13F-HR 1 f13f1208.txt 13F - DECEMBER 31, 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: 12/31/2008 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 02/13/2009 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: 102 Form 13f Information Table Value Total: 17545956 (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 7076 154900 SH Sole 154900 228 5000 SH Other 5000 CEMEX S.A.B. de C.V. ADR COM 151290889 558832 61141386 SH Sole 50589683 10551703 329193 36016722 SH Defined 01 36016722 370 40450 SH Other 40450 Chesapeake Energy Corporation COM 165167107 669199 41385228 SH Sole 35033845 6351383 385851 23862125 SH Defined 01 23862125 501 31000 SH Other 31000 Clearwater Paper Corp. COM 18538R103 3607 429902 SH Defined 01 429902 Del Monte Foods Company COM 24522P103 1661 232663 SH Sole 232663 87693 12282000 SH Defined 01 12282000 Dell Inc. COM 24702R101 906346 88510372 SH Sole 72824275 15686097 594301 58037212 SH Defined 01 58037212 540 52700 SH Other 52700 Dillard's Inc. COM 254067101 603 152000 SH Sole 152000 35931 9050748 SH Defined 01 9050748 DineEquity Inc COM 254423106 2767 239400 SH Sole 127000 112400 34427 2978100 SH Defined 01 2978100 DIRECTV Group Inc. COM 25459L106 513919 22432100 SH Sole 17962000 4470100 227061 9911000 SH Defined 01 9911000 277 12108 SH Other 12108 Discovery Communications Inc. COM 25470F104 617 43550 SH Sole 43550 47230 3335458 SH Defined 01 3335458 Discovery Communications Serie COM 25470F302 778 58135 SH Sole 58135 29179 2179133 SH Defined 01 2179133 EBay Inc. COM 278642103 581793 41675746 SH Sole 35203084 6472662 272368 19510566 SH Defined 01 19510566 378 27100 SH Other 27100 EnCana Corporation COM 292505104 39531 850500 SH Sole 850500 27888 600000 SH Defined 01 600000 Everest Re Group Ltd. COM G3223R108 259357 3406313 SH Sole 2830000 576313 117339 1541100 SH Defined 01 1541100 Fair Isaac Corporation COM 303250104 1720 102000 SH Sole 102000 119308 7076400 SH Defined 01 7076400 FedEx Corporation COM 31428X106 318052 4957942 SH Sole 4146842 811100 212353 3310261 SH Defined 01 3310261 378 5900 SH Other 5900 Ingersoll-Rand Company Limited COM G4776G101 513410 29591348 SH Sole 24447457 5143891 102139 5887000 SH Defined 01 5887000 Kyocera Corporation ADR COM 501556203 5355 74000 SH Sole 30000 44000 Level 3 Communications Inc. COM 52729N100 167119 238741074 SH Sole 193604427 45136647 144234 206048754 SH Defined 01 206048754 26 37000 SH Other 37000 Liberty Media Corp Entertainme COM 53071M500 1285260 73527474 SH Sole 63096242 10431232 707238 40459818 SH Defined 01 40459818 935 53500 SH Other 53500 Liberty Media Corporation Inte COM 53071M104 198070 63484043 SH Sole 52053002 11431041 119462 38289181 SH Defined 01 38289181 139 44500 SH Other 44500 Markel Corporation COM 570535104 1863 6231 SH Sole 6231 106907 357549 SH Defined 01 357549 Marriott International Inc. COM 571903202 292062 15016053 SH Sole 12113053 2903000 203440 10459632 SH Defined 01 10459632 194 10000 SH Other 10000 Pioneer Natural Resources Comp COM 723787107 166436 10286557 SH Sole 8043057 2243500 204874 12662200 SH Defined 01 12662200 259 16000 SH Other 16000 Potlatch Corporation COM 737630103 39136 1504658 SH Defined 01 1504658 Royal Philips Electronics ADR COM 500472303 448517 22572579 SH Sole 19637695 2934884 108450 5458000 SH Defined 01 5458000 397 20000 SH Other 20000 Ruddick Corporation COM 781258108 1357 49079 SH Sole 49079 85921 3107459 SH Defined 01 3107459 Service Corporation Internatio COM 817565104 1134 228100 SH Sole 228100 70833 14252178 SH Defined 01 14252178 Sun Microsystems Inc. COM 866810203 388213 101626393 SH Sole 83577493 18048900 204278 53476000 SH Defined 01 53476000 274 71650 SH Other 71650 19100 5000000 SH CALL Defined 01 5000000 Symantec Corporation COM 871503108 497752 36815979 SH Sole 32756588 4059391 554 41000 SH Other 41000 Telephone and Data Systems Inc COM 879433100 49400 1555900 SH Sole 1321100 234800 48603 1530800 SH Defined 01 1530800 190 6000 SH Other 6000 Telephone and Data Systems Inc COM 879433860 274533 9769847 SH Sole 7970510 1799337 159220 5666200 SH Defined 01 5666200 169 6000 SH Other 6000 Texas Industries Inc. COM 882491103 1880 54500 SH Sole 54500 86736 2514100 SH Defined 01 2514100 The Washington Post Company COM 939640108 32699 83791 SH Sole 78505 5286 137433 352167 SH Defined 01 352167 tw telecom inc. COM 87311L104 5065 598008 SH Sole 300000 298008 124786 14732670 SH Defined 01 14732670 Walgreen Co. COM 931422109 297805 12071560 SH Sole 8901560 3170000 283924 11508872 SH Defined 01 11508872 Walt Disney Company COM 254687106 733849 32342408 SH Sole 25874823 6467585 277932 12249100 SH Defined 01 12249100 658 29000 SH Other 29000 Wendy's/Arby's Group Inc. COM 950587105 89641 18146008 SH Defined 01 18146008 Willis Group Holdings Limited COM G96655108 62946 2530000 SH Sole 2310000 220000 176996 7114000 SH Defined 01 7114000 Worthington Industries Inc. COM 981811102 1404 127400 SH Sole 127400 72523 6581000 SH Defined 01 6581000 Yum! Brands Inc. COM 988498101 488820 15518110 SH Sole 13191786 2326324 512822 16280056 SH Defined 01 16280056 819 26000 SH Other 26000 Fairfax Financial Holdings Lim COM 303901102 503362 1593335 SH Sole 1300650 292685 417129 1320374 SH Defined 01 1320374 Level 3 Communications Inc. Co CONV 52729NBM1 96290 100062000 PRN Defined 01 100062000 Level 3 Communications, Inc. C CONV 52729NAS9 28000 40000000 PRN Defined 01 40000000 General Motors Series B Conv. CONV 370442733 50305 14623500 PRN Sole 11604000 3019500 56017 16284100 PRN Defined 01 16284100