# EDGAR Filing Document

**Accession Number:** 0000806636
**File Stem:** 0001580642-25-005623
**Filing Date:** 2025-8
**Character Count:** 98489
**Document Hash:** 4e13dcded4f18d60890d515c7a098004
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005623.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001580642-25-005623

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04923
- **FILM NUMBER:** 251279604

**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

## Series and Classes Contracts Data

### Longleaf Partners Fund (Series ID: S000009311)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000025443 | Longleaf Partners Fund | llpfx           |

### Longleaf Partners Small-Cap Fund (Series ID: S000009312)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000025444 | Longleaf Partners Small-Cap Fund | llscx           |

### Longleaf Partners International Fund (Series ID: S000009313)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000025445 | Longleaf Partners International Fund | llinx           |

### Longleaf Partners Global Fund (Series ID: S000038187)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000117771 | Longleaf Partners Global Fund | llglx           |

?xml version='1.0' encoding='ASCII'?

united states

securities and exchange commission

washington, d.c. 20549

**form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-4923</u>

<u>Longleaf Partners Funds Trust</u> <br> (Exact name of registrant as specified in charter)

c/o Southeastern Asset Management, Inc. <br> <u>5100 Poplar Avenue, Suite 2450, Memphis, TN</u> <u>38137</u> <br> (Address of principal executive offices) (Zip code)

<u>Andrew R. McCarroll, Esq., Southeastern Asset Management, Inc.</u> <br> <u>5100 Poplar Avenue, Suite 2450, Memphis, TN 38137</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>901-761-2474</u>

Date of fiscal year end: <u>12/31</u> <br>Date of reporting period: <u>6/30/25</u>

**Item 1. Reports to Stockholders.**

(a) #### Longleaf Partners Fund
(LLPFX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Longleaf Partners Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **southeasternasset.com/investment-offerings/longleaf-partners-fund/**. You can also request this information by contacting us at (800) 445-9469.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Longleaf Partners Fund | $39 | 0.79%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
The Longleaf Partners Fund returned -0.08% for the first half of 2025 versus the S&P 500's 6.20% and the Russell 1000 Value's 6.00%. While we do not like trailing the market, doing so at a time like today could still prove prudent given the quality of what we own and the large discount at which it trades. Index returns continue to be driven by a smaller group of what we believe to be overvalued US large-cap stocks, particularly information technology companies. We reinforced our confidence in our companies' long-term values when we delivered relatively strong results during the more turbulent markets of mid-February through April.

Notable contributors

• HF Sinclair, Albertsons, CNH Industrial, Mattel and Disney

Notable detractors

• PVH, Regeneron, Bio-Rad, FedEx and Kraft Heinz

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ica11d21efa11d5c154291385.jpg)

---

| | | |
|:---|:---|:---|
| | **Longleaf Partners Fund** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9013 | $10399 |
| **Jun-2017** | $11028 | $12260 |
| **Jun-2018** | $11878 | $14023 |
| **Jun-2019** | $10516 | $15483 |
| **Jun-2020** | $9332 | $16645 |
| **Jun-2021** | $15157 | $23436 |
| **Jun-2022** | $12748 | $20948 |
| **Jun-2023** | $13677 | $25053 |
| **Jun-2024** | $14482 | $31204 |
| **Jun-2025** | $15765 | $35936 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 years** | **10 Years** |
| Longleaf Partners Fund | -0.08% | 8.86% | 11.06% | 4.66% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

*All returns of one year or less are not annualized.*

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i438f47b0f9a3e8101ff076c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments and Other Assets (Liabilities), Net | 18.1% |
| Financials | 5.5% |
| Technology | 7.5% |
| Industrials | 8.7% |
| Health Care | 9.5% |
| Consumer Staples | 10.0% |
| Energy | 10.4% |
| Communications | 10.5% |
| Consumer Discretionary | 19.8% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1181750784 |
| Number of Portfolio Holdings | 20 |
| Advisory Fee (net of waivers) | $4060354 |
| Portfolio Turnover | 32% |

---

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](i206a1352b6da53f02861fb37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 81.9% |
| Short-Term Investments and Other Assets (Liabilities), Net | 18.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| IAC, Inc. | 6.2% |
| CNX Resources Corporation | 6.1% |
| Mattel, Inc. | 5.8% |
| PVH Corporation | 5.6% |
| Exor N.V. | 5.5% |
| The Kraft Heinz Company | 5.5% |
| FedEx Corporation | 5.1% |
| Regeneron Pharmaceuticals, Inc. | 5.0% |
| Fidelity National Information Services, Inc. | 4.5% |
| Bio-Rad Laboratories, Inc. - Class A | 4.5% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**southeasternasset.com/investment-offerings/longleaf-partners-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-LLPFX

![Image](i970a37aaeb6ad73ac80d2b5d.jpg)

#### Longleaf Partners Fund - - (LLPFX)

#### Semi-Annual Shareholder Report - June 30, 2025

#### Longleaf Partners Global Fund
(LLGLX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Longleaf Partners Global Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **southeasternasset.com/investment-offerings/longleaf-partners-global-fund/**. You can also request this information by contacting us at (800) 445-9469.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Longleaf Partners Global Fund | $54 | 1.05%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
The Longleaf Partners Global Fund returned 8.06% for the first half of 2025 versus the FTSE Developed's 10.07%. While we do not like trailing the market, doing so at a time like today could still prove prudent given the quality of what we own and the large discount at which it trades. Index returns continue to be driven by a smaller group of what we believe to be overvalued US large-cap stocks, particularly information technology companies. We reinforced our confidence in our companies' long-term values when we delivered relatively strong results during the more turbulent markets of mid-February through April.

Notable contributors

• Millicom, Canal+, Louis Hachette, Eurofins and Disney

Notable detractors

• FedEx, Bio-Rad, Regeneron, Kraft Heinz and CNX Resources

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i166d19917a8985d4bd29a3c0.jpg)

---

| | | |
|:---|:---|:---|
| | **Longleaf Partners Global Fund** | **FTSE Developed Index - Net Tax TR (USD) Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9059 | $9721 |
| **Jun-2017** | $12944 | $11539 |
| **Jun-2018** | $13641 | $12812 |
| **Jun-2019** | $12943 | $13544 |
| **Jun-2020** | $11667 | $13926 |
| **Jun-2021** | $16399 | $19393 |
| **Jun-2022** | $12441 | $16507 |
| **Jun-2023** | $13917 | $19524 |
| **Jun-2024** | $14838 | $23390 |
| **Jun-2025** | $17173 | $27228 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Longleaf Partners Global Fund | 8.06% | 15.73% | 8.04% | 5.56% |
| FTSE Developed Index - Net Tax TR (USD) Index | 10.07% | 16.41% | 14.35% | 10.54% |

---

*All returns of one year or less are not annualized.*

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i9259b129484fcfe86c0a2397.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments and Other Assets (Liabilities), Net | 11.2% |
| Materials | 2.8% |
| Technology | 3.3% |
| Industrials | 4.0% |
| Financials | 5.7% |
| Energy | 8.8% |
| Health Care | 11.2% |
| Consumer Staples | 12.4% |
| Consumer Discretionary | 15.9% |
| Communications | 24.7% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $250923743 |
| Number of Portfolio Holdings | 23 |
| Advisory Fee (net of waivers) | $1084484 |
| Portfolio Turnover | 36% |

---

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](i8f19a9b847683435f9d6d6a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 88.8% |
| Short-Term Investments and Other Assets (Liabilities), Net | 11.2% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i85f2d726e734bb64d93104c4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments and Other Assets (Liabilities), Net | 11.2% |
| Japan | 2.8% |
| Germany | 3.1% |
| Luxembourg | 3.6% |
| Ireland | 4.7% |
| Netherlands | 9.5% |
| France | 10.1% |
| United States | 55.0% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Canal + SADIR | 6.0% |
| IAC, Inc. | 6.0% |
| Exor N.V. | 5.7% |
| CNX Resources Corporation | 5.7% |
| Mattel, Inc. | 5.4% |
| Glanbia PLC | 4.7% |
| The Kraft Heinz Company | 4.5% |
| PVH Corporation | 4.3% |
| Louis Hachette Group | 4.1% |
| FedEx Corporation | 4.0% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**southeasternasset.com/investment-offerings/longleaf-partners-global-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-LLGLX

![Image](ia67bcc97035f57f92e0999db.jpg)

#### Longleaf Partners Global Fund - - (LLGLX)

#### Semi-Annual Shareholder Report - June 30, 2025

#### Longleaf Partners International Fund
(LLINX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Longleaf Partners International Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **southeasternasset.com/investment-offerings/longleaf-partners-international-fund/**. You can also request this information by contacting us at (800) 445-9469.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Longleaf Partners International Fund | $56 | 1.05%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
Longleaf Partners International Fund returned 15.73% for the first half of 2025 versus the FTSE Developed ex North America's 19.86%. Despite our underweight positions in the Industrials and Financials sectors (which benefited from policy tailwinds in Europe), we delivered strong absolute returns as some of our coiled spring investments partially uncoiled. Importantly, this performance was primarily driven by underlying fundamental performance of our investee companies rather than any in-fashion theme or macro policy drivers.

Notable contributors

• Millicom, Prosus, Eurofins, Canal+ and Allfunds

Notable detractors

• Jollibee, Samsonite, Domino's Pizza Group, Man Wah and Treasury Wine

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4f73a49fe840866eab517593.jpg)

---

| | | |
|:---|:---|:---|
| | **Longleaf Partners International Fund** | **FTSE Developed ex North America Index - Net Tax TR (USD) Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $8968 | $9035 |
| **Jun-2017** | $11870 | $10943 |
| **Jun-2018** | $12493 | $11713 |
| **Jun-2019** | $13168 | $11718 |
| **Jun-2020** | $11029 | $11190 |
| **Jun-2021** | $14869 | $15051 |
| **Jun-2022** | $10679 | $12167 |
| **Jun-2023** | $12629 | $14353 |
| **Jun-2024** | $12930 | $15963 |
| **Jun-2025** | $14777 | $18726 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Longleaf Partners International Fund | 15.73% | 14.28% | 6.03% | 3.98% |
| FTSE Developed ex North America Index - Net Tax TR (USD) Index | 19.86% | 17.31% | 10.85% | 6.47% |

---

*All returns of one year or less are not annualized.*

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i337956e28151824f541246a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments and Other Assets (Liabilities), Net | 9.8% |
| Real Estate | 2.6% |
| Technology | 3.0% |
| Health Care | 3.2% |
| Materials | 5.9% |
| Industrials | 7.0% |
| Communications | 11.0% |
| Financials | 11.6% |
| Consumer Staples | 17.5% |
| Consumer Discretionary | 28.4% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $728821306 |
| Number of Portfolio Holdings | 29 |
| Advisory Fee (net of waivers) | $3098420 |
| Portfolio Turnover | 21% |

---

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](i3e84e47460fee8746cc4a227.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 90.2% |
| Short-Term Investments and Other Assets (Liabilities), Net | 9.8% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i819b301663a4c0b0c0080881.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments and Other Assets (Liabilities), Net | 9.8% |
| Other Countries | 8.7% |
| Philippines | 4.0% |
| India | 4.7% |
| Germany | 5.5% |
| Mexico | 5.7% |
| Ireland | 5.7% |
| Hong Kong | 6.3% |
| Japan | 8.6% |
| Netherlands | 11.5% |
| United Kingdom | 12.7% |
| France | 16.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Glanbia PLC | 5.7% |
| Canal + SADIR | 5.0% |
| HDFC Bank Ltd. | 4.7% |
| Accor S.A. | 4.6% |
| Prosus N.V. | 4.5% |
| Eurofins Scientific S.E. | 4.5% |
| Exor N.V. | 4.1% |
| Melco Resorts & Entertainment Ltd. - ADR | 4.0% |
| Jollibee Foods Corporation | 4.0% |
| Premier Foods PLC | 3.8% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**southeasternasset.com/investment-offerings/longleaf-partners-international-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-LLINX

![Image](ib0a6fdeeea311bb9dfd61d0a.jpg)

#### Longleaf Partners International Fund - - (LLINX)

#### Semi-Annual Shareholder Report - June 30, 2025

#### Longleaf Partners Small-Cap Fund
(LLSCX)

#### Semi-Annual Shareholder Report - June 30, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Longleaf Partners Small-Cap Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **southeasternasset.com/investment-offerings/longleaf-partners-small-cap-fund/**. You can also request this information by contacting us at (800) 445-9469.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Longleaf Partners Small-Cap Fund | $48 | 0.95%<sup>Footnote Reference\*</sup> |

---

\* Annualized

# How did the Fund perform during the reporting period?
The Longleaf Partners Small-Cap Fund returned 4.24% for the first half of 2025 versus the Russell 3000's 5.75% while outperforming the more appropriate Russell 2000's -1.78%. Additionally, we reinforced our confidence in our companies' long-term values when we delivered relatively strong results during the more turbulent markets of mid-February through April.

Notable contributors

• Becle, Oscar Health, Atlanta Braves, Mattel and Gruma

Notable detractors

• Boston Beer, Park Hotels, White Mountains, CNX Resources and Hyatt

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iaf26632a01f430559647b566.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Longleaf Partners Small-Cap Fund** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 | $10000 |
| **Jun-2016** | $9890 | $9327 | $10214 |
| **Jun-2017** | $11353 | $11621 | $12104 |
| **Jun-2018** | $12699 | $13663 | $13893 |
| **Jun-2019** | $12044 | $13211 | $15141 |
| **Jun-2020** | $9563 | $12335 | $16130 |
| **Jun-2021** | $15639 | $19987 | $23253 |
| **Jun-2022** | $12976 | $14951 | $20029 |
| **Jun-2023** | $13325 | $16790 | $23825 |
| **Jun-2024** | $15154 | $18479 | $29335 |
| **Jun-2025** | $16934 | $19898 | $33822 |

---

# **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Longleaf Partners Small-Cap Fund | 4.24% | 11.75% | 12.11% | 5.41% |
| Russell 2000<sup>®</sup> Index | -1.78% | 7.68% | 10.04% | 7.12% |
| Russell 3000<sup>®</sup> Index | 5.75% | 15.30% | 15.96% | 12.96% |

---

*All returns of one year or less are not annualized.*

**The Fund's past performance is not a good predictor of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i0c42287f403337311b354716.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments and Other Assets (Liabilities), Net | 11.5% |
| Health Care | 2.7% |
| Materials | 3.7% |
| Financials | 5.2% |
| Energy | 6.3% |
| Communications | 9.4% |
| Real Estate | 11.8% |
| Consumer Staples | 19.5% |
| Consumer Discretionary | 29.9% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $690907159 |
| Number of Portfolio Holdings | 21 |
| Advisory Fee (net of waivers) | $2779037 |
| Portfolio Turnover | 27% |

---

# **Asset Weighting (% of net assets)**![Group By Asset Type Chart](i26b82bba98d8c81a5a4708c1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 75.7% |
| Preferred Stocks | 12.8% |
| Short-Term Investments and Other Assets (Liabilities), Net | 11.5% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Eastman Kodak Company Convertible Preferred Stock - Series B 4.00% | 12.8% |
| CNX Resources Corporation | 6.3% |
| Mattel, Inc. | 5.8% |
| White Mountains Insurance Group Ltd. | 5.2% |
| Dole PLC | 5.0% |
| TripAdvisor, Inc. | 4.9% |
| Graham Holdings Company - Class B | 4.8% |
| Becle S.A.B. de C.V. | 4.8% |
| PotlatchDeltic Corporation | 4.6% |
| Gruma, S.A.B. DE C.V. - Class B | 4.6% |

---

# Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**southeasternasset.com/investment-offerings/longleaf-partners-small-cap-fund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-LLSCX

![Image](ie4b7296ab9f6c88746c04d28.jpg)

#### Longleaf Partners Small-Cap Fund - - (LLSCX)

#### Semi-Annual Shareholder Report - June 30, 2025
&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** 

Not applicable.

**Item 3. Audit Committee Financial Expert.** 

Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable.

**Item 5. Audit Committee of Listed Registrants.** Not applicable to open-end investment companies.

**Item 6. Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![(COVER)](lo001_v1.jpg)

---

| | |
|:---|:---|
| Portfolio of Investments *(Unaudited)* | 1 |
| **Longleaf Partners Fund** |  |
| **June 30, 2025** |  |
| **Common Stocks** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **% of Net Assets** |
| Apparel & Textile Products |  |  |  |
| &nbsp;&nbsp;&nbsp;PVH Corporation | 956751 | $65633119 | 5.6% |
| Asset Management |  |  |  |
| &nbsp;&nbsp;&nbsp;Exor N.V. (Netherlands) | 648645 | 65399307 | 5.5 |
| Biotech & Pharma |  |  |  |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 112095 | 58849875 | 5.0 |
| Entertainment Content |  |  |  |
| &nbsp;&nbsp;&nbsp;The Walt Disney Company | 193673 | 24017389 | 2.0 |
| Food |  |  |  |
| &nbsp;&nbsp;&nbsp;The Kraft Heinz Company | 2521389 | 65102264 | 5.5 |
| Home Construction |  |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 688909 | 35465035 | 3.0 |
| Internet Media & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Angi, Inc.<sup>(a)</sup> | 1806694 | 27570150 | 2.3 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.<sup>(a)</sup> | 1953607 | 72947686 | 6.2 |
|  |  | 100517836 | 8.5 |
| Leisure Facilities & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corporation – Class A | 171292 | 23920928 | 2.0 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International<sup>(a)</sup> | 1171391 | 40284136 | 3.4 |
|  |  | 64205064 | 5.4 |
| Leisure Products |  |  |  |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. | 3463487 | 68299965 | 5.8 |
| Machinery |  |  |  |
| &nbsp;&nbsp;&nbsp;CNH Industrial N.V. (Netherlands) | 3308474 | 42877823 | 3.6 |
| Medical Equipment & Devices |  |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. – Class A<sup>(a)</sup> | 219667 | 53010040 | 4.5 |
| Oil & Gas Producers |  |  |  |
| &nbsp;&nbsp;&nbsp;CNX Resources Corporation<sup>(a)</sup> | 2131505 | 71789088 | 6.1 |
| Renewable Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corporation | 1241512 | 51001313 | 4.3 |
| Retail – Consumer Staples |  |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. – Class A<sup>(a)</sup> | 2452424 | 52751640 | 4.5 |
| Technology Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 655531 | 53366779 | 4.5 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 470248 | 34948831 | 3.0 |
|  |  | 88315610 | 7.5 |
| Transportation & Logistics |  |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corporation | 263853 | 59976425 | 5.1 |
| Total Common Stocks (Cost $874,798,566) |  | 967211793 | 81.9 |

---

 

*See Accompanying Notes to Financial Statements.*

**Short-Term Obligations**

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Value** | **% of Net Assets** |
| Repurchase Agreement with State Street Bank, 3.61%, dated 06/30/2025, due 07/01/2025, Repurchase price $215,460,604 (Collateral: $219,747,780 U.S Treasury Bonds, 4.625%-4.750% due 02/15/2055-05/15/2055, par $222,064,500) (Cost $215,439,000) | $215439000 | $215439000 | 18.2% |
| Total Investments (Cost $1,090,237,566) |  | 1182650793 | 100.1 |
| Other Assets (Liabilities), Net |  | (900009) | (0.1) |
| Net Assets |  | $1181750784 | 100.0% |

---

<sup>(a)</sup> *Non-income producing security.*

 

*See Accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| Portfolio of Investments *(Unaudited)* | 3.0 |
| **Longleaf Partners Small-Cap Fund** |  |
| **June 30, 2025** |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks** | **Common Stocks** | | |
|  | **Shares** | **Value** | **% of Net Assets** |
| Beverages |  |  |  |
| &nbsp;&nbsp;&nbsp;Becle S.A.B. de C.V.<sup>(a)</sup> (Mexico) | 27409240 | $33210399 | 4.8% |
| &nbsp;&nbsp;&nbsp;The Boston Beer Company, Inc. – Class A<sup>(a)</sup> | 106204 | 20264785 | 2.9 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Company<sup>(a),(b)</sup> | 2607400 | 14940402 | 2.2 |
|  |  | 68415586 | 9.9 |
| Consumer Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Graham Holdings Company – Class B | 35302 | 33401693 | 4.8 |
| Containers & Packaging |  |  |  |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corporation<sup>(a),(b)</sup> | 936449 | 25508871 | 3.7 |
| Food |  |  |  |
| &nbsp;&nbsp;&nbsp;Dole PLC (Ireland) | 2445275 | 34209397 | 5.0 |
| &nbsp;&nbsp;&nbsp;Gruma, S.A.B. DE C.V. – Class B<sup>(a)</sup> (Mexico) | 1848248 | 31870997 | 4.6 |
|  |  | 66080394 | 9.6 |
| Health Care Facilities & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc. – Class A<sup>(a)</sup> | 880452 | 18876891 | 2.7 |
| Insurance |  |  |  |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | 20138 | 36162209 | 5.2 |
| Internet Media & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.<sup>(a)</sup> | 2586818 | 33757975 | 4.9 |
| Leisure Facilities & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. – Class C<sup>(a)</sup> | 669988 | 31335339 | 4.5 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corporation – Class A | 100679 | 14059822 | 2.0 |
|  |  | 45395161 | 6.5 |
| Leisure Products |  |  |  |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. | 2023477 | 39902966 | 5.8 |
| Oil & Gas Producers |  |  |  |
| &nbsp;&nbsp;&nbsp;CNX Resources Corporation<sup>(a)</sup> | 1286332 | 43323662 | 6.3 |
| REITs |  |  |  |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc.<sup>(a)</sup> | 63420 | 14289795 | 2.1 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc. – Class A | 2625947 | 21243911 | 3.1 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 1335745 | 13664671 | 2.0 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corporation | 836283 | 32088179 | 4.6 |
|  |  | 81286556 | 11.8 |
| Telecommunications |  |  |  |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Company | 2284333 | 31203989 | 4.5 |
| Total Common Stocks (Cost $389,657,177) |  | 523315953 | 75.7 |
| **Preferred Stocks** |  |  |  |
| Eastman Kodak Company Convertible Preferred Stock – Series B 4.00% (Cost $95,452,160)<sup>(b)(c)(d)</sup> | 932150 | 88647465 | 12.8 |

---

 

*See Accompanying Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Obligations** | | | |
|  | **Principal Amount** | **Value** | **% of Net Assets** |
| Repurchase Agreement with State Street Bank, 3.61%, dated 6/30/2025, due 07/01/2025 Repurchase price $75,144,535 (Collateral $76,639,740 U.S. Treasury Bonds, 4.625% due 02/15/2055 Par $78,062,100) (Cost $75,137,000) | $75137000 | $75137000 | 10.9% |
| Total Investments (Cost $560,246,337) |  | 687100418 | 99.4 |
| Other Assets (Liabilities), Net |  | 3806741 | 0.6 |
| Net Assets |  | $690907159 | 100.0% |

---

<sup>(a)</sup> *Non-income producing security.*

 

<sup>(b)</sup> *Affiliated security during the period.*

 

<sup>(c)</sup> *Value determined using significant unobservable inputs.*

 

<sup>(d)</sup> *These shares were acquired directly from the issuer in a private placement on February 26, 2021 with a total cost at June 30, 2025 of $95,452,160. They are considered restricted securities under the Securities Act of 1933 (the "33 Act"). These shares may be sold only if registered under the 33 Act or an exemption is available. The issuer has filed with the SEC a registration statement on Form S-3 providing for the potential resale on an ongoing basis under 33 Act Rule 415 of Common Stock issuable upon conversion of the Series B Preferred Stock, subject to certain terms of a Registration Rights Agreement with the issuer. Due to the lack of an active trading market, all or a portion of this position may be illiquid. Judgment plays a greater role in valuing illiquid securities than those for which a more active market exists, and are valued by Southeastern Asset Management as designee under procedures adopted by the Board of Trustees (See Note 2).*

 

*See Accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| Portfolio of Investments *(Unaudited)* | 5.0 |
| **Longleaf Partners International Fund** |  |
| **June 30, 2025** |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks** | | | |
|  | **Shares** | **Value** | **% of Net Assets** |
| Apparel & Textile Products |  |  |  |
| &nbsp;&nbsp;&nbsp;Samsonite International S.A. (Hong Kong) | 8721000 | $16246174 | 2.2% |
| Asset Management |  |  |  |
| &nbsp;&nbsp;&nbsp;Exor N.V. (Netherlands) | 293402 | 29615851 | 4.1 |
| Banking |  |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. (India) | 1468537 | 34296793 | 4.7 |
| Beverages |  |  |  |
| &nbsp;&nbsp;&nbsp;Becle S.A.B. de C.V.<sup>(a)</sup> (Mexico) | 16111093 | 19521001 | 2.7 |
| &nbsp;&nbsp;&nbsp;Treasury Wine Estates Ltd. (Australia) | 3328974 | 17128196 | 2.3 |
|  |  | 36649197 | 5.0 |
| Chemicals |  |  |  |
| &nbsp;&nbsp;&nbsp;Kansai Paint Company Ltd. (Japan) | 1758200 | 24101947 | 3.3 |
| &nbsp;&nbsp;&nbsp;LANXESS A.G.<sup>(a)</sup> (Germany) | 631803 | 18835923 | 2.6 |
|  |  | 42937870 | 5.9 |
| Commercial Support Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific S.E. (France) | 456392 | 32522325 | 4.5 |
| &nbsp;&nbsp;&nbsp;Medley, Inc.<sup>(a)</sup> (Japan) | 831500 | 18275288 | 2.5 |
|  |  | 50797613 | 7.0 |
| E-Commerce Discretionary |  |  |  |
| &nbsp;&nbsp;&nbsp;Prosus N.V. (Netherlands) | 586193 | 32886625 | 4.5 |
| Entertainment Content |  |  |  |
| &nbsp;&nbsp;&nbsp;Canal + SADIR<sup>(a)</sup> (France) | 11571582 | 36224836 | 5.0 |
| Food |  |  |  |
| &nbsp;&nbsp;&nbsp;Glanbia PLC<sup>(a)</sup> (Ireland) | 2810169 | 41430332 | 5.7 |
| &nbsp;&nbsp;&nbsp;Gruma, S.A.B. DE C.V. – Class B<sup>(a)</sup> (Mexico) | 1287044 | 22193653 | 3.0 |
| &nbsp;&nbsp;&nbsp;Premier Foods PLC (United Kingdom) | 9993472 | 27351190 | 3.8 |
|  |  | 90975175 | 12.5 |
| Internet Media & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Delivery Hero S.E.<sup>(a)</sup> (Germany) | 792773 | 21515912 | 2.9 |
| Leisure Facilities & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Accor S.A. (France) | 632642 | 33153150 | 4.6 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Group PLC (United Kingdom) | 6907395 | 24403803 | 3.4 |
| &nbsp;&nbsp;&nbsp;Entain PLC (United Kingdom) | 1511301 | 18717327 | 2.6 |
| &nbsp;&nbsp;&nbsp;H World Group Ltd. (China) | 905200 | 3068730 | 0.4 |
| &nbsp;&nbsp;&nbsp;H World Group Ltd. – ADR (China) | 588001 | 19944994 | 2.7 |
| &nbsp;&nbsp;&nbsp;Jollibee Foods Corporation (Philippines) | 7630170 | 29282535 | 4.0 |
| &nbsp;&nbsp;&nbsp;Melco Resorts & Entertainment Ltd. – ADR<sup>(a)</sup> (Hong Kong) | 4078727 | 29489196 | 4.0 |
|  |  | 158059735 | 21.7 |
| Medical Equipment & Devices |  |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips N.V. (Netherlands) | 901105 | 21635925 | 3.0 |
| &nbsp;&nbsp;&nbsp;Menicon Company Ltd. (Japan) | 183500 | 1425651 | 0.2 |
|  |  | 23061576 | 3.2 |

---

 

*See Accompanying Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks** | | | |
|  | **Shares** | **Value** | **% of Net Assets** |
| Real Estate Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Katitas Company, Ltd. (Japan) | 1091500 | $18911716 | 2.6% |
| Specialty Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;Edenred S.E. (France) | 669933 | 20806808 | 2.8 |
| Technology Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Allfunds Group PLC (United Kingdom) | 2857727 | 21958057 | 3.0 |
| Telecommunications |  |  |  |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. (Luxembourg) | 596227 | 22340626 | 3.1 |
| Total Common Stocks (Cost $537,345,202) |  | 657284564 | 90.2 |
| **Short-Term Obligations** |  |  |  |
|  | **Principal Amount** |  |  |
| Repurchase Agreement with State Street Bank, 3.61%, dated 06/30/2025, due 07/01/2025 Repurchase Price $69,294,948 (Collateral: $70,673,760 U.S. Treasury Bonds, 4.625% due 02/15/2055, Par $71,985,400) (Cost $69,288,000) | $69288000 | 69288000 | 9.5 |
| Total Investments (Cost $606,633,202) |  | 726572564 | 99.7 |
| Other Assets (Liabilities), Net |  | 2248742 | 0.3 |
| Net Assets |  | $728821306 | 100.0% |

---

*ADR - American Depositary Receipt.* 

 

<sup>(a)</sup> *Non-income producing security.*

 

*See Accompanying Notes to Financial Statements.*

---

| | |
|:---|:---|
| Portfolio of Investments *(Unaudited)* | 7.0 |
| **Longleaf Partners Global Fund** |  |
| **June 30, 2025** |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Common Stocks** | **Common Stocks** | | |
|  | **Shares** | **Value** | **% of Net Assets** |
| Apparel & Textile Products |  |  |  |
| &nbsp;&nbsp;&nbsp;PVH Corporation | 158217 | $10853686 | 4.3% |
| Asset Management |  |  |  |
| &nbsp;&nbsp;&nbsp;Exor N.V. (Netherlands) | 141567 | 14289702 | 5.7 |
| Biotech & Pharma |  |  |  |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 18629 | 9780225 | 3.9 |
| Chemicals |  |  |  |
| &nbsp;&nbsp;&nbsp;Kansai Paint Company Ltd. (Japan) | 516100 | 7074858 | 2.8 |
| Entertainment Content |  |  |  |
| &nbsp;&nbsp;&nbsp;Canal + SADIR<sup>(a)</sup> (France) | 4783760 | 14975560 | 6.0 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Company | 39578 | 4908068 | 1.9 |
|  |  | 19883628 | 7.9 |
| Food |  |  |  |
| &nbsp;&nbsp;&nbsp;Glanbia PLC<sup>(a)</sup> (Ireland) | 799135 | 11781650 | 4.7 |
| &nbsp;&nbsp;&nbsp;The Kraft Heinz Company | 436087 | 11259766 | 4.5 |
|  |  | 23041416 | 9.2 |
| Home Construction |  |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 140510 | 7233455 | 2.9 |
| Internet Media & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Delivery Hero S.E.<sup>(a)</sup> (Germany) | 287956 | 7815145 | 3.1 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.<sup>(a)</sup> | 400333 | 14948435 | 6.0 |
|  |  | 22763580 | 9.1 |
| Leisure Facilities & Services |  |  |  |
| &nbsp;&nbsp;&nbsp;MGM Resorts International<sup>(a)</sup> | 240309 | 8264227 | 3.3 |
| Leisure Products |  |  |  |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. | 689572 | 13598359 | 5.4 |
| Medical Equipment & Devices |  |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. – Class A<sup>(a)</sup> | 35375 | 8536695 | 3.4 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips N.V. (Netherlands) | 402959 | 9675222 | 3.9 |
|  |  | 18211917 | 7.3 |
| Oil & Gas Producers |  |  |  |
| &nbsp;&nbsp;&nbsp;CNX Resources Corporation<sup>(a)</sup> | 423735 | 14271395 | 5.7 |
| Publishing & Broadcasting |  |  |  |
| &nbsp;&nbsp;&nbsp;Louis Hachette Group<sup>(a)</sup> (France) | 5079377 | 10427548 | 4.1 |
| Renewable Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corporation | 190665 | 7832518 | 3.1 |
| Retail – Consumer Staples |  |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. – Class A<sup>(a)</sup> | 378019 | 8131189 | 3.2 |
| Technology Services |  |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 102763 | 8365936 | 3.3 |
| Telecommunications |  |  |  |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. (Luxembourg) | 238202 | 8925429 | 3.6 |
| Transportation & Logistics |  |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corporation | 43882 | 9974817 | 4.0 |
| Total Common Stocks (Cost $190,680,045) |  | 222923885 | 88.8 |

---

*See Accompanying Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Short-Term Obligations** | | | |
|  | **Principal Amount** | **Value** | **% of Net Assets** |
| Repurchase Agreement with State Street Bank, 3.61%, dated 06/30/2025, due 07/01/2025 Repurchase price $21,478,154 (Collateral: $21,905,520 U.S. Treasury Bond, 4.625% due 02/15/2055, Par $22,312,100) (Cost $21,476,000) | $21476000 | $21476000 | 8.6% |
| Total Investments (Cost $212,156,045) |  | 244399885 | 97.4 |
| Other Assets (Liabilities), Net |  | 6523858 | 2.6 |
| Net Assets |  | $250923743 | 100.0% |

---

<sup>(a)</sup> *Non-income producing security.*

 

*See Accompanying Notes to Financial Statements.*

Statements of Assets and Liabilities *(Unaudited)* 9 <br> at June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Partners**<br>**Fund** | **Small-Cap**<br>**Fund** | **International**<br>**Fund** | **Global**<br>**Fund** |
| **Assets:** | | | | |
| Investments in unaffiliated securities, at cost | $874798566 | $366930143 | $537345202 | $190680045 |
| Investments in affiliated securities, at cost |  | 118179194 |  |  |
| Investments in repurchase agreements, at cost | 215439000 | 75137000 | 69288000 | 21476000 |
| &nbsp;&nbsp;&nbsp;Total Securities, at cost | $1090237566 | $560246337 | $606633202 | $212156045 |
| Investments in unaffiliated securities, at fair value | $967211793 | $497807082 | $657284564 | $222923885 |
| Investments in affiliated securities, at fair value |  | 114156336 |  |  |
| Investments in repurchase agreements, at fair value | 215439000 | 75137000 | 69288000 | 21476000 |
| &nbsp;&nbsp;&nbsp;Total Securities, at fair value | $1182650793 | $687100418 | $726572564 | $244399885 |
| Cash | 707 | 587 | 118 | 918 |
| Foreign Cash (Cost $5, $-. $250,654, and $94,933, respectively) | 6 |  | 250600 | 94933 |
| Receivable from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 501027 | 549320 | 1485635 | 85572 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims |  | 534669 | 1190326 | 52901 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 10241 | 3364060 | 111203 | 6708695 |
| &nbsp;&nbsp;&nbsp;Securities sold |  |  | 18172 |  |
| Other Assets | 4412 | 751 | 660 | 217 |
| Total Assets | 1183167186 | 691549805 | 729629278 | 251343121 |
| **Liabilities:** |  |  |  |  |
| Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 608229 | 105621 | 105736 | 165862 |
| &nbsp;&nbsp;&nbsp;Securities purchased |  |  | 36275 |  |
| &nbsp;&nbsp;&nbsp;Investment Counsel fee | 666941 | 459495 | 555096 | 184884 |
| &nbsp;&nbsp;&nbsp;Administration fee | 28727 | 16851 | 17399 | 5870 |
| &nbsp;&nbsp;&nbsp;Transfer agent fee | 47937 | 3033 | 14004 | 4242 |
| Other accrued expenses | 64568 | 57646 | 79462 | 58520 |
| Total Liabilities | 1416402 | 642646 | 807972 | 419378 |
| Net Assets | $1181750784 | $690907159 | $728821306 | $250923743 |
| **Net Assets:** |  |  |  |  |
| Paid in capital | $1007826136 | $883967625 | $689214125 | $212704958 |
| Total distributable earnings (accumulated losses) | 173924648 | (193060466) | 39607181 | 38218785 |
| **Net Assets** | $**1181750784** | $**690907159** | $**728821306** | $**250923743** |
| Total shares outstanding at end of year ($0 par value, unlimited shares authorized) | 48633119 | 24227362 | 41802166 | 17661724 |
| **Net asset value, offering and redemption price per share** |  |  |  |  |
| (Net assets ÷ Total shares of beneficial interest outstanding) | $24.30 | $28.52 | $17.44 | $14.21 |

---

*See Accompanying Notes to Financial Statements.*

Statements of Operations *(Unaudited)* 10 <br> For the Six Months Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Partners**<br>**Fund** | **Small-Cap**<br>**Fund** | **International**<br>**Fund** | **Global**<br>**Fund** |
| **Investment Income:** |  |  |  |  |
| Dividends from non-affiliates (net foreign tax withheld of $54,158, $91,485, $869,443 and $140,884, respectively) | $7079851 | $3184250 | $9412296 | $1957561 |
| Dividends from affiliates |  | 1864300 |  |  |
| Interest from non-affiliates | 3954995 | 1349432 | 934399 | 298088 |
| Total Investment Income | 11034846 | 6397982 | 10346695 | 2255649 |
| **Expenses:** |  |  |  |  |
| Investment Counsel fee | 4888293 | 3007377 | 3453571 | 1308254 |
| Administration fees | 175692 | 100457 | 98587 | 34886 |
| Transfer agent fees and expenses | 84571 | 51454 | 44511 | 27126 |
| Trustees' fees and expenses | 79547 | 43797 | 41617 | 15213 |
| Custodian fees | 6273 | 8931 | 64458 | 12714 |
| Compliance officer fees | 12528 | 9504 | 8985 | 6211 |
| Other | 205789 | 187976 | 96570 | 40225 |
| Total Expenses | 5452693 | 3409496 | 3808299 | 1444629 |
| Expenses waived | (827939) | (228340) | (355151) | (223770) |
| Net Expenses | 4624754 | 3181156 | 3453148 | 1220859 |
| Net Investment Income | 6410092 | 3216826 | 6893547 | 1034790 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| **Realized gain (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated securities | 54196713 | 31636732 | 37634495 | 9080719 |
| &nbsp;&nbsp;&nbsp;Affiliated securities |  | (6796139) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 2067 | 107080 | (87419) | 44320 |
| Net Realized Gain | 54198780 | 24947673 | 37547076 | 9125039 |
| **Change in unrealized appreciation/(depreciation)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-affiliated securities | (64396453) | (16326096) | 53623133 | 6905282 |
| &nbsp;&nbsp;&nbsp;Affiliated securities |  | 17020150 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 28 | 64417 | 140434 | 6624 |
| Net Change in Unrealized Appreciation (Depreciation) | (64396425) | 758471 | 53763567 | 6911906 |
| Net Realized and Unrealized Gain (Loss) | (10197645) | 25706144 | 91310643 | 16036945 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | $(3787553) | $28922970 | $98204190 | $17071735 |

---

 

*See Accompanying Notes to Financial Statements.*

Statements of Changes in Net Assets 11

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Partners Fund** | **Partners Fund** | **Small-Cap Fund** | **Small-Cap Fund** |
|  | **Six Months**<br>**Ended June 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**December 31,**<br>**2024** | **Six Months**<br>**Ended June 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**December 31,**<br>**2024** |
| **Operations:** |  |  |  |  |
| Net investment income | $6410092 | $12462745 | $3216826 | $5828728 |
| Net realized gain from investments and foreign currency transactions | 54198780 | 89857302 | 24947673 | 123470122 |
| Net change in unrealized appreciation (depreciation) from investments and foreign currency translations | (64396425) | 10868574 | 758471 | (52913832) |
| Net increase/(decrease) in net assets resulting from operations | (3787553) | 113188621 | 28922970 | 76385018 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (12910916) |  | (770458) |
| **Capital Share Transactions:** |  |  |  |  |
| Net proceeds from sale of shares | 1959858 | 8844256 | 24722276 | 19328373 |
| Reinvestment of shareholder distributions |  | 11646725 |  | 665051 |
| Cost of shares redeemed | (84391239) | (221812905) | (52807297) | (259056415) |
| Net decrease in net assets from capital share transactions | (82431381) | (201321924) | (28085021) | (239062991) |
| Total increase (decrease) in net assets | (86218934) | (101044219) | 837949 | (163448431) |
| **Net Assets:** |  |  |  |  |
| Beginning of year or period | 1267969718 | 1369013937 | 690069210 | 853517641 |
| End of year or period | $1181750784 | $1267969718 | $690907159 | $690069210 |
| **Capital Share Transactions:** |  |  |  |  |
| Issued | 85257 | 366936 | 921658 | 697124 |
| Reinvested |  | 481071 |  | 24079 |
| Redeemed | (3593453) | (9330358) | (1913452) | (9679944) |
| Net decrease in shares outstanding | (3508196) | (8482351) | (991794) | (8958741) |

---

 

*See Accompanying Notes to Financial Statements.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **Global Fund** | **Global Fund** |
|  | **Six Months**<br>**Ended June 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**December 31,**<br>**2024** | **Six Months**<br>**Ended June 30,**<br>**2025**<br>**(Unaudited)** |<br>**Year Ended**<br>**December 31,**<br>**2024** |
| **Operations:** |  |  |  |  |
| Net investment income | $6893547 | $21786307 | $1034790 | $9325477 |
| Net realized gain from investments and foreign currency transactions | 37547076 | 6080582 | 9125039 | 13550759 |
| Net change in unrealized appreciation (depreciation) from investments and foreign currency translations | 53763567 | (38862075) | 6911906 | 1154813 |
| Net increase (decrease) in net assets resulting from operations | 98204190 | (10995186) | 17071735 | 24031049 |
| **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (22333391) |  | (7732178) |
| **Capital Share Transactions:** |  |  |  |  |
| Net proceeds from sale of shares | 30066478 | 35217345 | 7656596 | 15163266 |
| Reinvestment of shareholder distributions |  | 16134680 |  | 7086856 |
| Cost of shares redeemed | (40892201) | (98819375) | (23429317) | (42925126) |
| Net decrease in net assets from capital share transactions | (10825723) | (47467350) | (15772721) | (20675004) |
| Total increase (decrease) in net assets | 87378467 | (80795927) | 1299014 | (4376133) |
| **Net Assets:** |  |  |  |  |
| Beginning of year or period | 641442839 | 722238766 | 249624729 | 254000862 |
| End of year or period | $728821306 | $641442839 | $250923743 | $249624729 |
| **Capital Share Transactions:** |  |  |  |  |
| Issued | 1930963 | 2204818 | 544936 | 1082379 |
| Reinvested |  | 1062891 |  | 543888 |
| Redeemed | (2695013) | (6056777) | (1865160) | (3333402) |
| Net decrease in shares outstanding | (764050) | (2789068) | (1320224) | (1707135) |

---

 

*See Accompanying Notes to Financial Statements.*

Notes to Financial Statements 13

**Note 1. Organization**

Longleaf Partners Fund, Longleaf Partners Small-Cap Fund, Longleaf Partners International Fund, and Longleaf Partners Global Fund (the "Funds") are non-diversified and each is a series of Longleaf Partners Funds Trust, a Massachusetts business trust, organized on November 26, 1986, which is registered as an open-end management investment company under the Investment Company Act of 1940 ("1940 Act"), as amended.

Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the portfolio managers and principal executive officer of the Funds, who are responsible for the oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Note 2. Significant Accounting Policies**

The Funds follow the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services – Investment Companies.

**Management Estimates**

The accompanying financial statements are prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"); these principles may require the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation**

The following is a description of the valuation techniques applied to the Funds' investments (see also Note 7. Fair Value Measurements).

Portfolio securities listed or traded on a securities exchange (U.S. or foreign), on the NASDAQ national market, or any representative quotation system providing same day publication of actual prices, are valued at the last sale price, and categorized as Level 1 of the fair value hierarchy. If there are no transactions in the security that day, securities are valued at the midpoint between the closing bid and ask prices or, if there are no such prices, the prior day's close, and categorized as Level 2.

In the case of bonds and other fixed income securities, valuations are furnished by a pricing service which takes into account factors in addition to quoted prices (such as trading characteristics, yield, quality, coupon rate, maturity, type of issue, and other market data relating to the priced security or other similar securities) where taking such factors into account would lead to a more accurate reflection of the fair market value of such securities. Such securities are categorized as Level 2.

When market quotations are not readily available, valuations of portfolio securities are determined by Southeastern Asset Management, Inc. ("Southeastern") in accordance with procedures adopted by and under the general supervision of the Funds' Board of Trustees (the "Board"). In determining fair value, Southeastern considers relevant qualitative and quantitative information including news regarding significant market or security specific events. Southeastern may also utilize a service provided by an independent third party to assist in fair valuation of certain securities. These factors are subject to change over time and are reviewed periodically. Because the utilization of fair value depends on market activity, the frequency with which fair valuation may be used cannot be predicted. Estimated values may differ from the values that would have been used had a ready market for the investment existed. Such securities are categorized as either Level 2 or 3.

Repurchase agreements are valued at cost which, combined with accrued interest, approximates market value. Short-term U.S. Government obligations purchased with a remaining maturity of more than 60 days are valued through pricing obtained through pricing services approved by the Funds' Board. Obligations purchased with a remaining maturity of 60 days or less or existing positions that have less than 60 days to maturity generally are valued at amortized cost, which approximates market value. However, if amortized cost is deemed not to reflect fair value, the securities are valued at prices furnished by dealers who make markets in such securities or by an independent pricing service. Such securities are categorized as Level 2.

The Funds determine net asset values ("NAVs") once a day, at the close of regular trading on the New York Stock Exchange ("Exchange") (usually at 4:00 p.m. Eastern time) on days the Exchange is open for business. The Exchange is closed for specified national holidays and on weekends. Foreign securities are generally priced at the latest market close in the foreign market, which may be at different times or days than the close of the Exchange. If country specific (i.e. natural disaster, economic or political developments), issuer specific (i.e. earnings report, merger announcement), or U.S. markets-specific (i.e. significant movement in U.S. markets that would likely affect the value of foreign securities) events occur which could materially affect the NAV between the close of the foreign market and normal pricing at the close of the Exchange, foreign securities may be fair valued by Southeastern in accordance with procedures adopted by and under the general supervision of the Board using observable data (i.e. trading in depository receipts) or using an external pricing service approved by the Board. The pricing service uses an automated system incorporating a model based on multiple parameters, including a security's local closing price, relevant general and sector indices, currency fluctuations, trading in depositary receipts and futures, if applicable, and/or research valuations by its staff, in determining what it believes is the fair value of the securities. Such securities are categorized as Level 2.

**Security Transactions**

The Funds record security transactions on trade date. Realized gains and losses on security transactions are determined using the specific identification method. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon after the ex-dividend date as the Fund is able to obtain information on the dividend. Withholding taxes and tax reclaims on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount using the effective interest method. The Funds record distributions received from investments in Real Estate Investment Trusts ("REITs") and Master Limited Partnerships ("MLPs") in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts once the issuers provide information about the actual composition of the distributions.

**Foreign Currency Translations**

The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the NYSE market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade.

Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investments.

**Distributions to Shareholders**

Dividends from net investment income, if any, are declared and distributed to shareholders annually. Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

**Expenses**

Expenses of the Trust that can be directly attributed to a particular fund are charged to that Fund. Expenses that cannot be directly attributed are allocated among the Funds based either on an equal proration or based on average net assets of each Fund.

**Federal Income Taxes**

The Funds' policy is to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income to shareholders. Accordingly, no federal income tax provision is required. Reclassifications are made within the Funds' capital accounts for permanent book and tax basis differences.

The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after filing of the tax return but could be longer in certain circumstances. Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (tax years ended December 31, 2021 through 2024), and has concluded that no provision for federal income tax is required in the Funds' financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. The Funds did not incur any interest or penalties during the year.

**Repurchase Agreements**

The Funds may engage in repurchase agreement transactions. The Fixed Income Clearing Corporation ("FICC") sells U.S. government or agency securities to each Fund under agreements to repurchase these securities at a stated repurchase price including interest for the term of the agreement, which is usually overnight or over a weekend. Each Fund, through FICC, receives delivery of the underlying U.S. government or agency securities as collateral, whose market value is required to be at least equal to the repurchase price. If FICC becomes bankrupt, the Fund might be delayed, or may incur costs or possible losses of principal and income, in selling the collateral.

**Note 3. Investment Counsel Agreement and Other Transactions with Affiliates**

Southeastern serves as Investment Counsel to the Funds and receives annual compensation, computed daily and paid monthly, in accordance with the following schedule:

---

| | |
|:---|:---|
| Partners Fund | 1.00% on first $400 million of average net assets |
|  | 0.75% in excess of $400 million |
| Small-Cap Fund | 1.00% on first $400 million of average net assets |
|  | 0.75% in excess of $400 million |
| International Fund | 1.10% on first $500 million of average net assets |
|  | 0.90% in excess of $500 million |
| Global Fund | 1.125% on first $500 million of average net assets |
|  | 1.00% in excess of $500 million |

---

Investment Counsel fees payable at June 30, 2025 and Investment Counsel fees expense for the six months ended June 30, 2025 are disclosed on the Statements of Assets and Liabilities and the Statements of Operations, respectively.

Southeastern has contractually committed to waive fees and/or reimburse expenses so that each Fund's annual operating expenses (excluding taxes, interest, brokerage fees, and extraordinary expenses) do not exceed the following:

---

| | | |
|:---|:---|:---|
| Partners Fund | 0.79 | % |
| Small-Cap Fund | 0.95 |  |
| International Fund | 1.05 |  |
| Global Fund | 1.05 |  |

---

Expenses waived and/or reimbursed for the six months ended June 30, 2025 are disclosed on the Statements of Operations and are not subject to recoupment by Southeastern. The fee-waiver agreements are in effect through at least April 30, 2026. These agreements may not be terminated without Board approval.

Southeastern also serves as the Fund Administrator and in this capacity is responsible for managing, performing or supervising the administrative and business operations of the Funds. The Funds pay a fee as compensation for these services of 0.03% per annum of average daily net assets, accrued daily and paid monthly. Administration fee payable at June 30, 2025 and Administration fee expense for the six months ended June 30, 2025 are disclosed in the Statements of Assets and Liabilities and Statements of Operations, respectively.

The Board supervises the business activities of the Trust. Each Trustee serves as a Trustee for the lifetime of the Trust or until resignation or removal. "Independent Trustees," meaning those Trustees who are not "interested persons", as defined in the 1940 Act, of the Trust, each receives annual compensation of $90,000 from the Trust, paid in four equal quarterly installments. In addition, the Trust reimburses Trustees for out-of-pocket expense incurred in conjunction with attendance at Board meetings. One Trustee of the Trust is an employee of Southeastern. Trustee fees and expenses for the six months ended June 30, 2025 are disclosed in the Statements of Operations. There were no Trustee fees payable at June 30, 2025.

**Note 4. Investment Transactions**

Purchases and sales of investment securities for the six months ended June 30, 2025 (excluding short-term and U.S. government obligations) are summarized below:

---

| | | |
|:---|:---|:---|
| | Purchases | Sales |
| Partners Fund | $309514919 | $351532677 |
| Small-Cap Fund | 161813166 | 178695621 |
| International Fund | 126910663 | 178509785 |
| Global Fund | 78495474 | 104234853 |

---

**Note 5. Related Ownership**

At June 30, 2025, officers, employees of Southeastern and their families, Fund Trustees, the Southeastern retirement plan and other affiliates owned the following:

---

| | | |
|:---|:---|:---|
| | % of Fund | % of Fund |
| Partners Fund | 35 | %\* |
| Small-Cap Fund | 23 | \* |
| International Fund | 45 | \* |
| Global Fund | 76 | \* |

---

*\** *A significant portion consists of a few shareholders whose redemptions could have a material impact on the fund.*

**Note 6. Affiliated Issuers**

Under Section 2(a)(3) of the 1940 Act, a portfolio company is defined as "affiliated" if a fund owns five percent or more of its voting stock during all or part of the period. Affiliated companies during the six months ended June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br><br><br>Shares at<br>6/30/25 |<br><br><br>Value at<br>12/31/24 |<br><br><br>Purchases |<br><br><br>Sales |<br><br><br>Dividends |<br>Net<br>Realized<br>Gain (Loss)<br>1/1/25<br>to<br>6/30/25 | Net<br>Unrealized<br>Appreciation<br>(Depreciation)<br>1/1/25<br>to<br>6/30/25 |<br><br><br>Value at<br>6/30/25 |
| **Small-Cap Fund** |  |  |  |  |  |  |  |  |
| **Common Stocks** |  |  |  |  |  |  |  |  |
| Clearwater Paper Corportation\* (Containers & Packaging) | 936449 | $— | $22727034 | $— | $— | $— | $2781837 | $25508871 |
| Westrock Coffee Company\**^* (Beverages) | 2607400 | 30608910 |  | 14807291 |  | (6796139) | 5934922 | 14940402 |
| **Preferred Stock** |  |  |  |  |  |  |  |  |
| Eastman Kodak Company Convertible Preferred Stock – Series B 4.00%(a)(b) (Consumer Services) | 932150 | 89113540 |  |  | 1864300 |  | (466075) | 88647465 |
|  |  | $119722450 | $22727034 | $14807291 | $1864300 | $(6796139) | $8250684 | $129096738 |

---

*\** *Non-income producing security.*

*^* *Not an affiliate at the end of the period.*

*(a)* *Restricted security, see Portfolio of Investments for additional disclosures.* 

 

*(b)* *Value determined using significant unobservable inputs.* 

**Note 7. Fair Value Measurements**

FASB ASC 820 established a single definition of fair value for financial reporting, created a three-tier framework for measuring fair value based on inputs used to value the Funds' investments, and required additional disclosure about the use of fair value measurements. The hierarchy of inputs is summarized below.

● Level 1 – quoted prices in active markets for identical investments

● Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

Observable inputs are those based on market data obtained from sources independent of the Funds, and unobservable inputs reflect the Funds' own assumptions based on the best information available. The input levels are not necessarily an indication of risk or liquidity associated with investing in those securities.

A summary of the inputs used in valuing the Funds' investments at June 30, 2025 follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Level 1 | Level 2 | Level 3 | Total Value |
| **Partners Fund** |  |  |  |  |
| Common Stocks | $967211793 | $— | $— | $967211793 |
| Short-Term Obligations |  | 215439000 |  | 215439000 |
|  | $967211793 | $215439000 | $— | $1182650793 |
| **Small-Cap Fund** |  |  |  |  |
| Common Stocks | $523315953 | $— | $— | $523315953 |
| Preferred Stock |  |  | 88647465 | 88647465 |
| Short-Term Obligations |  | 75137000 |  | 75137000 |
|  | $523315953 | $75137000 | $88647465 | $687100418 |
| **International Fund** |  |  |  |  |
| Common Stocks | $166670114 | $490614450 | $— | $657284564 |
| Short-Term Obligations |  | 69288000 |  | 69288000 |
|  | $166670114 | $559902450 | $— | $726572564 |
| **Global Fund** |  |  |  |  |
| Common Stocks | $146884200 | $76039685 | $— | $222923885 |
| Short-Term Obligations |  | 21476000 |  | 21476000 |
|  | $146884200 | $97515685 | $— | $244399885 |

---

The following table provides quantitative information related to the significant unobservable inputs used to determine the value of Level 3 assets and the sensitivity of the valuations to changes in those significant unobservable inputs. These securities were valued by a third party specialist utilizing the income approach, which includes an analysis of various factors and subjective assumptions, including the current common stock price of the issuer, expected period until exercise, expected volatility of the common stock, expected dividends, risk-free rate, credit quality of the issuer, and common stock borrow cost. Because a variety of factors and inputs, both observable and unobservable, are considered in determining fair values, the significant unobservable inputs presented below do not reflect all inputs significant to the fair value determination.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Value or | Impact to Valuation |
|  | Investments in | Fair Value | Valuation | Unobservable | Range of | from an Increase |
| Fund | Securities | (000s) | Technique | Input | Input | in Input\* |
| Small-Cap Fund | &nbsp;&nbsp;Preferred Stock | $88647 | Binomial Lattice Pricing | Straight Debt Yield | 14.00% | Decrease |
|  |  |  |  | &nbsp;&nbsp;Expected Volatility | 50.00% | Increase |

---

\* *Represents the directional change in the fair value that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in insolation could result in significantly higher or lower fair value.*

The following is a reconciliation of Level 3 holdings for which significant unobservable inputs were used in determining fair value at June 30, 2025:

---

| | |
|:---|:---|
| | Small-Cap Fund |
| Fair Value at December 31, 2024 | $89113540 |
| Change in unrealized appreciation(a) | (466075) |
| Fair Value at June 30, 2025 | $88647465 |

---

*(a)* *Statements of Operations location: Change in Unrealized Appreciation (Depreciation) Affiliated securities. The entire amount relates to assets held as of June 30, 2025.* 

**Note 8. Federal Income Taxes**

The tax basis unrealized appreciation (depreciation) and federal tax cost of investments held by each Fund as of

June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>Tax Cost | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | Net Unrealized<br>Appreciation/<br>(Depreciation) |
| Partners Fund | $1090637990 | $169959083 | $(77946280) | $92012803 |
| Small-Cap Fund | 563518782 | 158702332 | (35120696) | 123581636 |
| International Fund | 606633202 | 150342165 | (30402803) | 119939362 |
| Global Fund | 213934510 | 40697640 | (10232265) | 30465375 |

---

**Note 9. Commitments and Contingencies**

The Funds indemnify the Board for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**Note 10. Principal Risks**

The following is a summary of the principal risks of investing in the Funds, please see the Funds' prospectus for a complete discussion of these and other risks.

Stock Market Risk - Equity prices fluctuate in response to actual or perceived developments at individual companies, within particular industries or sectors, or general economic conditions. Equity prices may also fluctuate due to other disruptive events in one or more countries, including but not limited to government shutdowns, war, military conflict, natural disasters, epidemic/pandemic outbreaks, political uprisings, inflation, rapid interest rate changes, supply chain disruptions, sanctions, increased government spending, social unrest and the like. If a Fund's price declines and you redeem your shares, you could lose money.

Non-Diversification Risk - Because the Funds are non-diversified under federal securities laws and generally invests in 15 to 25 companies, each holding will have a greater impact on the Funds' total return, and share value could fluctuate more than if a greater number of securities were held.

Small-Cap Risks - Smaller companies may have more limited product lines, markets, and financial resources than larger companies, and to the extent recently established, may have limited or no operating history to evaluate. In addition, their securities may trade less frequently and in more limited volume than those of larger companies.

Small-cap stocks may be more volatile than those of larger companies and, where trading volume is thin, our ability to dispose of such securities may be more limited.

Non-U.S. Investment Risks - Non-U.S. investment risks can include political, economic and social changes, non-U.S. withholding taxes, exchange controls, confiscation, non-U.S. governmental restrictions, differences in accounting and auditing standards, more limited availability of public information and market illiquidity. In addition, non-U.S. securities are generally denominated and traded in non-U.S. currencies, and the Funds may invest in derivative instruments that provide exposure to non-U.S. currencies. The exchange rates between currencies can fluctuate daily. As a result, the values of a Fund's non-U.S. securities may be affected by changes in exchange rates between non-U.S. currencies and the U.S. dollar, as well as between currencies of countries other than the U.S. As a result, the Fund's price will be more susceptible to currency fluctuations. Non-U.S. investment risks may be more pronounced in emerging markets and may also include possible sanctions by governmental bodies and other entities.

Focused Geographic Risks - The Funds do not limit the percentage of assets invested in any particular geographic region or country. Accordingly, there may be periods when the Fund has significant exposure to a particular region or country, so that negative events occurring in that area would have a greater adverse impact on performance than they would on more geographically diversified funds.

Large Shareholder Transaction Risk - Certain shareholders may from time to time own a substantial amount of the shares of the Funds. The Funds may experience adverse effects when certain large shareholders redeem or purchase large amounts of shares of the Funds. Large redemptions may cause the Funds to sell securities at times when it would not otherwise, which could negatively impact Fund performance, and also result in additional transaction costs, an increase to the Funds' expense ratio, and may accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains. Similarly, large purchases may adversely affect the Funds' performance to the extent that the Funds are delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

**Note 11. Subsequent Events**

The Funds evaluated events from the date of the financial statements through the date the financial statements were issued. There were no subsequent events requiring recognition or disclosure, other than noted below.

On August 20, 2025, the Board of Trustees of Longleaf Partners International Fund and Longleaf Partners Global Fund approved a proposal by Southeastern Asset Management, Inc., subject to shareholder approval, to effect the merger of Longleaf Partners International Fund into the Longleaf Partners Global Fund on or about December 5, 2025.

Financial Highlights 21

The presentation is for a share outstanding throughout each period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Partners Fund** | **Partners Fund** | **Partners Fund** | **Partners Fund** | **Partners Fund** | **Partners Fund** | **Partners Fund** |
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value Beginning of Period | $24.32 | $22.58 | $18.26 | $24.81 | $21.73 | $20.30 |
| Net Investment Income<sup>(a)</sup> | 0.13 | 0.22 | 0.14 | 0.18 | 0.22 | 0.23 |
| Net Realized and Unrealized Gain (Loss) | (0.15) | 1.77 | 4.33 | (5.91) | 4.79 | 1.90 |
| Total from Investment Operations | (0.02) | 1.99 | 4.47 | (5.73) | 5.01 | 2.13 |
| Distributions from Net Investment Income |  | (0.25) | (0.15) | (0.20) | (0.23) | (0.23) |
| Distributions from Net Realized Capital Gains |  |  |  | (0.62) | (1.70) | (0.47) |
| Total Distributions |  | (0.25) | (0.15) | (0.82) | (1.93) | (0.70) |
| Net Asset Value End of Period | $24.30 | $24.32 | $22.58 | $18.26 | $24.81 | $21.73 |
| Total return | (0.08)% <sup>(d)</sup> | 8.80% | 24.49% | (23.25)% | 23.58% | 10.53% |
| Net Assets End of Period (thousands) | $1181751 | $1267970 | $1369014 | $1235789 | $1802205 | $1655311 |
| Ratio of Expenses to Average Net Assets<sup>(c)</sup> | 0.79 % <sup>(e)</sup> | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| Ratio of Net Investment Income to Average Net Assets | 1.09 % <sup>(e)</sup> | 0.94% | 0.68% | 0.82% | 0.86% | 1.23% |
| Portfolio Turnover Rate | 32 % <sup>(d)</sup> | 38% | 43% | 39% | 35% | 37% |
| **Small-Cap Fund** | **Small-Cap Fund** | **Small-Cap Fund** | **Small-Cap Fund** | **Small-Cap Fund** | **Small-Cap Fund** | **Small-Cap Fund** |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value Beginning of Period | $27.36 | $24.97 | $20.98 | $26.30 | $23.85 | $24.27 |
| Net Investment Income<sup>(a)</sup> | 0.13 | 0.19 | 0.11 | 0.20 | 0.16 | 0.18 |
| Net Realized and Unrealized Gain (Loss) | 1.03 | 2.23 | 4.11 | (5.27) | 2.51 | 0.79 <sup>(b)</sup> |
| Total from Investment Operations | 1.16 | 2.42 | 4.22 | (5.07) | 2.67 | 0.97 |
| Distributions from Net Investment Income |  | (0.03) | (0.23) | (0.25) | (0.22) | (0.55) |
| Distributions from Net Realized Capital Gains |  |  |  |  |  | (0.82) |
| Return of Capital |  |  |  |  |  | (0.02) |
| Total Distributions |  | (0.03) | (0.23) | (0.25) | (0.22) | (1.39) |
| Net Asset Value End of Period | $28.52 | $27.36 | $24.97 | $20.98 | $26.30 | $23.85 |
| Total return | 4.24 % <sup>(d)</sup> | 9.69% | 20.15% | (19.27)% | 11.18% | 4.14% |
| Net Assets End of Period (thousands) | $690907 | $690069 | $853518 | $1179044 | $1829722 | $1836719 |
| Ratio of Expenses to Average Net Assets | 0.95 % <sup>(c)(e)</sup> | 0.95 % <sup>(c)</sup> | 0.95 % <sup>(c)</sup> | 0.95 % <sup>(c)</sup> | 0.96 % <sup>(c)</sup> | 0.96% |
| Ratio of Net Investment Income to Average Net Assets | 0.96 % <sup>(e)</sup> | 0.73% | 0.50% | 0.84% | 0.61% | 0.89% |
| Portfolio Turnover Rate | 27 % <sup>(d)</sup> | 27% | 24% | 18% | 33% | 33% |

---

*<sup>(a)</sup>* *Computed using average shares outstanding throughout the period.*

*<sup>(b)</sup>* *Due to the timing of sales and redemptions of capital shares, the net realized and unrealized gain (loss) per share will not equal the Fund's changes in the net realized and unrealized gain (loss) on investments for the period.*

** 

*<sup>(c)</sup>* *Expenses presented net of fee waiver. The Partners Fund expense ratio before waiver for the periods ended June 30, 2025 and December 31, 2024, 2023, 2022, 2021, and 2020 were 0.93%, 0.97%, 1.05%, 1.03%, 1.00%, and 1.03%, respectively. The Small-Cap Fund expense ratio before waiver for the periods ended June 30, 2025 and December 31, 2024, 2023, 2022, and 2021 were 1.02%, 1.04%, 1.07%, 1.01%, and 0.97%, respectively.*

 

*<sup>(d)</sup>* *Not annualized.*

 

*<sup>(e)</sup>* *Annualized.*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value Beginning of Period | $15.07 | $15.92 | $13.82 | $17.11 | $17.38 | $17.68 |
| Net Investment Income<sup>(a)</sup> | 0.16 | 0.50 | 0.24 | 0.08 | 0.09 | 0.07 |
| Net Realized and Unrealized Gain (Loss) | 2.21 | (0.81) | 2.17 | (3.28) | (0.24) | (0.29) |
| Total from Investment Operations | 2.37 | (0.31) | 2.41 | (3.20) | (0.15) | (0.22) |
| Distributions from Net Investment Income |  | (0.54) | (0.31) | (0.09) | (0.12) | (0.08) |
| Total Distributions |  | (0.54) | (0.31) | (0.09) | (0.12) | (0.08) |
| Net Asset Value Beginning of Period | $17.44 | $15.07 | $15.92 | $13.82 | $17.11 | $17.38 |
| Total return | 15.73 % <sup>(c)</sup> | (1.99)% | 17.42% | (18.69)% | (0.89)% | (1.22)% |
| Net Assets End of Period (thousands) | $728821 | $641443 | $722239 | $692726 | $1280072 | $1166163 |
| Ratio of Expenses to Average Net Assets<sup>(b)</sup> | 1.05 % <sup>(d)</sup> | 1.05% | 1.13% | 1.15% | 1.15% | 1.15% |
| Ratio of Net Investment Income to Average Net Assets | 2.10 % <sup>(d)</sup> | 3.06 % <sup>(e)</sup> | 1.56% | 0.56% | 0.47% | 0.46% |
| Portfolio Turnover Rate | 21 % <sup>(c)</sup> | 39% | 26% | 27% | 27% | 28% |
| **Global Fund** | **Global Fund** | **Global Fund** | **Global Fund** | **Global Fund** | **Global Fund** | **Global Fund** |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **June 30, 2025** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value Beginning of Period | $13.15 | $12.28 | $10.04 | $13.34 | $13.26 | $13.19 |
| Net Investment Income (Loss)<sup>(a)</sup> | 0.06 | 0.49 | (0.01) | 0.04 | 0.09 | 0.08 |
| Net Realized and Unrealized Gain (Loss) | 1.00 | 0.80 | 2.27 | (3.25) | 0.94 | 0.39 |
| Total from Investment Operations | 1.06 | 1.29 | 2.26 | (3.21) | 1.03 | 0.47 |
| Distributions from Net Investment Income |  | (0.42) | (0.02) | (0.01) | (0.07) | (0.07) |
| Distributions from Net Realized Capital Gains |  |  |  | (0.08) | (0.88) | (0.33) |
| Total Distributions |  | (0.42) | (0.02) | (0.09) | (0.95) | (0.40) |
| Net Asset Value Beginning of Period | $14.21 | $13.15 | $12.28 | $10.04 | $13.34 | $13.26 |
| Total return | 8.06 % <sup>(c)</sup> | 10.50% | 22.48% | (24.15)% | 8.20% | 3.57% |
| Net Assets End of Period (thousands) | $250924 | $249625 | $254001 | $225399 | $343327 | $342621 |
| Ratio of Expenses to Average Net Assets<sup>(b)</sup> | 1.05 % <sup>(d)</sup> | 1.05% | 1.13% | 1.15% | 1.15% | 1.19% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.89 % <sup>(d)</sup> | 3.72% | (0.05)% | 0.33% | 0.59% | 0.72% |
| Portfolio Turnover Rate | 36 % <sup>(c)</sup> | 62% | 43% | 33% | 48% | 36% |

---

** 

*<sup>(a)</sup>* *Computed using average shares outstanding throughout the period.*

** 

*<sup>(b)</sup>* *Expenses presented net of fee waiver. The International Fund expense ratio before waiver for the periods ended June 30, 2025 and December 31, 2024, 2023, 2022, 2021, and 2020 were 1.16%, 1.23%, 1.27%, 1.26%, 1.17%, and 1.20%, respectively. The Global Fund expense ratio before waiver for the periods ended June 30, 2025 and December 31, 2024, 2023, 2022, 2021, and 2020 were 1.24%, 1.29%, 1.35%, 1.33%, 1.31%, and 1.33%, respectively.*

** 

*<sup>(c)</sup>* *Not annualized.*

 

*<sup>(d)</sup>* *Annualized.*

** 

*<sup>(e)</sup>* *The income ratio for the fiscal year ended December 31, 2024 includes a non-cash dividend. If the non-cash dividend had not been received the income ratio would have been lower.*

Additional Information (Unaudited) 23

The following additional information may be obtained for free by calling (800) 445-9469, visiting southeasternasset.com, or on the SEC's website at sec.gov.

**Proxy Voting Policies and Procedures**

A description of Longleaf's Proxy Voting Policies and Procedures is included in the Statement of Additional Information (SAI).

**Proxy Voting Record**

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is contained in Form N-PX.

**Quarterly Portfolio Holdings**

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit on Form N-PORT. The Funds' Form N-PORTs are available on the SEC's website at www.sec.gov. The exhibits for the most recent 1st and 3rd quarters are also available at www.southeasternasset.com.

**Fund Trustees**

Additional information about Fund Trustees is included in the SAI.

**Changes in and Disagreements with Accountants**

Not applicable

**Proxy Disclosures**

Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable

![(LOGO)](lo002_v1.jpg)

---

| |
|:---|
| **Our Governing Principles** |
| We will treat your investment as if it were our own. |
| We will remain significant investors in Longleaf Partners Funds. |
| We will invest for the long term, while striving to maximize returns and minimize business, financial, purchasing power, regulatory and market risks. |
| We will choose each equity investment based on its discount from our appraisal of corporate intrinsic value, its financial strength, its management, its competitive position, and our assessment of its future earnings potential. |
| We will focus our assets in our best ideas. |
| We will not impose loads or 12b-1 charges on mutual fund shareholders. |
| We will consider closing to new investors if closing would benefit existing clients. |
| We will discourage short-term speculators and market timers. |
| We will continue our efforts to enhance shareholder services. |
| We will communicate with our investment partners as candidly as possible. |

---

![(LOGO)](lo003_v1.jpg)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](ex_99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex_99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Longleaf Partners Funds Trust</u>

---

| |
|:---|
| By (Signature and Title) |
| /s/ O. Mason Hawkins |
| O. Mason Hawkins |
| Trustee |
| Longleaf Partners Funds Trust |

---

Date <u>8/29/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By (Signature and Title) |
| /s/ Ross Glotzbach |
| Ross Glotzbach |
| CEO, Southeastern Asset Management, Inc. |
| Functioning as principal executive officer under agreements |
| with Longleaf Partners Funds Trust and its separate series |

---

Date <u>8/29/2025</u>

---

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

---

Date <u>8/29/2025</u>

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Ross Glotzbach, certify that:

1. I have reviewed this report on Form N-CSR of the Longleaf Partners Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 8/29/2025 | /s/ Ross Glotzbach |
|  |  | Ross Glotzbach |
|  |  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Ryan S. Hocker, certify that:

1. I have reviewed this report on Form N-CSR of the Longleaf Partners Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 8/29/2025 | /s/ Ryan S. Hocker |
|  |  | Ryan S. Hocker |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**certification**

Ross Glotzbach, Principal Executive Officer, and Ryan S. Hocker, Principal Financial Officer of Longleaf Partners Fund Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Longleaf Partners Fund Trust | Longleaf Partners Fund Trust | Longleaf Partners Fund Trust | Longleaf Partners Fund Trust |
| /s/ Ross Glotzbach | /s/ Ross Glotzbach | /s/ Ryan S. Hocker | /s/ Ryan S. Hocker |
| Ross Glotzbach | Ross Glotzbach | Ryan S. Hocker | Ryan S. Hocker |
| Date: | 8/29/2025 | Date: | 8/29/2025 |

---

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.