N-Q 1 gatornq201702.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


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, 2016


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, 2016 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Value

 

 

 

 

 

 

 

 

 

COMMON STOCKS - 92.56%

 

 

 

 

 

 

 

 

 

 

 

Cable & Other Pay Television Services - 1.78%

 

 

 

 

2,150

 

Liberty Lilac Group A *

              47,214

 

 

 

 

 

 

 

 

 

 

Commercial Banks, Nec - 3.01%

 

 

 

 

4,200

 

Ally Financial

              79,884

 

 

 

 

 

 

 

 

 

 

Consumer Finance- 2.75%

 

 

 

 

3,299

 

OneMain Holdings, Inc. *

              73,040

 

 

 

 

 

 

 

 

 

 

Hospital & Medical Service Plans - 3.61%

 

 

 

 

700

 

WellCare Health Plans, Inc. *

              95,956

 

 

 

 

 

 

 

 

 

 

Household and Personal Products - 3.21%

 

 

 

 

1,500

 

Prestige Brands Holdings, Inc. *

              78,150

 

 

 

386

 

Coty Inc.

                7,068

 

 

 

 

 

 

              85,218

 

 

 

 

 

 

 

 

 

 

Industrial Conglomerates - 2.43%

 

 

 

 

10,600

 

Signature Group Holdings, Inc. *

              64,660

 

 

 

 

 

 

 

 

 

 

Investment Advice - 10.71%

 

 

 

 

5,200

 

Janus Capital Group, Inc.

              69,004

 

 

 

9,300

 

OM Asset Management, Plc.

            134,850

 

 

 

5,300

 

The Carlyle Group

              80,825

 

 

 

 

 

 

            284,679

 

 

 

Insurance - 9.41%

 

 

 

 

 

 

6,500

 

Ambac Financial Group, Inc. *

            146,250

 

 

 

1,500

 

Primerica, Inc.

            103,725

 

 

 

 

 

 

            249,975

 

 

 

Life Insurance - 4.80%

 

 

 

 

3,250

 

Voya Financial, Inc.

            127,465

 

 

 

 

 

 

 

 

 

 

Metals & Mining - 2.99%

 

 

 

 

7,000

 

Suncoke Energy, Inc. *

              79,380

 

 

 

 

 

 

 

 

 

 

Natural Gas Transmission & Distribution - 8.48%

 

 

 

 

6,400

 

EnLink Midstream, LLC

            121,920

 

 

 

1,800

 

ONEOK, Inc.

            103,338

 

 

 

 

 

 

            225,258

 

 

 

 

 

 

 

 

 

 

Oil & Gas Field Services, Nec - 3.99%

 

 

 

 

2,542

 

Semgroup Corp Class A

            106,129

 

 

 

 

 

 

 

 

 

 

Oil, Gas & Consumable Fuels - 1.96%

 

 

 

 

6,500

 

TeeKay Corp.

              52,195

 

 

 

 

 

 

 

 

 

 

Operative Builders - 2.75%

 

 

 

 

2,150

 

CalAtlantic Group, Inc.

              73,122

 

 

 

 

 

 

 

 

 

 

Real Estate Management and Development - 15.17%

 

 

 

 

7,350

 

La Quinta Holdings *

            104,444

 

 

 

1,800

 

Re/Max

            100,800

 

 

 

5,400

 

Penn National Gaming *

              74,466

 

 

 

25,308

 

BFC Financial

            123,503

 

 

 

 

 

 

            403,213

 

 

 

 

 

 

 

 

 

 

Retail-Eating Places - 7.04%

 

 

 

 

1,600

 

Bob Evans Farms, Inc.

              85,136

 

 

 

1,325

 

DineEquity, Inc.

            102,025

 

 

 

 

 

 

            187,161

 

 

 

Retail-Radio, TV & Consumer Electronic Stores - 1.00%

 

 

 

 

18,500

 

HHGregg, Inc. *

              26,455

 

 

 

 

 

 

 

 

 

 

Security Brokers, Dealers & Flotation Companies - 1.68%

 

 

 

 

2,400

 

Oppenheimer Holdings, Inc. Class-A

              44,640

 

 

 

 

 

 

 

 

 

 

Services-Consumer Credit Reporting, Collection Agencies - 3.03%

 

 

 

 

2,600

 

TransUnion *

              80,418

 

 

 

 

 

 

 

 

 

 

Title Insurance - 2.78%

 

 

 

 

5,400

 

FNFV Group *

              73,980

 

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS (Cost $2,362,257) - 92.56%

$       2,460,040

 

 

 

 

 

 

 

 

 

REAL ESTATE INVESTMENT TRUSTS - 6.18%

 

 

 

 

4,000

 

Colony Financial, Inc.

              81,000

 

 

 

8,000

 

Washington Prime Group, Inc.

              83,280

 

 

 

 

 

 

            164,280

 

 

 

 

 

 

 

 

 

 

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $142,699) - 6.18%

$          164,280

 

 

 

 

 

 

 

 

 

SHORT TERM INVESTMENTS - 0.64%

 

 

 

 

17,021

 

Fidelity Institutional Money Market Portfolio 0.43% ** (Cost $17,021)

17,021

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS (Cost $2,521,977) *** - 99.38%

$       2,641,341

 

 

 

 

 

 

 

 

 

OTHER ASSETS LESS LIABILITIES - 0.62%

             16,459

 

 

 

 

 

 

 

 

 

NET ASSETS - 100.00%

$       2,657,800

 

 

 

 

 

 

 

 

 

 

* Non-income producing securities during the period.

 

 

 

 

** Variable rate security; the rate shown represents the rate as of December 31, 2016

 

 

 

 

*** At December 31, 2016, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $2,521,977 amounted to $119,364 which consisted of aggregate gross unrealized appreciation of $530,606 and aggregate gross unrealized depreciation of $411,242.

 

 

 

 

 

 

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

 

Gator Focus Fund

 

 

 

 

 

1. SECURITY TRANSACTIONS

 

 

 

 

At December 31, 2016, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $2,521,977 amounted to $119,364 which consisted of aggregate gross unrealized appreciation of $530,606 and aggregate gross unrealized depreciation of $411,242.

 

 

 

 

 

 

 

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, 2016:

 

 

 

 

 

 

 

 

Valuation Inputs of Assets

 

Level 1

Level 2

Level 3

Total

 

Common Stock

 

$2,460,040

              $0

              $0

$2,460,040

 

Real Estate Investment Trusts

 

$164,280

              $0

              $0

$164,280

 

Cash Equivalents

 

$17,021

              $0

              $0

$17,021

 

Total

 

$2,641,341

       $0

       $0

$2,641,341






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 (Principal Executive Officer)


Date: February 17, 2017


By /s/ Erik Anderson

Erik Anderson

Principal Financial Officer


Date: February 17, 2017



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 (Principal Executive Officer)


Date: February 17, 2017


By /s/ Erik Anderson

Erik Anderson

Principal Financial Officer


Date: February 17, 2017