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<PAGE> PAGE 5
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<PAGE> PAGE 6
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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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042 H000200 0
043 000200 370
044 000200 97
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 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
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<PAGE> PAGE 19
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
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 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
<PAGE> PAGE 20
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
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
<PAGE> PAGE 21
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 20260
071 B000200 68383
071 C000200 143526
071 D000200 14
072 A000200 12
072 B000200 244
072 C000200 1588
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072 J000200 2
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072 L000200 9
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072 N000200 26
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072 T000200 370
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072 V000200 0
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072 Z000200 -73
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073 A010200 0.0000
073 A020200 0.0000
073 B000200 1.5600
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074 A000200 0
074 B000200 0
074 C000200 0
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<PAGE> PAGE 22
074 H000200 0
074 I000200 3391
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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, 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
<PAGE> PAGE 23
015 E040305 X
015 A000306 ROYAL BANK OF CANADA
015 B000306 S
015 C010306 MONTREAL
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 EUROMARKET
015 E040308 X
015 A000309 CEDEL
015 B000309 S
015 C010309 LUXEMBOURG CITY
015 D010309 EUROMARKET
015 E040309 X
015 A000310 EUROCLEAR
015 B000310 S
015 C010310 BRUSSELS
015 D010310 EASDAQ
015 E040310 X
015 A000311 MERITA BANK PLC
015 B000311 S
015 C010311 HELSINKI
015 D010311 FINLAND
015 E040311 X
015 A000312 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.
015 B000315 S
015 C010315 JAKARTA
015 D010315 INDONESIA
015 E040315 X
<PAGE> PAGE 24
015 A000316 ALLIED IRISH BANKS PLC
015 B000316 S
015 C010316 DUBLIN
015 D010316 IRELAND
015 E040316 X
015 A000317 BANK OF TOKYO MITSUBISHI
015 B000317 S
015 C010317 TOKYO
015 D010317 JAPAN
015 E040317 X
015 A000318 BANQUE ET CAISSE D'EPARGNE DE L'ETAT
015 B000318 S
015 C010318 LUXEMBOURG CITY
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
015 B000320 S
015 C010320 MEXICO CITY
015 D010320 MEXICO
015 E040320 X
015 A000321 MEES PIERSON
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 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 MANILA
015 D010325 PHILIPPINES
015 E040325 X
015 A000326 BANCO COMERICAL PORTUGUES, S.A.
<PAGE> PAGE 25
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 CORPORATE AND MERCHANT BANK
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 CREDIT SUISSE FIRST BOSTON
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.
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
<PAGE> PAGE 26
015 C010336 HARARE
015 D010336 ZIMBABWE
015 E040336 X
024 000300 N
025 D000301 0
025 D000302 0
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025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 7266
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028 B040300 8264
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028 D040300 4256
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032 000300 441
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034 000300 Y
035 000300 85
<PAGE> PAGE 27
036 A000300 N
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
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043 000300 626
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045 000300 Y
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048 B020300 0.625
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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
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054 A000300 Y
054 B000300 Y
054 C000300 Y
<PAGE> PAGE 28
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
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055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 N
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
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066 A000300 Y
066 B000300 N
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066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 N
<PAGE> PAGE 29
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
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 Y
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070 M020300 N
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070 N020300 N
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070 O020300 N
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070 P020300 Y
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070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 48626
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<PAGE> PAGE 30
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<PAGE> PAGE 31
074 U020300 2013
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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 OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN BALANCE SHEET INVESTMENT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1,077,740,618
<INVESTMENTS-AT-VALUE> 1,111,701,242
<RECEIVABLES> 65,455,865
<ASSETS-OTHER> 85,600
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 245,087
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,218,845
<TOTAL-LIABILITIES> 11,463,932
<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 46,051,441
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,907,038
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<DIVIDEND-INCOME> 21,416,086
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<NET-INVESTMENT-INCOME> 16,294,985
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<APPREC-INCREASE-CURRENT> (33,780,186)
<NET-CHANGE-FROM-OPS> (9,049,508)
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<DISTRIBUTIONS-OF-INCOME> (18,737,781)
<DISTRIBUTIONS-OF-GAINS> (53,832,197)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,927,779
<NUMBER-OF-SHARES-REDEEMED> (23,260,066)
<SHARES-REINVESTED> 2,197,329
<NET-CHANGE-IN-ASSETS> (301,428,394)
<ACCUMULATED-NII-PRIOR> 2,965,881
<ACCUMULATED-GAINS-PRIOR> 53,822,593
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (6,414,944)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (12,750,205)
<AVERAGE-NET-ASSETS> 1,369,891,299
<PER-SHARE-NAV-BEGIN> 31.860
<PER-SHARE-NII> .370<F1>
<PER-SHARE-GAIN-APPREC> (.680)<F1>
<PER-SHARE-DIVIDEND> (.430)
<PER-SHARE-DISTRIBUTIONS> (1.160)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 29.960
<EXPENSE-RATIO> .930
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FRANKLIN VALUE INVESTORS TRUST
OCTOBER 31, 1999 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> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 125,148,432
<INVESTMENTS-AT-VALUE> 116,365,646
<RECEIVABLES> 270,612
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<TOTAL-ASSETS> 116,692,758
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<PAID-IN-CAPITAL-COMMON> 115,728,659
<SHARES-COMMON-STOCK> 6,302,256
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 9,053,216
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,782,786)
<NET-ASSETS> 115,999,089
<DIVIDEND-INCOME> 1,588,499
<INTEREST-INCOME> 243,647
<OTHER-INCOME> 0
<EXPENSES-NET> (1,905,540)
<NET-INVESTMENT-INCOME> (73,394)
<REALIZED-GAINS-CURRENT> 9,110,832
<APPREC-INCREASE-CURRENT> (9,966,758)
<NET-CHANGE-FROM-OPS> (929,320)
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<DISTRIBUTIONS-OF-GAINS> (13,333,988)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 867,659
<NUMBER-OF-SHARES-REDEEMED> (3,876,306)
<SHARES-REINVESTED> 644,741
<NET-CHANGE-IN-ASSETS> (59,636,282)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 13,317,028
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,122,724)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,905,540)
<AVERAGE-NET-ASSETS> 150,296,528
<PER-SHARE-NAV-BEGIN> 20.270
<PER-SHARE-NII> (.010)<F1>
<PER-SHARE-GAIN-APPREC> (.290)<F1>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (1.560)<F1>
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.410
<EXPENSE-RATIO> 1.270
<FN>
<F1> BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN VALUE FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 121,119,078
<INVESTMENTS-AT-VALUE> 99,842,966
<RECEIVABLES> 1,600,950
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<TOTAL-ASSETS> 101,444,716
<PAYABLE-FOR-SECURITIES> 496,770
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 682,924
<TOTAL-LIABILITIES> 1,179,694
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150,789,324
<SHARES-COMMON-STOCK> 3,809,514
<SHARES-COMMON-PRIOR> 5,465,994
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (29,248,206)
<ACCUM-APPREC-OR-DEPREC> (21,276,096)
<NET-ASSETS> 100,265,022
<DIVIDEND-INCOME> 1,302,862
<INTEREST-INCOME> 219,779
<OTHER-INCOME> 0
<EXPENSES-NET> (2,036,546)
<NET-INVESTMENT-INCOME> (513,905)
<REALIZED-GAINS-CURRENT> (29,248,166)
<APPREC-INCREASE-CURRENT> 24,916,452
<NET-CHANGE-FROM-OPS> (4,845,619)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (484,796)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,856,763
<NUMBER-OF-SHARES-REDEEMED> (3,538,676)
<SHARES-REINVESTED> 25,433
<NET-CHANGE-IN-ASSETS> (44,455,566)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 693,783
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (892,181)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,036,546)
<AVERAGE-NET-ASSETS> 120,349,125
<PER-SHARE-NAV-BEGIN> 17.980
<PER-SHARE-NII> (.040)<F1>
<PER-SHARE-GAIN-APPREC> (.550)<F1>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.090)<F1>
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.300
<EXPENSE-RATIO> 1.490
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> FRANKLIN VALUE FUND - CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 121,119,078
<INVESTMENTS-AT-VALUE> 99,842,966
<RECEIVABLES> 1,600,950
<ASSETS-OTHER> 800
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,444,716
<PAYABLE-FOR-SECURITIES> 496,770
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 682,924
<TOTAL-LIABILITIES> 1,179,694
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150,789,324
<SHARES-COMMON-STOCK> 75,155
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (29,248,206)
<ACCUM-APPREC-OR-DEPREC> (21,276,096)
<NET-ASSETS> 100,265,022
<DIVIDEND-INCOME> 1,302,862
<INTEREST-INCOME> 219,779
<OTHER-INCOME> 0
<EXPENSES-NET> (2,036,546)
<NET-INVESTMENT-INCOME> (513,905)
<REALIZED-GAINS-CURRENT> (29,248,166)
<APPREC-INCREASE-CURRENT> 24,916,452
<NET-CHANGE-FROM-OPS> (4,845,619)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 77,515
<NUMBER-OF-SHARES-REDEEMED> (2,360)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (44,455,566)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 693,783
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (892,181)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,036,546)
<AVERAGE-NET-ASSETS> 120,349,125
<PER-SHARE-NAV-BEGIN> 18.330
<PER-SHARE-NII> (.150)<F1>
<PER-SHARE-GAIN-APPREC> (.970)<F1>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.210
<EXPENSE-RATIO> 2.120<F2>
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
<F2>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 033
<NAME> FRANKLIN VALUE FUND - CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 121,119,078
<INVESTMENTS-AT-VALUE> 99,842,966
<RECEIVABLES> 1,600,950
<ASSETS-OTHER> 800
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,444,716
<PAYABLE-FOR-SECURITIES> 496,770
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 682,924
<TOTAL-LIABILITIES> 1,179,694
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150,789,324
<SHARES-COMMON-STOCK> 1,769,503
<SHARES-COMMON-PRIOR> 2,339,992
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (29,248,206)
<ACCUM-APPREC-OR-DEPREC> (21,276,096)
<NET-ASSETS> 100,265,022
<DIVIDEND-INCOME> 1,302,862
<INTEREST-INCOME> 219,779
<OTHER-INCOME> 0
<EXPENSES-NET> (2,036,546)
<NET-INVESTMENT-INCOME> (513,905)
<REALIZED-GAINS-CURRENT> (29,248,166)
<APPREC-INCREASE-CURRENT> 24,916,452
<NET-CHANGE-FROM-OPS> (4,845,619)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (215,275)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 653,697
<NUMBER-OF-SHARES-REDEEMED> (1,235,879)
<SHARES-REINVESTED> 11,693
<NET-CHANGE-IN-ASSETS> (44,455,566)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 693,783
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (892,181)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,036,546)
<AVERAGE-NET-ASSETS> 120,349,125
<PER-SHARE-NAV-BEGIN> 17.820
<PER-SHARE-NII> (.160)<F1>
<PER-SHARE-GAIN-APPREC> (.540)<F1>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.090)<F1>
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.030
<EXPENSE-RATIO> 2.170
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
VALUE INVESTORS TRUST OCTOBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS EN
TIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 034
<NAME> FRANKLIN VALUE FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 121,119,078
<INVESTMENTS-AT-VALUE> 99,842,966
<RECEIVABLES> 1,600,950
<ASSETS-OTHER> 800
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,444,716
<PAYABLE-FOR-SECURITIES> 496,770
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 682,924
<TOTAL-LIABILITIES> 1,179,694
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 150,789,324
<SHARES-COMMON-STOCK> 168,404
<SHARES-COMMON-PRIOR> 262,233
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (29,248,206)
<ACCUM-APPREC-OR-DEPREC> (21,276,096)
<NET-ASSETS> 100,265,022
<DIVIDEND-INCOME> 1,302,862
<INTEREST-INCOME> 219,779
<OTHER-INCOME> 0
<EXPENSES-NET> (2,036,546)
<NET-INVESTMENT-INCOME> (513,905)
<REALIZED-GAINS-CURRENT> (29,248,166)
<APPREC-INCREASE-CURRENT> 24,916,452
<NET-CHANGE-FROM-OPS> (4,845,619)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (13,287)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,867
<NUMBER-OF-SHARES-REDEEMED> (140,454)
<SHARES-REINVESTED> 758
<NET-CHANGE-IN-ASSETS> (44,455,566)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 693,783
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (892,181)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,036,546)
<AVERAGE-NET-ASSETS> 120,349,125
<PER-SHARE-NAV-BEGIN> 18.070
<PER-SHARE-NII> .010<F1>
<PER-SHARE-GAIN-APPREC> (.530)<F1>
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (.090)<F1>
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.460
<EXPENSE-RATIO> 1.170
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
NAME OF REGISTRANT:
Franklin Value Investors Trust
File No. 811-5878
EXHIBIT ITEM No. 77D: Policies with respect to security investments
At a meeting held on July 7, 1999, the Board of Trustees of the
Registrant approved the following resolution:
RESOLVED, that the maximum market capitalization of companies
in which the Franklin MicroCap Value Fund (the "Fund") may
invest is hereby increased from $100 million to $200 million.
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees of Franklin
Value Investors Trust.
In planning and performing our audit of the financial statements of
Franklin Value Investors Trust for the year ended October 31, 1999, 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, 1999.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
S\PricewaterhouseCoopers LLP
San Francisco, California
December 6, 1999
