13F-HR 1 v302721_13f-hr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2011 ----------------- Check here if Amendment |_|; Amendment Number: This Amendment (Check only one.): |_| is a restatement. |_| adds new holding entries. Institutional Investment Manager Filing this Report: Name: Brandes Investment Partners, L.P. -------------------------------------------------------------------- Address: 11988 El Camino Real, Suite 500 -------------------------------------------------------------------- San Diego, CA 92130 -------------------------------------------------------------------- Form 13F File Number: 28- 5620 ----------------------- The institutional investment manager filing this report and the person by whom it is signed 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 integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Ian Rose -------------------------------------------------------------------- Title: General Counsel -------------------------------------------------------------------- Phone: (858) 755-0239 -------------------------------------------------------------------- Signature, Place, and Date of Signing: /s/ Ian Rose San Diego, CA 02/14/12 ------------ ------------- -------- [Signature] [City, State] [Date] 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).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 4 ---------------------------------- Form 13F Information Table Entry Total: 311 ---------------------------------- Form 13F Information Table Value Total: $10,868,029 ---------------------------------- (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. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] No. Form 13F File Number Name 1 28-14511 American Beacon Advisers, Inc. --- --------------------- ---------------------------------------------- 2 28-04547 ING Investments, LLC --- --------------------- ---------------------------------------------- 3 28-10477 Columbia Management Investment Advisers, LLC --- --------------------- ---------------------------------------------- 4 Brandes Investment Partners & Co. --- --------------------- ----------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ AMT Voting Voting Voting ISSUER Value PRN Investment Other Authority Authority Authority ISSUER NAME DESCRIPTION CUSIP (In $1,000s) Quantity CALL Discretion Managers Sole Shared None ------------------------------------------------------------------------------------------------------------------------------------ ADVANCED MICRO DEVICES INC COM 007903107 $73 13,500 SH SOLE 13,500 AEGON N V NY REGISTRY SH 007924103 $68,826 17,120,959 SH SOLE 17,120,959 ALCATEL-LUCENT SPONSORED ADR 013904305 $16,060 10,294,838 SH SOLE 10,294,838 ALEXANDER & BALDWIN INC COM 014482103 $1,077 20,710 SH DEFINED 4 20,710 ALEXANDER & BALDWIN INC COM 014482103 $5,072 129,920 SH SOLE 129,920 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $2,841 125,700 SH OTHER 3 125,700 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $13,017 262,445 SH DEFINED 4 262,445 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $2,613 115,600 SH OTHER 2 115,600 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $235 10,388 SH OTHER 1 10,388 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $320,354 14,488,492 SH SOLE 14,488,492 AMERICAN ORIENTAL BIOENGR IN COM 028731107 $8 14,865 SH SOLE 14,865 AON CORP COM 037389103 $6,578 140,553 SH SOLE 140,553 AON CORP COM 037389103 $624 13,340 SH DEFINED 4 13,340 ARCHER DANIELS MIDLAND CO COM 039483102 $805 28,160 SH DEFINED 4 28,160 ARCHER DANIELS MIDLAND CO COM 039483102 $8,655 302,637 SH SOLE 302,637 ARGO GROUP INTL HLDGS LTD COM G0464B107 $13,083 458,058 SH SOLE 458,058 ASTRAZENECA PLC SPONSORED ADR 046353108 $137,713 2,975,002 SH SOLE 2,975,002 AT&T INC COM 00206R102 $16,757 488,258 SH DEFINED 4 488,258 AT&T INC COM 00206R102 $174,369 5,832,048 SH SOLE 5,832,048 AVON PRODS INC COM 054303102 $367 21,030 SH DEFINED 4 21,030 AVON PRODS INC COM 054303102 $4,847 277,474 SH SOLE 277,474 BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 $1,148 141,040 SH OTHER 1 141,040 BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 $4,304 528,720 SH DEFINED 4 528,720 BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 $62,347 7,659,303 SH SOLE 7,659,303 BANK OF AMERICA CORPORATION COM 060505104 $10,275 1,660,328 SH DEFINED 4 1,660,328 BANK OF AMERICA CORPORATION COM 060505104 $115,646 20,987,259 SH SOLE 20,987,259 BARCLAYS PLC ADR 06738E204 $27,041 2,460,541 SH SOLE 2,460,541 BB&T CORP COM 054937107 $88,640 3,559,917 SH SOLE 3,559,917 BB&T CORP COM 054937107 $8,383 294,810 SH DEFINED 4 294,810 BOSTON SCIENTIFIC CORP COM 101137107 $11,314 1,889,093 SH DEFINED 4 1,889,093 BOSTON SCIENTIFIC CORP COM 101137107 $104,504 19,799,495 SH SOLE 19,799,495 BP PLC SPONSORED ADR 055622104 $100,037 2,340,597 SH SOLE 2,340,597 BRASIL TELECOM SA SPON ADR COM 10553M200 $1,232 199,977 SH OTHER 3 199,977 BRASIL TELECOM SA SPONS ADR PFD 10553M101 $1,137 45,374 SH DEFINED 4 45,374 BRASIL TELECOM SA SPONS ADR PFD 10553M101 $74,245 4,191,936 SH SOLE 4,191,936 BRASIL TELECOM SA SPONS ADR PFD 10553M101 $6,271 352,511 SH OTHER 3 352,511 BRASIL TELECOM SA SPON ADR COM 10553M200 $1,076 164,110 SH DEFINED 4 164,110 BRASIL TELECOM SA SPON ADR COM 10553M200 $12,720 2,075,406 SH SOLE 2,075,406 BRIGGS & STRATTON CORP COM 109043109 $1,473 76,610 SH DEFINED 4 76,610 BRIGGS & STRATTON CORP COM 109043109 $7,562 506,700 SH SOLE 506,700 CAL MAINE FOODS INC COM NEW 128030202 $619 16,940 SH SOLE 16,940 CAL MAINE FOODS INC COM NEW 128030202 $331 9,045 SH DEFINED 4 9,045 CANON INC ADR 138006309 $102,895 2,336,393 SH SOLE 2,336,393 CAPITOL FED FINL INC COM 14057J101 $2,985 265,516 SH SOLE 265,516 CEMEX SAB DE CV SPON ADR NEW 151290889 $9,416 1,746,892 SH OTHER 3 1,746,892 CEMEX SAB DE CV SPON ADR NEW 151290889 $7,259 748,244 SH DEFINED 4 748,244 CEMEX SAB DE CV SPON ADR NEW 151290889 $825 153,000 SH OTHER 1 153,000 CEMEX SAB DE CV SPON ADR NEW 151290889 $190,511 35,943,872 SH SOLE 35,943,872 CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $11,596 710,923 SH DEFINED 4 710,923 CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $2,601 267,871 SH OTHER 2 267,871 CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $232,640 24,442,051 SH SOLE 24,442,051 CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $17,886 1,842,040 SH OTHER 3 1,842,040 CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $972 100,100 SH OTHER 1 100,100 CHESAPEAKE ENERGY CORP COM 165167107 $171,086 7,766,012 SH SOLE 7,766,012 CHESAPEAKE ENERGY CORP COM 165167107 $15,688 613,270 SH DEFINED 4 613,270 CHEVRON CORP NEW COM 166764100 $17,036 145,216 SH DEFINED 4 145,216 CHEVRON CORP NEW COM 166764100 $168,333 1,596,978 SH SOLE 1,596,978 CHINA MOBILE LIMITED SPONSORED ADR 16941M109 $5,277 108,820 SH SOLE 108,820 CHINA YUCHAI INTL LTD COM G21082105 $448 32,510 SH DEFINED 4 32,510 CHINA YUCHAI INTL LTD COM G21082105 $351 25,420 SH OTHER 1 25,420 CHINA YUCHAI INTL LTD COM G21082105 $12,626 915,592 SH SOLE 915,592 CINCINNATI FINL CORP COM 172062101 $555 18,210 SH DEFINED 4 18,210 CINCINNATI FINL CORP COM 172062101 $4,943 162,286 SH SOLE 162,286 CISCO SYS INC COM 17275R102 $10,142 560,966 SH SOLE 560,966 CISCO SYS INC COM 17275R102 $1,018 56,330 SH DEFINED 4 56,330 CITIGROUP INC COM NEW 172967424 $11,872 405,415 SH DEFINED 4 405,415 CITIGROUP INC COM NEW 172967424 $118,070 4,533,452 SH SOLE 4,533,452 COLE KENNETH PRODTNS INC CL A 193294105 $935 110,855 SH SOLE 110,855 COLE KENNETH PRODTNS INC CL A 193294105 $879 60,370 SH DEFINED 4 60,370 COMCAST CORP NEW CL A SPL 20030N200 $9,981 423,621 SH SOLE 423,621 COMCAST CORP NEW CL A SPL 20030N200 $963 40,870 SH DEFINED 4 40,870 COMFORT SYS USA INC COM 199908104 $200 18,700 SH DEFINED 4 18,700 COMFORT SYS USA INC COM 199908104 $287 26,770 SH SOLE 26,770 COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 $18,846 338,644 SH SOLE 338,644 COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 $1,858 33,380 SH DEFINED 4 33,380 COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 $8,409 400,800 SH SOLE 400,800 COMPUTER SCIENCES CORP COM 205363104 $1,107 46,715 SH SOLE 46,715 CORNING INC COM 219350105 $15,537 1,044,380 SH DEFINED 4 1,044,380 CORNING INC COM 219350105 $174,152 13,569,575 SH SOLE 13,569,575 CRH PLC ADR 12626K203 $48,025 2,423,076 SH SOLE 2,423,076 CUTERA INC COM 232109108 $151 20,240 SH SOLE 20,240 CUTERA INC COM 232109108 $150 20,200 SH DEFINED 4 20,200 CYNOSURE INC CL A 232577205 $725 61,680 SH SOLE 61,680 CYNOSURE INC CL A 232577205 $185 15,693 SH DEFINED 4 15,693 D R HORTON INC COM 23331A109 $9,237 732,486 SH SOLE 732,486 D R HORTON INC COM 23331A109 $383 30,350 SH DEFINED 4 30,350 DELL INC COM 24702R101 $6,055 413,900 SH SOLE 413,900 DELL INC COM 24702R101 $568 38,831 SH DEFINED 4 38,831 DEUTSCHE BANK AG NAMEN AKT D18190898 $16,572 437,708 SH SOLE 437,708 DIAGEO P L C SPON ADR NEW 25243Q205 $6,558 75,019 SH SOLE 75,019 DOW CHEM CO COM 260543103 $871 30,300 SH DEFINED 4 30,300 DOW CHEM CO COM 260543103 $9,934 345,417 SH SOLE 345,417 EMBRAER S A SP ADR REP 4 COM 29082A107 $45,886 1,819,424 SH SOLE 1,819,424 EMBRAER S A SP ADR REP 4 COM 29082A107 $1,321 52,390 SH OTHER 1 52,390 EMBRAER S A SP ADR REP 4 COM 29082A107 $2,191 86,870 SH DEFINED 4 86,870 ENI S P A SPONSORED ADR 26874R108 $205,438 4,977,899 SH SOLE 4,977,899 ERICSSON L M TEL CO ADR B SEK 10 294821608 $85,315 8,422,058 SH SOLE 8,422,058 EVEREST RE GROUP LTD COM G3223R108 $10,927 129,946 SH SOLE 129,946 FERRO CORP COM 315405100 $53 10,820 SH SOLE 10,820 FIDELITY NATIONAL FINANCIAL CL A 31620R105 $5,143 322,843 SH SOLE 322,843 FIFTH THIRD BANCORP COM 316773100 $3,370 264,902 SH SOLE 264,902 FIFTH THIRD BANCORP COM 316773100 $302 23,720 SH DEFINED 4 23,720 FIRST AMERN FINL CORP COM 31847R102 $130 10,255 SH DEFINED 4 10,255 FIRST AMERN FINL CORP COM 31847R102 $807 63,717 SH SOLE 63,717 FLEXTRONICS INTL LTD ORD Y2573F102 $8,927 697,500 SH DEFINED 4 697,500 FLEXTRONICS INTL LTD ORD Y2573F102 $1,304 230,410 SH OTHER 1 230,410 FLEXTRONICS INTL LTD ORD Y2573F102 $156,845 28,590,891 SH SOLE 28,590,891 FRANCE TELECOM SPONSORED ADR 35177Q105 $130,358 8,324,237 SH SOLE 8,324,237 FRESH DEL MONTE PRODUCE INC ORD G36738105 $403 16,100 SH SOLE 16,100 FRESH DEL MONTE PRODUCE INC ORD G36738105 $234 9,365 SH DEFINED 4 9,365 GENERAL ELECTRIC CO COM 369604103 $178,303 10,067,513 SH SOLE 10,067,513 GENERAL ELECTRIC CO COM 369604103 $17,904 887,640 SH DEFINED 4 887,640 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 $138,520 3,035,713 SH SOLE 3,035,713 GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 $3,005 142,673 SH SOLE 142,673 GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 $442 21,000 SH OTHER 1 21,000 HEWLETT PACKARD CO COM 428236103 $165,905 6,524,760 SH SOLE 6,524,760 HEWLETT PACKARD CO COM 428236103 $14,403 474,791 SH DEFINED 4 474,791 HOME BANCORP INC COM 43689E107 $326 26,074 SH SOLE 26,074 HOME BANCORP INC COM 43689E107 $486 26,323 SH DEFINED 4 26,323 HONDA MOTOR LTD AMERN SHS 438128308 $90,701 2,968,920 SH SOLE 2,968,920 HSBC HLDGS PLC SPON ADR NEW 404280406 $23,292 611,336 SH SOLE 611,336 INGRAM MICRO INC CL A 457153104 $15,809 882,318 SH SOLE 882,318 INGRAM MICRO INC CL A 457153104 $879 35,123 SH DEFINED 4 35,123 INTEL CORP COM 458140100 $104,196 4,348,069 SH SOLE 4,348,069 INTEL CORP COM 458140100 $10,049 363,060 SH DEFINED 4 363,060 INTERNATIONAL FLAVORS&FRAGRA COM 459506101 $283 8,300 SH SOLE 8,300 INVESTORS BANCORP INC COM 46146P102 $162 17,235 SH SOLE 17,235 ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 $1,821 98,100 SH DEFINED 4 98,100 ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 $14,755 794,981 SH SOLE 794,981 ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 $404 21,750 SH OTHER 1 21,750 JAKKS PAC INC COM 47012E106 $1,987 155,780 SH SOLE 155,780 JAKKS PAC INC COM 47012E106 $1,528 93,402 SH DEFINED 4 93,402 JONES GROUP INC COM 48020T101 $7,464 718,085 SH SOLE 718,085 JONES GROUP INC COM 48020T101 $476 34,480 SH DEFINED 4 34,480 JPMORGAN CHASE & CO COM 46625H100 $12,641 380,182 SH SOLE 380,182 JPMORGAN CHASE & CO COM 46625H100 $759 22,820 SH DEFINED 4 22,820 KB FINANCIAL GROUP INC SPONSORED ADR 48241A105 $5,860 186,984 SH SOLE 186,984 KB HOME COM 48666K109 $4,455 670,652 SH SOLE 670,652 KB HOME COM 48666K109 $362 46,050 SH DEFINED 4 46,050 KEYCORP NEW COM 493267108 $50,592 6,597,298 SH SOLE 6,597,298 KEYCORP NEW COM 493267108 $6,818 868,360 SH DEFINED 4 868,360 KNOLOGY INC COM 499183804 $1,220 94,015 SH SOLE 94,015 KOREA ELECTRIC PWR SPONSORED ADR 500631106 $105,580 9,615,628 SH SOLE 9,615,628 KOREA ELECTRIC PWR SPONSORED ADR 500631106 $11,194 1,019,450 SH OTHER 3 1,019,450 KROGER CO COM 501044101 $1,437 40,320 SH DEFINED 4 40,320 KROGER CO COM 501044101 $157,485 6,521,260 SH SOLE 6,521,260 KT CORP SPONSORED ADR 48268K101 $13,975 893,531 SH SOLE 893,531 LENNAR CORP CL A 526057104 $622 31,670 SH DEFINED 4 31,670 LENNAR CORP CL A 526057104 $8,282 421,465 SH SOLE 421,465 LENNAR CORP CL B 526057302 $1,307 73,910 SH DEFINED 4 73,910 LENNAR CORP CL B 526057302 $2,961 200,041 SH SOLE 200,041 LILLY ELI & CO COM 532457108 $15,214 320,609 SH DEFINED 4 320,609 LILLY ELI & CO COM 532457108 $161,501 3,931,424 SH SOLE 3,931,424 LONGWEI PETROLEUM INV HLDG L COM 543354104 $14 11,149 SH SOLE 11,149 LOWES COS INC COM 548661107 $181,115 7,217,586 SH SOLE 7,217,586 LOWES COS INC COM 548661107 $17,589 611,550 SH DEFINED 4 611,550 M D C HLDGS INC COM 552676108 $1,819 112,585 SH SOLE 112,585 M D C HLDGS INC COM 552676108 $1,455 73,100 SH DEFINED 4 73,100 MAGNA INTL INC COM 559222401 $4,545 136,433 SH SOLE 136,433 MARSH & MCLENNAN COS INC COM 571748102 $134,359 4,260,666 SH SOLE 4,260,666 MARSH & MCLENNAN COS INC COM 571748102 $1,022 20,832 SH DEFINED 4 20,832 MASCO CORP COM 574599106 $120,741 11,855,744 SH SOLE 11,855,744 MASCO CORP COM 574599106 $12,669 874,219 SH DEFINED 4 874,219 MERCK & CO INC NEW COM 58933Y105 $153,669 4,101,178 SH SOLE 4,101,178 MERCK & CO INC NEW COM 58933Y105 $1,813 22,995 SH DEFINED 4 22,995 MI DEVS INC COM 55304X104 $1,013 31,687 SH DEFINED 4 31,687 MICROSOFT CORP COM 594918104 $39,305 1,348,280 SH DEFINED 4 1,348,280 MICROSOFT CORP COM 594918104 $391,766 15,256,918 SH SOLE 15,256,918 MITSUBISHI UFJ FINL GROUP IN SPONSORED ADR 606822104 $76,403 18,234,511 SH SOLE 18,234,511 MIZUHO FINL GROUP INC SPONSORED ADR 60687Y109 $58,278 21,745,609 SH SOLE 21,745,609 MOLSON COORS BREWING CO CL B 60871R209 $10,661 244,866 SH SOLE 244,866 MOLSON COORS BREWING CO CL B 60871R209 $1,075 24,700 SH DEFINED 4 24,700 NATIONAL WESTN LIFE INS CO CL A 638522102 $891 7,646 SH SOLE 7,646 NATUZZI S P A ADR 63905A101 $2,597 1,154,332 SH SOLE 1,154,332 NATUZZI S P A ADR 63905A101 $346 153,556 SH DEFINED 4 153,556 NEWS CORP CL A 65248E104 $226,698 12,830,432 SH SOLE 12,830,432 NEWS CORP CL A 65248E104 $17,012 830,398 SH DEFINED 4 830,398 NIPPON TELEG & TEL CORP SPONSORED ADR 654624105 $190,762 7,531,089 SH SOLE 7,531,089 NOKIA CORP SPONSORED ADR 654902204 $1,760 365,233 SH SOLE 365,233 NORTEL INVERSORA S A SPON ADR PFD B 656567401 $10,985 473,914 SH SOLE 473,914 NORTEL INVERSORA S A SPON ADR PFD B 656567401 $427 18,400 SH OTHER 1 18,400 NORTEL INVERSORA S A SPON ADR PFD B 656567401 $1,773 76,480 SH DEFINED 4 76,480 NOVATEL WIRELESS INC COM NEW 66987M604 $34 11,000 SH SOLE 11,000 NVIDIA CORP COM 67066G104 $164 11,825 SH SOLE 11,825 OCEAN SHORE HLDG CO NEW COM 67501R103 $520 57,464 SH SOLE 57,464 OCEAN SHORE HLDG CO NEW COM 67501R103 $601 51,762 SH DEFINED 4 51,762 OFFICEMAX INC DEL COM 67622P101 $723 137,780 SH DEFINED 4 137,780 OFFICEMAX INC DEL COM 67622P101 $879 215,075 SH SOLE 215,075 OLD REP INTL CORP COM 680223104 $9,595 1,040,137 SH SOLE 1,040,137 OLD REP INTL CORP COM 680223104 $377 35,620 SH DEFINED 4 35,620 OMNIVISION TECHNOLOGIES INC COM 682128103 $151 22,160 SH SOLE 22,160 ORION MARINE GROUP INC COM 68628V308 $526 90,970 SH SOLE 90,970 ORION MARINE GROUP INC COM 68628V308 $803 108,820 SH DEFINED 4 108,820 OSHKOSH CORP COM 688239201 $1,049 42,440 SH DEFINED 4 42,440 OSHKOSH CORP COM 688239201 $7,390 352,280 SH SOLE 352,280 PALOMAR MED TECHNOLOGIES INC COM NEW 697529303 $183 19,700 SH SOLE 19,700 PALOMAR MED TECHNOLOGIES INC COM NEW 697529303 $136 14,570 SH DEFINED 4 14,570 PARTNER COMMUNICATIONS CO LT ADR 70211M109 $2,034 230,106 SH SOLE 230,106 PEOPLES UNITED FINANCIAL INC COM 712704105 $5,661 446,098 SH SOLE 446,098 PEOPLES UNITED FINANCIAL INC COM 712704105 $531 35,740 SH DEFINED 4 35,740 PEPSICO INC COM 713448108 $235,279 3,584,431 SH SOLE 3,584,431 PEPSICO INC COM 713448108 $22,491 300,570 SH DEFINED 4 300,570 PETROCHINA CO LTD SPONSORED ADR 71646E100 $3,461 27,842 SH SOLE 27,842 PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $2,823 120,170 SH OTHER 2 120,170 PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $1,233 52,500 SH OTHER 1 52,500 PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $20,665 879,743 SH OTHER 3 879,743 PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $264,078 11,360,934 SH SOLE 11,360,934 PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $9,659 292,400 SH DEFINED 4 292,400 PFIZER INC COM 717081103 $25,361 1,040,707 SH DEFINED 4 1,040,707 PFIZER INC COM 717081103 $270,453 12,629,067 SH SOLE 12,629,067 PNC FINL SVCS GROUP INC COM 693475105 $94,799 1,666,420 SH SOLE 1,666,420 PNC FINL SVCS GROUP INC COM 693475105 $14,608 230,700 SH DEFINED 4 230,700 PORTUGAL TELECOM SGPS S A SPONSORED ADR 737273102 $51,305 8,891,612 SH SOLE 8,891,612 POSCO SPONSORED ADR 693483109 $56,284 685,557 SH SOLE 685,557 PROCTER & GAMBLE CO COM 742718109 $10,862 162,825 SH SOLE 162,825 PROCTER & GAMBLE CO COM 742718109 $759 11,380 SH DEFINED 4 11,380 PUBLIC SVC ENTERPRISE GROUP COM 744573106 $6,280 190,232 SH SOLE 190,232 PUBLIC SVC ENTERPRISE GROUP COM 744573106 $565 17,110 SH DEFINED 4 17,110 PULTE GROUP INC COM 745867101 $12,075 2,005,551 SH SOLE 2,005,551 PULTE GROUP INC COM 745867101 $2,048 232,526 SH DEFINED 4 232,526 QUIKSILVER INC COM 74838C106 $125 34,675 SH DEFINED 4 34,675 QUIKSILVER INC COM 74838C106 $157 43,590 SH SOLE 43,590 REGIONS FINANCIAL CORP NEW COM 7591EP100 $13,710 3,223,748 SH SOLE 3,223,748 REGIONS FINANCIAL CORP NEW COM 7591EP100 $332 41,910 SH DEFINED 4 41,910 RENT A CTR INC NEW COM 76009N100 $243 6,575 SH DEFINED 4 6,575 RENT A CTR INC NEW COM 76009N100 $383 10,345 SH SOLE 10,345 RYLAND GROUP INC COM 783764103 $1,762 122,865 SH SOLE 122,865 RYLAND GROUP INC COM 783764103 $1,172 63,330 SH DEFINED 4 63,330 SAFEWAY INC COM NEW 786514208 $179,403 8,629,924 SH SOLE 8,629,924 SAFEWAY INC COM NEW 786514208 $19,562 826,580 SH DEFINED 4 826,580 SANOFI SPONSORED ADR 80105N105 $170,641 4,669,967 SH SOLE 4,669,967 SEAGATE TECHNOLOGY PLC SHS G7945M107 $12,543 764,835 SH SOLE 764,835 SENECA FOODS CORP NEW CL A 817070501 $2,504 111,324 SH SOLE 111,324 SENECA FOODS CORP NEW CL A 817070501 $1,889 58,812 SH DEFINED 4 58,812 SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD 824596100 $3,627 53,168 SH SOLE 53,168 SIERRA WIRELESS INC COM 826516106 $1,941 194,560 SH DEFINED 4 194,560 SIERRA WIRELESS INC COM 826516106 $4,796 765,740 SH SOLE 765,740 SK TELECOM LTD SPONSORED ADR 78440P108 $149,154 10,959,172 SH SOLE 10,959,172 SK TELECOM LTD SPONSORED ADR 78440P108 $5,501 404,203 SH DEFINED 4 404,203 SONY CORP ADR NEW 835699307 $73,543 4,076,647 SH SOLE 4,076,647 SPARTECH CORP COM NEW 847220209 $94 19,865 SH SOLE 19,865 SPARTECH CORP COM NEW 847220209 $84 17,775 SH DEFINED 4 17,775 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 $294 16,835 SH SOLE 16,835 SPRINT NEXTEL CORP COM SER 1 852061100 $36 15,331 SH SOLE 15,331 ST JOE CO COM 790148100 $2,692 188,312 SH SOLE 188,312 STANLEY BLACK & DECKER INC COM 854502101 $2,721 24,143 SH DEFINED 4 24,143 STANLEY BLACK & DECKER INC COM 854502101 $18,001 282,396 SH SOLE 282,396 STMICROELECTRONICS N V NY REGISTRY 861012102 $83,699 14,114,485 SH SOLE 14,114,485 SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 $67,338 12,221,048 SH SOLE 12,221,048 SUNTRUST BKS INC COM 867914103 $1,310 74,013 SH SOLE 74,013 SUPERVALU INC COM 868536103 $34,819 4,380,923 SH SOLE 4,380,923 SUPERVALU INC COM 868536103 $1,655 110,940 SH DEFINED 4 110,940 SUSQUEHANNA BANCSHARES INC P COM 869099101 $103 17,329 SH SOLE 17,329 SYMANTEC CORP COM 871503108 $8,034 513,343 SH SOLE 513,343 SYMANTEC CORP COM 871503108 $626 39,980 SH DEFINED 4 39,980 SYNERON MEDICAL LTD ORD SHS M87245102 $12,825 1,158,518 SH SOLE 1,158,518 SYNERON MEDICAL LTD ORD SHS M87245102 $682 61,644 SH DEFINED 4 61,644 TE CONNECTIVITY LTD REG SHS H84989104 $393,651 12,811,765 SH SOLE 12,811,765 TE CONNECTIVITY LTD REG SHS H84989104 $2,330 75,634 SH OTHER 2 75,634 TE CONNECTIVITY LTD REG SHS H84989104 $19,144 621,343 SH OTHER 3 621,343 TE CONNECTIVITY LTD REG SHS H84989104 $8,707 247,564 SH DEFINED 4 247,564 TECUMSEH PRODS CO CL A 878895200 $403 95,672 SH SOLE 95,672 TECUMSEH PRODS CO CL A 878895200 $264 46,140 SH DEFINED 4 46,140 TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $6,234 377,270 SH DEFINED 4 377,270 TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $6,572 691,100 SH OTHER 3 691,100 TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $1,029 108,154 SH OTHER 2 108,154 TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $83,963 9,107,203 SH SOLE 9,107,203 TELECOM ITALIA S P A NEW SPON ADR ORD 87927Y102 $154,698 14,525,603 SH SOLE 14,525,603 TELEFONICA BRASIL SA SPONSORED ADR 87936R106 $472 17,265 SH OTHER 1 17,265 TELEFONICA BRASIL SA SPONSORED ADR 87936R106 $1,673 61,230 SH OTHER 2 61,230 TELEFONICA BRASIL SA SPONSORED ADR 87936R106 $9,668 353,756 SH OTHER 3 353,756 TELEFONICA BRASIL SA SPONSORED ADR 87936R106 $3,156 115,473 SH DEFINED 4 115,473 TELEFONICA BRASIL SA SPONSORED ADR 87936R106 $75,612 2,766,627 SH SOLE 2,766,627 TELEFONICA S A SPONSORED ADR 879382208 $50,158 2,917,853 SH SOLE 2,917,853 TELLABS INC COM 879664100 $46 11,300 SH SOLE 11,300 TERNIUM SA SPON ADR 880890108 $10,752 584,660 SH SOLE 584,660 TEXAS INSTRS INC COM 882508104 $6,872 236,080 SH SOLE 236,080 TEXAS INSTRS INC COM 882508104 $594 20,400 SH DEFINED 4 20,400 TIM PARTICIPACOES S A SPONSORED ADR 88706P205 $71,837 2,784,367 SH SOLE 2,784,367 TIM PARTICIPACOES S A SPONSORED ADR 88706P205 $5,541 214,753 SH OTHER 3 214,753 TIM PARTICIPACOES S A SPONSORED ADR 88706P205 $3,318 128,611 SH DEFINED 4 128,611 TIM PARTICIPACOES S A SPONSORED ADR 88706P205 $1,288 49,908 SH OTHER 2 49,908 TOLL BROTHERS INC COM 889478103 $728 39,375 SH SOLE 39,375 TOLL BROTHERS INC COM 889478103 $400 15,900 SH DEFINED 4 15,900 TOTAL S A SPONSORED ADR 89151E109 $184,787 3,615,471 SH SOLE 3,615,471 TOYOTA MOTOR CORP SP ADR REP2COM 892331307 $132,292 2,000,490 SH SOLE 2,000,490 TRAVELERS COMPANIES INC COM 89417E109 $10,226 172,819 SH SOLE 172,819 TRAVELERS COMPANIES INC COM 89417E109 $931 15,740 SH DEFINED 4 15,740 U S G CORP COM NEW 903293405 $6,710 667,976 SH SOLE 667,976 U S G CORP COM NEW 903293405 $853 76,500 SH DEFINED 4 76,500 UBS AG SHS NEW H89231338 $37,374 3,159,255 SH SOLE 3,159,255 UNILEVER N V N Y SHS NEW 904784709 $169,975 4,945,433 SH SOLE 4,945,433 UNILEVER PLC SPON ADR NEW 904767704 $2,564 76,479 SH SOLE 76,479 UTSTARCOM HOLDINGS CORP USD ORD SHS G9310A106 $68 49,456 SH DEFINED 4 49,456 UTSTARCOM HOLDINGS CORP USD ORD SHS G9310A106 $97 70,321 SH SOLE 70,321 VALERO ENERGY CORP NEW COM 91913Y100 $156,570 7,520,411 SH SOLE 7,520,411 VALERO ENERGY CORP NEW COM 91913Y100 $16,016 678,490 SH DEFINED 4 678,490 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 $50,336 1,795,777 SH SOLE 1,795,777 WAL MART STORES INC COM 931142103 $926 15,490 SH DEFINED 4 15,490 WAL MART STORES INC COM 931142103 $8,098 135,505 SH SOLE 135,505 WALGREEN CO COM 931422109 $562 16,990 SH DEFINED 4 16,990 WALGREEN CO COM 931422109 $1,405 42,510 SH SOLE 42,510 WELLS FARGO & CO NEW COM 949746101 $191,272 7,022,216 SH SOLE 7,022,216 WELLS FARGO & CO NEW COM 949746101 $24,698 814,123 SH DEFINED 4 814,123 WESTERN DIGITAL CORP COM 958102105 $201,690 6,584,233 SH SOLE 6,584,233 WESTERN DIGITAL CORP COM 958102105 $17,696 504,168 SH DEFINED 4 504,168 WHIRLPOOL CORP COM 963320106 $3,708 80,361 SH SOLE 80,361 WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 $11,112 286,392 SH SOLE 286,392 WINNEBAGO INDS INC COM 974637100 $106 23,190 SH SOLE 23,190 XEROX CORP COM 984121103 $15,013 1,693,152 SH DEFINED 4 1,693,152 XEROX CORP COM 984121103 $128,638 16,353,534 SH SOLE 16,353,534