Longleaf Partners Fund
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Partners Fund: Holdings, Composition, & Contribution

Top Ten Holdings
As of 12/31/09
DIRECTV satellite broadcaster 10.8%
Chesapeake Energy natural gas exploration & production 8.2%
Dell information technology 7.6%
Walt Disney entertainment and broadcasting 6.8%
Pioneer Natural Resources oil & gas exploration & production 5.2%
Yum! Brands franchisor/owner-Taco Bell, KFC, Pizza Hut 5.0%
Philips electronics, medical, & lighting 4.7%
NipponKoa Japanese non-life insurance 4.5%
Liberty Media Interactive tv, internet, & catalog retail 4.4%
Cemex cement company 4.3%
Total 61.5%
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Portfolio Composition
As of 2/28/10
Equities 87.1%
Cash & Other 10.3%
Bonds 2.6%
Total 100%


Sector Composition
As of 12/31/2009
Energy 14.6%
Materials 4.71%
Industrials 8.48%
Consumer Discretionary 35%
Consumer Staples 0.0%
Health Care 0.0%
Financials 15.83%
Information Technology 8.24%
Telecomm Service 5.95%
Utilities 0.0%
Miscellaneous 7.18%
Total 100%
Performance Contribution
Top 3 Contributors for Quarter Ended 12/31/09
DirecTV / Liberty Media Entertainment
Pioneer Natural Resources
Walt Disney


Bottom 3 Contributors for Quarter Ended 12/31/09
NipponKoa
Dell
Chesapeake Energy


The holdings identified above do not represent all of the securities purchased, sold, or recommended for the Longleaf Partners Fund or advisory clients of Southeastern Asset Management, Inc. A discussion of the methodology used to choose the holdings shown, along with a list showing every holding’s contribution to the Fund’s overall performance, can be obtained by calling 1-800-761-2474.

Please call 1-800-445-9469 or click here to view current monthly performance, or click here for a current copy of the Prospectus, which should be read carefully before investing to learn about the investment objectives, risks, charges and expenses of the Longleaf Partners Funds. Discussion of particular investments should not be viewed as a recommendation to buy or sell any security.
Partners Fund
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