<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FRANKLIN VALUE INVESTORS TRUST
OCTOBER 31, 2000 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-31-2000
<PERIOD-END> OCT-31-2000
<INVESTMENTS-AT-COST> 94,415,527
<INVESTMENTS-AT-VALUE> 93,243,325
<RECEIVABLES> 3,086,474
<ASSETS-OTHER> 56,500
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96,386,299
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 492,258
<TOTAL-LIABILITIES> 492,258
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 93,675,239
<SHARES-COMMON-STOCK> 5,080,114
<SHARES-COMMON-PRIOR> 6,302,256
<ACCUMULATED-NII-CURRENT> 234,896
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,156,108
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,172,202)
<NET-ASSETS> 95,894,041
<DIVIDEND-INCOME> 1,627,787
<INTEREST-INCOME> 6,885
<OTHER-INCOME> 0
<EXPENSES-NET> (1,399,776)
<NET-INVESTMENT-INCOME> 234,896
<REALIZED-GAINS-CURRENT> 3,162,641
<APPREC-INCREASE-CURRENT> 7,610,584
<NET-CHANGE-FROM-OPS> 11,008,121
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (9,053,240)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,721,645
<NUMBER-OF-SHARES-REDEEMED> (3,425,938)
<SHARES-REINVESTED> 482,151
<NET-CHANGE-IN-ASSETS> (20,105,048)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,053,216
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (745,660)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,399,776)
<AVERAGE-NET-ASSETS> 101,195,761
<PER-SHARE-NAV-BEGIN> 18.410
<PER-SHARE-NII> .040 <F1>
<PER-SHARE-GAIN-APPREC> 1.900
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> (1.470)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 18.880
<EXPENSE-RATIO> 1.380
<FN>
<F1> BASED ON AVERAGE SHARES OUTSTANDING.
</FN>
</TABLE>
