If you include "ALL VALUE" clause in the INITIALIZE statement, then it will initialize ONLY the data items that are defined with VALUE clause to the value specified in the VALUE clause.
Below is the sample code to explain the usage of FILLER and VALUE clauses in the INITIALIZE statement.
WORKING-STORAGE SECTION.
01 WS-X.
05 WS-A PIC X(16).
05 WS-A1 PIC X(16) VALUE '1234567890A.CDEF'.
05 WS-B PIC X(5).
05 WS-C PIC 9(5).
05 FILLER PIC 9(5).
PROCEDURE DIVISION.
MOVE ALL '*' TO WS-X
DISPLAY WS-X
INITIALIZE WS-X WITH FILLER
DISPLAY WS-X
MOVE ALL '*' TO WS-X
INITIALIZE WS-X ALL VALUE
DISPLAY WS-X
STOP RUN.
Output of the above program
***********************************************
0000000000
****************1234567890A.CDEF***************
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