Exhibit (b)


                                CERTIFICATIONS

                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
                       AS ADOPTED PURSUANT TO SECTION 906
                        OF THE SARBANES-OXLEY ACT OF 2002

I, Jimmy D. Gambill,  Chief  Executive  Officer of the FRANKLIN VALUE  INVESTORS
TRUST (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted
pursuant  to  Section  906  of  the  Sarbanes-Oxley  Act of  2002,  that,  to my
knowledge:

      1.    The periodic  report on Form N-CSR of the  Registrant for the period
            ended   04/30/06  (the  "Form   N-CSR")  fully   complies  with  the
            requirements  of Section 13(a) or 15(d) of the  Securities  Exchange
            Act of 1934; and

      2.    The information  contained in the Form N-CSR fairly presents, in all
            material respects, the financial condition and results of operations
            of the Registrant.

Dated: June 28, 2006


                                /s/JIMMY D. GAMBILL
                                   Chief Executive Officer -
                                   Finance and Administration























                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
                       AS ADOPTED PURSUANT TO SECTION 906
                        OF THE SARBANES-OXLEY ACT OF 2002

I, Galen G. Vetter,  Chief  Financial  Officer of the FRANKLIN  VALUE  INVESTORS
TRUST (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted
pursuant  to  Section  906  of  the  Sarbanes-Oxley  Act of  2002,  that,  to my
knowledge:

      1.    The periodic  report on Form N-CSR of the  Registrant for the period
            ended   04/30/06  (the  "Form   N-CSR")  fully   complies  with  the
            requirements  of Section 13(a) or 15(d) of the  Securities  Exchange
            Act of 1934; and

      2.    The information  contained in the Form N-CSR fairly presents, in all
            material respects, the financial condition and results of operations
            of the Registrant.

Dated: June 28, 2006


                                    /s/GALEN G. VETTER
                                    Chief Financial Officer