Master Feeder Structure. If permitted by the 1940 Act, the Board of Trustees, by vote of a majority of the Trustees, and without a Shareholder vote, may cause the Trust or any one or more Series to convert to a master feeder structure (a structure in which a feeder fund invests all of its assets in a master fund, rather than making investments in securities directly) and thereby cause existing Series of the Trust to either become feeders in a master fund, or to become master funds in which other funds are feeders. Any such conversion shall require approval by vote of the Board of Trustees and/or the Shareholders of the Trust or the particular Series, as applicable, as set forth in Section 1 of this Article VIII.
Appears in 3 contracts
Sources: Agreement and Declaration of Trust (Franklin Mutual Recovery Fund), Agreement and Declaration of Trust (Franklin Global Trust), Agreement and Declaration of Trust (Franklin Mutual Recovery Fund)