# EDGAR Filing Document

**Accession Number:** 0000856119
**File Stem:** 0001133228-25-014256
**Filing Date:** 2025-12
**Character Count:** 319373
**Document Hash:** f8e4cda96c96e18b695800f213312061
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014256.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001133228-25-014256

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05878
- **FILM NUMBER:** 251611629

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-11-1874200009700_FranklinMutualSmall-MidCapValueFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

**Franklin Value Investors Trust**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

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

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

Date of reporting period: **October 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

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

---

| | |
|:---|:---|
| **Franklin Mutual Small-Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FRMCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Mutual Small-Mid Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $118 | 1.15% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Franklin Mutual Small-Mid Cap Value Fund returned 5.00%. The Fund compares its performance to the Russell 2500 Value Index, which returned 10.11% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Industrial gas and energy industry equipment maker Chart Industries after Baker Hughes announced that it would acquire the company.  |
| ↑ | Sanmina, an electronics manufacturing services firm, on solid execution and its growing exposure to the artificial intelligence market.  |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending.  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | WillScot, a modular office and portable storage container provider, as utilization rates declined due to a weak non-residential construction market which has been a headwind to growth.  |
| ↓ | Specialty chemicals company Avient, as worries about tariffs and slower growth raised concerns about its business which is tied to general economic activity.  |
| ↓ | Industrial company Regal Rexnord as recently enacted tariffs have led to margin pressure across its business and made sourcing rare earth magnets more challenging.  |

---

Franklin Mutual Small-Mid Cap Value Fund PAGE 1 189-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5735img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 5.00 | 14.59 | 8.24 |
| **Class A (with sales charge)**  | -0.79 | 13.30 | 7.63 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 2500 Value Index**  | 10.11 | 14.39 | 9.02 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $205543506 |
| **Total Number of Portfolio Holdings** | 76 |
| **Total Management Fee Paid** | $1291532 |
| **Portfolio Turnover Rate** | 104.36% |

---

Franklin Mutual Small-Mid Cap Value Fund PAGE 2 189-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5735img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's increased exposure to the consumer discretionary and technology sector.

Related disclosure regarding the risks of investing in the consumer discretionary and technology sector was added.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Mutual Small-Mid Cap Value Fund PAGE 3 189-ATSR-1225

9450102301299011937120061055316671163371622119860208531000010424129241377615635172212478220688224223091037343100001077812930129651375512116191611711916273215492372827.919.411.19.88.27.65.92.92.72.22.3 ------

---

| | |
|:---|:---|
| **Franklin Mutual Small-Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMCVX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Mutual Small-Mid Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $89 | 0.87% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Franklin Mutual Small-Mid Cap Value Fund returned 5.29%. The Fund compares its performance to the Russell 2500 Value Index, which returned 10.11% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Industrial gas and energy industry equipment maker Chart Industries after Baker Hughes announced that it would acquire the company.  |
| ↑ | Sanmina, an electronics manufacturing services firm, on solid execution and its growing exposure to the artificial intelligence market.  |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending.  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | WillScot, a modular office and portable storage container provider, as utilization rates declined due to a weak non-residential construction market which has been a headwind to growth.  |
| ↓ | Specialty chemicals company Avient, as worries about tariffs and slower growth raised concerns about its business which is tied to general economic activity.  |
| ↓ | Industrial company Regal Rexnord as recently enacted tariffs have led to margin pressure across its business and made sourcing rare earth magnets more challenging.  |

---

Franklin Mutual Small-Mid Cap Value Fund PAGE 1 349-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5736img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 5.29 | 14.97 | 8.61 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 2500 Value Index**  | 10.11 | 14.39 | 9.02 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $205543506 |
| **Total Number of Portfolio Holdings** | 76 |
| **Total Management Fee Paid** | $1291532 |
| **Portfolio Turnover Rate** | 104.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5736img004.jpg)

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

Franklin Mutual Small-Mid Cap Value Fund PAGE 2 349-ATSR-1225

------

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's increased exposure to the consumer discretionary and technology sector.

Related disclosure regarding the risks of investing in the consumer discretionary and technology sector was added.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Mutual Small-Mid Cap Value Fund PAGE 3 349-ATSR-1225

10000108671385112767128911137018023177221766021691228381000010424129241377615635172212478220688224223091037343100001077812930129651375512116191611711916273215492372827.919.411.19.88.27.65.92.92.72.22.3 ------

---

| | |
|:---|:---|
| **Franklin Mutual Small-Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FVRMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Mutual Small-Mid Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $92 | 0.90% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Advisor Class shares of Franklin Mutual Small-Mid Cap Value Fund returned 5.25%. The Fund compares its performance to the Russell 2500 Value Index, which returned 10.11% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Industrial gas and energy industry equipment maker Chart Industries after Baker Hughes announced that it would acquire the company.  |
| ↑ | Sanmina, an electronics manufacturing services firm, on solid execution and its growing exposure to the artificial intelligence market.  |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending.  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | WillScot, a modular office and portable storage container provider, as utilization rates declined due to a weak non-residential construction market which has been a headwind to growth.  |
| ↓ | Specialty chemicals company Avient, as worries about tariffs and slower growth raised concerns about its business which is tied to general economic activity.  |
| ↓ | Industrial company Regal Rexnord as recently enacted tariffs have led to margin pressure across its business and made sourcing rare earth magnets more challenging.  |

---

Franklin Mutual Small-Mid Cap Value Fund PAGE 1 629-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 10/31/2015 — 10/31/2025

![image](ts5734img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 5.25 | 14.88 | 8.50 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 2500 Value Index**  | 10.11 | 14.39 | 9.02 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $205543506 |
| **Total Number of Portfolio Holdings** | 76 |
| **Total Management Fee Paid** | $1291532 |
| **Portfolio Turnover Rate** | 104.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5734img004.jpg)

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

Franklin Mutual Small-Mid Cap Value Fund PAGE 2 629-ATSR-1225

------

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect the Fund's increased exposure to the consumer discretionary and technology sector.

Related disclosure regarding the risks of investing in the consumer discretionary and technology sector was added.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Mutual Small-Mid Cap Value Fund PAGE 3 629-ATSR-1225

10000108531381512724128351130217901175841750621488226151000010424129241377615635172212478220688224223091037343100001077812930129651375512116191611711916273215492372827.919.411.19.88.27.65.92.92.72.22.3 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FRBSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $90 | 0.89% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Franklin Mutual U.S. Mid Cap Value Fund returned 2.99%. The Fund compares its performance to the Russell Midcap Value Index, which returned 7.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending. |
| ↑ | Contract electronics manufacturer Flex on strong earnings as it benefits from growth in its data center business's power and cooling solutions. |
| ↑ | Johnson Controls, a building solutions provider, on improving financial results as the chief executive is focused on further streamlining the product portfolio and organization. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Support services firm KBR on concerns about potential cuts to U.S. government contracts and the impact of the late-period government shutdown even as its international business remains faster growing. |
| ↓ | Fiserv, a financial payments company, after a new management team slashed financial guidance late in the reporting period on a rollback of the previous management's short-term revenue initiatives and weakness in its business in Argentina. |
| ↓ | Medical products firm Baxter International as recent financial results have been weak amid headwinds to infusion therapies and IV fluids and tougher comparable sales in its pharmaceuticals business. |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 150-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5733img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 2.99 | 12.18 | 7.67 |
| **Class A (with sales charge)**  | -2.66 | 10.91 | 7.06 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell Midcap Value Index**  | 7.86 | 13.23 | 9.20 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $743938274 |
| **Total Number of Portfolio Holdings** | 57 |
| **Total Management Fee Paid** | $3608175 |
| **Portfolio Turnover Rate** | 48.72% |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 2 150-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5733img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect that the Fund invests at least 80% of its net assets in U.S. mid capitalization companies, which are companies with market capitalizations (the total market value of a company's outstanding stock) not exceeding either: 1) the highest market capitalization in the Russell Midcap Index; or 2) the 12-month average of the highest market capitalization in the Russell Midcap Index, whichever is greater, at the time of purchase. In addition, disclosure was added to the Fund's principal investment strategies to reflect that the Fund may invest up to 20% of its net assets in foreign securities and to reflect the Fund's increased exposure to the consumer discretionary, utilities and real estate sectors.

Related disclosure regarding the risks of investing in the consumer discretionary, utilities and real estate sectors, was added.

In addition, effective March 31, 2025, Oliver H. Wong was added as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com..

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Mutual U.S. Mid Cap Value Fund PAGE 3 150-ATSR-1225

945098701220212183129411113716833154761505719206197811000010424129241377615635172212478220688224223091037343100001078412630126501392512959192571729816681223592411620.115.99.69.18.98.16.75.85.43.27.2 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCBSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $166 | 1.64% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Franklin Mutual U.S. Mid Cap Value Fund returned 2.21%. The Fund compares its performance to the Russell Midcap Value Index, which returned 7.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending. |
| ↑ | Contract electronics manufacturer Flex on strong earnings as it benefits from growth in its data center business's power and cooling solutions. |
| ↑ | Johnson Controls, a building solutions provider, on improving financial results as the chief executive is focused on further streamlining the product portfolio and organization. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Support services firm KBR on concerns about potential cuts to U.S. government contracts and the impact of the late-period government shutdown even as its international business remains faster growing. |
| ↓ | Fiserv, a financial payments company, after a new management team slashed financial guidance late in the reporting period on a rollback of the previous management's short-term revenue initiatives and weakness in its business in Argentina. |
| ↓ | Medical products firm Baxter International as recent financial results have been weak amid headwinds to infusion therapies and IV fluids and tougher comparable sales in its pharmaceuticals business. |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 250-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5731img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 2.21 | 11.34 | 6.86 |
| **Class C (with sales charge)**  | 1.25 | 11.34 | 6.86 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell Midcap Value Index**  | 7.86 | 13.23 | 9.20 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $743938274 |
| **Total Number of Portfolio Holdings** | 57 |
| **Total Management Fee Paid** | $3608175 |
| **Portfolio Turnover Rate** | 48.72% |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 2 250-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5731img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect that the Fund invests at least 80% of its net assets in U.S. mid capitalization companies, which are companies with market capitalizations (the total market value of a company's outstanding stock) not exceeding either: 1) the highest market capitalization in the Russell Midcap Index; or 2) the 12-month average of the highest market capitalization in the Russell Midcap Index, whichever is greater, at the time of purchase. In addition, disclosure was added to the Fund's principal investment strategies to reflect that the Fund may invest up to 20% of its net assets in foreign securities and to reflect the Fund's increased exposure to the consumer discretionary, utilities and real estate sectors.

Related disclosure regarding the risks of investing in the consumer discretionary, utilities and real estate sectors, was added.

In addition, effective March 31, 2025, Oliver H. Wong was added as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com..

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Mutual U.S. Mid Cap Value Fund PAGE 3 250-ATSR-1225

10000103651272112605132871135117033155391500718999194191000010424129241377615635172212478220688224223091037343100001078412630126501392512959192571729816681223592411620.115.99.69.18.98.16.75.85.43.27.2 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FBSRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $116 | 1.14% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R shares of Franklin Mutual U.S. Mid Cap Value Fund returned 2.74%. The Fund compares its performance to the Russell Midcap Value Index, which returned 7.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending. |
| ↑ | Contract electronics manufacturer Flex on strong earnings as it benefits from growth in its data center business's power and cooling solutions. |
| ↑ | Johnson Controls, a building solutions provider, on improving financial results as the chief executive is focused on further streamlining the product portfolio and organization. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Support services firm KBR on concerns about potential cuts to U.S. government contracts and the impact of the late-period government shutdown even as its international business remains faster growing. |
| ↓ | Fiserv, a financial payments company, after a new management team slashed financial guidance late in the reporting period on a rollback of the previous management's short-term revenue initiatives and weakness in its business in Argentina. |
| ↓ | Medical products firm Baxter International as recent financial results have been weak amid headwinds to infusion therapies and IV fluids and tougher comparable sales in its pharmaceuticals business. |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 850-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 10/31/2015 — 10/31/2025

![image](ts5732img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 2.74 | 11.91 | 7.40 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell Midcap Value Index**  | 7.86 | 13.23 | 9.20 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $743938274 |
| **Total Number of Portfolio Holdings** | 57 |
| **Total Management Fee Paid** | $3608175 |
| **Portfolio Turnover Rate** | 48.72% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5732img004.jpg)

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

Franklin Mutual U.S. Mid Cap Value Fund PAGE 2 850-ATSR-1225

------

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect that the Fund invests at least 80% of its net assets in U.S. mid capitalization companies, which are companies with market capitalizations (the total market value of a company's outstanding stock) not exceeding either: 1) the highest market capitalization in the Russell Midcap Index; or 2) the 12-month average of the highest market capitalization in the Russell Midcap Index, whichever is greater, at the time of purchase. In addition, disclosure was added to the Fund's principal investment strategies to reflect that the Fund may invest up to 20% of its net assets in foreign securities and to reflect the Fund's increased exposure to the consumer discretionary, utilities and real estate sectors.

Related disclosure regarding the risks of investing in the consumer discretionary, utilities and real estate sectors, was added.

In addition, effective March 31, 2025, Oliver H. Wong was added as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com..

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Mutual U.S. Mid Cap Value Fund PAGE 3 850-ATSR-1225

10000104171284712797135571163717556160961562319877204221000010424129241377615635172212478220688224223091037343100001078412630126501392512959192571729816681223592411620.115.99.69.18.98.16.75.85.43.27.2 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FBSIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $56 | 0.55% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Franklin Mutual U.S. Mid Cap Value Fund returned 3.35%. The Fund compares its performance to the Russell Midcap Value Index, which returned 7.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending. |
| ↑ | Contract electronics manufacturer Flex on strong earnings as it benefits from growth in its data center business's power and cooling solutions. |
| ↑ | Johnson Controls, a building solutions provider, on improving financial results as the chief executive is focused on further streamlining the product portfolio and organization. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Support services firm KBR on concerns about potential cuts to U.S. government contracts and the impact of the late-period government shutdown even as its international business remains faster growing. |
| ↓ | Fiserv, a financial payments company, after a new management team slashed financial guidance late in the reporting period on a rollback of the previous management's short-term revenue initiatives and weakness in its business in Argentina. |
| ↓ | Medical products firm Baxter International as recent financial results have been weak amid headwinds to infusion therapies and IV fluids and tougher comparable sales in its pharmaceuticals business. |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 353-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5729img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 3.35 | 12.57 | 8.06 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell Midcap Value Index**  | 7.86 | 13.23 | 9.20 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $743938274 |
| **Total Number of Portfolio Holdings** | 57 |
| **Total Management Fee Paid** | $3608175 |
| **Portfolio Turnover Rate** | 48.72% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5729img004.jpg)

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

Franklin Mutual U.S. Mid Cap Value Fund PAGE 2 353-ATSR-1225

------

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect that the Fund invests at least 80% of its net assets in U.S. mid capitalization companies, which are companies with market capitalizations (the total market value of a company's outstanding stock) not exceeding either: 1) the highest market capitalization in the Russell Midcap Index; or 2) the 12-month average of the highest market capitalization in the Russell Midcap Index, whichever is greater, at the time of purchase. In addition, disclosure was added to the Fund's principal investment strategies to reflect that the Fund may invest up to 20% of its net assets in foreign securities and to reflect the Fund's increased exposure to the consumer discretionary, utilities and real estate sectors.

Related disclosure regarding the risks of investing in the consumer discretionary, utilities and real estate sectors, was added.

In addition, effective March 31, 2025, Oliver H. Wong was added as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com..

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Mutual U.S. Mid Cap Value Fund PAGE 3 353-ATSR-1225

10000104861301313038139001200718219168061641221001217041000010424129241377615635172212478220688224223091037343100001078412630126501392512959192571729816681223592411620.115.99.69.18.98.16.75.85.43.27.2 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FBSAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $65 | 0.64% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Advisor Class shares of Franklin Mutual U.S. Mid Cap Value Fund returned 3.24%. The Fund compares its performance to the Russell Midcap Value Index, which returned 7.86% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending. |
| ↑ | Contract electronics manufacturer Flex on strong earnings as it benefits from growth in its data center business's power and cooling solutions. |
| ↑ | Johnson Controls, a building solutions provider, on improving financial results as the chief executive is focused on further streamlining the product portfolio and organization. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Support services firm KBR on concerns about potential cuts to U.S. government contracts and the impact of the late-period government shutdown even as its international business remains faster growing. |
| ↓ | Fiserv, a financial payments company, after a new management team slashed financial guidance late in the reporting period on a rollback of the previous management's short-term revenue initiatives and weakness in its business in Argentina. |
| ↓ | Medical products firm Baxter International as recent financial results have been weak amid headwinds to infusion therapies and IV fluids and tougher comparable sales in its pharmaceuticals business. |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 650-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 10/31/2015 — 10/31/2025

![image](ts5730img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 3.24 | 12.46 | 7.94 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell Midcap Value Index**  | 7.86 | 13.23 | 9.20 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective March 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $743938274 |
| **Total Number of Portfolio Holdings** | 57 |
| **Total Management Fee Paid** | $3608175 |
| **Portfolio Turnover Rate** | 48.72% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5730img004.jpg)

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

Franklin Mutual U.S. Mid Cap Value Fund PAGE 2 650-ATSR-1225

------

**HOW HAS THE FUND CHANGED?**

On March 1, 2025, the Fund's principal investment strategies were revised to reflect that the Fund invests at least 80% of its net assets in U.S. mid capitalization companies, which are companies with market capitalizations (the total market value of a company's outstanding stock) not exceeding either: 1) the highest market capitalization in the Russell Midcap Index; or 2) the 12-month average of the highest market capitalization in the Russell Midcap Index, whichever is greater, at the time of purchase. In addition, disclosure was added to the Fund's principal investment strategies to reflect that the Fund may invest up to 20% of its net assets in foreign securities and to reflect the Fund's increased exposure to the consumer discretionary, utilities and real estate sectors.

Related disclosure regarding the risks of investing in the consumer discretionary, utilities and real estate sectors, was added.

In addition, effective March 31, 2025, Oliver H. Wong was added as a portfolio manager of the Fund.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com..

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Mutual U.S. Mid Cap Value Fund PAGE 3 650-ATSR-1225

10000104691298012988138311193418088166661625820789214641000010424129241377615635172212478220688224223091037343100001078412630126501392512959192571729816681223592411620.115.99.69.18.98.16.75.85.43.27.2 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FRVLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $98 | 0.96% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Franklin Small Cap Value Fund returned 4.81%. The Fund compares its performance to the Russell 2000 Value Index, which returned 9.87% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending  |
| ↑ | Industrial gas and energy industry equipment maker Chart industries after Baker Hughes announced that it would acquire the company  |
| ↑ | Sanmina, an electronics manufacturing services firm, on solid execution and its growing exposure to the artificial intelligence market  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | WillScot, a modular office and portable storage container provider, as utilization rates declined due to a weak non-residential construction market which has been a headwind to growth  |
| ↓ | Specialty chemicals company Avient, as worries about tariffs and slower growth raised concerns about its business which is tied to general economic activity  |
| ↓ | Cable One, a broadband communications provider, after reporting weak financial results as it lost subscribers and eliminated its long-standing dividend  |

---

Franklin Small Cap Value Fund PAGE 1 482-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5727img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.81 | 12.44 | 8.86 |
| **Class A (with sales charge)**  | -0.95 | 11.17 | 8.25 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 2000 Value Index**  | 9.87 | 13.85 | 8.66 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3767173328 |
| **Total Number of Portfolio Holdings** | 88 |
| **Total Management Fee Paid** | $21269070 |
| **Portfolio Turnover Rate** | 52.73% |

---

Franklin Small Cap Value Fund PAGE 2 482-ATSR-1225

------

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5727img004.jpg)

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

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Small Cap Value Fund PAGE 3 482-ATSR-1225

9450105041265912274136671229518393169521625821079220931000010424129241377615635172212478220688224223091037343100001088113581135001393511995197081759415847208812294329.723.013.812.58.34.73.12.61.11.2 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRVFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $174 | 1.71% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Franklin Small Cap Value Fund returned 4.03%. The Fund compares its performance to the Russell 2000 Value Index, which returned 9.87% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending  |
| ↑ | Industrial gas and energy industry equipment maker Chart industries after Baker Hughes announced that it would acquire the company  |
| ↑ | Sanmina, an electronics manufacturing services firm, on solid execution and its growing exposure to the artificial intelligence market  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | WillScot, a modular office and portable storage container provider, as utilization rates declined due to a weak non-residential construction market which has been a headwind to growth  |
| ↓ | Specialty chemicals company Avient, as worries about tariffs and slower growth raised concerns about its business which is tied to general economic activity  |
| ↓ | Cable One, a broadband communications provider, after reporting weak financial results as it lost subscribers and eliminated its long-standing dividend  |

---

Franklin Small Cap Value Fund PAGE 1 582-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5726img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 4.03 | 11.60 | 8.05 |
| **Class C (with sales charge)**  | 3.07 | 11.60 | 8.05 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 2000 Value Index**  | 9.87 | 13.85 | 8.66 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3767173328 |
| **Total Number of Portfolio Holdings** | 88 |
| **Total Management Fee Paid** | $21269070 |
| **Portfolio Turnover Rate** | 52.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5726img004.jpg)

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

Franklin Small Cap Value Fund PAGE 2 582-ATSR-1225

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Small Cap Value Fund PAGE 3 582-ATSR-1225

10000110351320112703140401253318612170281620820857216971000010424129241377615635172212478220688224223091037343100001088113581135001393511995197081759415847208812294329.723.013.812.58.34.73.12.61.11.2 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FVFRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $124 | 1.21% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R shares of Franklin Small Cap Value Fund returned 4.55%. The Fund compares its performance to the Russell 2000 Value Index, which returned 9.87% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending  |
| ↑ | Industrial gas and energy industry equipment maker Chart industries after Baker Hughes announced that it would acquire the company  |
| ↑ | Sanmina, an electronics manufacturing services firm, on solid execution and its growing exposure to the artificial intelligence market  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | WillScot, a modular office and portable storage container provider, as utilization rates declined due to a weak non-residential construction market which has been a headwind to growth  |
| ↓ | Specialty chemicals company Avient, as worries about tariffs and slower growth raised concerns about its business which is tied to general economic activity  |
| ↓ | Cable One, a broadband communications provider, after reporting weak financial results as it lost subscribers and eliminated its long-standing dividend  |

---

Franklin Small Cap Value Fund PAGE 1 882-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 10/31/2015 — 10/31/2025

![image](ts5728img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 4.55 | 12.16 | 8.59 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 2000 Value Index**  | 9.87 | 13.85 | 8.66 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3767173328 |
| **Total Number of Portfolio Holdings** | 88 |
| **Total Management Fee Paid** | $21269070 |
| **Portfolio Turnover Rate** | 52.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5728img004.jpg)

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

Franklin Small Cap Value Fund PAGE 2 882-ATSR-1225

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Small Cap Value Fund PAGE 3 882-ATSR-1225

10000110901333312895143211285119176176331686621816228081000010424129241377615635172212478220688224223091037343100001088113581135001393511995197081759415847208812294329.723.013.812.58.34.73.12.61.11.2 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRCSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $61 | 0.59% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Franklin Small Cap Value Fund returned 5.19%. The Fund compares its performance to the Russell 2000 Value Index, which returned 9.87% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending  |
| ↑ | Industrial gas and energy industry equipment maker Chart industries after Baker Hughes announced that it would acquire the company  |
| ↑ | Sanmina, an electronics manufacturing services firm, on solid execution and its growing exposure to the artificial intelligence market  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | WillScot, a modular office and portable storage container provider, as utilization rates declined due to a weak non-residential construction market which has been a headwind to growth  |
| ↓ | Specialty chemicals company Avient, as worries about tariffs and slower growth raised concerns about its business which is tied to general economic activity  |
| ↓ | Cable One, a broadband communications provider, after reporting weak financial results as it lost subscribers and eliminated its long-standing dividend  |

---

Franklin Small Cap Value Fund PAGE 1 382-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5724img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 5.19 | 12.88 | 9.32 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 2000 Value Index**  | 9.87 | 13.85 | 8.66 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3767173328 |
| **Total Number of Portfolio Holdings** | 88 |
| **Total Management Fee Paid** | $21269070 |
| **Portfolio Turnover Rate** | 52.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5724img004.jpg)

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

Franklin Small Cap Value Fund PAGE 2 382-ATSR-1225

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Small Cap Value Fund PAGE 3 382-ATSR-1225

10000111691352313167147231330219980184881780123171243741000010424129241377615635172212478220688224223091037343100001088113581135001393511995197081759415847208812294329.723.013.812.58.34.73.12.61.11.2 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FVADX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2024, to October 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $73 | 0.71% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Advisor Class shares of Franklin Small Cap Value Fund returned 5.07%. The Fund compares its performance to the Russell 2000 Value Index, which returned 9.87% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | U.K.-based aerospace and defense company Babcock International on optimism that it may benefit from a step-up in European defense spending  |
| ↑ | Industrial gas and energy industry equipment maker Chart industries after Baker Hughes announced that it would acquire the company  |
| ↑ | Sanmina, an electronics manufacturing services firm, on solid execution and its growing exposure to the artificial intelligence market  |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | WillScot, a modular office and portable storage container provider, as utilization rates declined due to a weak non-residential construction market which has been a headwind to growth  |
| ↓ | Specialty chemicals company Avient, as worries about tariffs and slower growth raised concerns about its business which is tied to general economic activity  |
| ↓ | Cable One, a broadband communications provider, after reporting weak financial results as it lost subscribers and eliminated its long-standing dividend  |

---

Franklin Small Cap Value Fund PAGE 1 682-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 10/31/2015 — 10/31/2025

![image](ts5725img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 5.07 | 12.72 | 9.14 |
| **Russell 3000 Index**  | 20.81 | 16.74 | 14.08 |
| **Russell 2000 Value Index**  | 9.87 | 13.85 | 8.66 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3767173328 |
| **Total Number of Portfolio Holdings** | 88 |
| **Total Management Fee Paid** | $21269070 |
| **Portfolio Turnover Rate** | 52.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5725img004.jpg)

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

Franklin Small Cap Value Fund PAGE 2 682-ATSR-1225

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Small Cap Value Fund PAGE 3 682-ATSR-1225

10000111431346513088146071317519759182601755522817239731000010424129241377615635172212478220688224223091037343100001088113581135001393511995197081759415847208812294329.723.013.812.58.34.73.12.61.11.2 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Ann Torre Bates and David W. Niemiec possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Ann Torre Bates and David W. Niemiec as the Audit Committee's financial experts. Ann Torre Bates and David W. Niemiec are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending October 31, 2024 and October 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $99,074 in October 31, 2024 and $105,030 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in October 31, 2024 and $0 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in October 31, 2024 and $0 in October 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in October 31, 2024 and $0 in October 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $0 in October 31, 2024 and $0 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Franklin

#### Value

#### Investors

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

October

31,

2025

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 26
Notes

to

Financial

Statements

#### 31
Report

of

Independent

Registered

Public

Accounting

Firm

#### 48
Tax

Information

#### 49
Changes

In

and

Disagreements

with

Accountants

#### 50
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$29.99

$25.79

$27.57

$32.58

$21.77

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.11 0.15 0.15 0.12 0.11 c

Net

realized

and

unrealized

gains

(losses)

...........

1.17 5.50 (0.30)

(0.81)

12.15 Total

from

investment

operations

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

1.28 5.65 (0.15)

(0.69)

12.26 Less

distributions

from:

Net

investment

income

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

(0.15)

(0.18)

(0.09)

(0.08)

(0.11)

Net

realized

gains

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

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

Total

distributions

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

(6.00)

(1.45)

(1.63)

(4.32)

(1.45)

Net

asset

value,

end

of

year

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

$25.27

$29.99

$25.79

$27.57

$32.58

Total

return

d

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

5.00%

22.43%

(0.71)%

(2.00)%

57.97%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.22%

1.27%

1.23%

1.24%

1.23%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.15%

1.19%

1.22%

e

1.22%

e

1.23%

f

Net

investment

income

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

0.43%

0.54%

0.56%

0.45%

0.37%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$166,289

$160,115

$139,370

$144,717

$161,200

Portfolio

turnover

rate

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

104.36%

87.90%

32.63%

19.91%

31.98%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.05

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.20%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$30.73

$26.39

$28.18

$33.21

$22.17

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.25 0.27 0.22 0.22 c

Net

realized

and

unrealized

gains

(losses)

...........

1.20 5.63 (0.34)

(0.82)

12.36 Total

from

investment

operations

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

1.39 5.88 (0.07)

(0.60)

12.58 Less

distributions

from:

Net

investment

income

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

(0.23)

(0.27)

(0.18)

(0.19)

(0.20)

Net

realized

gains

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

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

Total

distributions

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

(6.08)

(1.54)

(1.72)

(4.43)

(1.54)

Net

asset

value,

end

of

year

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

$26.04

$30.73

$26.39

$28.18

$33.21

Total

return

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

5.29%

22.82%

(0.35)%

(1.67)%

58.51%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.92%

0.98%

0.90%

0.91%

0.91%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.87%

0.87%

0.86%

d

0.87%

d

0.88%

Net

investment

income

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

0.72%

0.87%

0.98%

0.79%

0.72%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$14,791

$15,938

$15,228

$25,570

$23,137

Portfolio

turnover

rate

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

104.36%

87.90%

32.63%

19.91%

31.98%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.05

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.54%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$30.45

$26.15

$27.95

$32.96

$22.01

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.23 0.23 0.19 0.19 c

Net

realized

and

unrealized

gains

(losses)

...........

1.18 5.59 (0.33)

(0.81)

12.28 Total

from

investment

operations

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

1.36 5.82 (0.10)

(0.62)

12.47 Less

distributions

from:

Net

investment

income

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

(0.21)

(0.25)

(0.16)

(0.15)

(0.18)

Net

realized

gains

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

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

Total

distributions

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

(6.06)

(1.52)

(1.70)

(4.39)

(1.52)

Net

asset

value,

end

of

year

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

$25.75

$30.45

$26.15

$27.95

$32.96

Total

return

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

5.25%

22.74%

(0.44)%

(1.77)%

58.40%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.97%

1.01%

0.98%

0.99%

0.98%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.90%

0.94%

0.96%

d

0.97%

d

0.98%

e

Net

investment

income

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

0.69%

0.81%

0.83%

0.69%

0.60%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$24,464

$29,160

$36,980

$44,877

$38,829

Portfolio

turnover

rate

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

104.36%

87.90%

32.63%

19.91%

31.98%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.05

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.43%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

of

Investments,

October

31,

2025

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
franklintempleton.com

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 98.7%

#### Aerospace

#### &

#### Defense

#### 5.5%
Babcock

International

Group

plc

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

United

Kingdom

90,122

$

1,439,162

a

Ducommun,

Inc.

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

United

States

17,039

1,563,328

Melrose

Industries

plc

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

United

Kingdom

534,778

4,405,530

QinetiQ

Group

plc

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

United

Kingdom

618,392

3,904,950

11,312,970

#### Banks

#### 10.1%
Atlantic

Union

Bankshares

Corp.

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

United

States

96,289

3,131,318

Citizens

Financial

Group,

Inc.

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

United

States

95,355

4,850,709

Columbia

Banking

System,

Inc.

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

United

States

158,868

4,257,662

First

Business

Financial

Services,

Inc.

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

United

States

12,246

619,770

First

Interstate

BancSystem,

Inc.

,

A

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

United

States

112,192

3,506,000

Southern

Missouri

Bancorp,

Inc.

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

United

States

18,441

967,046

SouthState

Bank

Corp.

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

United

States

39,067

3,463,290

20,795,795

#### Building

#### Products

#### 2.7%
Johnson

Controls

International

plc

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

United

States

24,415

2,792,832

a

Resideo

Technologies,

Inc.

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

United

States

51,453

2,202,188

UFP

Industries,

Inc.

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

United

States

5,636

519,245

5,514,265

#### Capital

#### Markets

#### 2.6%
Piper

Sandler

Cos.

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

United

States

3,037

969,593

Raymond

James

Financial,

Inc.

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

United

States

11,505

1,825,498

Victory

Capital

Holdings,

Inc.

,

A

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

United

States

39,833

2,480,401

5,275,492

#### Chemicals

#### 1.7%
Avient

Corp.

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

United

States

108,898

3,492,359

#### Commercial

#### Services

#### &

#### Supplies

#### 0.6%
MSA

Safety,

Inc.

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

United

States

7,503

1,178,196

#### Construction

#### &

#### Engineering

#### 3.0%
Valmont

Industries,

Inc.

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

United

States

14,955

6,182,846

#### Construction

#### Materials

#### 1.0%
a

Amrize

Ltd.

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

United

States

39,500

2,047,680

#### Consumer

#### Finance

#### 1.7%
Bread

Financial

Holdings,

Inc.

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

United

States

56,184

3,519,928

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.4%
Dollar

General

Corp.

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

United

States

28,617

2,823,353

#### Containers

#### &

#### Packaging

#### 0.4%
International

Paper

Co.

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

United

States

23,957

925,698

#### Electric

#### Utilities

#### 2.2%
IDACORP,

Inc.

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

United

States

18,314

2,362,872

PPL

Corp.

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

United

States

57,933

2,115,713

4,478,585

#### Electrical

#### Equipment

#### 3.3%
a

Generac

Holdings,

Inc.

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

United

States

16,576

2,785,099

Regal

Rexnord

Corp.

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

United

States

28,847

4,064,254

6,849,353

Franklin

Value

Investors

Trust

Schedule

of

Investments

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2.6%
a

Flex

Ltd.

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

United

States

18,425

$

1,151,931

Vontier

Corp.

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

United

States

106,296

4,092,396

5,244,327

#### Energy

#### Equipment

#### &

#### Services

#### 4.3%
Baker

Hughes

Co.

,

A

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

United

States

111,946

5,419,306

Liberty

Energy,

Inc.

,

A

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

United

States

192,438

3,485,052

8,904,358

#### Financial

#### Services

#### 2.2%
Apollo

Global

Management,

Inc.

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

United

States

16,471

2,047,510

a

Corpay,

Inc.

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

United

States

9,199

2,394,960

4,442,470

#### Ground

#### Transportation

#### 0.6%
Knight-Swift

Transportation

Holdings,

Inc.

,

A

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

United

States

5,154

232,548

a

RXO,

Inc.

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

United

States

56,500

1,001,745

1,234,293

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 4.8%
a

Cooper

Cos.,

Inc.

(The)

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

United

States

28,189

1,970,693

a

Envista

Holdings

Corp.

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

United

States

180,388

3,670,896

Zimmer

Biomet

Holdings,

Inc.

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

United

States

42,330

4,256,705

9,898,294

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.0%
a

Henry

Schein,

Inc.

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

United

States

31,222

1,973,230

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.5%
Boyd

Gaming

Corp.

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

United

States

21,995

1,712,751

a

Hilton

Grand

Vacations,

Inc.

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

United

States

13,482

558,829

Wyndham

Hotels

&

Resorts,

Inc.

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

United

States

11,670

856,928

3,128,508

#### Household

#### Durables

#### 2.3%
a

Mohawk

Industries,

Inc.

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

United

States

41,171

4,678,672

#### Industrial

#### REITs

#### 0.4%
STAG

Industrial,

Inc.

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

United

States

19,922

762,415

#### Insurance

#### 3.1%
CNO

Financial

Group,

Inc.

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

United

States

78,519

3,142,330

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

10,685

1,825,853

Selective

Insurance

Group,

Inc.

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

United

States

17,289

1,302,553

6,270,736

#### Leisure

#### Products

#### 1.8%
a

Mattel,

Inc.

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

United

States

205,062

3,769,040

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.2%
Bruker

Corp.

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

United

States

10,821

421,370

#### Machinery

#### 7.3%
CNH

Industrial

NV

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

United

States

178,421

1,871,636

Dover

Corp.

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

United

States

11,643

2,112,739

a

Gates

Industrial

Corp.

plc

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

United

States

182,984

4,040,287

Lincoln

Electric

Holdings,

Inc.

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

United

States

17,564

4,117,880

a

Middleby

Corp.

(The)

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

United

States

17,015

2,113,773

Franklin

Value

Investors

Trust

Schedule

of

Investments

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Machinery
(continued)

Mueller

Water

Products,

Inc.

,

A

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

United

States

27,307

$

700,698

14,957,013

#### Metals

#### &

#### Mining

#### 5.2%
Commercial

Metals

Co.

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

United

States

80,946

4,804,955

Steel

Dynamics,

Inc.

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

United

States

37,250

5,840,800

10,645,755

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.3%
Expand

Energy

Corp.

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

United

States

51,055

5,274,492

Whitecap

Resources,

Inc.

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

Canada

203,301

1,513,288

6,787,780

#### Personal

#### Care

#### Products

#### 1.3%
Estee

Lauder

Cos.,

Inc.

(The)

,

A

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

United

States

28,466

2,752,378

#### Residential

#### REITs

#### 0.9%
Independence

Realty

Trust,

Inc.

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

United

States

117,410

1,870,341

#### Retail

#### REITs

#### 0.9%
Brixmor

Property

Group,

Inc.

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

United

States

74,059

1,937,383

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 4.4%
MKS,

Inc.

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

United

States

44,473

6,391,215

a

Onto

Innovation,

Inc.

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

United

States

20,230

2,730,241

9,121,456

#### Software

#### 4.2%
a

ACI

Worldwide,

Inc.

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

United

States

116,248

5,536,892

Gen

Digital,

Inc.

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

United

States

117,911

3,108,134

8,645,026

#### Specialized

#### REITs

#### 0.7%
SBA

Communications

Corp.

,

A

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

United

States

7,248

1,387,847

#### Specialty

#### Retail

#### 4.1%
Dick's

Sporting

Goods,

Inc.

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

United

States

10,106

2,237,974

Gap,

Inc.

(The)

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

United

States

226,878

5,184,162

Group

Automotive,

Inc.

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

United

States

2,410

958,071

8,380,207

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
a

Crocs,

Inc.

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

United

States

6,193

505,906

#### Trading

#### Companies

#### &

#### Distributors

#### 5.2%
Ferguson

Enterprises,

Inc.

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

United

States

21,911

5,444,884

McGrath

RentCorp

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

United

States

13,777

1,480,201

United

Rentals,

Inc.

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

United

States

4,423

3,853,229

10,778,314

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 187,657,999

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

#### 202,893,639
Franklin

Value

Investors

Trust

Schedule

of

Investments

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

See

Abbreviations

on

.

#### Short

#### Term

#### Investments

#### 2.4%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.4%
b,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

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

United

States

4,879,040

$

4,879,040

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 4,879,040

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

#### 4,879,040

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 4,879,040

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

#### 4,879,040

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 192,537,039

####)
101.1 #### %
................................

#### $207,772,679

#### Other

#### Assets,

#### less

#### Liabilities

#### (1.1 ####)

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

#### (2,229,173)

#### Net

#### Assets

#### 100.0%

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

#### $205,543,506

#### a
a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$37.52

$30.11

$32.32

$40.20

$27.59

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.43 0.47 0.43 0.37 0.43 Net

realized

and

unrealized

gains

(losses)

...........

0.58 7.73 (1.23)

(3.28)

13.37 Total

from

investment

operations

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

1.01 8.20 (0.80)

(2.91)

13.80 Less

distributions

from:

Net

investment

income

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

(0.45)

(0.42)

(0.33)

(0.45)

(1.19)

Net

realized

gains

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

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(2.45)

(0.79)

(1.41)

(4.97)

(1.19)

Net

asset

value,

end

of

year

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

$36.08

$37.52

$30.11

$32.32

$40.20

Total

return

c

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

2.99%

27.55%

(2.70)%

(8.06)%

51.14%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.91%

0.90%

0.90%

0.91%

0.91%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.89%

0.88%

0.88%

d

0.90%

d

0.91%

d,e

Net

investment

income

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

1.21%

1.35%

1.33%

1.07%

1.18%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$645,355

$687,011

$607,754

$688,933

$790,329

Portfolio

turnover

rate

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

48.72%

37.84%

64.21%

66.63%

60.45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$35.39

$28.39

$30.50

$38.15

$26.21

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.16 0.20 0.18 0.11 0.15 Net

realized

and

unrealized

gains

(losses)

...........

0.54 7.29 (1.16)

(3.11)

12.72 Total

from

investment

operations

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

0.70 7.49 (0.98)

(3.00)

12.87 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.12)

(0.05)

(0.13)

(0.93)

Net

realized

gains

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

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(2.16)

(0.49)

(1.13)

(4.65)

(0.93)

Net

asset

value,

end

of

year

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

$33.93

$35.39

$28.39

$30.50

$38.15

Total

return

c

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

2.21%

26.60%

(3.42)%

(8.77)%

50.06%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.66%

1.65%

1.65%

1.66%

1.66%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.64%

1.63%

1.63%

d

1.65%

d

1.66%

d,e

Net

investment

income

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

0.47%

0.61%

0.58%

0.32%

0.42%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$6,811

$9,324

$10,359

$15,412

$20,132

Portfolio

turnover

rate

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

48.72%

37.84%

64.21%

66.63%

60.45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$37.70

$30.25

$32.46

$40.34

$27.67

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.35 0.39 0.35 0.28 0.34 Net

realized

and

unrealized

gains

(losses)

...........

0.58 7.76 (1.23)

(3.29)

13.44 Total

from

investment

operations

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

0.93 8.15 (0.88)

(3.01)

13.78 Less

distributions

from:

Net

investment

income

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

(0.35)

(0.33)

(0.25)

(0.35)

(1.11)

Net

realized

gains

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

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(2.35)

(0.70)

(1.33)

(4.87)

(1.11)

Net

asset

value,

end

of

year

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

$36.28

$37.70

$30.25

$32.46

$40.34

Total

return

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

2.74%

27.23%

(2.94)%

(8.32)%

50.87%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.16%

1.15%

1.15%

1.16%

1.16%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.14%

1.13%

1.13%

c

1.15%

c

1.16%

c,d

Net

investment

income

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

0.96%

1.10%

1.08%

0.82%

0.93%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$5,009

$5,854

$4,922

$5,419

$6,362

Portfolio

turnover

rate

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

48.72%

37.84%

64.21%

66.63%

60.45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$39.49

$31.66

$33.91

$41.93

$28.73

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.59 0.62 0.57 0.51 0.59 Net

realized

and

unrealized

gains

(losses)

...........

0.61 8.11 (1.29)

(3.43)

13.91 Total

from

investment

operations

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

1.20 8.73 (0.72)

(2.92)

14.50 Less

distributions

from:

Net

investment

income

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

(0.58)

(0.53)

(0.45)

(0.58)

(1.30)

Net

realized

gains

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

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(2.58)

(0.90)

(1.53)

(5.10)

(1.30)

Net

asset

value,

end

of

year

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

$38.11

$39.49

$31.66

$33.91

$41.93

Total

return

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

3.35%

27.96%

(2.34)%

(7.76)%

51.74%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.58%

0.57%

0.58%

0.59%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.55%

0.54%

0.54%

c

0.55%

c

0.55%

c

Net

investment

income

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

1.55%

1.69%

1.67%

1.42%

1.54%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$35,733

$35,893

$31,790

$36,512

$39,290

Portfolio

turnover

rate

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

48.72%

37.84%

64.21%

66.63%

60.45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$39.63

$31.76

$34.02

$42.04

$28.80

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.55 0.59 0.54 0.48 0.55 Net

realized

and

unrealized

gains

(losses)

...........

0.62 8.15 (1.31)

(3.44)

13.95 Total

from

investment

operations

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

1.17 8.74 (0.77)

(2.96)

14.50 Less

distributions

from:

Net

investment

income

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

(0.55)

(0.50)

(0.41)

(0.54)

(1.26)

Net

realized

gains

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

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(2.55)

(0.87)

(1.49)

(5.06)

(1.26)

Net

asset

value,

end

of

year

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

$38.25

$39.63

$31.76

$34.02

$42.04

Total

return

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

3.24%

27.88%

(2.45)%

(7.86)%

51.57%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.65%

0.65%

0.66%

0.66%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.64%

0.63%

0.63%

c

0.65%

c

0.66%

c,d

Net

investment

income

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

1.45%

1.60%

1.58%

1.32%

1.43%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$51,030

$52,612

$43,244

$46,625

$56,787

Portfolio

turnover

rate

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

48.72%

37.84%

64.21%

66.63%

60.45%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

of

Investments,

October

31,

2025

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
franklintempleton.com

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 92.8%

#### Aerospace

#### &

#### Defense

#### 0.5%
Melrose

Industries

plc

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

United

Kingdom

454,927

$

3,747,713

#### Automobile

#### Components

#### 0.7%
a

Aptiv

plc

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

United

States

63,896

5,181,966

#### Banks

#### 5.0%
Citizens

Financial

Group,

Inc.

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

United

States

319,504

16,253,169

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

115,873

21,152,616

37,405,785

#### Building

#### Products

#### 1.7%
Johnson

Controls

International

plc

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

United

States

107,991

12,353,091

#### Capital

#### Markets

#### 1.3%
Raymond

James

Financial,

Inc.

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

United

States

61,051

9,686,962

#### Chemicals

#### 1.5%
PPG

Industries,

Inc.

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

United

States

115,560

11,295,990

#### Construction

#### &

#### Engineering

#### 2.5%
AECOM

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

United

States

70,685

9,496,530

Valmont

Industries,

Inc.

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

United

States

22,649

9,363,776

18,860,306

#### Consumer

#### Finance

#### 1.3%
Capital

One

Financial

Corp.

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

United

States

45,173

9,937,608

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.7%
Dollar

General

Corp.

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

United

States

129,894

12,815,342

#### Containers

#### &

#### Packaging

#### 1.7%
International

Paper

Co.

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

United

States

316,830

12,242,311

#### Electric

#### Utilities

#### 9.1%
Entergy

Corp.

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

United

States

200,520

19,267,967

Evergy,

Inc.

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

United

States

312,799

24,026,091

PPL

Corp.

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

United

States

667,280

24,369,066

67,663,124

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2.0%
a

Flex

Ltd.

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

United

States

237,132

14,825,493

#### Energy

#### Equipment

#### &

#### Services

#### 2.7%
Baker

Hughes

Co.

,

A

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

United

States

97,235

4,707,146

SLB

Ltd.

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

United

States

434,100

15,653,646

20,360,792

#### Financial

#### Services

#### 3.9%
Apollo

Global

Management,

Inc.

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

United

States

68,554

8,521,948

a

Fiserv,

Inc.

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

United

States

44,093

2,940,562

Global

Payments,

Inc.

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

United

States

86,916

6,758,588

Voya

Financial,

Inc.

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

United

States

142,837

10,635,643

28,856,741

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 5.2%
Baxter

International,

Inc.

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

United

States

337,764

6,238,501

a

Envista

Holdings

Corp.

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

United

States

647,173

13,169,971

Zimmer

Biomet

Holdings,

Inc.

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

United

States

187,961

18,901,358

38,309,830

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.5%
Cencora,

Inc.

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

United

States

27,462

9,276,938

Franklin

Value

Investors

Trust

Schedule

of

Investments

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Humana,

Inc.

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

United

States

5,527

$

1,537,556

10,814,494

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.2%
Boyd

Gaming

Corp.

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

United

States

115,128

8,965,017

#### Household

#### Durables

#### 1.1%
DR

Horton,

Inc.

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

United

States

56,106

8,364,282

#### Industrial

#### REITs

#### 0.3%
EastGroup

Properties,

Inc.

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

United

States

12,675

2,212,168

#### Insurance

#### 4.4%
Everest

Group

Ltd.

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

United

States

38,471

12,099,899

Hartford

Insurance

Group,

Inc.

(The)

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

United

States

167,714

20,826,724

32,926,623

#### IT

#### Services

#### 2.1%
Amdocs

Ltd.

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

United

States

186,433

15,708,845

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.4%
a

Bio-Rad

Laboratories,

Inc.

,

A

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

United

States

33,318

10,646,767

#### Machinery

#### 6.0%
CNH

Industrial

NV

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

United

States

1,099,873

11,537,668

Dover

Corp.

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

United

States

127,741

23,179,882

a

Gates

Industrial

Corp.

plc

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

United

States

455,887

10,065,985

44,783,535

#### Metals

#### &

#### Mining

#### 2.2%
Reliance,

Inc.

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

United

States

57,735

16,306,096

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.0%
EOG

Resources,

Inc.

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

United

States

138,498

14,658,628

Williams

Cos.,

Inc.

(The)

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

United

States

135,904

7,864,765

22,523,393

#### Personal

#### Care

#### Products

#### 1.4%
Estee

Lauder

Cos.,

Inc.

(The)

,

A

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

United

States

110,475

10,681,828

#### Pharmaceuticals

#### 1.5%
Haleon

plc

,

ADR

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

United

States

1,228,819

11,391,152

#### Professional

#### Services

#### 4.1%
KBR,

Inc.

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

United

States

327,392

14,025,473

SS&C

Technologies

Holdings,

Inc.

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

United

States

189,075

16,056,249

30,081,722

#### Real

#### Estate

#### Management

#### &

#### Development

#### 1.7%
a

CBRE

Group,

Inc.

,

A

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

United

States

83,612

12,744,977

#### Retail

#### REITs

#### 3.2%
Brixmor

Property

Group,

Inc.

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

United

States

915,407

23,947,047

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 2.0%
NXP

Semiconductors

NV

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

Netherlands

69,429

14,518,992

#### Software

#### 2.0%
Gen

Digital,

Inc.

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

United

States

568,617

14,988,744

#### Specialized

#### REITs

#### 1.5%
SBA

Communications

Corp.

,

A

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

United

States

57,800

11,067,544

#### Specialty

#### Retail

#### 5.9%
Bath

&

Body

Works,

Inc.

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

United

States

283,136

6,931,169

Franklin

Value

Investors

Trust

Schedule

of

Investments

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Specialty

#### Retail
(continued)

Dick's

Sporting

Goods,

Inc.

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

United

States

41,664

$

9,226,493

Gap,

Inc.

(The)

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

United

States

685,319

15,659,539

a

Ulta

Beauty,

Inc.

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

United

States

22,706

11,804,396

43,621,597

#### Trading

#### Companies

#### &

#### Distributors

#### 5.5%
AerCap

Holdings

NV

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

Ireland

120,879

15,743,281

Ferguson

Enterprises,

Inc.

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

United

States

65,245

16,213,383

United

Rentals,

Inc.

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

United

States

10,025

8,733,579

40,690,243

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 543,006,990

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

#### 690,528,120

#### Short

#### Term

#### Investments

#### 7.2%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 7.2%
b,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

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

United

States

53,895,829

53,895,829

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 53,895,829

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

#### 53,895,829

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 53,895,829

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

#### 53,895,829

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 596,902,819

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

#### $744,423,949

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

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

#### (485,675)

#### Net

#### Assets

#### 100.0%

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

#### $743,938,274

#### a
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$58.94

$47.55

$51.18

$61.24

$41.84

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.55 0.55 0.39 0.25 0.47 c

Net

realized

and

unrealized

gains

(losses)

...........

2.17 13.28 (2.42)

(4.60)

20.03 Total

from

investment

operations

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

2.72 13.83 (2.03)

(4.35)

20.50 Less

distributions

from:

Net

investment

income

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

(0.51)

(0.46)

(0.20)

(0.34)

(0.35)

Net

realized

gains

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

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(3.88)

(2.44)

(1.60)

(5.71)

(1.10)

Net

asset

value,

end

of

year

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

$57.78

$58.94

$47.55

$51.18

$61.24

Total

return

d

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

4.81%

29.65%

(4.09)%

(7.83)%

49.59%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.97%

0.97%

0.99%

0.98%

1.00%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.96%

0.96%

0.98%

e

0.98%

f

1.00%

f

Net

investment

income

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

0.97%

0.99%

0.75%

0.46%

0.81%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,115,548

$1,213,950

$1,076,436

$1,268,890

$1,577,561

Portfolio

turnover

rate

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

52.73%

59.68%

68.74%

47.06%

52.76%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.15

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.56%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$48.50

$39.48

$42.88

$52.25

$35.87

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

0.11 0.12 —

c

(0.13)

0.02 d

Net

realized

and

unrealized

gains

(losses)

...........

1.76 10.99 (2.00)

(3.87)

17.20 Total

from

investment

operations

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

1.87 11.11 (2.00)

(4.00)

17.22 Less

distributions

from:

Net

investment

income

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

(0.14)

(0.11)

—

—

(0.09)

Net

realized

gains

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

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(3.51)

(2.09)

(1.40)

(5.37)

(0.84)

Net

asset

value,

end

of

year

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

$46.86

$48.50

$39.48

$42.88

$52.25

Total

return

e

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

4.03%

28.69%

(4.82)%

(8.51)%

48.51%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.72%

1.72%

1.74%

1.73%

1.75%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.71%

1.71%

1.73%

f

1.73%

g

1.75%

g

Net

investment

income

(loss)

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

0.23%

0.26%

—%

h

(0.29)%

0.05%

d

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$37,016

$48,722

$50,027

$68,960

$99,994

Portfolio

turnover

rate

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

52.73%

59.68%

68.74%

47.06%

52.76%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Net

investment

income

per

share

includes

approximately

$0.15

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

(0.20)%.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$58.04

$46.86

$50.46

$60.43

$41.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.40 0.41 0.26 0.11 0.32 c

Net

realized

and

unrealized

gains

(losses)

...........

2.14 13.07 (2.38)

(4.53)

19.79 Total

from

investment

operations

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

2.54 13.48 (2.12)

(4.42)

20.11 Less

distributions

from:

Net

investment

income

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

(0.35)

(0.32)

(0.08)

(0.18)

(0.24)

Net

realized

gains

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

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(3.72)

(2.30)

(1.48)

(5.55)

(0.99)

Net

asset

value,

end

of

year

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

$56.86

$58.04

$46.86

$50.46

$60.43

Total

return

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

4.55%

29.35%

(4.35)%

(8.05)%

49.22%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.22%

1.22%

1.24%

1.23%

1.25%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.21%

1.21%

1.23%

d

1.23%

e

1.25%

e

Net

investment

income

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

0.73%

0.75%

0.50%

0.21%

0.56%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$97,179

$109,718

$102,284

$119,060

$150,288

Portfolio

turnover

rate

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

52.73%

59.68%

68.74%

47.06%

52.76%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.15

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.32%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$63.29

$50.90

$54.68

$65.05

$44.37

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.81 0.81 0.63 0.48 0.71 c

Net

realized

and

unrealized

gains

(losses)

...........

2.35 14.23 (2.60)

(4.89)

21.27 Total

from

investment

operations

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

3.16 15.04 (1.97)

(4.41)

21.98 Less

distributions

from:

Net

investment

income

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

(0.73)

(0.67)

(0.41)

(0.59)

(0.55)

Net

realized

gains

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

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.10)

(2.65)

(1.81)

(5.96)

(1.30)

Net

asset

value,

end

of

year

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

$62.35

$63.29

$50.90

$54.68

$65.05

Total

return

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

5.19%

30.17%

(3.72)%

(7.46)%

50.21%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.60%

0.60%

0.61%

0.62%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.59%

0.59%

0.59%

d

0.59%

0.59%

Net

investment

income

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

1.34%

1.37%

1.14%

0.84%

1.15%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,284,737

$1,419,996

$1,225,364

$1,248,367

$1,336,020

Portfolio

turnover

rate

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

52.73%

59.68%

68.74%

47.06%

52.76%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.15

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.90%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$63.40

$50.98

$54.76

$65.13

$44.44

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.75 0.73 0.55 0.41 0.63 c

Net

realized

and

unrealized

gains

(losses)

...........

2.33 14.26 (2.60)

(4.91)

21.30 Total

from

investment

operations

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

3.08 14.99 (2.05)

(4.50)

21.93 Less

distributions

from:

Net

investment

income

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

(0.65)

(0.59)

(0.33)

(0.50)

(0.49)

Net

realized

gains

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

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.02)

(2.57)

(1.73)

(5.87)

(1.24)

Net

asset

value,

end

of

year

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

$62.46

$63.40

$50.98

$54.76

$65.13

Total

return

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

5.07%

29.97%

(3.86)%

(7.59)%

49.98%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.72%

0.72%

0.74%

0.73%

0.75%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.71%

0.71%

0.73%

d

0.73%

e

0.75%

e

Net

investment

income

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

1.23%

1.24%

1.00%

0.71%

1.01%

c

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$1,232,693

$1,306,760

$1,199,891

$1,406,507

$1,687,270

Portfolio

turnover

rate

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

52.73%

59.68%

68.74%

47.06%

52.76%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.15

per

share

related

to

income

received

in

the

form

of

special

dividends

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.76%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

of

Investments,

October

31,

2025

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
franklintempleton.com

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 98.9%

#### Aerospace

#### &

#### Defense

#### 7.5%
Babcock

International

Group

plc

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

United

Kingdom

2,591,564

$

41,384,785

Melrose

Industries

plc

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

United

Kingdom

9,956,072

82,018,660

QinetiQ

Group

plc

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

United

Kingdom

14,253,478

90,006,196

a

Senior

plc

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

United

Kingdom

28,282,051

70,815,772

284,225,413

#### Banks

#### 18.3%
Atlantic

Union

Bankshares

Corp.

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

United

States

1,962,377

63,816,500

a

Camden

National

Corp.

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

United

States

978,520

37,330,538

Columbia

Banking

System,

Inc.

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

United

States

3,604,137

96,590,872

First

Bancorp

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

United

States

1,233,754

59,886,419

First

Commonwealth

Financial

Corp.

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

United

States

2,414,952

36,924,616

First

Interstate

BancSystem,

Inc.

,

A

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

United

States

2,331,131

72,847,844

German

American

Bancorp,

Inc.

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

United

States

1,151,789

44,389,948

Peoples

Bancorp,

Inc.

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

United

States

513,372

14,682,439

Seacoast

Banking

Corp.

of

Florida

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

United

States

1,397,005

42,329,252

SouthState

Bank

Corp.

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

United

States

952,992

84,482,741

TriCo

Bancshares

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

United

States

1,067,509

47,215,923

Washington

Trust

Bancorp,

Inc.

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

United

States

402,827

10,973,007

WSFS

Financial

Corp.

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

United

States

1,511,067

78,711,480

690,181,579

#### Building

#### Products

#### 1.8%
b

American

Woodmark

Corp.

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

United

States

247,036

15,743,604

b

Resideo

Technologies,

Inc.

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

United

States

957,428

40,977,919

UFP

Industries,

Inc.

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

United

States

104,626

9,639,193

66,360,716

#### Capital

#### Markets

#### 2.9%
Piper

Sandler

Cos.

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

United

States

55,940

17,859,405

b

Rosebank

Industries

plc

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

Jersey

7,285,678

33,158,969

Victory

Capital

Holdings,

Inc.

,

A

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

United

States

946,477

58,937,123

109,955,497

#### Chemicals

#### 4.2%
Ashland,

Inc.

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

United

States

123,089

6,019,052

Avient

Corp.

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

United

States

2,115,482

67,843,508

a

Elementis

plc

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

United

Kingdom

39,868,704

86,179,132

160,041,692

#### Commercial

#### Services

#### &

#### Supplies

#### 2.0%
Brady

Corp.

,

A

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

United

States

419,873

31,872,559

HNI

Corp.

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

United

States

429,899

17,591,467

MSA

Safety,

Inc.

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

United

States

162,726

25,552,864

75,016,890

#### Construction

#### &

#### Engineering

#### 3.3%
Valmont

Industries,

Inc.

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

United

States

278,365

115,084,442

WillScot

Holdings

Corp.

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

United

States

397,527

8,646,212

123,730,654

#### Consumer

#### Finance

#### 1.8%
Bread

Financial

Holdings,

Inc.

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

United

States

1,065,916

66,779,637

#### Diversified

#### REITs

#### 0.6%
Alexander

&

Baldwin,

Inc.

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

United

States

1,424,555

22,750,143

Franklin

Value

Investors

Trust

Schedule

of

Investments

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electric

#### Utilities

#### 0.6%
IDACORP,

Inc.

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

United

States

164,266

$

21,193,599

#### Electrical

#### Equipment

#### 2.2%
EnerSys

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

United

States

97,739

12,330,752

Regal

Rexnord

Corp.

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

United

States

487,656

68,705,854

81,036,606

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 6.4%
Benchmark

Electronics,

Inc.

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

United

States

1,728,883

75,759,653

b

Knowles

Corp.

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

United

States

2,419,027

57,113,228

Oxford

Instruments

plc

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

United

Kingdom

315,583

7,829,828

b

TTM

Technologies,

Inc.

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

United

States

82,413

5,538,154

Vontier

Corp.

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

United

States

2,444,406

94,109,631

240,350,494

#### Energy

#### Equipment

#### &

#### Services

#### 4.0%
Hunting

plc

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

United

Kingdom

6,093,536

27,337,342

Liberty

Energy,

Inc.

,

A

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

United

States

3,569,507

64,643,772

Select

Water

Solutions,

Inc.

,

A

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

United

States

4,641,526

53,656,040

TechnipFMC

plc

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

United

Kingdom

83,768

3,463,807

149,100,961

#### Ground

#### Transportation

#### 0.9%
Knight-Swift

Transportation

Holdings,

Inc.

,

A

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

United

States

95,905

4,327,234

b

RXO,

Inc.

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

United

States

1,694,346

30,040,754

34,367,988

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.3%
b

Envista

Holdings

Corp.

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

United

States

4,191,924

85,305,653

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 3.0%
Boyd

Gaming

Corp.

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

United

States

674,607

52,531,647

c

Cracker

Barrel

Old

Country

Store,

Inc.

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

United

States

286,455

9,653,534

b

Hilton

Grand

Vacations,

Inc.

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

United

States

814,325

33,753,771

Wyndham

Hotels

&

Resorts,

Inc.

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

United

States

221,381

16,256,007

112,194,959

#### Household

#### Durables

#### 1.3%
Century

Communities,

Inc.

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

United

States

63,403

3,766,138

La-Z-Boy,

Inc.

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

United

States

1,011,616

32,068,227

b

M/I

Homes,

Inc.

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

United

States

28,247

3,536,242

Meritage

Homes

Corp.

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

United

States

81,495

5,505,802

b

Taylor

Morrison

Home

Corp.

,

A

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

United

States

60,803

3,603,794

48,480,203

#### Industrial

#### REITs

#### 0.4%
STAG

Industrial,

Inc.

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

United

States

399,200

15,277,384

#### Insurance

#### 6.7%
CNO

Financial

Group,

Inc.

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

United

States

2,563,667

102,597,953

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

161,484

27,594,386

a

Horace

Mann

Educators

Corp.

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

United

States

2,192,713

98,036,198

Selective

Insurance

Group,

Inc.

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

United

States

327,226

24,653,207

b,c

TWFG,

Inc.

,

A

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

United

States

6,521

158,852

253,040,596

#### Leisure

#### Products

#### 3.5%
BRP,

Inc.

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

United

States

255,046

15,998,679

Franklin

Value

Investors

Trust

Schedule

of

Investments

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Leisure

#### Products
(continued)

Brunswick

Corp.

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

United

States

553,107

$

36,565,904

b

Mattel,

Inc.

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

United

States

4,360,833

80,152,110

132,716,693

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.8%
Bruker

Corp.

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

United

States

785,931

30,604,153

#### Machinery

#### 4.7%
b

Gates

Industrial

Corp.

plc

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

United

States

3,860,739

85,245,117

b

Middleby

Corp.

(The)

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

United

States

356,745

44,318,431

Mueller

Water

Products,

Inc.

,

A

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

United

States

1,812,909

46,519,245

176,082,793

#### Metals

#### &

#### Mining

#### 3.4%
Commercial

Metals

Co.

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

United

States

1,483,445

88,057,295

a

Ryerson

Holding

Corp.

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

United

States

1,777,173

39,204,437

127,261,732

#### Multi-Utilities

#### 0.5%
Black

Hills

Corp.

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

United

States

307,893

19,529,653

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.7%
Whitecap

Resources,

Inc.

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

Canada

3,793,954

28,240,619

#### Paper

#### &

#### Forest

#### Products

#### 0.7%
Louisiana-Pacific

Corp.

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

United

States

298,581

26,009,391

#### Residential

#### REITs

#### 0.9%
Independence

Realty

Trust,

Inc.

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

United

States

2,177,779

34,692,020

#### Retail

#### REITs

#### 0.7%
Kite

Realty

Group

Trust

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

United

States

1,197,135

26,504,569

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 4.4%
MKS,

Inc.

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

United

States

813,291

116,878,050

b

Onto

Innovation,

Inc.

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

United

States

375,791

50,716,753

167,594,803

#### Software

#### 3.0%
b

ACI

Worldwide,

Inc.

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

United

States

2,347,523

111,812,521

#### Specialty

#### Retail

#### 3.3%
Bath

&

Body

Works,

Inc.

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

United

States

429,835

10,522,361

Gap,

Inc.

(The)

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

United

States

4,173,856

95,372,609

Group

Automotive,

Inc.

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

United

States

44,694

17,767,653

123,662,623

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.4%
b

Crocs,

Inc.

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

United

States

252,009

20,586,615

Dr.

Martens

plc

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

United

Kingdom

28,142,109

33,605,993

54,192,608

#### Trading

#### Companies

#### &

#### Distributors

#### 0.7%
McGrath

RentCorp

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

United

States

251,176

26,986,350

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 3,090,489,914

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

#### 3,725,281,192
Franklin

Value

Investors

Trust

Schedule

of

Investments

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Annual

Report

#### Short

#### Term

#### Investments

#### 1.2%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.2%
d,e

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

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

United

States

44,488,005

$

44,488,005

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 44,488,005

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

#### 44,488,005
f

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.0%

#### †

#### Money

#### Market

#### Funds

#### 0.0%

#### †
d,e

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

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

United

States

609,000

609,000

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 609,000

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

#### 609,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 45,097,005

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

#### 45,097,005

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 3,135,586,919

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

#### $3,770,378,197

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

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

#### (3,204,869)

#### Net

#### Assets

#### 100.0%

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

#### $3,767,173,328

#### a
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

regarding

holdings

of

5%

voting

securities.

b

Non-income

producing.

c

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2025. See

Note

(c).

d

See

Note

(f)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

f

See

Note

(c)

regarding

securities

on

loan.

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

October

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$187,657,999

$543,006,990

$2,807,252,105

Cost

-

Non-controlled

affiliates

(Note

f

and

6)

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

4,879,040

53,895,829

328,334,814

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$

—

,

$

—

and

$

599,873

,

respectively)

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

$202,893,639

$690,528,120

$3,393,715,115

Value

-

Non-controlled

affiliates

(Note

f

and

6)

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

4,879,040

53,895,829

376,663,082

Cash

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

1,046

142,035

169,174

Foreign

currency,

at

value

(cost

$

872

,

$

535,474

and

$

,

respectively)

872

535,474

Receivables:

Investment

securities

sold

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

158,480

4,285,911

2,825,379

Capital

shares

sold

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

98,512

301,566

1,945,929

Dividends

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

96,621

722,965

1,218,351

Total

assets

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

208,128,210

750,411,900

3,776,537,453

Liabilities:

Payables:

Investment

securities

purchased

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

2,196,295

5,211,882

—

Capital

shares

redeemed

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

70,290

464,890

5,463,288

Management

fees

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

111,345

304,621

1,782,805

Distribution

fees

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

35,834

148,469

315,462

Transfer

agent

fees

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

53,439

214,010

958,701

Trustees'

fees

and

expenses

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

955

4,297

17,056

Payable

upon

return

of

securities

loaned

(Note

c)

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

—

—

609,000

Accrued

expenses

and

other

liabilities

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

116,546

125,457

217,813

Total

liabilities

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

2,584,704

6,473,626

9,364,125

Net

assets,

at

value

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

$205,543,506

$743,938,274

$3,767,173,328

Net

assets

consist

of:

Paid-in

capital

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

$163,255,602

$568,050,851

$2,900,018,501

Total

distributable

earnings

(losses)

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

42,287,904

175,887,423

867,154,827

Net

assets,

at

value

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

$205,543,506

$743,938,274

$3,767,173,328

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$166,288,788

$645,355,314

$1,115,547,855

Shares

outstanding

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

6,579,569

17,887,469

19,306,730

Net

asset

value

per

share

a

,b

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

$25.27

$36.08

$57.78

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

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

$26.74

$38.18

$61.14

#### Class

#### C:
Net

assets,

at

value

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

$—

$6,811,498

$37,015,850

Shares

outstanding

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

—

200,730

789,920

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..........

$—

$33.93

$46.86

#### Class

#### R:
Net

assets,

at

value

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

$—

$5,008,528

$97,179,446

Shares

outstanding

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

—

138,058

1,709,123

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$—

$36.28

$56.86

#### Class

#### R6:
Net

assets,

at

value

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

$14,790,517

$35,733,415

$1,284,736,904

Shares

outstanding

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

568,012

937,690

20,605,624

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$26.04

$38.11

$62.35

#### Advisor

#### Class:
Net

assets,

at

value

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

$24,464,201

$51,029,519

$1,232,693,273

Shares

outstanding

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

949,892

1,334,137

19,734,638

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$25.75

$38.25

$62.46

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Operations

for

the

year

ended

October

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$14,572,

$43,143

and

$392,923,

respectively)

Unaffiliated

issuers

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

$3,089,726

$14,619,961

$64,443,039

Non-controlled

affiliates

(Note

f

and

6)

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

146,045

1,559,154

11,335,738

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(56) (434) (4,605)

Non-controlled

affiliates

(Note

f)

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

7,176

Total

investment

income

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

3,235,785

16,179,159

75,781,348

Expenses:

Management

fees

(Note

a)

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

1,429,536

3,711,548

21,458,195

Distribution

fees:

(Note

3c)

Class

A

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

407,952

1,670,636

2,889,248

Class

C

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

—

83,064

421,293

Class

R

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

—

26,691

515,160

Transfer

agent

fees:

(Note

3e)

Class

A

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

212,656

813,123

1,695,247

Class

C

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

—

10,104

61,622

Class

R

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

—

6,491

151,136

Class

R6

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

11,580

16,452

468,629

Advisor

Class

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

33,673

62,442

1,831,923

Custodian

fees

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

1,214

5,104

31,606

Reports

to

shareholders

fees

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

34,313

61,004

201,552

Registration

and

filing

fees

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

49,663

97,214

132,995

Professional

fees

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

178,837

186,945

172,947

Trustees'

fees

and

expenses

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

12,403

37,149

170,928

Other

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

15,895

29,554

101,042

Total

expenses

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

2,387,722

6,817,521

30,303,523

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

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

(145,062)

(109,027)

(247,717)

Net

expenses

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

2,242,660

6,708,494

30,055,806

Net

investment

income

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

993,125

9,470,665

45,725,542

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

30,430,492

28,535,507

263,572,013

Non-controlled

affiliates

(Note

f

and

6)

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

—

—

(4,056,632)

Foreign

currency

transactions

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

3,991

49,814

(412,671)

Net

realized

gain

(loss)

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

30,434,483

28,585,321

259,102,710

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(21,652,969)

(15,562,705)

(172,668,049)

Non-controlled

affiliates

(Note

f

and

6)

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

—

—

51,182,478

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

3,055

Net

change

in

unrealized

appreciation

(depreciation)

..........

(21,652,915)

(15,562,242)

(121,482,516)

Net

realized

and

unrealized

gain

(loss)

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

8,781,568

13,023,079

137,620,194

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$9,774,693

$22,493,744

$183,345,736

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$993,125

$1,253,991

$9,470,665

$10,659,454

Net

realized

gain

(loss)

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

30,434,483

44,380,803

28,585,321

49,614,214

Net

change

in

unrealized

appreciation

(depreciation)

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

(21,652,915)

(5,022,490)

(15,562,242)

124,692,951

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

9,774,693

40,612,304

22,493,744

184,966,619

Distributions

to

shareholders:

Class

A

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

(32,867,557)

(7,816,485)

(44,691,796)

(15,633,644)

Class

C

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

—

—

(551,490)

(167,172)

Class

R

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

—

—

(354,225)

(111,731)

Class

R6

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

(3,074,258)

(864,704)

(2,323,564)

(891,595)

Advisor

Class

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

(5,749,715)

(2,233,966)

(3,374,658)

(1,184,176)

Total

distributions

to

shareholders

.....

(41,691,530)

(10,915,155)

(51,295,733)

(17,988,318)

Capital

share

transactions:

(Note

2)

Class

A

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

31,416,256

(1,727,312)

(16,290,674)

(65,854,803)

Class

C

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

—

—

(2,130,570)

(3,288,581)

Class

R

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

—

—

(644,988)

(269,301)

Class

R6

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

1,082,527

(1,676,950)

975,937

(3,577,232)

Advisor

Class

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

(251,695)

(12,658,186)

138,010

(1,364,641)

Total

capital

share

transactions

.......

32,247,088

(16,062,448)

(17,952,285)

(74,354,558)

Net

increase

(decrease)

in

net

assets

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

330,251

13,634,701

(46,754,274)

92,623,743

Net

assets:

Beginning

of

year

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

205,213,255

191,578,554

790,692,548

698,068,805

End

of

year

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

$205,543,506

$205,213,255

$743,938,274

$790,692,548

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$45,725,542

$48,276,324

Net

realized

gain

(loss)

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

259,102,710

229,508,277

Net

change

in

unrealized

appreciation

(depreciation)

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

(121,482,516)

762,997,221

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

183,345,736

1,040,781,822

Distributions

to

shareholders:

Class

A

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

(78,734,678)

(54,183,130)

Class

C

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

(3,391,822)

(2,513,003)

Class

R

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

(6,872,387)

(4,850,236)

Class

R6

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

(90,543,199)

(63,537,572)

Advisor

Class

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

(81,902,317)

(59,482,942)

Total

distributions

to

shareholders

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

(261,444,403)

(184,566,883)

Capital

share

transactions:

(Note

2)

Class

A

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

(72,072,489)

(113,914,134)

Class

C

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

(9,833,051)

(11,817,268)

Class

R

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

(10,253,837)

(15,876,421)

Class

R6

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

(110,380,911)

(98,671,575)

Advisor

Class

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

(51,332,623)

(170,792,949)

Total

capital

share

transactions

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

(253,872,911)

(411,072,347)

Net

increase

(decrease)

in

net

assets

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

(331,971,578)

445,142,592

Net

assets:

Beginning

of

year

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

4,099,144,906

3,654,002,314

End

of

year

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

$3,767,173,328

$4,099,144,906

Franklin

Value

Investors

Trust

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Value

Investors

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of three

separate

funds

(Funds). The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

classes of

shares

offered

within

each

of

the Funds

are

indicated

below. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

#### Class

#### A,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Mutual

Small-Mid

Cap

Value

Fund

#### A,

#### Class

#### C,

#### Class

#### R,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds'

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds'

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

October

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Lending
Certain

or

all

Funds

participate

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Funds. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

d. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

October

31,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

October

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

October

31,

2025

Shares

sold

a

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

1,417,918

$36,294,627

1,632,241

$58,771,565

Shares

issued

in

reinvestment

of

distributions

..........

1,325,888

32,285,368

1,222,744

42,270,282

Shares

redeemed

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

(1,503,207)

(37,163,739)

(3,277,022)

(117,332,521)

Net

increase

(decrease)

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

1,240,599

$31,416,256

(422,037)

$(16,290,674)

Year

ended

October

31,

2024

Shares

sold

a

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

932,643

$26,258,024

1,470,880

$51,463,643

Shares

issued

in

reinvestment

of

distributions

..........

274,938

7,637,785

438,776

14,628,778

Shares

redeemed

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

(1,273,658)

(35,623,121)

(3,783,031)

(131,947,224)

Net

increase

(decrease)

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

(66,077)

$(1,727,312)

(1,873,375)

$(65,854,803)

Class

C

#### Class

#### C

#### Shares:
Year

ended

October

31,

2025

Shares

sold

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

—

$—

24,986

$848,317

Shares

issued

in

reinvestment

of

distributions

..........

—

—

16,815

550,352

Shares

redeemed

a

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

—

—

(104,506)

(3,529,239)

Net

increase

(decrease)

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

—

$—

(62,705)

$(2,130,570)

Year

ended

October

31,

2024

Shares

sold

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

—

$—

33,344

$1,103,416

Shares

issued

in

reinvestment

of

distributions

..........

—

—

5,273

166,900

Shares

redeemed

a

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

—

—

(140,038)

(4,558,897)

Net

increase

(decrease)

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

—

$—

(101,421)

$(3,288,581)

Class

R

#### Class

#### R

#### Shares:
Year

ended

October

31,

2025

Shares

sold

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

—

$—

16,754

$597,517

Shares

issued

in

reinvestment

of

distributions

..........

—

—

10,167

354,225

Shares

redeemed

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

—

—

(44,117)

(1,596,730)

Net

increase

(decrease)

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

—

$—

(17,196)

$(644,988)

Year

ended

October

31,

2024

Shares

sold

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

—

$—

22,217

$776,763

Shares

issued

in

reinvestment

of

distributions

..........

—

—

3,328

111,731

Shares

redeemed

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

—

—

(32,995)

(1,157,795)

Net

increase

(decrease)

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

—

$—

(7,450)

$(269,301)

Class

R6

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

October

31,

2025

Shares

sold

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

125,382

$3,119,341

230,055

$8,624,561

Shares

issued

in

reinvestment

of

distributions

..........

121,805

3,048,770

63,687

2,318,838

Shares

redeemed

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

(197,771)

(5,085,584)

(264,908)

(9,967,462)

Net

increase

(decrease)

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

49,416

$1,082,527

28,834

$975,937

Year

ended

October

31,

2024

Shares

sold

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

141,156

$4,037,577

155,493

$5,705,818

Shares

issued

in

reinvestment

of

distributions

..........

30,183

857,199

25,440

889,907

Shares

redeemed

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

(229,803)

(6,571,726)

(276,322)

(10,172,957)

Net

increase

(decrease)

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

(58,464)

$(1,676,950)

(95,389)

$(3,577,232)

Advisor

Class

#### Advisor

#### Class

#### Shares:
Year

ended

October

31,

2025

Shares

sold

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

214,394

$5,594,174

216,933

$8,106,698

Shares

issued

in

reinvestment

of

distributions

..........

225,883

5,592,868

90,246

3,300,288

Shares

redeemed

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

(448,062)

(11,438,737)

(300,596)

(11,268,976)

Net

increase

(decrease)

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

(7,785)

$(251,695)

6,583

$138,010

Year

ended

October

31,

2024

Shares

sold

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

341,394

$9,690,797

234,420

$8,526,650

Shares

issued

in

reinvestment

of

distributions

..........

77,907

2,193,089

32,917

1,156,387

Shares

redeemed

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

(875,582)

(24,542,072)

(301,259)

(11,047,678)

Net

increase

(decrease)

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

(456,281)

$(12,658,186)

(33,922)

$(1,364,641)

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

October

31,

2025

Shares

sold

a

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

1,102,668

$61,840,299

Shares

issued

in

reinvestment

of

distributions

..........

1,343,346

75,200,504

Shares

redeemed

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

(3,737,316)

(209,113,292)

Net

increase

(decrease)

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

(1,291,302)

$(72,072,489)

Year

ended

October

31,

2024

Shares

sold

a

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

1,118,996

$61,296,372

Shares

issued

in

reinvestment

of

distributions

..........

974,628

51,703,991

Shares

redeemed

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

(4,133,287)

(226,914,497)

Net

increase

(decrease)

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

(2,039,663)

$(113,914,134)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

October

31,

2025

Shares

sold

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

62,987

$2,937,775

Shares

issued

in

reinvestment

of

distributions

..........

71,391

3,261,857

Shares

redeemed

a

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

(349,088)

(16,032,683)

Net

increase

(decrease)

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

(214,710)

$(9,833,051)

Year

ended

October

31,

2024

Shares

sold

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

80,935

$3,664,444

Shares

issued

in

reinvestment

of

distributions

..........

54,542

2,396,586

Shares

redeemed

a

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

(397,964)

(17,878,298)

Net

increase

(decrease)

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

(262,487)

$(11,817,268)

Class

R

#### Class

#### R

#### Shares:
Year

ended

October

31,

2025

Shares

sold

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

280,823

$15,562,856

Shares

issued

in

reinvestment

of

distributions

..........

124,091

6,851,088

Shares

redeemed

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

(586,094)

(32,667,781)

Net

increase

(decrease)

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

(181,180)

$(10,253,837)

Year

ended

October

31,

2024

Shares

sold

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

290,016

$15,687,785

Shares

issued

in

reinvestment

of

distributions

..........

92,413

4,838,733

Shares

redeemed

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

(675,102)

(36,402,939)

Net

increase

(decrease)

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

(292,673)

$(15,876,421)

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

October

31,

2025

Shares

sold

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

4,976,488

$302,244,216

Shares

issued

in

reinvestment

of

distributions

..........

1,340,121

80,702,090

Shares

redeemed

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

(8,147,077)

(493,327,217)

Net

increase

(decrease)

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

(1,830,468)

$(110,380,911)

Year

ended

October

31,

2024

Shares

sold

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

5,668,676

$333,256,395

Shares

issued

in

reinvestment

of

distributions

..........

969,782

55,064,206

Shares

redeemed

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

(8,276,202)

(486,992,176)

Net

increase

(decrease)

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

(1,637,744)

$(98,671,575)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
Franklin

Mutual

Small-Mid

Cap

Value

Fund pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Franklin

Mutual

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Year

ended

October

31,

2025

Shares

sold

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

3,575,470

$214,368,117

Shares

issued

in

reinvestment

of

distributions

..........

1,224,215

73,930,323

Shares

redeemed

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

(5,677,992)

(339,631,063)

Net

increase

(decrease)

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

(878,307)

$(51,332,623)

Year

ended

October

31,

2024

Shares

sold

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

3,792,449

$222,955,218

Shares

issued

in

reinvestment

of

distributions

..........

934,393

53,213,656

Shares

redeemed

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

(7,650,336)

(446,961,823)

Net

increase

(decrease)

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

(2,923,494)

$(170,792,949)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Mutual

Advisers,

LLC

(Franklin

Mutual)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.700%

Up

to

and

including

$500

million

0.650%

In

excess

of

$500

million

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Franklin

Mutual

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

Franklin

Small

Cap

Value

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Franklin

Mutual

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

year

ended

October

31,

2025,

each

Fund's

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

b. #### Administrative

#### Fees
Under

an

agreement

with

Franklin

Mutual,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Franklin

Mutual

based

on

each

of the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

In

excess

of

$15

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.750%

Up

to

and

including

$500

million

0.625%

Over

$500

million,

up

to

and

including

$1

billion

0.500%

Over

$1

billion,

up

to

and

including

$5

billion

0.490%

In

excess

of

$5

billion

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Gross

effective

investment

management

fee

rate

........

0.700%

0.482%

0.548%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

For

Franklin

Small

Cap

Value

Fund,

the

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

year:

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

year

ended

October

31,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Class

A

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

0.25%

0.25%

0.35%

Class

C

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

—%

1.00%

1.00%

Class

R

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

—%

0.50%

0.50%

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$52,363

$32,049

$22,657

CDSC

retained

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

$1,617

$2,178

$2,027

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Transfer

agent

fees

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

$89,260

$269,445

$1,412,222

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

October

31,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

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

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

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

#### a

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

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

$2,807,545

$87,680,700

$(85,609,205)

$—

$—

$4,879,040

4,879,040

$146,045

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

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

$—

$68,000

$(68,000)

$—

$—

$—

—

$70

#### Total

#### Affiliated

#### Securities

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

$87,748,700

$(85,677,205)

$—

$—

$4,879,040

$146,115

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

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

$22,377,306

$203,329,619

$(171,811,096)

$—

$—

$53,895,829

53,895,829

$1,559,154

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

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

$—

$4,125,000

$(4,125,000)

$—

$—

$—

—

$478

#### Total

#### Affiliated

#### Securities

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

$207,454,619

$(175,936,096)

$—

$—

$53,895,829

$1,559,632

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

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

$64,241,279

$996,292,861

$(1,016,046,135)

$—

$—

$44,488,005

44,488,005

$2,744,379

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Franklin

Mutual

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Mutual

Small-Mid

Cap

Value

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.90%

based

on

the

average

net

assets

of

each

class

until February

28,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Funds have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

February

28,

2026. 4. #### Income

#### Taxes
The

tax

character

of

distributions

paid

during

the

years

ended

October

31,

2025

and

2024,

was

as

follows:

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

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

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

$—

$22,758,000

$(22,149,000)

$—

$—

$609,000

609,000

$7,176

#### Total

#### Affiliated

#### Securities

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

$1,019,050,861

$(1,038,195,135)

$—

$—

$45,097,005

$2,751,555

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$2,354,044

$1,501,809

$19,328,564

$9,565,946

Long

term

capital

gain

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

39,337,486

9,413,346

31,967,169

8,422,372

$41,691,530

$10,915,155

$51,295,733

$17,988,318

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$96,842,938

$103,424,073

Long

term

capital

gain

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

164,601,465

81,142,810

$261,444,403

$184,566,883

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

October

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation),

undistributed

ordinary

income

and

undistributed

long

term

capital

gains for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales

and

passive

foreign

investment

company

shares.

The

Funds

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

net

investment

income

and

realized

capital

gains.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

October

31,

2025,

were

as

follows:

At

October

31,

2025,

in

connection

with

securities

lending

transactions,

certain

or

all

Funds

loaned

investments

and

received

cash

collateral

as

follows:

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
a

a

a

a

Cost

of

investments

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

$193,161,753

$599,839,413

$3,171,031,009

Unrealized

appreciation

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

$22,526,589

$173,125,986

$717,550,310

Unrealized

depreciation

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

(7,915,663)

(28,541,450)

(118,203,122)

Net

unrealized

appreciation

(depreciation)

.......

$14,610,926

$144,584,536

$599,347,188

Distributable

earnings:

Undistributed

ordinary

income

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

$926,534

$6,338,368

$32,999,567

Undistributed

long

term

capital

gains

...........

26,750,450

24,964,682

234,825,421

Total

distributable

earnings

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

$27,676,984

$31,303,050

$267,824,988

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Purchases

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

$209,313,281

$356,733,140

$2,027,669,866

Sales

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

$216,766,970

$444,089,208

$2,480,580,466

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Securities

#### lending

#### transactions

#### a

#### :
Equity

investments

b

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

$—

$—

$609,000

a

The

agreements

can

be

terminated

at

any

time.

b

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statements

of

Assets

and

Liabilities.

4. #### Income

#### Taxes
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

6. #### Holdings

#### of

#### 5%

#### Voting

#### Securities

#### of

#### Portfolio

#### Companies
The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies'

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

year

ended

October

31,

2025,

investments

in

"affiliated

companies"

were

as

follows:

7. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

year ended

October

31,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

8. #### Fair

#### Value

#### Measurements
The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Camden

National

Corp

.

$

35,328,067

$

5,319,737

$

—

$

—

$

(3,317,266)

$

37,330,538

978,520

$

1,563,589

Elementis

plc

.......

68,568,564

—

—

—

17,610,568

86,179,132

39,868,704

1,730,691

Horace

Mann

Educators

Corp

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

70,192,857

15,876,552

(3,114,228)

(38,910)

15,119,927

98,036,198

2,192,713

3,087,435

Knowles

Corp

.......

97,377,768

6,817,759

(66,866,823)

(4,017,722)

—

a

—

a

—

a

—

Ryerson

Holding

Corp

.

28,103,936

11,870,500

—

—

(769,999)

39,204,437

1,777,173

1,266,966

Senior

plc

..........

48,276,524

—

—

—

22,539,248

70,815,772

28,282,051

942,678

#### Total

#### Affiliated

#### Securities
(Value

is

8.8%

of

Net

Assets)

#### ..........
$347,847,716

$39,884,548

$(69,981,051)

$(4,056,632)

$51,182,478

$331,566,077

$8,591,359

a

As

of

October

31,

2025,

no

longer

an

affiliate.

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of October

31,

2025,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

1,563,328

$

9,749,642

$

—

$

11,312,970

Banks

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

20,795,795

—

—

20,795,795

Building

Products

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

5,514,265

—

—

5,514,265

Capital

Markets

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

5,275,492

—

—

5,275,492

Chemicals

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

3,492,359

—

—

3,492,359

Commercial

Services

&

Supplies

...........

1,178,196

—

—

1,178,196

Construction

&

Engineering

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

6,182,846

—

—

6,182,846

Construction

Materials

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

2,047,680

—

—

2,047,680

Consumer

Finance

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

3,519,928

—

—

3,519,928

Consumer

Staples

Distribution

&

Retail

......

2,823,353

—

—

2,823,353

Containers

&

Packaging

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

925,698

—

—

925,698

Electric

Utilities

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

4,478,585

—

—

4,478,585

Electrical

Equipment

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

6,849,353

—

—

6,849,353

Electronic

Equipment,

Instruments

&

Components

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

5,244,327

—

—

5,244,327

Energy

Equipment

&

Services

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

8,904,358

—

—

8,904,358

Financial

Services

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

4,442,470

—

—

4,442,470

Ground

Transportation

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

1,234,293

—

—

1,234,293

Health

Care

Equipment

&

Supplies

.........

9,898,294

—

—

9,898,294

Health

Care

Providers

&

Services

..........

1,973,230

—

—

1,973,230

Hotels,

Restaurants

&

Leisure

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

3,128,508

—

—

3,128,508

Household

Durables

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

4,678,672

—

—

4,678,672

Industrial

REITs

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

762,415

—

—

762,415

Insurance

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

6,270,736

—

—

6,270,736

Leisure

Products

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

3,769,040

—

—

3,769,040

Life

Sciences

Tools

&

Services

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

421,370

—

—

421,370

Machinery

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

14,957,013

—

—

14,957,013

Metals

&

Mining

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

10,645,755

—

—

10,645,755

Oil,

Gas

&

Consumable

Fuels

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

6,787,780

—

—

6,787,780

Personal

Care

Products

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

2,752,378

—

—

2,752,378

Residential

REITs

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

1,870,341

—

—

1,870,341

Retail

REITs

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

1,937,383

—

—

1,937,383

Semiconductors

&

Semiconductor

Equipment

.

9,121,456

—

—

9,121,456

Software

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

8,645,026

—

—

8,645,026

Specialized

REITs

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

1,387,847

—

—

1,387,847

Specialty

Retail

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

8,380,207

—

—

8,380,207

Textiles,

Apparel

&

Luxury

Goods

..........

505,906

—

—

505,906

Trading

Companies

&

Distributors

..........

10,778,314

—

—

10,778,314

Short

Term

Investments

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

4,879,040

—

—

4,879,040

Total

Investments

in

Securities

...........

$198,023,037

$9,749,642

a

$—

$207,772,679

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Assets:
Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

3,747,713

$

—

$

3,747,713

Automobile

Components

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

5,181,966

—

—

5,181,966

Banks

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

37,405,785

—

—

37,405,785

Building

Products

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

12,353,091

—

—

12,353,091

Capital

Markets

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

9,686,962

—

—

9,686,962

Chemicals

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

11,295,990

—

—

11,295,990

Construction

&

Engineering

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

18,860,306

—

—

18,860,306

Consumer

Finance

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

9,937,608

—

—

9,937,608

Consumer

Staples

Distribution

&

Retail

......

12,815,342

—

—

12,815,342

Containers

&

Packaging

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

12,242,311

—

—

12,242,311

Electric

Utilities

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

67,663,124

—

—

67,663,124

Electronic

Equipment,

Instruments

&

Components

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

14,825,493

—

—

14,825,493

Energy

Equipment

&

Services

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

20,360,792

—

—

20,360,792

Financial

Services

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

28,856,741

—

—

28,856,741

Health

Care

Equipment

&

Supplies

.........

38,309,830

—

—

38,309,830

Health

Care

Providers

&

Services

..........

10,814,494

—

—

10,814,494

Hotels,

Restaurants

&

Leisure

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

8,965,017

—

—

8,965,017

Household

Durables

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

8,364,282

—

—

8,364,282

Industrial

REITs

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

2,212,168

—

—

2,212,168

Insurance

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

32,926,623

—

—

32,926,623

IT

Services

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

15,708,845

—

—

15,708,845

Life

Sciences

Tools

&

Services

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

10,646,767

—

—

10,646,767

Machinery

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

44,783,535

—

—

44,783,535

Metals

&

Mining

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

16,306,096

—

—

16,306,096

Oil,

Gas

&

Consumable

Fuels

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

22,523,393

—

—

22,523,393

Personal

Care

Products

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

10,681,828

—

—

10,681,828

Pharmaceuticals

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

11,391,152

—

—

11,391,152

Professional

Services

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

30,081,722

—

—

30,081,722

Real

Estate

Management

&

Development

....

12,744,977

—

—

12,744,977

Retail

REITs

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

23,947,047

—

—

23,947,047

Semiconductors

&

Semiconductor

Equipment

.

14,518,992

—

—

14,518,992

Software

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

14,988,744

—

—

14,988,744

Specialized

REITs

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

11,067,544

—

—

11,067,544

Specialty

Retail

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

43,621,597

—

—

43,621,597

Trading

Companies

&

Distributors

..........

40,690,243

—

—

40,690,243

Short

Term

Investments

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

53,895,829

—

—

53,895,829

Total

Investments

in

Securities

...........

$740,676,236

$3,747,713

b

$—

$744,423,949

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

70,815,772

213,409,641

—

284,225,413

Banks

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

690,181,579

—

—

690,181,579

Building

Products

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

66,360,716

—

—

66,360,716

Capital

Markets

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

76,796,528

33,158,969

—

109,955,497

Chemicals

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

73,862,560

86,179,132

—

160,041,692

Commercial

Services

&

Supplies

...........

75,016,890

—

—

75,016,890

Construction

&

Engineering

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

123,730,654

—

—

123,730,654

Consumer

Finance

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

66,779,637

—

—

66,779,637

Diversified

REITs

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

22,750,143

—

—

22,750,143

Electric

Utilities

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

21,193,599

—

—

21,193,599

Electrical

Equipment

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

81,036,606

—

—

81,036,606

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

9. #### Operating

#### Segments
Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within the

Funds'

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

in

accordance

with each

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Electronic

Equipment,

Instruments

&

Components

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

$

232,520,666

$

7,829,828

$

—

$

240,350,494

Energy

Equipment

&

Services

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

149,100,961

—

—

149,100,961

Ground

Transportation

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

34,367,988

—

—

34,367,988

Health

Care

Equipment

&

Supplies

.........

85,305,653

—

—

85,305,653

Hotels,

Restaurants

&

Leisure

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

112,194,959

—

—

112,194,959

Household

Durables

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

48,480,203

—

—

48,480,203

Industrial

REITs

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

15,277,384

—

—

15,277,384

Insurance

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

253,040,596

—

—

253,040,596

Leisure

Products

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

132,716,693

—

—

132,716,693

Life

Sciences

Tools

&

Services

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

30,604,153

—

—

30,604,153

Machinery

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

176,082,793

—

—

176,082,793

Metals

&

Mining

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

127,261,732

—

—

127,261,732

Multi-Utilities

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

19,529,653

—

—

19,529,653

Oil,

Gas

&

Consumable

Fuels

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

28,240,619

—

—

28,240,619

Paper

&

Forest

Products

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

26,009,391

—

—

26,009,391

Residential

REITs

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

34,692,020

—

—

34,692,020

Retail

REITs

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

26,504,569

—

—

26,504,569

Semiconductors

&

Semiconductor

Equipment

.

167,594,803

—

—

167,594,803

Software

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

111,812,521

—

—

111,812,521

Specialty

Retail

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

123,662,623

—

—

123,662,623

Textiles,

Apparel

&

Luxury

Goods

..........

54,192,608

—

—

54,192,608

Trading

Companies

&

Distributors

..........

26,986,350

—

—

26,986,350

Short

Term

Investments

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

45,097,005

—

—

45,097,005

Total

Investments

in

Securities

...........

$3,429,800,627

$340,577,570

c

$—

$3,770,378,197

a

Includes

foreign

securities

valued

at

$9,749,642,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

b

Includes

foreign

securities

valued

at

$3,747,713,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$340,577,570,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

10. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

11. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### REIT
Real

Estate

Investment

Trust

Franklin

Value

Investors

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

![](epub4477151218761728.jpg)

To

the

Shareholders

and

Board

of

Trustees

of

Franklin

Value

Investors

Trust:

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Franklin

Value

Investors

Trust

(the

"Trust")

(comprising

Franklin

Mutual

Small-Mid

Cap

Value

Fund,

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund,

and

Franklin

Small

Cap

Value

Fund

(collectively

referred

to

as

the

"Funds")),

including

the

schedules

of

investments,

as

of

October

31,

2025,

and

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

comprising

Franklin

Value

Investors

Trust

at

October

31,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

their

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Trust's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Trust

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust's

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust's

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Franklin

investment

companies

since

1987. Boston,

Massachusetts

December

18,

2025

Franklin

Value

Investors

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

below hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

October

31,

2025:

#### Pursuant

#### to:

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$43,473,821

$33,703,714

$189,381,111

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$2,680,879

$10,886,854

$57,554,967

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$2,919,914

$12,872,896

$67,615,845

Short-Term

Capital

Gain

Dividends

Distributed

§871(k)(2)(C)

$1,259,815

$9,748,369

$56,421,236

Franklin

Value

Investors

Trust

franklintempleton.com

Annual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(unaudited)

#### FRANKLIN

#### VALUE

#### INVESTORS

#### TRUST

#### (EACH

#### SERIES

#### OF

#### SUCH

#### TRUST,

#### A

#### "FUND")
The

Board

of

Trustees

(Board),

including

a

majority

of

trustees

that

are

not

"interested

persons"

as

such

term

is

defined

in

section

2(a)(19)

of

the

Investment

Company

Act

of

1940

(hereinafter

referred

to

as

"independent

trustees"),

at

an

in-person

meeting

held

on

May

28,

2025,

unanimously

approved

the

continuance

of

each

Fund's

investment

management

agreement.

Prior

to

a

meeting

of

all

of

the

trustees

for

the

purpose

of

considering

such

continuance,

the

independent

trustees

participated

in

two

other

meetings

held

in

connection

with

the

renewal

process.

Throughout

the

process,

the

independent

trustees

received

assistance

and

advice

from

and

met

separately

with

independent

counsel.

The

independent

trustees

met

with

and

interviewed

officers

of

the

investment

manager

(including

portfolio

managers),

the

transfer

agent

and

shareholder

services

group

and

the

distributor.

In

approving

the

continuation

of

the

investment

management

agreement

for

the

Funds,

the

Board,

including

the

independent

trustees,

determined

that

the

investment

management

fee

structure

was

fair

and

reasonable

and

that

continuance

of

the

agreement

was

in

the

best

interests

of

each

Fund

and

its

shareholders.

In

reaching

their

decision

on

the

investment

management

agreement,

the

trustees

took

into

account

information

furnished

throughout

the

year

at

Board

meetings,

as

well

as

information

specifically

requested

and

furnished

for

the

renewal

process,

which

culminated

in

the

meetings

referred

to

above

for

the

specific

purpose

of

considering

such

agreement.

Information

furnished

throughout

the

year

included,

among

others,

reports

on

each

Fund's

investment

performance,

expenses,

portfolio

composition,

portfolio

brokerage

execution,

client

commission

arrangements,

derivatives,

securities

lending,

portfolio

turnover,

Rule

12b-1

plan,

distribution,

shareholder

servicing,

legal

and

compliance

matters,

pricing

of

securities,

sales

and

redemptions,

and

marketing

support

payments

made

to

financial

intermediaries,

as

well

as

a

third-party

survey

of

transfer

agent

fees

charged

to

funds

within

the

Franklin

Templeton

(FT)

complex

in

comparison

to

those

charged

to

other

fund

complexes

deemed

comparable.

Also,

related

financial

statements

and

other

information

about

the

scope

and

quality

of

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

Value

Investors

Trust

franklintempleton.com

Annual

Report

services

provided

by

the

investment

manager

and

its

affiliates

and

enhancements

to

such

services

over

the

past

year

were

provided.

In

addition,

the

trustees

received

periodic

reports

throughout

the

year

and

during

the

renewal

process

relating

to

compliance

with

the

Funds'

investment

policies

and

restrictions.

During

the

renewal

process,

the

independent

trustees

considered

the

investment

manager's

methods

of

operation

within

the

FT

group

and

its

activities

on

behalf

of

other

clients.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

FT

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

the

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

areas

of

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

information

obtained

by

the

trustees

during

the

renewal

process

also

included

a

special

report

prepared

by

Broadridge

Financial

Solutions,

Inc.,

an

independent

third-party

analyst

that

utilizes

data

from

Lipper,

Inc.

(Lipper),

comparing

each

Fund's

investment

performance

and

expenses

with

those

of

other

mutual

funds

deemed

comparable

to

such

Fund

as

selected

by

Lipper

(Broadridge

Section

15(c)

Report).

The

trustees

reviewed

the

Broadridge

Section

15(c)

Report

and

its

usefulness

in

the

renewal

process

with

respect

to

matters

such

as

comparative

fees,

expenses,

expense

ratios,

performance

and

volatility.

Except

as

noted

below,

they

concluded

that

the

report

continues

to

be

a

reliable

resource

in

the

performance

of

their

duties.

In

addition,

the

trustees

received

a

Profitability

Study

(Profitability

Study)

prepared

by

management

discussing

the

profitability

to

FT

from

its

overall

U.S.

fund

operations,

as

well

as

on

an

individual

fund-by-fund

basis.

Over

the

past

year,

the

Board

and

counsel

to

the

independent

trustees

continued

to

receive

reports

on

management's

handling

of

recent

regulatory

inquiries

and

pending

legal

actions

against

the

investment

manager

and

its

affiliates.

The

independent

trustees

were

satisfied

with

the

actions

taken

to

date

by

management

in

response

to

such

regulatory

and

legal

matters.

The

trustees

reviewed

the

personnel,

operations,

financial

condition

and

investment

management

capabilities,

methodologies

and

resources

of

the

investment

manager.

As

part

of

this

review,

particular

attention

was

given

to

management's

diligent

risk

management

program,

including

continual

monitoring

and

management

of

cybersecurity,

liquidity

and

counterparty

credit

risk,

and

attention

given

to

derivatives

and

other

complex

instruments

that

are

held

and

expected

to

be

held

by

each

Fund

and

how

such

instruments

are

used

to

carry

out

each

Fund's

investment

goal(s).

The

Board

also

took

into

account,

among

other

things,

management's

efforts

in

establishing

a

global

credit

facility

for

the

benefit

of

the

Funds

and

other

accounts

managed

by

FT

to

provide

a

source

of

cash

for

temporary

and

emergency

purposes

or

to

meet

unusual

redemption

requests

as

well

as

the

strong

financial

position

of

the

investment

manager's

parent

company

and

its

commitment

to

the

mutual

fund

business.

The

Board

noted

management's

continuing

efforts

and

expenditures

in

establishing

effective

business

continuity

plans

and

developing

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

such

as

cybersecurity

and

liquidity

risk

management.

The

Board

acknowledged

management's

continued

development

of

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

recognized

management's

commitment

to

facilitating

Board

oversight

of

particular

areas,

including

derivatives

and

payments

to

intermediaries,

by

enhanced

reporting.

In

addition

to

the

above

and

other

matters

considered

by

the

trustees

throughout

the

course

of

the

year,

the

following

discussion

relates

to

certain

primary

factors

relevant

to

the

Board's

decision.

This

discussion

of

the

information

and

factors

considered

by

the

Board

(including

the

information

and

factors

discussed

above)

is

not

intended

to

be

exhaustive,

but

rather

summarizes

certain

factors

considered

by

the

Board.

In

view

of

the

wide

variety

of

factors

considered,

the

Board

did

not,

unless

otherwise

noted,

find

it

practicable

to

quantify

or

otherwise

assign

relative

weights

to

the

foregoing

factors.

In

addition,

individual

trustees

may

have

assigned

different

weights

to

various

factors.

#### NATURE,

#### EXTENT

#### AND

#### QUALITY

#### OF

#### SERVICES.
The

trustees

reviewed

the

nature,

extent

and

quality

of

the

services

provided,

and

to

be

provided,

by

the

investment

manager.

The

trustees

cited

the

investment

manager's

ability

to

implement

each

Fund's

disciplined

value

investment

approach

and

its

long-term

relationship

with

each

Fund

as

reasons

that

shareholders

choose

to

invest,

and

remain

invested,

in

the

Funds.

The

trustees

reviewed

each

Fund's

portfolio

management

team,

including

its

performance,

staffing,

skills

and

compensation

program.

With

respect

to

portfolio

manager

compensation,

management

assured

the

trustees

that

each

Fund's

long-term

performance

is

a

significant

component

of

incentive-based

compensation

and

noted

that

a

portion

of

a

portfolio

manager's

incentive-based

compensation

is

paid

in

shares

of

pre-

designated

funds

from

the

portfolio

manager's

fund

management

area.

The

trustees

noted

that

the

portfolio

manager

compensation

program

aligned

Franklin

Value

Investors

Trust

franklintempleton.com

Annual

Report

the

interests

of

the

portfolio

managers

with

that

of

shareholders

of

the

Funds.

The

trustees

discussed

with

management

various

other

products,

portfolios

and

entities

that

are

advised

by

the

investment

manager

and

the

allocation

of

assets

and

expenses

among

and

within

them,

as

well

as

their

relative

fees

and

reasons

for

differences

with

respect

thereto

and

any

potential

conflicts.

During

regular

Board

meetings

and

the

aforementioned

meetings

of

the

independent

trustees,

the

trustees

received

reports

and

presentations

on

the

investment

manager's

best

execution

trading

policies.

The

trustees

considered

periodic

reports

provided

to

them

showing

that

the

investment

manager

complied

with

the

investment

policies

and

restrictions

of

each

Fund

as

well

as

other

reports

periodically

furnished

to

the

Board

covering

matters

such

as

the

compliance

of

portfolio

managers

and

other

management

personnel

with

the

code

of

ethics

covering

the

investment

management

personnel,

the

adherence

to

fair

value

pricing

procedures

established

by

the

Board

and

the

accuracy

of

net

asset

value

calculations.

The

Board

noted

the

extent

of

the

benefits

provided

to

the

Funds'

shareholders

from

being

part

of

the

FT

group

of

funds,

including

the

right

to

exchange

investments

between

funds

(same

class)

without

a

sales

charge,

the

ability

to

reinvest

dividends

from

any

of

the

Funds

into

other

funds

and

the

right

to

combine

holdings

of

other

funds

to

obtain

reduced

sales

charges.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-

day

tasks.

The

Board

also

noted

the

investment

manager's

significant

efforts

in

developing

and

implementing

compliance

procedures

established

in

accordance

with

SEC

and

other

requirements.

The

Board

considered

the

nature,

extent

and

quality

of

the

services

to

be

provided

under

each

Fund's

other

service

agreements

to

determine

that,

on

an

overall

basis,

Fund

shareholders

were

well

served.

In

this

connection,

the

Board

also

took

into

account

transfer

agent

and

shareholder

services

provided

to

the

Funds'

shareholders

by

an

affiliate

of

the

investment

manager,

and

favorable

periodic

reports

on

shareholder

services

conducted

by

independent

third

parties.

While

such

considerations

directly

affected

the

trustees'

decision

in

renewing

each

Fund's

transfer

agent

and

shareholder

services

agreement,

the

Board

also

considered

these

commitments

as

incidental

benefits

to

Fund

shareholders

deriving

from

the

investment

management

relationship.

Based

on

their

review,

the

trustees

were

satisfied

with

the

nature

and

quality

of

the

overall

services

provided,

and

to

be

provided,

by

the

investment

manager

and

its

affiliates

to

each

Fund

and

its

shareholders

and

were

confident

in

the

abilities

of

the

management

team

to

continue

the

disciplined

value

investment

approach

of

each

Fund

and

to

provide

quality

services

to

such

Fund

and

its

shareholders.

#### INVESTMENT

#### PERFORMANCE.
The

trustees

reviewed

and

placed

significant

emphasis

on

the

investment

performance

of

the

Funds

over

the

one-,

three-,

five-

and

10-year

periods

ended

December

31,

2024. They

considered

the

history

of

performance

of

each

Fund

relative

to

various

benchmarks.

As

part

of

their

review,

they

inquired

of

management

regarding

benchmarks

and

restrictions

on

permitted

investments.

Consideration

was

also

given

to

performance

in

the

context

of

available

levels

of

cash

during

the

periods.

The

trustees

had

meetings

during

the

year,

including

the

meetings

referred

to

above

held

in

connection

with

the

renewal

process,

with

each

Fund's

portfolio

managers

to

discuss

performance

and

the

management

of

such

Fund.

In

addition

to

the

materials

provided

by

management

in

connection

with

the

renewal

process,

the

independent

trustees

requested

throughout

the

year

(and

received)

additional

presentations

from

the

investment

manager

and

senior

management

of

FT

regarding

the

performance

of

the

investment

manager

and

the

Funds.

As

part

of

these

presentations,

the

investment

manager

and

senior

management

of

FT

reviewed

enhancements

that

have

been

made,

and

are

being

made,

to

the

investment

manager's

investment

process.

Particular

attention

in

assessing

performance

was

given

to

the

Broadridge

Section

15(c)

Report.

That

report

showed

the

investment

performance

of

each

Fund

(Class

A

shares)

in

comparison

to

other

funds

determined

comparable

by

Lipper.

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund.
The

comparable

funds

to

the

Fund,

as

chosen

by

Lipper,

included

all

retail

and

institutional

mid-cap

value

funds.

The

Fund

had

total

returns

in

the

second-lowest

performing

quintile

for

the

one-

and

three-year

periods

ended

December

31,

2024

and

had

annualized

total

returns

for

the

five-

and

10-year

periods

in

the

lowest

performing

quintile.

The

trustees

also

compared

Fund

performance

to

other

industry

benchmarks,

including

measures

of

risk-adjusted

performance

of

a

fund,

as

part

of

their

evaluation

of

investment

performance.

The

trustees

discussed

with

Franklin

Value

Investors

Trust

franklintempleton.com

Annual

Report

management

the

reasons

for

the

relative

underperformance

for

the

one-,

three-,

five-

and

10-year

periods

ended

December

31,

2024. In

this

regard,

management

explained

that

a

significant

component

of

the

underperformance

was

attributable

to

stock

selection.

In

addition,

as

part

of

these

discussions,

management

shared

changes

and

enhancements

to

the

provision

of

services

to

the

Fund

that

are

being

evaluated.

While

disappointed

with

the

Fund's

relative

underperformance,

based

on

management's

willingness

to

take

appropriate

measures

to

address

Fund

performance

issues

and

management's

responsiveness

to

the

Board's

concerns

about

investment

performance,

the

Board

concluded

that

no

changes

with

respect

to

the

Funds

were

warranted

at

the

time

and

noted

that

it

would

continue

to

monitor

future

performance.

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund.
The

comparable

funds

to

the

Fund,

as

chosen

by

Lipper,

included

all

retail

and

institutional

small-cap

value

funds.

The

Fund

had

total

returns

in

the

second-lowest

performing

quintile

for

the

one-

year

period

ended

December

31,

2024,

had

annualized

total

returns

for

the

three-year

period

in

the

second-best

performing

quintile,

and

had

annualized

total

returns

for

the

five-

and

10-year

periods

in

the

middle

performing

quintile.

The

trustees

also

compared

Fund

performance

to

other

industry

benchmarks,

including

measures

of

risk-adjusted

performance

of

a

fund,

as

part

of

their

evaluation

of

investment

performance.

The

trustees

discussed

with

management

the

reasons

for

the

relative

underperformance

for

the

one-

-year

period

ended

December

31,

2024. In

this

regard,

management

explained

that

a

significant

component

of

the

underperformance

was

attributable

to

stock

selection.

In

addition,

as

part

of

these

discussions,

management

shared

changes

and

enhancements

to

the

provision

of

services

to

the

Fund

that

are

being

evaluated.

While

noting

the

Fund's

relative

underperformance

for

the

one-year

period,

the

Board

found

the

overall

performance

history

of

the

Fund

acceptable.

Based

on

the

overall

performance

history,

the

Board

concluded

that

no

changes

with

respect

to

the

Funds

were

warranted

at

the

time

and

noted

that

it

would

continue

to

monitor

future

performance.

#### Franklin

#### Small

#### Cap

#### Value

#### Fund.
The

comparable

funds

to

the

Fund,

as

chosen

by

Lipper,

included

all

retail

and

institutional

small-cap

value

funds.

The

Fund

had

total

returns

in

the

second-best

performing

quintile

for

the

one-year

and

10-year

periods

ended

December

31,

2024

and

had

annualized

total

returns

for

the

three-

and

five-year

periods

in

the

second-lowest

performing

quintile.

The

trustees

also

compared

Fund

performance

to

other

industry

benchmarks,

including

measures

of

risk-adjusted

performance

of

a

fund,

as

part

of

their

evaluation

of

investment

performance.

The

trustees

discussed

with

management

the

reasons

for

the

relative

underperformance

for

the

three-

and

five-year

periods

ended

December

31,

2024. In

this

regard,

management

explained

that

a

significant

component

of

the

underperformance

was

attributable

to

stock

selection.

In

addition,

as

part

of

these

discussions,

management

shared

changes

and

enhancements

to

the

provision

of

services

to

the

Fund

that

are

being

evaluated.

The

Board

noted

that,

despite

the

relative

underperformance

for

the

three-

and

five-year

periods,

the

Fund

had

strong

performance

for

the

one-

and

ten-year

periods

and

found

the

overall

performance

history

acceptable.

Based

on

the

overall

performance

history,

the

Board

concluded

that

no

changes

with

respect

to

the

Funds

were

warranted

at

the

time

and

noted

that

it

would

continue

to

monitor

future

performance.

#### COMPARATIVE

#### EXPENSES

#### AND

#### MANAGEMENT

#### PROFITABILITY.
The

trustees

considered

the

cost

of

the

services

provided

and

to

be

provided

and

the

profits

realized

by

the

investment

manager

and

its

affiliates

from

their

respective

relationships

with

each

Fund.

As

part

of

the

renewal

process,

the

trustees

explored

with

management

the

trends

in

expense

ratios

over

the

past

three

fiscal

years

and

the

reasons

for

any

increases

in

each

Fund's

expense

ratios

(or

components

thereof).

In

considering

the

appropriateness

of

the

management

fees

and

other

expenses

charged

to

each

Fund,

the

Board

took

into

account

various

factors

including

investment

performance

and

matters

relating

to

each

Fund's

operations,

including,

but

not

limited

to,

the

quality

and

experience

of

its

portfolio

managers

and

research

staff.

Consideration

was

also

given

to

a

comparative

analysis

in

the

Broadridge

Section

15(c)

Report

of

the

investment

management

fee

and

total

expense

ratio

of

each

Fund

in

comparison

to

those

of

a

group

of

other

funds

selected

by

Lipper

as

its

appropriate

Lipper

expense

group.

Lipper

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Lipper

to

be

an

appropriate

measure

of

comparative

expenses.

Franklin

Value

Investors

Trust

franklintempleton.com

Annual

Report

In

reviewing

comparative

costs,

emphasis

was

given

to

each

Fund's

contractual

management

fees

in

comparison

to

the

contractual

management

fees

that

would

have

been

charged

by

other

funds

within

its

Lipper

expense

group

assuming

they

were

similar

in

size

to

such

Fund,

as

well

as

the

actual

total

expenses

of

each

Fund

in

comparison

to

those

of

its

Lipper

expense

group.

The

Lipper

contractual

management

fee

analysis

includes

administrative

charges

as

being

part

of

the

management

fee,

and

total

expenses,

for

comparative

consistency,

are

shown

by

Lipper

for

each

Fund's

Class

A

shares.

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund.
The

Fund's

contractual

management

fee

rate

was

in

the

least

expensive

quintile

of

its

Lipper

expense

group

and

its

total

expenses

were

also

in

the

least

expensive

quintile

of

such

group.

The

Board

was

satisfied

with

such

comparative

fees

and

expenses.

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund.
The

Fund's

contractual

management

fee

rate

was

in

the

least

expensive

quintile

of

its

Lipper

expense

group

and

its

total

expenses

were

also

in

the

least

expensive

quintile

of

such

group.

The

Board

was

satisfied

with

such

comparative

fees

and

expenses.

#### Franklin

#### Small

#### Cap

#### Value

#### Fund.
The

Fund's

contractual

management

fee

rate

was

in

the

least

expensive

quintile

of

its

Lipper

expense

group

and

its

total

expenses

were

also

in

the

least

expensive

quintile

of

such

group.

The

Board

was

satisfied

with

such

comparative

fees

and

expenses.

The

trustees

also

reviewed

the

Profitability

Study

addressing

profitability

of

Franklin

Resources,

Inc.

(FRI),

from

its

overall

U.S.

fund

business,

as

well

as

profitability

to

each

Fund's

investment

manager

and

its

affiliates,

from

providing

investment

management

and

other

services

to

each

Fund

during

the

12-month

period

ended

September

30,

2024,

the

most

recent

fiscal

year-end

of

FRI.

The

trustees

reviewed

the

basis

on

which

such

reports

are

prepared

and

the

cost

allocation

methodology

utilized

in

the

Profitability

Study,

it

being

recognized

that

allocation

methodologies

may

each

be

reasonable

while

producing

different

results.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

investment

manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Board

with

respect

to

the

profitability

analysis.

The

independent

trustees

met

with

management

to

discuss

the

Profitability

Study.

This

included,

among

other

things,

a

comparison

of

investment

management

income

with

investment

management

expenses

of

each

Fund;

comparison

of

underwriting

revenues

and

expenses;

the

relative

relationship

of

investment

management

and

underwriting

expenses;

shareholder

servicing

profitability;

economies

of

scale;

and

the

relative

contribution

of

each

Fund

to

the

profitability

of

the

investment

manager

and

its

parent.

In

discussing

the

Profitability

Study

with

the

Board,

the

investment

manager

stated

its

belief

that

the

costs

incurred

in

establishing

the

infrastructure

necessary

to

operate

the

type

of

mutual

fund

operations

conducted

by

it

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability.

The

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

investment

manager

but,

over

the

long

run,

is

expected

to

result

in

greater

efficiencies.

The

Board

also

took

into

account

management's

expenditures

in

improving

shareholder

services

provided

to

each

Fund,

as

well

as

the

need

to

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

trustees

also

considered

the

extent

to

which

the

investment

manager

may

derive

ancillary

benefits

from

the

Funds'

operations,

including

those

derived

from

economies

of

scale,

discussed

below,

the

allocation

of

each

Fund's

brokerage

and

the

use

of

commission

dollars

to

pay

for

research

and

other

similar

services.

Based

upon

their

consideration

of

all

these

factors,

the

trustees

determined

that

the

level

of

profits

realized

by

the

investment

manager

and

its

affiliates

in

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

quality

and

extent

of

services

provided.

#### ECONOMIES

#### OF

#### SCALE.
The

Board

considered

economies

of

scale

realized

by

the

investment

manager

and

its

affiliates

as

the

Funds

grow

larger

and

the

extent

to

which

they

are

shared

with

the

Funds'

shareholders,

as

for

example,

in

the

level

of

the

investment

management

fees

charged,

in

the

quality

and

efficiency

of

services

rendered

and

in

increased

capital

commitments

benefiting

the

Funds

directly

or

indirectly.

While

recognizing

that

any

precise

determination

is

inherently

subjective,

the

trustees

noted

that,

based

Franklin

Value

Investors

Trust

franklintempleton.com

Annual

Report

upon

the

Profitability

Study,

as

some

funds

increase

in

size,

at

some

point

economies

of

scale

may

result

in

the

investment

manager

realizing

a

larger

profit

margin

on

investment

management

services

provided

to

such

a

fund.

The

trustees

also

noted

that

benefits

of

economies

of

scale

will

be

shared

with

each

Fund's

shareholders

due

to

the

decline

in

the

effective

investment

management

fee

rate

as

breakpoints

are

achieved

by

such

Fund.

The

trustees

noted

that

breakpoints

had

been

instituted

as

part

of

each

Fund's

investment

management

fees

and

that

the

Board

regularly

evaluates

whether

additional

breakpoints

are

appropriate.

The

trustees

assessed

the

savings

to

shareholders

resulting

from

such

breakpoints

and

believed

they

were,

and

continue

to

be,

appropriate

and

they

agreed

to

continue

to

monitor

the

appropriateness

of

the

breakpoints.

The

trustees

also

considered

the

effects

an

increase

in

assets

under

management

would

have

on

the

investment

management

fees

and

expense

ratio

of

each

Fund.

To

the

extent

further

economies

of

scale

may

be

realized

by

the

investment

manager

and

its

affiliates,

the

Board

believed

the

investment

management

fees

provide

a

sharing

of

benefits

with

each

Fund

and

its

shareholders.

#### CONCLUSION
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

each

Fund's

investment

management

agreement

for

an

additional

one-year

period.

FVIT-AFSOI

12/25©

2025

Franklin

Templeton.

All

rights

reserved.

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

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

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

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

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

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

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

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

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded
 that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940,
 as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the
 disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under
 the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](fvit-efp20813_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fvit-efp20813_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fvit-efp20813_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Franklin Value Investors Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | December 29, 2025 |

---

**&nbsp;&nbsp;&nbsp;&nbsp;** 

&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | December 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | December 29, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on
Form N-CSR of **Franklin Value Investors Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 29, 2025 <br>

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Value Investors Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information
included in this report, and the financial statements on which the financial information is based, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: December 29, 2025 <br>

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Value Investors Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **October 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –<br> Finance and Administration** | **Chief Financial Officer, Chief<br> Accounting Officer and Treasurer** |
| Franklin Value Investors Trust | Franklin Value Investors Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: December 29, 2025 | Date: December 29, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.