This article presents the results of a French didactic research project on the teaching of literary reading in high school (« lycée ») in France and college (« cégep ») in Quebec. We analyze the interpretations produced by empirical readers in the school context, as part of the study of La plage des songes (1998), a fantastic short story by Stanley Péan. The analysis of student’s discourse, oral and written, is conducted according to a hermeneutical approach that values readers’ reflexive ability to distance themselves from their interpretive journey. We specifically analyse the axiological resources mobilized by readers depending on various meanings attributed to the different narrative voices (the narrator, the characters, the implied author). Four issues are addressed: how do readers attribute statements to various enunciative voices? Does this attribution process reveal the involvement of axiological resources (judgments, values, ideological presuppositions, etc.) by readers? Does the assignment of statements to various narrative voices help readers distance themselves from the axiological resources they mobilize? To what extent are students able to reflect on the values, opinions, ideological assumptions that influence their interpretations and those of their peers?