e40v24b2

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

40-24B-2

SALES LITERATURE OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-4923

LONGLEAF PARTNERS FUNDS TRUST
(Exact name of registrant as specified in charter)

c/o Southeastern Asset Management, Inc.
6410 Poplar Avenue; Suite 900
Memphis, TN 38119
(Address of principal executive offices) (Zip code)

Registrant’s Telephone Number, Including Area Code - (901) 761-2474


	Quarterly Performance Supplement Required for Article Reprints

Rates of Return at 12-31-09


	Partners			S&P 500			Small-Cap			Russell			International			EAFE
	Fund			Index			Fund			2000 Index			Fund			Index
One Year		53.60	%		26.46	%		49.31	%		27.17	%		23.17	%		31.78	%
Five Years		-0.98	%		0.42	%		3.13	%		0.51	%		2.54	%		3.54	%
Ten Years		5.31	%		-0.95	%		8.23	%		3.51	%		7.46	%		1.17	%
Inception		10.90	%		8.54	%		10.05	%		8.44	%		9.59	%		4.06	%
Inception date		4/8/87						2/21/89						10/26/98

These returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Current performance may be lower or higher than the performance quoted. Please call 800-445-9469 or view Longleaf’s website, www.longleafpartners.com, for the most recent performance information or for a current copy of the Funds’ Prospectus, which should be read carefully before investing for a discussion of investment objectives, management fees, expenses, and risks. Fund returns and those of the unmanaged and unhedged indices referenced above include reinvested dividends and distributions. Historic numbers include periods in which the Funds used currency hedging as an investment strategy. Beginning in the third quarter 2009, and following a transition period ending in early 2010, the use of currency hedging as a routine investment strategy was ceased. Past performance is no guarantee of future performance, fund prices fluctuate and the value of an investment at redemption may be more or less than the purchase price. This material should be preceded or accompanied by a Prospectus.

Under SEC Rule 34b-1, this quarterly performance supplement must appear as the first item in any collection of articles containing performance data of the Longleaf Partners Funds.



FORTUNE
OCTOBER 12, 2009		EXCERPT

YOUR MONEY AT WORK

INVESTING

The Comeback Kids

The five mutual funds we picked to shine in 2009 have rebounded smartly,
thanks mainly to resurgent value stocks. by mina kimes

even great fund managers have bad years. The five funds we highlighted as wise bets for the coming year in our 2009 Investor’s Guide (published in December) were led by managers with stellar long-term records who shared an affinity for value stocks—an unfortunate preference in 2008, when value favorites like financials and cyclicals were crushed. Since then, however, value funds have snapped back sharply, and Fortune’s selections were no exception: They returned an average of 45% from Dec. 1, 2008, through Sept. 8 of this year, vs. 28% for the S&P 500 index. Here’s a look at why they’re thriving.


		Longleaf Partners llpfx MANAGERS: O. MASON HAWKINS (LEFT) AND G. STALEY CATES RETURN: 61.9%

Battered holdings like Dell, Chesapeake Energy, and Liberty Media soared, contributing this past spring to Longleaf’s best quarter in its 22-year history. The fund also reaped sizable gains from its huge investment in Sun Microsystems, which appreciated 130% while the hardware maker debated whether to sell itself. (Longleaf exited the stock when Oracle announced its bid.) While deep-value investors Mason Hawkins and Staley Cates wisely held on to many of their beaten-down stocks, they didn’t sit still: Longleaf sold its shares of Walgreen and eBay, both of which had rebounded nicely, and picked up a pair of insurance companies, Aon and Berkshire Hathaway. The managers wrote in their last quarterly report that they wanted to use their 12% cash stake to add new names, but also said they expected their current holdings, then trading 25% below their long-term valuation averages, to appreciate further. Wrote Hawkins and Cates: “If prices simply rose to our appraisals of intrinsic value, we would double our money.”


*		FROM DEC. 1, 2008. THROUGH SEPT. 8, 2009.

See over for important disclosures from Longleaf.

The following provided by Longleaf

Average annual total returns for the Longleaf Partners Fund and its respective benchmark for the one, five and ten year periods ended October 31, 2009 are as follows: Longleaf Partners Fund, 31.77%, -1.53%, and 4.13%; S&P 500 Index, 9.81%, 0.33% and -0.95%. Fund returns and those of these unmanaged and unhedged indices include reinvested dividends and distributions, but do not reflect the deduction of taxes. Historic numbers include periods in which the Fund used currency hedging as an investment strategy. Beginning in the third quarter 2009, and following a transition period ending by June 30, 2010, the use of currency hedging as a routine investment strategy was ceased. Current performance may be lower or higher than the performance quoted herein. Past performance does not guarantee future results, fund prices fluctuate, and the value of an investment at redemption may be worth more or less than the purchase price. Please call 800-445-9469 or view Longleaf’s website (www.longleafpartners.com) for more current performance information, or for a current copy of the Prospectus, which should be read carefully before investing to learn about the investment objectives, risks, charges and expenses of the Longleaf Partners Fund. Discussion of particular investments should not be viewed as a recommendation to buy or sell any security.