We are shocked and deeply saddened by the events unfolding in Ukraine. Our thoughts are with the Ukrainian people, with hope for a swift and peaceful resolution to this conflict.

In response, MacKay Shields has halted purchases of all Russian securities. We continue to monitor sanctions on Russia as well as state and federal/local laws and regulations, and will take additional steps required to comply.

We have also joined in the growing global support for Ukraine by participating in a newly launched employee matching gift program, our parent, New York Life, has made for non-profit disaster response organizations addressing the Ukrainian humanitarian crisis. This is in addition to a $300,000 corporate grant donation New York Life has made to support the people of Ukraine in crisis.

In these turbulent times, our focus remains on supporting our clients, with our experienced investment professionals providing timely insights and perspectives to help clients navigate this period of market volatility and uncertainty while maintaining continued investment discipline in the portfolios managed for them.

It is at times like these that we are guided by our longstanding commitment to integrity and humanity, doing what is right for our clients, our employees, and our communities to help build a better future. As this conflict unfolds, we will remain steadfast in our commitment to supporting our clients, relief efforts and our team members and their families around the globe.