From Dustin Woodard,
Your Guide to Mutual Funds.
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Definition: Mutual funds are required to provide a fund prospectus to all prospective investors. They are also required to send all existing shareholders a new prospectus annually.

The prospectus is an official document with intentions of fully describing the mutual fund and disclosing information on the fund like: managers, policies, objectives, restrictions, services and fees.

You should keep a copy of the prospectus for any mutual fund that you hold.