13F-HR 1 f13f0311.txt 13F - MARCH 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: 03/31/2011 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 05/13/2011 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: 84 Form 13f Information Table Value Total: 25663466 (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 46205 942000 SH Sole 662000 280000 64597 1316960 SH Defined 01 1316960 Aon Corporation COM 037389103 665076 12558074 SH Sole 9783074 2775000 553051 10442812 SH Defined 01 10442812 Bank of New York Mellon Corpor COM 064058100 486453 16285685 SH Sole 13016685 3269000 426076 14264329 SH Defined 01 14264329 Campbell Soup Company COM 134429109 302871 9147426 SH Sole 7314426 1833000 317663 9594179 SH Defined 01 9594179 CEMEX S.A.B. de C.V. ADR COM 151290889 760153 85123504 SH Sole 69355703 15767801 457122 51189507 SH Defined 01 51189507 Chesapeake Energy Corporation COM 165167107 1801544 53745358 SH Sole 45074235 8671123 857997 25596576 SH Defined 01 25596576 Dell Inc. COM 24702R101 1540058 106137691 SH Sole 88773474 17364217 584474 40280800 SH Defined 01 40280800 Diageo Plc - ADR COM 25243Q205 9258 121458 SH Sole 121458 Dillard's Inc. COM 254067101 1902 47407 SH Sole 47407 147609 3679180 SH Defined 01 3679180 DineEquity Inc COM 254423106 8434 153400 SH Sole 105000 48400 163736 2978100 SH Defined 01 2978100 DIRECTV Cl A COM 25490A101 1515739 32387589 SH Sole 26610579 5777010 676915 14464000 SH Defined 01 14464000 Everest Re Group Ltd. COM G3223R108 351634 3987683 SH Sole 3084200 903483 117720 1335000 SH Defined 01 1335000 Expedia Inc. COM 30212P105 1056 46621 SH Sole 46621 95541 4216297 SH Defined 01 4216297 Fair Isaac Corporation COM 303250104 62518 1977799 SH Sole 949329 1028470 172618 5460880 SH Defined 01 5460880 FedEx Corporation COM 31428X106 413543 4420554 SH Sole 3566754 853800 343294 3669629 SH Defined 01 3669629 Level 3 Communications Inc. COM 52729N100 378605 257554233 SH Sole 217773284 39780949 315886 214888754 SH Defined 01 214888754 Liberty Media Corporation Inte COM 53071M104 569089 35479363 SH Sole 28130894 7348469 392342 24460224 SH Defined 01 24460224 Lockheed Martin Corporation COM 539830109 16241 202000 SH Sole 119000 83000 63043 784117 SH Defined 01 784117 Loews Corporation COM 540424108 773110 17941741 SH Sole 15852741 2089000 416844 9673803 SH Defined 01 9673803 Markel Corporation COM 570535104 204744 494014 SH Sole 378217 115797 145738 351642 SH Defined 01 351642 Martin Marietta Materials Inc. COM 573284106 263717 2940970 SH Sole 2401670 539300 132532 1478000 SH Defined 01 1478000 News Corporation - Class A COM 65248E104 555921 31622354 SH Sole 26696354 4926000 492029 27988000 SH Defined 01 27988000 Pioneer Natural Resources Comp COM 723787107 229389 2250675 SH Sole 1675875 574800 369868 3629000 SH Defined 01 3629000 Potlatch Corporation COM 737630103 1533 38142 SH Sole 38142 108096 2688952 SH Defined 01 2688952 Royal Philips Electronics ADR COM 500472303 141188 4388799 SH Sole 3222999 1165800 109595 3406731 SH Defined 01 3406731 Ruddick Corporation COM 781258108 1312 34000 SH Sole 34000 97208 2519000 SH Defined 01 2519000 Sealed Air Corporation COM 81211K100 77953 2923959 SH Defined 01 2923959 Service Corporation Internatio COM 817565104 171126 15472484 SH Sole 12073584 3398900 193014 17451523 SH Defined 01 17451523 Symantec Corporation COM 871503108 142298 7675172 SH Sole 6554387 1120785 Telephone and Data Systems Inc COM 879433860 116337 3940946 SH Sole 2796098 1144848 166051 5625025 SH Defined 01 5625025 Texas Industries Inc. COM 882491103 14686 324700 SH Sole 261200 63500 198574 4390320 SH Defined 01 4390320 The Travelers Companies Inc. COM 89417E109 320133 5382200 SH Sole 4546200 836000 451358 7588400 SH Defined 01 7588400 The Washington Post Company COM 939640108 43450 99301 SH Sole 95115 4186 126455 289000 SH Defined 01 289000 tw telecom inc. COM 87311L104 331090 17244281 SH Sole 14536934 2707347 243779 12696830 SH Defined 01 12696830 Vail Resorts Inc. COM 91879Q109 1560 32000 SH Sole 32000 104059 2134100 SH Defined 01 2134100 Vodafone Group Plc ADR COM 92857W209 174821 6080719 SH Sole 5176719 904000 48336 1681235 SH Defined 01 1681235 Vulcan Materials Company COM 929160109 41954 920044 SH Sole 689944 230100 245185 5376856 SH Defined 01 5376856 Walt Disney Company COM 254687106 764768 17748158 SH Sole 14289858 3458300 368980 8563000 SH Defined 01 8563000 Wendy's/Arby's Group Inc. COM 950587105 149416 29705000 SH Defined 01 29705000 Willis Group Holdings PLC COM G96666105 238538 5910255 SH Sole 4752255 1158000 362554 8983000 SH Defined 01 8983000 Worthington Industries Inc. COM 981811102 2163 103400 SH Sole 103400 137675 6581000 SH Defined 01 6581000 Yum! Brands Inc. COM 988498101 992533 19317500 SH Sole 15847500 3470000 529239 10300483 SH Defined 01 10300483 Level 3 Communications Inc. Co CONV 52729NBM1 131957 100062000 PRN Defined 01 100062000 Level 3 Communications Inc. Co CONV 52729NBR0 11818 8000000 PRN Sole 8000000 Shanda Interactive Convertible CONV 81941QAD6 13344 11097000 PRN Sole 11097000 25376 21103000 PRN Defined 01 21103000