Prospector Capital Appreciation Fund
Schedule of Investments
as of March 31, 2024 (Unaudited)
| COMMON STOCKS - 75.2% | Shares | Value | ||||||
| Banks - 4.1% | ||||||||
| Ameris Bancorp | 10,667 | $ | 516,069 | |||||
| First Bancorp | 19,345 | 339,311 | ||||||
| Prosperity Bancshares | 6,470 | 425,597 | ||||||
| SouthState | 3,700 | 314,611 | ||||||
| 1,595,588 | ||||||||
| Communication Services - 1.7% | ||||||||
| Alphabet, Inc. - Class A(a) | 4,520 | 682,204 | ||||||
| Consumer Discretionary - 4.2% | ||||||||
| Aptiv PLC(a) | 4,830 | 384,710 | ||||||
| Darden Restaurants | 2,530 | 422,889 | ||||||
| Expedia Group(a) | 2,923 | 402,643 | ||||||
| Texas Roadhouse | 2,710 | 418,614 | ||||||
| 1,628,856 | ||||||||
| Consumer Staples - 5.7% | ||||||||
| Church & Dwight | 4,360 | 454,792 | ||||||
| Colgate-Palmolive | 9,355 | 842,417 | ||||||
| Mondelez International - Class A | 9,640 | 674,800 | ||||||
| Nestle | 2,745 | 291,438 | ||||||
| 2,263,447 | ||||||||
| Diversified Financial Services - 2.1% | ||||||||
| Federated Hermes - Class B | 6,910 | 249,589 | ||||||
| Fidelity National Information Services | 7,635 | 566,365 | ||||||
| 815,954 | ||||||||
| Energy - 4.6% | ||||||||
| Hess | 6,180 | 943,315 | ||||||
| Pioneer Natural Resources | 3,250 | 853,125 | ||||||
| 1,796,440 | ||||||||
| Health Care - 9.3% | ||||||||
| Abbott Laboratories | 6,890 | 783,117 | ||||||
| AstraZeneca - ADR | 5,225 | 353,994 | ||||||
| Dentsply Sirona | 15,545 | 515,939 | ||||||
| Hologic(a) | 6,110 | 476,336 | ||||||
| Johnson & Johnson | 2,640 | 417,622 | ||||||
| Merck & Co. | 8,255 | 1,089,247 | ||||||
| 3,636,255 | ||||||||
| Industrials - 13.3% | ||||||||
| Curtiss-Wright | 3,980 | 1,018,641 | ||||||
| Eaton | 5,073 | 1,586,225 | ||||||
| Leidos Holdings | 8,485 | 1,112,300 | ||||||
| Paychex | 2,655 | 326,034 | ||||||
| Pentair | 7,430 | 634,819 | ||||||
| Raytheon Technologies | 5,810 | 566,649 | ||||||
| 5,244,668 | ||||||||
| Information Technology - 5.8% | ||||||||
| Littelfuse | 1,848 | 447,863 | ||||||
| Microsoft | 1,260 | 530,107 | ||||||
| Trimble(a) | 15,410 | 991,788 | ||||||
| Zebra Technologies - Class A(a) | 1,000 | 301,440 | ||||||
| 2,271,198 | ||||||||
| Insurance Brokers - 4.6% | ||||||||
| Arthur J. Gallagher & Co. | 3,465 | 866,389 | ||||||
| Brown & Brown | 10,910 | 955,061 | ||||||
| 1,821,450 | ||||||||
| Life & Health Insurance - 3.3% | ||||||||
| Globe Life | 8,115 | 944,343 | ||||||
| Voya Financial | 4,745 | 350,750 | ||||||
| 1,295,093 | ||||||||
| Materials - 3.3% | ||||||||
| Axalta Coating Systems(a) | 18,600 | 639,654 | ||||||
| Louisiana-Pacific | 4,075 | 341,933 | ||||||
| PPG Industries | 2,198 | 318,490 | ||||||
| 1,300,077 | ||||||||
| Property & Casualty Insurance - 8.3% | ||||||||
| Fairfax Financial Holdings | 900 | 971,135 | ||||||
| Fidelis Insurance Holdings | 23,547 | 458,696 | ||||||
| First American Financial | 3,785 | 231,074 | ||||||
| Progressive | 2,675 | 553,243 | ||||||
| W.R. Berkley | 4,465 | 394,885 | ||||||
| White Mountains Insurance Group | 366 | 656,714 | ||||||
| 3,265,747 | ||||||||
| Real Estate - 2.8% | ||||||||
| CubeSmart | 8,610 | 389,344 | ||||||
| Four Corners Property Trust | 14,475 | 354,203 | ||||||
| Howard Hughes Holdings(a) | 4,711 | 342,113 | ||||||
| 1,085,660 | ||||||||
| Reinsurance - 2.1% | ||||||||
| Everest Re Group | 2,055 | 816,863 | ||||||
| TOTAL COMMON STOCKS (Cost $19,173,173) | 29,519,500 |
| CONVERTIBLE BONDS - 17.0% | Par | Value | ||||||
| Health Care - 5.3% | ||||||||
| BioMarin Pharmaceutical, 0.60%, 08/01/2024 | 921,000 | 904,330 | ||||||
| Halozyme Therapeutics, Inc., 1.00%, 08/15/2028 | 772,000 | 750,039 | ||||||
| NuVasive, 0.38%, 03/15/2025 | 445,000 | 423,195 | ||||||
| 2,077,564 | ||||||||
| Industrials - 2.7% | ||||||||
| Array Technologies, Inc., 1.00%, 12/01/2028 | 391,000 | 362,997 | ||||||
| Chart Industries, 1.00%, 11/15/2024 | 72,000 | 202,097 | ||||||
| Middleby, 1.00%, 09/01/2025 | 377,000 | 495,190 | ||||||
| 1,060,284 | ||||||||
| Information Technology - 9.0% | ||||||||
| Akamai Technologies, 0.38%, 09/01/2027 | 926,000 | 974,614 | ||||||
| Dropbox, 0.00%, 03/01/2028 (b) | 1,015,000 | 947,122 | ||||||
| Verint Systems, 0.25%, 04/15/2026 | 827,000 | 775,313 | ||||||
| Vishay Intertechnology, 2.25%, 06/15/2025 | 837,000 | 820,679 | ||||||
| 3,517,728 | ||||||||
| TOTAL CONVERTIBLE BONDS (Cost $6,360,724) | 6,655,576 | |||||||
| EXCHANGE TRADED FUNDS - 0.8% | Shares | Value | ||||||
| Aberdeen Standard Physical Platinum Shares Fund(a) | 3,540 | 295,767 | ||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $312,798) | 295,767 | |||||||
| SHORT-TERM INVESTMENTS - 7.8% | ||||||||
| Money Market Funds - 7.8% | Shares | |||||||
| First American Treasury Obligations Fund - Class X, 5.22%(c) | 3,038,293 | 3,038,293 | ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,038,293) | 3,038,293 | |||||||
| TOTAL INVESTMENTS - 100.8% (Cost $28,884,988) | $ | 39,509,136 | ||||||
| Liabilities in Excess of Other Assets - (0.8)% | (318,099 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 39,191,037 | ||||||
Percentages are stated as a percent of net assets.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.
ADR - American Depositary Receipt
PLC - Public Limited Company
| (a) | Non-income producing security. |
| (b) | Zero coupon bonds make no periodic interest payments but are issued at a discount from par value. |
| (c) | The rate shown represents the 7-day effective yield as of March 31, 2024. |
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, 2024, the Fund's investments in securities were classified as follows:
Prospector Capital Appreciation Fund
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 29,519,500 | $ | – | $ | – | $ | 29,519,500 | ||||||||
| Convertible Bonds | – | 6,655,576 | – | 6,655,576 | ||||||||||||
| Exchange Traded Funds | 295,767 | – | – | 295,767 | ||||||||||||
| Money Market Funds | 3,038,293 | – | – | 3,038,293 | ||||||||||||
| Total Assets | $ | 32,853,560 | $ | 6,655,576 | $ | – | $ | 39,509,136 | ||||||||
Refer to the Schedule of Investments for industry classifications.