# EDGAR Filing Document

**Accession Number:** 0000856119
**File Stem:** 0001133228-26-009711
**Filing Date:** 2026-6
**Character Count:** 191502
**Document Hash:** e6be17c9f8dd8ecedcd5974cb4fe3e7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009711.hdr.sgml**: 20260629

**ACCESSION NUMBER**: 0001133228-26-009711

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260629

**DATE AS OF CHANGE**: 20260629

**EFFECTIVENESS DATE**: 20260629

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05878
- **FILM NUMBER:** 261133732

**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'? 2026-05-2074200009700_FranklinMutualSmall-MidCapValueFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Franklin Value Investors Trust**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway,

San Mateo, CA 94403-1906

(Name and address of agent for service)

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

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

Date of reporting period: **April 30, 2026**

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) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Small-Mid Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $61 | 1.15% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $222409033 |
| **Total Number of Portfolio Holdings** | 80 |
| **Portfolio Turnover Rate** | 47.75% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7382img003.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 |

---

Franklin Mutual Small-Mid Cap Value Fund PAGE 1 189-STSR-0626

28.217.413.211.09.35.85.73.51.91.52.5 ------

---

| | |
|:---|:---|
| **Franklin Mutual Small-Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMCVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Small-Mid Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $46 | 0.86% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $222409033 |
| **Total Number of Portfolio Holdings** | 80 |
| **Portfolio Turnover Rate** | 47.75% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7383img003.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 |

---

Franklin Mutual Small-Mid Cap Value Fund PAGE 1 349-STSR-0626

28.217.413.211.09.35.85.73.51.91.52.5 ------

---

| | |
|:---|:---|
| **Franklin Mutual Small-Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FVRMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Small-Mid Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $48 | 0.90% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $222409033 |
| **Total Number of Portfolio Holdings** | 80 |
| **Portfolio Turnover Rate** | 47.75% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7381img003.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 |

---

Franklin Mutual Small-Mid Cap Value Fund PAGE 1 629-STSR-0626

28.217.413.211.09.35.85.73.51.91.52.5 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FRBSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $47 | 0.90% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $766442311 |
| **Total Number of Portfolio Holdings** | 65 |
| **Portfolio Turnover Rate** | 23.02% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7377img003.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 |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 150-STSR-0626

20.916.59.28.88.37.77.26.05.95.30.53.7 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCBSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $85 | 1.65% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $766442311 |
| **Total Number of Portfolio Holdings** | 65 |
| **Portfolio Turnover Rate** | 23.02% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7378img003.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 |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 250-STSR-0626

20.916.59.28.88.37.77.26.05.95.30.53.7 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FBSRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $60 | 1.15% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $766442311 |
| **Total Number of Portfolio Holdings** | 65 |
| **Portfolio Turnover Rate** | 23.02% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7380img003.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 |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 850-STSR-0626

20.916.59.28.88.37.77.26.05.95.30.53.7 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FBSIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $29 | 0.56% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $766442311 |
| **Total Number of Portfolio Holdings** | 65 |
| **Portfolio Turnover Rate** | 23.02% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7379img003.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 |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 353-STSR-0626

20.916.59.28.88.37.77.26.05.95.30.53.7 ------

---

| | |
|:---|:---|
| **Franklin Mutual U.S. Mid Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FBSAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $34 | 0.65% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $766442311 |
| **Total Number of Portfolio Holdings** | 65 |
| **Portfolio Turnover Rate** | 23.02% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7376img003.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 |

---

Franklin Mutual U.S. Mid Cap Value Fund PAGE 1 650-STSR-0626

20.916.59.28.88.37.77.26.05.95.30.53.7 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FRVLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $53 | 0.97% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4084578931 |
| **Total Number of Portfolio Holdings** | 87 |
| **Portfolio Turnover Rate** | 30.26% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7372img003.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 |

---

Franklin Small Cap Value Fund PAGE 1 482-STSR-0626

25.524.913.39.88.98.03.52.21.82.1 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRVFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $93 | 1.72% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4084578931 |
| **Total Number of Portfolio Holdings** | 87 |
| **Portfolio Turnover Rate** | 30.26% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7373img003.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 |

---

Franklin Small Cap Value Fund PAGE 1 582-STSR-0626

25.524.913.39.88.98.03.52.21.82.1 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FVFRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $66 | 1.22% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4084578931 |
| **Total Number of Portfolio Holdings** | 87 |
| **Portfolio Turnover Rate** | 30.26% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7375img003.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 |

---

Franklin Small Cap Value Fund PAGE 1 882-STSR-0626

25.524.913.39.88.98.03.52.21.82.1 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRCSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $33 | 0.60% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4084578931 |
| **Total Number of Portfolio Holdings** | 87 |
| **Portfolio Turnover Rate** | 30.26% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7374img003.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 |

---

Franklin Small Cap Value Fund PAGE 1 382-STSR-0626

25.524.913.39.88.98.03.52.21.82.1 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FVADX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $39 | 0.72% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4084578931 |
| **Total Number of Portfolio Holdings** | 87 |
| **Portfolio Turnover Rate** | 30.26% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7371img003.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 |

---

Franklin Small Cap Value Fund PAGE 1 682-STSR-0626

25.524.913.39.88.98.03.52.21.82.1 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 1 of this Form N-CSR.

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

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

#### Franklin

#### Value

#### Investors

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

April

30,

2026

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 26
Notes

to

Financial

Statements

#### 31
Changes

In

and

Disagreements

with

Accountants

#### 46
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.27

$29.99

$25.79

$27.57

$32.58

$21.77

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.05 0.11 0.15 0.15 0.12 0.11 c

Net

realized

and

unrealized

gains

(losses)

3.05 1.17 5.50 (0.30)

(0.81)

12.15 Total

from

investment

operations

........

3.10 1.28 5.65 (0.15)

(0.69)

12.26 Less

distributions

from:

Net

investment

income

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

(0.10)

(0.15)

(0.18)

(0.09)

(0.08)

(0.11)

Net

realized

gains

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

(3.36)

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

Total

distributions

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

(3.46)

(6.00)

(1.45)

(1.63)

(4.32)

(1.45)

Net

asset

value,

end

of

period

..........

$24.91

$25.27

$29.99

$25.79

$27.57

$32.58

Total

return

d

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

13.28%

5.00%

22.43%

(0.71)%

(2.00)%

57.97%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.21%

1.22%

1.27%

1.23%

1.24%

1.23%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.15%

1.15%

1.19%

1.22%

f

1.22%

f

1.23%

g

Net

investment

income

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

0.38%

0.43%

0.54%

0.56%

0.45%

0.37%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$181,421

$166,289

$160,115

$139,370

$144,717

$161,200

Portfolio

turnover

rate

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

47.75%

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,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$26.04

$30.73

$26.39

$28.18

$33.21

$22.17

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08 0.19 0.25 0.27 0.22 0.22 c

Net

realized

and

unrealized

gains

(losses)

3.16 1.20 5.63 (0.34)

(0.82)

12.36 Total

from

investment

operations

........

3.24 1.39 5.88 (0.07)

(0.60)

12.58 Less

distributions

from:

Net

investment

income

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

(0.17)

(0.23)

(0.27)

(0.18)

(0.19)

(0.20)

Net

realized

gains

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

(3.36)

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

Total

distributions

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

(3.53)

(6.08)

(1.54)

(1.72)

(4.43)

(1.54)

Net

asset

value,

end

of

period

..........

$25.75

$26.04

$30.73

$26.39

$28.18

$33.21

Total

return

d

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

13.44%

5.29%

22.82%

(0.35)%

(1.67)%

58.51%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.94%

0.92%

0.98%

0.90%

0.91%

0.91%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.86%

0.87%

0.87%

0.86%

f

0.87%

f

0.88%

Net

investment

income

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

0.67%

0.72%

0.87%

0.98%

0.79%

0.72%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$15,827

$14,791

$15,938

$15,228

$25,570

$23,137

Portfolio

turnover

rate

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

47.75%

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

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.75

$30.45

$26.15

$27.95

$32.96

$22.01

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08 0.18 0.23 0.23 0.19 0.19 c

Net

realized

and

unrealized

gains

(losses)

3.12 1.18 5.59 (0.33)

(0.81)

12.28 Total

from

investment

operations

........

3.20 1.36 5.82 (0.10)

(0.62)

12.47 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.21)

(0.25)

(0.16)

(0.15)

(0.18)

Net

realized

gains

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

(3.36)

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

Total

distributions

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

(3.52)

(6.06)

(1.52)

(1.70)

(4.39)

(1.52)

Net

asset

value,

end

of

period

..........

$25.43

$25.75

$30.45

$26.15

$27.95

$32.96

Total

return

d

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

13.45%

5.25%

22.74%

(0.44)%

(1.77)%

58.40%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.96%

0.97%

1.01%

0.98%

0.99%

0.98%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.90%

0.90%

0.94%

0.96%

f

0.97%

f

0.98%

g

Net

investment

income

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

0.63%

0.69%

0.81%

0.83%

0.69%

0.60%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$25,161

$24,464

$29,160

$36,980

$44,877

$38,829

Portfolio

turnover

rate

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

47.75%

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

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 97.6%

#### Aerospace

#### &

#### Defense

#### 2.9%
a

Aevex

Corp.

,

A

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

United

States

19,345

$

585,186

Babcock

International

Group

plc

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

United

Kingdom

101,957

1,536,010

Melrose

Industries

plc

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

United

Kingdom

147,190

965,901

QinetiQ

Group

plc

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

United

Kingdom

553,394

3,353,570

6,440,667

#### Banks

#### 10.5%
Atlantic

Union

Bankshares

Corp.

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

United

States

93,372

3,515,456

Citizens

Financial

Group,

Inc.

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

United

States

84,700

5,509,735

Columbia

Banking

System,

Inc.

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

United

States

184,276

5,454,569

First

Business

Financial

Services,

Inc.

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

United

States

12,246

688,225

First

Interstate

BancSystem,

Inc.

,

A

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

United

States

59,563

2,113,891

Southern

Missouri

Bancorp,

Inc.

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

United

States

18,441

1,258,414

SouthState

Bank

Corp.

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

United

States

49,849

4,868,752

23,409,042

#### Biotechnology

#### 0.5%
a

BioNTech

SE

,

ADR

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

Germany

10,130

1,047,948

#### Building

#### Products

#### 1.1%
Fortune

Brands

Innovations,

Inc.

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

United

States

7,362

298,455

UFP

Industries,

Inc.

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

United

States

23,592

2,111,248

2,409,703

#### Capital

#### Markets

#### 2.3%
Raymond

James

Financial,

Inc.

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

United

States

18,999

3,007,922

Victory

Capital

Holdings,

Inc.

,

A

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

United

States

25,654

2,014,095

5,022,017

#### Chemicals

#### 3.0%
Ashland,

Inc.

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

United

States

43,461

2,314,733

Avient

Corp.

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

United

States

104,234

3,864,997

Element

Solutions,

Inc.

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

United

States

11,534

491,233

6,670,963

#### Commercial

#### Services

#### &

#### Supplies

#### 1.8%
Brady

Corp.

,

A

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

United

States

25,700

2,102,774

MSA

Safety,

Inc.

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

United

States

11,990

1,995,016

4,097,790

#### Construction

#### &

#### Engineering

#### 2.8%
Valmont

Industries,

Inc.

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

United

States

11,144

5,661,598

WillScot

Holdings

Corp.

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

United

States

24,755

560,453

6,222,051

#### Construction

#### Materials

#### 1.2%
a

Amrize

Ltd.

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

United

States

51,175

2,752,191

#### Consumer

#### Finance

#### 1.0%
Bread

Financial

Holdings,

Inc.

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

United

States

27,133

2,300,336

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.5%
Dollar

General

Corp.

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

United

States

28,617

3,316,138

#### Electric

#### Utilities

#### 3.5%
IDACORP,

Inc.

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

United

States

21,707

3,206,992

PPL

Corp.

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

United

States

121,133

4,535,220

7,742,212

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electrical

#### Equipment

#### 7.6%
a

Generac

Holdings,

Inc.

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

United

States

19,523

$

5,060,947

Regal

Rexnord

Corp.

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

United

States

30,369

6,530,246

a

Rosebank

Industries

plc

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

United

States

836,820

4,213,201

Sensata

Technologies

Holding

plc

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

United

States

28,361

1,180,952

16,985,346

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 3.5%
a

Flex

Ltd.

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

United

States

14,732

1,348,715

TD

SYNNEX

Corp.

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

United

States

10,247

2,338,160

Vontier

Corp.

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

United

States

112,416

4,033,486

7,720,361

#### Energy

#### Equipment

#### &

#### Services

#### 7.0%
Baker

Hughes

Co.

,

A

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

United

States

90,892

6,332,446

Hunting

plc

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

United

Kingdom

493,224

3,409,465

Liberty

Energy,

Inc.

,

A

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

United

States

69,660

2,353,811

a

Oceaneering

International,

Inc.

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

United

States

49,185

1,846,405

Patterson-UTI

Energy,

Inc.

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

United

States

128,226

1,566,922

15,509,049

#### Financial

#### Services

#### 1.0%
a

Corpay,

Inc.

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

United

States

6,990

2,142,225

#### Ground

#### Transportation

#### 0.8%
Knight-Swift

Transportation

Holdings,

Inc.

,

A

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

United

States

26,258

1,704,144

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.8%
a

Envista

Holdings

Corp.

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

United

States

153,497

3,981,712

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.2%
a

Henry

Schein,

Inc.

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

United

States

64,961

4,845,441

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.9%
Boyd

Gaming

Corp.

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

United

States

1,745

151,728

a

Hilton

Grand

Vacations,

Inc.

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

United

States

16,609

780,125

Wyndham

Hotels

&

Resorts,

Inc.

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

United

States

13,874

1,129,066

2,060,919

#### Household

#### Durables

#### 1.6%
Meritage

Homes

Corp.

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

United

States

15,404

1,037,305

a

Mohawk

Industries,

Inc.

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

United

States

24,027

2,536,290

3,573,595

#### Industrial

#### REITs

#### 0.3%
STAG

Industrial,

Inc.

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

United

States

19,922

768,591

#### Insurance

#### 2.6%
CNO

Financial

Group,

Inc.

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

United

States

70,719

3,143,460

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

4,857

911,610

Selective

Insurance

Group,

Inc.

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

United

States

21,540

1,808,283

5,863,353

#### IT

#### Services

#### 2.1%
a

Akamai

Technologies,

Inc.

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

United

States

45,950

4,731,931

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.4%
Bruker

Corp.

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

United

States

83,748

3,074,389

#### Machinery

#### 9.0%
CNH

Industrial

NV

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

United

States

141,492

1,515,379

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Machinery
(continued)

Donaldson

Co.,

Inc.

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

United

States

50,216

$

4,427,545

Dover

Corp.

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

United

States

22,683

5,135,658

a

Gates

Industrial

Corp.

plc

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

United

States

164,879

4,222,551

Lincoln

Electric

Holdings,

Inc.

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

United

States

7,804

2,068,060

Mueller

Water

Products,

Inc.

,

A

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

United

States

25,880

721,793

Oshkosh

Corp.

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

United

States

12,466

1,948,436

20,039,422

#### Metals

#### &

#### Mining

#### 5.1%
Commercial

Metals

Co.

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

United

States

71,536

4,933,123

Steel

Dynamics,

Inc.

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

United

States

27,664

6,325,650

11,258,773

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4.0%
Expand

Energy

Corp.

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

United

States

21,387

2,184,682

Whitecap

Resources,

Inc.

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

Canada

574,052

6,774,435

8,959,117

#### Residential

#### REITs

#### 0.7%
Independence

Realty

Trust,

Inc.

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

United

States

97,939

1,597,385

#### Retail

#### REITs

#### 0.9%
Brixmor

Property

Group,

Inc.

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

United

States

66,020

1,986,542

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 4.5%
Melexis

NV

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

Belgium

16,192

1,362,631

MKS,

Inc.

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

United

States

21,176

6,008,690

a

Onto

Innovation,

Inc.

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

United

States

7,212

2,127,973

a

Synaptics,

Inc.

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

United

States

6,512

609,458

10,108,752

#### Software

#### 3.1%
a

ACI

Worldwide,

Inc.

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

United

States

157,035

6,787,053

#### Specialty

#### Retail

#### 2.4%
Dick's

Sporting

Goods,

Inc.

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

United

States

5,386

1,222,191

Gap,

Inc.

(The)

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

United

States

133,644

3,286,306

Group

Automotive,

Inc.

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

United

States

2,410

860,057

5,368,554

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.7%
a

Crocs,

Inc.

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

United

States

16,043

1,636,065

#### Trading

#### Companies

#### &

#### Distributors

#### 2.3%
Ferguson

Enterprises,

Inc.

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

United

States

15,375

4,116,041

United

Rentals,

Inc.

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

United

States

941

903,210

5,019,251

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 178,965,386

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

#### 217,153,028
Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

See

Abbreviations

on

.

#### Short

#### Term

#### Investments

#### 2.5%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.5%
b,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.593 %

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

United

States

5,579,529

$

5,579,529

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 5,579,529

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

#### 5,579,529

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 5,579,529

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

#### 5,579,529

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 184,544,915

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

#### $222,732,557

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

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

#### (323,524)

#### Net

#### Assets

#### 100.0%

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

#### $222,409,033

#### 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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$36.08

$37.52

$30.11

$32.32

$40.20

$27.59

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.43 0.47 0.43 0.37 0.43 Net

realized

and

unrealized

gains

(losses)

2.98 0.58 7.73 (1.23)

(3.28)

13.37 Total

from

investment

operations

........

3.17 1.01 8.20 (0.80)

(2.91)

13.80 Less

distributions

from:

Net

investment

income

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

(0.38)

(0.45)

(0.42)

(0.33)

(0.45)

(1.19)

Net

realized

gains

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

(1.24)

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(1.62)

(2.45)

(0.79)

(1.41)

(4.97)

(1.19)

Net

asset

value,

end

of

period

..........

$37.63

$36.08

$37.52

$30.11

$32.32

$40.20

Total

return

c

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

9.03%

2.99%

27.55%

(2.70)%

(8.06)%

51.14%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.91%

0.91%

0.90%

0.90%

0.91%

0.91%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.90%

0.89%

0.88%

0.88%

e

0.90%

e

0.91%

e,f

Net

investment

income

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

1.07%

1.21%

1.35%

1.33%

1.07%

1.18%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$661,041

$645,355

$687,011

$607,754

$688,933

$790,329

Portfolio

turnover

rate

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

23.02%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

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

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$33.93

$35.39

$28.39

$30.50

$38.15

$26.21

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.06 0.16 0.20 0.18 0.11 0.15 Net

realized

and

unrealized

gains

(losses)

2.80 0.54 7.29 (1.16)

(3.11)

12.72 Total

from

investment

operations

........

2.86 0.70 7.49 (0.98)

(3.00)

12.87 Less

distributions

from:

Net

investment

income

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

(0.07)

(0.16)

(0.12)

(0.05)

(0.13)

(0.93)

Net

realized

gains

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

(1.24)

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(1.31)

(2.16)

(0.49)

(1.13)

(4.65)

(0.93)

Net

asset

value,

end

of

period

..........

$35.48

$33.93

$35.39

$28.39

$30.50

$38.15

Total

return

c

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

8.64%

2.21%

26.60%

(3.42)%

(8.77)%

50.06%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.66%

1.66%

1.65%

1.65%

1.66%

1.66%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.65%

1.64%

1.63%

1.63%

e

1.65%

e

1.66%

e,f

Net

investment

income

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

0.32%

0.47%

0.61%

0.58%

0.32%

0.42%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$6,158

$6,811

$9,324

$10,359

$15,412

$20,132

Portfolio

turnover

rate

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

23.02%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

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

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$36.28

$37.70

$30.25

$32.46

$40.34

$27.67

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.15 0.35 0.39 0.35 0.28 0.34 Net

realized

and

unrealized

gains

(losses)

3.00 0.58 7.76 (1.23)

(3.29)

13.44 Total

from

investment

operations

........

3.15 0.93 8.15 (0.88)

(3.01)

13.78 Less

distributions

from:

Net

investment

income

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

(0.29)

(0.35)

(0.33)

(0.25)

(0.35)

(1.11)

Net

realized

gains

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

(1.24)

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(1.53)

(2.35)

(0.70)

(1.33)

(4.87)

(1.11)

Net

asset

value,

end

of

period

..........

$37.90

$36.28

$37.70

$30.25

$32.46

$40.34

Total

return

c

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

8.91%

2.74%

27.23%

(2.94)%

(8.32)%

50.87%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.16%

1.16%

1.15%

1.15%

1.16%

1.16%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.15%

1.14%

1.13%

1.13%

e

1.15%

e

1.16%

e,f

Net

investment

income

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

0.82%

0.96%

1.10%

1.08%

0.82%

0.93%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$5,390

$5,009

$5,854

$4,922

$5,419

$6,362

Portfolio

turnover

rate

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

23.02%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

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

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$38.11

$39.49

$31.66

$33.91

$41.93

$28.73

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.27 0.59 0.62 0.57 0.51 0.59 Net

realized

and

unrealized

gains

(losses)

3.15 0.61 8.11 (1.29)

(3.43)

13.91 Total

from

investment

operations

........

3.42 1.20 8.73 (0.72)

(2.92)

14.50 Less

distributions

from:

Net

investment

income

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

(0.50)

(0.58)

(0.53)

(0.45)

(0.58)

(1.30)

Net

realized

gains

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

(1.24)

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(1.74)

(2.58)

(0.90)

(1.53)

(5.10)

(1.30)

Net

asset

value,

end

of

period

..........

$39.79

$38.11

$39.49

$31.66

$33.91

$41.93

Total

return

c

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

9.23%

3.35%

27.96%

(2.34)%

(7.76)%

51.74%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.59%

0.58%

0.57%

0.58%

0.59%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.56%

0.55%

0.54%

0.54%

e

0.55%

e

0.55%

e

Net

investment

income

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

1.41%

1.55%

1.69%

1.67%

1.42%

1.54%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$37,297

$35,733

$35,893

$31,790

$36,512

$39,290

Portfolio

turnover

rate

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

23.02%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$38.25

$39.63

$31.76

$34.02

$42.04

$28.80

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.25 0.55 0.59 0.54 0.48 0.55 Net

realized

and

unrealized

gains

(losses)

3.17 0.62 8.15 (1.31)

(3.44)

13.95 Total

from

investment

operations

........

3.42 1.17 8.74 (0.77)

(2.96)

14.50 Less

distributions

from:

Net

investment

income

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

(0.47)

(0.55)

(0.50)

(0.41)

(0.54)

(1.26)

Net

realized

gains

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

(1.24)

(2.00)

(0.37)

(1.08)

(4.52)

—

Total

distributions

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

(1.71)

(2.55)

(0.87)

(1.49)

(5.06)

(1.26)

Net

asset

value,

end

of

period

..........

$39.96

$38.25

$39.63

$31.76

$34.02

$42.04

Total

return

c

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

9.18%

3.24%

27.88%

(2.45)%

(7.86)%

51.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.66%

0.66%

0.65%

0.65%

0.66%

0.66%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.65%

0.64%

0.63%

0.63%

e

0.65%

e

0.66%

e,f

Net

investment

income

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

1.32%

1.45%

1.60%

1.58%

1.32%

1.43%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$56,556

$51,030

$52,612

$43,244

$46,625

$56,787

Portfolio

turnover

rate

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

23.02%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

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

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 96.3%

#### Automobile

#### Components

#### 0.5%
a

Aptiv

plc

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

United

States

64,876

$

3,909,428

#### Banks

#### 5.3%
Citizens

Financial

Group,

Inc.

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

United

States

303,366

19,733,958

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

93,673

20,889,079

40,623,037

#### Broadline

#### Retail

#### 0.4%
eBay,

Inc.

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

United

States

29,674

3,070,665

#### Building

#### Products

#### 3.2%
Carlisle

Cos.,

Inc.

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

United

States

19,169

6,809,979

Johnson

Controls

International

plc

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

United

States

92,106

13,450,239

Masco

Corp.

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

United

States

58,575

4,206,857

24,467,075

#### Capital

#### Markets

#### 1.7%
Raymond

James

Financial,

Inc.

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

United

States

82,361

13,039,394

#### Chemicals

#### 1.7%
PPG

Industries,

Inc.

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

United

States

119,694

12,986,799

#### Construction

#### &

#### Engineering

#### 3.0%
AECOM

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

United

States

96,068

8,079,319

Valmont

Industries,

Inc.

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

United

States

29,180

14,824,607

22,903,926

#### Consumer

#### Finance

#### 1.3%
Capital

One

Financial

Corp.

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

United

States

52,397

10,023,546

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 3.2%
Dollar

General

Corp.

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

United

States

130,427

15,113,881

Kroger

Co.

(The)

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

United

States

79,682

5,423,953

a

US

Foods

Holding

Corp.

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

United

States

45,457

4,249,775

24,787,609

#### Containers

#### &

#### Packaging

#### 1.6%
Avery

Dennison

Corp.

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

United

States

33,134

5,431,657

International

Paper

Co.

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

United

States

218,884

6,658,451

12,090,108

#### Electric

#### Utilities

#### 8.3%
Entergy

Corp.

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

United

States

191,906

22,627,637

Evergy,

Inc.

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

United

States

253,767

21,022,058

PPL

Corp.

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

United

States

533,153

19,961,248

63,610,943

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 4.3%
a

Flex

Ltd.

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

United

States

249,225

22,816,549

TD

SYNNEX

Corp.

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

United

States

11,521

2,628,862

TE

Connectivity

plc

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

Switzerland

36,493

7,724,108

33,169,519

#### Energy

#### Equipment

#### &

#### Services

#### 3.6%
Baker

Hughes

Co.

,

A

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

United

States

121,585

8,470,827

SLB

Ltd.

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

United

States

331,502

18,855,834

27,326,661

#### Financial

#### Services

#### 2.5%
Apollo

Global

Management,

Inc.

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

United

States

88,144

11,345,896

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financial

#### Services
(continued)

a

Fiserv,

Inc.

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

United

States

130,962

$

8,204,769

19,550,665

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 4.6%
a

Cooper

Cos.,

Inc.

(The)

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

United

States

195,164

12,275,815

a

Envista

Holdings

Corp.

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

United

States

382,267

9,916,006

Zimmer

Biomet

Holdings,

Inc.

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

United

States

155,839

12,845,809

35,037,630

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.7%
Cencora,

Inc.

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

United

States

24,172

7,445,218

a

Henry

Schein,

Inc.

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

United

States

76,891

5,735,299

13,180,517

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.7%
Boyd

Gaming

Corp.

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

United

States

116,062

10,091,591

Restaurant

Brands

International,

Inc.

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

Canada

36,241

2,923,924

13,015,515

#### Household

#### Durables

#### 0.5%
DR

Horton,

Inc.

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

United

States

23,962

3,686,793

#### Household

#### Products

#### 1.2%
Colgate-Palmolive

Co.

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

United

States

106,367

9,079,487

#### Industrial

#### REITs

#### 1.6%
EastGroup

Properties,

Inc.

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

United

States

61,583

12,390,500

#### Insurance

#### 5.6%
Arthur

J

Gallagher

&

Co.

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

United

States

44,168

9,116,275

Everest

Group

Ltd.

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

United

States

28,917

10,316,429

Hartford

Insurance

Group,

Inc.

(The)

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

United

States

173,969

23,800,699

43,233,403

#### IT

#### Services

#### 1.2%
Amdocs

Ltd.

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

United

States

144,112

9,319,723

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.0%
a

Bio-Rad

Laboratories,

Inc.

,

A

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

United

States

27,996

7,842,240

#### Machinery

#### 6.3%
CNH

Industrial

NV

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

United

States

770,980

8,257,196

Dover

Corp.

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

United

States

112,527

25,477,238

a

Gates

Industrial

Corp.

plc

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

United

States

557,563

14,279,188

48,013,622

#### Media

#### 0.5%
Fox

Corp.

,

A

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

United

States

55,353

3,514,362

#### Metals

#### &

#### Mining

#### 2.0%
Reliance,

Inc.

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

United

States

41,917

15,194,912

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.7%
EOG

Resources,

Inc.

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

United

States

126,284

17,751,742

Williams

Cos.,

Inc.

(The)

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

United

States

137,068

10,459,659

28,211,401

#### Personal

#### Care

#### Products

#### 1.6%
Estee

Lauder

Cos.,

Inc.

(The)

,

A

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

United

States

157,309

12,067,173

#### Pharmaceuticals

#### 1.5%
Haleon

plc

,

ADR

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

United

States

1,271,995

11,753,234

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Professional

#### Services

#### 2.1%
KBR,

Inc.

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

United

States

246,556

$

9,243,384

SS&C

Technologies

Holdings,

Inc.

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

United

States

103,012

7,138,732

16,382,116

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.6%
a

CBRE

Group,

Inc.

,

A

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

United

States

30,686

4,379,813

#### Retail

#### REITs

#### 2.9%
Brixmor

Property

Group,

Inc.

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

United

States

727,008

21,875,671

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3.7%
MKS,

Inc.

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

United

States

19,353

5,491,414

NXP

Semiconductors

NV

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

Netherlands

77,189

22,661,918

28,153,332

#### Specialized

#### REITs

#### 0.8%
Lamar

Advertising

Co.

,

A

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

United

States

47,082

6,489,783

#### Specialty

#### Retail

#### 4.6%
Dick's

Sporting

Goods,

Inc.

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

United

States

56,529

12,827,561

Gap,

Inc.

(The)

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

United

States

481,660

11,844,019

a

Ulta

Beauty,

Inc.

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

United

States

19,926

10,709,827

35,381,407

#### Trading

#### Companies

#### &

#### Distributors

#### 6.3%
AerCap

Holdings

NV

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

Ireland

108,145

15,379,300

Ferguson

Enterprises,

Inc.

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

United

States

73,167

19,587,538

United

Rentals,

Inc.

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

United

States

14,259

13,686,359

48,653,197

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 539,569,863

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

#### 738,415,206

#### Short

#### Term

#### Investments

#### 3.7%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 3.7%
b,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.593 %

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

United

States

28,149,846

28,149,846

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 28,149,846

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

#### 28,149,846

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 28,149,846

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

#### 28,149,846

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 567,719,709

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

#### $766,565,052

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)

#### %

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

#### (122,741)

#### Net

#### Assets

#### 100.0%

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

#### $766,442,311

#### 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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$57.78

$58.94

$47.55

$51.18

$61.24

$41.84

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.24 0.55 0.55 0.39 0.25 0.47 c

Net

realized

and

unrealized

gains

(losses)

10.05 2.17 13.28 (2.42)

(4.60)

20.03 Total

from

investment

operations

........

10.29 2.72 13.83 (2.03)

(4.35)

20.50 Less

distributions

from:

Net

investment

income

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

(0.58)

(0.51)

(0.46)

(0.20)

(0.34)

(0.35)

Net

realized

gains

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

(3.87)

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.45)

(3.88)

(2.44)

(1.60)

(5.71)

(1.10)

Net

asset

value,

end

of

period

..........

$63.62

$57.78

$58.94

$47.55

$51.18

$61.24

Total

return

d

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

18.74%

4.81%

29.65%

(4.09)%

(7.83)%

49.59%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.98%

0.97%

0.97%

0.99%

0.98%

1.00%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.97%

0.96%

0.96%

0.98%

f

0.98%

g

1.00%

g

Net

investment

income

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

0.80%

0.97%

0.99%

0.75%

0.46%

0.81%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,221,993

$1,115,548

$1,213,950

$1,076,436

$1,268,890

$1,577,561

Portfolio

turnover

rate

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

30.26%

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,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$46.86

$48.50

$39.48

$42.88

$52.25

$35.87

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.01 0.11 0.12 —

c

(0.13)

0.02 d

Net

realized

and

unrealized

gains

(losses)

8.09 1.76 10.99 (2.00)

(3.87)

17.20 Total

from

investment

operations

........

8.10 1.87 11.11 (2.00)

(4.00)

17.22 Less

distributions

from:

Net

investment

income

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

(0.24)

(0.14)

(0.11)

—

—

(0.09)

Net

realized

gains

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

(3.87)

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.11)

(3.51)

(2.09)

(1.40)

(5.37)

(0.84)

Net

asset

value,

end

of

period

..........

$50.85

$46.86

$48.50

$39.48

$42.88

$52.25

Total

return

e

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

18.31%

4.03%

28.69%

(4.82)%

(8.51)%

48.51%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

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

1.73%

1.72%

1.72%

1.74%

1.73%

1.75%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.72%

1.71%

1.71%

1.73%

g

1.73%

h

1.75%

h

Net

investment

income

(loss)

..........

0.06%

0.23%

0.26%

—%

i

(0.29)%

0.05%

d

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$35,968

$37,016

$48,722

$50,027

$68,960

$99,994

Portfolio

turnover

rate

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

30.26%

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,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

i

Rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$56.86

$58.04

$46.86

$50.46

$60.43

$41.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.16 0.40 0.41 0.26 0.11 0.32 c

Net

realized

and

unrealized

gains

(losses)

9.90 2.14 13.07 (2.38)

(4.53)

19.79 Total

from

investment

operations

........

10.06 2.54 13.48 (2.12)

(4.42)

20.11 Less

distributions

from:

Net

investment

income

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

(0.44)

(0.35)

(0.32)

(0.08)

(0.18)

(0.24)

Net

realized

gains

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

(3.87)

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.31)

(3.72)

(2.30)

(1.48)

(5.55)

(0.99)

Net

asset

value,

end

of

period

..........

$62.61

$56.86

$58.04

$46.86

$50.46

$60.43

Total

return

d

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

18.58%

4.55%

29.35%

(4.35)%

(8.05)%

49.22%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.23%

1.22%

1.22%

1.24%

1.23%

1.25%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.22%

1.21%

1.21%

1.23%

f

1.23%

g

1.25%

g

Net

investment

income

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

0.56%

0.73%

0.75%

0.50%

0.21%

0.56%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$101,298

$97,179

$109,718

$102,284

$119,060

$150,288

Portfolio

turnover

rate

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

30.26%

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

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$62.35

$63.29

$50.90

$54.68

$65.05

$44.37

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.38 0.81 0.81 0.63 0.48 0.71 c

Net

realized

and

unrealized

gains

(losses)

10.87 2.35 14.23 (2.60)

(4.89)

21.27 Total

from

investment

operations

........

11.25 3.16 15.04 (1.97)

(4.41)

21.98 Less

distributions

from:

Net

investment

income

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

(0.79)

(0.73)

(0.67)

(0.41)

(0.59)

(0.55)

Net

realized

gains

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

(3.87)

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.66)

(4.10)

(2.65)

(1.81)

(5.96)

(1.30)

Net

asset

value,

end

of

period

..........

$68.94

$62.35

$63.29

$50.90

$54.68

$65.05

Total

return

d

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

18.95%

5.19%

30.17%

(3.72)%

(7.46)%

50.21%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.61%

0.60%

0.60%

0.61%

0.62%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.60%

0.59%

0.59%

0.59%

f

0.59%

0.59%

Net

investment

income

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

1.18%

1.34%

1.37%

1.14%

0.84%

1.15%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,366,239

$1,284,737

$1,419,996

$1,225,364

$1,248,367

$1,336,020

Portfolio

turnover

rate

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

30.26%

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

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$62.46

$63.40

$50.98

$54.76

$65.13

$44.44

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.34 0.75 0.73 0.55 0.41 0.63 c

Net

realized

and

unrealized

gains

(losses)

10.91 2.33 14.26 (2.60)

(4.91)

21.30 Total

from

investment

operations

........

11.25 3.08 14.99 (2.05)

(4.50)

21.93 Less

distributions

from:

Net

investment

income

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

(0.72)

(0.65)

(0.59)

(0.33)

(0.50)

(0.49)

Net

realized

gains

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

(3.87)

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

Total

distributions

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

(4.59)

(4.02)

(2.57)

(1.73)

(5.87)

(1.24)

Net

asset

value,

end

of

period

..........

$69.12

$62.46

$63.40

$50.98

$54.76

$65.13

Total

return

d

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

18.88%

5.07%

29.97%

(3.86)%

(7.59)%

49.98%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.73%

0.72%

0.72%

0.74%

0.73%

0.75%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.72%

0.71%

0.71%

0.73%

f

0.73%

g

0.75%

g

Net

investment

income

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

1.06%

1.23%

1.24%

1.00%

0.71%

1.01%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,359,081

$1,232,693

$1,306,760

$1,199,891

$1,406,507

$1,687,270

Portfolio

turnover

rate

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

30.26%

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

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited),

April

30,

2026

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 98.1%

#### Aerospace

#### &

#### Defense

#### 3.2%
a

Aevex

Corp.

,

A

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

United

States

360,126

$

10,893,811

Babcock

International

Group

plc

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

United

Kingdom

2,819,498

42,476,506

Melrose

Industries

plc

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

United

Kingdom

2,735,632

17,951,966

QinetiQ

Group

plc

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

United

Kingdom

9,676,659

58,640,591

129,962,874

#### Banks

#### 18.1%
Atlantic

Union

Bankshares

Corp.

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

United

States

1,908,651

71,860,710

b

Camden

National

Corp.

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

United

States

978,520

47,135,308

Central

BanCo,

Inc.

,

A

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

United

States

83,097

2,245,281

Columbia

Banking

System,

Inc.

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

United

States

3,602,689

106,639,594

First

Bancorp

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

United

States

988,430

57,071,948

First

Commonwealth

Financial

Corp.

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

United

States

2,305,266

42,439,947

First

Interstate

BancSystem,

Inc.

,

A

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

United

States

1,088,445

38,628,913

German

American

Bancorp,

Inc.

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

United

States

1,151,789

49,607,552

Peoples

Bancorp,

Inc.

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

United

States

249,342

8,577,365

Seacoast

Banking

Corp.

of

Florida

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

United

States

1,421,873

44,746,343

SouthState

Bank

Corp.

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

United

States

1,046,832

102,244,082

TriCo

Bancshares

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

United

States

1,028,817

51,718,631

Washington

Trust

Bancorp,

Inc.

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

United

States

516,333

16,228,346

WSFS

Financial

Corp.

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

United

States

1,395,184

100,411,393

739,555,413

#### Building

#### Products

#### 2.1%
a

American

Woodmark

Corp.

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

United

States

306,891

13,404,999

Fortune

Brands

Innovations,

Inc.

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

United

States

134,883

5,468,157

a

Resideo

Technologies,

Inc.

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

United

States

566,657

23,442,600

UFP

Industries,

Inc.

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

United

States

472,867

42,316,868

84,632,624

#### Capital

#### Markets

#### 0.9%
Victory

Capital

Holdings,

Inc.

,

A

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

United

States

467,039

36,667,232

#### Chemicals

#### 5.1%
Ashland,

Inc.

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

United

States

800,990

42,660,727

Avient

Corp.

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

United

States

2,074,618

76,926,835

Element

Solutions,

Inc.

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

United

States

212,679

9,057,999

b

Elementis

plc

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

United

Kingdom

39,868,704

80,291,982

208,937,543

#### Commercial

#### Services

#### &

#### Supplies

#### 2.6%
Brady

Corp.

,

A

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

United

States

710,458

58,129,674

MSA

Safety,

Inc.

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

United

States

289,809

48,221,319

106,350,993

#### Construction

#### &

#### Engineering

#### 2.8%
Valmont

Industries,

Inc.

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

United

States

204,384

103,835,247

WillScot

Holdings

Corp.

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

United

States

454,100

10,280,824

114,116,071

#### Consumer

#### Finance

#### 1.0%
Bread

Financial

Holdings,

Inc.

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

United

States

491,528

41,671,744

#### Electric

#### Utilities

#### 0.8%
IDACORP,

Inc.

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

United

States

208,476

30,800,244

#### Electrical

#### Equipment

#### 8.8%
EnerSys

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

United

States

369,205

78,736,658

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electrical

#### Equipment
(continued)

Regal

Rexnord

Corp.

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

United

States

599,572

$

128,925,967

a

Rosebank

Industries

plc

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

United

States

25,566,187

128,719,999

Sensata

Technologies

Holding

plc

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

United

States

537,910

22,398,573

358,781,197

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 6.0%
Benchmark

Electronics,

Inc.

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

United

States

1,389,158

113,980,414

Oxford

Instruments

plc

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

United

Kingdom

1,296,960

50,933,234

Vontier

Corp.

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

United

States

2,223,144

79,766,407

244,680,055

#### Energy

#### Equipment

#### &

#### Services

#### 6.7%
b

Hunting

plc

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

United

Kingdom

9,225,918

63,775,173

Liberty

Energy,

Inc.

,

A

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

United

States

1,313,190

44,372,690

a

Oceaneering

International,

Inc.

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

United

States

906,915

34,045,589

Patterson-UTI

Energy,

Inc.

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

United

States

2,364,313

28,891,905

Select

Water

Solutions,

Inc.

,

A

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

United

States

6,222,596

104,104,031

275,189,388

#### Ground

#### Transportation

#### 0.8%
Knight-Swift

Transportation

Holdings,

Inc.

,

A

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

United

States

510,586

33,137,031

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.1%
a

Envista

Holdings

Corp.

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

United

States

3,341,724

86,684,321

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.6%
Boyd

Gaming

Corp.

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

United

States

251,041

21,828,015

a

Hilton

Grand

Vacations,

Inc.

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

United

States

590,890

27,754,103

Wyndham

Hotels

&

Resorts,

Inc.

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

United

States

205,874

16,754,026

66,336,144

#### Household

#### Durables

#### 1.8%
Century

Communities,

Inc.

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

United

States

217,534

12,186,255

La-Z-Boy,

Inc.

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

United

States

959,965

33,349,184

a

M/I

Homes,

Inc.

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

United

States

75,471

9,923,682

Meritage

Homes

Corp.

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

United

States

218,213

14,694,463

a

Taylor

Morrison

Home

Corp.

,

A

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

United

States

91,737

5,572,105

75,725,689

#### Industrial

#### REITs

#### 0.6%
STAG

Industrial,

Inc.

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

United

States

611,642

23,597,148

#### Insurance

#### 5.5%
CNO

Financial

Group,

Inc.

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

United

States

2,190,921

97,386,438

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

77,127

14,475,967

Horace

Mann

Educators

Corp.

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

United

States

1,765,222

80,211,688

Selective

Insurance

Group,

Inc.

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

United

States

407,620

34,219,699

a

TWFG,

Inc.

,

A

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

United

States

6,521

121,160

226,414,952

#### Leisure

#### Products

#### 1.2%
Brunswick

Corp.

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

United

States

609,392

48,416,194

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.4%
Bruker

Corp.

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

United

States

1,523,752

55,936,936

#### Machinery

#### 4.7%
a

ATS

Corp.

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

Canada

401,228

13,017,350

a

Gates

Industrial

Corp.

plc

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

United

States

3,631,164

92,994,110

Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Machinery
(continued)

Mueller

Water

Products,

Inc.

,

A

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

United

States

1,794,567

$

50,050,474

Oshkosh

Corp.

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

United

States

226,664

35,427,583

191,489,517

#### Metals

#### &

#### Mining

#### 3.4%
Commercial

Metals

Co.

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

United

States

1,284,030

88,546,709

Ryerson

Holding

Corp.

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

United

States

1,777,173

49,245,464

137,792,173

#### Multi-Utilities

#### 1.0%
Black

Hills

Corp.

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

United

States

559,911

42,155,699

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.1%
Whitecap

Resources,

Inc.

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

Canada

10,623,873

125,373,198

#### Paper

#### &

#### Forest

#### Products

#### 0.4%
Louisiana-Pacific

Corp.

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

United

States

216,704

15,643,862

#### Residential

#### REITs

#### 0.9%
Independence

Realty

Trust,

Inc.

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

United

States

2,316,648

37,784,529

#### Retail

#### REITs

#### 0.7%
Kite

Realty

Group

Trust

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

United

States

1,121,023

29,325,962

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 4.3%
a

Cohu,

Inc.

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

United

States

504,847

23,904,506

Melexis

NV

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

Belgium

298,757

25,141,768

MKS,

Inc.

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

United

States

268,961

76,317,684

a

Onto

Innovation,

Inc.

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

United

States

134,883

39,798,578

a

Synaptics,

Inc.

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

United

States

120,043

11,234,824

176,397,360

#### Software

#### 3.1%
a

ACI

Worldwide,

Inc.

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

United

States

2,889,857

124,899,620

#### Specialty

#### Retail

#### 2.0%
Academy

Sports

&

Outdoors,

Inc.

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

United

States

135,854

7,450,233

Gap,

Inc.

(The)

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

United

States

1,837,587

45,186,264

Group

Automotive,

Inc.

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

United

States

44,694

15,949,948

Signet

Jewelers

Ltd.

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

United

States

139,694

12,436,957

81,023,402

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.4%
a

Crocs,

Inc.

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

United

States

313,028

31,922,596

Dr.

Martens

plc

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

United

Kingdom

28,142,109

23,819,101

55,741,697

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 2,958,900,433

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

#### 4,005,220,812
Franklin

Value

Investors

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

#### Short

#### Term

#### Investments

#### 2.1%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 2.1%
c,d

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.593 %

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

United

States

85,595,429

$

85,595,429

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 85,595,429

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

#### 85,595,429

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 85,595,429

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

#### 85,595,429

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 3,044,495,862

####)
100.2 #### %
..............................

#### $4,090,816,241

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.2 ####)

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

#### (6,237,310)

#### Net

#### Assets

#### 100.0%

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

#### $4,084,578,931

#### a
See

Abbreviations

on

.

a

Non-income

producing.

b

See

Note

regarding

holdings

of

5%

voting

securities.

c

See

Note

(f)

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$178,965,386

$539,569,863

$2,808,503,872

Cost

-

Non-controlled

affiliates

(Note

f

and

6)

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

5,579,529

28,149,846

235,991,990

Value

-

Unaffiliated

issuers

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

$217,153,028

$738,415,206

$3,814,018,349

Value

-

Non-controlled

affiliates

(Note

f

and

6)

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

5,579,529

28,149,846

276,797,892

Cash

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

166,481

1,128

Foreign

currency,

at

value

(cost

$

893

,

$

–

and

$

,

respectively)

.....

900

—

Receivables:

Investment

securities

sold

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

3,718,448

—

16,229,317

Capital

shares

sold

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

198,349

178,522

1,400,180

Dividends

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

111,853

767,755

3,132,634

Total

assets

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

226,762,185

767,677,810

4,111,579,941

Liabilities:

Payables:

Investment

securities

purchased

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

3,893,412

—

18,278,967

Capital

shares

redeemed

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

150,813

450,138

5,219,694

Management

fees

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

100,316

293,071

1,777,170

Distribution

fees

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

36,042

139,832

313,807

Transfer

agent

fees

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

51,941

209,389

1,068,848

Professional

fees

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

88,331

79,588

74,369

Trustees'

fees

and

expenses

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

2,545

8,117

28,061

Accrued

expenses

and

other

liabilities

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

29,752

55,364

240,094

Total

liabilities

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

4,353,152

1,235,499

27,001,010

Net

assets,

at

value

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

$222,409,033

$766,442,311

$4,084,578,931

Net

assets

consist

of:

Paid-in

capital

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

$181,223,263

$558,208,770

$2,816,456,426

Total

distributable

earnings

(losses)

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

41,185,770

208,233,541

1,268,122,505

Net

assets,

at

value

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

$222,409,033

$766,442,311

$4,084,578,931

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$181,421,402

$661,041,328

$1,221,992,954

Shares

outstanding

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

7,282,192

17,565,474

19,208,041

Net

asset

value

per

share

a

,b

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

$24.91

$37.63

$63.62

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%)

b

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

$26.36

$39.82

$67.32

#### Class

#### C:
Net

assets,

at

value

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

$—

$6,157,620

$35,968,175

Shares

outstanding

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

—

173,536

707,333

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..........

$—

$35.48

$50.85

#### Class

#### R:
Net

assets,

at

value

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

$—

$5,390,094

$101,297,715

Shares

outstanding

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

—

142,228

1,618,020

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$—

$37.90

$62.61

#### Class

#### R6:
Net

assets,

at

value

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

$15,826,832

$37,297,484

$1,366,238,688

Shares

outstanding

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

614,675

937,453

19,816,899

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$25.75

$39.79

$68.94

#### Advisor

#### Class:
Net

assets,

at

value

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

$25,160,799

$56,555,785

$1,359,081,399

Shares

outstanding

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

989,547

1,415,373

19,664,040

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$25.43

$39.96

$69.12

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$15,571,

$26,437

and

$301,739,

respectively)

Unaffiliated

issuers

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

$1,546,717

$6,747,667

$30,180,119

Non-controlled

affiliates

(Note

f

and

6)

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

75,557

631,591

4,413,161

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

—

—

Non-controlled

affiliates

(Note

f)

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

—

—

1,508

Total

investment

income

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

1,622,274

7,379,258

34,595,107

Expenses:

Management

fees

(Note

a)

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

742,985

1,803,413

10,650,208

Distribution

fees:

(Note

3c)

Class

A

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

215,210

806,513

1,445,646

Class

C

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

—

32,123

182,612

Class

R

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

—

12,885

248,167

Transfer

agent

fees:

(Note

3e)

Class

A

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

109,984

385,159

898,834

Class

C

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

—

3,837

28,369

Class

R

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

—

3,076

77,133

Class

R6

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

7,577

9,497

243,934

Advisor

Class

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

16,005

31,654

994,228

Custodian

fees

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

585

2,009

13,707

Reports

to

shareholders

fees

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

16,917

31,594

102,529

Registration

and

filing

fees

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

31,865

55,967

61,188

Professional

fees

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

75,197

80,775

78,819

Trustees'

fees

and

expenses

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

5,625

18,096

84,444

Other

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

12,652

31,531

125,485

Total

expenses

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

1,234,602

3,308,129

15,235,303

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

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

(67,053)

(32,374)

(114,089)

Net

expenses

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

1,167,549

3,275,755

15,121,214

Net

investment

income

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

454,725

4,103,503

19,473,893

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

3,167,540

9,692,352

195,029,033

Non-controlled

affiliates

(Note

f

and

6)

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

—

—

51,644,093

Foreign

currency

transactions

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

2,963

9,239

(222,587)

Net

realized

gain

(loss)

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

3,170,503

9,701,591

246,450,539

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

22,952,002

51,324,213

400,812,423

Non-controlled

affiliates

(Note

f

and

6)

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

—

—

10,716,678

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(1,733)

17,150

Net

change

in

unrealized

appreciation

(depreciation)

..........

22,950,269

51,324,373

411,546,251

Net

realized

and

unrealized

gain

(loss)

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

26,120,772

61,025,964

657,996,790

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$26,575,497

$65,129,467

$677,470,683

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$454,725

$993,125

$4,103,503

$9,470,665

Net

realized

gain

(loss)

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

3,170,503

30,434,483

9,701,591

28,585,321

Net

change

in

unrealized

appreciation

(depreciation)

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

22,950,269

(21,652,915)

51,324,373

(15,562,242)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

26,575,497

9,774,693

65,129,467

22,493,744

Distributions

to

shareholders:

Class

A

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

(22,409,424)

(32,867,557)

(28,402,124)

(44,691,796)

Class

C

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

—

—

(251,670)

(551,490)

Class

R

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

—

—

(212,161)

(354,225)

Class

R6

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

(1,913,151)

(3,074,258)

(1,642,643)

(2,323,564)

Advisor

Class

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

(3,355,056)

(5,749,715)

(2,274,751)

(3,374,658)

Total

distributions

to

shareholders

.....

(27,677,631)

(41,691,530)

(32,783,349)

(51,295,733)

Capital

share

transactions:

(Note

2)

Class

A

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

16,037,074

31,416,256

(12,077,284)

(16,290,674)

Class

C

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

—

—

(946,516)

(2,130,570)

Class

R

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

—

—

147,851

(644,988)

Class

R6

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

1,045,433

1,082,527

(66,628)

975,937

Advisor

Class

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

885,154

(251,695)

3,100,496

138,010

Total

capital

share

transactions

.......

17,967,661

32,247,088

(9,842,081)

(17,952,285)

Net

increase

(decrease)

in

net

assets

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

16,865,527

330,251

22,504,037

(46,754,274)

Net

assets:

Beginning

of

period

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

205,543,506

205,213,255

743,938,274

790,692,548

End

of

period

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

$222,409,033

$205,543,506

$766,442,311

$743,938,274

Franklin

Value

Investors

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$19,473,893

$45,725,542

Net

realized

gain

(loss)

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

246,450,539

259,102,710

Net

change

in

unrealized

appreciation

(depreciation)

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

411,546,251

(121,482,516)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

677,470,683

183,345,736

Distributions

to

shareholders:

Class

A

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

(84,149,790)

(78,734,678)

Class

C

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

(3,098,415)

(3,391,822)

Class

R

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

(7,183,639)

(6,872,387)

Class

R6

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

(93,717,191)

(90,543,199)

Advisor

Class

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

(88,353,970)

(81,902,317)

Total

distributions

to

shareholders

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

(276,503,005)

(261,444,403)

Capital

share

transactions:

(Note

2)

Class

A

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

(9,869,151)

(72,072,489)

Class

C

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

(4,153,587)

(9,833,051)

Class

R

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

(5,698,232)

(10,253,837)

Class

R6

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

(55,505,686)

(110,380,911)

Advisor

Class

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

(8,335,419)

(51,332,623)

Total

capital

share

transactions

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

(83,562,075)

(253,872,911)

Net

increase

(decrease)

in

net

assets

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

317,405,603

(331,971,578)

Net

assets:

Beginning

of

period

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

3,767,173,328

4,099,144,906

End

of

period

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

$4,084,578,931

$3,767,173,328

Franklin

Value

Investors

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Value

Investors

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of three

separate

funds

(Funds). The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

classes of

shares

offered

within

each

of

the Funds

are

indicated

below. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

#### Class

#### A,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Mutual

Small-Mid

Cap

Value

Fund

#### A,

#### Class

#### C,

#### Class

#### R,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds'

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds'

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

April

30,

2026,

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

(unaudited)

franklintempleton.com

Semiannual

Report

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

April

30,

2026, 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).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Estimated

expenses

are

accrued

daily.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

April

30,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

a

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

602,750

$14,774,376

788,782

$28,996,910

Shares

issued

in

reinvestment

of

distributions

..........

952,224

22,110,637

750,266

26,867,044

Shares

redeemed

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

(852,351)

(20,847,939)

(1,861,043)

(67,941,238)

Net

increase

(decrease)

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

702,623

$16,037,074

(321,995)

$(12,077,284)

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)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

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

—

$—

14,166

$489,184

Shares

issued

in

reinvestment

of

distributions

..........

—

—

7,416

251,025

Shares

redeemed

a

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

—

—

(48,776)

(1,686,725)

Net

increase

(decrease)

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

—

$—

(27,194)

$(946,516)

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)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

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

—

$—

6,671

$245,303

Shares

issued

in

reinvestment

of

distributions

..........

—

—

5,879

212,161

Shares

redeemed

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

—

—

(8,380)

(309,613)

Net

increase

(decrease)

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

—

$—

4,170

$147,851

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)

Class

R6

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

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

62,945

$1,585,310

91,823

$3,534,696

Shares

issued

in

reinvestment

of

distributions

..........

78,883

1,890,824

43,275

1,636,230

Shares

redeemed

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

(95,165)

(2,430,701)

(135,335)

(5,237,554)

Net

increase

(decrease)

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

46,663

$1,045,433

(237) $(66,628)

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

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

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

121,807

$3,082,618

118,141

$4,556,716

Shares

issued

in

reinvestment

of

distributions

..........

137,883

3,263,702

58,325

2,215,780

Shares

redeemed

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

(220,035)

(5,461,166)

(95,230)

(3,672,000)

Net

increase

(decrease)

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

39,655

$885,154

81,236

$3,100,496

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

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

a

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

600,086

$35,642,191

Shares

issued

in

reinvestment

of

distributions

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

1,409,932

80,196,950

Shares

redeemed

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

(2,108,707)

(125,708,292)

Net

increase

(decrease)

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

(98,689)

$(9,869,151)

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)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

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

29,993

$1,427,914

Shares

issued

in

reinvestment

of

distributions

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

66,232

3,019,507

Shares

redeemed

a

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

(178,812)

(8,601,008)

Net

increase

(decrease)

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

(82,587)

$(4,153,587)

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)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

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

113,118

$6,673,321

Shares

issued

in

reinvestment

of

distributions

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

127,702

7,155,167

Shares

redeemed

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

(331,923)

(19,526,720)

Net

increase

(decrease)

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

(91,103)

$(5,698,232)

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)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

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

1,849,001

$119,354,895

Shares

issued

in

reinvestment

of

distributions

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

1,403,474

86,397,866

Shares

redeemed

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

(4,041,200)

(261,258,447)

Net

increase

(decrease)

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

(788,725)

$(55,505,686)

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)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
Franklin

Mutual

Small-Mid

Cap

Value

Fund pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Franklin

Mutual

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

April

30,

2026

Shares

sold

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

1,379,809

$89,447,539

Shares

issued

in

reinvestment

of

distributions

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

1,289,341

79,603,903

Shares

redeemed

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

(2,739,748)

(177,386,861)

Net

increase

(decrease)

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

(70,598)

$(8,335,419)

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)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Mutual

Advisers,

LLC

(Franklin

Mutual)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.700%

Up

to

and

including

$500

million

0.650%

In

excess

of

$500

million

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Franklin

Mutual

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

Franklin

Small

Cap

Value

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Franklin

Mutual

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

April

30,

2026,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

b. #### Administrative

#### Fees
Under

an

agreement

with

Franklin

Mutual,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Franklin

Mutual

based

on

each

of the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

In

excess

of

$15

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.750%

Up

to

and

including

$500

million

0.625%

Over

$500

million,

up

to

and

including

$1

billion

0.500%

Over

$1

billion,

up

to

and

including

$5

billion

0.490%

In

excess

of

$5

billion

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Gross

effective

investment

management

fee

rate

........

0.700%

0.483%

0.548%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

Franklin

Small

Cap

Value

Fund,

the

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

April

30,

2026,

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

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

$18,661

$12,912

$9,230

CDSC

retained

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

$2,682

$301

$1,594

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Transfer

agent

fees

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

$47,893

$125,577

$704,323

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

April

30,

2026,

investments

in

affiliated

management

investment

companies

were

as

follows:

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Franklin

Mutual

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Mutual

Small-Mid

Cap

Value

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

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,

2027. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

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

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

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

#### a

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

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

$4,879,040

$45,637,096

$(44,936,607)

$—

$—

$5,579,529

5,579,529

$75,557

#### Total

#### Affiliated

#### Securities

#### ...
$4,879,040

$45,637,096

$(44,936,607)

$—

$—

$5,579,529

$75,557

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

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

$53,895,829

$66,551,423

$(92,297,406)

$—

$—

$28,149,846

28,149,846

$631,591

#### Total

#### Affiliated

#### Securities

#### ...
$53,895,829

$66,551,423

$(92,297,406)

$—

$—

$28,149,846

$631,591

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

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

$44,488,005

$624,916,587

$(583,809,163)

$—

$—

$85,595,429

85,595,429

$1,491,568

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.593%

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

$609,000

$3,497,000

$(4,106,000)

$—

$—

$—

—

$1,508

#### Total

#### Affiliated

#### Securities

#### ...
$45,097,005

$628,413,587

$(587,915,163)

$—

$—

$85,595,429

$1,493,076

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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,

2027. 4. #### Income

#### Taxes
At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales

and

passive

foreign

investment

company

shares.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

April

30,

2026,

were

as

follows:

6. #### Holdings

#### of

#### 5%

#### Voting

#### Securities

#### of

#### Portfolio

#### Companies
The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies'

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

April

30,

2026,

investments

in

"affiliated

companies"

were

as

follows:

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
a

a

a

a

Cost

of

investments

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

$185,169,629

$570,656,303

$3,079,939,952

Unrealized

appreciation

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

$41,839,160

$219,342,746

$1,096,212,297

Unrealized

depreciation

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

(4,276,232)

(23,433,997)

(85,336,008)

Net

unrealized

appreciation

(depreciation)

.......

$37,562,928

$195,908,749

$1,010,876,289

#### Franklin

#### Mutual

#### Small-Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
Purchases

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

$99,943,348

$164,587,965

$1,159,132,587

Sales

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

$111,804,103

$177,754,222

$1,537,392,582

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Camden

National

Corp

..

$

37,330,538

$

—

$

—

$

—

$

9,804,770

$

47,135,308

978,520

$

821,957

Elementis

plc

........

86,179,132

—

—

—

(5,887,150)

80,291,982

39,868,704

1,209,805

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

7. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

April

30,

2026,

the

Funds

did

not

use

the

Global

Credit

Facility.

8. #### Fair

#### Value

#### Measurements
The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### Franklin

#### Small

#### Cap

#### Value

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Horace

Mann

Educators

Corp.

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

$

98,036,198

$

—

$

(19,203,210)

$

1,916,175

$

—

a

$

—

a

—

a

$

—

Hunting

plc

..........

27,337,342

17,920,307

—

—

18,517,524

63,775,173

9,225,918

556,611

Ryerson

Holding

Corp.

..

39,204,437

—

—

—

—

a

—

a

—

a

333,220

Senior

plc

...........

70,815,772

—

(108,825,224)

49,727,918

(11,718,466)

—

b

—

—

#### Total

#### Affiliated

#### Securities
(Value

at

End

of

Period

is

4.7%

of

Net

Assets)

#### .
$358,903,419

$17,920,307

$(128,028,434)

$51,644,093

$10,716,678

$191,202,463

$2,921,593

a

As

of

April

30,

2026,

no

longer

an

affiliate.

b

As

of

April

30,

2026,

no

longer

held

by

the

fund.

6. #### Holdings

#### of

#### 5%

#### Voting

#### Securities

#### of

#### Portfolio

#### Companies
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of April

30,

2026,

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:

a

Common

Stocks

:

Aerospace

&

Defense

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

$

585,186

$

5,855,481

$

—

$

6,440,667

Banks

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

23,409,042

—

—

23,409,042

Biotechnology

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

1,047,948

—

—

1,047,948

Building

Products

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

2,409,703

—

—

2,409,703

Capital

Markets

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

5,022,017

—

—

5,022,017

Chemicals

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

6,670,963

—

—

6,670,963

Commercial

Services

&

Supplies

...........

4,097,790

—

—

4,097,790

Construction

&

Engineering

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

6,222,051

—

—

6,222,051

Construction

Materials

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

2,752,191

—

—

2,752,191

Consumer

Finance

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

2,300,336

—

—

2,300,336

Consumer

Staples

Distribution

&

Retail

......

3,316,138

—

—

3,316,138

Electric

Utilities

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

7,742,212

—

—

7,742,212

Electrical

Equipment

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

16,985,346

—

—

16,985,346

Electronic

Equipment,

Instruments

&

Components

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

7,720,361

—

—

7,720,361

Energy

Equipment

&

Services

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

15,509,049

—

—

15,509,049

Financial

Services

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

2,142,225

—

—

2,142,225

Ground

Transportation

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

1,704,144

—

—

1,704,144

Health

Care

Equipment

&

Supplies

.........

3,981,712

—

—

3,981,712

Health

Care

Providers

&

Services

..........

4,845,441

—

—

4,845,441

Hotels,

Restaurants

&

Leisure

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

2,060,919

—

—

2,060,919

Household

Durables

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

3,573,595

—

—

3,573,595

Industrial

REITs

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

768,591

—

—

768,591

Insurance

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

5,863,353

—

—

5,863,353

IT

Services

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

4,731,931

—

—

4,731,931

Life

Sciences

Tools

&

Services

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

3,074,389

—

—

3,074,389

Machinery

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

20,039,422

—

—

20,039,422

Metals

&

Mining

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

11,258,773

—

—

11,258,773

Oil,

Gas

&

Consumable

Fuels

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

8,959,117

—

—

8,959,117

Residential

REITs

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

1,597,385

—

—

1,597,385

Retail

REITs

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

1,986,542

—

—

1,986,542

Semiconductors

&

Semiconductor

Equipment

.

8,746,121

1,362,631

—

10,108,752

Software

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

6,787,053

—

—

6,787,053

Specialty

Retail

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

5,368,554

—

—

5,368,554

Textiles,

Apparel

&

Luxury

Goods

..........

1,636,065

—

—

1,636,065

Trading

Companies

&

Distributors

..........

5,019,251

—

—

5,019,251

Short

Term

Investments

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

5,579,529

—

—

5,579,529

Total

Investments

in

Securities

...........

$215,514,445

$7,218,112

b

$—

$222,732,557

#### Franklin

#### Mutual

#### U.S.

#### Mid

#### Cap

#### Value

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

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

738,415,206

—

—

738,415,206

Short

Term

Investments

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

28,149,846

—

—

28,149,846

Total

Investments

in

Securities

...........

$766,565,052

$—

$—

$766,565,052

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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.evel

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Small

#### Cap

#### Value

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

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

$

10,893,811

$

119,069,063

$

—

$

129,962,874

Banks

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

739,555,413

—

—

739,555,413

Building

Products

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

84,632,624

—

—

84,632,624

Capital

Markets

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

36,667,232

—

—

36,667,232

Chemicals

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

208,937,543

—

—

208,937,543

Commercial

Services

&

Supplies

...........

106,350,993

—

—

106,350,993

Construction

&

Engineering

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

114,116,071

—

—

114,116,071

Consumer

Finance

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

41,671,744

—

—

41,671,744

Electric

Utilities

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

30,800,244

—

—

30,800,244

Electrical

Equipment

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

358,781,197

—

—

358,781,197

Electronic

Equipment,

Instruments

&

Components

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

244,680,055

—

—

244,680,055

Energy

Equipment

&

Services

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

275,189,388

—

—

275,189,388

Ground

Transportation

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

33,137,031

—

—

33,137,031

Health

Care

Equipment

&

Supplies

.........

86,684,321

—

—

86,684,321

Hotels,

Restaurants

&

Leisure

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

66,336,144

—

—

66,336,144

Household

Durables

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

75,725,689

—

—

75,725,689

Industrial

REITs

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

23,597,148

—

—

23,597,148

Insurance

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

226,414,952

—

—

226,414,952

Leisure

Products

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

48,416,194

—

—

48,416,194

Life

Sciences

Tools

&

Services

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

55,936,936

—

—

55,936,936

Machinery

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

191,489,517

—

—

191,489,517

Metals

&

Mining

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

137,792,173

—

—

137,792,173

Multi-Utilities

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

42,155,699

—

—

42,155,699

Oil,

Gas

&

Consumable

Fuels

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

125,373,198

—

—

125,373,198

Paper

&

Forest

Products

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

15,643,862

—

—

15,643,862

Residential

REITs

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

37,784,529

—

—

37,784,529

Retail

REITs

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

29,325,962

—

—

29,325,962

Semiconductors

&

Semiconductor

Equipment

.

151,255,592

25,141,768

—

176,397,360

Software

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

124,899,620

—

—

124,899,620

Specialty

Retail

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

81,023,402

—

—

81,023,402

Textiles,

Apparel

&

Luxury

Goods

..........

55,741,697

—

—

55,741,697

Short

Term

Investments

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

85,595,429

—

—

85,595,429

Total

Investments

in

Securities

...........

$3,946,605,410

$144,210,831

c

$—

$4,090,816,241

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$7,218,112,

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

$144,210,831,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Value

Investors

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

10. #### 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

9. #### Operating

#### Segments
(continued)

Franklin

Value

Investors

Trust

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Funds'

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

FVIT-SFSOI

06/26©

2026

Franklin

Templeton.

All

rights

reserved.

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

Not applicable.

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

Not applicable.

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

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 1 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 Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

&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.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (2) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fvit-efp25066_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-efp25066_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Franklin Value Investors Trust**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | June 29, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | June 29, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | June 29, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Value Investors Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: June 29, 2026

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings<br> 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;

c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.

Date: June 29, 2026

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White<br> Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Value Investors Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Value Investors Trust | Franklin Value Investors Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |

---

Date: June 29, 2026 Date: June 29, 2026

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.