N-Q 1 gatornq.htm UNITED STATES

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: 811-22794


Endurance Trust Series

(Exact Name of Registrant as Specified in Charter)


100 South Ashley Drive, Suite 895

Tampa, Florida 33602

(Address of Principal Executive Offices)(Zip Code)


Derek Pilecki

100 South Ashley Drive, Suite 895

Tampa, Florida 33602

(Name and Address of Agent for Service)


With copy to: Jeffrey T. Skinner, Esq.

Kilpatrick Townsend & Stockton LLP

1001 West Fourth Street

Winston-Salem, NC 27101



Registrant’s Telephone Number, including Area Code:  (813) 282-7870


Date of fiscal year end: March 31


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.




 

 

 

Gator Focus Fund

 

 

 

 

 

 

Schedule of Investments

 

 

 

 

 

 

December 31, 2013 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

 

 

 

 

 

 

 

COMMON STOCKS - 92.35%

 

 

 

 

 

 

 

 

 

 

 

Air Transportation Scheduled - 3.41%

 

 

 

 

1,850

 

American Airlines Group, Inc. *

$           46,712

 

 

 

 

 

 

 

 

 

 

Communications Services, NEC - 3.60%

 

 

 

 

550

 

SBA Communications Corp. Class-A *

             49,412

 

 

 

 

 

 

 

 

 

 

Crude Petroleum & Natural Gas - 4.46%

 

 

 

 

3,100

 

Rex Energy Corp. *

             61,101

 

 

 

 

 

 

 

 

 

 

Deep Sea Foreign Transportation of Freight - 2.24%

 

 

 

 

640

 

TeeKay Corp.

             30,726

 

 

 

 

 

 

 

 

 

 

Hospital & Medical Service Plans - 2.31%

 

 

 

 

450

 

WellCare Health Plans, Inc. *

             31,689

 

 

 

 

 

 

 

 

 

 

Hotels & Motels - 3.13%

 

 

 

 

3,000

 

Penn National Gaming, Inc. *

             42,990

 

 

 

 

 

 

 

 

 

 

Investment Advise - 4.90%

 

 

 

 

336

 

Virtus Investment Partners, Inc.

             67,217

 

 

 

 

 

 

 

 

 

 

Life Insurance - 7.54%

 

 

 

 

4,450

 

Genworth Financial Inc., Class-A *

             69,109

 

 

 

800

 

Primerica, Inc.

             34,328

 

 

 

 

 

 

           103,437

 

 

 

Mortgage Bankers & Loan Correspondents - 2.05%

 

 

 

 

1,600

 

PennyMac Financial Services, Inc. Class-A *

             28,080

 

 

 

 

 

 

 

 

 

 

National Commercial Banks - 3.66%

 

 

 

 

1,764

 

Bridge Bancorp

             45,864

 

 

 

1,000

 

MBT Financial Corp. *

               4,260

 

 

 

 

 

 

             50,124

 

 

 

Natural Gas Transmission & Distribution - 8.51%

 

 

 

 

600

 

ONEOK, Inc.

             37,308

 

 

 

900

 

Targa Resources Corp.

             79,353

 

 

 

 

 

 

           116,661

 

 

 

Operative Builders - 5.06%

 

 

 

 

1,600

 

Ryland Group, Inc.

             69,456

 

 

 

 

 

 

 

 

 

 

Pharmaceutical Preparations - 2.41%

 

 

 

 

925

 

Prestige Brands Holdings, Inc. *

             33,115

 

 

 

 

 

 

 

 

 

 

Radio & TV Broadcasting & Communications Equipment - 7.60%

 

 

 

 

1,950

 

Arris Group, Inc. *

             47,463

 

 

 

7,350

 

Cumulus Media, Inc. Class-A *

             56,816

 

 

 

 

 

 

           104,279

 

 

 

Retail-Apparel & Accessory Stores - 0.80%

 

 

 

 

1,200

 

Aeropostle, Inc. *

             10,908

 

 

 

 

 

 

 

 

 

 

Retail-Eating Places - 8.64%

 

 

 

 

1,252

 

Bravo Brio Restaurant Group, Inc. *

             20,370

 

 

 

625

 

DineEquity, Inc.

             52,219

 

 

 

625

 

Red Robin Gourmet Burgers, Inc. *

             45,962

 

 

 

 

 

 

           118,551

 

 

 

Retail-Retail Stores, NEC - 3.75%

 

 

 

 

1,700

 

Sally Beauty Holdings, Inc. *

             51,391

 

 

 

 

 

 

 

 

 

 

Retail-Women's Clothing Stores - 2.61%

 

 

 

 

1,900

 

Chico's FAS, Inc.

             35,796

 

 

 

 

 

 

 

 

 

 

Security Brokers, Dealers & Flotation Companies - 3.62%

 

 

 

 

900

 

Oppenheimer Holdings, Inc., Class-A

             22,302

 

 

 

525

 

Raymond James Financial, Inc.

             27,400

 

 

 

 

 

 

             49,702

 

 

 

Services-General Medical & Surgical Hospitals, NEC - 1.05%

 

 

 

 

1,100

 

Health Management Associates, Inc. *

             14,410

 

 

 

 

 

 

 

 

 

 

Services-Prepackaged Software - 0.72%

 

 

 

 

500

 

MedAssets, Inc. *

               9,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Watches, Clocks, Clockwork Operated Devices/Parts - 4.59%

 

 

 

 

525

 

Fossil Group, Inc. *

             62,968

 

 

 

 

 

 

 

 

 

 

Wholesale-Petroleum & Petroleum Products (No Bulk Stations) - 5.67%

 

 

 

 

2,150

 

Crosstex Energy, Inc.

             77,744

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS (Cost $1,102,427) - 92.35%

$     1,266,384

 

 

 

 

 

 

 

 

 

WARRANTS - 3.16%

 

 

 

 

2,900

 

Ambac Financial Group, Inc.

             43,326

 

 

 

 

 

 

 

 

 

 

TOTAL WARRANTS (Cost $37,185) - 3.16%

$           43,326

 

 

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS - 4.60%

 

 

 

 

63,083

 

Fidelity Institutional Money Market Portfolio 0.06% ** (Cost $63,083)

63,083

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (Cost $1,202,695) - 100.11%

$     1,372,793

 

 

 

 

 

 

 

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.11%)

(1,442)

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.00%

$     1,371,351

 

 

 

 

 

 

 

 

 

 

* Non-income producing securities during the period.

 

 

 

 

** Variable rate security; the rate shown represents the rate as of December 31, 2013

 

 

 

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

 

Gator Focus Fund

 

 

 

 

 

1. SECURITY TRANSACTIONS

 

 

 

 

At December 31, 2013, the net unrealized appreciation on investments, based on cost for federal income

 

 

 

 

tax purposes of $1,202,695 amounted to $170,098 which consisted of aggregate gross unrealized appreciation of

 

 

 

 

$185,360 and aggregate gross unrealized depreciation of $15,262.

 

 

 

 

 

 

 

 

 

 

2. SECURITY VALUATION

 

 

 

 

Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed 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 active market, price for similar instruments, interest rates, prepayment speeds, 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 Fund's 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 inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

 

 

 

 

 

 

 

 

 

 

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of December 31, 2013:





 

 

 

Gator Opportunities Fund

 

 

 

 

 

 

 

Schedule of Investments

 

 

 

 

 

 

 

December 31, 2013 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

 

 

 

 

 

 

 

 

 

COMMON STOCKS - 92.58%

 

 

 

 

 

 

 

 

 

 

 

 

 

Aircraft & Parts - 0.68%

 

 

 

 

 

81

 

Textron, Inc.

$             2,978

 

 

 

 

 

 

 

 

 

 

 

 

Blank Checks - 4.44%

 

 

 

 

 

 

4,875

 

China Cord Blood Corp. *

             19,549

 

 

 

 

 

 

 

 

 

 

 

 

Cable & Other Pay Television Services - 1.96%

 

 

 

 

 

59

 

Liberty Media Corp. *

               8,631

 

 

 

 

 

 

 

 

 

 

 

 

Communications Services, NEC - 4.28%

 

 

 

 

 

330

 

DigitalGlobe, Inc. *

             13,580

 

 

 

 

3,002

 

Globalstar, Inc. *

               5,253

 

 

 

 

 

 

 

             18,833

 

 

 

 

Drawing & Insulating of Nonferrous Wire - 2.56%

 

 

 

 

 

632

 

Corning, Inc.

             11,262

 

 

 

 

 

 

 

 

 

 

 

 

Farm Machinery & Equipment - 1.77%

 

 

 

 

 

94

 

Lindsay Corp.

               7,778

 

 

 

 

 

 

 

 

 

 

 

 

Fire, Marine & Casualty Insurance - 4.78%

 

 

 

 

 

239

 

American International Group, Inc.

             12,201

 

 

 

 

183

 

Loews Corp.

               8,828

 

 

 

 

 

 

 

             21,029

 

 

 

 

Household Appliances - 3.99%

 

 

 

 

 

112

 

Whirlpool Corp.

             17,568

 

 

 

 

 

 

 

 

 

 

 

 

Investment Advice - 7.47%

 

 

 

 

 

1,650

 

Fortress Investment Group LLC

             14,124

 

 

 

 

134

 

Oaktree Capital Group LLC

               7,884

 

 

 

 

923

 

Pzena Investment Management, Inc.

             10,854

 

 

 

 

 

 

 

             32,862

 

 

 

 

Life Insurance - 3.25%

 

 

 

 

 

921

 

Genworth Financial, Inc. Class-A *

             14,303

 

 

 

 

 

 

 

 

 

 

 

 

Motor Vehicle Parts & Accessories - 6.34%

 

 

 

 

 

208

 

TRW Automotive Holdings Corp. *

             15,473

 

 

 

 

152

 

Visteon Corp. *

             12,447

 

 

 

 

 

 

 

             27,920

 

 

 

 

Optical Instruments & Lenses - 0.63%

 

 

 

 

 

200

 

Perceptron, Inc.

               2,774

 

 

 

 

 

 

 

 

 

 

 

 

Patent Owners & Lessors - 2.13%

 

 

 

 

 

554

 

RPX Corp. *

               9,363

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceutical Preparations - 4.49%

 

 

 

 

 

200

 

Taro Pharmaceutical Industries, Ltd. *

             19,780

 

 

 

 

 

 

 

 

 

 

 

 

Radio & TV Broadcasting & Communications Equipment - 3.44%

 

 

 

 

 

98

 

Loral Space & Communications, Ltd. *

               7,936

 

 

 

 

310

 

Orbital Sciences Corp. *

               7,223

 

 

 

 

 

 

 

             15,159

 

 

 

 

Real Estate Agents & Managers (For Others) - 2.74%

 

 

 

 

 

118

 

Jones Lang LaSalle, Inc.

             12,082

 

 

 

 

 

 

 

 

 

 

 

 

Retail-Shoe Stores - 1.52%

 

 

 

 

 

161

 

Foot Locker, Inc.

               6,672

 

 

 

 

 

 

 

 

 

 

 

 

Security & Commodity Brokers, Dealers, Exchanges & Services - 2.73%

 

 

 

 

 

302

 

NASDAQ OMX Group, Inc.

             12,020

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductors & Related Devices - 9.22%

 

 

 

 

 

150

 

Ambarella, Inc. *

               5,083

 

 

 

 

577

 

Chipmos Technologies, Ltd. (Bermuda)

             11,101

 

 

 

 

1,211

 

Himax Technologies, Inc.

             17,814

 

 

 

 

85

 

IPG Photonics Corp. *

               6,597

 

 

 

 

 

 

 

             40,595

 

 

 

 

Services-Auto Rental & Leasing (No Drivers) - 4.76%

 

 

 

 

 

88

 

AMERCO *

             20,930

 

 

 

 

 

 

 

 

 

 

 

 

Services-Business Services, NEC - 2.25%

 

 

 

 

 

883

 

Giant Interactive Group, Inc.

               9,925

 

 

 

 

 

 

 

 

 

 

 

 

Services-Consumer Credit Reporting, Collection Agencies - 1.66%

 

 

 

 

 

106

 

Equifax, Inc.

               7,324

 

 

 

 

 

 

 

 

 

 

 

 

Services-Detective, Guard & Armored Car Services - 3.18%

 

 

 

 

 

346

 

The ADT Corp.

             14,003

 

 

 

 

 

 

 

 

 

 

 

 

Services-Equipment Rental & Leasing - 4.53%

 

 

 

 

 

256

 

United Rentals, Inc. *

             19,955

 

 

 

 

 

 

 

 

 

 

 

 

Services-Prepackaged Software - 3.30%

 

 

 

 

 

358

 

Synopsys, Inc. *

             14,524

 

 

 

 

 

 

 

 

 

 

 

 

Telephone & Telegraph Apparatus - 1.71%

 

 

 

 

 

162

 

Plantronics, Inc.

               7,525

 

 

 

 

 

 

 

 

 

 

 

 

Television Broadcasting Stations - 2.76%

 

 

 

 

 

1,997

 

Entravision Communications

             12,162

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS (Cost $373,429) - 92.58%

$        407,506

 

 

 

 

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS - 12.25%

 

 

 

 

 

53,912

 

Fidelity Institutional Money Market Portfolio 0.06% ** (Cost $53,912)

53,912

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (Cost $427,340) - 104.83%

$        461,418

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (4.83%)

(21,256)

 

 

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.00%

$        440,162

 

 

 

 

 

 

 

 

 

 

 

 

* Non-income producing securities during the period.

 

 

 

 

 

** Variable rate security; the rate shown represents the rate as of December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

 

 

Gator Opportunities Fund

 

 

 

 

1. SECURITY TRANSACTIONS

 

 

 

 

 

At December 31, 2013, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $427,340 amounted to $34,078 which consisted of aggregate gross unrealized appreciation of $36,013 and aggregate gross unrealized depreciation of $1,935.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2. SECURITY VALUATION

 

 

 

 

 

Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed 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 active market, price for similar instruments, interest rates, prepayment speeds, 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 Fund's 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 inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

 

 

 

 

 

 

 

 

 

 

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of December 31, 2013:

 

 


Valuation Inputs of Assets

 

Level 1

Level 2

Level 3

Total

Common Stock

 

$407,506

              $0

              $0

$407,506

Cash Equivalents

 

$53,912

              $0

              $0

$53,912

Total

 

$461,418

       $0

       $0

$461,418




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, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



Endurance Series Trust



By /s/ Derek S. Pilecki

Derek S. Pilecki

President, Secretary and Treasurer


Date: February 28, 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/ Derek S. Pilecki

Derek S. Pilecki

President, Secretary and Treasurer


Date: February 28, 2014