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 |