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LONGLEAF PARTNERS
REALTY FUND
a Series of
LONGLEAF PARTNERS FUNDS TRUST
Investment Counsel
[LOGO] SOUTHEASTERN ASSET MANAGEMENT, INC.
6075 Poplar Ave., Suite 900
Memphis, TN 38119
(800) 445-9469 (901) 761-2474
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SUPPLEMENT TO PROSPECTUS DATED JANUARY 25, 1996
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PURCHASES AND REDEMPTIONS OF FUND SHARES THROUGH BROKERAGE FIRMS
Shares of Longleaf Partners Realty Fund (the "Fund") may be purchased and
redeemed through securities brokerage firms having agreements with the Fund. The
brokerage firm may charge certain transaction fees for effecting these and other
transactions and any such transaction fees will be retained by the particular
brokerage firm.
Fund investors who are clients of brokerage firms will follow that firm's
procedures in purchasing and redeeming Fund shares, and those procedures take
precedence over the instructions contained in this Prospectus which are
applicable to accounts opened directly with the Fund. The brokerage firm has the
responsibility of supplying its clients who are Fund shareholders with periodic
account statements and all Fund shareholder materials such as the Prospectus and
routine financial reports.
