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<PAGE> PAGE 16
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 23
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SIGNATURE JULIE M. DOUGLAS
TITLE EXEC. VP & TREASURER
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Report of Independent Accountants
To the Board of Trustees of Longleaf Partners Funds:
In planning and performing our audits of the financial statements of Longleaf
Partners Fund,Longleaf Partners International Fund, Longleaf Partners Realty
Fund, Longleaf Partners Small-Cap Fund (the four funds comprising the Longleaf
Partners Funds, hereinafter referred to as
the "Fund") for the year ended December 31, 1999, we considered its internal
control, including control activities for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, which we consider to be material weaknesses as
defined above as of December 31,1999.
This report is intended solely for the information and use of the Board of
Trustees, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 5, 2000
2
2
