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   10/31/06  (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:  December 27, 2006

                            /S/JIMMY D. GAMBILL
                            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   10/31/06  (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:  December 27, 2006

                                    /S/GALEN G. VETTER
                                    Galen G. Vetter
                                    Chief Financial Officer