13F-HR 1 v313034_13f-hr.txt 13F-HR 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, 2012 -------------- 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 05/11/12 ------------ ------------- -------- [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: 306 ----------- Form 13F Information Table Value Total: $11,318,915 ----------- (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 28-14898 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 ------------------------------------------------------------------------------------------------------------------------------------ AEGON N V NY REGISTRY SH 007924103 $ 94,448 16,987,032 SH SOLE 10,714,712 6,272,320 ALCATEL-LUCENT SPONSORED ADR 013904305 $ 66 28,938 SH SOLE 28,938 ALEXANDER & BALDWIN INC COM 014482103 $ 5,657 116,765 SH SOLE 113,381 3,384 ALEXANDER & BALDWIN INC COM 014482103 $ 1,278 26,385 SH DEFINED 4 26,385 AMEDISYS INC COM 023436108 $ 178 20,195 SH SOLE 19,765 430 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $ 20,450 823,600 SH OTHER 3 823,600 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $381,696 15,372,381 SH SOLE 11,720,235 3,652,146 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $ 23,950 964,575 SH DEFINED 4 964,575 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $ 258 10,388 SH OTHER 1 10,388 AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 $ 2,870 115,600 SH OTHER 2 115,600 AON CORP COM 037389103 $ 6,437 131,215 SH SOLE 93,453 37,762 AON CORP COM 037389103 $ 654 13,340 SH DEFINED 4 13,340 ARCHER DANIELS MIDLAND CO COM 039483102 $ 1,070 33,810 SH DEFINED 4 33,810 ARCHER DANIELS MIDLAND CO COM 039483102 $ 9,618 303,783 SH SOLE 215,445 88,338 ARGO GROUP INTL HLDGS LTD COM G0464B107 $ 13,124 445,657 SH SOLE 352,202 93,455 ASTRAZENECA PLC SPONSORED ADR 046353108 $123,903 2,784,969 SH SOLE 1,699,191 1,085,778 AT&T INC COM 00206R102 $ 16,182 518,146 SH DEFINED 4 518,146 AT&T INC COM 00206R102 $171,523 5,492,258 SH SOLE 4,549,349 942,909 AVON PRODS INC COM 054303102 $ 700 36,164 SH DEFINED 4 36,164 AVON PRODS INC COM 054303102 $ 5,910 305,278 SH SOLE 221,048 84,230 BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 $ 1,293 141,040 SH OTHER 1 141,040 BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 $ 3,736 407,400 SH OTHER 3 407,400 BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 $ 97,148 10,594,148 SH SOLE 8,513,601 2,080,547 BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 $ 4,848 528,720 SH DEFINED 4 528,720 BANK OF AMERICA CORPORATION COM 060505104 $ 17,685 1,847,969 SH DEFINED 4 1,847,969 BANK OF AMERICA CORPORATION COM 060505104 $190,568 19,913,028 SH SOLE 16,959,340 2,953,688 BANK OF NEW YORK MELLON CORP COM 064058100 $ 652 27,040 SH DEFINED 4 27,040 BANK OF NEW YORK MELLON CORP COM 064058100 $ 54,615 2,263,378 SH SOLE 1,865,008 398,370 BARCLAYS PLC ADR 06738E204 $ 40,031 2,642,343 SH SOLE 1,681,970 960,373 BB&T CORP COM 054937107 $ 9,344 297,660 SH DEFINED 4 297,660 BB&T CORP COM 054937107 $102,720 3,272,366 SH SOLE 2,744,191 528,175 BOSTON SCIENTIFIC CORP COM 101137107 $118,680 19,846,086 SH SOLE 16,748,520 3,097,566 BOSTON SCIENTIFIC CORP COM 101137107 $ 12,802 2,140,835 SH DEFINED 4 2,140,835 BP PLC SPONSORED ADR 055622104 $113,496 2,522,135 SH SOLE 1,396,848 1,125,287 BRIGGS & STRATTON CORP COM 109043109 $ 17,046 950,703 SH SOLE 835,421 115,282 BRIGGS & STRATTON CORP COM 109043109 $ 3,189 177,859 SH DEFINED 4 177,859 CAL MAINE FOODS INC COM NEW 128030202 $ 256 10,450 SH SOLE 10,125 325 CANON INC ADR 138006309 $104,065 2,183,484 SH SOLE 1,333,028 850,456 CAPITOL FED FINL INC COM 14057J101 $ 2,894 250,429 SH SOLE 230,672 19,757 CEMEX SAB DE CV SPON ADR NEW 151290889 $ 10,870 1,400,709 SH DEFINED 4 1,400,709 CEMEX SAB DE CV SPON ADR NEW 151290889 $233,295 30,063,757 SH SOLE 23,347,614 6,716,143 CEMEX SAB DE CV SPON ADR NEW 151290889 $ 1,235 159,120 SH OTHER 1 159,120 CEMEX SAB DE CV SPON ADR NEW 151290889 $ 836 107,744 SH OTHER 2 107,744 CEMEX SAB DE CV SPON ADR NEW 151290889 $ 11,400 1,469,095 SH OTHER 3 1,469,095 CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $ 1,835 196,071 SH OTHER 2 196,071 CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $213,904 22,853,003 SH SOLE 16,490,324 6,362,679 CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $ 16,165 1,727,040 SH OTHER 3 1,727,040 CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $ 11,178 1,194,193 SH DEFINED 4 1,194,193 CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 $ 937 100,100 SH OTHER 1 100,100 CHESAPEAKE ENERGY CORP COM 165167107 $ 16,459 710,340 SH DEFINED 4 710,340 CHESAPEAKE ENERGY CORP COM 165167107 $178,529 7,705,189 SH SOLE 6,404,268 1,300,921 CHEVRON CORP NEW COM 166764100 $137,656 1,283,988 SH SOLE 1,087,957 196,031 CHEVRON CORP NEW COM 166764100 $ 13,086 122,056 SH DEFINED 4 122,056 CHINA MOBILE LIMITED SPONSORED ADR 16941M109 $ 7,666 139,181 SH SOLE 136,471 2,710 CHINA YUCHAI INTL LTD COM G21082105 $ 15,574 981,372 SH SOLE 977,222 4,150 CHINA YUCHAI INTL LTD COM G21082105 $ 897 56,520 SH DEFINED 4 56,520 CHINA YUCHAI INTL LTD COM G21082105 $ 403 25,420 SH OTHER 1 25,420 CINCINNATI FINL CORP COM 172062101 $ 1,179 34,153 SH SOLE 28,895 5,258 CISCO SYS INC COM 17275R102 $ 1,191 56,330 SH DEFINED 4 56,330 CISCO SYS INC COM 17275R102 $ 10,845 512,757 SH SOLE 365,114 147,643 CITIGROUP INC COM NEW 172967424 $ 16,492 451,219 SH DEFINED 4 451,219 CITIGROUP INC COM NEW 172967424 $156,112 4,271,191 SH SOLE 3,585,820 685,371 COMCAST CORP NEW CL A SPL 20030N200 $ 1,315 44,570 SH DEFINED 4 44,570 COMCAST CORP NEW CL A SPL 20030N200 $ 12,022 362,813 SH SOLE 362,813 COMFORT SYS USA INC COM 199908104 $ 1,035 94,858 SH SOLE 93,303 1,555 COMFORT SYS USA INC COM 199908104 $ 690 63,272 SH DEFINED 4 63,272 COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 $ 10,322 439,050 SH SOLE 439,050 COMPUTER SCIENCES CORP COM 205363104 $ 3,753 125,355 SH SOLE 118,050 7,305 COMVERSE TECHNOLOGY INC COM PAR $0.10 205862402 $ 217 31,553 SH SOLE 30,693 860 COMVERSE TECHNOLOGY INC COM PAR $0.10 205862402 $ 261 38,005 SH DEFINED 4 38,005 CORNING INC COM 219350105 $194,782 13,833,948 SH SOLE 11,391,905 2,442,043 CORNING INC COM 219350105 $ 17,014 1,208,369 SH DEFINED 4 1,208,369 CRH PLC ADR 12626K203 $ 48,717 2,375,262 SH SOLE 1,404,276 970,986 CUTERA INC COM 232109108 $ 167 19,500 SH SOLE 18,425 1,075 CUTERA INC COM 232109108 $ 144 16,850 SH DEFINED 4 16,850 D R HORTON INC COM 23331A109 $ 460 30,350 SH DEFINED 4 30,350 D R HORTON INC COM 23331A109 $ 10,448 688,700 SH SOLE 556,815 131,885 DEUTSCHE BANK AG NAMEN AKT D18190898 $ 21,339 428,584 SH SOLE 276,484 152,100 DIAGEO P L C SPON ADR NEW 25243Q205 $ 3,005 31,139 SH SOLE 15,696 15,443 DOW CHEM CO COM 260543103 $ 1,050 30,300 SH DEFINED 4 30,300 DOW CHEM CO COM 260543103 $ 10,931 315,561 SH SOLE 232,542 83,019 EMBRAER S A SP ADR REP 4 COM 29082A107 $ 1,675 52,390 SH OTHER 1 52,390 EMBRAER S A SP ADR REP 4 COM 29082A107 $ 58,887 1,841,368 SH SOLE 1,828,459 12,909 EMBRAER S A SP ADR REP 4 COM 29082A107 $ 2,778 86,870 SH DEFINED 4 86,870 ENI S P A SPONSORED ADR 26874R108 $219,275 4,683,361 SH SOLE 2,922,130 1,761,231 ENZON PHARMACEUTICALS INC COM 293904108 $ 94 13,760 SH DEFINED 4 13,760 ENZON PHARMACEUTICALS INC COM 293904108 $ 126 18,480 SH SOLE 17,640 840 ERICSSON L M TEL CO ADR B SEK 10 294821608 $ 88,539 8,587,646 SH SOLE 5,271,446 3,316,200 EVEREST RE GROUP LTD COM G3223R108 $ 11,184 120,878 SH SOLE 117,416 3,462 FERRO CORP COM 315405100 $ 64 10,710 SH SOLE 9,495 1,215 FIDELITY NATIONAL FINANCIAL CL A 31620R105 $ 3,593 199,268 SH SOLE 191,765 7,503 FIFTH THIRD BANCORP COM 316773100 $ 333 23,720 SH DEFINED 4 23,720 FIFTH THIRD BANCORP COM 316773100 $ 3,385 240,979 SH SOLE 166,811 74,168 FIRST AMERN FINL CORP COM 31847R102 $ 171 10,255 SH DEFINED 4 10,255 FIRST AMERN FINL CORP COM 31847R102 $ 1,020 61,342 SH SOLE 52,148 9,194 FLEXTRONICS INTL LTD ORD Y2573F102 $ 1,664 230,410 SH OTHER 1 230,410 FLEXTRONICS INTL LTD ORD Y2573F102 $ 11,388 1,577,257 SH DEFINED 4 1,577,257 FLEXTRONICS INTL LTD ORD Y2573F102 $193,302 26,773,083 SH SOLE 21,556,460 5,216,623 FRANCE TELECOM SPONSORED ADR 35177Q105 $130,576 8,792,994 SH SOLE 5,022,641 3,770,353 FRESH DEL MONTE PRODUCE INC ORD G36738105 $ 214 9,365 SH DEFINED 4 9,365 FRESH DEL MONTE PRODUCE INC ORD G36738105 $ 356 15,565 SH SOLE 15,070 495 GENERAL ELECTRIC CO COM 369604103 $186,984 9,316,591 SH SOLE 7,815,436 1,501,155 GENERAL ELECTRIC CO COM 369604103 $ 20,018 997,390 SH DEFINED 4 997,390 GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 $126,824 2,823,966 SH SOLE 1,712,908 1,111,059 GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 $ 443 21,000 SH OTHER 1 21,000 GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 $ 3,101 147,113 SH SOLE 143,983 3,130 HEWLETT PACKARD CO COM 428236103 $ 15,920 668,057 SH DEFINED 4 668,057 HEWLETT PACKARD CO COM 428236103 $171,217 7,184,942 SH SOLE 5,968,425 1,216,517 HOME BANCORP INC COM 43689E107 $ 547 31,340 SH DEFINED 4 31,340 HOME BANCORP INC COM 43689E107 $ 362 20,752 SH SOLE 20,457 295 HONDA MOTOR LTD AMERN SHS 438128308 $107,221 2,790,026 SH SOLE 1,730,510 1,059,516 HSBC HLDGS PLC SPON ADR NEW 404280406 $ 27,625 622,319 SH SOLE 392,079 230,240 INGRAM MICRO INC CL A 457153104 $ 897 48,323 SH DEFINED 4 48,323 INGRAM MICRO INC CL A 457153104 $ 15,370 828,140 SH SOLE 709,571 118,569 INTEL CORP COM 458140100 $ 11,650 414,377 SH DEFINED 4 414,377 INTEL CORP COM 458140100 $114,576 4,075,259 SH SOLE 3,408,158 667,101 INTERNATIONAL FLAVORS&FRAGRA COM 459506101 $ 306 8,135 SH SOLE 7,970 165 INVESTORS BANCORP INC COM 46146P102 $ 174 16,775 SH SOLE 16,715 60 ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 $ 15,272 675,956 SH SOLE 675,956 ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 $ 417 21,750 SH OTHER 1 21,750 ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 $ 1,883 98,100 SH DEFINED 4 98,100 JAKKS PAC INC COM 47012E106 $ 2,662 152,560 SH SOLE 151,065 1,495 JAKKS PAC INC COM 47012E106 $ 2,531 145,047 SH DEFINED 4 145,047 JONES GROUP INC COM 48020T101 $ 9,174 730,441 SH SOLE 600,682 129,759 JONES GROUP INC COM 48020T101 $ 708 56,390 SH DEFINED 4 56,390 JPMORGAN CHASE & CO COM 46625H100 $ 1,049 22,820 SH DEFINED 4 22,820 JPMORGAN CHASE & CO COM 46625H100 $ 16,928 368,165 SH SOLE 303,093 65,072 KB FINANCIAL GROUP INC SPONSORED ADR 48241A105 $ 8,031 218,841 SH SOLE 215,529 3,312 KB HOME COM 48666K109 $ 5,834 655,516 SH SOLE 632,925 22,591 KB HOME COM 48666K109 $ 479 53,820 SH DEFINED 4 53,820 KEYCORP NEW COM 493267108 $ 7,537 886,660 SH DEFINED 4 886,660 KEYCORP NEW COM 493267108 $ 53,515 6,295,861 SH SOLE 5,241,892 1,053,969 KNOLOGY INC COM 499183804 $ 1,548 93,180 SH SOLE 92,345 835 KOREA ELECTRIC PWR SPONSORED ADR 500631106 $ 86,375 8,877,191 SH SOLE 6,320,067 2,557,124 KOREA ELECTRIC PWR SPONSORED ADR 500631106 $ 9,919 1,019,450 SH OTHER 3 1,019,450 KROGER CO COM 501044101 $150,423 6,208,146 SH SOLE 5,191,168 1,016,978 KROGER CO COM 501044101 $ 1,437 59,320 SH DEFINED 4 59,320 LENNAR CORP CL A 526057104 $ 8,486 312,220 SH SOLE 241,516 70,704 LENNAR CORP CL A 526057104 $ 861 31,670 SH DEFINED 4 31,670 LENNAR CORP CL B 526057302 $ 3,913 175,099 SH SOLE 174,439 660 LENNAR CORP CL B 526057302 $ 1,836 82,129 SH DEFINED 4 82,129 LILLY ELI & CO COM 532457108 $147,403 3,660,833 SH SOLE 3,054,397 606,436 LILLY ELI & CO COM 532457108 $ 14,636 363,499 SH DEFINED 4 363,499 LONGWEI PETROLEUM INV HLDG L COM 543354104 $ 19 11,149 SH SOLE 11,149 M D C HLDGS INC COM 552676108 $ 2,652 102,848 SH SOLE 102,178 670 M D C HLDGS INC COM 552676108 $ 2,128 82,520 SH DEFINED 4 82,520 MAGNA INTL INC COM 559222401 $ 6,987 146,349 SH SOLE 141,755 4,594 MARSH & MCLENNAN COS INC COM 571748102 $ 1,060 32,332 SH DEFINED 4 32,332 MARSH & MCLENNAN COS INC COM 571748102 $130,907 3,992,294 SH SOLE 3,279,455 712,839 MASCO CORP COM 574599106 $ 16,121 1,205,793 SH DEFINED 4 1,205,793 MASCO CORP COM 574599106 $147,064 10,999,532 SH SOLE 9,418,373 1,581,159 MERCK & CO INC NEW COM 58933Y105 $ 1,703 44,351 SH DEFINED 4 44,351 MERCK & CO INC NEW COM 58933Y105 $144,635 3,766,549 SH SOLE 3,167,574 598,975 MICROSOFT CORP COM 594918104 $375,054 11,627,764 SH SOLE 9,713,698 1,914,066 MICROSOFT CORP COM 594918104 $ 34,035 1,055,170 SH DEFINED 4 1,055,170 MITSUBISHI UFJ FINL GROUP IN SPONSORED ADR 606822104 $ 86,032 17,275,429 SH SOLE 10,668,433 6,606,996 MIZUHO FINL GROUP INC SPONSORED ADR 60687Y109 $ 80 24,656 SH SOLE 24,656 MOLSON COORS BREWING CO CL B 60871R209 $ 11,371 251,290 SH SOLE 179,757 71,533 MOLSON COORS BREWING CO CL B 60871R209 $ 1,240 27,410 SH DEFINED 4 27,410 NATIONAL WESTN LIFE INS CO CL A 638522102 $ 891 6,512 SH SOLE 6,457 55 NATIONAL WESTN LIFE INS CO CL A 638522102 $ 260 1,898 SH DEFINED 4 1,898 NATUZZI S P A ADR 63905A101 $ 3,205 1,186,837 SH SOLE 386,366 800,471 NATUZZI S P A ADR 63905A101 $ 415 153,556 SH DEFINED 4 153,556 NEWS CORP CL A 65248E104 $240,955 11,131,554 SH SOLE 11,131,554 NEWS CORP CL A 65248E104 $ 21,552 1,093,468 SH DEFINED 4 1,093,468 NIPPON TELEG & TEL CORP SPONSORED ADR 654624105 $159,569 7,054,333 SH SOLE 4,362,495 2,691,838 NOKIA CORP SPONSORED ADR 654902204 $ 1,939 353,206 SH SOLE 71,317 281,889 NORTEL INVERSORA S A SPON ADR PFD B 656567401 $ 1,595 76,480 SH DEFINED 4 76,480 NORTEL INVERSORA S A SPON ADR PFD B 656567401 $ 260 12,460 SH OTHER 1 12,460 NORTEL INVERSORA S A SPON ADR PFD B 656567401 $ 9,090 346,828 SH SOLE 346,828 NOVATEL WIRELESS INC COM NEW 66987M604 $ 74 22,000 SH SOLE 22,000 NVIDIA CORP COM 67066G104 $ 182 11,825 SH SOLE 11,825 OCEAN SHORE HLDG CO NEW COM 67501R103 $ 679 58,562 SH DEFINED 4 58,562 OCEAN SHORE HLDG CO NEW COM 67501R103 $ 585 50,456 SH SOLE 50,071 385 OFFICEMAX INC DEL COM 67622P101 $ 922 161,165 SH DEFINED 4 161,165 OFFICEMAX INC DEL COM 67622P101 $ 1,133 198,162 SH SOLE 196,482 1,680 OI S.A. SPN ADR REP PFD 670851203 $ 5,605 352,511 SH OTHER 3 352,511 OI S.A. SPN ADR REP PFD 670851203 $ 1,016 63,889 SH DEFINED 4 63,889 OI S.A. SPN ADR REP PFD 670851203 $ 63,778 3,594,801 SH SOLE 3,594,801 OI S.A. SPONSORED ADR 670851104 $ 1,266 199,977 SH OTHER 3 199,977 OI S.A. SPONSORED ADR 670851104 $ 12,448 1,966,531 SH SOLE 1,465,607 500,924 OI S.A. SPONSORED ADR 670851104 $ 1,105 174,614 SH DEFINED 4 174,614 OLD REP INTL CORP COM 680223104 $ 530 50,220 SH DEFINED 4 50,220 OLD REP INTL CORP COM 680223104 $ 10,552 1,000,236 SH SOLE 857,376 142,860 ORION MARINE GROUP INC COM 68628V308 $ 661 91,410 SH SOLE 90,140 1,270 ORION MARINE GROUP INC COM 68628V308 $ 1,017 140,630 SH DEFINED 4 140,630 OSHKOSH CORP COM 688239201 $ 1,438 62,070 SH DEFINED 4 62,070 OSHKOSH CORP COM 688239201 $ 9,215 397,705 SH SOLE 384,059 13,646 PALOMAR MED TECHNOLOGIES INC COM NEW 697529303 $ 556 59,563 SH SOLE 58,348 1,215 PALOMAR MED TECHNOLOGIES INC COM NEW 697529303 $ 592 63,340 SH DEFINED 4 63,340 PARTNER COMMUNICATIONS CO LT ADR 70211M109 $ 1,697 223,836 SH SOLE 220,226 3,610 PEOPLES UNITED FINANCIAL INC COM 712704105 $ 547 41,310 SH DEFINED 4 41,310 PEOPLES UNITED FINANCIAL INC COM 712704105 $ 5,492 415,080 SH SOLE 307,093 107,987 PEPSICO INC COM 713448108 $281,398 4,241,117 SH SOLE 3,531,298 709,819 PEPSICO INC COM 713448108 $ 25,898 390,317 SH DEFINED 4 390,317 PETROCHINA CO LTD SPONSORED ADR 71646E100 $ 3,724 26,502 SH SOLE 25,942 560 PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $ 1,342 52,500 SH OTHER 1 52,500 PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $278,547 9,336,366 SH SOLE 9,336,366 PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $ 3,072 120,170 SH OTHER 2 120,170 PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $ 22,486 879,743 SH OTHER 3 879,743 PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 $ 13,010 508,999 SH DEFINED 4 508,999 PFIZER INC COM 717081103 $246,808 10,898,998 SH SOLE 9,066,109 1,832,889 PFIZER INC COM 717081103 $ 23,920 1,056,294 SH DEFINED 4 1,056,294 PNC FINL SVCS GROUP INC COM 693475105 $ 96,699 1,499,438 SH SOLE 1,270,248 229,190 PNC FINL SVCS GROUP INC COM 693475105 $ 10,229 158,615 SH DEFINED 4 158,615 PORTUGAL TELECOM SGPS S A SPONSORED ADR 737273102 $ 47,484 8,777,023 SH SOLE 5,637,436 3,139,587 POSCO SPONSORED ADR 693483109 $ 76,125 909,499 SH SOLE 705,630 203,869 PROCTER & GAMBLE CO COM 742718109 $ 962 14,320 SH DEFINED 4 14,320 PROCTER & GAMBLE CO COM 742718109 $ 10,391 154,607 SH SOLE 110,447 44,160 PUBLIC SVC ENTERPRISE GROUP COM 744573106 $ 8,894 290,553 SH SOLE 206,850 83,703 PUBLIC SVC ENTERPRISE GROUP COM 744573106 $ 994 32,470 SH DEFINED 4 32,470 PULTE GROUP INC COM 745867101 $ 16,175 1,827,737 SH SOLE 1,607,866 219,871 PULTE GROUP INC COM 745867101 $ 2,872 324,502 SH DEFINED 4 324,502 QUIKSILVER INC COM 74838C106 $ 170 42,028 SH SOLE 40,633 1,395 QUIKSILVER INC COM 74838C106 $ 118 29,175 SH DEFINED 4 29,175 REGIONS FINANCIAL CORP NEW COM 7591EP100 $ 5,474 830,639 SH SOLE 675,876 154,763 REGIONS FINANCIAL CORP NEW COM 7591EP100 $ 232 35,280 SH DEFINED 4 35,280 RENT A CTR INC NEW COM 76009N100 $ 238 6,305 SH DEFINED 4 6,305 RENT A CTR INC NEW COM 76009N100 $ 346 9,175 SH SOLE 8,680 495 RESEARCH IN MOTION LTD COM 760975102 $ 864 58,800 SH DEFINED 4 58,800 RYLAND GROUP INC COM 783764103 $ 2,141 111,037 SH SOLE 110,302 735 RYLAND GROUP INC COM 783764103 $ 1,434 74,370 SH DEFINED 4 74,370 SAFEWAY INC COM NEW 786514208 $ 18,790 929,750 SH DEFINED 4 929,750 SAFEWAY INC COM NEW 786514208 $164,885 8,158,608 SH SOLE 6,799,404 1,359,204 SANOFI SPONSORED ADR 80105N105 $168,084 4,337,645 SH SOLE 2,684,007 1,653,638 SEAGATE TECHNOLOGY PLC SHS G7945M107 $ 1,724 63,950 SH SOLE 63,700 250 SENECA FOODS CORP NEW CL A 817070501 $ 1,566 59,439 SH DEFINED 4 59,439 SENECA FOODS CORP NEW CL A 817070501 $ 1,858 70,525 SH SOLE 69,645 880 SHINHAN FINANCIAL GROUP CO L SPN ADR RESTRD 824596100 $ 4,570 59,279 SH SOLE 58,299 980 SIERRA WIRELESS INC COM 826516106 $ 2,025 276,651 SH DEFINED 4 276,651 SIERRA WIRELESS INC COM 826516106 $ 5,541 756,983 SH SOLE 228,923 528,060 SK TELECOM LTD SPONSORED ADR 78440P108 $140,518 10,101,975 SH SOLE 7,643,061 2,458,914 SK TELECOM LTD SPONSORED ADR 78440P108 $ 5,122 368,203 SH DEFINED 4 368,203 SONY CORP ADR NEW 835699307 $ 68,568 3,301,289 SH SOLE 2,065,642 1,235,647 SOUTHWEST AIRLS CO COM 844741108 $ 145 17,600 SH SOLE 17,600 SPIRIT AEROSYSTEMS HLDGS INC COM CL A 848574109 $ 224 11,873 SH SOLE 11,338 535 ST JOE CO COM 790148100 $ 1,060 55,785 SH DEFINED 4 55,785 ST JOE CO COM 790148100 $ 4,435 233,322 SH SOLE 224,895 8,427 STANLEY BLACK & DECKER INC COM 854502101 $ 1,853 24,082 SH DEFINED 4 24,082 STANLEY BLACK & DECKER INC COM 854502101 $ 15,721 204,279 SH SOLE 164,523 39,756 STATE STR CORP COM 857477103 $ 42,096 925,184 SH SOLE 696,474 228,710 STATE STR CORP COM 857477103 $ 334 7,339 SH DEFINED 4 7,339 STMICROELECTRONICS N V NY REGISTRY 861012102 $113,306 13,834,735 SH SOLE 8,594,639 5,240,096 SUMITOMO MITSUI FINL GROUP I SPONSORED ADR 86562M209 $ 76,838 11,572,015 SH SOLE 7,305,750 4,266,265 SUNTRUST BKS INC COM 867914103 $ 1,757 72,693 SH SOLE 70,683 2,010 SUPERVALU INC COM 868536103 $ 1,276 223,517 SH DEFINED 4 223,517 SUPERVALU INC COM 868536103 $ 25,096 4,395,092 SH SOLE 3,584,662 810,430 SUSQUEHANNA BANCSHARES INC P COM 869099101 $ 117 16,892 SH SOLE 16,345 547 SYKES ENTERPRISES INC COM 871237103 $ 204 22,345 SH SOLE 21,770 575 SYMANTEC CORP COM 871503108 $ 8,897 475,761 SH SOLE 337,566 138,195 SYMANTEC CORP COM 871503108 $ 748 39,980 SH DEFINED 4 39,980 SYNERON MEDICAL LTD ORD SHS M87245102 $ 661 61,644 SH DEFINED 4 61,644 SYNERON MEDICAL LTD ORD SHS M87245102 $ 12,653 1,180,318 SH SOLE 917,228 263,090 TE CONNECTIVITY LTD REG SHS H84989104 $ 10,386 282,599 SH DEFINED 4 282,599 TE CONNECTIVITY LTD REG SHS H84989104 $ 2,780 75,634 SH OTHER 2 75,634 TE CONNECTIVITY LTD REG SHS H84989104 $ 17,715 482,043 SH OTHER 3 482,043 TE CONNECTIVITY LTD REG SHS H84989104 $432,271 11,762,468 SH SOLE 8,905,357 2,857,111 TECUMSEH PRODS CO CL A 878895200 $ 338 84,117 SH SOLE 84,117 TECUMSEH PRODS CO CL A 878895200 $ 226 56,150 SH DEFINED 4 56,150 TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $ 7,441 655,551 SH DEFINED 4 655,551 TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $ 7,844 691,100 SH OTHER 3 691,100 TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $ 1,228 108,154 SH OTHER 2 108,154 TELE NORTE LESTE PART S A SPON ADR PFD 879246106 $ 95,045 6,919,193 SH SOLE 6,919,193 TELECOM ITALIA S P A NEW SPON ADR ORD 87927Y102 $167,661 14,124,777 SH SOLE 8,642,768 5,482,009 TELEFONICA BRASIL SA SPONSORED ADR 87936R106 $ 529 17,265 SH OTHER 1 17,265 TELEFONICA BRASIL SA SPONSORED ADR 87936R106 $ 79,081 2,034,087 SH SOLE 2,034,087 TELEFONICA BRASIL SA SPONSORED ADR 87936R106 $ 10,836 353,756 SH OTHER 3 353,756 TELEFONICA BRASIL SA SPONSORED ADR 87936R106 $ 3,537 115,473 SH DEFINED 4 115,473 TELEFONICA BRASIL SA SPONSORED ADR 87936R106 $ 1,875 61,230 SH OTHER 2 61,230 TELEFONICA S A SPONSORED ADR 879382208 $ 50,537 3,079,648 SH SOLE 1,889,953 1,189,695 TERNIUM SA SPON ADR 880890108 $ 13,549 572,150 SH SOLE 570,880 1,270 TEXAS INSTRS INC COM 882508104 $ 6,766 201,310 SH SOLE 144,021 57,289 TEXAS INSTRS INC COM 882508104 $ 686 20,400 SH DEFINED 4 20,400 TIM PARTICIPACOES S A SPONSORED ADR 88706P205 $ 6,928 214,753 SH OTHER 3 214,753 TIM PARTICIPACOES S A SPONSORED ADR 88706P205 $ 1,407 43,608 SH OTHER 2 43,608 TIM PARTICIPACOES S A SPONSORED ADR 88706P205 $ 85,139 2,639,145 SH SOLE 2,053,692 585,453 TIM PARTICIPACOES S A SPONSORED ADR 88706P205 $ 4,149 128,611 SH DEFINED 4 128,611 TOLL BROTHERS INC COM 889478103 $ 470 19,600 SH DEFINED 4 19,600 TOLL BROTHERS INC COM 889478103 $ 847 35,310 SH SOLE 34,955 355 TOTAL S A SPONSORED ADR 89151E109 $176,652 3,455,637 SH SOLE 2,140,932 1,314,705 TOYOTA MOTOR CORP SP ADR REP2COM 892331307 $157,495 1,814,040 SH SOLE 1,101,477 712,563 TRAVELERS COMPANIES INC COM 89417E109 $ 9,401 158,809 SH SOLE 112,889 45,920 TRAVELERS COMPANIES INC COM 89417E109 $ 932 15,740 SH DEFINED 4 15,740 U S G CORP COM NEW 903293405 $ 175 15,480 SH SOLE 14,885 595 UBS AG SHS NEW H89231338 $ 43,194 3,080,857 SH SOLE 2,198,266 882,591 UNILEVER N V N Y SHS NEW 904784709 $148,196 4,354,869 SH SOLE 2,652,647 1,702,222 UNILEVER PLC SPON ADR NEW 904767704 $ 2,404 72,750 SH SOLE 59,871 12,879 UTSTARCOM HOLDINGS CORP USD ORD SHS G9310A106 $ 250 172,696 SH SOLE 165,721 6,975 UTSTARCOM HOLDINGS CORP USD ORD SHS G9310A106 $ 344 237,576 SH DEFINED 4 237,576 VALERO ENERGY CORP NEW COM 91913Y100 $181,995 7,062,290 SH SOLE 5,813,509 1,248,781 VALERO ENERGY CORP NEW COM 91913Y100 $ 18,255 708,376 SH DEFINED 4 708,376 VISTEON CORP COM NEW 92839U206 $ 1,130 23,989 SH SOLE 21,059 2,930 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 $ 45,423 1,641,611 SH SOLE 1,051,743 589,868 WAL MART STORES INC COM 931142103 $ 6,499 106,186 SH SOLE 64,658 41,528 WAL MART STORES INC COM 931142103 $ 948 15,490 SH DEFINED 4 15,490 WALGREEN CO COM 931422109 $ 1,004 29,990 SH DEFINED 4 29,990 WALGREEN CO COM 931422109 $ 6,926 206,797 SH SOLE 146,774 60,023 WELLS FARGO & CO NEW COM 949746101 $ 24,896 729,237 SH DEFINED 4 729,237 WELLS FARGO & CO NEW COM 949746101 $224,595 6,578,648 SH SOLE 5,491,181 1,087,467 WESTERN DIGITAL CORP COM 958102105 $228,185 5,513,052 SH SOLE 4,598,785 914,267 WESTERN DIGITAL CORP COM 958102105 $ 19,699 475,938 SH DEFINED 4 475,938 WHIRLPOOL CORP COM 963320106 $ 483 6,286 SH SOLE 5,200 1,086 WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 $ 9,519 272,113 SH SOLE 265,078 7,035 WINNEBAGO INDS INC COM 974637100 $ 135 22,633 SH SOLE 21,923 710 XEROX CORP COM 984121103 $135,779 16,814,701 SH SOLE 14,079,781 2,734,920 XEROX CORP COM 984121103 $ 15,329 1,898,312 SH DEFINED 4 1,898,312