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 for the investment company industry; these principles may require the use of estimates by Fund
(1) Portfolio securities listed or traded on a securities exchange and over-the-counter securities traded on the
NASDAQ national market 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.
(2) All other portfolio securities, for which over-the-counter market quotations are readily available, are valued at
the midpoint between the closing bid and ask prices. 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 value as
determined in good faith under procedures established by and under the general supervision of the Funds'
Trustees. In determining fair value, the Board considers all relevant qualitative and quantitative information