EXHIBIT 24

                            LIMITED POWER OF ATTORNEY
                                       FOR
                        SECTION 16 REPORTING OBLIGATIONS

         Know all by these presents, that the undersigned hereby makes,
constitutes and appoints each of Steve Gray, David Goss, Bruce Bohan, Jason
Venner, and Bradley Takahashi, 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 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 19th day of July, 2005.

                                    /s/ROBERT E. WADE
                                    --------------------------
                                    Signature

                                    ROBERT E. WADE
                                    --------------------------
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