485BPOS

As filed with the Securities and Exchange Commission on May 17, 2018

File Nos. 333-143669

811-22077

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.	20	[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		[X]
Amendment No.	23	[X]

(Check appropriate box or boxes)

PROSPECTOR FUNDS, INC.

(Exact name of Registrant as Specified in Charter)

370 Church Street

Guilford, Connecticut 06437

(Address of Principal Executive Office)

203-458-1500

(Registrant's Telephone Number, including Area Code)

John D. Gillespie, President

370 Church Street

Guilford, Connecticut 06437

(Name and address of agent for Service)

Copies of Communications to:

Patricia A. Poglinco

Seward & Kissel LLP

One Battery Park Plaza

New York, New York 10004

It is proposed that this filing will become effective (check appropriate box)

[X]	immediately upon filing pursuant to Rule 485(b)
[   ]	on (date) pursuant to Rule 485(b)
[   ]	60 days after filing pursuant to Rule 485 (a)(1)
[   ]	on (date) pursuant to Rule 485(a)(1)
[   ]	75 days after filing pursuant to Rule 485 (a)(2)
[   ]	on (date) pursuant to Rule 485(a)(2)

If appropriate, check the following box:

[   ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXPLANATORY NOTE:  

This Post-Effective Amendment No. 20 to the Registration Statement of Prospector Funds, Inc. on Form N-1A hereby incorporates Parts A, B and C from the Company’s PEA No. 19 on Form N-1A filed April 27, 2018.  This PEA No. 20 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 19 to the Company’s Registration Statement.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment No. 20 to its Registration Statement under rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 20 to its Registration Statement to be signed below on its behalf by the undersigned, thereunto duly authorized, in the City of Guilford and State of Connecticut, on the 17^th day of May, 2018.

PROSPECTOR FUNDS, INC.

By: /s/ John D. Gillespie*

       John D. Gillespie

       President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature	Title	Date
/s/ John D. Gillespie*	President, Director	May 17, 2018
John D. Gillespie
/s/ Peter N. Perugini, Jr.	Treasurer, Secretary	May 17, 2018
Peter N. Perugini, Jr.
/s/ Harvey D. Hirsch*	Director	May 17, 2018
Harvey D. Hirsch
/s/ Joseph Klein III*	Director	May 17, 2018
Joseph Klein III
/s/ Roy L. Nersesian*	Director	May 17, 2018
Roy L. Nersesian
/s/ John T. Rossello, Jr.*	Director	May 17, 2018
John T. Rossello
*By: /s/ Peter N. Perugini, Jr.		May 17, 2018
Peter N. Perugini, Jr.
Attorney in Fact pursuant to
Power of Attorney

C-1

EXHIBIT INDEX

Exhibit	Exhibit No.
Instance Document	EX-101.INS
Schema Document	EX-101.SCH
Calculation Linkbase Document	EX-101.CAL
Definition Linkbase Document	EX-101.DEF
Label Linkbase Document	EX-101.LAB
Presentation Linkbase Document	EX-101.PRE

C-2

XML

Document and Entity Information	Total
Prospectus:
Document Type	485BPOS
Document Period End Date	Dec. 31, 2017
Registrant Name	PROSPECTOR FUNDS, INC.
Central Index Key	0001402472
Amendment Flag	false
Document Creation Date	Apr. 27, 2018
Document Effective Date	Apr. 27, 2018
Prospectus Date	Apr. 27, 2018
Prospector Capital Appreciation Fund | No Classes
Prospectus:
Trading Symbol	PCAFX
Prospector Opportunity Fund | No Classes
Prospectus:
Trading Symbol	POPFX

XML

Prospector Capital Appreciation Fund

Prospector Capital Appreciation Fund

Investment Objective

The investment objective of the Capital Appreciation Fund (the “Capital Appreciation Fund” or the “Fund”) is 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 Capital Appreciation Fund.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees	Prospector Capital Appreciation Fund No Classes
Redemption Fee (as a percentage of amount redeemed on shares held 60 days or less)	2.00%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses	Prospector Capital Appreciation Fund No Classes
Management Fees	1.10%
Distribution and Service (12b-1) Fees	0.05%
Other Expenses	0.88%	[1]
Total Annual Fund Operating Expenses	2.03%
Fee Waiver and Expense Reimbursement	(0.72%)	[2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement	1.31%

Example.

This Example is intended to help you compare the cost of investing in the Capital Appreciation Fund with the cost of investing in other mutual funds.  The 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 Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Cap in the first year).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example	1 Year	3 Years	5 Years	10 Years
Prospector Capital Appreciation Fund | No Classes | USD ($)	133	567	1,027	2,301

Portfolio Turnover.

The Capital Appreciation 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.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 23% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Capital Appreciation Fund invests primarily in a variety of equity and equity-related securities, including common stocks, convertible preferred and convertible debt securities.  The Capital Appreciation Fund attempts to buy investments priced to generate long-term total returns significantly above those of general stock indices and U.S. treasuries.  Using a value orientation, the Investment Manager invests in positions in the United States and other developed markets.  The Investment Manager’s investment strategy consists of bottom-up fundamental value analysis with an emphasis on balance sheet strength.  In evaluating potential investments, the Investment Manager also considers qualitative factors, including quality of management, quality of product or service, overall franchise or brand value, composition of the board of directors, and the uniqueness of the business model.  The Investment Manager looks for the presence of catalysts to improve internal performance, such as a change in management, a new management incentive program closely linked to the price of the stock, the sale of an underperforming asset or business unit, or a positive change in industry fundamentals.

The Investment Manager believes that fundamental analysis can identify undervalued investment opportunities.  Substantial gains are possible whenever a security’s price does not accurately reflect future cash flow and earnings power or where current or future asset values have not been fully recognized.  The Investment Manager believes that risk can be managed through a careful selection process that focuses on the relationship between the actual market price of a security and the intrinsic value of which the security represents an interest.

The investment program of the Capital Appreciation Fund focuses on value.  The Investment Manager believes that value will typically be manifest in one of four ways: (1) inexpensive underlying assets as measured by analytical techniques such as private market value, replacement cost, or mark to market; (2) attractive corporate financial characteristics such as free cash flow yield, dividend yield and price/earnings (P/E) ratio; (3) depressed stock price (often known as contrarian investing); and (4) companies with growth characteristics selling substantially less expensive compared to their own history or other similar growers.  Suitable securities often look attractive on more than one measure of value.

Once a company is identified as a potential investment, the Investment Manager examines the capital structure to determine whether any attractive convertible securities are outstanding.  In general, convertible securities: (1) have higher yields than common stocks but lower yields than comparable non-convertible securities; (2) may be subject to less fluctuation in value than the underlying common stock because of their income and redemption features; and (3) provide potential for capital appreciation if the market price of the underlying common stock increases (and in those cases may be thought of as “equity substitutes”).  Because of the conversion feature, the price of a convertible security will normally vary in some proportion to changes in the price of the underlying common stock.  The underlying equity need not be a value situation if the Investment Manager believes that the downside is well protected by the bond-like characteristics of the particular convertible security.

The distressed securities in which the Capital Appreciation Fund may invest include all types of debt obligations, including corporate bonds, debentures, notes, municipal bonds and, to the extent permitted by applicable laws and regulations, securities issued by foreign issuers, including foreign governments.

The Fund may invest in restricted securities including, but not limited to, private placements of equity and/or debt securities of private companies.  In particular, the Fund may invest in unregistered securities which may be sold under Rule 144A of the Securities Act of 1933, as amended (“144A securities”).

In pursuit of its value-oriented strategy, the Capital Appreciation Fund may invest without regard to market capitalization.  The Capital Appreciation Fund may also engage in currency transactions as well as transactions involving the purchase and sale of options on securities and other types of derivatives.

Principal Investment Risks

The Capital Appreciation Fund is subject to various risks, any of which could cause an investor to lose money.  Losing all or a portion of your investment is a risk of investing in the Fund.  The following principal risks could affect the value of your investment.

The Capital Appreciation Fund’s investments in equity securities will expose the Fund to:

● Stock Market Risk, which is the chance that stock prices overall will decline.  Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.  When the stock market is subject to significant volatility, the risks associated with an investment in the Fund may increase. Markets may experience periods of high volatility and reduced liquidity and, during such periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices.

· Convertible Securities Risk, which is the risk that, with respect to a convertible security and prior to its conversion to equity, the price of the convertible security will normally vary with changes in the price of the underlying equity security, and the convertible security will generally offer interest or dividend yields that are lower than non-convertible debt securities of similar quality.

The Capital Appreciation Fund may invest in debt securities, which would expose the Fund to:

● Interest Rate Risk, which is the chance that the value of debt securities overall will decline because of rising interest rates. The Fund may be subject to heightened interest rate risk as the current period of historically low interest rates may be ending. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations, but increasing interest rates may have an adverse effect on the value of the Fund’s investment portfolio as a whole.

· Income Risk, which is the chance that the Capital Appreciation Fund’s income will decline because of falling interest rates.

· Credit Risk, which is the chance that a debt issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that debt to decline.

· High Yield Securities Risk, which is the risk that debt securities in the lower rating categories are subject to a greater probability of loss in principal and interest than higher-rated securities and are generally considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

The Capital Appreciation Fund may invest in foreign securities, which would expose the Fund to:

● Foreign Securities Risk, which is the risk associated with investments in foreign countries.  The following factors make foreign securities more volatile: political, economic and social instability; foreign securities may be harder to sell, brokerage commissions and other fees may be higher for foreign securities; and foreign companies may not be subject to the same disclosure and reporting standards as U.S. companies.

· Currency Risk, which is the risk that the value of foreign securities may be affected by changes in currency exchange rates.

The Capital Appreciation Fund may use derivatives, which would expose the Fund to:

· Derivatives Risk , which is the risk that the greater complexity involved with the use of derivatives may expose the Capital Appreciation Fund to greater risks and result in poorer overall performance. Investments in derivatives may be illiquid and difficult to price.

· Counterparty Risk, which is the risk that the other party to an agreement will default.

The Capital Appreciation Fund may invest in smaller and mid-sized companies, which would expose the Fund to:

· Smaller and Mid-Sized Companies Risk, which is the risk that the securities of such issuers may be comparatively more volatile in price than those of companies with larger capitalizations, and may lack the depth of management and established markets for their products and/or services that may be associated with investments in larger issuers.

The Capital Appreciation Fund may invest in value securities, which would expose the Fund to:

· Value Investing Risk, which is the risk that value securities may not increase in price as anticipated by the Investment Manager, and may even decline further in value, if other investors fail to recognize the company’s value, or favor investing in faster-growing companies, or if the events or factors that the Investment Manager believes will increase a security’s market value do not occur.

The Capital Appreciation Fund may invest in in restricted securities, which would expose the Fund to:

· Restricted Securities Risk, which is the risk thatrestricted securities may have terms that limit their resale to other investors or may require registration under applicable securities laws before they may be sold publicly.  It may not be possible to sell certain restricted securities at any particular time or at an acceptable price.

An investment in the Capital Appreciation Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Further discussion about other risks of investing in the Capital Appreciation Fund may be found in the “More Information on Investment Strategies, Related Risks and Disclosure of Portfolio Holdings” section of this prospectus.

Performance

The following performance information indicates some of the risks of investing in the Capital Appreciation Fund. The bar chart illustrates the variability of the Fund’s returns by showing changes in the Fund’s performance from year to year.  The table illustrates how the Fund’s average annual returns for 1-year, 5-year, 10-year, and since inception periods compare with the S&P 500^® Index, a broad measure of market performance. The S&P 500^® Index is a widely recognized, managed index of 500 of the largest companies in the United States as measured by market capitalization. The S&P 500 Index assumes reinvestment of all dividends and distributions.  Because an index cannot be invested in directly, the index returns do not reflect a deduction for fees, expenses or taxes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.  Updated performance information is available on the Fund’s website at www.prospectorfunds.com or by calling the Fund toll-free at 1-877-734-7862.

Capital Appreciation Fund Calendar Year Total Returns as of December 31

During the period of time shown in the bar chart, the Fund’s highest quarterly return was 16.65% for the quarter ended September 30, 2009, and the lowest quarterly return was -15.04% for the quarter ended September 30, 2008.

Average Annual Total Returns (for the period ended December 31, 2017)

Average Annual Returns - Prospector Capital Appreciation Fund	Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
No Classes	Return Before Taxes	11.38%	9.09%	5.86%	5.67%	Sep. 28, 2007
After Taxes on Distributions | No Classes	Return After Taxes on Distributions	9.85%	7.64%	4.94%	4.77%
After Taxes on Distributions and Sale of Fund Shares | No Classes	Return After Taxes on Distributions and Sale of Fund Shares	7.71%	7.00%	4.59%	4.44%
S&P 500® Index (reflects no deduction for fees, expenses or taxes)	S&P 500® Index (reflects no deduction for fees, expenses or taxes)	21.83%	15.79%	8.50%	7.88%	Sep. 28, 2007

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on your situation and may differ from those shown.  Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).

[1] "Other Expenses" include acquired fund fees and expenses, which are incurred indirectly by the Fund as a result of its investing in securities issued by one or more investment companies. The Total Annual Fund Operating Expenses in the table above may not correlate to the Ratio of Expenses to Average Net Assets: Before Expense Reimbursement found within the "Financial Highlights" section of this prospectus, which does not include acquired fund fees and expenses.

[2] Prospector Partners Asset Management LLC (the "Investment Manager") has contractually agreed to waive a portion of its fees and/or pay Fund expenses (excluding interest, brokerage commissions and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement for the Fund to 1.30% of its average daily net assets (the "Expense Cap") through at least September 30, 2019. The Expense Cap may only be terminated or revised by the Board of Directors. The Investment Manager is permitted to recoup fee waivers and/or expense payments made in the prior three fiscal years from the date the fees were waived and/or Fund expenses were paid. This reimbursement may be requested by the Investment Manager if the aggregate amount actually paid by the Fund toward operating expenses for such fiscal year (taking into account the recoupment) does not exceed the Expense Cap at the time such reimbursement or waiver was made. For more information on the Expense Cap, see "Understanding Expenses."

XML

Label

Element

Value

Prospector Capital Appreciation Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Prospector Capital Appreciation Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The investment objective of the Capital Appreciation Fund (the “Capital Appreciation Fund” or the “Fund”) is capital appreciation.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

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

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

SHAREHOLDER FEES (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

Sep. 30, 2019

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover.

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Capital Appreciation 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.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 23% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

23.00%

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

“Other Expenses” include acquired fund fees and expenses, which are incurred indirectly by the Fund as a result of its investing in securities issued by one or more investment companies. The Total Annual Fund Operating Expenses in the table above may not correlate to the Ratio of Expenses to Average Net Assets: Before Expense Reimbursement found within the “Financial Highlights” section of this prospectus, which does not include acquired fund fees and expenses.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example.

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Capital Appreciation Fund with the cost of investing in other mutual funds.  The 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 Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Cap in the first year).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Under normal market conditions, the Capital Appreciation Fund invests primarily in a variety of equity and equity-related securities, including common stocks, convertible preferred and convertible debt securities.  The Capital Appreciation Fund attempts to buy investments priced to generate long-term total returns significantly above those of general stock indices and U.S. treasuries.  Using a value orientation, the Investment Manager invests in positions in the United States and other developed markets.  The Investment Manager’s investment strategy consists of bottom-up fundamental value analysis with an emphasis on balance sheet strength.  In evaluating potential investments, the Investment Manager also considers qualitative factors, including quality of management, quality of product or service, overall franchise or brand value, composition of the board of directors, and the uniqueness of the business model.  The Investment Manager looks for the presence of catalysts to improve internal performance, such as a change in management, a new management incentive program closely linked to the price of the stock, the sale of an underperforming asset or business unit, or a positive change in industry fundamentals.

The Investment Manager believes that fundamental analysis can identify undervalued investment opportunities.  Substantial gains are possible whenever a security’s price does not accurately reflect future cash flow and earnings power or where current or future asset values have not been fully recognized.  The Investment Manager believes that risk can be managed through a careful selection process that focuses on the relationship between the actual market price of a security and the intrinsic value of which the security represents an interest.

The investment program of the Capital Appreciation Fund focuses on value.  The Investment Manager believes that value will typically be manifest in one of four ways: (1) inexpensive underlying assets as measured by analytical techniques such as private market value, replacement cost, or mark to market; (2) attractive corporate financial characteristics such as free cash flow yield, dividend yield and price/earnings (P/E) ratio; (3) depressed stock price (often known as contrarian investing); and (4) companies with growth characteristics selling substantially less expensive compared to their own history or other similar growers.  Suitable securities often look attractive on more than one measure of value.

Once a company is identified as a potential investment, the Investment Manager examines the capital structure to determine whether any attractive convertible securities are outstanding.  In general, convertible securities: (1) have higher yields than common stocks but lower yields than comparable non-convertible securities; (2) may be subject to less fluctuation in value than the underlying common stock because of their income and redemption features; and (3) provide potential for capital appreciation if the market price of the underlying common stock increases (and in those cases may be thought of as “equity substitutes”).  Because of the conversion feature, the price of a convertible security will normally vary in some proportion to changes in the price of the underlying common stock.  The underlying equity need not be a value situation if the Investment Manager believes that the downside is well protected by the bond-like characteristics of the particular convertible security.

The distressed securities in which the Capital Appreciation Fund may invest include all types of debt obligations, including corporate bonds, debentures, notes, municipal bonds and, to the extent permitted by applicable laws and regulations, securities issued by foreign issuers, including foreign governments.

The Fund may invest in restricted securities including, but not limited to, private placements of equity and/or debt securities of private companies.  In particular, the Fund may invest in unregistered securities which may be sold under Rule 144A of the Securities Act of 1933, as amended (“144A securities”).

In pursuit of its value-oriented strategy, the Capital Appreciation Fund may invest without regard to market capitalization.  The Capital Appreciation Fund may also engage in currency transactions as well as transactions involving the purchase and sale of options on securities and other types of derivatives.

Risk [Heading]

rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

The Capital Appreciation Fund is subject to various risks, any of which could cause an investor to lose money.  Losing all or a portion of your investment is a risk of investing in the Fund.  The following principal risks could affect the value of your investment.

The Capital Appreciation Fund’s investments in equity securities will expose the Fund to:

● Stock Market Risk, which is the chance that stock prices overall will decline.  Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.  When the stock market is subject to significant volatility, the risks associated with an investment in the Fund may increase. Markets may experience periods of high volatility and reduced liquidity and, during such periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices.

· Convertible Securities Risk, which is the risk that, with respect to a convertible security and prior to its conversion to equity, the price of the convertible security will normally vary with changes in the price of the underlying equity security, and the convertible security will generally offer interest or dividend yields that are lower than non-convertible debt securities of similar quality.

The Capital Appreciation Fund may invest in debt securities, which would expose the Fund to:

● Interest Rate Risk, which is the chance that the value of debt securities overall will decline because of rising interest rates. The Fund may be subject to heightened interest rate risk as the current period of historically low interest rates may be ending. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations, but increasing interest rates may have an adverse effect on the value of the Fund’s investment portfolio as a whole.

· Income Risk, which is the chance that the Capital Appreciation Fund’s income will decline because of falling interest rates.

· Credit Risk, which is the chance that a debt issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that debt to decline.

· High Yield Securities Risk, which is the risk that debt securities in the lower rating categories are subject to a greater probability of loss in principal and interest than higher-rated securities and are generally considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

The Capital Appreciation Fund may invest in foreign securities, which would expose the Fund to:

● Foreign Securities Risk, which is the risk associated with investments in foreign countries.  The following factors make foreign securities more volatile: political, economic and social instability; foreign securities may be harder to sell, brokerage commissions and other fees may be higher for foreign securities; and foreign companies may not be subject to the same disclosure and reporting standards as U.S. companies.

· Currency Risk, which is the risk that the value of foreign securities may be affected by changes in currency exchange rates.

The Capital Appreciation Fund may use derivatives, which would expose the Fund to:

· Derivatives Risk , which is the risk that the greater complexity involved with the use of derivatives may expose the Capital Appreciation Fund to greater risks and result in poorer overall performance. Investments in derivatives may be illiquid and difficult to price.

· Counterparty Risk, which is the risk that the other party to an agreement will default.

The Capital Appreciation Fund may invest in smaller and mid-sized companies, which would expose the Fund to:

· Smaller and Mid-Sized Companies Risk, which is the risk that the securities of such issuers may be comparatively more volatile in price than those of companies with larger capitalizations, and may lack the depth of management and established markets for their products and/or services that may be associated with investments in larger issuers.

The Capital Appreciation Fund may invest in value securities, which would expose the Fund to:

· Value Investing Risk, which is the risk that value securities may not increase in price as anticipated by the Investment Manager, and may even decline further in value, if other investors fail to recognize the company’s value, or favor investing in faster-growing companies, or if the events or factors that the Investment Manager believes will increase a security’s market value do not occur.

The Capital Appreciation Fund may invest in in restricted securities, which would expose the Fund to:

· Restricted Securities Risk, which is the risk thatrestricted securities may have terms that limit their resale to other investors or may require registration under applicable securities laws before they may be sold publicly.  It may not be possible to sell certain restricted securities at any particular time or at an acceptable price.

An investment in the Capital Appreciation Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Further discussion about other risks of investing in the Capital Appreciation Fund may be found in the “More Information on Investment Strategies, Related Risks and Disclosure of Portfolio Holdings” section of this prospectus.

Risk Lose Money [Text]

rr_RiskLoseMoney

The Capital Appreciation Fund is subject to various risks, any of which could cause an investor to lose money.

Risk Not Insured Depository Institution [Text]

rr_RiskNotInsuredDepositoryInstitution

An investment in the Capital Appreciation Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following performance information indicates some of the risks of investing in the Capital Appreciation Fund. The bar chart illustrates the variability of the Fund’s returns by showing changes in the Fund’s performance from year to year.  The table illustrates how the Fund’s average annual returns for 1-year, 5-year, 10-year, and since inception periods compare with the S&P 500^® Index, a broad measure of market performance. The S&P 500^® Index is a widely recognized, managed index of 500 of the largest companies in the United States as measured by market capitalization. The S&P 500 Index assumes reinvestment of all dividends and distributions.  Because an index cannot be invested in directly, the index returns do not reflect a deduction for fees, expenses or taxes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.  Updated performance information is available on the Fund’s website at www.prospectorfunds.com or by calling the Fund toll-free at 1-877-734-7862.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following performance information indicates some of the risks of investing in the Capital Appreciation Fund.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-877-734-7862

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.prospectorfunds.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.

Bar Chart [Heading]

rr_BarChartHeading

Capital Appreciation Fund Calendar Year Total Returns as of December 31

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

During the period of time shown in the bar chart, the Fund’s highest quarterly return was 16.65% for the quarter ended September 30, 2009, and the lowest quarterly return was -15.04% for the quarter ended September 30, 2008.

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Sep. 30, 2009

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

16.65%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest quarterly return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2008

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(15.04%)

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on your situation and may differ from those shown.  Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).

Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns (for the period ended December 31, 2017)

Prospector Capital Appreciation Fund | S&P 500® Index (reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

S&P 500® Index (reflects no deduction for fees, expenses or taxes)

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

21.83%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

15.79%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

8.50%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

7.88%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 28, 2007

Prospector Capital Appreciation Fund | No Classes

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

(2.00%)

Management Fees

rr_ManagementFeesOverAssets

1.10%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.05%

Other Expenses

rr_OtherExpensesOverAssets

0.88%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.03%

Fee Waiver and Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.72%)

^[2]

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement

rr_NetExpensesOverAssets

1.31%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 133

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

567

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,027

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 2,301

Annual Return 2008

rr_AnnualReturn2008

(26.67%)

Annual Return 2009

rr_AnnualReturn2009

30.74%

Annual Return 2010

rr_AnnualReturn2010

17.52%

Annual Return 2011

rr_AnnualReturn2011

(4.00%)

Annual Return 2012

rr_AnnualReturn2012

5.76%

Annual Return 2013

rr_AnnualReturn2013

19.10%

Annual Return 2014

rr_AnnualReturn2014

4.18%

Annual Return 2015

rr_AnnualReturn2015

(2.52%)

Annual Return 2016

rr_AnnualReturn2016

14.68%

Annual Return 2017

rr_AnnualReturn2017

11.38%

Label

rr_AverageAnnualReturnLabel

Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

11.38%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

9.09%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

5.86%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

5.67%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 28, 2007

Prospector Capital Appreciation Fund | No Classes | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

9.85%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

7.64%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

4.94%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

4.77%

Prospector Capital Appreciation Fund | No Classes | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Fund Shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

7.71%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

7.00%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

4.59%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

4.44%

[1] "Other Expenses" include acquired fund fees and expenses, which are incurred indirectly by the Fund as a result of its investing in securities issued by one or more investment companies. The Total Annual Fund Operating Expenses in the table above may not correlate to the Ratio of Expenses to Average Net Assets: Before Expense Reimbursement found within the "Financial Highlights" section of this prospectus, which does not include acquired fund fees and expenses.

[2] Prospector Partners Asset Management LLC (the "Investment Manager") has contractually agreed to waive a portion of its fees and/or pay Fund expenses (excluding interest, brokerage commissions and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement for the Fund to 1.30% of its average daily net assets (the "Expense Cap") through at least September 30, 2019. The Expense Cap may only be terminated or revised by the Board of Directors. The Investment Manager is permitted to recoup fee waivers and/or expense payments made in the prior three fiscal years from the date the fees were waived and/or Fund expenses were paid. This reimbursement may be requested by the Investment Manager if the aggregate amount actually paid by the Fund toward operating expenses for such fiscal year (taking into account the recoupment) does not exceed the Expense Cap at the time such reimbursement or waiver was made. For more information on the Expense Cap, see "Understanding Expenses."

XML

Prospector Opportunity Fund

Prospector Opportunity Fund

Investment Objective

The investment objective of the Opportunity Fund (the “Opportunity Fund” or the “Fund”) is 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 Opportunity Fund.

SHAREHOLDER FEES (fees paid directly from your investment

Shareholder Fees	Prospector Opportunity Fund No Classes
Redemption Fee (as a percentage of amount redeemed on shares held 60 days or less)	2.00%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses	Prospector Opportunity Fund No Classes
Management Fees	1.10%
Distribution and Service (12b-1) Fees	0.08%
Other Expenses	0.40%
Acquired Fund Fees and Expenses	0.02%	[1]
Total Annual Fund Operating Expenses	1.60%
Fee Waiver and Expense Reimbursement	(0.28%)	[2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement	1.32%

Example.

This Example is intended to help you compare the cost of investing in the Opportunity Fund with the cost of investing in other mutual funds.  The 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 Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Cap in the first year).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example	1 Year	3 Years	5 Years	10 Years
Prospector Opportunity Fund | No Classes | USD ($)	134	478	844	1,877

Portfolio Turnover.

The Opportunity 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.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Opportunity Fund invests primarily in a variety of equity and equity-related securities, including common stocks.  The Opportunity Fund attempts to buy investments priced to generate long-term total returns significantly above those of general stock indices and U.S. treasuries.  Using a value orientation, the Investment Manager invests in positions in the United States and other developed markets.  The Investment Manager’s investment strategy consists of bottom-up fundamental value analysis with an emphasis on balance sheet strength.  In evaluating potential investments, the Investment Manager considers qualitative factors, including quality of management, quality of product or service, overall franchise or brand value, composition of the board of directors, and the uniqueness of the business model.  The Investment Manager looks for the presence of catalysts to improve internal performance, such as a change in management, a new management incentive program closely linked to the price of the stock, the sale of an underperforming asset or business unit, or a positive change in industry fundamentals.

The Investment Manager believes that fundamental analysis can identify undervalued investment opportunities.  Substantial gains are possible whenever a security’s price does not accurately reflect future cash flow and earnings power or where current or future asset values have not been fully recognized.  The Investment Manager believes that risk can be managed through a careful selection process that focuses on the relationship between the actual market price of a security and the intrinsic value of which the security represents an interest.

The investment program of the Opportunity Fund focuses on value.  The Investment Manager believes that value will typically be manifest in one of four ways: (1) attractive corporate financial characteristics such as free cash flow yield, dividend yield and price/earnings (P/E) ratio; (2) inexpensive underlying assets as measured by analytical techniques such as private market value, replacement cost, or mark to market; (3) depressed stock price (often known as contrarian investing); and (4) companies with growth characteristics selling substantially less expensive compared to their own history or other similar growers.  Suitable securities often look attractive on more than one measure of value.

In pursuit of its value-oriented strategy, the Opportunity Fund may invest substantially in small and mid-cap companies.  For the purposes of this investment policy, small to mid-cap companies are defined as companies with market capitalizations at the time of purchase in the range of $150 million to $15 billion.  The Investment Manager believes that, within the small to mid-cap universe of equity securities, incremental returns can be achieved by combining a disciplined quantitative approach with traditional fundamental analysis.  The Opportunity Fund has no fixed ratio for small and mid-cap securities in its portfolio, and while its focus is on securities of U.S. companies, it may invest in securities of non-U.S. issuers as well.

The Opportunity Fund may also engage in currency transactions as well as transactions involving the purchase and sale of options on securities and other types of derivatives.

Principal Investment Risks

The Opportunity Fund is subject to various risks, any of which could cause an investor to lose money.  Losing all or a portion of your investment is a risk of investing in the Fund.  The following principal risks could affect the value of your investment.

The Opportunity Fund’s investments in equity securities will expose the Fund to:

● Stock Market Risk, which is the chance that stock prices overall will decline.  Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.  When the stock market is subject to significant volatility, the risks associated with an investment in the Fund may increase. Markets may experience periods of high volatility and reduced liquidity and, during such periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices.

The Opportunity Fund may invest in debt securities, which would expose the Fund to:

· Interest Rate Risk, which is the chance that the value of debt securities overall will decline because of rising interest rates. The Fund may be subject to heightened interest rate risk as the current period of historically low interest rates may be ending. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations, but increasing interest rates may have an adverse effect on the value of the Fund's investment portfolio as a whole.

· Income Risk, which is the chance that the Opportunity Fund’s income will decline because of falling interest rates; and

· Credit Risk, which is the chance that a debt issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that debt to decline.

The Opportunity Fund may invest in smaller and mid-sized companies, which would expose the Fund to:

· Smaller and Mid-Sized Companies Risk, which is the risk that the securities of such issuers may be comparatively more volatile in price than those of companies with larger capitalizations, and may lack the depth of management and established markets for their products and/or services that may be associated with investments in larger issuers.

The Opportunity Fund may invest in foreign securities, which would expose the Fund to:

· Foreign Securities Risk , which is the risk associated with investments in foreign countries.  The following factors make foreign securities more volatile: political, economic and social instability; foreign securities may be harder to sell, brokerage commissions and other fees may be higher for foreign securities; and foreign companies may not be subject to the same disclosure and reporting standards as U.S. companies.

· Currency Risk, which is the risk that the value of foreign securities may be affected by changes in currency exchange rates.

The Opportunity Fund may use derivatives, which would expose the Fund to:

· Derivatives Risk, which is the risk that the greater complexity involved with the use of derivatives may expose the Opportunity Fund to greater risks and result in poorer overall performance. Investments in derivatives may be illiquid and difficult to price.

· Counterparty Risk, which is the risk that the other party to an agreement will default.

The Opportunity Fund may invest in value securities, which would expose the Fund to:

· Value Investing Risk, which is the risk that value securities may not increase in price as anticipated by the Investment Manager, and may even decline further in value, if other investors fail to recognize the company’s value, or favor investing in faster-growing companies, or if the events or factors that the Investment Manager believes will increase a security’s market value do not occur.

An investment in the Opportunity Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Further discussion about other risks of investing in the Opportunity Fund may be found in the “More Information on Investment Strategies, Related Risks and Disclosure of Portfolio Holdings” section of this prospectus.

Performance

The following performance information indicates some of the risks of investing in the Opportunity Fund.  The bar chart illustrates the variability of the Fund’s returns by showing changes in the Fund’s performance from year to year.  The table illustrates how the Fund’s average annual returns for 1-year, 5-year, 10-year, and since inception periods compare with the Russell 2000^® Index, an index that is a broad measure of market performance, as well as the Russell Midcap^® Index, an index that reflects the types of securities in which the Fund invests.  The indices assume reinvestment of all dividends and distributions.  Because an index cannot be invested in directly, the returns of the indices do not reflect a deduction for fees, expenses or taxes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.  Updated performance information is available on the Fund’s website at www.prospectorfunds.com or by calling the Fund toll-free at 1-877-734-7862.

Opportunity Fund Calendar Year Total Returns as of December 31

During the period of time shown in the bar chart, the Fund’s highest quarterly return was 16.05% for the quarter ended September 30, 2009, and the lowest quarterly return was -13.15% for the quarter ended September 30, 2011.

Average Annual Total Returns (for the period ended December 31, 2017)

Average Annual Returns - Prospector Opportunity Fund	Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
No Classes	Return Before Taxes	10.33%	13.07%	9.69%	9.44%	Sep. 28, 2007
After Taxes on Distributions | No Classes	Return After Taxes on Distributions	8.67%	10.68%	8.33%	8.11%
After Taxes on Distributions and Sale of Fund Shares | No Classes	Return After Taxes on Distributions and Sale of Fund Shares	7.22%	10.08%	7.77%	7.58%
Russell 2000® Total Return Index (reflects no deduction for fees, expenses or taxes)	Russell 2000 ® Total Return Index (reflects no deduction for fees, expenses or taxes)	14.65%	14.12%	8.71%	7.88%	Sep. 28, 2007
Russell Midcap® Total Return Index (reflects no deduction for fees, expenses or taxes)	Russell Midcap ® Total Return Index (reflects no deduction for fees, expenses or taxes)	18.52%	14.96%	9.11%	8.46%	Sep. 28, 2007

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on your situation and may differ from those shown.  Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).

[1] Acquired Fund Fees and Expenses ("AFFE") are indirect fees and expenses the Fund incurs from investing in the shares of other mutual funds. The fees represent the Fund's pro rata portion of the cumulative expenses charged by the Acquired Funds and are not direct costs paid by Fund shareholders. The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets: Before Expense Reimbursement in the Financial Highlights of 1.30%, which reflects the operating expenses of the Fund and does not include AFFE.

[2] The Investment Manager has contractually agreed to waive a portion of its fees and/or pay Fund expenses (excluding interest, brokerage commissions and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement for the Opportunity Fund to 1.30% of its average daily net assets (the "Expense Cap") through at least September 30, 2019. The Expense Cap may only be terminated or revised by the Board of Directors. The Investment Manager is permitted to recoup fee waivers and/or expense payments made in the prior three fiscal years from the date the fees were waived and/or Fund expenses were paid. This reimbursement may be requested by the Investment Manager if the aggregate amount actually paid by the Opportunity Fund toward operating expenses for such fiscal year (taking into account the recoupment) does not exceed the Expense Cap. For more information on the Expense Cap, see "Understanding Expenses."

XML

Label

Element

Value

Prospector Opportunity Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Prospector Opportunity Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The investment objective of the Opportunity Fund (the “Opportunity Fund” or the “Fund”) is capital appreciation.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

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

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

SHAREHOLDER FEES (fees paid directly from your investment

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

Sep. 30, 2019

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover.

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Opportunity 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.  During the most recent fiscal year, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

26.00%

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets: Before Expense Reimbursement in the Financial Highlights of 1.30%, which reflects the operating expenses of the Fund and does not include AFFE.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example.

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Opportunity Fund with the cost of investing in other mutual funds.  The 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 Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the Expense Cap in the first year).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Under normal market conditions, the Opportunity Fund invests primarily in a variety of equity and equity-related securities, including common stocks.  The Opportunity Fund attempts to buy investments priced to generate long-term total returns significantly above those of general stock indices and U.S. treasuries.  Using a value orientation, the Investment Manager invests in positions in the United States and other developed markets.  The Investment Manager’s investment strategy consists of bottom-up fundamental value analysis with an emphasis on balance sheet strength.  In evaluating potential investments, the Investment Manager considers qualitative factors, including quality of management, quality of product or service, overall franchise or brand value, composition of the board of directors, and the uniqueness of the business model.  The Investment Manager looks for the presence of catalysts to improve internal performance, such as a change in management, a new management incentive program closely linked to the price of the stock, the sale of an underperforming asset or business unit, or a positive change in industry fundamentals.

The Investment Manager believes that fundamental analysis can identify undervalued investment opportunities.  Substantial gains are possible whenever a security’s price does not accurately reflect future cash flow and earnings power or where current or future asset values have not been fully recognized.  The Investment Manager believes that risk can be managed through a careful selection process that focuses on the relationship between the actual market price of a security and the intrinsic value of which the security represents an interest.

The investment program of the Opportunity Fund focuses on value.  The Investment Manager believes that value will typically be manifest in one of four ways: (1) attractive corporate financial characteristics such as free cash flow yield, dividend yield and price/earnings (P/E) ratio; (2) inexpensive underlying assets as measured by analytical techniques such as private market value, replacement cost, or mark to market; (3) depressed stock price (often known as contrarian investing); and (4) companies with growth characteristics selling substantially less expensive compared to their own history or other similar growers.  Suitable securities often look attractive on more than one measure of value.

In pursuit of its value-oriented strategy, the Opportunity Fund may invest substantially in small and mid-cap companies.  For the purposes of this investment policy, small to mid-cap companies are defined as companies with market capitalizations at the time of purchase in the range of $150 million to $15 billion.  The Investment Manager believes that, within the small to mid-cap universe of equity securities, incremental returns can be achieved by combining a disciplined quantitative approach with traditional fundamental analysis.  The Opportunity Fund has no fixed ratio for small and mid-cap securities in its portfolio, and while its focus is on securities of U.S. companies, it may invest in securities of non-U.S. issuers as well.

The Opportunity Fund may also engage in currency transactions as well as transactions involving the purchase and sale of options on securities and other types of derivatives.

Risk [Heading]

rr_RiskHeading

Principal Investment Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

The Opportunity Fund is subject to various risks, any of which could cause an investor to lose money.  Losing all or a portion of your investment is a risk of investing in the Fund.  The following principal risks could affect the value of your investment.

The Opportunity Fund’s investments in equity securities will expose the Fund to:

● Stock Market Risk, which is the chance that stock prices overall will decline.  Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.  When the stock market is subject to significant volatility, the risks associated with an investment in the Fund may increase. Markets may experience periods of high volatility and reduced liquidity and, during such periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices.

The Opportunity Fund may invest in debt securities, which would expose the Fund to:

· Interest Rate Risk, which is the chance that the value of debt securities overall will decline because of rising interest rates. The Fund may be subject to heightened interest rate risk as the current period of historically low interest rates may be ending. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations, but increasing interest rates may have an adverse effect on the value of the Fund's investment portfolio as a whole.

· Income Risk, which is the chance that the Opportunity Fund’s income will decline because of falling interest rates; and

· Credit Risk, which is the chance that a debt issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that debt to decline.

The Opportunity Fund may invest in smaller and mid-sized companies, which would expose the Fund to:

· Smaller and Mid-Sized Companies Risk, which is the risk that the securities of such issuers may be comparatively more volatile in price than those of companies with larger capitalizations, and may lack the depth of management and established markets for their products and/or services that may be associated with investments in larger issuers.

The Opportunity Fund may invest in foreign securities, which would expose the Fund to:

· Foreign Securities Risk , which is the risk associated with investments in foreign countries.  The following factors make foreign securities more volatile: political, economic and social instability; foreign securities may be harder to sell, brokerage commissions and other fees may be higher for foreign securities; and foreign companies may not be subject to the same disclosure and reporting standards as U.S. companies.

· Currency Risk, which is the risk that the value of foreign securities may be affected by changes in currency exchange rates.

The Opportunity Fund may use derivatives, which would expose the Fund to:

· Derivatives Risk, which is the risk that the greater complexity involved with the use of derivatives may expose the Opportunity Fund to greater risks and result in poorer overall performance. Investments in derivatives may be illiquid and difficult to price.

· Counterparty Risk, which is the risk that the other party to an agreement will default.

The Opportunity Fund may invest in value securities, which would expose the Fund to:

· Value Investing Risk, which is the risk that value securities may not increase in price as anticipated by the Investment Manager, and may even decline further in value, if other investors fail to recognize the company’s value, or favor investing in faster-growing companies, or if the events or factors that the Investment Manager believes will increase a security’s market value do not occur.

An investment in the Opportunity Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Further discussion about other risks of investing in the Opportunity Fund may be found in the “More Information on Investment Strategies, Related Risks and Disclosure of Portfolio Holdings” section of this prospectus.

Risk Lose Money [Text]

rr_RiskLoseMoney

The Opportunity Fund is subject to various risks, any of which could cause an investor to lose money.

Risk Not Insured Depository Institution [Text]

rr_RiskNotInsuredDepositoryInstitution

An investment in the Opportunity Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

The following performance information indicates some of the risks of investing in the Opportunity Fund.  The bar chart illustrates the variability of the Fund’s returns by showing changes in the Fund’s performance from year to year.  The table illustrates how the Fund’s average annual returns for 1-year, 5-year, 10-year, and since inception periods compare with the Russell 2000^® Index, an index that is a broad measure of market performance, as well as the Russell Midcap^® Index, an index that reflects the types of securities in which the Fund invests.  The indices assume reinvestment of all dividends and distributions.  Because an index cannot be invested in directly, the returns of the indices do not reflect a deduction for fees, expenses or taxes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.  Updated performance information is available on the Fund’s website at www.prospectorfunds.com or by calling the Fund toll-free at 1-877-734-7862.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

The following performance information indicates some of the risks of investing in the Opportunity Fund.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-877-734-7862

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.prospectorfunds.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

The Fund’s past performance, before and after taxes, is not necessarily an indication of how it will perform in the future.

Bar Chart [Heading]

rr_BarChartHeading

Opportunity Fund Calendar Year Total Returns as of December 31

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

During the period of time shown in the bar chart, the Fund’s highest quarterly return was 16.05% for the quarter ended September 30, 2009, and the lowest quarterly return was -13.15% for the quarter ended September 30, 2011.

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest quarterly return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Sep. 30, 2009

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

16.05%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest quarterly return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2011

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(13.15%)

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on your situation and may differ from those shown.  Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).

Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns (for the period ended December 31, 2017)

Prospector Opportunity Fund | Russell 2000® Total Return Index (reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Russell 2000 ® Total Return Index (reflects no deduction for fees, expenses or taxes)

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

14.65%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

14.12%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

8.71%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

7.88%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 28, 2007

Prospector Opportunity Fund | Russell Midcap® Total Return Index (reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Russell Midcap ® Total Return Index (reflects no deduction for fees, expenses or taxes)

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

18.52%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

14.96%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

9.11%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

8.46%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 28, 2007

Prospector Opportunity Fund | No Classes

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

(2.00%)

Management Fees

rr_ManagementFeesOverAssets

1.10%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.08%

Other Expenses

rr_OtherExpensesOverAssets

0.40%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.02%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.60%

Fee Waiver and Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.28%)

^[2]

Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement

rr_NetExpensesOverAssets

1.32%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 134

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

478

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

844

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 1,877

Annual Return 2008

rr_AnnualReturn2008

(19.14%)

Annual Return 2009

rr_AnnualReturn2009

26.10%

Annual Return 2010

rr_AnnualReturn2010

16.94%

Annual Return 2011

rr_AnnualReturn2011

(0.21%)

Annual Return 2012

rr_AnnualReturn2012

14.63%

Annual Return 2013

rr_AnnualReturn2013

27.25%

Annual Return 2014

rr_AnnualReturn2014

7.36%

Annual Return 2015

rr_AnnualReturn2015

1.33%

Annual Return 2016

rr_AnnualReturn2016

21.02%

Annual Return 2017

rr_AnnualReturn2017

10.33%

Label

rr_AverageAnnualReturnLabel

Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

10.33%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

13.07%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

9.69%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

9.44%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Sep. 28, 2007

Prospector Opportunity Fund | No Classes | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

8.67%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

10.68%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

8.33%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

8.11%

Prospector Opportunity Fund | No Classes | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Fund Shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

7.22%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

10.08%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

7.77%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

7.58%

[1] Acquired Fund Fees and Expenses ("AFFE") are indirect fees and expenses the Fund incurs from investing in the shares of other mutual funds. The fees represent the Fund's pro rata portion of the cumulative expenses charged by the Acquired Funds and are not direct costs paid by Fund shareholders. The Total Annual Fund Operating Expenses do not correlate to the Ratio of Expenses to Average Net Assets: Before Expense Reimbursement in the Financial Highlights of 1.30%, which reflects the operating expenses of the Fund and does not include AFFE.

[2] The Investment Manager has contractually agreed to waive a portion of its fees and/or pay Fund expenses (excluding interest, brokerage commissions and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement for the Opportunity Fund to 1.30% of its average daily net assets (the "Expense Cap") through at least September 30, 2019. The Expense Cap may only be terminated or revised by the Board of Directors. The Investment Manager is permitted to recoup fee waivers and/or expense payments made in the prior three fiscal years from the date the fees were waived and/or Fund expenses were paid. This reimbursement may be requested by the Investment Manager if the aggregate amount actually paid by the Opportunity Fund toward operating expenses for such fiscal year (taking into account the recoupment) does not exceed the Expense Cap. For more information on the Expense Cap, see "Understanding Expenses."

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Prospectus Date	rr_ProspectusDate	Apr. 27, 2018