LIMITED POWER OF ATTORNEY
FOR SECTION 16 REPORTING OBLIGATIONS

Know all by these presents, that the undersigned hereby makes, constitutes and 
appoints each of Sheila M. Barry, David P. Goss, Robert C. Rosselot, Bradley 
Takahashi and Lori A. Weber each acting individually, as the undersigned's true 
and lawful attorney-in-fact, with full power and authority as hereinafter 
described on behalf of and in the name, place and stead of the undersigned to:

1. prepare, execute, acknowledge, deliver and file Forms ID, 3, 4 and 5 
(including any amendments thereto) with respect to the securities of any 
registered closed-end company for which an affiliate of Franklin Resources, Inc.
  is an investment adviser thereto (each a "Reporting Entity"), with the United 
States Securities and Exchange Commission, any national securities exchanges and
  the Reporting Entity, as considered necessary or advisable under Section 16(a)
  of the Securities Exchange Act of 1934 and the rules and regulations 
promulgated thereunder, as amended from time to time (the "Exchange Act");

2. seek or obtain, as the undersigned's representative and on the undersigned's
  behalf, information on transactions in the Reporting Entity's securities from 
any third party, including brokers, employee benefit plan administrators and 
trustees, and the undersigned hereby authorizes any such person to release any 
such information to the undersigned and approves and ratifies any such release 
of information; and

3. perform any and all other acts which in the discretion of such 
attorney-in-fact are necessary or desirable for and on behalf of the undersigned
  in connection with the foregoing.

The undersigned acknowledges that:

1. this Limited Power of Attorney authorizes, but does not require, each such 
attorney-in-fact to act in their discretion on information provided to such 
attorney-in-fact without independent verification of such information;

2. any documents prepared and/or executed by such attorney-in-fact on behalf of
  the undersigned pursuant to this Limited Power of Attorney will be in such 
form and will contain such information and disclosure as such attorney-in-fact, 
in his or her discretion, deems necessary or desirable;

3. neither the Reporting Entity nor any of such attorneys-in-fact assumes (i) 
any liability for the undersigned's responsibility to comply with the 
requirements of the Exchange Act, (ii) any liability of the undersigned for any 
failure to comply with such requirements, or (iii) any obligation or liability 
of the undersigned for profit disgorgement under Section 16(b) of the Exchange 
Act; and 

4. this Limited Power of Attorney does not relieve the undersigned from 
responsibility for compliance with the undersigned's obligations under the 
Exchange Act, including without limitation, the reporting requirements under 
Section 16 of the Exchange Act.

The undersigned hereby gives and grants each of the foregoing attorneys-in-fact
  full power and authority to do and perform all and every act and thing 
whatsoever requisite, necessary or appropriate to be done in and about the 
foregoing matters as fully to all intents and purposes as the undersigned might 
or could do if present, hereby ratifying all that each such attorney-in-fact of,
  for and on behalf of the undersigned, shall lawfully do or cause to be done by
  virtue of this Limited Power of Attorney.

This Limited Power of Attorney shall remain in full force and effect until 
revoked by the undersigned in a signed writing delivered to each such 
attorney-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Limited Power of Attorney 
to be executed as of this 15th day of April, 2008.


/s/ Steven J. Gray
Signature

Steven J. Gray
Print Name