Summary Prospectus for a Fund / Mutual Fund - Due in 8 Hours and $90

Designing a Summary Prospectus Almost everyone agrees that the full prospectus for a mutual fund is too long, too complex, and simply too boring for most investors. As a result, most investors do not read the entire full prospectus; instead, at most they read a few pages of the full prospectus and usually rely on other sources of information such as press articles, rating services, and friends‘ suggestions. To make fund disclosure documents simpler and more readable, the SEC and the fund industry have developed a short-form prospectus called the summary prospectus. This is designed to provide investors with the key items of information about a fund in an easy-to-read format. The SEC requires all funds to address the same subjects in the same sequence in order to facilitate comparisons. Funds may divide these disclosures into any number of categories as long as the information is presented in the sequence required by the SEC. According to the SEC, the profile should address seven subjects: 1. The fund‘s goals or objectives 2. The fund‘s fees, expenses, and portfolio turnover 3. The fund‘s principal investment strategies, the principal risks of investing in the fund, and the fund‘s past performance 4. The fund‘s investment adviser and portfolio manager 5. Information about buying and selling shares 6. Tax information 7. Financial intermediary compensation information