POWER OF ATTORNEY

The undersigned trustee of each trust listed in Schedule A hereto (each a “Registrant”) hereby appoint ALISON E. BAUR, ALEXANDER Y. KYMN, CHRISTINE DEBEVEC, HARRIS GOLDBLAT, TARA E. GORMEL, NAVID J. TOFIGH, MARC DE OLIVEIRA, BRUCE G. LETO, DAVID GRIM, KRISTIN H. IVES AND MARGUERITE C. BATEMAN

(with full power to each of them to act alone) his/her attorney-in-fact and agent, in all capacities, to execute, deliver and file in the names of the undersigned, any and all instruments that said attorneys and agents may deem necessary or advisable to enable the Registrant to comply with or register any security issued by the Registrant under the Securities Act of 1933, as amended, and/or the Investment Company Act of 1940, as amended, and the rules, regulations and interpretations thereunder, including but not limited to, any registration statement, including any and all pre- and post-effective amendments thereto, any other document to be filed with the U.S. Securities and Exchange Commission and any and all documents required to be filed with respect thereto with any other regulatory authority. Each of the undersigned grants to each of said attorneys, full authority to do every act necessary to be done in order to effectuate the same as fully, to all intents and purposes, as he/she could do if personally present, thereby ratifying all that said attorneys-in-fact and agents may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which shall be deemed to be a single document.

The undersigned officers and trustees hereby execute this Power of Attorney as of the 19th day of August 2026.

/s/Ann Torre Bates, Trustee

Ann Torre Bates, Trustee

Schedule A To

Power of Attorney

  

Name of Trust

Securities Act File No.

Franklin California Tax-Free Income Fund

002-60470

Franklin California Tax-Free Trust

002-99112

Franklin Custodian Funds

002-11346

Franklin Federal Tax-Free Income Fund

002-75925

Franklin Floating Rate Master Trust

The registration statement below marked with an asterisk

Franklin Floating Rate Master Series*

SERIES ID: S000007441

Franklin Fund Allocator Series

333-13601


  

Franklin Global Trust

333-46996

Franklin Gold and Precious Metals Fund

002-30761

Franklin High Income Trust

002-30203

Franklin Investors Securities Trust

033-11444

Franklin Limited Duration Income Trust

333-109190

Franklin Managed Trust

033-09994

Franklin Municipal Securities Trust

033-44132

Franklin New York Tax-Free Income Fund

002-77880

Franklin New York Tax-Free Trust

033-07785

Franklin Real Estate Securities Trust

033-69048

Franklin Strategic Series

033-39088

Franklin Tax-Free Trust

002-94222

Franklin Templeton Variable Insurance Products Trust

033-23493

Franklin Universal Trust

033-22162

Franklin U.S. Government Money Fund

002-55029

Institutional Fiduciary Trust

002-96634

The Money Market Portfolios

The registration statement below marked with an asterisk

The U.S. Government Money Market Portfolio*

SERIES ID: S000007450