FUND DISCLOSURE AT A GLANCE

Who we are:

The Division of Investment Management’s Disclosure Review and Accounting Office (DRAO) is responsible for reviewing filings such as prospectuses, proxy statements, and shareholder reports for mutual funds, exchange traded funds (ETFs), closed-end funds, variable insurance products, unit investment trusts, and similar investment funds. Millions of Americans use these funds to invest for their retirement, their children’s educations, and other important financial goals. We work to ensure that these investors have the information they need to make informed investment decisions.

Core Disclosure Principles:

Good disclosure should help investors:

  • find what they need
  • understand what they find
  • use what they find to make informed investment decisions

Funds make many filings and their complexity varies. For this reason, DRAO takes a “risk-based” approach in reviewing filings. When reviewing filings, the staff generally places greater focus on:

  • filings by novel and complex funds
  • new disclosures (such as changes in response to the Commission’s adoption of new rules) 
  • disclosures that influence investment decisions, such as disclosures regarding strategies, risks, fees, and performance
     

CONTACT US

The Disclosure Review and Accounting Office is pleased to respond to inquiries from investors, registrants, and other market participants and hear feedback on fund disclosure and accounting matters or the disclosure review process.

Registrants can also contact us to determine the identity of the examiner assigned to your filing.

Contact us at: 202-551-6921 or send an email to IMDRAO@sec.gov. For accounting-specific questions, call 202-551-6918 or email IMOCA@sec.gov for IM's Chief Accountant's Office.

For EDGAR-related questions, call 202-551-8900.

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