13F-HR 1 f13f0306.txt 13F MAR 2006 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 03/31/2006 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 05/12/2006 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: 109 Form 13f Information Table Value Total: 25609454 (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 343234 8025100 SH SOLE 6912100 1113000 338430 7912800 SH DEFINED 01 7912800 470 11000 SH OTHER 11000 Aon Corp COM 037389103 1099085 26477600 SH SOLE 22184600 4293000 607167 14627000 SH DEFINED 01 14627000 1038 25000 SH OTHER 25000 Cemex SA - ADR COM 151290889 1005114 15396960 SH SOLE 13261981 2134979 736166 11277059 SH DEFINED 01 11277059 759 11625 SH OTHER 11625 Comcast Corp Cl A COM 20030N101 128826 4924530 SH SOLE 3845699 1078831 43661 1668996 SH DEFINED 01 1668996 34 1294 SH OTHER 1294 Comcast Corp Special Cl A COM 20030N200 696164 26652532 SH SOLE 23444532 3208000 359922 13779563 SH DEFINED 01 13779563 588 22500 SH OTHER 22500 DIRECTV Group, Inc. COM 25459L106 986435 60148469 SH SOLE 52016335 8132134 467571 28510400 SH DEFINED 01 28510400 695 42408 SH OTHER 42408 Dell, Inc. COM 24702R101 1307472 43933873 SH SOLE 38142874 5790999 828836 27850672 SH DEFINED 01 27850672 952 32000 SH OTHER 32000 Discovery Holding Company COM 25468Y107 171158 11410510 SH SOLE 10206610 1203900 243860 16257344 SH DEFINED 01 16257344 91 6100 SH OTHER 6100 Everest Re Group Ltd. COM G3223R108 198533 2126300 SH SOLE 1942300 184000 132753 1421800 SH DEFINED 01 1421800 FedEx Corp. COM 31428X106 447344 3960900 SH SOLE 3213900 747000 493774 4372000 SH DEFINED 01 4372000 738 6533 SH OTHER 6533 First Horizon National Corp COM 320517105 1000 24000 SH SOLE 24000 General Motors COM 370442105 560684 26360300 SH SOLE 22377600 3982700 302885 14240000 SH DEFINED 01 14240000 447 21000 SH OTHER 21000 Hasbro Inc COM 418056107 95366 4519700 SH SOLE 3656100 863600 82670 3918000 SH DEFINED 01 3918000 Hilb, Rogal & Hobbs Co. COM 431294107 3009 73000 SH SOLE 73000 145358 3526400 SH DEFINED 01 3526400 Hollinger International, Inc. COM 435569108 199 23700 SH SOLE 23700 12396 1479200 SH DEFINED 01 1479200 IHOP Corp. COM 449623107 23443 489000 SH SOLE 287000 202000 142770 2978100 SH DEFINED 01 2978100 Jacuzzi Brands, Inc. COM 469865109 36182 3680800 SH SOLE 2532500 1148300 143614 14609800 SH DEFINED 01 14609800 Knight Ridder COM 499040103 165743 2622100 SH SOLE 2167400 454700 146900 2324000 SH DEFINED 01 2324000 316 5000 SH OTHER 5000 Koninklijke Philips Electronic COM 500472303 947318 28152100 SH SOLE 24050100 4102000 168419 5005034 SH DEFINED 01 5005034 841 25000 SH OTHER 25000 Level 3 Communications COM 52729N100 235721 45505918 SH SOLE 40611350 4894568 560612 108226271SH DEFINED 01 108226271 Liberty Media Corporation COM 530718105 963533 117360900SH SOLE 102545900 14815000 438163 53369448 SH DEFINED 01 53369448 764 93000 SH OTHER 93000 Millea Holdings, Inc. ADR COM 60032R106 221259 2245600 SH SOLE 1727000 518600 Molson Coors Brewing Co COM 60871R209 130707 1904800 SH SOLE 1797800 107000 279325 4070600 SH DEFINED 01 4070600 NTT Docomo, Inc. ADR COM 62942M201 51213 3467400 SH SOLE 2958400 509000 Nestle S A ADR COM 641069406 11311 152780 SH SOLE 152780 News Corp Inc. COM 65248E203 54137 3082996 SH SOLE 3082996 158764 9041240 SH DEFINED 01 9041240 Odyssey Re Holdings Corp COM 67612W108 38548 1776400 SH SOLE 1170400 606000 18310 843800 SH DEFINED 01 843800 PepsiAmericas. Inc. COM 71343P200 22746 930300 SH SOLE 838300 92000 128678 5262900 SH DEFINED 01 5262900 Pioneer Natural Resources Co. COM 723787107 217020 4904400 SH SOLE 3931300 973100 526425 11896600 SH DEFINED 01 11896600 398 9000 SH OTHER 9000 Potlatch Holdings, Inc. COM 737630103 482 11245 SH SOLE 11245 32832 766375 SH DEFINED 01 766375 Ruddick Corp. COM 781258108 632 26000 SH SOLE 26000 98934 4069700 SH DEFINED 01 4069700 Saks, Inc. COM 79377W108 286667 14853200 SH SOLE 12620300 2232900 2308 119600 SH DEFINED 01 119600 Service Corporation Internatio COM 817565104 2051 263000 SH SOLE 263000 134198 17204900 SH DEFINED 01 17204900 Shaw Communications, Inc. Clas COM 82028K200 138159 5778300 SH SOLE 4758800 1019500 395127 16525600 SH DEFINED 01 16525600 Sprint Nextel Corp COM 852061100 639966 24766500 SH SOLE 21327500 3439000 353057 13663200 SH DEFINED 01 13663200 672 26000 SH OTHER 26000 Telephone & Data Systems, Inc. COM 879433100 126527 3208100 SH SOLE 2684300 523800 60375 1530800 SH DEFINED 01 1530800 237 6000 SH OTHER 6000 Telephone & Data Systems, Inc. COM 879433860 442303 11716637 SH SOLE 9634300 2082337 213899 5666200 SH DEFINED 01 5666200 226 6000 SH OTHER 6000 USI Holdings Corporation COM 90333H101 815 50500 SH SOLE 50500 38471 2385076 SH DEFINED 01 2385076 Vail Resorts, Inc. COM 91879Q109 31230 817117 SH DEFINED 01 817117 Vivendi ADR COM 92851S204 551799 16134484 SH SOLE 13208584 2925900 139132 4068200 SH DEFINED 01 4068200 923 27000 SH OTHER 27000 Walt Disney Company COM 254687106 1051662 37707500 SH SOLE 32455000 5252500 514989 18465000 SH DEFINED 01 18465000 809 29000 SH OTHER 29000 Willis Group Holdings Ltd COM G96655108 184010 5371000 SH SOLE 5026000 345000 208952 6099000 SH DEFINED 01 6099000 Yum! Brands, Inc. COM 988498101 538514 11021562 SH SOLE 9504500 1517062 600880 12298000 SH DEFINED 01 12298000 684 14000 SH OTHER 14000 Fairfax Financial Holdings Ltd COM 303901102 202810 1904980 SH SOLE 1677980 227000 191208 1796000 SH DEFINED 01 1796000 Level 3 Communications Convert CONV 52729NBE9 249988 160764000PRN SOLE 134758000 26006000 345333 222079000PRN DEFINED 01 222079000 Level 3 Communications, Inc. C CONV 52729NAG5 15789 18630000 PRN SOLE 9950000 8680000 89804 105964000PRN DEFINED 01 105964000 Level 3 Communications, Inc. C CONV 52729NAS9 36362 45810000 PRN SOLE 38760000 7050000 8572 10800000 PRN DEFINED 01 10800000