0001398344-13-001985.txt : 20130419 0001398344-13-001985.hdr.sgml : 20130419 20130419105452 ACCESSION NUMBER: 0001398344-13-001985 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130419 DATE AS OF CHANGE: 20130419 EFFECTIVENESS DATE: 20130419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Endurance Series Trust CENTRAL INDEX KEY: 0001567138 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-186059 FILM NUMBER: 13770714 BUSINESS ADDRESS: STREET 1: 100 SOUTH ASHLEY DRIVE STREET 2: SUITE 855 CITY: TAMPA STATE: FL ZIP: 33602 BUSINESS PHONE: 813-282-7870 MAIL ADDRESS: STREET 1: 100 SOUTH ASHLEY DRIVE STREET 2: SUITE 855 CITY: TAMPA STATE: FL ZIP: 33602 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Endurance Series Trust CENTRAL INDEX KEY: 0001567138 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22794 FILM NUMBER: 13770715 BUSINESS ADDRESS: STREET 1: 100 SOUTH ASHLEY DRIVE STREET 2: SUITE 855 CITY: TAMPA STATE: FL ZIP: 33602 BUSINESS PHONE: 813-282-7870 MAIL ADDRESS: STREET 1: 100 SOUTH ASHLEY DRIVE STREET 2: SUITE 855 CITY: TAMPA STATE: FL ZIP: 33602 0001567138 S000040310 Gator Focus Fund C000125209 Institutional Shares GFFIX C000125210 Investor Shares GFFAX 485BPOS 1 fp0006996_485bpos-xbrl.htm fp0006996_485bpos-xbrl.htm
 
As filed with the Securities and Exchange Commission on April 19, 2013
1933 Act Registration Number – 333-186059
1940 Act Registration Number – 811-22794

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/
Pre-Effective Amendment No. ___
Post-Effective Amendment No. 1
and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/
Amendment No. 2

Endurance Series Trust
(Exact Name of Registrant as Specified in Charter)

100 South Ashley Drive, Suite 895
Tampa, Florida 33602
(Address of Principal Office)

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

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
 
It is proposed that this filing will become effective (check appropriate box):
 
[X]
immediately upon filing pursuant to paragraph (b) of Rule 485
[  ]
on _______________ pursuant to paragraph (b) of Rule 485
[  ]
60 days after filing pursuant to paragraph (a)(1) of Rule 485
[  ]
on _______________ pursuant to paragraph (a)(1) of Rule 485
[  ]
75 days after filing pursuant to paragraph (a)(2) of Rule 485
[  ]
on _______________ pursuant to paragraph (a)(2) of Rule 485
 
 
 

 
 
EXPLANATORY NOTE

This Post-Effective Amendment No. 1 to the Trust's Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Pre-Effective Amendment No. 1 filed April 1, 2013 and incorporates Parts A, B and C from said amendment.
 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (“Securities Act”), and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 1 to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in Tampa, Florida on this the 19th day of April, 2013.

 
Endurance Series Trust
     
 
By:
/s/ Andres Sandate
   
Andres Sandate, President, Secretary, and Treasurer

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following person in the capacities and on the date indicated.
 
*
   
Rhett E. Ingerick, Trustee
 
Date
       
*
   
Bevin E. Newton, Trustee
 
Date
       
*
   
Brad W. Olecki, Trustee
 
Date
       
*
   
Michael Parks, Trustee
 
Date
       
*
 
April 19, 2013
Derek Pilecki, Trustee and Chairman
 
Date
       
/s/ Andres Sandate
 
April 19, 2013
Andres Sandate, President, Secretary, and Treasurer
 
Date
       
       
*By
/s/ Andres Sandate
 
April 19, 2013
 
Andres Sandate, President, Secretary, and Treasurer
 
Date
 
Attorney-in-Fact
   
 
 
 

 
 
EXHIBIT INDEX

Exhibit No.
Exhibit
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CALC
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase
EX-101.INS 2 endurancest-20130401.xml XBRL INSTANCE DOCUMENT 0001567138 2013-04-01 2013-04-01 0001567138 endurancest:S000040310Member 2013-04-01 2013-04-01 0001567138 endurancest:S000040310Member endurancest:C000125209Member 2013-04-01 2013-04-01 0001567138 endurancest:S000040310Member endurancest:C000125210Member 2013-04-01 2013-04-01 iso4217:USD pure shares iso4217:USD shares 0001567138 Endurance Series Trust 485BPOS false <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><B>SUMMARY</B></u></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Investment Objective</b>. The investment objective of the Gator Focus Fund (&ldquo;Fund&rdquo;) is to seek long-term capital appreciation.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Fees and Expenses of the Fund</b>. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b>. <i><b>(Fees paid directly from </b><b>your investment)</b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b>. <i><b>(Expenses that you pay each year as a % of the value of your investment)</b></i></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact endurancest_S000040310Member ~ </div> 0 -0.01 0 -0.01 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact endurancest_S000040310Member ~ </div> 0.01 0 0.011 0.0001 0.0211 -0.0061 0.015 0.01 0.0025 0.011 0.0001 0.0236 -0.0061 0.0175 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Expense Example</b>. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This expense example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The expense example also assumes that your investment has a 5% return each year and the Fund&rsquo;s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until July 31, 2014. Although your actual costs may be higher or lower, based on the assumptions your cost would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact endurancest_S000040310Member ~ </div> 154 620 180 701 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover</b>. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Investment Strategies of the Fund</b>. The Fund pursues its investment objective by investing primarily in equity securities of small-capitalization (&ldquo;small-cap&rdquo;) companies. The Fund considers a small-cap company to be one that has market capitalization of less than $3 billion. Under normal market conditions, the Fund will invest at least 65% of its total assets in equity securities of small-cap companies. The Fund also may invest in equity securities of mid-capitalization (&ldquo;mid-cap&rdquo;) companies. The Fund considers a mid-cap company to be one that has market capitalization of between $3 billion and $10 billion.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s equity investments will be primarily in common stock; however, the Fund may also make other equity investments, such as purchases of preferred stock and securities convertible into common stock.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">In selecting investments for the Fund, the Adviser primarily uses a value-focused investment philosophy derived from the Adviser&rsquo;s view that the price of a company&rsquo;s common stock represents, over time, the value of the company&rsquo;s underlying business (often referred to as a company&rsquo;s &ldquo;intrinsic value&rdquo;). The Adviser seeks to purchase securities of companies with high-quality underlying businesses with attributes including, but not limited to, one or more of the following factors:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; strong competitive positioning within its industry or market;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; business models with demonstrated or potentially high margins;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; financial history or projections showing potential high returns on equity;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; strong balance sheets; and</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; management with a history of or prospects for successful running of the business.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Using the foregoing and other factors, the Adviser seeks to determine companies&rsquo; intrinsic values, and then purchases securities that the Adviser believes are trading at a discount to that intrinsic value. The Adviser generally seeks to sell securities when the price of the securities significantly exceeds the Adviser&rsquo;s calculation of intrinsic value of the underlying business. The Adviser may also sell securities when a company&rsquo;s business story or fundamentals have materially changed, or the Adviser believes a more attractive investment alternative is available.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Non-Diversified Fund</b>. The Fund is a &ldquo;non-diversified&rdquo; investment company. Many mutual funds elect to be &ldquo;diversified&rdquo; funds that, as to 75% of their assets, cannot invest more than 5% of their assets in any one security at any given time. A non-diversified fund is not subject to this limitation, and so it may hold a relatively small number of securities in its portfolio.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Risks of Investing in the Fund</b>. An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal invested. There can be no assurance that the Fund will be successful in meeting its investment objective. You may lose money by investing in the Fund.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The following is a summary description of certain risks of investing in the Fund.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Portfolio Management Risk</b>. The strategies used and securities selected by the Fund&rsquo;s Adviser may fail to produce the intended result and the Fund may not achieve its objective. The securities selected for the Fund may not perform as well as other securities that were consistent with the Fund&rsquo;s investment strategy, but were not selected for the Fund. As a result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a rising market.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Market Risk</b>. Securities markets are volatile and prices of all securities may decline when markets decline generally. Accordingly, the price of and the income generated by the Fund&rsquo;s securities may decline in response to, among other things, adverse changes in investor sentiment, general economic and market conditions, regional or global instability, interest rate fluctuations or other factors that may cause the securities markets to decline generally.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Sector and Regulatory Risk</b>. While the Fund does not concentrate in any industry or group of industries, the Fund may make significant investments in one or more industry sectors, subjecting it to risks greater than risks applicable to the market generally. Weaknesses or declines in the prospects for any industry sectors in which the Fund has significant investments may adversely affect the prices of these securities, thereby adversely affecting the net asset value of the Fund. In addition, to the extent the Fund has significant holdings in a particular regulated industry, regulatory changes affecting that industry may have an adverse impact on the prices of securities of companies in that industry, thereby adversely affecting the net asset value of the Fund.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Company Risk</b>. Equity securities can fluctuate in price based upon many different factors, including among others, changes in the company&rsquo;s financial condition or prospects, or changes in market or economic conditions affecting a company&rsquo;s industry generally. Equity security prices also fluctuate based on investors&rsquo; perceptions of a security&rsquo;s value, regardless of the accuracy of those perceptions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Small and Mid-Cap Securities Risk</b>. Investing in the securities of small and mid-cap companies generally involves greater risk than investing in larger, more established companies. This greater risk is, in part, attributable to the fact that small and mid-cap companies may have limited product lines, operating history, markets or financial resources and their securities may therefore be more volatile than securities of larger, more established companies or market averages in general. In addition, the market for small and mid-cap securities may be more limited than the market for larger companies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Risks related to Other Equity Securities</b>. In addition to common stocks, the equity securities in the Fund&rsquo;s portfolio may include preferred stock and convertible securities. Like common stocks, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes. Also, regardless of any one company&rsquo;s particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund. Convertible securities entitle the holder to receive interest payments or a dividend preference until the security matures, is redeemed, or the conversion feature is exercised. As a result of the conversion feature, the interest rate or dividend preference is generally less than if the securities were non-convertible.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>Management Style Risk</b>. The performance of the Fund will decline and may be worse than the performance of equity funds that focus on other types of equities or have a broader investment style when the Adviser&rsquo;s management style (generally, value-oriented small-cap equity) is out-of-favor in the market. Since different types of equity securities (<i>e.g.</i>, large-cap, mid-cap, small-cap) tend to shift into and out of favor with investors depending on market and economic conditions, the performance of the Fund may also be worse than the performance of equity funds that focus on other types of equities or have a broader investment style when the Adviser&rsquo;s management style is out-of-favor.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>&bull;</b> <b>Non-Diversified Fund Risk</b>. In general, a non-diversified mutual fund may invest a greater percentage of its assets in a particular issue and may own fewer securities than diversified mutual funds. Accordingly, a non-diversified mutual fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>New Portfolio Manager Risk</b>. Although the Adviser&rsquo;s portfolio manager, Derek Pilecki, has managed private investment vehicles for the Adviser in the past, he does not have previous experience managing a mutual fund, which may limit the Adviser&rsquo;s effectiveness.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <b>New Fund Risk</b>. The Fund was formed in 2013, and the Adviser has not previously managed an investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Performance</b>. Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus and will show changes in the Fund&rsquo;s performance from year to year and how the Fund&rsquo;s average annual returns compare with those of a broad measure of market performance. Past performance is not necessarily an indication of how the Fund will perform in the future. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by calling 855-270-2678.</p> GFFIX GFFAX Because the Fund is new, &ldquo;Other Expenses&rdquo; and &ldquo;Acquired Fund Fees and Expenses&rdquo; are based on estimated amounts for the current fiscal year. Because the Fund is new, &ldquo;Other Expenses&rdquo; and &ldquo;Acquired Fund Fees and Expenses&rdquo; are based on estimated amounts for the current fiscal year. 2014-07-31 You may lose money by investing in the Fund. Non-Diversified Fund Risk. In general, a non-diversified mutual fund may invest a greater percentage of its assets in a particular issue and may own fewer securities than diversified mutual funds. Accordingly, a non-diversified mutual fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions. Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. 855-270-2678 Past performance is not necessarily an indication of how the Fund will perform in the future. 2013-04-01 2013-04-01 2013-04-08 2013-04-01 Because the Fund is new, "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. The Fund's investment adviser, Gator Capital Management, LLC (the "Adviser"), has entered into a contractual agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits "Total Annual Fund Operating Expenses" (exclusive of interest, taxes, brokerage fees and commissions, extraordinary expenses, payments, if any, under a Rule 12b-1 Plan, and Acquired Fund Fees and Expenses) to not more than 1.49%. Any waiver or reduction of fees or expenses by the Adviser under this agreement is subject to repayment by the Fund within the three fiscal years following the year in which such waiver or reduction occurred, if the Fund is able to make the payment without exceeding the 1.49% expense limitation. The contractual agreement cannot be terminated prior to July 31, 2014 without the Trust's Board of Trustees' approval. 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C000125209Member Institutional Shares C000125210Member Investor Shares Risk/Return: Risk/Return Investment objective: Investment objective Secondary objectives Fees and expenses of the fund: Fees and expenses of the fund, narrative Shareholder fees, caption Shareholder fees, table Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum Cumulative Sales Charge / Other Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) Maximum deferred sales charge (load) (as a percentage of the offering price) Maximum deferred sales charge (as a percentage of the amount redeemed) Maximum sales charge (load) imposed on reinvested dividends Redemption Fee (as a percentage of amount redeemed (sold) within sixty (60) days of the initial purchase of shares in the Fund) Redemption Fee (as a percentage of amount redeemed (sold) within sixty (60) days of the initial purchase of shares in the Fund) Redemption Fee (as a percentage of amount 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to Date Return Highest Quarterly Return, Label Highest Quarterly Return Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return Date Lowest Quarterly Return Performance Table: Performance Table Narrative Average Annual Return Caption Performance Table 1 Year 5 Years 10 Years Since Inception Inception Date Before taxes - Return After Taxes on Distributions - Return After Taxes on Distributions and Sale of Fund Shares Market Index Performance Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period Performance Table Footnotes Performance Table Closing Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred One Class of After-Tax Shown Performance Table Explains why after Tax Higher Money Market, Seven Day Yield Caption Money Market, Seven Day 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Gator Focus Fund

SUMMARY

Investment Objective. The investment objective of the Gator Focus Fund (“Fund”) is to seek long-term capital appreciation.

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees. (Fees paid directly from your investment)

Shareholder Fees Gator Focus Fund
Institutional Shares
Investor Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none
Redemption Fee (as a percentage of amount redeemed (sold) within sixty (60) days of the initial purchase of shares in the Fund) 1.00% 1.00%

Annual Fund Operating Expenses. (Expenses that you pay each year as a % of the value of your investment)

Annual Fund Operating Expenses Gator Focus Fund
Institutional Shares
Investor Shares
Management Fees 1.00% 1.00%
Distribution and Service (12b-1) Fees none 0.25%
Other Expenses 1.10% 1.10%
Acquired Fund Fees and Expenses [1] 0.01% 0.01%
Total Annual Fund Operating Expenses [1] 2.11% 2.36%
Fee Waiver and/or Expense Reimbursement [2] (0.61%) (0.61%)
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement [1][2] 1.50% 1.75%
[1] Because the Fund is new, "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
[2] The Fund's investment adviser, Gator Capital Management, LLC (the "Adviser"), has entered into a contractual agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits "Total Annual Fund Operating Expenses" (exclusive of interest, taxes, brokerage fees and commissions, extraordinary expenses, payments, if any, under a Rule 12b-1 Plan, and Acquired Fund Fees and Expenses) to not more than 1.49%. Any waiver or reduction of fees or expenses by the Adviser under this agreement is subject to repayment by the Fund within the three fiscal years following the year in which such waiver or reduction occurred, if the Fund is able to make the payment without exceeding the 1.49% expense limitation. The contractual agreement cannot be terminated prior to July 31, 2014 without the Trust's Board of Trustees' approval.

Expense Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This expense example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The expense example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until July 31, 2014. Although your actual costs may be higher or lower, based on the assumptions your cost would be:

Expense Example Gator Focus Fund (USD $)
1 Year
3 Years
Institutional Shares
154 620
Investor Shares
180 701

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

Principal Investment Strategies of the Fund. The Fund pursues its investment objective by investing primarily in equity securities of small-capitalization (“small-cap”) companies. The Fund considers a small-cap company to be one that has market capitalization of less than $3 billion. Under normal market conditions, the Fund will invest at least 65% of its total assets in equity securities of small-cap companies. The Fund also may invest in equity securities of mid-capitalization (“mid-cap”) companies. The Fund considers a mid-cap company to be one that has market capitalization of between $3 billion and $10 billion.

 

The Fund’s equity investments will be primarily in common stock; however, the Fund may also make other equity investments, such as purchases of preferred stock and securities convertible into common stock.

 

In selecting investments for the Fund, the Adviser primarily uses a value-focused investment philosophy derived from the Adviser’s view that the price of a company’s common stock represents, over time, the value of the company’s underlying business (often referred to as a company’s “intrinsic value”). The Adviser seeks to purchase securities of companies with high-quality underlying businesses with attributes including, but not limited to, one or more of the following factors:

 

• strong competitive positioning within its industry or market;

 

• business models with demonstrated or potentially high margins;

 

• financial history or projections showing potential high returns on equity;

 

• strong balance sheets; and

 

• management with a history of or prospects for successful running of the business.

 

Using the foregoing and other factors, the Adviser seeks to determine companies’ intrinsic values, and then purchases securities that the Adviser believes are trading at a discount to that intrinsic value. The Adviser generally seeks to sell securities when the price of the securities significantly exceeds the Adviser’s calculation of intrinsic value of the underlying business. The Adviser may also sell securities when a company’s business story or fundamentals have materially changed, or the Adviser believes a more attractive investment alternative is available.

 

Non-Diversified Fund. The Fund is a “non-diversified” investment company. Many mutual funds elect to be “diversified” funds that, as to 75% of their assets, cannot invest more than 5% of their assets in any one security at any given time. A non-diversified fund is not subject to this limitation, and so it may hold a relatively small number of securities in its portfolio.

Principal Risks of Investing in the Fund. An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal invested. There can be no assurance that the Fund will be successful in meeting its investment objective. You may lose money by investing in the Fund.

 

The following is a summary description of certain risks of investing in the Fund.

 

Portfolio Management Risk. The strategies used and securities selected by the Fund’s Adviser may fail to produce the intended result and the Fund may not achieve its objective. The securities selected for the Fund may not perform as well as other securities that were consistent with the Fund’s investment strategy, but were not selected for the Fund. As a result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a rising market.

 

Market Risk. Securities markets are volatile and prices of all securities may decline when markets decline generally. Accordingly, the price of and the income generated by the Fund’s securities may decline in response to, among other things, adverse changes in investor sentiment, general economic and market conditions, regional or global instability, interest rate fluctuations or other factors that may cause the securities markets to decline generally.

 

Sector and Regulatory Risk. While the Fund does not concentrate in any industry or group of industries, the Fund may make significant investments in one or more industry sectors, subjecting it to risks greater than risks applicable to the market generally. Weaknesses or declines in the prospects for any industry sectors in which the Fund has significant investments may adversely affect the prices of these securities, thereby adversely affecting the net asset value of the Fund. In addition, to the extent the Fund has significant holdings in a particular regulated industry, regulatory changes affecting that industry may have an adverse impact on the prices of securities of companies in that industry, thereby adversely affecting the net asset value of the Fund.

 

Company Risk. Equity securities can fluctuate in price based upon many different factors, including among others, changes in the company’s financial condition or prospects, or changes in market or economic conditions affecting a company’s industry generally. Equity security prices also fluctuate based on investors’ perceptions of a security’s value, regardless of the accuracy of those perceptions.

 

Small and Mid-Cap Securities Risk. Investing in the securities of small and mid-cap companies generally involves greater risk than investing in larger, more established companies. This greater risk is, in part, attributable to the fact that small and mid-cap companies may have limited product lines, operating history, markets or financial resources and their securities may therefore be more volatile than securities of larger, more established companies or market averages in general. In addition, the market for small and mid-cap securities may be more limited than the market for larger companies.

 

Risks related to Other Equity Securities. In addition to common stocks, the equity securities in the Fund’s portfolio may include preferred stock and convertible securities. Like common stocks, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes. Also, regardless of any one company’s particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund. Convertible securities entitle the holder to receive interest payments or a dividend preference until the security matures, is redeemed, or the conversion feature is exercised. As a result of the conversion feature, the interest rate or dividend preference is generally less than if the securities were non-convertible.

 

Management Style Risk. The performance of the Fund will decline and may be worse than the performance of equity funds that focus on other types of equities or have a broader investment style when the Adviser’s management style (generally, value-oriented small-cap equity) is out-of-favor in the market. Since different types of equity securities (e.g., large-cap, mid-cap, small-cap) tend to shift into and out of favor with investors depending on market and economic conditions, the performance of the Fund may also be worse than the performance of equity funds that focus on other types of equities or have a broader investment style when the Adviser’s management style is out-of-favor.

 

Non-Diversified Fund Risk. In general, a non-diversified mutual fund may invest a greater percentage of its assets in a particular issue and may own fewer securities than diversified mutual funds. Accordingly, a non-diversified mutual fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.

 

New Portfolio Manager Risk. Although the Adviser’s portfolio manager, Derek Pilecki, has managed private investment vehicles for the Adviser in the past, he does not have previous experience managing a mutual fund, which may limit the Adviser’s effectiveness.

 

New Fund Risk. The Fund was formed in 2013, and the Adviser has not previously managed an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.

Performance. Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus and will show changes in the Fund’s performance from year to year and how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance is not necessarily an indication of how the Fund will perform in the future. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by calling 855-270-2678.

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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Period End Date dei_DocumentPeriodEndDate Apr. 01, 2013
Registrant Name dei_EntityRegistrantName Endurance Series Trust
CIK dei_EntityCentralIndexKey 0001567138
Amendment dei_AmendmentFlag false
Creation Date dei_DocumentCreationDate Apr. 01, 2013
Effective Date dei_DocumentEffectiveDate Apr. 08, 2013
Prospectus Date rr_ProspectusDate Apr. 01, 2013
Gator Focus Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

SUMMARY

Investment objective rr_ObjectivePrimaryTextBlock

Investment Objective. The investment objective of the Gator Focus Fund (“Fund”) is to seek long-term capital appreciation.

Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees. (Fees paid directly from your investment)

Annual fund operating expenses, heading rr_OperatingExpensesCaption

Annual Fund Operating Expenses. (Expenses that you pay each year as a % of the value of your investment)

Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-07-31
Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

Other Expenses, New Fund, Based on Estimates rr_OtherExpensesNewFundBasedOnEstimates Because the Fund is new, “Other Expenses” and “Acquired Fund Fees and Expenses” are based on estimated amounts for the current fiscal year.
Acquired Fund Fees and Expenses, Based on Estimates rr_AcquiredFundFeesAndExpensesBasedOnEstimates Because the Fund is new, “Other Expenses” and “Acquired Fund Fees and Expenses” are based on estimated amounts for the current fiscal year.
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

Expense Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This expense example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The expense example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same, and the contractual agreement to limit expenses remains in effect only until July 31, 2014. Although your actual costs may be higher or lower, based on the assumptions your cost would be:

Strategy, Narrative rr_StrategyNarrativeTextBlock

Principal Investment Strategies of the Fund. The Fund pursues its investment objective by investing primarily in equity securities of small-capitalization (“small-cap”) companies. The Fund considers a small-cap company to be one that has market capitalization of less than $3 billion. Under normal market conditions, the Fund will invest at least 65% of its total assets in equity securities of small-cap companies. The Fund also may invest in equity securities of mid-capitalization (“mid-cap”) companies. The Fund considers a mid-cap company to be one that has market capitalization of between $3 billion and $10 billion.

 

The Fund’s equity investments will be primarily in common stock; however, the Fund may also make other equity investments, such as purchases of preferred stock and securities convertible into common stock.

 

In selecting investments for the Fund, the Adviser primarily uses a value-focused investment philosophy derived from the Adviser’s view that the price of a company’s common stock represents, over time, the value of the company’s underlying business (often referred to as a company’s “intrinsic value”). The Adviser seeks to purchase securities of companies with high-quality underlying businesses with attributes including, but not limited to, one or more of the following factors:

 

• strong competitive positioning within its industry or market;

 

• business models with demonstrated or potentially high margins;

 

• financial history or projections showing potential high returns on equity;

 

• strong balance sheets; and

 

• management with a history of or prospects for successful running of the business.

 

Using the foregoing and other factors, the Adviser seeks to determine companies’ intrinsic values, and then purchases securities that the Adviser believes are trading at a discount to that intrinsic value. The Adviser generally seeks to sell securities when the price of the securities significantly exceeds the Adviser’s calculation of intrinsic value of the underlying business. The Adviser may also sell securities when a company’s business story or fundamentals have materially changed, or the Adviser believes a more attractive investment alternative is available.

 

Non-Diversified Fund. The Fund is a “non-diversified” investment company. Many mutual funds elect to be “diversified” funds that, as to 75% of their assets, cannot invest more than 5% of their assets in any one security at any given time. A non-diversified fund is not subject to this limitation, and so it may hold a relatively small number of securities in its portfolio.

Risk, Narrative rr_RiskNarrativeTextBlock

Principal Risks of Investing in the Fund. An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal invested. There can be no assurance that the Fund will be successful in meeting its investment objective. You may lose money by investing in the Fund.

 

The following is a summary description of certain risks of investing in the Fund.

 

Portfolio Management Risk. The strategies used and securities selected by the Fund’s Adviser may fail to produce the intended result and the Fund may not achieve its objective. The securities selected for the Fund may not perform as well as other securities that were consistent with the Fund’s investment strategy, but were not selected for the Fund. As a result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a rising market.

 

Market Risk. Securities markets are volatile and prices of all securities may decline when markets decline generally. Accordingly, the price of and the income generated by the Fund’s securities may decline in response to, among other things, adverse changes in investor sentiment, general economic and market conditions, regional or global instability, interest rate fluctuations or other factors that may cause the securities markets to decline generally.

 

Sector and Regulatory Risk. While the Fund does not concentrate in any industry or group of industries, the Fund may make significant investments in one or more industry sectors, subjecting it to risks greater than risks applicable to the market generally. Weaknesses or declines in the prospects for any industry sectors in which the Fund has significant investments may adversely affect the prices of these securities, thereby adversely affecting the net asset value of the Fund. In addition, to the extent the Fund has significant holdings in a particular regulated industry, regulatory changes affecting that industry may have an adverse impact on the prices of securities of companies in that industry, thereby adversely affecting the net asset value of the Fund.

 

Company Risk. Equity securities can fluctuate in price based upon many different factors, including among others, changes in the company’s financial condition or prospects, or changes in market or economic conditions affecting a company’s industry generally. Equity security prices also fluctuate based on investors’ perceptions of a security’s value, regardless of the accuracy of those perceptions.

 

Small and Mid-Cap Securities Risk. Investing in the securities of small and mid-cap companies generally involves greater risk than investing in larger, more established companies. This greater risk is, in part, attributable to the fact that small and mid-cap companies may have limited product lines, operating history, markets or financial resources and their securities may therefore be more volatile than securities of larger, more established companies or market averages in general. In addition, the market for small and mid-cap securities may be more limited than the market for larger companies.

 

Risks related to Other Equity Securities. In addition to common stocks, the equity securities in the Fund’s portfolio may include preferred stock and convertible securities. Like common stocks, the value of these equity securities may fluctuate in response to many factors, including the activities of the issuer, general market and economic conditions, interest rates, and specific industry changes. Also, regardless of any one company’s particular prospects, a declining stock market may produce a decline in prices for all equity securities, which could also result in losses for the Fund. Convertible securities entitle the holder to receive interest payments or a dividend preference until the security matures, is redeemed, or the conversion feature is exercised. As a result of the conversion feature, the interest rate or dividend preference is generally less than if the securities were non-convertible.

 

Management Style Risk. The performance of the Fund will decline and may be worse than the performance of equity funds that focus on other types of equities or have a broader investment style when the Adviser’s management style (generally, value-oriented small-cap equity) is out-of-favor in the market. Since different types of equity securities (e.g., large-cap, mid-cap, small-cap) tend to shift into and out of favor with investors depending on market and economic conditions, the performance of the Fund may also be worse than the performance of equity funds that focus on other types of equities or have a broader investment style when the Adviser’s management style is out-of-favor.

 

Non-Diversified Fund Risk. In general, a non-diversified mutual fund may invest a greater percentage of its assets in a particular issue and may own fewer securities than diversified mutual funds. Accordingly, a non-diversified mutual fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.

 

New Portfolio Manager Risk. Although the Adviser’s portfolio manager, Derek Pilecki, has managed private investment vehicles for the Adviser in the past, he does not have previous experience managing a mutual fund, which may limit the Adviser’s effectiveness.

 

New Fund Risk. The Fund was formed in 2013, and the Adviser has not previously managed an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy.

May Lose Money rr_RiskLoseMoney You may lose money by investing in the Fund.
Risk, Nondiversified rr_RiskNondiversifiedStatus Non-Diversified Fund Risk. In general, a non-diversified mutual fund may invest a greater percentage of its assets in a particular issue and may own fewer securities than diversified mutual funds. Accordingly, a non-diversified mutual fund is generally subject to the risk that a large loss in an individual issue will cause a greater loss for the fund than it would if the fund was required to hold a larger number of securities or smaller positions.
Performance, Narrative rr_PerformanceNarrativeTextBlock

Performance. Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus and will show changes in the Fund’s performance from year to year and how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance is not necessarily an indication of how the Fund will perform in the future. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by calling 855-270-2678.

Performance, One Year or Less rr_PerformanceOneYearOrLess Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.
Performance, Availability by Phone rr_PerformanceAvailabilityPhone 855-270-2678
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture Past performance is not necessarily an indication of how the Fund will perform in the future.
Gator Focus Fund | Institutional Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol GFFIX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed (sold) within sixty (60) days of the initial purchase of shares in the Fund) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.10%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.11% [1]
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.61%) [2]
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.50% [1],[2]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 154
Expense Example, 3 YEARS rr_ExpenseExampleYear03 620
Gator Focus Fund | Investor Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol GFFAX
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed (sold) within sixty (60) days of the initial purchase of shares in the Fund) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.10%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.36% [1]
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.61%) [2]
Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.75% [1],[2]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 180
Expense Example, 3 YEARS rr_ExpenseExampleYear03 701
[1] Because the Fund is new, "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year.
[2] The Fund's investment adviser, Gator Capital Management, LLC (the "Adviser"), has entered into a contractual agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits "Total Annual Fund Operating Expenses" (exclusive of interest, taxes, brokerage fees and commissions, extraordinary expenses, payments, if any, under a Rule 12b-1 Plan, and Acquired Fund Fees and Expenses) to not more than 1.49%. Any waiver or reduction of fees or expenses by the Adviser under this agreement is subject to repayment by the Fund within the three fiscal years following the year in which such waiver or reduction occurred, if the Fund is able to make the payment without exceeding the 1.49% expense limitation. The contractual agreement cannot be terminated prior to July 31, 2014 without the Trust's Board of Trustees' approval.
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