Performance for the Longleaf Partners Funds

†During the inception year for the Partners Fund, the S&P 500 was available only at month-end; therefore the S&P 500 value at 3/31/87 was used to calculate performance since inception.  Net returns for the FTSE Developed ex-North America Index are not available for calendar years 1998 – 2003; therefore the since inception and 1998 – 2003 calendar year Index returns are gross returns. All other periods presented for this index are net returns.

Returns reflect reinvested capital gains and dividends but not the deduction of taxes an investor would pay on distributions or share redemptions. The performance data quoted represents past performance and is no guarantee of future results. The return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance quoted.

Before investing in any Longleaf Partners fund, you should carefully consider the Fund’s investment objectives, risks, charges, and expenses. The Prospectus and Summary Prospectus contain this and other important information, please read them carefully before investing.

Risks
The Longleaf Partners Fund is subject to stock market risk, meaning stocks in the Fund may fluctuate in response to developments at individual companies or due to general market and economic conditions. Also, because the Fund generally invests in 15 to 25 companies, share value could fluctuate more than if a greater number of securities were held. Smaller company stocks held may be more volatile than those of larger companies. The total expense ratio for the Longleaf Partners Fund is 1.05% (gross) and 0.79% (net). Southeastern has contractually committed to limit operating expenses (excluding interest, taxes, brokerage commissions and extraordinary expenses) to 0.79% of average net assets per year. This agreement is in effect through at least April 30, 2026 and may not be terminated before that date without Board approval. The total expense ratio for the Longleaf Partners Small-Cap Fund is 1.07% (gross)/0.95% (net).  Southeastern has contractually committed to limit operating expenses (excluding interest, taxes, brokerage commissions and extraordinary expenses) to 0.95% of average net assets per year.  This agreement is in effect through at least April 30, 2026 and may not be terminated before that date without Board approval.  Investing in non-U.S. securities may entail risk due to non-US economic and political developments, exposure to non-US currencies, and different accounting and financial standards. These risks may be higher when investing in emerging markets. The total expense ratio for the Longleaf Partners Global Fund is 1.35% (gross) and 1.05% (net). Southeastern has contractually committed to limit operating expenses (excluding interest, taxes, brokerage commissions and extraordinary expenses) to 1.05% of average net assets per year. This agreement is in effect through at least April 30, 2026 and may not be terminated before that date without Board approval. The total expense ratio for the Longleaf Partners International Fund is 1.27% (gross) and 1.05% (net). Southeastern has contractually committed to limit operating expenses (excluding interest, taxes, brokerage commissions and extraordinary expenses) to 1.05% of average net assets per year. This agreement is in effect through at least April 30, 2026 and may not be terminated before that date without Board approval.

The Small-Cap Fund was managed by a different portfolio manager prior to 3/31/91.

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