13F-HR 1 f13f0908.txt 13F - SAM SEPTEMBER 30, 2008 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 09/30/2008 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 11/14/2008 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: 107 Form 13f Information Table Value Total: 28096730 (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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- Aon Corporation COM 037389103 318237 7078233 SH Sole 5966633 1111600 310178 6898976 SH Defined 01 6898976 495 11000 SH Other 11000 CEMEX S.A.B. de C.V. ADR COM 151290889 865936 50286666 SH Sole 41137037 9149629 505712 29367711 SH Defined 01 29367711 559 32450 SH Other 32450 Chesapeake Energy Corporation COM 165167107 902609 25170355 SH Sole 20197302 4973053 570712 15915000 SH Defined 01 15915000 610 17000 SH Other 17000 Del Monte Foods Company COM 24522P103 1815 232663 SH Sole 232663 122657 15725283 SH Defined 01 15725283 Dell Inc. COM 24702R101 1428972 86709475 SH Sole 70631275 16078200 997288 60515019 SH Defined 01 60515019 868 52700 SH Other 52700 Dillard's Inc. COM 254067101 1794 152000 SH Sole 152000 106799 9050748 SH Defined 01 9050748 DineEquity Inc COM 254423106 4036 239400 SH Sole 127000 112400 50211 2978100 SH Defined 01 2978100 DIRECTV Group Inc. COM 25459L106 935946 35750408 SH Sole 29081900 6668508 342879 13097000 SH Defined 01 13097000 579 22108 SH Other 22108 Discovery Communications Inc. COM 25470F104 307 21550 SH Sole 21550 25055 1758252 SH Defined 01 1758252 Discovery Communications Serie COM 25470F302 305 21550 SH Sole 21550 24897 1758252 SH Defined 01 1758252 EBay Inc. COM 278642103 777537 34742500 SH Sole 28097500 6645000 417418 18651400 SH Defined 01 18651400 606 27100 SH Other 27100 Everest Re Group Ltd. COM G3223R108 314580 3635500 SH Sole 3051000 584500 133351 1541100 SH Defined 01 1541100 Fair Isaac Corporation COM 303250104 2351 102000 SH Sole 102000 163111 7076400 SH Defined 01 7076400 FedEx Corporation COM 31428X106 590025 7464892 SH Sole 6161392 1303500 502023 6351501 SH Defined 01 6351501 569 7200 SH Other 7200 IDT Corporation COM 448947101 94 181590 SH Defined 01 181590 IDT Corporation Cl B COM 448947309 907 1225408 SH Defined 01 1225408 Ingersoll-Rand Company Limited COM G4776G101 633796 20333517 SH Sole 16692246 3641271 157346 5048000 SH Defined 01 5048000 Kyocera Corporation ADR COM 501556203 6169 81000 SH Sole 37000 44000 Level 3 Communications Inc. COM 52729N100 664420 246081356 SH Sole 200158176 45923180 556332 206048754 SH Defined 01 206048754 100 37000 SH Other 37000 Liberty Media Corp Entertainme COM 53071M500 1581885 63351422 SH Sole 53368922 9982500 851602 34105000 SH Defined 01 34105000 1011 40500 SH Other 40500 Liberty Media Corporation Inte COM 53071M104 901504 69829902 SH Sole 58507552 11322350 494313 38289181 SH Defined 01 38289181 574 44500 SH Other 44500 Markel Corporation COM 570535104 2190 6231 SH Sole 6231 125678 357549 SH Defined 01 357549 Marriott International Inc. COM 571903202 158591 6078621 SH Sole 4172621 1906000 194363 7449704 SH Defined 01 7449704 Pioneer Natural Resources Comp COM 723787107 540301 10334757 SH Sole 8091257 2243500 661980 12662200 SH Defined 01 12662200 836 16000 SH Other 16000 Potlatch Corporation COM 737630103 2192 47245 SH Sole 47245 117877 2541009 SH Defined 01 2541009 Royal Philips Electronics ADR COM 500472303 576010 21137995 SH Sole 18201295 2936700 123951 4548644 SH Defined 01 4548644 545 20000 SH Other 20000 Ruddick Corporation COM 781258108 2038 62800 SH Sole 62800 132948 4097000 SH Defined 01 4097000 Saks Incorporated COM 79377W108 88023 9515955 SH Defined 01 9515955 Service Corporation Internatio COM 817565104 1907 228100 SH Sole 228100 119148 14252178 SH Defined 01 14252178 SK Telecom Co. Ltd. ADR COM 78440P108 21191 1125976 SH Sole 1125976 68582 3644120 SH Defined 01 3644120 Sun Microsystems Inc. COM 866810203 760754 100099178 SH Sole 82091278 18007900 406418 53476000 SH Defined 01 53476000 545 71650 SH Other 71650 38000 5000000 SH CALL Defined 01 5000000 Symantec Corporation COM 871503108 656631 33535788 SH Sole 29129788 4406000 803 41000 SH Other 41000 Telephone and Data Systems Inc COM 879433100 57264 1601800 SH Sole 1367000 234800 54726 1530800 SH Defined 01 1530800 214 6000 SH Other 6000 Telephone and Data Systems Inc COM 879433860 365905 10192347 SH Sole 8047210 2145137 203417 5666200 SH Defined 01 5666200 215 6000 SH Other 6000 Texas Industries Inc. COM 882491103 1904 46600 SH Sole 46600 132583 3244800 SH Defined 01 3244800 The Washington Post Company COM 939640108 43144 77491 SH Sole 72205 5286 196072 352167 SH Defined 01 352167 tw telecom inc. COM 87311L104 1777 171000 SH Sole 171000 121532 11697000 SH Defined 01 11697000 UBS AG (new) COM H89231338 481917 27475308 SH Sole 23327494 4147814 307019 17503960 SH Defined 01 17503960 258 14700 SH Other 14700 Walgreen Co. COM 931422109 277922 8976800 SH Sole 5892800 3084000 421923 13628000 SH Defined 01 13628000 Walt Disney Company COM 254687106 990122 32262034 SH Sole 25390534 6871500 426397 13893691 SH Defined 01 13893691 890 29000 SH Other 29000 Wendy's/Arby's Group Inc. COM 950587105 124048 23583250 SH Defined 01 23583250 Willis Group Holdings Limited COM G96655108 97522 3023000 SH Sole 2803000 220000 242756 7525000 SH Defined 01 7525000 Worthington Industries Inc. COM 981811102 1903 127400 SH Sole 127400 116980 7830000 SH Defined 01 7830000 Yum! Brands Inc. COM 988498101 458092 14047578 SH Sole 11849254 2198324 575862 17659056 SH Defined 01 17659056 848 26000 SH Other 26000 Fairfax Financial Holdings Lim COM 303901102 535627 1669340 SH Sole 1375237 294103 482664 1504275 SH Defined 01 1504275 General Motors Series B Conv. CONV 370442733 149146 16758000 PRN Sole 13490000 3268000 153347 17230000 PRN Defined 01 17230000 151 17000 PRN Other 17000