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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 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
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048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
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048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
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054 B000200 Y
054 C000200 Y
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054 E000200 N
054 F000200 N
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054 H000200 Y
054 I000200 N
054 J000200 Y
054 K000200 N
054 L000200 Y
054 M000200 Y
054 N000200 N
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055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
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059 000200 Y
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060 B000200 N
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<PAGE> PAGE 20
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062 R000200 0.0
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066 A000200 Y
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066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
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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
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070 K020200 N
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070 L020200 N
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070 M020200 N
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<PAGE> PAGE 21
070 O020200 N
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<PAGE> PAGE 22
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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
<PAGE> PAGE 23
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 (DEPOSITORY)
015 B000309 S
015 C010309 LUXEMBOURG CITY
015 D010309 EUROMARKET
015 E040309 X
015 A000310 EUROCLEAR OPERATIONS CENTRE
015 B000310 S
015 C010310 BRUSSELS
015 D010310 EUROMARKET
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
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.
<PAGE> PAGE 24
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
015 D010318 LUXEMBOURG
015 E040318 X
015 A000319 HSBC BANK MALAYSIA BERHAD
015 B000319 S
015 C010319 KUALA LUMPUR
015 D010319 MALAYSIA
015 E040319 X
015 A000320 BANCO NACIONAL DE MEXICO, S.A.
015 B000320 S
015 C010320 MEXICO
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
<PAGE> PAGE 25
015 C010325 MANILA
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
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
<PAGE> PAGE 26
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
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<PAGE> PAGE 27
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<PAGE> PAGE 28
054 H000300 Y
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066 E000300 N
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068 A000300 N
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<PAGE> PAGE 29
070 B020300 N
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070 G020300 N
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070 H020300 N
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070 I020300 N
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070 J020300 Y
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070 L020300 Y
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070 Q020300 N
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070 R020300 N
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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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, 1999 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>
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<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
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<NET-ASSETS> 1,322,727,633
<DIVIDEND-INCOME> 10,469,762
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<PER-SHARE-NAV-BEGIN> 31.860
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<TABLE> <S> <C>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
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ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN MICROCAP VALUE FUND
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<NET-CHANGE-IN-ASSETS> (34,080,004)
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<GROSS-EXPENSE> (1,025,354)
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<FN>
<F1>ANNUALIZED
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<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST APRIL 30, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN VALUE FUND CLASS - A
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<PERIOD-END> APR-30-1999
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<OVERDISTRIBUTION-NII> (317,180)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (17,137,687)
<ACCUM-APPREC-OR-DEPREC> (28,216,306)
<NET-ASSETS> 112,348,173
<DIVIDEND-INCOME> 639,632
<INTEREST-INCOME> 137,279
<OTHER-INCOME> 0
<EXPENSES-NET> (1,094,091)
<NET-INVESTMENT-INCOME> (317,180)
<REALIZED-GAINS-CURRENT> (17,118,119)
<APPREC-INCREASE-CURRENT> 17,976,243
<NET-CHANGE-FROM-OPS> 540,944
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (484,800)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 763,435
<NUMBER-OF-SHARES-REDEEMED> (2,165,171)
<SHARES-REINVESTED> 25,433
<NET-CHANGE-IN-ASSETS> (32,372,415)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 693,783
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (464,410)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,094,091)
<AVERAGE-NET-ASSETS> 126,599,005
<PER-SHARE-NAV-BEGIN> 17.980
<PER-SHARE-NII> (.050)
<PER-SHARE-GAIN-APPREC> .330
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.090)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.170
<EXPENSE-RATIO> 1.530<F1>
<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, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> FRANKLIN VALUE FUND CLASS - B
<S> <C>
<PERIOD-TYPE> 4-MOS<F2>
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 137,939,758
<INVESTMENTS-AT-VALUE> 109,723,453
<RECEIVABLES> 3,900,922
<ASSETS-OTHER> 1,092
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 113,625,467
<PAYABLE-FOR-SECURITIES> 18,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,259,294
<TOTAL-LIABILITIES> 1,277,294
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 158,019,346
<SHARES-COMMON-STOCK> 23,232
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (317,180)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (17,137,687)
<ACCUM-APPREC-OR-DEPREC> (28,216,306)
<NET-ASSETS> 112,348,173
<DIVIDEND-INCOME> 639,632
<INTEREST-INCOME> 137,279
<OTHER-INCOME> 0
<EXPENSES-NET> (1,094,091)
<NET-INVESTMENT-INCOME> (317,180)
<REALIZED-GAINS-CURRENT> (17,118,119)
<APPREC-INCREASE-CURRENT> 17,976,243
<NET-CHANGE-FROM-OPS> 540,944
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,232
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (32,372,415)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 693,783
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (464,410)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,094,091)
<AVERAGE-NET-ASSETS> 126,599,005
<PER-SHARE-NAV-BEGIN> 18.330
<PER-SHARE-NII> (.020)
<PER-SHARE-GAIN-APPREC> (.180)
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.130
<EXPENSE-RATIO> 2.200<F1>
<FN>
<F1>ANNUALIZED
<F2>For the period January 1, 1999 (effective date) to April 30, 1999
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST APRIL 30, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 033
<NAME> FRANKLIN VALUE FUND CLASS - C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 137,939,758
<INVESTMENTS-AT-VALUE> 109,723,453
<RECEIVABLES> 3,900,922
<ASSETS-OTHER> 1,092
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 113,625,467
<PAYABLE-FOR-SECURITIES> 18,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,259,294
<TOTAL-LIABILITIES> 1,277,294
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 158,019,346
<SHARES-COMMON-STOCK> 1,927,298
<SHARES-COMMON-PRIOR> 2,339,992
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (317,180)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (17,137,687)
<ACCUM-APPREC-OR-DEPREC> (28,216,306)
<NET-ASSETS> 112,348,173
<DIVIDEND-INCOME> 639,632
<INTEREST-INCOME> 137,279
<OTHER-INCOME> 0
<EXPENSES-NET> (1,094,091)
<NET-INVESTMENT-INCOME> (317,180)
<REALIZED-GAINS-CURRENT> (17,118,119)
<APPREC-INCREASE-CURRENT> 17,976,243
<NET-CHANGE-FROM-OPS> 540,944
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (215,264)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 407,231
<NUMBER-OF-SHARES-REDEEMED> (831,617)
<SHARES-REINVESTED> 11,692
<NET-CHANGE-IN-ASSETS> (32,372,415)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 693,783
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (464,410)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,094,091)
<AVERAGE-NET-ASSETS> 126,599,005
<PER-SHARE-NAV-BEGIN> 17.820
<PER-SHARE-NII> (.130)
<PER-SHARE-GAIN-APPREC> .350
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.090)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.950
<EXPENSE-RATIO> 2.200<F1>
<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, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 034
<NAME> FRANKLIN VALUE FUND ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 137,939,758
<INVESTMENTS-AT-VALUE> 109,723,453
<RECEIVABLES> 3,900,922
<ASSETS-OTHER> 1,092
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 113,625,467
<PAYABLE-FOR-SECURITIES> 18,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,259,294
<TOTAL-LIABILITIES> 1,277,294
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 158,019,346
<SHARES-COMMON-STOCK> 164,363
<SHARES-COMMON-PRIOR> 262,233
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (317,180)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (17,137,687)
<ACCUM-APPREC-OR-DEPREC> (28,216,306)
<NET-ASSETS> 112,348,173
<DIVIDEND-INCOME> 639,632
<INTEREST-INCOME> 137,279
<OTHER-INCOME> 0
<EXPENSES-NET> (1,094,091)
<NET-INVESTMENT-INCOME> (317,180)
<REALIZED-GAINS-CURRENT> (17,118,119)
<APPREC-INCREASE-CURRENT> 17,976,243
<NET-CHANGE-FROM-OPS> 540,944
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (13,287)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,687
<NUMBER-OF-SHARES-REDEEMED> (133,315)
<SHARES-REINVESTED> 758
<NET-CHANGE-IN-ASSETS> (32,372,415)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 693,783
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (464,410)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,094,091)
<AVERAGE-NET-ASSETS> 126,599,005
<PER-SHARE-NAV-BEGIN> 18.070
<PER-SHARE-NII> .020
<PER-SHARE-GAIN-APPREC> .310
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.090)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.310
<EXPENSE-RATIO> 1.240<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
NAME OF REGISTRANT:
Franklin Value Investors Trust
File No. 811-5878
EXHIBIT ITEM No. 77I(b): Terms of new or amended securities
The Franklin Value Fund (a series of the Registrant)
currently offers four classes of shares, Class A,
Class B, Class C, and Advisor Class. Before
January 1, 1999, Class A shares were designated
Class I and Class C shares were designated Class II.
The Franklin Value Fund series began offering
Class B shares on January 1, 1999. The Registrant
may offer additional classes of shares in the future.
The full title of each class of Franklin Value Fund is:
* Franklin Value Fund - Class A
* Franklin Value Fund - Class B
* Franklin Value Fund - Class C
* Franklin Value Fund - Advisor Class
Shares of each class represent proportionate interests
in the Registrant's assets. On matters that affect
the Registrant as a whole, each class has the same
voting and other rights and preferences as any other
class. On matters that affect only one class, only
shareholders of that class may vote. Each class
votes separately on matters affecting only that
class, or expressly required to be voted on separately
by state or federal law. Shares of each class of a
series have the same voting and other rights and
preferences as the other classes and series of the
trust for matters that affect the trust as a whole.
Additional series may be offered in the future.
5/10/99
