ThZeal - The Zeal


Franklin Mutual Small-Mid Cap Value Fund
Class A [FRMCX]
Semi-Annual Shareholder Report \| April 30, 2025

This semi-annual shareholder report contains important information about Franklin Mutual Small-Mid Cap Value Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class A	$54	1.15%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$182,114,786
Total Number of Portfolio Holdings^*	64
Portfolio Turnover Rate	57.89%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Mutual Small-Mid Cap Value Fund
Class R6 [FMCVX]
Semi-Annual Shareholder Report \| April 30, 2025

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^*^,^†
Class R6	$41	0.87%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$182,114,786
Total Number of Portfolio Holdings^*	64
Portfolio Turnover Rate	57.89%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Mutual Small-Mid Cap Value Fund
Advisor Class [FVRMX]
Semi-Annual Shareholder Report \| April 30, 2025

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^*^,^†
Advisor Class	$43	0.90%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$182,114,786
Total Number of Portfolio Holdings^*	64
Portfolio Turnover Rate	57.89%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Mutual U.S. Mid Cap Value Fund
Class A [FRBSX]
Semi-Annual Shareholder Report \| April 30, 2025

This semi-annual shareholder report contains important information about Franklin Mutual U.S. Mid Cap Value Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class A	$43	0.88%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$722,758,996
Total Number of Portfolio Holdings^*	53
Portfolio Turnover Rate	24.10%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Mutual U.S. Mid Cap Value Fund
Class C [FCBSX]
Semi-Annual Shareholder Report \| April 30, 2025

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^*^,^†
Class C	$79	1.63%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$722,758,996
Total Number of Portfolio Holdings^*	53
Portfolio Turnover Rate	24.10%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Mutual U.S. Mid Cap Value Fund
Class R [FBSRX]
Semi-Annual Shareholder Report \| April 30, 2025

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^*^,^†
Class R	$55	1.13%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$722,758,996
Total Number of Portfolio Holdings^*	53
Portfolio Turnover Rate	24.10%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Mutual U.S. Mid Cap Value Fund
Class R6 [FBSIX]
Semi-Annual Shareholder Report \| April 30, 2025

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^*^,^†
Class R6	$27	0.55%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$722,758,996
Total Number of Portfolio Holdings^*	53
Portfolio Turnover Rate	24.10%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Mutual U.S. Mid Cap Value Fund
Advisor Class [FBSAX]
Semi-Annual Shareholder Report \| April 30, 2025

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^*^,^†
Advisor Class	$31	0.63%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$722,758,996
Total Number of Portfolio Holdings^*	53
Portfolio Turnover Rate	24.10%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Small Cap Value Fund
Class A [FRVLX]
Semi-Annual Shareholder Report \| April 30, 2025

This semi-annual shareholder report contains important information about Franklin Small Cap Value Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class A	$45	0.95%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$3,469,674,313
Total Number of Portfolio Holdings^*	75
Portfolio Turnover Rate	24.41%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Small Cap Value Fund
Class C [FRVFX]
Semi-Annual Shareholder Report \| April 30, 2025

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^*^,^†
Class C	$80	1.70%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$3,469,674,313
Total Number of Portfolio Holdings^*	75
Portfolio Turnover Rate	24.41%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Small Cap Value Fund
Class R [FVFRX]
Semi-Annual Shareholder Report \| April 30, 2025

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^*^,^†
Class R	$57	1.20%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$3,469,674,313
Total Number of Portfolio Holdings^*	75
Portfolio Turnover Rate	24.41%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Small Cap Value Fund
Class R6 [FRCSX]
Semi-Annual Shareholder Report \| April 30, 2025

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^*^,^†
Class R6	$28	0.59%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$3,469,674,313
Total Number of Portfolio Holdings^*	75
Portfolio Turnover Rate	24.41%

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

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

Portfolio Composition^* (% of Total Investments)


Franklin Small Cap Value Fund
Advisor Class [FVADX]
Semi-Annual Shareholder Report \| April 30, 2025

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^*^,^†
Advisor Class	$33	0.70%

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

†	Annualized.

KEY FUND STATISTICS (as of April 30, 2025)


Total Net Assets	$3,469,674,313
Total Number of Portfolio Holdings^*	75
Portfolio Turnover Rate	24.41%

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

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

Portfolio Composition^* (% of Total Investments)

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Mutual

Small-Mid

Cap

Value

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$29.99

$25.79

$27.57

$32.58

$21.77

$29.32

Income

from

investment

operations

Net

investment

income

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

0.06

0.15

0.12

0.11

Net

realized

and

unrealized

gains

(losses)

(2.14)

5.50

(0.30)

(0.81)

12.15

(2.89)

Total

from

investment

operations

........

(2.08)

5.65

(0.15)

(0.69)

12.26

(2.78)

Less

distributions

from:

Net

investment

income

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

(0.15)

(0.18)

(0.09)

(0.08)

(0.11)

(0.06)

Net

realized

gains

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

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

(4.71)

Total

distributions

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

(6.00)

(1.45)

(1.63)

(4.32)

(1.45)

(4.77)

Net

asset

value,

end

period

..........

$21.91

$29.99

$25.79

$27.57

$32.58

$21.77

Total

return

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

(8.96)%

22.43%

(0.71)%

(2.00)%

57.97%

(12.10)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.22%

1.27%

1.23%

1.24%

1.23%

1.28%

Expenses

net

waiver

and

payments

affiliates

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

1.15%

1.19%

1.22%

1.23%

1.27%

Net

investment

income

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

0.47%

0.54%

0.56%

0.45%

0.37%

0.50%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$146,007

$160,115

$139,370

$144,717

$161,200

$94,015

Portfolio

turnover

rate

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

57.89%

87.90%

32.63%

19.91%

31.98%

31.04%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.05

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.20%.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Mutual

Small-Mid

Cap

Value

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$30.73

$26.39

$28.18

$33.21

$22.17

$29.80

Income

from

investment

operations

Net

investment

income

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

0.10

0.25

0.27

0.22

0.20

Net

realized

and

unrealized

gains

(losses)

(2.21)

5.63

(0.34)

(0.82)

12.36

(2.94)

Total

from

investment

operations

........

(2.11)

5.88

(0.07)

(0.60)

12.58

(2.74)

Less

distributions

from:

Net

investment

income

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

(0.23)

(0.27)

(0.18)

(0.19)

(0.20)

(0.18)

Net

realized

gains

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

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

(4.71)

Total

distributions

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

(6.08)

(1.54)

(1.72)

(4.43)

(1.54)

(4.89)

Net

asset

value,

end

period

..........

$22.54

$30.73

$26.39

$28.18

$33.21

$22.17

Total

return

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

(8.86)%

22.82%

(0.35)%

(1.67)%

58.51%

(11.80)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.92%

0.98%

0.90%

0.91%

0.95%

Expenses

net

waiver

and

payments

affiliates

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

0.87%

0.86%

0.87%

0.88%

0.91%

Net

investment

income

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

0.75%

0.87%

0.98%

0.79%

0.72%

0.86%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$13,428

$15,938

$15,228

$25,570

$23,137

$12,299

Portfolio

turnover

rate

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

57.89%

87.90%

32.63%

19.91%

31.98%

31.04%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.05

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.54%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

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

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$30.45

$26.15

$27.95

$32.96

$22.01

$29.62

Income

from

investment

operations

Net

investment

income

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

0.09

0.23

0.19

0.17

Net

realized

and

unrealized

gains

(losses)

(2.18)

5.59

(0.33)

(0.81)

12.28

(2.94)

Total

from

investment

operations

........

(2.09)

5.82

(0.10)

(0.62)

12.47

(2.77)

Less

distributions

from:

Net

investment

income

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

(0.21)

(0.25)

(0.16)

(0.15)

(0.18)

(0.13)

Net

realized

gains

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

(5.85)

(1.27)

(1.54)

(4.24)

(1.34)

(4.71)

Total

distributions

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

(6.06)

(1.52)

(1.70)

(4.39)

(1.52)

(4.84)

Net

asset

value,

end

period

..........

$22.30

$30.45

$26.15

$27.95

$32.96

$22.01

Total

return

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

(8.85)%

22.74%

(0.44)%

(1.77)%

58.40%

(11.95)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.97%

1.01%

0.98%

0.99%

0.98%

1.03%

Expenses

net

waiver

and

payments

affiliates

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

0.90%

0.94%

0.96%

0.97%

0.98%

1.02%

Net

investment

income

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

0.72%

0.81%

0.83%

0.69%

0.60%

0.73%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$22,679

$29,160

$36,980

$44,877

$38,829

$22,429

Portfolio

turnover

rate

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

57.89%

87.90%

32.63%

19.91%

31.98%

31.04%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.05

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.43%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited),

April

30,

2025

Franklin

Mutual

Small-Mid

Cap

Value

Fund

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

99.0%

Aerospace

Defense

5.8%

Babcock

International

Group

plc

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

United

Kingdom

171,849

1,851,292

Ducommun,

Inc.

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

United

States

78,493

4,499,219

QinetiQ

Group

plc

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

United

Kingdom

803,753

4,230,624

10,581,135

Banks

13.2%

Arrow

Financial

Corp.

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

United

States

82,248

2,017,543

Atlantic

Union

Bankshares

Corp.

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

United

States

96,289

2,667,205

Citizens

Financial

Group,

Inc.

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

United

States

61,860

2,282,015

Columbia

Banking

System,

Inc.

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

United

States

165,979

3,721,249

First

Business

Financial

Services,

Inc.

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

United

States

35,619

1,714,699

First

Interstate

BancSystem,

Inc.

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

United

States

143,854

3,768,256

Northeast

Bank

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

United

States

23,926

1,981,551

Southern

Missouri

Bancorp,

Inc.

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

United

States

37,548

1,976,902

SouthState

Corp.

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

United

States

46,066

3,997,608

24,127,028

Building

Products

3.9%

Johnson

Controls

International

plc

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

United

States

42,531

3,568,351

UFP

Industries,

Inc.

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

United

States

36,527

3,610,694

7,179,045

Capital

Markets

2.5%

Victory

Capital

Holdings,

Inc.

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

United

States

79,522

4,555,815

Chemicals

2.4%

Avient

Corp.

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

United

States

132,078

4,399,518

Construction

Engineering

6.4%

Matrix

Service

Co.

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

United

States

255,873

2,968,126

Valmont

Industries,

Inc.

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

United

States

15,504

4,546,083

WillScot

Holdings

Corp.

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

United

States

162,657

4,085,944

11,600,153

Consumer

Finance

1.1%

Bread

Financial

Holdings,

Inc.

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

United

States

42,995

2,040,113

Consumer

Staples

Distribution

Retail

1.3%

Dollar

General

Corp.

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

United

States

24,546

2,299,715

Electric

Utilities

4.0%

IDACORP,

Inc.

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

United

States

31,195

3,683,818

PPL

Corp.

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

United

States

100,662

3,674,163

7,357,981

Electrical

Equipment

0.2%

Regal

Rexnord

Corp.

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

United

States

3,137

332,020

Electronic

Equipment,

Instruments

Components

3.5%

Flex

Ltd.

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

United

States

34,949

1,200,149

Sanmina

Corp.

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

United

States

68,462

5,257,197

6,457,346

Energy

Equipment

Services

2.5%

Baker

Hughes

Co.

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

United

States

91,832

3,250,853

Liberty

Energy,

Inc.

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

United

States

113,506

1,305,319

4,556,172

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Mutual

Small-Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

(continued)

Financial

Services

2.9%

Apollo

Global

Management,

Inc.

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

United

States

20,487

2,796,066

Global

Payments,

Inc.

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

United

States

14,607

1,114,660

Voya

Financial,

Inc.

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

United

States

23,543

1,393,745

5,304,471

Ground

Transportation

1.6%

Knight-Swift

Transportation

Holdings,

Inc.

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

United

States

57,510

2,252,667

RXO,

Inc.

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

United

States

41,544

585,355

2,838,022

Health

Care

Equipment

Supplies

4.6%

Envista

Holdings

Corp.

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

United

States

243,402

3,913,904

Zimmer

Biomet

Holdings,

Inc.

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

United

States

43,440

4,476,492

8,390,396

Health

Care

Providers

Services

2.4%

Henry

Schein,

Inc.

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

United

States

67,961

4,415,426

Hotels,

Restaurants

Leisure

1.7%

Boyd

Gaming

Corp.

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

United

States

18,385

1,271,139

Hilton

Grand

Vacations,

Inc.

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

United

States

54,141

1,820,762

3,091,901

Household

Durables

2.7%

M/I

Homes,

Inc.

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

United

States

12,280

1,310,030

Mohawk

Industries,

Inc.

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

United

States

34,479

3,666,842

4,976,872

Industrial

REITs

0.4%

STAG

Industrial,

Inc.

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

United

States

19,922

658,024

Insurance

4.6%

CNO

Financial

Group,

Inc.

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

United

States

78,519

2,979,011

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

32,487

5,396,091

8,375,102

Leisure

Products

2.0%

Mattel,

Inc.

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

United

States

226,811

3,604,027

Machinery

6.1%

Chart

Industries,

Inc.

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

United

States

35,334

4,769,383

Gates

Industrial

Corp.

plc

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

United

States

106,449

2,014,015

Middleby

Corp.

(The)

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

United

States

15,770

2,102,929

Mueller

Water

Products,

Inc.

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

United

States

82,569

2,166,611

11,052,938

Media

2.3%

Cable

One,

Inc.

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

United

States

6,457

1,725,762

Charter

Communications,

Inc.

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

United

States

6,373

2,497,324

4,223,086

Metals

Mining

5.3%

Commercial

Metals

Co.

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

United

States

94,825

4,223,506

Steel

Dynamics,

Inc.

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

United

States

41,506

5,383,743

9,607,249

Oil,

Gas

Consumable

Fuels

0.7%

Veren,

Inc.

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

Canada

199,773

1,182,466

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Mutual

Small-Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

See

Abbreviations

page

Country

Value

Common

Stocks

(continued)

Retail

REITs

1.0%

Brixmor

Property

Group,

Inc.

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

United

States

74,059

1,844,810

Semiconductors

Semiconductor

Equipment

0.9%

MKS

Instruments,

Inc.

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

United

States

24,127

1,692,268

Software

2.5%

ACI

Worldwide,

Inc.

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

United

States

85,778

4,577,114

Specialized

REITs

0.4%

SBA

Communications

Corp.

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

United

States

3,176

773,038

Specialty

Retail

5.3%

Bath

Body

Works,

Inc.

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

United

States

77,503

2,364,617

Dick's

Sporting

Goods,

Inc.

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

United

States

10,546

1,979,906

Gap,

Inc.

(The)

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

United

States

240,205

5,260,489

9,605,012

Textiles,

Apparel

Luxury

Goods

0.4%

Crocs,

Inc.

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

United

States

6,763

652,088

Trading

Companies

Distributors

4.4%

Ferguson

Enterprises,

Inc.

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

United

States

26,467

4,490,391

McGrath

RentCorp

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

United

States

32,165

3,431,041

7,921,432

Total

Common

Stocks

(Cost

183,961,194

)

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

180,271,783

Short

Term

Investments

1.3%

Country

Value

Money

Market

Funds

1.3%

b,c

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

2,295,499

Total

Money

Market

Funds

(Cost

2,295,499

)

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

2,295,499

Total

Short

Term

Investments

(Cost

2,295,499

)

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

2,295,499

Total

Investments

(Cost

186,256,693

)

100.3

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

$182,567,282

Other

Assets,

less

Liabilities

(

0.3

)

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

(452,496)

Net

Assets

100.0%

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

$182,114,786

Non-income

producing.

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Value

Investors

Trust

Financial

Highlights

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Mutual

U.S.

Mid

Cap

Value

Fund

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Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$37.52

$30.11

$32.32

$40.20

$27.59

$34.61

Income

from

investment

operations

Net

investment

income

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

0.23

0.47

0.43

0.37

0.43

1.14

Net

realized

and

unrealized

gains

(losses)

(1.78)

7.73

(1.23)

(3.28)

13.37

(5.47)

Total

from

investment

operations

........

(1.55)

8.20

(0.80)

(2.91)

13.80

(4.33)

Less

distributions

from:

Net

investment

income

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

(0.45)

(0.42)

(0.33)

(0.45)

(1.19)

(0.54)

Net

realized

gains

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

(2.00)

(0.37)

(1.08)

(4.52)

—

(2.15)

Total

distributions

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

(2.45)

(0.79)

(1.41)

(4.97)

(1.19)

(2.69)

Net

asset

value,

end

period

..........

$33.52

$37.52

$30.11

$32.32

$40.20

$27.59

Total

return

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

(4.31)%

27.55%

(2.70)%

(8.06)%

51.14%

(13.94)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.90%

0.91%

0.95%

Expenses

net

waiver

and

payments

affiliates

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

0.88%

0.90%

0.91%

f,g

0.93%

Net

investment

income

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

1.29%

1.35%

1.33%

1.07%

1.18%

3.94%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$628,112

$687,011

$607,754

$688,933

$790,329

$538,538

Portfolio

turnover

rate

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

24.10%

37.84%

64.21%

66.63%

60.45%

57.78%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.69

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

1.55%.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

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Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$35.39

$28.39

$30.50

$38.15

$26.21

$32.97

Income

from

investment

operations

Net

investment

income

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

0.09

0.20

0.18

0.11

0.15

0.93

Net

realized

and

unrealized

gains

(losses)

(1.68)

7.29

(1.16)

(3.11)

12.72

(5.28)

Total

from

investment

operations

........

(1.59)

7.49

(0.98)

(3.00)

12.87

(4.35)

Less

distributions

from:

Net

investment

income

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

(0.16)

(0.12)

(0.05)

(0.13)

(0.93)

(0.26)

Net

realized

gains

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

(2.00)

(0.37)

(1.08)

(4.52)

—

(2.15)

Total

distributions

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

(2.16)

(0.49)

(1.13)

(4.65)

(0.93)

(2.41)

Net

asset

value,

end

period

..........

$31.64

$35.39

$28.39

$30.50

$38.15

$26.21

Total

return

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

(4.69)%

26.60%

(3.42)%

(8.77)%

50.06%

(14.57)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.65%

1.66%

1.70%

Expenses

net

waiver

and

payments

affiliates

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

1.63%

1.65%

1.66%

f,g

1.68%

Net

investment

income

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

0.54%

0.61%

0.58%

0.32%

0.42%

3.36%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$8,102

$9,324

$10,359

$15,412

$20,132

$15,881

Portfolio

turnover

rate

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

24.10%

37.84%

64.21%

66.63%

60.45%

57.78%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.66

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.97%.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

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Mid

Cap

Value

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(continued)

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Semiannual

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The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$37.70

$30.25

$32.46

$40.34

$27.67

$34.70

Income

from

investment

operations

Net

investment

income

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

0.19

0.39

0.35

0.28

0.34

1.11

Net

realized

and

unrealized

gains

(losses)

(1.80)

7.76

(1.23)

(3.29)

13.44

(5.55)

Total

from

investment

operations

........

(1.61)

8.15

(0.88)

(3.01)

13.78

(4.44)

Less

distributions

from:

Net

investment

income

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

(0.35)

(0.33)

(0.25)

(0.35)

(1.11)

(0.44)

Net

realized

gains

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

(2.00)

(0.37)

(1.08)

(4.52)

—

(2.15)

Total

distributions

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

(2.35)

(0.70)

(1.33)

(4.87)

(1.11)

(2.59)

Net

asset

value,

end

period

..........

$33.74

$37.70

$30.25

$32.46

$40.34

$27.67

Total

return

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

(4.45)%

27.23%

(2.94)%

(8.32)%

50.87%

(14.16)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.15%

1.16%

1.20%

Expenses

net

waiver

and

payments

affiliates

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

1.13%

1.15%

1.16%

f,g

1.18%

Net

investment

income

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

1.04%

1.10%

1.08%

0.82%

0.93%

3.80%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$4,969

$5,854

$4,922

$5,419

$6,362

$4,465

Portfolio

turnover

rate

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

24.10%

37.84%

64.21%

66.63%

60.45%

57.78%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.70

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

1.41%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

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Mutual

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Mid

Cap

Value

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$39.49

$31.66

$33.91

$41.93

$28.73

$35.93

Income

from

investment

operations

Net

investment

income

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

0.30

0.62

0.57

0.51

0.59

1.27

Net

realized

and

unrealized

gains

(losses)

(1.87)

8.11

(1.29)

(3.43)

13.91

(5.65)

Total

from

investment

operations

........

(1.57)

8.73

(0.72)

(2.92)

14.50

(4.38)

Less

distributions

from:

Net

investment

income

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

(0.58)

(0.53)

(0.45)

(0.58)

(1.30)

(0.67)

Net

realized

gains

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

(2.00)

(0.37)

(1.08)

(4.52)

—

(2.15)

Total

distributions

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

(2.58)

(0.90)

(1.53)

(5.10)

(1.30)

(2.82)

Net

asset

value,

end

period

..........

$35.34

$39.49

$31.66

$33.91

$41.93

$28.73

Total

return

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

(4.16)%

27.96%

(2.34)%

(7.76)%

51.74%

(13.61)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.58%

0.57%

0.58%

0.59%

0.61%

Expenses

net

waiver

and

payments

affiliates

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

0.55%

0.54%

0.55%

Net

investment

income

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

1.62%

1.69%

1.67%

1.42%

1.54%

4.24%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$33,918

$35,893

$31,790

$36,512

$39,290

$27,952

Portfolio

turnover

rate

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

24.10%

37.84%

64.21%

66.63%

60.45%

57.78%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.72

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

1.85%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

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

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$39.63

$31.76

$34.02

$42.04

$28.80

$36.01

Income

from

investment

operations

Net

investment

income

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

0.29

0.59

0.54

0.48

0.55

1.28

Net

realized

and

unrealized

gains

(losses)

(1.88)

8.15

(1.31)

(3.44)

13.95

(5.72)

Total

from

investment

operations

........

(1.59)

8.74

(0.77)

(2.96)

14.50

(4.44)

Less

distributions

from:

Net

investment

income

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

(0.55)

(0.50)

(0.41)

(0.54)

(1.26)

(0.62)

Net

realized

gains

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

(2.00)

(0.37)

(1.08)

(4.52)

—

(2.15)

Total

distributions

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

(2.55)

(0.87)

(1.49)

(5.06)

(1.26)

(2.77)

Net

asset

value,

end

period

..........

$35.49

$39.63

$31.76

$34.02

$42.04

$28.80

Total

return

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

(4.21)%

27.88%

(2.45)%

(7.86)%

51.57%

(13.71)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.65%

0.66%

0.70%

Expenses

net

waiver

and

payments

affiliates

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

0.63%

0.65%

0.66%

f,g

0.68%

Net

investment

income

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

1.53%

1.60%

1.58%

1.32%

1.43%

4.22%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$47,659

$52,612

$43,244

$46,625

$56,787

$34,029

Portfolio

turnover

rate

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

24.10%

37.84%

64.21%

66.63%

60.45%

57.78%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.72

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

1.83%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited),

April

30,

2025

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

93.6%

Aerospace

Defense

2.6%

Babcock

International

Group

plc

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

United

Kingdom

1,047,060

11,279,751

Melrose

Industries

plc

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

United

Kingdom

1,284,634

7,467,979

18,747,730

Automobile

Components

1.1%

Aptiv

plc

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

Jersey

141,248

8,059,611

Banks

5.1%

Citizens

Financial

Group,

Inc.

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

United

States

509,305

18,788,262

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

111,876

17,977,354

36,765,616

Building

Products

2.4%

Johnson

Controls

International

plc

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

United

States

208,898

17,526,542

Chemicals

0.9%

LyondellBasell

Industries

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

United

States

113,877

6,628,780

Consumer

Finance

1.6%

Capital

One

Financial

Corp.

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

United

States

64,692

11,661,380

Consumer

Staples

Distribution

Retail

1.8%

Dollar

General

Corp.

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

United

States

137,368

12,870,008

Containers

Packaging

1.9%

International

Paper

Co.

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

United

States

304,129

13,892,613

Distributors

1.5%

Genuine

Parts

Co.

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

United

States

88,869

10,446,551

Electric

Utilities

8.6%

Entergy

Corp.

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

United

States

200,520

16,677,248

Evergy,

Inc.

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

United

States

306,976

21,212,042

PPL

Corp.

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

United

States

672,786

24,556,689

62,445,979

Electrical

Equipment

1.1%

Regal

Rexnord

Corp.

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

United

States

73,776

7,808,452

Electronic

Equipment,

Instruments

Components

1.9%

Flex

Ltd.

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

United

States

404,640

13,895,338

Energy

Equipment

Services

1.9%

Baker

Hughes

Co.

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

United

States

147,160

5,209,464

Schlumberger

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

United

States

246,697

8,202,675

13,412,139

Financial

Services

4.9%

Apollo

Global

Management,

Inc.

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

United

States

82,474

11,256,051

Fiserv,

Inc.

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

United

States

27,973

5,162,977

Global

Payments,

Inc.

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

United

States

101,465

7,742,794

Voya

Financial,

Inc.

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

United

States

193,425

11,450,760

35,612,582

Health

Care

Equipment

Supplies

5.6%

Baxter

International,

Inc.

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

United

States

454,175

14,156,635

Envista

Holdings

Corp.

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

United

States

673,530

10,830,362

Zimmer

Biomet

Holdings,

Inc.

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

United

States

147,398

15,189,364

40,176,361

Health

Care

Providers

Services

3.2%

Cencora,

Inc.

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

United

States

48,006

14,049,916

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

(continued)

Health

Care

Providers

Services

(continued)

Humana,

Inc.

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

United

States

35,857

9,403,140

23,453,056

Household

Durables

1.5%

Horton,

Inc.

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

United

States

88,249

11,149,379

Insurance

5.3%

Everest

Group

Ltd.

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

United

States

48,504

17,404,690

Hartford

Insurance

Group,

Inc.

(The)

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

United

States

167,714

20,573,477

37,978,167

Services

2.2%

Amdocs

Ltd.

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

United

States

181,840

16,107,387

Life

Sciences

Tools

Services

1.5%

Bio-Rad

Laboratories,

Inc.

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

United

States

44,317

10,816,893

Machinery

3.7%

CNH

Industrial

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

United

States

704,206

8,147,664

Dover

Corp.

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

United

States

107,428

18,332,588

26,480,252

Media

2.1%

Charter

Communications,

Inc.

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

United

States

38,132

14,942,405

Metals

Mining

2.0%

Reliance,

Inc.

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

United

States

50,785

14,637,761

Oil,

Gas

Consumable

Fuels

2.5%

EOG

Resources,

Inc.

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

United

States

55,892

6,166,564

Williams

Cos.,

Inc.

(The)

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

United

States

202,252

11,845,900

18,012,464

Personal

Care

Products

2.7%

Kenvue,

Inc.

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

United

States

818,720

19,321,792

Professional

Services

4.5%

KBR,

Inc.

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

United

States

298,581

15,768,062

SS&C

Technologies

Holdings,

Inc.

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

United

States

224,358

16,961,465

32,729,527

Real

Estate

Management

Development

1.4%

CBRE

Group,

Inc.

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

United

States

83,612

10,215,714

Retail

REITs

2.9%

Brixmor

Property

Group,

Inc.

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

United

States

838,334

20,882,900

Semiconductors

Semiconductor

Equipment

1.7%

NXP

Semiconductors

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

Netherlands

65,584

12,087,787

Software

1.8%

Gen

Digital,

Inc.

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

United

States

511,083

13,221,717

Specialized

REITs

2.3%

SBA

Communications

Corp.

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

United

States

68,750

16,733,750

Specialty

Retail

4.8%

Bath

Body

Works,

Inc.

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

United

States

328,095

10,010,178

Dick's

Sporting

Goods,

Inc.

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

United

States

46,701

8,767,646

Gap,

Inc.

(The)

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

United

States

299,368

6,556,159

Ulta

Beauty,

Inc.

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

United

States

22,706

8,983,402

34,317,385

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

(continued)

Trading

Companies

Distributors

4.6%

AerCap

Holdings

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

Ireland

143,135

15,172,310

Ferguson

Enterprises,

Inc.

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

United

States

106,756

18,112,223

33,284,533

Total

Common

Stocks

(Cost

552,993,515

)

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

676,322,551

Short

Term

Investments

6.4%

Country

Value

Money

Market

Funds

6.4%

b,c

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

46,315,288

Total

Money

Market

Funds

(Cost

46,315,288

)

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

46,315,288

Total

Short

Term

Investments

(Cost

46,315,288

)

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

46,315,288

Total

Investments

(Cost

599,308,803

)

100.0

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

$722,637,839

Other

Assets,

less

Liabilities

0.0

†

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

121,157

Net

Assets

100.0%

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

$722,758,996

See

Abbreviations

page

†

Rounds

less

than

0.1%

net

assets.

Non-income

producing.

See

Note

3(f)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Small

Cap

Value

Fund

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$58.94

$47.55

$51.18

$61.24

$41.84

$49.48

Income

from

investment

operations

Net

investment

income

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

0.25

0.55

0.39

0.25

0.47

0.45

Net

realized

and

unrealized

gains

(losses)

(5.52)

13.28

(2.42)

(4.60)

20.03

(5.01)

Total

from

investment

operations

........

(5.27)

13.83

(2.03)

(4.35)

20.50

(4.56)

Less

distributions

from:

Net

investment

income

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

(0.51)

(0.46)

(0.20)

(0.34)

(0.35)

(0.58)

Net

realized

gains

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

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

(2.50)

Total

distributions

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

(3.88)

(2.44)

(1.60)

(5.71)

(1.10)

(3.08)

Net

asset

value,

end

period

..........

$49.79

$58.94

$47.55

$51.18

$61.24

$41.84

Total

return

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

(9.68)%

29.65%

(4.09)%

(7.83)%

49.59%

(10.04)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.96%

0.97%

0.99%

0.98%

1.00%

1.08%

Expenses

net

waiver

and

payments

affiliates

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

0.95%

0.96%

0.98%

1.00%

1.07%

Net

investment

income

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

0.90%

0.99%

0.75%

0.46%

0.81%

1.08%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$1,026,146

$1,213,950

$1,076,436

$1,268,890

$1,577,561

$1,123,039

Portfolio

turnover

rate

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

24.41%

59.68%

68.74%

47.06%

52.76%

67.46%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.15

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.56%.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$48.50

$39.48

$42.88

$52.25

$35.87

$42.84

Income

from

investment

operations

Net

investment

income

(loss)

........

0.04

0.12

—

(0.13)

0.02

0.12

Net

realized

and

unrealized

gains

(losses)

(4.50)

10.99

(2.00)

(3.87)

17.20

(4.33)

Total

from

investment

operations

........

(4.46)

11.11

(2.00)

(4.00)

17.22

(4.21)

Less

distributions

from:

Net

investment

income

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

(0.14)

(0.11)

—

(0.09)

(0.26)

Net

realized

gains

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

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

(2.50)

Total

distributions

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

(3.51)

(2.09)

(1.40)

(5.37)

(0.84)

(2.76)

Net

asset

value,

end

period

..........

$40.53

$48.50

$39.48

$42.88

$52.25

$35.87

Total

return

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

(10.02)%

28.69%

(4.82)%

(8.51)%

48.51%

(10.73)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.71%

1.72%

1.74%

1.73%

1.75%

1.83%

Expenses

net

waiver

and

payments

affiliates

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

1.70%

1.71%

1.73%

1.75%

1.82%

Net

investment

income

(loss)

..........

0.16%

0.26%

—%

(0.29)%

0.05%

0.34%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$36,869

$48,722

$50,027

$68,960

$99,994

$77,586

Portfolio

turnover

rate

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

24.41%

59.68%

68.74%

47.06%

52.76%

67.46%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Amount

rounds

less

than

$0.01

per

share.

Net

investment

income

per

includes

approximately

$0.15

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

(0.20)%.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$58.04

$46.86

$50.46

$60.43

$41.31

$48.88

Income

from

investment

operations

Net

investment

income

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

0.18

0.41

0.26

0.11

0.32

0.35

Net

realized

and

unrealized

gains

(losses)

(5.45)

13.07

(2.38)

(4.53)

19.79

(4.97)

Total

from

investment

operations

........

(5.27)

13.48

(2.12)

(4.42)

20.11

(4.62)

Less

distributions

from:

Net

investment

income

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

(0.35)

(0.32)

(0.08)

(0.18)

(0.24)

(0.45)

Net

realized

gains

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

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

(2.50)

Total

distributions

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

(3.72)

(2.30)

(1.48)

(5.55)

(0.99)

(2.95)

Net

asset

value,

end

period

..........

$49.05

$58.04

$46.86

$50.46

$60.43

$41.31

Total

return

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

(9.81)%

29.35%

(4.35)%

(8.05)%

49.22%

(10.27)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

1.21%

1.22%

1.24%

1.23%

1.25%

1.33%

Expenses

net

waiver

and

payments

affiliates

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

1.20%

1.21%

1.23%

1.25%

1.32%

Net

investment

income

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

0.65%

0.75%

0.50%

0.21%

0.56%

0.84%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$91,560

$109,718

$102,284

$119,060

$150,288

$106,201

Portfolio

turnover

rate

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

24.41%

59.68%

68.74%

47.06%

52.76%

67.46%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.15

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.32%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$63.29

$50.90

$54.68

$65.05

$44.37

$52.29

Income

from

investment

operations

Net

investment

income

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

0.38

0.81

0.63

0.48

0.71

0.65

Net

realized

and

unrealized

gains

(losses)

(5.95)

14.23

(2.60)

(4.89)

21.27

(5.27)

Total

from

investment

operations

........

(5.57)

15.04

(1.97)

(4.41)

21.98

(4.62)

Less

distributions

from:

Net

investment

income

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

(0.73)

(0.67)

(0.41)

(0.59)

(0.55)

(0.80)

Net

realized

gains

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

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

(2.50)

Total

distributions

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

(4.10)

(2.65)

(1.81)

(5.96)

(1.30)

(3.30)

Net

asset

value,

end

period

..........

$53.62

$63.29

$50.90

$54.68

$65.05

$44.37

Total

return

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

(9.54)%

30.17%

(3.72)%

(7.46)%

50.21%

(9.65)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.60%

0.61%

0.62%

0.68%

Expenses

net

waiver

and

payments

affiliates

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

0.59%

0.64%

Net

investment

income

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

1.26%

1.37%

1.14%

0.84%

1.15%

1.47%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$1,220,792

$1,419,996

$1,225,364

$1,248,367

$1,336,020

$510,946

Portfolio

turnover

rate

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

24.41%

59.68%

68.74%

47.06%

52.76%

67.46%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.15

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.90%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Financial

Highlights

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Advisor

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$63.40

$50.98

$54.76

$65.13

$44.44

$52.36

Income

from

investment

operations

Net

investment

income

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

0.35

0.73

0.55

0.41

0.63

0.58

Net

realized

and

unrealized

gains

(losses)

(5.98)

14.26

(2.60)

(4.91)

21.30

(5.29)

Total

from

investment

operations

........

(5.63)

14.99

(2.05)

(4.50)

21.93

(4.71)

Less

distributions

from:

Net

investment

income

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

(0.65)

(0.59)

(0.33)

(0.50)

(0.49)

(0.71)

Net

realized

gains

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

(3.37)

(1.98)

(1.40)

(5.37)

(0.75)

(2.50)

Total

distributions

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

(4.02)

(2.57)

(1.73)

(5.87)

(1.24)

(3.21)

Net

asset

value,

end

period

..........

$53.75

$63.40

$50.98

$54.76

$65.13

$44.44

Total

return

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

(9.58)%

29.97%

(3.86)%

(7.59)%

49.98%

(9.81)%

Ratios

average

net

assets

Expenses

before

waiver

and

payments

affiliates

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

0.71%

0.72%

0.74%

0.73%

0.75%

0.83%

Expenses

net

waiver

and

payments

affiliates

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

0.70%

0.71%

0.73%

0.75%

0.82%

Net

investment

income

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

1.15%

1.24%

1.00%

0.71%

1.01%

1.30%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$1,094,307

$1,306,760

$1,199,891

$1,406,507

$1,687,270

$646,240

Portfolio

turnover

rate

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

24.41%

59.68%

68.74%

47.06%

52.76%

67.46%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.15

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

0.76%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%.

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited),

April

30,

2025

Franklin

Small

Cap

Value

Fund

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

98.2%

Aerospace

Defense

7.3%

Babcock

International

Group

plc

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

United

Kingdom

4,959,398

53,426,521

Melrose

Industries

plc

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

United

Kingdom

8,894,333

51,705,542

QinetiQ

Group

plc

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

United

Kingdom

18,404,897

96,875,775

Senior

plc

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

United

Kingdom

28,282,051

52,240,404

254,248,242

Banks

20.0%

Atlantic

Union

Bankshares

Corp.

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

United

States

1,962,377

54,357,843

Camden

National

Corp.

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

United

States

932,821

35,932,265

Columbia

Banking

System,

Inc.

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

United

States

4,131,334

92,624,508

First

Bancorp

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

United

States

1,418,443

57,390,204

First

Commonwealth

Financial

Corp.

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

United

States

2,414,952

36,997,065

First

Interstate

BancSystem,

Inc.

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

United

States

3,457,936

90,580,634

German

American

Bancorp,

Inc.

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

United

States

1,103,214

41,822,843

Peoples

Bancorp,

Inc.

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

United

States

935,037

27,125,423

Seacoast

Banking

Corp.

Florida

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

United

States

1,520,162

36,043,041

SouthState

Corp.

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

United

States

1,038,525

90,123,199

TriCo

Bancshares

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

United

States

1,067,509

41,184,497

Washington

Trust

Bancorp,

Inc.

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

United

States

263,263

7,266,059

WSFS

Financial

Corp.

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

United

States

1,611,695

83,082,877

694,530,458

Building

Products

2.7%

American

Woodmark

Corp.

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

United

States

220,907

13,033,513

UFP

Industries,

Inc.

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

United

States

820,709

81,127,085

94,160,598

Capital

Markets

2.5%

Piper

Sandler

Cos.

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

United

States

30,102

7,258,194

Victory

Capital

Holdings,

Inc.

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

United

States

1,414,383

81,030,002

88,288,196

Chemicals

4.5%

Ashland,

Inc.

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

United

States

53,030

2,884,302

Avient

Corp.

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

United

States

2,584,911

86,103,385

Elementis

plc

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

United

Kingdom

39,868,704

67,012,335

156,000,022

Commercial

Services

Supplies

0.5%

HNI

Corp.

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

United

States

431,498

18,252,366

Construction

Engineering

5.0%

Valmont

Industries,

Inc.

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

United

States

305,627

89,615,949

WillScot

Holdings

Corp.

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

United

States

3,332,153

83,703,683

173,319,632

Consumer

Finance

1.2%

Bread

Financial

Holdings,

Inc.

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

United

States

853,149

40,481,920

Diversified

REITs

0.8%

Alexander

Baldwin,

Inc.

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

United

States

1,532,566

26,329,484

Electric

Utilities

0.9%

IDACORP,

Inc.

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

United

States

256,047

30,236,590

Electrical

Equipment

0.9%

Regal

Rexnord

Corp.

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

United

States

293,717

31,087,007

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

(continued)

Electronic

Equipment,

Instruments

Components

6.0%

Benchmark

Electronics,

Inc.

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

United

States

1,430,829

46,544,867

Knowles

Corp.

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

United

States

2,470,755

38,889,684

Sanmina

Corp.

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

United

States

1,337,656

102,718,604

TTM

Technologies,

Inc.

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

United

States

1,024,889

20,518,278

208,671,433

Energy

Equipment

Services

2.2%

Hunting

plc

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

United

Kingdom

8,336,241

28,763,208

Liberty

Energy,

Inc.

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

United

States

2,196,995

25,265,443

Select

Water

Solutions,

Inc.

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

United

States

2,254,524

19,208,544

TechnipFMC

plc

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

United

Kingdom

83,768

2,359,745

75,596,940

Ground

Transportation

1.6%

Knight-Swift

Transportation

Holdings,

Inc.

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

United

States

1,131,421

44,317,760

RXO,

Inc.

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

United

States

702,186

9,893,801

54,211,561

Health

Care

Equipment

Supplies

2.2%

Envista

Holdings

Corp.

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

United

States

4,768,428

76,676,322

Hotels,

Restaurants

Leisure

2.5%

Boyd

Gaming

Corp.

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

United

States

581,567

40,209,542

Hilton

Grand

Vacations,

Inc.

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

United

States

1,414,642

47,574,411

87,783,953

Household

Durables

2.7%

Century

Communities,

Inc.

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

United

States

180,382

9,838,034

La-Z-Boy,

Inc.

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

United

States

227,877

9,001,142

M/I

Homes,

Inc.

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

United

States

196,167

20,927,096

Meritage

Homes

Corp.

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

United

States

332,830

22,679,036

Taylor

Morrison

Home

Corp.

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

United

States

547,310

31,388,228

93,833,536

Industrial

REITs

0.4%

STAG

Industrial,

Inc.

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

United

States

399,200

13,185,576

Insurance

8.7%

CNO

Financial

Group,

Inc.

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

United

States

2,563,667

97,265,526

Hanover

Insurance

Group,

Inc.

(The)

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

United

States

654,117

108,648,834

Horace

Mann

Educators

Corp.

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

United

States

2,267,869

94,207,278

TWFG,

Inc.

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

United

States

6,521

206,585

300,328,223

Leisure

Products

2.6%

BRP,

Inc.

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

United

States

111,466

3,775,904

Brunswick

Corp.

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

United

States

103,534

4,767,741

Mattel,

Inc.

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

United

States

5,145,065

81,755,083

90,298,728

Machinery

7.3%

Chart

Industries,

Inc.

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

United

States

680,047

91,792,744

Gates

Industrial

Corp.

plc

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

United

States

2,859,529

54,102,289

Middleby

Corp.

(The)

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

United

States

302,945

40,397,716

Mueller

Water

Products,

Inc.

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

United

States

2,531,015

66,413,833

252,706,582

Franklin

Value

Investors

Trust

Schedule

Investments

(unaudited)

Franklin

Small

Cap

Value

Fund

(continued)

franklintempleton.com

Semiannual

Report

Country

Value

Common

Stocks

(continued)

Media

1.4%

Cable

One,

Inc.

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

United

States

186,022

49,718,100

Metals

Mining

3.6%

Commercial

Metals

Co.

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

United

States

1,899,528

84,604,977

Ryerson

Holding

Corp.

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

United

States

1,777,173

41,550,305

126,155,282

Multi-Utilities

1.1%

Black

Hills

Corp.

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

United

States

603,047

36,725,562

Oil,

Gas

Consumable

Fuels

0.7%

Veren,

Inc.

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

Canada

3,970,369

23,500,806

Paper

Forest

Products

0.4%

Louisiana-Pacific

Corp.

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

United

States

164,387

14,188,242

Retail

REITs

0.7%

Kite

Realty

Group

Trust

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

United

States

1,197,135

25,917,973

Software

3.1%

ACI

Worldwide,

Inc.

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

United

States

1,985,228

105,931,766

Specialty

Retail

1.9%

Bath

Body

Works,

Inc.

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

United

States

1,032,735

31,508,745

Gap,

Inc.

(The)

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

United

States

1,598,992

35,017,925

66,526,670

Textiles,

Apparel

Luxury

Goods

0.8%

Crocs,

Inc.

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

United

States

132,551

12,780,567

Dr.

Martens

plc

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

United

Kingdom

22,203,406

16,274,764

29,055,331

Trading

Companies

Distributors

2.0%

McGrath

RentCorp

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

United

States

634,545

67,686,915

Total

Common

Stocks

(Cost

3,170,596,049

)

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

3,405,634,016

Short

Term

Investments

1.9%

Country

Value

Money

Market

Funds

1.9%

c,d

Institutional

Fiduciary

Trust

Money

Market

Portfolio

4.052

United

States

66,423,413

Total

Money

Market

Funds

(Cost

66,423,413

)

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

66,423,413

Total

Short

Term

Investments

(Cost

66,423,413

)

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

66,423,413

Total

Investments

(Cost

3,237,019,462

)

100.1

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

$3,472,057,429

Other

Assets,

less

Liabilities

(

0.1

)

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

(2,383,116)

Net

Assets

100.0%

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

$3,469,674,313

See

Abbreviations

page

See

Note

regarding

holdings

voting

securities.

Non-income

producing.

See

Note

(

)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Franklin

Value

Investors

Trust

Financial

Statements

Assets

and

Liabilities

April

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

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

securities:

Cost

Unaffiliated

issuers

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

$183,961,194

$552,993,515

$2,846,068,005

Cost

Non-controlled

affiliates

(Note

and

)

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

2,295,499

46,315,288

390,951,457

Value

Unaffiliated

issuers

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

$180,271,783

$676,322,551

$3,085,928,221

Value

Non-controlled

affiliates

(Note

and

)

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

2,295,499

46,315,288

386,129,208

Cash

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

32,025

132,913

432,489

Receivables:

Investment

securities

sold

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

299,246

—

6,212,501

Capital

sold

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

99,413

274,481

5,137,578

Dividends

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

66,093

703,015

1,317,401

Total

assets

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

183,064,059

723,748,248

3,485,157,398

Liabilities:

Payables:

Investment

securities

purchased

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

—

1,789,362

Capital

redeemed

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

663,606

258,727

10,311,346

Management

fees

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

87,810

270,285

1,545,742

Distribution

fees

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

29,378

134,855

274,724

Transfer

agent

fees

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

49,237

210,060

1,266,260

Reports

shareholders

fees

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

19,049

54,082

179,528

Professional

fees

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

93,548

50,635

55,091

Trustees'

fees

and

expenses

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

3,521

4,500

17,279

Accrued

expenses

and

other

liabilities

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

3,124

6,108

43,753

Total

liabilities

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

949,273

989,252

15,483,085

Net

assets,

value

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

$182,114,786

$722,758,996

$3,469,674,313

Net

assets

consist

of:

Paid-in

capital

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

$163,503,502

$599,568,315

$3,127,958,209

Total

distributable

earnings

(losses)

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

18,611,284

123,190,681

341,716,104

Net

assets,

value

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

$182,114,786

$722,758,996

$3,469,674,313

Franklin

Value

Investors

Trust

Financial

Statements

Assets

and

Liabilities

(continued)

April

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

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

Net

assets,

value

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

$146,006,925

$628,111,529

$1,026,145,883

outstanding

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

6,663,986

18,741,043

20,611,461

Net

asset

value

per

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

$21.91

$33.52

$49.79

Maximum

offering

price

per

(net

asset

value

per

.50

)

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

$23.19

$35.47

$52.69

Class

Net

assets,

value

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

$—

$8,102,458

$36,869,093

outstanding

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

—

256,060

909,709

Net

asset

value

and

maximum

offering

price

per

..........

$—

$31.64

$40.53

Class

Net

assets,

value

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

$—

$4,968,505

$91,560,245

outstanding

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

—

147,240

1,866,573

Net

asset

value

and

maximum

offering

price

per

...........

$—

$33.74

$49.05

Class

R6:

Net

assets,

value

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

$13,428,482

$33,917,857

$1,220,792,158

outstanding

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

595,720

959,794

22,767,003

Net

asset

value

and

maximum

offering

price

per

...........

$22.54

$35.34

$53.62

Advisor

Class:

Net

assets,

value

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

$22,679,379

$47,658,647

$1,094,306,934

outstanding

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

1,017,038

1,342,985

20,358,090

Net

asset

value

and

maximum

offering

price

per

...........

$22.30

$35.49

$53.75

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Franklin

Value

Investors

Trust

Financial

Statements

Operations

for

the

six

months

ended

April

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

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

foreign

taxes

$8,372,

$24,752

and

$267,160,

respectively)

Unaffiliated

issuers

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

$1,571,269

$7,705,239

$32,388,515

Non-controlled

affiliates

(Note

and

)

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

78,094

649,374

4,620,789

Income

from

securities

loaned:

Unaffiliated

entities

(net

fees

and

rebates)

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

—

(158)

(2,236)

Non-controlled

affiliates

(Note

)

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

—

478

3,171

Total

investment

income

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

1,649,363

8,354,933

37,010,239

Expenses:

Management

fees

(Note

)

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

713,822

1,854,785

10,924,989

Distribution

fees:

(Note

)

Class

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

201,870

835,591

1,474,768

Class

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

—

44,400

226,417

Class

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

—

13,416

264,023

Transfer

agent

fees:

(Note

)

Class

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

93,958

381,077

830,839

Class

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

—

5,060

31,860

Class

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

—

3,056

74,358

Class

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

5,117

7,882

228,310

Advisor

Class

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

15,790

29,187

893,535

Custodian

fees

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

1,014

2,676

19,700

Reports

shareholders

fees

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

14,909

32,544

106,455

Registration

and

filing

fees

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

27,062

64,828

78,731

Professional

fees

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

102,515

74,106

75,495

Trustees'

fees

and

expenses

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

8,104

17,288

84,959

Other

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

5,100

12,797

52,774

Total

expenses

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

1,189,261

3,378,693

15,367,213

Expenses

waived/paid

affiliates

(Note

and

)

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

(71,218)

(58,141)

(126,907)

Net

expenses

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

1,118,043

3,320,552

15,240,306

Net

investment

income

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

531,320

5,034,381

21,769,933

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

21,907,059

1,769,218

133,106,199

Non-controlled

affiliates

(Note

and

)

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

—

(5,384,713)

Foreign

currency

transactions

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

8,046

52,664

40,861

Net

realized

gain

(loss)

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

21,915,105

1,821,882

127,762,347

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(40,578,020)

(39,754,799)

(527,225,265)

Non-controlled

affiliates

(Note

and

)

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

—

5,986,383

Translation

other

assets

and

liabilities

denominated

foreign

currencies

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

2,562

35,317

Net

change

unrealized

appreciation

(depreciation)

..........

(40,577,929)

(39,752,237)

(521,203,565)

Net

realized

and

unrealized

gain

(loss)

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

(18,662,824)

(37,930,355)

(393,441,218)

Net

increase

(decrease)

net

assets

resulting

from

operations

........

$(18,131,504)

$(32,895,974)

$(371,671,285)

Franklin

Value

Investors

Trust

Financial

Statements

Changes

Net

Assets

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

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

$531,320

$1,253,991

$5,034,381

$10,659,454

Net

realized

gain

(loss)

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

21,915,105

44,380,803

1,821,882

49,614,214

Net

change

unrealized

appreciation

(depreciation)

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

(40,577,929)

(5,022,490)

(39,752,237)

124,692,951

Net

increase

(decrease)

net

assets

resulting

from

operations

(18,131,504)

40,612,304

(32,895,974)

184,966,619

Distributions

shareholders:

Class

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

(32,867,557)

(7,816,485)

(44,691,796)

(15,633,644)

Class

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

—

(551,490)

(167,172)

Class

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

—

(354,225)

(111,731)

Class

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

(3,074,258)

(864,704)

(2,323,564)

(891,595)

Advisor

Class

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

(5,749,715)

(2,233,966)

(3,374,658)

(1,184,176)

Total

distributions

shareholders

.....

(41,691,530)

(10,915,155)

(51,295,733)

(17,988,318)

Capital

transactions:

(Note

)

Class

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

33,525,246

(1,727,312)

14,544,120

(65,854,803)

Class

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

—

(261,894)

(3,288,581)

Class

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

—

(303,197)

(269,301)

Class

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

1,780,746

(1,676,950)

1,820,665

(3,577,232)

Advisor

Class

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

1,418,573

(12,658,186)

458,461

(1,364,641)

Total

capital

transactions

.......

36,724,565

(16,062,448)

16,258,155

(74,354,558)

Net

increase

(decrease)

net

assets

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

(23,098,469)

13,634,701

(67,933,552)

92,623,743

Net

assets:

Beginning

period

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

205,213,255

191,578,554

790,692,548

698,068,805

End

period

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

$182,114,786

$205,213,255

$722,758,996

$790,692,548

Franklin

Value

Investors

Trust

Financial

Statements

Changes

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Franklin

Small

Cap

Value

Fund

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

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

$21,769,933

$48,276,324

Net

realized

gain

(loss)

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

127,762,347

229,508,277

Net

change

unrealized

appreciation

(depreciation)

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

(521,203,565)

762,997,221

Net

increase

(decrease)

net

assets

resulting

from

operations

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

(371,671,285)

1,040,781,822

Distributions

shareholders:

Class

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

(78,734,678)

(54,183,130)

Class

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

(3,391,822)

(2,513,003)

Class

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

(6,872,387)

(4,850,236)

Class

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

(90,543,199)

(63,537,572)

Advisor

Class

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

(81,902,317)

(59,482,942)

Total

distributions

shareholders

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

(261,444,403)

(184,566,883)

Capital

transactions:

(Note

)

Class

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

1,261,458

(113,914,134)

Class

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

(4,355,072)

(11,817,268)

Class

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

(1,448,553)

(15,876,421)

Class

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

21,172,693

(98,671,575)

Advisor

Class

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

(12,985,431)

(170,792,949)

Total

capital

transactions

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

3,645,095

(411,072,347)

Net

increase

(decrease)

net

assets

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

(629,470,593)

445,142,592

Net

assets:

Beginning

period

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

4,099,144,906

3,654,002,314

End

period

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

$3,469,674,313

$4,099,144,906

Franklin

Value

Investors

Trust

franklintempleton.com

Semiannual

Report

Notes

Financial

Statements

(unaudited)

Organization

and

Significant

Accounting

Policies

Franklin

Value

Investors

Trust (Trust)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-

end

management

investment

company,

consisting

of three

separate

funds

(Funds). The

Funds

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

classes of

offered

within

each

the Funds

are

indicated

below. Class

automatically

convert

Class

monthly

basis,

after

they

have

been

held

for

years.

Each

class

may

differ

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

Class

Advisor

Class

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Class

Advisor

Class

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

The

following

summarizes

the Funds'

significant

accounting

policies.

Financial

Instrument

Valuation

The Funds'

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

each

business

day

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier. Under

compliance

policies

and

procedures

approved

the

Trust’s

Board

Trustees

(the

Board),

the

Board

has

designated

the

Funds’

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Funds'

administrator

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

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded,

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Investments

in open-end mutual

funds

are

valued

the

closing

NAV.

The

Funds

have

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Funds'

business

day.

Events

can occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Funds'

portfolio

securities

determined

the

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time.

order

minimize

the

potential

for

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Funds'

portfolio

securities

the

latest

indications

fair

value

p.m.

Eastern

time.

April

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Funds'

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Funds'

portfolio

securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Funds

for

financial

reporting

purposes.

Foreign

Currency

Translation

Portfolio

securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

based

the

exchange

rate

such

currencies

against

U.S.

dollars

the

date

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

facilitate

transactions

denominated

foreign

currency.

Purchases

and

sales

securities,

income

and

expense

items

denominated

foreign

currencies

are

translated

into

U.S.

dollars

the

exchange

rate

effect

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

foreign

currencies

contain

risks

that

those

currencies

will

decline

value

relative

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

reliability

foreign

exchange

rates

used

convert

the

U.S.

dollar

equivalent

value.

such

event

occurs,

the

foreign

exchange

rate

will

valued

fair

value

using

procedures

established

and

approved

the

Board.

The

Funds

not

separately

report

the

effect

changes

foreign

exchange

rates

from

changes

market

prices

securities

held.

Such

changes

are

included

net

realized

and

unrealized

gain

loss

from

investments

the

Statements

Operations.

Realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions

and

the

difference

between

the

recorded

amounts

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

foreign

exchange

rates

foreign

denominated

assets

and

liabilities

other

than

investments

securities

held

the

end

the

reporting

period.

Securities

Lending

Certain

all

Funds

participate

agency

based

securities

lending

program

earn

additional

income.

The

Fund

receives

collateral

the

form

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

amount

equal

least

102%

the

fair

value

the

loaned

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

100%

the

fair

value

loaned

securities,

determined

the

Fund

business

each

day;

any

additional

collateral

required

due

changes

security

values

delivered

the

Fund

the

business

day.

Any

cash

collateral

received

deposited

into

joint

cash

account

with

other

funds

and

used

invest

money

market

fund

managed

Franklin

Advisers,

Inc.,

affiliate

the

Funds. The

Fund

may

receive

income

from

the

investment

cash

collateral,

addition

lending

fees

paid

the

borrower.

Income

from

securities

loaned,

net

fees

paid

the

securities

lending

agent

and/or

third-party

vendor,

reported

separately

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

its

obligations

the

Fund.

the

borrower

defaults

its

obligation

return

the

securities

loaned,

the

Fund

has

the

right

repurchase

the

securities

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

indemnify

the

Fund

the

event

default

third

party

borrower.

April

30,

2025,

the

Funds

had

securities

loan.

Income

and

Deferred

Taxes

is each

Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

distribute

shareholders

substantially

all

its

Organization

and

Significant

Accounting

Policies

(continued)

Financial

Instrument

Valuation

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

taxable

income

and

net

realized

gains

relieve

from

federal

income

and excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

The

Funds

may

subject

foreign

taxation

income

received,

capital

gains

the

sale

securities

and

certain

foreign

currency

transactions

the

foreign

jurisdictions

which

the

Funds

invest.

Foreign

taxes,

any,

are

recorded

based

the

tax

regulations

and

rates

that

exist

the

foreign

markets

which

the

Funds

invest.

When

capital

gain

tax

determined

apply,

certain

all

Funds

record

estimated

deferred

tax

liability

amount

that

would

payable

the

securities

were

disposed

the

valuation

date.

Each

Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

April

30,

2025, each

Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

Open

tax

years

are

those

that

remain

subject

examination

and

are

based

the

statute

limitations

each

jurisdiction

which

the

Fund

invests.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification

basis.

Estimated

expenses

are

accrued

daily.

Dividend

income

recorded

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

not

available.

such

cases,

the

dividend

recorded

soon

the

information

received

the

Funds.

Distributions

shareholders

are

recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These

reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences

are

not

reclassified,

they

may

reverse

subsequent

periods.

Common

expenses

incurred

the

Trust

are

allocated

among

the

Funds

based

the

ratio

net

assets

each

Fund

the

combined

net

assets

the

Trust

based

the

ratio

number

shareholders

each

Fund

the

combined

number

shareholders

the

Trust.

Fund

specific

expenses

are

charged

directly

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Organization

and

Significant

Accounting

Policies

(continued)

Income

and

Deferred

Taxes

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Beneficial

Interest

April

30,

2025,

there

were

unlimited

number

authorized

(without

par value).

Transactions

the

Funds'

were

follows:

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Amount

Class

Six

Months

ended

April

30,

2025

sold

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

867,997

$22,747,149

1,009,219

$36,230,291

issued

reinvestment

distributions

..........

1,325,888

32,285,368

1,222,745

42,270,283

redeemed

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

(868,869)

(21,507,271)

(1,800,427)

(63,956,454)

Net

increase

(decrease)

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

1,325,016

$33,525,246

431,537

$14,544,120

Year

ended

October

31,

2024

sold

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

932,643

$26,258,024

1,470,880

$51,463,643

issued

reinvestment

distributions

..........

274,938

7,637,785

438,776

14,628,778

redeemed

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

(1,273,658)

(35,623,121)

(3,783,031)

(131,947,224)

Net

increase

(decrease)

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

(66,077)

$(1,727,312)

(1,873,375)

$(65,854,803)

Class

Six

Months

ended

April

30,

2025

sold

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

—

$—

18,856

$637,766

issued

reinvestment

distributions

..........

—

16,815

550,353

redeemed

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

—

(43,046)

(1,450,013)

Net

increase

(decrease)

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

—

$—

(7,375)

$(261,894)

Year

ended

October

31,

2024

sold

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

—

$—

33,344

$1,103,416

issued

reinvestment

distributions

..........

—

5,273

166,900

redeemed

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

—

(140,038)

(4,558,897)

Net

increase

(decrease)

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

—

$—

(101,421)

$(3,288,581)

Class

Six

Months

ended

April

30,

2025

sold

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

—

$—

9,698

$342,486

issued

reinvestment

distributions

..........

—

10,167

354,225

redeemed

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

—

(27,879)

(999,908)

Net

increase

(decrease)

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

—

$—

(8,014)

$(303,197)

Year

ended

October

31,

2024

sold

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

—

$—

22,217

$776,763

issued

reinvestment

distributions

..........

—

3,328

111,731

redeemed

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

—

(32,995)

(1,157,795)

Net

increase

(decrease)

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

—

$—

(7,450)

$(269,301)

Class

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Amount

Class

Six

Months

ended

April

30,

2025

sold

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

77,388

$1,903,478

117,114

$4,365,339

issued

reinvestment

distributions

..........

121,805

3,048,770

63,687

2,318,838

redeemed

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

(122,069)

(3,171,502)

(129,863)

(4,863,512)

Net

increase

(decrease)

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

77,124

$1,780,746

50,938

$1,820,665

Year

ended

October

31,

2024

sold

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

141,156

$4,037,577

155,493

$5,705,818

issued

reinvestment

distributions

..........

30,183

857,199

25,440

889,907

redeemed

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

(229,803)

(6,571,726)

(276,322)

(10,172,957)

Net

increase

(decrease)

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

(58,464)

$(1,676,950)

(95,389)

$(3,577,232)

Advisor

Class

Advisor

Class

Six

Months

ended

April

30,

2025

sold

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

113,321

$3,025,465

120,911

$4,453,502

issued

reinvestment

distributions

..........

225,883

5,592,868

90,246

3,300,288

redeemed

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

(279,843)

(7,199,760)

(195,726)

(7,295,329)

Net

increase

(decrease)

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

59,361

$1,418,573

15,431

$458,461

Year

ended

October

31,

2024

sold

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

341,394

$9,690,797

234,420

$8,526,650

issued

reinvestment

distributions

..........

77,907

2,193,089

32,917

1,156,387

redeemed

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

(875,582)

(24,542,072)

(301,259)

(11,047,678)

Net

increase

(decrease)

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

(456,281)

$(12,658,186)

(33,922)

$(1,364,641)

Franklin

Small

Cap

Value

Fund

Amount

Class

Six

Months

ended

April

30,

2025

sold

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

612,457

$34,417,318

issued

reinvestment

distributions

..........

1,343,346

75,200,504

redeemed

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

(1,942,374)

(108,356,364)

Net

increase

(decrease)

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

13,429

$1,261,458

Year

ended

October

31,

2024

sold

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

1,118,996

$61,296,372

issued

reinvestment

distributions

..........

974,628

51,703,991

redeemed

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

(4,133,287)

(226,914,497)

Net

increase

(decrease)

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

(2,039,663)

$(113,914,134)

Class

Beneficial

Interest

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Small

Cap

Value

Fund

Amount

Class

Six

Months

ended

April

30,

2025

sold

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

37,098

$1,756,589

issued

reinvestment

distributions

..........

71,391

3,261,857

redeemed

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

(203,410)

(9,373,518)

Net

increase

(decrease)

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

(94,921)

$(4,355,072)

Year

ended

October

31,

2024

sold

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

80,935

$3,664,444

issued

reinvestment

distributions

..........

54,542

2,396,586

redeemed

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

(397,964)

(17,878,298)

Net

increase

(decrease)

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

(262,487)

$(11,817,268)

Class

Six

Months

ended

April

30,

2025

sold

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

148,955

$8,314,070

issued

reinvestment

distributions

..........

124,091

6,851,088

redeemed

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

(296,776)

(16,613,711)

Net

increase

(decrease)

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

(23,730)

$(1,448,553)

Year

ended

October

31,

2024

sold

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

290,016

$15,687,785

issued

reinvestment

distributions

..........

92,413

4,838,733

redeemed

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

(675,102)

(36,402,939)

Net

increase

(decrease)

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

(292,673)

$(15,876,421)

Class

Six

Months

ended

April

30,

2025

sold

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

2,966,164

$179,911,397

issued

reinvestment

distributions

..........

1,340,121

80,702,090

redeemed

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

(3,975,374)

(239,440,794)

Net

increase

(decrease)

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

330,911

$21,172,693

Year

ended

October

31,

2024

sold

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

5,668,676

$333,256,395

issued

reinvestment

distributions

..........

969,782

55,064,206

redeemed

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

(8,276,202)

(486,992,176)

Net

increase

(decrease)

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

(1,637,744)

$(98,671,575)

Advisor

Class

Beneficial

Interest

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

Certain

officers

and

trustees

the Trust are

also

officers

and/or

directors

the

following

subsidiaries:

Management

Fees

Franklin

Mutual

Small-Mid

Cap

Value

Fund pays

investment

management

fee,

calculated

daily

and

paid

monthly,

Franklin

Mutual

based

the

average

daily

net

assets

the

Fund

follows:

Franklin

Small

Cap

Value

Fund

Amount

Advisor

Class

Six

Months

ended

April

30,

2025

sold

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

2,248,066

$134,375,439

issued

reinvestment

distributions

..........

1,224,215

73,930,323

redeemed

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

(3,727,136)

(221,291,193)

Net

increase

(decrease)

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

(254,855)

$(12,985,431)

Year

ended

October

31,

2024

sold

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

3,792,449

$222,955,218

issued

reinvestment

distributions

..........

934,393

53,213,656

redeemed

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

(7,650,336)

(446,961,823)

Net

increase

(decrease)

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

(2,923,494)

$(170,792,949)

May

include

portion

Class

that

were

automatically

converted

Class

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%

and

including

$500

million

0.650%

excess

$500

million

Beneficial

Interest

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

pays

investment

management

fee,

calculated

daily

and

paid

monthly,

Franklin

Mutual

based

the

average

daily

net

assets

the

Fund

follows:

Franklin

Small

Cap

Value

Fund

pays

investment

management

fee,

calculated

daily

and

paid

monthly,

Franklin

Mutual

based

the

average

daily

net

assets

the

Fund

follows:

For

the

period

ended

April

30,

2025,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

average

daily

net

assets

was

follows:

Administrative

Fees

Under

agreement

with

Franklin

Mutual,

Services

provides

administrative

services

the

Funds.

The

fee

paid

Franklin

Mutual

based

each

of the

Fund's

average

daily

net

assets,

and

not

additional

expense

the

Funds.

Distribution

Fees

The

Board

has

adopted

distribution

plans

for

each

class,

with

the

exception

Class

and

Advisor

Class

shares,

pursuant

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

the

maximum

annual

plan

rate.

Under

the

Class

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

reimbursed

subsequent

periods.

addition,

under

the

Funds'

Class

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

monitoring

compliance

with

the

maximum

annual

plan

rates,

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

the

average

daily

net

assets,

for

each

class,

are

follows:

Annualized

Fee

Rate

Net

Assets

0.625%

and

including

$100

million

0.500%

Over

$100

million,

and

including

$250

million

0.450%

Over

$250

million,

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

and

including

$10

billion

0.430%

Over

$10

billion,

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

and

including

$15

billion

0.400%

excess

$15

billion

Annualized

Fee

Rate

Net

Assets

0.750%

and

including

$500

million

0.625%

Over

$500

million,

and

including

billion

0.500%

Over

billion,

and

including

billion

0.490%

excess

billion

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Gross

effective

investment

management

fee

rate

........

0.700%

0.482%

0.547%

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

Franklin

Small

Cap

Value

Fund,

the

Board

has

set

the

current

rate

0.25%

per

year

for

Class

until

further

notice

and

approval

the

Board.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

not

represent

expenses

the

Funds.

These

charges

are

deducted

from

the

proceeds

sales

fund

prior

investment

from

redemption

proceeds

prior

remittance,

applicable.

Distributors

has

advised

the

Funds

the

following

commission

transactions

the

sales

and

redemptions

the

Funds'

for

the

period:

Transfer

Agent

Fees

Each

class

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

shareholder

servicing

obligations. The

fees

are based

fixed

margin

earned

Investor

Services

and

are allocated

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

third

parties.

These

fees

paid

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

such

classes'

aggregate

net

assets.

Class

pays

Investor

Services

transfer

agent

fees

allocated

specifically

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

April

30,

2025,

the Funds

paid

transfer

agent

fees

noted

the

Statements of

Operations

which

the

following

amounts

were

retained

Investor

Services:

Investments

Affiliated

Management

Investment

Companies

Certain

all

Funds

invest

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Funds

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

Management

fees

paid

the

Funds

are

waived

assets

invested

the

affiliated

management

investment

companies,

noted

the

Statements

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Class

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

0.25%

0.35%

Class

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

—%

1.00%

Class

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

—%

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

commissions

paid

unaffiliated

brokers/dealers

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

$30,455

$18,060

$12,946

CDSC

retained

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

$557

$1,155

$549

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Transfer

agent

fees

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

$38,302

$120,020

$595,201

Transactions

with

Affiliates

(continued)

Distribution

Fees

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Operations,

amount

not

exceed

the

management

and

administrative

fees,

applicable, paid

directly

indirectly

each

affiliate.

During

the

period

ended

April

30,

2025,

investments

affiliated

management

investment

companies

were

follows:

Waiver

and

Expense

Reimbursements

Franklin

Mutual

has

contractually

agreed

advance

waive

limit

its

fees

and

assume

its

own

expense

certain

expenses

otherwise

payable

Franklin

Mutual

Small-Mid

Cap

Value

Fund

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

costs,

including

those

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$2,807,545

$52,634,026

$(53,146,072)

$—

$2,295,499

2,295,499

$78,094

Total

Affiliated

Securities

...

$2,807,545

$52,634,026

$(53,146,072)

$—

$2,295,499

$78,094

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$22,377,306

$123,331,209

$(99,393,227)

$—

$46,315,288

46,315,288

$649,374

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$—

$4,125,000

$(4,125,000)

$—

—

$478

Total

Affiliated

Securities

...

$22,377,306

$127,456,209

$(103,518,227)

$—

$46,315,288

$649,852

Franklin

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$64,241,279

$537,993,018

$(535,810,884)

$—

$66,423,413

66,423,413

$1,265,366

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

Money

Market

Portfolio,

4.052%

$—

$14,316,000

$(14,316,000)

$—

—

$3,171

Total

Affiliated

Securities

...

$64,241,279

$552,309,018

$(550,126,884)

$—

$66,423,413

$1,268,537

Transactions

with

Affiliates

(continued)

Investments

Affiliated

Management

Investment

Companies

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

relating

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

the

Fund

not

exceed

0.90%

based

the

average

net

assets

each

class

until February

28,

2026.

Total

expenses

waived

paid

are

not

subject

recapture

subsequent

the

Fund's

fiscal

year

end.

Transfer

agent

fees

Class

the

Funds have

been

capped

that

transfer

agent

fees

for

that

class

not

exceed

0.03%

based

the

average

net

assets

the

class

until

February

28,

2026.

Income

Taxes

April

30,

2025,

the

cost

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

follows:

Differences

between

income

and/or

capital

gains

determined

book

basis

and

tax

basis

are

primarily

due

differing

treatment

wash

sales.

Investment

Transactions

Purchases

and

sales

investments

(excluding

short

term

securities)

for

the

period

ended

April

30,

2025,

were

follows:

Holdings

Voting

Securities

Portfolio

Companies

The

1940

Act

defines

"affiliated

companies"

include

investments

portfolio

companies

which

fund

owns

the

outstanding

voting

securities.

Additionally,

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

companies’

outstanding

has

the

power

exercise

control

over

management

policies

such

company.

During

the

period

ended

April

30,

2025,

investments

“affiliated

companies”

were

follows:

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Cost

investments

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

$186,362,338

$603,973,823

$3,268,945,058

Unrealized

appreciation

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

$14,747,833

$155,673,471

$502,809,195

Unrealized

depreciation

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

(18,542,889)

(37,009,455)

(299,696,824)

Net

unrealized

appreciation

(depreciation)

.......

$(3,795,056)

$118,664,016

$203,112,371

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Franklin

Small

Cap

Value

Fund

Purchases

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

$116,465,008

$179,966,005

$961,245,193

Sales

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

$119,221,176

$230,957,559

$1,202,092,887

Transactions

with

Affiliates

(continued)

Waiver

and

Expense

Reimbursements

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Credit

Facility

The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

Franklin

Templeton,

are

borrowers

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

January

30,

2026.

This

Global

Credit

Facility

provides

source

funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

Under

the

terms

the

Global

Credit

Facility,

the

Funds

may,

addition

interest

charged

any

borrowings

made

the

Funds

and

other

costs

incurred

the

Funds,

pay

their

fees

and

expenses

incurred

connection

with

the

implementation

and

maintenance

the

Global

Credit

Facility,

based

upon

their

relative

the

aggregate

net

assets

all

the

Borrowers,

including

annual

commitment

fee

0.15%

based

upon

the

unused

portion

the

Global

Credit

Facility.

These

fees

are

reflected

other

expenses

the

Statements

Operations.

During

the

period ended

April

30,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

Fair

Value

Measurements

The Funds

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

determining

the

value

the Funds' financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

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

determining

the

fair

value

financial

instruments)

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Franklin

Small

Cap

Value

Fund

Non-Controlled

Affiliates

Dividends

Camden

National

Corp

35,328,067

3,346,579

—

(2,742,381)

35,932,265

932,821

742,417

Elementis

plc

.......

68,568,564

—

(1,556,229)

67,012,335

39,868,704

—

Horace

Mann

Educators

Corp

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

70,192,857

15,876,552

—

8,137,869

94,207,278

2,267,869

1,526,232

Hunting

plc

.........

29,686,100

2,469,733

—

(3,392,625)

28,763,208

8,336,241

486,248

Knowles

Corp

.......

97,377,768

—

(57,636,250)

(5,384,713)

—

Ryerson

Holding

Corp

28,103,936

11,870,500

—

1,575,869

41,550,305

1,777,173

600,526

Senior

plc

..........

48,276,524

—

3,963,880

52,240,404

28,282,051

—

Total

Affiliated

Securities

(Value

9.2%

Net

Assets)

..........

$377,533,816

$33,563,364

$(57,636,250)

$(5,384,713)

$5,986,383

$319,705,795

$3,355,423

April

30,

2025,

longer

affiliate.

Holdings

Voting

Securities

Portfolio

Companies

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

April

30,

2025,

valuing

the

Funds'

assets carried

fair

value,

follows:

Level

Total

Franklin

Mutual

Small-Mid

Cap

Value

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

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

4,499,219

6,081,916

—

10,581,135

Banks

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

24,127,028

—

24,127,028

Building

Products

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

7,179,045

—

7,179,045

Capital

Markets

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

4,555,815

—

4,555,815

Chemicals

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

4,399,518

—

4,399,518

Construction

Engineering

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

11,600,153

—

11,600,153

Consumer

Finance

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

2,040,113

—

2,040,113

Consumer

Staples

Distribution

Retail

......

2,299,715

—

2,299,715

Electric

Utilities

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

7,357,981

—

7,357,981

Electrical

Equipment

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

332,020

—

332,020

Electronic

Equipment,

Instruments

Components

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

6,457,346

—

6,457,346

Energy

Equipment

Services

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

4,556,172

—

4,556,172

Financial

Services

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

5,304,471

—

5,304,471

Ground

Transportation

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

2,838,022

—

2,838,022

Health

Care

Equipment

Supplies

.........

8,390,396

—

8,390,396

Health

Care

Providers

Services

..........

4,415,426

—

4,415,426

Hotels,

Restaurants

Leisure

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

3,091,901

—

3,091,901

Household

Durables

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

4,976,872

—

4,976,872

Industrial

REITs

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

658,024

—

658,024

Insurance

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

8,375,102

—

8,375,102

Leisure

Products

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

3,604,027

—

3,604,027

Machinery

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

11,052,938

—

11,052,938

Media

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

4,223,086

—

4,223,086

Metals

Mining

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

9,607,249

—

9,607,249

Oil,

Gas

Consumable

Fuels

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

1,182,466

—

1,182,466

Retail

REITs

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

1,844,810

—

1,844,810

Semiconductors

Semiconductor

Equipment

1,692,268

—

1,692,268

Software

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

4,577,114

—

4,577,114

Specialized

REITs

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

773,038

—

773,038

Specialty

Retail

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

9,605,012

—

9,605,012

Textiles,

Apparel

Luxury

Goods

..........

652,088

—

652,088

Trading

Companies

Distributors

..........

7,921,432

—

7,921,432

Short

Term

Investments

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

2,295,499

—

2,295,499

Total

Investments

Securities

...........

$176,485,366

$6,081,916

$—

$182,567,282

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

Assets:

Common

Stocks

Aerospace

Defense

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

—

18,747,730

—

18,747,730

Automobile

Components

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

8,059,611

—

8,059,611

Banks

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

36,765,616

—

36,765,616

Building

Products

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

17,526,542

—

17,526,542

Chemicals

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

6,628,780

—

6,628,780

Consumer

Finance

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

11,661,380

—

11,661,380

Consumer

Staples

Distribution

Retail

......

12,870,008

—

12,870,008

Containers

Packaging

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

13,892,613

—

13,892,613

Distributors

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

10,446,551

—

10,446,551

Electric

Utilities

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

62,445,979

—

62,445,979

Electrical

Equipment

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

7,808,452

—

7,808,452

Fair

Value

Measurements

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Level

Total

Franklin

Mutual

U.S.

Mid

Cap

Value

Fund

(continued)

Assets:

(continued)

Common

Stocks:

(continued)

Electronic

Equipment,

Instruments

Components

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

13,895,338

—

13,895,338

Energy

Equipment

Services

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

13,412,139

—

13,412,139

Financial

Services

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

35,612,582

—

35,612,582

Health

Care

Equipment

Supplies

.........

40,176,361

—

40,176,361

Health

Care

Providers

Services

..........

23,453,056

—

23,453,056

Household

Durables

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

11,149,379

—

11,149,379

Insurance

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

37,978,167

—

37,978,167

Services

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

16,107,387

—

16,107,387

Life

Sciences

Tools

Services

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

10,816,893

—

10,816,893

Machinery

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

26,480,252

—

26,480,252

Media

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

14,942,405

—

14,942,405

Metals

Mining

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

14,637,761

—

14,637,761

Oil,

Gas

Consumable

Fuels

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

18,012,464

—

18,012,464

Personal

Care

Products

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

19,321,792

—

19,321,792

Professional

Services

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

32,729,527

—

32,729,527

Real

Estate

Management

Development

....

10,215,714

—

10,215,714

Retail

REITs

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

20,882,900

—

20,882,900

Semiconductors

Semiconductor

Equipment

12,087,787

—

12,087,787

Software

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

13,221,717

—

13,221,717

Specialized

REITs

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

16,733,750

—

16,733,750

Specialty

Retail

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

34,317,385

—

34,317,385

Trading

Companies

Distributors

..........

33,284,533

—

33,284,533

Short

Term

Investments

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

46,315,288

—

46,315,288

Total

Investments

Securities

...........

$703,890,109

$18,747,730

$—

$722,637,839

Franklin

Small

Cap

Value

Fund

Assets:

Investments

Securities:

Common

Stocks

Aerospace

Defense

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

52,240,404

202,007,838

—

254,248,242

Banks

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

694,530,458

—

694,530,458

Building

Products

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

94,160,598

—

94,160,598

Capital

Markets

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

88,288,196

—

88,288,196

Chemicals

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

88,987,687

67,012,335

—

156,000,022

Commercial

Services

Supplies

...........

18,252,366

—

18,252,366

Construction

Engineering

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

173,319,632

—

173,319,632

Consumer

Finance

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

40,481,920

—

40,481,920

Diversified

REITs

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

26,329,484

—

26,329,484

Electric

Utilities

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

30,236,590

—

30,236,590

Electrical

Equipment

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

31,087,007

—

31,087,007

Electronic

Equipment,

Instruments

Components

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

208,671,433

—

208,671,433

Energy

Equipment

Services

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

46,833,732

28,763,208

—

75,596,940

Ground

Transportation

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

54,211,561

—

54,211,561

Health

Care

Equipment

Supplies

.........

76,676,322

—

76,676,322

Hotels,

Restaurants

Leisure

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

87,783,953

—

87,783,953

Household

Durables

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

93,833,536

—

93,833,536

Industrial

REITs

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

13,185,576

—

13,185,576

Insurance

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

300,328,223

—

300,328,223

Leisure

Products

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

90,298,728

—

90,298,728

Machinery

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

252,706,582

—

252,706,582

Media

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

49,718,100

—

49,718,100

Metals

Mining

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

126,155,282

—

126,155,282

Multi-Utilities

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

36,725,562

—

36,725,562

Fair

Value

Measurements

(continued)

Franklin

Value

Investors

Trust

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Operating

Segments

The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

Segment

Reporting

(Topic

280)

Improvements

Reportable

Segment

Disclosures.

The

update

limited

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

results

operations.

Each

Fund

operates

single

operating

segment,

which

investment

portfolio.

The

Funds'

Investment

manager

serves

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

unified

investment

strategy.

The

CODM

uses

these

measures

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

loss,

and

significant

expenses,

refer

the

Statements

Assets

and

Liabilities

and

the

Statements

Operations,

along

with

the

notes

the

financial

statements.

The

Schedules

Investments

provides

details

the

Funds'

investments

that

generate

returns

such

interest,

dividends,

and

realized

and

unrealized

gains

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

the

Financial

Highlights.

10.

New

Accounting

Pronouncements

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

requiring

greater

disaggregation

the

rate

reconciliation

and

income

taxes

paid

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

currently

evaluating

the

impact

and

believes

that

the

adoption

the

ASU

will

not

have

material

impact

the

financial

statements.

11.

Subsequent

Events

The

Funds

have

evaluated

subsequent

events

through

the

issuance

the

financial

statements

and

determined

that

events

have

occurred

that

require

disclosure.

Level

Total

Franklin

Small

Cap

Value

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Common

Stocks:

(continued)

Oil,

Gas

Consumable

Fuels

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

23,500,806

—

23,500,806

Paper

Forest

Products

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

14,188,242

—

14,188,242

Retail

REITs

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

25,917,973

—

25,917,973

Software

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

105,931,766

—

105,931,766

Specialty

Retail

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

66,526,670

—

66,526,670

Textiles,

Apparel

Luxury

Goods

..........

29,055,331

—

29,055,331

Trading

Companies

Distributors

..........

67,686,915

—

67,686,915

Short

Term

Investments

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

66,423,413

—

66,423,413

Total

Investments

Securities

...........

$3,174,274,048

$297,783,381

$—

$3,472,057,429

Includes

foreign

securities

valued

$6,081,916,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Includes

foreign

securities

valued

$18,747,730,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Includes

foreign

securities

valued

$297,783,381,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Fair

Value

Measurements

(continued)

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

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

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.

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

By:	/s/ Christopher Kings
	Christopher Kings
	Chief Executive Officer - Finance and Administration

Date:	June 26, 2025

By:	/s/ Christopher Kings
	Christopher Kings
	Chief Executive Officer - Finance and Administration

Date:	June 26, 2025

By:	/s/ Jeffrey White
	Jeffrey White
	Chief Financial Officer, Chief Accounting Officer and Treasurer

Date:	June 26, 2025


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information