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Additional disclosure: Data and discussion as of March 31, 2022

Before investing in a Longleaf Partners Fund, you should carefully consider the Fund’s investment objectives, risks, charges and expenses. For a current prospectus and a summary prospectus, which contain this and other important information, visit https://southeasternasset.com/account-resources. Please read the Prospectus and the Summary Prospectus carefully before investing.

RISKS

The Longleaf Partners Fund is subject to stock market risk, which means that the shares of the Fund may fluctuate in response to developments in individual companies or due to general market and economic conditions. Also, since the Fund typically invests in 15 to 25 companies, the value of the shares may fluctuate more than if a larger number of securities were held. The shares of mid-cap companies held by the Fund may be more volatile than those of larger companies.
The S&P 500 Index is an index of 500 stocks chosen based on market size, liquidity, and industry grouping, among other factors. The S&P is designed to be a leading indicator for US equities and is meant to reflect the risk/return characteristics of the large cap universe. The constituents of the S&P 500 Value Index are drawn from the S&P 500 and are based on three factors: book value, earnings and sales to price ratios. An index cannot be invested directly.
The Russell 1000 Index measures the performance of the 1000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is derived from constituents of the Russell 1000 on a book-to-price (B/P) basis. .
P/V (“price relative to value”) is a calculation that compares the prices of stocks in a portfolio to Southeastern’s assessment of their intrinsic values. The ratio represents a single data point on a Fund and should not be construed as anything more. P/V does not guarantee future results, and we caution investors not to give this calculation undue weight.

Free Cash Flow (FCF) is a measure of a company’s ability to generate the cash flow needed to maintain its operations. Generally, it is calculated as operating cash flow minus capital expenditures.

A 13D filing is generally required for any beneficial owner of more than 5% of any class of registered equity securities, and who is unable to claim an exemption for more limited filings due to an intention to modify or to influence the control of the issuer.
As of March 31, 2022, the top ten holdings of the Longleaf Partners Fund: Lumen, 10.1%; CNX Resources, 6.9%; FedEx, 6.1%; Mattel, 5.5%; MGM Resorts, 5.5%; Discovery, 5.4%; IAC, 5.3%; Affiliated Executives Group, 5%; General Electric, 4.9% and CK Hutchison, 4.8%. Fund holdings are subject to change and discussions of holdings do not constitute recommendations to buy or sell securities. Current and future holdings are subject to risk.

Funds distributed by ALPS Distributors, Inc.
LLP001300
Expires on 31/07/2022

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