13F-HR 1 f13f1205.txt 13F DEC 2005 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/2005 Check here if Amendment [ ]; Amendment Number: ____ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Southeastern Asset Management, Inc. Address: 6410 Poplar Avenue, Suite 900 Memphis, Tennessee 38119 Form 13F File Number: 28-1399 The institutional investment manager filing this report and the person signing the report hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered to be integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Randy D. Holt Title: Vice President and Secretary Phone: 901-818-5100 Signature, Place, and Date of Signing: Randy D. Holt Memphis, Tennessee 02/13/2006 Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: None Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 112 Form 13f Information Table Value Total: 24541328 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 01 28-N/A Longleaf Partners Funds Trust, an investment company registered under the Investment Company Act of 1940 (File # 811-4923) on behalf of one or more of its three series: Longleaf Partners Fund Longleaf Partners Small-Cap Fund Longleaf Partners International Fund FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Anheuser-Busch Companies, Inc. COM 035229103 345703 8047100 SH SOLE 6818100 1229000 339934 7912800 SH DEFINED 01 7912800 473 11000 SH OTHER 11000 Aon Corp COM 037389103 985346 27408800 SH SOLE 22179800 5229000 525841 14627000 SH DEFINED 01 14627000 899 25000 SH OTHER 25000 Cemex SA - ADR COM 151290889 1332499 22459105 SH SOLE 18488490 3970615 818953 13803362 SH DEFINED 01 13803362 986 16625 SH OTHER 16625 Comcast Corp Cl A COM 20030N101 90778 3496850 SH SOLE 2553019 943831 43327 1668996 SH DEFINED 01 1668996 34 1294 SH OTHER 1294 Comcast Corp Special Cl A COM 20030N200 685410 26680034 SH SOLE 22675034 4005000 353997 13779563 SH DEFINED 01 13779563 527 20500 SH OTHER 20500 DIRECTV Group, Inc. COM 25459L106 825109 58435469 SH SOLE 48977115 9458354 402567 28510400 SH DEFINED 01 28510400 599 42408 SH OTHER 42408 Dell, Inc. COM 24702R101 1175694 39202874 SH SOLE 32792874 6410000 679504 22657672 SH DEFINED 01 22657672 930 31000 SH OTHER 31000 Deltic Timber Corp COM 247850100 2873 55400 SH SOLE 55400 55075 1062000 SH DEFINED 01 1062000 Discovery Holding Company COM 25468Y107 173609 11459310 SH SOLE 10060210 1399100 246299 16257344 SH DEFINED 01 16257344 92 6100 SH OTHER 6100 Everest Re Group Ltd. COM G3223R108 213374 2126300 SH SOLE 1890300 236000 142678 1421800 SH DEFINED 01 1421800 FedEx Corp. COM 31428X106 549197 5311900 SH SOLE 4238900 1073000 472513 4570200 SH DEFINED 01 4570200 1503 14533 SH OTHER 14533 First Horizon National Corp COM 320517105 923 24000 SH SOLE 24000 General Motors COM 370442105 501488 25823300 SH SOLE 21166600 4656700 276541 14240000 SH DEFINED 01 14240000 408 21000 SH OTHER 21000 Hasbro Inc COM 418056107 203903 10104200 SH SOLE 8410600 1693600 135751 6727000 SH DEFINED 01 6727000 Hilb, Rogal & Hobbs Co. COM 431294107 2811 73000 SH SOLE 73000 135802 3526400 SH DEFINED 01 3526400 Hollinger International, Inc. COM 435569108 212 23700 SH SOLE 23700 13254 1479200 SH DEFINED 01 1479200 IHOP Corp. COM 449623107 22939 489000 SH SOLE 287000 202000 139703 2978100 SH DEFINED 01 2978100 Jacuzzi Brands, Inc. COM 469865109 30919 3680800 SH SOLE 2686500 994300 122722 14609800 SH DEFINED 01 14609800 Knight Ridder COM 499040103 226747 3582100 SH SOLE 2922400 659700 188210 2973300 SH DEFINED 01 2973300 380 6000 SH OTHER 6000 Koninklijke Philips Electronic COM 500472303 903567 29053600 SH SOLE 23694600 5359000 155657 5005034 SH DEFINED 01 5005034 777 25000 SH OTHER 25000 Level 3 Communications COM 52729N100 130602 45505918 SH SOLE 39692763 5813155 310609 108226271SH DEFINED 01 108226271 Liberty Media Corporation COM 530718105 756859 96170100 SH SOLE 81459100 14711000 420018 53369448 SH DEFINED 01 53369448 590 75000 SH OTHER 75000 Millea Holdings, Inc. ADR COM 60032R106 195168 2268600 SH SOLE 1750000 518600 Molson Coors Brewing Co COM 60871R209 127603 1904800 SH SOLE 1797800 107000 272689 4070600 SH DEFINED 01 4070600 NTT Docomo, Inc. ADR COM 62942M201 53121 3467400 SH SOLE 2444400 1023000 Nestle S A ADR COM 641069406 11389 152780 SH SOLE 152780 News Corp Inc. COM 65248E203 51209 3082996 SH SOLE 2777996 305000 150175 9041240 SH DEFINED 01 9041240 Nippon Telegraph and Telephone COM 654624105 4348 190600 SH SOLE 155600 35000 Odyssey Re Holdings Corp COM 67612W108 44552 1776400 SH SOLE 1170400 606000 21163 843800 SH DEFINED 01 843800 PepsiAmericas. Inc. COM 71343P200 21639 930300 SH SOLE 755300 175000 122415 5262900 SH DEFINED 01 5262900 Pioneer Natural Resources Co. COM 723787107 251449 4904400 SH SOLE 3890200 1014200 604812 11796600 SH DEFINED 01 11796600 461 9000 SH OTHER 9000 Potlatch Corp COM 737630103 413 8100 SH SOLE 8100 28141 552000 SH DEFINED 01 552000 Ruddick Corp. COM 781258108 553 26000 SH SOLE 26000 86603 4069700 SH DEFINED 01 4069700 Saks, Inc. COM 79377W108 251639 14925200 SH SOLE 11982300 2942900 2016 119600 SH DEFINED 01 119600 Service Corporation Internatio COM 817565104 2102 257000 SH SOLE 257000 125042 15286300 SH DEFINED 01 15286300 Shaw Communications, Inc. Clas COM 82028K200 155439 7169700 SH SOLE 5447200 1722500 358275 16525600 SH DEFINED 01 16525600 Sprint Nextel Corp COM 852061100 337125 14431700 SH SOLE 11757700 2674000 226092 9678600 SH DEFINED 01 9678600 Telephone & Data Systems, Inc. COM 879433100 129993 3607900 SH SOLE 2982100 625800 55155 1530800 SH DEFINED 01 1530800 216 6000 SH OTHER 6000 Telephone & Data Systems, Inc. COM 879433860 397137 11474637 SH SOLE 8954300 2520337 196107 5666200 SH DEFINED 01 5666200 208 6000 SH OTHER 6000 USI Holdings Corporation COM 90333H101 695 50500 SH SOLE 50500 32842 2385076 SH DEFINED 01 2385076 Vail Resorts, Inc. COM 91879Q109 26989 817117 SH DEFINED 01 817117 Vivendi Universal ADR COM 92851S204 522480 16639484 SH SOLE 12934084 3705400 130056 4141900 SH DEFINED 01 4141900 848 27000 SH OTHER 27000 Walt Disney Company COM 254687106 862896 35999000 SH SOLE 30141500 5857500 442606 18465000 SH DEFINED 01 18465000 695 29000 SH OTHER 29000 Waste Management, Inc. COM 94106L109 597819 19697500 SH SOLE 15855700 3841800 308389 10161100 SH DEFINED 01 10161100 682 22466 SH OTHER 22466 Willis Group Holdings Ltd COM G96655108 198405 5371000 SH SOLE 4885000 486000 225297 6099000 SH DEFINED 01 6099000 Yum! Brands, Inc. COM 988498101 523582 11168562 SH SOLE 9308562 1860000 576530 12298000 SH DEFINED 01 12298000 656 14000 SH OTHER 14000 Fairfax Financial Holdings Ltd COM 303901102 280872 1952980 SH SOLE 1613180 339800 258296 1796000 SH DEFINED 01 1796000 Level 3 Communications, Inc. C CONV 52729NAG5 12296 18630000 PRN SOLE 9950000 8680000 69936 105964000PRN DEFINED 01 105964000 Level 3 Communications, Inc. C CONV 52729NAS9 29376 45810000 PRN SOLE 28710000 17100000 6925 10800000 PRN DEFINED 01 10800000