<PAGE> PAGE 1
000 A000000 04/30/97
000 C000000 0000856119
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 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 94403
002 D020000 7777
003 000000 N
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007 C020200 FRANKLIN MICROCAP VALUE FUND
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007 C010600 6
007 C010700 7
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008 D01AA01 FORT LEE
008 D02AA01 NJ
008 D03AA01 07024
010 A00AA01 FRANKLIN TEMPLETON SERVICES, INC.
010 C01AA01 SAN MATEO
010 C02AA01 CA
010 C03AA01 94404
010 C04AA01 7777
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
<PAGE> PAGE 2
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94403
011 C04AA01 7777
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.
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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
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<PAGE> PAGE 3
015 C01AA07 DHAKA
015 D01AA07 BANGLADESH
015 E04AA07 X
015 A00AA08 BANQUE BRUXELLES LAMBERT
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 SAN 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 STANDARD CHARTERED BANK
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
015 A00AA13 CITIBANK, N.A. VIA CITITRUST COLUMBIA S.A.
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
015 B00AA26 S
015 C01AA26 DUBLIN
015 D01AA26 IRELAND
015 E04AA26 X
015 A00AA27 BANK LEUMI LE-ISRAEL B.M.
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015 D01AA27 ISRAEL
<PAGE> PAGE 5
015 E04AA27 X
015 A00AA28 BANCA COMMERCIALE ITALIANA
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
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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015 D01AA37 PHILIPPINES
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<PAGE> PAGE 6
015 A00AA38 BANK HANDLOWY W WARSZAWIE S.A.
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015 C01AA38 WARSAW
015 D01AA38 POLAND
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015 A00AA39 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
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015 C01AA39 LISBON
015 D01AA39 PORTUGAL
015 E04AA39 X
015 A00AA40 UNITED OVERSEAS BANK (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 CITIBANK, N.A.
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 A00AA52 BANCO DE CHILE
015 B00AA52 S
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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 C01AA59 ACCRA
015 D01AA59 GHANA
015 E04AA59 X
015 A00AA60 THE BRITISH BANK OF THE MIDDLE EAST
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015 C01AA60 AMMAN
015 D01AA60 JORDAN
015 E04AA60 X
015 A00AA61 STANBIC BANK KENYA LTD. (STANBIC)
015 B00AA61 S
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015 D01AA61 KENYA
015 E04AA61 X
015 A00AA62 STANBIC BANK NAMIBIA LTD. (STANBIC)
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015 D01AA62 NAMIBIA
015 E04AA62 X
015 A00AA63 STANBIC MERCHANT BANK NIGERIA LTD. (STANBIC)
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015 C01AA63 LAGOS
015 D01AA63 NIGERIA
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015 A00AA65 BANQUE PARIBAS SA
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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
015 D01AA68 ZIMBABWE
015 E04AA68 X
015 A00AA69 CREDIT COMMERCIAL DE FRANCE
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<PAGE> PAGE 9
015 C01AA69 PARIS
015 D01AA69 FRANCE
015 E04AA69 X
015 A00AA70 KAS-ASSOCIATIE NV
015 B00AA70 S
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015 A00AA71 BANK LEU LTD.
015 B00AA71 S
015 C01AA71 ZURICH
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015 A00AA72 BANGKOK BANK PUBLIC COMPANY LTD.
015 B00AA72 S
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015 A00AA73 CESKOSLOVENSKA OBCHODNA BANKA AS (CSOB)
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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
054 E000200 N
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<PAGE> PAGE 20
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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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<PAGE> PAGE 27
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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 APRIL 30, 1997 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-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 592,779,714
<INVESTMENTS-AT-VALUE> 655,521,147
<RECEIVABLES> 142,203,906
<ASSETS-OTHER> 357,338
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 798,082,391
<PAYABLE-FOR-SECURITIES> 7,386,699
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,759,601
<TOTAL-LIABILITIES> 9,146,300
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 688,161,858
<SHARES-COMMON-STOCK> 26,991,233
<SHARES-COMMON-PRIOR> 22,535,474
<ACCUMULATED-NII-CURRENT> 1,004,158
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 37,028,642
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 62,741,433
<NET-ASSETS> 788,936,091
<DIVIDEND-INCOME> 5,453,070
<INTEREST-INCOME> 3,591,135
<OTHER-INCOME> 0
<EXPENSES-NET> (3,926,046)
<NET-INVESTMENT-INCOME> 5,118,159
<REALIZED-GAINS-CURRENT> 37,343,903
<APPREC-INCREASE-CURRENT> 20,014,103
<NET-CHANGE-FROM-OPS> 62,476,165
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,304,762)
<DISTRIBUTIONS-OF-GAINS> (53,995,964)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,933,965
<NUMBER-OF-SHARES-REDEEMED> (2,314,242)
<SHARES-REINVESTED> 1,836,036
<NET-CHANGE-IN-ASSETS> 131,933,966
<ACCUMULATED-NII-PRIOR> 1,188,669
<ACCUMULATED-GAINS-PRIOR> 53,682,795
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,788,020
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,926,046
<AVERAGE-NET-ASSETS> 738,836,646
<PER-SHARE-NAV-BEGIN> 29.150
<PER-SHARE-NII> .200
<PER-SHARE-GAIN-APPREC> 2.460
<PER-SHARE-DIVIDEND> (.220)
<PER-SHARE-DISTRIBUTIONS> (2.360)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.230
<EXPENSE-RATIO> 1.060
<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, 1997 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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 122,899,618
<INVESTMENTS-AT-VALUE> 129,480,662
<RECEIVABLES> 5,680,388
<ASSETS-OTHER> 34,463
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 135,195,513
<PAYABLE-FOR-SECURITIES> 368,203
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 650,392
<TOTAL-LIABILITIES> 1,018,595
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124,594,966
<SHARES-COMMON-STOCK> 7,131,380
<SHARES-COMMON-PRIOR> 6,488,300
<ACCUMULATED-NII-CURRENT> (100,198)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,101,106
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,581,044
<NET-ASSETS> 134,176,918
<DIVIDEND-INCOME> 514,862
<INTEREST-INCOME> 384,236
<OTHER-INCOME> 0
<EXPENSES-NET> (783,313)
<NET-INVESTMENT-INCOME> 115,785
<REALIZED-GAINS-CURRENT> 3,101,271
<APPREC-INCREASE-CURRENT> 2,154,532
<NET-CHANGE-FROM-OPS> 5,371,588
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (342,437)
<DISTRIBUTIONS-OF-GAINS> (2,640,512)
<DISTRIBUTIONS-OTHER> (100,198)
<NUMBER-OF-SHARES-SOLD> 1,043,899
<NUMBER-OF-SHARES-REDEEMED> (548,927)
<SHARES-REINVESTED> 148,108
<NET-CHANGE-IN-ASSETS> 14,513,212
<ACCUMULATED-NII-PRIOR> 226,652
<ACCUMULATED-GAINS-PRIOR> 2,640,347
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 488,158
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 783,313
<AVERAGE-NET-ASSETS> 131,257,908
<PER-SHARE-NAV-BEGIN> 18.440
<PER-SHARE-NII> .020
<PER-SHARE-GAIN-APPREC> .829
<PER-SHARE-DIVIDEND> (.067)
<PER-SHARE-DISTRIBUTIONS> (.402)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.820
<EXPENSE-RATIO> 1.200
<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 APRIL 30, 1997 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 22,185,523
<INVESTMENTS-AT-VALUE> 22,791,048
<RECEIVABLES> 1,149,794
<ASSETS-OTHER> 40,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,981,830
<PAYABLE-FOR-SECURITIES> 489,280
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,957
<TOTAL-LIABILITIES> 538,237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,322,672
<SHARES-COMMON-STOCK> 1,060,901
<SHARES-COMMON-PRIOR> 456,407
<ACCUMULATED-NII-CURRENT> (2,737)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 518,133
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 605,525
<NET-ASSETS> 23,443,593
<DIVIDEND-INCOME> 112,056
<INTEREST-INCOME> 31,693
<OTHER-INCOME> 0
<EXPENSES-NET> (105,385)
<NET-INVESTMENT-INCOME> 38,364
<REALIZED-GAINS-CURRENT> 510,089
<APPREC-INCREASE-CURRENT> 292,378
<NET-CHANGE-FROM-OPS> 840,831
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (37,653)
<DISTRIBUTIONS-OF-GAINS> (192,201)
<DISTRIBUTIONS-OTHER> (2,478)
<NUMBER-OF-SHARES-SOLD> 757,214
<NUMBER-OF-SHARES-REDEEMED> (164,571)
<SHARES-REINVESTED> 11,851
<NET-CHANGE-IN-ASSETS> 15,181,820
<ACCUMULATED-NII-PRIOR> 627
<ACCUMULATED-GAINS-PRIOR> 210,414
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58,573
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 126,278
<AVERAGE-NET-ASSETS> 15,735,877
<PER-SHARE-NAV-BEGIN> 17.150
<PER-SHARE-NII> .050
<PER-SHARE-GAIN-APPREC> 2.117
<PER-SHARE-DIVIDEND> (.058)
<PER-SHARE-DISTRIBUTIONS> (.369)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.890
<EXPENSE-RATIO> 1.290
<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 APRIL 30, 1997 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 22,185,523
<INVESTMENTS-AT-VALUE> 22,791,048
<RECEIVABLES> 1,149,794
<ASSETS-OTHER> 40,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,981,830
<PAYABLE-FOR-SECURITIES> 489,280
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,957
<TOTAL-LIABILITIES> 538,237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,322,672
<SHARES-COMMON-STOCK> 143,612
<SHARES-COMMON-PRIOR> 25,318
<ACCUMULATED-NII-CURRENT> (2,737)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 518,133
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 605,525
<NET-ASSETS> 23,443,593
<DIVIDEND-INCOME> 112,056
<INTEREST-INCOME> 31,693
<OTHER-INCOME> 0
<EXPENSES-NET> (105,385)
<NET-INVESTMENT-INCOME> 38,364
<REALIZED-GAINS-CURRENT> 510,089
<APPREC-INCREASE-CURRENT> 292,378
<NET-CHANGE-FROM-OPS> 840,831
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (10,143)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 118,763
<NUMBER-OF-SHARES-REDEEMED> (915)
<SHARES-REINVESTED> 446
<NET-CHANGE-IN-ASSETS> 15,181,820
<ACCUMULATED-NII-PRIOR> 627
<ACCUMULATED-GAINS-PRIOR> 210,414
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58,573
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 126,278
<AVERAGE-NET-ASSETS> 15,735,877
<PER-SHARE-NAV-BEGIN> 17.140
<PER-SHARE-NII> (.010)
<PER-SHARE-GAIN-APPREC> 2.099
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.369)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.860
<EXPENSE-RATIO> 2.000
<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 APRIL 30, 1997 SEMI-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> 4-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 22,185,523
<INVESTMENTS-AT-VALUE> 22,791,048
<RECEIVABLES> 1,149,794
<ASSETS-OTHER> 40,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,981,830
<PAYABLE-FOR-SECURITIES> 489,280
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,957
<TOTAL-LIABILITIES> 538,237
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,322,672
<SHARES-COMMON-STOCK> 36,739
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (2,737)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 518,133
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 605,525
<NET-ASSETS> 23,443,593
<DIVIDEND-INCOME> 112,056
<INTEREST-INCOME> 31,693
<OTHER-INCOME> 0
<EXPENSES-NET> (105,385)
<NET-INVESTMENT-INCOME> 38,364
<REALIZED-GAINS-CURRENT> 510,089
<APPREC-INCREASE-CURRENT> 292,378
<NET-CHANGE-FROM-OPS> 840,831
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1364)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (259)
<NUMBER-OF-SHARES-SOLD> 51,123
<NUMBER-OF-SHARES-REDEEMED> (14,453)
<SHARES-REINVESTED> 69
<NET-CHANGE-IN-ASSETS> 15,181,820
<ACCUMULATED-NII-PRIOR> 627
<ACCUMULATED-GAINS-PRIOR> 210,414
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58,573
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 126,278
<AVERAGE-NET-ASSETS> 15,735,877
<PER-SHARE-NAV-BEGIN> 18.750
<PER-SHARE-NII> .040
<PER-SHARE-GAIN-APPREC> .145
<PER-SHARE-DIVIDEND> (.045)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.890
<EXPENSE-RATIO> 1.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
NAME OF REGISTRANT:
Franklin Value Investors Trust
File No. 811-5878
EXHIBIT ITEM No. 77I(b):
Terms of new or amended securities
As of January 1, 1997, one series of the
Registrant began offering a new class of
shares designated Franklin Value Fund -
Advisor Class. All shares of Franklin Value
Fund outstanding before the offering of
Adviser Class shares have been designated
Franklin Value Fund - Class I and Franklin
Value Fund - Class II. Shares of each class
of a series have the same voting and other
rights and preferences as the other classes
and series of the Registrant for matters that
affect the Registrant as a whole.
