UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549



FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

 MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number 811-22728


Elessar Funds Investment Trust

(Exact name of registrant as specified in charter)


1111 Superior Ave  Suite 1310

Cleveland, Ohio  44114

(Address of principal executive offices) (Zip code)


Mitch Krahe

Elessar Funds Investment Trust

1111 Superior Ave  Suite 1310

Cleveland, Ohio  44114

 (Name and address of agent for service)


Registrant's telephone number, including area code: (216) 357-7412


Date of fiscal year end: September 30


Date of reporting period: December 31, 2013


Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, and 450 Fifth Street, NW, Washington, DC 20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. SCHEDULE OF INVESTMENTS.




 

 

 

Elessar Small Cap Value Fund

 

 

 

 

 

 

Schedule of Investments

 

 

 

 

 

 

December 31, 2013 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

 

 

 

 

 

 

 

COMMON STOCKS - 84.89%

 

 

 

 

 

 

 

 

 

 

 

Chemicals & Allied Products - 1.65%

 

 

 

 

3,632

 

Innospec, Inc.

$          167,871

 

 

 

 

 

 

 

 

 

 

Crude Petroleum & Natural Gas - 2.64%

 

 

 

 

62,151

 

PetroQuest Energy, Inc. *

268,492

 

 

 

 

 

 

 

 

 

 

Electric Lighting & Wiring Equipment - 2.13%

 

 

 

 

4,432

 

AZZ, Inc.

216,548

 

 

 

 

 

 

 

 

 

 

Electric Services - 1.66%

 

 

 

 

6,939

 

Great Plains Energy, Inc.

168,201

 

 

 

 

 

 

 

 

 

 

Electronic Computers - 3.78%

 

 

 

 

8,517

 

Omnicell, Inc. *

217,439

 

 

 

4,064

 

NICE Systems, Ltd. ADR

           166,461

 

 

 

 

 

 

383,900

 

 

 

Finance Services - 1.40%

 

 

 

 

14,182

 

Global Cash Access Holdings, Inc. *

141,678

 

 

 

 

 

 

 

 

 

 

Fire, Marine & Casualty Insurance - 4.11%

 

 

 

 

6,550

 

Employers Holdings, Inc.

207,308

 

 

 

30,200

 

Meadowbrook, Insurance Group, Inc.

           210,192

 

 

 

 

 

 

417,500

 

 

 

Industrial Instruments For Measurement, Display & Control - 2.21%

 

 

 

 

19,088

 

Rudolph Technologies, Inc. *

224,093

 

 

 

 

 

 

 

 

 

 

Instruments For Measuring & Testing of Electricity & Electrical Signals - 2.32%

 

 

 

 

29,465

 

LTX-Credence Corp. *

235,425

 

 

 

 

 

 

 

 

 

 

Life Insurance - 3.18%

 

 

 

 

 

 

12,257

 

American Equity Investment Life Holding Co.

323,340

 

 

 

 

 

 

 

 

 

 

Machine Tools, Metal Cutting Types - 1.42%

 

 

 

 

2,767

 

Kennametal, Inc.

144,078

 

 

 

 

 

 

 

 

 

 

Miscellaneous Manufacturing Industries - 1.71%

 

 

 

 

5,902

 

Hillenbrand, Inc.

173,637

 

 

 

 

 

 

 

 

 

 

Motor Vehicle Parts & Accessories - 1.93%

 

 

 

 

15,370

 

Stoneridge, Inc. *

195,968

 

 

 

 

 

 

 

 

 

 

National Commercial Banks - 6.01%

 

 

 

 

12,646

 

Cardinal Financial Corp.

227,502

 

 

 

10,830

 

First Financial Bancorp.

188,745

 

 

 

8,734

 

FirstMerit Corp.

           194,157

 

 

 

 

 

 

610,404

 

 

 

Oil & Gas Field Services, NEC - 3.99%

 

 

 

 

17,921

 

Basic Energy Services, Inc. *

282,793

 

 

 

15,435

 

Key Energy Services, Inc. *

           121,937

 

 

 

 

 

 

404,730

 

 

 

Paper Mills - 2.35%

 

 

 

 

 

 

2,529

 

Domtar Corp.

238,586

 

 

 

 

 

 

 

 

 

 

Radio & TV Broadcasting & Communications Equipment - 2.60%

 

 

 

 

11,349

 

Orbital Sciences Corp. *

264,432

 

 

 

 

 

 

 

 

 

 

Retail-Miscellaneous Shopping Goods Stores - 1.55%

 

 

 

 

7,934

 

Big 5 Sporting Goods Corp.

157,252

 

 

 

 

 

 

 

 

 

 

Savings Institution, Federally Chartered - 3.86%

 

 

 

 

11,155

 

Flushing Financial Corp.

230,908

 

 

 

5,880

 

ViewPoint Financial Group, Inc.

           161,406

 

 

 

 

 

 

392,314

 

 

 

Semiconductors & Related Devices - 3.71%

 

 

 

 

9,555

 

Microsemi Corp. *

238,397

 

 

 

26,784

 

RF Micro Devices, Inc. *

           138,205

 

 

 

 

 

 

376,602

 

 

 

Services-Business Services, NEC - 4.88%

 

 

 

 

21,272

 

Digital Generation, Inc. *

271,005

 

 

 

19,369

 

Premier Global Services, Inc. *

           224,487

 

 

 

 

 

 

495,492

 

 

 

Services-Computer Integrated Systems Design - 3.69%

 

 

 

 

11,111

 

Ebix, Inc.

163,443

 

 

 

9,685

 

Sykes Enterprises, Inc. *

           211,230

 

 

 

 

 

 

374,673

 

 

 

Services-Computer Programming Services - 2.42%

 

 

 

 

4,734

 

Synaptics, Inc. *

245,268

 

 

 

 

 

 

 

 

 

 

Services-Engineering Services - 2.39%

 

 

 

 

4,583

 

URS Corp.

242,853

 

 

 

 

 

 

 

 

 

 

Services-Equipment Rental & Leasing, NEC - 2.22%

 

 

 

 

9,577

 

CAI International, Inc. *

225,730

 

 

 

 

 

 

 

 

 

 

Services-Hospitals - 2.12%

 

 

 

 

3,589

 

Magellan Health Services, Inc. *

215,017

 

 

 

 

 

 

 

 

 

 

State Commercial Banks - 2.50%

 

 

 

 

4,042

 

IberiaBank Corp.

254,040

 

 

 

 

 

 

 

 

 

 

Title Insurance - 5.49%

 

 

 

 

 

 

6,788

 

Argo Group Int'l Holdings, Ltd.

315,574

 

 

 

7,501

 

Stewart Information Services Corp.

           242,057

 

 

 

 

 

 

557,631

 

 

 

Truck Trailers - 2.51%

 

 

 

 

 

 

20,666

 

Wabash National Corp. *

255,225

 

 

 

 

 

 

 

 

 

 

Wholesale-Electrical Apparatus & Equipment, Wiring Supplies - 2.46%

 

 

 

 

3,567

 

EnerSys

250,011

 

 

 

 

 

 

 

 

 

 

TOTAL FOR COMMON STOCKS (Cost $6,792,556) - 84.89%

$       8,620,991

 

 

 

 

 

 

 

 

 

REAL ESTATE INVESTMENT TRUSTS - 9.19%

 

 

 

 

35,021

 

Cedar Realty Trust, Inc.

219,232

 

 

 

10,247

 

Corporate Office Properties Trust

242,751

 

 

 

9,858

 

Cyrusone, Inc.

220,129

 

 

 

15,932

 

Ramco-Gershenson Properties Trust

           250,770

 

 

 

 

 

 

 

 

 

 

TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $861,352) - 9.19%

$          932,882

 

 

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS - 4.87%

 

 

 

 

494,486

 

Invesco Short Term Investments Treasury 0.02% **

494,486

 

 

 

 

 

 

 

 

 

 

TOTAL FOR SHORT TERM INVESTMENTS (Cost $494,486) - 4.87%

$          494,486

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (Cost $8,148,394) - 98.95%

$     10,048,359

 

 

 

 

 

 

 

 

 

OTHER ASSETS LESS LIABILITIES -  1.05%

106,781

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.00%

 

 

$     10,155,140

 

 

 

 

 

 

 

 

 

 

* Non Income Producing.

 

 

 

 

 

** Variable rate security; the coupon rate shown represents the yield at December 31, 2013.

 

 

 

 

 

 

 

 

 

 

 

 NOTES TO FINANCIAL STATEMENTS

 

 

 

 

DMS India MidCap Index Fund

 

 

 

 

1. SECURITY TRANSACTIONS

 

 

 

 

At December 31, 2013 the net unrealized appreciation on investments, based on cost for federal income tax purposes of $8,148,394 amounted to $1,899,965, which consisted of aggregate gross unrealized appreciation of $1,971,572 and aggregate gross unrealized depreciation of $71,607.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2. SECURITY VALUATION

 

 

 

 

Portfolio securities that are listed on national securities exchanges or the NASDAQ National Market System are valued at the last sale price as of 4:00 p.m. Eastern time, or in the absence of recorded sales, at the readily available closing bid price on such exchanges or such System.   Unlisted securities that are not included in such System are valued at the quoted bid price in the over-the-counter-market.   Securities and other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Advisor under procedures established by and under the general supervision and responsibility of the Fund's Board of Directors.  Short-term investments are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing the values as of the 61st day prior to maturity, if their original term to maturity exceeded 60 days.

 

The following table summarizes the inputs used to value the Fund’s assets measured at fair value as of December 31, 2013:


Valuation Inputs of Assets

 

Level 1

Level 2

Level 3

Total

Common Stock

 

$8,620,991

              $0

              $0

$8,620,991

Real Estate Investment Trusts

 

$932,882

              $0

              $0

$932,882

Cash Equivalents

 

$494,486

               $0

               $0

$494,486

Total

 

$10,048,359

        $0

        $0

$10,048,359




ITEM 2. CONTROLS AND PROCEDURES.


(a)

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The Registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Registrant's filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio Holdings on Form N-Q, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant's management, including the Registrant's principal executive officer and the Registrant's principal financial officer, of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures. Based on such evaluation, the Registrant's principal executive officer and principal financial officer concluded that the Registrant's disclosure controls and procedures are effective.

(b)

CHANGES IN INTERNAL CONTROLS. There have been no significant changes in the Registrant's internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this Quarterly Schedule of Portfolio Holdings on Form N-Q.


ITEM 3. EXHIBITS.


Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.


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.


Elessar Funds Investment Trust


By /s/Mitch Krahe

*Mitch Krahe

Secretary/Chief Compliance Officer

Date  March 3, 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 persons on behalf of the registrant and in the capacities and on the dates indicated.


By /s/Mitch Krahe

*Mitch Krahe

Secretary/Chief Compliance Officer


Date March 3, 2014



* Print the name and title of each signing officer under his or her signature.





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