NPORT-EX 2 goodhaven-soi.htm NPORT-EX

GoodHaven Fund
  
Schedule of Investments
  
August 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 88.7%
  
Shares
    
Value
 
Automobile Retailers - 2.0%
        
Asbury Automotive Group, Inc. (a)
    
21,003
    
$
5,283,095
  
                 
Banks-Diversified - 7.0%
          
Bank of America Corp.
    
319,500
      
16,211,430
  
JPMorgan Chase & Co.
    
8,000
      
2,411,360
  
             
18,622,790
  
                 
Capital Markets - 5.9%
          
Jefferies Financial Group, Inc.
    
242,512
      
15,726,903
  
                 
Diversified Holding Companies - 16.1%
          
Berkshire Hathaway, Inc. - Class B (a)
    
85,800
      
43,155,684
  
                 
General Building Materials - 5.1%
          
Builders FirstSource, Inc. (a)
    
99,400
      
13,784,792
  
                 
Home Builder - 5.2%
          
Lennar Corp. - Class B
    
93,762
      
11,924,651
  
Toll Brothers, Inc.
    
15,000
      
2,085,000
  
             
14,009,651
  
                 
Industrial Conglomerate - 5.8%
          
EXOR NV
    
156,362
      
15,667,847
  
                 
Interactive Media & Services - 6.7%
          
Alphabet, Inc. - Class C
    
84,200
      
17,979,226
  
                 
Investment Management - 7.7%
          
Brookfield Corp.
    
154,548
      
10,156,895
  
KKR & Co., Inc.
    
75,000
      
10,461,750
  
             
20,618,645
  
                 
Mortgage Banking - 0.6%
          
Guild Holdings Co. - Class A
    
81,571
      
1,624,079
  
                 
Oil & Gas Equipment & Services - 6.2%
          
TerraVest Industries, Inc.
    
158,300
      
16,617,840
  
                 
Oil & Gas Exploration & Production - 8.4%
          
Devon Energy Corp.
    
329,161
      
11,882,712
  
Vitesse Energy, Inc.
    
399,814
      
10,639,051
  
             
22,521,763
  
                 
Oil & Gas Infrastructure - 1.2%
          
Hess Midstream LP - Class A
    
75,667
      
3,117,480
  
                 
Property/Casualty Insurance - 7.2%
          
Chubb Ltd.
    
38,500
      
10,590,195
  
The Progressive Corp.
    
35,000
      
8,647,100
  
             
19,237,295
  
                 
Technology Distributors - 3.6%
          
Arrow Electronics, Inc. (a)
    
76,438
      
9,656,412
  
TOTAL COMMON STOCKS (Cost $116,034,743)
      
237,623,502
  
                 
PREFERRED STOCKS - 2.0%
  
Shares
    
Value
 
Government Agency - 2.0%
          
Federal National Mortgage Association
    
–
    
$
–
  
Series N, 5.50%, Perpetual
    
31,037
      
835,671
  
Series R, 7.63%, Perpetual
    
69,980
      
1,063,696
  
Series T, 8.25%, Perpetual
    
216,881
      
3,496,122
  
TOTAL PREFERRED STOCKS (Cost $820,675)
      
5,395,489
  
                 
WARRANTS - 1.8%
  
Contracts
    
Value
 
Oil & Gas Exploration & Production - 1.8%
          
Occidental Petroleum Corp., Expires 08/03/2027, Exercise Price $22.00 (a)
    
183,522
      
4,676,140
  
TOTAL WARRANTS (Cost $6,163,423)
      
4,676,140
  
                 
SHORT-TERM INVESTMENTS - 5.6%
  
Par
    
Value
 
U.S. Treasury Bills - 5.6%
                
4.27%, 09/16/2025 (b)
    
2,500,000
      
2,495,864
  
4.27%, 10/16/2025 (b)
    
2,500,000
      
2,487,304
  
4.16%, 11/13/2025 (b)
    
10,000,000
      
9,918,700
  
TOTAL SHORT-TERM INVESTMENTS (Cost $14,898,857)
      
14,901,868
  
                 
TOTAL INVESTMENTS - 98.1% (Cost $137,917,698)
      
262,596,999
  
Money Market Deposit Account - 1.8% (c)
      
4,878,312
  
Other Assets in Excess of Liabilities - 0.1%
      
298,074
  
TOTAL NET ASSETS - 100.0%
          
$
267,773,385
  
Two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
Non-income producing security.
(b)
The rate shown is the annualized yield as of August 31, 2025.
(c)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of August 31, 2025 was 4.11%.

GoodHaven Fund
Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)

GoodHaven Fund (the "Fund") utilizes various methods to measure the fair value of most of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
 
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 based on the best information available.
 
The following is a summary of the inputs used to value the Fund’s investments as of August 31, 2025.
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
237,623,502
    
$
–
    
$
–
    
$
237,623,502
  
  Preferred Stocks
    
4,559,818
      
835,671
      
–
      
5,395,489
  
  Warrants
    
4,676,140
      
–
      
–
      
4,676,140
  
  Short-Term Investments
    
–
      
14,901,868
      
–
      
14,901,868
  
Total Investments
  
$
246,859,460
    
$
15,737,539
    
$
–
    
$
262,596,999
  
   
Refer to the Schedule of Investments for the industry and security type breakouts.