<PAGE> PAGE 1
000 B000000 10/31/96
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000 F000000 Y
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000 J000000 A
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001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94403
002 D020000 7777
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004 000000 N
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007 C020200 FRANKLIN MICROCAP VALUE FUND
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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<PAGE> PAGE 2
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94403
012 C04AA01 7777
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
013 B04AA01 2119
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014 B00AA01 8-5889
015 A00AA01 BANK OF AMERICA NT & SA
015 B00AA01 C
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015 C02AA01 CA
015 C03AA01 94104
015 C04AA01 1502
015 E01AA01 X
015 A00AA02 THE BANK OF NEW YORK
015 B00AA02 C
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10286
015 E01AA02 X
015 A00AA03 CITIBANK DELAWARE
015 B00AA03 C
015 C01AA03 NEW CASTLE
015 C02AA03 DE
015 C03AA03 19720
015 E01AA03 X
015 A00AA04 THE BANK OF BOSTON
015 B00AA04 S
015 C01AA04 BUENOS AIRES
015 D01AA04 ARGENTINA
015 E04AA04 X
015 A00AA05 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.
015 B00AA05 S
015 C01AA05 MELBOURNE
015 D01AA05 AUSTRALIA
015 E04AA05 X
015 A00AA06 GIROCREDIT BANK AG DER OSTERREICH. SPARKASSEN
015 B00AA06 S
015 C01AA06 VIENNA
015 D01AA06 AUSTRIA
015 E04AA06 X
015 A00AA07 STANDARD CHARTERED BANK PLC
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015 C01AA07 DHAKA
015 D01AA07 BANGLADESH
<PAGE> PAGE 3
015 E04AA07 X
015 A00AA08 BANQUE BRUXELLESLAMBERT
015 B00AA08 S
015 C01AA08 BRUSSELS
015 D01AA08 BELGIUM
015 E04AA08 X
015 A00AA09 THE BANK OF BOSTON
015 B00AA09 S
015 C01AA09 SAO PAULO
015 D01AA09 BRAZIL
015 E04AA09 X
015 A00AA10 THE ROYAL TRUST CORPORATION OF CANADA
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015 C01AA10 MONTREAL
015 D01AA10 CANADA
015 E04AA10 X
015 A00AA11 THE BANK OF BOSTON
015 B00AA11 S
015 C01AA11 SANTIAGO
015 D01AA11 CHILE
015 E04AA11 X
015 A00AA12 BANCO DE CHILE
015 B00AA12 S
015 C01AA12 SANTIAGO
015 D01AA12 CHILE
015 E04AA12 X
015 A00AA13 STANDARD CHARTERED BANK
015 B00AA13 S
015 C01AA13 SHANGHAI
015 D01AA13 CHINA
015 E04AA13 X
015 A00AA14 STANDARD CHARTERED BANK
015 B00AA14 S
015 C01AA14 SHENZHEN
015 D01AA14 CHINA
015 E04AA14 X
015 A00AA15 CITIBANK, N.A. VIA CITITRUST COL. S.A. SOC.
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015 C01AA15 BOGOTA
015 D01AA15 COLOMBIA
015 E04AA15 X
015 A00AA16 CESKOSLOVENSKA OBCHODNI BANKA
015 B00AA16 S
015 C01AA16 PRAHA
015 D01AA16 CZECH REPUBLIC
015 E04AA16 X
015 A00AA17 DEN DANSKE BANK
015 B00AA17 S
015 C01AA17 COPENHAGEN
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015 E04AA17 X
<PAGE> PAGE 4
015 A00AA18 MERITA BANK
015 B00AA18 S
015 C01AA18 HELSINKI
015 D01AA18 FINLAND
015 E04AA18 X
015 A00AA19 BANQUE PARIBAS
015 B00AA19 S
015 C01AA19 PARIS
015 D01AA19 FRANCE
015 E04AA19 X
015 A00AA20 DRESDNER BANK AG
015 B00AA20 S
015 C01AA20 FRANKFURT
015 D01AA20 GERMANY
015 E04AA20 X
015 A00AA21 ALPHA CREDIT BANK A.E.
015 B00AA21 S
015 C01AA21 ATHENS
015 D01AA21 GREECE
015 E04AA21 X
015 A00AA22 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B00AA22 S
015 C01AA22 HONG KONG
015 D01AA22 HONG KONG
015 E04AA22 X
015 A00AA23 CITIBANK, N.A.
015 B00AA23 S
015 C01AA23 BUDAPEST
015 D01AA23 HUNGARY
015 E04AA23 X
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015 C01AA24 BOMBAY
015 D01AA24 INDIA
015 E04AA24 X
015 A00AA25 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B00AA25 S
015 C01AA25 JAKARTA
015 D01AA25 INDONESIA
015 E04AA25 X
015 A00AA26 ALLIED IRISH BANK
015 B00AA26 S
015 C01AA26 DUBLIN
015 D01AA26 IRELAND
015 E04AA26 X
015 A00AA27 ISRAEL DISCOUNT BANK
015 B00AA27 S
015 C01AA27 TEL AVIV
015 D01AA27 ISRAEL
015 E04AA27 X
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<PAGE> PAGE 5
015 B00AA28 S
015 C01AA28 MILAN
015 D01AA28 ITALY
015 E04AA28 X
015 A00AA29 YASUDA TRUST & BANKING COMPANY LIMITED
015 B00AA29 S
015 C01AA29 TOKYO
015 D01AA29 JAPAN
015 E04AA29 X
015 A00AA30 CEDEL
015 B00AA30 S
015 C01AA30 LUXEMBOURG CITY
015 D01AA30 LUXEMBOURG
015 E04AA30 X
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015 C01AA31 LONDON
015 D01AA31 UNITED KINGDOM
015 E04AA31 X
015 A00AA32 THE HONGKONG BANK MALAYSIA BERHAD
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015 C01AA32 KUALA LUMPUR
015 D01AA32 MALAYSIA
015 E04AA32 X
015 A00AA33 BANCO NACIONAL DE MEXICO
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015 E04AA33 X
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015 A00AA36 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.
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015 E04AA36 X
015 A00AA37 DEN NORSKE BANK A.S.
015 B00AA37 S
015 C01AA37 BERGEN/OSLO
015 D01AA37 NORWAY
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015 A00AA38 STANDARD CHARTERED BANK
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<PAGE> PAGE 6
015 C01AA38 KARACHI
015 D01AA38 PAKISTAN
015 E04AA38 X
015 A00AA39 CITIBANK, N.A.
015 B00AA39 S
015 C01AA39 LIMA
015 D01AA39 PERU
015 E04AA39 X
015 A00AA40 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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015 D01AA40 PHILIPPINES
015 E04AA40 X
015 A00AA41 BANK HANDLOWY W WARSZAWIE S.A.
015 B00AA41 S
015 C01AA41 WARSAW
015 D01AA41 POLAND
015 E04AA41 X
015 A00AA42 BANCO COMERCIAL PORTUGUES, S.A.
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015 D01AA42 PORTUGAL
015 E04AA42 X
015 A00AA43 UNITED OVERSEAS BANK
015 B00AA43 S
015 C01AA43 SINGAPORE
015 D01AA43 SINGAPORE
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015 A00AA44 STANDARD BANK OF SOUTH AFRICA LIMITED
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015 C01AA44 JOHANNESBURG
015 D01AA44 SOUTH AFRICA
015 E04AA44 X
015 A00AA45 SEOULBANK
015 B00AA45 S
015 C01AA45 SEOUL
015 D01AA45 SOUTH KOREA
015 E04AA45 X
015 A00AA46 BANCO BILBAO VIZCAYA
015 B00AA46 S
015 C01AA46 MADRID/BILBAO
015 D01AA46 SPAIN
015 E04AA46 X
015 A00AA47 STANDARD CHARTERED BANK
015 B00AA47 S
015 C01AA47 COLOMBO
015 D01AA47 SRI LANKA
015 E04AA47 X
015 A00AA48 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA48 S
015 C01AA48 STOCKHOLM
<PAGE> PAGE 7
015 D01AA48 SWEDEN
015 E04AA48 X
015 A00AA49 UNION BANK OF SWITZERLAND
015 B00AA49 S
015 C01AA49 ZURICH
015 D01AA49 SWITZERLAND
015 E04AA49 X
015 A00AA50 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B00AA50 S
015 C01AA50 TAIPEI
015 D01AA50 TAIWAN
015 E04AA50 X
015 A00AA51 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B00AA51 S
015 C01AA51 BANGKOK
015 D01AA51 THAILAND
015 E04AA51 X
015 A00AA52 CITIBANK, N.A.
015 B00AA52 S
015 C01AA52 ISTANBUL
015 D01AA52 TURKEY
015 E04AA52 X
015 A00AA53 THE BANK OF NEW YORK
015 B00AA53 S
015 C01AA53 LONDON
015 D01AA53 UNITED KINGDOM
015 E04AA53 X
015 A00AA54 THE BANK OF BOSTON
015 B00AA54 S
015 C01AA54 MONTEVIDEO
015 D01AA54 URUGUAY
015 E04AA54 X
015 A00AA55 CITIBANK, N.A.
015 B00AA55 S
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015 D01AA55 VENEZUELA
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<PAGE> PAGE 8
020 B000004 43-0895447
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020 A000010 CANTOR FITZGERALD & CO., INC.
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<PAGE> PAGE 9
022 C000008 3049852
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<PAGE> PAGE 10
086 D010000 0
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<PAGE> PAGE 11
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<PAGE> PAGE 12
054 C000100 Y
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
054 E000200 N
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<PAGE> PAGE 18
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070 L010200 Y
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070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 87447
071 B000200 6421
071 C000200 45377
071 D000200 14
072 A000200 11
072 B000200 969
072 C000200 453
072 D000200 0
072 E000200 0
072 F000200 425
072 G000200 0
072 H000200 0
072 I000200 60
072 J000200 0
072 K000200 11
072 L000200 10
072 M000200 2
<PAGE> PAGE 19
072 N000200 30
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 7
072 S000200 17
072 T000200 135
072 U000200 0
072 V000200 0
072 W000200 2
072 X000200 699
072 Y000200 0
072 Z000200 723
072AA000200 2664
072BB000200 24
072CC010200 4427
072CC020200 0
072DD010200 497
072DD020200 0
072EE000200 0
073 A010200 0.1100
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 3
074 B000200 32022
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 88158
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 28
074 K000200 0
074 L000200 387
074 M000200 0
074 N000200 120598
074 O000200 568
074 P000200 158
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 208
074 S000200 0
074 T000200 119664
074 U010200 6488
074 U020200 0
074 V010200 18.44
074 V020200 0.00
<PAGE> PAGE 20
074 W000200 0.0000
074 X000200 11452
074 Y000200 0
075 A000200 0
075 B000200 63666
076 000200 0.00
024 000300 Y
025 A000301 LEHMAN BROTHERS, INC.
025 B000301 13-2518466
025 C000301 E
025 D000301 163
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 1169
028 A020300 0
028 A030300 0
028 A040300 8
028 B010300 1061
028 B020300 5
028 B030300 0
028 B040300 0
028 C010300 884
028 C020300 0
028 C030300 0
028 C040300 115
028 D010300 1067
028 D020300 0
028 D030300 0
028 D040300 205
028 E010300 1263
028 E020300 7
028 E030300 0
028 E040300 341
028 F010300 1342
028 F020300 0
028 F030300 0
028 F040300 29
028 G010300 6786
028 G020300 12
028 G030300 0
028 G040300 698
028 H000300 6786
029 000300 Y
030 A000300 136
030 B000300 4.50
030 C000300 0.00
<PAGE> PAGE 21
031 A000300 15
031 B000300 0
032 000300 121
033 000300 0
034 000300 N
035 000300 0
036 B000300 0
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 7
044 000300 7
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 500000
048 A020300 0.750
048 B010300 500000
048 B020300 0.625
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 1000000
048 K020300 0.500
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
054 A000300 Y
<PAGE> PAGE 22
054 B000300 Y
054 C000300 Y
054 D000300 Y
054 E000300 Y
054 F000300 Y
054 G000300 Y
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 Y
054 L000300 Y
054 M000300 Y
054 N000300 Y
054 O000300 Y
055 A000300 Y
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 2500
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 N
<PAGE> PAGE 23
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 Y
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 8889
071 B000300 1290
071 C000300 3966
071 D000300 33
072 A000300 8
072 B000300 17
072 C000300 33
072 D000300 0
072 E000300 0
072 F000300 20
072 G000300 0
072 H000300 0
072 I000300 2
072 J000300 0
<PAGE> PAGE 24
072 K000300 0
072 L000300 10
072 M000300 0
072 N000300 27
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 4
072 S000300 2
072 T000300 9
072 U000300 0
072 V000300 0
072 W000300 1
072 X000300 75
072 Y000300 40
072 Z000300 15
072AA000300 254
072BB000300 44
072CC010300 313
072CC020300 0
072DD010300 14
072DD020300 0
072EE000300 0
073 A010300 0.0500
073 A020300 0.0070
073 B000300 0.0000
073 C000300 0.0000
074 A000300 8
074 B000300 88
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 8094
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 85
074 M000300 3
074 N000300 8278
074 O000300 0
074 P000300 12
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 4
074 S000300 0
074 T000300 8262
074 U010300 456
<PAGE> PAGE 25
074 U020300 25
074 V010300 17.15
074 V020300 17.14
074 W000300 0.0000
074 X000300 642
074 Y000300 175
075 A000300 0
075 B000300 4053
076 000300 0.00
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, 1996 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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 493,014,990
<INVESTMENTS-AT-VALUE> 535,742,320
<RECEIVABLES> 125,040,598
<ASSETS-OTHER> 467,033
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 661,249,951
<PAYABLE-FOR-SECURITIES> 3,065,949
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,181,877
<TOTAL-LIABILITIES> 4,247,826
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 559,403,331
<SHARES-COMMON-STOCK> 22,535,474
<SHARES-COMMON-PRIOR> 14,713,128
<ACCUMULATED-NII-CURRENT> 1,188,669
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 53,682,795
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42,727,330
<NET-ASSETS> 657,002,125
<DIVIDEND-INCOME> 7,770,425
<INTEREST-INCOME> 7,847,753
<OTHER-INCOME> 0
<EXPENSES-NET> (6,073,852)
<NET-INVESTMENT-INCOME> 9,544,326
<REALIZED-GAINS-CURRENT> 53,678,790
<APPREC-INCREASE-CURRENT> 19,022,910
<NET-CHANGE-FROM-OPS> 82,246,026
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,792,315)
<DISTRIBUTIONS-OF-GAINS> (17,015,078)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,153,902
<NUMBER-OF-SHARES-REDEEMED> (4,146,493)
<SHARES-REINVESTED> 814,937
<NET-CHANGE-IN-ASSETS> 269,462,593
<ACCUMULATED-NII-PRIOR> 440,663
<ACCUMULATED-GAINS-PRIOR> 17,015,080
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,785,163
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,073,852
<AVERAGE-NET-ASSETS> 563,588,138
<PER-SHARE-NAV-BEGIN> 26.340
<PER-SHARE-NII> .470
<PER-SHARE-GAIN-APPREC> 3.846
<PER-SHARE-DIVIDEND> (.442)
<PER-SHARE-DISTRIBUTIONS> (1.064)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.150
<EXPENSE-RATIO> 1.080
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MICROCAP VALUE FUND OCTOBER 31, 1996 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN MICROCAP VALUE FUND
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 83,731,283
<INVESTMENTS-AT-VALUE> 88,157,795
<RECEIVABLES> 32,437,022
<ASSETS-OTHER> 2,806
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 120,597,623
<PAYABLE-FOR-SECURITIES> 568,419
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 365,498
<TOTAL-LIABILITIES> 933,917
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 112,370,195
<SHARES-COMMON-STOCK> 6,488,300
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 226,652
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,640,347
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,426,512
<NET-ASSETS> 119,663,706
<DIVIDEND-INCOME> 452,953
<INTEREST-INCOME> 969,308
<OTHER-INCOME> 0
<EXPENSES-NET> (698,962)
<NET-INVESTMENT-INCOME> 723,299
<REALIZED-GAINS-CURRENT> 2,640,347
<APPREC-INCREASE-CURRENT> 4,426,512
<NET-CHANGE-FROM-OPS> 7,790,158
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (496,647)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,856,466
<NUMBER-OF-SHARES-REDEEMED> (392,609)
<SHARES-REINVESTED> 24,443
<NET-CHANGE-IN-ASSETS> 119,663,706
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 425,197
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 698,962
<AVERAGE-NET-ASSETS> 63,666,418
<PER-SHARE-NAV-BEGIN> 15.000
<PER-SHARE-NII> .140
<PER-SHARE-GAIN-APPREC> 3.410
<PER-SHARE-DIVIDEND> (.110)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.440
<EXPENSE-RATIO> 1.240
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUE FUND OCTOBER 31, 1996 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN VALUE FUND CLASS I
<S> <C>
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 7,780,683
<INVESTMENTS-AT-VALUE> 8,093,830
<RECEIVABLES> 173,341
<ASSETS-OTHER> 8,061
<OTHER-ITEMS-ASSETS> 2,600
<TOTAL-ASSETS> 8,277,832
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,059
<TOTAL-LIABILITIES> 16,059
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,737,585
<SHARES-COMMON-STOCK> 456,407
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 627
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 210,414
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 313,147
<NET-ASSETS> 8,261,773
<DIVIDEND-INCOME> 32,442
<INTEREST-INCOME> 17,234
<OTHER-INCOME> 0
<EXPENSES-NET> (34,957)
<NET-INVESTMENT-INCOME> 14,719
<REALIZED-GAINS-CURRENT> 209,875
<APPREC-INCREASE-CURRENT> 313,147
<NET-CHANGE-FROM-OPS> 537,741
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,553)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 498,882
<NUMBER-OF-SHARES-REDEEMED> (43,212)
<SHARES-REINVESTED> 737
<NET-CHANGE-IN-ASSETS> 8,261,773
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,727
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 74,497
<AVERAGE-NET-ASSETS> 4,052,557
<PER-SHARE-NAV-BEGIN> 15.000
<PER-SHARE-NII> .053
<PER-SHARE-GAIN-APPREC> 2.147
<PER-SHARE-DIVIDEND> (.050)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.150
<EXPENSE-RATIO> 1.350
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUE FUND OCTOBER 31, 1996 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> FRANKLIN VALUE FUND CLASS II
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 7,780,683
<INVESTMENTS-AT-VALUE> 8,093,830
<RECEIVABLES> 173,341
<ASSETS-OTHER> 8,061
<OTHER-ITEMS-ASSETS> 2,600
<TOTAL-ASSETS> 8,277,832
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,059
<TOTAL-LIABILITIES> 16,059
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,737,585
<SHARES-COMMON-STOCK> 25,318
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 627
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 210,414
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 313,147
<NET-ASSETS> 8,261,773
<DIVIDEND-INCOME> 32,442
<INTEREST-INCOME> 17,234
<OTHER-INCOME> 0
<EXPENSES-NET> (34,957)
<NET-INVESTMENT-INCOME> 14,719
<REALIZED-GAINS-CURRENT> 209,875
<APPREC-INCREASE-CURRENT> 313,147
<NET-CHANGE-FROM-OPS> 537,741
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,854
<NUMBER-OF-SHARES-REDEEMED> (536)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,261,773
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,727
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 74,497
<AVERAGE-NET-ASSETS> 4,052,557
<PER-SHARE-NAV-BEGIN> 16.380
<PER-SHARE-NII> .006
<PER-SHARE-GAIN-APPREC> .761
<PER-SHARE-DIVIDEND> (.007)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.140
<EXPENSE-RATIO> 2.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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, 1996, 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's authorization 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, 1996.
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 4, 1996
NAME OF REGISTRANT:
Franklin Value Investors Trust
File No. 811-5878
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders.
FRANKLIN
RESOURCES, INC.
777 Mariners Island Blvd.
P.O. Box 7777
San Mateo, CA 94403-7777
415/312-3000
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole
shareholder of the Class II shares of the
FRANKLIN VALUE FUND(the "Fund"), a series
of FRANKLIN VALUE INVESTORS TRUST (the "Trust"),
does hereby take the following actions and does
hereby consent to the following resolution:
RESOLVED: That the Class II Distribution Plan
pursuant to Rule 12b-1 (under the Investment
Company Act of 1940), as agreed to
and accepted by Franklin/Templeton
Distributors, Inc. and the Trust prior to
the date below, be and it hereby is, approved
for the Fund.
By execution hereof, the undersigned
shareholder waives prior notice of the
foregoing action by written consent.
FRANKLIN RESOURCES, INC.
/s/ H.E. Burns_________
Dated as of: August 30, 1996 By: Harmon E. Burns
Executive Vice President
NAME OF REGISTRANT:
Franklin Value Investors Trust
File No. 811-5878
EXHIBIT ITEM No. 77I(b):
The Fund began offering two classes of shares on
September 1, 1996: Franklin Value Fund-Class I and
Franklin Value Fund-Class II. All shares purchased
before that time are considered Class I shares.
Shares of each class represent proportionate interests
in the assets of the Fund and have the same voting
and other rights and preferences as the other class
of the Fund for matters that affect the Fund as a
whole. For matters that only affect one class,
however, only shareholders of that class may vote.
Each class will vote separately on matters (1)
affecting only that class, (2) expressly required to
be voted on separately by state business trust law,
or (3) required to be voted on separately by the 1940
Act. Shares of each class of a series have the same
voting and other rights and preferences as the
other classes and series of the Trust for matters
that affect the Trust as a whole.
