<PAGE> PAGE 1
000 B000000 10/31/95
000 C000000 0000856119
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FRANKLIN VALUE INVESTORS TRUST
001 B000000 811-5878
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 FRANKLIN BALANCE SHEET INVESTMENT FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 INSTINET CORP
020 B000001 13-3443395
020 C000001 196
020 A000002 EVEREN SECURITIES INC.
020 B000002 36-2693816
020 C000002 52
020 A000003 CONNING & CO.
020 B000003 06-1174588
020 C000003 49
020 A000004 MORGAN STANLEY AND CO. INC.
020 B000004 13-2655998
020 C000004 47
020 A000005 EDWARDS (A.G.) AND SONS, INC.
020 B000005 43-0895447
020 C000005 45
020 A000006 WHEAT FIRST SECURITIES INC.
<PAGE> PAGE 2
020 B000006 54-0796506
020 C000006 41
020 A000007 MERRILL LYNCH PIERCE FENNER
020 B000007 13-5674085
020 C000007 33
020 A000008 FERRIS BAKER WATTS, INC.
020 B000008 52-0909521
020 C000008 32
020 A000009 CLEARY, GULL, REILAND, MCDEVITT
020 B000009 39-1567700
020 C000009 27
020 A000010 JOSEPHTHAL LYON & ROSS
020 B000010 13-1850914
020 C000010 26
021 000000 851
022 A000001 LEHMAN BROTHERS SECURITIES
022 B000001 13-2518466
022 C000001 2835101
022 D000001 0
022 A000002 DAIWA SECURITIES AMERICA, INC.
022 B000002 13-5680329
022 C000002 2681523
022 D000002 0
022 A000003 SBCI SWISS BANK CORP. INV. BANK
022 B000003 13-2639550
022 C000003 767592
022 D000003 0
022 A000004 CITICORP SECURITIES INC.
022 B000004 13-3187336
022 C000004 496047
022 D000004 0
022 A000005 CHASE MANHATTAN BANK N.A.
022 B000005 13-2633612
022 C000005 405201
022 D000005 0
022 A000006 FUJI SECURITIES, INC.
022 B000006 13-3038090
022 C000006 240040
022 D000006 0
022 A000007 UBS SECURITIES INC.
022 B000007 13-2932996
022 C000007 133797
022 D000007 0
022 A000008 SANWA BANK SEC CO L.P.
022 B000008 13-3154528
022 C000008 67179
022 D000008 0
022 A000009 DONALDSON LUFKIN & JENRETTE
022 B000009 13-2741729
022 C000009 56697
022 D000009 0
<PAGE> PAGE 3
022 A000010 GREENWICH CAPITAL MARKETS INC.
022 B000010 13-3122275
022 C000010 47974
022 D000010 0
023 C000000 7817402
023 D000000 13090
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
008 A000101 FRANKLIN ADVISERS, INC.
008 B000101 A
008 C000101 801-26292
008 D010101 SAN MATEO
008 D020101 CA
008 D030101 94403
008 D040101 7777
011 A000101 FRANKLIN-TEMPLETON DISTRIBUTORS, INC.
011 B000101 8-5889
011 C010101 SAN MATEO
011 C020101 CA
011 C030101 94403
011 C040101 7777
012 A000101 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B000101 84-1036
012 C010101 SAN MATEO
012 C020101 CA
012 C030101 94403
012 C040101 7777
013 A000101 COOPERS & LYBRAND L.L.P.
013 B010101 SAN FRANCISCO
013 B020101 CA
013 B030101 94105
013 B040101 2119
014 A000101 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000101 8-5889
015 A000101 BANK OF AMERICA NT & SA
015 B000101 C
015 C010101 SAN FRANCISCO
015 C020101 CA
015 C030101 94104
<PAGE> PAGE 4
015 C040101 1502
015 E010101 X
015 A000102 CITIBANK DELAWARE
015 B000102 C
015 C010102 NEW CASTLE
015 C020102 DE
015 C030102 19720
015 C040102 2409
015 E010102 X
015 A000103 CITIBANK N.A.
015 B000103 S
015 C010103 BUENOS AIRES
015 D010103 ARGENTINA
015 E040103 X
015 A000104 NATIONAL AUSTRALIA BANK LTD.
015 B000104 S
015 C010104 MELBOURNE
015 D010104 AUSTRALIA
015 E040104 X
015 A000105 CREDITANSTALT-BANKVEREIN
015 B000105 S
015 C010105 VIENNA
015 D010105 AUSTRIA
015 E040105 X
015 A000106 STANDARD CHARTERED BANK
015 B000106 S
015 C010106 DHAKA
015 D010106 BANGLADESH
015 E040106 X
015 A000107 BANQUE BRUXELLES LAMBERT SA
015 B000107 S
015 C010107 BRUSSELS
015 D010107 BELGIUM
015 E040107 X
015 A000108 BANK OF N.T. BUTTERFIELD & SON LTD.
015 B000108 S
015 C010108 HAMILTON
015 D010108 BERMUDA
015 E040108 X
015 A000109 THE CANADA TRUST COMPANY
015 B000109 S
015 C010109 TORONTO
015 D010109 CANADA
015 E040109 X
015 A000110 HONGKONG AND SHANGHAI BANK
015 B000110 S
015 C010110 SHANGHAI
015 D010110 CHINA
015 E040110 X
015 A000111 HONGKONG AND SHANGHAI BANK
015 B000111 S
<PAGE> PAGE 5
015 C010111 SHENZHEN
015 D010111 CHINA
015 E040111 X
015 A000112 CITITRUST COLOMBIA S.A.
015 B000112 S
015 C010112 BOGOTA
015 D010112 COLOMBIA
015 E040112 X
015 A000113 UNIBANK A/S
015 B000113 S
015 C010113 COPENHAGEN
015 D010113 DENMARK
015 E040113 X
015 A000114 KANSALLIS OSAKE PANKKI
015 B000114 S
015 C010114 HELSINKI
015 D010114 FINLAND
015 E040114 X
015 A000115 SOCIETE GENERALE
015 B000115 S
015 C010115 PARIS
015 D010115 FRANCE
015 E040115 X
015 A000116 BANK OF AMERICA-FOREIGN DIVISION
015 B000116 S
015 C010116 FRANKFURT
015 D010116 GERMANY
015 E040116 X
015 A000117 BARCLAYS BANK PLC
015 B000117 S
015 C010117 ATHENS
015 D010117 GREECE
015 E040117 X
015 A000118 BARCLAYS BANK PLC
015 B000118 S
015 C010118 HONG KONG
015 D010118 HONG KONG
015 E040118 X
015 A000119 STANDARD CHARTERED BANK
015 B000119 S
015 C010119 FORT BOMBAY
015 D010119 INDIA
015 E040119 X
015 A000120 HONGKONG AND SHANGHAI BANK
015 B000120 S
015 C010120 JAKARTA
015 D010120 INDONESIA
015 E040120 X
015 A000121 BANK OF IRELAND
015 B000121 S
015 C010121 DUBLIN
<PAGE> PAGE 6
015 D010121 IRELAND
015 E040121 X
015 A000122 BANK LEUMI LE-ISRAEL
015 B000122 S
015 C010122 TEL AVIV
015 D010122 ISRAEL
015 E040122 X
015 A000123 CITIBANK N.A.
015 B000123 S
015 C010123 MILAN
015 D010123 ITALY
015 E040123 X
015 A000124 BARCLAYS TRUST AND BANKING CO., LTD.
015 B000124 S
015 C010124 TOKYO
015 D010124 JAPAN
015 E040124 X
015 A000125 HONGKONG AND SHANGHAI BANK
015 B000125 S
015 C010125 SEOUL
015 D010125 KOREA
015 E040125 X
015 A000126 CEDEL S.A. (DEPOSITORY)
015 B000126 S
015 C010126 LUXEMBOURG CITY
015 D010126 LUXEMBOURG
015 E040126 X
015 A000127 UNITED MALAYAN BANKING CORP., BERHAD
015 B000127 S
015 C010127 KUALA LUMPUR
015 D010127 MALAYSIA
015 E040127 X
015 A000128 BANCO NACIONAL DE MEXICO
015 B000128 S
015 C010128 MEXICO CITY
015 D010128 MEXICO
015 E040128 X
015 A000129 KAS-ASSOCIATIE N.V.
015 B000129 S
015 C010129 AMSTERDAM
015 D010129 NETHERLANDS
015 E040129 X
015 A000130 ANZ BANKING GROUP (N.Z.) LIMITED
015 B000130 S
015 C010130 WELLINGTON
015 D010130 NEW ZEALAND
015 E040130 X
015 A000131 CHRISTIANIA BANK OG KREDITKASSE
015 B000131 S
015 C010131 BERGEN
015 D010131 NORWAY
<PAGE> PAGE 7
015 E040131 X
015 A000132 STANDARD CHARTERED BANK
015 B000132 S
015 C010132 KARACHI
015 D010132 PAKISTAN
015 E040132 X
015 A000133 BANCO DE CREDITO DEL PERU
015 B000133 S
015 C010133 LIMA
015 D010133 PERU
015 E040133 X
015 A000134 HONGKONG AND SHANGHAI BANK
015 B000134 S
015 C010134 MANILA
015 D010134 PHILIPPINES
015 E040134 X
015 A000135 BANCO ESPIRITO SANTO E COMERCIAL
015 B000135 S
015 C010135 LISBON
015 D010135 PORTUGAL
015 E040135 X
015 A000136 BARCLAYS BANK PLC
015 B000136 S
015 C010136 SINGAPORE
015 D010136 SINGAPORE
015 E040136 X
015 A000138 STANDARD BANK OF SOUTH AFRICA LTD.
015 B000138 S
015 C010138 JOHANNESBURG
015 D010138 SOUTH AFRICA
015 E040138 X
015 A000139 BANCO DE SANTANDER
015 B000139 S
015 C010139 MADRID
015 D010139 SPAIN
015 E040139 X
015 A000140 HONGKONG AND SHANGHAI BANK
015 B000140 S
015 C010140 COLOMBO
015 D010140 SRI LANKA
015 E040140 X
015 A000141 SKANDINAVISKA ENSKILDA BANKEN
015 B000141 S
015 C010141 STOCKHOLM
015 D010141 SWEDEN
015 E040141 X
015 A000142 SWISS BANK CORPORATION
015 B000142 S
015 C010142 ZURICH
015 D010142 SWITZERLAND
015 E040142 X
<PAGE> PAGE 8
015 A000143 BANGKOK BANK LIMITED
015 B000143 S
015 C010143 BANGKOK
015 D010143 THAILAND
015 E040143 X
015 A000144 YAPI VE KREDI BANKASI A.S.
015 B000144 S
015 C010144 ISTANBUL
015 D010144 TURKEY
015 E040144 X
015 A000145 BANK OF AMERICA-FOREIGN DIVISION
015 B000145 S
015 C010145 LONDON
015 D010145 UNITED KINGDOM
015 E040145 X
015 A000146 CITIBANK N.A.
015 B000146 S
015 C010146 CARACAS
015 D010146 VENEZUELA
015 E040146 X
015 A000147 CITIBANK, N.A.
015 B000147 S
015 C010147 BUDAPEST
015 D010147 HUNGARY
015 E040147 X
015 A000148 CITIBANK, N.A.
015 B000148 S
015 C010148 WARSAW
015 D010148 POLAND
015 E040148 X
015 A000149 CITIBANK, N.A.
015 B000149 S
015 C010149 SAO PAULO
015 D010149 BRAZIL
015 E040149 X
015 A000150 HONGKONG AND SHANGHAI BANK
015 B000150 S
015 C010150 TAIPEI
015 D010150 TAIWAN
015 E040150 X
015 A000151 BERLINER HANDELS-UND FRANKFURTER BANK
015 B000151 S
015 C010151 FRANKFURT
015 D010151 GERMANY
015 E040151 X
018 000100 Y
019 A000100 Y
019 B000100 189
019 C000100 FRNKTEMGRP
024 000100 N
028 A010100 26973
<PAGE> PAGE 9
028 A020100 0
028 A030100 0
028 A040100 4440
028 B010100 22691
028 B020100 812
028 B030100 0
028 B040100 3007
028 C010100 22807
028 C020100 0
028 C030100 0
028 C040100 4323
028 D010100 29667
028 D020100 0
028 D030100 0
028 D040100 3378
028 E010100 27177
028 E020100 789
028 E030100 0
028 E040100 3277
028 F010100 26952
028 F020100 0
028 F030100 0
028 F040100 5936
028 G010100 156267
028 G020100 1601
028 G030100 0
028 G040100 24361
028 H000100 156267
029 000100 Y
030 A000100 1802
030 B000100 1.50
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 1802
033 000100 0
034 000100 Y
035 000100 0
036 A000100 Y
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
<PAGE> PAGE 10
042 G000100 0
042 H000100 0
043 000100 1073
044 000100 371
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 100000
048 A020100 0.625
048 B010100 150000
048 B020100 0.500
048 C010100 9750000
048 C020100 0.450
048 D010100 2500000
048 D020100 0.440
048 E010100 2500000
048 E020100 0.420
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 15000000
048 K020100 0.400
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 Y
054 C000100 Y
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 Y
054 M000100 Y
054 N000100 N
054 O000100 N
055 A000100 N
<PAGE> PAGE 11
055 B000100 N
056 000100 N
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 N
060 B000100 N
061 000100 2500
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 Y
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
<PAGE> PAGE 12
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 224871
071 B000100 60657
071 C000100 211838
071 D000100 29
072 A000100 12
072 B000100 1946
072 C000100 4062
072 D000100 0
072 E000100 0
072 F000100 1326
072 G000100 0
072 H000100 0
072 I000100 153
072 J000100 20
072 K000100 50
072 L000100 57
072 M000100 13
072 N000100 109
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 12
072 S000100 13
072 T000100 1069
072 U000100 7
072 V000100 0
072 W000100 13
072 X000100 2842
072 Y000100 0
<PAGE> PAGE 13
072 Z000100 3166
072AA000100 18967
072BB000100 1952
072CC010100 20720
072CC020100 0
072DD010100 2727
072DD020100 0
072EE000100 2224
073 A010100 0.2700
073 A020100 0.0000
073 B000100 0.3500
073 C000100 0.0000
074 A000100 913
074 B000100 43958
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 345162
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 554
074 K000100 0
074 L000100 1647
074 M000100 0
074 N000100 392234
074 O000100 3927
074 P000100 594
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 173
074 S000100 0
074 T000100 387540
074 U010100 14713
074 U020100 0
074 V010100 26.34
074 V020100 0.00
074 W000100 0.0000
074 X000100 25725
074 Y000100 4799
075 A000100 0
075 B000100 243748
076 000100 0.00
080 A000100 ICI MUTUAL INSURANCE CO.
080 B000100 NONE
080 C000100 130000
081 A000100 Y
081 B000100 188
082 A000100 N
<PAGE> PAGE 14
082 B000100 0
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 Y
085 B000100 N
SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST OCTOBER 31, 1995 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN BALANCE SHEET INVESTMENT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 365,415,392
<INVESTMENTS-AT-VALUE> 389,119,812
<RECEIVABLES> 2,201,226
<ASSETS-OTHER> 913,139
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 392,234,177
<PAYABLE-FOR-SECURITIES> 3,926,508
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 768,137
<TOTAL-LIABILITIES> 4,694,645
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 346,379,368
<SHARES-COMMON-STOCK> 14,713,128
<SHARES-COMMON-PRIOR> 5,920,637
<ACCUMULATED-NII-CURRENT> 440,664
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,015,080
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,704,420
<NET-ASSETS> 387,539,532
<DIVIDEND-INCOME> 4,061,720
<INTEREST-INCOME> 1,945,976
<OTHER-INCOME> 0
<EXPENSES-NET> (2,841,410)
<NET-INVESTMENT-INCOME> 3,166,286
<REALIZED-GAINS-CURRENT> 17,015,080
<APPREC-INCREASE-CURRENT> 20,720,103
<NET-CHANGE-FROM-OPS> 40,901,469
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,726,560)
<DISTRIBUTIONS-OF-GAINS> (2,224,227)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,269,060
<NUMBER-OF-SHARES-REDEEMED> (1,657,126)
<SHARES-REINVESTED> 180,557
<NET-CHANGE-IN-ASSETS> 253,284,675
<ACCUMULATED-NII-PRIOR> 938
<ACCUMULATED-GAINS-PRIOR> 2,224,227
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,325,910
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,841,410
<AVERAGE-NET-ASSETS> 243,748,054
<PER-SHARE-NAV-BEGIN> 22.680
<PER-SHARE-NII> .300
<PER-SHARE-GAIN-APPREC> 3.980
<PER-SHARE-DIVIDEND> (.270)
<PER-SHARE-DISTRIBUTIONS> (.350)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 26.340
<EXPENSE-RATIO> 1.170
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
NAME OF REGISTRANT:
Franklin Value Investors Trust
File No. 811-5878
EXHIBIT ITEM No. 77Q(a):
Copies of any material amendments to the registrant's charter or
by-laws
CERTIFICATE OF AMENDMENT
OF
AGREEMENT AND DECLARATION OF TRUST
OF
FRANKLIN BALANCE SHEET INVESTMENT FUND
The undersigned certify that:
1. They constitute a majority of the Trustees of
FRANKLIN BALANCE SHEET INVESTMENT FUND, a Massachusetts business
trust (the "Trust").
2. They hereby adopt the following amendment to the
Agreement and Declaration of Trust of the Trust, which deletes in
its entirety the section of the Agreement and Declaration of
Trust entitled "Section 1. Division of Beneficial Interest." of
Article I and replaces such Section of Article I with the
following:
"Section 1. Name. This Trust shall be known as
FRANKLIN VALUE INVESTORS TRUST and the Trustees shall
conduct the business of the Trust under that name or
any other name as they may from time to time
determine."
3. They hereby adopt the following amendment to the
Agreement and Declaration of Trust of the Trust, which deletes in
its entirety the Section of the Agreement and Declaration of
Trust entitled "Section 1. Division of Beneficial Interest." of
Article III and replaces such Section of Article III with the
following:
"Section 1. Division of Beneficial Interest. The
beneficial interest in the Trust shall at all times be
divided into an unlimited number of Shares, with a par
value of $.01 per Share. the Trustees may authorize the
division of Shares into separate Series and the
division of Series into separate classes of sub-series
of Shares (subject to any applicable rule, regulation
or order of the Commission or other applicable law or
regulation). the different Series and classes shall be
established and designated and shall have such
preference, conversion or other rights, voting powers,
restrictions, limitations as to dividends,
qualification, terms and conditions or redemption and
other characteristics as the Trustees may determine.
Notwithstanding the provisions of Section 6(d) of this
Article III or any other provision of this Agreement
and Declaration of Trust, if any matter submitted to
shareholders for a vote affects only the interests of
any class of a Series then only such affected class
shall be entitled to vote on the matter. Each Share of
a Series shall have equal rights with each other Share
of that Series with respect to the assets of the Trust
pertaining to that Series. Notwithstanding any other
provision of this Agreement and Declaration of Trust,
the dividends payable to the holders of any series (or
class) (subject to any applicable rule, regulation or
order of the Commission or any other applicable law or
regulation) shall be determined by the Trustees and
need not be individually declared, but may be declared
and paid in accordance with a formula adopted by the
Trustees. Except as otherwise provided herein, all
references in this Agreement and Declaration of Trust
to Shares or Series of Shares shall apply without
discrimination to the Shares of each Series.
Shareholders shall have no preemptive or other right to
subscribe to any additional Shares or other securities
issued by the Trust or any Series or class. The
Trustees may from time to time divide or combine the
Shares of any particular Series or class into a greater
or lesser number of Shares of that Series or class
without thereby changing the proportionate beneficial
interest of the Shares of that Series or class in the
assets belonging to that Series or class or in any way
affecting the rights of Shares of any other Series or
class."
4. It is the determination of the Trustees that
approval of the shareholders of the Trust is not required by the
Investment Company Act of 1940, as amended, or other applicable
law. This Amendment is made pursuant to (a) Article III, Section
5 of this Agreement and Declaration of Trust which empowers the
Trustees to change provisions relating to Shares of the Trust;
and (b) Article VIII, Section 9 of this Agreement and Declaration
of Trust relating to Amendment.
We declare under penalty of perjury that the matters
set forth in this certificate are true and correct or our own
knowledge.
Dated September 21, 1995
/s/ Frank T. Crohn
Frank T. Crohn Charles Rubens II
William J. Lippman Leonard Rubin
We declare under penalty of perjury that the matters
set forth in this certificate are true and correct or our own
knowledge.
Dated September 21, 1995
Frank T. Crohn Charles Rubens II
/s/ William J. Lippman
William J. Lippman Leonard Rubin
We declare under penalty of perjury that the matters
set forth in this certificate are true and correct or our own
knowledge.
Dated September 21, 1995
/s/ Charles Rubens II
Frank T. Crohn Charles Rubens II
William J. Lippman Leonard Rubin
We declare under penalty of perjury that the matters
set forth in this certificate are true and correct or our own
knowledge.
Dated September 21, 1995
Frank T. Crohn Charles Rubens II
/s/ Leonard Rubin
William J. Lippman Leonard Rubin
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of Franklin Value Investors Trust:
In planning and performing our audit of the financial statements and
financial highlights of the funds comprising the Franklin Value
Investors Trust for the year ended October 31, 1995, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements
and financial highlights and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control
structure.
The management of the Franklin Value Investors Trust is responsible
for establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable,
but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management'sauthorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure to future periods is subject to the
risk that it may become inadequate because of changes in conditions
or that the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements and
financial highlights being audited may occur and not be detected
within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures
for safeguarding securities, that we consider to be material weaknesses,
as defined above, as of October 31, 1995.
This report is intended solely for the information and use of
management of the Franklin Value Investors Trust and the Securities
and Exchange Commission.
S\Coopers & Lybrand L.L.P.
San Francisco, California
December 15, 1995
