Website: Legal Terms

Important Legal Information

The views expressed on the present website (the “Site”) do not constitute research, investment advice, or trade recommendations and may not necessarily represent the views of MacKay Shields LLC or MacKay Shields Europe Investment Management Limited(collectively, “MacKay Shields”), or the views of any of MacKay Shields’ portfolio management teams or departments. Forecasts, estimates, and opinions contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product.

This Site contains the views and opinions of certain investment professionals at MacKay Shields which are subject to change without notice. The opinions expressed herein do not necessarily represent the views of all MacKay Shields investment professionals. This content of the present Site is distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. In addition, MacKay Shields does not provide tax, legal or accounting advice and prospects, clients, and investors should consult with appropriate tax, legal and accounting professional before making investment decisions. Prospects, clients and investors should understand the risks involved with specific products or services and consider this information in the context of its risk tolerance and investment goals. All investments contain risks and may lose value.

Information contained herein has been obtained from sources believed to be reliable, but not guaranteed by MacKay Shields. Any forward looking statements speak only as of the date they are made, and MacKay Shields assumes no duty and does not undertake to update forward looking statements. Past performance does not guarantee future results. No part of the content of the present website may be reproduced in any form, or referred to in any other publication, without express written permission of MacKay Shields.

The investments or strategies presented are not appropriate for every investor, and do not take into account the investment objectives or financial needs of particular investors. An investor should review with its financial advisors the terms and conditions and risks involved with specific products or services, and consider this information in the context of its personal risk tolerance and investment goals.

Links to Third Party Websites

This Site may contain links to other Internet websites not maintained by MacKay Shields, which generally are recognized by their top level domain name. Please review the terms and privacy policy of any such third party sites prior to use. Websites linked to from the Site are not under the control of MacKay Shields and MacKay Shields is not responsible for, nor does it certify, the content of any linked site or any link contained in a non-affiliated linked site. MacKay Shields reserves the right to terminate any link or linking program at any time. The inclusion or omission of links in the Site is not intended to endorse any particular company or product, and MacKay Shields expressly disclaims any endorsement of the views and opinions expressed in any such linked site. Opinions attributed to MacKay Shields contained in any third party sites that may be linked from the Site are subject to change without notice. If you decide to access any of the third party sites linked to within the Site, you do so entirely at your own risk. MacKay Shields shall not be responsible for notification of any change in the information contained in any linked site.

Availability of Products

Availability of this Site and products and services provided by MacKay Shields may be limited by applicable laws and regulations in certain jurisdictions and this document is provided only for persons to whom this document and the products and services of MacKay Shields may otherwise lawfully be issued or made available. None of the products and services provided by MacKay Shields are offered to any person in any jurisdiction where such offering would be contrary to local law or regulation. The content of this Site is provided for information purposes only. It does not constitute investment advice and should not be construed as an offer to buy securities. The content of this Site has not been reviewed by any regulatory authority in any jurisdiction. The opinions expressed herein are subject to change without notice.

Social Networks

MacKay Shields cannot and will not answer product or service-related questions on social network sites, including LinkedIn, Twitter and YouTube. Please take into account that social networks sites are third party sites that are unaffiliated with MacKay Shields. MacKay Shields is not responsible for the terms of use or privacy or security policies at this Site or other third party sites that may be linked to by this Site and other LinkedIn and Twitter pages. We ask that users do not disclose any financial information on the Site, and MacKay Shields LLC will never ask for any from you. MacKay Shields is an SEC-registered investment adviser and we therefore cannot publish or otherwise disseminate testimonials about our product or services, please refrain from such postings.

Compliance with GIPS Standard

As a SEC-registered investment adviser, MacKay Shields LLC claims compliance with the Global Investment Performance Standards (GIPS®) and prepares and presents its performance reports in compliance with the GIPS standards. The firm receives verification from an independent accounting firm (Ashland Partners & Company LLP) on a quarterly basis. The firm has been independently verified from January 1, 1988 through June 30, 2017 The effective date of compliance with the GIPS® Standards is January 1, 1988. Click here to receive the full list and descriptions of MacKay’s active composites that adhere to the GIPS standards.

For ERISA Entities Only:This information is a general communication that is educational in nature. This presentation is under no circumstances to be construed as a recommendation, including but not limited to a recommendation regarding any specific investment, investment product, strategy, or plan design. By providing access to this Site, none of MacKay Shields LLC, its employees or affiliates has the responsibility or authority to provide or has provided investment advice in a fiduciary capacity.

Note to European prospects, clients and investors:This content has been issued by MacKay Shields Europe Investment Management Limited, Hamilton House, 28 Fitzwilliam Place, Dublin 2 Ireland, which is authorized and regulated by the Central Bank of Ireland.

References to “Sub-Advised Mutual Funds” Solutions

MacKay Shields provides sub-advisory services to many different types of third party sponsored collective investment companies, or as commonly referred to as “mutual funds”, such as (but not limited to) U.S. open-end mutual funds, U.S. closed-end mutual funds, exchange-traded funds, and European UCITS.

Defined Contribution Solutions – “Mutual Funds”

U.S. open-end mutual funds that are available as investment options to defined contribution plans are advised by an affiliate and sub-advised by MacKay Shields. MacKay Shields does not offer any U.S. open-end mutual fund products. U.S. Open-end mutual funds are offered by prospectus only through an affiliated third party registered broker-dealer.

Lipper Award Disclosures

Lipper Awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent Return, a measure of funds’ historical risk-adjusted returns, measured in local currency, relative to peers, based on Lipper’s proprietary performance-based methodology. Those funds with the most consistent return within their classification were declared the winner over three, five, or 10 years. For a detailed explanation, please review the Lipper Fund Awards Methodology document at http://lipperfundawards.com. MainStay Unconstrained Bond Fund Class I shares received the 2018 Lipper Fund Award in the Alternative Credit Focus Funds category based on at least 36 months of performance history as of 12/31/2017 for the 10-year period. MainStay New York Tax Free Opportunities Fund Class I shares received the 2018 Lipper Fund Award in the New York Municipal Debt Funds category based on at least 36 months of performance history as of 12/31/2017 for the 3-year period. MacKay Shields is the sub-adviser for the afore-mentioned MainStay funds. This does not constitute an offer to sell or a solicitation of an offer to purchase shares in the funds. Mutual funds are offered by prospectus only through a registered broker-dealer. From Thomson Reuters Lipper Awards, © 2018 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this content without express written permission is prohibited.

Collective Investment Trust

SEI Trust Company (the “Trustee”) serves as the Trustee of the MacKay Shields Collective Investment Trust (the “Trust”) and maintains ultimate fiduciary authority over the management, operation, and the investments made by each separate investment fund established under the Trust (each, a “Fund”, and collectively, the “Funds”). The Trustee is a trust company organized under the laws of the Commonwealth of Pennsylvania and wholly owned subsidiary of SEI Investments Company (SEI). SEI and SEI Trust Company are not affiliated with New York Life Investment Management LLC and its affiliated companies. The Disclosure Memorandum and Declaration of Trust contain information about the MacKay Shields Collective Investment Trusts. Please read the Disclosure Memorandum and Declaration of Trust carefully before Investing.

Jurisdiction and Applicable Law

Your use and access of this Site shall be governed by New York law, without giving effect to its conflict of law principles. Any action arising out of the Site shall be litigated in, and only in, courts located in New York, and you agree to submit to the exclusive jurisdiction of those courts and further agree that they are a convenient forum for you.