Schedule of Investments September 30, 2022 (unaudited)
Prospector Capital Appreciation Fund
| Description | Shares | Value | ||||||
| COMMON STOCKS - 73.6% | ||||||||
| Banks - 8.6% | ||||||||
| Comerica | 3,550 | $ | 252,405 | |||||
| First Bancorp | 21,750 | 297,540 | ||||||
| KeyCorp | 17,700 | 283,554 | ||||||
| Pinnacle Financial Partners | 2,600 | 210,860 | ||||||
| SouthState | 5,200 | 411,424 | ||||||
| Synovus Financial | 10,850 | 406,983 | ||||||
| US Bancorp | 7,000 | 282,240 | ||||||
| 2,145,006 | ||||||||
| Communication Services - 1.0% | ||||||||
| Alphabet, Inc. - Class A * | 2,575 | 246,299 | ||||||
| Consumer Discretionary - 3.4% | ||||||||
| Darden Restaurants | 3,620 | 457,278 | ||||||
| Expedia Group * | 1,750 | 163,958 | ||||||
| Texas Roadhouse | 2,450 | 213,787 | ||||||
| 835,023 | ||||||||
| Consumer Staples - 5.8% | ||||||||
| Church & Dwight | 2,550 | 182,172 | ||||||
| Colgate-Palmolive | 2,275 | 159,819 | ||||||
| Hostess Brands * | 12,275 | 285,271 | ||||||
| Mondelez International, Class A | 7,190 | 394,227 | ||||||
| Nestle | 2,260 | 245,263 | ||||||
| Walgreens Boots Alliance | 5,780 | 181,492 | ||||||
| 1,448,244 | ||||||||
| Diversified Financial Services - 3.6% | ||||||||
| Berkshire Hathaway, Class B * | 1,570 | 419,221 | ||||||
| Federated Hermes, Class B | 14,300 | 473,616 | ||||||
| 892,837 | ||||||||
| Energy - 4.4% | ||||||||
| Hess | 5,270 | 574,378 | ||||||
| Pioneer Natural Resources | 2,425 | 525,085 | ||||||
| 1,099,463 | ||||||||
| Healthcare - 7.2% | ||||||||
| Abbott Laboratories | 1,785 | 172,717 | ||||||
| AstraZeneca - ADR | 4,410 | 241,844 | ||||||
| Merck & Co. | 8,900 | 766,468 | ||||||
| NuVasive * | 5,500 | 240,955 | ||||||
| Pfizer | 8,000 | 350,080 | ||||||
| ZimVie * | 2,800 | 27,636 | ||||||
| 1,799,700 | ||||||||
| Industrials - 9.2% | ||||||||
| Curtiss-Wright | 3,000 | 417,480 | ||||||
| Eaton | 5,820 | 776,155 | ||||||
| Leidos Holdings | 3,500 | 306,145 | ||||||
| Pentair | 4,750 | 192,993 | ||||||
| Raytheon Technologies | 4,150 | 339,719 | ||||||
| Sensata Technologies Holding | 6,450 | 240,456 | ||||||
| 2,272,948 | ||||||||
| Description | Shares | Value | ||||||
| Information Technology - 4.3% | ||||||||
| FARO Technologies * | 9,050 | 248,332 | ||||||
| Microsoft | 1,100 | 256,190 | ||||||
| Oracle | 5,230 | 319,396 | ||||||
| Paychex | 2,150 | 241,252 | ||||||
| 1,065,170 | ||||||||
| Insurance Brokers - 5.6% | ||||||||
| Arthur J. Gallagher & Co. | 3,675 | 629,234 | ||||||
| Brown & Brown | 12,530 | 757,814 | ||||||
| 1,387,048 | ||||||||
| Life & Health Insurance - 4.9% | ||||||||
| Globe Life | 6,840 | 681,948 | ||||||
| Voya Financial | 8,750 | 529,375 | ||||||
| 1,211,323 | ||||||||
| Materials - 3.7% | ||||||||
| Agnico Eagle Mines | 5,450 | 230,153 | ||||||
| Axalta Coating Systems * | 24,750 | 521,235 | ||||||
| Louisiana-Pacific | 3,320 | 169,951 | ||||||
| 921,339 | ||||||||
| Property & Casualty Insurance - 6.4% | ||||||||
| Fairfax Financial Holdings | 770 | 351,890 | ||||||
| First American Financial | 4,475 | 206,297 | ||||||
| Kemper | 4,250 | 175,355 | ||||||
| Markel * | 225 | 243,950 | ||||||
| W.R. Berkley | 4,000 | 258,320 | ||||||
| White Mountains Insurance Group | 273 | 355,724 | ||||||
| 1,591,536 | ||||||||
| Real Estate - 2.3% | ||||||||
| Four Corners Property Trust | 11,848 | 286,603 | ||||||
| Howard Hughes * | 5,090 | 281,935 | ||||||
| 568,538 | ||||||||
| Reinsurance - 3.2% | ||||||||
| Everest Re Group | 1,550 | 406,782 | ||||||
| RenaissanceRe Holdings | 2,699 | 378,913 | ||||||
| 785,695 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $14,844,071) | 18,270,169 | |||||||
| CONVERTIBLE BONDS - 20.8% | Par | |||||||
| Communication Services - 2.4% | ||||||||
| Liberty Media | ||||||||
| 2.125%, 03/31/2048 (a) | $ | 636,300 | 596,531 | |||||
| Healthcare - 5.6% | ||||||||
| BioMarin Pharmaceutical | ||||||||
| 0.599%, 08/01/2024 | 723,000 | 716,372 | ||||||
| Ligand Pharmaceuticals | ||||||||
| 0.750%, 05/15/2023 | 297,000 | 287,348 | ||||||
| NuVasive | ||||||||
| 0.375%, 03/15/2025 | 445,000 | 387,984 | ||||||
| 1,391,704 | ||||||||
| Industrials - 3.6% | ||||||||
| Chart Industries | ||||||||
| 1.000%, 11/15/2024 (a) | 72,000 | 226,282 | ||||||
| Kaman | ||||||||
| 3.250%, 05/01/2024 | 724,000 | 679,474 | ||||||
| 905,756 | ||||||||
| Description | Shares | Value | ||||||
| Information Technology - 7.3% | ||||||||
| Akamai Technologies | ||||||||
| 0.125%, 05/01/2025 | 435,000 | 441,960 | ||||||
| 0.375%, 09/01/2027 | 218,000 | 202,849 | ||||||
| Palo Alto Networks | ||||||||
| 0.750%, 07/01/2023 | 297,000 | 550,638 | ||||||
| Verint Systems | ||||||||
| 0.250%, 04/15/2026 | 740,000 | 613,830 | ||||||
| 1,809,277 | ||||||||
| Real Estate - 1.9% | ||||||||
| Zillow Group | ||||||||
| 2.750%, 05/15/2025 | 521,000 | 473,589 | ||||||
| Total Convertible Bonds | ||||||||
| (Cost $5,090,875) | 5,176,857 | |||||||
| EXCHANGE TRADED FUND - 0.9% | Shares | |||||||
| Aberdeen Standard Physical Platinum Shares Fund * | ||||||||
| (Cost $243,096) | 2,750 | 219,753 | ||||||
| SHORT-TERM INVESTMENT - 4.6% | ||||||||
| First American Treasury Obligations Fund, Class X, 2.875%^ | ||||||||
| (Cost $1,144,453) | 1,144,453 | 1,144,453 | ||||||
| Total Investments - 99.9% | ||||||||
| (Cost $21,322,495) | 24,811,232 | |||||||
| Other Assets and Liabilities, Net - 0.1% | 20,187 | |||||||
| Total Net Assets - 100.0% | $ | 24,831,419 | ||||||
| * | 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 September 30, 2022, the value of this investment was $822,813 or 3.3% of total net assets. |
| ^ | The rate shown is the seven-day yield effective September 30, 2022. |
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 are the exclusive property of MSCI, Inc. (MSCI) 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.
September 30, 2022, the Fund's investments in securities were classified as follows:
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks | $ | 18,270,169 | $ | - | $ | - | $ | 18,270,169 | |||||||
| Convertible Bond | - | 5,176,857 | - | 5,176,857 | |||||||||||
| Exchange Traded Fund | 219,753 | - | - | 219,753 | |||||||||||
| Short-Term Investment | 1,144,453 | - | - | 1,144,453 | |||||||||||
| Total Investments | $ | 19,634,375 | $ | 5,176,857 | $ | - | $ | 24,811,232 | |||||||
Refer to each Fund's Schedule of Investments for further sector breakout.