NOTE 1. ORGANIZATION
The Funds are each a series of Longleaf Partners Funds Trust, a Massachusetts business trust which is registered
under the Investment Company Act of 1940, as amended, as an open-end non-diversified investment company.
Capitalization for each fund was provided by principals of Southeastern Asset Management, Inc., the Investment
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements are prepared in accordance with generally accepted accounting principles;
these principles may require the use of estimates by Fund management. Actual results could differ from those
(1) Portfolio securities listed or traded on a securities exchange, on the NASDAQ national market, or any
quotation system providing same day publication of actual prices are valued at the last sales price. If there are no
transactions in the security that day, securities are valued at the midpoint between the closing bid and ask prices
or, if there are no such prices, the prior day's close.
(2) All other portfolio securities for which over-the-counter market quotations are readily available are valued at
the last representative sales price, if available, or at the midpoint between the closing bid and ask prices or, if
there are no such prices, the prior day's close. Repurchase agreements are valued at cost which, combined with
accrued interest, approximates market. Short-term U.S. Government obligations are valued at amortized cost
which approximates current market value.
(3) Option contracts are marked-to-market daily. Listed options are valued at the latest closing price. If there are
no transactions that day, the options are valued at the midpoint between the closing bid and ask prices. Over-the-
counter options are valued as determined in good faith under procedures established by the Funds' trustees.
(4) When market quotations are not readily available, portfolio securities are valued at their fair values as