N-Q 1 gatornq.htm N-Q Filing

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


Gator 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: June 30, 2015


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

 

 

 

 

June 30, 2015 (Unaudited)

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

 

 

 

COMMON STOCKS - 95.63%

 

 

 

 

 

 

 

Air Transportation, Scheduled - 3.95%

 

 

5,125

 

American Airlines Group, Inc.

$        204,667

 

 

 

 

 

 

Capital Markets - 4.27%

 

 

27,899

 

CIFC Corp.

           221,239

 

 

 

 

 

 

Crude Petroleum & Natural Gas - 1.55%

 

 

14,400

 

Rex Energy Corp. *

             80,496

 

 

 

 

 

 

Deep Sea Foreign Transportation of Freight - 2.15%

 

 

2,600

 

Teekay Corp.

           111,332

 

 

 

 

 

 

Hospital & Medical Service Plans - 2.78%

 

 

1,700

 

WellCare Health Plans, Inc. *

           144,211

 

 

 

 

 

 

Hotles & Motels - 4.32%

 

 

12,200

 

Penn National Gaming, Inc. *

           223,870

 

 

 

 

 

 

Investment Advice - 7.05%

 

 

11,300

 

Janus Capital Group, Inc.

           193,456

 

1,300

 

Virtus Investment Partners, Inc.

           171,925

 

 

 

 

           365,381

 

Insurance - 7.03%

 

 

 

1,300

 

Ambac Financial Group, Inc. *

             21,632

 

11,600

 

Fidelity National Financial, Inc. *

           178,408

 

3,600

 

Primerica, Inc.

           164,484

 

 

 

 

           364,524

 

Metals & Mining - 2.36%

 

 

9,400

 

Suncoke Energy, Inc.

           122,200

 

 

 

 

 

 

Natural Gas Transmission & Distribution - 11.05%

 

 

8,200

 

EnLink Midstream, LLC

           254,938

 

2,400

 

ONEOK, Inc.

             94,752

 

2,500

 

Targa Resources Corp.

           223,050

 

 

 

 

           572,740

 

Newspapers:  Publishing or Publishing & Printing - 3.36%

 

 

21,000

 

Journal Media Group, Inc.

           174,090

 

 

 

 

 

 

Operative Builders - 4.92%

 

 

5,500

 

Ryland Group, Inc.

           255,035

 

 

 

 

 

 

Pharmaceutical Preparations - 3.21%

 

 

3,600

 

Prestige Brands Holdings, Inc. *

           166,464

 

 

 

 

 

 

Radio & TV Broadcasting & Communications Equipment - 4.61%

 

 

7,800

 

Arris Group, Inc. *

           238,680

 

 

 

 

 

 

Real Estate Agents & Managers - 3.63%

 

 

5,300

 

Re/Max Holdings, Inc.

           188,203

 

 

 

 

 

 

Retail-Eating Places - 7.74%

 

 

3,199

 

Bob Evans Farms, Inc.

           163,309

 

2,400

 

DineEquity, Inc.

           237,816

 

 

 

 

           401,125

 

Retail-Internet & Catalog - 3.05%

 

 

5,600

 

FTD Companies, Inc. *

           157,864

 

 

 

 

 

 

Retail-Women's Clothing Store - 2.28%

 

 

7,100

 

Chico's FAS, Inc.

           118,073

 

 

 

 

 

 

Savings Institution, Federally Chartered - 3.31%

 

 

10,571

 

BBX Capital Corp. Class-A *

           171,673

 

 

 

 

 

 

Security Brokers, Dealers & Flotation Companies - 4.81%

 

 

4,046

 

Oppenheimer Holdings, Inc. Class-A

           106,329

 

2,400

 

Raymond James Financial, Inc.

           142,992

 

 

 

 

           249,321

 

Watches, Clocks, Clockwork Operated Devices/Parts - 2.81%

 

 

2,100

 

Fossil Group, Inc. *

           145,656

 

 

 

 

 

 

Wholesale-Electrical Apparatus & Equipment, Wiring Supplies - 5.39%

 

 

24,600

 

Signature Group Holdings, Inc. *

           279,210

 

 

 

 

 

 

TOTAL COMMON STOCKS (Cost $5,002,328) - 95.63%

$     4,956,054

 

 

 

 

 

REAL ESTATE INVESTMENT TRUSTS - 0.02%

 

 

99

 

Global Net Lease, Inc.

                  875

 

 

 

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $881) - 0.02%

$                875

 

 

 

 

 

WARRANTS - 1.36%

 

 

 

9,300

 

Ambac Financial Group, Inc. *

             70,680

 

 

 

 

 

 

TOTAL WARRANTS (Cost $165,781) - 1.36%

$           70,680

 

 

 

 

 

SHORT TERM INVESTMENTS - 3.42%

 

 

176,995

 

Fidelity Institutional Money Market Portfolio 0.12% ** (Cost $176,995)

176,995

 

 

 

 

 

TOTAL INVESTMENTS (Cost $5,345,984) - 100.43%

$     5,204,604

 

 

 

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.43%)

          (22,314)

 

 

 

 

 

NET ASSETS - 100.00%

$     5,182,290

 

 

 

 

 

 

* Non-income producing securities during the period.

 

 

** Variable rate security; the rate shown represents the rate as of June 30, 2015

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

Gator Focus Fund

 

 

 

1. SECURITY TRANSACTIONS

 

 

At June 30, 2015, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $5,345,984 amounted to $141,380 which consisted of aggregate gross unrealized appreciation of $564,461 and aggregate gross unrealized depreciation of $705,841.

 

 


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 June 30, 2015:


Valuation Inputs of Assets

 

Level 1

Level 2

Level 3

Total

Common Stock

 

$4,956,054

              $0

              $0

$4,956,054

Real Estate Investment Trusts

 

$875

              $0

              $0

$875

Warrants

 

$70,680

              $0

              $0

$70,680

Cash Equivalents

 

$176,995

              $0

              $0

$176,995

Total

 

$5,204,604

       $0

       $0

$5,204,604





 

 

 

Gator Opportunities Fund

 

 

 

 

Schedule of Investments

 

 

 

 

June 30, 2015 (Unaudited)

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

 

 

 

COMMON STOCKS - 93.24%

 

 

 

 

 

 

 

Biotechnology - 1.87%

 

 

900

 

Emergent BioSolutions, Inc. *

$           29,655

 

 

 

 

 

 

Blank Checks - 1.66%

 

 

2,100

 

Boulevard Acquisition Corp. *

             26,250

 

 

 

 

 

 

Blood Bank Services - 3.58%

 

 

9,200

 

China Cord Blood Corp. *

             56,672

 

 

 

 

 

 

Communications Services, NEC - 4.48%

 

 

2,550

 

DigitalGlobe, Inc. *

             70,865

 

 

 

 

 

 

Diversified Consumer Services - 0.49%

 

 

170

 

Sotheby's

               7,691

 

 

 

 

 

 

Electrical Equipment - 3.66%

 

 

1,900

 

DTS, Inc. *

             57,931

 

 

 

 

 

 

Finance Services - 1.42%

 

 

2,450

 

JG Wentworth Co. Class-A *

             22,540

 

 

 

 

 

 

Functions Related to Depository Banking, NEC - 2.66%

 

 

2,300

 

Net 1 UEPS Technologies, Inc. *

             42,044

 

 

 

 

 

 

Household Audio & Video Equipment - 3.09%

 

 

980

 

Universal Electronics, Inc. *

             48,843

 

 

 

 

 

 

Investment Advice - 7.49%

 

 

7,900

 

Fortress Investment Group, LLC Class-A

             57,670

 

5,500

 

Pzena Investment Management, Inc.

             60,775

 

 

 

 

           118,445

 

Media - 5.36%

 

 

 

 

90

 

Liberty Broadband Corp. Class-A *

               4,587

 

82

 

Liberty Broadband Corp. Class-C *

               4,195

 

1,360

 

Liberty Media Corp. Class-A *

             49,014

 

400

 

Liberty Media Corp. Class-C *

             14,360

 

200

 

Loral Space & Communications, Inc. *

             12,624

 

 

 

 

             84,780

 

Miscellaneous Chemical Products - 0.27%

 

 

340

 

Flotek Industries, Inc. *

               4,260

 

 

 

 

 

 

Patent Owners & Lessors - 2.62%

 

 

2,600

 

Rovi Corp. *

             41,470

 

 

 

 

 

 

Pharmaceuticals - 2.45%

 

 

270

 

Taro Pharmaceutical Industries, Ltd. *

             38,796

 

 

 

 

 

 

Professional Services - 8.68%

 

 

500

 

Equifax, Inc.

             48,545

 

5,250

 

RPX Corp. *

             88,725

 

 

 

 

           137,270

 

Real Estate Agents & Managers - 2.92%

 

 

270

 

Jones Lang LaSalle, Inc.

             46,170

 

 

 

 

 

 

Search, Detection, Navigation, Guidance, Aeronautical Systems - 0.66%

 

 

340

 

Flir Systems, Inc.

             10,479

 

 

 

 

 

 

Security & Commodity Brokers, Dealers, Exchanges & Services - 3.15%

 

 

1,020

 

Nasdaq OMX Group, Inc.

             49,786

 

 

 

 

 

 

Semiconductors & Related Devices - 10.82%

 

 

190

 

IPG Photonics Corp. *

             16,183

 

1,400

 

Kulicke & Soffa Industries, Inc. *

             16,394

 

2,100

 

Rambus, Inc. *

             30,429

 

2,850

 

Tessera Technologies, Inc.

           108,243

 

 

 

 

           171,249

 

Services-Auto Rental Devices - 4.34%

 

 

210

 

AMERCO

             68,651

 

 

 

 

 

 

Services-Business Services - 0.93%

 

 

200

 

Stamps.com, Inc. *

             14,714

 

 

 

 

 

 

Services-Computer Programming, Data Processing, Etc. - 6.64%

 

 

1,550

 

Interxion Holding NV (Netherlands) *

             42,858

 

4,900

 

Simulations Plus, Inc.

             30,723

 

6,100

 

Zix Corp. *

             31,537

 

 

 

 

           105,118

 

Services-Prepackaged Software - 14.01%

 

 

2,050

 

Bottomline Technologies, Inc. *

             57,010

 

1,800

 

Computer Modeling Group, Ltd. *

             18,232

 

2,050

 

Synopsys, Inc. *

           103,833

 

4,200

 

TiVo, Inc. *

             42,588

 

 

 

 

           221,663

 

 

 

 

 

 

TOTAL COMMON STOCKS (Cost $5,002,328) - 93.24%

$     1,475,342

 

 

 

 

 

SHORT TERM INVESTMENTS - 7.36%

 

 

116,450

 

Fidelity Institutional Money Market Portfolio 0.12% ** (Cost $116,450)

116,450

 

 

 

 

 

TOTAL INVESTMENTS (Cost $1,505,064) - 100.60%

$     1,591,792

 

 

 

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.60%)

            (9,535)

 

 

 

 

 

NET ASSETS - 100.00%

$     1,582,257

 

 

 

 

 

 

* Non-income producing securities during the period.

 

 

** Variable rate security; the rate shown represents the rate as of June 30, 2015

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

Gator Opportunities Fund

 

1. SECURITY TRANSACTIONS

 

 

At June 30, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $1,505,064 amounted to $86,728 which consisted of aggregate gross unrealized appreciation of $141,187 and aggregate gross unrealized depreciation of $54,459.

 

 


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 June 30, 2014:

 

 

 

 


Valuation Inputs of Assets

 

Level 1

Level 2

Level 3

Total

Common Stock

 

$1,475,342

              $0

              $0

$1,475,342

Cash Equivalents

 

$116,450

              $0

              $0

$116,450

Total

 

$1,591,792

       $0

       $0

$1,591,792




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.



Gator Series Trust



By /s/ Derek S. Pilecki

Derek S. Pilecki

President and Secretary


Date: August 31, 2015


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 and Secretary


Date: August 31, 2015