3.1.4.3 Mutual Fund Prospectus Rules
Because mutual fund shares are issued new for each purchaser, the shares must always be sold with a prospectus. The prospectus must be delivered prior to the point at which the customer acquires an interest in the fund, and it must be up-to-date. The SEC does not permit prospectuses that are in use for more than 9 months to have financial information in them that is more than 16 months old.