Mutual Fund Prospectus
Mutual funds must provide a copy of the fund’s prospectus to shareholders after they purchase shares, but investors can – and should – request and read the fund’s prospectus before making an investment decision. There are two kinds of prospectuses: (1) the statutory prospectus; and (2) the summary prospectus. The statutory prospectus is the traditional, long-form prospectus with which most mutual fund investors are familiar. The summary prospectus, which is used by many funds, is just a few pages long and contains key information about a fund. The SEC specifies the kinds of information that must be included in mutual fund prospectuses and requires mutual funds to present the information in a standard format so that investors can readily compare different mutual funds.
Concept at a glance
Definition and explanation
Mutual funds must provide a copy of the fund’s prospectus to shareholders after they purchase shares, but investors can – and should – request and read the fund’s prospectus before making an investment decision. There are two kinds of prospectuses: (1) the statutory prospectus; and (2) the summary prospectus. The statutory prospectus is the traditional, long-form prospectus with which most mutual fund investors are familiar. The summary prospectus, which is used by many funds, is just a few pages long and contains key information about a fund. The SEC specifies the kinds of information that must be included in mutual fund prospectuses and requires mutual funds to present the information in a standard format so that investors can readily compare different mutual funds. [1]
The same key information required in the summary prospectus is required to be in the beginning of the statutory prospectus. It appears in the following standardized order: (1) investment objectives/goals; (2) fee table; (3) investments, risks, and performance; (4) management - investment advisers and portfolio managers; (5) purchase and sale of fund shares; (6) tax information; and (7) financial intermediary compensation. Investors can also find more detailed information in the statutory prospectus, including financial highlights information. [1]
Investors can get a prospectus from the mutual fund company or from a broker, investment adviser or other financial professional. [1]
Review a fund’s prospectus carefully and use tools such as FINRA’s Fund Analyzer when analyzing and comparing funds. [1]
For more information on this topic, please read our publications, Investor Bulletin: How to Read Mutual Fund Prospectus ( Part 1 of 3: Investment Objective, Strategies, and Risk ), ( Part 2 of 3: Fee Table and Performance ), ( Part 3 of 3: Management, Shareholder Information, and Statement of Additional Information ). [1]
Source-supported connections
Frequently asked questions
What does Mutual Fund Prospectus mean in the cited reference?
Mutual funds must provide a copy of the fund’s prospectus to shareholders after they purchase shares, but investors can – and should – request and read the fund’s prospectus before making an investment decision. There are two kinds of prospectuses: (1) the statutory prospectus; and (2) the summary prospectus. The statutory prospectus is the traditional, long-form prospectus with which most mutual fund investors are familiar. The summary prospectus, which is used by many funds, is just a few pages long and contains key information about a fund. The SEC specifies the kinds of information that must be included in mutual fund prospectuses and requires mutual funds to present the information in a standard format so that investors can readily compare different mutual funds. [1]
Mutual Fund Prospectus connection map
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Sources and review dates
Reviewed 23 October 2026. Historical dates and award-time affiliations retain their original context. A review date is not an event date. Background sources are identified separately from official records.