Annual Presentation - May 1, 2012

The Longleaf Partners Funds are pleased to make excerpts from our May 1, 2012 Annual Presentation available to all shareholders online via MP3 audio format. These recorded sessions will allow those shareholders not able to attend the meeting to hear the comments and views of the Portfolio Managers. We have broken the meeting into sections so that you may choose which aspects you want to listen to.

Average annual total returns for each of the Longleaf Partners Funds and their respective benchmarks for the one, five, ten year, and since inception periods ended March 31, 2013 are as follows: Longleaf Partners Fund, 15.22%, 4.87%, 7.55%, 11.17%; S&P 500 Index,  13.96%, 5.81%, 8.53%, 9.14%; Longleaf Partners Small-Cap Fund,  25.40%, 10.21%, 13.27%, 11.10%; Russell 2000 Index, 16.30%, 8.24%, 11.52%, 9.34%; Longleaf Partners International Fund, 16.53%, -0.21%, 8.97%, 8.58%; EAFE Index, 11.25%, -0.89%, 9.69%, 4.24%.  Fund returns and those of these unmanaged indices include reinvested dividends and distributions, but do not reflect the deduction of taxes. Past performance information includes periods during which the Funds used currency hedging as an investment strategy. Current performance may be lower or higher than the performance quoted herein. Past performance does not guarantee future results, fund prices fluctuate, and the value of an investment at redemption may be worth more or less than the purchase price. Please call (800)445-9469 or click here for more current performance information or click here for a current copy of the Funds' Prospectus and Summary Prospectus, both of which should be read carefully before investing to learn about the investment objectives, risks, charges and expenses of the Longleaf Partners Funds. The annual expense ratio for the Longleaf Partners, Small-Cap, and International Funds are 0.91%, 0.92%, and 1.37% respectively. The risks associated with an investment in the Longleaf Partners Funds are detailed on pages 15 to 17 of the Prospectus. These risks include stock market risk, investment selection risk, corporate ownership risk, non-diversification risk, non-US investment risk, small cap risk (particularly with respect to the Small-Cap Fund), focused geographic risk, and derivatives risk. Funds Distributed by: Rafferty Capital Markets, LLC

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MSCI World and MSCI EAFE are service marks of MSCI Barra.
Russell® is a trademark of Russell Investment Group.

Conference Call with Investors - February 1, 2012

Members of Southeastern's team review 2011 and current opportunity, and answer investors' questions. Moderated by Peter Montgomery.

Southeastern Analysts’ Comments From Client Meeting - July 26, 2011

Panel discussion with analysts, Lowry Howell, Jim Thompson, and Ken Siazon, moderated by Lee Harper. Q&A with analysts joined by Mason Hawkins. We have broken the meeting into sections so that you may choose which aspects you want to listen to.