Longleaf Partners Mutual Funds: Funds Detail: Small-Cap Fund

As of 6/30/10
tw telecom	telecommunications provider	10.2%
Pioneer Natural Resources	oil & gas exploration & production	8.5%
Fairfax Financial Holdings	property/casualty insurance	7.3%
Fair Isaac	credit scoring software	6.5%
Dillard’s	department store retailer	6.2%
Washington Post	education & media	4.8%
Martin Marietta Materials	aggregates	4.5%
Service Corp International	funeral home/ cemetery operator	4.4%
Texas Industries	construction materials	4.4%
Willis Group	insurance broker	4.2%
Total		61%
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As of 7/31/10
Equities	98.3%
Cash & Other	1.7%
Total	100%

As of 6/30/10
Energy	8.7%
Materials	15.2%
Industrials	0.0%
Consumer Discretionary	23.7%
Consumer Staples	4.1%
Health Care	3.5%
Financials	24.1%
Information Technology	6.7%
Telecomm Service	13.9%
Utilities	0.0%
Miscellaneous	0.0%
Total	100%

Positive Contributors for Quarter Ended 6/30/10
Pioneer Natural Resources
Potlatch

Bottom 3 Contributors for Quarter Ended 6/30/10
DineEquity
Level 3 Communications
Olympus

The holdings identified above do not represent all of the securities purchased, sold, or recommended for the Longleaf Partners Small-Cap 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 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. Discussion of particular investments should not be viewed as a recommendation to buy or sell any security.