Is this issuer’s disclosure verifiable?
The operating record and the disclosure are in two different places, held by two different bodies, on two different clocks. The regulator’s filings are annual, they describe the physical system rather than the fund, and in some states they land months before the audit does.
What is checkable per filing is how much of a reported figure was measured and how much the form supplied. Only TWDB, of the regulators here, publishes that — on every Texas filing — and nothing reads it back out.
None of this is a rating, a credit opinion or investment advice. It is what a system filed and how much of it was measured, and it says nothing about the security.