13F-HR 1 v114299_13fhr.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: March 31, 2008 ------------------ 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: Adelaide Pund -------------------------------------------------------------------- Title: Head of Compliance -------------------------------------------------------------------- Phone: (858) 755-0239 -------------------------------------------------------------------- Signature, Place, and Date of Signing: /s/ Adelaide Pund San Diego, CA 5/14/08 --------------------------------- ------------------------ ------------- [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).) Report Summary: Number of Other Included Managers: 0 ------------------------------ Form 13F Information Table Entry Total: 203 ------------------------------ Form 13F Information Table Value Total: $ 39,059,827 ------------------------------ (thousands)

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 NAME OF ISSUER TITLE CUSIP VALUE SHRS OR SH/ PR/ INVESTMENT OTHER VOTING AUTHORITY OF CLASS (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ----------------------------------------------------------------------------------------------------------------------------------- AT&T INC COM 00206R102 709689 18529751 SH Sole 18529751 ADAPTEC INC COM 00651F108 7657 2604458 SH Sole 2604458 AFP Provida SPONSORED ADR 00709P108 912 24610 SH Sole 24610 AEGON NV ORD AMER REG 007924103 460736 31471047 SH Sole 31471047 ALCATEL-LUCENT SPONSORED ADR 013904305 591505 102691891 SH Sole 102691891 AMERICAN AXLE & MFG HLDGS IN COM 024061103 17953 875734 SH Sole 875734 AMERICAN EXPRESS CO COM 025816109 547 12515 SH Sole 12515 AMERICAN GREETINGS CORP CL A 026375105 3783 203949 SH Sole 203949 AMERICAN INTERNATIONAL GROUP COM 026874107 132167 3055886 SH Sole 3055886 AMGEN INC COM 031162100 721136 17260324 SH Sole 17260324 ARVINMERITOR INC COM 043353101 19679 1573037 SH Sole 1573037 ASTRAZENECA PLC SPONSORED ADR 046353108 578596 15230215 SH Sole 15230215 AVIS BUDGET GROUP, INC. COM 053774105 2044 192460 SH Sole 192460 BB&T CORPORATION COM 054937107 500 15603 SH Sole 15603 BANKATLANTIC BANCORP CL A 065908501 1594 407570 SH Sole 407570 BANKUNITED FINL CORP CL A 06652B103 1149 229385 SH Sole 229385 BARCLAYS PLC ADR 06738E204 162711 4494794 SH Sole 4494794 BEARINGPOINT INC COM 074002106 4026 2396583 SH Sole 2396583 BEAZER HOMES USA INC COM 07556Q105 3861 408605 SH Sole 408605 BIOVAIL CORP COM 09067J109 2989 280690 SH Sole 280690 BIOVAIL CORP COM 09067J109 2229 206890 SH Sole 206890 BLOCK H & R INC COM 093671105 63274 3047864 SH Sole 3047864 BORLAND SOFTWARE CORP COM 099849101 3107 1538195 SH Sole 1538195 BOSTON SCIENTIFIC CORP COM 101137107 940756 73096815 SH Sole 73096815 BRASIL TELECOM PARTICIPACOES SPON ADR PFD 105530109 340977 5208944 SH Sole 5208944 BRASKEM SA SP ADR PFD A 105532105 22915 1351095 SH Sole 1351095 BRIGGS & STRATTON CORP COM 109043109 21712 1212934 SH Sole 1212934 BRISTOL MYERS SQUIBB CO COM 110122108 581489 27299961 SH Sole 27299961 BRITISH SKY BROADCASTING GRO SPONSORED ADR 111013108 153139 3456855 SH Sole 3456855 BRUNSWICK CORP COM 117043109 15083 944436 SH Sole 944436 CIT GROUP INC COM 125581108 129540 10931610 SH Sole 10931610 CELESTICA INC SUB VTG SHS 15101Q108 53194 7915717 SH Sole 7915717 CELESTICA INC SUB VTG SHS 15101Q108 5560 819490 SH Sole 819490 CENTEX CORP COM 152312104 17058 704575 SH Sole 704575 CHEMTURA CORP COM 163893100 51638 7035152 SH Sole 7035152 CHESAPEAKE CORP COM 165159104 1362 283135 SH Sole 283135 CINCINNATI BELL INC NEW COM 171871106 8472 1988753 SH Sole 1988753 CIRCUIT CITY STORE INC COM 172737108 16523 4151545 SH Sole 4151545 CITIGROUP INC COM 172967101 791840 36967309 SH Sole 36967309 COACHMEN INDS INC COM 189873102 1859 623750 SH Sole 623750 COLE KENNETH PRODTNS INC CL A 193294105 9272 547360 SH Sole 547360 COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 5420 122258 SH Sole 122258 CONSECO INC COM NEW 208464883 101530 9953944 SH Sole 9953944 COOPER TIRE & RUBBER COMPANY COM 216831107 506 33820 SH Sole 33820 COTT CORP QUE COM 22163N106 13331 3798010 SH Sole 3798010 COUNTRYWIDE FINANCIAL CORP COM 222372104 291810 53056375 SH Sole 53056375 CYMER INC. COM 232572107 1381 53020 SH Sole 53020 D R HORTON INC COM 23331A109 25158 1597362 SH Sole 1597362 DELL INC COM 24702R101 704882 35385673 SH Sole 35385673 DEUTSCHE TELEKOM AG SPONSORED ADR 251566105 892243 53814420 SH Sole 53814420 DILLARDS INC CL A 254067101 21849 1269546 SH Sole 1269546 DOW CHEM CO COM 260543103 657379 17839322 SH Sole 17839322 DOWNEY FINL CORP COM 261018105 2682 145918 SH Sole 145918 EASTMAN KODAK CO COM 277461109 503961 28520686 SH Sole 28520686 ELECTRONIC DATA SYS NEW COM 285661104 335195 20131825 SH Sole 20131825 ERICSSON L M TEL CO ADR B SEK 10 294821608 369129 18785208 SH Sole 18785208 FEDERAL HOME LN MTG CORP COM 313400301 535997 21168910 SH Sole 21168910 FEDERAL NATL MTG ASSN COM 313586109 568675 21606200 SH Sole 21606200 FEDERAL SIGNAL CORP COM 313855108 990 70885 SH Sole 70885 FIFTH THIRD BANCORP COM 316773100 493158 23573523 SH Sole 23573523 FINISAR COM 31787A101 1085 847865 SH Sole 847865 FIRST BANCORP P R COM 318672102 16458 1619834 SH Sole 1619834 FORD MTR CO DEL COM PAR $0.01 345370860 864223 151087856 SH Sole 151087856 FRANCE TELECOM SPONSORED ADR 35177Q105 544110 16203388 SH Sole 16203388 FRIEDMAN BILLINGS RAMSEY GRO CL A 358434108 6669 3922810 SH Sole 3922810 FUJIFILM HLDGS CORP ADR 2 ORD 35958N107 180479 5078193 SH Sole 5078193 FURNITURE BRANDS INTL INC COM 360921100 3961 338525 SH Sole 338525 GANNETT INC COM 364730101 748932 25780806 SH Sole 25780806 GENERAL MTRS CORP COM 370442105 735296 38598245 SH Sole 38598245 GEORGIA GULF CORP COM PAR $0.01 373200203 10567 1524764 SH Sole 1524764 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 665572 15686343 SH Sole 15686343 GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 6851 282622 SH Sole 282622 HSBC HLDGS PLC SPON ADR NEW 404280406 392262 4766242 SH Sole 4766242 HEALTH MANAGEMENT ASSC. INC CL A CL A 421933102 2057 388795 SH Sole 388795 HITACHI LIMITED ADR 10 COM 433578507 555305 9332855 SH Sole 9332855 HOME DEPOT INC COM 437076102 921519 32946672 SH Sole 32946672 HOVNANIAN ENTERPRISES INC CL A 442487203 2890 272665 SH Sole 272665 HUNTSMAN CORP COM 447011107 251 10644 SH Sole 10644 IDEARC INC COM 451663108 11875 3262473 SH Sole 3262473 INFINEON TECHNOLOGIES AG SPONSORED ADR 45662N103 106742 15205452 SH Sole 15205452 INTEL CORP COM 458140100 534177 25220800 SH Sole 25220800 INTERTAPE POLYMER GROUP INC COM 460919103 6067 2559746 SH Sole 2559746 INTERTAPE POLYMER GROUP INC COM 460919103 8998 3782706 SH Sole 3782706 JDS UNIPHASE CORP COM PAR $0.001 46612J507 1627 121500 SH Sole 121500 JOHNSON & JOHNSON COM 478160104 4311 66461 SH Sole 66461 KT CORP SPONSORED ADR 48268K101 860523 36232549 SH Sole 36232549 KB HOME COM 48666K109 8173 330502 SH Sole 330502 KELLY SVCS INC CL A 488152208 2708 131707 SH Sole 131707 KEMET CORP COM 488360108 11498 2846020 SH Sole 2846020 KINGSWAY FINL SVCS INC COM 496904103 13690 1158240 SH Sole 1158240 KINGSWAY FINL SVCS INC COM 496904103 4107 347070 SH Sole 347070 KOREA ELECTRIC PWR SPONSORED ADR 500631106 410007 27261122 SH Sole 27261122 LSI CORPORATION COM 502161102 38045 7685888 SH Sole 7685888 LA Z BOY INC COM 505336107 5553 665821 SH Sole 665821 LANDAMERICA FINL GROUP INC COM 514936103 3704 93850 SH Sole 93850 LEAR CORP COM 521865105 42551 1642264 SH Sole 1642264 LENNAR CORP CL A 526057104 19301 1026114 SH Sole 1026114 LOWES COS INC COM 548661107 3122 136099 SH Sole 136099 MGIC INVESTMENT CORP. COM 552848103 974 92519 SH Sole 92519 MAGNA INTL INC CL A 559222401 97683 1353892 SH Sole 1353892 MAGYAR TELEKOM TELECOMMUNS P SPONSORED ADR 559776109 29358 1198302 SH Sole 1198302 MARSH & MCLENNAN COS INC COM 571748102 464624 19081085 SH Sole 19081085 MASCO CORP COM 574599106 184236 9290783 SH Sole 9290783 MCCLATCHY CO CL A 579489105 66702 6233811 SH Sole 6233811 MERITAGE HOMES CORP COM 59001A102 4426 229110 SH Sole 229110 MICROSOFT CORP COM 594918104 579079 20404474 SH Sole 20404474 MICRON TECHNOLOGY INC COM 595112103 466057 78066457 SH Sole 78066457 MITSUBISHI UFJ FINL GROUP IN SPONSORED ADR 606822104 679590 78113840 SH Sole 78113840 MIZUHO FINL GROUP INC SPONSORED ADR 60687Y109 406724 55336559 SH Sole 55336559 MOTOROLA INC COM 620076109 507388 54557828 SH Sole 54557828 NACCO INDUSTRIES, INC. CL A 629579103 1690 20875 SH Sole 20875 NATIONAL CITY CORPORATION COM 635405103 309546 31110190 SH Sole 31110190 NATUZZI S P A ADR 63905A101 14274 3857922 SH Sole 3857922 NELNET INC CL A 64031N108 1952 166140 SH Sole 166140 NEW YORK TIMES CO CL A 650111107 32580 1725629 SH Sole 1725629 NIPPON TELEG & TEL CORP SPONSORED ADR 654624105 840615 38773746 SH Sole 38773746 NORTEL NETWORKS CORP NEW COM NEW 656568508 293152 43819361 SH Sole 43819361 NORTEL NETWORKS CORP NEW COM NEW 656568508 3080 451352 SH Sole 451352 NOVARTIS A G SPONSORED ADR 66987V109 100961 1970746 SH Sole 1970746 OLD REP INTL CORP COM 680223104 40408 3129979 SH Sole 3129979 PMA CAP CORP CL A 693419202 1845 216052 SH Sole 216052 PARTNER COMMUNICATIONS CO LT ADR 70211M109 1931 86014 SH Sole 86014 PFIZER INC COM 717081103 957963 45769830 SH Sole 45769830 PHOENIX COS INC NEW COM 71902E109 21765 1782554 SH Sole 1782554 PIER 1 IMPORTS INC COM 720279108 7420 1181498 SH Sole 1181498 POLYONE CORP COM 73179P106 1567 245944 SH Sole 245944 POPULAR INC COM 733174106 53909 4623412 SH Sole 4623412 PORTUGAL TELECOM SGPS S A SPONSORED ADR 737273102 398817 34469902 SH Sole 34469902 PULTE HOMES INC COM 745867101 22534 1548714 SH Sole 1548714 QIMONDA AG SPONSORED ADR 746904101 74043 17179293 SH Sole 17179293 QLT INC COM 746927102 6665 1877505 SH Sole 1877505 QLT INC COM 746927102 2900 810620 SH Sole 810620 QUEBECOR WORLD INC COM NON-VTG 748203106 896 6888988 SH Sole 6888988 QUIKSILVER INC COM 74838C106 3627 369765 SH Sole 369765 R.H. DONNELLEY CORP COM NEW 74955W307 5319 1051250 SH Sole 1051250 RENT A CTR INC NEW COM 76009N100 11275 614437 SH Sole 614437 ROYAL BK SCOTLAND GROUP PLC SP ADR REP SHS 780097721 280394 41356073 SH Sole 41356073 RYLAND GROUP INC COM 783764103 7487 227632 SH Sole 227632 SK TELECOM LTD SPONSORED ADR 78440P108 607892 28130158 SH Sole 28130158 SLM CORP COM 78442P106 85743 5585879 SH Sole 5585879 SAFEWAY INC COM NEW 786514208 777826 26501738 SH Sole 26501738 SAIA INC COM 78709Y105 8425 531215 SH Sole 531215 SANMINA SCI CORP COM 800907107 48609 30005823 SH Sole 30005823 SANOFI AVENTIS SPONSORED ADR 80105N105 740832 19734482 SH Sole 19734482 SARA LEE CORP COM 803111103 614050 43923452 SH Sole 43923452 SHOE CARNIVAL INC COM 824889109 472 34920 SH Sole 34920 SKYLINE CORP COM 830830105 803 28869 SH Sole 28869 SONY CORP ADR NEW 835699307 163475 4079743 SH Sole 4079743 SPARTECH CORP COM NEW 847220209 2375 281045 SH Sole 281045 STANDARD PAC CORP NEW COM 85375C101 3322 683590 SH Sole 683590 STEIN MART INC COM 858375108 539 95895 SH Sole 95895 STMICROELECTRONICS N V NY REGISTRY 861012102 335764 31497559 SH Sole 31497559 STRATTEC SEC CORP COM 863111100 923 21800 SH Sole 21800 SUPERIOR INDS INTL INC COM 868168105 5349 257766 SH Sole 257766 SUPERVALU INC COM 868536103 260174 8678261 SH Sole 8678261 TDK CORP AMERN DEP SH 872351408 69132 1174324 SH Sole 1174324 TALBOTS INC COM 874161102 10124 939120 SH Sole 939120 TECUMSEH PRODS CO CL B 878895101 6183 225492 SH Sole 225492 TELE NORTE LESTE PART S A SPON ADR PFD 879246106 776117 29243291 SH Sole 29243291 TELE NORTE CELULAR PART S A SPON ADR PFD 87924Y105 260 15221 SH Sole 15221 TELECOM ARGENTINA S A SPON ADR REP B 879273209 131655 6216004 SH Sole 6216004 TELECOM CORP NEW ZEALAND LTD SPONSORED ADR 879278208 112154 7542271 SH Sole 7542271 TELECOM ITALIA S P A NEW SPON ADR ORD 87927Y102 684599 32771630 SH Sole 32771630 TELECOMUNICACOES BRASILEIRAS SPONSORED ADR 879287308 238815 11005294 SH Sole 11005294 TELEFONICA S A SPONSORED ADR 879382208 226859 2622343 SH Sole 2622343 TELEFONOS DE MEXICO S A SPON ADR ORD L 879403780 1488691 39592854 SH Sole 39592854 TELEMIG CELULAR PART S A SPON ADR PFD 87944E105 1930 34055 SH Sole 34055 TELUS CORP NON-VTG SHS 87971M202 1686 40000 SH Sole 40000 TENET HEALTHCARE CORP COM 88033G100 346810 61273827 SH Sole 61273827 THOMSON SPONSORED ADR 885118109 106501 15279958 SH Sole 15279958 3COM CORP COM 885535104 16906 7382425 SH Sole 7382425 TIM PARTICIPACOES S A SPONS ADR PFD 88706P106 68238 2113283 SH Sole 2113283 TIMBERLAND CO CL A 887100105 7837 570782 SH Sole 570782 TOLL BROTHERS INC COM 889478103 8490 361574 SH Sole 361574 TOMKINS PLC SPONSORED ADR 890030208 68894 4844884 SH Sole 4844884 TRONOX INC COM CL B 897051207 4918 1261062 SH Sole 1261062 TUESDAY MORNING CORP COM NEW 899035505 2885 557015 SH Sole 557015 UNILEVER PLC SPON ADR NEW 904767704 5390 159843 SH Sole 159843 UNILEVER N V NY SHS NEW 904784709 577286 17114907 SH Sole 17114907 UNISYS CORP COM 909214108 145829 32918561 SH Sole 32918561 UNITED MICROELECTRONICS CORP SPON ADR NEW 910873405 5121 1515009 SH Sole 1515009 UTSTARCOM INC COM 918076100 18993 6687742 SH Sole 6687742 VALASSIS COMMUNICATIONS INC COM 918866104 7372 679455 SH Sole 679455 VERIZON COMMUNICATIONS COM 92343V104 582997 15994431 SH Sole 15994431 VISHAY INTERTECHNOLOGY INC COM 928298108 4939 545171 SH Sole 545171 VISTEON CORP COM 92839U107 24521 6521648 SH Sole 6521648 VITRAN CORP INC COM 92850E107 8225 576410 SH Sole 576410 VITRAN CORP INC COM 92850E107 3704 263140 SH Sole 263140 VIVO PARTICIPACOES S A SPON ADR PFD 92855S101 122957 20630306 SH Sole 20630306 W HLDG CO INC COM 929251106 3606 3029948 SH Sole 3029948 WABASH NATL CORP COM 929566107 5091 566275 SH Sole 566275 WASHINGTON MUT INC COM 939322103 543130 52731071 SH Sole 52731071 WESTLAKE CHEMICAL CORPORATION COM 960413102 11593 888320 SH Sole 888320 WHIRLPOOL CORP COM 963320106 64245 740325 SH Sole 740325 WOLSELEY PLC SPONSORED ADR 97786P100 30099 2864164 SH Sole 2864164 WYETH COM 983024100 607624 14550387 SH Sole 14550387 XEROX CORP COM 984121103 567776 37927608 SH Sole 37927608 ARGO GROUP INTL HLDGS LTD COM G0464B107 18234 513355 SH Sole 513355 SCOTTISH RE GROUP LIMITED SHS G73537410 661 7556085 SH Sole 7556085 TYCO ELECTRONICS LTD COM NEW G9144P105 621707 18114993 SH Sole 18114993 BANCO LATINOAMERICANO DE EXP CL E P16994132 60182 3907920 SH Sole 3907920 INTERTAPE POLYMER GROUP INC COM 460919103 6106 2576474 SH Sole 2576474 FLEXTRONICS INTL LTD ORD Y2573F102 55951 5958575 SH Sole 5958575