Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Value Investors Trust
and Shareholders of Franklin Balance Sheet Investment Fund,
Franklin MicroCap Value Fund, and Franklin Small Cap Value Fund:
In planning and performing our audits of the financial statements
of Franklin Balance Sheet Investment Fund, Franklin MicroCap Value Fund,
and Franklin Small Cap Value Fund (three funds constituting
Franklin Value Investors Trust (the "Trust")) (collectively, the "Funds")
as of and for the year ended October 31, 2018, in accordance with the
standards of the Public Company Accounting Oversight Board (United States),
we considered the Trust's internal control over financial reporting,
including controls over safeguarding securities, as a basis for designing
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-CEN,
but not for the purpose of expressing an opinion on the effectiveness
of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion.
The management of the Trust is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related
costs of controls. A company's internal control over financial
reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in
accordance with U.S. generally accepted accounting principles.
A company's internal control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance
with U.S. generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a company's assets that
could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over financial reporting exists when
the design or operation of a control does not allow management or employees,
in the normal course of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal control
over financial reporting, such that there is a reasonable
possibility that a material misstatement of the company's annual
or interim financial statements will not be prevented or detected
on a timely basis.

Our consideration of the Trust's internal control over financial
reporting was for the limited purpose described in the first paragraph and
would not necessarily disclose all deficiencies in internal control that
might be material weaknesses under standards established by the
Public Company Accounting Oversight Board (United States).

However, we noted no deficiencies in the Trust's internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be a material weakness as
defined above as of October 31, 2018.

This report is intended solely for the information and use of
management and the Board of Trustees of Franklin Value Investors Trust
and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.


/s/ ERNST & YOUNG LLP

Boston, Massachusetts
December 18, 2018