Note 1 – Organization
Advisory Research All Cap Value Fund (the “All Cap Value Fund”), Advisory Research Emerging Markets Opportunities Fund (the “Emerging Markets Opportunities Fund”), Advisory Research Global Value Fund (the “Global Value Fund”), Advisory Research International All Cap Value Fund (the “International All Cap Value Fund”), Advisory Research International Small Cap Value Fund (the “International Small Cap Value Fund”), Advisory Research Small Company Opportunities Fund (the “Small Company Opportunities Fund”) and Advisory Research Strategic Income Fund (the “Strategic Income Fund”) (each a “Fund” and collectively the ‘‘Funds’’) are organized as a series of Investment Managers Series Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The All Cap Value Fund and Strategic Income Fund are diversified funds. The Emerging Markets Opportunities Fund, Global Value Fund, International All Cap Value Fund, International Small Cap Value Fund and Small Company Opportunities Fund are non-diversified funds. The All Cap Value Fund, Emerging Markets Opportunities Fund, Global Value Fund, International All Cap Value Fund, International Small Cap Value Fund and Small Company Opportunities Fund’s primary investment objective is to provide long-term capital appreciation. The Strategic Income Fund’s primary investment objective is to seek high current income. The All Cap Value Fund commenced investment operations on November 16, 2009, the Emerging Markets Opportunities Fund commenced investment operations on November 1, 2013, the Global Value Fund commenced investment operations on July 30, 2010, the International All Cap Value Fund commenced investment operations on May 2, 2011, the International Small Cap Value Fund commenced investment operations on March 31, 2010, the Small Company Opportunities Fund commenced investment operations on November 1, 2013 and the Strategic Income Fund commenced investment operations on December 31, 2012. Each of the Funds is authorized to issue a single class of shares except for the International Small Cap Value Fund. The International Small Cap Value Fund is authorized to issue two classes of shares: Investor Class shares and Class I shares. Class I shares of the International Small Cap Value Fund commenced operations on December 31, 2013.
The shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Trustees. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative shares outstanding. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan.
Note 2 – Accounting Policies
The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.
(a) Valuation of Investments
The Funds value equity securities at the last reported sale price on the principal exchange or in the principal over the counter (“OTC”) market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean between the last available bid and asked prices on that day. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). Debt securities are valued at the last available bid price for such securities, or if such prices are not available, at prices for securities of comparable maturity, quality and type. All other types of securities, including restricted securities and securities for which market quotations are not readily available, are valued at fair value as determined in accordance with procedures established in good faith by the Board of Trustees. Short-term securities with remaining maturities of sixty days or less are valued at amortized cost, which approximates market value.
Advisory Research Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
A Fund’s assets are valued at their fair market value. If a market quotation is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale) as determined in good faith by the Fund’s advisor, subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of Trustees. The actions of the Valuation Committee are subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee meets as needed. The Valuation Committee is comprised of all the Trustees but action may be taken by any one of the Trustees.
Foreign securities traded in countries outside the U.S. are fair valued by utilizing the quotations of an independent pricing service. The pricing service uses statistical analyses and quantitative models to adjust local prices using factors such as subsequent movement and changes in the prices of indexes, securities and exchange rates in other markets in determining fair value as of the time the Funds calculate the NAVs. The Board reviews the independent third party fair valuation analysis report quarterly.
(b) Foreign Currency Translation
The Funds’ records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Funds’ NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.
The Funds do not isolate that portion of its net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.
Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.
Note 3 – Federal Income Taxes
At January 31, 2014, gross unrealized appreciation and depreciation on investments based on cost for federal income tax purposes were as follows:
|
|
|
All Cap
Value Fund
|
|
|
Emerging Markets Opportunities Fund
|
|
|
Global
Value Fund
|
|
|
International All Cap Value Fund
|
|
|
Cost of Investments
|
|
$
|
43,110,176
|
|
|
$
|
11,485,819
|
|
|
$
|
18,344,096
|
|
|
$
|
1,320,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Unrealized Appreciation
|
|
$
|
11,408,057
|
|
|
$
|
412,098
|
|
|
$
|
1,987,447
|
|
|
$
|
155,070
|
|
|
Gross Unrealized Depreciation
|
|
|
(420,228
|
)
|
|
|
(801,391
|
)
|
|
|
(781,889
|
)
|
|
|
(70,137
|
)
|
|
Net Unrealized Appreciation/(Depreciation)
|
|
$
|
10,987,829
|
|
|
$
|
(389,293
|
)
|
|
$
|
1,205,558
|
|
|
$
|
84,933
|
|
Advisory Research Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
|
|
|
International Small
Cap Value Fund
|
|
|
Small Company
Opportunities Fund
|
|
|
Strategic
Income Fund
|
|
|
Cost of Investments
|
|
$
|
106,215,372
|
|
|
$
|
5,372,275
|
|
|
$
|
100,478,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Unrealized Appreciation
|
|
$
|
14,725,181
|
|
|
$
|
146,739
|
|
|
$
|
3,076,626
|
|
|
Gross Unrealized Depreciation
|
|
|
(5,242,322
|
)
|
|
|
(262,464
|
)
|
|
|
(2,317,449
|
)
|
|
Net Unrealized Appreciation/(Depreciation)
|
|
$
|
9,482,859
|
|
|
$
|
(115,725
|
)
|
|
$
|
759,177
|
|
The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in security transactions.
Note 4 – Fair Value Measurements and Disclosure
Fair Value Measurements and Disclosures
defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.
Under
Fair Value Measurements and Disclosures
, various inputs are used in determining the value of each Fund’s investments. These inputs are summarized into three broad levels as described below:
|
|
·
|
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
|
|
·
|
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
|
·
|
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
|
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Advisory Research Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
In addition, the Funds have adopted Accounting Standards Update No. 2011-04
Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
which amends
Fair Value Measurements and Disclosures
to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and International Financial Reporting Standards. Enhanced disclosure is required to detail any transfers in to and out of Level 1 and Level 2 measurements and Level 2 and Level 3 measurements and the reasons for the transfers.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of January 31, 2014, in valuing the Funds’ assets carried at fair value:
|
All Cap Value Fund
|
|
Level 1
|
|
|
Level 2*
|
|
|
Level 3*
|
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
1
|
|
$
|
53,596,051
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
53,596,051
|
|
|
Short-Term Investments
|
|
|
501,954
|
|
|
|
-
|
|
|
|
-
|
|
|
|
501,954
|
|
|
Total Investments
|
|
$
|
54,098,005
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
54,098,005
|
|
|
1
|
For a detailed break-out of common stocks by major industry classification, please refer to the Schedule of Investments.
|
|
*
|
The Fund did not hold any Level 2 or Level 3 securities at period end.
|
Transfers are recognized at the end of the reporting period. There were no transfers between Levels at period end.
|
Emerging Markets Opportunities Fund
|
|
Level 1
|
|
|
Level 2*
|
|
|
Level 3**
|
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications
|
|
$
|
15,546
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
15,546
|
|
|
Consumer Discretionary
|
|
|
561,850
|
|
|
|
2,534,348
|
|
|
|
-
|
|
|
|
3,096,198
|
|
|
Consumer Staples
|
|
|
422,646
|
|
|
|
1,019,120
|
|
|
|
-
|
|
|
|
1,441,766
|
|
|
Energy
|
|
|
-
|
|
|
|
676,571
|
|
|
|
-
|
|
|
|
676,571
|
|
|
Financials
|
|
|
714,459
|
|
|
|
1,512,860
|
|
|
|
-
|
|
|
|
2,227,319
|
|
|
Health Care
|
|
|
159,257
|
|
|
|
179,062
|
|
|
|
-
|
|
|
|
338,319
|
|
|
Industrials
|
|
|
354,577
|
|
|
|
427,231
|
|
|
|
-
|
|
|
|
781,808
|
|
|
Materials
|
|
|
467,057
|
|
|
|
790,752
|
|
|
|
-
|
|
|
|
1,257,809
|
|
|
Technology
|
|
|
162,913
|
|
|
|
499,176
|
|
|
|
-
|
|
|
|
662,089
|
|
|
Total Common Stocks
|
|
|
2,858,305
|
|
|
|
7,639,120
|
|
|
|
-
|
|
|
|
10,497,425
|
|
|
Short-Term Investments
|
|
|
599,101
|
|
|
|
-
|
|
|
|
-
|
|
|
|
599,101
|
|
|
Total Investments
|
|
$
|
3,457,406
|
|
|
$
|
7,639,120
|
|
|
$
|
-
|
|
|
$
|
11,096,526
|
|
Advisory Research Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
|
Global Value Fund
|
|
Level 1
|
|
|
Level 2*
|
|
|
Level 3**
|
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications
|
|
$
|
546,444
|
|
|
$
|
168,470
|
|
|
$
|
-
|
|
|
$
|
714,914
|
|
|
Consumer Discretionary
|
|
|
1,529,195
|
|
|
|
1,198,702
|
|
|
|
-
|
|
|
|
2,727,897
|
|
|
Consumer Staples
|
|
|
1,727,985
|
|
|
|
883,152
|
|
|
|
-
|
|
|
|
2,611,137
|
|
|
Energy
|
|
|
1,261,737
|
|
|
|
715,093
|
|
|
|
-
|
|
|
|
1,976,830
|
|
|
Financials
|
|
|
3,298,924
|
|
|
|
2,305,238
|
|
|
|
-
|
|
|
|
5,604,162
|
|
|
Health Care
|
|
|
225,514
|
|
|
|
501,829
|
|
|
|
-
|
|
|
|
727,343
|
|
|
Industrials
|
|
|
1,618,213
|
|
|
|
1,000,086
|
|
|
|
-
|
|
|
|
2,618,299
|
|
|
Materials
|
|
|
354,991
|
|
|
|
979,559
|
|
|
|
-
|
|
|
|
1,334,550
|
|
|
Technology
|
|
|
761,137
|
|
|
|
260,367
|
|
|
|
-
|
|
|
|
1,021,504
|
|
|
Utilities
|
|
|
-
|
|
|
|
98,529
|
|
|
|
-
|
|
|
|
98,529
|
|
|
Total Common Stocks
|
|
|
11,324,140
|
|
|
|
8,111,025
|
|
|
|
-
|
|
|
|
19,435,165
|
|
|
Short-Term Investments
|
|
|
114,489
|
|
|
|
-
|
|
|
|
-
|
|
|
|
114,489
|
|
|
Total Investments
|
|
$
|
11,438,629
|
|
|
$
|
8,111,025
|
|
|
$
|
-
|
|
|
$
|
19,549,654
|
|
|
International All Cap Value Fund
|
|
Level 1
|
|
|
Level 2*
|
|
|
Level 3**
|
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications
|
|
$
|
-
|
|
|
$
|
42,338
|
|
|
$
|
-
|
|
|
$
|
42,338
|
|
|
Consumer Discretionary
|
|
|
21,029
|
|
|
|
214,471
|
|
|
|
-
|
|
|
|
235,500
|
|
|
Consumer Staples
|
|
|
28,417
|
|
|
|
109,478
|
|
|
|
-
|
|
|
|
137,895
|
|
|
Energy
|
|
|
13,532
|
|
|
|
95,662
|
|
|
|
-
|
|
|
|
109,194
|
|
|
Financials
|
|
|
13,589
|
|
|
|
359,629
|
|
|
|
-
|
|
|
|
373,218
|
|
|
Health Care
|
|
|
19,255
|
|
|
|
69,958
|
|
|
|
-
|
|
|
|
89,213
|
|
|
Industrials
|
|
|
-
|
|
|
|
118,567
|
|
|
|
-
|
|
|
|
118,567
|
|
|
Materials
|
|
|
26,593
|
|
|
|
129,040
|
|
|
|
-
|
|
|
|
155,633
|
|
|
Technology
|
|
|
-
|
|
|
|
72,249
|
|
|
|
-
|
|
|
|
72,249
|
|
|
Utilities
|
|
|
-
|
|
|
|
34,228
|
|
|
|
-
|
|
|
|
34,228
|
|
|
Total Common Stocks
|
|
|
122,415
|
|
|
|
1,245,620
|
|
|
|
-
|
|
|
|
1,368,035
|
|
|
Short-Term Investments
|
|
|
37,533
|
|
|
|
-
|
|
|
|
-
|
|
|
|
37,533
|
|
|
Total Investments
|
|
$
|
159,948
|
|
|
$
|
1,245,620
|
|
|
$
|
-
|
|
|
$
|
1,405,568
|
|
|
International Small Cap Value Fund
|
|
Level 1
|
|
|
Level 2*
|
|
|
Level 3**
|
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications
|
|
$
|
993,673
|
|
|
$
|
1,653,777
|
|
|
$
|
-
|
|
|
$
|
2,647,450
|
|
|
Consumer Discretionary
|
|
|
1,002,909
|
|
|
|
10,738,789
|
|
|
|
-
|
|
|
|
11,741,698
|
|
|
Consumer Staples
|
|
|
839,672
|
|
|
|
14,572,750
|
|
|
|
-
|
|
|
|
15,412,422
|
|
|
Energy
|
|
|
1,221,390
|
|
|
|
3,538,542
|
|
|
|
-
|
|
|
|
4,759,932
|
|
|
Financials
|
|
|
2,336,827
|
|
|
|
28,727,426
|
|
|
|
-
|
|
|
|
31,064,253
|
|
|
Health Care
|
|
|
1,850,549
|
|
|
|
1,646,261
|
|
|
|
-
|
|
|
|
3,496,810
|
|
|
Industrials
|
|
|
-
|
|
|
|
18,959,749
|
|
|
|
-
|
|
|
|
18,959,749
|
|
|
Materials
|
|
|
566,207
|
|
|
|
14,984,328
|
|
|
|
-
|
|
|
|
15,550,535
|
|
|
Technology
|
|
|
-
|
|
|
|
4,758,416
|
|
|
|
-
|
|
|
|
4,758,416
|
|
|
Utilities
|
|
|
-
|
|
|
|
1,726,507
|
|
|
|
-
|
|
|
|
1,726,507
|
|
|
Total Common Stocks
|
|
|
8,811,227
|
|
|
|
101,306,545
|
|
|
|
-
|
|
|
|
110,117,772
|
|
|
Short-Term Investments
|
|
|
5,580,459
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,580,459
|
|
|
Total Investments
|
|
$
|
14,391,686
|
|
|
$
|
101,306,545
|
|
|
$
|
-
|
|
|
$
|
115,698,231
|
|
Advisory Research Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
|
*
|
In accordance with procedures established by, and under the general supervision of, the Funds’ Board of Trustees, the values of certain equity securities listed or traded on foreign security exchanges may be adjusted due to changes in the value of U.S.-traded securities, as measured by the S&P 500 Index. In this circumstance, $
7,639
,120 $
8,111,025,
$1,245,620
and $101,306,545
of investment securities from the
Emerging Markets Opportunities Fund,
Global Value Fund, International All Cap Value and International Small Cap Value Fund, respectively, were classified as Level 2 instead of Level 1.
|
|
**
|
The Funds did not hold any Level 3 securities at period end.
|
Transfers are recognized at the end of the reporting period. As of January 31, 2014, certain securities of the Global Value Fund, the International All Cap Value Fund and the International Small Cap Value Fund transferred Levels due to the Funds performing a fair value adjustment.
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:
|
|
|
International All Cap Value Fund
|
|
|
International Small Cap Value Fund
|
|
|
Beginning balance October 31, 2013
|
|
$
|
4,347
|
|
|
$
|
90,650
|
|
|
Transfers into Level 3 during the period
|
|
|
-
|
|
|
|
-
|
|
|
Transfers out of Level 3 during the period
|
|
|
(3,710
|
)
|
|
|
(76,766
|
)
|
|
Total realized gain/(loss)
|
|
|
(1,350
|
)
|
|
|
(40,411
|
)
|
|
Total unrealized appreciation/(depreciation)
|
|
|
1,356
|
|
|
|
40,674
|
|
|
Purchases
|
|
|
-
|
|
|
|
-
|
|
|
Sales
|
|
|
(643
|
)
|
|
|
(14,147
|
)
|
|
Ending balance January 31, 2014
|
|
$
|
-
|
|
|
$
|
-
|
|
Advisory Research Funds
NOTES TO SCHEDULE OF INVESTMENTS – Continued
January 31, 2014 (Unaudited)
|
Small Company Opportunities Fund
|
|
Level 1
|
|
|
Level 2*
|
|
|
Level 3*
|
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
1
|
|
$
|
4,790,784
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
4,790,784
|
|
|
Short-Term Investments
|
|
|
465,766
|
|
|
|
-
|
|
|
|
-
|
|
|
|
465,766
|
|
|
Total Investments
|
|
$
|
5,256,550
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
5,256,550
|
|
|
1
|
For a detailed break-out of common stocks by major industry classification, please refer to the Schedule of Investments.
|
|
*
|
The Fund did not hold any Level 2 or Level 3 securities at period end.
|
Transfers are recognized at the end of the reporting period. There were no transfers between Levels at period end.
|
Strategic Income Fund
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3*
|
|
|
Total
|
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
1
|
|
$
|
7,330,135
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
7,330,135
|
|
|
Corporate Bonds
1
|
|
|
-
|
|
|
|
45,453,346
|
|
|
|
-
|
|
|
|
45,453,346
|
|
|
Mutual Funds
|
|
|
1,344,478
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,344,478
|
|
|
Preferred Stocks
1
|
|
|
43,869,018
|
|
|
|
-
|
|
|
|
-
|
|
|
|
43,869,018
|
|
|
Total
|
|
|
52,543,631
|
|
|
|
45,453,346
|
|
|
|
-
|
|
|
|
97,996,977
|
|
|
Short-Term Investments
|
|
|
3,241,021
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,241,021
|
|
|
Total Investments
|
|
$
|
55,784,652
|
|
|
$
|
45,453,346
|
|
|
$
|
-
|
|
|
$
|
101,237,998
|
|
|
1
|
For a detailed break-out of common stocks, corporate bonds and preferred stocks by major industry classification, please refer to the Schedule of Investments.
|
|
*
|
The Fund did not hold any Level 3 securities at period end.
|
Transfers are recognized at the end of the reporting period. There were no transfers between Levels at period end.