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<PAGE> PAGE 5
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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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<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 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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015 A000236 STANBIC BANK ZIMBABWE LTD.
015 B000236 S
015 C010236 HARARE
015 D010236 ZIMBABWE
015 E040236 X
024 000200 N
028 A010200 3925
028 A020200 0
028 A030200 0
028 A040200 3354
028 B010200 4403
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028 B030200 0
028 B040200 3158
028 C010200 3915
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028 C030200 0
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028 D010200 2795
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028 D030200 0
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028 F010200 2525
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028 F030200 0
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028 G030200 0
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029 000200 Y
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030 B000200 5.75
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032 000200 920
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034 000200 Y
035 000200 0
036 A000200 N
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037 000200 N
038 000200 0
<PAGE> PAGE 19
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
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044 000200 125
045 000200 Y
046 000200 N
047 000200 Y
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048 B010200 0
048 B020200 0.000
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048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
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
<PAGE> PAGE 20
054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 Y
054 M000200 Y
054 N000200 N
054 O000200 Y
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
058 B000200 N
058 C000200 N
058 D000200 N
058 E000200 N
059 000200 Y
060 A000200 N
060 B000200 N
061 000200 1000
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
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
<PAGE> PAGE 21
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
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 Y
070 P020200 Y
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 61463
071 B000200 61176
071 C000200 191741
071 D000200 32
072 A000200 12
072 B000200 600
072 C000200 1647
072 D000200 0
072 E000200 0
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072 G000200 0
072 H000200 0
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072 J000200 3
<PAGE> PAGE 22
072 K000200 31
072 L000200 15
072 M000200 4
072 N000200 36
072 O000200 0
072 P000200 0
072 Q000200 0
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072 S000200 2
072 T000200 533
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072 V000200 0
072 W000200 5
072 X000200 2462
072 Y000200 0
072 Z000200 -215
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072BB000200 9790
072CC010200 0
072CC020200 36790
072DD010200 64
072DD020200 0
072EE000200 11893
073 A010200 0.0100
073 A020200 0.0000
073 B000200 1.4800
073 C000200 0.0000
074 A000200 0
074 B000200 11084
074 C000200 0
074 D000200 0
074 E000200 63
074 F000200 161890
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 2476
074 K000200 0
074 L000200 852
074 M000200 0
074 N000200 176365
074 O000200 94
074 P000200 263
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074 R010200 0
074 R020200 0
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074 S000200 0
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074 U010200 8666
<PAGE> PAGE 23
074 U020200 0
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074 V020200 0.00
074 W000200 0.0000
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074 Y000200 339
075 A000200 0
075 B000200 203737
076 000200 0.00
015 A000301 THE BANK OF NEW YORK
015 B000301 C
015 C010301 NEW YORK
015 C020301 NY
015 C030301 10286
015 E010301 X
015 A000302 BANKBOSTON, N.A.
015 B000302 S
015 C010302 BUENOS AIRES
015 D010302 ARGENTINA
015 E040302 X
015 A000303 NATIONAL AUSTRALIA BANK LIMITED
015 B000303 S
015 C010303 MELBOURNE
015 D010303 AUSTRALIA
015 E040303 X
015 A000304 BANK AUSTRIA AG
015 B000304 S
015 C010304 VIENNA
015 D010304 AUSTRIA
015 E040304 X
015 A000305 BANQUE BRUXELLES LAMBERT
015 B000305 S
015 C010305 BRUSSELS
015 D010305 BELGIUM
015 E040305 X
015 A000306 ROYAL BANK OF CANADA
015 B000306 S
015 C010306 TORONTO
015 D010306 CANADA
015 E040306 X
015 A000307 DEN DANSKE BANK
015 B000307 S
015 C010307 COPENHAGEN
015 D010307 DENMARK
015 E040307 X
015 A000308 FIRST CHICAGO CLEARING CENTRE
015 B000308 S
015 C010308 LONDON
015 D010308 UNITED KINGOM
015 E040308 X
015 A000309 CEDEL BANK, S.A. (EUROMARKET)
<PAGE> PAGE 24
015 B000309 S
015 C010309 LUXEMBOURG CITY
015 D010309 LUXEMBOURG
015 E040309 X
015 A000310 EUROCLEAR
015 B000310 S
015 C010310 BRUSSELS
015 D010310 BELGIUM
015 E040310 X
015 A000311 MERITA BANK PLC
015 B000311 S
015 C010311 HELSINKI
015 D010311 FINLAND
015 E040311 X
015 A000312 BANQUE PARIBAS
015 B000312 S
015 C010312 PARIS
015 D010312 FRANCE
015 E040312 X
015 A000313 DRESDNER BANK AG
015 B000313 S
015 C010313 FRANKFURT/MAIN
015 D010313 GERMANY
015 E040313 X
015 A000314 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000314 S
015 C010314 HONG KONG
015 D010314 HONG KONG
015 E040314 X
015 A000315 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000315 S
015 C010315 JAKARTA
015 D010315 INDONESIA
015 E040315 X
015 A000316 ALLIED IRISH BANKS, PLC
015 B000316 S
015 C010316 DUBLIN
015 D010316 IRELAND
015 E040316 X
015 A000317 BANK OF TOKYO MITSUBISHI (BTM)
015 B000317 S
015 C010317 TOKYO
015 D010317 JAPAN
015 E040317 X
015 A000318 BANQUE ET CAISSE D'EPARGNE
015 B000318 S
015 C010318 LUXEMBOURG CITY
015 D010318 LUXEMBOURG
015 E040318 X
015 A000319 THE HONGKONG BANK MALAYSIA BERHAD
015 B000319 S
<PAGE> PAGE 25
015 C010319 KUALA LUMPUR
015 D010319 MALAYSIA
015 E040319 X
015 A000320 BANCO NACIONAL DE MEXICO, S.A.
015 B000320 S
015 C010320 MEXICO CITY
015 D010320 MEXICO
015 E040320 X
015 A000321 MEESPEIRSON N.V.
015 B000321 S
015 C010321 AMSTERDAM
015 D010321 NETHERLANDS
015 E040321 X
015 A000322 AUSTRALIA AND NEW ZEALAND BANKING CORP. LTD.
015 B000322 S
015 C010322 WELLINGTON
015 D010322 NEW ZEALAND
015 E040322 X
015 A000323 STANDARD CHARTERED BANK
015 B000323 S
015 C010323 KARACHI
015 D010323 PAKISTAN
015 E040323 X
015 A000324 DEN NORSKE BANK ASA
015 B000324 S
015 C010324 OSLO
015 D010324 NORWAY
015 E040324 X
015 A000325 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000325 S
015 C010325 PASIG CITY
015 D010325 PHILIPPINES
015 E040325 X
015 A000326 BANCO COMERICAL PORTUGUES, S.A.
015 B000326 S
015 C010326 LISBON
015 D010326 PORTUGAL
015 E040326 X
015 A000327 UNITED OVERSEAS BANK LTD.
015 B000327 S
015 C010327 SINGAPORE
015 D010327 SINGAPORE
015 E040327 X
015 A000328 STANDARD BANK OF SOUTH AFRICA LTD.
015 B000328 S
015 C010328 JOHANNESBURG
015 D010328 SOUTH AFRICA
015 E040328 X
015 A000329 BANCO BILBAO VIZCAYA
015 B000329 S
015 C010329 MADRID
<PAGE> PAGE 26
015 D010329 SPAIN
015 E040329 X
015 A000330 SKANDINAVISKA ENSKILDA BANKEN
015 B000330 S
015 C010330 STOCKHOLM
015 D010330 SWEDEN
015 E040330 X
015 A000331 UNION BANK OF SWITZERLAND (UBS AG)
015 B000331 S
015 C010331 ZURICH
015 D010331 SWITZERLAND
015 E040331 X
015 A000332 STANDARD CHARTERED BANK
015 B000332 S
015 C010332 BANGKOK
015 D010332 THAILAND
015 E040332 X
015 A000333 OSMANLI BANKASI A.S. (OTTOMAN BANK)
015 B000333 S
015 C010333 ISTANBUL
015 D010333 TURKEY
015 E040333 X
015 A000334 THE BANK OF NEW YORK
015 B000334 S
015 C010334 LONDON
015 D010334 UNITED KINGDOM
015 E040334 X
015 A000335 STANBIC BANK ZAMBIA LTD.
015 B000335 S
015 C010335 LUSAKA
015 D010335 ZAMBIA
015 E040335 X
015 A000336 STANBIC BANK ZIMBABWE LTD.
015 B000336 S
015 C010336 HARARE
015 D010336 ZIMBABWE
015 E040336 X
024 000300 N
028 A010300 22043
028 A020300 0
028 A030300 0
028 A040300 5836
028 B010300 11004
028 B020300 0
028 B030300 0
028 B040300 7244
028 C010300 10337
028 C020300 0
028 C030300 0
028 C040300 10245
028 D010300 7006
<PAGE> PAGE 27
028 D020300 0
028 D030300 0
028 D040300 10061
028 E010300 5229
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028 E030300 0
028 E040300 9641
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028 F040300 5888
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028 G030300 0
028 G040300 48915
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029 000300 Y
030 A000300 2081
030 B000300 5.75
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031 B000300 203
032 000300 2284
033 000300 0
034 000300 Y
035 000300 32
036 A000300 N
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037 000300 N
038 000300 0
039 000300 N
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041 000300 Y
042 A000300 0
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043 000300 813
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046 000300 N
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048 000300 0.000
048 A010300 500000
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048 B010300 500000
048 B020300 0.625
<PAGE> PAGE 28
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
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048 H020300 0.000
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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
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053 C000300 N
054 A000300 Y
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
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055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
058 B000300 N
058 C000300 N
058 D000300 N
058 E000300 N
059 000300 Y
060 A000300 N
<PAGE> PAGE 29
060 B000300 N
061 000300 2500
062 A000300 N
062 B000300 0.0
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062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
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062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 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
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
<PAGE> PAGE 30
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 Y
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 152601
071 B000300 55455
071 C000300 150347
071 D000300 37
072 A000300 12
072 B000300 517
072 C000300 1342
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072 F000300 1201
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072 M000300 3
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<PAGE> PAGE 31
072CC020300 54892
072DD010300 43
072DD020300 5
072EE000300 1029
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.2100
073 C000300 0.0000
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074 B000300 5419
074 C000300 0
074 D000300 1128
074 E000300 0
074 F000300 137947
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074 H000300 0
074 I000300 0
074 J000300 967
074 K000300 0
074 L000300 432
074 M000300 2
074 N000300 146002
074 O000300 441
074 P000300 338
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074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 502
074 S000300 0
074 T000300 144721
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074 U020300 2340
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SIGNATURE LAURA FERGERSON
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUE INVESTORS TRUST OCTOBER 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN BALANCE SHEET INVESTMENT FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 1,104,868,382
<INVESTMENTS-AT-VALUE> 1,172,555,606
<RECEIVABLES> 300,243,305
<ASSETS-OTHER> 766,441
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,473,565,352
<PAYABLE-FOR-SECURITIES> 3,075,471
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,282,713
<TOTAL-LIABILITIES> 6,358,184
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,342,731,470
<SHARES-COMMON-STOCK> 46,051,441
<SHARES-COMMON-PRIOR> 34,722,428
<ACCUMULATED-NII-CURRENT> 2,965,881
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 53,822,593
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67,687,224
<NET-ASSETS> 1,467,207,168
<DIVIDEND-INCOME> 19,896,279
<INTEREST-INCOME> 15,400,170
<OTHER-INCOME> 0
<EXPENSES-NET> (13,620,721)
<NET-INVESTMENT-INCOME> 21,675,728
<REALIZED-GAINS-CURRENT> 53,773,930
<APPREC-INCREASE-CURRENT> (140,502,353)
<NET-CHANGE-FROM-OPS> (65,052,695)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21,386,657)
<DISTRIBUTIONS-OF-GAINS> (65,036,050)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,222,491
<NUMBER-OF-SHARES-REDEEMED> (9,270,237)
<SHARES-REINVESTED> 2,376,759
<NET-CHANGE-IN-ASSETS> 244,254,408
<ACCUMULATED-NII-PRIOR> 2,723,942
<ACCUMULATED-GAINS-PRIOR> 65,037,581
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (6,868,491)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (13,620,721)
<AVERAGE-NET-ASSETS> 1,471,285,660
<PER-SHARE-NAV-BEGIN> 35.220
<PER-SHARE-NII> .500
<PER-SHARE-GAIN-APPREC> (1.550)
<PER-SHARE-DIVIDEND> (0.510)
<PER-SHARE-DISTRIBUTIONS> (1.800)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 31.860
<EXPENSE-RATIO> .930
<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, 1998 ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN MICROCAP VALUE FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 160,769,567
<INVESTMENTS-AT-VALUE> 161,953,539
<RECEIVABLES> 3,327,274
<ASSETS-OTHER> 11,084,587
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 176,365,400
<PAYABLE-FOR-SECURITIES> 94,351
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 635,678
<TOTAL-LIABILITIES> 730,029
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 161,134,371
<SHARES-COMMON-STOCK> 8,666,162
<SHARES-COMMON-PRIOR> 7,889,001
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,317,028
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,183,972
<NET-ASSETS> 175,635,371
<DIVIDEND-INCOME> 1,646,932
<INTEREST-INCOME> 600,160
<OTHER-INCOME> 0
<EXPENSES-NET> (2,462,584)
<NET-INVESTMENT-INCOME> (215,492)
<REALIZED-GAINS-CURRENT> 13,627,885
<APPREC-INCREASE-CURRENT> (36,789,537)
<NET-CHANGE-FROM-OPS> (23,377,144)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (64,132)
<DISTRIBUTIONS-OF-GAINS> (11,892,928)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,069,052
<NUMBER-OF-SHARES-REDEEMED> (1,778,377)
<SHARES-REINVESTED> 486,486
<NET-CHANGE-IN-ASSETS> (16,002,583)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,861,695
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,528,066)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,462,584)
<AVERAGE-NET-ASSETS> 203,736,528
<PER-SHARE-NAV-BEGIN> 24.290
<PER-SHARE-NII> (.020)
<PER-SHARE-GAIN-APPREC> (2.510)
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> (1.480)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 20.270
<EXPENSE-RATIO> 1.210
<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, 1998 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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 185,267,322
<INVESTMENTS-AT-VALUE> 139,074,774
<RECEIVABLES> 6,819,046
<ASSETS-OTHER> 108,422
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 146,002,242
<PAYABLE-FOR-SECURITIES> 440,800
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 840,854
<TOTAL-LIABILITIES> 1,281,654
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,219,353
<SHARES-COMMON-STOCK> 5,465,994
<SHARES-COMMON-PRIOR> 3,197,257
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 693,783
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (46,192,548)
<NET-ASSETS> 144,720,588
<DIVIDEND-INCOME> 1,341,954
<INTEREST-INCOME> 516,874
<OTHER-INCOME> 0
<EXPENSES-NET> (2,359,490)
<NET-INVESTMENT-INCOME> (500,662)
<REALIZED-GAINS-CURRENT> 692,870
<APPREC-INCREASE-CURRENT> (54,892,244)
<NET-CHANGE-FROM-OPS> (54,700,036)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43,246)
<DISTRIBUTIONS-OF-GAINS> (750,851)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,324,861
<NUMBER-OF-SHARES-REDEEMED> (3,086,439)
<SHARES-REINVESTED> 30,315
<NET-CHANGE-IN-ASSETS> 39,774,232
<ACCUMULATED-NII-PRIOR> 4,129
<ACCUMULATED-GAINS-PRIOR> 1,075,252
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,200,877)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,454,973)
<AVERAGE-NET-ASSETS> 160,117,717
<PER-SHARE-NAV-BEGIN> 24.680
<PER-SHARE-NII> (0.030)
<PER-SHARE-GAIN-APPREC> (6.450)
<PER-SHARE-DIVIDEND> (0.010)
<PER-SHARE-DISTRIBUTIONS> (0.210)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.98
<EXPENSE-RATIO> 1.320<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 1.380%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST OCTOBER 31, 1998 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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 185,267,322
<INVESTMENTS-AT-VALUE> 139,074,774
<RECEIVABLES> 6,819,046
<ASSETS-OTHER> 108,422
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 146,002,242
<PAYABLE-FOR-SECURITIES> 440,800
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 840,854
<TOTAL-LIABILITIES> 1,281,654
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,219,353
<SHARES-COMMON-STOCK> 2,339,992
<SHARES-COMMON-PRIOR> 876,420
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 693,783
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (46,192,548)
<NET-ASSETS> 144,720,588
<DIVIDEND-INCOME> 1,341,954
<INTEREST-INCOME> 516,874
<OTHER-INCOME> 0
<EXPENSES-NET> (2,359,490)
<NET-INVESTMENT-INCOME> (500,662)
<REALIZED-GAINS-CURRENT> 692,870
<APPREC-INCREASE-CURRENT> (54,892,244)
<NET-CHANGE-FROM-OPS> (54,700,036)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (237,831)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,011,944
<NUMBER-OF-SHARES-REDEEMED> (557,458)
<SHARES-REINVESTED> 9,086
<NET-CHANGE-IN-ASSETS> 39,774,232
<ACCUMULATED-NII-PRIOR> 4,129
<ACCUMULATED-GAINS-PRIOR> 1,075,252
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,200,877)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,454,973)
<AVERAGE-NET-ASSETS> 160,117,717
<PER-SHARE-NAV-BEGIN> 24.590
<PER-SHARE-NII> (0.130)
<PER-SHARE-GAIN-APPREC> (6.430)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (0.210)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.82
<EXPENSE-RATIO> 1.970<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 2.030%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST OCTOBER 31, 1998 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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 185,267,322
<INVESTMENTS-AT-VALUE> 139,074,774
<RECEIVABLES> 6,819,046
<ASSETS-OTHER> 108,422
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 146,002,242
<PAYABLE-FOR-SECURITIES> 440,800
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 840,854
<TOTAL-LIABILITIES> 1,281,654
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,219,353
<SHARES-COMMON-STOCK> 262,233
<SHARES-COMMON-PRIOR> 181,839
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 693,783
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (46,192,548)
<NET-ASSETS> 144,720,588
<DIVIDEND-INCOME> 1,341,954
<INTEREST-INCOME> 516,874
<OTHER-INCOME> 0
<EXPENSES-NET> (2,359,490)
<NET-INVESTMENT-INCOME> (500,662)
<REALIZED-GAINS-CURRENT> 692,870
<APPREC-INCREASE-CURRENT> (54,892,244)
<NET-CHANGE-FROM-OPS> (54,700,036)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,419)
<DISTRIBUTIONS-OF-GAINS> (40,254)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 306,114
<NUMBER-OF-SHARES-REDEEMED> (227,624)
<SHARES-REINVESTED> 1,904
<NET-CHANGE-IN-ASSETS> 39,774,232
<ACCUMULATED-NII-PRIOR> 4,129
<ACCUMULATED-GAINS-PRIOR> 1,075,252
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,200,877)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,454,973)
<AVERAGE-NET-ASSETS> 160,117,717
<PER-SHARE-NAV-BEGIN> 24.720
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> (6.450)
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> (0.210)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.070
<EXPENSE-RATIO> .97<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 1.030%
</FN>
</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 the Franklin Value Investors Trust for the
year ended October 31, 1998, 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 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, 1998.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
PricewaterhouseCoopers
San Francisco, California
December 9, 1998
