13F-HR 1 v012881_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: December 31, 2004 ------------------------ 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 2/14/05 ----------------------------- ------------------------------ ------------ [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: 237 ------------------------ Form 13F Information Table Value Total: $ 42,195,440 ------------------------ (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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE CLASS ----------------------------------------------------------------------------------------------------------------------------------- ABN AMRO HLD NV SPNOSORED ADR 000937102 578,844 21,859,681 SH Sole 21,859,681 AMR CORP COM NEW 001765106 65,383 7,354,644 SH Sole 7,354,644 AT&T CORP COM 001957505 374 19,083 SH Sole 19,083 ADMINISTRADORA FONDOS PENSIO SPONSORED ADR 00709P108 1,769 67,790 SH SOLE 67,790 AEGON N V ORD AMER REG 007924103 516,743 38,882,064 SH SOLE 38,882,064 AFTERMARKET TECHNOLOGY CORP COM 008318107 4,853 322,690 SH SOLE 322,690 AGERE SYS INC CL B 00845V209 112,365 72,028,651 SH SOLE 72,028,651 AKZO NOBEL NV SPONSORED ADR 010199305 560,494 13,670,592 SH SOLE 13,670,592 ALBERTSONS INC COM 013104104 823,610 35,949,796 SH SOLE 35,949,796 ALCATEL SPONSORED ADR 013904305 560,045 43,959,554 SH SOLE 43,959,554 ALLMERICA FINL CORP COM 019754100 32,143 877,271 SH SOLE 877,271 ALTRIA GROUP INC COM 02209S103 899,380 13,764,610 SH SOLE 13,764,610 AMERICAN AXLE & MFG IN COM 024061103 3,319 127,345 SH Sole 127,345 AMERICAN ELECTRIC PWR INC COM 025537101 42,165 1,212,675 SH Sole 1,212,675 AMERICAN GREETINGS CORP COM 026375105 12,877 527,101 SH Sole 527,101 AON CORP COM 037389103 54,077 2,214,439 SH Sole 2,214,439 ARVINMERITOR INC COM 043353101 2,525 140,070 SH SOLE 140,070 BCE INC COM 05534B109 5,021 211,930 SH SOLE 211,930 BISYS GROUP INC COM 055472104 7,980 528,489 SH SOLE 528,489 BT GROUP PLC ADR 05577E101 541,953 14,018,442 SH SOLE 14,018,442 BANCO BRADESCO SA SP ADR PFD NEW 059460303 8,687 303,755 SH SOLE 303,755 BANCO BILBAO VIZCAYA ARGENTARI SPONSORED ADR 05946K101 650,991 38,703,397 SH SOLE 38,703,397 BANCO SANTANDER CENT HISPANO ADR 05964H105 528,605 43,542,442 SH SOLE 43,542,442 BELDEN INC COM 077454106 19,026 916,463 SH SOLE 916,463 BELLSOUTH CORP COM 079860102 915,607 34,813,962 SH SOLE 34,813,962 BRASIL TELECOM PARTICIPACOES SPON ADR PFD 105530109 263,038 7,543,391 SH SOLE 7,543,391 BRILLIANCE CHINA AUTO HLDGS L SPONSORED ADR 10949Q105 1,101 58,530 SH SOLE 58,530 BRISTOL-MYERS SQUIBB CO COM 110122108 937,221 39,561,874 SH SOLE 39,561,874 BRITISH AMER TOB PLC SPONSORED ADR 110448107 5,004 137,221 SH SOLE 137,221 BRITISH ENERGY PLC SPONSORED ADR 110793403 4,603 284,271 SH SOLE 284,271 BUHRMANN NV SPONSORED ADR 12007Q100 52,654 4,663,745 SH SOLE 4,663,745 CAE INC COM 124765108 5,304 1,287,280 SH Sole 1,287,280 CIT GROUP, INC. COM 125581108 113,088 2,767,685 SH Sole 2,767,685 CNA FINL CORP COM 126117100 10,674 393,579 SH Sole 393,579 CADBURY SCHWEPPES PLC ADR 127209302 1,812 48,370 SH Sole 48,370 CALLAWAY GOLF CO COM 131193104 17,184 1,291,995 SH SOLE 1,291,995 CANADIAN NAT RES LTD COM 136385101 4,916 103,200 SH Sole 103,200 CANADIAN PAC RY LTD COM 13645T100 1,986 58,950 SH Sole 58,950 CELESTICA INC SUB VTG SHS 15101Q108 21,476 1,558,515 SH Sole 1,558,515 CELESTICA INC. SV SUB VTG SHS 15101Q108 8,700 630,710 SH SOLE 630,710 CEMEX S A SPON ADR 5 ORD 151290889 11,268 289,287 SH SOLE 289,287 CENTURYTEL INC COM 156700106 23,175 702,049 SH SOLE 702,049 CHUNGHWA TELECOM CO LTD SPONSORED ADR 17133Q205 916 41,750 SH SOLE 41,750 CINCINNATI BELL INC NEW COM 171871106 72,896 16,719,209 SH SOLE 16,719,209 COACHMEN INDS INC COM 189873102 9,175 615,750 SH SOLE 615,750 COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 5,976 425,338 SH SOLE 425,338 COMPANHIA PARANAENSE ENERG SPON ADR PFD 20441B407 35,304 7,385,748 SH SOLE 7,385,748 COMPANIA ANONIMA NACIONL TEL SPON ADR D 204421101 331,160 16,582,858 SH SOLE 16,582,858 CONVERGYS CORP COM 212485106 24,032 1,697,196 SH SOLE 1,697,196 CONVERIUM HLDG AG SPONSORED ADR 21248N107 5,789 1,201,115 SH SOLE 1,201,115 CORUS GROUP PLC SPONSORED ADR 22087M101 168,281 16,103,439 SH SOLE 16,103,439 DANA CORP COM 235811106 1,954 121,970 SH SOLE 121,970 DEL MONTE FOODS CO COM 24522P103 50,021 4,502,306 SH SOLE 4,502,306 DELPHI CORP COM 247126105 85,608 11,537,427 SH SOLE 11,537,427 DELTA AIR LINES INC DEL COM 247361108 87,518 15,435,199 SH SOLE 15,435,199 DEUTSCHE TELEKOM AG SPONSORED ADR 251566105 784,395 37,441,292 SH SOLE 37,441,292 DIAGEO P L C SPON ADR NEW 25243Q205 11,915 215,156 SH SOLE 215,156 DILLARDS INC CL A 254067101 34,433 1,354,578 SH SOLE 1,354,578 DYNEGY INC NEW CL A 26816Q101 13,974 3,064,459 SH SOLE 3,064,459 E ON AG SPONSORED ADR 268780103 468,194 5,240,589 SH SOLE 5,240,589 EASTMAN KODAK CO. COM 277461109 352 10,315 SH SOLE 10,315 EL PASO CORP COM 28336L109 798,006 71,441,897 SH SOLE 71,441,897 ELECTRONIC DATA SYS CORP NEW COM 285661104 427,746 21,483,985 SH SOLE 21,483,985 ENDESA SA SPONSORED ADR 29258N107 38,244 1,681,792 SH SOLE 1,681,792 FAIRFAX FINL HLDGS LTD SUB VTG 303901102 101,937 606,551 SH SOLE 606,551 FAIRFAX FINL HLDGS LTD SUB VTG 303901102 11,650 69,290 SH SOLE 69,290 FEDERAL SIGNAL CORP COM 313855108 2,351 143,950 SH SOLE 143,950 FLOWSERVE CORP COM 34354P105 949 38,959 SH SOLE 38,959 FOMENTO ECONIMICO MEXICANO S SPON ADR UNITS 344419106 926 16,440 SH SOLE 16,440 FORD MTR CO DEL COM 345370860 635,522 48,624,464 SH SOLE 48,624,464 FRANCE TELECOM SPONSORED ADR 35177Q105 400,156 12,607,316 SH SOLE 12,607,316 FUJI PHOTO FILM LTD ADR 359586302 328,517 8,744,122 SH SOLE 8,744,122 GATEWAY INC COM 367626108 10,181 2,319,095 SH SOLE 2,319,095 GEAC COMPUTER LTD COM 368289104 7,559 895,510 SH SOLE 895,510 GENERAL MTRS CORP COM 370442105 613,494 16,675,566 SH SOLE 16,675,566 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 780,855 17,030,636 SH SOLE 17,030,636 GOODYEAR TIRE & RUBR CO COM 382550101 462,817 33,011,221 SH Sole 33,011,221 GREAT LAKES CHEMICAL CORP COM 390568103 25,953 1,018,175 SH Sole 1,018,175 GRUPO FINANCIARO GALICIA S A SP ADR 10 SH B 399909100 4,790 510,106 SH Sole 510,106 GRUPO TELEVISA SA DE CV SP ADR REP ORD 40049J206 1,416 22,563 SH Sole 22,563 GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 3,286 113,810 SH Sole 113,810 HCA INC COM 404119109 15,173 330,503 SH SOLE 330,503 HEALTH NET INC COM 42222G108 3,815 131,490 SH SOLE 131,490 HELLENIC TELECOM ORGANIZATN SA SPONSORED ADR 423325307 49,756 5,732,213 SH SOLE 5,732,213 HEWLETT PACKARD CO COM 428236103 459,521 21,343,279 SH SOLE 21,343,279 HITACHI LIMITED ADR 10 COM 433578507 674,966 10,734,190 SH SOLE 10,734,190 IKON OFFICE SOLUTIONS INC COM 451713101 25,750 2,386,460 SH SOLE 2,386,460 IMPERIAL CHEM INDS PLC ADR NEW 452704505 179,025 9,798,842 SH SOLE 9,798,842 INDUSTRIAS BACHOCO S A DE C SP ADR B&L SHS 456463108 1,180 77,350 SH Sole 77,350 ING GROUP NV SPONSORED ADR 456837103 438,716 15,371,954 SH Sole 15,371,954 INTERSTATE BAKERIES CORP DEL COM 46072H108 17,382 3,189,430 SH Sole 3,189,430 J P MORGAN CHASE AND CO COM 46625H100 343,637 9,153,893 SH Sole 9,153,893 KMG AMER CORP COM 482563103 5,302 500,170 SH SOLE 500,170 KT CORP SPONSORED ADR 48268K101 949,339 43,151,790 SH SOLE 43,151,790 K2 INC COM 482732104 7,305 534,365 SH SOLE 534,365 KANSAS CITY LIFE INS CO COM 484836101 6,730 137,835 SH SOLE 137,835 KELLY SVCS INC CL A 488152208 20,707 691,840 SH SOLE 691,840 KEMET CORP COM 488360108 44,664 5,400,749 SH SOLE 5,400,749 KIMBALL INTL INC COM 494274103 1,852 127,005 SH SOLE 127,005 KINGSWAY FINL SVCS INC COM 496904103 16,869 1,062,270 SH SOLE 1,062,270 KINGSWAY FINL SVCS INC COM 496904103 8,539 537,620 SH SOLE 537,620 KIRIN BREWERY LTD SPONSORED ADR 497350108 10,457 1,080,000 SH SOLE 1,080,000 KONINKLIJKE AHOLD N V SPON ADR NEW 500467303 560,344 65,080,613 SH SOLE 65,080,613 KONINKLIJKE PHILIPS ELECTRS NY REG SH NEW 500472303 14,067 524,486 SH SOLE 524,486 KOOKMIN BK NEW SPONSORED ADR 50049M109 1,724 39,635 SH SOLE 39,635 KOOR INDS LTD SPONSORED ADR 500507108 2,751 239,240 SH SOLE 239,240 KOREA ELECTRIC PWR SPONSORED ADR 500631106 573,960 40,619,971 SH SOLE 40,619,971 KROGER CO COM 501044101 1,080,373 62,922,158 SH SOLE 62,922,158 LABRANCHE & CO INC COM 505447102 6,586 661,205 SH SOLE 661,205 LANDAMERICA FINL GROUP INC COM 514936103 7,974 149,520 SH SOLE 149,520 LOEWS CORP COM 540424108 705,478 10,110,038 SH SOLE 10,110,038 LOEWS CORP CAROLINA GP STK 540424207 55,286 1,699,003 SH SOLE 1,699,003 LONE STAR STEAKHOUSE SALOON COM 542307103 3,790 136,240 SH SOLE 136,240 LUBRIZOL CORP COM 549271104 21,764 527,610 SH SOLE 527,610 LUCENT TECHNOLOGIES INC COM 549463107 61,701 18,697,143 SH SOLE 18,697,143 MAGNA INTERNATIONAL SV CL A CL A 559222401 1,481 19,600 SH SOLE 19,600 MAGYAR TAVKOZLESI RT SPONSORED ADR 559776109 40,642 1,693,420 SH SOLE 1,693,420 MAHANAGAR TEL NIGAM LTD SPONS ADR 2001 559778402 15,024 2,164,842 SH SOLE 2,164,842 MARSH & McLennan COS Inc COM 571748102 35,879 1,105,335 SH Sole 1,105,335 MATSUSHITA ELEC ADR 576879209 416,409 28,307,886 SH Sole 28,307,886 MATTEL INC COM 577081102 77,103 3,746,499 SH Sole 3,746,499 May Dept Stores Co COM 577778103 70,922 2,248,638 SH Sole 2,248,638 MAYTAG CORP COM 578592107 61,923 4,068,526 SH Sole 4,068,526 McKesson Corp COM 58155Q103 460 12,660 SH Sole 12,660 Mentor Graphics Corp COM 587200106 6,983 489,680 SH Sole 489,680 MERCK & CO INC COM 589331107 1,122,451 39,109,782 SH Sole 39,109,782 MICRON TECHNOLOGY INC COM 595112103 602,002 53,463,776 SH Sole 53,463,776 MILLEA HOLDINGS INC ADR 60032R106 557,131 8,001,304 SH Sole 8,001,304 MITSUBISHI TOKYO FINL GROUP SPONSORED ADR 606816106 589,292 63,638,424 SH Sole 63,638,424 MYERS INDS INC COM 628464109 9,306 732,184 SH Sole 732,184 NACCO INDS INC CL A 629579103 13,265 126,745 SH Sole 126,745 NATIONAL RV HLDGS COM 637277104 7,421 696,850 SH Sole 696,850 National Westn Life Ins Co CL A 638522102 7,278 41,829 SH Sole 41,829 NATIONAL WESTMINSTER BK PLC ADR REP PREF B 638539700 432 16,667 SH Sole 16,667 NATIONWIDE FINL SVCS CL A 638612101 64,584 1,714,919 SH Sole 1,714,919 NATUZZI S P A ADR 63905A101 22,101 2,067,447 SH Sole 2,067,447 NEENAH PAPER INC COM 640079109 2,821 85,795 SH SOLE 85,795 NEWELL RUBBERMAID INC COM 651229106 63,330 2,812,160 SH SOLE 2,812,160 NIPPON TELEG & TEL CORP SPONSORED ADR 654624105 574,633 28,404,980 SH Sole 28,404,980 NORTEL NETWORKS CORP NEW COM 656568102 3,867 1,232,770 SH Sole 1,232,770 OCA INC COM 67083Q101 14,443 2,468,809 SH SOLE 2,468,809 OCTEL CORP COM 675727101 5,593 282,600 SH SOLE 282,600 OSHKOSH B GOSH INC CL A 688222207 9,229 338,059 SH SOLE 338,059 POSCO SPONSORED ADR 693483109 6,591 143,230 SH SOLE 143,230 PAYLESS SHOESOURCE INC COM 704379106 31,981 2,671,774 SH SOLE 2,671,774 PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V101 1,323,769 33,977,631 SH SOLE 33,977,631 PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1,265 27,871 SH SOLE 27,871 PFIZER INC COM 717081103 808,006 32,178,635 SH SOLE 32,178,635 PHILIPPINE LONGDISTANCE TEL SPONSORED ADR 718252604 1,970 76,433 SH SOLE 76,433 PHOENIX COS INC NEW COM 71902E109 74,568 5,666,263 SH SOLE 5,666,263 PLAYTEX PRODS INC COM 72813P100 30,103 3,666,625 SH SOLE 3,666,625 POLYONE CORP COM 73179P106 6,051 690,747 SH SOLE 690,747 PORTUGAL TELECOM SGPS SA SPONSORED ADR 737273102 463,686 37,545,457 SH SOLE 37,545,457 QUEBECOR WORLD INC COM NON-VTG 748203106 32,301 1,523,645 SH SOLE 1,523,645 QUEBECOR WORLD INC COM NON-VTG 748203106 9,164 431,870 SH SOLE 431,870 QUILMES INDL QUINSA SOCIETE SP ADR CL B 74838Y207 1,169 57,750 SH SOLE 57,750 QUINENCO S A SPONSORED ADR 748718103 2,356 196,490 SH SOLE 196,490 RENT A CTR NEW COM 76009N100 1,705 67,850 SH SOLE 67,850 REPSOL YPF S A SPONSORED ADR 76026T205 407 15,920 SH SOLE 15,920 REUTERS GROUP PLC SPONSORED ADR 76132M102 1,650 36,360 SH SOLE 36,360 REYNOLDS AMERICAN INC COM 761713106 89,892 1,075,783 SH SOLE 1,075,783 ROYAL GROUP TECHNOLOGIES LTD SUB VTG SH 779915107 52,384 6,091,162 SH SOLE 6,091,162 ROYAL GROUP TECHNOLOGIES LTD SUB VTG SH 779915107 14,265 1,659,982 SH SOLE 1,659,982 ROYAL & SUN ALLIANCE INS SPONSORED ADR NEW 78004V202 100,258 12,485,391 SH Sole 12,485,391 RUSS BERRIE & CO COM 782233100 2,435 102,885 SH Sole 102,885 RUSSELL CORP COM 782352108 4,391 248,087 SH Sole 248,087 RYERSON TULL INC NEW COM 78375P107 3,723 281,416 SH Sole 281,416 SBC COMMUNICATIONS INC COM 78387G103 683,088 27,995,400 SH Sole 27,995,400 SK TELECOM LTD SPONSORED ADR 78440P108 10,052 499,338 SH Sole 499,338 SPSS INC COM 78462K102 9,253 543,329 SH SOLE 543,329 SAFEWAY INC COM NEW 786514208 1,114,511 59,188,071 SH SOLE 59,188,071 SANOFI AVENTIS SPONSORED ADR 80105N105 60,049 1,628,214 SH SOLE 1,628,214 SCHERING A G SPONSORED ADR 806585204 86,410 1,268,493 SH SOLE 1,268,493 SCHERING PLOUGH CORP COM 806605101 1,069,715 57,112,385 SH SOLE 57,112,385 SENSIENT TECHNOLOGIES CORP COM 81725T100 35,969 1,609,371 SH SOLE 1,609,371 SERVICE CORP INTL COM 817565104 169,609 24,724,393 SH SOLE 24,724,393 SHINHAN FINL GROUP LYD SPN ADR RESTRD 824596100 3,243 59,110 SH SOLE 59,110 SHOPKO STORES INC COM 824911101 287 15,860 SH SOLE 15,860 SODEXHO ALLIANCE SA SPONSORED ADR 833792104 3,286 106,850 SH SOLE 106,850 SONY CORP ADR NEW 835699307 47,304 1,272,629 SH SOLE 1,272,629 SPRINT CORP COM FON GROUP 852061100 13,075 555,666 SH SOLE 555,666 STARRETT L S CO CL A 855668109 9,586 433,770 SH SOLE 433,770 STMICROELECTRONICS NV NY REGISTRY 861012102 5,426 317,141 SH SOLE 317,141 SUN MICROSYSTEMS INC COM 866810104 605 144,460 SH SOLE 144,460 SUPERIOR INDS INTL INC COM 868168105 19,371 773,895 SH SOLE 773,895 SWISSCOM AG SPONSORED ADR 871013108 269,239 7,257,115 SH SOLE 7,257,115 SYNOPSYS INC COM 871607107 58,809 3,451,216 SH SOLE 3,451,216 TDK CORP AMERN DEP SH 872351408 44,947 645,786 SH SOLE 645,786 TECUMSEH PRODS CO CL B 878895101 22,974 585,918 SH SOLE 585,918 TELE CENTRO OESTE CELULAR SA SPON ADR PFD 87923P105 41,254 3,774,416 SH SOLE 3,774,416 TELE NORTE LESTE PART SA SPON ADR PFD 879246106 343,733 21,700,309 SH SOLE 21,700,309 TELECOM ARGENTINA SA SPON ADR REP B 879273209 168,986 13,497,284 SH SOLE 13,497,284 TELECOM CORP NEW ZEALAND LTD SPONSORED ADR 879278208 293,159 8,225,573 SH SOLE 8,225,573 TELECOM ITALIA S P A NEW SPON ADR ORD 87927Y102 520,907 13,325,850 SH SOLE 13,325,850 TELECOMUNICACOES BRASILEIRAS SPONSORED ADR 879287308 408,259 13,346,170 SH SOLE 13,346,170 TELEFLEX INC COM 879369106 4,507 88,860 SH SOLE 88,860 TELEFONICA S A SPONSORED ADR 879382208 914,513 16,709,533 SH SOLE 16,709,533 TELEFONOS DE MEXICO S A SPON ADR ORD L 879403780 1,093,535 27,441,289 SH SOLE 27,441,289 TELELESTE CELULAR PART SA SPON ADR PRD 87943B102 1,471 159,559 SH SOLE 159,559 TELEKOM AUSTRIA AG SPONSORED ADR 87943Q109 136,796 3,513,890 SH SOLE 3,513,890 TELEMIG CELULAR PART SA SPON ADR PFD 87944E105 1,137 38,239 SH SOLE 38,239 TELESP CELULAR PART SA SPON ADR PFD 87952L108 26,283 3,787,175 SH SOLE 3,787,175 TELUS CORP NON-VOTING SHS 87971M202 6,415 231,370 SH SOLE 231,370 TENET HEALTHCARE CORP COM 88033G100 631,327 61,175,098 SH SOLE 61,175,098 TESMA INTL INC CL A SUB VTG 881908107 5,787 173,420 SH SOLE 173,420 3COM CORP COM 885535104 73,813 20,278,248 SH SOLE 20,278,248 TIDEWATER INC COM 886423102 10,982 274,745 SH SOLE 274,745 TIM PARTICIPACOES SA SPONS ADR PFD 88706P106 33,372 2,047,347 SH SOLE 2,047,347 TOYS R US INC COM 892335100 516,237 23,540,202 SH SOLE 23,540,202 TRANSALTA CORP COM 89346D107 5,004 328,844 SH SOLE 328,844 TUPPERWARE CORP COM 899896104 88,106 4,398,684 SH SOLE 4,398,684 UST INC COM 902911106 26,564 510,753 SH SOLE 510,753 USEC INC COM 90333E108 4,651 369,992 SH SOLE 369,992 UNIAO DE BANCOS BRASIL PREF GDR REP PFD UT 90458E107 2,925 81,631 SH SOLE 81,631 UNILEVER PLC SPON ADR NEW 904767704 63,284 1,633,557 SH SOLE 1,633,557 UNILEVER NV NY SHS NEW 904784709 1,003,344 15,311,215 SH SOLE 15,311,215 UNISYS CORP COM 909214108 354,641 45,997,582 SH SOLE 45,997,582 UNITED MICROELECTRONICS CORP SPONSORED ADR 910873207 7,360 2,067,492 SH SOLE 2,067,492 UNUMPROVIDENT CORP COM 91529Y106 189,120 11,170,720 SH SOLE 11,170,720 VAN DER MOOLEN HLDG N.V. SPONSORED ADR 921020103 322 45,400 SH SOLE 45,400 VERIZON COMMUNICATIONS COM 92343V104 498,847 13,799,352 SH SOLE 13,799,352 VIDESH SANCHAR NIGAM LTD SPON ADR NEW 92659G600 43,047 4,270,576 SH SOLE 4,270,576 VISTEON CORP COM 92839U107 91,566 12,951,364 SH SOLE 12,951,364 WACOAL CORP ADR 930004205 585 10,381 SH SOLE 10,381 WASTE MGMT INC DEL COM 94106L109 57,474 1,919,004 SH SOLE 1,919,004 WELLMAN INC COM 949702104 22,924 2,274,183 SH SOLE 2,274,183 WESCAST INDS INC CL A SUB VTG 950813105 9,067 355,430 SH SOLE 355,430 WESCAST INDS INC CL A SUB VTG 950813105 7,911 312,470 SH SOLE 312,470 WESTAR ENERGY INC COM 95709T100 3,662 157,291 SH SOLE 157,291 WINN DIXIE STORES INC COM 974280109 49,840 14,321,980 SH SOLE 14,321,980 WYETH COM 983024100 52,536 1,360,341 SH SOLE 1,360,341 XEROX CORP COM 984121103 491,809 32,678,326 SH SOLE 32,678,326 YORK INTL CORP NEW COM 986670107 28,735 758,182 SH SOLE 758,182 DAIMLERCHRYSLER AG ORD D1668RGER 893,550 19,293,178 SH SOLE 19,293,178 ASSURED GUARANTY LTD COM G0585R106 29,724 1,626,022 SH SOLE 1,626,022 HILFIGER TOMMY CORP ORD G8915Z102 54,327 5,238,867 SH SOLE 5,238,867 BANCO LATINAMERICANO DE EXP CL E P16994132 28,368 1,217,513 SH Sole 1,217,513