A New York Life Investment Management mutual fund may have guaranteed a bit too much to investors according to the Securities and Exchange Commission’s guidelines, the Associated Press reports.

The MainStay Equity Index Fund, which aligns itself with the S&P 500, said in a report to shareholders that after 10 years, "investors will be made whole should the value of their investment be below the original value." The main problem with the statement is that sales charges and fees were part of shareholders’ initial deposit into the fund.

That is not all. The SEC is concerned that management fees and expenses in the fund were excessive, and that their involvement was not disclosed properly in the prospectuses.

MainStay admitted it is trying to resolve the concerns with the SEC, adding in a filing that "there can be no assurance at this time as to the outcome of these efforts."

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