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 | |||||||
Special Realty - 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 |