13F-HR 1 f13f1211.txt 13F - DECEMBER 31, 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: 12/31/2011 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 02/14/2012 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: 81 Form 13f Information Table Value Total: 22123082 (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 231999 4125900 SH Sole 3303900 822000 373929 6650000 SH Defined 01 6650000 Aon Corporation COM 037389103 585279 12505970 SH Sole 10101970 2404000 488724 10442812 SH Defined 01 10442812 Bank of New York Mellon Corpor COM 064058100 495082 24865985 SH Sole 20618785 4247200 355989 17879895 SH Defined 01 17879895 Berkshire Hathaway Inc. Class COM 084670702 9782 128200 SH Sole 128200 CEMEX S.A.B. de C.V. ADR COM 151290889 586272 108770397 SH Sole 88017370 20753027 356896 66214507 SH Defined 01 66214507 Chesapeake Energy Corporation COM 165167107 1336953 59979948 SH Sole 50337276 9642672 610982 27410576 SH Defined 01 27410576 Dell Inc. COM 24702R101 1574454 107618203 SH Sole 89826965 17791238 494553 33804000 SH Defined 01 33804000 Dillard's Inc. COM 254067101 1481 33000 SH Sole 33000 123617 2754400 SH Defined 01 2754400 DineEquity Inc COM 254423106 5335 126400 SH Sole 78000 48400 125706 2978100 SH Defined 01 2978100 DIRECTV Cl A COM 25490A101 880327 20587633 SH Sole 16671033 3916600 456170 10668141 SH Defined 01 10668141 Everest Re Group Ltd. COM G3223R108 311880 3708883 SH Sole 2837400 871483 112260 1335000 SH Defined 01 1335000 FedEx Corporation COM 31428X106 585981 7016891 SH Sole 5885391 1131500 394418 4723000 SH Defined 01 4723000 Franklin Resources Inc. COM 354613101 42901 446606 SH Sole 256800 189806 62515 650787 SH Defined 01 650787 Ingersoll-Rand PLC COM G47791101 40394 1325700 SH Sole 1325700 81468 2673711 SH Defined 01 2673711 InterContinental Hotels Group COM 45857P301 332915 18505533 SH Sole 16326433 2179100 23949 1331245 SH Defined 01 1331245 Lamar Advertising Company COM 512815101 30814 1120500 SH Sole 1035500 85000 193187 7025000 SH Defined 01 7025000 Level 3 Communications Inc. COM 52729N308 432904 25479938 SH Sole 22159685 3320253 246919 14533169 SH Defined 01 14533169 Liberty Interactive Corporatio COM 53071M104 524370 32338605 SH Sole 25889636 6448969 347509 21431321 SH Defined 01 21431321 Loews Corporation COM 540424108 895444 23783365 SH Sole 19588365 4195000 521565 13853000 SH Defined 01 13853000 Madison Square Garden Company COM 55826P100 2048 71500 SH Sole 71500 168100 5869400 SH Defined 01 5869400 Markel Corporation COM 570535104 127100 306508 SH Sole 234735 71773 145815 351642 SH Defined 01 351642 Martin Marietta Materials Inc. COM 573284106 302543 4011970 SH Sole 3460170 551800 148633 1971000 SH Defined 01 1971000 Murphy Oil Corporation COM 626717102 13172 236315 SH Sole 236315 Potlatch Corporation COM 737630103 1187 38142 SH Sole 38142 83653 2688952 SH Defined 01 2688952 Quicksilver Resources Inc. COM 74837R104 1456 217000 SH Sole 217000 116372 17343000 SH Defined 01 17343000 Royal Philips Electronics ADR COM 500472303 429508 20501599 SH Sole 16890799 3610800 68042 3247831 SH Defined 01 3247831 Saks Incorporated COM 79377W108 34232 3511000 SH Sole 3356000 155000 139464 14304000 SH Defined 01 14304000 Scripps Networks Interactive COM 811065101 1739 41000 SH Sole 41000 143931 3393000 SH Defined 01 3393000 Service Corporation Internatio COM 817565104 151278 14204484 SH Sole 11099584 3104900 185859 17451523 SH Defined 01 17451523 Texas Industries Inc. COM 882491103 21017 682800 SH Sole 619300 63500 231181 7510757 SH Defined 01 7510757 The Travelers Companies Inc. COM 89417E109 620279 10483000 SH Sole 9222000 1261000 449006 7588400 SH Defined 01 7588400 The Washington Post Company COM 939640108 26790 71096 SH Sole 66910 4186 108898 289000 SH Defined 01 289000 tw telecom inc. COM 87311L104 314092 16207029 SH Sole 13850252 2356777 216089 11150100 SH Defined 01 11150100 Vail Resorts Inc. COM 91879Q109 1567 37000 SH Sole 37000 140508 3317000 SH Defined 01 3317000 Vodafone Group Plc ADR COM 92857W209 90423 3225919 SH Sole 2715919 510000 46116 1645235 SH Defined 01 1645235 Vulcan Materials Company COM 929160109 80784 2052968 SH Sole 1534868 518100 421207 10704110 SH Defined 01 10704110 Walt Disney Company COM 254687106 821295 21901188 SH Sole 17905888 3995300 420825 11222000 SH Defined 01 11222000 Wendy's Company COM 95058W100 34642 6463000 SH Sole 6463000 149314 27857000 SH Defined 01 27857000 Willis Group Holdings PLC COM G96666105 176470 4548200 SH Sole 3620200 928000 315172 8123000 SH Defined 01 8123000 Yum! Brands Inc. COM 988498101 502606 8517300 SH Sole 6860700 1656600 265543 4499960 SH Defined 01 4499960 Cemex Convertible Bond 4.875 3 CONV 151290AV5 4931 7500000 PRN Sole 7500000 Level 3 Communications Inc. Co CONV 52729NBM1 115697 100062000 PRN Defined 01 100062000 Level 3 Communications Inc. Co CONV 52729NBR0 9578 8000000 PRN Sole 8000000