0001193125-12-043489.txt : 20120207 0001193125-12-043489.hdr.sgml : 20120207 20120207150424 ACCESSION NUMBER: 0001193125-12-043489 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120207 DATE AS OF CHANGE: 20120207 EFFECTIVENESS DATE: 20120207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DnB NOR Asset Management AS CENTRAL INDEX KEY: 0001456670 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-13463 FILM NUMBER: 12577394 BUSINESS ADDRESS: STREET 1: OVRE SLOTTSGATE 3 CITY: OSLO STATE: Q8 ZIP: N-0021 BUSINESS PHONE: 0114791503000 MAIL ADDRESS: STREET 1: OVRE SLOTTSGATE 3 CITY: OSLO STATE: Q8 ZIP: N-0021 13F-HR 1 d294164d13fhr.txt FORM 13F 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 holdings entries. Institutional Investment Manager Filing this Report: Name: DnB NOR Asset Management AS Address: Ovre Slottsgate 3 Oslo, Norway N-0021 Form 13F File Number: 28-13463 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, ad 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: Erik Garaas Title: EVP Phone: 4791503000 Signature, place, and Date of Signing: /s/ Erik Garaas Oslo, Norway DECEMBER 31, 2011 -------------------------- -------------------------- ---------------------- [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).) List of Other Managers Reporting for this Manager: FORM 13F SUMMARY PAGE Report summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 336 Form 13F Information Table Value Total (x$1000): 2,485,486 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. No. Form 13F File Number Name --- -------------------- --------------------------- 1 DnB NOR Asset Management AB 13F US GOVERNMENT REPORT [LOGO] DNB ASSET MANAGEMENT 12/31/2011
ITEM 6: ITEM 8: ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 INVESTMENT DISCRETION ITEM 7 VOTING AUTHORITY TITLE OF SH/ PUT/ SOLE SHARED SHARED OTHER SOLE SHARED NONE NAME OF ISSUER CLASS CUSIP MARKETVALUE VOLUME PRN CALL (A) (B) OTHER (C) MANAGERS (A) (B) (C) -------------- -------- --------- ----------- --------- --- ---- ---- --------- --------- -------- ---- --------- ---- Pfizer Inc common 717081103 101,641,067 4,696,907 SH 4,696,907 1 4,696,907 Cisco Systems Inc common 17275R102 48,228,942 2,667,530 SH 2,667,530 1 2,667,530 Citigroup Inc common 172967424 45,629,170 1,734,290 SH 1,734,290 1 1,734,290 Coca Cola Company common 191216100 52,994,438 757,388 SH 757,388 1 757,388 JPMorgan Chase & Co common 46625H100 33,538,710 1,008,683 SH 1,008,683 1 1,008,683 Wellpoint Inc common 94973V107 3,287,193 49,618 SH 49,618 1 49,618 Activision Blizzard Inc common 00507V109 18,562,766 1,506,718 SH 1,506,718 1 1,506,718 St Jude Medical Inc common 790849103 1,018,298 29,688 SH 29,688 1 29,688 ConocoPhillips common 20825C104 22,198,024 304,625 SH 304,625 1 304,625 Walt Disney Company common 254687106 5,900,250 157,340 SH 157,340 1 157,340 Medco Health Solutions Inc common 58405U102 2,654,523 47,487 SH 47,487 1 47,487 Marvell Technology Group common G5876H105 262,748 18,971 SH 18,971 1 18,971 Nvidia Corp common 67066G104 260,124 18,768 SH 18,768 1 18,768 America Movil - ADR common 02364W105 6,505,681 287,862 SH 287,862 1 287,862 Whole Foods Market Inc. common 966837106 5,806,451 83,450 SH 83,450 1 83,450 BB and T Corporation common 054937107 1,659,886 65,947 SH 65,947 1 65,947 Noble Energy common 655044105 2,316,614 24,543 SH 24,543 1 24,543 Wells Fargo and Company common 949746101 3,642,330 132,160 SH 132,160 1 132,160 American Electric Power Co Inc common 025537101 1,519,671 36,787 SH 36,787 1 36,787 The Blackstone Group LP common 09253U108 733,466 52,353 SH 52,353 1 52,353 Goldman Sachs Group common 38141G104 1,337,731 14,793 SH 14,793 1 14,793 Ameriprise Financial common 03076C106 1,269,990 25,584 SH 25,584 1 25,584 Kimco Realty Corp common 49446R109 1,270,877 78,256 SH 78,256 1 78,256 02Micro International Ltd - ADR common 67107W100 4,747,362 1,189,815 SH 1,189,815 1 1,189,815 Murphy Oil Corp common 626717102 2,122,412 38,077 SH 38,077 1 38,077 Southwestern Energy Co common 845467109 8,597,450 269,175 SH 269,175 1 269,175 Tele Norte Leste Part ADR common 879246106 498,867 52,402 SH 52,402 1 52,402 Quanta Services Inc common 74762E102 2,947,512 136,839 SH 136,839 1 136,839 Halliburton common 406216101 1,746,586 50,611 SH 50,611 1 50,611 Dow Chemical common 260543103 493,752 17,168 SH 17,168 1 17,168 Alcoa Inc common 013817101 388,169 44,875 SH 44,875 1 44,875 Tyson Foods common 902494103 277,773 13,458 SH 13,458 1 13,458 United Technologies Corporation common 913017109 932,628 12,760 SH 12,760 1 12,760 Coventry Health Care common 222862104 402,463 13,252 SH 13,252 1 13,252 Warner Chilcott PLC common 00B446CM7 30,427,292 2,011,057 SH 2,011,057 1 2,011,057 DryShips Inc common Y2109Q101 577,600 288,800 SH 288,800 1 288,800 Endologix Inc common 29266S106 1,660,915 144,679 SH 144,679 1 144,679 SYNNEX Corp common 87162W100 721,647 23,715 SH 23,715 1 23,715 Marathon Petr common 56585A102 1,218,547 36,604 SH 36,604 1 36,604 Gevo Inc common 374396109 1,211,630 192,628 SH 192,628 1 192,628 Amyris Incorporated common 03236M101 5,585,129 483,980 SH 483,980 1 483,980 Apache Corporation common 037411105 18,141,091 200,277 SH 200,277 1 200,277 C R Bard common 067383109 1,200,078 14,036 SH 14,036 1 14,036 EI Du Pont de Nemours & Co common 263534109 2,879,058 62,889 SH 62,889 1 62,889 PNC Financial Services Group common 693475105 50,948,158 883,443 SH 883,443 1 883,443 Cemex S.A.B. de C.V. (ADR) common 151290889 641,087 118,940 SH 118,940 1 118,940 Mobile Telesystems OJSC - ADR common 607409109 2,406,448 163,927 SH 163,927 1 163,927 Mechel - ADR common 583840103 781,312 91,919 SH 91,919 1 91,919 Ford Motor Company common 345370860 1,761,746 163,731 SH 163,731 1 163,731 Chesapeake Energy Corp common 165167107 1,755,516 78,758 SH 78,758 1 78,758 Aflac Inc common 001055102 994,115 22,980 SH 22,980 1 22,980 Western Digital Corp common 958102105 1,122,340 36,263 SH 36,263 1 36,263 CTC Media Inc common 12642X106 255,935 29,183 SH 29,183 1 29,183 Kraft Foods Inc common 50075N104 4,304,843 115,226 SH 115,226 1 115,226 Ares Capital common 04010L103 737,490 47,734 SH 47,734 1 47,734 Juniper Networks common 48203R104 1,297,892 63,591 SH 63,591 1 63,591 Xerox Corp common 984121103 788,510 99,059 SH 99,059 1 99,059 TJX Cos Inc common 872540109 2,789,270 43,211 SH 43,211 1 43,211 Colgate Palmolive Company common 194162103 2,908,160 31,477 SH 31,477 1 31,477 WuXi PharmaTech Cayman Inc - ADR common 929352102 4,862,000 440,000 SH 440,000 1 440,000 East West Bancorp Inc common 27579R104 21,464,814 1,086,826 SH 1,086,826 1 1,086,826 Fuel Systems Solutions Inc common 35952W103 14,617,480 886,983 SH 886,983 1 886,983 SunTrust Banks common 867914103 406,144 22,946 SH 22,946 1 22,946 URS Corp common 903236107 1,756,351 50,010 SH 50,010 1 50,010 Flowserve Corp common 34354P105 3,360,989 33,840 SH 33,840 1 33,840 NiSource Inc common 65473P105 1,524,507 64,028 SH 64,028 1 64,028 Tata Motors Ltd - ADR common 876568502 886,354 52,447 SH 52,447 1 52,447 STR Holdings Inc(New) common 78478V100 14,921,709 1,810,887 SH 1,810,887 1 1,810,887 Ctrip.com International Ltd - ADR common 22943F100 2,607,930 111,450 SH 111,450 1 111,450 KeyCorp common 493267108 473,612 61,588 SH 61,588 1 61,588 Regions Financial Corporation common 7591EP100 340,091 79,091 SH 79,091 1 79,091 Research In Motion common 760975102 1,987,950 137,100 SH 137,100 1 137,100 American Water Works Co Inc common 030420103 1,297,594 40,728 SH 40,728 1 40,728 Helmerich common 423452101 720,454 12,345 SH 12,345 1 12,345 Bank of New York Mellon Corp/T common 064058100 640,704 32,180 SH 32,180 1 32,180 Ultra Clean Holdings Inc common 90385V107 378,624 61,968 SH 61,968 1 61,968 Key Energy Services Inc common 492914106 29,835,048 1,929,822 SH 1,929,822 1 1,929,822 Hawaiian Electric Industries Inc common 419870100 944,501 35,655 SH 35,655 1 35,655 Susquehanna Bancshares Inc common 869099101 211,101 25,191 SH 25,191 1 25,191 NetGear common 64111Q104 4,176,544 124,413 SH 124,413 1 124,413 Esco Technologies common 296315104 900,814 31,300 SH 31,300 1 31,300 Camelot Information Systems Inc common 13322V105 999,125 350,570 SH 350,570 1 350,570 Hewlett Packard Company common 428236103 31,960,277 1,240,694 SH 1,240,694 1 1,240,694 Itron common 465741106 9,180,120 256,643 SH 256,643 1 256,643 Express Scripts Inc common 302182100 3,979,600 89,049 SH 89,049 1 89,049 eBay Inc common 278642103 921,941 30,397 SH 30,397 1 30,397 Regal Beloit Corp common 758750103 13,443,718 263,861 SH 263,861 1 263,861 Norfolk Southern Corporation common 655844108 5,882,134 80,732 SH 80,732 1 80,732
13F US GOVERNMENT REPORT [LOGO] DNB ASSET MANAGEMENT 12/31/2011
ITEM 6: ITEM 8: ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 INVESTMENT DISCRETION ITEM 7 VOTING AUTHORITY TITLE OF SH/ PUT/ SOLE SHARED SHARED OTHER SOLE SHARED NONE NAME OF ISSUER CLASS CUSIP MARKETVALUE VOLUME PRN CALL (A) (B) OTHER (C) MANAGERS (A) (B) (C) -------------- -------- --------- ----------- --------- --- ---- ---- --------- --------- -------- ---- --------- ---- PG and E Corp common 69331C108 1,112,363 26,986 SH 26,986 1 26,986 Stryker Corporation common 863667101 791,731 15,927 SH 15,927 1 15,927 American Capital Ltd common 02503Y103 662,340 98,416 SH 98,416 1 98,416 Apollo Invstment common 03761U106 455,250 70,691 SH 70,691 1 70,691 MVC Capital Inc common 553829102 218,723 18,888 SH 18,888 1 18,888 Schlumberger Ltd common 806857108 10,330,726 151,233 SH 151,233 1 151,233 Plains Exploration & Production Co common 726505100 2,305,428 62,784 SH 62,784 1 62,784 Molson Coors Brewery Co exchangable Class B common 60871R209 2,375,020 54,548 SH 54,548 1 54,548 Visa Inc common 92826C839 1,466,296 14,442 SH 14,442 1 14,442 Tessera Technologies common 88164L100 1,428,842 85,304 SH 85,304 1 85,304 EnerSys common 29275Y102 11,525,486 443,800 SH 443,800 1 443,800 Saic Inc common 78390X101 853,000 69,406 SH 69,406 1 69,406 Capital One Financial common 14040H105 562,668 13,305 SH 13,305 1 13,305 Assurant Inc common 04621X108 415,240 10,113 SH 10,113 1 10,113 Safeguard Scientifics Inc common 786449207 247,083 15,658 SH 15,658 1 15,658 Fuel Tech Inc common 359523107 6,178,074 938,917 SH 938,917 1 938,917 United Micro Electronics Corp - ADR common 910873405 786,463 367,506 SH 367,506 1 367,506 Itau Unibanco Banco Multiplo SA - ADR common 465562106 407,652 21,964 SH 21,964 1 21,964 Limited Brands common 532716107 437,717 10,848 SH 10,848 1 10,848 Codexis Inc common 192005106 2,610,997 492,641 SH 492,641 1 492,641 Costco Wholesale Corporation common 22160K105 837,116 10,047 SH 10,047 1 10,047 El Paso Corporation common 28336L109 606,912 22,842 SH 22,842 1 22,842 Sysco Corporation common 871829107 309,666 10,558 SH 10,558 1 10,558 HiSoft Technology International Ltd - ADR common 43358R108 16,596,454 1,798,099 SH 1,798,099 1 1,798,099 Berkshire Hathaway Inc common 084670702 813,663 10,664 SH 10,664 1 10,664 Sirius XM Radio Inc common 82967N108 463,399 254,615 SH 254,615 1 254,615 Southwest Bancorp Inc common 844767103 212,700 35,688 SH 35,688 1 35,688 ADA-ES Inc common 005208103 5,405,572 238,762 SH 238,762 1 238,762 Emerson Electric common 291011104 22,701,816 487,268 SH 487,268 1 487,268 Exxon Mobil Corporation common 30231G102 116,795,805 1,377,959 SH 1,377,959 1 1,377,959 MetLife common 59156R108 24,363,865 781,394 SH 781,394 1 781,394 Bristol-Myers Squibb Company common 110122108 3,510,045 99,604 SH 99,604 1 99,604 Oracle Corporation common 68389X105 15,497,063 604,174 SH 604,174 1 604,174 Altera Corp common 021441100 734,691 19,803 SH 19,803 1 19,803 Devon Energy Corporation common 25179M103 4,221,642 68,091 SH 68,091 1 68,091 Illinois Tool Works common 452308109 603,353 12,917 SH 12,917 1 12,917 Micron Technology Inc common 595112103 483,122 76,808 SH 76,808 1 76,808 Comcast Corp common 20030N101 6,582,441 277,623 SH 277,623 1 277,623 Celgene Corp common 151020104 3,381,758 50,026 SH 50,026 1 50,026 Lexmark International common 529771107 9,689,874 293,011 SH 293,011 1 293,011 MEMC Electronic Materials Inc common 552715104 22,647,384 5,748,067 SH 5,748,067 1 5,748,067 Caterpillar Inc common 149123101 2,065,408 22,797 SH 22,797 1 22,797 Union Pacific Corporation common 907818108 8,266,604 78,031 SH 78,031 1 78,031 Archer Daniels Midland common 039483102 2,889,773 101,041 SH 101,041 1 101,041 Sealed Air Corp common 81211K100 3,653,322 212,279 SH 212,279 1 212,279 Time Warner Cable Inc common 88732J207 23,822,858 374,750 SH 374,750 1 374,750 Prudential Financial common 744320102 2,030,913 40,521 SH 40,521 1 40,521 Gap Inc common 364760108 3,342,135 180,169 SH 180,169 1 180,169 Genuine Parts Co common 372460105 3,227,810 52,742 SH 52,742 1 52,742 EOG Resources Inc common 26875P101 1,153,848 11,713 SH 11,713 1 11,713 Mosaic Co common 61945C103 2,668,100 52,907 SH 52,907 1 52,907 Discover Financial Services common 254709108 552,672 23,028 SH 23,028 1 23,028 Royal Caribbean Cruises Ltd common 000886286 4,719,329 190,526 SH 190,526 1 190,526 Exide Technologies common 302051206 10,474,932 3,982,864 SH 3,982,864 1 3,982,864 General Cable Corp common 369300108 20,466,883 818,348 SH 818,348 1 818,348 Unum Group common 91529Y106 434,442 20,619 SH 20,619 1 20,619 Ballard Power Systems Inc common 058586108 831,289 769,712 SH 769,712 1 769,712 Sk Telekom Adr common 78440P108 421,961 30,981 SH 30,981 1 30,981 Principal Financial Group Inc common 74251V102 389,024 15,814 SH 15,814 1 15,814 Rentech Inc common 760112102 1,216,326 935,635 SH 935,635 1 935,635 Southern Company common 842587107 481,694 10,406 SH 10,406 1 10,406 Avery Dennison common 053611109 4,619,086 161,056 SH 161,056 1 161,056 Kulicke and Soffa Industries Inc common 501242101 848,873 91,770 SH 91,770 1 91,770 UQM Technologies, Inc common 903213106 230,047 170,405 SH 170,405 1 170,405 Compania de Minas Buenaventura SA - ADR common 204448104 429,293 11,197 SH 11,197 1 11,197 Amkor Technology Inc common 031652100 543,692 124,700 SH 124,700 1 124,700 US Bancorp common 902973304 947,616 35,032 SH 35,032 1 35,032 Oasis Petroleum Inc common 674215108 980,578 33,720 SH 33,720 1 33,720 Darling International Inc common 237266101 11,125,623 836,513 SH 836,513 1 836,513 AT&T Inc common 00206R102 10,909,655 360,769 SH 360,769 1 360,769 Verizon Communications Inc common 92343V104 1,295,435 32,289 SH 32,289 1 32,289 Baker Hughes Inc common 057224107 4,320,156 88,819 SH 88,819 1 88,819 Eli Lilly & Co common 532457108 5,292,126 127,337 SH 127,337 1 127,337 Johnson & Johnson common 478160104 12,190,601 185,889 SH 185,889 1 185,889 Abbott Laboratories common 002824100 5,534,944 98,434 SH 98,434 1 98,434 Intel Corporation common 458140100 5,952,623 245,469 SH 245,469 1 245,469 Applied Material Inc common 038222105 487,326 45,502 SH 45,502 1 45,502 CA Inc. common 12673P105 862,109 42,647 SH 42,647 1 42,647 Johnson Controls common 478366107 18,481,850 591,230 SH 591,230 1 591,230 Marathon Oil Corporation common 565849106 2,573,096 87,909 SH 87,909 1 87,909 Omnicom Group Inc common 681919106 2,068,913 46,409 SH 46,409 1 46,409 Qualcomm Inc common 747525103 2,450,341 44,796 SH 44,796 1 44,796 Sears Holdings Corp common 812350106 606,966 19,099 SH 19,099 1 19,099 Valero Energy Corp common 91913Y100 2,051,407 97,454 SH 97,454 1 97,454 Walgreen Co common 931422109 2,451,763 74,161 SH 74,161 1 74,161 Legg Mason Inc common 524901105 957,094 39,796 SH 39,796 1 39,796 Lowe's Cos Inc common 548661107 6,661,920 262,487 SH 262,487 1 262,487 FuelCell Energy Inc common 35952H106 6,588,362 7,555,461 SH 7,555,461 1 7,555,461 Avnet Inc common 053807103 12,165,921 391,313 SH 391,313 1 391,313 Intercontinetal Exchange Inc. common 45865V100 19,380,100 160,764 SH 160,764 1 160,764 AMERIGROUP Corp common 03073T102 25,467,202 431,063 SH 431,063 1 431,063
13F US GOVERNMENT REPORT [LOGO] DNB ASSET MANAGEMENT 12/31/2011
ITEM 6: ITEM 8: ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 INVESTMENT DISCRETION ITEM 7 VOTING AUTHORITY TITLE OF SH/ PUT/ SOLE SHARED SHARED OTHER SOLE SHARED NONE NAME OF ISSUER CLASS CUSIP MARKETVALUE VOLUME PRN CALL (A) (B) OTHER (C) MANAGERS (A) (B) (C) -------------- -------- --------- ----------- --------- --- ---- ---- --------- --------- -------- ---- --------- ---- Fidelity National Financial common 31620R105 1,256,877 78,900 SH 78,900 1 78,900 TE Connectivity Ltd common 010299318 357,427 11,601 SH 11,601 1 11,601 JC Penney Co Inc common 708160106 1,731,630 49,264 SH 49,264 1 49,264 International Flavors and Fragrances common 459506101 31,570,469 602,260 SH 602,260 1 602,260 Veeco Instruments. Inc. common 922417100 12,493,458 600,647 SH 600,647 1 600,647 Windstream Corp common 97381W104 741,968 63,200 SH 63,200 1 63,200 Alliance Data Systems Corp common 018581108 1,148,782 11,063 SH 11,063 1 11,063 Edison International common 281020107 2,482,592 59,966 SH 59,966 1 59,966 Starbucks Corp common 855244109 822,061 17,867 SH 17,867 1 17,867 TICC Capital Corp common 87244T109 290,182 33,547 SH 33,547 1 33,547 Hydrogenics Corp common 448883207 663,327 127,318 SH 127,318 1 127,318 Covidien Plc common 00B68SQD2 25,484,617 566,199 SH 566,199 1 566,199 General Mills common 370334104 409,515 10,134 SH 10,134 1 10,134 Weatherford International Ltd common 003883839 285,099 19,474 SH 19,474 1 19,474 CSX Corp common 126408103 291,976 13,864 SH 13,864 1 13,864 Vale SA-SP Pref - ADR common 91912E204 1,357,540 65,900 SH 65,900 1 65,900 Franklin Resources Inc common 354613101 20,160,593 209,875 SH 209,875 1 209,875 Gran Tierra Energy Inc common 38500T101 238,108 49,400 SH 49,400 1 49,400 XL Group Plc common 00B5LRLL2 377,805 19,110 SH 19,110 1 19,110 American Express common 025816109 606,795 12,864 SH 12,864 1 12,864 Pacific Drilling Ltd common 061169563 693,780 74,600 SH 74,600 1 74,600 Pacific Ethanol Inc common 69423U206 364,531 343,897 SH 343,897 1 343,897 3M Company common 88579Y101 34,479,517 421,871 SH 421,871 1 421,871 Cardinal Health Inc common 14149Y108 28,264,601 696,001 SH 696,001 1 696,001 Merck & Company common 58933Y105 7,076,629 187,709 SH 187,709 1 187,709 Tyco International Ltd common 010038348 13,613,630 291,450 SH 291,450 1 291,450 Carnival Corporation common 143658300 34,064,932 1,043,656 SH 1,043,656 1 1,043,656 Avon Products Inc common 054303102 19,183,370 1,098,075 SH 1,098,075 1 1,098,075 Computer Sciences common 205363104 686,992 28,987 SH 28,987 1 28,987 EMC Corporation common 268648102 8,164,888 379,057 SH 379,057 1 379,057 Fifth Third Bancorp common 316773100 1,541,995 121,226 SH 121,226 1 121,226 McDonald's Corporation common 580135101 6,673,249 66,513 SH 66,513 1 66,513 Sara Lee Corporation common 803111103 3,629,632 191,841 SH 191,841 1 191,841 Chevron Corp common 166764100 10,467,313 98,377 SH 98,377 1 98,377 Quest Diagnostics Inc common 74834L100 1,285,216 22,136 SH 22,136 1 22,136 Liberty Global Inc - C common 530555309 1,311,787 33,193 SH 33,193 1 33,193 The Hershey Company common 427866108 4,506,542 72,945 SH 72,945 1 72,945 Deere & Co common 244199105 1,008,180 13,034 SH 13,034 1 13,034 Transocean Ltd common 004826551 1,438,819 37,479 SH 37,479 1 37,479 Hartford Financial Services Group common 416515104 1,280,906 78,825 SH 78,825 1 78,825 Lam Research Corp common 512807108 2,333,037 63,021 SH 63,021 1 63,021 Cliffs Natural Resources Inc common 18683K101 2,669,952 42,822 SH 42,822 1 42,822 Dominion Resources Inc common 25746U109 3,310,334 62,365 SH 62,365 1 62,365 DIRECTV common 25490A101 1,980,429 46,315 SH 46,315 1 46,315 Beam Inc common 073730103 1,812,159 35,373 SH 35,373 1 35,373 Marriott International common 571903202 3,021,049 103,567 SH 103,567 1 103,567 Annaly Capital Management Inc common 035710409 1,293,542 81,049 SH 81,049 1 81,049 Bunge common G16962105 26,976,778 471,622 SH 471,622 1 471,622 Cameron International common 13342B105 4,591,542 93,343 SH 93,343 1 93,343 Arrow Electronics Inc common 042735100 23,039,210 615,857 SH 615,857 1 615,857 RenaissanceRe Holdings common G7496G103 24,619,668 331,043 SH 331,043 1 331,043 Insulet Corp common 45784P101 484,534 25,732 SH 25,732 1 25,732 Hasbro Inc common 418056107 3,265,951 102,413 SH 102,413 1 102,413 Calpine Corp common 131347304 18,986,172 1,162,656 SH 1,162,656 1 1,162,656 KT Corp Sp - ADR common 48268K101 491,596 31,432 SH 31,432 1 31,432 Omnicare Inc common 681904108 413,676 12,008 SH 12,008 1 12,008 Companhia de Saneamento Basico do Est Sao P - ADR common 20441A102 758,176 13,624 SH 13,624 1 13,624 Companhia Paranaense de Energia COPEL - ADR common 20441B407 718,796 34,261 SH 34,261 1 34,261 Arch Coal Inc common 039380100 997,911 68,774 SH 68,774 1 68,774 Green Plains Renewable Energy Inc common 393222104 21,070,552 2,158,868 SH 2,158,868 1 2,158,868 Rubicon Technology Inc common 78112T107 681,723 72,601 SH 72,601 1 72,601 Lyondellbasell Industries NV common 000943499 481,567 14,822 SH 14,822 1 14,822 Stewart Information Services Corp common 860372101 235,239 20,367 SH 20,367 1 20,367 Genon Energy Inc common 37244E107 641,994 244,104 SH 244,104 1 244,104 Amgen Inc common 031162100 4,650,923 72,433 SH 72,433 1 72,433 Medtronic Inc common 585055106 2,994,172 78,279 SH 78,279 1 78,279 Yahoo! Inc common 984332106 77,424,613 4,800,038 SH 4,800,038 1 4,800,038 Corning Incorporated common 219350105 29,870,394 2,301,263 SH 2,301,263 1 2,301,263 Apple Inc common 037833100 101,873,295 251,539 SH 251,539 1 251,539 Anadarko Petroleum Corporation common 032511107 48,588,472 636,558 SH 636,558 1 636,558 Gilead Sciences Inc common 375558103 1,784,180 43,591 SH 43,591 1 43,591 Microsoft Corporation common 594918104 31,362,380 1,208,104 SH 1,208,104 1 1,208,104 Bank of America Corporation common 060505104 1,741,559 313,230 SH 313,230 1 313,230 Conagra Foods Inc common 205887102 4,869,638 184,456 SH 184,456 1 184,456 Google Inc common 38259P508 148,141,686 229,357 SH 229,357 1 229,357 PepsiCo Inc common 713448108 9,231,541 139,134 SH 139,134 1 139,134 Petroleo Brasileiro SA - ADR common 71654V101 2,893,545 123,182 SH 123,182 1 123,182 Cia Vale Do Rio Doce - ADR common 91912E105 5,190,021 241,959 SH 241,959 1 241,959 Best Buy Company common 086516101 4,226,581 180,855 SH 180,855 1 180,855 UnitedHealth Group Incorporated common 91324P102 3,447,912 68,033 SH 68,033 1 68,033 Morgan Stanley common 617446448 870,792 57,554 SH 57,554 1 57,554 Progressive Corporation common 743315103 1,446,179 74,125 SH 74,125 1 74,125 Hess Corp common 42809H107 6,344,049 111,691 SH 111,691 1 111,691 Rowan Company Inc common 779382100 3,852,941 127,034 SH 127,034 1 127,034 Noble Corp common 003334731 1,624,416 53,753 SH 53,753 1 53,753 Entergy Corporation common 29364G103 2,619,208 35,855 SH 35,855 1 35,855 Weyerhaeuser Company common 962166104 1,430,402 76,615 SH 76,615 1 76,615 FirstEnergy Corporation common 337932107 1,773,728 40,039 SH 40,039 1 40,039 Liberty Global Inc common 530555101 1,993,443 48,585 SH 48,585 1 48,585 EnerNOC Inc common 292764107 12,423,221 1,143,943 SH 1,143,943 1 1,143,943 Cognizant Tech Solutions common 192446102 851,722 13,244 SH 13,244 1 13,244
13F US GOVERNMENT REPORT [LOGO] DNB ASSET MANAGEMENT 12/31/2011
ITEM 6: ITEM 8: ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 INVESTMENT DISCRETION ITEM 7 VOTING AUTHORITY TITLE OF SH/ PUT/ SOLE SHARED SHARED OTHER SOLE SHARED NONE NAME OF ISSUER CLASS CUSIP MARKETVALUE VOLUME PRN CALL (A) (B) OTHER (C) MANAGERS (A) (B) (C) -------------- -------- --------- ----------- --------- --- ---- ---- --------- --------- -------- ---- --------- ---- Ameren Corporation common 023608102 932,113 28,135 SH 28,135 1 28,135 Hercules Technology Growth Capital Inc common 427096508 261,856 27,739 SH 27,739 1 27,739 NASDAQ OMX Group Inc common 631103108 364,562 14,874 SH 14,874 1 14,874 Wipro Ltd - ADR common 97651M109 317,575 31,196 SH 31,196 1 31,196 Southern Copper Corp common 84265V105 785,525 26,028 SH 26,028 1 26,028 Brasil Telecom SA common 10553M101 534,696 30,056 SH 30,056 1 30,056 Allstate Corporation common 020002101 305,539 11,147 SH 11,147 1 11,147 CBS Class B common 124857202 585,193 21,562 SH 21,562 1 21,562 Seagate Technology common 00B58JVZ5 6,300,568 384,181 SH 384,181 1 384,181 Allegheny Technologies common 01741R102 15,818,358 330,928 SH 330,928 1 330,928 Home Depot Inc common 437076102 792,664 18,855 SH 18,855 1 18,855 Duke Energy Corporation common 26441C105 355,894 16,177 SH 16,177 1 16,177 Kroger Company common 501044101 261,528 10,798 SH 10,798 1 10,798 Scana Corp common 80589M102 1,330,216 29,521 SH 29,521 1 29,521 CenterPoint Energy Inc common 15189T107 277,503 13,813 SH 13,813 1 13,813 ICICI Bank - ADR common 45104G104 314,993 11,918 SH 11,918 1 11,918 Moodys Corp common 615369105 518,268 15,388 SH 15,388 1 15,388 Vanceinfo Technologies Inc - ADR common 921564100 8,154,457 898,068 SH 898,068 1 898,068 Ocean Rig UDW Inc. common Y64354205 1,078,437 88,469 SH 88,469 1 88,469 Oclaro Inc common 67555N206 6,022,643 2,135,689 SH 2,135,689 1 2,135,689 Time Warner Inc common 887317303 38,091,054 1,053,986 SH 1,053,986 1 1,053,986 General Electric Company common 369604103 63,455,076 3,542,997 SH 3,542,997 1 3,542,997 Boston Scientific Corp common 101137107 843,453 157,950 SH 157,950 1 157,950 Mattel common 577081102 23,084,300 831,567 SH 831,567 1 831,567 Dell Inc common 24702R101 14,058,362 960,927 SH 960,927 1 960,927 Aetna Inc common 00817Y108 2,329,732 55,220 SH 55,220 1 55,220 Virgin Media common 92769L101 1,124,951 52,617 SH 52,617 1 52,617 New York Community Bancorp common 649445103 652,233 52,727 SH 52,727 1 52,727 Procter and Gamble Company common 742718109 15,635,623 234,382 SH 234,382 1 234,382 Viacom CL B common 92553P201 3,232,375 71,182 SH 71,182 1 71,182 CVS Caremark Corp common 126650100 4,379,487 107,393 SH 107,393 1 107,393 Parker Hannifin Corp common 701094104 3,683,561 48,309 SH 48,309 1 48,309 Exelon Co common 30161N101 1,477,399 34,065 SH 34,065 1 34,065 Baxter International Inc common 071813109 1,562,133 31,571 SH 31,571 1 31,571 Comerica Corporated common 200340107 1,556,462 60,328 SH 60,328 1 60,328 Hopsira Inc common 441060100 764,443 25,171 SH 25,171 1 25,171 NetApp Inc common 64110D104 494,179 13,625 SH 13,625 1 13,625 National Oilwell Varco common 637071101 4,388,415 64,545 SH 64,545 1 64,545 The Travelers Cos common 89417E109 2,352,126 39,752 SH 39,752 1 39,752 Monsanto Company common 61166W101 2,490,848 35,548 SH 35,548 1 35,548 Thermo Fisher Scientific common 883556102 1,178,574 26,208 SH 26,208 1 26,208 Progress Energy common 743263105 3,485,172 62,213 SH 62,213 1 62,213 KBR Inc common 48242W106 670,747 24,067 SH 24,067 1 24,067 CF Industries Holdings Inc common 125269100 3,820,078 26,349 SH 26,349 1 26,349 Comverge Inc common 205859101 240,204 190,638 SH 190,638 1 190,638 AGCO Corp common 001084102 3,430,295 79,830 SH 79,830 1 79,830 Oneok Inc common 682680103 1,491,415 17,204 SH 17,204 1 17,204 HDFC Bank Ltd - ADR common 40415F101 821,250 31,250 SH 31,250 1 31,250 Whirlpool Corp common 963320106 1,783,978 37,597 SH 37,597 1 37,597 MetroPCS Communications Inc common 591708102 2,699,419 310,993 SH 310,993 1 310,993 Alpha Ntrl Resc common 02076X102 1,465,893 71,752 SH 71,752 1 71,752 Centrais Eletricas Brasileiras SA - ADR common 15234Q207 731,380 75,400 SH 75,400 1 75,400 NRG Energy Inc common 629377508 336,325 18,561 SH 18,561 1 18,561 Taiwan Semiconductor Manufacturing Co Ltd - ADR common 874039100 774,748 60,058 SH 60,058 1 60,058 Koc Holding AS - ADR common 49989A109 406,804 27,339 SH 27,339 1 27,339 Illumina Inc common 452327109 703,753 23,089 SH 23,089 1 23,089 Focus Media Holding Ltd - ADR common 34415V109 4,359,718 223,690 SH 223,690 1 223,690 KKR & CO LP common 48248M102 863,023 67,266 SH 67,266 1 67,266 News Corp common 65248E104 379,956 21,298 SH 21,298 1 21,298 Williams Companies common 969457100 695,863 21,074 SH 21,074 1 21,074 Molycorp Inc common 608753109 1,849,050 77,108 SH 77,108 1 77,108 TRW Automotive Holdings common 87264S106 2,606,826 79,964 SH 79,964 1 79,964 Teva Pharmaceutical Industries - ADR common 881624209 656,496 16,266 SH 16,266 1 16,266 Solazyme Inc common 83415T101 10,265,000 862,605 SH 862,605 1 862,605 Walter Ind common 93317Q105 2,869,938 47,390 SH 47,390 1 47,390 iSoftStone Holdings Ltd - ADR common 46489B108 4,621,443 527,562 SH 527,562 1 527,562