February 26, 2008
I believe this summary will be beneficial for shareholders in understanding a fund's prospectus. With 9 out of 10 shareholders NOT reading the prospectus, this will allow an abridged version to grab their attention of the important features of mutual funds.
I also think it might be helpful to add a synopsis of 'Shareholder Options' in this summary. Info that could be included:
- Minimum purchase
- Purchase options (check, wire, NSCC, etc)
- Maximum redemption over the phone
These are 'popular' shareholder inquiries and if they are disclosed in a user-friendly format when they first open an account, shareholders might not be discouraged when they find out they can't make a purchase for $25, redeem over $100k on a phone call, etc.