| Schedule ofInvestments March 31, 2020 (unaudited) | ||||
| Prospector Capital Appreciation Fund | ||||
| Description | Shares | Value | ||||||
| COMMON STOCKS - 74.2% | ||||||||
| Banks - 4.6% | ||||||||
| Brookline Bancorp | 19,700 | $ | 222,216 | |||||
| Dime Community Bancshares | 11,800 | 161,778 | ||||||
| Kearny Financial | 15,300 | 131,427 | ||||||
| KeyCorp | 8,400 | 87,108 | ||||||
| OceanFirst Financial | 10,800 | 171,828 | ||||||
| PNC Financial Services Group | 1,800 | 172,296 | ||||||
| 946,653 | ||||||||
| Communication Services - 1.4% | ||||||||
| Telephone & Data Systems | 16,965 | 284,333 | ||||||
| Consumer Discretionary - 1.9% | ||||||||
| Darden Restaurants | 3,500 | 190,610 | ||||||
| Lowe's Companies | 2,450 | 210,822 | ||||||
| 401,432 | ||||||||
| Consumer Staples - 14.7% | ||||||||
| Campbell Soup | 4,150 | 191,564 | ||||||
| Church & Dwight | 2,450 | 157,241 | ||||||
| Coca-Cola | 12,765 | 564,851 | ||||||
| Colgate-Palmolive | 4,920 | 326,491 | ||||||
| JM Smucker | 2,620 | 290,820 | ||||||
| Mondelez International, Class A | 6,740 | 337,539 | ||||||
| Nestle | 5,710 | 589,984 | ||||||
| Swedish Match | 2,500 | 143,543 | ||||||
| Tootsie Roll Industries | 6,567 | 236,136 | ||||||
| Walgreens Boots Alliance | 4,680 | 214,110 | ||||||
| 3,052,279 | ||||||||
| Energy - 3.6% | ||||||||
| Devon Energy | 19,900 | 137,509 | ||||||
| Hess | 5,600 | 186,480 | ||||||
| Parsley Energy | 26,700 | 152,991 | ||||||
| Suncor Energy | 16,800 | 265,440 | ||||||
| 742,420 | ||||||||
| Healthcare - 7.3% | ||||||||
| Abbott Laboratories | 8,960 | 707,033 | ||||||
| AstraZeneca - ADR | 5,710 | 255,009 | ||||||
| Merck & Co. | 7,350 | 565,509 | ||||||
| 1,527,551 | ||||||||
| Industrials - 4.6% | ||||||||
| Eaton | 6,020 | 467,694 | ||||||
| Pentair | 9,350 | 278,256 | ||||||
| Regal Beloit | 3,300 | 207,735 | ||||||
| 953,685 | ||||||||
| Information Technology - 8.2% | ||||||||
| FARO Technologies * | 5,710 | 254,095 | ||||||
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| FLIR Systems | 11,410 | 363,865 | ||||||
| Leidos Holdings | 2,750 | 252,037 | ||||||
| Maxim Integrated Products | 3,300 | 160,413 | ||||||
| Microsoft | 2,200 | 346,962 | ||||||
| Oracle | 5,230 | 252,766 | ||||||
| Science Applications International | 1,100 | 82,093 | ||||||
| 1,712,231 | ||||||||
| Insurance Brokers - 3.8% | ||||||||
| Brown & Brown | 21,880 | 792,494 | ||||||
| Life & Health Insurance - 4.4% | ||||||||
| Aflac | 11,730 | 401,635 | ||||||
| Globe Life | 3,090 | 222,387 | ||||||
| Voya Financial | 7,200 | 291,960 | ||||||
| 915,982 | ||||||||
| Materials - 2.6% | ||||||||
| Domtar | 14,591 | 315,749 | ||||||
| Louisiana-Pacific | 13,320 | 228,838 | ||||||
| 544,587 | ||||||||
| Multi-line Insurance - 1.2% | ||||||||
| Loews | 7,000 | 243,810 | ||||||
| Property & Casualty Insurance - 9.7% | ||||||||
| Berkshire Hathaway, Class B * | 3,060 | 559,460 | ||||||
| Cincinnati Financial | 2,050 | 154,672 | ||||||
| First American Financial | 4,875 | 206,749 | ||||||
| Hanover Insurance Group | 2,460 | 222,827 | ||||||
| Lancashire Holdings | 32,000 | 246,631 | ||||||
| Mercury General | 7,800 | 317,616 | ||||||
| Selective Insurance Group | 6,420 | 319,074 | ||||||
| 2,027,029 | ||||||||
| Real Estate - 2.1% | ||||||||
| Four Corners Property Trust | 15,748 | 294,645 | ||||||
| Howard Hughes * | 2,950 | 149,034 | ||||||
| 443,679 | ||||||||
| Reinsurance - 4.1% | ||||||||
| RenaissanceRe Holdings | 5,774 | 862,174 | ||||||
| Total Common Stocks | ||||||||
| (Cost $15,073,335) | 15,450,339 |
| CONVERTIBLE BONDS - 20.4% | Par | Par | ||||||||||
| Communication Services - 2.8% | ||||||||||||
| Liberty Media | ||||||||||||
| 2.125%, 03/31/2048 (a) | $ | 636,300 | 644,070 | 583,683 | ||||||||
| Consumer Discretionary - 1.2% | ||||||||||||
| Booking Holdings | ||||||||||||
| 0.900%, 09/15/2021 | 253,000 | 272,660 | 252,216 | |||||||||
| Healthcare - 2.5% | ||||||||||||
| Ligand Pharmaceuticals | ||||||||||||
| 0.750%, 05/15/2023 | 631,000 | 556,572 | 520,969 | |||||||||
| Industrials - 3.5% | ||||||||||||
| Chart Industries | ||||||||||||
| 1.000%, 11/15/2024 (a) | 384,000 | 390,408 | 300,105 | |||||||||
| Kaman | ||||||||||||
| 3.250%, 05/01/2024 | 444,000 | 447,800 | 432,261 | |||||||||
| 838,208 | 732,366 | |||||||||||
| Information Technology - 10.4% | ||||||||||||
| Akamai Technologies | ||||||||||||
| 0.125%, 05/01/2025 | 639,000 | 645,788 | 713,141 | |||||||||
| Palo Alto Networks | ||||||||||||
| 0.750%, 07/01/2023 | 692,000 | 717,371 | 667,914 | |||||||||
| Verint Systems | ||||||||||||
| 1.500%, 06/01/2021 | 810,000 | 808,735 | 780,972 | |||||||||
| 2,171,894 | 2,162,027 | |||||||||||
| Total Convertible Bonds | ||||||||||||
| (Cost $4,483,404) | 4,483,404 | 4,251,261 |
| CORPORATE BOND - 1.9% | Par | |||||||||||
| Information Technology - 1.9% | ||||||||||||
| FLIR Systems | ||||||||||||
| 3.125%, 06/15/2021 | ||||||||||||
| (Cost $403,759) | 400,000 | 403,759 | 400,464 |
| SHORT-TERM INVESTMENT - 3.0% | Shares | Shares | ||||||||||
| First American Treasury Obligations Fund, Class X, 0.330%^ | ||||||||||||
| (Cost $620,615) | 620,615 | 620,615 | 620,615 | |||||||||
| Total Investments - 99.5% | ||||||||||||
| (Cost $20,581,113) | 20,581,113 | 20,722,679 | ||||||||||
| Other Assets and Liabilities, Net - 0.5% | 94,880 | |||||||||||
| Total Net Assets - 100.0% | $ | 20,817,559 | ||||||||||
| * | Non-income producing security |
| (a) | Security purchased within the terms of a private placement memorandum, except from registration under Rule 144A of the Securities Act 0f 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." As of March 31, 2020, the value of this investment was $883,788 or 4.2% of total net assets. |
| ^ | The rate shown is the seven-day yield effective March 31, 2020. |
ADR - American Depositary Receipt
The industry classifications included in the Schedule of Investments are in accordance with the Global Industry Classification Standard (GICS ®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
Summary of Fair Value Exposure
The Fund has adopted fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. 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 inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, 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.
As of March 31, 2020, the Fund's investments in securities were classified as follows:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | $ | 15,450,339 | $ | - | $ | - | $ | 15,450,339 | ||||||||
| Convertible Bond | - | 4,251,261 | - | 4,251,261 | ||||||||||||
| Corporate Bonds | - | 400,464 | - | 400,464 | ||||||||||||
| Short-Term Investment | 620,615 | - | - | 620,615 | ||||||||||||
| Total Investments | $ | 16,070,954 | $ | 4,651,725 | $ | - | $ | 20,722,679 | ||||||||
Refer to each Fund's Schedule of Investments for further sector breakout.
