UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________
FORM N-Q
________
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-22755
LocalShares Investment Trust
(Exact name of Registrant as specified in charter)
________
618 Church Street
Suite 220
Nashville, Tennessee 37219
(Address of principal executive offices) (Zip code)
Elizabeth S. Courtney
LocalShares Investment Trust
618 Church Street
Suite 220
Nashville, Tennessee 37219
(Name and address of agent for service)
Copy to:
Timothy S. Johnson, Esq.
Reed Smith, LLP
225 Fifth Avenue
Pittsburgh, PA 15222-2716
Registrant’s telephone number, including area code: 1-615-327-4776
Date of fiscal year end: April 30, 2014
Date of reporting period: January 31, 2014
Item 1. Schedule of Investments
LocalShares Investment Trust
Schedule of Investments
Nashville Area ETF
January 31, 2014
(Unaudited)
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Description
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Shares
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Fair Value
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|
|
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COMMON STOCK — 99.4%
|
|
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|
|
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Consumer Discretionary — 23.7%
|
|
|
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|
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Cracker Barrel Old Country Store
|
|
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3,400
|
|
|
$
|
336,634
|
|
|
Dollar General*
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|
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6,100
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|
|
|
343,552
|
|
|
Genesco*
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|
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3,400
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|
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238,748
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|
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Kirkland's*
|
|
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9,650
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|
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181,710
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|
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Tractor Supply
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|
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6,700
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445,617
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|
|
|
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|
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1,546,261
|
|
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Energy — 7.7%
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|
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Delek US Holdings
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16,700
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|
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506,010
|
|
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|
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|
|
|
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Financials — 20.3%
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Corrections Corp of America ‡
|
|
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9,300
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|
|
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312,201
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|
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Healthcare Realty Trust ‡
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|
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13,200
|
|
|
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302,544
|
|
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National Health Investors ‡
|
|
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2,850
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|
|
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179,465
|
|
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Pinnacle Financial Partners
|
|
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6,250
|
|
|
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204,000
|
|
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Ryman Hospitality Properties ‡
|
|
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7,900
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|
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326,744
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|
|
|
|
|
|
|
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1,324,954
|
|
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Health Care — 34.2%
|
|
|
|
|
|
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Acadia Healthcare*
|
|
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3,700
|
|
|
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188,848
|
|
|
Amsurg, Cl A*
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|
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8,200
|
|
|
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342,350
|
|
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Brookdale Senior Living, Cl A*
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|
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6,800
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|
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186,728
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Community Health Systems*
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11,100
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|
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459,651
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Cumberland Pharmaceuticals*
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|
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11,900
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|
|
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55,930
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|
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HCA Holdings*
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|
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9,900
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|
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497,673
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|
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Healthways*
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|
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12,950
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|
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198,264
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|
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LifePoint Hospitals*
|
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5,800
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|
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307,458
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|
|
|
|
|
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|
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2,236,902
|
|
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Industrials — 3.9%
|
|
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CLARCOR
|
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4,600
|
|
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254,932
|
|
|
|
|
|
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Materials — 7.3%
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Louisiana-Pacific*
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14,100
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|
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247,173
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Noranda Aluminum Holding
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69,500
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226,570
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473,743
|
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Technology — 2.3%
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|
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HealthStream*
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5,150
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|
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149,453
|
|
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Total Common Stock
|
|
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(Cost $6,238,367)
|
|
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6,492,255
|
|
|
|
|
|
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|
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Total Investments - 99.4%
|
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(Cost $6,238,367) †
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|
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$
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6,492,255
|
|
LocalShares Investment Trust
Schedule of Investments
Nashville Area ETF
January 31, 2014
(Unaudited)
Percentages are based on Net Assets of $6,530,625.
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*
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Non-income producing security.
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‡
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Real Estate Investment Trust
|
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†
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At January 31, 2014, the tax basis cost of the Portfolio’s investments was $6,238,367, and the unrealized appreciation and depreciation were $383,350 and $(129,462), respectively.
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As of January 31, 2014, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.
For the period ended January 31, 2014, there have been no transfers between Level 1, Level 2 or Level 3 investments.
For the period ended January 31, 2014, there were no Level 3 investments.
For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual financial statements.
Item 2. Controls and Procedures
(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)), as of a date within 90 days of the filing date of this report.
(b) There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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(Registrant)
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LocalShares Investment Trust
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By (Signature and Title)
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/s/ Elizabeth S. Courtney
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Elizabeth S. Courtney
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President
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Date: March 31, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the Registrant and in the capacities and on the date indicated.
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By (Signature and Title)
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/s/ Elizabeth S. Courtney
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Elizabeth S. Courtney
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President
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Date: March 31, 2014
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By (Signature and Title)
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/s/ Elizabeth S. Courtney
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Elizabeth S. Courtney
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President & Treasurer
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Date: March 31, 2014