Summary Prospectus
A summary prospectus provides investors with a summary of key information about a fund presented in a standardized sequence, thereby allowing easy comparison of funds. A summary prospectus is also called a fund profile.
The cover page of the summary prospectus must contain:
- • The fund’s name and class of securities
- • The exchange ticker symbol
- • A statement identifying the document as a summary prospectus
- • The approximate date of its first use
- • Instructions on how to access the complete prospectus
The contents of the summary prospectus must include, in this order:
- 1. A statement of the fund’s investment objectives and fund type
- 2. A statement of its fees and expenses, including sales loads, management and distribution fees, and portfolio turnover
- 3. A statement of its investment strategy and principal risks
- 4. An identification of the fund’s management team, including the name of its investment adviser and the name, title, and experience of its portfolio managers
- 5. A disclosure of the fund’s minimum investment requirements and procedures for redeeming shares
- 6. A disclosure regarding the taxability of distributions
- 7. A disclosure regarding the compensation of financial intermediaries
A summary prospectus may only describe a single fund, but it may describe more than one class of that fund.
The summary prospectus may be used to meet the delivery requirements of a statutory prospectus if the following conditions are met. The fund’s current summary prospectus, statutory prospectus, statement of additional information, and most recent annual and semi-annual reports to shareholders must be kept publicly accessible, free of charge, at the website address specified on the cover page of the summary prospectus. This information must be available on or before the time the summary prospectus is sent.
SEC Rule 498