Longleaf Partners Fund
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Small-Cap Fund: Holdings, Composition, & Contribution

Top Ten Holdings
As of 12/31/09
tw telecom telecommunications provider 10.1%
Fairfax Financial Holdings property/casualty insurance 9.1%
Pioneer Natural Resources oil & gas exploration & production 7.7%
Dillard’s department store retailer 6.7%
Fair Isaac credit scoring software 6.2%
Washington Post education & media 5.9%
Service Corp International funeral home/ cemetery operator 4.8%
Wendy's/Arby's fast food restaurant operator 4.7%
Everest Re Group reinsurance 4.6%
Olympus medical imaging & cameras 4.4%
Total 64.2%
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Portfolio Composition
As of 2/28/10
Equities 98.0%
Cash & Other 2.0%
Total 100%


Sector Composition
As of 12/31/09
Energy 7.76%
Materials 7.0%
Industrials 0.0%
Consumer Discretionary 28.82%
Consumer Staples 3.22%
Health Care 4.39%
Financials 29.24%
Information Technology 6.19%
Telecomm Service 13.39%
Utilities 0.0%
Total 100%
Performance Contribution
Top 3 Contributors for Quarter Ended 12/31/09
tw telecom
Pioneer Natural Resources
Dillard's


Bottom 3 Contributors for Quarter Ended 12/31/09
Willis Group Holdings Limited
Washington Post
Texas Industries


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, 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.
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