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Longleaf Partners Fund Quarterly Commentary

2Q 2022 Partners Fund Portfolio Manager Review

July 2022


Commentary in the video is based on data as of 6/30/2022.

Current and future holdings are subject to risk and past performance is no guarantee of future results.

Content should not be copied, distributed, published, or reproduced, in whole or in part. Information presented herein is for discussion and illustrative purposes only and is not a recommendation or an offer or solicitation to buy or sell any securities. Securities identified do not represent all of the securities purchased, sold, or recommended to advisory clients. The views and opinions expressed by the Southeastern Asset Management speaker are their own as of the date of the recording. Any such views are subject to change at any time based upon market or other conditions and Southeastern Asset Management disclaims any responsibility to update such views. These views should not be relied on as investment advice, and because investment decisions are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Southeastern Asset Management product. Neither Southeastern Asset Management nor the speaker can be held responsible for any direct or incidental loss incurred by applying any of the information offered.

Investing in securities that meet ESG criteria may result in the fund forgoing otherwise attractive opportunities, which may result in underperformance when compared to funds that do not consider ESG factors.

The prospectus expense ratio before waivers is 1.00%. Effective August 12, 2019, 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 October 31, 2023 and may not be terminated before that date without Board approval.

Top 10 holdings for each Fund, as of the most recent quarter end, can be found at the following links: Partners Fund, Small-Cap Fund, International Fund, Global Fund.

View performance information and 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. The Prospectus and Summary Prospectus can be accessed here: Partners FundSmall-Cap FundInternational FundGlobal Fund. Past performance does not guarantee future results. Please click here for definitions of certain terms used.

Longleaf Partners Funds are distributed by ALPS Distributors, Inc.  There is no affiliation between Southeastern Asset Management and ALPS

P/V (“price to value”) is a calculation that compares the prices of the stocks in a portfolio to Southeastern’s appraisal of their intrinsic values. The ratio represents a single data point about a stock and should not be construed as something more. P/V does not guarantee future results, and we caution investors not to give this calculation undue weight.

The Funds are subject to stock market risk, meaning stocks in a Fund may fluctuate in response to developments at individual companies or due to general market and economic conditions. Also, because the Funds generally invest in 15 to 25 companies, share value could fluctuate more than if a greater number of securities were held. As it relates to the Partners Fund, mid-cap stocks held may be more volatile than those of larger companies. As it relates to the Small-Cap Fund, smaller company stocks may be more volatile with less financial resources than those of larger companies. As it relates to the International and Global Funds, investing in non-US 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.