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.

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