Longleaf Partners Fund

Longleaf Partners Fund

Top Holdings at 3/31/17

Holding Country Industry Percent
FedEx United States Air Freight & Logistics 10.1
Level 3 Communications United States Diversified Telecommunication Services 10.1
Alphabet United States Internet Software & Services 7.0
CK Hutchison Hong Kong Industrial Conglomerates 6.7
Wynn Resorts United States Hotels, Restaurants & Leisure 6.7
CONSOL Energy United States Oil, Gas & Consumable Fuels 5.7
LafargeHolcim Switzerland Construction Materials 4.9
United Technologies United States Aerospace & Defense 4.9
CNH Industrial Netherlands Machinery 4.8
Cheung Kong Property Hong Kong Real Estate Management & Development 4.6
Total 65.5

Portfolio Composition at 3/31/17

 Equities & Other 75.8
 Bonds 0.0
 Cash 24.2
Total 100.0%

Sector Composition at 3/31/17

 Industrials 26.5
 Consumer Discretionary 10.9
 Telecommunication Services 10.1
 Energy 9.5
 Information Technology 7.0
 Materials 4.9
 Real Estate 4.6
 Financials 2.3
 Cash 24.2
Total 100.0%

Primary Contributors to Return

1/1/17 to 3/31/17
Holding Percent
Wynn Resorts 1.99
CNH Industrial 0.61
LafargeHolcim 0.60

Primary Detractors to Return

1/1/17 to 3/31/17
Holding Percent
Chesapeake Energy -0.70
Ralph Lauren -0.62
CONSOL Energy -0.50

View current month-end performance 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.

The above holdings do not represent all of the securities purchased, sold, or recommended for the Fund. Discussion of particular investments is not a recommendation to buy or sell any security and holdings are subject to change.

The information above contains links to sites not controlled or maintained by Longleaf or Southeastern. The links do not imply any endorsement or verification of the information on those websites.