N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
 
Investment Company Act file number 811-05878
 
Franklin Value Investors Trust

(Exact name of registrant as specified in charter)
 
One Franklin Parkway, San Mateo, CA  94403-1906

(Address of principal executive offices) (Zip code)
 
Alison Baur, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)
 
Registrant's telephone number, including area Code: 650 312-2000
 
Date of fiscal year end: 10/31
 
Date of reporting period: 4/30/22
 
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.   
Not Applicable
.
 
SEMIANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Franklin
Value
Investors
Trust
April
30,
2022
Sign
up
for
electronic
delivery
at
franklintempleton.com/edelivery
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Franklin
Small
Cap
Value
Fund
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
franklintempleton.com
Semiannual
Report
1
SHAREHOLDER
LETTER
Dear
Franklin
Fund
Shareholder:
The
past
six
months
ended
April
30,
2022,
were
eventful
and
volatile.
Several
themes
carried
over
from
the
summer
and
fall
of
2021,
but
with
seemingly
increased
intensity.
New
COVID
variants,
mounting
inflation,
more
hawkish
central
banks
and
supply
chain
difficulties
remained
a
part
of
the
economic
landscape,
joined
by
new
elements,
like
war.
However,
corporate
earnings
and
other
economic
indicators
generally
remained
strong
throughout
the
period,
steadying
nerves
and
providing
times
of
market
uplift
between
the
pockets
of
difficulty.
In
November
2021,
the
Omicron
variant
arrived
right
in
time
for
Thanksgiving.
Markets
stalled
as
they
waited
for
information
on
what
COVID
precautions
may
be
reenacted
due
to
the
prolific
new
variant
and
the
possible
knock-
on
economic
effects.
After
Omicron
was
confirmed
to
be
more
contagious
but
less
severe
than
its
predecessors,
fears
abated,
and
markets
posted
a
strong
rally
throughout
December
to
close
out
the
calendar
year.
Equity
markets
generally
declined
in
the
first
months
of
2022,
pressured
by
high
inflation,
tightening
monetary
policy
and
Russia’s
invasion
of
Ukraine.
Rebounding
consumer
demand
alongside
continued
supply-chain
disruptions
drove
inflation
in
many
countries
to
reach
the
highest
levels
in
decades.
In
response,
some
of
the
world’s
central
banks
tightened
monetary
policy,
including
the
U.S.
Federal
Reserve,
which
made
its
first
rate
hike
in
over
three
years
by
raising
the
overnight
rate
by
25
basis
points
in
March.
Higher
interest
rates
worked
against
equities,
particularly
long-duration
growth
stocks,
by
increasing
the
discount
of
a
company’s
projected
future
cash
flows.
While
increasing
interest
rates
can
curb
demand-driven
inflation,
cost-push
inflation
may
be
less
affected.
Resource
scarcity
and
resulting
price
increases
of
inelastic
products
like
energy
are
also
likely
less
influenced
by
central
bank
activity.
Even
though
the
initial
shock
of
Russia’s
invasion
of
Ukraine
has
receded,
the
conflict
continues
to
roil
markets
as
Russia
weaponizes
its
position
as
a
prominent
supplier
of
oil
and
natural
gas
to
much
of
Europe.
Aside
from
energy
shortages,
other
supply-chain
disruptions
compounded
through
period-end.
In
addition
to
continued
struggles
from
ongoing
pandemic-related
shortages,
the
resurgence
of
COVID-19
in
China
and
resulting
shutdowns
of
manufacturing
facilities
and
major
ports
in
the
country
could
inflame
an
already
delicate
situation.
During
first-
quarter
earnings
announcements,
companies
began
to
comment
on
the
effects
of
rising
input
costs
on
their
margins.
Though
upwards
of
80%
of
companies
in
the
Standard
&
Poor’s
®
500
Index
met
or
beat
first-quarter
earnings
estimates,
some
declined
to
raise
guidance,
due
in
part
to
the
unpredictability
of
the
current
cost
environment.
Not
all
progress
is
evidenced
by
a
steady
march
forward.
In
the
near-term,
market
activity
will
likely
be
influenced
by
developments
around
the
Ukraine
conflict,
inflation
concerns,
supply
chain
constraints
and
changes
to
monetary
and
fiscal
support.
We
remain
focused
on
identifying
opportunities
to
acquire
stocks
at
attractive
valuations
based
upon
our
assessment
of
fundamental
value,
while
taking
advantage
of
volatility.
Our
process
of
finding
underappreciated
and
misunderstood
companies
with
identifiable
catalysts
to
unlock
shareholder
value
may
provide
meaningful
upside
potential
and
possible
downside
risk
management
during
turbulent
periods.
In
addition,
we
continue
to
focus
on
event-driven
situations
across
equity
and
fixed
income
with
catalysts
less
correlated
to
the
overall
markets.
While
unnerving,
volatility
remains
an
inherent
part
of
investing
in
risk
assets,
and
the
market
historically
rewards
investors
who
take
an
opportunistic
long-term
perspective.
On
the
following
pages,
the
portfolio
management
team
of
each
Fund
reviews
investment
decisions
made
during
this
period.
Please
remember
all
securities
markets
fluctuate,
as
do
mutual
fund
share
prices.
We
thank
you
for
investing
with
Franklin
Templeton,
welcome
your
questions
and
comments,
and
look
forward
to
continuing
to
serve
your
investment
needs
in
the
years
ahead.
Sincerely,
Christian
Correa,
CFA
President
and
Chief
Investment
Officer
Franklin
Value
Investors
Trust
This
letter
reflects
our
analysis
and
opinions
as
of
April
30,
2022,
unless
otherwise
indicated.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
franklintempleton.com
Semiannual
Report
2
Contents
Semiannual
Report
Economic
and
Market
Overview
3
Franklin
MicroCap
Value
Fund
4
Franklin
Mutual
U.S.
Value
Fund
9
Franklin
Small
Cap
Value
Fund
15
Financial
Highlights
and
Schedules
of
Investments
21
Financial
Statements
45
Notes
to
Financial
Statements
50
Shareholder
Information
64
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Semiannual
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SEMIANNUAL
REPORT
Economic
and
Market
Overview
U.S.
equities,
as
measured
by
the
Standard
&
Poor’s
500
Index
(S&P
500
®
),
posted
a
-9.65%
total
return
for
the
six
months
ended
April
30,
2022.
1
Concerns
surrounding
higher
inflation,
geopolitical
stability
and
rising
interest
rates
pressured
stocks,
particularly
in
the
second
half
of
the
period.
Elevated
demand
combined
with
supply
chain
disruptions
led
to
the
highest
inflation
since
1981
and
borrowing
costs
increased
from
historically
low
levels.
Russia’s
invasion
of
Ukraine
late
in
the
six-month
period
injected
further
uncertainty
into
financial
markets,
provoking
significant
volatility
in
commodity
and
equity
prices.
Gross
domestic
product
growth
was
robust
in
2021
before
contracting
in
the
first
quarter
of
2022
amid
lower
investments
in
inventories
and
a
growing
trade
deficit.
Private
domestic
investment
slowed
sharply,
while
government
spending
declined
in
the
first
quarter.
Rising
prices
precipitated
a
notable
decline
in
consumer
confidence,
despite
high
spending
levels.
The
inflation
rate
was
elevated
during
the
six-month
period
amid
increased
demand
and
supply-chain
bottlenecks.
U.S.
consumer
spending
on
goods
remained
strong
during
the
first
half
of
the
period,
adding
to
pressure
on
the
prices
of
many
products.
Energy
costs
also
rose,
as
oil
prices
increased
significantly,
driven
by
greater
global
demand
and
sanctions
on
Russia,
one
of
the
world’s
largest
oil
producers.
The
personal
consumption
expenditures
index,
a
measure
of
inflation,
rose
dramatically
during
the
period,
representing
the
highest
12-month
increase
in
decades.
The
unemployment
rate
declined
from
4.6%
in
October
2021
to
3.6%
in
April
2022
as
job
openings
increased,
but
a
relative
lack
of
available
workers
fueled
wage
growth,
adding
to
some
investors’
inflation
concerns.
In
an
effort
to
control
inflation,
the
U.S.
Federal
Reserve
(Fed)
raised
the
federal
funds
target
rate
to
a
range
of
0.25%–0.50%,
the
first
such
increase
since
2018.
The
Fed
noted
in
its
March
2022
meeting
that
strength
in
the
U.S.
job
market
and
continued
inflationary
pressure,
exacerbated
by
the
war
in
Ukraine,
meant
it
anticipated
making
further
increases
to
the
federal
funds
target
rate.
Furthermore,
the
Fed
said
it
expected
to
begin
reducing
its
bond
holdings
at
a
future
meeting.
The
foregoing
information
reflects
our
analysis
and
opinions
as
of
April
30,
2022.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
fund.
Statements
of
fact
are
from
sources
considered
reliable.
1.
Source:
Morningstar.
See
www.franklintempletondatasources.com
for
additional
data
provider
information
4
franklintempleton.com
Semiannual
Report
Franklin
MicroCap
Value
Fund
This
semiannual
report
for
Franklin
MicroCap
Value
Fund
covers
the
period
ended
April
30,
2022.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
high
total
return,
of
which
capital
appreciation
and
income
are
components.
The
Fund
normally
invests
at
least
80%
of
its
net
assets
in
securities
of
microcap
companies
with
market
capitalizations
of
$1
billion
or
less
or
within
the
bottom
40%
of
the
Russell
2000
Value
Index,
whichever
is
higher
at
the
time
of
purchase.
1
The
Fund
generally
invests
in
equity
securities,
predominantly
common
stocks,
of
companies
that
we
believe
are
undervalued
and
have
the
potential
for
capital
appreciation.
The
Fund
may
invest
up
to
25%
of
its
total
assets
in
foreign
securities.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
-7.44%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Russell
2000
®
Value
Index,
which
measures
the
performance
of
those
Russell
2000
®
Index
companies
with
relatively
lower
price-to-book
ratios
and
lower
forecasted
growth
rates,
posted
a
-9.50%
cumulative
total
return
for
the
same
period.
2
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
6
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Investment
Strategy
Our
strategy
is
to
buy
shares
of
companies
that
we
believe
are
undervalued
at
the
time
of
purchase
and
have
the
potential
for
capital
appreciation.
The
types
of
companies
the
Fund
may
invest
in
include,
among
other
things,
those
that
may
be
considered
out
of
favor
due
to
actual
or
perceived
cyclical
or
secular
challenges,
or
are
experiencing
temporary
setbacks,
mismanagement
or
undermanagement,
are
financially
stressed,
or
facing
diminished
expectations.
In
choosing
investments,
we
conduct
an
in-depth
analysis
of
a
company’s
long-term
or
normalized
earnings
and
free
cash
flow
potential,
quality
of
management,
ownership
of
valuable
franchises,
trademarks
or
trade
names,
control
of
distribution
networks,
underutilized
assets
and
market
share
for
particular
products,
balance
sheet,
and
other
factors
that
may
identify
the
issuer
as
a
potential
investment.
The
investment
manager
considers
selling
a
security
when
it
no
longer
meets
its
value
criteria.
*Categories
within
the
Other
category
are
listed
in
full
in
the
Fund’s
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
Manager’s
Discussion
For
the
six-month
period,
stock
selection
within
the
financials,
health
care,
communication
services
and
materials
sectors
were
the
largest
contributors
to
relative
outperformance.
Underweights
to
health
care,
communication
services
and
materials
also
benefited
results.
Conversely,
an
underweight
to
the
energy
sector,
which
rallied
during
the
period,
was
among
the
leading
detractors
from
relative
results.
Stock
selection
among
industrials,
consumer
discretionary
and
utilities
companies,
as
well
as
an
overweight
to
the
consumer
discretionary
Portfolio
Composition
4/30/22
%
of
Total
Net
Assets
Banks
23.6%
Machinery
6.3%
Equity
Real
Estate
Investment
Trusts
(REITs)
5.8%
Health
Care
Equipment
&
Supplies
4.6%
Hotels,
Restaurants
&
Leisure
3.8%
Construction
&
Engineering
3.4%
Textiles,
Apparel
&
Luxury
Goods
3.2%
Electrical
Equipment
3.0%
Thrifts
&
Mortgage
Finance
2.9%
Oil,
Gas
&
Consumable
Fuels
2.8%
Communications
Equipment
2.5%
Health
Care
Technology
2.2%
Water
Utilities
2.1%
Electronic
Equipment,
Instruments
&
Components
2.1%
Other*
25.1%
Short-Term
Investments
&
Other
Net
Assets
6.6%
1.
Frank
Russell
Company
is
the
source
and
owner
of
the
trademarks,
service
marks
and
copyrights
related
to
the
Russell
Indexes.
Russell
®
is
a
trademark
of
Frank
Russell
Company.
Russell
2000
®
Value
Index
is
market
capitalization
weighted
and
measures
the
performance
of
those
Russell
2000
®
Index
companies
with
relatively
lower
price-to-
book
ratios
and
lower
forecasted
growth
rates.
2.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
24
.
Franklin
MicroCap
Value
Fund
5
franklintempleton.com
Semiannual
Report
and
underweight
to
the
utilities
sectors,
also
hindered
performance.
On
a
relative
basis,
Ardmore
Shipping,
IntriCon
(not
held
at
period-end)
and
First
Internet
Bancorp
were
the
largest
contributors
to
portfolio
results
during
the
six
months
under
review.
Ardmore
Shipping
is
listed
among
the
Fund’s
largest
positions
in
the
Top
10
Holdings
table
on
this
page.
Ardmore
Shipping
was
a
notable
relative
contributor
during
the
period.
The
company
is
experiencing
an
improvement
across
its
business,
which
it
expects
to
continue
throughout
2022.
However,
Ardmore
did
note
that
it
was
monitoring
several
competing
factors,
including
the
pandemic’s
evolution
and
the
global
economic
recovery,
as
well
as
geopolitical
concerns
and
whether
currently
high
oil
prices
will
lead
to
reduced
shipments.
IntriCon,
which
helps
to
design
and
manufacture
implantable
and
body-worn
devices,
contributed
to
relative
performance
following
news
that
it
was
being
taken
over
by
an
investment
firm
focused
on
the
health
care
industry.
Additionally,
IntriCon’s
recent
financial
results
have
been
strong,
with
the
company
seeing
growth
across
its
businesses.
First
Internet
Bancorp,
an
online
bank
headquartered
in
Indiana,
contributed
to
relative
returns
during
the
period
following
an
upbeat
quarterly
financial
report.
The
bank
has
been
able
to
protect
and
improve
margins
by
significantly
reducing
its
cost
of
funds,
which
is
a
positive
side
effect
of
the
Federal
Reserve’s
low
interest
rate
regime.
The
bank
also
said
it
has
a
strong
commercial
pipeline
and
we
believe
its
fundamental
operations
will
continue
to
improve
throughout
2022.
Holdings
that
detracted
from
relative
Fund
performance
during
the
period
included
Invacare,
CareCloud
and
Daktronics.
Medical
equipment
manufacturer
Invacare
detracted
from
relative
returns
over
the
period.
The
company
has
experienced
strong
demand
and
orders
for
its
products
but
faces
continued
supply
chain
challenges
and
higher
input
costs.
Invacare
has
been
taking
steps
to
address
these
challenges
and
improve
performance
in
2022.
CareCloud,
a
health
care
information
technology
company,
was
also
a
detractor
after
it
issued
2022
guidance
that
was
below
Wall
Street
forecasts
as
it
spends
more
on
marketing
to
boost
organic
sales
growth.
Although
the
company’s
business
has
been
relatively
steady
and
does
not
face
the
same
COVID-19
and
supply
chain
challenges
as
other
health
care
companies,
its
focus
on
acquisitions
carries
integration
risk.
Daktronics,
which
manufactures
electronic
display
systems,
detracted
from
relative
performance
during
the
six-month
review
period.
The
company
has
faced
labor
and
component
shortages
that
have
hampered
profitability
and
increased
the
company’s
backlog
as
it
is
taking
the
company
more
time
to
convert
orders
into
final
sales.
Thank
you
for
your
participation
in
Franklin
MicroCap
Value
Fund.
We
look
forward
to
continuing
to
serve
your
investment
needs.
Oliver
H.
Wong,
CFA
Lead
Portfolio
Manager
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
April
30,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Top
10
Holdings
4/30/22
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Ardmore
Shipping
Corp.
2.8%
Oil,
Gas
&
Consumable
Fuels,
Ireland
First
Business
Financial
Services,
Inc.
2.3%
Banks,
United
States
Indus
Realty
Trust,
Inc.
2.3%
Equity
Real
Estate
Investment
Trusts
(REITs),
United
States
Investar
Holding
Corp.
2.2%
Banks,
United
States
Trecora
Resources
2.1%
Chemicals,
United
States
Peoples
Financial
Services
Corp.
2.0%
Banks,
United
States
Resources
Connection,
Inc.
2.0%
Professional
Services,
United
States
Northeast
Bank
2.0%
Banks,
United
States
CTO
Realty
Growth,
Inc.
1.9%
Equity
Real
Estate
Investment
Trusts
(REITs),
United
States
First
Western
Financial,
Inc.
1.8%
Banks,
United
States
Performance
Summary
as
of
April
30,
2022
Franklin
MicroCap
Value
Fund
6
franklintempleton.com
Semiannual
Report
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/22
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
1
Average
Annual
Total
Return
2
–
A
3
6-Month
-7.44%
-12.54%
1-Year
-6.35%
-11.49%
5-Year
+31.93%
+4.51%
10-Year
+121.69%
+7.67%
Advisor
6-Month
-7.33%
-7.33%
1-Year
-6.10%
-6.10%
5-Year
+33.52%
+5.95%
10-Year
+127.11%
+8.55%
See
page
7
for
Performance
Summary
footnotes.
Franklin
MicroCap
Value
Fund
Performance
Summary
7
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
The
Fund’s
ability
to
invest
in
smaller-company
securities
that
may
have
limited
liquidity
involves
additional
risks,
such
as
relatively
small
revenues,
limited
product
lines
and
small
market
share.
Historically,
these
stocks
have
exhibited
greater
price
volatility
than
larger-company
stocks,
especially
over
the
short
term.
In
addition,
the
Fund
may
invest
up
to
25%
of
its
total
assets
in
foreign
securities,
which
involve
special
risks,
including
currency
fluctuations
and
economic
and
political
uncertainty.
Value
securities
may
not
increase
in
price
as
anticipated
or
may
decline
further
in
value.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
2.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
4.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(11/1/21–4/30/22)
Share
Class
Net
Investment
Income
Short-Term
Capital
Gain
Long-Term
Capital
Gain
Total
A
$0.0846
$0.4300
$3.8080
$4.3226
R6
$0.1879
$0.4300
$3.8080
$4.4259
Advisor
$0.1534
$0.4300
$3.8080
$4.3914
Total
Annual
Operating
Expenses
4
Share
Class
A
1.23%
Advisor
0.98%
Your
Fund’s
Expenses
Franklin
MicroCap
Value
Fund
8
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/21
Ending
Account
Value
4/30/22
Expenses
Paid
During
Period
11/1/21–4/30/22
1,2
Ending
Account
Value
4/30/22
Expenses
Paid
During
Period
11/1/21–4/30/22
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$925.60
$5.77
$1,018.80
$6.05
1.21%
R6
$1,000
$927.10
$4.17
$1,020.47
$4.37
0.87%
Advisor
$1,000
$926.70
$4.58
$1,020.04
$4.80
0.96%
9
franklintempleton.com
Semiannual
Report
Franklin
Mutual
U.S.
Value
Fund
This
semiannual
report
for
Franklin
Mutual
U.S.
Value
Fund
covers
the
period
ended
April
30,
2022.
As
recently
approved
by
the
Fund’s
Board
of
Trustees,
effective
June
1,
2022,
the
Fund
will
change
its
name
to
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund.
Additionally,
the
Fund
will
change
its
investment
policy
to
invest
at
least
80%
of
its
net
assets
in
securities
of
U.S.
mid
cap
companies.
The
Fund
will
also
change
its
primary
benchmark
to
the
Russell
MidCap
®
Value
Index.
Please
refer
to
the
Fund’s
prospectus
for
more
information.
If
you
have
questions,
please
contact
your
financial
professional.
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
high
total
return,
of
which
capital
appreciation
and
income
are
components.
The
Fund
normally
invests
at
least
80%
of
its
net
assets
in
U.S.
securities
that
we
believe
are
available
at
market
prices
less
than
their
fundamental
value.
The
Fund
is
not
limited
to
pre-set
maximums
or
minimums
governing
the
size
of
the
companies
in
which
it
may
invest,
but
it
invests
primarily
to
predominantly
in
equity
securities
(including
securities
convertible
into,
or
that
we
expect
to
be
exchanged
for,
common
or
preferred
stock)
of
mid-
and
large-cap
U.S.
companies
with
the
remaining
portion
in
smaller
companies.
The
Fund
currently
does
not
expect
to
invest
more
than
10%
of
its
net
assets
in
non-U.S.
securities.
The
income
the
Fund
receives
from
investments
in
dividend
paying
stocks,
preferred
stocks
and
convertible
securities
varies
depending
upon
current
market
and
economic
conditions.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
-4.00%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Russell
3000
®
Value
Index,
which
measures
the
performance
of
those
Russell
3000
®
Index
companies
with
relatively
lower
price-to-book
ratios
and
lower
forecasted
growth
rates,
posted
a
-4.30%
cumulative
total
return
for
the
same
period.
1
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
12
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Investment
Strategy
We
employ
a
research
driven,
fundamental
value
strategy
for
the
Fund
that
focuses
on
the
market
price
of
a
company’s
securities
relative
to
our
own
evaluation
of
the
company’s
fundamental
value,
including
an
analysis
of
long-term
or
normalized
earnings
and
free
cash
flow
potential
as
well
as
a
rigorous
analysis
of
its
balance
sheet
and
book
value.
The
types
of
companies
the
Fund
may
invest
in
include
those
that
may
be
considered
out
of
favor
due
to
actual
or
perceived
cyclical
or
secular
challenges,
or
are
experiencing
temporary
setbacks,
diminished
expectations,
mismanagement
or
undermanagement,
or
are
financially
stressed.
*Categories
within
the
Other
category
are
listed
in
full
in
the
Fund’s
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
Portfolio
Composition
4/30/22
%
of
Total
Net
Assets
Insurance
6.8%
Chemicals
6.4%
IT
Services
6.1%
Pharmaceuticals
5.8%
Equity
Real
Estate
Investment
Trusts
(REITs)
5.8%
Banks
4.8%
Health
Care
Providers
&
Services
4.5%
Electric
Utilities
4.0%
Food
Products
3.7%
Specialty
Retail
3.0%
Oil,
Gas
&
Consumable
Fuels
2.9%
Energy
Equipment
&
Services
2.9%
Professional
Services
2.8%
Aerospace
&
Defense
2.6%
Other*
33.5%
Short-Term
Investments
&
Other
Net
Assets
4.4%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
33
.
Franklin
Mutual
U.S.
Value
Fund
10
franklintempleton.com
Semiannual
Report
Manager’s
Discussion
For
the
six-month
period,
stock
selection
within
the
information
technology,
health
care
and
consumer
staples
sectors
were
among
the
main
contributors
to
relative
outperformance.
An
underweight
to
and
stock
selection
within
the
financials
sector
also
benefited
results,
as
did
an
underweight
to
communication
services
companies.
Conversely,
stock
selection
within
and
an
overweight
to
the
consumer
discretionary
sector
detracted
from
relative
results.
Security
selections
among
real
estate
and
utilities
companies
also
hindered
returns,
as
did
an
underweight
to
the
energy
sector.
For
the
six-month
period,
Kraft
Heinz,
GlaxoSmithKline
and
Baker
Hughes
were
the
largest
contributors
to
relative
performance.
Kraft
Heinz
is
listed
among
the
Fund’s
largest
positions
in
the
Top
10
Holdings
table
on
this
page.
Food
company
Kraft
Heinz
bolstered
relative
returns,
as
more
defensive
stocks
had
a
strong
start
to
2022
amid
the
increased
market
volatility.
Recent
financial
results
have
also
been
encouraging.
Kraft
reported
strong
organic
sales
growth
for
the
first
quarter,
amid
stronger
pricing
but
weaker
volumes.
Inflationary
pressures
did
weigh
on
margins,
but
the
company
reaffirmed
its
2022
operating
earnings
guidance
while
boosting
its
sales
estimates.
U.K.-based
pharmaceutical
company
GlaxoSmithKline
contributed
to
relative
returns
over
the
six
months.
The
stock
was
a
strong
performer
late
in
the
reporting
period,
as
investors
sought
out
companies
perceived
to
have
more
stable
earnings
profiles
amid
the
significant
market
volatility.
GlaxoSmithKline
has
a
strong
position
in
vaccines,
in
our
view,
and
its
consumer
health
business
continues
to
perform
strongly
ahead
of
a
demerger
this
summer.
Baker
Hughes,
a
U.S.-based
oilfield
services
firm,
supported
relative
returns
during
the
period
as
the
overall
sector
had
a
strong
start
to
2022
based
on
rising
oil
and
natural
gas
prices.
Recent
financial
results
were
also
robust,
with
the
company
posting
improved
margins
and
strong
free
cash
generation
in
2021’s
fourth
quarter.
Baker
Hughes
is
well
positioned,
in
our
view,
to
benefit
from
a
potential
acceleration
in
liquefied
natural
gas
growth
as
Europe
tries
to
reduce
dependence
on
Russian
natural
gas.
Over
the
longer
term,
we
believe
Baker
Hughes
is
also
well-positioned
to
benefit
from
the
transition
toward
greener
energy
sources.
On
a
relative
basis,
ING
Groep,
Best
Buy
and
General
Motors
were
among
the
leading
detractors
from
performance
during
the
six
months
under
review.
Netherlands-based
bank
ING
Groep
detracted
from
relative
returns.
Uncertainty
surrounding
the
impact
of
the
Russia-
Ukraine
conflict
on
the
regional
economy
hindered
the
bank’s
shares
in
the
first
quarter
of
2022.
Fundamentally,
we
believe
ING
has
sufficient
capital
to
absorb
any
Russia-
related
losses.
Additionally,
the
bank
reported
strong
loan
growth
for
2021’s
fourth
quarter,
robust
increases
in
fees
and
controlled
expenses
and
credit.
We
expect
that
after
exiting
some
of
its
sub-scale
businesses,
ING
can
benefit
from
a
more
favorable
rate
environment
over
the
medium
term.
Best
Buy,
a
U.S.-based
electronics
retailer,
hampered
relative
returns
during
the
six-month
period
after
the
company
reported
disappointing
fourth-quarter
2021
earnings
and
weaker
guidance
for
2022.
However,
medium-
term
guidance
was
more
positive.
We
believe
that
growth
should
pick
up
over
the
longer
term
as
electronics
become
less
discretionary
for
more
people,
particularly
as
hybrid
work
gains
traction.
We
also
believe
the
valuation
is
attractive
and
Best
Buy
can
continue
to
expand
earnings
per
share
by
offering
more
services.
General
Motors
curbed
relative
performance
during
the
period
due
to
management
changes
at
its
Cruise
business
and
concerns
about
commodity
inflation
and
the
economy.
Nonetheless,
we
believe
the
company’s
latest
financial
results
were
solid,
with
profitability
remaining
strong
despite
increased
investments
in
electric
vehicles
and
commodity
inflation.
Looking
ahead,
we
believe
strong
pricing
in
North
America
and
a
recovery
in
volumes
should
continue
to
help
offset
higher
commodity
prices.
Top
10
Holdings
4/30/22
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Kraft
Heinz
Co.
(The)
3.2%
Food
Products,
United
States
Brixmor
Property
Group,
Inc.
2.6%
Equity
Real
Estate
Investment
Trusts
(REITs),
United
States
Ashland
Global
Holdings,
Inc.
2.5%
Chemicals,
United
States
Citizens
Financial
Group,
Inc.
2.5%
Banks,
United
States
Willis
Towers
Watson
plc
2.4%
Insurance,
United
States
Liberty
Broadband
Corp.
2.4%
Media,
United
States
Vornado
Realty
Trust
2.4%
Equity
Real
Estate
Investment
Trusts
(REITs),
United
States
Voya
Financial,
Inc.
2.3%
Diversified
Financial
Services,
United
States
Everest
Re
Group
Ltd.
2.2%
Insurance,
United
States
Hartford
Financial
Services
Group,
Inc.
(The)
2.2%
Insurance,
United
States
Franklin
Mutual
U.S.
Value
Fund
11
franklintempleton.com
Semiannual
Report
Thank
you
for
your
participation
in
Franklin
Mutual
U.S.
Value
Fund.
We
look
forward
to
continuing
to
serve
your
investment
needs.
Grace
Hoefig
Lead
Portfolio
Manager
Srini
Vijay,
CFA
Portfolio
Manager
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
April
30,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
April
30,
2022
Franklin
Mutual
U.S.
Value
Fund
12
franklintempleton.com
Semiannual
Report
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/22
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
1
Average
Annual
Total
Return
2
A
3
6-Month
-4.00%
-9.28%
1-Year
+0.27%
-5.25%
5-Year
+41.65%
+6.00%
10-Year
+129.99%
+8.07%
Advisor
6-Month
-3.91%
-3.91%
1-Year
+0.51%
+0.51%
5-Year
+43.41%
+7.48%
10-Year
+135.76%
+8.95%
See
page
13
for
Performance
Summary
footnotes.
Franklin
Mutual
U.S.
Value
Fund
Performance
Summary
13
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
Value
securities
may
not
increase
in
price
as
anticipated
or
may
decline
further
in
value.
While
smaller
and
midsize
companies
may
offer
substantial
opportunities
for
capital
growth,
they
also
involve
heightened
risks
and
should
be
considered
speculative.
Historically,
smaller-
and
midsize-company
securities
have
been
more
volatile
in
price
than
larger-company
securities,
especially
over
the
short
term.
The
Fund
may
invest
in
foreign
securities,
which
may
involve
special
risks,
including
currency
fluctuations
and
economic
and
political
uncertainty.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
2.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
4.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(11/1/21–4/30/22)
Share
Class
Net
Investment
Income
Long-Term
Capital
Gain
Total
A
$0.4486
$4.5244
$4.9730
C
$0.1300
$4.5244
$4.6544
R
$0.3477
$4.5244
$4.8721
R6
$0.5824
$4.5244
$5.1068
Advisor
$0.5401
$4.5244
$5.0645
Total
Annual
Operating
Expenses
4
Share
Class
A
0.91%
Advisor
0.66%
Your
Fund’s
Expenses
Franklin
Mutual
U.S.
Value
Fund
14
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/21
Ending
Account
Value
4/30/22
Expenses
Paid
During
Period
11/1/21–4/30/22
1,2
Ending
Account
Value
4/30/22
Expenses
Paid
During
Period
11/1/21–4/30/22
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$960.00
$4.32
$1,020.39
$4.45
0.89%
C
$1,000
$956.30
$7.95
$1,016.67
$8.19
1.64%
R
$1,000
$958.60
$5.53
$1,019.15
$5.70
1.14%
R6
$1,000
$961.60
$2.67
$1,022.08
$2.75
0.55%
Advisor
$1,000
$960.90
$3.10
$1,021.63
$3.20
0.64%
15
franklintempleton.com
Semiannual
Report
Franklin
Small
Cap
Value
Fund
This
semiannual
report
for
Franklin
Small
Cap
Value
Fund
covers
the
period
ended
April
30,
2022.
The
Fund
closed
to
new
investors
on
May
27,
2021.
Existing
shareholders
who
had
an
open
and
funded
account
on
May
27,
2021,
may
continue
to
invest
through
exchanges
and
additional
purchases.
Please
contact
your
financial
professional
or
refer
to
the
Fund’s
prospectus
for
more
information.
Your
Fund’s
Goals
and
Main
Investments
The
Fund
seeks
long-term
total
return
by
normally
investing
at
least
80%
of
its
net
assets
in
investments
of
small-
capitalization
(small-cap)
companies
and
generally
investing
in
equity
securities
that
we
believe
are
undervalued
at
the
time
of
purchase
and
have
the
potential
for
capital
appreciation.
We
define
small-cap
companies
as
those
with
market
capitalizations
not
exceeding
either:
the
highest
market
capitalization
in
the
Russell
2000
®
Index;
1
or
the
12-month
average
of
the
highest
market
capitalization
in
the
Russell
2000
®
Index,
whichever
is
greater
at
the
time
of
purchase.
The
Fund
may
also
invest
in
real
estate
investment
trusts
(REITs)
and
invest
up
to
25%
of
its
total
assets
in
foreign
securities.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
-6.79%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Russell
2000
®
Value
Index,
which
measures
the
performance
of
those
Russell
2000
®
Index
companies
with
relatively
lower
price-to-book
ratios
and
lower
forecasted
growth
rates,
posted
a
-9.50%
cumulative
total
return
for
the
same
period.
2
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
18
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
*Categories
within
the
Other
category
are
listed
in
full
in
the
Fund’s
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
Investment
Strategy
The
Fund
generally
invests
in
equity
securities,
predominantly
common
stocks
of
small
cap
companies,
that
we
believe
are
undervalued
at
the
time
of
purchase
and
have
the
potential
for
capital
appreciation.
A
stock
is
undervalued
when
it
trades
at
less
than
the
price
at
which
we
believe
it
would
trade
if
the
market
reflected
all
factors
relating
to
the
company’s
worth.
Following
this
strategy,
the
Fund
invests
in
companies
that
we
believe
have,
for
example:
stock
prices
that
are
low
relative
to
current,
or
historical
or
future
earnings,
book
value,
cash
flow
or
sales;
recent
sharp
price
declines
but
the
potential
for
good
long-term
earnings
prospects;
and
valuable
intangibles
not
reflected
in
the
stock
price.
The
types
of
companies
the
Fund
may
invest
in
include
those
that
may
be
considered
out
of
favor
due
to
actual
or
perceived
cyclical
or
secular
challenges,
or
are
experiencing
temporary
setbacks,
diminished
expectations,
mismanagement
or
undermanagement,
or
are
financially
stressed.
Portfolio
Composition
4/30/22
%
of
Total
Net
Assets
Banks
8.8%
Hotels,
Restaurants
&
Leisure
8.7%
Insurance
8.4%
Chemicals
7.3%
Trading
Companies
&
Distributors
5.6%
Electronic
Equipment,
Instruments
&
Components
5.3%
Machinery
5.1%
Energy
Equipment
&
Services
4.7%
Oil,
Gas
&
Consumable
Fuels
4.5%
Construction
&
Engineering
4.5%
Software
3.8%
Building
Products
3.6%
Health
Care
Equipment
&
Supplies
3.2%
Equity
Real
Estate
Investment
Trusts
(REITs)
3.1%
Other*
21.4%
Short-Term
Investments
&
Other
Net
Assets
2.0%
1.
Russell
2000
®
Index
is
market
capitalization
weighted
and
measures
the
performance
of
the
approximately
2,000
smallest
companies
in
the
Russell
3000
®
Index
that
represent
a
small
amount
of
the
total
market
capitalization
of
the
Russell
3000
®
Index.
2.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
41
.
Franklin
Small
Cap
Value
Fund
16
franklintempleton.com
Semiannual
Report
Manager’s
Discussion
For
the
six-month
period,
stock
selection
within
the
and
underweights
to
the
financials
and
health
care
sectors
were
among
the
largest
contributors
to
relative
outperformance.
An
underweight
to
communication
services
companies
was
also
additive,
as
was
security
selection
within
the
information
technology
sector.
Conversely,
security
selection
within
the
and
underweights
to
the
consumer
staples
and
real
estate
sectors
were
the
main
detractors
from
relative
results.
An
overweight
to
consumer
discretionary
companies
also
hindered
returns.
On
a
relative
basis,
Crescent
Point
Energy,
NexTier
Oilfield
Solutions
and
The
Hanover
Insurance
Group
were
the
largest
contributors
to
portfolio
results
during
the
six-month
period.
Crescent
Point
Energy
and
Hanover
Insurance
Group
are
listed
among
the
Fund’s
largest
positions
in
the
Top
10
Holdings
table
on
this
page.
Crescent
Point
Energy,
a
Canada-based
exploration
and
production
company,
boosted
relative
performance.
Multiple
factors
contributed
to
the
strong
performance,
including
a
surprise
dividend
boost,
a
share
buyback
announcement,
a
reduction
in
debt,
a
positive
free
cash
flow
outlook
and
an
increase
in
oil
prices.
NexTier
Oilfield
Solutions,
an
oilfield
services
company,
contributed
to
relative
returns
in
the
period
driven
by
strength
in
oil
prices
and
increased
activity
levels
in
U.S.
shale
production.
The
company
hosted
its
investor
day
in
March
2022
and
was
positive
on
tightening
supply/demand
conditions
for
hydraulic
fracturing
fleets
and
the
improving
pricing
environment.
The
Hanover
Insurance
Group,
a
property
and
casualty
insurer,
outperformed,
with
shares
supported
by
a
favorable
commercial
lines
profitability
outlook
as
well
as
personal
auto
results
that
were
better
than
feared.
While
Hanover’s
personal
auto
loss
ratios
rose
on
a
year-over-year
basis
due
to
higher
loss
severity,
fourth-quarter
2021
underwriting
profitability
was
still
above
the
comparable
period
in
2019,
with
management
citing
lower
frequency
that
persisted
through
the
quarter.
In
conjunction
with
strong
fourth-quarter
2021
results,
management
also
laid
out
a
favorable
2022
outlook
relative
to
consensus.
On
a
relative
basis,
Dufry
(not
held
at
period-end),
The
Children’s
Place
and
Herc
Holdings
were
the
largest
detractors
from
portfolio
results
during
the
six
months
under
review.
Dufry,
an
operator
of
duty-free
shops
globally,
detracted
from
relative
performance.
The
primary
driver
of
the
underperformance
was
investor
concern
around
Dufry’s
potential
exposure
to
geopolitical
risks
in
Russia
and
Ukraine.
Though
Dufry’s
direct
revenue
exposure
is
only
in
the
low-single
digits,
its
business
is
heavily
reliant
on
cross-border
travel
which
may
be
negatively
impacted
by
rising
political
tensions.
Additionally,
higher
oil
prices
may
negatively
impact
consumers’
willingness
to
travel
and
spend
on
discretionary
goods.
The
Children’s
Place,
a
retailer
of
children’s
apparel
and
accessories,
curbed
relative
returns
during
the
period.
Investors
became
increasingly
concerned
about
the
challenging
comparisons
the
company
will
face
as
it
laps
last
year’s
financial
stimulus
and
as
the
health
of
its
target
customer
deteriorates
due
to
rising
inflationary
pressures.
Herc
Holdings,
which
rents
construction
equipment,
underperformed
during
the
period
due
to
concerns
rising
interest
rates
would
slow
the
global
economy.
While
we
acknowledge
the
risk
that
higher
interest
rates
pose
on
the
economy,
in
our
view,
the
nonresidential
construction
end
market
has
just
begun
to
rebound
from
the
COVID-induced
contraction.
During
2022’s
first
quarter,
Herc
reported
its
sixth
consecutive
quarter
of
rental
rate
increases,
and
utilization
of
its
equipment
on
rent
rose
sharply
from
the
prior
year,
suggesting
strong
demand
for
its
products.
The
company
also
raised
its
guidance
for
2022.
Thank
you
for
your
participation
in
Franklin
Small
Cap
Value
Fund.
We
look
forward
to
continuing
to
serve
your
investment
needs.
Top
10
Holdings
4/30/22
Company
Industry
,
Country
%
of
Total
Net
Assets
a
a
Crescent
Point
Energy
Corp.
3.0%
Oil,
Gas
&
Consumable
Fuels,
Canada
McGrath
RentCorp
3.0%
Trading
Companies
&
Distributors,
United
States
NetScout
Systems,
Inc.
2.9%
Communications
Equipment,
United
States
Hanover
Insurance
Group,
Inc.
(The)
2.9%
Insurance,
United
States
WillScot
Mobile
Mini
Holdings
Corp.
2.9%
Construction
&
Engineering,
United
States
Knowles
Corp.
2.8%
Electronic
Equipment,
Instruments
&
Components,
United
States
Jack
in
the
Box,
Inc.
2.6%
Hotels,
Restaurants
&
Leisure,
United
States
Ashland
Global
Holdings,
Inc.
2.5%
Chemicals,
United
States
Greenbrier
Cos.,
Inc.
(The)
2.4%
Machinery,
United
States
Hilton
Grand
Vacations,
Inc.
2.3%
Hotels,
Restaurants
&
Leisure,
United
States
Franklin
Small
Cap
Value
Fund
17
franklintempleton.com
Semiannual
Report
Steven
Raineri
Lead
Portfolio
Manager
Nicholas
Karzon,
CFA
Christopher
Meeker,
CFA
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
April
30,
2022,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
Performance
Summary
as
of
April
30,
2022
Franklin
Small
Cap
Value
Fund
18
franklintempleton.com
Semiannual
Report
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/22
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
1
Average
Annual
Total
Return
2
–
A
3
6-Month
-6.79%
-11.91%
1-Year
-8.30%
-13.34%
5-Year
+43.82%
+6.33%
10-Year
+152.59%
+9.09%
Advisor
6-Month
-6.66%
-6.66%
1-Year
-8.06%
-8.06%
5-Year
+45.66%
+7.81%
10-Year
+159.40%
+10.00%
See
page
19
for
Performance
Summary
footnotes.
Franklin
Small
Cap
Value
Fund
Performance
Summary
19
franklintempleton.com
Semiannual
Report
5
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
All
investments
involve
risks,
including
possible
loss
of
principal.
The
Fund’s
investments
in
smaller-company
stocks
carry
special
risks
as
such
stocks
have
historically
exhibited
greater
price
volatility
than
larger-company
stocks,
particularly
over
the
short
term.
Value
securities
may
not
increase
in
price
as
anticipat-
ed
or
may
decline
further
in
value.
Additionally,
smaller
companies
often
have
relatively
small
revenues,
limited
product
lines
and
small
market
share.
In
addition,
the
Fund
may
invest
up
to
25%
of
its
total
assets
in
foreign
securities,
which
involve
special
risks,
including
currency
fluctuations
and
economic
and
political
uncertainty.
REITS
may
be
affected
by
any
change
in
the
value
of
the
properties
owned
and
other
factors,
and
their
prices
tend
to
go
up
and
down.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund’s
prospectus
also
includes
a
description
of
the
main
investment
risks.
Russia’s
military
invasion
of
Ukraine
in
February
2022,
the
resulting
responses
by
the
United
States
and
other
countries,
and
the
potential
for
wider
conflict
could
increase
volatility
and
uncertainty
in
the
financial
markets
and
adversely
affect
regional
and
global
economies.
The
United
States
and
other
countries
have
im-
posed
broad-ranging
economic
sanctions
on
Russia
and
certain
Russian
individuals,
banking
entities
and
corporations
as
a
response
to
its
invasion
of
Ukraine.
The
United
States
and
other
countries
have
also
imposed
economic
sanctions
on
Belarus
and
may
impose
sanctions
on
other
countries
that
support
Russia’s
military
invasion.
These
sanctions,
as
well
as
any
other
economic
consequences
related
to
the
invasion,
such
as
additional
sanctions,
boycotts
or
changes
in
consumer
or
purchaser
preferences
or
cyberattacks
on
governments,
companies
or
individuals,
may
further
decrease
the
value
and
liquidity
of
certain
Russian
securities
and
securities
of
issuers
in
other
countries
that
are
subject
to
economic
sanctions
related
to
the
invasion.
1.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
2.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
4.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
See
www.franklintempletondatasources.com
for
additional
data
provider
information.
Distributions
(11/1/21–4/30/22)
Share
Class
Net
Investment
Income
Short-Term
Capital
Gain
Long-Term
Capital
Gain
Total
A
$0.3351
$2.6536
$2.7149
$5.7036
C
–
$2.6536
$2.7149
$5.3685
R
$0.1766
$2.6536
$2.7149
$5.5451
R6
$0.5875
$2.6536
$2.7149
$5.9560
Advisor
$0.5001
$2.6536
$2.7149
$5.8686
Total
Annual
Operating
Expenses
4
Share
Class
A
1.00%
Advisor
0.75%
Your
Fund’s
Expenses
Franklin
Small
Cap
Value
Fund
20
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
181/365
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/21
Ending
Account
Value
4/30/22
Expenses
Paid
During
Period
11/1/21–4/30/22
1,2
Ending
Account
Value
4/30/22
Expenses
Paid
During
Period
11/1/21–4/30/22
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$932.10
$4.61
$1,020.02
$4.82
0.96%
C
$1,000
$928.70
$8.19
$1,016.30
$8.57
1.71%
R
$1,000
$931.00
$5.81
$1,018.78
$6.07
1.21%
R6
$1,000
$934.00
$2.81
$1,021.89
$2.94
0.59%
Advisor
$1,000
$933.40
$3.42
$1,021.26
$3.57
0.71%
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
MicroCap
Value
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$32.58
$21.77
$29.32
$31.06
$36.43
$31.33
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.05
0.11
c
0.11
0.06
(0.04)
0.01
Net
realized
and
unrealized
gains
(losses)
(2.27)
12.15
(2.89)
(0.03)
(2.70)
8.20
Total
from
investment
operations
........
(2.22)
12.26
(2.78)
0.03
(2.74)
8.21
Less
distributions
from:
Net
investment
income
..............
(0.08)
(0.11)
(0.06)
—
(—)
d
(0.11)
Net
realized
gains
.................
(4.24)
(1.34)
(4.71)
(1.77)
(2.63)
(3.00)
Total
distributions
...................
(4.32)
(1.45)
(4.77)
(1.77)
(2.63)
(3.11)
Net
asset
value,
end
of
period
..........
$26.04
$32.58
$21.77
$29.32
$31.06
$36.43
Total
return
e
.......................
(7.44)%
57.97%
(12.10)%
0.58%
(8.11)%
26.98%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.21%
1.23%
1.28%
1.22%
1.17%
1.16%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.21%
g
1.23%
g
1.27%
h
1.21%
h
1.16%
h
1.15%
h
Net
investment
income
(loss)
..........
0.36%
0.37%
c
0.50%
0.23%
(0.11)%
0.03%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$141,737
$161,200
$94,015
$145,897
$184,613
$238,337
Portfolio
turnover
rate
................
7.21%
31.98%
31.04%
7.04%
4.08%
8.82%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.05
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.20%.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
MicroCap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$33.21
$22.17
$29.80
$31.43
$36.85
$31.66
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.10
0.22
c
0.20
0.16
0.08
0.12
Net
realized
and
unrealized
gains
(losses)
(2.30)
12.36
(2.94)
(0.02)
(2.74)
8.30
Total
from
investment
operations
........
(2.20)
12.58
(2.74)
0.14
(2.66)
8.42
Less
distributions
from:
Net
investment
income
..............
(0.19)
(0.20)
(0.18)
—
(0.13)
(0.23)
Net
realized
gains
.................
(4.24)
(1.34)
(4.71)
(1.77)
(2.63)
(3.00)
Total
distributions
...................
(4.43)
(1.54)
(4.89)
(1.77)
(2.76)
(3.23)
Net
asset
value,
end
of
period
..........
$26.58
$33.21
$22.17
$29.80
$31.43
$36.85
Total
return
d
.......................
(7.29)%
58.51%
(11.80)%
0.97%
(7.83)%
27.46%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.90%
0.91%
0.95%
0.89%
0.85%
0.80%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.87%
0.88%
0.91%
f
0.86%
f
0.82%
f
0.79%
f
Net
investment
income
...............
0.69%
0.72%
c
0.86%
0.58%
0.23%
0.39%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$21,838
$23,137
$12,299
$19,266
$21,070
$27,107
Portfolio
turnover
rate
................
7.21%
31.98%
31.04%
7.04%
4.08%
8.82%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.05
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.54%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
MicroCap
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$32.96
$22.01
$29.62
$31.28
$36.67
$31.52
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.09
0.19
c
0.17
0.15
0.05
0.09
Net
realized
and
unrealized
gains
(losses)
(2.30)
12.28
(2.94)
(0.04)
(2.72)
8.25
Total
from
investment
operations
........
(2.21)
12.47
(2.77)
0.11
(2.67)
8.34
Less
distributions
from:
Net
investment
income
..............
(0.15)
(0.18)
(0.13)
—
(0.09)
(0.19)
Net
realized
gains
.................
(4.24)
(1.34)
(4.71)
(1.77)
(2.63)
(3.00)
Total
distributions
...................
(4.39)
(1.52)
(4.84)
(1.77)
(2.72)
(3.19)
Net
asset
value,
end
of
period
..........
$26.36
$32.96
$22.01
$29.62
$31.28
$36.67
Total
return
d
.......................
(7.33)%
58.40%
(11.95)%
0.87%
(7.90)%
27.29%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.96%
0.98%
1.03%
0.97%
0.92%
0.92%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.96%
f
0.98%
f
1.02%
g
0.96%
g
0.91%
g
0.91%
g
Net
investment
income
...............
0.60%
0.60%
c
0.73%
0.48%
0.14%
0.27%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$36,850
$38,829
$22,429
$29,687
$53,329
$76,228
Portfolio
turnover
rate
................
7.21%
31.98%
31.04%
7.04%
4.08%
8.82%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.05
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.43%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited),
April
30,
2022
Franklin
MicroCap
Value
Fund
franklintempleton.com
Semiannual
Report
24
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.4%
Aerospace
&
Defense
2.0%
a
Ducommun,
Inc.
......................................
United
States
43,400
$
2,216,438
Magellan
Aerospace
Corp.
..............................
Canada
243,900
1,860,600
4,077,038
Banks
23.6%
American
National
Bankshares
,
Inc.
.......................
United
States
94,823
3,294,151
Arrow
Financial
Corp.
..................................
United
States
98,824
3,093,191
Bar
Harbor
Bankshares
.................................
United
States
121,700
3,177,587
First
Business
Financial
Services,
Inc.
......................
United
States
133,500
4,628,445
First
Internet
Bancorp
..................................
United
States
85,500
3,290,895
a
First
Western
Financial,
Inc.
.............................
United
States
110,706
3,633,371
Investar
Holding
Corp.
.................................
United
States
219,181
4,317,866
Northeast
Bank
.......................................
United
States
106,975
4,003,005
Northrim
BanCorp
,
Inc.
.................................
United
States
65,600
2,628,592
Orrstown
Financial
Services,
Inc.
.........................
United
States
119,525
2,818,399
Peapack
-Gladstone
Financial
Corp.
.......................
United
States
114,985
3,563,385
Peoples
Financial
Services
Corp.
.........................
United
States
82,013
4,071,125
Premier
Financial
Corp.
.................................
United
States
127,500
3,383,850
WesBanco
,
Inc.
.......................................
United
States
42,357
1,365,590
47,269,452
Biotechnology
1.2%
a
Anika
Therapeutics,
Inc.
................................
United
States
71,692
1,543,529
a
Catalyst
Pharmaceuticals,
Inc.
...........................
United
States
61,500
468,630
a
Vanda
Pharmaceuticals,
Inc.
.............................
United
States
36,700
364,064
2,376,223
Chemicals
2.1%
a
Trecora
Resources
....................................
United
States
429,318
4,181,557
Commercial
Services
&
Supplies
1.1%
a
Heritage-Crystal
Clean,
Inc.
.............................
United
States
76,900
2,099,370
Communications
Equipment
2.5%
a
Digi
International,
Inc.
..................................
United
States
113,801
2,153,115
a
PCTEL,
Inc.
.........................................
United
States
393,331
1,675,590
a
Sierra
Wireless,
Inc.
...................................
Canada
78,100
1,226,951
5,055,656
Construction
&
Engineering
3.4%
a
Matrix
Service
Co.
.....................................
United
States
318,441
2,165,399
a
Northwest
Pipe
Co.
....................................
United
States
65,700
1,754,847
a
Sterling
Construction
Co.,
Inc.
............................
United
States
127,451
2,917,353
6,837,599
Diversified
Telecommunication
Services
0.6%
ATN
International,
Inc.
..................................
United
States
29,000
1,145,500
Electrical
Equipment
3.0%
LSI
Industries,
Inc.
....................................
United
States
309,318
2,223,996
Powell
Industries,
Inc.
..................................
United
States
90,200
1,740,860
Preformed
Line
Products
Co.
............................
United
States
32,700
1,945,650
5,910,506
Electronic
Equipment,
Instruments
&
Components
2.1%
a
Daktronics,
Inc.
.......................................
United
States
630,758
2,113,039
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
25
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
a
Kimball
Electronics,
Inc.
................................
United
States
118,000
$
2,105,120
4,218,159
Energy
Equipment
&
Services
1.3%
a
Geospace
Technologies
Corp.
............................
United
States
321,345
1,857,374
a
Helix
Energy
Solutions
Group,
Inc.
........................
United
States
181,300
745,143
a
Oil
States
International,
Inc.
.............................
United
States
13,890
93,896
2,696,413
Equity
Real
Estate
Investment
Trusts
(REITs)
5.8%
Alpine
Income
Property
Trust,
Inc.
.........................
United
States
170,621
3,190,613
CTO
Realty
Growth,
Inc.
................................
United
States
60,051
3,829,452
Indus
Realty
Trust,
Inc.
.................................
United
States
64,378
4,599,808
11,619,873
Food
&
Staples
Retailing
1.7%
Village
Super
Market,
Inc.,
A
.............................
United
States
148,898
3,452,945
Health
Care
Equipment
&
Supplies
4.6%
a
Invacare
Corp.
.......................................
United
States
841,635
1,397,114
a
Orthofix
Medical,
Inc.
..................................
United
States
57,900
1,794,900
a
Semler
Scientific,
Inc.
..................................
United
States
4,500
206,955
a
UFP
Technologies,
Inc.
.................................
United
States
33,400
2,293,578
Utah
Medical
Products,
Inc.
..............................
United
States
41,696
3,527,065
9,219,612
Health
Care
Technology
2.2%
a
CareCloud
,
Inc.
.......................................
United
States
452,691
1,788,129
a
Computer
Programs
and
Systems,
Inc.
.....................
United
States
79,600
2,540,832
4,328,961
Hotels,
Restaurants
&
Leisure
3.8%
a
Century
Casinos,
Inc.
..................................
United
States
194,762
2,039,158
a
Chuy's
Holdings,
Inc.
..................................
United
States
88,200
2,205,882
Ruth's
Hospitality
Group,
Inc.
............................
United
States
158,900
3,332,133
7,577,173
Household
Durables
0.7%
Hooker
Furnishings
Corp.
...............................
United
States
87,400
1,473,564
Independent
Power
and
Renewable
Electricity
Producers
1.3%
Polaris
Infrastructure,
Inc.
...............................
Canada
177,300
2,593,288
Insurance
1.0%
Tiptree,
Inc.
..........................................
United
States
13,766
160,099
United
Fire
Group,
Inc.
.................................
United
States
63,800
1,868,702
2,028,801
Interactive
Media
&
Services
1.0%
a
DHI
Group,
Inc.
.......................................
United
States
360,217
2,002,807
IT
Services
1.8%
Hackett
Group,
Inc.
(The)
...............................
United
States
152,200
3,575,178
Machinery
6.3%
Alamo
Group,
Inc.
.....................................
United
States
18,100
2,288,564
Graham
Corp.
........................................
United
States
246,397
1,796,234
Hurco
Cos.,
Inc.
......................................
United
States
95,500
2,709,335
a
L
B
Foster
Co.,
A
......................................
United
States
170,565
2,422,023
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
26
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
(continued)
Miller
Industries,
Inc.
...................................
United
States
65,300
$
1,750,693
Shyft
Group,
Inc.
(The)
.................................
United
States
68,817
1,752,769
12,719,618
Metals
&
Mining
1.3%
Haynes
International,
Inc.
...............................
United
States
64,177
2,508,037
Oil,
Gas
&
Consumable
Fuels
2.8%
a
Ardmore
Shipping
Corp.
................................
Ireland
914,100
5,694,843
Paper
&
Forest
Products
1.5%
Mercer
International,
Inc.
................................
Germany
192,300
3,078,723
Pharmaceuticals
0.3%
a
Antares
Pharma,
Inc.
..................................
United
States
53,200
296,058
a
Harrow
Health,
Inc.
....................................
United
States
56,100
379,797
675,855
Professional
Services
2.0%
Resources
Connection,
Inc.
.............................
United
States
233,100
4,006,989
Semiconductors
&
Semiconductor
Equipment
1.7%
a
AXT,
Inc.
............................................
United
States
254,300
1,500,370
a
Photronics
,
Inc.
.......................................
United
States
127,400
1,909,726
3,410,096
Specialty
Retail
1.8%
a
Children's
Place,
Inc.
(The)
..............................
United
States
30,300
1,403,799
a
Genesco,
Inc.
........................................
United
States
35,704
2,214,719
3,618,518
Textiles,
Apparel
&
Luxury
Goods
3.2%
a
Delta
Apparel,
Inc.
.....................................
United
States
72,636
2,104,992
Rocky
Brands,
Inc.
....................................
United
States
61,720
2,376,837
a
Vera
Bradley,
Inc.
.....................................
United
States
303,474
1,866,365
6,348,194
Thrifts
&
Mortgage
Finance
2.9%
Southern
Missouri
Bancorp,
Inc.
..........................
United
States
76,800
3,240,960
Territorial
Bancorp,
Inc.
.................................
United
States
112,239
2,548,948
5,789,908
Water
Utilities
2.1%
Consolidated
Water
Co.
Ltd.
.............................
United
States
216,067
2,350,809
a
Pure
Cycle
Corp.
.....................................
United
States
178,887
1,869,369
4,220,178
Wireless
Telecommunication
Services
0.7%
Spok
Holdings,
Inc.
....................................
United
States
202,951
1,396,303
Total
Common
Stocks
(Cost
$141,248,365)
.....................................
187,206,937
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
27
Short
Term
Investments
6.5%
a
a
Country
Shares
a
Value
a
a
Money
Market
Funds
6.5%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.024%
....
United
States
13,058,408
$
13,058,408
Total
Money
Market
Funds
(Cost
$13,058,408)
..................................
13,058,408
Total
Short
Term
Investments
(Cost
$13,058,408
)
................................
13,058,408
a
Total
Investments
(Cost
$154,306,773)
99.9%
...................................
$200,265,345
Other
Assets,
less
Liabilities
0.1%
.............................................
159,813
Net
Assets
100.0%
...........................................................
$200,425,158
a
Non-income
producing.
b
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Mutual
U.S.
Value
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$40.20
$27.59
$34.61
$37.93
$41.08
$35.40
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.21
0.43
1.14
c
0.52
0.45
0.38
d
Net
realized
and
unrealized
gains
(losses)
(1.69)
13.37
(5.47)
1.13
(0.43)
7.79
Total
from
investment
operations
........
(1.48)
13.80
(4.33)
1.65
0.02
8.17
Less
distributions
from:
Net
investment
income
..............
(0.45)
(1.19)
(0.54)
(0.46)
(0.46)
(0.18)
Net
realized
gains
.................
(4.52)
—
(2.15)
(4.51)
(2.71)
(2.31)
Total
distributions
...................
(4.97)
(1.19)
(2.69)
(4.97)
(3.17)
(2.49)
Net
asset
value,
end
of
period
..........
$33.75
$40.20
$27.59
$34.61
$37.93
$41.08
Total
return
e
.......................
(4.00)%
51.14%
(13.94)%
6.22%
(0.15)%
23.63%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.89%
0.91%
0.95%
0.93%
0.91%
0.92%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.89%
h
0.91%
h
0.93%
0.89%
0.86%
0.87%
Net
investment
income
...............
1.15%
1.18%
3.94%
c
1.55%
1.13%
0.97%
d
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$752,472
$790,329
$538,538
$735,919
$772,976
$841,367
Portfolio
turnover
rate
................
33.59%
60.45%
57.78%
44.31%
29.85%
24.68%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.69
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.55%.
d
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.73%.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Mutual
U.S.
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$38.15
$26.21
$32.97
$36.13
$39.27
$34.01
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.07
0.15
0.93
c
0.26
0.15
0.08
d
Net
realized
and
unrealized
gains
(losses)
(1.60)
12.72
(5.28)
1.09
(0.41)
7.49
Total
from
investment
operations
........
(1.53)
12.87
(4.35)
1.35
(0.26)
7.57
Less
distributions
from:
Net
investment
income
..............
(0.13)
(0.93)
(0.26)
—
(0.17)
—
Net
realized
gains
.................
(4.52)
—
(2.15)
(4.51)
(2.71)
(2.31)
Total
distributions
...................
(4.65)
(0.93)
(2.41)
(4.51)
(2.88)
(2.31)
Net
asset
value,
end
of
period
..........
$31.97
$38.15
$26.21
$32.97
$36.13
$39.27
Total
return
e
.......................
(4.37)%
50.06%
(14.57)%
5.41%
(0.91)%
22.73%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.64%
1.66%
1.70%
1.68%
1.66%
1.67%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
1.64%
h
1.66%
h
1.68%
1.64%
1.61%
1.62%
Net
investment
income
...............
0.40%
0.42%
3.36%
c
0.80%
0.38%
0.22%
d
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$18,719
$20,132
$15,881
$27,443
$33,854
$65,586
Portfolio
turnover
rate
................
33.59%
60.45%
57.78%
44.31%
29.85%
24.68%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.66
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.97%.
d
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
(0.02)%.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Mutual
U.S.
Value
Fund
(continued)
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Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$40.34
$27.67
$34.70
$37.99
$41.10
$35.42
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.16
0.34
1.11
c
0.44
0.35
0.29
d
Net
realized
and
unrealized
gains
(losses)
(1.69)
13.44
(5.55)
1.14
(0.42)
7.80
Total
from
investment
operations
........
(1.53)
13.78
(4.44)
1.58
(0.07)
8.09
Less
distributions
from:
Net
investment
income
..............
(0.35)
(1.11)
(0.44)
(0.36)
(0.33)
(0.10)
Net
realized
gains
.................
(4.52)
—
(2.15)
(4.51)
(2.71)
(2.31)
Total
distributions
...................
(4.87)
(1.11)
(2.59)
(4.87)
(3.04)
(2.41)
Net
asset
value,
end
of
period
..........
$33.94
$40.34
$27.67
$34.70
$37.99
$41.10
Total
return
e
.......................
(4.14)%
50.87%
(14.16)%
5.94%
(0.39)%
23.33%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.14%
1.16%
1.20%
1.18%
1.16%
1.17%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
1.14%
h
1.16%
h
1.18%
1.14%
1.11%
1.12%
Net
investment
income
...............
0.90%
0.93%
3.80%
c
1.30%
0.88%
0.72%
d
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$5,958
$6,362
$4,465
$6,764
$7,280
$7,884
Portfolio
turnover
rate
................
33.59%
60.45%
57.78%
44.31%
29.85%
24.68%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.70
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.41%.
d
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.48%.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Mutual
U.S.
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$41.93
$28.73
$35.93
$39.20
$42.38
$36.40
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.28
0.59
1.27
c
0.67
0.61
0.75
d
Net
realized
and
unrealized
gains
(losses)
(1.76)
13.91
(5.65)
1.18
(0.45)
7.83
Total
from
investment
operations
........
(1.48)
14.50
(4.38)
1.85
0.16
8.58
Less
distributions
from:
Net
investment
income
..............
(0.58)
(1.30)
(0.67)
(0.61)
(0.63)
(0.29)
Net
realized
gains
.................
(4.52)
—
(2.15)
(4.51)
(2.71)
(2.31)
Total
distributions
...................
(5.10)
(1.30)
(2.82)
(5.12)
(3.34)
(2.60)
Net
asset
value,
end
of
period
..........
$35.35
$41.93
$28.73
$35.93
$39.20
$42.38
Total
return
e
.......................
(3.84)%
51.74%
(13.61)%
6.61%
0.19%
24.10%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.58%
0.59%
0.61%
0.59%
0.57%
0.57%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.55%
0.55%
0.55%
0.52%
0.50%
0.47%
Net
investment
income
...............
1.49%
1.54%
4.24%
c
1.92%
1.49%
1.37%
d
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$38,049
$39,290
$27,952
$36,398
$36,580
$34,673
Portfolio
turnover
rate
................
33.59%
60.45%
57.78%
44.31%
29.85%
24.68%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.72
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.85%.
d
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.13%.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Mutual
U.S.
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$42.04
$28.80
$36.01
$39.26
$42.39
$36.45
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.27
0.55
1.28
c
0.63
0.57
0.49
d
Net
realized
and
unrealized
gains
(losses)
(1.78)
13.95
(5.72)
1.19
(0.46)
8.04
Total
from
investment
operations
........
(1.51)
14.50
(4.44)
1.82
0.11
8.53
Less
distributions
from:
Net
investment
income
..............
(0.54)
(1.26)
(0.62)
(0.56)
(0.53)
(0.28)
Net
realized
gains
.................
(4.52)
—
(2.15)
(4.51)
(2.71)
(2.31)
Total
distributions
...................
(5.06)
(1.26)
(2.77)
(5.07)
(3.24)
(2.59)
Net
asset
value,
end
of
period
..........
$35.47
$42.04
$28.80
$36.01
$39.26
$42.39
Total
return
e
.......................
(3.91)%
51.57%
(13.71)%
6.48%
0.07%
23.98%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.64%
0.66%
0.70%
0.68%
0.66%
0.67%
Expenses
net
of
waiver
and
payments
by
affiliates
g
..........................
0.64%
h
0.66%
h
0.68%
0.64%
0.61%
0.62%
Net
investment
income
...............
1.41%
1.43%
4.22%
c
1.80%
1.38%
1.22%
d
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$52,295
$56,787
$34,029
$47,427
$48,616
$57,402
Portfolio
turnover
rate
................
33.59%
60.45%
57.78%
44.31%
29.85%
24.68%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.72
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.83%.
d
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.98%.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited),
April
30,
2022
Franklin
Mutual
U.S.
Value
Fund
franklintempleton.com
Semiannual
Report
33
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.6%
Aerospace
&
Defense
2.6%
Airbus
SE
...........................................
France
95,506
$
10,454,728
Huntington
Ingalls
Industries,
Inc.
.........................
United
States
58,385
12,420,825
22,875,553
Automobiles
1.4%
a
General
Motors
Co.
....................................
United
States
318,113
12,059,664
Banks
4.8%
Citizens
Financial
Group,
Inc.
............................
United
States
541,129
21,320,482
ING
Groep
NV
.......................................
Netherlands
1,173,594
11,118,346
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
56,878
9,447,436
41,886,264
Building
Products
1.8%
Johnson
Controls
International
plc
.........................
United
States
256,904
15,380,842
Chemicals
6.4%
Ashland
Global
Holdings,
Inc.
............................
United
States
209,692
22,011,369
Avient
Corp.
.........................................
United
States
348,327
17,151,622
Huntsman
Corp.
......................................
United
States
486,978
16,493,945
55,656,936
Commercial
Services
&
Supplies
1.6%
a
Stericycle,
Inc.
.......................................
United
States
275,937
13,849,278
Construction
&
Engineering
1.7%
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
412,247
14,469,870
Diversified
Financial
Services
2.3%
Voya
Financial,
Inc.
....................................
United
States
322,274
20,348,380
Electric
Utilities
4.0%
Entergy
Corp.
........................................
United
States
103,194
12,264,607
Evergy
,
Inc.
..........................................
United
States
160,283
10,875,202
Pinnacle
West
Capital
Corp.
.............................
United
States
164,902
11,741,022
34,880,831
Electrical
Equipment
1.9%
Regal
Rexnord
Corp.
..................................
United
States
132,332
16,837,924
Electronic
Equipment,
Instruments
&
Components
2.2%
a
Flex
Ltd.
............................................
United
States
1,150,174
18,966,369
Energy
Equipment
&
Services
2.9%
Baker
Hughes
Co.
.....................................
United
States
351,518
10,904,088
Schlumberger
NV
.....................................
United
States
357,922
13,962,537
24,866,625
Equity
Real
Estate
Investment
Trusts
(REITs)
5.8%
Brixmor
Property
Group,
Inc.
.............................
United
States
880,289
22,341,735
Healthcare
Realty
Trust,
Inc.
.............................
United
States
263,261
7,129,108
Vornado
Realty
Trust
...................................
United
States
528,544
20,459,938
49,930,781
Food
Products
3.7%
Archer-Daniels-Midland
Co.
.............................
United
States
51,356
4,599,444
Kraft
Heinz
Co.
(The)
..................................
United
States
649,721
27,697,606
32,297,050
Health
Care
Equipment
&
Supplies
0.8%
Medtronic
plc
........................................
United
States
63,333
6,609,432
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
U.S.
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
34
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
4.5%
AmerisourceBergen
Corp.
...............................
United
States
65,652
$
9,932,491
Anthem,
Inc.
.........................................
United
States
20,155
10,116,399
CVS
Health
Corp.
.....................................
United
States
87,935
8,453,192
Humana,
Inc.
........................................
United
States
23,115
10,276,004
38,778,086
Household
Durables
2.0%
DR
Horton,
Inc.
.......................................
United
States
254,172
17,687,829
Independent
Power
and
Renewable
Electricity
Producers
2.0%
AES
Corp.
(The)
......................................
United
States
830,835
16,965,651
Industrial
Conglomerates
1.0%
General
Electric
Co.
...................................
United
States
112,372
8,377,333
Insurance
6.8%
Everest
Re
Group
Ltd.
.................................
United
States
69,675
19,140,419
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
273,238
19,107,534
Willis
Towers
Watson
plc
................................
United
States
97,728
20,997,838
59,245,791
Internet
&
Direct
Marketing
Retail
1.5%
eBay,
Inc.
...........................................
United
States
252,280
13,098,378
IT
Services
6.1%
Bread
Financial
Holdings,
Inc.
............................
United
States
156,198
8,559,650
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
181,754
14,703,899
a
Fiserv,
Inc.
..........................................
United
States
174,931
17,129,243
Global
Payments,
Inc.
..................................
United
States
90,205
12,356,281
52,749,073
Machinery
1.4%
Parker-Hannifin
Corp.
..................................
United
States
4,890
1,324,310
Timken
Co.
(The)
.....................................
United
States
193,639
11,161,352
12,485,662
Media
2.5%
a
Liberty
Broadband
Corp.,
C
..............................
United
States
186,602
20,865,836
a
Loyalty
Ventures,
Inc.
..................................
United
States
83,431
1,067,082
21,932,918
Oil,
Gas
&
Consumable
Fuels
2.9%
Chevron
Corp.
.......................................
United
States
85,308
13,365,204
Williams
Cos.,
Inc.
(The)
................................
United
States
345,442
11,845,206
25,210,410
Pharmaceuticals
5.8%
a
Elanco
Animal
Health,
Inc.
...............................
United
States
584,498
14,793,644
GlaxoSmithKline
plc
...................................
United
States
814,913
18,370,969
Merck
&
Co.,
Inc.
.....................................
United
States
191,038
16,943,160
50,107,773
Professional
Services
2.8%
a
CACI
International,
Inc.,
A
...............................
United
States
27,758
7,364,197
KBR,
Inc.
...........................................
United
States
343,011
16,886,432
24,250,629
Real
Estate
Management
&
Development
1.8%
a
Cushman
&
Wakefield
plc
...............................
United
States
862,032
15,430,373
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
U.S.
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
35
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
2.0%
NortonLifeLock
,
Inc.
...................................
United
States
678,481
$
16,989,164
Specialty
Retail
3.0%
Best
Buy
Co.,
Inc.
.....................................
United
States
151,838
13,654,791
Dick's
Sporting
Goods,
Inc.
..............................
United
States
124,689
12,022,514
25,677,305
Technology
Hardware,
Storage
&
Peripherals
2.0%
a
Western
Digital
Corp.
..................................
United
States
328,245
17,419,962
Textiles,
Apparel
&
Luxury
Goods
1.5%
Tapestry,
Inc.
........................................
United
States
394,980
13,002,742
Trading
Companies
&
Distributors
2.1%
a
AerCap
Holdings
NV
...................................
Ireland
148,568
6,939,611
a
Univar
Solutions,
Inc.
..................................
United
States
403,833
11,759,617
18,699,228
Total
Common
Stocks
(Cost
$757,534,461)
.....................................
829,024,106
Short
Term
Investments
4.0%
a
a
Country
Shares
a
Value
a
a
Money
Market
Funds
4.0%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.024%
....
United
States
34,601,543
34,601,543
Total
Money
Market
Funds
(Cost
$34,601,543)
..................................
34,601,543
Total
Short
Term
Investments
(Cost
$34,601,543
)
................................
34,601,543
a
Total
Investments
(Cost
$792,136,004)
99.6%
...................................
$863,625,649
Other
Assets,
less
Liabilities
0.4%
.............................................
3,866,230
Net
Assets
100.0%
...........................................................
$867,491,879
a
Non-income
producing.
b
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Small
Cap
Value
Fund
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$61.24
$41.84
$49.48
$52.59
$59.07
$51.45
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.12
0.47
c
0.45
0.51
d
0.39
e
0.31
f
Net
realized
and
unrealized
gains
(losses)
(3.89)
20.03
(5.01)
4.00
(1.95)
10.04
Total
from
investment
operations
........
(3.77)
20.50
(4.56)
4.51
(1.56)
10.35
Less
distributions
from:
Net
investment
income
..............
(0.34)
(0.35)
(0.58)
(0.44)
(0.42)
(0.12)
Net
realized
gains
.................
(5.37)
(0.75)
(2.50)
(7.18)
(4.50)
(2.61)
Total
distributions
...................
(5.71)
(1.10)
(3.08)
(7.62)
(4.92)
(2.73)
Net
asset
value,
end
of
period
..........
$51.76
$61.24
$41.84
$49.48
$52.59
$59.07
Total
return
g
.......................
(6.79)%
49.59%
(10.04)%
11.35%
(3.04)%
20.53%
Ratios
to
average
net
assets
h
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.97%
1.00%
1.08%
1.06%
1.05%
1.05%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.96%
1.00%
i
1.07%
j
1.05%
j
1.03%
j
1.03%
j
Net
investment
income
...............
0.41%
0.81%
c
1.08%
1.10%
d
0.69%
e
0.58%
f
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,377,415
$1,577,561
$1,123,039
$1,334,235
$1,366,866
$1,364,629
Portfolio
turnover
rate
................
22.02%
52.76%
67.46%
57.84%
53.26%
33.38%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.15
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.56%.
d
Net
investment
income
per
share
includes
approximately
$0.14
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.80%.
e
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.52%.
f
Net
investment
income
per
share
includes
approximately
$0.16
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.29%.
g
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
h
Ratios
are
annualized
for
periods
less
than
one
year.
i
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
j
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Small
Cap
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$52.25
$35.87
$42.84
$46.45
$52.75
$46.42
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
(0.08)
0.02
c
0.12
0.15
d
(0.02)
e
(0.09)
f
Net
realized
and
unrealized
gains
(losses)
(3.27)
17.20
(4.33)
3.42
(1.72)
9.03
Total
from
investment
operations
........
(3.35)
17.22
(4.21)
3.57
(1.74)
8.94
Less
distributions
from:
Net
investment
income
..............
—
(0.09)
(0.26)
—
(0.06)
—
Net
realized
gains
.................
(5.37)
(0.75)
(2.50)
(7.18)
(4.50)
(2.61)
Total
distributions
...................
(5.37)
(0.84)
(2.76)
(7.18)
(4.56)
(2.61)
Net
asset
value,
end
of
period
..........
$43.53
$52.25
$35.87
$42.84
$46.45
$52.75
Total
return
g
.......................
(7.13)%
48.51%
(10.73)%
10.52%
(3.77)%
19.62%
Ratios
to
average
net
assets
h
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.72%
1.75%
1.83%
1.81%
1.80%
1.80%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.71%
1.75%
i
1.82%
j
1.80%
j
1.78%
j
1.78%
j
Net
investment
income
(loss)
..........
(0.34)%
0.05%
c
0.34%
0.35%
d
(0.06)%
e
(0.17)%
f
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$80,902
$99,994
$77,586
$111,639
$138,188
$225,228
Portfolio
turnover
rate
................
22.02%
52.76%
67.46%
57.84%
53.26%
33.38%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.15
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
(0.20)%.
d
Net
investment
income
per
share
includes
approximately
$0.14
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.05%.
e
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
(0.23)%.
f
Net
investment
income
per
share
includes
approximately
$0.16
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
(0.46)%.
g
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
h
Ratios
are
annualized
for
periods
less
than
one
year.
i
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
j
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Small
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$60.43
$41.31
$48.88
$51.98
$58.37
$50.87
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.04
0.32
c
0.35
0.40
d
0.25
e
0.18
f
Net
realized
and
unrealized
gains
(losses)
(3.83)
19.79
(4.97)
3.94
(1.93)
9.93
Total
from
investment
operations
........
(3.79)
20.11
(4.62)
4.34
(1.68)
10.11
Less
distributions
from:
Net
investment
income
..............
(0.18)
(0.24)
(0.45)
(0.26)
(0.21)
—
Net
realized
gains
.................
(5.37)
(0.75)
(2.50)
(7.18)
(4.50)
(2.61)
Total
distributions
...................
(5.55)
(0.99)
(2.95)
(7.44)
(4.71)
(2.61)
Net
asset
value,
end
of
period
..........
$51.09
$60.43
$41.31
$48.88
$51.98
$58.37
Total
return
g
.......................
(6.90)%
49.22%
(10.27)%
11.06%
(3.28)%
20.23%
Ratios
to
average
net
assets
h
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.22%
1.25%
1.33%
1.31%
1.30%
1.30%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.21%
1.25%
i
1.32%
j
1.30%
j
1.28%
j
1.28%
j
Net
investment
income
...............
0.16%
0.56%
c
0.84%
0.85%
d
0.44%
e
0.33%
f
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$127,792
$150,288
$106,201
$143,634
$158,678
$209,627
Portfolio
turnover
rate
................
22.02%
52.76%
67.46%
57.84%
53.26%
33.38%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.15
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.32%.
d
Net
investment
income
per
share
includes
approximately
$0.14
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.55%.
e
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.27%.
f
Net
investment
income
per
share
includes
approximately
$0.16
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.04%.
g
Total
return
is
not
annualized
for
periods
less
than
one
year.
h
Ratios
are
annualized
for
periods
less
than
one
year.
i
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
j
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Small
Cap
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$65.05
$44.37
$52.29
$55.17
$61.71
$53.60
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.23
0.71
c
0.65
0.75
d
0.66
e
0.58
f
Net
realized
and
unrealized
gains
(losses)
(4.13)
21.27
(5.27)
4.23
(2.05)
10.49
Total
from
investment
operations
........
(3.90)
21.98
(4.62)
4.98
(1.39)
11.07
Less
distributions
from:
Net
investment
income
..............
(0.59)
(0.55)
(0.80)
(0.68)
(0.65)
(0.35)
Net
realized
gains
.................
(5.37)
(0.75)
(2.50)
(7.18)
(4.50)
(2.61)
Total
distributions
...................
(5.96)
(1.30)
(3.30)
(7.86)
(5.15)
(2.96)
Net
asset
value,
end
of
period
..........
$55.19
$65.05
$44.37
$52.29
$55.17
$61.71
Total
return
g
.......................
(6.60)%
50.21%
(9.65)%
11.82%
(2.63)%
21.07%
Ratios
to
average
net
assets
h
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.61%
0.62%
0.68%
0.66%
0.66%
0.60%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.59%
0.59%
0.64%
i
0.61%
i
0.60%
i
0.58%
i
Net
investment
income
...............
0.78%
1.15%
c
1.47%
1.54%
d
1.12%
e
1.03%
f
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,242,205
$1,336,020
$510,946
$362,397
$270,426
$221,246
Portfolio
turnover
rate
................
22.02%
52.76%
67.46%
57.84%
53.26%
33.38%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.15
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.90%.
d
Net
investment
income
per
share
includes
approximately
$0.14
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.24%.
e
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.95%.
f
Net
investment
income
per
share
includes
approximately
$0.16
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.74%.
g
Total
return
is
not
annualized
for
periods
less
than
one
year.
h
Ratios
are
annualized
for
periods
less
than
one
year.
i
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Small
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
a
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
2020
2019
2018
2017
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$65.13
$44.44
$52.36
$55.19
$61.66
$53.58
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.20
0.63
c
0.58
0.67
d
0.56
e
0.48
f
Net
realized
and
unrealized
gains
(losses)
(4.15)
21.30
(5.29)
4.24
(2.06)
10.48
Total
from
investment
operations
........
(3.95)
21.93
(4.71)
4.91
(1.50)
10.96
Less
distributions
from:
Net
investment
income
..............
(0.50)
(0.49)
(0.71)
(0.56)
(0.47)
(0.27)
Net
realized
gains
.................
(5.37)
(0.75)
(2.50)
(7.18)
(4.50)
(2.61)
Total
distributions
...................
(5.87)
(1.24)
(3.21)
(7.74)
(4.97)
(2.88)
Net
asset
value,
end
of
period
..........
$55.31
$65.13
$44.44
$52.36
$55.19
$61.66
Total
return
g
.......................
(6.66)%
49.98%
(9.81)%
11.61%
(2.81)%
20.84%
Ratios
to
average
net
assets
h
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.72%
0.75%
0.83%
0.81%
0.80%
0.80%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.71%
0.75%
i
0.82%
j
0.80%
j
0.78%
j
0.78%
j
Net
investment
income
...............
0.66%
1.01%
c
1.30%
1.35%
d
0.94%
e
0.83%
f
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,449,012
$1,687,270
$646,240
$522,329
$544,792
$583,364
Portfolio
turnover
rate
................
22.02%
52.76%
67.46%
57.84%
53.26%
33.38%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.15
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.76%.
d
Net
investment
income
per
share
includes
approximately
$0.14
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.05%.
e
Net
investment
income
per
share
includes
approximately
$0.09
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.77%.
f
Net
investment
income
per
share
includes
approximately
$0.16
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.54%.
g
Total
return
is
not
annualized
for
periods
less
than
one
year.
h
Ratios
are
annualized
for
periods
less
than
one
year.
i
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
j
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited),
April
30,
2022
Franklin
Small
Cap
Value
Fund
franklintempleton.com
Semiannual
Report
41
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.0%
Aerospace
&
Defense
0.0%
†
QinetiQ
Group
plc
.....................................
United
Kingdom
51,039
$
216,547
Auto
Components
0.6%
a
Adient
plc
...........................................
United
States
624,063
21,305,511
LCI
Industries
........................................
United
States
41,140
4,003,745
25,309,256
Banks
8.8%
Atlantic
Union
Bankshares
Corp.
..........................
United
States
1,348,320
45,546,250
Camden
National
Corp.
.................................
United
States
506,827
22,680,508
Columbia
Banking
System,
Inc.
...........................
United
States
2,532,613
71,115,773
First
Interstate
BancSystem,
Inc.,
A
........................
United
States
762,583
24,799,199
b
First
of
Long
Island
Corp.
(The)
...........................
United
States
1,230,606
20,649,569
German
American
Bancorp,
Inc.
..........................
United
States
571,608
20,063,441
Peoples
Bancorp,
Inc.
..................................
United
States
929,449
25,485,492
SouthState
Corp.
.....................................
United
States
1,051,925
81,461,072
TriCo
Bancshares
.....................................
United
States
908,962
34,131,523
Washington
Trust
Bancorp,
Inc.
...........................
United
States
616,609
28,943,626
374,876,453
Biotechnology
0.7%
a
Mirum
Pharmaceuticals,
Inc.
.............................
United
States
890,567
21,177,683
a
Rhythm
Pharmaceuticals,
Inc.
............................
United
States
1,226,999
7,681,014
28,858,697
Building
Products
3.6%
Apogee
Enterprises,
Inc.
................................
United
States
913,497
40,193,868
Insteel
Industries,
Inc.
..................................
United
States
3,739
158,608
a
Masonite
International
Corp.
.............................
United
States
307,007
23,799,183
UFP
Industries,
Inc.
....................................
United
States
1,139,691
88,177,893
152,329,552
Chemicals
7.3%
Ashland
Global
Holdings,
Inc.
............................
United
States
1,019,547
107,021,849
Avient
Corp.
.........................................
United
States
1,687,013
83,068,520
a,b
Elementis
plc
........................................
United
Kingdom
30,123,501
45,759,131
Minerals
Technologies,
Inc.
..............................
United
States
1,209,292
76,923,064
312,772,564
Communications
Equipment
2.9%
a,b
NetScout
Systems,
Inc.
.................................
United
States
4,088,822
125,935,718
Construction
&
Engineering
4.5%
a,b
Great
Lakes
Dredge
&
Dock
Corp.
........................
United
States
4,091,750
56,507,067
Primoris
Services
Corp.
.................................
United
States
468,120
10,851,022
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
3,534,518
124,061,582
191,419,671
Construction
Materials
1.8%
a
Summit
Materials,
Inc.,
A
................................
United
States
2,700,015
75,060,417
Electric
Utilities
0.7%
IDACORP,
Inc.
.......................................
United
States
270,321
28,432,363
Electrical
Equipment
0.7%
Regal
Rexnord
Corp.
..................................
United
States
224,528
28,568,943
Electronic
Equipment,
Instruments
&
Components
5.3%
b
Benchmark
Electronics,
Inc.
.............................
United
States
2,564,535
60,933,352
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
42
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Electronic
Equipment,
Instruments
&
Components
(continued)
CTS
Corp.
..........................................
United
States
490,527
$
17,349,940
a
II-VI,
Inc.
............................................
United
States
482,126
29,510,932
a,b
Knowles
Corp.
.......................................
United
States
6,461,119
119,659,924
227,454,148
Energy
Equipment
&
Services
4.7%
Hunting
plc
..........................................
United
Kingdom
7,809,938
28,480,891
a
Natural
Gas
Services
Group,
Inc.
.........................
United
States
531,000
6,520,680
a
NexTier
Oilfield
Solutions,
Inc.
............................
United
States
7,397,724
81,596,896
a
TechnipFMC
plc
......................................
United
Kingdom
11,914,442
82,447,938
199,046,405
Equity
Real
Estate
Investment
Trusts
(REITs)
3.1%
Alexander
&
Baldwin,
Inc.
...............................
United
States
1,575,750
33,405,900
Highwoods
Properties,
Inc.
..............................
United
States
686,658
28,043,113
Kimco
Realty
Corp.
....................................
United
States
34,636
877,330
a
Sunstone
Hotel
Investors,
Inc.
............................
United
States
5,663,038
69,372,215
131,698,558
Food
Products
2.8%
Glanbia
plc
..........................................
Ireland
7,106,851
85,316,052
Maple
Leaf
Foods,
Inc.
.................................
Canada
1,523,723
33,554,761
118,870,813
Health
Care
Equipment
&
Supplies
3.2%
a
Envista
Holdings
Corp.
.................................
United
States
1,470,995
58,280,822
a
Integer
Holdings
Corp.
.................................
United
States
1,075,228
80,824,889
139,105,711
Hotels,
Restaurants
&
Leisure
8.7%
a
Brinker
International,
Inc.
...............................
United
States
1,231,807
44,751,549
a,b
Dalata
Hotel
Group
plc
.................................
Ireland
12,388,095
56,846,674
a,b
Denny's
Corp.
........................................
United
States
4,832,627
61,954,278
a
Hilton
Grand
Vacations,
Inc.
.............................
United
States
2,090,024
97,875,824
b
Jack
in
the
Box,
Inc.
...................................
United
States
1,350,328
111,753,145
373,181,470
Household
Durables
0.8%
Century
Communities,
Inc.
..............................
United
States
156,292
8,239,714
a
M/I
Homes,
Inc.
.......................................
United
States
268,841
11,904,280
a
Meritage
Homes
Corp.
.................................
United
States
100,900
8,329,295
a
Taylor
Morrison
Home
Corp.
.............................
United
States
304,053
7,963,148
36,436,437
Insurance
8.4%
CNO
Financial
Group,
Inc.
..............................
United
States
2,314,063
55,861,481
Hanover
Insurance
Group,
Inc.
(The)
.......................
United
States
846,521
124,286,213
Horace
Mann
Educators
Corp.
...........................
United
States
2,065,784
82,321,492
Old
Republic
International
Corp.
..........................
United
States
1,409,565
31,024,526
Selective
Insurance
Group,
Inc.
...........................
United
States
792,143
65,240,897
358,734,609
IT
Services
1.2%
Bread
Financial
Holdings,
Inc.
............................
United
States
959,735
52,593,478
Leisure
Products
0.5%
Brunswick
Corp.
......................................
United
States
286,338
21,650,016
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
43
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
5.1%
Astec
Industries,
Inc.
...................................
United
States
71,059
$
2,778,407
Columbus
McKinnon
Corp.
..............................
United
States
216,309
7,668,154
b
Greenbrier
Cos.,
Inc.
(The)
..............................
United
States
2,394,758
102,280,114
REV
Group,
Inc.
......................................
United
States
1,930,451
23,010,976
Terex
Corp.
..........................................
United
States
205,583
6,989,822
Timken
Co.
(The)
.....................................
United
States
1,327,894
76,539,810
219,267,283
Multi-Utilities
1.9%
Black
Hills
Corp.
......................................
United
States
1,091,940
79,973,686
Oil,
Gas
&
Consumable
Fuels
4.5%
Crescent
Point
Energy
Corp.
.............................
Canada
18,642,227
129,152,548
a
Green
Plains,
Inc.
.....................................
United
States
2,314,929
64,980,057
194,132,605
Professional
Services
2.1%
ICF
International,
Inc.
..................................
United
States
458,980
45,351,814
Stantec,
Inc.
.........................................
Canada
998,269
45,824,094
91,175,908
Real
Estate
Management
&
Development
0.7%
a
Cushman
&
Wakefield
plc
...............................
United
States
1,599,942
28,638,962
Semiconductors
&
Semiconductor
Equipment
0.9%
a
Cohu,
Inc.
...........................................
United
States
1,040,274
27,629,677
a
Onto
Innovation,
Inc.
...................................
United
States
158,465
11,273,200
38,902,877
Software
3.8%
a
ACI
Worldwide,
Inc.
....................................
United
States
3,530,387
97,509,289
Software
AG
.........................................
Germany
2,096,705
64,533,047
162,042,336
Specialty
Retail
1.5%
a,b
Children's
Place,
Inc.
(The)
..............................
United
States
885,230
41,012,706
Group
1
Automotive,
Inc.
................................
United
States
141,968
24,722,307
65,735,013
Textiles,
Apparel
&
Luxury
Goods
0.5%
Carter's,
Inc.
.........................................
United
States
278,895
23,494,115
Thrifts
&
Mortgage
Finance
1.1%
Enact
Holdings,
Inc.
...................................
United
States
414,775
9,780,394
WSFS
Financial
Corp.
..................................
United
States
985,909
39,505,374
49,285,768
Trading
Companies
&
Distributors
5.6%
Herc
Holdings,
Inc.
....................................
United
States
425,180
54,346,507
b
McGrath
RentCorp
....................................
United
States
1,519,987
126,858,115
a
Univar
Solutions,
Inc.
..................................
United
States
1,936,416
56,388,434
237,593,056
Total
Common
Stocks
(Cost
$3,808,343,827)
....................................
4,192,793,435
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
44
Short
Term
Investments
1.9%
a
a
Country
Shares
a
Value
a
a
Money
Market
Funds
1.9%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.024%
....
United
States
82,843,794
$
82,843,794
Total
Money
Market
Funds
(Cost
$82,843,794)
..................................
82,843,794
Total
Short
Term
Investments
(Cost
$82,843,794
)
................................
82,843,794
a
Total
Investments
(Cost
$3,891,187,621)
99.9%
..................................
$4,275,637,229
Other
Assets,
less
Liabilities
0.1%
.............................................
1,690,219
Net
Assets
100.0%
...........................................................
$4,277,327,448
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
9
regarding
holdings
of
5%
voting
securities.
c
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Value
Investors
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
April
30,
2022
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
45
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Franklin
Small
Cap
Value
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
.................................
$141,248,365
$757,534,461
$2,889,391,652
Cost
-
Non-controlled
affiliates
(Note
3
f
and
9
)
..................
13,058,408
34,601,543
1,001,795,969
Value
-
Unaffiliated
issuers
................................
$187,206,937
$829,024,106
$3,262,643,642
Value
-
Non-controlled
affiliates
(Note
3
f
and
9
)
.................
13,058,408
34,601,543
1,012,993,587
Cash
..................................................
18,240
—
—
Foreign
currency,
at
value
(cost
$–,
$1,461,445
and
$–
respectively)
..
—
1,445,329
—
Receivables:
Investment
securities
sold
.................................
261,262
4,385,918
23,134,004
Capital
shares
sold
......................................
193,606
5,010,972
3,623,591
Dividends
.............................................
26,884
854,480
2,299,329
Other
assets
............................................
15,480
39,727
72,599
Total
assets
........................................
200,780,817
875,362,075
4,304,766,752
Liabilities:
Payables:
Investment
securities
purchased
............................
34,228
6,230,100
17,333,107
Capital
shares
redeemed
.................................
71,138
770,241
6,324,008
Management
fees
.......................................
124,215
346,150
1,953,024
Distribution
fees
........................................
29,919
180,354
421,709
Transfer
agent
fees
......................................
30,932
190,832
1,203,161
Reports
to
shareholders
fees
..............................
19,311
100,949
140,777
Professional
fees
.......................................
45,498
51,500
63,518
Accrued
expenses
and
other
liabilities
.........................
418
70
—
Total
liabilities
.......................................
355,659
7,870,196
27,439,304
Net
assets,
at
value
...............................
$200,425,158
$867,491,879
$4,277,327,448
Net
assets
consist
of:
Paid-in
capital
...........................................
$140,256,551
$723,447,072
$3,778,052,295
Total
distributable
earnings
(losses)
...........................
60,168,607
144,044,807
499,275,153
Net
assets,
at
value
...............................
$200,425,158
$867,491,879
$4,277,327,448
Franklin
Value
Investors
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2022
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
46
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Franklin
Small
Cap
Value
Fund
Class
A:
Net
assets,
at
value
.....................................
$141,736,975
$752,471,507
$1,377,415,205
Shares
outstanding
......................................
5,442,698
22,293,905
26,611,218
Net
asset
value
per
share
a
................................
$26.04
$33.75
$51.76
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
..............................................
$27.56
$35.71
$54.77
Class
C:
Net
assets,
at
value
.....................................
—
$18,718,667
$80,902,154
Shares
outstanding
......................................
—
585,469
1,858,641
Net
asset
value
and
maximum
offering
price
per
share
a
...........
—
$31.97
$43.53
—
Class
R:
—
Net
assets,
at
value
.....................................
—
$5,958,307
$127,792,375
Shares
outstanding
......................................
—
175,535
2,501,173
Net
asset
value
and
maximum
offering
price
per
share
...........
—
$33.94
$51.09
Class
R6:
Net
assets,
at
value
.....................................
$21,837,772
$38,048,836
$1,242,205,491
Shares
outstanding
......................................
821,840
1,076,428
22,508,511
Net
asset
value
and
maximum
offering
price
per
share
...........
$26.58
$35.35
$55.19
Advisor
Class:
Net
assets,
at
value
.....................................
$36,850,411
$52,294,562
$1,449,012,223
Shares
outstanding
......................................
1,397,827
1,474,057
26,199,604
Net
asset
value
and
maximum
offering
price
per
share
...........
$26.36
$35.47
$55.31
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
Franklin
Value
Investors
Trust
Financial
Statements
Statements
of
Operations
for
the
six
months
ended
April
30,
2022
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
47
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Franklin
Small
Cap
Value
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$14,052,
$99,393
and
$233,830,
respectively)
Unaffiliated
issuers
......................................
$1,683,234
$9,161,635
$26,013,061
Non-controlled
affiliates
(Note
3
f
and
9
)
.......................
454
1,732
6,179,682
Total
investment
income
.................................
1,683,688
9,163,367
32,192,743
Expenses:
Management
fees
(Note
3
a
)
.................................
806,701
2,144,617
12,693,343
Distribution
fees:
(Note
3c
)
    Class
A
..............................................
191,313
973,543
1,901,365
    Class
C
..............................................
—
99,488
467,542
    Class
R
..............................................
—
15,679
356,291
Transfer
agent
fees:
(Note
3e
)
    Class
A
..............................................
88,801
466,812
1,185,637
    Class
C
..............................................
—
11,926
73,005
    Class
R
..............................................
—
3,762
111,174
    Class
R6
.............................................
5,673
11,212
322,511
    Advisor
Class
..........................................
22,311
32,293
1,255,660
Custodian
fees
(Note
4
)
....................................
505
3,356
14,674
Reports
to
shareholders
fees
................................
12,431
53,382
127,672
Registration
and
filing
fees
..................................
27,669
46,189
115,830
Professional
fees
.........................................
53,465
51,875
57,693
Trustees'
fees
and
expenses
................................
6,329
25,652
124,872
Other
..................................................
4,485
22,259
26,692
Total
expenses
.......................................
1,219,683
3,962,045
18,833,961
Expense
reductions
(Note
4
)
.............................
—
(7)
—
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
............
(8,058)
(27,123)
(199,255)
Net
expenses
.......................................
1,211,625
3,934,915
18,634,706
Net
investment
income
..............................
472,063
5,228,452
13,558,037
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
....................................
13,847,396
70,813,585
125,717,643
Non-controlled
affiliates
(Note
3
f
and
9
)
.....................
—
—
4,456,144
Foreign
currency
transactions
..............................
(227)
33,624
(99,138)
Net
realized
gain
(loss)
................................
13,847,169
70,847,209
130,074,649
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
....................................
(30,658,262)
(112,504,416)
(394,580,097)
Non-controlled
affiliates
(Note
3
f
and
9
)
.....................
—
—
(55,523,339)
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
...........................................
—
(20)
(78,672)
Net
change
in
unrealized
appreciation
(depreciation)
..........
(30,658,262)
(112,504,436)
(450,182,108)
Net
realized
and
unrealized
gain
(loss)
..........................
(16,811,093)
(41,657,227)
(320,107,459)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
........
$(16,339,030)
$(36,428,775)
$(306,549,422)
Franklin
Value
Investors
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
48
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$472,063
$912,922
$5,228,452
$9,867,517
Net
realized
gain
(loss)
............
13,847,169
32,608,110
70,847,209
156,893,634
Net
change
in
unrealized
appreciation
(depreciation)
.................
(30,658,262)
40,148,742
(112,504,436)
140,358,993
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
(16,339,030)
73,669,774
(36,428,775)
307,120,144
Distributions
to
shareholders:
Class
A
........................
(21,286,656)
(6,083,695)
(96,583,318)
(22,744,402)
Class
C
........................
—
—
(2,428,978)
(552,317)
Class
R
........................
—
—
(760,276)
(173,376)
Class
R6
.......................
(3,358,927)
(884,169)
(4,793,006)
(1,236,499)
Advisor
Class
...................
(5,166,227)
(1,530,858)
(6,492,610)
(1,479,012)
Total
distributions
to
shareholders
.....
(29,811,810)
(8,498,722)
(111,058,188)
(26,185,606)
Capital
share
transactions:
(Note
2
)
Class
A
........................
13,394,445
20,172,380
90,334,432
8,798,321
Class
C
........................
—
—
1,876,640
(2,860,901)
Class
R
........................
—
—
606,978
(135,103)
Class
R6
.......................
3,834,757
4,300,636
5,070,176
(1,292,605)
Advisor
Class
...................
6,179,567
4,780,407
4,191,539
6,589,376
Total
capital
share
transactions
.......
23,408,769
29,253,423
102,079,765
11,099,088
Net
increase
(decrease)
in
net
assets
.....................
(22,742,071)
94,424,475
(45,407,198)
292,033,626
Net
assets:
Beginning
of
period
................
223,167,229
128,742,754
912,899,077
620,865,451
End
of
period
.....................
$200,425,158
$223,167,229
$867,491,879
$912,899,077
Franklin
Value
Investors
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
49
Franklin
Small
Cap
Value
Fund
Six
Months
Ended
April
30,
2022
(unaudited)
Year
Ended
October
31,
2021
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$13,558,037
$39,128,581
Net
realized
gain
(loss)
.................................................
130,074,649
444,950,030
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(450,182,108)
798,486,903
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(306,549,422)
1,282,565,514
Distributions
to
shareholders:
Class
A
.............................................................
(144,535,579)
(27,860,860)
Class
C
.............................................................
(9,999,179)
(1,853,782)
Class
R
.............................................................
(13,461,304)
(2,516,577)
Class
R6
............................................................
(123,172,938)
(16,086,898)
Advisor
Class
........................................................
(150,020,873)
(20,153,588)
Total
distributions
to
shareholders
..........................................
(441,189,873)
(68,471,705)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
44,058,713
(46,025,652)
Class
C
.............................................................
(2,907,154)
(13,872,001)
Class
R
.............................................................
277,525
(4,495,364)
Class
R6
............................................................
118,289,951
552,286,445
Advisor
Class
........................................................
14,215,725
685,131,851
Total
capital
share
transactions
............................................
173,934,760
1,173,025,279
Net
increase
(decrease)
in
net
assets
...................................
(573,804,535)
2,387,119,088
Net
assets:
Beginning
of
period
.....................................................
4,851,131,983
2,464,012,895
End
of
period
..........................................................
$4,277,327,448
$4,851,131,983
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
50
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Franklin
Value
Investors
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
three
separate
funds
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
The
classes
of
shares
offered
within
each
of
the
Funds
are
indicated
below.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
Class
A,
Class
R6
&
Advisor
Class
Franklin
MicroCap
Value
Fund
Class
A,
Class
C,
Class
R
,
Class
R6
&
Advisor
Class
Franklin
Mutual
U.S.
Value
Fund
a
Franklin
Small
Cap
Value
Fund
b
a
Effective
June
1,
2022,
Franklin
Mutual
U.S.
Value
Fund
was
renamed
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund.
b
Effective
May
27,
2021,
the
Franklin
Small
Cap
Value
Fund
was
closed
to
new
investors
with
limited
exceptions.
The
following
summarizes
the Funds'
significant
accounting
policies
. 
a.
Financial
Instrument
Valuation 
The Funds'
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The Funds calculate the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust's
Board
of
Trustees
(the
Board),
the
Funds' administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Funds
have
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily
employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds'
business
day.
Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds'
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
51
franklintempleton.com
Semiannual
Report
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
April
30,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds'
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds'
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Funds
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statements
of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period. 
c.
Income
and
Deferred
Taxes
It
is each
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. Each
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Funds
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
the
Funds
invest.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Funds
invest.
When
a
capital
gain
tax
is
determined
to
apply,
certain
or
all
Funds
record
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
As
a
result
of
several
court
cases,
in
certain
countries
across
the
European
Union,
certain
or
all
Funds
filed
additional
tax
reclaims
for
previously
withheld
taxes
on
dividends
earned
in
those
countries
(EU
reclaims). Income
recognized,
if
any,
for
EU
reclaims
is
reflected
as
other
income
in
the
Statements of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statements
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
in
other
expenses
in
the
Statements
of
Operations.
When
uncertainty
exists
as
to
the
ultimate
resolution
of
these
proceedings,
the
likelihood
of
receipt
of
these
EU
reclaims,
and
the
potential
timing
of
payment,
no
amounts
are
reflected
in
the
financial
statements.
For
U.S.
income
tax
purposes,
EU
reclaims
received
by
the
Funds,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or
credits
on
their
income
tax
returns.
Each
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
April
30,
2022, each
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation 
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
52
franklintempleton.com
Semiannual
Report
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests. 
d.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Funds.
Distributions
to shareholders
are
recorded
on
the
ex-
dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods. 
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
e.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
f.
Guarantees
and
Indemnifications
Under
the
Trust's
organizational
documents,
its
officers
and
trustees
are
indemnified
by
the
Trust
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Funds,
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
Currently,
the
Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Income
and
Deferred
Taxes
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
53
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
April
30,
2022,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Funds'
shares
were
as
follows:
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2022
Shares
sold
a
...................................
432,069
$12,254,840
2,200,440
$79,584,074
Shares
issued
in
reinvestment
of
distributions
..........
759,014
20,759,034
2,574,503
89,386,752
Shares
redeemed
...............................
(696,854)
(19,619,429)
(2,143,246)
(78,636,394)
Net
increase
(decrease)
..........................
494,229
$13,394,445
2,631,697
$90,334,432
Year
ended
October
31,
2021
Shares
sold
a
...................................
1,462,945
$46,213,507
4,681,925
$175,735,473
Shares
issued
in
reinvestment
of
distributions
..........
226,581
5,893,373
660,772
20,853,982
Shares
redeemed
...............................
(1,059,767)
(31,934,500)
(5,202,212)
(187,791,134)
Net
increase
(decrease)
..........................
629,759
$20,172,380
140,485
$8,798,321
Class
C
Class
C
Shares:
Six
Months
ended
April
30,
2022
Shares
sold
...................................
—
$—
111,251
$3,808,261
Shares
issued
in
reinvestment
of
distributions
..........
—
—
73,166
2,413,008
Shares
redeemed
a
..............................
—
—
(126,684)
(4,344,629)
Net
increase
(decrease)
..........................
—
$—
57,733
$1,876,640
Year
ended
October
31,
2021
Shares
sold
...................................
—
$—
256,950
$9,200,910
Shares
issued
in
reinvestment
of
distributions
..........
—
—
18,229
549,596
Shares
redeemed
a
..............................
—
—
(353,358)
(12,611,407)
Net
increase
(decrease)
..........................
—
$—
(78,179)
$(2,860,901)
Class
R
Class
R
Shares:
Six
Months
ended
April
30,
2022
Shares
sold
...................................
—
$—
10,809
$397,354
Shares
issued
in
reinvestment
of
distributions
..........
—
—
21,753
760,276
Shares
redeemed
...............................
—
—
(14,736)
(550,652)
Net
increase
(decrease)
..........................
—
$—
17,826
$606,978
Year
ended
October
31,
2021
Shares
sold
...................................
—
$—
25,435
$959,623
Shares
issued
in
reinvestment
of
distributions
..........
—
—
5,464
173,376
Shares
redeemed
...............................
—
—
(34,551)
(1,268,102)
Net
increase
(decrease)
..........................
—
$—
(3,652)
$(135,103)
Class
R6
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
54
franklintempleton.com
Semiannual
Report
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Shares
Amount
Shares
Amount
Class
R6
Shares:
Six
Months
ended
April
30,
2022
Shares
sold
...................................
281,054
$8,311,331
134,110
$5,106,154
Shares
issued
in
reinvestment
of
distributions
..........
19,497
543,425
131,944
4,792,208
Shares
redeemed
...............................
(175,508)
(5,019,999)
(126,726)
(4,828,186)
Net
increase
(decrease)
..........................
125,043
$3,834,757
139,328
$5,070,176
Year
ended
October
31,
2021
Shares
sold
...................................
383,411
$11,842,262
248,335
$9,612,236
Shares
issued
in
reinvestment
of
distributions
..........
4,821
127,434
37,469
1,229,343
Shares
redeemed
...............................
(246,239)
(7,669,060)
(321,570)
(12,134,184)
Net
increase
(decrease)
..........................
141,993
$4,300,636
(35,766)
$(1,292,605)
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
April
30,
2022
Shares
sold
...................................
234,820
$6,723,476
246,953
$9,309,141
Shares
issued
in
reinvestment
of
distributions
..........
183,267
5,069,161
174,964
6,379,178
Shares
redeemed
...............................
(198,446)
(5,613,070)
(298,744)
(11,496,780)
Net
increase
(decrease)
..........................
219,641
$6,179,567
123,173
$4,191,539
Year
ended
October
31,
2021
Shares
sold
...................................
969,102
$31,340,755
533,163
$20,901,972
Shares
issued
in
reinvestment
of
distributions
..........
56,508
1,483,316
44,043
1,450,354
Shares
redeemed
...............................
(866,250)
(28,043,664)
(407,969)
(15,762,950)
Net
increase
(decrease)
..........................
159,360
$4,780,407
169,237
$6,589,376
Franklin
Small
Cap
Value
Fund
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2022
Shares
sold
a
...................................
1,106,768
$63,129,656
Shares
issued
in
reinvestment
of
distributions
..........
2,484,880
137,836,298
Shares
redeemed
...............................
(2,742,485)
(156,907,241)
Net
increase
(decrease)
..........................
849,163
$44,058,713
Year
ended
October
31,
2021
Shares
sold
a
...................................
6,789,553
$391,493,645
Shares
issued
in
reinvestment
of
distributions
..........
511,688
25,702,130
Shares
redeemed
...............................
(8,383,289)
(463,221,427)
Net
increase
(decrease)
..........................
(1,082,048)
$(46,025,652)
Class
C
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
55
franklintempleton.com
Semiannual
Report
Franklin
Small
Cap
Value
Fund
Shares
Amount
Class
C
Shares:
Six
Months
ended
April
30,
2022
Shares
sold
...................................
73,986
$3,539,228
Shares
issued
in
reinvestment
of
distributions
..........
202,027
9,450,847
Shares
redeemed
a
..............................
(331,222)
(15,897,229)
Net
increase
(decrease)
..........................
(55,209)
$(2,907,154)
Year
ended
October
31,
2021
Shares
sold
...................................
748,913
$36,643,555
Shares
issued
in
reinvestment
of
distributions
..........
41,812
1,803,779
Shares
redeemed
a
..............................
(1,039,615)
(52,319,335)
Net
increase
(decrease)
..........................
(248,890)
$(13,872,001)
Class
R
Class
R
Shares:
Six
Months
ended
April
30,
2022
Shares
sold
...................................
224,477
$12,597,627
Shares
issued
in
reinvestment
of
distributions
..........
244,996
13,425,804
Shares
redeemed
...............................
(455,239)
(25,745,906)
Net
increase
(decrease)
..........................
14,234
$277,525
Year
ended
October
31,
2021
Shares
sold
...................................
820,094
$47,246,697
Shares
issued
in
reinvestment
of
distributions
..........
50,187
2,493,272
Shares
redeemed
...............................
(954,221)
(54,235,333)
Net
increase
(decrease)
..........................
(83,940)
$(4,495,364)
Class
R6
Class
R6
Shares:
Six
Months
ended
April
30,
2022
Shares
sold
...................................
3,482,517
$212,740,241
Shares
issued
in
reinvestment
of
distributions
..........
1,849,348
109,222,521
Shares
redeemed
...............................
(3,360,397)
(203,672,811)
Net
increase
(decrease)
..........................
1,971,468
$118,289,951
Year
ended
October
31,
2021
Shares
sold
...................................
14,413,112
$885,847,704
Shares
issued
in
reinvestment
of
distributions
..........
263,119
13,990,043
Shares
redeemed
...............................
(5,653,897)
(347,551,303)
Net
increase
(decrease)
..........................
9,022,334
$552,286,444
Advisor
Class
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
56
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the
Trust
are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
Franklin
MicroCap
Value
Fund pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to Franklin
Mutual of
0.75%
per
year
of
the
average
daily
net
assets
of
the
Fund. 
Franklin
Mutual
U.S.
Value
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Franklin
Mutual
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
Franklin
Small
Cap
Value
Fund
Shares
Amount
Advisor
Class
Shares:
Six
Months
ended
April
30,
2022
Shares
sold
...................................
3,129,350
$188,889,835
Shares
issued
in
reinvestment
of
distributions
..........
2,115,030
125,230,902
Shares
redeemed
...............................
(4,950,902)
(299,905,012)
Net
increase
(decrease)
..........................
293,478
$14,215,725
Year
ended
October
31,
2021
Shares
sold
...................................
18,326,262
$1,123,861,942
Shares
issued
in
reinvestment
of
distributions
..........
308,116
16,422,595
Shares
redeemed
...............................
(7,270,843)
(455,152,686)
Net
increase
(decrease)
..........................
11,363,535
$685,131,851
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Mutual
Advisers,
LLC
(Franklin
Mutual)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
In
excess
of
$15
billion
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
57
franklintempleton.com
Semiannual
Report
Franklin
Small
Cap
Value
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Franklin
Mutual
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
April
30,
2022,
each
Fund's
annualized
gross
effective
investment
management
fee
rate
based
on
average
daily
net
assets
was
as
follows:
b.
Administrative
Fees
Under
an
agreement
with
Franklin
Mutual,
FT
Services
provides
administrative
services
to
the
Funds.
The
fee
is
paid
by
Franklin
Mutual
based
on
each
of
the
Funds'
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Funds.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Funds’
Class
A
reimbursement
distribution
plans,
the
Funds
reimburse
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of each
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Funds’
Class
C
and
R
compensation
distribution
plans,
the
Funds
pay
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
each
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31
for
each
Fund.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
For
Franklin
Small
Cap
Value
Fund,
the
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
Annualized
Fee
Rate
Net
Assets
0.750%
Up
to
and
including
$500
million
0.625%
Over
$500
million,
up
to
and
including
$1
billion
0.500%
Over
$1
billion,
up
to
and
including
$5
billion
0.490%
In
excess
of
$5
billion
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Franklin
Small
Cap
Value
Fund
Gross
effective
investment
management
fee
rate
........
0.750%
0.478%
0.540%
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Franklin
Small
Cap
Value
Fund
Reimbursement
Plans:
Class
A
...............................
0.25%
0.25%
0.35%
Compensation
Plans:
Class
C
...............................
—
1.00%
1.00%
Class
R
...............................
—
0.50%
0.50%
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
58
franklintempleton.com
Semiannual
Report
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Funds.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Funds
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Funds'
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares
pays
transfer
agent
fees
to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations.
The
fees
are
based
on
an
annualized
asset
based
fee
of
0.02%
plus
a
transaction
based
fee.
In
addition,
each
class
reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6,
reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
are
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
specific
to
that
class.
For
the
period
ended
April
30,
2022,
the
Funds
paid
transfer
agent
fees
as
noted
in
the
Statements
of
Operations
of
which
the
following
amounts
were
retained
by
Investor
Services:
f.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Funds
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statements
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
April
30,
2022,
investments
in
affiliated
management
investment
companies
were
as
follows:
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Franklin
Small
Cap
Value
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..................
$13,706
$48,543
$27,950
CDSC
retained
...........................
$464
$3,310
$7,473
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Franklin
Small
Cap
Value
Fund
Transfer
agent
fees
........................
$68,588
$260,977
$1,354,190
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
MicroCap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.024%
$
7,943,014
$
23,573,532
$
(18,458,138)
$
—
$
—
$
13,058,408
13,058,408
$
454
Total
Affiliated
Securities
...
$7,943,014
$23,573,532
$(18,458,138)
$—
$—
$13,058,408
$454
3.
Transactions
with
Affiliates
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
59
franklintempleton.com
Semiannual
Report
g.
Waiver
and
Expense
Reimbursements
Investor
Services
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
so
that
the
Class
R6
transfer
agent
fees
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
February
28,
2023.
4.
Expense
Offset
Arrangement
The
Funds
have entered
into
an
arrangement
with
their
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Funds'
custodian
expenses.
During
the period
ended
April
30,
2022, the
custodian
fees
were
reduced
as
noted
in
the
Statements
of
Operations.
5.
Income
Taxes
At
April
30,
2022,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatment
of
wash
sales.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Mutual
U.S.
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.024%
$
47,616,094
$
109,117,182
$
(122,131,733)
$
—
$
—
$
34,601,543
34,601,543
$
1,732
Total
Affiliated
Securities
...
$47,616,094
$109,117,182
$(122,131,733)
$—
$—
$34,601,543
$1,732
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.024%
$50,903,498
$451,425,598
$(419,485,302)
$—
$—
$82,843,794
82,843,794
$4,805
Total
Affiliated
Securities
...
$50,903,498
$451,425,598
$(419,485,302)
$—
$—
$82,843,794
$4,805
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Franklin
Small
Cap
Value
Fund
a
a
a
a
Cost
of
investments
.......................
$154,415,537
$793,316,657
$3,912,149,619
Unrealized
appreciation
.....................
$63,390,988
$122,114,336
$621,140,669
Unrealized
depreciation
.....................
(17,541,180)
(51,805,344)
(257,653,059)
Net
unrealized
appreciation
(depreciation)
.......
$45,849,808
$70,308,992
$363,487,610
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
60
franklintempleton.com
Semiannual
Report
6.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
April
30,
2022,
were
as
follows:
7.
Geopolitical
Risk 
On
February
24,
2022,
Russia
engaged
in
military
actions
in
the
sovereign
territory
of
Ukraine.
The
current
political
and
financial
uncertainty
surrounding
Russia
and
Ukraine
may
increase
market
volatility
and
the
economic
risk
of
investing
in
securities
in
these
countries
and
may
also
cause
uncertainty
for
the
global
economy
and
broader
financial
markets.
The
ultimate
fallout
and
long-term
impact
from
these
events
are
not
known.
The
Funds
will
continue
to
assess
the
impact
on
valuations
and
liquidity
and
will
take
any
potential
actions
needed
in
accordance
with
procedures
approved
by
the
Board.
8.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
9.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
April
30,
2022,
investments
in
“affiliated
companies”
were
as
follows:
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Value
Fund
Franklin
Small
Cap
Value
Fund
Purchases
..............................
$14,887,635
$290,687,862
$1,012,526,442
Sales
..................................
$26,656,860
$289,372,429
$1,306,021,934
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Apogee
Enterprises,
Inc.
$
64,367,204
$
—
$
(28,183,780)
$
4,831,799
$
—
a
$
—
a
—
a
$
315,422
Benchmark
Electronics,
Inc.
............
59,779,311
—
—
—
1,154,041
60,933,352
2,564,535
846,297
Children's
Place
Inc
/The
39,002,812
24,648,445
—
—
(22,638,551)
41,012,706
885,230
—
Dalata
Hotel
Group
plc
.
49,073,911
4,123,069
—
—
3,649,694
56,846,674
12,388,095
—
Denny's
Corp
.......
83,295,680
—
(6,468,795)
(791,997)
(14,080,610)
61,954,278
4,832,627
—
Elementis
PLC
......
42,381,088
13,320,539
—
—
(9,942,496)
45,759,131
30,123,501
—
First
of
Long
Island
Corp.
(The)
...........
24,772,099
—
—
—
(4,122,530)
20,649,569
1,230,606
492,242
Great
Lakes
Dredge
&
Dock
Corp.
.......
62,276,435
—
—
—
(5,769,368)
56,507,067
4,091,750
—
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
61
franklintempleton.com
Semiannual
Report
10.
Credit
Facility
The
Funds,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
February
3,
2023.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Funds
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Funds
and
other
costs
incurred
by
the
Funds,
pay
their
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
their
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statements
of
Operations.
During
the
period ended
April
30,
2022,
the
Funds
did
not
use
the
Global
Credit
Facility.
11.
Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small
Cap
Value
Fund
(continued)
Non-Controlled
Affiliates
Greenbrier
Cos.,
Inc.
(The)
$
108,244,766
$
—
$
(11,180,710)
$
(115,450)
$
5,331,508
$
102,280,114
2,394,758
$
2,042,178
Jack
in
the
Box,
Inc.
...
112,723,345
20,297,381
—
—
(21,267,581)
111,753,145
1,350,328
1,142,779
Knowles
Corp
.......
130,764,498
8,263,779
(4,643,276)
54,735
(14,779,812)
119,659,924
6,461,119
—
McGrath
RentCorp
....
102,145,118
8,311,526
—
—
16,401,471
126,858,115
1,519,987
1,335,959
NetScout
Systems
Inc
.
84,940,826
34,942,558
(4,965,618)
477,057
10,540,895
125,935,718
4,088,822
—
Total
Affiliated
Securities
(Value
is
21.7%
of
Net
Assets)
..........
$963,767,093
$113,907,297
$(55,442,179)
$4,456,144
$(55,523,339)
$930,149,793
$6,174,877
a
As
of
April
30,
2022,
no
longer
an
affiliate.
9.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
62
franklintempleton.com
Semiannual
Report
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2022,
in
valuing
the
Funds'
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
MicroCap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
$
187,206,937
$
—
$
—
$
187,206,937
Short
Term
Investments
...................
13,058,408
—
—
13,058,408
Total
Investments
in
Securities
...........
$200,265,345
$—
$—
$200,265,345
Franklin
Mutual
U.S.
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
12,420,825
10,454,728
—
22,875,553
Automobiles
..........................
12,059,664
—
—
12,059,664
Banks
...............................
30,767,918
11,118,346
—
41,886,264
Building
Products
......................
15,380,842
—
—
15,380,842
Chemicals
...........................
55,656,936
—
—
55,656,936
Commercial
Services
&
Supplies
...........
13,849,278
—
—
13,849,278
Construction
&
Engineering
...............
14,469,870
—
—
14,469,870
Diversified
Financial
Services
.............
20,348,380
—
—
20,348,380
Electric
Utilities
........................
34,880,831
—
—
34,880,831
Electrical
Equipment
....................
16,837,924
—
—
16,837,924
Electronic
Equipment,
Instruments
&
Components
........................
18,966,369
—
—
18,966,369
Energy
Equipment
&
Services
.............
24,866,625
—
—
24,866,625
Equity
Real
Estate
Investment
Trusts
(REITs)
.
49,930,781
—
—
49,930,781
Food
Products
........................
32,297,050
—
—
32,297,050
Health
Care
Equipment
&
Supplies
.........
6,609,432
—
—
6,609,432
Health
Care
Providers
&
Services
..........
38,778,086
—
—
38,778,086
Household
Durables
....................
17,687,829
—
—
17,687,829
Independent
Power
and
Renewable
Electricity
Producers
..........................
16,965,651
—
—
16,965,651
Industrial
Conglomerates
................
8,377,333
—
—
8,377,333
Insurance
............................
59,245,791
—
—
59,245,791
Internet
&
Direct
Marketing
Retail
..........
13,098,378
—
—
13,098,378
IT
Services
...........................
52,749,073
—
—
52,749,073
Machinery
............................
12,485,662
—
—
12,485,662
Media
...............................
21,932,918
—
—
21,932,918
Oil,
Gas
&
Consumable
Fuels
.............
25,210,410
—
—
25,210,410
Pharmaceuticals
.......................
31,736,804
18,370,969
—
50,107,773
Professional
Services
...................
24,250,629
—
—
24,250,629
Real
Estate
Management
&
Development
....
15,430,373
—
—
15,430,373
Software
.............................
16,989,164
—
—
16,989,164
Specialty
Retail
........................
25,677,305
—
—
25,677,305
Technology
Hardware,
Storage
&
Peripherals
.
17,419,962
—
—
17,419,962
Textiles,
Apparel
&
Luxury
Goods
..........
13,002,742
—
—
13,002,742
Trading
Companies
&
Distributors
..........
18,699,228
—
—
18,699,228
Short
Term
Investments
...................
34,601,543
—
—
34,601,543
Total
Investments
in
Securities
...........
$823,681,606
$39,944,043
b
$—
$863,625,649
Franklin
Small
Cap
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
216,547
—
216,547
11.
Fair
Value
Measurements
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
63
franklintempleton.com
Semiannual
Report
12.
Subsequent
Events
The
Funds
have
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Value
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Auto
Components
......................
$
25,309,256
$
—
$
—
$
25,309,256
Banks
...............................
374,876,453
—
—
374,876,453
Biotechnology
.........................
28,858,697
—
—
28,858,697
Building
Products
......................
152,329,552
—
—
152,329,552
Chemicals
...........................
267,013,433
45,759,131
—
312,772,564
Communications
Equipment
..............
125,935,718
—
—
125,935,718
Construction
&
Engineering
...............
191,419,671
—
—
191,419,671
Construction
Materials
..................
75,060,417
—
—
75,060,417
Electric
Utilities
........................
28,432,363
—
—
28,432,363
Electrical
Equipment
....................
28,568,943
—
—
28,568,943
Electronic
Equipment,
Instruments
&
Components
........................
227,454,148
—
—
227,454,148
Energy
Equipment
&
Services
.............
199,046,405
—
—
199,046,405
Equity
Real
Estate
Investment
Trusts
(REITs)
.
131,698,558
—
—
131,698,558
Food
Products
........................
118,870,813
—
—
118,870,813
Health
Care
Equipment
&
Supplies
.........
139,105,711
—
—
139,105,711
Hotels,
Restaurants
&
Leisure
.............
373,181,470
—
—
373,181,470
Household
Durables
....................
36,436,437
—
—
36,436,437
Insurance
............................
358,734,609
—
—
358,734,609
IT
Services
...........................
52,593,478
—
—
52,593,478
Leisure
Products
.......................
21,650,016
—
—
21,650,016
Machinery
............................
219,267,283
—
—
219,267,283
Multi-Utilities
..........................
79,973,686
—
—
79,973,686
Oil,
Gas
&
Consumable
Fuels
.............
194,132,605
—
—
194,132,605
Professional
Services
...................
91,175,908
—
—
91,175,908
Real
Estate
Management
&
Development
....
28,638,962
—
—
28,638,962
Semiconductors
&
Semiconductor
Equipment
.
38,902,877
—
—
38,902,877
Software
.............................
97,509,289
64,533,047
—
162,042,336
Specialty
Retail
........................
65,735,013
—
—
65,735,013
Textiles,
Apparel
&
Luxury
Goods
..........
23,494,115
—
—
23,494,115
Thrifts
&
Mortgage
Finance
...............
49,285,768
—
—
49,285,768
Trading
Companies
&
Distributors
..........
237,593,056
—
—
237,593,056
Short
Term
Investments
...................
82,843,794
—
—
82,843,794
Total
Investments
in
Securities
...........
$4,165,128,504
$110,508,725
c
$—
$4,275,637,229
a
For
detailed
categories,
see
the
accompanying
Schedule
of
I
nvestments.
b
Includes
foreign
securities
valued
at
$39,944,043,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
Includes
foreign
securities
valued
at
$110,508,725,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
11.
Fair
Value
Measurements
(continued)
Franklin
Value
Investors
Trust
Shareholder
Information
64
franklintempleton.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Trust’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Trust
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
each
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
FVIT
S
06/22
©
2022
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
and
Shareholder
Letter
Franklin
Value
Investors
Trust
Investment
Manager
Distributor
Shareholder
Services
Franklin
Mutual
Advisers,
LLC
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial experts are David W. Niemiec and Ann Torre Bates and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
Item 4.
Principal Accountant Fees and Services.             N/A
 
 
Item 5. Audit Committee of Listed Registrants.              N/A
 
 
Item 6. Schedule of Investments.                            N/A

 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
             N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                        N/A
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.             N/A
 
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
Item 11. Controls and Procedures.
 
(a) Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
 
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.
 
(b) Changes in Internal Controls.
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                       N/A
 
 
Item 13. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer - Finance and Administration, and Christopher Kings, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
FRANKLIN
VALUE INVESTORS TRUST
 
 
By S\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  June 29, 2022
 
 
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\MATTHEW T. HINKLE______________________
Matthew T. Hinkle
      Chief Executive Officer - Finance and Administration
Date  June 29, 2022
 
 
By S\CHRISTOPHER KINGS______________________
      Christopher Kings
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  June 29, 2022