Summary Prospectus by Investment Company - Form 497K

497k Partners Fund Summary

Partners Fund Summary		Ticker: LLPFX

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information (SAI), each dated May 1, 2024, are incorporated by reference into this Summary Prospectus. You can find the Fund's Prospectus, SAI, shareholder reports, and other information about the Fund online at https://connect.rightprospectus.com/Longleaf/TADF/543069108/P#. You can also get this information free by calling (800) 445-9469 or by sending an e-mail request to [email protected].

Investment Objective

Longleaf Partners Fund seeks long-term capital growth.

Fees and Expenses

The following table shows the fees and expenses you may pay to buy and hold shares of the Partners Fund.

Transaction Fees and Expenses (sales charges or loads) (fees paid directly from your investment)			None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees			0.82	%
12b-1 Fees			None
Other Expenses			0.23
Total Annual Fund Operating Expenses			1.05
Expense Reimbursement(1)			(0.26	)
Total Annual Fund Operating Expenses After Expense Reimbursement			0.79	%

(1)

Southeastern has contractually committed to limit operating expenses (excluding interest, taxes, brokerage commissions and extraordinary expenses) to 0.79% of average net assets per year. This agreement is in effect through at least April 30, 2025 and may not be terminated before that date without Board approval.

Example of Fund Expenses. This example helps compare the cost of investing in the Partners Fund with other mutual funds. The table shows what you would pay in expenses over time,

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whether or not you sold your shares at the end of each period. The example assumes a $10,000 investment, a 5% total return each year, and that fund operating expenses are equal to the total annual fund operating expenses after expense reimbursement shown in the table through April 30, 2025, and total annual fund operating expenses thereafter. Your actual costs may be higher or lower than those shown.

One Year		Three Years		Five Years		Ten Years
$81		$313		$568		$1,327

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

Principal Investment Strategy

The Fund seeks superior long-term performance by acquiring equity securities of a limited number of mid-and large- cap U.S. companies that we believe meet our qualitative and quantitative criteria:

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Strong businesses that are understandable, financially sound, competitively entrenched, and will generate growing free cash flow;

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Good management partners who are capable operators, responsible capital allocators, trustworthy, and shareholder-oriented; and

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Good price that is typically 60% or less of our conservative appraisal determined through fundamental financial analysis using disciplines we've applied for almost 50 years. We believe purchasing equities at prices substantially less than their intrinsic worth establishes a margin of safety that should protect capital from significant permanent loss and provide the opportunity for substantial appreciation if the market recognizes the company's value.

We sell securities when they approach our appraisals, when we perceive a change in company fundamentals, a decline in attractiveness relative to other issues, or if the original reasons for purchase materially change.

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The Fund primarily owns common stock or securities convertible into common stock but may purchase other types of securities. The Fund may invest up to 30% of assets in non-U.S. securities, which could include emerging market issuers, and may achieve its exposure to non-U.S. securities through investing in American depositary receipts (ADRs).

The Fund is "non-diversified," which means that it may invest a significant portion of its assets in a relatively small number of issuers, and generally invests in 15 to 25 companies.

Principal Investment Risks

The following are summaries of the principal risks of investing in the Fund. For additional risk information that you should consider, see Risks of Investing in the Fund's statutory prospectus.

Investment Selection Risk ∎ Investments might not reach what we believe are their true values either because the market fails to recognize the value or because we misjudged it.

Corporate Ownership Risks ∎ As partial owners of companies, we face a number of risks inherent in owning a business, such as operational, financial and regulatory risk. If businesses we own in the Funds do not successfully address these risks, their business values and stock prices may decline and negatively impact your Fund shares.

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 the Fund's price declines and you redeem your shares, you could lose money.

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

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.

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In addition, non-U.S. securities are generally denominated and traded in non-U.S. currencies, and the Fund 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. In some cases, the Fund may try to hedge to reduce the impact of currency exchange fluctuation, but does not intend to do so routinely. 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.

Large Shareholder Transaction Risk ∎ Certain shareholders may from time to time own a substantial amount of the shares of the Fund. The Fund may experience adverse effects when certain large shareholders redeem or purchase large amounts of shares of the Fund. Large redemptions may cause the Fund 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 Fund's 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 Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

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Performance

The bar chart and performance table illustrate the variability of returns and provide some indication of the risks of investing by showing the changes in performance from year to year, as well as how the Fund's average annual returns for the 1, 5 and 10 years compare with a broad-based securities market index. Past performance (before and after taxes) does not indicate how the Fund will perform in the future. Free updated performance information can be obtained at southeasternasset.com/mutual-fund-performance/ or (800) 445-9469.

Past Fund Performance Total Return (%)

		Best Quarter in last 10 years. 4th Quarter of 2020 22.75% Worst Quarter in last 10 years. 1st Quarter of 2020 (28.87)%

Average Annual Total Returns at December 31, 2023

		One Year			Five Years			Ten Years
Longleaf Partners Fund (net of fees and expenses)
Return Before Taxes			24.49	%			8.42	%			3.86	%
Return After Taxes* on Distributions			24.30				7.18				1.89
Return After Taxes* on Distributions and Sale of Fund Shares			14.64				6.30				2.58
Comparative Index (no deductions for fees, expenses, or taxes)
S&P 500 Index			26.29				15.69				12.03

*After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

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Management

Southeastern Asset Management, Inc. ("Southeastern") is the Fund's investment adviser. The following serve as portfolio managers:

O. Mason Hawkins ∎ Chairman of Southeastern. Fund manager since 1987.

G. Staley Cates ∎ Vice-Chairman of Southeastern. Fund manager since 1994.

Ross Glotzbach ∎ Chief Executive Officer of Southeastern and Head of Research. Fund manager since 2017.

Purchase and Sale of Fund Shares

Minimum investment

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$10,000 initial purchase

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No minimum for additional purchases

Shares of the Fund may be purchased or redeemed any day the New York Stock Exchange is open.

Regular mail instructions:

P.O. Box 534448

Pittsburgh, PA 15253-4448

Overnight mail:

Attn: 534448

500 Ross Street 154-0520

Pittsburgh, PA 15262

Telephone requests:

(800) 445-9469

Wire transfers also accepted.

Tax Information

The Fund intends to make distributions that may be taxable as ordinary income or capital gains, unless you are investing through an IRA, 401(k) or other tax-advantaged retirement account.

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Payments to Broker-Dealers and other Financial Intermediaries

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its investment adviser may pay the intermediary a fee to compensate for the services it provides, which may include performing sub-accounting and sub-transfer agent services, delivering Fund documents to shareholders and related services. These payments may create a conflict of interest by influencing the financial intermediary to make available or recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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