13F-HR 1 f13f1210.txt 13F - DECEMBER 31, 2010 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/2010 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 02/14/2011 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: 83 Form 13f Information Table Value Total: 24647612 (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 588287 12786074 SH Sole 10011074 2775000 480474 10442812 SH Defined 01 10442812 Bank of New York Mellon Corpor COM 064058100 514357 17031685 SH Sole 13760685 3271000 430783 14264329 SH Defined 01 14264329 Campbell Soup Company COM 134429109 320653 9227426 SH Sole 7394426 1833000 333398 9594179 SH Defined 01 9594179 CEMEX S.A.B. de C.V. ADR COM 151290889 895174 83583043 SH Sole 67490163 16092880 527153 49220680 SH Defined 01 49220680 Chesapeake Energy Corporation COM 165167107 1457498 56252321 SH Sole 46917279 9335042 663207 25596576 SH Defined 01 25596576 Dell Inc. COM 24702R101 1421057 104875071 SH Sole 86515536 18359535 545805 40280800 SH Defined 01 40280800 Diageo Plc - ADR COM 25243Q205 16503 222022 SH Sole 222022 Dillard's Inc. COM 254067101 3366 88717 SH Sole 88717 249476 6575553 SH Defined 01 6575553 DineEquity Inc COM 254423106 7575 153400 SH Sole 105000 48400 147059 2978100 SH Defined 01 2978100 DIRECTV Cl A COM 25490A101 1424691 35679703 SH Sole 29078379 6601324 604394 15136333 SH Defined 01 15136333 Everest Re Group Ltd. COM G3223R108 344356 4059848 SH Sole 3031200 1028648 113235 1335000 SH Defined 01 1335000 Fair Isaac Corporation COM 303250104 48912 2092953 SH Sole 1000383 1092570 152363 6519591 SH Defined 01 6519591 FedEx Corporation COM 31428X106 417155 4485054 SH Sole 3631254 853800 341312 3669629 SH Defined 01 3669629 Level 3 Communications Inc. COM 52729N100 255583 260799122 SH Sole 215032516 45766606 210591 214888754 SH Defined 01 214888754 Liberty Media Corporation Inte COM 53071M104 585471 37125648 SH Sole 29691179 7434469 385738 24460224 SH Defined 01 24460224 Lockheed Martin Corporation COM 539830109 14122 202000 SH Sole 119000 83000 54818 784117 SH Defined 01 784117 Loews Corporation COM 540424108 562679 14461047 SH Sole 12512047 1949000 365571 9395300 SH Defined 01 9395300 Markel Corporation COM 570535104 193492 511707 SH Sole 395910 115797 132966 351642 SH Defined 01 351642 Martin Marietta Materials Inc. COM 573284106 276782 3000670 SH Sole 2461370 539300 136331 1478000 SH Defined 01 1478000 News Corporation - Class A COM 65248E104 408787 28076003 SH Sole 23332003 4744000 378812 26017337 SH Defined 01 26017337 Pioneer Natural Resources Comp COM 723787107 435400 5014975 SH Sole 3827675 1187300 659745 7599000 SH Defined 01 7599000 Potlatch Corporation COM 737630103 1242 38142 SH Sole 38142 87525 2688952 SH Defined 01 2688952 Royal Philips Electronics ADR COM 500472303 138128 4499299 SH Sole 3333499 1165800 104587 3406731 SH Defined 01 3406731 Ruddick Corporation COM 781258108 1253 34000 SH Sole 34000 92800 2519000 SH Defined 01 2519000 Sealed Air Corporation COM 81211K100 74415 2923959 SH Defined 01 2923959 Service Corporation Internatio COM 817565104 129859 15740484 SH Sole 12341584 3398900 132726 16088000 SH Defined 01 16088000 Shanda Interactive Entertainme COM 81941Q203 12645 319000 SH Sole 319000 25726 649000 SH Defined 01 649000 Symantec Corporation COM 871503108 418999 25029814 SH Sole 22641152 2388662 Telephone and Data Systems Inc COM 879433100 11513 315000 SH Sole 301000 14000 40712 1113878 SH Defined 01 1113878 Telephone and Data Systems Inc COM 879433860 144403 4581326 SH Sole 3339478 1241848 178599 5666200 SH Defined 01 5666200 Texas Industries Inc. COM 882491103 14865 324700 SH Sole 261200 63500 200989 4390320 SH Defined 01 4390320 The Travelers Companies Inc. COM 89417E109 256556 4605200 SH Sole 3854200 751000 377154 6769960 SH Defined 01 6769960 The Washington Post Company COM 939640108 43643 99301 SH Sole 95115 4186 127015 289000 SH Defined 01 289000 tw telecom inc. COM 87311L104 253010 14839281 SH Sole 12311934 2527347 216481 12696830 SH Defined 01 12696830 Vail Resorts Inc. COM 91879Q109 1665 32000 SH Sole 32000 111059 2134100 SH Defined 01 2134100 Verizon Communications Inc. COM 92343V104 68698 1920000 SH Sole 1168000 752000 Vodafone Group Plc ADR COM 92857W209 166267 6288479 SH Sole 4998479 1290000 44452 1681235 SH Defined 01 1681235 Vulcan Materials Company COM 929160109 41168 928044 SH Sole 697944 230100 238517 5376856 SH Defined 01 5376856 Walt Disney Company COM 254687106 985500 26272983 SH Sole 21305858 4967125 416212 11096022 SH Defined 01 11096022 Wendy's/Arby's Group Inc. COM 950587105 137237 29705000 SH Defined 01 29705000 Willis Group Holdings PLC COM G96666105 208793 6029255 SH Sole 4871255 1158000 311081 8983000 SH Defined 01 8983000 Worthington Industries Inc. COM 981811102 1903 103400 SH Sole 103400 121090 6581000 SH Defined 01 6581000 Yum! Brands Inc. COM 988498101 977605 19930787 SH Sole 16227100 3703687 505239 10300483 SH Defined 01 10300483 Level 3 Communications Inc. Co CONV 52729NBM1 112570 100062000 PRN Defined 01 100062000 Level 3 Communications Inc. Co CONV 52729NBR0 8581 8000000 PRN Sole 8000000