UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                                (Amendment No. 2)

                 National Telephone Company of Venezuela (CANTV)
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                                (Name of Issuer)

           American Depository Shares (ADSs) each of which represents
                        7 Class D Shares of Common Stock
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                         (Title of Class of Securities)

                                    204421101
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                                 (CUSIP Number)

                                December 31, 2007
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             (Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
         |X|  Rule 13d-1(b)
         |_|  Rule 13d-1(c)
         |_|  Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



================================================================================
CUSIP No. 204421101                   13G                      Page 2 of 8 Pages
================================================================================
1.    NAMES OR REPORTING PERSONS
      S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

      Renaissance Technologies LLC                26-0385758
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2.    CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
      (a) |_|
      (b) |_|
--------------------------------------------------------------------------------
3.    SEC USE ONLY


--------------------------------------------------------------------------------
4.    CITIZENSHIP OR PLACE OF ORGANIZATION

      Delaware
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               5.    SOLE VOTING POWER

                     3,609,200
               -----------------------------------------------------------------
  NUMBER OF    6.    SHARED VOTING POWER
   SHARES
 BENEFICIALLY        0
  OWNED BY     -----------------------------------------------------------------
    EACH       7.    SOLE DISPOSITIVE POWER
  REPORTING
   PERSON            3,753,700
    WITH       -----------------------------------------------------------------
               8.    SHARED DISPOSITIVE POWER

                     0
--------------------------------------------------------------------------------
9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      3,753,700
--------------------------------------------------------------------------------
10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
      (SEE INSTRUCTIONS)                                                     |_|

--------------------------------------------------------------------------------
11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      3.81%(*)
--------------------------------------------------------------------------------
12.   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

      IA
--------------------------------------------------------------------------------


                               Page 2 of 8 Pages


================================================================================
CUSIP No. 204421101                   13G                      Page 3 of 8 Pages
================================================================================
1.    NAMES OR REPORTING PERSONS
      S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

      James H. Simons
--------------------------------------------------------------------------------
2.    CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
      (a) |_|
      (b) |_|
--------------------------------------------------------------------------------
3.    SEC USE ONLY


--------------------------------------------------------------------------------
4.    CITIZENSHIP OR PLACE OF ORGANIZATION

      United States
--------------------------------------------------------------------------------
               5.    SOLE VOTING POWER

                     3,609,200
               -----------------------------------------------------------------
  NUMBER OF    6.    SHARED VOTING POWER
   SHARES
 BENEFICIALLY        0
  OWNED BY     -----------------------------------------------------------------
    EACH       7.    SOLE DISPOSITIVE POWER
  REPORTING
   PERSON            3,753,700
    WITH       -----------------------------------------------------------------
               8.    SHARED DISPOSITIVE POWER

                     0
--------------------------------------------------------------------------------
9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      3,753,700
--------------------------------------------------------------------------------
10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
      (SEE INSTRUCTIONS)                                                     |_|

--------------------------------------------------------------------------------
11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

      3.81%(*)
--------------------------------------------------------------------------------
12.   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

      IN
--------------------------------------------------------------------------------


                               Page 3 of 8 Pages


================================================================================
CUSIP No. 204421101                   13G                      Page 4 of 8 Pages
================================================================================

(*) Calculated assuming 689,879,559 outstanding Class D Shares, which is based
upon the 493,478,132 Class D Shares reported as outstanding as of April 30, 2007
(as reported in the Issuer's Form 20-F filing on May 18, 2007) and 196,401,427
Class A Shares reported by Verizon Communications Inc. in its Schedule 13D filed
on May 8, 2007 as having been tendered to the Government of Venezuela and
thereby converted into an equal number of Class D Shares.

Item 1.

      (a)   Name of Issuer.

            National Telephone Company of Venezuela (CANTV)

      (b)   Address of Issuer's Principal Executive Offices.

            Avenida Libertador
            Centro Nacional de Telecomunicaciones
            Nuevo Edificio Administrativo, Piso 1
            Apartado Postal 1226
            Caracas, Venezuela 1010
Item 2.

      (a)   Name of Person Filing.

            This Schedule 13G is being filed by Renaissance Technologies LLC
            ("RTC") and James H. Simons ("Simons").

      (b)   Address of Principal Business Office or, if none, Residence.

            The principal business address of the reporting persons is:

            800 Third Avenue
            New York, New York  10022

      (c)   Citizenship.

            Dr. Simons is a United States citizen and
            RTC is a Delaware limited liability company.

      (d)   Title of Class of Securities.

            American Depository Shares (ADSs) each of which
            Represents 7 Class D Shares of Common Stock

      (e)   CUSIP Number.

            204421101


                               Page 4 of 8 Pages


Item 3. If this statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) or (c),
        check whether the person filing is a:

      (a) |_| Broker or dealer registered under Section 15 of the Act.
      (b) |_| Bank as defined in Section 3(a)(6) of the Act.
      (c) |_| Insurance Company as defined in Section 3(a)(19) of the Act.
      (d) |_| Investment Company registered under Section 8 of the Investment
              Company Act.
      (e) |X| Investment Adviser in accordance with Sec. 240.13d-1(b)(1)(ii)(E).
      (f) |_| Employee Benefit Plan or Endowment Fund in accordance with Sec.
              240.13d1(b)(1)(ii)(F).
      (g) |_| Parent holding company, in accordance with Sec.
              240.13d-1(b)(ii)(G).
      (h) |_| A savings association as defined in Section 3(b) of the Federal
              Deposit Insurance Act.
      (i) |_| A church plan that is excluded from the definition of an
              investment company under Section 3(c)(14) of the Investment
              Company Act of 1940.
      (j) |_| Group, in accordance with Sec. 240.13d-1(b)(1)(ii)(J).

      If this statement is filed pursuant to Sec. 240.13d-1(c), check this box
      |_|.

Item 4. Ownership

      (a)   Amount Beneficially Owned.

            RTC:        3,753,700 shares

            Simons:     3,753,700 shares, comprising the shares beneficially
                        owned by RTC, because of Dr. Simons' position as control
                        person of RTC.

      (b)   Percent of Class.   RTC:    3.81% (*)
                                Simons: 3.81% (*)

      (c)   Number of shares as to which each such person has

            (i)   sole power to vote or to direct the vote:    RTC:    3,609,200
                                                               Simons: 3,609,200

            (ii)  shared power to vote or to direct the vote:          0

            (iii) sole power to dispose or to direct the
                  disposition of:                              RTC:    3,753,700
                                                               Simons: 3,753,700

            (iv)  shared power to dispose or to direct the
                  disposition of:                                      0


                               Page 5 of 8 Pages


Item 5.     Ownership of Five Percent or Less of a Class.

            If this statement is being filed to report the fact that as of the
            date hereof the reporting person has ceased to be the beneficial
            owner of more than five percent of the class of securities, check
            the following |X|

Item 6.     Ownership of More than Five Percent on Behalf of Another Person.

            Certain funds and accounts managed by RTC have the right to receive
            dividends and proceeds from the sale of the securities which are the
            subject of this report.

Item 7.     Identification and Classification of the Subsidiary Which Acquired
            the Security Being Reported on by the Parent Holding Company or
            Control Person.

            Not applicable.

Item 8.     Identification and Classification of Members of the Group.

            Not applicable.

Item 9.     Notice of Dissolution of Group.

            Not applicable.


                               Page 6 of 8 Pages


Item 10. Certification.

      By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.

                                    SIGNATURE

      After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Date: February 12, 2008

                                                      /s/ James H. Simons
                                                --------------------------------
                                                        James H. Simons


                                                Renaissance Technologies LLC

                                                By: /s/ Mark Silber
                                                    ----------------------------
                                                    Mark Silber
                                                    Executive Vice President

      Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (see 18 U.S.C. 1001).


                               Page 7 of 8 Pages


                                  SCHEDULE 13G

                                  EXHIBIT INDEX

EXHIBIT NO.     EXHIBIT
-----------     -------

   99.1         Agreement Pursuant to Rule 13d-1(k)(1)(iii) (incorporated by
                reference to Exhibit 99.1 to the initial filing of this Schedule
                13G on February 12, 2007).


                               Page 8 of 8 Pages