GoodHaven Funds Trust NPORT-P GoodHaven Fund (Aug 2020 report)

GoodHaven Fund
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited)
Shares			COMMON STOCKS - 82.2%		Value
			Banks-Diversified - 3.1%
		65,000	Bank of America Corp.		$	1,673,100
		8,000	JPMorgan Chase & Co.			801,520
						2,474,620
			Capital Markets - 2.0%
		45,000	KKR & Co, Inc.			1,611,900
			Computer Hardware - 1.3%
		51,400	HP Inc.			1,004,870
			Computer Software - 10.9%
		5,310	Alphabet Inc. - Class C1			8,677,496
			Consumer Products - 2.2%
		29,464	Spectrum Brands Holdings, Inc.			1,756,054
			Diversified Holding Companies - 13.7%
		50,200	Berkshire Hathaway Inc. - Class B1			10,945,608
			Financial Services - 8.2%
		33,555	Brookfield Asset Management, Inc. - Class A			1,132,146
		14,143	Federated Hermes, Inc. - Class B			338,159
		292,512	Jefferies Financial Group Inc.			5,130,661
						6,600,966
			General Building Materials - 5.0%
		129,400	Builders FirstSource, Inc.1			3,962,228
			Home Builder - 3.8%
		51,946	Lennar Corporation - Class B			3,080,398
			Industrial Conglomerate - 1.0%
		14,000	EXOR NV			825,318
			Industrial Supplies - 0.9%
		32,805	Systemax Inc.			727,943
			Marine Services & Equipment - 0.4%
		33,105	Stolt-Nielsen Ltd.			324,013
			Metals & Mining - 9.8%
		264,650	Barrick Gold Corp.			7,846,872
			Oil & Gas Equipment & Services - 1.1%
		81,200	TerraVest Industries, Inc.			913,255
			Oil & Gas Exploration & Production - 7.3%
		1,403,100	Birchcliff Energy Ltd.			1,721,133
		75,667	Hess Midstream LP - Class A			1,337,792
		500,046	WPX Energy, Inc.1			2,780,256
						5,839,181
			Property/Casualty Insurance - 6.0%
		5,700	Alleghany Corp.			3,160,992
		17,000	The Progressive Corp.			1,615,680
						4,776,672
			Real Estate - 3.9%
		114,000	STORE Capital Corp. - REIT			3,082,560
			Utilities - 1.6%
		135,000	PG&E Corp. 1			1,250,100
			TOTAL COMMON STOCKS
			(Cost $47,062,445)			65,700,054
			PREFERRED STOCKS - 1.7%
			Government Agency - 1.7%
		7,750	Federal National Mortgage Association, Series E, 5.100% 1,2,3			104,625
		19,980	Federal National Mortgage Association, Series R, 7.625% 1,3			162,637
		27,846	Federal National Mortgage Association, Series S, 8.250% 1,3,4			258,132
		101,581	Federal National Mortgage Association, Series T, 8.250% 1,3			868,518
						1,393,912
			TOTAL PREFERRED STOCKS
			(Cost $1,351,376)			1,393,912
Principal Amount			U.S. GOVERNMENT SECURITIES - 15.0%
			United States Treasury Bills - 15.0%
	$	6,500,000	0.152% due 10/1/2020 5			6,499,499
		2,000,000	0.090% due 12/10/2020 5			1,999,430
		3,500,000	0.085% due 12/17/2020 5			3,498,934
						11,997,863
			TOTAL U.S. GOVERNMENT SECURITIES
			(Cost $11,997,794)			11,997,863
			MISCELLANEOUS SECURITIES - 0.5%6,7	Notional Amount
			TOTAL MISCELLANEOUS SECURITIES
			(Cost $479,697)	$         12,924,470		367,260
			Total Investments
			(Cost $60,891,312) - 99.4%			79,459,089
			Cash and Other Assets in Excess of Liabilities - 0.6%			496,525
			TOTAL NET ASSETS - 100.0%		$	79,955,614

REIT -	Real Estate Investment Trust
1	Non-income producing security.
2	A portion of this security is considered illiquid. As of August 31, 2020, the value of illiquid securities was $29,893 or 0.04% of net assets.
3	Perpetual maturity.
4	Variable rate dividend; rate shown is rate of last dividend.
5	Rate represents the annualized yield to maturity from the purchase price.
6	Represents previously undisclosed securities which the Fund has held for less than one year.
7	Notional amount represented related to derivatives only.

GoodHaven Fund

Summary of Fair Value Exposure at August 31, 2020 (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, 2020. See the Schedule of Investments for industry and security type breakouts.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	65,700,054	$	–	$	–	$	65,700,054
Preferred Stocks		1,393,912		–		–		1,393,912
U.S. Government Securities		–		11,997,863		–		11,997,863
Miscellaneous Securities		–		367,260		–		367,260
Total Investments	$	67,093,966	$	12,365,123	$	–	$	79,459,089