Longleaf Partners Small-Cap Fund

LLSCX

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
Small-Cap Fund 2.96 3.87 9.24 24.00 16.18 23.77 10.75 13.21 11.58
Russell 2000 Index 5.32 2.05 3.19 23.64 14.57 20.21 8.70 9.81 9.91
    Cumulative Returns
Small-Cap Fund       24.00 56.84 190.50 177.67 1096.77 1507.60
Russell 2000 Index       23.64 50.38 151.03 130.34 550.00 997.54

Calendar Year Total Returns

Year Fund Russell 2000 Index
2013 30.45 38.82
2012 22.96 16.35
2011 1.79 -4.18
2010 22.32 26.85
2009 49.31 27.17
2008 -43.90 -33.79
2007 2.80 -1.57
2006 22.33 18.37
2005 10.75 4.55
2004 14.78 18.33
2003 43.85 47.25
2002 -3.74 -20.48
2000 12.80 -3.02
1998 12.71 -2.55
1996 30.64 16.49
1994 3.64 -1.82
1992 6.87 18.41
1990* -30.05 -19.48
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Inception date is 2/21/89.

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, shares 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 Small-Cap 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 may be more volatile with less financial resources than those of larger companies. The total expense ratio for the Longleaf Partners Small-Cap 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.

* Fund was managed by a different portfolio manager prior to 3/31/91.

Russell® is a trademark of Russell Investment Group.

Daily Price at 9/30/14

Fund Ticker Inception Date Price $ Change % Change YTD Return
Small-Cap Fund LLSCX 2/21/89 35.17 -0.05 -0.14 8.35