<PAGE> PAGE 1
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<PAGE> PAGE 2
011 C04AA01 7777
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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015 D010104 AUSTRALIA
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015 D010111 CHILE
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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015 A000149 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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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
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015 D010227 IRELAND
015 E040227 X
015 A000228 ISRAEL DISCOUNT BANK
015 B000228 S
015 C010228 TEL AVIV
<PAGE> PAGE 18
015 D010228 ISRAEL
015 E040228 X
015 A000229 BANCA COMMERCIALE ITALIANA
015 B000229 S
015 C010229 MILAN
015 D010229 ITALY
015 E040229 X
015 A000230 YASUDA TRUST & BANKING COMPANY LIMITED
015 B000230 S
015 C010230 TOKYO
015 D010230 JAPAN
015 E040230 X
015 A000231 THE HONGKONG BANK MALAYSIA BERHAD
015 B000231 S
015 C010231 KUALA LUMPUR
015 D010231 MALAYSIA
015 E040231 X
015 A000232 BANCO NACIONAL DE MEXICO
015 B000232 S
015 C010232 MEXICO CITY
015 D010232 MEXICO
015 E040232 X
015 A000233 BANQUE COMMERCIALE DU MAROC
015 B000233 S
015 C010233 CASABLANCA
015 D010233 MOROCCO
015 E040233 X
015 A000234 MEESPIERSON
015 B000234 S
015 C010234 AMSTERDAM
015 D010234 NETHERLANDS
015 E040234 X
015 A000235 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.
015 B000235 S
015 C010235 WELLINGTON
015 D010235 NEW ZEALAND
015 E040235 X
015 A000236 DEN NORSKE BANK A.S.
015 B000236 S
015 C010236 BERGEN/OSLO
015 D010236 NORWAY
015 E040236 X
015 A000237 STANDARD CHARTERED BANK
015 B000237 S
015 C010237 KARACHI
015 D010237 PAKISTAN
015 E040237 X
015 A000238 CITIBANK, N.A.
015 B000238 S
015 C010238 LIMA
015 D010238 PERU
<PAGE> PAGE 19
015 E040238 X
015 A000239 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000239 S
015 C010239 MANILA
015 D010239 PHILIPPINES
015 E040239 X
015 A000240 BANK HANDLOWY W WARSZAWIE S.A.
015 B000240 S
015 C010240 WARSAW
015 D010240 POLAND
015 E040240 X
015 A000241 BANCO COMERCIAL PORTUGUES, S.A.
015 B000241 S
015 C010241 LISBON
015 D010241 PORTUGAL
015 E040241 X
015 A000242 UNITED OVERSEAS BANK
015 B000242 S
015 C010242 SINGAPORE
015 D010242 SINGAPORE
015 E040242 X
015 A000243 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000243 S
015 C010243 JOHANNESBURG
015 D010243 SOUTH AFRICA
015 E040243 X
015 A000244 SEOULBANK
015 B000244 S
015 C010244 SEOUL
015 D010244 SOUTH KOREA
015 E040244 X
015 A000245 BANCO BILBAO VIZCAYA
015 B000245 S
015 C010245 MADRID/BILBAO
015 D010245 SPAIN
015 E040245 X
015 A000246 STANDARD CHARTERED BANK
015 B000246 S
015 C010246 COLOMBO
015 D010246 SRI LANKA
015 E040246 X
015 A000247 SKANDINAVISKA ENSKILDA BANKEN
015 B000247 S
015 C010247 STOCKHOLM
015 D010247 SWEDEN
015 E040247 X
015 A000248 UNION BANK OF SWITZERLAND
015 B000248 S
015 C010248 ZURICH
015 D010248 SWITZERLAND
015 E040248 X
<PAGE> PAGE 20
015 A000249 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000249 S
015 C010249 TAIPEI
015 D010249 TAIWAN
015 E040249 X
015 A000250 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B000250 S
015 C010250 BANGKOK
015 D010250 THAILAND
015 E040250 X
015 A000251 CITIBANK, N.A.
015 B000251 S
015 C010251 ISTANBUL
015 D010251 TURKEY
015 E040251 X
015 A000252 THE BANK OF NEW YORK
015 B000252 S
015 C010252 LONDON
015 D010252 UNITED KINGDOM
015 E040252 X
015 A000253 THE BANK OF BOSTON
015 B000253 S
015 C010253 MONTEVIDEO
015 D010253 URUGUAY
015 E040253 X
015 A000254 CITIBANK, N.A.
015 B000254 S
015 C010254 CARACAS
015 D010254 VENEZUELA
015 E040254 X
015 A000255 CITIBANK DELAWARE
015 B000255 C
015 C010255 NEW CASTLE
015 C020255 DE
015 C030255 19720
015 E010255 X
025 A000201 BEAR, STEARNS & CO., INC.
025 B000201 13-3299429
025 C000201 E
025 D000201 839
025 A000202 BANKERS TRUST
025 B000202 13-4941247
025 C000202 E
025 D000202 839
025 A000203 DONALDSON LUFKIN & JENRETTE
025 B000203 13-2741729
025 C000203 E
025 D000203 839
025 A000204 FUJI SECURITIES INC.
025 B000204 13-3038090
025 C000204 E
<PAGE> PAGE 21
025 D000204 839
025 A000205 SBCI SWISS BANK CORP. INV. BANK
025 B000205 13-2639550
025 C000205 E
025 D000205 831
028 A010200 100
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028 A030200 0
028 A040200 0
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<PAGE> PAGE 22
042 G000200 0
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044 000200 27
045 000200 Y
046 000200 N
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048 H020200 0.000
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048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
054 A000200 Y
054 B000200 Y
054 C000200 Y
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 Y
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 Y
054 M000200 Y
054 N000200 N
054 O000200 N
055 A000200 N
<PAGE> PAGE 23
055 B000200 N
056 000200 N
057 000200 N
062 A000200 N
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062 D000200 0.0
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062 G000200 0.0
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066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
<PAGE> PAGE 24
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
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
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071 B000200 657
071 C000200 16943
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<PAGE> PAGE 25
072DD010200 31
072DD020200 0
072EE000200 0
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074 B000200 4185
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074 G000200 0
074 H000200 0
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074 J000200 486
074 K000200 0
074 L000200 3450
074 M000200 12
074 N000200 47524
074 O000200 1059
074 P000200 41
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074 S000200 0
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015 A000301 BANK OF AMERICA NT & SA
015 B000301 C
015 C010301 SAN FRANCISCO
015 C020301 CA
015 C030301 94104
015 C040301 1502
015 E010301 X
015 A000302 THE BANK OF NEW YORK
015 B000302 C
015 C010302 NEW YORK
015 C020302 NY
<PAGE> PAGE 26
015 C030302 10286
015 E010302 X
015 A000303 THE BANK OF BOSTON
015 B000303 S
015 C010303 BUENOS AIRES
015 D010303 ARGENTINA
015 E040303 X
015 A000304 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.
015 B000304 S
015 C010304 MELBOURNE
015 D010304 AUSTRALIA
015 E040304 X
015 A000305 GIROCREDIT BANK AG DER OSTERREICH. SPARKASSEN
015 B000305 S
015 C010305 VIENNA
015 D010305 AUSTRIA
015 E040305 X
015 A000306 STANDARD CHARTERED BANK PLC
015 B000306 S
015 C010306 DHAKA
015 D010306 BANGLADESH
015 E040306 X
015 A000307 BANQUE BRUXELLESLAMBERT
015 B000307 S
015 C010307 BRUSSELS
015 D010307 BELGIUM
015 E040307 X
015 A000308 THE BANK OF BOSTON
015 B000308 S
015 C010308 SAO PAULO
015 D010308 BRAZIL
015 E040308 X
015 A000309 THE ROYAL TRUST CORPORATION OF CANADA
015 B000309 S
015 C010309 MONTREAL
015 D010309 CANADA
015 E040309 X
015 A000310 THE BANK OF BOSTON
015 B000310 S
015 C010310 SANTIAGO
015 D010310 CHILE
015 E040310 X
015 A000311 BANCO DECHILE
015 B000311 S
015 C010311 SANTIAGO
015 D010311 CHILE
015 E040311 X
015 A000312 STANDARD CHARTERED BANK
015 B000312 S
015 C010312 SHANGHAI
015 D010312 CHINA
<PAGE> PAGE 27
015 E040312 X
015 A000313 STANDARD CHARTERED BANK
015 B000313 S
015 C010313 SHENZHEN
015 D010313 CHINA
015 E040313 X
015 A000314 CITIBANK, N.A. VIA CITITRUST COL. S.A. SOC.
015 B000314 S
015 C010314 BOGOTA
015 D010314 COLOMBIA
015 E040314 X
015 A000315 CESKOSLOVENSKA OBCHODNI BANKA
015 B000315 S
015 C010315 PRAHA
015 D010315 CZECH REPUBLIC
015 E040315 X
015 A000316 DEN DANSKE BANK
015 B000316 S
015 C010316 COPENHAGEN
015 D010316 DENMARK
015 E040316 X
015 A000317 CEDEL
015 B000317 S
015 C010317 LUXEMBOURG
015 D010317 EUROMARKET
015 E040317 X
015 A000318 FIRST CHICAGO CLEARING CENTRE
015 B000318 S
015 C010318 LONDON
015 D010318 EUROMARKET
015 E040318 X
015 A000319 MERITA BANK
015 B000319 S
015 C010319 HELSINKI
015 D010319 FINLAND
015 E040319 X
015 A000320 BANQUE PARIBAS
015 B000320 S
015 C010320 PARIS
015 D010320 FRANCE
015 E040320 X
015 A000321 DRESDNER BANK AG
015 B000321 S
015 C010321 FRANKFURT
015 D010321 GERMANY
015 E040321 X
015 A000322 ALPHA CREDIT BANK A.E.
015 B000322 S
015 C010322 ATHENS
015 D010322 GREECE
015 E040322 X
<PAGE> PAGE 28
015 A000323 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000323 S
015 C010323 HONG KONG
015 D010323 HONG KONG
015 E040323 X
015 A000324 CITIBANK, N.A.
015 B000324 S
015 C010324 BUDAPEST
015 D010324 HUNGARY
015 E040324 X
015 A000325 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000325 S
015 C010325 BOMBAY
015 D010325 INDIA
015 E040325 X
015 A000326 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000326 S
015 C010326 JAKARTA
015 D010326 INDONESIA
015 E040326 X
015 A000327 ALLIED IRISH BANK
015 B000327 S
015 C010327 DUBLIN
015 D010327 IRELAND
015 E040327 X
015 A000328 ISRAEL DISCOUNT BANK
015 B000328 S
015 C010328 TEL AVIV
015 D010328 ISRAEL
015 E040328 X
015 A000329 BANCA COMMERCIALE ITALIANA
015 B000329 S
015 C010329 MILAN
015 D010329 ITALY
015 E040329 X
015 A000330 YASUDA TRUST & BANKING COMPANY LIMITED
015 B000330 S
015 C010330 TOKYO
015 D010330 JAPAN
015 E040330 X
015 A000331 THE HONGKONG BANK MALAYSIA BERHAD
015 B000331 S
015 C010331 KUALA LUMPUR
015 D010331 MALAYSIA
015 E040331 X
015 A000332 BANCO NACIONAL DE MEXICO
015 B000332 S
015 C010332 MEXICO CITY
015 D010332 MEXICO
015 E040332 X
015 A000333 BANQUE COMMERCIALE DU MAROC
<PAGE> PAGE 29
015 B000333 S
015 C010333 CASABLANCA
015 D010333 MOROCCO
015 E040333 X
015 A000334 MEESPIERSON
015 B000334 S
015 C010334 AMSTERDAM
015 D010334 NETHERLANDS
015 E040334 X
015 A000335 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.
015 B000335 S
015 C010335 WELLINGTON
015 D010335 NEW ZEALAND
015 E040335 X
015 A000336 DEN NORSKE BANK A.S.
015 B000336 S
015 C010336 BERGEN/OSLO
015 D010336 NORWAY
015 E040336 X
015 A000337 STANDARD CHARTERED BANK
015 B000337 S
015 C010337 KARACHI
015 D010337 PAKISTAN
015 E040337 X
015 A000338 CITIBANK, N.A.
015 B000338 S
015 C010338 LIMA
015 D010338 PERU
015 E040338 X
015 A000339 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000339 S
015 C010339 MANILA
015 D010339 PHILIPPINES
015 E040339 X
015 A000340 BANK HANDLOWY W WARSZAWIE S.A.
015 B000340 S
015 C010340 WARSAW
015 D010340 POLAND
015 E040340 X
015 A000341 BANCO COMERCIAL PORTUGUES, S.A.
015 B000341 S
015 C010341 LISBON
015 D010341 PORTUGAL
015 E040341 X
015 A000342 UNITED OVERSEAS BANK
015 B000342 S
015 C010342 SINGAPORE
015 D010342 SINGAPORE
015 E040342 X
015 A000343 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000343 S
<PAGE> PAGE 30
015 C010343 JOHANNESBURG
015 D010343 SOUTH AFRICA
015 E040343 X
015 A000344 SEOULBANK
015 B000344 S
015 C010344 SEOUL
015 D010344 SOUTH KOREA
015 E040344 X
015 A000345 BANCO BILBAO VIZCAYA
015 B000345 S
015 C010345 MADRID/BILBAO
015 D010345 SPAIN
015 E040345 X
015 A000346 STANDARD CHARTERED BANK
015 B000346 S
015 C010346 COLOMBO
015 D010346 SRI LANKA
015 E040346 X
015 A000347 SKANDINAVISKA ENSKILDA BANKEN
015 B000347 S
015 C010347 STOCKHOLM
015 D010347 SWEDEN
015 E040347 X
015 A000348 UNION BANK OF SWITZERLAND
015 B000348 S
015 C010348 ZURICH
015 D010348 SWITZERLAND
015 E040348 X
015 A000349 THE HONGKONG & SHANGHAI BANKING CORP., LTD.
015 B000349 S
015 C010349 TAIPEI
015 D010349 TAIWAN
015 E040349 X
015 A000350 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
015 B000350 S
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015 E040350 X
015 A000351 CITIBANK, N.A.
015 B000351 S
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015 E040351 X
015 A000352 THE BANK OF NEW YORK
015 B000352 S
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015 D010352 UNITED KINGDOM
015 E040352 X
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015 B000353 S
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<PAGE> PAGE 31
015 D010353 URUGUAY
015 E040353 X
015 A000354 CITIBANK, N.A.
015 B000354 S
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015 E040354 X
015 A000355 CITIBANK DELAWARE
015 B000355 C
015 C010355 NEW CASTLE
015 C020355 DE
015 C030355 19720
015 E010355 X
025 A000301 BEAR, STEARNS & CO., INC.
025 B000301 13-3299429
025 C000301 E
025 D000301 136
025 A000302 BANKERS TRUST
025 B000302 13-4941247
025 C000302 E
025 D000302 136
025 A000303 DONALDSON LUFKIN & JENRETTE
025 B000303 13-2741729
025 C000303 E
025 D000303 136
025 A000304 FUJI SECURITIES INC.
025 B000304 13-3038090
025 C000304 E
025 D000304 136
025 A000305 SBCI SWISS BANK CORP. INV. BANK
025 B000305 13-2639550
025 C000305 E
025 D000305 134
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
062 R000300 0.0
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<PAGE> PAGE 35
071 D000300 4
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074 K000300 0
074 L000300 59
074 M000300 0
<PAGE> PAGE 36
074 N000300 1800
074 O000300 73
074 P000300 1
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 3
074 S000300 0
074 T000300 1723
074 U010300 108
074 U020300 0
074 V010300 15.96
074 V020300 0.00
074 W000300 0.0000
074 X000300 57
074 Y000300 0
075 A000300 0
075 B000300 1217
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 APRIL 30, 1996 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 370,341,527
<INVESTMENTS-AT-VALUE> 411,271,501
<RECEIVABLES> 202,526,783
<ASSETS-OTHER> 615,558
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 614,413,842
<PAYABLE-FOR-SECURITIES> 7,601,546
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 998,245
<TOTAL-LIABILITIES> 8,599,791
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 526,895,864
<SHARES-COMMON-STOCK> 21,399,259
<SHARES-COMMON-PRIOR> 14,713,128
<ACCUMULATED-NII-CURRENT> 1,893,545
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 36,094,668
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40,929,974
<NET-ASSETS> 605,814,051
<DIVIDEND-INCOME> 3,783,741
<INTEREST-INCOME> 3,902,759
<OTHER-INCOME> 0
<EXPENSES-NET> (2,742,252)
<NET-INVESTMENT-INCOME> 4,944,248
<REALIZED-GAINS-CURRENT> 36,098,208
<APPREC-INCREASE-CURRENT> 17,225,553
<NET-CHANGE-FROM-OPS> 58,268,009
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,491,366)
<DISTRIBUTIONS-OF-GAINS> (17,018,620)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,932,824
<NUMBER-OF-SHARES-REDEEMED> (1,903,445)
<SHARES-REINVESTED> 656,752
<NET-CHANGE-IN-ASSETS> 218,274,519
<ACCUMULATED-NII-PRIOR> 440,663
<ACCUMULATED-GAINS-PRIOR> 17,015,080
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,240,221
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,742,252
<AVERAGE-NET-ASSETS> 495,499,379
<PER-SHARE-NAV-BEGIN> 26.340
<PER-SHARE-NII> .260
<PER-SHARE-GAIN-APPREC> 2.976
<PER-SHARE-DIVIDEND> (.202)
<PER-SHARE-DISTRIBUTIONS> (1.064)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.310
<EXPENSE-RATIO> 1.110
<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 APRIL 30, 1996 SEMI-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> 5-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> DEC-12-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 35,052,557
<INVESTMENTS-AT-VALUE> 38,240,633
<RECEIVABLES> 8,121,156
<ASSETS-OTHER> 1,161,977
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,523,766
<PAYABLE-FOR-SECURITIES> 1,059,420
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,929
<TOTAL-LIABILITIES> 1,099,349
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,967,909
<SHARES-COMMON-STOCK> 2,623,044
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 6,960
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 261,472
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,188,076
<NET-ASSETS> 46,424,417
<DIVIDEND-INCOME> 75,857
<INTEREST-INCOME> 35,256
<OTHER-INCOME> 0
<EXPENSES-NET> (73,457)
<NET-INVESTMENT-INCOME> 37,656
<REALIZED-GAINS-CURRENT> 261,472
<APPREC-INCREASE-CURRENT> 3,188,076
<NET-CHANGE-FROM-OPS> 3,487,204
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (30,696)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,637,591
<NUMBER-OF-SHARES-REDEEMED> (16,085)
<SHARES-REINVESTED> 1,538
<NET-CHANGE-IN-ASSETS> 46,424,417
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 47,087
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 73,457
<AVERAGE-NET-ASSETS> 15,076,467
<PER-SHARE-NAV-BEGIN> 15.000
<PER-SHARE-NII> .003
<PER-SHARE-GAIN-APPREC> 2.730
<PER-SHARE-DIVIDEND> (.030)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.703
<EXPENSE-RATIO> .970
<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
VALUE INVESTORS TRUST APRIL 30, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN VALUE FUND
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 955,834
<INVESTMENTS-AT-VALUE> 1,032,248
<RECEIVABLES> 731,875
<ASSETS-OTHER> 5,245
<OTHER-ITEMS-ASSETS> 30,819
<TOTAL-ASSETS> 1,800,187
<PAYABLE-FOR-SECURITIES> 72,868
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,608
<TOTAL-LIABILITIES> 77,476
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,638,115
<SHARES-COMMON-STOCK> 107,960
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,972
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,325
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 76,299
<NET-ASSETS> 1,722,711
<DIVIDEND-INCOME> 1,115
<INTEREST-INCOME> 5,250
<OTHER-INCOME> 0
<EXPENSES-NET> (2,393)
<NET-INVESTMENT-INCOME> 3,972
<REALIZED-GAINS-CURRENT> 4,325
<APPREC-INCREASE-CURRENT> 76,299
<NET-CHANGE-FROM-OPS> 84,596
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 108,191
<NUMBER-OF-SHARES-REDEEMED> (231)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,722,711
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,330
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,010
<AVERAGE-NET-ASSETS> 1,277,249
<PER-SHARE-NAV-BEGIN> 15.000
<PER-SHARE-NII> .037
<PER-SHARE-GAIN-APPREC> .923
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 15.960
<EXPENSE-RATIO> 1.350
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
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 VALUE INVESTORS TRUST
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the Franklin
MicroCap 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 resolutions:
VOTED: That the terms and conditions of the Management
Agreement entered into between Franklin Advisers, Inc. and the Trust,
on behalf of the Fund, to take effect at the time the Fund's Registration
Statement under the Securities Act of 1933 is declared effective by the
U.S. Securities and Exchange Commission be, and it hereby is,
approved for the Fund.
VOTED: That the 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, on behalf of the
Fund, to take effect at the time the Fund's Registration Statement under
the Securities Act of 1933 is declared effective by the U.S. Securities
and Exchange Commission, 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.
Dated: 11-29-95 By: /s/ H.E. Burns
Harmon E. Burns
Executive Vice President
??
agree\0150\shconmic.doc
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 VALUE INVESTORS TRUST
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder 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 resolutions:
VOTED: That the terms and conditions of the Management
Agreement entered into between Franklin Advisers, Inc. and the Trust,
on behalf of the Fund, to take effect at the time the Fund's Registration
Statement under the Securities Act of 1933 is declared effective by the
U.S. Securities and Exchange Commission be, and it hereby is,
approved for the Fund.
VOTED: That the 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, on behalf of the
Fund, to take effect at the time the Fund's Registration Statement under
the Securities Act of 1933 is declared effective by the U.S. Securities
and Exchange Commission, 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.
Dated: By: /s/ H.E. Burns
Harmon E. Burns
Executive Vice President
??
agree\0150\shconval.doc
NAME OF REGISTRANT:
Franklin Value Investors Trust
File No. 811-5878
EXHIBIT ITEM No. 77D(g)
Policies with respect to security investments
At a meeting of the Board of Trustees on March 15, 1996, the
following resolution was approved:
RESOLVED, that the inclusion in the Prospectus and Statement of
Additional Information of the Franklin Balance Sheet Investment Fund
(the "Fund") of a non-fundamental investment policy allowing the
Fund to invest up to 25% of its assets in foreign securities, be, and
hereby is, ratified and approved.
??
agree\0150\shconmic.doc
NAME OF REGISTRANT:
Franklin Value Investors Trust
File No. 811-5878
EXHIBIT ITEM No. 77D(g)
Policies with respect to security investments
At a meeting of the Board of Trustees on March 15, 1996, the
following resolution was approved:
RESOLVED, that the inclusion in the Statement of Additional
Information of the Franklin Value Fund (the "Fund") of a non-
fundamental investment policy allowing the Fund to invest in restricted
securities and to consider them liquid (and thus not subject to the 10%
limitation on illiquid securities) to the extent the Manager determines
that there is a liquid institutional or other market for these securities,
be, and hereby is, ratified and approved.
??
agree\0150\shconmic.doc
