<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 0000856119
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000 E000000 NF
000 F000000 Y
000 G000000 N
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000 J000000 A
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002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
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007 C020200 FRANKLIN MICROCAP VALUE FUND
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007 C010600 6
007 C010700 7
007 C010800 8
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008 D02AA01 NJ
008 D03AA01 07024
010 A00AA01 FRANKLIN TEMPLETON SERVICES, INC.
010 C01AA01 SAN MATEO
010 C02AA01 CA
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010 C04AA01 1585
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
<PAGE> PAGE 2
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94404
011 C04AA01 1585
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94404
012 C04AA01 1585
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
013 B04AA01 2119
014 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B00AA01 8-5889
015 A00AA01 THE BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
015 A00AA02 JASDEC
015 B00AA02 S
015 C01AA02 TOKYO
015 D01AA02 JAPAN
015 E04AA02 X
015 A00AA03 CEDEL (EUROMARKET)
015 B00AA03 S
015 C01AA03 LUXEMBOURG CITY
015 D01AA03 LUXEMBOURG
015 E04AA03 X
015 A00AA04 THE BANK OF BOSTON
015 B00AA04 S
015 C01AA04 BUENOS AIRES
015 D01AA04 ARGENTINA
015 E04AA04 X
015 A00AA05 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B00AA05 S
015 C01AA05 MELBOURNE
015 D01AA05 AUSTRALIA
015 E04AA05 X
015 A00AA06 CREDITANSTALT BANKVEREIN
015 B00AA06 S
015 C01AA06 VIENNA
015 D01AA06 AUSTRIA
015 E04AA06 X
015 A00AA07 STANDARD CHARTERED BANK PLC (SCB)
015 B00AA07 S
<PAGE> PAGE 3
015 C01AA07 DHAKA
015 D01AA07 BANGLADESH
015 E04AA07 X
015 A00AA08 BANQUE BRUXELLES LAMBERT (BBL)
015 B00AA08 S
015 C01AA08 BRUSSELS
015 D01AA08 BELGIUM
015 E04AA08 X
015 A00AA09 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA09 S
015 C01AA09 SAO PAULO
015 D01AA09 BRAZIL
015 E04AA09 X
015 A00AA10 ROYAL BANK OF CANADA
015 B00AA10 S
015 C01AA10 MONTREAL
015 D01AA10 CANADA
015 E04AA10 X
015 A00AA11 THE STANDARD CHARTERED BANK, HONG KONG
015 B00AA11 S
015 C01AA11 HONG KONG
015 D01AA11 CHINA
015 E04AA11 X
015 A00AA12 DEVELOPMENT BANK OF SINGAPORE
015 B00AA12 S
015 C01AA12 SINGAPORE
015 D01AA12 SINGAPORE
015 E04AA12 X
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015 B00AA13 S
015 C01AA13 BOGOTA
015 D01AA13 COLOMBIA
015 E04AA13 X
015 A00AA14 THE FIRST NATIONAL BANK OF BOSTON
015 B00AA14 S
015 C01AA14 SANTIAGO
015 D01AA14 CHILE
015 E04AA14 X
015 A00AA15 DEN DANSKE BANK
015 B00AA15 S
015 C01AA15 COPENHAGEN
015 D01AA15 DENMARK
015 E04AA15 X
015 A00AA16 BANQUE INTERNATIONALE A LUXEMBOURG
015 B00AA16 S
015 C01AA16 LUXEMBOURG CITY
015 D01AA16 LUXEMBOURG
015 E04AA16 X
015 A00AA17 THE BANK OF NEW YORK
015 B00AA17 S
015 C01AA17 LONDON
<PAGE> PAGE 4
015 D01AA17 UNITED KINGDOM
015 E04AA17 X
015 A00AA18 MERITA BANK LTD. (MB)
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/MAIN
015 D01AA20 GERMANY
015 E04AA20 X
015 A00AA21 NATIONAL BANK OF GREECE SA
015 B00AA21 S
015 C01AA21 ATHENS
015 D01AA21 GREECE
015 E04AA21 X
015 A00AA22 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA22 S
015 C01AA22 HONG KONG
015 D01AA22 HONG KONG
015 E04AA22 X
015 A00AA23 CITIBANK BUDAPEST RT.
015 B00AA23 S
015 C01AA23 BUDAPEST
015 D01AA23 HUNGARY
015 E04AA23 X
015 A00AA24 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA24 S
015 C01AA24 MUMBAI
015 D01AA24 INDIA
015 E04AA24 X
015 A00AA25 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA25 S
015 C01AA25 JAKARTA
015 D01AA25 INDONESIA
015 E04AA25 X
015 A00AA26 ALLIED IRISH BANKS, PLC (AIB)
015 B00AA26 S
015 C01AA26 DUBLIN
015 D01AA26 IRELAND
015 E04AA26 X
015 A00AA27 BANK LEUMI LE-ISRAEL B.M.
015 B00AA27 S
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015 D01AA27 ISRAEL
<PAGE> PAGE 5
015 E04AA27 X
015 A00AA28 BANCA COMMERCIALE ITALIANA (BCI)
015 B00AA28 S
015 C01AA28 MILAN
015 D01AA28 ITALY
015 E04AA28 X
015 A00AA29 BANK OF TOKYO MITSUBISHI (BTM)
015 B00AA29 S
015 C01AA29 TOKYO
015 D01AA29 JAPAN
015 E04AA29 X
015 A00AA30 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B00AA30 S
015 C01AA30 KUALA LUMPUR
015 D01AA30 MALAYSIA
015 E04AA30 X
015 A00AA31 BANCO NACIONAL DE MEXICO
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015 D01AA31 MEXICO
015 E04AA31 X
015 A00AA32 MEESPIERSON
015 B00AA32 S
015 C01AA32 AMSTERDAM
015 D01AA32 NETHERLANDS
015 E04AA32 X
015 A00AA33 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
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015 C01AA33 WELLINGTON
015 D01AA33 NEW ZEALAND
015 E04AA33 X
015 A00AA34 DEN NORSKE BANK ASA
015 B00AA34 S
015 C01AA34 OSLO
015 D01AA34 NORWAY
015 E04AA34 X
015 A00AA35 STANDARD CHARTERED BANK (SCB)
015 B00AA35 S
015 C01AA35 KARACHI
015 D01AA35 PAKISTAN
015 E04AA35 X
015 A00AA36 CITIBANK, N.A.
015 B00AA36 S
015 C01AA36 LIMA
015 D01AA36 PERU
015 E04AA36 X
015 A00AA37 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
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<PAGE> PAGE 6
015 A00AA38 BANK HANDLOWY W WARSZAWIE S.A.
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015 C01AA38 WARSAW
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015 E04AA38 X
015 A00AA39 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B00AA39 S
015 C01AA39 LISBON
015 D01AA39 PORTUGAL
015 E04AA39 X
015 A00AA40 UNITED OVERSEAS BANK LTD. (UOB)
015 B00AA40 S
015 C01AA40 SINGAPORE
015 D01AA40 SINGAPORE
015 E04AA40 X
015 A00AA41 STANDARD CORPORATE AND MERCHANT BANK (SCMB)
015 B00AA41 S
015 C01AA41 JOHANNESBURG
015 D01AA41 SOUTH AFRICA
015 E04AA41 X
015 A00AA42 SEOULBANK (SB)
015 B00AA42 S
015 C01AA42 SEOUL
015 D01AA42 SOUTH KOREA
015 E04AA42 X
015 A00AA43 BANCO BILBAO VIZCAYA (BBV)
015 B00AA43 S
015 C01AA43 MADRID
015 D01AA43 SPAIN
015 E04AA43 X
015 A00AA44 STANDARD CHARTERED BANK (SCB)
015 B00AA44 S
015 C01AA44 COLOMBO
015 D01AA44 SRI LANKA
015 E04AA44 X
015 A00AA45 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B00AA45 S
015 C01AA45 STOCKHOLM
015 D01AA45 SWEDEN
015 E04AA45 X
015 A00AA46 UNION BANK OF SWITZERLAND
015 B00AA46 S
015 C01AA46 ZURICH
015 D01AA46 SWITZERLAND
015 E04AA46 X
015 A00AA47 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B00AA47 S
015 C01AA47 TAIPEI
015 D01AA47 TAIWAN (REP. CHINA)
015 E04AA47 X
015 A00AA48 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.
<PAGE> PAGE 7
015 B00AA48 S
015 C01AA48 BANGKOK
015 D01AA48 THAILAND
015 E04AA48 X
015 A00AA49 OSMANLI BANKASI A.S. (OTTOMAN BANK)
015 B00AA49 S
015 C01AA49 ISTANBUL
015 D01AA49 TURKEY
015 E04AA49 X
015 A00AA50 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B00AA50 S
015 C01AA50 LONDON
015 D01AA50 UNITED KINGDOM
015 E04AA50 X
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015 E04AA51 X
015 A00AA52 BANCO DE CHILE
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015 D01AA52 CHILE
015 E04AA52 X
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015 A00AA56 STANBIC BANK BOTSWANA LTD. (STANBIC)
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015 A00AA57 CITIBANK, N.A.
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<PAGE> PAGE 8
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015 D01AA58 EGYPT
015 E04AA58 X
015 A00AA59 MERCHANT BANK (GHANA) LTD.
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015 D01AA59 GHANA
015 E04AA59 X
015 A00AA60 THE BRITISH BANK OF THE MIDDLE EAST
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015 D01AA60 JORDAN
015 E04AA60 X
015 A00AA61 STANBIC BANK KENYA LTD. (STANBIC)
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015 A00AA62 STANBIC BANK NAMIBIA LTD. (STANBIC)
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015 A00AA63 STANBIC MERCHANT BANK NIGERIA LTD. (STANBIC)
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015 A00AA64 THE PHILIPPINE CENTRAL DEPOSITORY, INC.
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015 E04AA64 X
015 A00AA65 BANQUE PARIBAS SA
015 B00AA65 S
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015 A00AA66 STANBIC BANK SWAZILAND LTD. (STANBIC)
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015 A00AA67 STANBIC BANK ZAMBIA LTD. (STANBIC)
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015 D01AA67 ZAMBIA
015 E04AA67 X
015 A00AA68 STANBIC BANK ZIMBABWE LTD. (STANBIC)
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015 C01AA68 HARARE
<PAGE> PAGE 9
015 D01AA68 ZIMBABWE
015 E04AA68 X
015 A00AA69 CREDIT COMMERCIAL DE FRANCE
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015 D01AA69 FRANCE
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015 A00AA70 KAS-ASSOCIATIE NV
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015 C01AA70 AMSTERDAM
015 D01AA70 NETHERLANDS
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015 A00AA71 BANK LEU LTD.
015 B00AA71 S
015 C01AA71 ZURICH
015 D01AA71 SWITZERLAND
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015 A00AA72 BANGKOK BANK PUBLIC COMPANY 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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<PAGE> PAGE 18
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<PAGE> PAGE 19
048 J010200 0
048 J020200 0.000
048 K010200 0
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050 000200 N
051 000200 N
052 000200 N
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055 A000200 N
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057 000200 N
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058 B000200 N
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066 A000200 Y
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066 D000200 N
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066 F000200 N
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068 A000200 N
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069 000200 N
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070 A020200 Y
070 B010200 Y
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070 C020200 N
070 D010200 Y
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070 F020200 N
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<PAGE> PAGE 20
070 J010200 Y
070 J020200 Y
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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SIGNATURE LAURA FERGERSON
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST OCTOBER 31, 1997 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-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 853,776,323
<INVESTMENTS-AT-VALUE> 1,061,967,318
<RECEIVABLES> 174,717,728
<ASSETS-OTHER> 6,526,195
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,243,211,241
<PAYABLE-FOR-SECURITIES> 16,394,994
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,863,487
<TOTAL-LIABILITIES> 20,258,481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 947,001,660
<SHARES-COMMON-STOCK> 34,722,428
<SHARES-COMMON-PRIOR> 22,535,474
<ACCUMULATED-NII-CURRENT> 2,723,942
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65,037,581
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 208,189,577
<NET-ASSETS> 1,222,952,760
<DIVIDEND-INCOME> 13,899,020
<INTEREST-INCOME> 9,850,501
<OTHER-INCOME> 0
<EXPENSES-NET> (9,581,722)
<NET-INVESTMENT-INCOME> 14,167,799
<REALIZED-GAINS-CURRENT> 65,350,389
<APPREC-INCREASE-CURRENT> 165,462,247
<NET-CHANGE-FROM-OPS> 244,980,435
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,631,986)
<DISTRIBUTIONS-OF-GAINS> (53,996,143)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,624,224
<NUMBER-OF-SHARES-REDEEMED> (4,466,272)
<SHARES-REINVESTED> 2,029,002
<NET-CHANGE-IN-ASSETS> 565,950,635
<ACCUMULATED-NII-PRIOR> 1,188,669
<ACCUMULATED-GAINS-PRIOR> 53,682,795
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,247,685
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,581,722
<AVERAGE-NET-ASSETS> 889,518,143
<PER-SHARE-NAV-BEGIN> 29.150
<PER-SHARE-NII> .480
<PER-SHARE-GAIN-APPREC> 8.400
<PER-SHARE-DIVIDEND> (.460)
<PER-SHARE-DISTRIBUTIONS> (2.350)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 35.220
<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
VALUE INVESTORS TRUST OCTOBER 31, 1997 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> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 146,854,713
<INVESTMENTS-AT-VALUE> 184,828,222
<RECEIVABLES> 6,738,052
<ASSETS-OTHER> 889,594
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 192,455,868
<PAYABLE-FOR-SECURITIES> 513,404
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 304,510
<TOTAL-LIABILITIES> 817,914
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,802,750
<SHARES-COMMON-STOCK> 7,889,001
<SHARES-COMMON-PRIOR> 6,488,300
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,861,695
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37,973,509
<NET-ASSETS> 191,637,954
<DIVIDEND-INCOME> 1,131,730
<INTEREST-INCOME> 581,647
<OTHER-INCOME> 0
<EXPENSES-NET> (1,791,722)
<NET-INVESTMENT-INCOME> (78,345)
<REALIZED-GAINS-CURRENT> 12,151,934
<APPREC-INCREASE-CURRENT> 33,546,997
<NET-CHANGE-FROM-OPS> 45,620,586
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (152,942)
<DISTRIBUTIONS-OF-GAINS> (2,930,586)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,302,643
<NUMBER-OF-SHARES-REDEEMED> (1,050,071)
<SHARES-REINVESTED> 148,129
<NET-CHANGE-IN-ASSETS> 71,974,248
<ACCUMULATED-NII-PRIOR> 226,652
<ACCUMULATED-GAINS-PRIOR> 2,640,347
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,104,784
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,791,722
<AVERAGE-NET-ASSETS> 147,312,090
<PER-SHARE-NAV-BEGIN> 18.440
<PER-SHARE-NII> (.010)
<PER-SHARE-GAIN-APPREC> 6.330
<PER-SHARE-DIVIDEND> (.070)
<PER-SHARE-DISTRIBUTIONS> (.400)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 24.290
<EXPENSE-RATIO> 1.220
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST OCTOBER 31, 1997 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> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 87,408,545
<INVESTMENTS-AT-VALUE> 96,108,241
<RECEIVABLES> 11,713,463
<ASSETS-OTHER> 1,122,648
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 108,944,352
<PAYABLE-FOR-SECURITIES> 1,345,969
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,652,027
<TOTAL-LIABILITIES> 3,997,996
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95,167,279
<SHARES-COMMON-STOCK> 3,197,257
<SHARES-COMMON-PRIOR> 456,407
<ACCUMULATED-NII-CURRENT> 4,129
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,075,252
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,699,696
<NET-ASSETS> 104,946,356
<DIVIDEND-INCOME> 346,899
<INTEREST-INCOME> 221,911
<OTHER-INCOME> 0
<EXPENSES-NET> (495,811)
<NET-INVESTMENT-INCOME> 72,999
<REALIZED-GAINS-CURRENT> 1,067,208
<APPREC-INCREASE-CURRENT> 8,386,549
<NET-CHANGE-FROM-OPS> 9,526,756
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (66,816)
<DISTRIBUTIONS-OF-GAINS> (192,201)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,359,946
<NUMBER-OF-SHARES-REDEEMED> (632,076)
<SHARES-REINVESTED> 12,980
<NET-CHANGE-IN-ASSETS> 96,684,583
<ACCUMULATED-NII-PRIOR> 627
<ACCUMULATED-GAINS-PRIOR> 210,414
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 267,392
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 526,888
<AVERAGE-NET-ASSETS> 35,957,255
<PER-SHARE-NAV-BEGIN> 17.150
<PER-SHARE-NII> .080
<PER-SHARE-GAIN-APPREC> 7.900
<PER-SHARE-DIVIDEND> (.080)
<PER-SHARE-DISTRIBUTIONS> (.370)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 24.680
<EXPENSE-RATIO> 1.320
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST OCTOBER 31, 1997 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> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 87,408,545
<INVESTMENTS-AT-VALUE> 96,108,241
<RECEIVABLES> 11,713,463
<ASSETS-OTHER> 1,122,648
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 108,944,352
<PAYABLE-FOR-SECURITIES> 1,345,969
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,652,027
<TOTAL-LIABILITIES> 3,997,996
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95,167,279
<SHARES-COMMON-STOCK> 876,420
<SHARES-COMMON-PRIOR> 25,318
<ACCUMULATED-NII-CURRENT> 4,129
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,075,252
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,699,696
<NET-ASSETS> 104,946,356
<DIVIDEND-INCOME> 346,899
<INTEREST-INCOME> 221,911
<OTHER-INCOME> 0
<EXPENSES-NET> (495,811)
<NET-INVESTMENT-INCOME> 72,999
<REALIZED-GAINS-CURRENT> 1,067,208
<APPREC-INCREASE-CURRENT> 8,386,549
<NET-CHANGE-FROM-OPS> 9,526,756
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (10,143)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 886,618
<NUMBER-OF-SHARES-REDEEMED> (35,962)
<SHARES-REINVESTED> 446
<NET-CHANGE-IN-ASSETS> 96,684,583
<ACCUMULATED-NII-PRIOR> 627
<ACCUMULATED-GAINS-PRIOR> 210,414
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 267,392
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 526,888
<AVERAGE-NET-ASSETS> 35,957,255
<PER-SHARE-NAV-BEGIN> 17.140
<PER-SHARE-NII> (.020)
<PER-SHARE-GAIN-APPREC> 7.840
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.370)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 24.590
<EXPENSE-RATIO> 1.870
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST OCTOBER 31, 1997 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 033
<NAME> FRANKLIN VALUE FUND ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 87,408,545
<INVESTMENTS-AT-VALUE> 96,108,241
<RECEIVABLES> 11,713,463
<ASSETS-OTHER> 1,122,648
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 108,944,352
<PAYABLE-FOR-SECURITIES> 1,345,969
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,652,027
<TOTAL-LIABILITIES> 3,997,996
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95,167,279
<SHARES-COMMON-STOCK> 181,839
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,129
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,075,252
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,699,696
<NET-ASSETS> 104,946,356
<DIVIDEND-INCOME> 346,899
<INTEREST-INCOME> 221,911
<OTHER-INCOME> 0
<EXPENSES-NET> (495,811)
<NET-INVESTMENT-INCOME> 72,999
<REALIZED-GAINS-CURRENT> 1,067,208
<APPREC-INCREASE-CURRENT> 8,386,549
<NET-CHANGE-FROM-OPS> 9,526,756
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,903)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 217,368
<NUMBER-OF-SHARES-REDEEMED> (35,716)
<SHARES-REINVESTED> 187
<NET-CHANGE-IN-ASSETS> 96,684,583
<ACCUMULATED-NII-PRIOR> 627
<ACCUMULATED-GAINS-PRIOR> 210,414
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 267,392
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 526,888
<AVERAGE-NET-ASSETS> 35,957,255
<PER-SHARE-NAV-BEGIN> 18.750
<PER-SHARE-NII> .100
<PER-SHARE-GAIN-APPREC> 5.950
<PER-SHARE-DIVIDEND> (.080)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 24.720
<EXPENSE-RATIO> .980
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of
Franklin Value Investors Trust:
In planning and performing our audit of the financial statements of Franklin
Value Investors Trust for the year ended October 31, 1997, we considered its
internal control, including controls over safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the Franklin Value Investors Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and may not be detected. Also, projection of any evaluation of
internal control 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 would not necessarily disclose all
matters in internal control 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 any
specific internal control component 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 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
internal control, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
S\Coopers & Lybrand L.L.P.
San Francisco, California
December 26, 1997
