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        <classId>C000025444</classId>
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      <regCik>0000806636</regCik>
      <regLei>549300TWJRJQNBNXO742</regLei>
      <regStreet1>155 Federal Street</regStreet1>
      <regStreet2>Suite 700</regStreet2>
      <regCity>Boston</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>02110</regZipOrPostalCode>
      <regPhone>901-761-2474</regPhone>
      <seriesName>Longleaf Partners Small Cap Fund</seriesName>
      <seriesId>S000009312</seriesId>
      <seriesLei>5493007I4VKNTV71RD52</seriesLei>
      <repPdEnd>2025-12-31</repPdEnd>
      <repPdDate>2025-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>743477.53</totLiabs>
      <netAssets>667602708.78</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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        <name>CNX Resources Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Eastman Kodak Company</name>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>Empire State Realty Trust Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Graham Holdings Co</name>
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        <name>Howard Hughes Holdings Inc.</name>
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        <name>Hyatt Hotels Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Park Hotels &amp; Resorts Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Potlatchdeltic Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Shenandoah Telecommunications Co.</name>
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        <name>Tripadvisor Inc</name>
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        <name>Westrock Coffee Co</name>
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        <name>Becle Sab DE CV</name>
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        <name>Dole PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>White Mountains Insurance Group Ltd.</name>
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      <invstOrSec>
        <name>State Street Bank and Trust Company</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <clearedCentCparty centralCounterparty="Fixed Income Clearing Corporation" isCleared="Y"/>
          <isTriParty>N</isTriParty>
          <repurchaseRt>3.61</repurchaseRt>
          <maturityDt>2025-04-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>60783000.00</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>61998660.00</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-05-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Ryan S. Hocker</ncom:nameOfApplicant>
      <ncom:signature>Ryan S. Hocker</ncom:signature>
      <ncom:signerName>Ryan S. Hocker</ncom:signerName>
      <ncom:title>Global Funds Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
