Longleaf Partners International Fund

LLINX

Quarter-End Performance at 3/31/14

Quarter-End Performance at 3/31/14

Fund / Index 1 MO 1Q YTD 1 YR 3 YR 5 YR 10 YR 20 YR Incept †
  Total Returns Average Annual Returns
International Fund 0.27 3.01 3.01 23.13 7.43 16.07 5.45 N/A 9.47
MSCI EAFE Index -0.64 0.66 0.66 17.56 7.21 16.02 6.53 N/A 5.06
    Cumulative Returns
International Fund       23.13 23.98 110.71 70.06 N/A 303.72
MSCI EAFE Index       17.56 23.24 110.17 88.22 N/A 114.01

Calendar Year Total Returns

Year Fund MSCI EAFE Index
2013 28.14 22.78
2012 21.23 17.32
2011 -20.29 -12.14
2010 13.69 7.75
2009 23.17 31.78
2008 -39.60 -43.38
2007 15.29 11.17
2006 17.07 26.34
2005 12.88 13.54
2004 10.21 20.25
2003 41.52 38.59
2002 -16.51 -15.94
2000 25.93 -14.17
1998† 9.02 9.27
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Inception date is 10/26/98. During the inception year, the EAFE Index was available only at month-end; therefore the EAFE value at 10/31/98 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 International 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.  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 International Fund is 1.23%. The expense ratio is subject to a fee waiver to the extent the Fund’s normal operating expenses exceed 1.75% of average annual net assets.

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

Daily Price at 4/22/14

Fund Ticker Inception Date Price $ Change % Change YTD Return
International Fund LLINX 10/26/98 18.80 0.10 0.53 4.79