# EDGAR Filing Document

**Accession Number:** 0000806636
**File Stem:** 0001580642-26-000191
**Filing Date:** 2026-1
**Character Count:** 93566
**Document Hash:** ab555cf7264a8424037f1617c3a5bca6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000191.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001580642-26-000191

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LONGLEAF PARTNERS FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000806636

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-10472
- **FILM NUMBER:** 26522026

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SOUTHEASTERN ASSET MANAGEMENT
- **STREET 2:** 5100 POPLAR AVE, SUITE 2450
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38137
- **BUSINESS PHONE:** 9017612474

**MAIL ADDRESS:**
- **STREET 1:** C/O SOUTHEASTERN ASSET MANAGEMENT
- **STREET 2:** 5100 POPLAR AVE, SUITE 2450
- **CITY:** MEMPHIS
- **STATE:** TN
- **ZIP:** 38137

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHEASTERN ASSET MANAGEMENT FUNDS TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHEASTERN ASSET MANAGEMENT VALUE TRUST
- **DATE OF NAME CHANGE:** 19881220

**Securities Act File No. 333-290104**

**As filed with the Securities and Exchange Commission on January 9, 2026** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ⌧**

**Pre-Effective Amendment No. ___** 

**Post-Effective Amendment No. 1**

**LONGLEAF PARTNERS FUNDS TRUST**

(Exact Name of Registrant as Specified in Charter)

**c/o Southeastern Asset Management, Inc.** 

**5100 Poplar Avenue, Suite 2450**

**Memphis, TN 38137**

(Address of Principal Executive Offices)

**(901) 761-2474** 

(Registrant's Telephone Number)

**Andrew R. McCarroll, Esq.**

**Southeastern Asset Mgmt., Inc.**

**5100 Poplar Avenue, Suite 2450**

**Memphis, TN 38137**

(Name and Address of Agent for Service)

With a copy to:

**Kent Barnes**

**Ultimus Fund Solutions, LLC**

**P.O. Box 46707**

**Cincinnati, OH 45246-0707**

**(312) 248-8010**

It is proposed that this filing will become effective immediately pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

No filing fee is required because the Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended, pursuant to which it has previously registered an indefinite number of shares.

**EXPLANATORY NOTE**

The Registrant hereby incorporates by reference the [Proxy Statement/Prospectus and Statement of Additional Information](https://www.sec.gov/Archives/edgar/data/806636/000158064225007492/longleaf_n14a1.htm) filed as Parts A and B, respectively, to Registrant's Registration Statement on Form N-14 (File No. 333-290104) that was filed with the Securities and Exchange Commission on November 28, 2025. The definitive versions of Parts A and B were filed with the SEC on December 5, 2025 pursuant to Rule 497 under the Securities Act of 1933, as amended. Capitalized terms not otherwise defined herein have the meanings ascribed to them in Parts A and B of the Registrant's Registration Statement on Form N-14.

This Post-Effective Amendment is being made solely for the purpose of filing (i) the final and executed Agreement and Plan of Reorganization; (ii) the opinion of counsel regarding tax consequences of the reorganization of Longleaf Partners International Fund with and into Longleaf Partners Global Fund; and (iii) the Registrant's Declaration of Trust amendment removing the Longleaf Partners International Fund as a series of the Registrant.

**PART C**.

**<u>OTHER INFORMATION</u>**

**Item 15. Indemnification**

Section 4.8 of the By-Laws of the Registrant provides as follows:

Indemnification of Trustees, Officers, Employees and Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Trust) by reason of the fact that he is or was a Trustee, officer, employee, or agent of the Trust. The indemnification shall be against expenses, including attorneys' fees, judgements, fines, and amounts paid in settlement, actually and reasonably incurred by him in connection with the action, suit, or proceeding, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Trust, and with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendre or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Trust, and with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or on behalf of the Trust to obtain a judgment or decree in its favor by reason of the fact that he is or was a Trustee, officer, employee, or agent of the Trust. The indemnification shall be against expenses, including attorneys' fees actually and reasonably incurred by him in connection with the defense or settlement of the action or suit, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Trust, except that no indemnification shall be made in respect of any claim, issue, or matter as to which the person has been adjudged to be liable for negligence or misconduct in the performance of his duty to the Trust, except to the extent that the court in which the action or suit was brought, or a court of equity in the county in which the Trust has its principal office, determines upon application that, despite the adjudication of liability but in view of all circumstances of the case, the person is fairly and reasonably entitled to indemnity for these expenses which the court shall deem proper, provided such Trustee, officer, employee or agent is not adjudged to be liable by reason of his willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 16. Exhibits**

(1) [Articles of Incorporation. Registrant is a Massachusetts business trust. Re-Stated Declaration of Trust; incorporated by reference from Post-Effective Amendment No. 26, filed February 28, 2003;](http://www.sec.gov/Archives/edgar/data/806636/000095014403002501/g80806aexv23wa.txt) [Amendment to Declaration of Trust: Removal of Fourth Series is filed herewith](ex-1.htm).

(2) [Re-Stated By-Laws; incorporated by reference from Post-Effective Amendment No. 28, filed February 28, 2005.](http://www.sec.gov/Archives/edgar/data/806636/000095014405001902/g93164exv23wb.txt)

(3) Not applicable.

(4) [Agreement and Plan of Reorganization is filed herewith.](ex-4.htm)

(5) [Instruments Defining Rights of Security Holders. Stock Certificate; incorporated by reference from Post-Effective <br> Amendment No. 23, filed August 2, 2000.](https://www.sec.gov/Archives/edgar/data/806636/000095014400009321/ex99-23_c.txt)

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| | |
|:---|:---|
| (6) | (a) [Investment Counsel Agreement, Longleaf Partners Fund and Longleaf Partners Small-Cap Fund, incorporated by reference from Post-Effective Amendment No. 21, filed February 26, 1999.](https://www.sec.gov/Archives/edgar/data/806636/0000950144-99-002256.txt) |
|  | (b) Temporary Expense Limitation Agreement, Longleaf Partners Fund, incorporated by reference from Post-Effective Amendment No. 58, filed April 29, 2020. |
|  | (c) Investment Counsel Agreement, Longleaf Partners International Fund, incorporated by reference from Post-Effective Amendment No. 20, filed August 10, 1998. |
|  | (d) Addendum to Investment Counsel Agreement, Longleaf Partners International Fund, incorporated by reference from Post-Effective Amendment No. 27, filed February 27, 2004. |
|  | (e) Addendum to Investment Counsel Agreement, Longleaf Partners International Fund, incorporated by reference from Post-Effective Amendment No. 35, filed March 1, 2011. |
|  | (f) Addendum to Investment Counsel Agreement, Longleaf Partners International Fund, incorporated by reference from Post-Effective Amendment No. 58, filed April 29, 2020. |
|  | (g) Investment Counsel Agreement, Longleaf Partners Global Fund, incorporated by reference from Post-Effective Amendment No. 41, filed December 27, 2012. |
|  | (h) Addendum to Investment Counsel Agreement, Longleaf Partners Global Fund, incorporated by reference from Post-Effective Amendment No. 58, filed April 29, 2020. |
|  | (i) Addendum to Investment Counsel Agreement, Longleaf Partners Global Fund, incorporated by reference from Post-Effective Amendment No. 60, filed April 30, 2021. |
|  | (j) Addendum to Investment Counsel Agreement, Longleaf Partners, Longleaf Partners Small-Cap, Longleaf Partners International, and Longleaf Partners Global Funds, incorporated by reference from Post-Effective Amendment No. 64, filed April 28, 2025. |
|  | (k) Fee Cap Extension, Longleaf Partners Fund, incorporated by reference from Post-Effective Amendment No. 64, filed April 28, 2025. |
|  | (l) Fee Cap Extension, Longleaf Partners Small-Cap Fund, incorporated by reference from Post-Effective Amendment No. 64, filed April 28, 2025. |

---

(7) [Underwriting Contracts. Distribution Agreement between Longleaf Partners Funds Trust and ALPS Distributors, Inc.; incorporated by reference from Post-Effective Amendment No. 46, filed April 30, 2014.](http://www.sec.gov/Archives/edgar/data/806636/000119312514171200/d668926dex99e.htm)<br>

(8) Not applicable

(9) [Custodian Agreements. Custodian Agreement with State Street Bank and Trust Company; incorporated by reference from Post-Effective Amendment No. 21, filed February 26, 1999.](https://www.sec.gov/Archives/edgar/data/806636/0000950144-99-002256.txt)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Amendment to Custodian Agreement between Longleaf Partners Funds Trust and State Street Bank and Trust Company, incorporated by reference from Post-Effective Amendment No 64 filed April 28, 2025.](https://www.sec.gov/Archives/edgar/data/806636/000158064225002592/longleaf_ex28g1.htm)<br>

(10) Not applicable

(11) [Legal Opinion and Consent of Dechert LLP filed November 28, 2025.](https://www.sec.gov/Archives/edgar/data/806636/000158064225007492/longleaf_ex11.htm)

(12) [Legal Opinion of Dechert LLP as to tax matters filed herewith](ex-12.htm).

(13) (a) [Fund Administration Agreement between Southeastern Asset Management, Inc. and Longleaf Partners Fund and Longleaf Partners Small-Cap Fund; incorporated by reference from Post-Effective Amendment No. 21, filed February 26, 1999.](https://www.sec.gov/Archives/edgar/data/806636/0000950144-99-002256.txt)

(b). [Fund Administration Agreement between Southeastern Asset Management, Inc. and Longleaf Partners International Fund; incorporated by reference from Post-Effective Amendment No. 20, filed August 10, 1998.](https://www.sec.gov/Archives/edgar/data/806636/0000950144-98-009323.txt)

(c). [Fund Administration Agreement between Southeastern Asset Management and Longleaf Partners Global Fund, incorporated by reference from Post-Effective Amendment No. 40, filed June 18, 2012.](http://www.sec.gov/Archives/edgar/data/806636/000095012312009198/g28143exv99whw3.htm)

(d). [Form of Shareholder Servicing Agent Agreement with National Financial Services Corp; incorporated by reference from Post-Effective Amendment No. 21, filed February 26, 1999.](https://www.sec.gov/Archives/edgar/data/806636/0000950144-99-002256.txt)

---

| | |
|:---|:---|
| (e). | [Consulting Agreement between Longleaf Partners Funds Trust and Northern Lights Compliance Services, LLC; incorporated by reference from Post Effective Amendment No. 63, filed April 29. 2024.](https://www.sec.gov/Archives/edgar/data/806636/000119312524121917/d786233dex99h9.htm) |

---

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| | |
|:---|:---|
| (f). | [Master Services Agreement between Longleaf Partners Funds Trust and Ultimus Fund Solutions, LLC, incorporated by reference from Post Effective Amendment No. 63, filed April 29. 2024.](https://www.sec.gov/Archives/edgar/data/806636/000119312524121917/d786233dex99h10.htm) |

---

(g). [Addendum to Fund Administration Agreements - Partners, Small-Cap, International and Global; incorporated by reference from Post Effective amendment No. 64 filed April 28, 2025.](https://www.sec.gov/Archives/edgar/data/806636/000158064225002592/longleaf_ex28h11.htm)

(14)(1) [Consent of Cohen & Company, Ltd. filed November 28, 2025.](https://www.sec.gov/Archives/edgar/data/806636/000158064225007492/longleaf_ex14i.htm)

(14)(2) [Consent of Ernst & Young LLP filed November 28, 2025.](https://www.sec.gov/Archives/edgar/data/806636/000158064225007492/longleaf_ex14ii.htm)

(15) Not applicable.

(16) [Powers of Attorney filed September 8, 2025.](https://www.sec.gov/Archives/edgar/data/806636/000158064225005943/longleaf_ex16.htm)

(17) Not applicable.

(18) [Form of Proxy Card filed November 28, 2025.](https://www.sec.gov/Archives/edgar/data/806636/000158064225007492/longleaf_ex18.htm)

**Item 17. Undertakings**

(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended (the "1933 Act"), the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant, Longleaf Partners Funds Trust, a Massachusetts business trust, certifies that it has duly caused this Post-Effective Amendment No. 1 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Memphis and State of Tennessee, on the 9th day of January, 2026.

**LONGLEAF PARTNERS FUNDS TRUST**

---

| | |
|:---|:---|
| By | /s/ Ross Glotzbach<br>|
|  | Ross Glotzbach<br> Chief Executive Officer<br> Southeastern Asset Management, Inc.<br> Functioning as principal executive officer under agreements with Longleaf Partners Funds Trust and its separate series |

---

---

| | |
|:---|:---|
| By | /s/ Ryan S. Hocker<br>|
|  | Ryan S. Hocker<br> Global Funds Treasurer<br> Southeastern Asset Management, Inc.<br> Functioning as principal financial and accounting officer under agreements with Longleaf Partners Funds Trust and its separate series |

---

---

| | |
|:---|:---|
| By | /s/ Andrew R. McCarroll<br>|
|  | Andrew R. McCarroll<br> General Counsel & Principal<br> Southeastern Asset Management, Inc.<br> Functioning as principal legal officer under agreements with Longleaf Partners Funds Trust and its separate series |

---

**SIGNATURES (Continued)**

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form N-14 has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature**<br>| **Title**<br>| **Date**<br>|
| &nbsp;&nbsp;&nbsp;**INTERESTED TRUSTEES** | &nbsp;&nbsp;&nbsp;**INTERESTED TRUSTEES** | &nbsp;&nbsp;&nbsp;**INTERESTED TRUSTEES** |
| /s/ O. Mason Hawkins\* <br> O. Mason Hawkins | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 9, 2026 |
| &nbsp;&nbsp;&nbsp;**NON-INTERESTED TRUSTEES** | &nbsp;&nbsp;&nbsp;**NON-INTERESTED TRUSTEES** | &nbsp;&nbsp;&nbsp;**NON-INTERESTED TRUSTEES** |
| /s/ Margaret H. Child\* <br> Margaret H. Child | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 9, 2026 |
| /s/ Sarah Jemison\* <br> Sarah Jemison | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 9, 2026 |
| /s/ Kent A. Misener\* <br> Kent A. Misener | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;January 9, 2026 |
| /s/ Perry C. Steger\* <br> Perry C. Steger | &nbsp;&nbsp;Chairman of the Board | &nbsp;&nbsp;January 9, 2026 |

---

---

| | |
|:---|:---|
| \* By: | /s/ Andrew R. McCarroll<br>|
|  | Andrew R. McCarroll<br> \*Attorney-in-Fact pursuant to powers of attorney previously filed as Exhibit 16 to the Trust's Registration Statement on Form N-14 on September 8, 2025.<br>January 9, 2026 |

---

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| <u>Exhibit</u> | <u>Exhibit No.</u> |
| [Amendment to Declaration of Trust](ex-1.htm) | [(1)](ex-1.htm) |
| [Agreement and Plan of Reorganization](ex-4.htm) | [(4)](ex-4.htm) |
| [Legal Opinion of Dechert LLP as to tax matters](ex-12.htm) | [(12)](ex-12.htm) |

---

## Exhibit 99.1

**AMENDMENT TO DECLARATION OF TRUST**

**LONGLEAF PARTNERS FUNDS TRUST**

*A Massachusetts Business Trust*

**Merger of Longleaf Partners International Fund into Longleaf Partners Global Fund**

**and Change of Certain Addresses**

<u>WITNESSETH</u>

This amendment relates to the Declaration of Trust of Longleaf Partners Funds Trust (the "Trust") originally filed in the Office of the Secretary of the Commonwealth of Massachusetts on November 28, 1986 under the name "Southeastern Asset Management Value Trust." The Trust is registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end management investment company. Presently, it has four series: Longleaf Partners Fund, Longleaf Partners Small-Cap Fund, Longleaf Partners International Fund, and Longleaf Partners Global Fund.

The Declaration of Trust of Longleaf Partners Funds Trust is hereby amended by the Board of Trustees pursuant to this written consent approved by a majority of Trustees, by removing all references and information regarding Longleaf Partners International Fund, effective as of December 20, 2025 and amending Sections 1.1(c)(iii) and 1.1(c)(iv) as follows:

1.1(c)(iii) The name and address for the transfer agent for the Trust shall be updated to Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246;

1.1(c)(iv) The address of Southeastern Asset Management, Inc. shall be updated to 5100 Poplar Avenue, Suite 2450, Memphis, TN 38137

**IN WITNESS WHEREOF**, the undersigned Trustees have executed this Amendment to the Declaration of Trust on behalf of the Trust and its series as of December 22, 2025, in their official capacities as Trustees of the Trust, and not as individuals or in their individual capacities:

---

| | |
|:---|:---|
| ![(-s-Margaret H. Child)](lo001_v1.jpg) | ![(-s-Perry C. Steger)](lo002_v1.jpg) |
| Margaret H. Child | Perry C. Steger |
| ![(-s-Kent A. Misener)](lo003_v1.jpg) | ![(-s-Sarah Jemison)](lo004_v1.jpg) |
| Kent A. Misener | Sarah Jemison |
| ![(-s-O. Mason Hawkins)](lo005_v1.jpg) |  |
| O. Mason Hawkins |  |

---

## Exhibit 99.4

**AGREEMENT AND PLAN OF REORGANIZATION**

**LONGLEAF PARTNERS GLOBAL FUND**

**LONGLEAF PARTNERS INTERNATIONAL FUND**

The Board of Trustees of Longleaf Partners Funds Trust, a Massachusetts business trust (the "Board"), deems it advisable that Longleaf Partners Global Fund (the "Acquiring Fund") and Longleaf Partners International Fund (the "Acquired Fund") engage in the reorganization described below. Each of the Acquired Fund and the Acquiring Fund is a series of Longleaf Partners Funds Trust.

This agreement is intended to be and is adopted as a plan of reorganization and liquidation (the "Plan") within the meaning of Section 368(a)(1) of the United States Internal Revenue Code of 1986, as amended (the "Code"). The reorganization and liquidation will consist of the transfer of all of the assets of the Acquired Fund to the Acquiring Fund in exchange solely for shares of beneficial interest of the Acquiring Fund ("Acquiring Fund Shares"), the assumption by the Acquiring Fund of all liabilities of the Acquired Fund, and the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund in complete liquidation of the Acquired Fund, as provided herein ("Reorganization"), all upon the terms and conditions hereinafter set forth in this Plan.

WHEREAS, the Acquired Fund and the Acquiring Fund are each a series of an open-end, registered management investment company and the Acquired Fund owns securities that generally are assets of the character in which the Acquiring Fund is permitted to invest;

WHEREAS, the Board has determined, with respect to the Acquiring Fund, that the exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and the assumption of all liabilities of the Acquired Fund by the Acquiring Fund is in the best interests of the Acquiring Fund and its shareholders and that the interests of the existing shareholders of the Acquiring Fund would not be diluted as a result of this transaction; and

WHEREAS, the Board has determined, with respect to the Acquired Fund, that the exchange of all of the assets of the Acquired Fund for Acquiring Fund Shares and the assumption of all liabilities of the Acquired Fund by the Acquiring Fund is in the best interests of the Acquired Fund and its shareholders and that the interests of the existing shareholders of the Acquired Fund would not be diluted as a result of this transaction;

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

**1.** **Transfer of Assets of the Acquired Fund to the Acquiring Fund in Exchange for Acquiring Fund Shares, the Assumption of all of the Acquired Fund's Liabilities and the Liquidation of the Acquired Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Subject to the terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the Acquired Fund agrees to transfer all of its respective assets, as set forth in paragraph 1.2, to the Acquiring Fund, and the Acquiring Fund agrees in exchange therefor: (i) to deliver to the Acquired Fund the number of full and fractional Acquiring Fund Shares, determined by dividing the value of the Acquired Fund's net assets, computed in the manner and as of the time and date set forth in paragraph 2.1, by the net asset value of one Acquiring Fund Share of the corresponding class, computed in the manner and as of the time and date set forth in paragraph 2.2; and (ii) to assume all liabilities of the Acquired Fund, as set forth in paragraph 1.3. Such transactions shall take place on the date of the closing provided for in paragraph 3.1 ("Closing Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The assets of the Acquired Fund to be acquired by the Acquiring Fund shall consist of all assets and property, including, without limitation, all cash, securities, commodities and futures interests and dividends or interests receivable that are owned by the Acquired Fund and any deferred or prepaid expenses shown as an asset on the books of the Acquired Fund on the Closing Date (collectively, "Assets").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. The Acquired Fund will endeavor to discharge to the extent practicable, all of its liabilities and obligations prior to the Closing Date. The Acquiring Fund shall also assume all of the liabilities of the Acquired Fund, whether accrued, fixed or contingent, known or unknown, including indemnification liabilities, existing at the

Valuation Date as defined in paragraph 2.1 (collectively, "Liabilities"). On or as soon as practicable prior to the Closing Date, the Acquired Fund will declare and pay to its shareholders of record one or more dividends and/or other distributions so that it will have distributed substantially all (and in no event less than 98%) of the sum of its investment company taxable income (computed without regard to any deduction for dividends paid) plus realized net capital gain, if any, for the current taxable year through the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. Immediately after the transfer of assets provided for in paragraph 1.1, the Acquired Fund will distribute to its shareholders of record, determined as of immediately after the close of business on the Closing Date ("Acquired Fund Shareholders"), on a pro rata basis, the Acquiring Fund Shares received by the Acquired Fund pursuant to paragraph 1.1, and will completely liquidate. Such distribution and liquidation will be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of Acquiring Fund Shares to be so credited to Acquired Fund Shareholders, respectively, shall be equal to the aggregate net asset value of the shares of beneficial interest of the Acquired Fund ("Acquired Fund Shares") owned by Acquired Fund Shareholders on the Closing Date. All issued and outstanding shares of the Acquired Fund will simultaneously be redeemed and canceled on the books of the Acquired Fund, although any share certificates representing interests in shares of the Acquired Fund will represent a number of Acquiring Fund Shares after the Closing Date, as determined in accordance with paragraph 2.3. The Acquiring Fund shall not issue certificates representing the Acquiring Fund Shares in connection with such exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. Ownership of Acquiring Fund Shares will be shown on the books of the Acquiring Fund's Transfer Agent, as defined in paragraph 3.3. Shares of the Acquiring Fund will be issued in the manner described in the Acquiring Fund's current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. Any reporting responsibility of the Acquired Fund, including, but not limited to, the responsibility for filing regulatory reports, tax returns, or other documents with the U.S. Securities and Exchange Commission ("SEC"), any state securities commission, and any Federal, state or local tax authorities or any other relevant regulatory authority, is and shall remain the responsibility of the Acquired Fund up to and including the Closing Date.

**2.** **Valuation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The value of the Assets shall be the value of such Assets computed as of immediately after the close of business of the New York Stock Exchange and after the declaration of any dividends on the Closing Date (such time and date being hereinafter called the "Valuation Date"), using the valuation procedures set forth in the then-current prospectus and statement of additional information, each as may be supplemented, of the Acquiring Fund, and valuation procedures established by the Board of the Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. The net asset value of an Acquiring Fund Share shall be the net asset value per share computed as of the Valuation Date, using the valuation procedures set forth in the Acquiring Fund's then-current prospectus and statement of additional information, each as may be supplemented, and valuation procedures established by the Board of the Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. The number of the Acquiring Fund Shares to be issued (including fractional shares, if any) in exchange for the Acquired Fund's Assets and liabilities shall be determined by dividing the value of the net assets with respect to the Acquired Fund Shares, as the case may be, determined using the same valuation procedures referred to in paragraph 2.1, by the net asset value of an Acquiring Fund Share, determined in accordance with paragraph 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. All computations of value shall be made by or under the direction of Southeastern Asset Management, Inc., in its capacity as administrator for the Acquired Fund and the Acquiring Fund, and shall be subject to confirmation by each of the Acquired Fund's and Acquiring Fund's record keeping agent.

**3.** **Closing and Closing Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Closing Date shall be on or about December 5, 2025 or such other date as the parties may agree. All acts taking place at the closing of the transactions provided for in this Plan ("Closing") shall be deemed to take

place simultaneously as of immediately after the close of business on the Closing Date unless otherwise agreed to by the parties. The close of business on the Closing Date shall be as of 4:00 p.m. Eastern time. The Closing shall be held at the offices of the Acquired Fund and Acquiring Fund or at such other time and/or place as the parties may agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Longleaf Partners Funds Trust shall direct State Street Bank and Trust Company as custodian for the Acquired Fund ("Custodian"), to deliver, at the Closing, a certificate of an authorized officer stating that the Assets shall have been delivered in proper form to the Acquiring Fund within two business days prior to or on the Closing Date. The Acquired Fund's portfolio securities represented by a certificate or other written instrument shall be presented by the Custodian to those persons at the Custodian who have primary responsibility for the safekeeping of the assets of the Acquiring Fund, which Custodian also serves as the custodian for the Acquiring Fund. Such presentation shall be made for examination no later than five business days preceding the Closing Date, and shall be transferred and delivered by the Acquired Fund as of the Closing Date for the account of the Acquiring Fund duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof. The Custodian shall deliver to those persons at the Custodian who have primary responsibility for the safekeeping of the assets of the Acquiring Fund as of the Closing Date by book entry, in accordance with the customary practices of the Custodian and of each securities depository, as defined in Rule 17f-4 under the Investment Company Act of 1940, as amended ("1940 Act"), in which the Acquired Fund's Assets are deposited, the Acquired Fund's Assets deposited with such depositories. The cash to be transferred by the Acquired Fund shall be delivered by wire transfer of Federal funds on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Longleaf Partners Funds Trust shall direct Ultimus Fund Solutions, LLC, in its capacity as transfer agent for the Acquired Fund ("Transfer Agent"), to deliver at the Closing a certificate of an authorized officer stating that its records contain the names and addresses of the Acquired Fund Shareholders and the number and percentage ownership of outstanding shares owned by each such shareholder immediately prior to the Closing. The Acquiring Fund shall issue and deliver to the Secretary of the Acquired Fund prior to the Closing Date a confirmation evidencing that the appropriate number of Acquiring Fund Shares will be credited to the Acquired Fund on the Closing Date, or provide other evidence satisfactory to the Acquired Fund as of the Closing Date that such Acquiring Fund Shares have been credited to the Acquired Fund's accounts on the books of the Acquiring Fund. At the Closing each party shall deliver to the other such bills of sale, checks, assignments, share certificates, if any, receipts or other documents as such other party or its counsel may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. In the event that on the Valuation Date (a) the New York Stock Exchange or another primary trading market for portfolio securities of the Acquiring Fund or the Acquired Fund (each, an "Exchange") shall be closed to trading or trading thereupon shall be restricted, or (b) trading or the reporting of trading on such Exchange or elsewhere shall be disrupted so that, in the judgment of the Board or Southeastern Asset Management, Inc., accurate appraisal of the value of the net assets of the Acquired Fund or the Acquiring Fund is impracticable, the Closing Date shall be postponed until the first business day after the day when trading shall have been fully resumed and reporting shall have been restored.

**4.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Except as has been fully disclosed to the Acquiring Fund in a written instrument executed by an officer, Longleaf Partners Funds Trust, on behalf of the Acquired Fund, represents and warrants to the Acquiring Fund, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Acquired Fund is duly organized as a series of Longleaf Partners Funds Trust, which is a
 business trust duly organized, validly existing and in good standing under the laws of the
 Commonwealth of Massachusetts, with power under Longleaf Partners Funds Trust's Declaration
 of Trust and By-Laws, as amended from time to time, to own all of its Assets and to carry
 on its business as it is now being conducted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Longleaf
Partners Funds Trust is a registered investment company classified as a management company of the open-end type, and its registration
with the SEC as an investment company under the 1940 Act, and the registration of Acquired Fund Shares under the Securities Act of 1933,
as amended ("1933 Act"), is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquired Fund
of the transactions contemplated herein, except such as have been obtained under the 1933 Act, the Securities Exchange Act of 1934, as
amended ("1934 Act"), and the 1940 Act, and such as may be required by state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
current prospectus and statement of additional information of the Acquired Fund and each prospectus and statement of additional information
of the Acquired Fund used at all times prior to the date of this Plan conforms or conformed at the time of its use in all material respects
to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the SEC thereunder and does not or did
not at the time of its use include any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On
the Closing Date, Longleaf Partners Funds Trust, on behalf of the Acquired Fund, will have good and marketable title to the Assets and
full right, power, and authority to sell, assign, transfer and deliver such Assets hereunder free of any liens or other encumbrances,
and upon delivery and payment for such Assets, Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, will acquire good and
marketable title thereto, subject to no restrictions on the full transfer thereof, including such restrictions as might arise under the
1933 Act, other than as disclosed to the Acquiring Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Longleaf
Partners Funds Trust is not engaged currently, and the execution, delivery and performance of this Plan will not result, in (i) a material
violation of its Declaration of Trust or By-Laws, or of any agreement, indenture, instrument, contract, lease or other undertaking to
which Longleaf Partners Funds Trust, on behalf of the Acquired Fund, is a party or by which it is bound, or (ii) the acceleration of
any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to
which Longleaf Partners Funds Trust, on behalf of the Acquired Fund, is a party or by which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All
material contracts or other commitments of the Acquired Fund (other than this Plan and certain investment contracts, including options,
futures, and forward contracts) will terminate without liability to the Acquired Fund on or prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except
as otherwise disclosed in writing to and accepted by Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, no litigation or
administrative proceeding or investigation of or before any court or governmental body is presently pending or, to its knowledge, threatened
against the Acquired Fund or any of its properties or assets that, if adversely determined, would materially and adversely affect its
financial condition or the conduct of its business. Longleaf Partners Funds Trust, on behalf of the Acquired Fund, knows of no facts
which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree
or judgment of any court or governmental body which materially and adversely affects its business or its ability to consummate the transactions
herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
Statement of Assets and Liabilities, Statements of Operations and Changes in Net Assets, and Schedule of Investments of the Acquired
Fund dated December 31, 2024 have been audited by Cohen & Company Ltd., independent registered public accounting firm, and are in
accordance with accounting principles generally accepted in the United States of America ("GAAP") consistently applied, and
such statements (copies of which have been furnished to the Acquiring Fund) present fairly, in all material respects, the financial condition
of the Acquired Fund as of such date in accordance with GAAP, and there are no known contingent liabilities of the Acquired Fund required
to be reflected on a balance

sheet (including the notes thereto) in accordance with GAAP as of such date not disclosed therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Since
December 31, 2024, there has not been any material adverse change in the Acquired Fund's financial condition, assets, liabilities
or business, other than changes occurring in the ordinary course of business, or any incurrence by the Acquired Fund of indebtedness
maturing more than one year from the date such indebtedness was incurred, except as otherwise disclosed to and accepted by the Acquiring
Fund. For the purposes of this subparagraph (j), a decline in net asset value per share of Acquired Fund Shares due to declines in market
values of securities held by the Acquired Fund, the discharge of the Acquired Fund's liabilities, or the redemption of the Acquired
Fund's shares by shareholders of the Acquired Fund shall not constitute a material adverse change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) On
the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Acquired Fund required
by law to have been filed by such date (including any extensions) shall have been filed and are or will be correct in all material respects,
and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision
shall have been made for the payment thereof, and to the best of the Acquired Fund's knowledge, no such return is currently under
audit and no assessment has been asserted with respect to such returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For
each taxable year of its operation (including the taxable year ending on the Closing Date), the Acquired Fund has met (or will meet)
the requirements of Subchapter M of the Code for qualification as a regulated investment company, has been (or will be) eligible to and
has computed (or will compute) its Federal income tax under Section 852 of the Code, and will have distributed all of its investment
company taxable income and net capital gain (as defined in the Code) that has accrued through the Closing Date, and before the Closing
Date will have declared dividends sufficient to distribute all of its investment company taxable income and net capital gain for the
period ending on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All
issued and outstanding shares of the Acquired Fund are, and on the Closing Date will be, duly and validly issued and outstanding, fully
paid and non-assessable by Longleaf Partners Funds Trust and have been offered and sold in every state and the District of Columbia in
compliance in all material respects with applicable registration requirements of the 1933 Act and state securities laws. All of the issued
and outstanding shares of the Acquired Fund will, at the time of Closing, be held by the persons and in the amounts set forth in the
records of the Transfer Agent, on behalf of the Acquired Fund, as provided in paragraph 3.3. The Acquired Fund does not have outstanding
any options, warrants or other rights to subscribe for or purchase any of the shares of the Acquired Fund, nor is there outstanding any
security convertible into any of the Acquired Fund's shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The
execution, delivery and performance of this Plan by Longleaf Partners Funds Trust on behalf of the Acquired Fund and the consummation
of the transactions contemplated herein has been duly and validly authorized by the Board, and the Board has approved the Plan and has
resolved to recommend the Plan to the shareholders of the Acquired Fund and to call a special meeting of shareholders of the Acquired
Fund for the purpose of approving this Plan and the Reorganization contemplated hereby. Other than the approval by the requisite vote
of the shareholders of the outstanding shares of the Acquired Fund in accordance with the provisions of the Longleaf Partners Funds Trust's
Declaration of Trust and By-Laws, applicable Massachusetts law and the 1940 Act, no other action on the part of Longleaf Partners Funds
Trust, the Acquired Fund or its shareholders is necessary to authorize the execution, delivery and performance of this Plan by Longleaf
Partners Funds Trust on behalf of the Acquired Fund or the consummation of the Reorganization contemplated herein. This Plan has been
duly and validly executed and delivered by Longleaf Partners Funds Trust on behalf of the Acquired Fund and assuming due authorization,
execution and delivery hereof by Longleaf Partners Funds Trust on behalf

of the Acquiring Fund is a legal, valid and binding obligation of Longleaf Partners Funds Trust as it relates to the Acquired Fund, enforceable in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors' rights, to general equity principles and to any limitations on indemnity as may be required under U.S. federal and state securities laws);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The
information to be furnished by the Acquired Fund for use in registration statements and other documents filed or to be filed with any
Federal, state or local regulatory authority (including the Financial Industry Regulatory Authority), which may be necessary in connection
with the transactions contemplated hereby, shall be accurate and complete in all material respects and shall comply in all material respects
with Federal securities and other laws and regulations thereunder applicable thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The
combined proxy statement and prospectus ("Proxy Statement") to be included in the Registration Statement referred to in paragraph
5.6, insofar as it relates to the Acquired Fund, will, on the effective date of the Registration Statement on Form N-14 through the Closing
Date (i) not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which such statements were made, not materially misleading, provided,
however, that the representations and warranties of this subparagraph (p) shall not apply to statements in or omissions from the Proxy
Statement and the Registration Statement made in reliance upon and in conformity with information that was furnished by the Acquiring
Fund for use therein, and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act, and the 1940 Act and
the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Except as has been fully disclosed to the Acquired Fund in a written instrument executed by an officer, Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, represents and warrants to the Acquired Fund, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Acquiring Fund is duly organized as a series of Longleaf Partners Funds Trust, which is a business trust duly organized, validly existing,
and in good standing under the laws of the Commonwealth of Massachusetts with power under its Declaration of Trust and By-Laws to own
all of its properties and assets and to carry on its business as it is now being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Longleaf
Partners Funds Trust is a registered investment company classified as a management company of the open-end type, and its registration
with the SEC as an investment company under the 1940 Act and the registration of the Acquiring Fund Shares under the 1933 Act, is in
full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No
consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquiring Fund
of the transactions contemplated herein, except such as have been obtained under the 1933 Act, the 1934 Act and the 1940 Act and such
as may be required by state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
current prospectus and statement of additional information of the Acquiring Fund and each prospectus and statement of additional information
of the Acquiring Fund used at all times prior to the date of this Plan conforms or conformed at the time of its use in all material respects
to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the SEC thereunder and does not or did
not at the time of its use include any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On
the Closing Date, Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, will have good and marketable title to the Acquiring
Fund's assets, free of any liens or other encumbrances, except those liens or encumbrances as to which the Acquired Fund has received
notice and necessary documentation at or prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
Acquiring Fund is not engaged currently, and the execution, delivery and performance of this Plan will not result, in (i) a material
violation of Longleaf Partners Funds Trust's Declaration of Trust or By-Laws or of any agreement, indenture, instrument, contract,
lease or other undertaking to which Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, is a party or by which it is bound,
or (ii) the acceleration of any obligation, or the imposition of any penalty, under any agreement, indenture, instrument, contract, lease,
judgment or decree to which Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, is a party or by which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except
as otherwise disclosed in writing to and accepted by Longleaf Partners Funds Trust, on behalf of the Acquired Fund, no litigation or
administrative proceeding or investigation of or before any court or governmental body is presently pending or, to the Acquiring Fund's
knowledge, threatened against Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, or any of the Acquiring Fund's properties
or assets that, if adversely determined, would materially and adversely affect the Acquiring Fund's financial condition or the
conduct of its business. Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, knows of no facts which might form the basis
for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court
or governmental body which materially and adversely affects the Acquiring Fund's business or its ability to consummate the transactions
herein contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
Statement of Assets and Liabilities, Statements of Operations and Changes in Net Assets and Schedule of Investments of the Acquiring
Fund, dated December 31, 2024, have been audited by Cohen & Company, Ltd., independent registered public accounting firm, and are
in accordance with GAAP consistently applied, and such statements (copies of which have been furnished to the Acquired Fund) present
fairly, in all material respects, the financial condition of the Acquiring Fund, as of such date in accordance with GAAP, and there are
no known contingent liabilities of the Acquiring Fund, required to be reflected on a balance sheet (including the notes thereto) in accordance
with GAAP as of such date not disclosed therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Since
December 31, 2024, there has not been any material adverse change in the Acquiring Fund's financial condition, assets, liabilities
or business, other than changes occurring in the ordinary course of business, or any incurrence by the Acquiring Fund, of indebtedness
maturing more than one year from the date such indebtedness was incurred, except as otherwise disclosed to and accepted by the Acquired
Fund. For purposes of this subparagraph (i), a decline in net asset value per share of the Acquiring Fund, due to declines in market
values of securities held by the Acquiring Fund, the discharge of liabilities, or the redemption of shares by shareholders of the Acquiring
Fund, shall not constitute a material adverse change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On
the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Acquiring Fund required
by law to have been filed by such date (including any extensions) shall have been filed and are or will be correct in all material respects,
and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision
shall have been made for the payment thereof, and to the best of the Acquiring Fund's knowledge no such return is currently under
audit and no assessment has been asserted with respect to such returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) For
each taxable year of its operation (including the taxable year that includes the Closing Date), the Acquiring Fund, has met (or will
meet) the requirements of Subchapter M of the Code for qualification as a regulated investment company, has been eligible to (or will
be eligible to) and has computed (or will compute) its Federal income tax under Section 852 of the Code, and has distributed all of its
investment company taxable income and net capital gain (as defined in the Code) for periods ending prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) All
issued and outstanding Acquiring Fund Shares are, and on the Closing Date will be, duly and validly issued and outstanding, fully paid
and non-assessable by Longleaf Partners Funds Trust and have been offered and sold in every state and the District of Columbia in compliance
in all material respects with applicable registration requirements of the 1933 Act and state securities laws. The Acquiring Fund does
not have, and on the Closing Date will not have, outstanding any options, warrants or other rights to subscribe for or purchase any Acquiring
Fund Shares, nor is there or will there be on the Closing Date, outstanding any security convertible into any Acquiring Fund Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The
execution, delivery and performance of this Plan by Longleaf Partners Funds Trust on behalf of the Acquiring Fund and the consummation
of the transactions contemplated herein have been duly and validly authorized by the Board and the Board has approved the Reorganization.
No other action on the part of Longleaf Partners Funds Trust or the Acquiring Fund is necessary to authorize the execution, delivery
and performance of this Plan by Longleaf Partners Funds Trust on behalf of the Acquiring Fund or the consummation of the Reorganization.
This Plan has been duly and validly executed and delivered by Longleaf Partners Funds Trust on behalf of the Acquiring Fund, and assuming
due authorization, execution and delivery hereof by Longleaf Partners Funds Trust on behalf of the Acquired Fund is a legal, valid and
binding obligation of Longleaf Partners Funds Trust, as it relates to the Acquiring Fund, enforceable in accordance with its terms (subject
to applicable bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors' rights, to
general equity principles and to any limitations on indemnity as may be required under U.S. federal and state securities laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The
Acquiring Fund Shares to be issued and delivered to the Acquired Fund, for the account of the Acquired Fund Shareholders, pursuant to
the terms of this Plan, will on the Closing Date have been duly authorized and, when so issued and delivered, will be duly and validly
issued Acquiring Fund Shares, and will be fully paid and non-assessable by the Acquiring Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The
information to be furnished by the Acquiring Fund for use in the registration statements and other documents that may be necessary in
connection with the transactions contemplated hereby shall be accurate and complete in all material respects and shall comply in all
material respects with Federal securities and other laws and regulations applicable thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The
Proxy Statement to be included in the Registration Statement referred to in paragraph 5.6 (and any amendment or supplement thereto),
insofar as it relates to the Acquiring Fund and the Acquiring Fund Shares, will, on the effective date of the Registration Statement
on Form N-14 through the Closing Date (i) not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made,
not materially misleading, provided, however, that the representations and warranties of this subparagraph (p) shall not apply to statements
in or omissions from the Proxy Statement and the Registration Statement made in reliance upon and in conformity with information that
was furnished by the Acquired Fund for use therein, and (ii) comply in all material respects with the provisions of the 1933 Act, the
1934 Act, and the 1940 Act and the rules and regulations thereunder.

**5.** **Covenants of the Acquiring Fund and the Acquired Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Acquiring Fund and the Acquired Fund each will operate its business in the ordinary course between the date hereof and the Closing Date, it being understood that such ordinary course of business will include the declaration and payment of customary dividends and distributions, and any other distribution that may be advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. The Acquired Fund covenants that the Acquiring Fund Shares to be issued hereunder are not being acquired for the purpose of making any distribution thereof, other than in accordance with the terms of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. The Acquired Fund will assist the Acquiring Fund in obtaining such information as the Acquiring Fund reasonably requests concerning the beneficial ownership of the Acquired Fund's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. Subject to the provisions of this Plan, the Acquiring Fund and the Acquired Fund will each take, or cause to be taken, all action, and do or cause to be done all things, reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. The Acquired Fund has provided the Acquiring Fund with information reasonably necessary for the preparation of the Proxy Statement (referred to in paragraph 4.1(p)) to be included in a Registration Statement on Form N-14 ("Registration Statement"), in compliance with the 1933 Act, the 1934 Act and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. Longleaf Partners Funds Trust will call, convene and hold a meeting of shareholders of the Acquired Fund as soon as practicable, in accordance with applicable law and Longleaf Partners Funds Trust's governing documents, for the purpose of approving this Plan and the transactions contemplated herein as set forth in the Proxy Statement, and for such other purposes as may be necessary or desirable. In the event that insufficient votes are received from shareholders, the meeting may be adjourned as permitted under the Longleaf Partners Funds Trust's Declaration of Trust or By-Laws and applicable law, and as set forth in the Proxy Statement, in order to permit further solicitation of proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. As soon as is reasonably practicable after the Closing, the Acquired Fund will make a liquidating distribution to its respective shareholders consisting of the Acquiring Fund Shares received at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9. The Acquiring Fund and the Acquired Fund shall each use their reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to effect the transactions contemplated by this Plan as promptly as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10. Longleaf Partners Funds Trust, on behalf of the Acquired Fund, covenants that it will, from time to time, as and when reasonably requested by the Acquiring Fund, execute and deliver or cause to be executed and delivered all such assignments and other instruments, and will take or cause to be taken such further action as Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, may reasonably deem necessary or desirable in order to vest in and confirm (a) Longleaf Partners Funds Trust's, on behalf of the Acquired Fund, title to and possession of the Acquiring Fund Shares to be delivered hereunder, and (b) Longleaf Partners Funds Trust's, on behalf of the Acquiring Fund, title to and possession of all the Assets and otherwise to carry out the intent and purpose of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11. The Acquiring Fund will use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, the 1940 Act and such of the state blue sky or securities laws as may be necessary in order to continue its operations after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12. The intention of the parties is that the transaction contemplated by this Agreement will qualify as a reorganization within the meaning of Section 368(a) of the Code. None of Longleaf Partners Funds Trust, the Acquired Fund or the Acquiring Fund shall take any action or cause any action to be taken (including, without limitation, the filing of any tax return) that is inconsistent with such treatment or result in the failure of the transaction to qualify as a reorganization within the meaning of Section 368(a) of the Code. At or prior to the Closing Date, Longleaf Partners

Funds Trust, the Acquired Fund and the Acquiring Fund shall take such action, or cause such action to be taken, as is reasonably necessary to enable counsel to Longleaf Partners Funds Trust, to render the tax opinion required herein (including without limitation, each party's execution of representations reasonably requested by and addressed to counsel).

**6.** **Conditions Precedent to Obligations of the Acquired Fund** 

The obligations of Longleaf Partners Funds Trust, on behalf of the Acquired Fund, to consummate the transactions provided for herein shall be subject, at Longleaf Partners Funds Trust's election, to the performance by Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, of all the obligations to be performed by it hereunder on or before the Closing Date, and, in addition thereto, the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. All representations and warranties of Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, contained in this Plan shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Plan, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, shall have delivered to the Acquired Fund a certificate executed in the name of the Acquiring Fund by its Principal Executive Officer and its Principal Financial and Accounting Officer, in a form reasonably satisfactory to Longleaf Partners Funds Trust, and dated as of the Closing Date, to the effect that the representations and warranties of Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, made in this Plan are true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Plan, and as to such other matters as Longleaf Partners Funds Trust shall reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, shall have performed all of the covenants and complied with all of the provisions required by this Plan to be performed or complied with by Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, on or before the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. The Acquired Fund and the Acquiring Fund shall have agreed on the number of full and fractional Acquiring Fund Shares to be issued in connection with the Reorganization after such number has been calculated in accordance with paragraph 1.1.

**7.** **Conditions Precedent to Obligations of the Acquiring Fund** 

The obligations of Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, to complete the transactions provided for herein shall be subject, at Longleaf Partners Funds Trust's election, to the performance by Longleaf Partners Funds Trust, on behalf of the Acquired Fund, of all of the obligations to be performed by it hereunder on or before the Closing Date and, in addition thereto, the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. All representations and warranties of Longleaf Partners Funds Trust, on behalf of the Acquired Fund, contained in this Plan shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Plan, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Longleaf Partners Funds Trust shall have delivered to the Acquiring Fund a statement of the Acquired Fund's Assets and Liabilities, as of the Closing Date, certified by the Treasurer of Longleaf Partners Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. Longleaf Partners Funds Trust, on behalf of the Acquired Fund, shall have delivered to the Acquiring Fund a certificate executed in the name of the Acquired Fund by its Principal Executive Officer and its Principal Financial and Accounting Officer, in a form reasonably satisfactory to the Acquiring Fund and dated as of the Closing Date, to the effect that the representations and warranties of Longleaf Partners Funds Trust, on behalf of the Acquired Fund, made in this Plan are true and correct at and as of the Closing Date, except as they may be affected

by the transactions contemplated by this Plan, and as to such other matters as Longleaf Partners Funds Trust shall reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. Longleaf Partners Funds Trust, on behalf of the Acquired Fund, shall have performed all of the covenants and complied with all of the provisions required by this Plan to be performed or complied with by Longleaf Partners Funds Trust, on behalf of the Acquired Fund, on or before the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. The Acquired Fund and the Acquiring Fund shall have agreed on the number of full and fractional Acquiring Fund Shares to be issued in connection with the Reorganization after such number has been calculated in accordance with paragraph 1.1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. The Acquired Fund shall have declared and paid a distribution or distributions prior to the Closing that, together with all previous distributions, shall have the effect of distributing to its shareholders (i) all of its investment company taxable income and all of its net realized capital gains, if any, for the period from the close of its last fiscal year to 4:00 p.m. Eastern time on the Closing Date; and (ii) any undistributed investment company taxable income and net realized capital gains from any period to the extent not otherwise already distributed.

**8.** **Further Conditions Precedent to Obligations of the Acquiring Fund and the Acquired Fund** 

If any of the conditions set forth below have not been satisfied on or before the Closing Date with respect to Longleaf Partners Funds Trust, on behalf of the Acquired Fund, or Longleaf Partners Funds Trust, on behalf of either the Acquiring Fund or the Acquiring Fund, respectively, the other party to this Plan shall, at its option, not be required to consummate the transactions contemplated by this Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. On the Closing Date no action, suit or other proceeding shall be pending or, to Longleaf Partners Funds Trust's knowledge, threatened before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with, this Plan or the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. All consents of other parties, including shareholder approval by the Acquired Fund, and all other consents, orders and permits of Federal, state and local regulatory authorities deemed necessary by Longleaf Partners Funds Trust to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would not involve a risk of a material adverse effect on the assets or properties of the Acquiring Fund or the Acquired Fund, provided that either party hereto may for itself waive any of such conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. The Registration Statement shall have become effective under the 1933 Act and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened or contemplated under the 1933 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. The parties shall have received the opinion of counsel to Longleaf Partners Funds Trust substantially to the effect that, based upon certain facts, assumptions, and representations of the parties and the existing provisions of the Code, Treasury regulations promulgated thereunder, current administrative rules, and court decisions, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
acquisition by Acquiring Fund of all of the properties of Acquired Fund in exchange solely for Acquiring Fund Shares and the assumption
of all liabilities of Acquired Fund by Acquiring Fund followed by the distribution of Acquiring Fund Shares to the Acquired Fund Shareholders
in exchange for their Acquired Fund Shares in complete liquidation and termination of Acquired Fund will constitute a tax-free reorganization
under Section 368(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Acquired
Fund will not recognize gain or loss upon the transfer of all of its assets to Acquiring Fund in exchange solely for Acquiring Fund Shares
and the assumption of all liabilities of Acquired Fund, except that Acquired Fund may be required to recognize gain

or loss with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Acquired
Fund will not recognize gain or loss upon the distribution to its shareholders of the Acquiring Fund Shares received by Acquired Fund
in the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Acquiring
Fund will recognize no gain or loss upon receiving the properties of Acquired Fund in exchange solely for Acquiring Fund Shares and the
assumption of all liabilities of Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
adjusted basis to Acquiring Fund of the properties of Acquired Fund received by Acquiring Fund in the Reorganization will be the same
as the adjusted basis of those properties in the hands of Acquired Fund immediately before the exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Acquiring
Fund's holding periods with respect to the properties of Acquired Fund that Acquiring Fund acquires in the Reorganization will
include the respective periods for which those properties were held by Acquired Fund (except where investment activities of Acquiring
Fund have the effect of reducing or eliminating a holding period with respect to an asset).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
Acquired Fund Shareholders will recognize no gain or loss upon receiving Acquiring Fund Shares solely in exchange for Acquired Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
aggregate basis of the Acquiring Fund Shares received by an Acquired Fund Shareholder in the Reorganization will be the same as the aggregate
basis of Acquired Fund Shares surrendered by the Acquired Fund Shareholder in exchange therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An
Acquired Fund Shareholder's holding period for the Acquiring Fund Shares received by the Acquired Fund Shareholder in the Reorganization
will include the holding period during which the Acquired Fund Shareholder held Acquired Fund Shares surrendered in exchange therefor,
provided that the Acquired Fund Shareholder held such shares as a capital asset on the date of Reorganization.

The delivery of such opinion is conditioned upon receipt by counsel to Longleaf Partners Funds Trust of representations it shall request of Longleaf Partners Funds Trust. Notwithstanding anything herein to the contrary, the parties may not waive the condition set forth in this paragraph 8.4.

**9.** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Longleaf Partners Funds Trust, out of the Acquiring Fund's assets and property, agrees to indemnify and hold harmless the Acquired Fund from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Acquired Fund may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any breach by the Acquiring Fund of any of its representations, warranties, covenants or agreements set forth in this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Longleaf Partners Funds Trust, out of the Acquired Fund's assets and property, agrees to indemnify and hold harmless the Acquiring Fund from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Acquiring Fund may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any breach by the Acquired Fund of any of its representations, warranties, covenants or agreements set forth in this Plan.

**10.** **Brokerage Fees and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. The Acquiring Fund and the Acquired Fund represent and warrant to each other that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein, other than any brokerage fees and expenses incurred in connection with the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. The expenses relating to the proposed Reorganization will be shared between the Acquired Fund and Acquiring Fund. The costs of the Reorganization shall include, but not be limited to, costs associated with obtaining any necessary order of exemption from the 1940 Act, if any, preparation of the Registration Statement, printing and distributing the Proxy Statement, solicitation costs in connection with obtaining shareholder approval of the Reorganization, legal fees, accounting fees and securities registration fees, but will not include brokerage costs or other costs associated with portfolio adjustments. Notwithstanding any of the foregoing, expenses will in any event be paid by the party directly incurring such expenses if and to the extent that the payment by another person of such expenses would result in the disqualification of such party as a "regulated investment company" within the meaning of Section 851 of the Code.

**11.** **Entire Agreement; Survival of Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. Longleaf Partners Funds Trust agrees that it has not made any representation, warranty or covenant, on behalf of either the Acquiring Fund or the Acquired Fund, respectively, not set forth herein and that this Plan constitutes the entire agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. The representations, warranties and covenants contained in this Plan or in any document delivered pursuant hereto or in connection herewith shall survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Closing and the obligations of the Acquired Fund and Acquiring Fund in Sections 9.1 and 9.2 shall survive the Closing.

**12.** **Termination** 

This Plan may be terminated and the transactions contemplated hereby may be abandoned by resolution of the Board, on behalf of either the Acquiring Fund or the Acquired Fund, respectively, at any time prior to the Closing Date, if circumstances should develop that, in the opinion of the Board, make proceeding with the Plan inadvisable.

**13.** **Amendments** 

This Plan may be amended, modified or supplemented in such manner as may be deemed necessary or advisable by the authorized officers of Southeastern Asset Management, Inc., on behalf of either the Acquired Fund or the Acquiring Fund, respectively; provided, however, that after the requisite approval of the shareholders of the Acquired Fund has been obtained, this Plan shall not be amended or modified so as to change the provisions with respect to the transactions herein contemplated in any manner that would adversely affect the rights of such shareholders without their further shareholder approval.

**14.** **Notices** 

Any notice, report, statement or demand required or permitted by any provisions of this Plan shall be in writing and shall be given by facsimile, electronic delivery (i.e., e-mail), personal service or prepaid or certified mail addressed to Longleaf Partners Funds Trust, on behalf of the Acquired Fund, or Longleaf Partners Funds Trust, on behalf of the Acquiring Fund, c/o Southeastern Asset Management, Inc., 5100 Poplar Avenue, Suite 2450, Memphis, TN 38137.

**15.** **Headings; Governing Law; Declaration of Trust; Assignment; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. The Article and paragraph headings contained in this Plan are for reference purposes only and shall not affect in any way the meaning or interpretation of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. This Plan shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without regard to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. A copy of Longleaf Partners Funds Trust's Declaration of Trust is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this Plan is executed on behalf of the Trustees, as trustees and not individually and that the obligations of Longleaf Partners Funds Trust, on behalf of each of the Acquired Fund and the Acquiring Fund, under this Plan are not binding upon any of the Trustees, officers, or shareholders individually but are binding only upon the assets and property of the Acquired Fund and the Acquiring Fund. Longleaf Partners Funds Trust, on behalf of the Acquired Fund and the Acquiring Fund, agrees that its obligations hereunder apply only to the Acquired Fund and the Acquiring Fund and not the Acquiring Fund's or the Acquired Fund's shareholders individually or to the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. This Plan shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Plan. Except as expressly provided otherwise in this Plan, the parties hereto will bear the expenses relating to the Reorganization as set forth in Section 10.2 as mutually agreed upon.

IN WITNESS WHEREOF, each of the parties hereto has caused this Plan to be executed as of the 19<sup>th</sup> day of December, 2025.

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| | | | |
|:---|:---|:---|:---|
| LONGLEAF PARTNERS FUNDS TRUST | LONGLEAF PARTNERS FUNDS TRUST | LONGLEAF PARTNERS FUNDS TRUST | LONGLEAF PARTNERS FUNDS TRUST |
| On behalf of the Acquiring Fund: | On behalf of the Acquiring Fund: | On behalf of the Acquired Fund: | On behalf of the Acquired Fund: |
| Longleaf Partners Global Fund | Longleaf Partners Global Fund | Longleaf Partners International Fund | Longleaf Partners International Fund |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![(SIGNATURE)](lo006_v1.jpg) | By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![(SIGNATURE)](lo006_v1.jpg) |
|  | Ross Glotzbach |  | Ross Glotzbach |
|  | Chief Executive Officer |  | Chief Executive Officer |
|  | Southeastern Asset Management, Inc. |  | Southeastern Asset Management, Inc. |
|  | Functioning as principal executive officer under agreements with Longleaf Partners Funds Trust and its separate series |  | Functioning as principal executive officer under agreements with Longleaf Partners Funds Trust and its separate series |

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## Exhibit 99.12

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|:---|:---|
| ![(DECHERT LOGO)](lo007_v1.jpg) | Three Bryant Park<br> 1095 Avenue of the Americas<br> New York, NY 10036-6797<br> +1 212 698 3500 Main<br> +1 212 698 3599 Fax<br> www.dechert.com |

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December 19, 2025

Board of Trustees<br> Longleaf Partners International Fund<br> Longleaf Partners Funds Trust<br> c/o Southeastern Asset Management, Inc.<br> 5100 Poplar Avenue, Suite 2450<br> Memphis, Tennessee 38137

Board of Trustees<br> Longleaf Partners Global Fund<br> Longleaf Partners Funds Trust<br> c/o Southeastern Asset Management, Inc.<br> 5100 Poplar Avenue, Suite 2450<br> Memphis, Tennessee 38137

Dear Ladies and Gentlemen:

You have requested our opinion regarding certain federal income tax consequences to Longleaf Partners International Fund (the "Acquired Fund"), a separate series of Longleaf Partners Funds Trust (the "Trust"), a Massachusetts business trust, to Longleaf Partners Global Fund (the "Acquiring Fund"), also a separate series of the Trust, and to the holders of shares of beneficial interest of the Acquired Fund (the "Acquired Fund Shareholders"), in connection with the transfer of all of the assets, as defined in the Agreement and Plan of Reorganization (the "Plan"), dated as of December 19, 2025, executed by the Trust on behalf of the Acquiring Fund and the Acquired Fund, of the Acquired Fund (the "Assets") to the Acquiring Fund in exchange solely for shares of beneficial interest of the Acquiring ' Fund (the "Acquiring Fund Shares") and the assumption of the liabilities, as defined in the Plan, of the Acquired Fund (the "Liabilities") by the Acquiring Fund, followed by the distribution of the Acquiring Fund Shares received by the Acquired Fund in complete liquidation and termination of the Acquired Fund (the "Reorganization"), all pursuant to the Plan.

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For purposes of this opinion, we have examined and relied upon (1) the Plan, (2) the Registration Statement filed on Form N-14 in connection with the Reorganization, (3) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the Trust on behalf of the Acquired Fund, (4) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the Trust on behalf of the Acquiring Fund, and (5) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.

This opinion is based upon the Internal Revenue Code of 1986, as amended (the "Code"), United States Treasury Regulations, judicial decisions, and administrative rulings and pronouncements of the Internal Revenue Service, all as in effect on the date hereof. This opinion is conditioned upon the Reorganization taking place in the manner described in the Plan.

Based upon the foregoing, it is our opinion that for federal income tax purposes, with respect to the Acquired Fund and the Acquiring Fund.

1. The
acquisition by the Acquiring Fund of all of the Assets of the Acquired Fund in exchange solely for Acquiring Fund Shares and the assumption
of all Liabilities of the Acquired Fund by Acquiring Fund followed by the distribution of Acquiring Fund Shares to the Acquired Fund
Shareholders in exchange for their Acquired Fund Shares in complete liquidation and termination of the Acquired Fund will constitute
a tax-free reorganization under Section 368(a) of the Code.

2. The
Acquired Fund will not recognize gain or loss upon the transfer of all of its Assets to Acquiring Fund in exchange solely for Acquiring
Fund Shares and the assumption of all Liabilities of the Acquired Fund, except that the Acquired Fund may be required to recognize gain
or loss with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined
in Section 1297(a) of the Code.

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3. The
Acquired Fund will not recognize gain or loss upon the distribution to its shareholders of the Acquiring Fund Shares received by the
Acquired Fund in the Reorganization.

4. The
Acquiring Fund will recognize no gain or loss upon receiving the Assets of Acquired Fund in exchange solely for Acquiring Fund Shares
and the assumption of all Liabilities of Acquired Fund.

5. The adjusted basis to the
 Acquiring Fund of the Assets of the Acquired Fund received by the Acquiring Fund in the Reorganization will be the same as the
 adjusted basis of those Assets in the hands of the Acquired Fund immediately before the exchange, except that the Acquired Fund may
 be required to recognize gain or loss with respect to contracts described in Section l256(b) of the Code or stock in a passive
 foreign investment company, as defined in Section 1297(a) of the Code.

6. The
Acquiring Fund's holding periods with respect to the Assets of the Acquired Fund that the Acquiring Fund acquires in the Reorganization
will include the respective periods for which those Assets were held by Acquired Fund (except where investment activities of the Acquiring
Fund have the effect of reducing or eliminating a holding period with respect to an Asset).

7. The
Acquired Fund Shareholders will recognize no gain or loss upon receiving Acquiring Fund Shares solely in exchange for Acquired Fund Shares.

8. The
aggregate basis of the Acquiring Fund Shares received by an Acquired Fund Shareholder in the Reorganization will be the same as the aggregate
basis of Acquired Fund Shares surrendered by the Acquired Fund Shareholder in exchange therefor.

9. An
Acquired Fund Shareholder's holding period for the Acquiring Fund Shares received by the Acquired Fund Shareholder in the Reorganization
will include the holding period during which the Acquired Fund Shareholder held Acquired Fund Shares surrendered in exchange therefor,

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provided that the Acquired Fund Shareholder held such shares as a capital asset on the date of Reorganization.

We express no opinion as to the federal income tax consequences of the Reorganization except as expressly set forth above, or as to any transaction except those consummated in accordance with the Plan. Without limiting the foregoing, we express no opinion as to the federal income tax consequences of the Reorganization to the Acquired Fund with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code.

We consent to the filing of our tax opinion as an exhibit to the Registration Statement on Form N-14 of Longleaf Partners Funds Trust to be filed with the Securities and Exchange Commission and to the discussion of the opinion and references made to our firm therein and in any amendments thereto.

Very truly yours,

![(SIGNATURE)](lo008_v1.jpg)