#### Software

#### 3.1%
b

ACI

Worldwide,

Inc.

..................................

United

States

1,985,228

105,931,766

#### Specialty

#### Retail

#### 1.9%
Bath

&

Body

Works,

Inc.

..............................

United

States

1,032,735

31,508,745

Gap,

Inc.

(The)

.....................................

United

States

1,598,992

35,017,925

66,526,670

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.8%
b

Crocs,

Inc.

........................................

United

States

132,551

12,780,567

Dr.

Martens

plc

.....................................

United

Kingdom

22,203,406

16,274,764

29,055,331

#### Trading

#### Companies

#### &

#### Distributors

#### 2.0%
McGrath

RentCorp

..................................

United

States

634,545

67,686,915

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 3,170,596,049

####)
..................................

#### 3,405,634,016

#### Short

#### Term

#### Investments

#### 1.9%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.9%
c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.052 %

..

United

States

66,423,413

66,423,413

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 66,423,413

####)
................................

#### 66,423,413

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 66,423,413

####)
..............................

#### 66,423,413

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 3,237,019,462

####)
100.1 #### %
..............................

#### $3,472,057,429

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
.........................................

#### (2,383,116)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $3,469,674,313

#### a
See

Abbreviations

on

.

a

See

Note

regarding

holdings

of

5%

voting

securities.

b

Non-income

producing.

c

See

Note

(f)

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

Financial

Statements

Statements

of

Assets

and

Liabilities

April

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$183,961,194

$552,993,515

$2,846,068,005

Cost

-

Non-controlled

affiliates

(Note

f

and

6)

..................

2,295,499

46,315,288

390,951,457

Value

-

Unaffiliated

issuers

................................

$180,271,783

$676,322,551

$3,085,928,221

Value

-

Non-controlled

affiliates

(Note

f

and

6)

.................

2,295,499

46,315,288

386,129,208

Cash

..................................................

32,025

132,913

432,489

Receivables:

Investment

securities

sold

.................................

299,246

—

6,212,501

Capital

shares

sold

......................................

99,413

274,481

5,137,578

Dividends

.............................................

66,093

703,015

1,317,401

Total

assets

........................................

183,064,059

723,748,248

3,485,157,398

Liabilities:

Payables:

Investment

securities

purchased

............................

—

—

1,789,362

Capital

shares

redeemed

.................................

663,606

258,727

10,311,346

Management

fees

.......................................

87,810

270,285

1,545,742

Distribution

fees

........................................

29,378

134,855

274,724

Transfer

agent

fees

......................................

49,237

210,060

1,266,260

Reports

to

shareholders

fees

..............................

19,049

54,082

179,528

Professional

fees

.......................................

93,548

50,635

55,091

Trustees'

fees

and

expenses

...............................

3,521

4,500

17,279

Accrued

expenses

and

other

liabilities

.........................

3,124

6,108

43,753

Total

liabilities

.......................................

949,273

989,252

15,483,085

Net

assets,

at

value

...............................

$182,114,786

$722,758,996

$3,469,674,313

Net

assets

consist

of:

Paid-in

capital

...........................................

$163,503,502

$599,568,315

$3,127,958,209

Total

distributable

earnings

(losses)

...........................

18,611,284

123,190,681

341,716,104

Net

assets,

at

value

...............................

$182,114,786

$722,758,996

$3,469,674,313

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Class

#### A:
Net

assets,

at

value

.....................................

$146,006,925

$628,111,529

$1,026,145,883

Shares

outstanding

......................................

6,663,986

18,741,043

20,611,461

Net

asset

value

per

share

a

,b

................................

$21.91

$33.52

$49.79

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

..............................................

$23.19

$35.47

$52.69

#### Class

#### C:
Net

assets,

at

value

.....................................

$—

$8,102,458

$36,869,093

Shares

outstanding

......................................

—

256,060

909,709

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..........

$—

$31.64

$40.53

#### Class

#### R:
Net

assets,

at

value

.....................................

$—

$4,968,505

$91,560,245

Shares

outstanding

......................................

—

147,240

1,866,573

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$—

$33.74

$49.05

#### Class

#### R6:
Net

assets,

at

value

.....................................

$13,428,482

$33,917,857

$1,220,792,158

Shares

outstanding

......................................

595,720

959,794

22,767,003

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$22.54

$35.34

$53.62

#### Advisor

#### Class:
Net

assets,

at

value

.....................................

$22,679,379

$47,658,647

$1,094,306,934

Shares

outstanding

......................................

1,017,038

1,342,985

20,358,090

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$22.30

$35.49

$53.75

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

April

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$8,372,

$24,752

and

$267,160,

respectively)

Unaffiliated

issuers

......................................

$1,571,269

$7,705,239

$32,388,515

Non-controlled

affiliates

(Note

f

and

6)

.......................

78,094

649,374

4,620,789

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

...................

—

(158) (2,236)

Non-controlled

affiliates

(Note

f)

...........................

—

3,171

Total

investment

income

.................................

1,649,363

8,354,933

37,010,239

Expenses:

Management

fees

(Note

a)

.................................

713,822

1,854,785

10,924,989

Distribution

fees:

(Note

3c)

Class

A

..............................................

201,870

835,591

1,474,768

Class

C

..............................................

—

44,400

226,417

Class

R

..............................................

—

13,416

264,023

Transfer

agent

fees:

(Note

3e)

Class

A

..............................................

93,958

381,077

830,839

Class

C

..............................................

—

5,060

31,860

Class

R

..............................................

—

3,056

74,358

Class

R6

.............................................

5,117

7,882

228,310

Advisor

Class

..........................................

15,790

29,187

893,535

Custodian

fees

..........................................

1,014

2,676

19,700

Reports

to

shareholders

fees

................................

14,909

32,544

106,455

Registration

and

filing

fees

..................................

27,062

64,828

78,731

Professional

fees

.........................................

102,515

74,106

75,495

Trustees'

fees

and

expenses

................................

8,104

17,288

84,959

Other

..................................................

5,100

12,797

52,774

Total

expenses

.......................................

1,189,261

3,378,693

15,367,213

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

............

(71,218)

(58,141)

(126,907)

Net

expenses

.......................................

1,118,043

3,320,552

15,240,306

Net

investment

income

..............................

531,320

5,034,381

21,769,933

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

21,907,059

1,769,218

133,106,199

Non-controlled

affiliates

(Note

f

and

6)

.....................

—

—

(5,384,713)

Foreign

currency

transactions

..............................

8,046

52,664

40,861

Net

realized

gain

(loss)

................................

21,915,105

1,821,882

127,762,347

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

(40,578,020)

(39,754,799)

(527,225,265)

Non-controlled

affiliates

(Note

f

and

6)

.....................

—

—

5,986,383

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

...........................................

2,562

35,317

Net

change

in

unrealized

appreciation

(depreciation)

..........

(40,577,929)

(39,752,237)

(521,203,565)

Net

realized

and

unrealized

gain

(loss)

..........................

(18,662,824)

(37,930,355)

(393,441,218)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$(18,131,504)

$(32,895,974)

$(371,671,285)

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$531,320

$1,253,991

$5,034,381

$10,659,454

Net

realized

gain

(loss)

............

21,915,105

44,380,803

1,821,882

49,614,214

Net

change

in

unrealized

appreciation

(depreciation)

.................

(40,577,929)

(5,022,490)

(39,752,237)

124,692,951

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(18,131,504)

40,612,304

(32,895,974)

184,966,619

Distributions

to

shareholders:

Class

A

........................

(32,867,557)

(7,816,485)

(44,691,796)

(15,633,644)

Class

C

........................

—

—

(551,490)

(167,172)

Class

R

........................

—

—

(354,225)

(111,731)

Class

R6

.......................

(3,074,258)

(864,704)

(2,323,564)

(891,595)

Advisor

Class

...................

(5,749,715)

(2,233,966)

(3,374,658)

(1,184,176)

Total

distributions

to

shareholders

.....

(41,691,530)

(10,915,155)

(51,295,733)

(17,988,318)

Capital

share

transactions:

(Note

2)

Class

A

........................

33,525,246

(1,727,312)

14,544,120

(65,854,803)

Class

C

........................

—

—

(261,894)

(3,288,581)

Class

R

........................

—

—

(303,197)

(269,301)

Class

R6

.......................

1,780,746

(1,676,950)

1,820,665

(3,577,232)

Advisor

Class

...................

1,418,573

(12,658,186)

458,461

(1,364,641)

Total

capital

share

transactions

.......

36,724,565

(16,062,448)

16,258,155

(74,354,558)

Net

increase

(decrease)

in

net

assets

.....................

(23,098,469)

13,634,701

(67,933,552)

92,623,743

Net

assets:

Beginning

of

period

................

205,213,255

191,578,554

790,692,548

698,068,805

End

of

period

.....................

$182,114,786

$205,213,255

$722,758,996

$790,692,548

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$21,769,933

$48,276,324

Net

realized

gain

(loss)

.................................................

127,762,347

229,508,277

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(521,203,565)

762,997,221

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

(371,671,285)

1,040,781,822

Distributions

to

shareholders:

Class

A

.............................................................

(78,734,678)

(54,183,130)

Class

C

.............................................................

(3,391,822)

(2,513,003)

Class

R

.............................................................

(6,872,387)

(4,850,236)

Class

R6

............................................................

(90,543,199)

(63,537,572)

Advisor

Class

........................................................

(81,902,317)

(59,482,942)

Total

distributions

to

shareholders

..........................................

(261,444,403)

(184,566,883)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

1,261,458

(113,914,134)

Class

C

.............................................................

(4,355,072)

(11,817,268)

Class

R

.............................................................

(1,448,553)

(15,876,421)

Class

R6

............................................................

21,172,693

(98,671,575)

Advisor

Class

........................................................

(12,985,431)

(170,792,949)

Total

capital

share

transactions

............................................

3,645,095

(411,072,347)

Net

increase

(decrease)

in

net

assets

...................................

(629,470,593)

445,142,592

Net

assets:

Beginning

of

period

.....................................................

4,099,144,906

3,654,002,314

End

of

period

..........................................................

$3,469,674,313

$4,099,144,906

Franklin

Value

Investors

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Value

Investors

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of three

separate

funds

(Funds). The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

classes of

shares

offered

within

each

of

the Funds

are

indicated

below. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

#### Class

#### A,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Mutual

Small-Mid

Cap

Value

Fund

#### A,

#### Class

#### C,

#### Class

#### R,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### 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

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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

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

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

April

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

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.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Lending
Certain

or

all

Funds

participate

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Funds. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

April

30,

2025,

the

Funds

had

no

securities

on

loan.

d. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

April

30,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

April

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

April

30,

2025

Shares

sold

a

...................................

867,997

$22,747,149

1,009,219

$36,230,291

Shares

issued

in

reinvestment

of

distributions

..........

1,325,888

32,285,368

1,222,745

42,270,283

Shares

redeemed

...............................

(868,869)

(21,507,271)

(1,800,427)

(63,956,454)

Net

increase

(decrease)

..........................

1,325,016

$33,525,246

431,537

$14,544,120

Year

ended

October

31,

2024

Shares

sold

a

...................................

932,643

$26,258,024

1,470,880

$51,463,643

Shares

issued

in

reinvestment

of

distributions

..........

274,938

7,637,785

438,776

14,628,778

Shares

redeemed

...............................

(1,273,658)

(35,623,121)

(3,783,031)

(131,947,224)

Net

increase

(decrease)

..........................

(66,077)

$(1,727,312)

(1,873,375)

$(65,854,803)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

April

30,

2025

Shares

sold

...................................

—

$—

18,856

$637,766

Shares

issued

in

reinvestment

of

distributions

..........

—

—

16,815

550,353

Shares

redeemed

a

..............................

—

—

(43,046)

(1,450,013)

Net

increase

(decrease)

..........................

—

$—

(7,375)

$(261,894)

Year

ended

October

31,

2024

Shares

sold

...................................

—

$—

33,344

$1,103,416

Shares

issued

in

reinvestment

of

distributions

..........

—

—

5,273

166,900

Shares

redeemed

a

..............................

—

—

(140,038)

(4,558,897)

Net

increase

(decrease)

..........................

—

$—

(101,421)

$(3,288,581)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

April

30,

2025

Shares

sold

...................................

—

$—

9,698

$342,486

Shares

issued

in

reinvestment

of

distributions

..........

—

—

10,167

354,225

Shares

redeemed

...............................

—

—

(27,879)

(999,908)

Net

increase

(decrease)

..........................

—

$—

(8,014)

$(303,197)

Year

ended

October

31,

2024

Shares

sold

...................................

—

$—

22,217

$776,763

Shares

issued

in

reinvestment

of

distributions

..........

—

—

3,328

111,731

Shares

redeemed

...............................

—

—

(32,995)

(1,157,795)

Net

increase

(decrease)

..........................

—

$—

(7,450)

$(269,301)

Class

R6

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

April

30,

2025

Shares

sold

...................................

77,388

$1,903,478

117,114

$4,365,339

Shares

issued

in

reinvestment

of

distributions

..........

121,805

3,048,770

63,687

2,318,838

Shares

redeemed

...............................

(122,069)

(3,171,502)

(129,863)

(4,863,512)

Net

increase

(decrease)

..........................

77,124

$1,780,746

50,938

$1,820,665

Year

ended

October

31,

2024

Shares

sold

...................................

141,156

$4,037,577

155,493

$5,705,818

Shares

issued

in

reinvestment

of

distributions

..........

30,183

857,199

25,440

889,907

Shares

redeemed

...............................

(229,803)

(6,571,726)

(276,322)

(10,172,957)

Net

increase

(decrease)

..........................

(58,464)

$(1,676,950)

(95,389)

$(3,577,232)

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

April

30,

2025

Shares

sold

...................................

113,321

$3,025,465

120,911

$4,453,502

Shares

issued

in

reinvestment

of

distributions

..........

225,883

5,592,868

90,246

3,300,288

Shares

redeemed

...............................

(279,843)

(7,199,760)

(195,726)

(7,295,329)

Net

increase

(decrease)

..........................

59,361

$1,418,573

15,431

$458,461

Year

ended

October

31,

2024

Shares

sold

...................................

341,394

$9,690,797

234,420

$8,526,650

Shares

issued

in

reinvestment

of

distributions

..........

77,907

2,193,089

32,917

1,156,387

Shares

redeemed

...............................

(875,582)

(24,542,072)

(301,259)

(11,047,678)

Net

increase

(decrease)

..........................

(456,281)

$(12,658,186)

(33,922)

$(1,364,641)

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

April

30,

2025

Shares

sold

a

...................................

612,457

$34,417,318

Shares

issued

in

reinvestment

of

distributions

..........

1,343,346

75,200,504

Shares

redeemed

...............................

(1,942,374)

(108,356,364)

Net

increase

(decrease)

..........................

13,429

$1,261,458

Year

ended

October

31,

2024

Shares

sold

a

...................................

1,118,996

$61,296,372

Shares

issued

in

reinvestment

of

distributions

..........

974,628

51,703,991

Shares

redeemed

...............................

(4,133,287)

(226,914,497)

Net

increase

(decrease)

..........................

(2,039,663)

$(113,914,134)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

April

30,

2025

Shares

sold

...................................

37,098

$1,756,589

Shares

issued

in

reinvestment

of

distributions

..........

71,391

3,261,857

Shares

redeemed

a

..............................

(203,410)

(9,373,518)

Net

increase

(decrease)

..........................

(94,921)

$(4,355,072)

Year

ended

October

31,

2024

Shares

sold

...................................

80,935

$3,664,444

Shares

issued

in

reinvestment

of

distributions

..........

54,542

2,396,586

Shares

redeemed

a

..............................

(397,964)

(17,878,298)

Net

increase

(decrease)

..........................

(262,487)

$(11,817,268)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

April

30,

2025

Shares

sold

...................................

148,955

$8,314,070

Shares

issued

in

reinvestment

of

distributions

..........

124,091

6,851,088

Shares

redeemed

...............................

(296,776)

(16,613,711)

Net

increase

(decrease)

..........................

(23,730)

$(1,448,553)

Year

ended

October

31,

2024

Shares

sold

...................................

290,016

$15,687,785

Shares

issued

in

reinvestment

of

distributions

..........

92,413

4,838,733

Shares

redeemed

...............................

(675,102)

(36,402,939)

Net

increase

(decrease)

..........................

(292,673)

$(15,876,421)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

April

30,

2025

Shares

sold

...................................

2,966,164

$179,911,397

Shares

issued

in

reinvestment

of

distributions

..........

1,340,121

80,702,090

Shares

redeemed

...............................

(3,975,374)

(239,440,794)

Net

increase

(decrease)

..........................

330,911

$21,172,693

Year

ended

October

31,

2024

Shares

sold

...................................

5,668,676

$333,256,395

Shares

issued

in

reinvestment

of

distributions

..........

969,782

55,064,206

Shares

redeemed

...............................

(8,276,202)

(486,992,176)

Net

increase

(decrease)

..........................

(1,637,744)

$(98,671,575)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
Franklin

Mutual

Small-Mid

Cap

Value

Fund pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Franklin

Mutual

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

April

30,

2025

Shares

sold

...................................

2,248,066

$134,375,439

Shares

issued

in

reinvestment

of

distributions

..........

1,224,215

73,930,323

Shares

redeemed

...............................

(3,727,136)

(221,291,193)

Net

increase

(decrease)

..........................

(254,855)

$(12,985,431)

Year

ended

October

31,

2024

Shares

sold

...................................

3,792,449

$222,955,218

Shares

issued

in

reinvestment

of

distributions

..........

934,393

53,213,656

Shares

redeemed

...............................

(7,650,336)

(446,961,823)

Net

increase

(decrease)

..........................

(2,923,494)

$(170,792,949)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Mutual

Advisers,

LLC

(Franklin

Mutual)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.700%

Up

to

and

including

$500

million

0.650%

In

excess

of

$500

million

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Franklin

Mutual

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

Franklin

Small

Cap

Value

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Franklin

Mutual

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

April

30,

2025,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

b. #### Administrative

#### Fees
Under

an

agreement

with

Franklin

Mutual,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Franklin

Mutual

based

on

each

of the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

In

excess

of

$15

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.750%

Up

to

and

including

$500

million

0.625%

Over

$500

million,

up

to

and

including

$1

billion

0.500%

Over

$1

billion,

up

to

and

including

$5

billion

0.490%

In

excess

of

$5

billion

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Gross

effective

investment

management

fee

rate

........

0.700%

0.482%

0.547%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

Franklin

Small

Cap

Value

Fund,

the

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

April

30,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f. #### 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.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Class

A

...............................

0.25%

0.25%

0.35%

Class

C

...............................

—%

1.00%

1.00%

Class

R

...............................

—%

0.50%

0.50%

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$30,455

$18,060

$12,946

CDSC

retained

...........................

$557

$1,155

$549

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Transfer

agent

fees

........................

$38,302

$120,020

$595,201

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

April

30,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Franklin

Mutual

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Mutual

Small-Mid

Cap

Value

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$2,807,545

$52,634,026

$(53,146,072)

$—

$—

$2,295,499

2,295,499

$78,094

#### Total

#### Affiliated

#### Securities

#### ...
$2,807,545

$52,634,026

$(53,146,072)

$—

$—

$2,295,499

$78,094

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$22,377,306

$123,331,209

$(99,393,227)

$—

$—

$46,315,288

46,315,288

$649,374

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$—

$4,125,000

$(4,125,000)

$—

$—

$—

—

$478

#### Total

#### Affiliated

#### Securities

#### ...
$22,377,306

$127,456,209

$(103,518,227)

$—

$—

$46,315,288

$649,852

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$64,241,279

$537,993,018

$(535,810,884)

$—

$—

$66,423,413

66,423,413

$1,265,366

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.052%

$—

$14,316,000

$(14,316,000)

$—

$—

$—

—

$3,171

#### Total

#### Affiliated

#### Securities

#### ...
$64,241,279

$552,309,018

$(550,126,884)

$—

$—

$66,423,413

$1,268,537

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.90%

based

on

the

average

net

assets

of

each

class

until February

28,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Funds have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

February

28,

2026. 4. #### Income

#### Taxes
At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

wash

sales.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

April

30,

2025,

were

as

follows:

6. #### Holdings

#### 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

April

30,

2025,

investments

in

"affiliated

companies"

were

as

follows:

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
a

a

a

a

Cost

of

investments

.......................

$186,362,338

$603,973,823

$3,268,945,058

Unrealized

appreciation

.....................

$14,747,833

$155,673,471

$502,809,195

Unrealized

depreciation

.....................

(18,542,889)

(37,009,455)

(299,696,824)

Net

unrealized

appreciation

(depreciation)

.......

$(3,795,056)

$118,664,016

$203,112,371

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Purchases

..............................

$116,465,008

$179,966,005

$961,245,193

Sales

..................................

$119,221,176

$230,957,559

$1,202,092,887

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

7. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

April

30,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

8. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Camden

National

Corp

.

$

35,328,067

$

3,346,579

$

—

$

—

$

(2,742,381)

$

35,932,265

932,821

$

742,417

Elementis

plc

.......

68,568,564

—

—

—

(1,556,229)

67,012,335

39,868,704

—

Horace

Mann

Educators

Corp

............

70,192,857

15,876,552

—

—

8,137,869

94,207,278

2,267,869

1,526,232

Hunting

plc

.........

29,686,100

2,469,733

—

—

(3,392,625)

28,763,208

8,336,241

486,248

Knowles

Corp

.......

97,377,768

—

(57,636,250)

(5,384,713)

—

a

—

a

—

a

—

Ryerson

Holding

Corp

.

28,103,936

11,870,500

—

—

1,575,869

41,550,305

1,777,173

600,526

Senior

plc

..........

48,276,524

—

—

—

3,963,880

52,240,404

28,282,051

—

#### Total

#### Affiliated

#### Securities
(Value

is

9.2%

of

Net

Assets)

#### ..........
$377,533,816

$33,563,364

$(57,636,250)

$(5,384,713)

$5,986,383

$319,705,795

$3,355,423

a

As

of

April

30,

2025,

no

longer

an

affiliate.

6. #### Holdings

#### of

#### 5%

#### Voting

#### Securities

#### of

#### Portfolio

#### Companies
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

April

30,

2025,

in

valuing

the

Funds'

assets carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

4,499,219

$

6,081,916

$

—

$

10,581,135

Banks

...............................

24,127,028

—

—

24,127,028

Building

Products

......................

7,179,045

—

—

7,179,045

Capital

Markets

........................

4,555,815

—

—

4,555,815

Chemicals

...........................

4,399,518

—

—

4,399,518

Construction

&

Engineering

...............

11,600,153

—

—

11,600,153

Consumer

Finance

.....................

2,040,113

—

—

2,040,113

Consumer

Staples

Distribution

&

Retail

......

2,299,715

—

—

2,299,715

Electric

Utilities

........................

7,357,981

—

—

7,357,981

Electrical

Equipment

....................

332,020

—

—

332,020

Electronic

Equipment,

Instruments

&

Components

........................

6,457,346

—

—

6,457,346

Energy

Equipment

&

Services

.............

4,556,172

—

—

4,556,172

Financial

Services

......................

5,304,471

—

—

5,304,471

Ground

Transportation

..................

2,838,022

—

—

2,838,022

Health

Care

Equipment

&

Supplies

.........

8,390,396

—

—

8,390,396

Health

Care

Providers

&

Services

..........

4,415,426

—

—

4,415,426

Hotels,

Restaurants

&

Leisure

.............

3,091,901

—

—

3,091,901

Household

Durables

....................

4,976,872

—

—

4,976,872

Industrial

REITs

.......................

658,024

—

—

658,024

Insurance

............................

8,375,102

—

—

8,375,102

Leisure

Products

.......................

3,604,027

—

—

3,604,027

Machinery

............................

11,052,938

—

—

11,052,938

Media

...............................

4,223,086

—

—

4,223,086

Metals

&

Mining

.......................

9,607,249

—

—

9,607,249

Oil,

Gas

&

Consumable

Fuels

.............

1,182,466

—

—

1,182,466

Retail

REITs

..........................

1,844,810

—

—

1,844,810

Semiconductors

&

Semiconductor

Equipment

.

1,692,268

—

—

1,692,268

Software

.............................

4,577,114

—

—

4,577,114

Specialized

REITs

......................

773,038

—

—

773,038

Specialty

Retail

........................

9,605,012

—

—

9,605,012

Textiles,

Apparel

&

Luxury

Goods

..........

652,088

—

—

652,088

Trading

Companies

&

Distributors

..........

7,921,432

—

—

7,921,432

Short

Term

Investments

...................

2,295,499

—

—

2,295,499

Total

Investments

in

Securities

...........

$176,485,366

$6,081,916

a

$—

$182,567,282

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Assets:
Common

Stocks

:

Aerospace

&

Defense

...................

—

18,747,730

—

18,747,730

Automobile

Components

.................

8,059,611

—

—

8,059,611

Banks

...............................

36,765,616

—

—

36,765,616

Building

Products

......................

17,526,542

—

—

17,526,542

Chemicals

...........................

6,628,780

—

—

6,628,780

Consumer

Finance

.....................

11,661,380

—

—

11,661,380

Consumer

Staples

Distribution

&

Retail

......

12,870,008

—

—

12,870,008

Containers

&

Packaging

.................

13,892,613

—

—

13,892,613

Distributors

...........................

10,446,551

—

—

10,446,551

Electric

Utilities

........................

62,445,979

—

—

62,445,979

Electrical

Equipment

....................

7,808,452

—

—

7,808,452

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

#### Assets:
(continued)

Common

Stocks:

(continued)

Electronic

Equipment,

Instruments

&

Components

........................

$

13,895,338

$

—

$

—

$

13,895,338

Energy

Equipment

&

Services

.............

13,412,139

—

—

13,412,139

Financial

Services

......................

35,612,582

—

—

35,612,582

Health

Care

Equipment

&

Supplies

.........

40,176,361

—

—

40,176,361

Health

Care

Providers

&

Services

..........

23,453,056

—

—

23,453,056

Household

Durables

....................

11,149,379

—

—

11,149,379

Insurance

............................

37,978,167

—

—

37,978,167

IT

Services

...........................

16,107,387

—

—

16,107,387

Life

Sciences

Tools

&

Services

............

10,816,893

—

—

10,816,893

Machinery

............................

26,480,252

—

—

26,480,252

Media

...............................

14,942,405

—

—

14,942,405

Metals

&

Mining

.......................

14,637,761

—

—

14,637,761

Oil,

Gas

&

Consumable

Fuels

.............

18,012,464

—

—

18,012,464

Personal

Care

Products

.................

19,321,792

—

—

19,321,792

Professional

Services

...................

32,729,527

—

—

32,729,527

Real

Estate

Management

&

Development

....

10,215,714

—

—

10,215,714

Retail

REITs

..........................

20,882,900

—

—

20,882,900

Semiconductors

&

Semiconductor

Equipment

.

12,087,787

—

—

12,087,787

Software

.............................

13,221,717

—

—

13,221,717

Specialized

REITs

......................

16,733,750

—

—

16,733,750

Specialty

Retail

........................

34,317,385

—

—

34,317,385

Trading

Companies

&

Distributors

..........

33,284,533

—

—

33,284,533

Short

Term

Investments

...................

46,315,288

—

—

46,315,288

Total

Investments

in

Securities

...........

$703,890,109

$18,747,730

b

$—

$722,637,839

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

52,240,404

202,007,838

—

254,248,242

Banks

...............................

694,530,458

—

—

694,530,458

Building

Products

......................

94,160,598

—

—

94,160,598

Capital

Markets

........................

88,288,196

—

—

88,288,196

Chemicals

...........................

88,987,687

67,012,335

—

156,000,022

Commercial

Services

&

Supplies

...........

18,252,366

—

—

18,252,366

Construction

&

Engineering

...............

173,319,632

—

—

173,319,632

Consumer

Finance

.....................

40,481,920

—

—

40,481,920

Diversified

REITs

......................

26,329,484

—

—

26,329,484

Electric

Utilities

........................

30,236,590

—

—

30,236,590

Electrical

Equipment

....................

31,087,007

—

—

31,087,007

Electronic

Equipment,

Instruments

&

Components

........................

208,671,433

—

—

208,671,433

Energy

Equipment

&

Services

.............

46,833,732

28,763,208

—

75,596,940

Ground

Transportation

..................

54,211,561

—

—

54,211,561

Health

Care

Equipment

&

Supplies

.........

76,676,322

—

—

76,676,322

Hotels,

Restaurants

&

Leisure

.............

87,783,953

—

—

87,783,953

Household

Durables

....................

93,833,536

—

—

93,833,536

Industrial

REITs

.......................

13,185,576

—

—

13,185,576

Insurance

............................

300,328,223

—

—

300,328,223

Leisure

Products

.......................

90,298,728

—

—

90,298,728

Machinery

............................

252,706,582

—

—

252,706,582

Media

...............................

49,718,100

—

—

49,718,100

Metals

&

Mining

.......................

126,155,282

—

—

126,155,282

Multi-Utilities

..........................

36,725,562

—

—

36,725,562

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

9. #### Operating

#### Segments
The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

or

results

of

operations.

Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Funds'

Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

10. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

11. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

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:

(continued)

Common

Stocks:

(continued)

Oil,

Gas

&

Consumable

Fuels

.............

$

23,500,806

$

—

$

—

$

23,500,806

Paper

&

Forest

Products

.................

14,188,242

—

—

14,188,242

Retail

REITs

..........................

25,917,973

—

—

25,917,973

Software

.............................

105,931,766

—

—

105,931,766

Specialty

Retail

........................

66,526,670

—

—

66,526,670

Textiles,

Apparel

&

Luxury

Goods

..........

29,055,331

—

—

29,055,331

Trading

Companies

&

Distributors

..........

67,686,915

—

—

67,686,915

Short

Term

Investments

...................

66,423,413

—

—

66,423,413

Total

Investments

in

Securities

...........

$3,174,274,048

$297,783,381

c

$—

$3,472,057,429

a

Includes

foreign

securities

valued

at

$6,081,916,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

b

Includes

foreign

securities

valued

at

$18,747,730,

which

were

categorized

as

Level

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

$297,783,381,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Abbreviations

#### Selected

#### Portfolio

#### REIT
Real

Estate

Investment

Trust

Franklin

Value

Investors

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

FVIT-SFSOI

06/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

Not applicable.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded
 that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940,
 as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the
 disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under
 the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected,
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fvit-efp16085_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fvit-efp16085_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Franklin Value Investors Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | June 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | June 26, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | June 26, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Value Investors Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 26, 2025 |
| /s/ Christopher Kings | /s/ Christopher Kings |
| Christopher Kings | Christopher Kings |
| Executive Officer – Finance and Administration | Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Value Investors Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.

---

| | |
|:---|:---|
| Date: | June 26, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Value Investors Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Value Investors Trust | Franklin Value Investors Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |

---

Date: June 26, 2025 Date: June 26, 2025

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.