Common use of The Investment Clause in Contracts

The Investment. 1.1 Each of the Feeder Funds will invest all or substantially all of its investable assets in the Master Portfolios and, in exchange therefor, the Master Portfolios agree to issue to each Feeder Fund an Interest equal in value to the net value of the assets of the Feeder Fund conveyed to the Master Portfolio (the “Account”). A Feeder Fund may add to or reduce its Investment in a Master Portfolio in the manner described with respect to the Master Portfolio in the Master Trust’s registration statement on Form N-1A, as it may be amended from time to time (the “Master Portfolio’s N-1A”). A Feeder Fund’s aggregate Interest in a Master Portfolio would then be recomputed in accordance with the method described in the Master Portfolio’s N-1A.

The Investment. 1.1 1.1. Each of the Feeder Funds will invest all or substantially all of its investable assets in the Master Portfolios and, in exchange therefor, the Master Portfolios agree to issue to each Feeder Fund an Interest equal in value to each Feeder Fund’s pro rata interest in the net value of the assets of the Feeder Fund conveyed to the applicable Master Portfolio (the “Account”). A Feeder Fund may add to or reduce its Investment in a Master Portfolio in the manner described with respect to the Master Portfolio in the Master Trust’s registration statement on Form N-1A, as it may be amended from time to time (the “Master Portfolio’s N-1A”). A Feeder Fund’s aggregate Interest in a Master Portfolio would then be recomputed in accordance with the method described in the Master Portfolio’s N-1A.

The Investment. 1.1 Each of the The Feeder Funds Fund will invest all or substantially all of its investable assets in the Master Portfolios Portfolio and, in exchange therefor, the Master Portfolios agree Portfolio agrees to issue to each the Feeder Fund an Interest equal in value to the net value of the assets of the Feeder Fund conveyed to the Master Portfolio (the “Account”). A The Feeder Fund may add to or reduce its Investment in a the Master Portfolio in the manner described with respect to the Master Portfolio in the Master Trust’s registration statement on Form N-1A, as it may be amended from time to time (the “Master Portfolio’s N-1A”). A The Feeder Fund’s aggregate Interest in a the Master Portfolio would then be recomputed in accordance with the method described in the Master Portfolio’s N-1A.

The Investment. 1.1 1.1. Each of the Feeder Funds Fund will invest all or substantially all of its investable assets in the corresponding Master Portfolios Portfolio and, in exchange therefor, the such Master Portfolios agree Portfolio agrees to issue to each such Feeder Fund an Interest equal in value to the net value of the assets of the Feeder Fund conveyed to the Master Portfolio (the “Account”). A Feeder Fund may add to or reduce its Investment in a Master Portfolio in the manner described with respect to the Master Portfolio in the Master TrustFund’s registration statement on Form N-1A, as it may be amended from time to time (the “Master Portfolio’s N-1AN-lA”). A Feeder Fund’s aggregate Interest in a Master Portfolio would then be recomputed in accordance with the method described in the Master Portfolio’s N-1A.