During the inception year, the S&P 500 and EAFE Index were available only at month-end; therefore the S&P 500 value at 3/31/87 and the EAFE value at 10/31/98 were used to calculate performance since inception.

Fund returns include reinvested dividends and distributions, but do not reflect the reduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Returns of the unmanaged and unhedged indices include reinvested dividends and distributions. Prior to 2010, the Partners and International Funds used currency hedging as an investment strategy. Current performance may be lower or higher than the performance quoted. View the Prospectus and Summary Prospectus which should be read carefully before investing to learn about the investment objectives, risks, charges and expenses of the Longleaf Partners Funds. Past performance is no guarantee of future results, fund prices fluctuate, and the value of an investment at redemption may be worth more or less than the purchase price.

The risks associated with an investment in the Longleaf Partners Funds are detailed on pages 15 through 17 of the Prospectus. These risks include stock market risk, investment selection risk, corporate ownership risk, non-diversification risk, non-US investment risk, focused geographic risk (International Fund), small-cap risk (Small-Cap Fund) and derivatives risk.

S&P 500® is a trademark of The McGraw-Hill Companies, Inc.

Russell® is a trademark of Russell Investment Group.

MSCI World and MSCI EAFE are service marks of MSCI Barra.