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AARP Financial Announces Discontinuation of AARP Funds
Outreach to shareholders to begin immediately
WASHINGTON, DC – In a filing with the Securities and Exchange Commission today, AARP Financial Inc (AFI) announced the discontinuation of the AARP Funds. Richard “Mac” Hisey, President of the AARP Funds, released the following statement:
“For more than 50 years AARP has sought to better the lives of older Americans through advocacy, outreach and education, and by bringing products and services to the market that change how the private sector serves people 50-plus.
“The development of the AARP Funds was intended to lead change in the marketplace by providing investors with investment options that delivered against all of our investing principles and therefore were simple to understand, had low costs, had low investment minimums, and were coupled with complimentary investment guidance. For almost five years, the AARP Funds have offered all of these options direct to consumers, in a competitive marketplace.
“The AARP Funds Board of Trustees and AARP Financial Inc. are proud to have provided investors with access to competitive funds with low costs and low $100 investment minimums supplemented by complimentary access to investment guidance through the AFI Financial Center - regardless of whether you purchased or not. However, after almost 5 years, and despite the fact that the AARP Funds have been recognized for their investment performance, the funds remain small and their small size has resulted in relatively high total expense ratios.
“Therefore, the AARP Funds Board of Trustees and AARP Financial Inc. have been carefully exploring and evaluating strategic options for the AARP Funds. After serious consideration, the AARP Funds Board of Trustees recently voted to liquidate the AARP Funds.
“The AARP Funds Board of Trustees and AARP Financial Inc. are committed to ensuring the smoothest transition possible for those who had invested in these funds.
“To that end, investors can expect a letter from AARP Financial Inc. in the coming days as well as a call from an AARP Financial non-commissioned financial advisor sometime over the next few weeks. Of course, investors are welcome to reach out to those same advisors on their own, by calling 1-888-242-8412 or emailing at firstname.lastname@example.org. AARP Financial will also be posting information on its website, www.aarpfinancial.com/mutualfunds.
“AARP remains committed to helping every American achieve lifetime financial security. Whether by offering free tax preparation (2.6 million people served in 2009 alone), through www.aarp.org/realrelief website where people can get help finding a job or a public program that they might qualify for, or any of the hundreds of events AARP hosts around the country to help people achieve lifetime financial security, AARP will continue to look for new ways to help.”
An investment in the funds involved risk, including possible loss of principal. To get a prospectus containing this and other information, visit ww.aarpfinancial.com or call 1 888-242-8412.
While AARP has licensed the use of its name to AARP Funds and endorses the services provided by AARP Financial Inc., AARP does not offer financial products or services itself and cannot recommend that you or any specific individual should purchase any particular product or service. AARP Financial Inc. is an investment adviser and a subsidiary of AARP.
The Financial Advisors are registered as representatives of ALPS Distributors, Inc., a registered broker-dealer, and as investment adviser representatives of AARP Financial Inc an investment adviser.
AARP Funds are distributed by ALPS Distributors, Inc.
AARP is a nonprofit, nonpartisan organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 35.1 million readers; AARP Bulletin, the go-to news source for AARP's millions of members and Americans 50+; AARP VIVA su Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
Founded in 2005, AARP Financial Inc. is a wholly owned taxable subsidiary of AARP, dedicated to helping people prepare for a more secure financial future by providing access to products and services designed to help meet their retirement needs and supporting them with clear information and guidance. It provides access to a carefully chosen array of proprietary investment products and services, including mutual funds and financial guidance, designed to meet the needs of investors at any life stage. Please visit us at www.aarpfinancial.com for more information.
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