Longleaf Partners Fund

LLPFX

Quarter-End Performance at 6/30/14

Quarter-End Performance at 6/30/14

Fund / Index 1 MO QTR YTD 1 YR 3 YR 5 YR 10 YR 20 YR Incept †
  Total Returns Average Annual Returns
Partners Fund 2.15 6.80 7.08 29.06 13.27 18.53 6.45 10.47 11.59
S&P 500 Index 2.07 5.23 7.14 24.61 16.58 18.83 7.78 9.79 9.70
    Cumulative Returns
Partners Fund       29.06 45.34 133.96 86.87 633.13 1882.39
S&P 500 Index       24.61 58.46 136.98 111.59 547.08 1146.90

Calendar Year Total Returns

Year Fund S&P 500 Index
2013 32.12 32.39
2012 16.53 16.00
2011 -2.85 2.11
2010 17.89 15.06
2009 53.60 26.46
2008 -50.60 -37.00
2007 -0.44 5.49
2006 21.63 15.79
2005 3.62 4.91
2004 7.14 10.88
2003 34.80 28.68
2002 -8.34 -22.10
2000 20.60 -9.10
1998 14.28 28.58
1996 21.02 22.96
1994 8.96 1.32
1992 20.47 7.62
1990 -16.35 -3.10
1988 35.19 16.61
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The inception date is 4/8/87. During the inception year, the S&P 500 Index was available only at month-end; therefore the S&P 500 value at 3/31/87 was used to calculate performance since inception.

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 the Prospectus and Summary Prospectus 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. Mid-cap stocks held may be more volatile than those of larger companies. The total expense ratio for the Longleaf Partners Fund is 0.91%. The expense ratio is subject to a fee waiver to the extent the Fund’s normal operating expenses exceed 1.5% of average annual net assets.

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

Daily Price at 8/19/14

Fund Ticker Inception Date Price $ Change % Change YTD Return
Partners Fund LLPFX 4/8/87 35.32 0.14 0.40 4.65