NAME OF REGISTRANT:
Franklin Value Investors Trust
File No. 811-05878

EXHIBIT ITEM: Terms of new or amended securities
GOF P10 06/18
SUPPLEMENT DATED JUNE 8, 2018
TO THE CURRENTLY EFFECTIVE PROSPECTUS
OF EACH OF THE FUNDS LISTED BELOW

Franklin Value Investors Trust
Franklin Balance Sheet Investment Fund
Franklin MicroCap Value Fund
Franklin Small Cap Value Fund

Notice of Automatic Conversion of Class C Shares to
Class A Shares after 10-Year Holding Period

At Board meetings held on February 26 and 27, 2018,
the Board of Trustees approved an automatic conversion
feature for the Fund's Class C shares (which includes
Class C1 shares as applicable) that will automatically convert
shareholders' Class C shares into Class A shares of the same Fund
after they have been held for 10 years. After conversion, your new
shares will be subject to Class A shares' lower Rule 12b-1 fees.
The conversion feature will become effective on or about
October 5, 2018.  Later that month Class C shares of the
Fund that have been outstanding for 10 years or more will
automatically convert to Class A shares of such Fund on the
 basis of the relative net asset values of the two classes.
Thereafter, Class C shares of the Fund will convert
automatically to Class A shares of such Fund on a monthly basis
in the month of, or the month following, the 10-year anniversary
of the Class C shares' purchase date. Class C shares of the Fund
 acquired through automatic reinvestment of dividends or distributions
 will convert to Class A shares of the Fund on the conversion date
pro rata with the converting Class C shares of the Fund that were
not acquired through reinvestment of dividends or distributions.
Shareholders will not pay a sales charge, including a contingent
deferred sales charge, upon the conversion of their Class C shares
to Class A shares pursuant to this conversion feature.
The automatic conversion of the Fund's Class C shares into
Class A shares after the 10-year holding period is not
expected to be a taxable event for federal income tax purposes.
Shareholders should consult with their tax advisor regarding
the state and local tax consequences of such conversions.
Class C shares held through a financial intermediary in an
omnibus account will be converted into Class A shares only if
 the intermediary can document that the shareholder has met the
required holding period. In certain circumstances, when shares are
 invested through retirement plans, omnibus accounts, and in
certain other instances, the Fund and its agents may not have
 transparency into how long a shareholder has held Class C shares
for purposes of determining whether such Class C shares are
eligible for automatic conversion into Class A shares and the
financial intermediary may not have the ability to track purchases
to credit individual shareholders' holding periods.
This primarily occurs when shares are invested through certain
 record keepers for group retirement plans, where the intermediary
 cannot track share aging at the participant level.
In these circumstances, the Fund will not be able to automatically
convert Class C shares into Class A shares as described above.
In order to determine eligibility for conversion in these circumstances,
it is the responsibility of the shareholder or their financial
 intermediary to notify the Fund that the shareholder is eligible
for the conversion of Class C shares to Class A shares, and the
shareholder or their financial intermediary may be required to
maintain and provide the Fund with records that substantiate the
 holding period of Class C shares. It is the financial
intermediary's (and not the Fund's) responsibility to keep
records and to ensure that the shareholder is credited with
the proper holding period. Please consult with your financial
intermediary about your shares' eligibility for this conversion feature.
Also effective October 5, 2018, new accounts or plans may not be
eligible to purchase Class C shares of the Fund if it is determined
 that the intermediary cannot track shareholder holding periods
to determine whether a shareholder's Class C shares are eligible
for conversion to Class A shares.  Accounts or plans (and their
successor, related and affiliated plans) that have Class C shares
of the Fund available to participants on or before October 5, 2018,
 may continue to open accounts for new participants in such share
class and purchase additional shares in existing participant accounts.
 The Fund has no responsibility for overseeing, monitoring or
 implementing a financial intermediary's process for determining
 whether a shareholder meets the required holding period for conversion.
A financial intermediary may sponsor and/or control accounts, programs
 or platforms that impose a different conversion schedule or different
eligibility requirements for the conversion of Class C shares
into Class A shares. In these cases, Class C shareholders may convert
to Class A shares under the policies of the financial intermediary
and the conversion may be structured as an exchange of Class C shares
 for Class A shares of the same Fund. Financial intermediaries
will be responsible for making such exchanges in those circumstances.
Please consult with your financial intermediary if you have any
 questions regarding your shares' conversion from Class C shares
to Class A shares.