0001193125-12-308651.txt : 201207200001193125-12-308651.hdr.sgml : 2012072020120720135140ACCESSION NUMBER:0001193125-12-308651CONFORMED SUBMISSION TYPE:40-24B2PUBLIC DOCUMENT COUNT:6FILED AS OF DATE:20120720DATE AS OF CHANGE:20120720

FILER:

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:12971765

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

40-24B21d382777d4024b2.htmFORM 40-24B2

Form 40-24B2

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 FUNDS TRUST

(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 at June30, 2012

Partners FundSmall-CapFundInternationalFund

Net Assets (millions)

$8,158$3,327$1,406

NAV per Share

$28.52$28.55$12.03

Cusip

54306910-854306920-754306940-5

Portfolio Composition

PartnersFundSmall-CapFundInternationalFund

Cash

3.1%3.7%3.7%

Short-term cash equivalents

0.0%5.0%7.8%

3.1%8.7%11.5%

Common Stock& Options& Swaps

Domestic

74.3%78.8%10.6%

Foreign

18.4%12.0%73.2%

Bonds

4.2%0.0%4.6%

All other, net

0.0%0.5%0.1%

Total Net Assets

100.0%100.0%100.0%

Number of Securities

212023

Average Annual Returns

Partners
FundS&P
500Small-Cap
FundRussell
2000International
FundEAFE

Year-to-date

7.02%9.49%13.16%8.53%1.09%2.96%

Month

6.58%4.12%7.29%4.99%9.96%7.01%

Three months

-5.22%-2.75%2.96%-3.47%-9.34%-7.13%

One Year

-5.65%5.45%1.28%-2.08%-22.31%-13.83%

Three Year

14.95%16.40%23.33%17.80%2.38%5.96%

Five Year

-3.47%0.22%1.83%0.54%-7.33%-6.10%

Ten Year

4.62%5.33%9.42%7.00%3.27%5.14%

15 Year

6.80%4.77%9.70%6.14%nana

20 Year

10.38%8.34%12.18%8.96%nana

Inception

10.66%8.74%10.54%8.79%7.09%3.11%

Inception date

4/8/87

2/21/89

10/26/98

These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or theredemption of Fund shares. Current performance may be lower or higher than the performance quoted. Please call (800)445-9469 or visit southeasternasset.com, for the most recent performance information orsoutheasternasset.com/mutual_fund_documents/prospectus for a current copy of the Funds' Prospectus and Summary Prospectus, both of which should be read carefully before investing, for a discussion of investment objectives, management fees, expenses,and risks. Fund returns and those of the unmanaged and unhedged indices referenced above include reinvested dividends and distributions. Prior to 2010, the Funds used currency hedging as a routine investment strategy. Past performance is noguarantee of future performance, fund prices fluctuate and the value of an investment at redemption may be more or less than the purchase price. This material should be preceded or accompanied by a Prospectus. The annualized expense ratios for theLongleaf Partners, Small-Cap, and International Funds are 0.91%, 0.91%, and 1.27% respectively. The risks associated with an investment in the Longleaf Partners Funds are detailed on pages 15 to 17 of the Prospectus. These risks include stock marketrisk, investment selection risk, corporate ownership risk, non-diversification risk, non-US investment risk, small cap risk (particularly with respect to the Small-Cap Fund), focused geographic risk, and derivatives risk.

Funds Distributed by: Rafferty Capital Markets, LLC

Longleaf Partners Funds Article Reprint Summary at June30, 2012

S&P500Small-CapFundRussell2000InternationalFundEAFE

One Year

5.45%1.28%-2.08%-22.31%-13.83%

Five Year

0.22%1.83%0.54%-7.33%-6.10%

Ten Year

5.33%9.42%7.00%3.27%5.14%

Inception

8.74%10.54%8.79%7.09%3.11%

Inception date

2/21/89

10/26/98

These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or theredemption of Fund shares. Current performance may be lower or higher than the performance quoted. Please call (800)445-9469 or visit southeasternasset.com, for the most recent performance information orsoutheasternasset.com/mutual_fund_documents/prospectus for a current copy of the Funds' Prospectus and Summary Prospectus, both of which should be read carefully before investing, for a discussion of investment objectives, management fees, expenses,and risks. Fund returns and those of the unmanaged and unhedged indices referenced above include reinvested dividends and distributions. Prior to 2010, the Funds used currency hedging as a routine investment strategy. Past performance is noguarantee of future performance, fund prices fluctuate and the value of an investment at redemption may be more or less than the purchase price. This material should be preceded or accompanied by a Prospectus. The annualized expense ratios for theLongleaf Partners, Small-Cap, and International Funds are 0.91%, 0.91%, and 1.27% respectively. The risks associated with an investment in the Longleaf Partners Funds are detailed on pages 15 to 17 of the Prospectus. These risks include stock marketrisk, investment selection risk, corporate ownership risk, non-diversification risk, non-US investment risk, small cap risk (particularly with respect to the Small-Cap Fund), focused geographic risk, and derivatives risk.

Funds Distributed by: Rafferty Capital Markets, LLC

Under SEC Rule 34b-1, this quarterly performance supplement must appear as the first item in any collection of articles containing performance data of the Longeaf Partners Funds. The published articlesincluded in this section have appeared in independent print media, and discuss the investment philosophy used by Southeastern Asset Management, Inc. References to specific companies are used solely to illustrate the application of the firmsinvestment principles to particular situations. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the particular securities used as illustrations in the published articles.

Level 3 Communications (LVLT)

Level (3)Communications

Good Business - Vast, irreplaceable network; rapidly growing utilization

Overview

Among worlds largest internetbackbones

Spans 45 countries, 3 continents, 450 cities

Unique combination of long-haul and metro routes 100,000 miles intercity ; 30,000 miles metropolitan

Bandwidth demand rapidly growing

Competitive Advantage

Impossible to replicatemetro assets

Low-cost network in long haul

Global network coverage

Good People - Deep industry experience and technical expertise

Jeff Storey, President and COO - meeting sales targets

Temasek Holdings - owns 25% and holds 3 board seats

Global Internet Trends

Global internet traffic is forecast to grow at 29% CAGR from 2011 to 2016

Exabytes per Month - An exabyte is 1 billion gigabytes

Business Consumer

31 44 59 77 94 109

2011 2012 2013 2014 2015 2016

Source: Cisco Visual Networking Index Global IP Traffic Forecast, 2011-2016 (May 30, 2012)

Level 3s global network can service that growth

Source: Level 3 Communications

Southeastern AssetManagement, Inc.

Advisor to Longleaf Partners Funds

Intended for use by Southeastern clients and institutional investors only Updated July9, 2012

Level 3 Communications (LVLT)

Level (3)Communications

Good Price - Price to value low-40s%

Appraisal

Assumes:

5% revenue growth this year/7% average over 8 years

Why the stock is cheap

No direct comps to properly value assets

Historicdebt levels

EBITDA multiple in line with industry but ignores LVLTs lower capex and tax advantage

Southeasterns View - Industry consolidation; growing demand; high contribution margins

Consolidation improves pricing, highlights asset values

Surge in mobile, cloud, video accelerates demand

Acquisition of GLBC:

Debt coverage ratios nolonger an issue

Foothold in Latin America; stronger foothold in UK Cost savings of $300 million Salesexpertise added

Credit Profile Pre and Post GLBC

Level 3 Communications 2011 Credit Profile

Reported Debt $ 8,450 Million (Less Cash) 918 Million

Net Debt $ 7,532 Million

2011 Adjusted EBITDA*ex-Acquisition Costs

Level 3 (Standalone) $ 961 Million LVLT/GLBC (Pro-Forma) $ 1,303 Million

Net Debt to EBITDA Coverage Ratios

LVLT Pre-GLBC

7.8X

LVLT Post-LBC

5.8X

Source: Company filings

*Adjusted EBITDA is defined by LVLT as net income (loss) from the Consolidated Statements of Operations before incometaxes, total other income (expense), non-cash impairment charges, depreciation and amortization, non-cash stock compensation expense, and discontinued operations.

For institutional investors only. For investors or prospective investors in the Longleaf Partners Funds: Please call (800)445-9469 or view southeasternasset.com for current performance orsoutheasternasset.com/mutual_fund_documents/prospectus for the Funds Prospectus and Summary Prospectus, which should be read carefully before investing to understand investment objectives, risks, charges, and expenses of the Funds. The risksassociated with an investment in the Longleaf Partners Funds are detailed on pages 15 to 17 of the Prospectus. These risks include stock market risk, investment selection risk, corporate ownership risk, non-diversification risk, non-US investmentrisk, small cap risk (particularly with respect to the Small-Cap Fund), focused geographic risk, and derivatives risk. Funds distributed by: Rafferty Capital Markets, LLC. Discussion of particular investments should not be viewed as a recommendationto buy or sell any security

Southeastern Asset Management, Inc.

Advisor to Longleaf Partners Funds

Intended for use by Southeastern clients and institutional investors only Updated July9, 2012

HRT Participacoes (HRTP3 - BR) HRT

Good Business - Unique assets near producing wells

Overview

Oil& gas exploration& production: 21 Brazilian Blocks and 12 Namibian Blocks

Brazil Solimoes onshore (JV with TNK-BP) Oil and gas producing region

Largest Namibia offshore acreage; secured rig to drill

Competitive Advantage

Technical expertise andoperational experience

Hydrocarbons present in 100% of wells drilled

Government resistance to outsiders in Brazil resources

Good People - Vested owners with strong Brazilian and industry expertise

CEO Marcio Mello owns 5%

Monetized 45% Solimoes for $1B from TNK-BP

25+years geological and drilling expertise in Brazil

>50% historic drilling success rate vs. 30% industryaverage

HRT Brazilian& Namibian Blocks

Source: Company Filings& Presentations

Southeastern Asset Management, Inc.

Advisor toLongleaf Partners Funds

Solimoes Basin

GAS GAS OIL & GAS

GAS GAS & CONDENSATE

Namibia

Intended for use by Southeastern clients and institutional investors only Updated July9, 2012

HRT Participacoes (HRTP3 - BR) HRT

Good Price - Price-to-Value mid-30s%

Appraisal

Assumes:

30% success rate in Brazil

Namibian certified reserves at $0.10/barrel Market price cash; get acreage for free

Why the stock is cheap

Poor communication anddisappointing execution

Drilling results indicate higher cost and time to extract oil

No cash flow for several years

Southeasterns View - Deeply discounted, high probability acreage with management expertise

Management reducing cash burn and exploring farm outs

Current cash funds 2 years without production or asset sales

Upside of $5 B in incentive fees in Brazil from TNK-BP

Upside in Namibian acreage with increasing attention from majors

How Cheap Is HRT?

Our worst case appraisal

Real Per Share

Cash

R$5.80

Solimoes Value

R$9.00

(based on TNK-BP Price for 45% stake)

Namibian Value

R$4.50

(D&M certified resources at $0.10/boe)

Stock Price R$5.79

Our Appraisal Value

~R$19.30

Source: Southeastern estimates

For institutional investors only. For investors or prospective investors in the Longleaf Partners Funds: Please call (800)445-9469 or view southeasternasset.com for current performance orsoutheasternasset.com/mutual_fund_documents/prospectus for the Funds Prospectus and Summary Prospectus, which should be read carefully before investing to understand investment objectives, risks, charges, and expenses of the Funds. The risksassociated with an investment in the Longleaf Partners Funds are detailed on pages 15 to 17 of the Prospectus. These risks include stock market risk, investment selection risk, corporate ownership risk, non-diversification risk, non-US investmentrisk, small cap risk (particularly with respect to the Small-Cap Fund), focused geographic risk, and derivatives risk. Funds distributed by: Rafferty Capital Markets, LLC. Discussion of particular investments should not be viewed as a recommendationto buy or sell any security

Southeastern Asset Management, Inc.

Advisor to Longleaf Partners Funds

Intended for use by Southeastern clients and institutional investors only Updated July9, 2012

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