<PAGE> PAGE 1
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<PAGE> PAGE 2
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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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<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 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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043 000200 256
044 000200 52
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.750
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
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
<PAGE> PAGE 19
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 Y
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 N
060 B000200 N
061 000200 100
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
<PAGE> PAGE 20
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
070 J020200 Y
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 39615
071 B000200 25504
071 C000200 193367
071 D000200 13
072 A000200 6
072 B000200 296
072 C000200 799
072 D000200 0
072 E000200 0
072 F000200 751
072 G000200 0
072 H000200 0
072 I000200 116
<PAGE> PAGE 21
072 J000200 1
072 K000200 15
072 L000200 20
072 M000200 3
072 N000200 50
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 1
072 S000200 2
072 T000200 256
072 U000200 0
072 V000200 0
072 W000200 3
072 X000200 1218
072 Y000200 0
072 Z000200 -123
072AA000200 10819
072BB000200 1869
072CC010200 16608
072CC020200 0
072DD010200 64
072DD020200 0
072EE000200 11893
073 A010200 0.0100
073 A020200 0.0000
073 B000200 1.4800
073 C000200 0.0000
074 A000200 109
074 B000200 9252
074 C000200 0
074 D000200 0
074 E000200 644
074 F000200 223854
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 1038
074 L000200 40
074 M000200 0
074 N000200 234937
074 O000200 2310
074 P000200 267
074 Q000200 0
074 R010200 0
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<PAGE> PAGE 22
074 U010200 9061
074 U020200 0
074 V010200 25.61
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074 Y000200 834
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075 B000200 202091
076 000200 0.00
015 A000301 BANK OF NEW YORK
015 B000301 C
015 C010301 NEW YORK
015 C020301 NY
015 C030301 10286
015 E010301 X
015 A000302 BANKBOSTON
015 B000302 S
015 C010302 BUENOS AIRES
015 D010302 ARGENTINA
015 E040302 X
015 A000303 NATIONAL AUSTRALIA BANK
015 B000303 S
015 C010303 MELBOURNE
015 D010303 AUSTRALIA
015 E040303 X
015 A000304 CREDITANSTALT 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
015 B000308 S
015 C010308 LONDON
015 D010308 UNITED KINGDOM
015 E040308 X
<PAGE> PAGE 23
015 A000309 CEDEL BANK, S.A.
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 LTD.
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
015 D010313 GERMANY
015 E040313 X
015 A000314 HONGKONG & SHANGHAI BANKING CORP.
015 B000314 S
015 C010314 HONG KONG
015 D010314 HONG KONG
015 E040314 X
015 A000315 HONGKONG & 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 LTD.
015 B000317 S
015 C010317 TOKYO
015 D010317 JAPAN
015 E040317 X
015 A000318 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000318 S
015 C010318 LUXEMBOURG CITY
015 D010318 LUXEMBOURG
015 E040318 X
015 A000319 HONGKONG BANK MALAYSIA BERHAD
<PAGE> PAGE 24
015 B000319 S
015 C010319 KUALA LUMPUR
015 D010319 MALAYSIA
015 E040319 X
015 A000320 BANCO NACIONAL DE MEXICO, S.A. (BANAMEX)
015 B000320 S
015 C010320 MEXICO CITY
015 D010320 MEXICO
015 E040320 X
015 A000321 MEES PERSON N.V. (NETHERLANDS)
015 B000321 S
015 C010321 AMSTERDAM
015 D010321 NETHERLANDS
015 E040321 X
015 A000322 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000322 S
015 C010322 WELLINGTON
015 D010322 NEW ZEALAND
015 E040322 X
015 A000323 DEN NORSKE BANK AS
015 B000323 S
015 C010323 OSLO
015 D010323 NORWAY
015 E040323 X
015 A000324 STANDARD CHARTERED BANK
015 B000324 S
015 C010324 KARACHI
015 D010324 PAKISTAN
015 E040324 X
015 A000325 HONGKONG AND SHANGHAI BANKING CORP.
015 B000325 S
015 C010325 MANILA
015 D010325 PHILIPPINES
015 E040325 X
015 A000326 BANCO COMERCIAL PORTUGUES
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
<PAGE> PAGE 25
015 C010329 MADRID
015 D010329 SPAIN
015 E040329 X
015 A000330 SKANDINAVISKA ENKILDA BANKEN
015 B000330 S
015 C010330 STOCKHOLM
015 D010330 SWEDEN
015 E040330 X
015 A000331 UNION BANK OF SWITZERLAND
015 B000331 S
015 C010331 ZURICH
015 D010331 SWITZERLAND
015 E040331 X
015 A000332 SIAM COMMERCIAL 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 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
025 A000301 DELETE
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 13733
028 A020300 0
028 A030300 0
<PAGE> PAGE 26
028 A040300 2386
028 B010300 17689
028 B020300 985
028 B030300 0
028 B040300 4401
028 C010300 29131
028 C020300 0
028 C030300 0
028 C040300 3286
028 D010300 21436
028 D020300 0
028 D030300 0
028 D040300 5893
028 E010300 19585
028 E020300 0
028 E030300 0
028 E040300 12843
028 F010300 14910
028 F020300 0
028 F030300 0
028 F040300 6093
028 G010300 116484
028 G020300 985
028 G030300 0
028 G040300 34902
028 H000300 110085
029 000300 Y
030 A000300 1386
030 B000300 4.50
030 C000300 0.00
031 A000300 0
031 B000300 142
032 000300 1528
033 000300 0
034 000300 Y
035 000300 1
036 A000300 N
036 B000300 0
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 347
044 000300 296
045 000300 Y
046 000300 N
047 000300 Y
<PAGE> PAGE 27
048 000300 0.000
048 A010300 500000
048 A020300 0.750
048 B010300 500000
048 B020300 0.625
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
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
053 B000300 Y
053 C000300 N
054 A000300 Y
054 B000300 Y
054 C000300 Y
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 Y
054 H000300 Y
054 I000300 N
054 J000300 Y
054 K000300 N
054 L000300 Y
054 M000300 Y
054 N000300 N
054 O000300 Y
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
<PAGE> PAGE 28
060 A000300 N
060 B000300 N
061 000300 2500
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
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
<PAGE> PAGE 29
070 I020300 N
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 104841
071 B000300 17039
071 C000300 142952
071 D000300 12
072 A000300 6
072 B000300 315
072 C000300 565
072 D000300 0
072 E000300 0
072 F000300 562
072 G000300 0
072 H000300 0
072 I000300 100
072 J000300 0
072 K000300 12
072 L000300 10
072 M000300 2
072 N000300 62
072 O000300 0
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072 R000300 0
072 S000300 1
072 T000300 347
072 U000300 0
072 V000300 0
072 W000300 14
072 X000300 1110
072 Y000300 16
072 Z000300 -214
072AA000300 6841
072BB000300 982
<PAGE> PAGE 30
072CC010300 3787
072CC020300 0
072DD010300 43
072DD020300 6
072EE000300 1029
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.2100
073 C000300 0.0000
074 A000300 636
074 B000300 3374
074 C000300 0
074 D000300 1455
074 E000300 0
074 F000300 192111
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 1539
074 K000300 884
074 L000300 44
074 M000300 2
074 N000300 200045
074 O000300 3658
074 P000300 335
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 183
074 S000300 0
074 T000300 195869
074 U010300 5360
074 U020300 2293
074 V010300 0.00
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075 A000300 0
075 B000300 151188
076 000300 0.00
SIGNATURE LAURA FERGERSON
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUE INVESTORS TRUST APRIL 30, 1998 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 - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 1,000,830,289
<INVESTMENTS-AT-VALUE> 1,343,408,114
<RECEIVABLES> 304,926,191
<ASSETS-OTHER> 2,725,602
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,651,059,907
<PAYABLE-FOR-SECURITIES> 5,535,253
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,904,141
<TOTAL-LIABILITIES> 11,439,394
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,271,942,409
<SHARES-COMMON-STOCK> 44,106,919
<SHARES-COMMON-PRIOR> 34,722,428
<ACCUMULATED-NII-CURRENT> 1,230,248
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 23,870,031
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 342,577,825
<NET-ASSETS> 1,639,620,513
<DIVIDEND-INCOME> 8,794,078
<INTEREST-INCOME> 6,975,872
<OTHER-INCOME> 0
<EXPENSES-NET> (6,808,951)
<NET-INVESTMENT-INCOME> 8,960,999
<REALIZED-GAINS-CURRENT> 23,897,010
<APPREC-INCREASE-CURRENT> 134,388,248
<NET-CHANGE-FROM-OPS> 167,246,257
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,454,693)
<DISTRIBUTIONS-OF-GAINS> (65,064,560)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,566,963
<NUMBER-OF-SHARES-REDEEMED> (3,255,873)
<SHARES-REINVESTED> 2,073,401
<NET-CHANGE-IN-ASSETS> 416,667,753
<ACCUMULATED-NII-PRIOR> 2,723,942
<ACCUMULATED-GAINS-PRIOR> 65,037,581
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (3,250,800)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (6,808,951)
<AVERAGE-NET-ASSETS> 1,388,812,445
<PER-SHARE-NAV-BEGIN> 35.220
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 3.800
<PER-SHARE-DIVIDEND> (0.270)
<PER-SHARE-DISTRIBUTIONS> (1.800)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 37.170
<EXPENSE-RATIO> 0.980<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST APRIL 30, 1998 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 169,916,461
<INVESTMENTS-AT-VALUE> 224,498,244
<RECEIVABLES> 10,330,124
<ASSETS-OTHER> 108,604
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 234,936,972
<PAYABLE-FOR-SECURITIES> 2,310,353
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 524,229
<TOTAL-LIABILITIES> 2,834,582
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 168,788,915
<SHARES-COMMON-STOCK> 9,061,288
<SHARES-COMMON-PRIOR> 7,889,001
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (187,629)
<ACCUMULATED-NET-GAINS> 8,919,321
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,581,783
<NET-ASSETS> 232,102,390
<DIVIDEND-INCOME> 798,608
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<OTHER-INCOME> 0
<EXPENSES-NET> (1,218,291)
<NET-INVESTMENT-INCOME> (123,497)
<REALIZED-GAINS-CURRENT> 8,950,472
<APPREC-INCREASE-CURRENT> 16,608,274
<NET-CHANGE-FROM-OPS> 25,435,249
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (64,132)
<DISTRIBUTIONS-OF-GAINS> (11,892,846)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,200,921
<NUMBER-OF-SHARES-REDEEMED> (515,114)
<SHARES-REINVESTED> 486,480
<NET-CHANGE-IN-ASSETS> 40,464,436
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 11,861,695
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (751,538)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,218,291)
<AVERAGE-NET-ASSETS> 202,090,804
<PER-SHARE-NAV-BEGIN> 24.29
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 2.83
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (1.48)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 25.61
<EXPENSE-RATIO> 1.20<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUE INVESTORS TRUST APRIL 30, 1998 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 181,078,942
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<TOTAL-ASSETS> 200,044,738
<PAYABLE-FOR-SECURITIES> 3,657,740
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 4,176,163
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177,734,237
<SHARES-COMMON-STOCK> 5,360,228
<SHARES-COMMON-PRIOR> 3,197,257
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (258,340)
<ACCUMULATED-NET-GAINS> 5,905,580
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 195,868,575
<DIVIDEND-INCOME> 565,346
<INTEREST-INCOME> 315,121
<OTHER-INCOME> 0
<EXPENSES-NET> (1,094,039)
<NET-INVESTMENT-INCOME> (213,572)
<REALIZED-GAINS-CURRENT> 5,859,215
<APPREC-INCREASE-CURRENT> 3,787,402
<NET-CHANGE-FROM-OPS> 9,433,045
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43,334)
<DISTRIBUTIONS-OF-GAINS> (750,789)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,320,747
<NUMBER-OF-SHARES-REDEEMED> (1,188,089)
<SHARES-REINVESTED> 30,313
<NET-CHANGE-IN-ASSETS> 90,922,219
<ACCUMULATED-NII-PRIOR> 4,129
<ACCUMULATED-GAINS-PRIOR> 1,075,252
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (562,206)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,109,628)
<AVERAGE-NET-ASSETS> 151,187,916
<PER-SHARE-NAV-BEGIN> 24.680
<PER-SHARE-NII> (0.010)
<PER-SHARE-GAIN-APPREC> 1.180
<PER-SHARE-DIVIDEND> (0.010)
<PER-SHARE-DISTRIBUTIONS> (0.210)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 25.630
<EXPENSE-RATIO> 1.290<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 1.310%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUE INVESTORS TRUST APRIL 30, 1998 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 181,078,942
<INVESTMENTS-AT-VALUE> 193,566,040
<RECEIVABLES> 5,841,018
<ASSETS-OTHER> 637,680
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 200,044,738
<PAYABLE-FOR-SECURITIES> 3,657,740
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 518,423
<TOTAL-LIABILITIES> 4,176,163
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177,734,237
<SHARES-COMMON-STOCK> 2,016,149
<SHARES-COMMON-PRIOR> 876,420
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (258,340)
<ACCUMULATED-NET-GAINS> 5,905,580
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,487,098
<NET-ASSETS> 195,868,575
<DIVIDEND-INCOME> 565,346
<INTEREST-INCOME> 315,121
<OTHER-INCOME> 0
<EXPENSES-NET> (1,094,039)
<NET-INVESTMENT-INCOME> (213,572)
<REALIZED-GAINS-CURRENT> 5,859,215
<APPREC-INCREASE-CURRENT> 3,787,402
<NET-CHANGE-FROM-OPS> 9,433,045
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (144)
<DISTRIBUTIONS-OF-GAINS> (237,843)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,270,058
<NUMBER-OF-SHARES-REDEEMED> (139,423)
<SHARES-REINVESTED> 9,094
<NET-CHANGE-IN-ASSETS> 90,922,219
<ACCUMULATED-NII-PRIOR> 4,129
<ACCUMULATED-GAINS-PRIOR> 1,075,252
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (562,206)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,109,628)
<AVERAGE-NET-ASSETS> 151,187,916
<PER-SHARE-NAV-BEGIN> 24.590
<PER-SHARE-NII> (0.060)
<PER-SHARE-GAIN-APPREC> 1.160
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.210)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 25.480
<EXPENSE-RATIO> 1.980<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 2.000%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN VALUE INVESTORS TRUST APRIL 30, 1998 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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 181,078,942
<INVESTMENTS-AT-VALUE> 193,566,040
<RECEIVABLES> 5,841,018
<ASSETS-OTHER> 637,680
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 200,044,738
<PAYABLE-FOR-SECURITIES> 3,657,740
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 518,423
<TOTAL-LIABILITIES> 4,176,163
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177,734,237
<SHARES-COMMON-STOCK> 276,439
<SHARES-COMMON-PRIOR> 181,839
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (258,340)
<ACCUMULATED-NET-GAINS> 5,905,580
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,487,098
<NET-ASSETS> 195,868,575
<DIVIDEND-INCOME> 565,346
<INTEREST-INCOME> 315,121
<OTHER-INCOME> 0
<EXPENSES-NET> (1,094,039)
<NET-INVESTMENT-INCOME> (213,572)
<REALIZED-GAINS-CURRENT> 5,859,215
<APPREC-INCREASE-CURRENT> 3,787,402
<NET-CHANGE-FROM-OPS> 9,433,045
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,419)
<DISTRIBUTIONS-OF-GAINS> (40,255)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 171,184
<NUMBER-OF-SHARES-REDEEMED> (78,488)
<SHARES-REINVESTED> 1,904
<NET-CHANGE-IN-ASSETS> 90,922,219
<ACCUMULATED-NII-PRIOR> 4,129
<ACCUMULATED-GAINS-PRIOR> 1,075,252
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (562,206)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,109,628)
<AVERAGE-NET-ASSETS> 151,187,916
<PER-SHARE-NAV-BEGIN> 24.720
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 1.210
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> (0.210)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 25.710
<EXPENSE-RATIO> 1.000<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER 1.010%
</FN>
</TABLE>
