00008561192012-12-102012-12-100000856119fvit:S000007354Member2012-12-102012-12-100000856119fvit:S000007354Memberfvit:C000020198Member2012-12-102012-12-100000856119fvit:S000007354Memberfvit:C000020197Member2012-12-102012-12-100000856119fvit:S000007354Memberfvit:C000020198Memberrr:AfterTaxesOnDistributionsMember2012-12-102012-12-100000856119fvit:S000007354Memberfvit:C000020198Memberrr:AfterTaxesOnDistributionsAndSalesMember2012-12-102012-12-100000856119fvit:S000007354Memberfvit:Index1000Member2012-12-102012-12-10 iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0000856119FRANKLIN VALUE INVESTORS TRUSTOther2012-12-102012-12-102011-10-31false2012-12-10~ http://xbrl.sec.gov/rr/role/RiskReturnDetail column period compact * row primary compact * ~Fund SummaryInvestment GoalHigh total return, of which capital appreciation and income are components.Fees and Expenses of the FundYou may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds.50000These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $50,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 111 in the Fund's Prospectus and under “Buying and Selling Shares” on page 50 of the Fund’s Statement of Additional Information.SHAREHOLDER FEES (fees paid directly from your investment)~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fvit_S000007354Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.05750.000.000.00<div><p>ANNUAL FUND OPERATING EXPENSES</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fvit_S000007354Member column rr_ProspectusShareClassAxis compact * row primary compact * ~0.00750.00750.00250.000.00170.00170.00020.00020.01190.0094-0.0001-0.00010.01180.0093ExampleThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waiver and/or expense reimbursement by the investment manager and/or administrator for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:68893011911935~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fvit_S000007354Member column rr_ProspectusShareClassAxis compact * row primary compact * ~952995191154Portfolio Turnover0.0946<div><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9.46% of the average value of its portfolio.</p></div>Principal Investment StrategiesUnder normal market conditions, the Fund invests at least 80% of its net assets in investments of microcap companies.<div><p>Under normal market conditions, the Fund invests at least 80% of its net assets in investments of microcap companies. For purposes of this investment strategy, the Fund considers microcap companies as companies with market capitalizations (share price times the number of shares of common stock outstanding) under $500 million at the time of purchase.</p><p>The Fund generally invests in equity securities of companies that the Fund&#146;s investment manager believes are currently undervalued and have the potential for capital appreciation. The equity securities bought by the Fund will typically be purchased at a low price relative to book value. The Fund invests primarily in common stocks. A stock price is undervalued, or is a &#147;value,&#148; when it trades at less than the price at which the investment manager believes it would trade if the market reflected all factors relating to the company&#146;s worth.</p><p>The types of companies the Fund may invest in include those that may be considered out of favor, such as companies attempting to recover from bankruptcy, business setbacks or adverse events (turnarounds) or cyclical downturns, or that may be considered potential takeover targets.</p><p>The Fund may invest up to 25% of its total assets in foreign securities.</p></div>Principal Risks<div><p>You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p><p>Market</p><p>The market values of securities owned by the Fund will go up and down, sometimes rapidly or unpredictably. A security&#146;s market value may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all securities. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.</p><p>Individual stock prices tend to go up and down more dramatically than those of other types of investments. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various stocks held by the Fund.</p><p>Value Style Investing</p><p>A value stock may not increase in price as anticipated by the investment manager if other investors fail to recognize the company's value and bid up the price, the markets favor faster-growing companies, or the factors that the investment manager believes will increase the price of the security do not occur.</p><p>Companies that may be considered out of favor, particularly companies emerging from bankruptcy, may tend to lose value more quickly in periods of anticipated economic downturns, may have difficulty retaining customers and suppliers and, during economic downturns, may have difficulty paying their debt obligations or finding additional financing.</p><p>Smaller Companies</p><p>Securities issued by smaller companies may be more volatile in price than those of larger companies, involve substantial risks and should be considered speculative. Such risks may include greater sensitivity to economic conditions, less certain growth prospects, lack of depth of management and funds for growth and development and limited or less developed product lines and markets. In addition, smaller companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans.</p><p>Foreign Securities</p><p>Investing in foreign securities typically involves more risks than investing in U.S. securities, including risks related to currency exchange rates and policies, country or government specific issues, less favorable trading practices or regulation and greater price volatility. Certain of these risks also may apply to securities of U.S. companies with significant foreign operations.</p><p>Management</p><p>The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</p></div>PerformanceThe following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance.The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.(800) DIAL BEN/342-5236franklintempleton.comSales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.<div><p>The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p>Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p></div>CLASS A ANNUAL TOTAL RETURNS0.04010.36420.16010.12230.1994-0.0421-0.30260.27790.2207-0.0014~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact fvit_S000007354Member ~Best Quarter:2009-06-300.2698Worst Quarter:2008-12-31-0.2122<table style="font: 11px sans-serif; background-color:#DDDDDD" border="0" cellspacing="0" cellpadding="5" width="745"><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Best Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q2'09</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">26.98%</td></tr><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Worst Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q4'08</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">-21.22%</td></tr></table><div><p>AVERAGE ANNUAL TOTAL RETURNS<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2011</p></div>~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fvit_S000007354Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~Return Before Taxes-0.0589-0.00390.0807-0.0762-0.01620.0690-0.0157-0.00480.06890.00100.01040.0887-0.0550-0.01870.0640<div><p>Historical performance for Advisor Class shares prior to their inception is based on the performance of Class A shares. Advisor Class performance has been adjusted to reflect differences in sales charges between classes.</p><p>The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.</p></div>The investment manager has contractually agreed in advance to reduce its fee as a result of the Fund's investment in a Franklin Templeton money fund (acquired fund) for at least the next 12-month period. Contractual fee waiver and/or expense reimbursement agreements may not be terminated during the term set forth above.Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.