SUPPLEMENT TO THE PROSPECTUS DATED JANUARY 1, 1997
FRANKLIN MICROCAP VALUE FUND
FRANKLIN VALUE INVESTORS TRUST
DATED DECEMBER 12, 1995 AS AMENDED DECEMBER 1, 1996
I. The discussion under "How Do I Buy Shares? - Cumulative Quantity Discounts"
is amended by replacing it with the following text:
To determine if you may pay a reduced sales charge, the amount of your current
purchase is added to the cost or current value, whichever is higher, of your
shares in other Franklin Templeton Funds, as well as those of your spouse,
children under the age of 21 and grandchildren under the age of 21. If you are
the sole owner of a company, you may also add any company accounts, including
retirement plan accounts. Companies with one or more retirement plans may add
together the total plan assets invested in the Franklin Templeton Funds to
determine the sales charge that applies.
January 1, 1997
