0000806636 lpft1:S000009311Member 2011-05-02 2012-05-01 0000806636 2011-05-02 2012-05-01 0000806636 lpft1:S000009311Member lpft1:C000025443Member 2011-05-02 2012-05-01 0000806636 lpft1:S000009312Member 2011-05-02 2012-05-01 0000806636 lpft1:S000038187Member 2011-05-02 2012-05-01 0000806636 lpft1:S000038187Member lpft1:C000117771Member 2011-05-02 2012-05-01 0000806636 lpft1:S000009312Member lpft1:C000025444Member 2011-05-02 2012-05-01 0000806636 lpft1:S000009311Member rr:AfterTaxesOnDistributionsMember lpft1:C000025443Member 2011-05-02 2012-05-01 0000806636 lpft1:S000009311Member rr:AfterTaxesOnDistributionsAndSalesMember lpft1:C000025443Member 2011-05-02 2012-05-01 0000806636 lpft1:S000009311Member lpft1:SandpFiveHundredIndexMember 2011-05-02 2012-05-01 0000806636 lpft1:S000009313Member 2011-05-02 2012-05-01 0000806636 lpft1:S000009312Member rr:AfterTaxesOnDistributionsMember lpft1:C000025444Member 2011-05-02 2012-05-01 0000806636 lpft1:S000009312Member rr:AfterTaxesOnDistributionsAndSalesMember lpft1:C000025444Member 2011-05-02 2012-05-01 0000806636 lpft1:S000009312Member lpft1:RussellTwentyHundredIndexMember 2011-05-02 2012-05-01 0000806636 lpft1:S000009313Member lpft1:C000025445Member 2011-05-02 2012-05-01 0000806636 lpft1:S000009313Member rr:AfterTaxesOnDistributionsMember lpft1:C000025445Member 2011-05-02 2012-05-01 0000806636 lpft1:S000009313Member rr:AfterTaxesOnDistributionsAndSalesMember lpft1:C000025445Member 2011-05-02 2012-05-01 0000806636 lpft1:S000009313Member lpft1:EafeIndexMember 2011-05-02 2012-05-01 pure iso4217:USD <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleShareholderFeesLongleafPartnersFund column period compact * ~</div> <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleAnnualFundOperatingExpensesLongleafPartnersFund column period compact * ~</div> <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleExpenseExampleTransposedLongleafPartnersFund column period compact * ~</div> <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedLongleafPartnersFund column period compact * ~</div> 2012-05-01 485BPOS LONGLEAF PARTNERS FUNDS TRUST 0000806636 2012-12-27 2012-12-27 2012-06-30 false <a name="toc425415_1"></a>Partners Fund Summary Investment Objective and Policy Longleaf Partners Fund seeks long-term capital growth. The Fund seeks to achieve this objective by investing primarily in a limited number of mid-and large-cap U.S. companies we believe to be significantly undervalued. Current income is not an objective. Fees and Expenses The following table shows the fees and expenses you may pay to buy and hold shares of the Partners Fund. 0 Transaction Fees and Expenses (sales charges or loads) (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0076 0 0.0015 0.0091 <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleShareholderFeesLongleafPartnersSmall-CapFund column period compact * ~</div> <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleAnnualFundOperatingExpensesLongleafPartnersSmall-CapFund column period compact * ~</div> <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleExpenseExampleTransposedLongleafPartnersSmall-CapFund column period compact * ~</div> <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedLongleafPartnersSmall-CapFund column period compact * ~</div> <a name="toc425415_2"></a>Small-Cap Fund Summary Investment Objective and Policy Longleaf Partners Small-Cap Fund seeks long-term capital growth. The Fund seeks to achieve this objective by investing primarily in a limited number of small-cap U.S. companies we believe to be significantly undervalued. Current income is not an objective. Fees and Expenses The following table shows the fees and expenses you may pay to buy and hold shares of the Small-Cap Fund. Example of Fund Expenses. This example helps compare the cost of investing in the Partners Fund with other mutual funds. The table shows what you would pay in expenses over time, whether or not you sold your shares at the end of each period. The example assumes a $10,000 investment, a 5% total return each year, and no changes in expenses. Your actual costs may be higher or lower than those shown. 93 290 504 1120 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 37.33% of the average value of its portfolio. Principal Investment Strategy Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 23.55% of the average value of its portfolio. Principal Investment Strategy Principal Investment Risks <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleShareholderFeesLongleafPartnersGlobalFund column period compact * ~</div> <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleAnnualFundOperatingExpensesLongleafPartnersGlobalFund column period compact * ~</div> <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleExpenseExampleTransposedLongleafPartnersGlobalFund column period compact * ~</div> The Fund seeks superior long-term performance by acquiring equity securities that we believe meet our qualitative and quantitative criteria: <ul type="square"><li style="margin-left: -20px">Good businesses that are understandable, financially sound, competitively entrenched, and will generate growing free cash flow;</li></ul><ul type="square"><li style="margin-left: -20px">Good management partners who are capable operators, responsible capital allocators, trustworthy, and shareholder-oriented; and </li></ul><ul type="square"><li style="margin-left: -20px">Good price that is typically 60% or less of our conservative appraisal determined through fundamental financial analysis using disciplines we’ve applied over 37 years. We believe purchasing equities at prices substantially less than their intrinsic worth will protect capital from significant permanent loss and provide the opportunity for substantial appreciation if the market recognizes the company’s value. </li></ul>We sell securities when they approach our appraisals, when we perceive a change in company fundamentals, a decline in attractiveness relative to other issues, or if the original reasons for purchase materially change. The Fund primarily owns common stock or securities convertible into common stock but may purchase other types of securities. The Fund may invest up to 30% of assets in non-U.S. securities, which could include emerging market issuers, and may achieve its exposure to non-U.S. securities through investing in American depositary receipts (ADRs). The Fund may purchase and sell (write) put and call options, futures contracts and options on futures contracts, swaps and other similar instruments and may engage in short sales. Although the Fund reserves the right to invest in derivatives of any kind when Southeastern believes it would benefit the Fund, during the last fiscal year it employed forward currency agreements for the purpose of managing its exposure to currency risk, and wrote “covered” calls to seek enhanced returns. The Fund is “non-diversified,” which means that it may invest a significant portion of its assets in a relatively small number of issuers, and generally invests in 15 to 25 companies. Principal Investment Risks Performance The bar chart and performance table illustrate the variability of returns and provide some indication of the risks of investing by showing the changes in performance from year to year, as well as how the Fund’s average annual returns for the 1, 5 and 10 years compare with a broad-based securities market index. Past performance (before and after taxes) does not indicate how the Fund will perform in the future. Free updated performance information can be obtained at longleafpartners.com or (800) 445-9469. Past Fund Performance Total Return (%) Average Annual Total Returns at December 31, 2011 The following are summaries of the principal risks of investing in the Fund. For additional risk information that you should consider, see Risks of Investing in the Fund’s statutory prospectus. Stock Market Risk ▪ Equity prices fluctuate in response to actual or perceived developments at individual companies, within particular industries or sectors, or general economic conditions. If the Fund's price declines and you redeem your shares, you could lose money. Investment Selection Risk ▪ Investments might not reach what we believe are their true values either because the market fails to recognize the value or because we misjudged it. Corporate Ownership Risks ▪ As partial owners of companies, we face a number of risks inherent in owning a business, such as operational, financial and regulatory risk. If businesses we own in the Funds do not successfully address these risks, their business values and stock prices may decline and negatively impact your Fund shares. Non-Diversification Risk ▪ Because the Fund is non-diversified under federal securities laws and generally invests in 15 to 25 companies, each holding will have a greater impact on the Fund's total return, and share value could fluctuate more than if a greater number of securities were held. Non-U.S. Investment Risks ▪ Non-U.S. investment risks can include political and economic changes, non-U.S. withholding taxes, exchange controls, confiscation, non-U.S. governmental restrictions, differences in accounting and auditing standards, more limited availability of public information and market illiquidity. In addition, non-U.S. securities are generally denominated and traded in non-U.S. currencies, and the Fund may invest in derivative instruments that provide exposure to non-U.S. currencies. The exchange rates between currencies can fluctuate daily. As a result, the values of a Fund's non-U.S. securities may be affected by changes in exchange rates between non-U.S. currencies and the U.S. dollar, as well as between currencies of countries other than the U.S. In some cases, the Fund may try to hedge to reduce the impact of currency exchange fluctuation, but does not intend to do so routinely. As a result, the Fund's price will be more susceptible to currency fluctuations. Non-U.S. investment risks may be more pronounced in emerging markets. Derivatives Risks ▪ The Fund's use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities, currencies and other traditional investments. To the extent it invests in derivative instruments, the Fund could lose more than the principal amount invested, and the use of certain derivatives may subject the Fund to the potential for unlimited loss. A derivative investment may not perform as we expect, may become illiquid and may result in loss if the Fund's counterparty is unable or unwilling to meet its obligations. Derivatives also involve the risk of mispricing or improper valuation, the risk of ambiguous documentation, and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. In addition, the use of derivatives may increase or accelerate the amount of taxes payable by shareholders. Performance The bar chart and performance table illustrate the variability of returns and provide some indication of the risks of investing by showing the changes in performance from year to year, as well as how the Fund’s average annual returns for the 1, 5 and 10 years compare with a broad-based securities market index. Past performance (before and after taxes) does not indicate how the Fund will perform in the future. Free updated performance information can be obtained at longleafpartners.com or (800) 445-9469. Past Fund Performance Total Return (%) Average Annual Total Returns at December 31, 2011 Global Fund Summary Investment Objective and Policy Longleaf Partners Global Fund seeks long-term capital growth. The Fund seeks to achieve this objective by investing primarily in U.S. and non-U.S. companies we believe to be significantly undervalued. Current income is not an objective. Fees and Expenses The following table shows the fees and expenses you may pay to buy and hold shares of the Global Fund. Transaction Fees and Expenses (sales charges or loads) (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund commenced operations on or following the date of this prospectus, the Fund’s portfolio turnover rate is not available. Transaction Fees and Expenses (sales charges or loads) (fees paid directly from your investment) Example of Fund Expenses. This example helps compare the cost of investing in the Global Fund with other mutual funds. The table shows what you would pay in expenses over time, whether or not you sold your shares at the end of each period. The example assumes a $10,000 investment, a 5% total return each year, and no changes in expenses. Your actual costs may be higher or lower than those shown. Principal Investment Strategy The Fund seeks superior long-term performance by acquiring equity securities that we believe meet our qualitative and quantitative criteria:<ul type="square"><li style="margin-left:-20px"> Good businesses that are understandable, financially sound, competitively entrenched, and will generate growing free cash flow;</li></ul><ul type="square"><li style="margin-left:-20px">Good management partners who are capable operators, responsible capital allocators, trustworthy, and shareholder-oriented; and</li></ul><ul type="square"><li style="margin-left:-20px">Good price that is typically 60% or less of our conservative appraisal determined through fundamental financial analysis using disciplines we’ve applied over 37 years. We believe purchasing equities at prices substantially less than their intrinsic worth will protect capital from significant permanent loss and provide the opportunity for substantial appreciation if the market recognizes the company’s value.</li></ul>We sell securities when they approach our appraisals, when we perceive a change in company fundamentals, a decline in attractiveness relative to other issues, or if the original reasons for purchase materially change. The Global Fund normally invests at least 40% of total assets in the equity securities of non-U.S. issuers throughout the world, which could include emerging market issuers, and may achieve its exposure to non-U.S. securities through investing in American depositary receipts (ADRs). The Fund primarily owns common stock or securities convertible into common stocks. The Fund is “non-diversified,” which means that it may invest a significant portion of its assets in a relatively small number of issuers, and generally invests in 15 to 25 companies. Definition of Non-U.S. ▪ A company will generally be considered non-U.S. if headquartered outside the United States or if at least 50% of its assets are outside the U.S. or 50% of its gross income is from non-U.S. sources. Principal Investment Risks Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example of Fund Expenses. This example helps compare the cost of investing in the Small-Cap Fund with other mutual funds. The table shows what you would pay in expenses over time, whether or not you sold your shares at the end of each period. The example assumes a $10,000 investment, a 5% total return each year, and no changes in expenses. Your actual costs may be higher or lower than those shown. The Fund seeks superior long-term performance by acquiring equity securities that we believe meet our qualitative and quantitative criteria: <ul type="square"><li style="margin-left: -20px"> Good businesses that are understandable, financially sound, competitively entrenched, and will generate growing free cash flow;</li></ul> <ul type="square"><li style="margin-left: -20px"> Good management partners who are capable operators, responsible capital allocators, trustworthy, and shareholder-oriented; and</li></ul> <ul type="square"><li style="margin-left: -20px"> Good price that is typically 60% or less of our conservative appraisal determined through fundamental financial analysis using disciplines we’ve applied over 37 years. We believe purchasing equities at prices substantially less than their intrinsic worth will protect capital from significant permanent loss and provide the opportunity for substantial appreciation if the market recognizes the company’s value.</li></ul> We sell securities when they approach our appraisals, when we perceive a change in company fundamentals, a decline in attractiveness relative to other issues, or if the original reasons for purchase materially change. The Small-Cap Fund normally invests at least 80% of net assets plus any borrowings for investment purposes in the equity securities, including convertible securities, of a limited number of companies whose market capitalizations at the time of purchase are considered small cap. The Fund primarily owns common stock but may purchase other types of securities. The Fund may invest up to 30% of assets in non-U.S. securities, which could include emerging market issuers, and may achieve its exposure to non-U.S. securities through investing in American depositary receipts (ADRs). The Fund may purchase and sell (write) put and call options, futures contracts and options on futures contracts, swaps and other similar instruments and may engage in short sales. Although the Fund did not invest significantly in derivative instruments over its last fiscal year, it reserves the right to do so at any time when Southeastern believes it would benefit the Fund. The Fund is “non-diversified,” which means that it may invest a significant portion of its assets in a relatively small number of issuers, and generally invests in 15 to 25 companies. Definition of Small-Cap ▪ Currently, a company will be considered small cap if its market capitalization at the time of purchase is within the range of companies in the Russell 2000 Index, the S&P Small-Cap 600 Index, or the Wilshire US Small-Cap Index during the most recent 12-month period (based on month-end data). This capitalization range will change over time. At November 30, 2012, the top of this range was $5.2 billion. The following are summaries of the principal risks of investing in the Fund. For additional risk information that you should consider, see Risks of Investing in the Fund’s statutory prospectus. Stock Market Risk ▪ Equity prices fluctuate and may decline in response to actual or perceived developments at individual companies, within particular industries or sectors, or general economic conditions. If the value of your investment goes down and you redeem your shares, you could lose money. Investment Selection Risk ▪ Investments might not reach what we believe are their true values either because the market fails to recognize the value or because we misjudged it. Corporate Ownership Risks ▪ As partial owners of companies, we face a number of risks inherent in owning a business, such as operational, financial and regulatory risk. If businesses we own in the Funds are not successful in addressing these risks, their business values and stock prices may decline, which would have a negative impact on the value of your Fund shares. Non-Diversification Risk ▪ Because the Fund is non-diversified under federal securities laws and generally invests in 15 to 25 companies, each holding will have a greater impact on the Fund’s total return, and its share value could fluctuate more than if a greater number of securities were held. Non-U.S. Investment Risks ▪ Non-U.S. investment risks can include political and economic changes, non-U.S. withholding taxes, exchange controls, confiscation, non-U.S. governmental restrictions, differences in accounting and auditing standards, more limited availability of public information and market illiquidity. In addition, non-U.S. securities are generally denominated and traded in non-U.S. currencies, and the Fund may invest in derivative instruments that provide exposure to non-U.S. currencies. The exchange rates between currencies can fluctuate daily. As a result, the values of a Fund’s non-U.S. securities may be affected by changes in exchange rates between non-U.S. currencies and the U.S. dollar, as well as between currencies of countries other than the U.S. In some cases, the Fund may try to hedge to reduce the impact of currency exchange fluctuation, but does not intend to do so routinely. As a result, the Fund’s price will be more susceptible to currency fluctuations. Non-U.S. investment risks may be more pronounced in emerging markets. Focused Investment Risks ▪ The Fund does not limit the percentage of assets invested in any particular geographic region or country. Accordingly, there may be periods when the Fund has significant exposure to a particular region or country, so that negative events occurring in that area would have a greater adverse impact on performance than they would on more geographically diversified funds. Performance Because the Fund commenced investment operations on or about December 27, 2012, no year-by-year total return bar chart or average annual total return table is being presented. The year-by-year total return bar chart and the average annual total return table will be provided after the Fund has annual returns for at least one calendar year. Free updated performance information can be obtained at longleafpartners.com or (800) 445-9469. At that time, performance information will give some indication of the risks of an investment in the Fund by comparing the Fund’s performance with a broad measure of market performance. If the value of your investment goes down and you redeem your shares, you could lose money. The following are summaries of the principal risks of investing in the Fund. For additional risk information that you should consider, see Risks of Investing in the Fund’s statutory prospectus. Stock Market Risk ▪ Equity prices fluctuate in response to actual or perceived developments at individual companies, within particular industries or sectors, or general economic conditions. If the Fund’s price declines and you redeem your shares, you could lose money. Investment Selection Risk ▪ Investments might not reach what we believe are their true values either because the market fails to recognize the value or because we misjudged it. Corporate Ownership Risks ▪ As partial owners of companies, we face a number of risks inherent in owning a business, such as operational, financial and regulatory risk. If businesses we own in the Funds do not successfully address these risks, their business values and stock prices may decline and negatively impact your Fund shares. Non-Diversification Risk ▪ Because the Fund is non-diversified under federal securities laws and generally invests in 15 to 25 companies, each holding will have a greater impact on the Fund’s total return, and share value could fluctuate more than if a greater number of securities were held. Non-U.S. Investment Risks ▪ Non-U.S. investment risks can include political and economic changes, non-U.S. withholding taxes, exchange controls, confiscation, non-U.S. governmental restrictions, differences in accounting and auditing standards, more limited availability of public information and market illiquidity. In addition, non-U.S. securities are generally denominated and traded in non-U.S. currencies, and the Fund may invest in derivative instruments that provide exposure to non-U.S. currencies. The exchange rates between currencies can fluctuate daily. As a result, the values of a Fund’s non-U.S. securities may be affected by changes in exchange rates between non-U.S. currencies and the U.S. dollar, as well as between currencies of countries other than the U.S. In some cases, the Fund may try to hedge to reduce the impact of currency exchange fluctuation, but does not intend to do so routinely. As a result, the Fund’s price will be more susceptible to currency fluctuations. Non-U.S. investment risks may be more pronounced in emerging markets. Small-Cap Risks ▪ Smaller companies may have more limited product lines, markets, and financial resources than larger companies, and to the extent recently established, may have limited or no operating history to evaluate. In addition, their securities may trade less frequently and in more limited volume than those of larger companies. Small-cap stocks may be more volatile than those of larger companies and, where trading volume is thin, our ability to dispose of such securities may be more limited. Derivatives Risks ▪ The Fund’s use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities, currencies and other traditional investments. To the extent it invests in derivative instruments, the Fund could lose more than the principal amount invested, and the use of certain derivatives may subject the Fund to the potential for unlimited loss. A derivative investment may not perform as we expect, may become illiquid and may result in loss if the Fund’s counterparty is unable or unwilling to meet its obligations. Derivatives also involve the risk of mispricing or improper valuation, the risk of ambiguous documentation, and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. In addition, the use of derivatives may increase or accelerate the amount of taxes payable by shareholders. Non-Diversification Risk ▪ Because the Fund is non-diversified under federal securities laws and generally invests in 15 to 25 companies, each holding will have a greater impact on the Fund’s total return, and its share value could fluctuate more than if a greater number of securities were held. Best Quarter in last 10 years 2nd Quarter of 2003 26.50% Worst Quarter in last 10 years 4th Quarter of 2008 (28.21)% Because the Fund commenced investment operations on or about December 27, 2012, no year-by-year total return bar chart or average annual total return table is being presented. The year-by-year total return bar chart and the average annual total return table will be provided after the Fund has annual returns for at least one calendar year. (800) 445-9469 longleafpartners.com 0.3733 If the Fund’s price declines and you redeem your shares, you could lose money. Non-Diversification Risk ▪ Because the Fund is non-diversified under federal securities laws and generally invests in 15 to 25 companies, each holding will have a greater impact on the Fund’s total return, and share value could fluctuate more than if a greater number of securities were held. The bar chart and performance table illustrate the variability of returns and provide some indication of the risks of investing by showing the changes in performance from year to year, as well as how the Fund’s average annual returns for the 1, 5 and 10 years compare with a broad-based securities market index. (800) 445-9469 longleafpartners.com Past performance (before and after taxes) does not indicate how the Fund will perform in the future. 0 After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Best Quarter in last 10 years 2003-06-30 0.265 Worst Quarter in last 10 years 0.01125 0 2008-12-31 0.01025 -0.2821 -0.0834 0.348 0.0215 0.0714 -0.005 0.0165 0.0362 0.2163 -0.0044 -0.506 0.536 0.1789 -0.0285 -0.0285 -0.0337 -0.0136 0.0211 -0.0285 -0.0325 -0.0246 -0.0025 0.0374 0.0328 0.0321 0.0292 168 520 <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleShareholderFeesLongleafPartnersInternationalFund column period compact * ~</div> <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleAnnualFundOperatingExpensesLongleafPartnersInternationalFund column period compact * ~</div> <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleExpenseExampleTransposedLongleafPartnersInternationalFund column period compact * ~</div> <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedLongleafPartnersInternationalFund column period compact * ~</div> 0 0.0078 0 0.0014 0.0092 Best Quarter in last ten years. 2nd Quarter of 2009 26.63% Worst Quarter in last ten years. 4th Quarter of 2008 (34.74)% Investment Objective and Policy Non-Diversification Risk ▪ Because the Fund is non-diversified under federal securities laws and generally invests in 15 to 25 companies, each holding will have a greater impact on the Fund's total return, and share value could fluctuate more than if a greater number of securities were held. Longleaf Partners International Fund seeks long-term capital growth. The Fund seeks to achieve this objective by investing primarily in a limited number of international or non-U.S. companies we believe to be significantly undervalued. Current income is not an objective. If the Fund's price declines and you redeem your shares, you could lose money. Fees and Expenses 94 0.2355 293 509 The following table shows the fees and expenses you may pay to buy and hold shares of the International Fund. 1131 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48.87% of the average value of its portfolio. Principal Investment Strategy Performance The bar chart and performance table illustrate the variability of returns and provide some indication of the risks of investing by showing the changes in performance from year to year, as well as how the Fund’s average annual returns for the 1, 5 and 10 years compare with a broad-based securities market index. Past performance (before and after taxes) does not indicate how the Fund will perform in the future. Free updated performance information can be obtained at longleafpartners.com or (800) 445-9469. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Past Fund Performance Total Return (%) In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Average Annual Total Returns at December 31, 2011 -0.0374 0.4385 0.1478 0.1075 0.2233 0.028 Best Quarter in last ten years. -0.439 2009-06-30 0.4931 0.2663 Worst Quarter in last ten years. 2008-12-31 -0.3474 0.2232 0.0179 0.0179 0.0078 0.025 -0.0418 0.014 0.0065 0.0112 0.0015 0.0873 0.075 0.0741 0.0562 0 0.0118 0 0.0019 0.0137 139 434 750 1646 -0.2029 -0.209 -0.1303 -0.1214 -0.0491 -0.0567 -0.0418 -0.0472 0.0295 0.0233 0.0249 0.0467 -0.1651 0.4152 0.1021 0.1288 0.1707 0.1529 -0.396 0.2317 0.1369 -0.2029 Transaction Fees and Expenses (sales charges or loads) (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example of Fund Expenses. This example helps compare the cost of investing in the International Fund with other mutual funds. The table shows what you would pay in expenses over time, whether or not you sold your shares at the end of each period. The example assumes a $10,000 investment, a 5% total return each year, and no changes in expenses. Your actual costs may be higher or lower than those shown. The Fund seeks superior long-term performance by acquiring equity securities that we believe meet our qualitative and quantitative criteria:<ul type="square"><li style="margin-left:-20px"> Good businesses that are understandable, financially sound, competitively entrenched, and will generate growing free cash flow;</li></ul><ul type="square"><li style="margin-left:-20px">Good management partners who are capable operators, responsible capital allocators, trustworthy, and shareholder-oriented; and</li></ul><ul type="square"><li style="margin-left:-20px">Good price that is typically 60% or less of our conservative appraisal determined through fundamental financial analysis using disciplines we've applied over 37 years. We believe purchasing equities at prices substantially less than their intrinsic worth will protect capital from significant permanent loss and provide the opportunity for substantial appreciation if the market recognizes the company's value.</li></ul>We sell securities when they approach our appraisals, when we perceive a change in company fundamentals, a decline in attractiveness relative to other issues, or if the original reasons for purchase materially change. The International Fund normally invests at least 65% of total assets in the equity securities of international issuers, which could include emerging market issuers, and may achieve its exposure to non-U.S. securities through investing in American depositary receipts (ADRs). The Fund primarily owns common stock or securities convertible into common stock but may purchase other types of securities as long as the investment meets our criteria. The Fund may purchase and sell (write) put and call options, futures contracts and options on futures contracts, swaps and other similar instruments and may engage in short sales. Although the Fund reserves the right to invest in derivatives of any kind when Southeastern believes it would benefit the Fund, during the last fiscal year it employed forward currency agreements for the purpose of managing its exposure to currency risk. The Fund is "non-diversified," which means that it may invest a significant portion of its assets in a relatively small number of issuers, and generally invests in 15 to 25 companies. Definition of Non-U.S. ▪ A company will generally be considered non-U.S. if headquartered outside the United States or if at least 50% of its assets are outside the U.S. or 50% of its gross income is from non-U.S. sources. Principal Investment Risks The following are summaries of the principal risks of investing in the Fund. For additional risk information that you should consider, see Risks of Investing in the Fund's statutory prospectus. Stock Market Risk ▪ Equity prices fluctuate in response to actual or perceived developments at individual companies, within particular industries or sectors, or general economic conditions. If the Fund's price declines and you redeem your shares, you could lose money. Investment Selection Risk ▪ Investments might not reach what we believe are their true values either because the market fails to recognize the value or because we misjudged it. Corporate Ownership Risks ▪ As partial owners of companies, we face a number of risks inherent in owning a business, such as operational, financial and regulatory risk. If businesses we own in the Funds do not successfully address these risks, their business values and stock prices may decline and negatively impact your Fund shares. Non-Diversification Risk ▪ Because the Fund is non-diversified under federal securities laws and generally invests in 15 to 25 companies, each holding will have a greater impact on the Fund's total return, and share value could fluctuate more than if a greater number of securities were held. Non-U.S. Investment Risks ▪ Non-U.S. investment risks can include political and economic changes, non-U.S. withholding taxes, exchange controls, confiscation, non-U.S. governmental restrictions, differences in accounting and auditing standards, more limited availability of public information and market illiquidity. In addition, non-U.S. securities are generally denominated and traded in non-U.S. currencies, and the Fund may invest in derivative instruments that provide exposure to non-U.S. currencies. The exchange rates between currencies can fluctuate daily. As a result, the values of a Fund's non-U.S. securities may be affected by changes in exchange rates between non-U.S. currencies and the U.S. dollar, as well as between currencies of countries other than the U.S. In some cases, the Fund may try to hedge to reduce the impact of currency exchange fluctuation, but does not intend to do so routinely. As a result, the Fund's price will be more susceptible to currency fluctuations. Non-U.S. investment risks may be more pronounced in emerging markets. Focused Investment Risks ▪ The Fund does not limit the percentage of assets invested in any particular geographic region or country. Accordingly, there may be periods when the Fund has significant exposure to a particular region or country, so that negative events occurring in that area would have a greater adverse impact on performance than they would on more geographically diversified funds. Derivatives Risks ▪ The Fund's use of derivative instruments involves risks different from, and possibly greater than, the risks associated with investing directly in securities, currencies and other traditional investments. To the extent it invests in derivative instruments, the Fund could lose more than the principal amount invested, and the use of certain derivatives may subject the Fund to the potential for unlimited loss. A derivative investment may not perform as we expect, may become illiquid and may result in loss if the Fund's counterparty is unable or unwilling to meet its obligations. Derivatives also involve the risk of mispricing or improper valuation, the risk of ambiguous documentation, and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. In addition, the use of derivatives may increase or accelerate the amount of taxes payable by shareholders. <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleAnnualTotalReturnsLongleafPartnersSmall-CapFundBarChart column period compact * ~</div> Best Quarter in last 10 years. 2nd Quarter of 2003 30.72% Worst Quarter in last 10 years. 3th Quarter of 2011 (23.57)% 0.4887 If the Fund's price declines and you redeem your shares, you could lose money. Non-Diversification Risk ▪ Because the Fund is non-diversified under federal securities laws and generally invests in 15 to 25 companies, each holding will have a greater impact on the Fund's total return, and share value could fluctuate more than if a greater number of securities were held. The bar chart and performance table illustrate the variability of returns and provide some indication of the risks of investing by showing the changes in performance from year to year, as well as how the Fund's average annual returns for the 1, 5 and 10 years compare with a broad-based securities market index. (800) 445-9469 longleafpartners.com Past performance (before and after taxes) does not indicate how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Best Quarter in last 10 years. 2003-06-30 0.3072 Worst Quarter in last 10 years. 2011-09-30 -0.2357 <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleAnnualTotalReturnsLongleafPartnersInternationalFundBarChart column period compact * ~</div> <a name="toc425415_3"></a>International Fund Summary <div style="display:none">~ http://www.longleafpartners.com/role/ScheduleAnnualTotalReturnsLongleafPartnersFundBarChart column period compact * ~</div> (800) 445-9469 longleafpartners.com Past performance (before and after taxes) does not indicate how the Fund will perform in the future. The bar chart and performance table illustrate the variability of returns and provide some indication of the risks of investing by showing the changes in performance from year to year, as well as how the Fund’s average annual returns for the 1, 5 and 10 years compare with a broad-based securities market index. Other expenses are based on estimated amounts for the current fiscal year. Comparative Index (no deductions for fees, expenses, or taxes) After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. (net of fees and expenses) Other expenses are based on estimated amounts for the current fiscal year. Comparative Index (reflects no deductions for fees, expenses, or taxes) Comparative Index (reflects no deductions for fees or expenses) Gross Expenses Prior to Fee Waiver