NPORT-EX 2 goodhaven3.htm GOODHAVEN FUND 8.31.22 PART F

GoodHaven Fund
  
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited)
  
                   
Shares
 
COMMON STOCKS - 88.2%
 
 
 
  
Value
  
   
Banks-Diversified - 3.6%
            
 
         80,000
  
Bank of America Corp.
       $
          2,688,800
  
 
           8,000
  
JPMorgan Chase & Co.
        
               909,840
  
               
            3,598,640
  
                   
   
Capital Markets - 9.8%
            
 
           6,300
  
The Goldman Sachs Group, Inc.
        
            2,095,821
  
 
       242,512
  
Jefferies Financial Group, Inc.
        
            7,782,210
  
               
            9,878,031
  
                   
   
Diversified Holding Companies - 14.0%
            
 
         50,200
  
Berkshire Hathaway Inc. - Class B 1
        
          14,096,160
  
                   
   
General Building Materials - 5.8%
            
 
         99,400
  
Builders FirstSource, Inc. 1
        
            5,825,834
  
                   
   
Home Builder - 3.5%
            
 
         56,484
  
Lennar Corporation - Class B
        
            3,483,933
  
                   
   
Industrial Conglomerate - 4.1%
            
 
         68,226
  
EXOR NV
        
            4,131,668
  
                   
   
Interactive Media & Services - 13.8%
            
 
       106,200
  
Alphabet Inc. - Class C 1
        
          11,591,730
  
 
         13,800
  
Meta Platforms, Inc. - Class A 1
        
            2,248,434
  
               
          13,840,164
  
                   
   
Internet & Direct Marketing Retail - 1.1%
            
 
         12,000
  
Alibaba Group Holding Ltd. 1
        
            1,144,920
  
                   
   
Investment Management - 5.3%
            
 
         36,555
  
Brookfield Asset Management, Inc. - Class A
        
            1,758,661
  
 
              252
  
Brookfield Asset Management Reinsurance Partners Ltd. 1
        
                 12,134
  
 
         70,000
  
KKR & Co, Inc.
        
            3,539,200
  
               
            5,309,995
  
                   
     
Machinery, Equipment, and Supplies Merchant Wholesalers - 1.4%
            
 
         47,805
  
Global Industrial Co.
        
            1,437,974
  
                   
     
Metals & Mining - 1.0%
            
 
         68,650
  
Barrick Gold Corp.
        
            1,019,453
  
                   
     
Mortgage Banking - 0.9%
            
 
         85,011
  
Guild Holdings Co. - Class A 1
        
               844,159
  
                   
     
Oil & Gas Equipment & Services - 2.8%
            
 
       148,200
  
TerraVest Industries, Inc.
        
            2,843,598
  
                   
     
Oil & Gas Exploration & Production - 5.9%
            
 
         84,161
  
Devon Energy Corp.
        
            5,943,450
  
                   
     
Oil & Gas Infrastructure - 2.1%
            
 
         75,667
  
Hess Midstream LP - Class A
        
            2,142,133
  
                   
     
Property/Casualty Insurance - 4.3%
            
 
         35,000
  
The Progressive Corp.
        
            4,292,750
  
                   
     
Real Estate - 4.9%
            
 
       183,000
  
STORE Capital Corp. - REIT
        
            4,937,340
  
                   
     
Specialty Retail - 3.9%
            
 
         42,000
  
Academy Sports & Outdoors, Inc.
        
            1,809,360
  
 
           8,100
  
RH 1
        
            2,072,871
  
               
            3,882,231
  
                   
     
TOTAL COMMON STOCKS
        
 
  
     
(Cost $53,065,203)
        
          88,652,433
  
                   
 
 
 
PREFERRED STOCKS - 1.0%
 
 
 
  
 
  
     
Government Agency - 1.0%
            
 
         31,037
  
Federal National Mortgage Association, Series N, 5.500% 1,2
        
               133,769
  
 
           7,750
  
Federal National Mortgage Association, Series E, 5.100% 1,2
        
                 34,875
  
 
         69,980
  
Federal National Mortgage Association, Series R, 7.625% 1,2
        
               181,948
  
 
       216,881
  
Federal National Mortgage Association, Series T, 8.250% 1,2
        
               631,124
  
               
               981,716
  
                   
     
TOTAL PREFERRED STOCKS
        
 
  
     
(Cost $929,908)
        
               981,716
  
                   
                   
 
 
 
SHORT-TERM INVESTMENTS - 1.1%
 
 
 
  
 
  
     
Money Market Deposit Account - 1.1%
            
 
    1,104,000
  
U.S. Bank Money Market Deposit Account, 2.000% 3
        
            1,104,000
  
                   
     
TOTAL SHORT-TERM INVESTMENTS (Cost $1,104,000)
        
            1,104,000
  
                   

Amount
 
U.S. GOVERNMENT SECURITIES - 10.1%
 
 
 
  
 
  
     
United States Treasury Bills - 10.1%
            
$
      350,000
  
0.000% due 11/3/2022 4
        
               348,396
  
 
    9,850,000
  
0.000% due 12/1/2022 4
        
            9,778,631
  
               
          10,127,027
  
                   
     
TOTAL U.S. GOVERNMENT SECURITIES
            
     
(Cost $10,146,142)
        
          10,127,027
  
                   
 
 
 
MISCELLANOUS SECURITIES - 0.0% 5,6,7
 
Notional Value
 
  
 
  
     
TOTAL MISCELLANOUS SECURITIES
            
     
(Cost $182,419)
  
 $          1,819,125
    
                 45,188
  
                   
     
Total Investments
            
     
(Cost $65,484,530) - 100.4%
        
        100,910,364
  
     
Liabilities in Excess of Other Assets - (0.4)%
        
             (374,975)
  
     
TOTAL NET ASSETS - 100.0%
       $
      100,535,389
  
 
                  
   
REIT
Real Estate Investment Trust
            
   
1
Non-income producing security.
            
   
2
Perpetual maturity.
            
   
3
The Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of August 31, 2022.
            
   
4
Rate represents the annualized effective yield to maturity from the purchase price.
            
   
5
Represents unrestricted previously undisclosed exchange-traded purchased options which the Fund has held for less than one year.
            
   
6
Notional value related to derivatives only.
            
   
7
Does not round to (0.01)% or 0.01%.
            


GoodHaven Fund
  
Summary of Fair Value Exposure at August 31, 2022 (Unaudited)
  
           
The 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 spreads, 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 following is a summary of the inputs used to value the Fund's investments as of August 31, 2022. See the Schedule of Investments for industry breakouts.
  

Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments at Fair Value
                        
Assets
                        
Common Stocks
  
$
88,652,433
    
$
–
    
$
–
    
$
88,652,433
  
Preferred Stocks
    
981,716
      
–
      
–
      
981,716
  
Short-Term Investments
    
1,104,000
      
–
      
–
      
1,104,000
  
United States Government Securities
    
–
      
10,127,027
      
–
      
10,127,027
  
Miscellaneous Securities
    
–
      
45,188
      
–
      
45,188
  
Total Investments in Securities
  
$
90,738,149
    
$
10,172,215
    
$
–
    
$
100,910,364