GoodHaven Fund

GoodHaven Fund 2016 Semi-Annual Letter

GoodHaven Fund semi-annual letter to shareholders for the period ended May 31, 2016.

Dear Fellow Shareholders of the GoodHaven Fund (the “Fund”):

Despite a poor December following the end of our fiscal year, we have seen conditions change, with a significant bounce in some of our larger holdings leading to much better performance in recent months. For the calendar year-to-date through May 31st, the Fund has gained 11.67% compared to a gain of 3.57% for the S&P 500 Index assuming reinvestment of dividends, a positive trend that has continued in June through the . . .

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