I put together a list of quotes from management. Enjoy....

3rd Quarter 2007 – NAV 01/1/2007 $38.41
“the Fund’s investment characteristics today are among the best we have owned in Longleaf’s twenty years of operations.”
“It the market stabilization and recent strength proves ephemeral, we may ask existing and new shareholders for capital to exploit our on-deck list.”

Special Letter of November 9th, 2007 NAV $34.70
http://www.longleafpartners.com/pdfs/llp...
“In mid-November we alerted owners of Longleaf Partners Fund that compelling new investments outstripped the cash available for purchases, and existing Fund holdings remained too discounted to sell. We encouraged our partners to add to their Partners Fund stakes to take advantage of the attractively positioned portfolio and to add purchasing power that would further improve the return opportunity.

Our partners have responded with enthusiasm by sending cash and making additional commitments. Market volatility has also worked in our favor, allowing us to purchase extremely discounted, high quality businesses. As anticipated, the P/V ratio of the Fund has become more attractive, moving to the low-60%s. Additional compelling opportunities remain. Shareholders should benefit from adding these to the portfolio. We are, therefore, broadening the call for new capital to the entire Longleaf shareholder base.”

Special Letter of January 18th, 2008 - Announcement of Partner’s Fund to re-open, NAV $29.15
“Longleaf Partners Fund, a non-diversified mutual fund that invests primarily in undervalued U.S. businesses, will temporarily re-open to new investors on January 18, 2008, after being closed since July 2004. The Fund’s managers have identified investment opportunities totaling approximately $1.5 billion between new investments and existing holdings that are significantly discounted. The Fund will re-close when cash inflows can no longer improve the Fund’s opportunity set.”

“Recently we have encouraged existing shareholders to join Southeastern’s employees in aggressively adding to their stakes in Longleaf Partners Fund. New inflows have totaled $730 million since mid November. As the market has declined further, the opportunity set has become even more compelling, and we are pleased to present the chance for new investors who have waited patiently to become our investment partners. The inflows from existing and new shareholders will be opportunistically deployed to further improve the Fund’s foundation for long-term compounding.”

Annual 2007 NAV 12/31/2007 $31.16, NAV 2/15/2008 $30.44
“all three funds present a compelling opportunity today.”
“Your partners at Southeastern have been aggressively adding to their stakes in recent weeks, and we have temporarily re-opened the Partners Fund to enable us to exploit the opportunities while they exist.”
“We encourage you to follow our lead by adding to your stakes in all three funds.”
Down 0.4% for 2007

1st Quarter 2008 NAV 3/31/2008 $29.55
“Opportunities of this magnitude come rarely and we encourage you to add to your Fund investments.”
Down 10.9%

2nd Quarter 2008 NAV 6/30/2008 $30.43
“We are aggressively adding personal capital to the funds and encourage our partners to do the same.”
Up 3%

3rd Quarter 2008 NAV 9/30/2008 $25.10
Down 17.5%

Current NAV 12/12/2008 $14.83 YTD -53.4%

Longleaf management encouraged partners to “aggressively add” to the funds over a period of 8 months at prices north of $30. Anyone who did this is currently down more than 50%. This is my reason for thinking Longleaf should communicate with their partners more now. They were not shy when asking for new capital.