A client who purchases mutual fund shares after receiving a summary prospectus must receive what type of prospectus?

When a client purchases mutual fund shares after receiving a summary prospectus, they must receive a statutory prospectus after the purchase. The summary prospectus provides a concise overview of the mutual fund, including key information such as investment objectives, risks, and fees. However, to ensure that investors have access to more complete and detailed information about the mutual fund, regulations mandate that the full statutory prospectus must be provided subsequent to the purchase.

The statutory prospectus contains comprehensive information about the fund, including detailed financial statements, investment strategy, and management details. This requirement ensures that investors are adequately informed about their investment options and any potential risks associated with the fund. Therefore, the provision of the statutory prospectus after the purchase is a critical step in the investor protection framework.

This setup does not imply that other forms of documents, like preliminary prospectuses or annual summary reports, would fulfill the requirement for detailed information post-purchase, reinforcing the importance of having the statutory prospectus in the hands of the investor.