13F-HR 1 f13f0911.txt 13F - SEPTEMBER 30, 2011 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 09/30/2011 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: Andrew R. McCarroll Title: General Counsel Phone: 901-761-2474 Signature, Place, and Date of Signing: /s/Andrew R. McCarroll Memphis, Tennessee 11/14/2011 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: 86 Form 13f Information Table Value Total: 21212424 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Abbott Laboratories COM 002824100 212379 4152900 SH Sole 3352900 800000 378027 7392000 SH Defined 01 7392000 Aon Corporation COM 037389103 530718 12642170 SH Sole 10182170 2460000 438389 10442812 SH Defined 01 10442812 Bank of New York Mellon Corpor COM 064058100 426270 22930085 SH Sole 19101885 3828200 332387 17879895 SH Defined 01 17879895 Berkshire Hathaway Inc. Class COM 084670702 9107 128200 SH Sole 128200 CEMEX S.A.B. de C.V. ADR COM 151290889 351084 111102630 SH Sole 91782863 19319767 209238 66214507 SH Defined 01 66214507 Chesapeake Energy Corporation COM 165167107 1550012 60665848 SH Sole 51777176 8888672 700340 27410576 SH Defined 01 27410576 Dell Inc. COM 24702R101 1594132 112739212 SH Sole 96138274 16600938 477989 33804000 SH Defined 01 33804000 Dillard's Inc. COM 254067101 2061 47407 SH Sole 47407 159971 3679180 SH Defined 01 3679180 DineEquity Inc COM 254423106 5904 153400 SH Sole 105000 48400 114627 2978100 SH Defined 01 2978100 DIRECTV Cl A COM 25490A101 1001621 23695794 SH Sole 19800194 3895600 450942 10668141 SH Defined 01 10668141 Everest Re Group Ltd. COM G3223R108 311144 3919683 SH Sole 3048200 871483 105972 1335000 SH Defined 01 1335000 Fair Isaac Corporation COM 303250104 2819 129127 SH Sole 74078 55049 8217 376400 SH Defined 01 376400 FedEx Corporation COM 31428X106 445175 6577652 SH Sole 5614552 963100 319653 4723000 SH Defined 01 4723000 Global Crossing Ltd. COM G3921A175 229047 9579550 SH Sole 8754550 825000 4646 194300 SH Defined 01 194300 Ingersoll-Rand PLC COM G47791101 20882 743394 SH Sole 743394 72155 2568711 SH Defined 01 2568711 InterContinental Hotels Group COM 45857P301 160053 9953533 SH Sole 8151433 1802100 21406 1331245 SH Defined 01 1331245 Lamar Advertising Company COM 512815101 1448 85000 SH Sole 85000 110542 6491000 SH Defined 01 6491000 Level 3 Communications Inc. COM 52729N100 358782 240793439 SH Sole 203049490 37743949 320184 214888754 SH Defined 01 214888754 Liberty Interactive Corporatio COM 53071M104 501135 33952205 SH Sole 27384236 6567969 316326 21431321 SH Defined 01 21431321 Loews Corporation COM 540424108 845347 24467365 SH Sole 20526365 3941000 478621 13853000 SH Defined 01 13853000 Madison Square Garden Company COM 55826P100 1630 71500 SH Sole 71500 123234 5405000 SH Defined 01 5405000 Markel Corporation COM 570535104 119999 336008 SH Sole 257535 78473 125582 351642 SH Defined 01 351642 Martin Marietta Materials Inc. COM 573284106 226926 3589470 SH Sole 3009370 580100 124607 1971000 SH Defined 01 1971000 Murphy Oil Corporation COM 626717102 6081 137700 SH Sole 137700 News Corporation - Class A COM 65248E104 466127 30111554 SH Sole 26282554 3829000 346014 22352305 SH Defined 01 22352305 Potlatch Corporation COM 737630103 1202 38142 SH Sole 38142 84756 2688952 SH Defined 01 2688952 Quicksilver Resources Inc. COM 74837R104 1075 141760 SH Sole 141760 112479 14838952 SH Defined 01 14838952 Royal Philips Electronics ADR COM 500472303 353755 19718799 SH Sole 16252999 3465800 65801 3667831 SH Defined 01 3667831 Saks Incorporated COM 79377W108 2905 332000 SH Sole 332000 116209 13281000 SH Defined 01 13281000 Scripps Networks Interactive COM 811065101 1227 33000 SH Sole 33000 106529 2866000 SH Defined 01 2866000 Service Corporation Internatio COM 817565104 139181 15194484 SH Sole 11839584 3354900 159856 17451523 SH Defined 01 17451523 Telephone and Data Systems Inc COM 879433860 18922 957116 SH Sole 542599 414517 23411 1184171 SH Defined 01 1184171 Texas Industries Inc. COM 882491103 21672 682800 SH Sole 619300 63500 225513 7105000 SH Defined 01 7105000 The Travelers Companies Inc. COM 89417E109 427201 8766700 SH Sole 7595700 1171000 369783 7588400 SH Defined 01 7588400 The Washington Post Company COM 939640108 25275 77301 SH Sole 73115 4186 94494 289000 SH Defined 01 289000 tw telecom inc. COM 87311L104 274546 16619029 SH Sole 14107252 2511777 184200 11150100 SH Defined 01 11150100 Vail Resorts Inc. COM 91879Q109 1398 37000 SH Sole 37000 128637 3404000 SH Defined 01 3404000 Vodafone Group Plc ADR COM 92857W209 88712 3457219 SH Sole 2947219 510000 42217 1645235 SH Defined 01 1645235 Vulcan Materials Company COM 929160109 56800 2060968 SH Sole 1542868 518100 295005 10704110 SH Defined 01 10704110 Walt Disney Company COM 254687106 664711 22039488 SH Sole 18295188 3744300 348740 11563000 SH Defined 01 11563000 Wendy's Company COM 95058W100 4053 883000 SH Sole 883000 136346 29705000 SH Defined 01 29705000 Willis Group Holdings PLC COM G96666105 175777 5114255 SH Sole 4101255 1013000 279188 8123000 SH Defined 01 8123000 Yum! Brands Inc. COM 988498101 605526 12260100 SH Sole 10193100 2067000 316648 6411170 SH Defined 01 6411170 Level 3 Communications Inc. Co CONV 52729NBM1 128455 100062000 PRN Defined 01 100062000 Level 3 Communications Inc. Co CONV 52729NBR0 11264 8000000 PRN Sole 8000000