Common use of Distribution of Acquiring Fund Shares Clause in Contracts

Distribution of Acquiring Fund Shares. At the Closing (as defined below) (or as soon thereafter as is reasonably practicable), FCST, on behalf of the Acquired Fund, will distribute the Acquiring Fund Shares received from MainStay Funds pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”) in complete liquidation of the Acquired Fund. Holders of Investor Class shares of the Acquired Fund will receive Class A shares of the Acquiring Fund and holders of Institutional Class shares of the Acquired Fund will receive Class I shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”) owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) Effective Time (or as soon thereafter as is reasonably practicable), FCST, on behalf of the Acquired Fund, Fund will distribute the Acquiring Fund Shares received from MainStay Funds the Acquiring Fund pursuant to paragraph 1.11.1 (cash may be distributed in lieu of fractional Acquiring Fund Shares, as set forth in paragraph 2.3), pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”) in complete liquidation of the Acquired Fund. Holders of Investor Class shares of the Acquired Fund will receive Class A shares of the Acquiring Fund and holders of Institutional Class shares of the Acquired Fund will receive Class I shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”) owned by Acquired Fund Shareholders at the Effective TimeTime other than with respect to any fractional Acquiring Fund Shares for which cash may be distributed in lieu thereof, pursuant to paragraph 2.3. All issued and outstanding shares of the Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue share certificates representing the Acquiring Fund Shares in connection with such exchange.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) Effective Time (or as soon thereafter as is reasonably practicable), FCSTMcMorgan Funds, on behalf of the Acquired Fund, will distribute the Class I Acquiring Fund Shares received from MainStay Funds pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”"ACQUIRED FUND SHAREHOLDERS") in complete liquidation of the Acquired Fund. Holders of Investor Class shares of the Acquired Fund will receive Class A shares of the Acquiring Fund and holders of Institutional Class shares of the Acquired Fund will receive Class I shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Class I Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”"ACQUIRED FUND SHARES") owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding shares of the Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Class I Acquiring Fund Shares in connection with such exchange.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) Effective Time (or as soon thereafter as is reasonably practicable), FCSTMcMorgan Funds, on behalf of the Acquired Fund, will distribute the Class I Acquiring Fund Shares received from MainStay Funds pursuant to paragraph 1.1, pro rata to the record holders of the McMorgan Fund Class and Class Z shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”"ACQUIRED FUND SHAREHOLDERS") in complete liquidation of the Acquired Fund. Holders of Investor Class shares of the Acquired Fund will receive Class A shares of the Acquiring Fund and holders of Institutional Class shares of the Acquired Fund will receive Class I shares of the Acquiring Fund. Such distribution and liquidation will be accomplished accomplished, with respect to each class of the Acquired Fund's shares, by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Class I Acquiring Fund Shares to be so credited to McMorgan Fund Class and Class Z Acquired Fund Shareholders shall shall, with respect to each class, be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”"ACQUIRED FUND SHARES") of the corresponding class owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding shares of the Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Class I Acquiring Fund Shares in connection with such exchange.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) Effective Time (or as soon thereafter as is reasonably practicable), FCSTKeystone, on behalf of the Acquired Fund, will distribute the Acquiring Fund Shares received from MainStay Funds pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”) in complete liquidation of the Acquired Fund. Holders of Investor Class I shares of the Acquired Fund will receive Class I Shares of the Acquiring Fund, and holders of Class A shares of the Acquired Fund will receive Class A shares of the Acquiring Fund and holders of Institutional Class shares of the Acquired Fund will receive Class I shares Shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”) owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding shares of the Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) (or as soon thereafter as is reasonably practicable)Immediately upon receipt, FCST, on behalf of the Acquired Fund, Fund will distribute (i) the Class A shares of the Acquiring Fund Shares received by the Acquired Fund from MainStay Funds the Acquiring Fund pursuant to paragraph 1.11.1 (the "Acquiring Fund A Shares"), pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”) in complete liquidation of the Acquired Fund. Holders of Investor Class shares of the Acquired Fund will receive and (ii) the Class A Y shares of the Acquiring Fund received by the Acquired Fund from the Acquiring Fund pursuant to paragraph 1.1 (the "Acquiring Fund Y Shares", and when used together with Acquiring Fund A Shares, the "Acquiring Fund Shares"), pro rata to the record holders of Institutional Class shares of the Acquired Fund will receive Class I shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by an instruction, signed by an appropriate officer of the Acquired Fund, to transfer of the Acquiring Fund Shares then credited to the Acquired Fund's account on the Books and Records of the Acquiring Fund and to open accounts on the Books and Records of the Acquiring Fund established and maintained by the Acquiring Fund's transfer agent in the names of record holders of the Acquired Fund and representing the respective pro rata number of the Acquiring Fund Shares due to such record holder. All issued and outstanding shares of the Acquired Fund will be cancelled promptly by the Acquired Fund on the books of Acquired Fund's Books and Records. Any such shares issued and outstanding prior to such cancellation shall thereafter represent only the right to receive the Acquiring Fund Shares issued to open accounts on the share records of the Acquiring Acquired Fund in the names accordance with paragraph 1.1 above. In addition, each record holder of the Acquired Fund Shareholders. The aggregate net asset value of shall have the Acquiring Fund Shares right to be so credited receive any unpaid dividends or other distributions which were declared with respect to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding his/her or its shares of beneficial interest of the Acquired Fund (at or before the “Acquired Fund Shares”) owned by Acquired Fund Shareholders at the Effective Valuation Time. All issued and outstanding Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) Effective Time (or as soon thereafter as is reasonably practicable), FCSTNew River Funds, on behalf of the Acquired Fund, will distribute the Acquiring Fund Shares received from MainStay Northern Lights Funds pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”) in complete liquidation of the Acquired Fund. Holders of Investor Class shares of the Acquired Fund will receive Class A shares of the Acquiring Fund and holders of Institutional Class shares of the Acquired Fund will receive Class I shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”) owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding shares of the Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) (or as soon thereafter as is reasonably practicable), FCST, on behalf of the Acquired Fund, will distribute the Acquiring Fund Shares received from MainStay Funds pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”) in complete liquidation of the Acquired Fund. Holders of Investor Class shares of the Acquired Fund will receive Class A shares of the Acquiring Fund and Fund, holders of Institutional Class shares of the Acquired Fund will receive Class I shares of the Acquiring Fund; and holders of Class Z shares of the Acquired Fund will receive Class R6 shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”) owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) (or as soon thereafter as is reasonably practicable), FCSTVMF, on behalf of the Acquired Fund, will distribute the Acquiring Fund Shares received from MainStay Funds pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”) in complete liquidation of the Acquired Fund. Holders of Investor Class A shares of the Acquired Fund will receive Class A shares of the Acquiring Fund and Fund; holders of Institutional Class C shares of the Acquired Fund will receive Class C shares of the Acquiring Fund; holders of Class I shares of the Acquired Fund will receive Class I shares of the Acquiring Fund; holders of Class W shares of the Acquired Fund will receive Class I shares of the Acquiring Fund; holders of Class R shares of the Acquired Fund will receive Class R3 shares of the Acquiring Fund; and holders of Class R6 shares of the Acquired Fund will receive Class R6 shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”) owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange. Class P3 shares and Class T shares of the Acquired Fund will be liquidated in connection with the Reorganization.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) (or as soon thereafter as is reasonably practicable), FCSTVMF, on behalf of the Acquired Fund, will distribute the Acquiring Fund Shares received from MainStay Funds pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”) in complete liquidation of the Acquired Fund. Holders of Investor Class A shares of the Acquired Fund will receive Class A shares of the Acquiring Fund; holders of Class C shares of the Acquired Fund will receive Class C shares of the Acquiring Fund; holders of Class I shares of the Acquired Fund will receive Class I shares of the Acquiring Fund; and holders of Institutional Class W shares of the Acquired Fund will receive Class I shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”) owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange. Class T shares of the Acquired Fund will be liquidated in connection with the Reorganization.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) Effective Time (or as soon thereafter as is reasonably practicable), FCST, on behalf of the each Acquired Fund, Fund will distribute the Acquiring Fund Shares received from MainStay Funds its corresponding Acquiring Fund pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “"Acquired Fund Shareholders”") in complete liquidation of the each Acquired Fund. Holders of Investor Class shares of the Acquired Fund will receive Class A shares of the Acquiring Fund and holders of Institutional Class shares of the Acquired Fund will receive Class I shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the each Acquired Fund on the books of the corresponding Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to the respective Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the each respective Acquired Fund (the “"Acquired Fund Shares”") owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding shares of each Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired FundFunds. The Acquiring Fund Funds shall not issue share certificates representing the Acquiring Fund Shares in connection with such exchange.. Recorded Ownership of Acquiring Fund Shares. Ownership of Acquiring Fund Shares will be shown on the books of the Acquiring Funds' Transfer Agent (as defined in paragraph 3.3). Filing Responsibilities of the Acquired Funds. Any reporting responsibility of the Acquired Funds, including, but not limited to, the responsibility for filing regulatory reports, tax returns, or other documents with the Securities and Exchange Commission (the "Commission"), any state securities commission, and any Federal, state or local tax authorities or any other relevant regulatory authority, is and shall remain the responsibility of the Acquired Funds up to and including the Closing Date and such later date as the Acquired Funds' existence is terminated. VALUATION Net Asset Value of the Acquired Funds. The net asset value of the Acquired Fund Shares shall be the net asset value computed as of the Valuation Time, after the declaration and payment of any dividends and/or other distributions on that date, using the valuation procedures of the Acquired Funds. Net Asset Value of the Acquiring Funds. The net asset value of the Acquiring Fund Shares shall be the net asset value computed as of the Valuation Time, after the declaration and payment of any dividends and/or other distributions on that date, using the valuation procedures of the Acquiring Funds. Calculation of

Distribution of Acquiring Fund Shares. At the Closing (as defined below) Effective Time (or as soon thereafter as is reasonably practicable), FCST, on behalf of the each Acquired Fund, Fund will distribute the Acquiring Fund Shares received from MainStay Funds its corresponding Acquiring Fund pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”) in complete liquidation of the each Acquired Fund. Holders of Investor Class shares of the Acquired Fund will receive Class A shares of the Acquiring Fund and holders of Institutional Class shares of the Acquired Fund will receive Class I shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the each Acquired Fund on the books of the corresponding Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to the respective Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the each respective Acquired Fund (the “Acquired Fund Shares”) owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding shares of each Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired FundFunds. The Acquiring Fund Funds shall not issue share certificates representing the Acquiring Fund Shares in connection with such exchange.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) Effective Time (or as soon thereafter as is reasonably practicable), FCSTWorld Funds, on behalf of the Acquired Fund, will distribute the Acquiring Fund Shares received from MainStay Funds pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund ShareholdersACQUIRED FUND SHAREHOLDERS”) in complete liquidation of the Acquired Fund. Holders of Investor Class shares of the Acquired Fund will receive Class A shares of the Acquiring Fund and holders of Institutional Class shares of the Acquired Fund will receive Class I shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund SharesACQUIRED FUND SHARES”) owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding shares of the Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) (or as soon thereafter as is reasonably practicable), FCSTMSF, on behalf of the Acquired Fund, will distribute the Acquiring Fund Shares received from MainStay Funds MFT pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”) in complete liquidation of the Acquired Fund. Holders of Class A, Investor Class, Class C, Class I, Class R1, Class R2, Class R3 and Class R6 shares of the Acquired Fund will receive Class A shares of the Acquiring Fund A, Investor Class, Class C, Class I, Class R1, Class R2, Class R3 and holders of Institutional Class shares of the Acquired Fund will receive Class I R6 shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”) owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange.

Distribution of Acquiring Fund Shares. At the Closing (as defined below) (or as soon thereafter as is reasonably practicable), FCSTVET, on behalf of the Acquired Fund, will distribute the Acquiring Fund Shares received from MainStay Funds pursuant to paragraph 1.1, pro rata to the record holders of the shares of the Acquired Fund determined as of the Effective Time (the “Acquired Fund Shareholders”) in complete liquidation of the Acquired Fund. Holders of Investor Class A shares of the Acquired Fund will receive Class A shares of the Acquiring Fund; holders of Class C shares of the Acquired Fund will receive Class C shares of the Acquiring Fund; holders of Class I shares of the Acquired Fund will receive Class I shares of the Acquiring Fund; holders of Class R shares of the Acquired Fund will receive Class R3 shares of the Acquiring Fund; holders of Class R6 shares of the Acquired Fund will receive Class R6 shares of the Acquiring Fund; and holders of Institutional Class W shares of the Acquired Fund will receive Class I shares of the Acquiring Fund. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of the Acquiring Fund Shares to be so credited to Acquired Fund Shareholders shall be equal to the aggregate net asset value of the then outstanding shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”) owned by Acquired Fund Shareholders at the Effective Time. All issued and outstanding Acquired Fund Shares will simultaneously be redeemed and canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchangeexchange.f Class P3 shares and Class T shares of the Acquired Fund will be liquidated in connection with the Reorganization.