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: December 31, 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

 

 

 

 

December 31, 2015 (Unaudited)

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

 

 

 

COMMON STOCKS - 96.76%

 

 

 

 

 

 

 

Cable & Other Pay Television Services - 4.91%

 

 

2,300

 

Liberty Lilac Group *

$           98,900

 

 

 

 

 

 

Capital Markets - 4.13%

 

 

14,900

 

CIFC Corp.

             83,142

 

 

 

 

 

 

Deep Sea Foreign Transportation of Freight - 3.19%

 

 

6,500

 

Teekay Corp.

             64,155

 

 

 

 

 

 

Hospital & Medical Service Plans - 2.72%

 

 

700

 

WellCare Health Plans, Inc. *

             54,747

 

 

 

 

 

 

Hotles & Motels - 4.30%

 

 

5,400

 

Penn National Gaming, Inc. *

             86,508

 

 

 

 

 

 

Investment Advice - 11.74%

 

 

6,000

 

Janus Capital Group, Inc.

             84,540

 

5,500

 

Om Asset Management, Plc.

             84,315

 

575

 

Virtus Investment Partners, Inc.

             67,540

 

 

 

 

           236,395

 

Insurance - 12.56%

 

 

7,300

 

Ambac Financial Group, Inc. *

           102,857

 

6,200

 

Fidelity National Financial, Inc. *

             69,626

 

1,700

 

Primerica, Inc.

             80,291

 

 

 

 

           252,774

 

Metals & Mining - 1.21%

 

 

7,000

 

Suncoke Energy, Inc.

             24,290

 

 

 

 

 

 

Natural Gas Transmission & Distribution - 7.49%

 

 

6,400

 

EnLink Midstream, LLC

             96,576

 

2,200

 

ONEOK, Inc.

             54,252

 

 

 

 

           150,828

 

Operative Builders - 4.52%

 

 

2,400

 

CalAtlantic Group, Inc.

             91,008

 

 

 

 

 

 

Pharmaceutical Preparations - 3.84%

 

 

1,500

 

Prestige Brands Holdings, Inc. *

             77,220

 

 

 

 

 

 

Radio & TV Broadcasting & Communications Equipment - 3.64%

 

 

2,400

 

Arris Group, Inc. *

             73,368

 

 

 

 

 

 

Real Estate Agents & Managers - 4.82%

 

 

2,600

 

Re/Max Holdings, Inc.

             96,980

 

 

 

 

 

 

Retail-Eating Places - 9.06%

 

 

2,300

 

Bob Evans Farms, Inc.

             89,355

 

1,100

 

DineEquity, Inc.

             93,137

 

 

 

 

           182,492

 

Retail-Internet & Catalog - 3.38%

 

 

2,600

 

FTD Companies, Inc. *

             68,042

 

 

 

 

 

 

Retail-Radio, TV & Consumer Electronic Stores - 3.36%

 

 

18,500

 

HHGregg, Inc. *

             67,710

 

 

 

 

 

 

Savings Institution, Federally Chartered - 5.60%

 

 

7,200

 

BBX Capital Corp. Class-A *

           112,680

 

 

 

 

 

 

Security Brokers, Dealers & Flotation Companies - 0.00%

 

 

2,400

 

Oppenheimer Holdings, Inc. Class-A

             41,712

 

 

 

 

 

 

Wholesale-Electrical Apparatus & Equipment, Wiring Supplies - 4.23%

 

 

10,600

 

Signature Group Holdings, Inc. *

             85,118

 

 

 

 

 

 

TOTAL COMMON STOCKS (Cost $2,261,952) - 96.76%

$     1,948,069

 

 

 

 

 

REAL ESTATE INVESTMENT TRUSTS - 2.93%

 

 

3,975

 

CorEnergy Infrastructure Trust, Inc.

             58,989

 

 

 

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $118,274) - 2.93%

$           58,989

 

 

 

 

 

SHORT TERM INVESTMENTS - 0.71%

 

 

14,291

 

Fidelity Institutional Money Market Portfolio 0.29% ** (Cost $14,291)

14,291

 

 

 

 

 

TOTAL INVESTMENTS (Cost $2,394,517) *** - 100.40%

$     2,021,349

 

 

 

 

 

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.40%)

            (8,017)

 

 

 

 

 

NET ASSETS - 100.00%

$     2,013,332

 

 

 

 

 

 

* Non-income producing securities during the period.

 

 

** Variable rate security; the rate shown represents the rate as of December 31, 2015

 

 

*** At December 31, 2015, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $2,394,517 amounted to $373,168 which consisted of aggregate gross unrealized appreciation of $174,792 and aggregate gross unrealized depreciation of $547,960.

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

Gator Focus Fund

 

 

 

1. SECURITY TRANSACTIONS

 

 

At December 31, 2015, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $2,394,517 amounted to $373,168 which consisted of aggregate gross unrealized appreciation of $174,792 and aggregate gross unrealized depreciation of $547,960.

 

 


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, 2015:


Valuation Inputs of Assets

 


Level 1


Level 2


Level 3


Total

Common Stock

 

$1,948,069

              $0

              $0

$1,948,069

Real Estate Investment Trusts

 

$58,989

              $0

              $0

$58,989

Cash Equivalents

 

$14,291

              $0

              $0

$14,291

Total

 

$2,021,349

       $0

       $0

$2,021,349


 

 

 

Gator Opportunities Fund

 

 

 

 

Schedule of Investments

 

 

 

 

December 31, 2015 (Unaudited)

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

 

 

 

COMMON STOCKS - 86.40%

 

 

 

 

 

 

 

Cable & Other Pay Television Services - 2.31%

 

 

600

 

Liberty Lilac Group *

$           25,800

 

 

 

 

 

 

Deep Sea Foreign Transportation of Freight - 2.39%

 

 

2,700

 

TeeKay Corp.

             26,649

 

 

 

 

 

 

Hotels & Motels - 2.58%

 

 

1,800

 

Penn National Gaming, Inc. *

             28,836

 

 

 

 

 

 

Household Audio & Video Equipment - 3.22%

 

 

700

 

Universal Electronics, Inc. *

             35,945

 

 

 

 

 

 

Investment Advice - 10.58%

 

 

6,500

 

Fortress Investment Group, LLC Class-A

             33,085

 

1,900

 

Janus Capital Group, Inc.

             26,771

 

1,500

 

Om Asset Management, Plc.

             22,995

 

300

 

Virtus Investment Partners

             35,238

 

 

 

 

           118,089

 

Life Insurance - 2.54%

 

 

600

 

Primerica, Inc.

             28,338

 

 

 

 

 

 

Media - 4.53%

 

 

 

 

900

 

Liberty Media Corp. Class-A *

             35,325

 

400

 

Liberty Media Corp. Class-C *

             15,232

 

 

 

 

             50,557

 

Natural Gas Transmission - 1.99%

 

 

1,470

 

Enlink Midstream, LLC

             22,182

 

 

 

 

 

 

Operative Builders - 2.46%

 

 

725

 

CalAtlantic Group, Inc.

             27,492

 

 

 

 

 

 

Orthopedic, Prosthetic & Surgical Appliances & Supplies - 3.31%

 

 

490

 

Steris Corp.

             36,917

 

 

 

 

 

 

Pharmaceuticals - 4.02%

 

 

290

 

Taro Pharmaceutical Industries, Ltd. *

             44,820

 

 

 

 

 

 

Professional Services - 3.99%

 

 

400

 

Equifax, Inc.

             44,548

 

 

 

 

 

 

Real Estate Agents & Managers - 3.01%

 

 

900

 

Re/Max Holdings, Inc.

             33,570

 

 

 

 

 

 

Retail-Eating Places - 4.80%

 

 

615

 

Bob Evans Farms, Inc.

             23,893

 

350

 

DineEquity, Inc.

             29,635

 

 

 

 

             53,528

 

Savings Institution, Federally Chartered - 2.67%

 

 

1,900

 

BBX Capital Corp. *

             29,735

 

 

 

 

 

 

Search, Detection, Navigation, Guidance, Aeronautical Systems - 1.26%

 

 

500

 

Flir Systems, Inc.

             14,035

 

 

 

 

 

 

Security Brokers, Dealers & Flotation Companies - 5.57%

 

 

540

 

Oppenheimer Holdings, Class-A

               9,385

 

435

 

Raymond James Financial, Inc.

             25,217

 

650

 

Stifel Financial Corp. *

             27,534

 

 

 

 

             62,136

 

Security & Commodity Brokers, Dealers, Exchanges & Services - 3.13%

 

 

600

 

Nasdaq OMX Group, Inc.

             34,902

 

 

 

 

 

 

Semiconductors & Related Devices - 1.88%

 

 

700

 

Tessera Technologies, Inc.

             21,007

 

 

 

 

 

 

Services-Auto Rental Devices - 2.97%

 

 

85

 

AMERCO

             33,107

 

 

 

 

 

 

Services-Business Services - 1.96%

 

 

200

 

Stamps.com, Inc. *

             21,922

 

 

 

 

 

 

Services-Computer Programming, Data Processing, Etc. - 4.52%

 

 

1,000

 

Interxion Holding NV (Netherlands) *

             30,150

 

4,000

 

Zix Corp. *

             20,320

 

 

 

 

             50,470

 

Services-Prepackaged Software - 5.79%

 

 

1,100

 

Bottomline Technologies, Inc. *

             32,703

 

700

 

Synopsys, Inc. *

             31,927

 

 

 

 

             64,630

 

Surety Insurance - 2.68%

 

 

2,121

 

Ambac Fiancial Group, Inc. *

             29,885

 

 

 

 

 

 

Wholesale-Electrical Apparatus & Equipment, Wiring Supplies - 2.23%

 

 

3,100

 

Signature Group Holdings, Inc. *

             24,893

 

 

 

 

 

 

TOTAL COMMON STOCKS (Cost $917,256) - 86.40%

$        963,993

 

 

 

 

 

EXCHANGE TRADED FUNDS - 4.54%

 

 

450

 

iShares Russell 2000 ETF

             50,679

 

 

 

 

 

 

TOTAL EXCHANGE TRADED FUNDS (Cost $50,250) - 4.54%

$           50,679

 

 

 

 

 

SHORT TERM INVESTMENTS - 8.77%

 

 

97,829

 

Fidelity Institutional Money Market Portfolio 0.29% ** (Cost $97,829)

97,829

 

 

 

 

 

TOTAL INVESTMENTS (Cost $1,065,335) *** - 99.71%

$     1,112,501

 

 

 

 

 

OTHER ASSETS LESS LIABILITIES - 0.29%

               3,199

 

 

 

 

 

NET ASSETS - 100.00%

$     1,115,700

 

 

 

 

 

 

* Non-income producing securities during the period.

 

 

** Variable rate security; the rate shown represents the rate as of December 31, 2015

 

 

*** At December 31, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $1,065,335 amounted to $47,166 which consisted of aggregate gross unrealized appreciation of $95,094 and aggregate gross unrealized depreciation of $47,928.

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

Gator Opportunities Fund

 

1. SECURITY TRANSACTIONS

 

 

At December 31, 2015, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $1,065,335 amounted to $47,166 which consisted of aggregate gross unrealized appreciation of $95,094 and aggregate gross unrealized depreciation of $47928.

 

 

 

 

 


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

 

$963,993

              $0

              $0

$963,993

Exchange Traded Funds

 

$50,679

              $0

              $0

$50,679

Cash Equivalents

 

$97,829

              $0

              $0

$97,829

Total

 

$1,112,501

       $0

       $0

$1,112,501




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: February 29, 2016


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: February 29, 2016