# EDGAR Filing Document

**Accession Number:** 0000856119
**File Stem:** 0001752724-23-067930
**Filing Date:** 2023-3
**Character Count:** 132638
**Document Hash:** 80ed6928378882fc3b0d19b9a279c81c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-067930.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-067930

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN VALUE INVESTORS TRUST
- **CENTRAL INDEX KEY:** 0000856119
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05878
- **FILM NUMBER:** 23764123

**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           |

## Nport-Ex

## Schedules of Investments (unaudited)

| Franklin MicroCap Value Fund | 2 |
| --- | --- |
| Franklin Mutual U.S. Mid Cap Value Fund | 6 |
| Franklin Small Cap Value Fund | 9 |

FINANCIAL VALUE INVENTORY TRUST

Schedule of Investments (unaudited), January 31, 2023

Net FDIC Invoiced | May Less Value | No Bank Guarantee

FUT-0191

1

Notes to Schedules of Investments

12

# Franklin MicroCap Value Fund

|  | Country | Shares | Value |
| --- | --- | --- | --- |
| Common Stocks 92.7% |  |  |  |
| Annapast & Defense 2.2% |  |  |  |
| Warpstone, Inc. | United States | 54,670 | $3,387,352 |
| Wagelker/Annapast Corp. | Canada | 243,400 | 1,086,494 |
|  |  |  | 5,073,004 |
| Barks 18.8% |  |  |  |

2 | Quarterly Schedule of Investments | See Notes to Schedules of Investments

FRANKLIN VALUE INVESTORS TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin MicroCap Value Fund (continued)

|  | Country | Shares | Value |
| --- | --- | --- | --- |
| American National Bankofhams, Inc. | United States | 54,400 | 3,281,000 |
| American Financial Services, Inc. (continued) | United States | 101,708 | 5,340,963 |
| Bank of America, Inc. | United States | 121,708 | 5,781,218 |
| First National Bank of America, Inc. (continued) | United States | 135,800 | 4,435,400 |
| First National Bank of America, Inc. (continued) | United States | 85,800,042 | 2,244,400 |
| First National Bank of America, Inc. (continued) | United States | 110,700 | 2,000,000 |
| First National Bank of America, Inc. (continued) | United States | 184,301 | 5,048,000 |
| First National Bank of America, Inc. (continued) | United States | 101,676 | 4,780,000 |
| First National Bank of America, Inc. (continued) | United States | 28,900 | 1,647,017 |

See Notes to Schedules of Investments

Quarterly Schedule of Investments

3

FRANKLIN VALUE INVESTORS TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin MicroCap Value Fund (continued)

|  | Country | Month | Value |
| --- | --- | --- | --- |
| Alpine Capital Property Corp. Inc. | United States | 114,000,173 | 2,014,000,000 |
| Franklin Capital Property Corp. | United States | 114,000,428 | 4,264,000,000 |
| Franklin Capital Corp. Inc. | United States | 44,110 | 5,340,000,000 |
| Bradley Capital Corp. | United States | 123,600 | 10,140,000,000 |
| Bradley Financial Corp. | United States | 42,367 | 14,000,000 |
| Food & Drug | United States |  |  |
| Food & Drug | United States | 140,000 | 10,140,000,000 |
| Food & Drug | United States |  |  |
| Food & Drug | United States | 483,008 | 5,140,144 |

4

Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN VALUE INVESTORS TRUST

SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin MicroCap Value Fund (continued)

| Value Management, Inc. | United States | 116,000,000 | 3,615,000,000 |
| --- | --- | --- | --- |
| Funding & Management 7.5% | United States | 83,100 | 3,000,000 |
| Funding & Management & Inquiries 6.5% | United States | 100,000,000 | 3,000,000 |
| Net Income (loss) 7.5% | United States | 100,000,000 | 3,000,000 |
| Net Income (loss) 7.5% | United States | 100,000,000 | 3,000,000 |
| Net Income (loss) 7.5% | United States | 100,000,000 | 3,000,000 |
| Net Income (loss) 7.5% | United States | 100,000,000 | 3,000,000 |

| Funding & Management 7.5% | United States | 116,000,000 | 3,615,000,000 |
| --- | --- | --- | --- |
| Funding & Management Funds (Cost $19,400,000) | United States | 100,000,000 | 3,000,000 |
| Funding & Management Funds (Cost $19,400,000) | Germany | 100,000 | 3,000,000 |

| Communications Equipment 1.7% |
| --- |

See Notes to Schedules of Investments

Quarterly Schedule of Investments

5

FRANKLIN VALUE INVESTORS TRUST

# Schedule of Investments (unaudited), January 31, 2023

# Franklin Mutual U.S. Mid Cap Value Fund

|  | Country | Shares | Total |
| --- | --- | --- | --- |
| Financial Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |
| Total Assets | United States | 10,000 | 10,000 |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |
| Total Assets | United States | 10,000 | 10,000 |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |

| Total Assets | United States | 10,000 | 10,000 |
| --- | --- | --- | --- |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |
| Total Assets | United States | 10,000 | 10,000 |

8

Quarterly Schedule of Investments (See Notes to Schedule of Investments)

FRANKLIN VALUE INVESTORS TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Mutual U.S. Mid Cap Value Fund (continued)

| Asset Quality Community Group, Inc. | United States | 261,000 | 11,000,000 |
| --- | --- | --- | --- |
| Asset Quality Community Group, Inc. | United States | 261,000 | 11,000,000 |
| Asset Quality Community Group, Inc. | United States | 261,000 | 11,000,000 |
| Asset Quality Community Group, Inc. | United States | 261,000 | 11,000,000 |
| Asset Quality Community Group, Inc. | United States | 261,000 | 11,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 7

FRANKLIN VALUE INVESTORS TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Mutual U.S. Mid Cap Value Fund (continued)[{"box_2d": [18, 67, 460, 126], "label": "table", "caption": "

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

| Funding | Country | Shares | Value |
| --- | --- | --- | --- |
| Funding | United States | 1,000,000 | 1,000,000 |

<table><td><b>Funding</b></td><td><b>Country</b></td><td><b>Shares</b></td></tr></table>

<table><b>Funding</b></td><td><b>United States</b></td><td><b>Shares</b></td></tr></table>

<table><b>Funding</b></td><td><b>United States</b></td><td><

FRANKLIN VALUE INVESTORS TRUST

# Schedule of Investments (unaudited), January 31, 2023

# Franklin Small Cap Value Fund

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |

| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |

| Stock Value | Unit | Quantity | Unit Price |
| --- | --- | --- | --- |
| Cash and Bank Equivalents | Unit | 1,000,000 | 1,000,000 |

Table 1: New Stock

See Notes to Schedules of Investments | Quarterly Schedule of Investments

1

FRANKLIN VALLEY INVESTORS TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Small Cap Value Fund (continued)

| Total Investment Income | 2016 | 2015 | 2014 |
| --- | --- | --- | --- |
| Total Investment Income | $1,000,000 | $1,000,000 | $1,000,000 |
| Total Investment Income | $1,000,000 | $1,000,000 | $1,000,000 |
| Total Investment Income | $1,000,000 | $1,000,000 | $1,000,000 |
| Total Investment Income | $1,000,000 | $1,000,000 |  |
| Total Investment Income | $1,000,000 | $1,000,000 |  |
| Total Investment Income | $1,000,000 | $1,000,000 |  |
| Total Investment Income | $1,000,000 | $1,000,000 |  |
| Total Investment Income |  |  |  |

20 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN VALUE INVESTORS TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Small Cap Value Fund (continued)

| 1.00 | 1,000,000 | 1,000,000 | 1,000,000 |
| --- | --- | --- | --- |
| 1.01 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.02 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.03 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.04 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.05 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.06 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.07 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.08 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.09 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.10 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.11 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.12 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.13 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.14 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.15 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.16 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.17 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.18 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.19 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1.20 | 1,000,000 | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 11

FRANKLIN VALUE INVESTORS TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Small Cap Value Fund (continued)

| ISSUE | ISSUE | ISSUE | ISSUE |
| --- | --- | --- | --- |
| Total Investment | January 2021 | 34,486,328 | 1,000,000 |
| Total Investment Investment Funds (RATN) 3.8% | January 2021 | 34,486,328 | 1,000,000 |
| Proposed Investment Funds | January 2021 | 2,000,000 | 1,000,000 |
| Proposed Investment Funds 3.8% | January 2021 | 2,000,000 | 1,000,000 |
| Total Investment Funds (continued) | January 2021 | 174,000,000 | 1,000,000 |
| Total Investment Investment Funds (RATN) 4.8% | January 2021 | 1,000,000 | 1,000,000 |
| Total Investment Funds (Cost $51,092,458) | January 2021 | 1,000,000 | 1,000,000 |
| Total Investment Funds (Cost $51,092,458) | January 2021 | 1,000,000 | 1,000,000 |
| Total Investment Funds (Cost $3,602,790,353) | January 2021 | 1,000,000 | 1,000,000 |
| Total Investment Funds (Cost $51,092,458) | January 2021 | 1,000,000 | 1,000,000 |

37 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

PROMOLIN VILLE INVESTORS TRUST

# Notes to Schedules of Investments (unaudited)

| 1. Compensation | 1.0% | 2.0% | 3.0% | 4.0% | 5.0% | 6.0% | 7.0% | 8.0% | 9.0% | 10.0% | 11.0% | 12.0% | 13.0% | 14.0% | 15.0% | 16.0% | 17.0% | 18.0% | 19.0% | 20.0% | 21.0% | 22.0% | 23.0% | 24.0% | 25.0% | 26.0% | 27.0% | 28.0% | 29.0% | 30.0% | 31.0% | 32.0% | 33.0% | 34.0% | 35.0% | 36.0% | 37.0% | 38.0% | 39.0% | 40.0% | 41.0% | 42.0% | 43.0% | 44.0% | 45.0% | 46.0% | 47.0% | 48.0% | 49.0% | 50.0% | 51.0% | 52.0% | 53.0% | 54.0% | 55.0% | 56.0% | 57.0% | 58.0% | 59.0% | 60.0% | 61.0% | 62.0% | 63.0% | 64.0% | 65.0% | 66.0% | 67.0% | 68.0% | 69.0% | 70.0% | 71.0% | 72.0% | 73.0% | 74.0% | 75.0% | 76.0% | 77.0% | 78.0% | 79.0% | 80.0% | 81.0% | 82.0% | 83.0% | 84.0% | 85.0% | 86.0% | 87.0% | 88.0% | 89.0% | 90.0% | 91.0% | 92.0% | 93.0% | 94.0% | 95.0% | 96.0% | 97.0% | 98.0% | 99.0% | 100.0% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

Quarterly Schedules of Investments 33

FRANKLIN VALLE ROBOTORS TRUST

NOTES TO SCHEDULES OF INVESTMENTS EXHIBITED:

2. Financial Instrumental Valuation
The Financial Instrumental Valuation is a 2018 Annual Report on the Consolidated Financial Statements. The Company's performance is based on the Company's performance in the United States. The Company's performance is based on the Company's performance in the United Kingdom. The Company's performance is based on the Company's performance in the United States.

22 Quarterly Schedule of Investments

FRANKLIN VALUE INVESTORS TRUST
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED)

4. Investments in Affiliated Management Investment Companies
(continued)
(1) Stock Shares 444,708 34,882,578
The investment is a part of valuation. The investment manager is engaged by the financial association of the Company.
The Company is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member

The Company is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is a member of the Company's Group of Companies, which is

Quarterly Schedules of Investments 35

FRANKLIN VILLE ROBOTORS TRUST

NOTES TO SCHEDULES OF INVESTMENTS (EXHIBITED)

# 5. Fair Value Management

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

The Fair Value Management is a company that provides a fair value for the purchase of a property in the United States. The fair value is based on the fair value of the property in the United States, and the fair value is based on the fair value of the property in the United States.

FRANKLIN VALUE INVESTORS TRUST
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED)

# 5. Fair Value Measurements

The Fund's Annual Report is for the period 1st of January, 2016. The Fund's Annual Report is for the period 1st of January, 2016. The Fund's Annual Report is for the period 1st of January, 2016.

For additional information on the Funds' significant accounting policies, please refer to the Funds' most recent semiannual or annual shareholder report.

Quarterly Schedule of Investments 27

~~In~~ the first place, the first place was the first place. The second place was the second place. The third place was the third place. The fourth place was the fourth place. The fifth place was the fifth place. The sixth place was the sixth place. The seventh place was the seventh place. The eighth place was the eighth place. The 10th place was the 10th place. The 11th place was the 11th place. The 12th place was the 12th place. The 13th place was the 13th place. The 14th place was the 14th place. The 15th place was the 15th place. The 16th place was the 16th place. The 17th place was the 17th place. The 18th place was the 18th place. The 19th place was the 19th place. The 20th place was the 20th place. The 21st place was the 21st place. The 22nd place was the 22nd place. The 23rd place was the 23rd place. The 24th place was the 24th place. The 25th place was the 25th place. The 26th place was the 26th place. The 27th place was the 27th place. The 28th place was the 28th place. The 29th place was the 29th place. The 30th place was the 30th place. The 31st place was the 31st place. The 32nd place was the 32nd place. The 33rd place was the 33rd place. The 34th place was the 34th place. The 35th place was the 35th place. The 36th place was the 36th place. The 37th place was the 37th place. The 38th place was the 38th place. The 39th place was the 39th place. The 40th place was the 40th place. The 41st place was the 41st place. The 42nd place was the 42nd place. The 43rd place was the 43rd place. The 44th place was the 44th place. The 45th place was the 45th place. The 46th place was the 46th place. The 47th place was the 47th place. The 48th place was the 48th place. The 49th place was the 49th place. The 50th place was the 50th place. The 51st place was the 51st place. The 52nd place was the 52nd place. The 53rd place was the 53rd place. The 54th place was the 54th place. The 55th place was the 55th place. The 56th place was the 56th place. The 57th place was the 57th place. The 58th place was the 58th place. The 59th place was the 59th place. The 60th place was the 60th place. The 61st place was the 61st place. The 62nd place was the 62nd place. The 63rd place was the 63rd place. The 64th place was the 64th place. The 65th place was the 65th place. The 66th place was the 66th place. The 67th place was the 67th place. The 68th place was the 68th place. The 69th place was the 69th place. The 70th place was the 70th place. The 71st place was the 71st place. The 72nd place was the 72nd place. The 73rd place was the 73rd place. The 74th place was the 74th place. The 75th place was the 75th place. The 76th place was the 76th place. The 77th place was the 77th place. The 78th place was the 78th place. The 79th place was the 79th place. The 80th place was the 80th place. The 81st place was the 81st place. The 82nd place was the 82nd place. The 83rd place was the 83rd place. The 84th place was the 84th place. The 85th place was the 85th place. The 86th place was the 86th place. The 87th place was the 87th place. The 88th place was the 88th place. The 89th place was the 89th place. The 90th place was the 90th place. The 91st place was the 91st place. The 92nd place was the 92nd place. The 93rd place was the 93rd place. The 94th place was the 94th place. The 95th place was the 95th place. The 96th place was the 96th place. The 97th place was the 97th place. The 98th place was the 98th place. The 99th place was the 99th place. The 100th place was the

Total Affiliated Securities

The Company's share of the stock differences, an independent trading service may be used to adjust the value of the 1st quarter of the 2016 and 2017. The Company's share of the stock differences, an independent trading service may be used to adjust the value of the 1st quarter of the 2016 and 2017. The Company's share of the stock differences, an independent trading service may be used to adjust the value of the 1st quarter of the 2016 and 2017. The Company's share of the stock differences, an independent trading service may be used to adjust the value of the 1st quarter of the 2016 and 2017.

# Independent Power and Renewable Electricity

| Innovative Energy | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Innovative Energy | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
| Innovative Energy | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |

| Total Energy | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 | 12,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cost of Energy | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 |

The information is not necessarily an indication of the high technical requirements of financial instruments at Fed Institute, 1977.

Fed International Business & Communication Equipment

A business organization used as of January 31, 2023, is a company that has been issued at the end of the year. The company has been issued at the end of the year.

Fed International Management & Development

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

Semi-Standardization and Management

| Trading Companies & Distributors | 26,022,491 | - | - | 26,022,491 |
| --- | --- | --- | --- | --- |
| Securities and Subsidiaries | 26,022,491 | - | - | 26,022,491 |
| Securities and Subsidiaries | 26,022,491 | - | - | 26,022,491 |
| Securities and Subsidiaries | 26,022,491 | - | - | 26,022,491 |
| Securities and Subsidiaries | 26,022,491 | - | - | 26,022,491 |

Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements
Financial Statements

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin Value Investors Trust

- **b. Investment Company Act file number:** 811-05878

- **c. CIK number of Registrant:** 0000856119

- **d. LEI of Registrant:** 549300RD0PTCJOMRSV24

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Mutual U.S. Mid Cap Value Fund

- **b. EDGAR series identifier (if any):** S000007352

- **c. LEI of Series:** 549300YEOWYM0BM8V007

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $874293550.58

**Total Liabilities:** $3386869.78

**Net Assets:** $870906680.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000128824 | 6.22%                | -2.87%               | 8.70%                |
| Class ID C000020191 | 6.16%                | -2.92%               | 8.66%                |
| Class ID C000020190 | 6.23%                | -2.88%               | 8.69%                |
| Class ID C000020187 | 6.19%                | -2.90%               | 8.68%                |
| Class ID C000020189 | 6.13%                | -2.98%               | 8.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2770080.46              | $44578485.51                               |
| Month 2  | $1146341.85              | $-26029902.72                              |
| Month 3  | $3682825.48              | $65307983.44                               |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CBRE Group, Inc.                                       | CBRE Group, Inc., Class A                              | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    249405 | NS      | $21326621.55  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co. (The)                                  | Kraft Heinz Co. (The)                                  | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |    634775 | NS      | $25727430.75  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co. (The)                                       | Timken Co. (The)                                       | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |    138296 | NS      | $11388675.60  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                                           | ING Groep NV                                           | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |    648230 | NS      | $9386971.43   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Gen Digital, Inc.                                      | Gen Digital, Inc.                                      | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |    784506 | NS      | $18051483.06  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                                | GSK plc                                                | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |    753750 | NS      | $13239110.51  | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Everest Re Group Ltd.                                  | Everest Re Group Ltd.                                  | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |     33480 | NS      | $11707621.20  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv, Inc.                                           | Fiserv, Inc.                                           | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     56998 | NS      | $6080546.64   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Babcock International Group plc                        | Babcock International Group plc                        | CUSIP: N/A<br>LEI: 213800TSKOLX4EU6L377       | Long             | EC               | CORP              | GB        |   1648986 | NS      | $6229724.08   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Univar Solutions, Inc.                                 | Univar Solutions, Inc.                                 | CUSIP: 91336L107<br>LEI: 549300VSXHFQVR770L55 | Long             | EC               | CORP              | US        |    548711 | NS      | $18919555.28  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc                     | Johnson Controls International plc                     | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |    279940 | NS      | $19475425.80  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Group, Inc. (The)          | Hartford Financial Services Group, Inc. (The)          | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    189187 | NS      | $14682803.07  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ICF International, Inc.                                | ICF International, Inc.                                | CUSIP: 44925C103<br>LEI: 5493003KYFDDC5B3WY64 | Long             | EC               | CORP              | US        |    102339 | NS      | $10458022.41  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                              | Airbus SE                                              | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | NL        |     71623 | NS      | $8979492.88   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Stericycle, Inc.                                       | Stericycle, Inc.                                       | CUSIP: 858912108<br>LEI: B8PTJH2P0AXSWSMP2136 | Long             | EC               | CORP              | US        |    239030 | NS      | $12862204.30  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos., Inc. (The)                              | Williams Cos., Inc. (The)                              | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    287305 | NS      | $9262713.20   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)               | PNC Financial Services Group, Inc. (The)               | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    113185 | NS      | $18724194.55  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp.                                    | Regal Rexnord Corp.                                    | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |     95144 | NS      | $13244044.80  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp.                                         | Huntsman Corp.                                         | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |    511347 | NS      | $16204586.43  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland, Inc.                                          | Ashland, Inc.                                          | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |    115109 | NS      | $12577960.43  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.                                | International Paper Co.                                | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    294948 | NS      | $12334725.36  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                            | Capital One Financial Corp.                            | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     90633 | NS      | $10785327.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                                    | SVB Financial Group                                    | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |     62646 | NS      | $18946656.24  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson plc                               | Willis Towers Watson plc                               | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |     65106 | NS      | $16549294.14  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp.                                | Liberty Broadband Corp., Class C                       | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |    140395 | NS      | $12604663.10  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR, Inc.                                              | KBR, Inc.                                              | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |    282478 | NS      | $14471347.94  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon plc                                             | Haleon plc                                             | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   3050030 | NS      | $12222146.57  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger Ltd.                                      | Schlumberger Ltd.                                      | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    307061 | NS      | $17496335.78  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                          | Chevron Corp.                                          | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37516 | NS      | $6528534.32   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd.                                              | Flex Ltd.                                              | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | SG        |    840931 | NS      | $19635738.85  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield plc                                | Cushman & Wakefield plc                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |   1009912 | NS      | $14573030.16  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings, Inc.                       | SS&C Technologies Holdings, Inc.                       | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    290471 | NS      | $17529924.85  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Mobile Mini Holdings Corp.                    | WillScot Mobile Mini Holdings Corp.                    | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    312872 | NS      | $15161777.12  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp.                                             | Lear Corp.                                             | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |    149104 | NS      | $21736381.12  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation, Inc.                                  | Onto Innovation, Inc.                                  | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     27554 | NS      | $2167122.10   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments, Inc.                                  | Global Payments, Inc.                                  | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    102954 | NS      | $11604974.88  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods, Inc.                            | Dick's Sporting Goods, Inc.                            | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     52651 | NS      | $6884644.76   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp.                                            | Alcoa Corp.                                            | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    242145 | NS      | $12649654.80  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                           | Evergy, Inc.                                           | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    205492 | NS      | $12874073.80  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry, Inc.                                         | Tapestry, Inc.                                         | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |    496811 | NS      | $22639677.27  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health, Inc.                                  | Elevance Health, Inc.                                  | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     11902 | NS      | $5950880.98   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                                   | Vornado Realty Trust                                   | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    552198 | NS      | $13468109.22  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp.                                  | Western Digital Corp.                                  | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    162781 | NS      | $7154224.95   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co.                                       | Baker Hughes Co.                                       | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    415292 | NS      | $13181368.08  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International, Inc.                               | CACI International, Inc., Class A                      | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     16888 | NS      | $5203023.92   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial, Inc.                                   | Voya Financial, Inc.                                   | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |    280725 | NS      | $19586183.25  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                                     | AerCap Holdings NV                                     | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | NL        |    144011 | NS      | $9102935.31   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                                  | Parker-Hannifin Corp.                                  | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     56582 | NS      | $18445732.00  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health, Inc.                             | Elanco Animal Health, Inc.                             | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    685551 | NS      | $9412615.23   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Institutional Fiduciary Trust - Money Market Portfolio | Institutional Fiduciary Trust - Money Market Portfolio | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |  51072732 | NS      | $51072731.93  | 5.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                                       | CVS Health Corp.                                       | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     70889 | NS      | $6253827.58   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                          | Entergy Corp.                                          | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    136911 | NS      | $14824723.08  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp. (The)                                        | AES Corp. (The)                                        | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    571472 | NS      | $15664047.52  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp.                                | AmerisourceBergen Corp.                                | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     87002 | NS      | $14699857.92  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp.                                           | Avient Corp.                                           | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |    412684 | NS      | $16721955.68  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group, Inc.                         | Citizens Financial Group, Inc.                         | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    644147 | NS      | $27904448.04  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.                           | Brixmor Property Group, Inc.                           | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    925706 | NS      | $21781862.18  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton, Inc.                                        | DR Horton, Inc.                                        | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |    219138 | NS      | $21626729.22  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp.                                 | Envista Holdings Corp.                                 | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |    143610 | NS      | $5599353.90   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay, Inc.                                             | eBay, Inc.                                             | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    352288 | NS      | $17438256.00  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** Franklin Value Investors Trust

**Signature:** Ryan Wheeler

**Name of Signer:** Ryan Wheeler

**Title:** Assistant Treasurer