0001193125-12-018771.txt : 201201200001193125-12-018771.hdr.sgml : 2012012020120120165304ACCESSION NUMBER:0001193125-12-018771CONFORMED SUBMISSION TYPE:40-24B2PUBLIC DOCUMENT COUNT:33FILED AS OF DATE:20120120DATE AS OF CHANGE:20120120

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COMPANY DATA:COMPANY CONFORMED NAME:LONGLEAF PARTNERS FUNDS TRUSTCENTRAL INDEX KEY:0000806636IRS NUMBER:000000000STATE OF INCORPORATION:TNFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:40-24B2SEC ACT:1940 ActSEC FILE NUMBER:811-04923FILM NUMBER:12537561

BUSINESS ADDRESS:STREET 1:C/O SOUTHEASTERN ASSET MANAGEMENTSTREET 2:6410 POPLAR AVE, SUITE 900CITY:MEMPHISSTATE:TNZIP:38119BUSINESS PHONE:9017612474

MAIL ADDRESS:STREET 1:C/O SOUTHEASTERN ASSET MANAGEMENTSTREET 2:6410 POPLAR AVE, SUITE 900CITY:MEMPHISSTATE:TNZIP:38119

FORMER COMPANY:FORMER CONFORMED NAME:SOUTHEASTERN ASSET MANAGEMENT FUNDS TRUSTDATE OF NAME CHANGE:19920703

FORMER COMPANY:FORMER CONFORMED NAME:SOUTHEASTERN ASSET MANAGEMENT VALUE TRUSTDATE OF NAME CHANGE:19881220

40-24B21d285879d4024b2.htm40-24B2

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

40-24B-2

SALES LITERATURE OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4923

LONGLEAF PARTNERS FUNDSTRUST

(Exact name of registrant as specified in charter)

c/o Southeastern Asset Management, Inc.

6410 Poplar Avenue; Suite 900

Memphis, TN 38119

(Address of principal executive offices) (Zip code)

Registrants Telephone Number, Including Area Code - (901) 761-2474

Longleaf Partners Funds

1 Southeastern Summary Business Owners Through public markets, own a limited number of companies with durable competitive strengths Long-Term Investors Use short-term pricefluctuations to acquire businesses with a margin of safety for principal protection and superior long-term absolute returns Disciplined Analysts Buy competitively entrenched, well-managed companies trading at deep discounts to conservativeappraisals of intrinsic value (low "price-to-value" or "P/V") An Experienced, Global Team Guided by over three decades of consistent leadership, 11 analysts on three continents collaborate on all investment decisions Partners with Our ClientsSoutheastern's employees and related entities are the largest owners of the Longleaf Partners Funds. Employees must use funds advised by Southeastern to own public equities unless granted an exception Southeastern operates as a research-driveninvestment firm. We are:

Mandate Assets % Firm AUM Separate Accounts Longleaf Funds US large cap $16.1 B 51% $8.1 B $8.0 B Global $10.3 B 33% $10.1 B $0.2 B US small cap (closed) $3.0 B 10% NA $3.0 BNon-US $2.1 B 6% $0.5 B $1.6 B Total $31.5 B 100% $18.7 B $12.8 B % Firm AUM 100% 100% 59% 41% 2 Firm Overview Year Founded 1975 Locations Memphis, TN (Headquarters) ^ London ^ Singapore ^ Tokyo Employees 63 total Ownership Independent ^ 100%employee owned ^ 18 principals Assets Under Management at 12/31/11 Total AUM = $31.5 billion Our tenure, global presence, focus, and ownership structure differentiate Southeastern.

Relationships by Tenure Total Separate Account Relationships = 151 Our Clients 3 Years Data as of 12/31/11 See tab for client list One of Southeastern's key advantages is ourlong-term relationships with like-minded, diverse clients from around the world. Types of Clients Total Assets Under Management = $31.5 billion Geographic Distribution Total Separate Accounts = $18.7 billion Number of Relationships 3

Research Research Research Research Experience Tenure Location Mason Hawkins, CFA (CEO) 40 37 Memphis Staley Cates, CFA (CIO) 27 26 Memphis Jim Thompson, CFA 24 14 MemphisKen Siazon 18 6 Singapore Scott Cobb 17 6 London Lowry Howell, CFA 17 6 Memphis Jason Dunn, CFA 15 15 Memphis Josh Shores, CFA 10 5 London Ross Glotzbach, CFA 9 8 Memphis Manish Sharma, CFA 5 3 Singapore Brandon Arrindell 4 3 Memphis GlobalInvestment Team 4 Client Portfolio Management Client Portfolio Management Client Portfolio Management Client Portfolio Management Experience Tenure Location Fraser Marcus 36 3 Memphis/London Lee Harper 19 19 Memphis Peter Montgomery 15 2 MemphisGary Wilson, CFA 14 10 Memphis Gwin Myerberg 8 4 London John Owen 6 2 Memphis Trading Trading Trading Trading Experience Tenure Location Deborah Craddock, CFA 26 25 Memphis Jeff Engelberg, CFA 13 5 Memphis Michael Johnson 13 2 Singapore Doug Schrank12 3 Memphis Ken Anthony 7 7 Memphis 4 Risk Management Risk Management Risk Management Risk Management Experience Tenure Location Jim Barton, CFA 21 14 Memphis The team's consistent leadership and collective experience give us deep cumulativeknowledge and a wide network of research contacts. See tab for biographies

5 Long-term investment horizon provides opportunity for "time horizon arbitrage". In-depth, conservative business appraisals underpin all decisions. Stock price volatilityoffers opportunity. Margin of safety determines entry and exit limits based on price-to-value ratio (P/V). "Cheap" is not enough - sustainable competitive advantages that lead to value growth are equally critical. Corporate management's capability,incentives, and business decisions greatly impact our outcome. Concentrating in 18-22 most qualified opportunities adequately diversifies, reduces risk, and improves return. Bottom-up, benchmark-agnostic portfolio construction enables superiorreturns by owning only the highest quality, most discounted businesses. Investment Beliefs Fundamental disciplines have anchored our investing and given Southeastern a significant advantage for over three decades.

6 Security Selection Criteria Good Business Understandable Financially sound Competitively entrenched Generates free cash flow which will grow Good People Honorable andtrustworthy Skilled operators Capable capital allocators Shareholder-oriented Properly incented Good Price P/V=60% or less where intrinsic value is determined by: Present value of free cash flow Net asset value Comparable business sales GoodBusiness Good People Good Price Every company must qualify both qualitatively and quantitatively.

Sell Criteria 7 Southeastern's long-term investment horizon results in multi-year holding periods and low turnover. We sell an investment when: 1) Price approaches currentappraisal 2) Risk/Return profile can be improved substantially Sell high P/V to fund substantially lower P/V; swap low P/V for low P/V with significantly higher quality 3) Business' earnings power is permanently impaired Reduce risk of "value trap"where intrinsic value is flat or declining 4) Management proves incapable of building value and replacing leadership is not feasible Low chance of success in becoming active and using our size to effect change

Buying with a Large Margin of Safety P/V at Purchase 5 Year CAGR 50% 29% 60% 24% 70% 20% 80% 17% 90% 14% 100% 12% Discount Scenarios 8 Our margin of safety discipline shouldprotect capital from significant loss and generate substantial long-term returns. Assumptions: Buy a business at 50% of appraisal, enterprise value growth of 12% per annum, price reaches appraisal in year 5. These charts do not reflect theperformance of any particular security.

Investment Process 9 For over 36 years Southeastern successfully has applied an in-depth research discipline and rigorous decision process. Look everywhere regardless ofsector or geography from universe of 3000+ stocks Review multiple sources including various screens Identify companies that are misunderstood, underfollowed, temporarily challenged, or intensely disliked Regularly update master wish list of 600companies Result = Name either qualifies for team consideration or analyst continues to monitor Review comprehensive analyst report - includes business segment analysis Appoint "Devil's Advocate" (DA) Challenge investment thesis and discuss concernsincorporating cumulative experience of full team Gain insight from our extensive network of industry competitors, clients, and others Visit company management Result = Final appraisal and fully vetted case - due diligence depth akin to privateequity Require team approval based on merits of case Target 5% position in applicable mandate(s) Determine cash source if necessary Result = Purchase instructions for trading Update appraisal and thesis based on events and quarterly results Reviewcase with team Re-engage DA and/or re-assign coverage if significant price or appraisal decline Result = Regular reports to team; post-mortem report following sale Analyst Monitors Investment Team Approves New Holding (average 10-12/year) TeamScrutinizes Thesis, Data, Assumptions (average 100/year) Analysts Search for Investments (average 300-400/year)

Risk Management Processes 10 1) Security selection process is our primary risk management tool. Use qualitative and quantitative criteria to minimize market risk (with marginof safety) and business ownership risks including financial, competitive, regulatory, and legal 2) Portfolio construction and optimization process adheres to risk constraints. Construction Populate with highest quality names below 60% P/V Targetpositions 18-22 names of 5% with occasional overweights Cash limit Hold cash if securities do not meet stringent criteria Industry limit 15-20% (3 direct competitors) Company ownership limit 15% in most cases Optimization Trim positions at higherP/V and weighting; consider adding at P/V below 60% 3) Portfolio monitoring process reviews two areas. Implementation of research decisions and adherence to risk constraints Daily review of portfolio tolerance limits using proprietary, customizedsystems Weekly review of portfolios with cash flows Monthly review of holdings and weightings Quarterly mandate dispersion review Adherence to client guidelines Automated review of trade orders against hard coded restrictions Monthly and quarterlyreview We define risk as the possibility of permanent capital loss, not as benchmark deviation, tracking error, or price volatility.

Competitive Advantages Given our distinct, sustainable edge, we are confident Southeastern will continue to deliver superior long-term results. Proven Investment DisciplineOver 36 years of successful results across three distinct equity universes using the same in-depth, rigorous, research discipline to assess business value, quality, and management competence Long-Term Investment Horizon Long-term stability to lookbeyond short-term market pressures and invest based on intrinsic business values because of being employee-owned with like-minded clients Corporate Management Insight and Access Superior insight and access provided by our extensive contacts,partnership record, and global presence Cohesive Investment Team Consistent leadership and philosophy for over three decades guiding a single, global, multigenerational team Aligned Partnership Approach Alignment of interests through our ownershiprequirement, our firm's independence, and our selection of stocks with vested management 11

Longleaf Partners Fund Country and industry weightings and market cap size are a by-product of bottom up investment decisions. Most names are at least $1 billion given thesize of Southeastern's asset base and the concentrated approach. Portfolios contain not only companies headquartered outside of the U.S., but also U.S. domiciled companies with more than half of revenues, profits, or appraised value derived fromnon-U.S. locations. Cash is a by-product of a lack of investment opportunities that meet Southeastern's criteria. When we have not found stocks selling at the requisite discount for prolonged periods, cash has approached 30% of the portfolios forlimited periods. We do not hedge currency exposure, allowing clients to make their own decisions regarding hedging. International Accounts as of 9/30/10 9 accounts $2.7 billion in assets ($2.1 billion is Longleaf Partners International Fund) $50million minimum account size Fees 120 bps on first $50 million 100 bps on all assets over $50 million 12 Top 10 Holdings at 12/31/11 Top 10 Holdings at 12/31/11 Dell 8.9% Chesapeake 7.7 Loews 6.6 Aon Corporation 6.1 DIRECTV 5.7 Travelers Companies5.6 Philips 5.3 Vulcan Materials 5.3 The Walt Disney Company 5.3 FedEx 5.0 Portfolio Details at 12/31/11 Portfolio Details at 12/31/11 Inception 4/8/87 Net Assets $8.0 billion Total Holdings 21 YTD Expense Ratio 0.91% Turnover (five year average)26.7% Weighted Average Market Cap $24.0 billion Symbol LLPFX Net Asset Value $26.65

Longleaf Partners Fund Performance Periods ending 12/31/11, net of fees In 1987, S&P 500 was available only at month-end; therefore, we used S&P 500s value at3/31/87 to calculate S&P 500 performance since public offering. Fund returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fund returns and those of the unmanagedindex include reinvested dividends and distributions. Current performance may be lower or higher than the performance quoted herein. Past performance does not guarantee future results, fund prices fluctuate, and the value of an investment atredemption may be worth more or less than the purchase price. Prior to 2010, the Fund used currency hedging as a routine investment strategy. Please call (800)445-9469 or view southeasternasset.com for current performance orsoutheasternasset.com/misc/prospectus.cfm for the Funds' Prospectus and Summary Prospectus, which should be read carefully before investing to understand investment objectives, risks, charges and expenses of the Fund. 13 Cumulative Return CumulativeReturn Cumulative Return Cumulative Return Cumulative Return Cumulative Return Cumulative Return 1 year 5 year 10 year 15 year 20 year Inception 4/8/87 LLPF -2.9% -13.5% 44.3% 187.7% 612.0% 1102.5% S&P 500 2.1 -1.2 33.4 121.7 350.1 657.8Inflation +10% 13.0 78.3 224.1 475.8 953.3 1896.8 Annualized Return Annualized Return Annualized Return Annualized Return Annualized Return Annualized Return Annualized Return 1 year 5 year 10 year 15 year 20 year Inception 4/8/87 LLPF -2.9% -2.9%3.7% 7.3% 10.3% 10.6% S&P 500 2.1 -0.2 2.9 5.5 7.8 8.5 Inflation +10% 13.0 12.3 12.5 12.4 12.5 12.9

Longleaf Partners Fund Performance *Partial year, initial public offering 4/8/87 Average annual total returns for the Fund and its benchmark for the one, five, and ten yearperiod ended December 31, 2011 are as follows: Partners Fund, -2.9%, - -2.9%, 3.7%; S&P 500, 2.1%, -0.2%,2.9%. In 1987, S&P 500 was available only at month-end; therefore, we used S&P 500s value at 3/31/87 to calculate S&P 500performance since public offering. Fund returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fund returns and those of the unmanaged index included reinvested dividendsand distributions. Current performance may be lower or higher than the performance quoted herein. Past performance does not guarantee future results, fund prices fluctuate, and the value of an investment at redemption may be worth more or less thanthe purchase price. Prior to 2010, the Fund used currency hedging as a routine investment strategy. Please call (800)445-9469 or view southeasternasset.com for current performance or southeasternasset.com/misc/prospectus.cfm for the Funds'Prospectus and Summary Prospectus, which should be read carefully before investing to understand investment objectives, risks, charges, and expense of the Fund. 14 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net of Fees at12/31/11 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net of Fees at 12/31/11 Year Net S&P500 Year Net S&P 500 1987* -13.0% -13.3% 2003 34.8% 28.7% 1988 35.2% 16.6% 2004 7.1% 10.9% 1989 23.3% 31.7% 2005 3.6% 4.9% 1990 -16.4% -3.1% 2006 21.6% 15.8% 1991 39.2% 30.5% 2007 -0.4% 5.5% 1992 20.5% 7.6% 2008 -50.6% -37.0% 1993 22.2% 10.1%2009 53.6% 26.5% 1994 9.0% 1.3% 2010 17.9% 15.1% 1995 27.5% 37.6% 2011 -2.9% 2.1% 1996 21.0% 23.0% 1997 28.3% 33.4% 1998 14.3% 28.6% 1999 2.2% 21.0% 2000 20.6% -9.1% 2001 10.3% -11.9% 2002 -8.3% -22.1%

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Longleaf Partners Small-Cap Fund Closed to new investors Country and industry weightings and market cap size are a by-product of bottom up investment decisions. Most namesare at least $1 billion given the size of Southeastern's asset base and the concentrated approach. Portfolios contain not only companies headquartered outside of the U.S., but also U.S. domiciled companies with more than half of revenues, profits,or appraised value derived from non-U.S. locations. Cash is a by-product of a lack of investment opportunities that meet Southeastern's criteria. When we have not found stocks selling at the requisite discount for prolonged periods, cash hasapproached 30% of the portfolios for limited periods. We do not hedge currency exposure, allowing clients to make their own decisions regarding hedging. International Accounts as of 9/30/10 9 accounts $2.7 billion in assets ($2.1 billion is LongleafPartners International Fund) $50 million minimum account size Fees 120 bps on first $50 million 100 bps on all assets over $50 million 16 Top 10 Holdings at 12/31/11 Top 10 Holdings at 12/31/11 Texas Industries 7.6% tw telecom 7.1 Lamar Advertising6.4 Service Corp 6.1 Madison Square Garden 5.5 Fairfax Financial Holdings 5.0 The Wendy's Company 4.9 Martin Marietta Materials 4.9 Markel Corp 4.8 Scripps Networks 4.7 Portfolio Details at 12/31/11 Portfolio Details at 12/31/11 Inception 2/21/89Net Assets $3.0 billion Total Holdings 21 YTD Expense Ratio 0.92% Turnover (five year average) 23.6% Weighted Average Market Cap $3.0 billion Symbol LLPFX Net Asset Value $25.23

Longleaf Partners Small-Cap Fund Performance Closed to new investors Periods ending 12/31/11, net of fees Fund returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or the redemption of Fund shares. Fund returns and those of the unmanaged index include reinvested dividends and distributions. Current performance may be lower or higher than the performance quotedherein. Past performance does not guarantee future results, fund prices fluctuate, and the value of an investment at redemption may be worth more or less than the purchase price. Please call (800)445-9469 or view southeasternasset.com for currentperformance or southeasternasset.com/misc/prospectus.cfm for the Funds' Prospectus and Summary Prospectus, which should be read carefully before investing to understand investment objectives, risks, charges and expenses of the Fund. 17 CumulativeReturn Cumulative Return Cumulative Return Cumulative Return Cumulative Return Cumulative Return 1 year 5 year 10 year 15 year Inception 2/21/89 LLSC 1.8% 7.2% 130.9% 315.5% 817.4% Russell 2000 -4.2 0.8 72.8 148.3 558.5 Inflation +10% 13.0 78.3224.1 475.8 1464.4 Annualized Return Annualized Return Annualized Return Annualized Return Annualized Return Annualized Return 1 year 5 year 10 year 15 year Inception 2/21/89 LLSC 1.8% 1.4% 8.7% 10.0% 10.2% Russell 2000 -4.2 0.2 5.6 6.3 8.6Inflation +10% 13.0 12.3 12.5 12.4 12.8

Longleaf Partners Small-Cap Fund Performance Closed to new investors #Partial year, initial public offering 2/21/89 * From public offering through 3/31/91, Fund was managedby a different portfolio manager. Average annual total returns for the Fund and its benchmark for the one, five, and ten year period ended December 31, 2011 are as follows: Small-Cap Fund, 1.8%, 1.4%, and 8.7%; Russell 2000, -4.2%, 0.2%, 5.6%. Fundreturns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fund returns and those of the unmanaged index included reinvested dividends and distributions. Current performance maybe lower or higher than the performance quoted herein. Past performance does not guarantee future results, fund prices fluctuate, and the value of an investment at redemption may be worth more or less than the purchase price. Please call(800)445-9469 or view southeasternasset.com for current performance or southeasternasset.com/misc/prospectus .cfm for the Funds' Prospectus and Summary Prospectus, which should be read carefully before investing to understand investment objectives,risks, charges, and expense of the Fund. 18 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net ofFees at 12/31/11 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net of Fees at 12/31/11 Year Net Russell 2000 Year Net Russell 2000 1989*# 25.5% 10.6% 2005 10.8% 4.6% 1990* -30.1% -19.5% 2006 22.3% 18.4% 1991* 23.3% 46.0% 2007 2.8%-1.6% 1992 6.9% 18.4% 2008 -43.9% -33.8% 1993 19.8% 18.9% 2009 49.3% 27.2% 1994 3.7% -1.8% 2010 22.3% 26.9% 1995 18.6% 28.5% 2011 1.8% -4.2% 1996 30.6% 16.5% 1997 29.0% 22.4% 1998 12.7% -2.6% 1999 4.1% 21.3% 2000 12.8% -3.0% 2001 5.5% 2.5% 2002-3.7% -20.5% 2003 43.9% 47.3% 2004 14.8% 18.3%

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Longleaf Partners International Fund Country and industry weightings and market cap size are a by-product of bottom up investment decisions. Most names are at least $1billion given the size of Southeastern's asset base and the concentrated approach. Portfolios contain not only companies headquartered outside of the U.S., but also U.S. domiciled companies with more than half of revenues, profits, or appraisedvalue derived from non-U.S. locations. Cash is a by-product of a lack of investment opportunities that meet Southeastern's criteria. When we have not found stocks selling at the requisite discount for prolonged periods, cash has approached 30% ofthe portfolios for limited periods. We do not hedge currency exposure, allowing clients to make their own decisions regarding hedging. International Accounts as of 9/30/10 9 accounts $2.7 billion in assets ($2.1 billion is Longleaf PartnersInternational Fund) $50 million minimum account size Fees 120 bps on first $50 million 100 bps on all assets over $50 million 20 Top 10 Holdings at 12/31/11 Top 10 Holdings at 12/31/11 Fairfax Financial Holdings 8.4% ACS Actividades 7.0 Ferrovial6.4 Philips 6.3 Carrefour 6.0 Cheung Kong 5.6 Lafarge 5.6 Ingersoll-Rand 5.2 Cemex 4.9 Willis Group 4.8 Portfolio Details at 12/31/11 Portfolio Details at 12/31/11 Inception 10/26/98 Net Assets $1.6 billion Total Holdings 23 YTD Expense Ratio 1.37%Turnover (five year average) 35.2% Weighted Average Market Cap $13.9 billion Symbol LLINX Net Asset Value $11.90

Longleaf Partners International Fund Performance Periods ending 12/31/11, net of fees In 1998, EAFE was available only at month-end; therefore, we use EAFE's value at10/31/98 to calculate EAFE performance since public offering. Funds returns do not reflect that deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fund returns and those of the unmanaged indexinclude reinvested dividends and distributions. Current performance may be lower or higher than the performance quoted herein. Past performance does not guarantee future results, fund prices fluctuate, and the value of an investment at redemptionmay be worth more or less than the purchase price. Prior to 2010, the Fund used currency hedging as a routine investment strategy. Please call (800)445-9469 or view southeasternasset.com for current performance orsoutheasternasset.com/misc/prospectus.cfm for the Funds' Prospectus and Summary Prospectus, which should be read carefully before investing to understand investment objectives, risks, charges and expenses of the Fund. 21 Cumulative Return CumulativeReturn Cumulative Return Cumulative Return Cumulative Return 1 year 5 year 10 year Inception 10/26/98 LLIN -20.3% -22.3% 33.8% 152.3% MSCI EAFE -12.1 -21.5 57.8 47.6 Inflation +10% 13.0 78.3 224.1 373.3 Annualized Return Annualized Return AnnualizedReturn Annualized Return Annualized Return 1 year 5 year 10 year Inception 10/26/98 LLIN -20.3% -4.9% 3.0% 7.3% MSCI EAFE -12.1 -4.7 4.7 3.0 Inflation +10% 13.0 12.3 12.5 12.5

Longleaf Partners International Fund Performance *Partial year, initial public offering 10/26/98 Average annual total returns for the Fund and its benchmark for the one,five, and ten year period ended December 31, 2011 are as follows: International Fund, -20.3%, -4.9, 3.0%; EAFE, -12.1%, -4.7%, 4.7%. In1998, EAFE was available only at month-end; therefore, we use EAFE's value at 10/31/98 to calculate EAFEperformance since public offering. Fund returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Fund returns and those of the unmanaged index included reinvested dividendsand distributions. Current performance may be lower or higher than the performance quoted herein. Past performance does not guarantee future results, fund prices fluctuate, and the value of an investment at redemption may be worth more or less thanthe purchase price. Prior to 2010, the Fund used currency hedging as a routine investment strategy. Please call (800)445-9469 or view southeasternasset.com for current performance or southeasternasset.com/misc/prospectus.cfm for the Funds'Prospectus and Summary Prospectus, which should be read carefully before investing to understand investment objectives, risks, charges, and expense of the Fund. 22 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net of Fees at12/31/11 Yearly Performance, Net of Fees at 12/31/11 Yearly Performance, Net of Fees at 12/31/11 Year Net MSCI EAFE 1998* 9.0% 10.9% 1999 24.4% 27.0% 2000 25.9% -14.1% 2001 10.5% -21.4% 2002 -16.5% -15.9% 2003 41.5% 38.6% 2004 10.2% 20.3% 2005 12.9%13.5% 2006 17.1% 26.3% 2007 15.3% 11.2% 2008 -39.6% -43.4% 2009 23.2% 31.8% 2010 13.7% 7.8% 2011 -20.3% -12.1%

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Research O. Mason Hawkins, CFA 1974-75 Director of Research, First Tennessee Investment Management, Memphis Chairman ^ Chief Executive Officer 1972-73 Director of Research,Atlantic National Bank, Jacksonville Southeastern since 1975 1971 M.B.A. (Finance) University of Georgia 1970 B.A. (Finance) University of Florida G. Staley Cates, CFA 1986 Research Associate, Morgan, Keegan & Company, Memphis President ^ ChiefInvestment Officer 1986 B.B.A. (Finance) University of Texas Southeastern since 1986 James E. Thompson, Jr., CFA 2009-2010 Senior Vice President and Team Leader, Cundill, Vancouver Senior Analyst ^ Principal 2007-2009 Bryant Asset Management andResearch Consultant to Southeastern Asset 1996-2007 and since 2010 Management, Palo Alto, CA 1996-2007 Vice President, Southeastern Asset Management, Memphis & London 1994-1995 Vice President, Salem Investment Counselors, Winston-Salem1991-1993 Director of Research, Wilmington Capital Management, Wilmington 1987-1990 Senior Analyst, Wachovia Bank and Trust Co., Winston-Salem 1986 M.B.A. University of Virginia 1982 B.S. (Business Administration) University of North Carolina 24Biographies

Research (continued) Ken Ichikawa Siazon 1997-2006 Lehman Brothers, Singapore, Tokyo, Hong Kong Senior Analyst ^ Principal 1994-1997 JP Morgan, Hong Kong, New YorkSoutheastern since 2006 1990-1992 Ford Motor Company, Tokyo Based in Singapore 1989-1990 Fuji Bank, Tokyo 1994 M.B.A. Harvard Business School 1989 B.S. (Systems Engineering) University of Virginia T. Scott Cobb 2004-2006 Smith, Salley &Associates, Greensboro Senior Analyst ^ Principal 2000-2004 Private Investor, Chapel Hill Southeastern since 2006 1995-2000 CST Investments, LLC, Memphis Based in London 1999 M.A. (Theological Studies) Covenant Theological Seminary 1997 B.A.(History) University of Memphis Lowry H. Howell, CFA 2000-2005 Security Analyst and Principal, Flippin, Bruce & Porter, Lynchburg Senior Analyst ^ Principal 1995-2000 Equity Analyst, Associate Vice President, Southern Capital Advisors, MemphisSoutheastern since 2006 1996 M.S. (Accounting) Rhodes College 1995 B.A. (Finance) Rhodes College Jason E. Dunn, CFA 1999 B.A. (Business & Economics) Rhodes College Senior Analyst ^ Principal Southeastern since 1997 25 Biographies

Research (continued) Josh Shores, CFA 2004-2007 Smith, Salley & Associates, Greensboro Senior Analyst ^ Principal 2002-2004 Franklin Street Partners, Chapel HillSoutheastern since 2007 2002 B.A. (Philosophy and Religious Studies) University of North Carolina Based in London Ross Glotzbach, CFA 2003-2004 Corporate Finance Analyst, Stephens Inc., Little Rock Senior Analyst ^ Principal 2003 B.A. (Economics)Princeton University Southeastern since 2004 Manish Sharma 2009 Equity Research Intern, State Bank of India, Mumbai Analyst 2008 Equity Research Intern, Weitz Funds, Omaha Southeastern since 2010 2008 Equity Research Intern, MFS InvestmentManagement, London Based in Singapore 2006-2007 Senior Manager, American Express, New York 2003-2006 Senior Analyst, Capital One Finance, Boise 2009 M.B.A. University of Chicago 2003 M.S. (Mechanical Engineering) Michigan State University 2000 B.Tech. (Mechanical Engineering) Indian Institute of Technology Brandon Arrindell 2008-2009 Investment Banking Analyst, Morgan Stanley, New York Analyst 2008 B.A. (Economics) Harvard College Southeastern since 2010 26 Biographies

Portfolio Risk Management Jim Barton, Jr., CFA 1991-1998 Proprietary Futures/Options Trader, Louis Dreyfus Corp., Memphis Client Portfolio Manager ^ Principal 1990-1991Professional Basketball Player, BG-07 Ludwigburg, Germany Southeastern since 1998 1989 B.A. (History) Dartmouth College Client Portfolio Management Fraser E. Marcus 2007-2009 Head Strategic Advisory Europe and Middle East, Lehman Asset Head ofGlobal Business Development Management, London Southeastern since 2010 2004-2007 Managing Partner, Dartmouth Capital Partners LLP, London Based in Memphis/London 1999-2004 Managing Director, Co-Head Investment Banking, ING Barings, London 1993-1999Managing Partner, The Chief Executive Partnerships, London 1979-1993 Managing Director, Investment Banking, Salomon Brothers, London & New York 1976-1979 Vice President, Manufacturers Hanover Limited, London & New York. 1976 B.A. (Englishand Mathematics) Dartmouth College Lee B. Harper 1989-1993 Consultant, IBM, Memphis Head of Client Portfolio 1985-1987 Business Analyst, McKinsey & Company, Atlanta Management ^ Principal 1989 M.B.A. Harvard Business School Southeastern since1993 1985 B.A. (History, Communications) University of Virginia 27 Biographies

Client Portfolio Management (continued) Peter T. Montgomery 2006-2010 Senior Relationship Manager, Private Capital Management, Naples Mutual Fund Institutional Client Manager1997-2005 Relationship Manager, Trusco Capital Management, Atlanta Southeastern since 2010 2002 M.B.A. (Finance) Georgia State University 1994 B.S./B.A. (Economics) Western Carolina University Gary M. Wilson, CFA 1998-2002 Associate, Citigroup,Tokyo Client Portfolio Manager ^ Principal 1993-1994 Analyst, Baystate Financial Services, Boston Southeastern since 2002 1998 M.A. (International Economics) Johns Hopkins School of Advanced International Studies 1992 B.A. (History) ColgateUniversity Gwin Myerberg 2006-2008 Investor Relations, Thales Fund Management, New York Client Portfolio Manager 2004-2006 Investor Relations, Twinfields Capital Management, Greenwich, CT Southeastern since 2008 2003-2004 Consultant, Deloitte andTouche, New York Based in London 2003 B.C. (Finance and Marketing) McIntire School of Commerce, University of Virginia John R. Owen, Jr. 2006-2010 Account Manager, DeMarche Associates, Inc., Kansas City, MO Client Portfolio Management Associate2004-2006 Manager, Georgia-Carolina Manufacturing Co., Augusta, GA Southeastern since 2010 2001-2004 Analyst, Willamette Management Associates, Atlanta, GA 2001 B.S. (Management) Georgia Institute of Technology 28 Biographies

Trading Deborah L. Craddock, CFA 1986-87 Sales Assistant, Robinson-Humphrey Co., Inc., Memphis Head of Trading ^ Principal 1980 B.A. (Economics) Rhodes College Southeasternsince 1987 Jeffrey D. Engelberg, CFA 2005-2007 Senior Trader, Fir Tree Partners, New York Senior Trader ^ Principal 2001-2005 Convertible Bond Trader, KBC Financial Products, New York Southeastern since 2007 1999-2000 Listed Equity Trader, MorganStanley, New York 1999 M.B.A. Wharton School, University of Pennsylvania 1998 B.S. (Economics) Wharton School, University of Pennsylvania Michael A. Johnson 2007-2011 Senior Trader, Artio Global Investors Senior Trader (formerly Julius BaerInvestment Management) Southeastern since 2011 1999-2006 Vice President - Trading, Lazard Asset Management 2005 M.B.A. Stern School of Business, New York University 1998 B.A. (Economics & International Relations) Connecticut College W. DouglasSchrank 2004-2009 Senior Trader, Para Advisors, New York Senior Trader 2000-2004 Sell-side & Buy-side Trader, Goldman Sachs, New York Southeastern since 2009 2000 B.A. (Political Science) Colgate University Ken Anthony 2003-2005 AuditAssociate, KPMG, Memphis Trading Associate 2003 M.S. (Accounting) University of Mississippi Southeastern since 2005 2002 B.S. (Accounting) University of Mississippi 29 Biographies

30 Representative Separate Account Client List Public Pensions & Taft Hartley (11) Sovereign Wealth Funds (2) Other (29) Private Pensions (80) Foundations / Endowments(53) At 12/31/11 Southeastern managed 201 accounts across 151 relationships. Clients on the list consist of separate institutional equity accounts representative of each category as of 12/31/11. They are not selected because of investmentperformance. The listing is not intended to be a representation that the particular clients approve of Southeastern or the services provided. American Airlines Bhs Cable & Wireless Cox Enterprises Hewlett Packard General Mills Kellogg CompanyLloyds TSB LonzaAmerica Massey Ferguson Merchant Navy Officers Metal Box National Grid USA Nestle Northern Foods Northrop Grumman Ormet Pactiv Parker Hannifan Rollins Yorkshire & Clydesdale Allegheny College American Legacy Foundation AmericanPsychological Association Andrew Mellon Foundation Carnegie Institution of Washington Church Pension Fund Claremont McKenna Cornell University Georgia Tech Grinnell College Groton School Hamilton College The Kellogg Company Trust Loyola UniversityMassey Ferguson Merchant Navy Officers Muriel Kauffman Foundation Temple University University of CO University of NE University of Pittsburgh University of Rochester Wellesley College Westtown School Yawkey Foundation Healthcare Institutions (10)Dana-Farber Cancer Institute Advisory & Subadvisory (16) Citadel Litman Gregory Masters' Select Equity Fund Litman Gregory Masters' Select Value Fund Longleaf Partners Funds (4) Vantagepoint Equity Income Fund Vantagepoint AggressiveOpportunities Fund

US Address Southeastern Asset Management, Inc. 6410 Poplar Avenue, Suite 900 Memphis, TN 38119 (901) 761-2474 Contact John Owen ^ jowen@SEasset.com 31 Contact Information UKAddress Southeastern Asset Management Intl (UK) Limited 3rd Floor, 7 Savile Row London W1S 3PE +44 (0) 20 7479 4200 Contact Gwin Myerberg ^ gmyerberg@SEasset.com Web Address southeasternasset.com

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