Robeco Capital Growth Funds - TeleTrader

Robeco Capital Growth Funds

Société d’Investissement à Capital Variable

Incorporated under Luxembourg law

RCS B58 959

Annual Report 1 July 2011 – 30 June 2012

Robeco Capital Growth Funds 2

Contents

General Information 4

Report of the Board of Directors 6

General 6

General introduction 8

Risk management 9

Sustainability Investing 9

Report on supervisory function 10

Global Equity sub-funds 11

Regional & Country Equity sub-funds 14

Theme Equity sub-funds 17

Global Bond sub-funds 19

Regional Bond sub-funds 21

Asset Allocation sub-funds 23

Financial statements 24

Statement of net assets 24

Statement of operations and changes in net assets 33

Number of shares outstanding 45

Notes to the financial statements 49

Other data 87

Independent auditor’s report 89

Historical review 90

Investment portfolio 100

Robeco Global Value Equities 100

Robeco Global Conservative Equities 102

Robeco Global Stars Equities 105

Robeco Emerging Stars Equities 106

Robeco Emerging Markets Equities 107

Robeco Active Quant Emerging Markets Equities 110

Robeco Emerging Enhanced Index Equities 113

Robeco Emerging Conservative Equities 117

Robeco Asia–Pacific Equities 120

SAM Sustainable European Equities 122

Robeco European Conservative Equities 123

Robeco US Premium Equities 125

Robeco Chinese Equities 127

Robeco Indian Equities 128

Robeco Asian Stars Equities 129

Robeco US Large Cap Equities 130

Robeco US Select Opportunities Equities 131

Robeco New World Financial Equities 133

Robeco Property Equities 135

Robeco Global Consumer Trends Equities 136

Robeco Natural Resources Equities 137

SAM Sustainable Agribusiness Equities 138


Robeco Infrastructure Equities 139

Robeco High Yield Bonds 140

Robeco Investment Grade Corporate Bonds 148

Robeco Global Government Bonds 153

Robeco Emerging Debt 155

Robeco Euro Government Bonds 159

Robeco Euro Credit Bonds 161

Robeco All Strategy Euro Bonds 166

Robeco European High Yield Bonds 172

Robeco Euro Sustainable Credits 175

Robeco Financial Institutions Bonds 178

Note: In this report the abbreviated names of the sub-funds will be used, i.e. without the prefix 'Robeco Capital Growth Funds'.


General Information

Robeco Capital Growth Funds

(hereafter ‘the Company’)

Undertaking for collective investment incorporated as a ‘Société d’Investissement à Capital Variable’ (SICAV) under

Luxembourg law.

Register of Companies

RCS Luxembourg B 58 959

Registered Office

69, route d’Esch

L-1470 Luxembourg

Grand Duchy of Luxembourg

Board of Directors

Paul A.G. van Homelen, Chairman, Senior Vice President Equity Investments, Robeco Group, Rotterdam, the Netherlands

Stefan Gordijn, Vice President, SAM Sustainable Asset Management A.G., Zurich, Switzerland

Ali Ould Rouis, Director, Robeco Gestions S.A. Paris, France (until 13 July 2012)

D. Rob van Bommel, Executive Vice President, Robeco Nederland B.V., Rotterdam, The Netherlands (from 13 July 2012).

Board of Directors of the Mauritian Subsidiary: Robeco Indian Equities (Mauritius) Ltd.

Paul A.G. van Homelen, Chairman, Senior Vice President Equity Investments, Robeco Group, Rotterdam, the Netherlands

Stefan Gordijn, Vice President, SAM Sustainable Asset Management A.G., Zurich, Switzerland

Ali Ould Rouis, Director, Robeco Gestions S.A. Paris, France (until 13 July 2012)

D. Rob van Bommel, Head Equity Investment Specialists, Robeco Nederland B.V., Rotterdam, The Netherlands (from 13

July 2012).

Shahed Hoolash, Head of Transaction Management Group, Deutsche International Trust Corporation (Mauritius) Limited

Anil Sharma, Head of Corporate Services, Deutsche International Trust Corporation (Mauritius) Limited

Management Company

Robeco Luxembourg S.A.

6-12, Place d’Armes

L-1136 Luxembourg


Independent Auditor

Ernst & Young S.A.

7, Rue Gabriel Lippmann,

Parc d’Activité Syrdall 2

L-5365 Munsbach


Independent Auditor of the Mauritian Subsidiary

Ernst & Young

9th Floor Nexteracom Tower 1

Cybercity Ebene

Mauritius


Depositary, Domiciliary and Paying Agent

RBC Investor Services Bank S.A.

14, Porte de France

L-4360 Esch-sur-Alzette


Administration Agent and Registrar


Delegated to:

RBC Investor Services Bank S.A.

14, Porte de France

L-4360 Esch-sur-Alzette


Investment Adviser


Delegated to:

Robeco Institutional Asset Management B.V. (“RIAM”)

Coolsingel 120

NL-3011 AG Rotterdam

The Netherlands

Subscriptions and publications No subscription can be accepted on the basis of financial reports such as this report. Subscriptions may only be accepted

on the basis of the current prospectus, supplemented by the Company’s latest annual report, and in the event that the

Company’s annual report has been published more than eight months previously, its latest semiannual report. Financial

reports and the prospectus are available in through the website www.robeco.com and may be obtained free of charge at

the Company’s registered office.

Representative and paying agent in Switzerland SAM Sustainable Asset Management A.G., Josefstrasse 218, CH-8005 Zurich, is the Company’s appointed representative

in Switzerland. Copies of the simplified and full prospectus, articles of incorporation, annual and semiannual reports and a

list of all purchases and sales in the investment portfolio during the reporting period are available from the above address

free of charge. UBS A.G., Bahnhofstrasse 45, CH-8098 Zurich is the Company’s paying agent in Switzerland.

Information service in Germany Copies of the articles of incorporation, the simplified and full prospectus and the annual and semiannual reports

may be obtained free of charge from the office of the information service in Germany: Robeco Deutschland,

Taunusanlage 17, D 60325 Frankfurt am Main. The prices at which shares are issued and repurchased are published in

the Stock Exchange Gazette. A list of all purchases and sales in the Company’s investment portfolio during the reporting

period is available at the information service in Germany free of charge.

Representative in Hong Kong RBC Investor Services Trust Hong Kong Ltd, 51st Floor Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.

Representative in Taiwan Shin Kong Investment Trust Co Ltd - 12F, No. 123, Nanking East Road, Sec. 2, Taipei, Taiwan, R.O.C.

Language versions This report is also published in French and German. Only the English edition is binding and will be submitted to the

general meeting of shareholders.


Report of the Board of Directors

General

Website

Up-to-date information about the sub-funds’ investment policies, performance, and investment portfolios can be found

on www.robeco.com.

New sub-funds

Robeco US Select Opportunities Equities was launched on 20 September 2011.

Robeco Global Conservative Equities was launched on 14 December 2011.

Robeco Emerging Enhanced Index Equities was launched on 28 March 2012.

New share classes

During the reporting period, the following share classes were introduced.

Activation of share classes

Sub-fund Share class Effective

Robeco All Strategy Euro Bonds class 40FH EUR shares 07/09/2011

Robeco All Strategy Euro Bonds class FHHI EUR shares 07/09/2011

Robeco US Select Opportunities Equities class D USD shares 20/09/2011

Robeco US Select Opportunities Equities class DH EUR shares 20/09/2011

Robeco US Select Opportunities Equities class I USD shares 20/09/2011

Robeco US Select Opportunities Equities class IH EUR shares 20/09/2011

Robeco All Strategy Euro Bonds class 40IH EUR shares 02/11/2011

Robeco All Strategy Euro Bonds class IHHI EUR shares 02/11/2011

Robeco Investment Grade Corporate Bonds class 0DH EUR shares 02/11/2011

Robeco Investment Grade Corporate Bonds class 0IH EUR shares 02/11/2011

Robeco Natural Resources Equities class M USD shares 02/11/2011

Robeco Property Equities class M USD shares 02/11/2011

Robeco US Large Cap Equities class IE GBP shares 02/11/2011

Robeco Global Consumer Trends Equities class M USD shares 04/11/2011

Robeco Global Conservative Equities class B EUR shares 14/12/2011

Robeco Global Conservative Equities class D EUR shares 14/12/2011

Robeco Global Conservative Equities class I EUR shares 14/12/2011

Robeco Global Conservative Equities class I USD shares 14/12/2011

Robeco Global Consumer Trends Equities class I EUR shares 14/12/2011

Robeco High Yield Bonds class IEH USD shares 27/01/2012

Robeco High Yield Bonds class DH CHF shares 16/02/2012

Robeco Emerging Enhanced Index Equities class I USD shares 28/03/2012

Robeco Euro Credit Bonds class BH EUR shares 04/04/2012

Robeco Emerging Conservative Equities class Z EUR shares 12/04/2012

Robeco Euro Government Bonds class EH EUR shares 12/04/2012

Robeco European Conservative Equities class Z EUR shares 12/04/2012

Robeco Global Conservative Equities class Z EUR shares 12/04/2012

Robeco Investment Grade Corporate Bonds class ZH EUR shares 12/04/2012

Robeco High Yield Bonds class IEH EUR shares 14/05/2012


Deactivation of share classes

During the reporting period, the following share classes were deactivated.



Robeco Natural Resources Equities class D USD shares 02/11/2011

Robeco Property Equities class D USD shares 02/11/2011

Robeco All Strategy Euro Bonds class FHHI EUR shares 02/11/2011

Robeco All Strategy Euro Bonds class 40FH EUR shares 02/11/2011

Robeco Global Stars Equities Class I EUR shares 21/03/2012

Robeco Global Government Bonds class I USD shares 19/04/2012

Robeco Investment Grade Corporate Bonds class 0DH EUR shares 13/06/2012

Robeco Investment Grade Corporate Bonds class 0IH EUR shares 13/06/2012

Changes to the prospectus

Some changes (effective September 2011) have been made to the Company's prospectus. A letter to shareholders

detailing these changes is available at the Company’s registered office.


General introduction The global economy is currently confronted with a variety of structural problems that are obstructing the traditional

process of economic recovery. In the western world in particular, governments, banks and individuals have accumulated

excessive amounts of debt, so that long-term cost-cutting measures have become necessary. In addition, Europe is facing

unrest within the Monetary Union because an absence of stringent fiscal and political agreements has caused the

differences between its member countries to become too great. As a result, the financial markets are no longer

automatically prepared to finance mounting government debt in southern Europe.

Solving structural problems will be easier once the global economy picks up. In the first months of 2012, US economic

figures in particular were surprisingly strong, partly as a result of the mild winter. Unemployment figures fell gradually

and the FED (the American central banking system) announced that interest rates would be kept low until 2014 to

support economic growth. The situation in the US housing market appears to be improving somewhat now that slightly

more houses are being sold.

In Europe, worries receded in the first quarter when the European Central Bank (ECB) made three-year loans available to

the European banks in December 2011 and February 2012 at a very low interest rate, allowing them to refinance at low

cost. Some of the funds were used to buy high-yield government bonds. In the second quarter, political unrest increased

again as a result of the elections in Greece and France. The possibility of Greece leaving the euro caused a great deal of

agitation. Spain needed extra funds from Europe to resolve the major problems in its banking sector. The northern

European countries are only prepared to show solidarity if the southern European countries demonstrate greater financial

discipline. Germany in particular is advocating a transfer of political sovereignty to Brussels with centralized bank

regulation in Frankfurt.

In Asia, the Japanese central bank took measures to make the Japanese yen less expensive in relation to other currencies.

In June, for the first time since the end of 2008, the Chinese central bank reduced rates in order to stem any further

deceleration in the Chinese economy.

Equity market outlook

The current mood in the equity markets can best be described as volatile. Investors are nervous about three complex

issues: the future of the European Monetary Union, the imminent austerity measures in the United States, and the

slowdown in growth in China.

Following in the wake of small countries like Greece, Portugal and Ireland, much larger Spain is now also having

difficulties.

The future US president will immediately be presented with a difficult portfolio: how to reduce government spending

drastically. In the event that it is not possible to rein in government spending immediately, a package of measures will

automatically be implemented and the army, pensioners and health care in particular will be dealt heavy blows.

In China, too, investors are waiting to hear the official announcement of who is to be the new leader. In view of the fact

that growth in China is slower than in previous years, this new leader can be expected to immediately introduce a

package of growth-promoting measures. China has set itself the goal of making future growth less dependent on export

and domestic investments and to concentrate more on its domestic consumers and high-value industry.

All in all, these are three very worrying issues for investors, but at least the definitive outcome for all three will be known

by the end of 2012. And in general terms, increased certainty is positive for the equity markets. It seems unlikely that all

three will have a negative outcome. Moreover, much of the bad news already seems to have been discounted in stock

prices. For this reason we are moderately positive in the long term, while still prepared for a certain amount of volatility in

the shorter term.

Bond-market outlook

The investment advisor expects the period of low capital-market rates to continue for a while. Global economic growth

will remain moderate. Governments are struggling to keep their finances under control. Consumer spending is under

pressure as a result of uncertainty in the housing and employment market, and producers are cautious about taking

investment decisions.

The investment advisor considers the risk of inflation in the period ahead to be small. High unemployment in both the

United States and the euro zone is making any sharp wage rises unlikely. In addition, the moderate economic growth is

having a damping effect on commodity price movements.

The absence of inflationary tendencies is allowing central banks worldwide to maintain their accommodative policy. The

investment advisor considers it more likely that additional stimulus measures will be taken than that monetary authorities

will start to normalize the policies of recent years.


Against this backdrop the investment advisor expects global capital-market rates to remain low and, possibly, to drop

even further. Investors continue to be on the lookout for safe havens, and capital preservation is in many cases considered

more important than achieving the best possible returns. The investment advisor therefore expects US and German

government bonds to produce positive returns over 2012.

In Europe the debt crisis will continue to dominate the news. There is no rapid solution to these problems. The investment

advisor expects interest-rate differentials between the euro-zone countries to remain highly volatile. A return to a period

of low and stable interest-rate differentials is unlikely, given the considerable uncertainty about the future of the

European Monetary Union.

The investment advisor remains positive about bonds from emerging markets, as for many countries in this universe the

government deficits and debts are low. Moreover, economic growth there continues to stand out positively against that in

the western world. Capital-market rates may fall further, as inflation is showing a tendency to fall in these countries too.

The outlook for companies remains reasonably favorable. Although revenues will come under pressure as a result of the

weak economic growth, the investment advisor notes that balance-sheet positions overall are very healthy. Many

companies have reduced their debts or have rolled them over to longer maturities. Cash positions are generally healthy,

even for high-yield companies, and the uncertain economic climate will make them hesitant to take on new debt. This is

good news for investors in bonds.

Risk management Over the last financial year, the Robeco Group has paid considerable attention to the possible direct and indirect effects of

the recent problems in the euro zone. We considered the direct fund investments in the debt paper issued by these

governments, the additional effects on the creditworthiness of banks and the liquidity effects. This has led to a reduction

in direct and indirect exposure to the peripheral euro-zone countries. Attention has also been focused on a scenario plan

and the establishment of a euro crisis scenario book to ensure that we are as well prepared as possible for any

consequences that may result from a further deepening of the crisis. In addition, operational risks relating to the crisis are

constantly being analyzed and where necessary supplementary control measures are taken.

Extra measures have been implemented to cover counterparty risk in order to minimize possible losses. Cash exposure to

parties with a lower credit-worthiness has been reduced and we have stopped offering credit facilities to some

counterparties who no longer meet the standards set by Robeco. The lists of permitted collateral for securities-lending

activities have been made more stringent and the levels of required collateral raised. In addition, further steps have been

taken to permanently reduce counterparty risk, for example, by central clearing. In the field of market risk, the

functionality of the market-risk systems have been further enhanced, also taking account of the consequences of changing

market circumstances.

Attention has also been paid to the liquidity risk of the sub-funds, for instance by ensuring that they retain sufficient

amounts of cash. Moreover, steps have been taken to improve the valuation policy for less liquid funds and various forms

of action will be taken to protect the interests of both incumbent and entering or exiting investors from being harmed,

even in periods of low liquidity.

Sustainability Investing Sustainability investing in Robeco investment funds means making the right choice while still retaining considerable

flexibility in terms of the investment universe. Sustainability investing consists of a combination of effective tools:

• Exercising voting rights

• Engagement

• Exclusions

• Integrating ESG1 factors into the investment processes

1ESG stands for Environmental, Social and Governance.

Exercising of voting rights

When exercising voting rights, Robeco complies with internationally accepted principles such as those of the International

Corporate Governance Network (ICGN). The exercise of voting rights is structured in an efficient manner.


Engagement

Robeco attaches great importance to influencing companies which, in our view, do not maintain an optimal balance

between the legitimate objective of making profit and ESG factors. Engagement means that we engage in dialogues with

companies to make them aware of their broader social responsibility. We think that this will increase shareholder value

for our clients in the longer term. We have opted for a theme-driven approach. This enables us to make a thorough

assessment of the subjects we choose. Our own experience confirms that this makes dialogues with companies much

more effective.

Exclusions

Robeco's exclusion policy is based on two main exclusion criteria. Firstly, companies that are involved in the production of

controversial weapons or essential components for such weapons, or that gain significant revenues from the sale or

transport of these weapons are excluded. The second criterion that may eventually lead to a company’s exclusion from

the investment universe is failure to engage in successful dialogue. These dialogues concern companies’ serious and

structural violations of international and generally accepted guidelines for corporate social responsibility, such as the

guidelines of the United Nations Global Compact. Besides the exclusion policy for companies, Robeco also has an

exclusion policy for countries. These exclusions apply to country-related investments (such as government bonds).

Robeco’s Management Board has the final authority to exclude companies and countries.

Transparency and reporting on policy and its execution

The website will be the first medium for reporting on sustainability investing. Both the policy and the reports relating to

the exercise of voting rights, engagement and exclusions can be found on www.robeco.com/ri.

Report on supervisory function A number of committees have been created by the Supervisory Board of Robeco Groep N.V., including the Audit &

Compliance Committee, the Investment Committee and the Nomination, Remuneration & Corporate Governance

Committee. These committees consist mainly of independent members.

The Audit & Risk Committee consists of Messrs. G. Izeboud (chairman), A. Bruggink, A.C. Dorland (as of 3 April 2012), S.E.

Eisma and D.P.M. Verbeek. It convened six times during the period under review. The meetings of the Audit & Risk

Committee were also attended by the heads of department of Group Internal Audit, Group Compliance and Group Risk

Management and by representatives from Ernst & Young Accountants LLP (Ernst & Young The Hague). Issues relating to

compliance, audit and risk management were discussed within the Audit & Risk Committee. Robeco has its own

‘Principles on Fund Governance' and compliance with these is monitored by the Group Compliance department. Robeco's

Group Internal Audit department has conducted an audit on the monitoring by Group Compliance of the implementation

and compliance with those principles.

The outcome of these audits was "adequate".

The Investment Committee consists of Messrs. Ph. Lambert (chairman), A. Bruggink, A.C. Dorland (as of 3 April 2012), G.

Izeboud and D.P.M. Verbeek. It convened four times during the period under review. These meetings were also attended

by representatives of the investment departments as well as by the management of several foreign entities of the Robeco

Group. Topics that were discussed include the Robeco Group product range, capability / profitability analysis, the

investment policy and developments relating to performance. Comparisons between the performance and the set

performance targets and ratings such as Morningstar’s were also made during these discussions.

The Nomination, Remuneration & Corporate Governance Committee consists of Messrs. S.E. Eisma, Ph. Lambert, P.J.A.

van Schijndel and D.P.M. Verbeek. It convened four times during the period under review. These meetings were also

attended by the head of the Group Human Resources department. Topics discussed in these meetings include succession

and continuity planning and the remuneration policy for senior management. In particular, the implementation of the

Dutch Principles for Controlled Remuneration (issued by the Dutch supervisory authorities) was discussed frequently.

These principles are in line with the CSSF Circular on Guidelines concerning the remuneration policies in the financial

sector.


Global Equity sub-funds

Investment results

Price in currency x 1 30/06/2012


Investment result reporting

period in %

Investment result 3 years

average

Robeco Global value Equities

B EUR shares 1

96.93

92.00

9.7

16.1

D EUR shares

128.35

117.02

9.7

16.1

MSCI World Value IMI Index (net return, in EUR) *

5.8

13.7

Robeco Global Conservative Equities

B EUR shares 1, 2

110.86

100.00

13.1

13.1 6

D EUR shares 2

113.09

100.00

13.1

13.1 6

I EUR shares 2

113.39

100.00

13.4

13.4 6

Z EUR shares 3

105.92

100.00

5.9

5.9 6

I USD shares 2

109.95

100.00

10.0

10.0 6

Robeco Global Stars Equities

D EUR shares

134.62

122.92

9.5

12.2

I EUR shares 4

143.01

126.97

12.6

16.0 6

Z EUR shares

99.65

89.76

11.0

–0.4 6

MSCI World Index (net return, in EUR) *

8.6

14.7

Robeco Emerging Stars Equities

D EUR shares

141.68

149.85

–5.5

13.6

DL EUR shares

96.84

102.64

–5.7

13.3

I EUR shares

100.32

105.48

–4.9

14.2

MSCI Emerging Markets Index (net return, in EUR) *

–4.0

13.5

D USD shares

85.57

103.30

–17.2

10.0

MSCI Emerging Markets Index (net return, in USD) *

–16.0

9.8

Robeco Emerging Markets Equities

D EUR shares

130.18

140.27

–7.2

11.9

I EUR shares

227.30

243.83

–6.8

12.4

M EUR shares

98.13

106.26

–7.7

11.4

Z EUR shares

110.09

116.65

–5.6

13.8

MSCI Emerging Markets Index (net return, in EUR)

–4.0

13.5

D USD shares

124.27

152.29

–18.4

8.3

I USD Shares

92.44

112.74

–18.0

–3.2 6

J USD Shares

95.13

115.67

–17.8

–1.9 6

MSCI Emerging Markets Index (net return, in USD)

–16.0

9.8

Robeco Active Quant Emerging Markets Equities

D EUR shares

124.26

130.08

–4.5

16.1

I EUR shares

127.86

132.87

–3.8

16.9

Z EUR shares

98.06

101.22

–3.1

–1.6 6

MSCI Emerging Markets Index (net return, in EUR)

–4.0

13.5

D USD shares

92.96

111.17

–16.4

–4.5 6

MSCI Emerging Markets Index (net return, in USD)

–16.0

–5.9 6

Robeco Emerging Enhanced Index Equities

I USD shares 5 91.17 100.00 –8.8 –8.8 6

MSCI Emerging Markets Index (Net Return, in USD)5 –9.1 –9.1 6


Investment results




period in %


average

Robeco Emerging Conservative Equities

B EUR shares 1

106.54

100.82

11.6

10.6 6

D EUR shares

114.73

102.69

11.7

10.5 6

I EUR shares

115.43

102.88

12.2

11.0 6

Z EUR shares 3

101.73

100.00

1.7

1.7 6

1 Assuming reinvestment of the distributed dividend. See Notes on page 76.

2 14 December 2011 until 30 June 2012.

3 12 April 2012 until 30 June 2012.

4 1 July 2011 until 21 March 2012.

5 28 March 2012 until 30 June 2012.

6 Since inception/until deactivation.

* Reference index.

Performance analysis

Robeco Global Value Equities

The sub-fund continued outperforming the global market during an exceptionally volatile period. US companies posted

record earnings results as European woes and macroeconomic concerns continue. We took advantage of stock-specific

opportunities across various sectors and regions as valuation and fundamental dislocations appeared.

Europe remains an underweight. We remain significantly overweight technology, where managements have effectively

managed and grown businesses through the current unsettled (or volatile) markets. Technology stocks represent high

return businesses trading at attractive valuations. With respect to sustainability investing, the sub-fund has integrated ESG

factors into its investment process.


Robeco Global Conservative Equities was launched on 14 December 2011. In the period since the start the sub-fund has

shown that it is able to preserve its capital in declining markets and generate positive returns in side way moving or up

markets. The sub-fund does not make use of a benchmark, but instead employs a quantitative stock selection model that

seeks to maximize the absolute return per unit of risk. The sub-fund typically invests in stocks with low expected downside

risk and aims to produce equity-like returns with lower volatility in the long term. In the period under review the sub-fund

succeeded in capturing positive alpha contained in low beta and low volatility stocks in this period. With respect to

sustainability investing, the sub-fund has integrated ESG factors into its investment processes since its introduction in

2011.


The sub-fund outperformed the benchmark over the reporting period. The major drivers for this were the technology

sector with names such as Ebay and the cable sector with large weightings in Comcast, Virgin Media and Ziggo. The highly

uncertain macro and political environment with both the European sovereign debt crisis, the Chinese slow down and the

treat of the US fiscal cliff towards the end of 2012 make investors look for visible strong cash flow generating businesses

such as the mentioned sectors. We increased the exposure to financials the first time in 3 years as valuations seem very

compelling if the situation normalizes. We maintain a large exposure to the technology sector as valuations for Large Cap

are very attractive. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment

process.


The sub-fund had a negative return over the reporting period, lagging the MSCI Emerging Markets index. The position in

Panama and stock selection in Brazil, China and Thailand were the main positive contributors, while stock selection in

Colombia and Korea, and the absence of a position in South Africa and Mexico contributed negatively. During the

reporting period, the positions in Turkey, India and Taiwan were reduced, while positions in Thailand and Indonesia were

added to the portfolio. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment

process.



The sub-fund had a negative return over the reporting period, lagging the MSCI Emerging Markets index. Stock selection

in Malaysia and South Africa were the main positive contributors, while stock selection in China, Mexico and Brazil, and

the underweight positions in Mexico, Malaysia and the Philippines contributed negatively. During the reporting period,

the positions in Brazil, Thailand and Indonesia were increased, while positions in Taiwan, Mexico, Malaysia and Poland

were reduced. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment process.


The investment objective of the sub-fund is to outperform the benchmark by using a quantitative stock selection model.

Using a combination of valuation oriented factors and sentiment-driven factors, the model identifies broad groups of

stocks which are likely to outperform in the long run. In the period under review the sub-fund performed in line with the

benchmark (net of fees). The quantitative stock-selection model contributed positively to performance. The factor

Momentum contributed negatively to performance. The valuation oriented factors and the earnings revisions factors

contributed positively.


The investment objective of the sub-fund is to outperform the benchmark by using a quantitative stock selection model.

Using a combination of valuation oriented factors and sentiment-driven factors, the model identifies broad groups of

stocks which are likely to outperform in the long run. Since inception date 28th March, the sub-fund showed a positive

relative performance. The quantitative stock-selection model contributed positively to performance. The valuation

oriented factors contributed negatively . The momentum and earnings revisions factors contributed positively to

performance. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment

processes since its introduction in 2012.


In the challenging market climate of the reporting period in which sharp declines were interspersed by strong recoveries,

the sub-fund showed excellent performance due to preserving its capital in downward markets. This confirms the sub-

fund’s characteristic of being able to capture alpha especially in volatile markets. The sub-fund does not make use of a

benchmark, but instead employs a quantitative stock selection model that seeks to maximize the absolute return per unit

of risk. The sub-fund typically invests in stocks with low expected downside risk and aims to produce equity-like returns

with lower volatility in the long term. With respect to sustainability investing, the sub-fund has integrated ESG factors into

its investment processes since its introduction in 2011.


Regional & Country Equity sub-funds

Investment results




period in %


average

Robeco Asia-Pacific Equities

D EUR shares

88.64

84.29

5.2

13.8

MSCI AC Asia Pacific (Net Return, EUR)

2.0

10.6

D USD shares

113.58

123.38

–7.9

5.5 5

MSCI AC Asia Pacific (Net Return, USD)

–10.7

2.4 5

SAM Sustainable European Equities

D EUR shares

30.55

34.05

–10.3

8.8

I EUR Shares

111.95

123.99

–9.7

4.5 5

MSCI Europe Index (net return)

–4.6

9.9

Robeco European Conservative Equities

B EUR shares 1

78.47

82.53

–1.0

10.6

D EUR shares

105.09

106.16

–1.0

10.5

I EUR shares

97.25

97.76

–0.5

11.1

Z EUR shares 2

103.79

100.00

3.8

3.8 5

Robeco US Premium Equities

D EUR shares

163.72

145.07

12.9

18.1 5

I EUR shares

140.29

123.23

13.8

14.2 5

Russell 3000 Value Index (in EUR) *

17,3

22.1 5

DH EUR shares

112.81

115.29

–2.2

11.9

IH EUR shares

119.46

121.11

–1.4

12.9

MH EUR shares

107.77

110.69

–2.6

11.4

Russell 3000 Value Index (hedged into EUR) *

1.3

14.7

D USD shares

125.23

126.77

–1.2

12.8

I USD shares

132.88

133.35

–0.4

13.8

M USD shares

114.40

116.38

–1.7

12.2

Russell 3000 Value Index (in USD) *

2.6

15.9

EH GBP shares

132.79

141.38

–1.9

12.3

IE GBP shares

143.62

144.05

2.0

15.3

Russell 3000 Value Index (hedged into GBP)

2.0

15.6

Robeco Chinese Equities

D EUR shares

49.55

52.43

–5.5

5.7

I EUR shares

87.96

92.66

–5.1

–9.9 5

MSCI China standard 6 (net return, in EUR)

–4.0

5.2

D USD shares

101.24

122.40

–17.3

2.2

I USD shares

88.97

107.07

–16.9

–4.6 5

MSCI China standard 6 (net return, in USD)

–16.0

1.8

Robeco Indian Equities

D EUR shares

82.18

91.08

–9.8

–10.0 5

I EUR shares

82.96

91.48

–9.3

–9.6 5

MSCI India standard 7 (net return, in EUR)

–14.9

–12.6 5

D USD shares

80.39

101.81

–21.0

–14.0 5

MSCI India standard 7 (net return, in USD)

–25.5

–18.1 5


Investment results




period in %


average

Robeco Asian Stars Equities

D EUR shares

107.23

102.45

4.7

5.6 5

MSCI AC Asia ex Japan (Net Return,in EUR) *

–1.6

2.8 5

Robeco US Large Cap Equities

D EUR shares

134.22

114.86

16.9

12.6 5

Russell 1000 Value Index (in EUR) *

17.7

14.7 5

DH EUR shares

33.10

32.67

1.3

9.3 5

Russell 1000 Value Index (hedged into EUR)* 3

1.7

9.5 5

IE GBP shares 3

116.22

100.00

16.2

16.2 5

Russell 1000 Value Index (in GBP) * 3

15.8

15.8 5

D USD shares

102.39

100.10

2.3

10.0 5

I USD Shares

121.47

117.95

3.0

8.1 5

Russell 1000 Value Index (in USD) *

3.0

10.7 5

Robeco US Select Oppportunities Equities

DH EUR shares 4

113.51

100.00

13.5

13.5 5

IH EUR shares 4

113.88

100.00

13.9

13.9 5

Russell Midcap Value (hedged into EUR) * 4

12.2

12.2 5

D USD shares 4

114.22

100.00

14.2

14.2 5

I USD Shares 4

115.03

100.00

15.0

15.0 5

Russell Midcap Value (in USD) * 4

13.5

13.5 5



3 2 November 2011 until 30 June 2012.

4 20 September 2011 until 30 June 2012.

5 Since inception.

6 Until 31 December 2011: MSCI UCITS 10/40 World China Index.

7 Until 31 December 2011: MSCI UCITS 10/40 World India Index.

* Reference index.



Worries over the Chinese economy and the European debt crisis fallout resulted in a weak year for Asian equities. Cyclical

sectors were hardest hit while defensive sectors held up quite well. The China market, where the sub-fund has been

underweight, dropped on fears over the sustainability of its growth. Our long-term bullish call for Thailand was vindicated

as the market rallied further, notwithstanding the floods. Solid stock picking contributed more than 3% to performance.

Japan, China, Thailand and Indonesia all contributed positively as well. The sub-fund’s active currency positions also

added about 1% to performance. The euro share class of the sub-fund rose by 5% over the period. With respect to

sustainability investing, the sub-fund has integrated ESG factors into its investment processes.


The year was characterized by high macro economic uncertainties around the European debt crisis and a resulting

recession in Europe and a reduced global growth outlook. On a sector level, banks have been the most volatile stocks,

with their performances largely explained by decisions in the political landscape. The sub-fund benefited from a careful

positioning within the financial sector. However, overall the performance was lagging the benchmark as fundamental

characteristics played a minor role in a macroeconomic volatile environment. The sub-fund was managed in accordance

with SAM’s proprietary sustainability methodology.


In the challenging market climate of the reporting period in which sharp declines were interspersed by strong recoveries,

the sub-fund offered downside protection due to its low risk profile. This confirms the sub-fund’s characteristic of being


able to capture alpha especially in volatile markets. Robeco European Conservative Equities does not make use of a

formal benchmark, but instead employs a quantitative stock selection model that seeks to maximize the absolute return

per unit of risk. The sub-fund typically invests in stocks with low expected downside risk and aims to produce equity-like

returns with lower volatility in the long term.


Unsettled market conditions due to macro-based worries have created opportunities to own premium businesses at

discounted prices. We have taken advantage of this stock-by-stock across the market capitalization spectrum, including

mega caps. As a result the sub-fund has a very attractive valuation and quality advantage over the market. For the

reporting period the sub-fund underperformed the benchmark as this advantage did not perform to its potential.

However, it has put stronger results in store as markets revert to heeding fundamental factors. With respect to



Robeco Chinese Equities delivered a negative return for the year. The disappointing performance was due to both internal

and external factors. Firstly, China’s GDP has continued to decelerate from 9.1% in the third quarter of 2011 to 8.1% in

the first quarter of 2012, driven by slowdown in both domestic and external demand. Secondly, the sovereign debt crisis

in the US and Europe dragged down the global equities markets including China. Fortunately, inflation peaked in

November 2011 and the central bank in China immediately started the monetary loosening cycle; where after sentiment

improved. The Chinese yen appreciated 1.7% against the US dollar during the financial year. With respect to

sustainability investing, the sub-fund has integrated ESG factors into its investment processes, with the main focus lying

on corporate governance.


The sub-fund delivered a negative return of almost 10% over the period and outperformed its benchmark by more than

5%. The outperformance was largely driven by stock picking. The portfolio was defensively positioned for most of this

period. Indian stocks corrected heavily in 2011 due to high inflation levels, rising interest rates, their impact on corporate

earnings growth and depreciating currency. The equity markets however rallied in the first quarter of 2012 as some of

these concern areas showed signs of abating and also as global cues remained supportive for risky assets. With respect to

sustainability investing, the sub-fund has integrated ESG factors into its investment processes, with the main focus lying

on corporate governance.


It was a financial year of 2 different halves for Asian equity markets. Stocks fell sharply in the second half of 2011 on the

back of euro debt worries and a Chinese economic slowdown. India and China were the weakest markets, down 23% and

13% respectively. The smaller, more domestic led ASEAN markets bucked the trend and were actually up 3 to 6%. The

second half of the reporting period was much better for equity investors and the losses of the first half were recouped.

India regained some of the earlier losses, but remained mired by a weak currency. Asian Stars performed well in both

market environments, outperforming in up and down markets. The sub-fund gained 4.7% over the reporting period,

outperforming its reference index by more than 6%. With respect to sustainability investing, the sub-fund has integrated

ESG factors into its investment processes, with the main focus lying on corporate governance.


The sub-fund's performance was driven in line with the benchmark with market-beating stock selection across numerous

economic sectors combined with some underperformance. Unsettled market sentiment due to macro-based worry has

created opportunities to own premium businesses at discounted prices. We have been taking advantage of this stock-by-

stock. The sub-fund's valuation/profitability profile is very attractive, which has positioned the sub-fund for favorable

returns over time with less downside risk. With respect to sustainability investing, the sub-fund has integrated ESG factors

into its investment processes.

Robeco US Select Opportunities Equities

Launched in September 2011, the sub-fund invests in businesses that meet our intersecting criteria of attractive

valuations, strong fundamentals and catalysts for unlocking value. Given unsettled market sentiment, we are finding

sound businesses at attractive prices that have been positioning themselves for growth. The sub-fund's attractive

investment characteristics put solid results in store as valuations heed fundamental factors. With respect to sustainability

investing, the sub-fund has integrated ESG factors into its investment processes since its introduction in 2011.


Theme Equity sub-funds

Investment results




period in %


average

Robeco New World Financial Equities

D EUR shares

30.22

32.31

–6.5

5.6

Z EUR shares

80.16

84.28

–4.9

7.4

MSCI World Financials Index

0.3

8.0

Robeco Property Equities

B EUR Shares 1

14.53

13.35

14.5

19.0 7

D EUR shares

104.79

91.50

14.5

22.5

I EUR shares

105.34

91.35

15.3

23.3

S&P Developed Property Index (EUR)

16.0

22.8

D USD shares 2

93.54

104.24

–10.3

–6.5 7

M USD shares 3

111.80

100.00

11.8

11.8 7

S&P Developed Property Index (USD) 3

15.5

15.5 7

Robeco Global Consumer Trends Equities

D EUR shares

86.39

78.80

9.6

26.4

I EUR shares 4

120.00

100.00

20.0

20.0 7

M EUR shares

118.80

108.89

9.1

11.2 7

Z EUR shares

174.15

156.23

11.5

28.5

MSCI AC World 8 (net return, in EUR) *

8.3

14.5

D USD shares

110.93

115.58

–4.0

6.6 7

M USD shares 5

105.47

100.00

5.5

5.5 7

MSCI AC World 8 (net return, in USD)* 5

–5.2

2.1 7

Robeco Natural Resources Equities

D EUR shares

82.76

100.03

–17.3

5.0

Z EUR shares

77.69

92.37

–15.9

6.7

MSCI World Commodity Producers excl Agriculture Index (net return, in EUR)

–6.1

8.3

D USD shares 2

76.49

99.58

–23.2

–23.5 7

M USD shares 3

94.13

100.00

–5.9

–5.9 7

MSCI World Commodity Producers excl Agriculture Index (net return, in USD) 3

–6.0

–6.0 7

SAM Sustainable Agribusiness Equities

D EUR shares

107.32

108.97

–1.5

13.3

I EUR shares

110.17

111.10

–0.8

14.1

D USD shares 87.91 102.11 –13.9 –9.1 7

MSCI AC World 8 (net return, in EUR) * 8.3 14.5

Robeco Infrastructure Equities

D EUR shares

107.43

121.48

–11.6

10.3

I EUR shares

110.36

123.94

–11.0

11.0

MSCI AC World 8 (net return) *

8.3

14.5


2 1 July 2011 until 2 November 2011.


4 14 December 2011 until 30 June 2012.




8 Until 31 December 2011 MSCI World Index.

* Reference index.




The sub-fund underperformed its benchmark during the reporting period. Thanks to LTRO (Long-term refinancing

operations) in November 2011 there was a period of positive sentiment. But in March 2012 that changed and worries

about Greece (Grexit), Spain (Spanish banks) and a slowing global economy made markets very nervous. Investors fled

European financials. Without Europe having a credible plan for fiscal union, markets remained very volatile. Credible

solutions are necessary to prevent further economic slowdown worldwide, which is why Germany is under increasing

pressure from many different global leaders to act. With respect to sustainability investing, the sub-fund has integrated

ESG factors into its investment processes.


The sub-fund underperformed its benchmark during the reporting period while returning a double digit absolute return.

Despite global macro uncertainty and crisis in the euro-zone, fundamentals especially in the prime real estate segments

continue to improve. As limited supply of commercial real estate will come to the market, vacancies in particular this part

are expected to stay low. Large-cap companies still have good access to capital markets. The broader real estate market

felt the pressure from a slower macro environment and increased risk of obsolescence of lower quality assets. With

respect to sustainability investing, the sub-fund has integrated ESG factors into its investment processes.


Robeco Global Consumer Trends outperformed the market over the reporting period. Relative performance was

satisfactory even as emerging markets underperformed developed markets and the European debt crisis was at the

forefront of investors minds. Our investment with emerging markets exposure performed relatively well as consumer

spending on luxury goods and discretionary items continues to grow strongly. Our investments in the cable and satellite

sector continue to throw off huge cash flows that can be used for both buybacks and returning cash to shareholders.

Finally, our positioning in market leaders in internet subsectors like e-commerce, social media and online travel, has also

worked well as these companies continue to gain market share. With respect to sustainability investing, the sub-fund has

integrated ESG factors into its investment processes.


The second half of 2011 proved to be one of the more difficult periods on record for the resources sector. Robeco Natural

Resources underperformed its reference index due to an underweight in integrated oil names. After a strong start to 2012

stocks fell substantially as the Eurozone crisis deepened. Robeco Natural Resources strongly outperformed both its

reference index during this period on the back of a positive stock selection and an overweight in gold stocks. As we are

nearing the best period of the year for gold and Spain is inching closer towards a default the fund is well positioned for

the second half of the financial year. With respect to sustainability investing, the sub-fund has integrated ESG factors into

its investment processes.


The financial year was characterized by two distinctly different investment periods: September and the remainder. As the

materials sectors represented in the sub-fund through upstream exposure in the production factor cluster, underwent a

notable correction during September, agricultural equities tended to underperform over the reporting

period.Performance over the rest of the financial year was good, but insufficient to make up for that month’s

performance differential to world equities. The sub-fund is managed in accordance with SAM’s proprietary methodology

pertaining to sustainable agribusiness equities investments. The sub-fund makes no use of a benchmark. With respect to



During the reporting period, Robeco Infrastructure Equities continued to pursue its long-term strategy of investing in

companies and industries that are expected to benefit from an acceleration in global spending on infrastructure over the

coming five to ten years. This high-beta strategy paid off handsomely during the ‘risk on’ market environment from

October 2011 – March 2012, but delivered disappointing results during the ‘risk off’ market environment of July –

September 2011 and April – June 2012. On balance the portfolio lagged the MSCI AC World reference index over the

reporting period. We expect our strategy to significantly outperform this index on a three- to five-year horizon. With

respect to sustainability investing, the sub-fund has integrated ESG factors into its investment processes.


Global Bond sub-funds

Investment results




period in %


average

Robeco High Yield Bonds

BH EUR shares 1

24.07

24.21

5.6

10.1 9

DH EUR shares

103.44

97.97

5.6

15.1

EH EUR shares 1

100.72

101.76

5.6

15.1

IH EUR shares

153.84

144.85

6.2

15.8

IEH EUR shares 2

100.18

100.00

0.2

0.2 9

ZH EUR shares

140.50

131.52

6.8

16.4

0DH EUR shares

108.46

106.77

1.6

4.8 9

0EH EUR shares 1

100.51 100.28 1.9

1.7 9

0IH EUR shares

104.63 102.40 2.2

3.0 9

BarCap US Corporate HY + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)

6.2

14.8

DH CHF shares 3

102.29

100.00

2.3

2.3 9

BarCap US Corporate HY + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into CHF)3

2.6

2.6 9

DH USD shares

106.45

100.85

5.6

4.9 9

0DH USD shares

100.84

99.14

1.7

0.8 9

IH USD shares

178.78

168.15

6.3

16.1

IEH USD shares 4

104.06

100.00

4.1

4.1 9

0IH USD shares

102.49

100.14

2.3

1.7 9

BarCap US Corporate HY + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)

6.9

15.2

Robeco Investment Grade Corporate Bonds

BH EUR shares 1

106.37

105.57

5.9

6.1

DH EUR shares

121.53

114.69

6.0

6.1

0DH EUR shares 5 101.12 100.00 1.1 1.1 9

IH EUR shares

127.27

119.51

6.5

6.6 9

0IH EUR shares 5 101.33 100.00 1.3 1.3 9

IEH EUR shares 1

112.10

110.74

6.5

6.6

IHHI EUR shares

111.68

107.38

4.0

4.4

ZH EUR shares 7

100.02

100.00

0.0

0.0 9

Barclays Euro Aggregate Corporate, ex financials, 2% Issuer Cap Index

6.9

6.4

Robeco Global Government Bonds

IH EUR shares

110.22

102.91

7.1

3.3 9

JP Morgan Government Global (hedged into EUR)

7.6

4.9 9

I USD shares 8

112.75

109.59

2.9

4.4 9

JP Morgan Government Global unhedged (USD)

2.6

5.8 9

Robeco Emerging Debt

D EUR shares

97.59

98.93

–1.4

–2.3 9

JPM GBI-EM Global Diversified (hedged into EUR)

–2.8

–2.8 9

I USD shares

98.67

98.99

–0.3

–1.3 9

JPM GBI-EM Global Diversified (in USD)

–1.7

–1.7 9


2 14 May 2012 until 30 June 2012.

316 February 2012 until 30 June 2012.

427 January 2012 until 30 June 2012.

52 November 2011 until 13 June 2012.

712 April 2012 until 30 June 2012.

8 1 July 2011 until 19 April 2012.





High yield bonds experienced very volatile times, mainly driven by the peripheral-European debt crisis. Spreads widened

sharply to close to 1,000 basispoints in October, not seen since 2009. Unsurprisingly, especially European high yield was

hit hard. It took several European summits until finally the ECB’s LTRO (Long-term refinancing operations) program eased

fears of a eurozone break-up and a collapse of its banking system. Subsequently, spreads rallied from December to March

and European high yield outperformed. However, in the second quarter of 2012 spreads rose again. Global economic

data were weak and raised fears of a concerted slowdown, while European worries intensified again with Greece

struggling to form a pro-European government. Meanwhile, high yield companies continue to operate extremely

cautiously, focusing entirely on cash generation and debt reduction. With ‘risk-free’ government yields so close to zero,

the spread pick-up in corporates attracted large inflows into credit, underpinning high yield performance. With respect to



The performance of credit markets was driven to a large extent by the developments in the European sovereign debt

crisis. Market sentiment moved between hope and fear and in this environment there were periods that corporate bonds

from the Southern part of Europe strongly outperformed, followed by periods of underperformance. Our positioning in

credit from the periphery was underweight and this was one of the reasons for the positive performance contribution

from issuer selection. Our fundamental research capacity enabled us to add some attractive new names to the portfolio.

We also gained from being slightly overweight credit beta. With respect to sustainability investing, the sub-fund has



The positioning in triple-A rated non-euro sovereign bonds had a positive impact on the performance of the sub-fund. The

sub-fund was positioned in Australia and Sweden. The positioning in currencies from higher growth countries negatively

contributed to the performance. Currencies such as the Malaysian ringgit and the Mexican peso started the year strong,

but depreciated in the second quarter as risk sentiment deteriorated. The total return of the sub-fund was positive, as

German Bunds and US Treasuries posted a strong performance. With respect to sustainability investing, the sub-fund has



In the second half of 2011, emerging market debt and currencies suffered from risk aversion due to the sovereign debt

crisis in the eurozone, but recovered strongly at the beginning of 2012. An allocation to dollar-denominated emerging

market corporate bonds was the main performance driver over the last twelve months. The sub-fund benefited from

underweight positions in Eastern-European currencies, mainly Hungarian forint and Polish zloty, and favored exposure to

Latin-American and Asian markets for most of the reporting period. With respect to sustainability investing, the sub-fund

has integrated ESG factors into its investment processes.


Regional Bond sub-funds

Investment results




period in %


average

Robeco Euro Government Bonds

CH EUR shares 1

104.97

100.71

7.9

7.4 6

DH EUR shares

125.28

116.38

7.6

3.8

EH EUR shares 1, 2

100.05

100.00

0.0

–0.3 6

IH EUR shares

130.77

121.08

8.0

4.2

ZH EUR shares

130.64

120.50

8.4

4.6

Barclays Euro Aggregate Treasury Index

7.4

3.8

Robeco Euro Credit Bonds

BH EUR shares 1, 3

98.84

100.00

0.1

0.1

DH EUR shares

113.79

107.46

5.9

9.1

IH EUR shares

118.78

111.70

6.3

9.6

ZH EUR shares

123.38

115.52

6.8

10.0

Barclays Euro Corporate Index

5.7

6.7

Robeco All Strategy Euro Bonds

BH EUR shares 1

94.90

92.79

6.4

1.0 6

DH EUR shares

73.71

69.25

6.4

4.5

DHHI EUR shares

104.29

101.29

3.0

3.1

FHHI EUR shares 4

99.89

100.00

–0.1

–0.1 6

IHHI EUR shares 5

104.77

100.00

4.8

4.8 6

10DH EUR shares

113.62

99.05

14.7

9.9 6

40DH EUR shares

176.87

97.18

82.0

52.0 6

40FH EUR shares 4

108.32

100.00

8.3

8.3 6

40IH EUR shares 5

123.78

100.00

23.8

23.8 6

IH EUR shares

122.84

114.90

6.9

5.2

ZH EUR shares

125.16

116.56

7.4

5.6

Barclays Euro Aggregate Index

7.1

4.6

Robeco European High Yield Bonds

DH EUR shares

145.78

138.64

5.2

14.3

IH EUR shares

151.93

143.64

5.8

14.9

BarCap Pan-European HY Corporate ex Financials 2.5% Issuer Constraint (hedged into EUR)

4.9

14.7

Robeco Euro Sustainable Credits

BH EUR shares 1

99.64

99.31

5.4

3.4

DH EUR shares

107.42

101.82

5.5

3.4

IH EUR shares

108.43

102.33

6.0

3.9

Barclays Capital Euro-Aggregate Corporates (in EUR)

5.7

3.8 6

Robeco Financial Institutions Bonds

BH EUR shares 1

93.13

98.64

0.3

–1.0 6

DH EUR shares

98.92

98.65

0.3

–1.0 6

IH EUR shares

99.40

98.70

0.7

–0.5 6

Barclays Capital Euro Corporates – Sub financials (in EUR)

–1.3

–1.8 6




4 7 September 2011 through 2 November 2011.

5 2 November 2011 through 30 June 2012.





Country allocation was the main performance driver. The sub-fund held no bonds from Greece, Portugal and Ireland. The

sub-fund benefited from a large underweight in Italian bonds in the second half of 2011 and a large overweight in Italy in

the first months of 2012. From March onwards, the position in Italian bonds has been reduced again and all Spanish

bonds have been sold. The absolute return was attractive, while German yields fell to new lows. With respect to







from issuer selection. We also gained from being overweight credit beta, we actively managed the size of this overweight

positioning. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment processes.


An overweigth position in corporate bonds and asset backed securities versus governments bonds, contributed negatively

to the relative performance over the last twelve months. The sub-fund benefited from a large underweight in Italian

bonds in the second half of 2011 and a large overweight in Italy in the first months of 2012. From March onwards, the

position in Italian bonds was reduced again and all Spanish bonds were sold. The absolute return was attractive, while

German yields fell to new lows. With respect to sustainability investing, the sub-fund has integrated ESG factors into its

investment processes.


High yield experienced very volatile times, mainly driven by the peripheral-European debt crisis. Spreads widened sharply

to close to 1,000 basispoints in October, not seen since 2009. Unsurprisingly, especially European high yield was hit hard.

It took several European summits until finally the ECB’s LTRO (Long-term refinancing operations) program eased fears of a

eurozone break-up and a collapse of its banking system. Subsequently, spreads rallied from December to March and

European high yield outperformed. However, in the second quarter of 2012 spreads rose again. Global economic data

were weak and raised fears of a concerted slowdown, while European worries intensified again with Greece struggling to

form a pro-European government. Meanwhile, high yield companies continue to operate extremely cautiously, focusing

entirely on cash generation and debt reduction. With ‘risk-free’ government yields so close to zero, the spread pick-up in

corporates attracted large inflows into credit, underpinning high yield performance. With respect to sustainability

investing, the sub-fund has integrated ESG factors into its investment processes.






from issuer selection. We also gained from being overweight credit beta, we actively managed the size of this overweight

positioning. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment processes.






from issuer selection. Another positive stimulus was given by bond tenders that were being announced by several issuers.

We also gained from being overweight credit beta. With respect to sustainability investing, the sub-fund has integrated

ESG factors into its investment processes.


Asset Allocation sub-funds

Investment results




period in %


average

Robeco GTAA Fund

D EUR shares

98.51

93.17

5.7

–0.6 1

I EUR shares

101.22

95.09

6.4

0.6 1

Z EUR shares

103.31

96.10

7.5

1.5 1

Merrill Lynch EUR LIBOR Overnight Index (EONIA)

0.6

0.6 1

1 Since inception.


Robeco GTAA Fund

The positive performance can be mainly attributed to long positions in US Treasury futures and Euro Bund futures. Long

positions in the EURO STOXX 50 futures and Nikkei 225 futures resulted in a negative contribution. With respect to

sustainability investing, the investment universe and type of investment securities of the sub-fund is such that it is not

feasible at this moment to implement the ESG factors into the investment processes.

Luxembourg, 24 October 2012

The Board of Directors

Past performance is no indication of current or future performance. These performance data do not take account of the commissions and costs incurred on

the issue and redemption of units.


Financial statements

Statement of net assets In EUR x thousand

Robeco Capital

Robeco

Robeco

Robeco

Growth Funds

Global Value

Global Conservative

Global Stars

Combined

Equities

Equities

Equities

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

Investment portfolio at market value 18,760,377

19,179,138

30,436

42,458

8,082

–

236,432

225,056

Deposits and other cash 3,5,10

868,146

402,646

123

119

1,398

–

33,622

21,817

Unrealized gains on forward exchange transactions 4

22,502

75,834

–

–

–

–

137

252

Unrealized gains on financial futures 5

3,519

1,358

–

–

–

–

–

–

Unrealized gains on interest rate swaps 6

8,975

6,612

–

–

–

–

–

–

Unrealized gains on inflation-linked swaps 7

64

206

–

–

–

–

–

–

Unrealized gains on credit default swaps 8

12,256

20,401

–

–

–

–

–

–

Unrealized gains on contracts for difference 9

2,029

632

–

–

–

–

1,732

625

Other assets 10

569,358

752,500

724

1,165

274

–

314

3,201

Total assets 20,247,226

20,439,327

31,283

43,742

9,754

–

272,237

250,951

Bank overdrafts 10

52,932

102,018

–

710

–

–

880

1,255

Unrealized losses on forward exchange transactions 4

3,105

38,753

–

–

–

–

233

1,757

Unrealized losses on financial futures 5

7,406

7,665

–

–

–

–

–

–

Unrealized losses on interest rate swaps 6

13,386

11,929

–

–

–

–

–

–

Unrealized losses on inflation-linked swaps 7

853

83

–

–

–

–

–

–

Unrealized losses on credit default swaps 8

42,140

22,979

–

–

–

–

–

–

Unrealized losses on contracts for difference 9

2,490

1,086

–

–

–

–

1,754

818

Written options at market value 3

14,935

2,938

–

–

–

–

–

823

Other liabilities

352,613

607,680

1,034

1,231

1,512

–

125

786

Total liabilities

489,860

795,131

1,034

1,941

1,512

–

2,992

5,439

Total net assets 19,757,366

19,644,196

30,249

41,801

8,242

–

269,245

245,512

Net asset value per B EUR share

96.93

92.00

110.86

–

–

–

Net asset value per D EUR share

128.35

117.02

113.09

–

134.62

122.92

Net asset value per I EUR share

–

–

113.39

–

–

126.97

Net asset value per Z EUR share

–

–

105.92

–

99.65

89.76

Net asset value per I USD share

–

–

109.95 1

–

–

–

The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.

1 This class of shares is denominated in US-dollars (USD). The reference currency of the sub-fund is the euro (EUR).



Robeco Robeco

Robeco Robeco

Emerging Stars

Emerging Markets

Active Quant Emerging

Emerging Enhanced Index

Equities Equities

Markets Equities Equities

1

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

Investment portfolio at market value 820,007

954,153

2,403,460

3,107,388

293,577

80,619

125,133

–

Deposits and other cash 3,5,10 3,719

4,752

24,056

62,807

1,848

3,038

7,679

–

Unrealized gains on forward exchange transactions 4 –

1,172

–

5,542

–

–

127

–

Unrealized gains on financial futures 5 –

–

–

–

132

79

216

–

Unrealized gains on interest rate swaps 6 –

–

–

–

–

–

–

–

Unrealized gains on inflation-linked swaps 7 –

–

–

–

–

–

–

–

Unrealized gains on credit default swaps 8 –

–

–

–

–

–

–

–

Unrealized gains on contracts for difference 9 –

–

–

–

–

–

–

–

Other assets 10 12,842

18,057

34,497

61,121

132,475

615

2,388

–

Total assets 836,568

978,134

2,462,013

3,236,858

428,032

84,351

135,543

–

Bank overdrafts 10 5,448

5,230

18,294

66,939

–

409

61

–

Unrealized losses on forward exchange transactions 4 –

–

–

–

–

–

–

–

Unrealized losses on financial futures 5 –

–

541

453

2

3

–

–

Unrealized losses on interest rate swaps 6 –

–

–

–

–

–

–

–

Unrealized losses on inflation-linked swaps 7 –

–

–

–

–

–

–

–

Unrealized losses on credit default swaps 8 –

–

–

–

–

–

–

–

Unrealized losses on contracts for difference 9 –

–

–

–

–

–

–

–

Written options at market value 3 –

–

–

–

–

–

–

–

Other liabilities 3,023

9,766

9,285

61,019

118,369

88

1,784

–

Total liabilities 8,471

14,996

28,120

128,411

118,371

500

1,845

–

Total net assets 828,097

963,138

2,433,893

3,108,447

309,661

83,851

133,698

–

Net asset value per D EUR share 141.68

149.85

130.18

140.27

124.26

130.08

–

–

Net asset value per DL EUR share 96.84 102.64 – – – – – –

Net asset value per I EUR share 100.32

105.48

227.30

243.83

127.86

132.87

–

–

Net asset value per M EUR share –

–

98.13

106.26

–

–

–

–

Net asset value per Z EUR share –

–

110.09

116.65

98.06

101.22

–

–

Net asset value per D USD share 85.57 2

103.30 2

124.27 2

152.29 2

92.96 2

111.17 2

–

–

Net asset value per I USD share –

–

92.44 2

112.74 2

–

–

91.17

–

Net asset value per J USD share –

–

95.13 2

115.67 2

–

–

–

–


1 In USD x thousand.

2This class of shares is denominated in US-dollars (USD). The reference currency of the sub-fund is the euro (EUR).



Robeco Robeco SAM Robeco

Emerging Conservative

Asia-Pacific Sustainable European

European Conservative

Equities1 Equities Equities Equities

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

Investment portfolio at market value

518,724

50,484

755,511 698,729 407,741 535,183 114,714 65,181


22,300

5,032

19,936 7,953 4,127 19,466 1,511 3,030


–

–

96 1,485 – – – 319


88

53

205 152 – – 53 21


–

–

– – – – – –


–

–

– – – – – –


–

–

– – – – – –


–

–

– – – – – –

Other assets 10

9,569

2,878

3,325 5,039 19,622 10,877 1,306 2,762

Total assets

550,681

58,447

779,073 713,358 431,490 565,526 117,584 71,313

Bank overdrafts 10

4,742

1,007

487 485 49 3,174 – –


–

84

293 1,638 108 801 – 38


–

–

– – – – 1 –


–

–

– – – – – –


–

–

– – – – – –


–

–

– – – – – –


–

–

– – – – – –


–

–

– – – – – –

Other liabilities

18,095

3,854

3,094 2,471 10,800 6,864 247 3,944

Total liabilities

22,837

4,945

3,874 4,594 10,957 10,839 248 3,982

Total net assets

527,844

53,502

775,199 708,764 420,533 554,687 117,336 67,331


106.54 2

100.82 2

– – – – 78.47 82.53


114.73 2

102.69 2

88.64 84.29 30.55 34.05 105.09 106.16


115.43 2

102.88 2

– – 111.95 123.99 97.25 97.76


101.73 2

–

– – – – 103.79 –

Net asset value per D USD share

–

–

113.58 3

123.38 3

–

–

–

–



2This class of shares is denominated in euro (EUR). The reference currency of the sub-fund is the US-dollars (USD).




Robeco

Robeco Robeco Robeco

US Premium

Chinese Indian Asian Stars

Equities

1

Equities Equities Equities1

Notes 30/06/2012

30/06/2011

30/06/2012 30/06/2011 30/06/2012 30/06/2011

30/06/2012

30/06/2011


5,134,929

5,891,036

525,600 606,678 15,214 15,313

7,663 14,554


131,927

176,469

4,423 5,695 422 718

151 1,254


21,428

9,498

2 27 – –

– –


–

–

– – – –

– 8


–

–

– – – –

– –


–

–

– – – –

– –


–

–

– – – –

– –


–

–

– – – –

29 –

Other assets 10

23,137

171,864

8,790 36,872 130 212

661 59

Total assets

5,311,421

6,248,867

538,815 649,272 15,766 16,243

8,504 15,875

Bank overdrafts 10

1,396

41

– 15,058 – 105

58 38


245

3,335

– – – –

– –


–

–

– – – –

– –


–

–

– – – –

– –


–

–

– – – –

– –


–

–

– – – –

– –


–

–

– – – –

– –


18,953

3,066

– – – –

– –

Other liabilities

17,271

155,602

3,584 12,684 117 98

130 306

Total liabilities

37,865

162,044

3,584 27,742 117 203

188 344

Total net assets

5,273,556

6,086,823

535,231 621,530 15,649 16,040

8,316 15,531


163.72 2

145.07 2

49.55 52.43 82.18 91.08

107.23 2 102.45

2

Net asset value per DH EUR share 112.81 2 115.29

2 – – – – – –

Net asset value per I EUR share 140.29 2 123.23

2 87.96 92.66 82.96 91.48 – –

Net asset value per IH EUR share 119.46 2 121.11

2 – – – – – –

Net asset value per MH EUR share 107.77 2 110.69

2 – – – – – –

Net asset value per D USD share 125.23 126.77 101.24 4 122.40

4 80.39

4 101.81

4 – –

Net asset value per I USD share 132.88 133.35 88.97 4 107.07

4 – – – –

Net asset value per M USD share 114.40 116.38 – – – – – –

Net asset value per EH GBP share 132.79 3 141.38

3 – – – – – –

Net asset value per IE GBP share

143.62 3

144.05 3

– – – –

– –



2 This class of shares is denominated in euro (EUR). The reference currency of the sub-fund is the US-dollars (USD).

3 This class of shares is denominated in British pound (GBP). The reference currency of the sub-fund is the US-dollars (USD).





Robeco

US Large Cap US Select Opportunities New World Financial

Property

Equities

1 Equities

1 Equities

Equities

Notes 30/06/2012 30/06/2011 30/06/2012 30/06/2011 30/06/2012 30/06/2011

30/06/2012 30/06/2011


515,138 494,431 48,801 – 94,836 175,752

364,894 395,356


14,039 2,188 704 – 2,354 7,773

14,323 2,273


2,100 8,167 139 – 83 334

25 310


– – – – – –

– –


– – – – – –

– –


– – – – – –

– –


– – – – – –

– –


– – – – 274 7

– –

Other assets 10

3,139 22,743 788 – 4,826 3,748

8,438 5,643

Total assets

534,416 527,529 50,432 – 102,373 187,614

387,680 403,582

Bank overdrafts 10

264 – 15 – 2,198 –

120 873


– 1,290 6 – 12 675

26 503


– – – – – –

– –


– – – – – –

– –


– – – – – –

– –


– – – – – –

– –


– – – – 736 268

– –


– – – – – –

– –

Other liabilities

1,246 12,310 918 – 1,956 2,514

15,680 3,277

Total liabilities

1,510 13,600 939 – 4,902 3,457

15,826 4,653

Total net assets

532,906 513,929 49,493 – 97,471 184,157

371,854 398,929


– – – – – –

14.53 13.35


134.22 2 114.86

2 – – 30.22 32.31

104.79 91.50

Net asset value per DH EUR share

33.10 2 32.67

2 113.51

2 – – –

– –


– – – – – –

105.34 91.35

Net asset value per IH EUR share

– – 113.88 2 – – –

– –


– – – – 80.16 84.28

– –

Net asset value per IE GBP share 116.22 3 – – – – – – –

Net asset value per D USD share 102.39 100.10 114.22 – – – – 104.24 4

Net asset value per I USD share 121.47 117.95 115.03 – – – – –

Net asset value per M USD share – – – – – – 111.80 4 –



2 This class of shares is denominated in euro (EUR). The reference currency of the sub-fund is the US-dollars (USD).

3 This class of shares is denominated in British pound (GBP). The reference currency of the sub-fund is the US-dollars (USD).




Robeco

Robeco

SAM Robeco

Global Consumer Trends

Natural Resources

Sustainable Agribusiness Infrastructure

Equities

Equities

Equities Equities

Notes 30/06/2012 30/06/2011 30/06/2012 30/06/2011

30/06/2012 30/06/2011 30/06/2012 30/06/2011


525,177 371,975 128,466 276,233

114,715 133,893 165,429 224,929


26,710 4,019 9,600 7,306

7,518 10,916 3,920 4,927


– 36 14 1,449

– – – –


– – – –

– – – –


– – – –

– – – –


– – – –

– – – –


– – – –

– – – –


– – – –

– – – –

Other assets 10

3,423 1,245 171 2,375

2,389 7,373 525 1,493

Total assets

555,310 377,275 138,251 287,363

124,622 152,182 169,874 231,349

Bank overdrafts 10

940 3,511 – –

– – – –


– – 225 3,370

– – – –


– – – –

– – – –


– – – –

– – – –


– – – –

– – – –


– – – –

– – – –


– – – –

– – – –


– – – –

– – – –

Other liabilities

2,236 831 139 1,471

4,432 9,812 266 1,682

Total liabilities

3,176 4,342 364 4,841

4,432 9,812 266 1,682

Total net assets

552,134 372,933 137,887 282,522

120,190 142,370 169,608 229,667


86.39 78.80 82.76 100.03

107.32 108.97 107.43 121.48


120.00 – – –

110.17 111.10 110.36 123.94

Net asset value per M EUR share

118.80 108.89 – –

– – – –


174.15 156.23 77.69 92.37

– – – –

Net asset value per D USD share

110.93 1 115.58

1 – 99.58

1

87.91 1 102.11

1 – –

Net asset value per M USD share

105.47 1 – 94.13

1 –

– – – –





Robeco Robeco

Robeco Robeco

High Yield Investment Grade

Global Government Emerging

Bonds Corporate Bonds

Bonds Debt

1

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011


2,114,667 2,433,584 1,367,137 832,766

26,395 24,870 120,044

60,586


365,133 346 90,351 26,802

666 448 2,502

9,536


1,832 48,545 – –

99 514 1,475

1,898


– – 1,556 76

45 7 61

9


560 184 3,882 223

– 40 99

–


– – 30 86

– – –

–


10,848 19,011 – –

– – 86

–


– – – –

– – –

–

Other assets 10

110,863 267,374 87,128 54,371

499 369 3,501

2,340

Total assets

2,603,903 2,769,044 1,550,084 914,324

27,704 26,248 127,768

74,369

Bank overdrafts 10

3,760 2,386 9,941 –

– – –

–


1,813 24,812 – –

76 96 111

86


– – 1,003 439

63 26 21

18


8,576 5,168 – 920

– 45 –

–


– 156 4

– – –

–


36,326 16,014 – –

– – 85

–


– – – –

– – –

–


– – – –

– – –

–

Other liabilities

34,876 248,354 61,529 31,979

9 301 1,503

2,486

Total liabilities

85,351 296,734 72,629 33,342

148 468 1,720

2,590

Total net assets

2,518,552 2,472,310 1,477,455 880,982

27,556 25,780 126,048

71,779

Net asset value per BH EUR share

24.07 24.21 106.37 105.57

– – –

–


– – – –

– – 97.59 4

98.93 4


103.44 97.97 121.53 114.69

– – –

–

Net asset value per EH EUR share

100.72 101.76 – –

– – –

–


153.84 144.85 127.27 119.51

110.22 102.91 –

–

Net asset value per IEH EUR share 100.18 – 112.10 110.74 – – – –

Net asset value per IHHI EUR share – – 111.68 107.38 – – – –

Net asset value per ZH EUR share

140.50 131.52 100.02 –

– – –

–

Net asset value per 0DH EUR share 108.46 106.77 – – – – – –

Net asset value per 0EH EUR share 100.51 100.28 – – – – – –

Net asset value per 0IH EUR share

104.63 102.40 – –

– – –

–

Net asset value per DH CHF share 102.29 2 – – – – – – –

Net asset value per DH USD share

106.45 3 100.85

3 – –

– – –

–

Net asset value per 0DH USD share 100.84 3 99.14

3 – – – – – –

Net asset value per I USD share – – – – – 109.59 3 98.67 98.99

Net asset value per IH USD share 178.78 3 168.15

3 – – – – – –

Net asset value per IEH USD share

104.06 3 – – –

– – –

–

Net asset value per 0IH USD share 102.49 3 100.14

3 – – – – – –



2This class of shares is denominated in Swiss francs (CHF). The reference currency of the sub-fund is the euro (EUR).


4This class of shares is denominated in euro (EUR). The reference currency of the sub-fund is the US-dollars (USD).


Statement of net assets

In EUR x thousand

Robeco


Euro Government

Euro Credit All Strategy Euro European

Bonds

Bonds Bonds High Yield Bonds

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011 30/06/2012 30/06/2011


558,282 611,937

496,563 504,697 1,944,485 2,266,543 53,009 50,616


4,121 27,678

24,318 1,899 33,770 15,448 3,384 9


– –

– – 38 1,509 10 314


– 19

520 34 - 250 – –


– –

2,373 235 1,922 5,874 – –


– –

– – 34 120 – –


– –

815 420 129 940 236 30


– –

– – - – – –

Other assets 10

10,834 11,918

17,753 18,453 68,739 89,909 1,730 1,771

Total assets

573,237 651,552

542,342 525,738 2,049,117 2,380,593 58,369 52,740

Bank overdrafts 10

– –

5,328 – 150 1,101 – 33


– –

– – 7 1,481 2 –


473 42

492 69 3,601 5,998 – –


– –

– 740 4,810 4,963 – –


– –

– – 697 79 – –


– –

2,587 2,839 2,447 4,015 713 111


– –

– – - – – –


– –

– – - – – –

Other liabilities

260 18,274

11,563 8,264 33,775 57,783 55 868

Total liabilities

733 18,316

19,970 11,912 45,487 75,420 770 1,012

Total net assets

572,504 633,236

522,372 513,826 2,003,630 2,305,173 57,599 51,728


– –

98.84 – 94.90 92.79 – –

Net asset value per CH EUR share

104.97 100.71

– – – – – –


125.28 116.38

113.79 107.46 73.71 69.25 145.78 138.64

Net asset value per EH EUR share 100.05 – – – – – – –

Net asset value per DHHI EUR share – – – – 104.29 101.29 – –

Net asset value per IHHI EUR share – – – – 104.77 – – –

Net asset value per IH EUR share 130.77 121.08 118.78 111.70 122.84 114.90 151.93 143.64

Net asset value per ZH EUR share 130.64 120.50 123.38 115.52 125.16 116.56 – –

Net asset value per 10DH EUR share

– –

– – 113.62 99.05 – –

Net asset value per 40DH EUR share

– –

– – 176.87 97.18 – –

Net asset value per 40IH EUR share

–

–

–

–

123.78

– – –



Statement of net assets

In EUR x thousand

Robeco

Robeco

Robeco

Euro Sustainable

Financial Institutions

GTAA

Credits

Bonds

Fund

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011


29,297 30,545

67,608

21,374

–

2,438


2,024 319

4,870

797

38,609

28,154


– –

9

55

245

478


65 7

–

9

656

655


160 56

–

–

–

–


– –

–

–

–

–


– –

160

–

–

–


– –

–

–

–

–

Other assets 10

1,575 922

2,137

2,602

1

5,148

Total assets

33,121 31,849

74,784

24,837

39,511

36,873

Bank overdrafts 10

183 –

–

–

3

–


– –

–

–

25

275


8 1

74

32

1,131

590


– 93

–

–

–

–


– –

–

–

–

–


– –

–

–

–

–


– –

–

–

–

–


– –

–

–

–

–

Other liabilities

2,261 272

120

2,317

1

332

Total liabilities

2,452 366

194

2,349

1,160

1,197

Total net assets

30,669 31,483

74,590

22,488

38,351

35,676


99.64 99.31

93.13

98.64

–

–


– –

–

–

98.51

93.17


107.42 101.82

98.92

98.65

–

–


– –

–

–

101.22

95.09


108.43 102.33

99.40

98.70

–

–


– –

–

–

103.31

96.10



Statement of operations and changes in net assets In EUR x thousand

Robeco Capital

Robeco

Robeco

Robeco

Growth Funds

Global

Global Value

Global Conservative

Combined

Equities Equities

Equities

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

14/12/2011

01/07/2010

Notes 30/06/2012

30/06/2011

30/06/2012

18/02/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

Net assets at beginning of the reporting period

19,644,196 17,660,926

–

55,179

41,801

40,637

–

–

Bond interest and dividend income

625,859

596,390

–

485

706

817

139

–

Bank and other interest

26,401

19,797

–

13

1

5

1

–

Other income

37,558

28,895

–

19

5

22

–

–

Total

689,818

645,082

–

517

712

844

140

–

Management fee 17

180,746

176,695

–

444

443

605

26

–

Service fee 17

17,752

15,745

–

42

43

58

3

–

Performance fee 17

84

–

–

–

–

–

–

–

Depositary fee 18

4,619

4,382

–

16

68

40

7

–

Interest on bank overdrafts and payments on derivative

instruments

41,036

26,133

–

–

5

1

–

–

Taxes 13 6,238 6,329 – 18 18 23 1 –

Other fees and expenses 19

3,388

5,414

–

11

1

7

–

–

Transaction costs 21

18,202

19,042

–

101

219

212

9

–

Total expenses

272,065

253,740

–

632

797

946

46

–

Total net income on investments

417,753

391,342

–

–115

–85

–102

94

–

Net realized and changes in unrealized results on

investments and other financial instruments

-574,076

1,221,244

–

11,610

2,839

6,249

754

–

Net increase (+)/ decrease (-) from operations

-156,323

1,612,586

–

11,495

2,754

6,147

848

–

Distributed dividends 20

-121,911

–108,703

–

–

–1,235

–1,807

–17

–

Subscriptions, redemptions (net)

-271,053

925,963

–

–66,674

–13,071

–3,176

7,411

–

Currency translation

662,457

–446,576

Net assets at end of the reporting period

19,757,366 19,644,196

–

–

30,249

41,801

8,242

–



Statement of operations and changes in net assets

In EUR x thousand

Robeco

Robeco

Robeco

Robeco

Global Stars

Emerging Stars

Emerging Markets


Equities

Equities

Equities

Markets Equities

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011


245,512

178,602

963,138

892,417

3,108,447

2,894,103

83,851

11,667


4,124

5,137

27,950

22,528

83,901

78,142

6,181

1,242


90

9

6

25

24

53

5

3

Other income

243

371

90 2

1,922

1,730

4,329

272

17

Total

4,457

5,517

28,046

24,475

85,655

82,524

6,458

1,262

Management fee 17

801

1,198

11,937

13,767

34,964

44,316

1,188

234

Service fee 17

80

129

930

1,072

2,629

3,254

127

24

Performance fee 17

–

–

–

–

–

–

–

–

Depositary fee 18

34

33

499

565

1,231

1,364

127

50


instruments

87

6

37

38

443

182

23

9

Taxes 13 53 39 316 391 928 1,251 47 12


13

152

250

446

1,262

1,928

104

90


412

263

1,887

1,281

4,114

3,126

509

151

Total expenses

1,480

1,820

15,856

17,560

45,571

55,421

2,125

570


2,977

3,697

12,190

6,915

40,084

27,103

4,333

692



24,215

–9,878

–73,206

40,693

–264,350

112,808

–10,129

1,076


27,192

–6,181

–61,016

47,608

–224,266

139,911

–5,796

1,768


–

–

–

–

–

–

–

–


–3,459

73,091

–74,025

23,113

–450,288

74,433

231,606

70,416


269,245

245,512

828,097

963,138

2,433,893

3,108,447

309,661

83,851


2 Performance fees accrued, but not payable to the management company at the end of the reporting period or the change in accrued performance fees are recorded under 'Other fees and

expenses' or 'Other income'. For more information see page 74 until page 75.



In EUR x thousand

Robeco

Robeco

Robeco Robeco

Emerging Enhanced


All Weather Asia-Pacific

Equities

1

Equities1

Global Equities Equities

28/03/2011

01/07/2010

01/07/2011

14/02/2011

01/07/2011

01/07/2010

01/07/2011

01/07/2010

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

08/09/2010

30/06/2012

30/06/2011


–

–

53,502

–

– 6,205 708,764 660,497


1,780

–

11,194

530

– 41 20,925 17,216


3

–

10

1

– 5 38 107

Other income

–

–

161

–

– – 897 306

Total

1,783

–

11,365

531

– 46 21,860 17,629

Management fee 17

207

–

3,002

113

– 10 11,244 10,958

Service fee 17

28

–

281

11

– 1 899 876

Performance fee 17

–

–

–

–

– – – –

Depositary fee 18

67

–

159

3

– – 229 204


instruments 1 – 29 2 – 56 15 19

Taxes 13

6

–

111

7

– – 372 372


2

–

304

93

– 5 462 455


149

–

749

62

– – 667 660

Total expenses

460

–

4.635

291

– 72 13,888 13,544


1,323

–

6.730

240

– –26 7,972 4,085



–14,338

–

2.869

1,042

– –70 25,542 46,920


–13,015

–

9.599

1,282

– –96 33,514 51,005


–

–

–9,302

–727

– – – –


146,713

–

474,045

52,947

– –6,109 32,921 –2,738


133,698

–

527,844

53,502

– – 775,199 708,764





In EUR x thousand

SAM

Robeco

Robeco

Robeco

Sustainable European

European


European MidCap

Equities Stars Equities

Equities Equities

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

Notes 30/06/2012

30/06/2011

30/06/2012

18/02/2011

30/06/2012

30/06/2011

30/06/2012

18/02/2011


554,687

419,780

–

23,794

67,331

46,150

–

142,663


14,511

14,608

–

278

4,232

2,281

–

707


48

60

–

2

12

9

–

14

Other income

578

1,527

–

13

176

189

–

80

Total

15,137

16,195

–

293

4,420

2,479

–

801

Management fee 17

5,567

6,218

–

190

900

548

–

1,479

Service fee 17

537

599

–

18

109

66

–

118

Performance fee 17

–

–

–

–

–

–

–

–

Depositary fee 18

68

106

–

13

22

10

–

36


instruments 2 2 – – 2 – – 1

Taxes 13

215

245

–

6

46

28

–

50


42

146

–

12

6

1

–

46


699

1,818

–

44

149

28

–

503

Total expenses

7,130

9,134

–

283

1,234

681

–

2,233


8,007

7,061

–

10

3,186

1,798

–

–1,432



–66,719

62,545

–

5,722

–655

5,519

–

40,142


–58,712

69,606

–

5,732

2,531

7,317

–

38,710


–

–

–

–

–3,058

–2,174

–

–


–75,442

65,301

–

–29,526

50,532

16,038

–

–181,373


420,533

554,687

–

–

117,336

67,331

–

–




In EUR x thousand

Robeco

Robeco

Robeco

Robeco

Active Quant European

US Premium

Chinese

Indian

Equities Equities 1

Equities Equities

01/07/2011 01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

23/08/2010

Notes 30/06/2012

08/09/2010

30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011


–

5,579

6,086,823

3,311,623

621,530

537,184

16,040

–


–

9

81,488

55,220

14,507

10,532

208

–


–

–

88

140

50

15

1

–

Other income

–

1

932

278

1,443

358

–

152

Total

–

10

82,508

55,638

16,000

10,905

209

152

Management fee 17

–

6

63,848

54,092

8,770

7,667

217

167

Service fee 17

–

1

5,341

4,440

697

609

25

19

Performance fee 17

–

–

–

–

–

–

–

–

Depositary fee 18

–

–

569

456

246

203

62

1


instruments

–

8

15

2

27

117

1

–

Taxes 13 – – 1,815 1,594 264 238 5 5


–

8

430

1,750

35

56

14

51


–

–

3,529

4,268

2,791

3,211

95

39

Total expenses

–

23

75,547

66,602

12,830

12,101

419

282


–

–13

6,961

–10,964

3,170

–1,196

–210

–130



–

216

–326,269

1,071,620

–41,448

–5,345

–2,020

–1,214


–

203

–319,308

1,060,656

–38,278

–6,541

–2,230

–1,344


–

–

–7,730

–1,778

–

–

–

–


–

–5,782

–486,229

1,716,322

–48,021

90,887

1,839

17,384


–

–

5,273,556 6,086,823

535,231

621,530

15,649

16,040





In EUR x thousand

Robeco

Robeco

Robeco

Robeco

Asian Stars

US Large Cap

US Select Opportunities

European Dividend

Equities

1 Equities

1

Equities 1 Extension

01/07/2011

18/03/2011

01/07/2011

01/07/2010

20/09/2011

01/07/2010

01/07/2011

01/07/2010

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

08/09/2010


15,531

–

513,929

213,944

–

–

–

3,726


358

124

6,983

5,385

271

–

–

20


1

1

7

8

1

–

–

–

Other income

–

–

6

38

1

–

–

2

Total

359

125

6,996

5,431

273

–

–

22

Management fee 17

216

67

4,579

4,788

220

–

–

10

Service fee 17

17

5

466

472

21

–

–

1

Performance fee 17

107 2

–

–

–

–

–

–

–

Depositary fee 18

24

2

95

95

72

–

–

–


instruments

1

–

19

33

2

–

–

–

Taxes 13

11

–

156

178

7

–

–

–


5

13

18

6

–

–

–

5


51

37

391

321

35

–

–

–

Total expenses

432

124

5,724

5,893

357

–

–

16


–73

1

1,272

–462

–84

–

–

6



–1.775

831

–27,779

120,263

98

–

–

197


–1,848

832

–26,507

119,801

14

–

–

203


–

–

–

–

–

–

–

–


–5,367

14,699

45,484

180,184

49,479

–

–

–3,929


8,316

15,531

532,906

513,929

49,493

–

–

–



2 Performance fees accrued, but not payable to the management company at the end of the reporting period or the change in accrued performance fees are recorded under 'Other fees and

expenses' or 'Other income'. For more information see page 74 untilpage 75.



In EUR x thousand

Robeco

Robeco

Robeco

Robeco

New World Financials

Health & Wellness

Property


Equities Equities

Equities Equities

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

Notes 30/06/2012

30/06/2011

30/06/2012

17/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011


184,157

125,619

–

159,204

398,929

241,791

372,933

235,701


2,221

3,551

–

1,178

9,504

9,050

3,482

3,280


19

32

–

17

21

20

39

26

Other income

211

164

–

41

434

418

566

272

Total

2,451

3,747

–

1,236

9,959

9,488

4,087

3,578

Management fee 17

989

1,282

–

950

5,054

4,867

4,307

3,096

Service fee 17

79

103

–

76

409

394

344

247

Performance fee 17

–

–

–

–

–

–

–

–

Depositary fee 18

76

84

–

30

81

89

85

55


instruments 37 56 – 2 6 3 12 2

Taxes 13

37

52

–

33

154

160

162

121


62

46

–

23

21

42

21

16


406

837

–

185

372

377

776

899

Total expenses

1,686

2,460

–

1,299

6,097

5,932

5,707

4,436


765

1,287

–

–63

3,862

3,556

–1,620

–858



–22,663

–3,019

–

5,905

38,467

29,556

50,918

57,747


–21,898

–1,732

–

5,842

42,329

33,112

49,298

56,889


–

–

–

–

–2,236

–1,313

–

–


–64,788

60,270

–

–165,046

–67,168

125,339

129,903

80,343


97,471

184,157

–

–

371,854

398,929

552,134

372,933




In EUR x thousand

Robeco

SAM

Robeco

Robeco

Natural Resources

Sustainable Agribusiness

Infrastructure

Global

Equities Equities

Equities Bonds

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

18/02/2011


282,522

275,869

142,370

158,984

229,667

178,496

–

506,593


2,570

2,770

1,593

2,051

2,343

3,575

–

10,237


71

34

30

23

13

14

–

521

Other income

204

196

195

169

212

253

–

60

Total

2,845

3,000

1,818

2,243

2,568

3,842

–

10,818

Management fee 17

927

1,485

1,405

1,848

1,959

2,208

–

2,214

Service fee 17

75

119

119

157

168

189

–

253

Performance fee 17

–

–

–

–

–

–

–

–

Depositary fee 18 35 46 36 51 29 39 – 39


instruments

34

24

1

17

2

4

–

662

Taxes 13

40

70

30

37

35

41

–

148


8

29

11

18

19

13

–

26


623

956

198

397

157

472

–

11

Total expenses

1,742

2,729

1,800

2,525

2,369

2,966

–

3,353


1,103

271

18

–282

199

876

–

7,465



–42,112

62,506

–3,074

33,700

–27,106

34,657

–

–8,032


–41,009

62,777

–3,056

33,418

–26,907

35,533

–

–567


–

–

–

–

–

–

–

–8,850


–103,626

–56,124

–19,124

–50,032

–33,152

15,638

–

–497,176


137,887

282,522

120,190

142,370

169,608

229,667

–

–




In EUR x thousand

Robeco

Robeco

Robeco

Robeco

High Yield

Investment Grade

Global Government

Emerging

Bonds Corporate Bonds

Bonds Debt

1

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

07/06/2011

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011


2,472,310

1,878,757

880,982

735,545

25,780

26,115

71,779

–


154,946

159,661

51,835

41,446

839

809

4,780

267


11,359

2,167

4,827

2,020

3

69

87

–

Other income

24,932

13,146

374

73

1

1

51

21

Total

191,237

174,974

57,036

43,539

843

879

4,918

288

Management fee 17

14,562

14,820

6,108

4,664

81

78

970

56

Service fee 17

2,050

1,567

1,198

696

21

14

97

6

Performance fee 17

–

–

–

–

–

–

–

–

Depositary fee 18

263

267

177

132

8

6

27

–


instruments

25,001

2,807

4,243

2,696

–

64

125

–

Taxes 13 546 571 395 293 3 3 46 2


228

92

7

105

–

–

212

226


12

–

25

9

–

2

2

1

Total expenses

42,662

20,124

12,153

8,595

113

167

1,479

291


148,575

154,850

44,883

34,944

730

712

3,439

–3



20,492

25,037

25,783

–19,091

1,105

–1,047

–17,577

–1,294


169,067

179,887

70,666

15,853

1,835

–335

–14,138

–1,297


–25,542

–25,391

–31,087

–30,424

–

–

–

–


–97,283

439,057

556,894

160,008

–59

–

68,407

73,076


2,518,552

2,472,310

1,477,455

880,982

27,556

25,780

126,048

71,779





In EUR x thousand

Robeco

Robeco

Robeco

Robeco

Strategic Income

Euro

Euro Government

Euro Credit

Fund Bonds

Bonds Bonds

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

Notes 30/06/2012

08/09/2010

30/06/2012

18/02/2011

30/06/2012

30/06/2011

30/06/2012

30/06/2011


–

123,303

–

735,328

633,236

752,189

513,826

442,742


–

133

–

18,321

20,436

26,489

21,334

20,574


–

11

–

2,614

63

56

3,330

2,010

Other income

–

183

–

167

812

434

678

927

Total

–

327

–

21,102

21,311

26,979

25,342

23,511

Management fee 17

–

4

–

2,772

945

882

1,027

1,008

Service fee 17

–

1

–

330

320

152

197

151

Performance fee 17

–

–

–

–

–

–

–

–

Depositary fee 18

–

4

–

58

59

68

76

77


instruments

–

96

–

2,665

6

–

3,479

2,290

Taxes 13 – – – 185 136 75 84 86


–

12

–

31

20

43

4

2


–

–

–

7

11

15

9

9

Total expenses

–

117

–

6,048

1,497

1,235

4,876

3,623


–

210

–

15,054

19,814

25,744

20,466

19,888



–

814

–

–21,116

22,255

–35,151

9,035

66


–

1,024

–

–6,062

42,069

–9,407

29,501

19,954


–

–

–

–11,532

–6,427

–

–6

–


–

–124,327

–

–717,734

–96,374

–109,546

–20,949

51,130


–

–

–

–

572,504

633,236

522,372

513,826




In EUR x thousand

Robeco

Robeco

Robeco

Robeco

All Strategy Euro

European

Euro Medium Term

Euro Sustainable

Bonds High Yield Bonds

Bonds Credits

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

01/07/2011

01/07/2010

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011

30/06/2012

18/02/2011

30/06/2012

30/06/2011


2,305,173

1,920,952

51,728

42,301

–

294,534

31,483

9,963


84,777

87,027

3,816

3,398

–

5,055

1,449

1,215


5,717

9,220

11

12

–

259

318

90

Other income

2,229

2,608

151

115

–

128

–

Total

92,723

98,855

3,978

3,525

–

5,442

1,767

1,305

Management fee 17

8,985

4,705

312

260

–

859

116

92

Service fee 17

1,634

809

47

30

–

149

26

16

Performance fee 17

–

–

–

–

–

–

–

–

Depositary fee 18 275 272 9 9 – 23 5 5


instruments

7,095

13,319

27

72

–

778

292

106

Taxes 13

609

446

10

6

–

88

4

3


28

48

1

–

–

7

–

2


96

147

–

–

–

6

2

–

Total expenses

18,722

19,746

406

377

–

1,910

445

224


74,001

79,109

3,572

3,148

–

3,532

1,322

1,081



60,492

–83,605

–925

2,195

–

149

418

–974


134,493

–4,496

2,647

5,343

–

3,681

1,740

107


–35,773

–21,222

–

–

–

–4,257

–32

–6


–400,263

409,939

3,224

4,084

–

–293,958

–2,522

21,419


2,003,630

2,305,173

57,599

51,728

–

–

30,669

31,483




In EUR x thousand

Robeco

Robeco

Financial Institutions

GTAA

Bonds Fund

01/07/2011

16/05/2011

01/07/2011

01/07/2010

Notes 30/06/2012

30/06/2011

30/06/2012

30/06/2011


22,488

–

35,676

20,508


3,099

70

29

20


6

–

142

157

Other income

185

–

33

Total

3,290

70

204

177

Management fee 17

354

8

2

2

Service fee 17

61

2

–

–

Performance fee 17

–

–

–

–

Depositary fee 18

11

–

3

3


instruments

2

–

5

6

Taxes 13 28 1 4 4


–

–

3

–


2

–

96

41

Total expenses

458

11

113

56


2,832

59

91

121



–1,371

–297

2,584

1,580


1,461

–238

2,675

1,701


–3,077

–

–

–


53,718

22,726

–

13,467


74,590

22,488

38,351

35,676



Number of shares outstanding Movement in the reporting period 01/07/2011 through 30/06/2012

Class of shares Shares at the beginning of the period

Shares subscribed

Shares redeemed

Shares at the end of the

period


Robeco Global Value Equities B EUR 444,434

39,364

203,947

279,851

D EUR 7,795

180,624

164,090

24,329


B EUR –

16,891

4,139

12,752

D EUR –

9,695

–

9,695

I EUR –

58,794

18,007

40,787

Z EUR –

5,483

433

5,050

I USD –

6,600

–

6,600


D EUR 557,338

288,773

378,706

467,405

I EUR 360

–

360

–

Z EUR 1,971,552

115,549

16,682

2,070,419


D EUR 4,223,441

988,155

1,809,565

3,402,031

DL EUR 204,224

100,263

53,719

250,768

I EUR 2,551,650

468,644

645,471

2,374,823

D USD 563,606

1,059,674

383,881

1,239,399


D EUR 13,810,222

2,008,449

4,214,552

11,604,119

I EUR 2,697,079

691,092

1,428,239

1,959,932

M EUR 308,162

101,427

233,740

175,849

Z EUR 850,743

4,341

1,266

853,818

D USD 792,682

629,982

513,230

909,434

I USD 2,204,404

128,133

361,616

1,970,921

J USD 1,591,377

202,754

8,041

1,786,090


D EUR 255,498

351,970

262,849

344,619

I EUR 110,176

1,379,621

43,546

1,446,251

Z EUR 315,000

139,420

–

454,420

D USD 53,372

681,222

224,495

510,099

Robeco Emerging Enhanced Index Equities I USD –

1,466,495

–

1,466,495


B EUR 324,912

2,383,453

135,395

2,572,970

D EUR 11,307

125,058

64,475

71,890

I EUR 29,000

1,171,850

45,207

1,155,643

Z EUR –

1,740

–

1,740



D EUR 8,395,769

3,203,082

2,873,124

8,725,727

D USD 12,914

19,141

12,168

19,887


D EUR 15,860,284

890,315

4,667,329

12,083,270

I EUR 118,174

505,363

164,575

458,962


B EUR 750,342

747,690

436,839

1,061,193

D EUR 39,513

150,778

142,919

47,372

I EUR 12,351

295,991

13,831

294,511

Z EUR –

4,642

354

4,288




Shares subscribed

Shares redeemed


period

Robeco US Premium Equities D EUR 2,797,242

706,652

1,870,780

1,633,114

I EUR 439,987

266,538

28,923

677,602

DH EUR 3,571,909

2,145,327

2,276,209

3,441,027

IH EUR 2,867,430

442,735

783,787

2,526,378

MH EUR 613,489

1,071,115

1,230,604

454,000

D USD 16,633,511

9,171,400

8,621,932

17,182,979

I USD 12,093,287

5,135,390

7,212,802

10,015,875

M USD 2,130,685

356,205

1,736,517

750,373

EH GBP 414,991

156,299

71,218

500,072

IE GBP 680,975

396,295

175,416

901,854


D EUR 9,538,598

4,551,370

4,790,199

9,299,769

I EUR 668,976

171,917

670,033

170,860

D USD 319,849

200,934

143,706

377,077

I USD 438,960

330,471

351,232

418,199


D EUR 100,377

113,174

103,868

109,683

I EUR 75,016

–

–

75,016

D USD 500

6,300

300

6,500

Robeco Asian Stars Equities D EUR 104,565

26,092

69,547

61,110


D EUR 277,480

256,144

151,987

381,637

DH EUR 6,107,583

468,334

2,326,977

4,248,940

IE GBP –

20,275

589

19,686

D USD 169,622

805,268

195,273

779,617

I USD 1,368,912

1,796,636

1,469,551

1,695,997


DH EUR –

58,075

26,474

31,601

IH EUR –

14,670

–

14,670

D USD –

137,858

23,672

114,186

I USD –

322,877

64,009

258,868



D EUR 2,569,384

1,065,341

1,735,960

1,898,765

Z EUR 1,200,000

–

700,000

500,000


B EUR 3,370,544

628,895

710,181

3,289,258

D EUR 3,304,756

981,146

1,925,731

2,360,171

I EUR 563,757

240,336

76,120

727,973

D USD 500

–

500

–

M USD –

466

–

466


D EUR 3,102,793

3,271,814

2,683,433

3,691,174

I EUR –

228,141

61,319

166,822

M EUR 25,841

33,793

50,869

8,765

Z EUR 790,000

410,356

120,000

1,080,356

D USD 27,570

823,204

576,147

274,627

M USD –

500

–

500




Shares subscribed

Shares redeemed


period

Robeco Natural Resources Equities D EUR 899,153

220,756

615,544

504,365

Z EUR 2,084,445

202,524

1,049,703

1,237,266

D USD 500

–

500

–

M USD –

382

–

382


D EUR 462,814

93,473

147,658

408,629

I EUR 821,487

108

133,985

687,610

D USD 9,592

8,310

9,482

8,420


D EUR 486,076

151,773

371,092

266,757

I EUR 1,376,593

229,430

328,772

1,277,251



BH EUR 15,674,396

5,638,879

4,138,381

17,174,894

DH EUR 3,476,955

2,113,063

2,296,821

3,293,197

EH EUR 336,753

117,140

24,862

429,031

IH EUR 3,697,875

1,534,030

1,023,427

4,208,478

IEH EUR –

251,565

–

251,565

ZH EUR 504,221

191,191

200,703

494,709

0DH EUR 1,461,818

344,627

1,480,962

325,483

0EH EUR 1,423,564

30,308

1,421,207

32,665

0IH EUR 432,941

359,120

460,197

331,864

DH CHF –

258,265

37,340

220,925

DH USD 40,199

189,969

70,599

159,569

0DH USD 604,649

289,175

611,570

282,254

IH USD 6,251,951

2,389,295

4,415,918

4,225,328

IEH USD –

177,864

20,512

157,352

0IH USD 52,752

2,994,884

38,990

3,008,646


BH EUR 4,505,741

2,291,816

728,368

6,069,189

DH EUR 65,551

1,327,168

192,123

1,200,596

0DH EUR –

500

500

–

IH EUR 2,519,995

2,902,032

1,733,407

3,688,620

0IH EUR –

266,500

266,500

–

IEH EUR 822,449

390,422

808,476

404,395

IHHI EUR 51,800

49,716

9,153

92,363

ZH EUR –

1,607,988

–

1,607,988


IH EUR 250,000

1

–

250,001

I USD 696

–

696

–


D EUR 500,077

523,213

5,930

1,017,360

I USD 500

–

–

500



CH EUR 77,920

2,020,224

277,940

1,820,204

DH EUR 253,731

924,615

910,903

267,443

EH EUR –

163,038

766

162,272

IH EUR 1,763,924

681,259

1,317,015

1,128,168

ZH EUR 3,172,614

1,300,345

3,063,244

1,409,715




Shares subscribed

Shares redeemed


period

Robeco Euro Credit Bonds BH EUR –

36,161

–

36,161

DH EUR 1,032,140

673,682

637,148

1,068,674

IH EUR 1,169,419

285,798

559,753

895,464

ZH EUR 2,357,007

3,073

2,784

2,357,296


BH EUR 10,881,713

530,512

2,944,745

8,467,480

DH EUR 1,056,126

1,400,736

1,902,628

554,234

DHHI EUR 69,065

17,643

57,005

29,703

FHHI EUR –

513

513

–

IHHI EUR –

373,880

11,401

362,479

10DH EUR 323,732

159,480

40,647

442,565

40DH EUR 89,181

17,235

105,315

1,101

40FH EUR –

500

500

–

40IH EUR –

215,791

8,518

207,273

IH EUR 4,489,243

781,807

1,145,267

4,125,783

ZH EUR 5,651,491

3,446,168

4,821,412

4,276,247


DH EUR 30,576

167,172

146,202

51,546

IH EUR 330,616

1,404

2,362

329,658


BH EUR 2,970

11,419

313

14,076

DH EUR 7,814

18,370

1,847

24,337

IH EUR 297,000

13,800

65,000

245,800


BH EUR 178,454

607,351

45,184

740,621

DH EUR 500

2,000

2,000

500

IH EUR 49,000

55,500

48,500

56,000


Robeco GTAA Fund

D EUR 936

49

50

935

I EUR 500

–

–

500

Z EUR 369,847

–

–

369,847


Notes to the financial statements

1 General Robeco Capital Growth Funds (the ‘Company’) was incorporated on 2 May 1997 for an undetermined period of time as an

open ended investment company based in Luxembourg, issuing and redeeming its shares on demand at prices based on

the respective Net Asset Values per share. Its Articles of Incorporation were published in the ‘Mémorial, Recueil des

Sociétés et Associations’ of the Grand Duchy of Luxembourg (the’Mémorial’) on 6 June 1997. The Articles of Incorporation

were last amended on 15 April 2010 and such amendments were published on 14 May 2010 in the Mémorial. Robeco

Capital Growth Funds is a ‘Société d’Investissement à Capital Variable’ (SICAV) pursuant to the law of 10 August 1915, as

amended, on commercial companies and to part I of the law of 17 December 2010, on undertakings for collective

investment of the Grand Duchy of Luxembourg. The Company takes the form of an umbrella fund. It is made up of several

sub-funds each representing an investment portfolio and other assets and liabilities corresponding to a different

investment policy. Each sub-fund is therefore represented by different types of shares with one or more classes of shares.

The Board of Directors has authority to issue different categories of shares within each of the sub-funds. The Directors of

the Company may at any time establish new sub-funds and/or may decide upon the issue of class 0D, 0DH, 10DH, 20DH,

30DH, 40DH, D, DH, DHHI, DHL, DL, 0F, 0FH, 10FH, 20FH, 30FH, 40FH, F, FH, FHHI, FL, FHL, 0I, 0IH, 10IH, 20IH, 30IH,

40IH, I, IH, IHI, IHHI, IHL, IL, J, M, MH, Z and ZH shares (capital growth) and class B, BH, BHHI, C, CH, CHHI, G, GH, 0EH, E,

EH, 0IEH, IE and IEH shares (distribution) in existing or new sub-funds. The reference currency of the classes of shares may

be the euro (EUR), the US dollar (USD), the Swiss franc (CHF), the Japanese yen (JPY), the British pound (GBP), the

Australian dollar (AUD) or the Swedish crown (SEK). Only the shares mentioned in the paragraph ‘Share Capital’ are active

at the reporting date.

Legal entity

The Company as a whole constitutes a single legal entity but the assets of any one sub-fund will only be available to satisfy

the rights of investors in relation to that sub-fund and the rights of creditors whose claims have arisen in connection with

the creation, operation or liquidation of the sub-fund.

For the purpose of the relations as between shareholders, each sub-fund is deemed to be a separate entity.

Share capital

The capital of the Company will automatically be adjusted in case additional shares are issued or outstanding shares are

redeemed without special announcements or measure of publicity being necessary in relation thereto. Classes of shares:

Class D, DH, 0DH, 10DH and 40DH shares are available to all investors.

Class B, BH, DHHI, 0EH, EH, M and MH shares are available in certain countries, subject to the relevant regulatory

approval, through specific distributors, selected by the Board of Directors.

Class DL shares are only available for investors in Peru, Chile and Asian countries, selected by the Board of Directors.

Class CH, 40FH and FHHI shares (advisory shares) are available in certain countries, subject to the relevant regulatory

approval, through specific distributors, selected by the Board of Directors.

Class J shares are only available for investors in Japan, subject to relevant regulatory approval, through specific

distributors, selected by the Board of Directors. The class J USD shares have a minimum initial subscription amount of

USD 1,000,000. The Board of Directors can waive this minimum subscription amount at its discretion.

Class Z and ZH shares are only available for Institutional Investors:

– who are (in)directly wholly or partly owned by Robeco Groep N.V. (‘Members of the Robeco Group’)

– which consist of Investment fund(s) and/or investment structure(s) which are (co-)managed and/or (sub) advised by

members of the Robeco Group

– who are institutional clients of Members of the Robeco Group and are as such subject to separate (management,

advisory or other) fees payable to such Members of the Robeco Group.

The ultimate decision whether an institutional investor qualifies for class Z class is at the discretion of the Board of

Directors of the Company. The possession, redemption and transfer of class I, IH, 0IH, 40IH, IE, IEH and IHHI shares is

limited to institutional investors as defined from time to time by the Luxembourg supervisory authority. The Company will

not issue class I, IH, 0IH, 40IH, IE, IEH and IHHI shares or contribute to the transfer of class I, IH, 0IH, 40IH, IE, IEH and

IHHI shares to non-institutional investors. If it appears that those shares classes are being held by non-institutional

investors the Company will redeem these shares.


Class I, 0IH, 40IH, IH, IE, IEH and IHHI shares have a minimum subscription amount of (the equivalent of) EUR 500,000.

The Board of Directors can waive this minimum subscription amount at its discretion. Class I, 0IH, 40IH, IH, IE, IEH, IHHI

and J shares can only be placed through a direct account of the shareholders with the Registrar Agent.

The Company, for the account of class BH, CH, DH,IH, IEH, EH, MH and ZH classes (collectively or individually ‘Hedged

Class(es)’), engages in currency hedging transactions to preserve, to the extent possible, the currency of expression value

of the Hedged Class assets against the fluctuations of the currencies, with a substantial weight, in which the assets of the

sub-fund allocable to the Hedged Class are denominated.

The Company, for the account of class DHHI, FHHI and IHHI (collectively or individually 'Hedged Inflation Classes'),

engages in inflation hedging transactions to preserve, to the extent possible, the real return of the classes instead of the

nominal return of the relevant sub-fund.

The Company, for the account of 0DH, 0EH, 0IH, 40FH, 40IH, 10DH and 40DH classes (collectively or individually 'Hedged

Duration Classes'), engages in duration hedging transactions, to the extent possible, to bring the duration to the desired

level in order to help investors to manage their interest rate risk.

The attention of the investors is drawn to the fact that the sub-funds of the Company have several classes of shares which

distinguish themselves by, inter alia, their reference currency and that they are exposed to the risk that the net asset value

of a class denominated in one currency can move unfavorable vis-à-vis another class denominated in another currency.

At the end of the reporting period the share capital comprised thirty-four active sub-funds (3 new sub-funds were

launched), each relating to a separate investment portfolio consisting of securities, cash and other instruments. Twenty-

one sub-funds were not yet introduced at the end of the reporting period. The complete list of sub-funds is as follows:

Global Equity Sub-funds

− Robeco Global Value Equities

− Robeco Global Conservative Equities

− Robeco Global Stars Equities

− Robeco Emerging Stars Equities

− Robeco Emerging Markets Equities

− Robeco Active Quant Global Equities 1

− Robeco Active Quant Emerging Markets Equities

− Robeco Frontier Markets Equities 1

− Robeco Flexible Markets 1

− Robeco Global Aggressive Equities 1

− Robeco High Dividend Equity 1

− Robeco Global Connectivity Equities 1

− Robeco Global Enhanced Index Equities 1

− Robeco Developed Enhanced Index Equities 1

− Robeco Emerging Enhanced Index Equities

− Robeco Emerging Conservative Equities

Regional & Country Equity Sub-funds

− Robeco Asia-Pacific Equities

− SAM Sustainable European Equities

− Robeco European Conservative Equities

− Robeco US Premium Equities

− Robeco Chinese Equities

− Robeco African Equities 1

− Robeco Indian Equities

− Robeco Emerging Latin-American Equities 1

− Robeco Asian Stars Equities

− Robeco US Stars Equities 1

− Robeco US Large Cap Equities

− Robeco US Select Opportunities Equities

Theme Equity Sub-funds

− Robeco New World Financial Equities

− Robeco Property Equities

− Robeco Global Consumer Trends Equities

− Robeco Natural Resources Equities

− SAM Sustainable Agribusiness Equities


− Robeco Infrastructure Equities

− Robeco Future Technology Equities 1

Global Bond Sub-funds

− Robeco High Yield Bonds

− Robeco Emerging Credits 1

− Robeco Investment Grade Corporate Bonds

− Robeco Total Return Bonds 1

− Robeco Global Government Bonds

− Robeco Emerging Debt

− Robeco Global Sustainable Credits 1

− Robeco Global Inflation Linked Bonds1

− Robeco Emerging Inflation Linked Bonds1

Regional Bond Sub-funds

− Robeco Euro Core Government Bonds1

− Robeco Euro Government Bonds

− Robeco Euro Credit Bonds

− Robeco All Strategy Euro Bonds

− Robeco European High Yield Bonds

− Robeco Euro Sustainable Credits

− Robeco Financial Institutions Bonds

− Robeco European Inflation Linked Bonds1

Absolute Return Sub-funds

− Robeco Absolute Return Bonds 1

Asset Allocation Sub-funds

− Robeco Allocation Opportunities 1

− Robeco GTAA Fund 1 Sub-fund not yet introduced.

Sales commissions

The maximum sales commission is 5% for Equity and Asset Allocation sub-funds, 3% for Bond sub-funds, except for shares

that are only available to institutional Investors for which the maximum sales commission is 0.50%. For Z shares, no sales

commission is applicable. The percentage represents a percentage of the total subscription amount. This commission rate

is to be considered as a maximum rate and the sales agents may decide at their discretion to waive this sales commission

in whole or in part. The Company reserves the right to refuse any subscription request at any time.

Dividend policy

The general policy regarding the appropriation of net income and capital gains is as follows: Class D, 0DH, 10DH, 40DH, DH, DHHI, DL, I,40FH, FHHI, 0IH, 40IH, IH, IHHI, J, M, MH, Z and ZH shares (capital growth)

Income is reinvested and added to the relevant sub-fund and contributes to a further increase in value of the total net

assets. Class B, BH, CH, EH, IE, IEH and OEH shares (distributing)

After the end of the reporting period, the Company can recommend what distribution shall be made from the net

investment income and net capital gains attributable to the Class B, BH,CH, EH, IE, IEH and OEH shares. The Annual

General Meeting of Shareholders will determine the dividend payment. The Board of Directors of the Company may

decide to distribute interim dividends, in accordance with Luxembourg law. General remarks

As provided by the 2010 law, the Company may decide to distribute dividends with no other limit than the obligation that

any such dividend distribution does not reduce the net asset value of the Company below the legal minimum amount.

Similarly, the Company may distribute interim dividends and may decide to pay dividends in shares. If dividends are

distributed, payments of cash dividends to registered shareholders will be made in the currency of the relevant share class

to such shareholders at the addresses they have given to the Registrar Agent. Dividend announcements (including names

of paying agents) and all other financial notices concerning Robeco Capital Growth Funds shall be published on

www.robeco.com/luxembourg and published in those newspapers as the Board of Directors shall determine from time to

time. Dividends not collected within five years will lapse and accrue for the benefit of the Company in accordance with

Luxembourg law.


Open-end fund

Robeco Capital Growth Funds is an open-end investment company meaning that, barring exceptional circumstances,

Robeco Capital Growth Funds issues and purchases its shares on a daily basis at net asset value per share. The Company

reserves the right to refuse any subscription request at any time.

Swing pricing

Shares are issued and redeemed on the basis of the net asset value per share. However, the actual costs of purchasing or

selling assets and investments for a sub-fund may deviate from the latest available prices, as appropriate, in calculating

the net asset value per share. This deviation can be caused by duties and charges and spread from buying and selling

prices of the underlying investments (spreads). These costs have an adverse effect on the value of a sub-fund and its

underlying share classes and are known as dilution. To mitigate the effects of dilution, the Directors may, at their

discretion, make a dilution adjustment to the net asset value per share. The Directors will retain the discretion in relation

to the circumstances under which to make such a dilution adjustment.

Swing pricing

As at 30 June 2012 Unswung NAV

Swung NAV


Robeco Global Value Equities B EUR shares 96.93

96.72 1

Robeco Global Value Equities D EUR shares 128.35

128.08 1

Robeco Emerging Conservative Equities B EUR shares 106.54 106.81 1

Robeco Emerging Conservative Equities D EUR shares 114.73 115.03 1

Robeco Emerging Conservative Equities I EUR shares 115.43 115.73 1

Robeco Emerging Conservative Equities Z EUR shares 101.73 101.99 1


Robeco Asian Stars Equities D EUR shares 107.23 106.65 1

Robeco US Large Cap Equities D EUR shares 134.22 134.42

Robeco US Large Cap Equities DH EUR shares 33.10 33.15

Robeco US Large Cap Equities IE GBP shares 116.22 116.39

Robeco US Large Cap Equities D USD shares 102.39 102.55

Robeco US Large Cap Equities I USD shares 121.47 121.66

Robeco US Select Opportunities Equities DH EUR shares 113.51 113.28

Robeco US Select Opportunities Equities IH EUR shares 113.88 113.66

Robeco US Select Opportunities Equities D USD shares 114.22 114.00

Robeco US Select Opportunities Equities I USD shares 115.03 114.80


Robeco Property Equities B EUR shares 14.53

14.62

Robeco Property Equities D EUR shares 104.79

105.41

Robeco Property Equities I EUR shares 105.34

105.95

Robeco Property Equities M USD shares 111.80

112.46

SAM Sustainable Agribusiness Equities D EUR shares 107.32 107.06

SAM Sustainable Agribusiness Equities I EUR shares 110.17 109.89

SAM Sustainable Agribusiness Equities D USD shares 87.91 87.69


Robeco Investment Grade Corporate Bonds BH EUR shares 106.37 106.85

Robeco Investment Grade Corporate Bonds DH EUR shares 121.53 122.07

Robeco Investment Grade Corporate Bonds IH EUR shares 127.27 127.84

Robeco Investment Grade Corporate Bonds IEH EUR shares 112.10 112.60

Robeco Investment Grade Corporate Bonds ZH EUR shares 100.02 100.47

Robeco Investment Grade Corporate Bonds IHHI EUR shares 111.68 111.62

Robeco European High Yield Bonds DH EUR shares 145.78 147.95

Robeco European High Yield Bonds IH EUR shares 151.93 154.18

Robeco Euro Sustainable Credits BH EUR shares 99.64 100.28

Robeco Euro Sustainable Credits DH EUR shares 107.42 108.11

Robeco Euro Sustainable Credits IH EUR shares 108.43 109.12 1 The unswung NAV of this class of shares is based on closing prices, the swung NAV is however based on the latest available prices. Due to this difference,

the deviation between the unswung NAV and the swung NAV may be bigger than the actual swing level. The swung NAV is based on the available prices in order to guarantee forward pricing.


Pooling and co-management

For the purpose of efficient management and to reduce administrative costs and if the investment policies of the sub-

funds allow such, the Board of Directors may decide to co-manage some or all of the assets of certain sub-funds with

assets of other Luxembourg UCIs of the Robeco Group (co-managed units). In this case, the assets from different co-

managed units will be jointly managed using the technique of pooling. Assets that are co-managed will be referred to

using the term pool. Such pools will only be used for the purposes of internal management. They will not constitute

distinct legal entities and will not be directly accessible to investors. Each co-managed unit will have its own assets

allocated to it. During the reporting period no pooling or co-management took place.

Affiliated parties

Robeco Capital Growth Funds is affiliated to the entities belonging to Robeco Groep N.V.. The affiliation with Robeco

Groep N.V. is the result of the possibility of having decisive control or a substantial influence on the Company’s business

policy. Robeco Groep N.V. belongs to Rabobank Group. The management structure of Robeco Groep N.V., in which

significant authorities are allocated to its independent supervisory board, is such that Rabobank does not have a

meaningful say in or influence on the Company’s business policy. Robeco Groep N.V. pursues an independent investment

policy on behalf of its affiliated investment companies, taking into account the interest of the investors involved. Besides

services of other market parties, Robeco Capital Growth Funds also uses the services of one or more of these affiliated

entities including transactions relating to securities, treasury, derivatives, securities lending and sale and purchase of its

own shares, as well as management activities. Transactions are executed at market rates.

Financial instruments

Risks

Transactions in financial instruments may lead the sub-funds to be subject to the risks described below or to the sub-funds

transferring these risks to another party.

General investment risk

The value of your investments may fluctuate. Past performance is no guarantee of future results. The net asset value of

the sub-funds is affected by developments in the financial markets and may both rise and fall. Shareholders run the risk

that their investments may end up being worth less than the amount invested or even worth nothing. Bonds or other debt

securities involve credit risk to the issuer which may be evidenced by the issuer's credit rating. Securities which are

subordinated and/or have a lower credit rating are generally considered to have a higher credit risk and a greater

possibility of default than more highly rated securities. In the event that any issuer of bonds or other debt securities

experiences financial or economic difficulties, this may affect the value of the relevant securities and any amounts paid on

such securities. This may in turn affect the NAV per share. General investment risk can be broken down into market risk,

concentration risk and currency risk:

Market risk

The net asset value of the sub-funds is sensitive to market movements. In addition, investors should be aware of the

possibility that the value of investments may vary as a result of changes in political, economic or market circumstances.

Concentration risk

Based on its investment policies, each sub-fund may invest in financial instruments from issuing institutions that (mainly)

operate within the same sector or region, or in the same market. If this is the case, the concentration of the investment

portfolio of a sub-fund may cause events that have an effect on these issuing institutions to have a greater effect on the

sub-funds assets than would occur with a less concentrated investment portfolio.

Currency risk

AII or part of the investment portfolio of a sub-fund may be invested in currencies, or financial instruments denominated

in currencies other than its reference currency. As a result, fluctuations in exchange rates may have both a negative and a

positive effect on the investment result of this sub-fund. The Equity sub-funds minimize the risks by investing mainly in

well-known companies and by making a balanced selection with regard to distribution across regions, sectors, individual

stocks and currencies. The risk relative to their benchmarks is minimized by using quantitative techniques. The Bond sub-

funds minimize the risks by making a balanced selection with regard to distribution across regions, sectors, individual

bonds and currencies and by investing in bonds with a minimum rating depending on the sub-funds investment policy.

The risk relative to their benchmarks is minimized by using quantitative techniques.


Counterparty risk

A counterparty of a sub-fund may fail to fulfil its obligations towards that sub-fund. In case of hedging transactions in

classes of shares, the relevant sub-fund carries the counterparty risk. This risk is limited as much as possible by taking

every possible care in the selection of counterparties. Wherever it is customary in the market, the sub-funds will demand

and obtain collateral. The sub-funds minimize this risk by trading exclusively with reputable counterparties with a

minimum rating of A in the Standard & Poors or other recognized credit rating agencies lists.

Risk of lending financial instruments

In the case of financial instrument lending transactions, the Company and its respective sub-funds concerned run the risk

that the borrower cannot comply with its obligation to return the financial instruments on the agreed date or furnish the

requested collateral. The lending policy of the Company is designed to control these risks as much as possible.

Liquidity risk

The actual buying and selling prices of financial instruments in which the sub-funds invest partly depend upon the liquidity

of the financial instruments in question. It is possible that a position taken on behalf of a sub-fund cannot be quickly

liquidated in a good time at a reasonable price due to a lack of liquidity in the market in terms of supply and demand. The

sub-funds minimize this risk by mainly investing in financial instruments that are tradable on a daily basis.

Euro currency risk

All or part of the assets of a sub-fund may be invested in securities denominated in Euro. In the event of any adjustments,

including a full break-up, an exit of individual countries or other circumstances that may result in the emergence or

reintroduction of national currencies, a sub-fund runs the risks that the value of its investments is reduced and/or the

liquidity of its investments is (temporary) reduced, regardless of the measures the Company may seek to reduce this risk.

Operational risk

The operational risk is the non inherent risk remaining after determining the risks as detailed above (general investment

risk, counterparty, liquidity, Euro currency or risk of lending financial instruments). It mainly includes risks resulting

from breakdowns in internal procedures, people and systems.

Insight into actual risks

The report of the Board of Directors, the Statement of net assets, the Notes to the financial statements and the

Investment portfolios, which include currency classification of the investments, give an insight into the actual risks at the

end of the reporting period.

Risk management

Managing risk is a part of the investment process as a whole and with the help of advanced systems, the risks outlined

above are limited, measured and monitored on the basis of fixed risk measures.

Policy regarding the use of derivatives

Investing implies that positions are taken. As it is possible to use various instruments, including derivative instruments, to

construct an identical position, the selection of derivatives is subordinate to the positioning of an investment portfolio. In

our published information, attention is given primarily to the overall position, and secondarily to the nature and volume

of the financial instruments employed.

Derivative instruments

The unrealized results of derivative instruments are reported in the Statement of net assets. Commitments to derivatives

are not included in the Statement of net assets. They are, however, explained in the Notes. The unrealized results

presented in the Statement of net assets are disclosed by contract.

The derivative instruments listed in the Notes are transacted through third party brokers. Those brokers hold/paid

collateral as described on page 72. The Company is exposed to counterparty risk in respect of all amounts including

collateral due to it from such brokers.


2 Summary of significant accounting principles

General

Unless stated otherwise, the items shown in the financial statements are included at their nominal value and expressed in

the reference currency of each sub-fund. This annual report covers the reporting period from 1 July 2011 until 30 June

2012.

Preparation and presentation of financial statements

The financial statements are prepared and presented in accordance with Luxembourg generally accepted accounting

principles for investment funds.

Combined figures

The combined figures are expressed in euro and are presented for information purposes only. The exchange rate used for

combining is USD 1 against EUR 0.7880.

Foreign currencies

Transactions in currencies other than the reference currency of the relevant sub-fund are converted into the reference

currency at the exchange rates prevailing at the time of the transaction. The market value of the investments, assets and

liabilities expressed in currencies other than the reference currency of the sub-funds are converted into the sub-funds

reference currency at the exchange rates prevailing at the end of the reporting period. Any positive or negative exchange

differences arising are accounted for in the Statement of operations and changes in net assets under the heading ‘Net

realized and changes in unrealized results on investments and other financial instruments´. The table on page 87 shows

the exchange rates as at 30 June 2012.

Valuation of investments

Transferable securities, money market instruments and financial derivative instruments listed on an official stock

exchange listing

These instruments are valued at their last available price; in the event that there should be several such markets, on the

basis of the last available price of the main market for the relevant security or asset. Should the last available market price

for a given transferable security, money market instrument or financial derivative instrument not truly reflects its fair

market value, then that transferable security, money market instrument or financial derivative instrument is valued on the

basis of the probable sales price which the Board of Directors deems is prudent to assume. Fixed income securities not

traded on such markets are generally valued at the last available price or yield equivalents obtained from one or more

dealers or pricing services approved by the Board of Directors or any other price deemed appropriate by the Board of

Directors.

Transferable securities and/or money market instruments dealt in on another regulated market

These instruments are valued on the basis of their last available market price. Should the last available market price for a

given transferable security and/or money market instrument not truly reflects its fair market value, then that transferable

security and/or money market instrument is valued by the Board of Directors on the basis of the probable sales price

which the Board of Directors deems is prudent to assume.

Transferable securities and/or money market instruments not listed or dealt in on any stock exchange or on any

regulated market

In the event that any assets are not listed or dealt in on any stock exchange or on any regulated market, or if, with

respect to assets listed or dealt in on any stock exchange, or on any regulated market as aforesaid, where the above

valuation methods are inappropriate or misleading, the Board of Directors may adopt any other appropriate valuation

principles for the assets of the Company.

Shares or units in underlying open-ended investment funds

These shares or units are valued at their latest available net asset value per share. In the event that such valuation

method is inappropriate or misleading, the Board of Directors may adopt any other appropriate valuation principles for

the assets of the Company.


Sub-funds primarily invested in markets which are closed for business at the time the sub-fund is valued are normally

valued using the prices at the previous close of business.

Market volatility may result in the latest available prices not accurately reflecting the fair value of the sub-funds’

investments. This situation could be exploited by investors who are aware of the direction of market movements, and

who might deal to exploit the difference between the next published Net Asset Value and the fair value of the sub-funds’

investments. By these Investors paying less than the fair value for shares on issue, or receiving more than the fair value for

shares on redemption, other Shareholders may suffer a dilution in the value of their investment. To prevent this, the

Company may, during periods of market volatility, adjust the Net Asset Value per Share prior to publication to reflect

more accurately the fair value of the sub-funds investments. Adjustment will be made provided that such change exceeds

the threshold as determined by the Board of Directors for the relevant sub-fund. If an adjustment is made, it will be

applied consistently to all classes of shares in the same sub-fund. At the end of the reporting period, no such adjustments

were made.

Investment transactions and investment income

Securities are recorded at cost, and where applicable on the basis of exchange rates prevailing on the date they are

purchased.

Results on sales of securities are determined on the basis of the average cost method (for futures and Contracts for

difference first in first out method). Investment transactions are accounted for on the trade date. Dividends are accounted

for on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts/Premiums on zero coupon bonds

are accreted as adjustments to interest income.

Interest and capital gains on securities may be subject to withholding or capital gains taxes in certain countries.

3 Options

Options are valued at market price. The margin deposits in relation to the outstanding options are included in the

Statement of net assets under the heading ‘Deposits and other cash’. The amounts per sub-fund are stated in the table

below:

Option margin deposits

As at 30 June 2012

Amount base currency x 1,000



25,104

As at 30 June 2012 the options on transferable securities stated in the table below were outstanding

Options

As at 30 June 2012

Purchased/ Written

Number of contracts

Description Currency

Exercise price base

currency x 1 Maturity date

Commitment base

currency x 1

Market value base

currency x 1


Written

18,559 Citigroup Inc

USD

40.00

19/01/2013

50,870,219

–501,093

Written

10,568 Electronic Arts Inc

USD

25.00

19/01/2013

13,051,480

–31,704

Written 10,568 Electronic Arts Inc USD 30.00 19/01/2013 13,051,480 –31,704

Written 10,128 eBay Inc USD 45.00 20/10/2012 42,547,728 –1,863,552

Written 9,765 Expedia Inc USD 39.00 20/10/2012 46,940,355 –10,106,775

Written 998 Google Inc USD 600.00 19/01/2013 57,890,986 –3,742,500

Written 4,870 Occidental Petroleum Corp USD 115.00 18/08/2012 41,769,990 –14,610

Written

13,213 Seagate Technology PLC

USD

36.00

22/09/2012

32,675,749

–79,278

Written 5,435 Wyndham Worldwide Corp USD

49.00

18/08/2012

28,664,190

–2,581,625

Total market value

–18,952,841

4 Open forward exchange transactions

Open forward exchange transactions are valued with market practice valuation models using forwards rates based on

exchange and interest rates applicable at 30 June 2012. The unrealized results of these contracts have been recorded

gross in the Statement of net assets under the heading ’Unrealized gains/losses on forward exchange transactions’ and

changes in unrealized results are recorded in the Statement of operations and changes in net assets under the heading

‘Net realized and changes in unrealized results on investments and other financial instruments’. The contracts outstanding


as at 30 June 2012 are disclosed in the following table. Information on the collateral received or paid on these positions

is stated in the table on page 72.

Open forward exchange transactions

As at 30 June 2012 Currency Amount Currency Amount Counterparty Maturity Unrealized

bought

bought

sold

sold

date

gains/losses

base currency x 1

Global Equity sub-funds Robeco Global Stars Equities

AUD

11,856,814

EUR

9,484,692

ING Bank

20/07/2012

73,441

CAD

16,647,248

EUR

12,851,445

ING Bank

20/07/2012

10,120

EUR

6,140,624

CHF

7,374,276

ING Bank

20/07/2012

232

EUR

11,964,669

GBP

9,667,872

ING Bank

20/07/2012

17,054

SEK

32,547,339

EUR

3,680,868

ING Bank

20/07/2012

31,662

SGD

3,281,405

EUR

2,036,546

ING Bank

20/07/2012

4,604

Total unrealized gains

137,113


DKK

8,535,021

EUR

1,148,724 ING Bank

20/07/2012

–544

HKD

32,797,903

EUR

3,337,343

ING Bank

20/07/2012

–5,329

JPY

1,511,577,901

EUR

14,988,378

ING Bank

20/07/2012

–57,669

NOK

3,450,487

EUR

459,685

ING Bank

20/07/2012

–2,619

USD

2,009,904

EUR

1,600,000

Rabobank Nederland

20/07/2012

–16,182

USD

46,966,046

EUR

37,077,189

ING Bank

20/07/2012

–67,677

USD

6,900,000

EUR

5,519,982

ING Bank

20/07/2012

–82,729

Total unrealized losses

–232,749


INR

478,014,000

USD

8,371,524

HSBC

30/07/2012

126,682


126,682



SGD

6,664,000

USD

5,243,074 JP Morgan Chase

20/07/2012

13,672

USD

47,247,708

JPY

3,760,917,550

JP Morgan Chase

20/07/2012

82,755


96,427


KRW

5,300,000,000

USD

4,691,096

HSBC

12/07/2012

–53,184

USD

29,023,276

AUD

28,622,560

JP Morgan Chase

20/07/2012

–203,001

USD

27,593,440

EUR

21,780,282

JP Morgan Chase

20/07/2012

–36,495


–292,680


GBP

28,264,009

EUR

35,036,579

Rabobank Nederland

20/07/2012

–107,732


–107,732

Robeco US Premium Equities, Class DH EUR

EUR

384,517,014

USD

477,791,229

Rabobank Nederland

5/07/2012

10,176,963

EUR

7,634,663

USD

9,594,000

Rabobank Nederland

5/07/2012

94,711

10,271,674

Robeco US Premium Equities, Class IH EUR

EUR

281,028,877

USD

349,199,456 Rabobank Nederland

5/07/2012

7,437,955

EUR

7,745,276

USD

9,733,000

Rabobank Nederland

5/07/2012

96,084

EUR

4,680,000

USD

5,849,836

Rabobank Nederland

5/07/2012

89,281

USD

52,805,244

EUR

41,610,058

Rabobank Nederland

5/07/2012

293

7,623,613

Robeco US Premium Equities, Class MH EUR

EUR

47,456,644

USD


5/07/2012

1,256,029

EUR

760,000

USD

949,848

Rabobank Nederland

5/07/2012

14,624

EUR

945,380

USD

1,188,000

Rabobank Nederland

5/07/2012

11,728

1,282,381

Robeco US Premium Equities, Class EH GBP

GBP

62,836,363

USD


5/07/2012

2,225,264

GBP

1,702,098

USD

2,649,000

Rabobank Nederland

5/07/2012

20,595

GBP

1,270,369

USD

1,988,000

Rabobank Nederland

5/07/2012

4,465

2,250,324


21,427,992

Robeco US Premium Equities, Class DH EUR

USD

15,101,984

EUR

12,070,000

Rabobank Nederland

5/07/2012

–215,356

–215,356

Robeco US Premium Equities, Class MH EUR

USD

1,085,799

EUR

870,000 Rabobank Nederland

5/07/2012

–18,267

–18,267



As at 30 June 2012 Currency

Amount

Currency

Amount

Counterparty

Maturity

Unrealized

bought bought sold sold date gains/losses

base currency x 1

Robeco US Premium Equities, Class EH GBP

USD

1,249,000

GBP


5/07/2012

–11,302

–11,302


–244,925


EUR

1,090,308

USD

1,381,650

Rabobank Nederland

20/07/2012

1,561


1,561

Robeco US Large Cap Equities, Class DH EUR

EUR

60,000,000

USD

75,233,400

Citibank London

11/07/2012

908,315

EUR

60,000,000

USD

75,233,400

JP Morgan Chase

11/07/2012

908,315

EUR

18,632,364

USD

23,361,259

Rabobank Nederland

11/07/2012

283,744


2,100,374

Robeco US Select Opportunities Equities, Class DH EUR

EUR

3,598,438

USD

4,471,329

Rabobank Nederland

5/07/2012

95,239

EUR

96,289

USD

121,000

Rabobank Nederland

5/07/2012

1,195

EUR

50,000

USD

63,033

Rabobank Nederland

5/07/2012

419

96,853

Robeco US Select Opportunities Equities, Class IH EUR

EUR

1,570,545

USD


5/07/2012

41,567

EUR

46,951

USD

59,000

Rabobank Nederland

5/07/2012

582

42,149


139,002

Robeco US Select Opportunities Equities, Class DH EUR

USD

336,569

EUR

270,000

Rabobank Nederland

5/07/2012

–6,073


–6,073



AUD

9,205,089

EUR

7,363,070 Citibank London

20/07/2012

57,429

CAD

6,828,504

EUR

5,269,477

Citibank London

20/07/2012

6,185

EUR

239,644

CHF

287,765

Citibank London

20/07/2012

29

EUR

1,783,311

GBP

1,441,665

Citibank London

20/07/2012

1,694

EUR

865,978

GBP

700,000

Deutsche Bank

20/07/2012

913

EUR

508,415

HKD

5,000,000

Deutsche Bank

20/07/2012

454

EUR

758,836

NOK

5,697,719

Citibank London

20/07/2012

4,093

EUR

311,420

SGD

500,000

Deutsche Bank

20/07/2012

402

EUR

1,577,455

USD

2,000,000

Deutsche Bank

20/07/2012

1,444

SEK

6,800,000

EUR

768,892

Citibank London

20/07/2012

6,754

SGD

2,405,500

EUR

1,492,987

Citibank London

20/07/2012

3,320


82,717


EUR

402,901

AUD

500,000 Deutsche Bank

20/07/2012

–165

HKD

14,091,750

EUR

1,432,016

Citibank London

20/07/2012

–403

JPY

238,106,600

EUR

2,357,491

Citibank London

20/07/2012

–5,578

USD

11,371,398

EUR

8,966,494

Citibank London

20/07/2012

–5,770


–11,916


EUR

1,567,227

GBP

1,266,978

Citibank London

20/07/2012

1,488

EUR

1,997,736

NOK

15,000,000

Citibank London

20/07/2012

10,775

NZD

1,000,000

EUR

629,010

Citibank London

20/07/2012

3,567

SEK

9,000,000

EUR

1,017,651

Citibank London

20/07/2012

8,939


24,769


CHF

5,460,756

EUR

4,547,598

Citibank London

20/07/2012

–550

EUR

548,267

AUD

685,426

Citibank London

20/07/2012

–4,276

EUR

285,741

CAD

370,281

Citibank London

20/07/2012

–335

EUR

2,278,865

SEK

20,000,000

Rabobank Nederland

20/07/2012

–2,450

EUR

438,803

SGD

707,000

Citibank London

20/07/2012

–976

HKD

11,048,450

EUR

1,122,753

Citibank London

20/07/2012

–316

JPY

369,003,925

EUR

3,653,504

Citibank London

20/07/2012

–8,645

USD

3,553,748

EUR

2,802,176

Citibank London

20/07/2012

–1,803




Amount

Currency

Amount

Counterparty

Maturity

Unrealized


base currency x 1

USD

7,000,000

EUR

5,522,290

Deutsche Bank

20/07/2012

–6,251


–25,602


EUR

1,027,299

HKD


20/07/2012

289

EUR

3,013,475

JPY

304,360,980

Citibank London

20/07/2012

7,131

EUR

1,240,214

NOK

9,312,147

Citibank London

20/07/2012

6,689


14,109


EUR

15,873,058

AUD

19,844,021

Citibank London

20/07/2012

–123,803

EUR

3,432,289

CAD

4,447,766

Citibank London

20/07/2012

–4,028

EUR

7,482,231

ZAR

78,425,000

Citibank London

20/07/2012

–50,183

GBP

654,735

EUR

809,895

Citibank London

20/07/2012

–769

USD

91,646,090

EUR

72,264,128

Citibank London

20/07/2012

–46,503


–225,286



EUR

185,129,049

GBP

149,625,000 HSBC

20/07/2012

221,561

EUR

868,048,705

USD

1,100,000,000

Rabobank Nederland

20/07/2012

1,242,497

EUR

59,208,501

USD

75,000,000

ING Bank

20/07/2012

108,073

EUR

59,199,621

USD

75,000,000

JP Morgan Chase

20/07/2012

99,195

EUR

118,277,688

USD

150,000,000

Barclays

20/07/2012

76,859

EUR

94,621,553

USD

120,000,000

Citibank London

20/07/2012

60,890

EUR

65,058,824

USD

82,540,000

Deutsche Bank

20/07/2012

16,853

USD

2,940,000

EUR

2,314,050

Rabobank Nederland

20/07/2012

2,686

1,828,614

Robeco High Yield Bonds, Class DH USD

USD

210,000

EUR


20/07/2012

26

26

Robeco High Yield Bonds, Class IH USD

USD

15,900,000

EUR


20/07/2012

1,956

1,956

Robeco High Yield Bonds, Class 0DH USD

USD

200,000

EUR


20/07/2012

173

USD

280,000

EUR

220,607

Rabobank Nederland

20/07/2012

34

207

Robeco High Yield Bonds, Class 0IH USD

USD

3,800,000

EUR


20/07/2012

468

468

Robeco High Yield Bonds, Class 0D

EUR

781,662

GBP


20/07/2012

931

931


1,832,202


EUR

30,200,000

USD

38,330,595

Rabobank Nederland

20/07/2012

–4,716

GBP

7,600,000

EUR

9,427,409

Rabobank Nederland

20/07/2012

–35,278

GBP

3,100,000

EUR

3,873,741

ING Bank

20/07/2012

–42,735

USD

5,300,000

EUR

4,177,208

Rabobank Nederland

20/07/2012

–779

USD

3,650,000

EUR

2,920,918

Deutsche Bank

20/07/2012

–44,690

USD

6,600,000

EUR

5,279,970

ING Bank

20/07/2012

–79,119

USD

7,100,000

EUR

5,687,211

Rabobank Nederland

20/07/2012

–92,355

USD

9,700,000

EUR

7,793,168

ING Bank

20/07/2012

–149,486

–449,158

Robeco High Yield Bonds, Class DH CHF

CHF

540,000

EUR


20/07/2012

–45

CHF

360,000

EUR

299,831

Rabobank Nederland

20/07/2012

–67

CHF

21,627,680

EUR

18,014,060

Rabobank Nederland

20/07/2012

–5,180

–5,292

Robeco High Yield Bonds, Class DH USD

EUR

62,971

USD


20/07/2012

–69

USD

120,000

EUR

94,648

Rabobank Nederland

20/07/2012

–88

USD

110,000

EUR

87,248

Rabobank Nederland

20/07/2012

–568

USD

130,000

EUR

104,346

Rabobank Nederland

20/07/2012

–1,905

USD

220,000

EUR

175,478

Rabobank Nederland

20/07/2012

–2,116




Amount

Currency

Amount

Counterparty

Maturity

Unrealized


base currency x 1

USD

390,000

EUR

312,688

Rabobank Nederland

20/07/2012

–5,365

USD

14,287,243

EUR

11,274,566

Rabobank Nederland

20/07/2012

–16,138

USD

1,550,000

EUR

1,241,788

Rabobank Nederland

20/07/2012

–20,376

–46,625

Robeco High Yield Bonds, Class IH USD

USD

4,430,000

EUR


20/07/2012

–73,682

USD

734,817,677

EUR

579,870,485

Rabobank Nederland

20/07/2012

–830,008

–903,690

Robeco High Yield Bonds, Class IEH USD

USD

16,143,604

EUR


20/07/2012

–18,235

–18,235

Robeco High Yield Bonds, Class 0DH USD

USD

280,000

EUR


20/07/2012

–3,879

USD

850,000

EUR

674,191

Rabobank Nederland

20/07/2012

–4,386

USD

350,000

EUR

281,624

Rabobank Nederland

20/07/2012

–5,821

USD

26,447,864

EUR

20,870,940

Rabobank Nederland

20/07/2012

–29,874

–43,960

Robeco High Yield Bonds, Class 0IH USD

USD

304,945,920

EUR


20/07/2012

–344,449

–344,449

Robeco High Yield Bonds, Class 0D

USD

1,620,415

EUR


20/07/2012

–1,830

–1,830


–1,813,239


AUD

296,176

EUR

236,718

Rabobank Nederland

20/07/2012

2,038

CLP

699,700,000

USD

1,367,136

Citibank London

13/07/2012

18,374

EUR

40,377

DKK

300,000

Rabobank Nederland

20/07/2012

19

EUR

402,576

GBP

325,372

Rabobank Nederland

20/07/2012

479

EUR

271,463

JPY

27,146,336

Rabobank Nederland

13/07/2012

3,337

EUR

101,748

USD

128,059

Rabobank Nederland

13/07/2012

837

KRW

790,000,000

USD

671,483

HSBC

13/07/2012

13,905

MXN

9,755,064

EUR

559,783

Rabobank Nederland

20/07/2012

11,652

MYR

2,247,150

USD

706,318

ING Bank

13/07/2012

514

51,155

Robeco Global Government Bonds, Class IH EUR

EUR

1,108

CHF


20/07/2012

–

EUR

170,437

DKK

1,266,344

Rabobank Nederland

20/07/2012

81

EUR

1,948,913

GBP

1,575,160

Rabobank Nederland

20/07/2012

2,320

EUR

8,685,824

JPY

876,139,107

Rabobank Nederland

20/07/2012

31,704

EUR

9,419,467

USD

11,936,443

Rabobank Nederland

20/07/2012

13,483

47,588


98,743


CAD

165,000

EUR

127,907

Rabobank Nederland

13/07/2012

–406

EUR

371,916

CAD

481,972

Rabobank Nederland

20/07/2012

–452

EUR

2,339,477

SEK

20,850,000

Rabobank Nederland

13/07/2012

–39,508

JPY

139,525,386

EUR

1,383,220

Rabobank Nederland

20/07/2012

–5,049

JPY

160,000,000

EUR

1,604,814

Rabobank Nederland

20/07/2012

–24,401

USD

1,902,073

EUR

1,500,992

Rabobank Nederland

20/07/2012

–2,148

–71,964

Robeco Global Government Bonds, Class IH EUR

EUR

259,959

AUD


20/07/2012

–2,238

EUR

457,104

CAD

592,368

Rabobank Nederland

20/07/2012

–556

EUR

108,204

SEK

956,737

Rabobank Nederland

20/07/2012

–926

–3,720


–75,684


BRL

6,114,000

USD

3,000,000

Barclays

13/07/2012

20,749

COP

2,029,780,000

USD

1,131,616

Barclays

13/07/2012

2,902

KRW

3,740,760,000

USD

3,179,567

HSBC

13/07/2012

83,554

MXN

91,727,966

USD

6,575,010

Rabobank Nederland

13/07/2012

248,432

MXN

3,260,000

USD

236,222

Rabobank Nederland

13/07/2012

6,283

MXN

20,265,750

USD

1,500,000

Rabobank Nederland

13/07/2012

7,530




Amount

Currency

Amount

Counterparty

Maturity

Unrealized


base currency x 1

MYR

3,185,500

USD

1,000,000

HSBC

13/07/2012

2,182

MYR

8,596,620

USD

2,702,065

ING Bank

13/07/2012

2,495

PLN

4,806,176

USD

1,405,171

ING Bank

13/07/2012

32,620

RUB

79,872,735

USD

2,417,090

ING Bank

13/07/2012

39,600

ZAR

3,945,011

USD

471,035

Rabobank Nederland

13/07/2012

10,331

456,678

Robeco Emerging Debt, Class D EUR

EUR

96,346,885

USD


13/07/2012

1,006,063

EUR

610,000

USD

772,672

Rabobank Nederland

13/07/2012

1,435

EUR

780,000

USD

979,072

Rabobank Nederland

13/07/2012

10,769

1,018,267


1,474,945


COP

2,157,600,000

USD

1,200,000

Deutsche Bank

20/09/2012

–6,214

THB

87,642,300

USD

2,772,964

HSBC

13/07/2012

–16,103

THB

23,733,750

USD

750,000

HSBC

13/07/2012

–3,435

USD

192,516

EUR

152,962

Rabobank Nederland

13/07/2012

–1,597

USD

4,788,893

EUR

3,804,982

Rabobank Nederland

13/07/2012

–39,732

USD

839,659

HUF

198,083,948

ING Bank

13/07/2012

–38,545

USD

623,319

TRY

1,141,671

ING Bank

13/07/2012

–5,612


–111,238



EUR

24,410,053

USD

30,957,073

Citibank London

20/07/2012

15,708

CAD

24,930,000

EUR

19,238,189

Citibank London

20/07/2012

22,579

Total unrealized gains 38,287


JPY

285,199,950

EUR


20/07/2012

–6,682


–6,682


EUR

7,061,699

GBP

5,707,442

Rabobank Nederland

20/07/2012

8,408

EUR

1,127,251

USD

1,428,463

Rabobank Nederland

20/07/2012

1,614



GBP

110,000

EUR


20/07/2012

–1,561


–1,561


EUR

3,541,093

GBP

2,862,000

Rabobank Nederland

20/07/2012

4,216

EUR

3,673,188

USD

4,654,700

Rabobank Nederland

20/07/2012

5,258


9,474


Robeco GTAA Fund

EUR

351,053

JPY

35,000,000

Rabobank Nederland

20/07/2012

5,338

EUR

9,373,496

JPY

925,000,000

Rabobank Nederland

20/07/2012

236,709

JPY

240,000,000

EUR

2,367,681

Rabobank Nederland

20/07/2012

2,932


244,979

Robeco GTAA Fund

JPY

678,550,465

EUR

6,726,980

Rabobank Nederland

20/07/2012

–24,554


–24,554

5 Financial futures

Regulated futures contracts are valued at their exchange quoted settlement price. Initial margin deposits are made upon

entering into futures contracts. All open futures contracts are marked to market with changes in market value recognized

as unrealized gains or losses. Variation margin payments are made or received, depending on whether unrealized losses

or gains are incurred. When the contract is closed, the Company records a realized gain or loss equal to the difference

between the proceeds from (or cost of) the closing transaction and price at which the Company entered into the contract.

The unrealized gains/losses on financial futures are recorded gross in the Statement of net assets under the heading

‘Unrealized gains/losses on financial futures’and changes in unrealized results are recorded in the Statement of


operations and changes in net assets under the heading ‘Net realized and changes in unrealized results on investments

and other financial instruments’. All margin deposits are included in the Statement of net assets under the heading

‘Deposits and other cash’. The amounts per sub-fund are stated in the following table:

Future margin deposits

As at 30 June 2012 Amount base

currency x 1,000


Robeco Global Conservative Equities 9

Robeco Emerging Markets Equities 7,675

Robeco Active Quant Emerging Markets Equities 194

Robeco Emerging Enhanced Index Equities 558



Robeco Asia-Pacific Equities 726

Robeco European Conservative Equities 114


Robeco Investment Grade Corporate Bonds 1,403

Robeco Global Government Bonds 122



Robeco Euro Government Bonds 1,073

Robeco Euro Credit Bonds 615

Robeco All Strategy Euro Bonds 6,569

Robeco Euro Sustainable Credits 71



Robeco GTAA Fund 4,107

The contracts outstanding as at 30 June 2012 are disclosed in the following table.

Financial futures

As at 30 June 2012

Purchase/Sale Quantity

Denomination

Currency

Maturitymonth

Commitment base currency x 1

Unrealized gains/ losses

base currency x 1



Purchase 3 EURO STOXX 50 EUR 09/2012 67,650 90

Purchase 1 S&P500 EMINI USD 09/2012 53,442 144

Total unrealized gains 234


Purchase 500 KOSPI200 INDEX KRW 09/2012

42,259,872

–541,023


–541,023


Purchase

201

MSCI TAIWAN INDEX

USD

07/2012

4,013,506

12,442

Purchase 80 E-Mini MSCI Emerging Markets USD 09/2012

2,977,660

119,256


131,698

Purchase 48 KOSPI200 INDEX KRW 09/2012

4,056,948

-1,651


–1,651


Purchase 775 SGX S&P CNX NIFTY USD 07/2012 8,206,475 216,225



Purchase 129 E-Mini MSCI Emerging Markets USD 09/2012

6,093,315 87,551


87,551


Financial futures

As at 30 June 2012


Denomination

Currency

Maturitymonth



base currency x 1



Purchase 130 H-SHARES INDEX HKD 07/2012 6,297,416 87,725

Purchase 20 TOPIX INDEX JPY 09/2012 1,518,937 117,130


204,855


Purchase

52

EURO STOXX 50

EUR

09/2012

1,172,600

52,760


Purchase 20 STOXX 50 EUR 09/2012

473,200

–640


–640



Sale

469

EURO-BUND FUTURE

EUR

09/2012

66,082,100

1,549,280

Sale 198 EURO-SCHATZ FUTURE EUR 09/2012

21,878,010

6,930


1,556,210

Purchase

837

EURO-BOBL FUTURE

EUR

09/2012

105,369,930

–1,002,792


–1,002,792


Purchase

2

US 5YR NOTE

USD

09/2012

195,373

222

Purchase

6 US LONG BOND

USD

09/2012

699,588

2,881

Sale 26 EURO-BOBL FUTURE EUR 09/2012

3,273,140

42,380


45,483

Purchase

2

EURO-SCHATZ FUT

EUR

09/2012

220,990

–582

Purchase

2 EURO-BUND FUTURE

EUR

09/2012

281,800

–7,845

Purchase

4 EURO BUXL 30Y BUND

EUR

09/2012

523,760

–53,680

Purchase 6 US 2YR NOTE USD 09/2012

1,041,035

–443


–62,550


Purchase 49 US 5YR NOTE USD 09/2012 6,074,469 4,359

Purchase 4 US LONG BOND USD 09/2012 591,875 2,438

Sale 8 EURO-SCHATZ FUTURE EUR 09/2012 1,121,789 2,944

Sale 12 EURO-BOBL FUTURE EUR 09/2012 1,917,128 24,823

Sale 5 EURO-BUND FUTURE EUR 09/2012

894,046

25,508

Sale

12 US 2YR NOTE

USD

09/2012

2,642,250

516


60,588

Purchase 80 KOREA 3YR BOND FUTURE KRW 09/2012 7,311,651 –1,397

Sale 57 US 10YR NOTE USD 09/2012 7,602,375 –19,180


–20,577



Purchase 153 EURO-SCHATZ FUTURE EUR 09/2012 16,905,735 –44,560

Purchase

120 EURO-BOBL FUTURE

EUR 09/2012

15,106,800

–197,228

Purchase 59 EURO-BUND FUTURE EUR 09/2012

8,313,100

–231,418


–473,206


Sale 19 EURO BUXL 30Y BUND EUR 09/2012 2,487,860 152,300


Financial futures

As at 30 June 2012


Denomination

Currency

Maturitymonth



base currency x 1

Sale 154 EURO-BUND FUTURE EUR 09/2012 21,698,600 368,049


520,349

Purchase

636

EURO-SCHATZ FUTURE

EUR

09/2012

70,274,820

–115,389

Purchase 266 EURO-BOBL FUTURE EUR 09/2012

33,486,740

–376,675


–492,064


Purchase 460 EURO-BOBL FUTURE EUR 09/2012 57,909,400 –478,342

Purchase

1,756 EURO-SCHATZ FUTURE

EUR 09/2012

194,029,220

–511,417

Purchase 746 EURO-BUND FUTURE EUR 09/2012

105,111,400

–2,611,678


–3,601,437


Purchase 5 EURO-BOBL FUTURE EUR 09/2012 629,450 200

Sale 7 EURO-BUND FUTURE EUR 09/2012 986,300 25,020

Sale 3 EURO BUXL 30Y BUND EUR 09/2012 392,820 40,260


65,480

Purchase 30 EURO-SCHATZ FUTURE EUR 09/2012

3,314,850

–7,924


–7,924


Purchase 15 EURO-BUND FUTURE EUR 09/2012 2,113,500 –17,712

Purchase 46 EURO-BOBL FUTURE EUR 09/2012 5,790,940 –15,629

Purchase

1 EURO BUXL 30Y BUND

EUR

09/2012

130,940

–13,420

Purchase

31 EURO-SCHATZ FUTURE

EUR

09/2012

3,425,345

–9,028

Sale 14 LONG GILT FUTURE GBP 07/2012 2,060,981 –10,728

Sale 11 US 10YR NOTE USD 09/2012

1,156,081

–4,131

Sale 27 US 5YR NOTE USD 09/2012

2,637,529

–3,158


–73,806


Robeco GTAA Fund

Purchase

215

EURO STOXX 50

EUR

09/2012

4,848,250

229,983

Purchase

390 10YR MINI Japan

JPY

09/2012

55,348,378

17,058

Purchase 217 NIKKEI 225 JPY 09/2012

9,617,179

242,742

Purchase 180 US 10YR NOTE USD 09/2012 18,917,694 68,703

Purchase 89 S&P500 EMINI FUTURE USD 09/2012 4,756,298 97,981


656,467

Purchase 403 EURO-BUND FUTURE

EUR

09/2012

56,782,700

–1,130,573


–1,130,573

6 Interest rate swaps

Interest rate swaps are valued with market practice valuation models using exchange and interest rates applicable at 30

June 2012. The unrealized gains/losses on interest rate swaps are recorded gross in the Statement of net assets under the

heading ‘Unrealized gains/losses on interest rate swaps’ and changes in unrealized results are recorded in the Statement

of operations and changes in net assets under the heading ‘Net realized and changes in unrealized results on investments

and other financial instruments’. The contracts outstanding as at 30 June 2012 are disclosed in the table below.

Information on the collateral on this positions is stated in the table on page 72.


Interest rate swaps

As at 30 June 2012

Denomination

Counterparty

Maturity date

Currency

Nominal value

Unrealized gains/losses

base currency x 1


Robeco High Yield Bonds, class 0DH EUR, class 0EH EUR, class 0IH EUR, class 0DH USD and class 0IH USD

IRS Pay 3M Euribor EUR Receive 2.2048% Deutsche Bank

11/10/2018

EUR

7,000,000

373,804

IRS Pay 6M Libor GBP Receive 1.55% Credit Suisse

11/04/2017

GBP

10,550,000

186,114


559,917


IRS Pay 1.55% GBP Receive 6M Libor Morgan Stanley

26/01/2017

GBP

88,500,000

–1,708,188

IRS Pay 1.55% GBP Receive 6M Libor Credit Suisse

11/04/2017

GBP

98,200,000

–1,732,357

-3,440,545

Robeco High Yield Bonds, class 0DH EUR, class 0EH EUR, class 0IH EUR, class 0DH USD and class 0IH USD

IRS Pay 2.16% EUR Receive 3M Euribor Barclays

27/02/2022

EUR

5,700,000

-186,985

IRS Pay 2.5672% EUR Receive 3M IBOR Credit Suisse

05/04/2014

EUR

6,450,000

–229,486

IRS Pay 3.5542% EUR Receive 3M IBOR Deutsche Bank

05/04/2021

EUR

2,000,000

–310,809

IRS Pay 1.394% EUR Receive 3M IBOR Barclays

27/02/2017

EUR

19,500,000

–332,098

IRS Pay 1.777% EUR Receive 3M IBOR Morgan Stanley

27/02/2019

EUR

16,800,000

–406,663

IRS Pay 2.79% EUR Receive 3M IBOR Morgan Stanley

17/05/2016

EUR

7,750,000

–573,971

IRS Pay 3.2707% EUR Receive 3M IBOR Deutsche Bank

05/04/2018

EUR

10,150,000

–1,164,701


06/02/2022

GBP

1,400,000

–57,332


06/02/2017

GBP

4,550,000

–98,849

IRS Pay 1.57% USD Receive 3M Libor Deutsche Bank

01/03/2019

USD

5,800,000

–85,089


01/03/2022

USD

4,250,000

–94,211

IRS Pay 0.73125% USD Receive 3M Libor Morgan Stanley

27/02/2015

USD

40,700,000

–103,857


01/03/2017

USD

15,750,000

–125,843


15/02/2027

USD

4,700,000

–186,451


27/02/2017

USD

22,600,000

–222,763


27/02/2022

USD

8,400,000

–241,864


27/02/2027

USD

6,700,000

–278,988

IRS Pay 1.6475% USD Receive 3M Libor Barclays

27/02/2019

USD

23,400,000

–435,031

–5,134,991


–8,575,535


IRS Pay 3M Euribor EUR Receive 2.075%

Morgan Stanley

26/07/2014

EUR

76,650,000

2,367,177

IRS Pay 3M Euribor EUR Receive 1.8398% Credit Suisse

09/09/2016

EUR

28,450,000

1,080,401


26/09/2021

EUR

10,000,000

434,679


3,882,257


IRS Pay 1M EURO MXN Receive 5.32%

Barclays

07/06/2017

MXN

100,000,000

21,816

IRS Pay 3M KLIBOR MYR Receive 3.24% Barclays

25/06/2017

MYR

22,000,000

7,884

IRS Pay 6M WIBOR PLN Receive 4.785% HSBC

14/06/2017

PLN

30,000,000

68,824


98,523




JP Morgan Chase

14/06/2013

EUR

39,800,000

306,856

IRS Pay 3M Euribor EUR Receive 2.485% Morgan Stanley

27/07/2016

EUR

28,500,000

1,823,557


26/03/2013

EUR

29,600,000

242,129


2,372,543

Robeco All Strategy Euro Bonds, class 10DH EUR


Barclays

10/04/2027

EUR

11,400,000

491,978

IRS Pay 3M Euribor EUR Receive 2.815% JP Morgan Chase

07/12/2036

EUR

3,800,000

446,466

938,443

Robeco All Strategy Euro Bonds, class 40DH EUR and class 40IH EUR


10/04/2019

EUR

14,450,000

306,102


05/12/2021

EUR

3,800,000

280,080

IRS Pay 3M Euribor EUR Receive 2.561% Barclays

05/01/2037

EUR

2,600,000

177,537


Interest rate swaps

As at 30 June 2012

Denomination

Counterparty

Maturity date

Currency

Nominal value


base currency x 1


05/01/2022

EUR

3,350,000

142,385


10/04/2022

EUR

1,800,000

54,260


08/12/2021

EUR

300,000

23,363

983,727


1,922,170

Robeco All Strategy Euro Bonds, class 40DH EUR and class 40IH EUR


17/05/2037

EUR

6,800,000

–24,127


04/06/2022

EUR

3,000,000

–69,993

IRS Pay 3M Euribor EUR Receive 1.8588% Deutsche Bank

04/06/2037

EUR

1,400,000

–98,250


04/06/2027

EUR

4,300,000

–180,982


01/06/2027

EUR

33,300,000

–1,410,367

–1,783,719


IRS Pay 2.302% EUR Receive 3M IBOR Barclays

27/01/2022

EUR

65,300,000

–3,025,987

–3,025,987


–4,809,706



Barclays

14/06/2026

EUR

800,000

139,611


19/11/2012

EUR

6,300,000

20,418


160,029

7 Inflation-linked swaps

Inflation-linked swaps are valued at fair value under procedures approved by the Board of Directors. The unrealized

gains/losses on inflation-linked swaps are recorded gross in the Statement of net assets under the heading ‘Unrealized

gains/losses on inflation-linked swaps’ and changes in unrealized results are recorded in the Statement of operations and

changes in net assets under the heading ‘Net realized and changes in unrealized results on investments and other

financial instruments’. The contracts outstanding as at 30 June 2012 are in the table below. Information on the collateral

on this positions is stated in the table on page 72.

Inflation-linked swaps

As at 30 June 2012

Denomination Counterparty

Maturity date

Currency

Nominal value


base currency x 1


Robeco Investment Grade Corporate Bonds, class IHHI EUR

ILS Pay 1.625% EUR Receive HICPX EU * Credit Suisse

03/12/2012

EUR

800,000

14,439


03/12/2015

EUR

1,100,000

9,880


23/09/2012

EUR

300,000

5,763


30,082

ILS Pay 2.4725% EUR Receive HICPX EU * Credit Suisse 07/12/2029 EUR 50,000 –3,966

ILS Pay 1.945% EUR Receive HICPX EU * Barclays 20/03/2017 EUR 300,000 –6,488



ILS Pay 2.2475% EUR Receive HICPX EU * Morgan Stanley 28/04/2014 EUR 950,000 –10,241


ILS Pay 2.14% EUR Receive HICPX EU * Barclays

11/04/2022

EUR

400,000

–11,174


ILS Pay 1.95% EUR Receive HICPX EU * Barclays 11/04/2015 EUR 1,000,000 –13,955


ILS Pay 1.93% EUR Receive HICPX EU * Morgan Stanley

19/03/2017

EUR

1,000,000

–20,863

ILS Pay 2.2425% EUR Receive HICPX * Credit Suisse 28/04/2016 EUR 950,000 –26,351


–155,776


Inflation-linked swaps

As at 30 June 2012

Denomination Counterparty

Maturity date

Currency

Nominal value


base currency x 1


Robeco All Strategy Euro Bonds, class DHHI EUR and class IHHI EUR


03/12/2012

EUR

1.000.000

17.847

ILS Pay 1.38% EUR Receive HICPX * Barclays

15/07/2012

EUR

600.000

16.067


33,914

ILS Pay 1.79% EUR Receive HICPX EU *

Morgan Stanley

29/06/2014

EUR

750,000

–1,814









26/04/2037

EUR

300,000

–13,735

ILS Pay 2.185% EUR Receive HICPX EU * Credit Suisse 02/03/2016 EUR 600,000 –14,691


ILS Pay 1.87% EUR Receive HICPX EU * Credit Suisse 09/03/2017 EUR 1,000,000 –18,300






ILS Pay 1.9% EUR Receive HICPX EU * Morgan Stanley 06/01/2015 EUR 4,350,000 –51,873



26/04/2022

EUR

2,400,000

–60,996

ILS Pay 2.1625% EUR Receive HICPX EU * Morgan Stanley 06/01/2022 EUR 2,400,000 –78,289




–696,501

* HICPX EU is an abbreviation for Euro-Zone Harmonised Index of Consumer Prices excluding Tobacco. 8 Credit default swaps

Credit default swaps are valued at fair value under procedures approved by the Board of Directors. The unrealized

gains/losses on credit default swaps are recorded gross in the Statement of net assets under the heading ‘Unrealized

gains/losses on credit default swaps’ and changes in unrealized results are recorded in the Statement of operations and

changes in net assets under the heading ‘Net realized and changes in unrealized results on investments and other

financial instruments’. The contracts outstanding as at 30 June 2012 are disclosed in the table below. Information on the

collateral on this positions is stated in the table on page 72.

Credit default swaps

As at 30 June 2012

Purchase/Sale of risk

Denomination Premium Expiration date CDS/CDX

Currency Counterparty Nominal value/

commitment

Unrealized gains/losses base

currency x 1



Sale CDS 6.375 JC PENNEY CORP INC 15-OCT-2036

Receive 100 bps

20/12/2018

USD

Deutsche Bank

5,000,000

1,205,105

Sale CDS 6.375 JC PENNEY CORP INC 15-OCT-2036

Receive 100 bps

20/12/2018

USD

Deutsche Bank

5,000,000

1,205,105

Purchase CDS 6.875 EL PASO CORP 15-JUN-2014

Pay 500 bps

20/12/2014

USD

Bank of America

8,000,000

613,225

Purchase CDS 5.750 ASML HOLDING NV 13-JUN-2017

Pay 700 bps

20/06/2014

EUR

Deutsche Bank

5,000,000

545,108

Purchase CDS 7.250 CONSTELLATION BRANDS INC 01-SEP-2016

Pay 500 bps

20/09/2015

USD

JP Morgan Chase

5,000,000

420,870

Purchase CDS 7.250 CONSTELLATION BRANDS INC 01-SEP-2016

Pay 500 bps

20/09/2015

USD

Barclays

5,000,000

420,870

Purchase CDS 7.125 HOST HOTELS & RESORTS LP 01-NOV-2013

Pay 500 bps

20/09/2015

USD

Goldman Sachs

5,000,000

420,419

Purchase CDS 9.500 VIRGIN MEDIA FINANCE PLC 15-AUG-2016

Pay 500 bps

20/06/2017

EUR

Citigroup

7,500,000

404,410

Purchase CDS 4.625 PERNOD-RICARD SA 06-DEC-2013

Pay 640 bps

20/06/2014

EUR

Credit Suisse

3,500,000

399,830

Purchase CDS 10.75 Kabel Deutschland GMBH 01-07-2014

Pay 500 bps

20/06/2015

EUR

Bank of America

5,000,000

399,253



As at 30 June 2012




commitment


currency x 1

Purchase CDS 10.75 Kabel Deutschland GMBH 01-07-2014

Pay 500 bps

20/06/2015

EUR

Goldman Sachs

5,000,000

399,253


Pay 500 bps

20/12/2014

USD

Credit Suisse

5,000,000

360,974


Pay 500 bps

20/09/2014

USD

Goldman Sachs

5,000,000

340,663


Pay 500 bps

20/09/2014

USD

Barclays

5,000,000

340,663

Sale CDS 6.750 GKN HOLDINGS PLC 28-OCT-2019

Receive 100 bps

20/12/2016

EUR

Barclays

5,000,000

337,104

Purchase CDS 8.875 CHS/COMMUNITY HEALTH SYS 15-JUL-2015

Pay 500 bps

20/09/2015

USD

JP Morgan Chase

10,000,000

280,243


Pay 500 bps

20/06/2017

EUR

Citigroup

5,000,000

269,607


Pay 500 bps

20/06/2017

EUR

Deutsche Bank

5,000,000

269,607


Pay 500 bps

20/06/2017

EUR

Barclays

4,000,000

215,685


Pay 500 bps

20/06/2017

EUR

Deutsche Bank

4,000,000

215,685

Sale CDS 6.000 ROYAL BK OF SCOTLAND PLC 10-MAY-2013

Receive 153 bps

20/03/2013

EUR

Goldman Sachs

10,000,000

214,368

Purchase CDS 10.750 KABEL DEUTSCHLAND GMBH 01-JUL-2014

Pay 475 bps

20/06/2017

EUR

Bank of America

4,000,000

207,100

Purchase CDS 4.625 PERNOD-RICARD SA 06-DEC-2013

Pay 275 bps

20/09/2013

EUR

Morgan Stanley

6,000,000

176,677

Sale CDS 4.875 HBOS PLC 20-MAR-2015

Receive 160 bps

20/03/2013

EUR

Goldman Sachs

10,000,000

173,402


Pay 500 bps

20/09/2014

USD

Barclays

2,000,000

136,265


Pay 500 bps

20/06/2013

USD

Bank of America

4,200,000

116,153

Purchase CDS 8.750 UNITYMEDIA GMBH 15-FEB-2015

Pay 500 bps

20/03/2016

EUR

Bank of America

5,000,000

105,054

Purchase CDS 8.750 UNITYMEDIA GMBH 15-FEB-2015

Pay 500 bps

20/03/2016

EUR

Morgan Stanley

5,000,000

105,054

Purchase CDS 7.750 AMKOR TECHNOLOGIES INC 15-MAY-2013

Pay 500 bps

20/06/2015

USD

Deutsche Bank

5,000,000

102,076

Sale CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014

Receive 512 bps

20/03/2015

EUR

JP Morgan Chase

9,000,000

86,161

Purchase CDS 6.250 FIAT INDUSTRIAL FIN EUR 09-MAR-2018

Pay 500 bps

20/12/2016

EUR

Goldman Sachs

5,000,000

44,145


Pay 500 bps

20/12/2016

EUR

Goldman Sachs

5,000,000

44,145


Pay 500 bps

20/12/2016

EUR

Barclays

5,000,000

44,145

Purchase CDS 8.875 Levis Strauss 01-04-2016

Pay 500 bps

20/03/2016

USD

Barclays

5,000,000

38,494


Pay 500 bps

20/03/2016

USD

Goldman Sachs

5,000,000

38,494


Pay 500 bps

20/03/2016

USD

Bank of America

5,000,000

38,494

Purchase CDS 7.500 HERTZ CORP 15-OCT-2018

Pay 500 bps

20/12/2016

USD

Credit Suisse

5,000,000

32,215

Purchase CDS 7.875 EL PASO CORPORATION 15-JUN-2012

Pay 185 bps

20/09/2012

USD

JP Morgan Chase

7,500,000

19,465

Sale CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014

Receive 500 bps

20/06/2015

EUR

Barclays

1,000,000

18,790


Pay 500 bps

20/12/2016

USD

Barclays

7,000,000

13,898


Pay 500 bps

20/12/2016

USD

Bank of America

5,000,000

9,927


Pay 500 bps

20/12/2016

USD

Barclays

5,000,000

9,927


Pay 500 bps

20/03/2017

EUR

Deutsche Bank

2,000,000

6,502

Sale CDS 7.25 M-Real Corporation 01-04-2013

Receive 330 bps

20/03/2014

EUR

Credit Suisse

5,000,000

2,407

Sale CDS 8.875 CHS/COMMUNITY HEALTH SYS 15-JUL-2015

Receive 100 bps

20/06/2013

USD

Bank of America

200,000

606


10.847.643

Sale

CDS 7.25 M-Real Corporation 01-04-2013

Receive 340 bps

20/03/2014

EUR

Credit Suisse

4,000,000

–4,754

Sale CDS 8.375 ALLEGHENY TECHNOLOGIES 15-DEC-2011

Receive 145 bps

20/03/2013

USD

Bank of America

1,500,000

–7,939

Sale CDS 7.75 Upc Holding BV 20-08-2010

Receive 370 bps

20/06/2014

EUR

Bank of America

2,500,000

–9,164


Pay 500 bps

20/09/2016

USD

Citigroup

10,000,000

–15,321

Purchase CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014

Pay 667 bps

20/03/2017

EUR

Goldman Sachs

3,000,000

–16,104

Sale CDS 7.25 M-Real Corporation 01-04-2013

Receive 405 bps

20/06/2014

EUR

Bank of America

2,000,000

–16,505

Sale CDS 7.375 MOSAIC GLOBAL HOLDINGS 01-AUG-2018 Receive 91.13 bps 20/03/2013 USD Goldman Sachs 4,800,000 –21,407

Sale CDS 7.75 Upc Holding BV 20-08-2010 Receive 372 bps 20/03/2014 EUR Barclays 3,000,000 –25,096

Sale CDS 7.75 Upc Holding BV 20-08-2010 Receive 376 bps 20/03/2014 EUR Credit Suisse 3,000,000 –27,102

Sale CDS 7.25 M-Real Corporation 01-04-2013 Receive 421 bps 20/03/2014 EUR Goldman Sachs 3,000,000 –44,147

Sale CDS 7.75 Upc Holding BV 20-08-2010 Receive 370 bps 20/03/2014 EUR Goldman Sachs 6,000,000 –48,185

Sale CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014 Receive 626 bps 20/03/2015 EUR Goldman Sachs 3,000,000 –55,822

Purchase CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014 Pay 550 bps 20/06/2017 EUR Barclays 1,000,000 –55,825

Purchase CDS 8.875 Levis Strauss 01-04-2016 Pay 500 bps 20/06/2017 USD UBS 5,000,000 –88,230

Purchase CDS 7.750 AVIS BUDGET CAR RENTAL 15-MAY-2016 Pay 500 bps 20/06/2017 USD Citigroup 3,000,000 –99,383

Purchase CDS 8.750 UNITYMEDIA GMBH 15-FEB-2015 Pay 500 bps 20/03/2016 EUR Bank of America 5,000,000 –105,054

Purchase CDS 7.25 M-Real Corporation 01-04-2013 Pay 472 bps 20/06/2017 EUR Bank of America 2,000,000 –105,358

Sale CDX North America High Yield series 7 10Y Receive 325 bps 20/12/2013 USD iTraxx 10,000,000 –110,244

Purchase CDS 7.25 M-Real Corporation 01-04-2013 Pay 480 bps 20/03/2017 EUR Goldman Sachs 3,000,000 –129,646

Purchase CDS 6.375 HCA INC 15-JAN-2015 Pay 500 bps 20/03/2021 USD Barclays 8,000,000 –154,930

Sale CDS 5.125 STORA ENSO OYJ 23-JUN-2014 Receive 420 bps 20/06/2016 EUR Barclays 3,600,000 –168,831



As at 30 June 2012




commitment


currency x 1

Purchase CDS 7.000 GOODYEAR TIRE & RUBBER 15-MAR-2028 Pay 500 bps 20/03/2016 USD Morgan Stanley 10,000,000 –176,010

Purchase CDX North America High Yield series 7 10Y Pay 325 bps 20/12/2016 USD iTraxx 10,000,000 –193,489

Purchase CDS 8.5 Sunrise Communications Interna 31-12-2018 Pay 500 bps 20/12/2016 EUR Credit Suisse 5,000,000 –194,835

Purchase CDS 8.5 Sunrise Communications Interna 31-12-2018 Pay 500 bps 20/12/2016 EUR BNP Paribas 5,000,000 –194,835

Purchase CDS 7.75 Upc Holding BV 20-08-2010 Pay 440 bps 20/06/2017 EUR Bank of America 2,500,000 –211,034

Sale CDS 6.875 ROYAL CARIBBEAN CRUISES 01-DEC-2013 Receive 500 bps 20/03/2014 EUR Bank of America 5,000,000 –213,740

Purchase CDS 7.75 Upc Holding BV 20-08-2010 Pay 445 bps 20/03/2017 EUR Credit Suisse 3,000,000 –219,256

Purchase CDS 7.75 Upc Holding BV 20-08-2010 Pay 435 bps 20/03/2017 EUR Barclays 3,000,000 –230,899

Purchase CDS 7.750 AVIS BUDGET CAR RENTAL 15-MAY-2016 Pay 500 bps 20/06/2017 USD Deutsche Bank 7,000,000 –231,894

Sale CDS 5.150 TOLL BROS FINANCE CORP 15-MAY-2015

Receive 325 bps

20/06/2015

USD

Bank of America

5,000,000

–253,537

Purchase CDS 7.25 M-Real Corporation 01-04-2013

Pay 400 bps

20/03/2017

EUR

Credit Suisse

4,000,000

–297,446

Purchase CDS 7.000 GOODYEAR TIRE & RUBBER 15-MAR-2028

Pay 500 bps

20/03/2017

USD

Deutsche Bank

7,000,000

–317,531

Purchase CDS 7.750 AVIS BUDGET CAR RENTAL 15-MAY-2016

Pay 500 bps

20/06/2017

USD

Deutsche Bank

10,000,000

–331,277

Sale CDS 6.125 UPM-KYMMENE CORP 23-JAN-2012

Receive 405 bps

20/06/2014

EUR

Deutsche Bank

6,750,000

–346,866

Purchase CDS 7.25 M-Real Corporation 01-04-2013

Pay 390 bps

20/03/2017

EUR

Credit Suisse

5,000,000

–391,274


Pay 500 bps

20/03/2017

USD

Citigroup

10,000,000

–453,616

Purchase CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014

Pay 547 bps

20/03/2017

EUR

JP Morgan Chase

9,000,000

–455,662

Purchase CDS 7.75 Upc Holding BV 20-08-2010

Pay 435 bps

20/03/2017

EUR

Goldman Sachs

6,000,000

–461,798

Purchase CDS Renault S.A. (FRN) 04-08-2014

Pay 100 bps

20/09/2016

EUR

Deutsche Bank

4,000,000

–468,948

Purchase CDS 8.000 SUPERVALU INC 01-MAY-2016

Pay 500 bps

20/12/2016

USD

Barclays

5,000,000

–480,051


Pay 500 bps

20/12/2016

USD

Barclays

5,000,000

–480,051


Pay 500 bps

20/12/2016

USD

Goldman Sachs

5,000,000

–480,051

Purchase CDS 6.625 Fiat Finance & Trade 15-02-2013

Pay 500 bps

20/09/2016

EUR

JP Morgan Chase

5,000,000

–482,034

Purchase CDS 6.625 Fiat Finance & Trade 15-02-2013

Pay 500 bps

20/09/2016

EUR

HSBC

5,000,000

–482,034

Purchase CDS 6.500 LEVEL 3 COMMUNICATIONS 01-OCT-2016

Pay 500 bps

20/06/2017

USD

Bank of America

10,000,000

–490,109

Purchase CDS 7.625 MGM RESORTS INTL 15-JAN-2017

Pay 500 bps

20/12/2016

USD

Goldman Sachs

10,000,000

–504,608

Purchase CDS 7.375 TOYS R US INC 15-OCT-2018

Pay 500 bps

20/12/2016

USD

Barclays

5,000,000

–559,439

Purchase CDS 7.375 TOYS R US INC 15-OCT-2018

Pay 500 bps

20/12/2016

USD

Goldman Sachs

5,000,000

–559,439


Pay 100 bps

20/09/2016

EUR

Credit Suisse

5,000,000

–586,185


Pay 100 bps

20/09/2016

EUR

JP Morgan Chase

5,000,000

–586,185

Purchase CDS 8.000 ONO FINANCE II PLC 16-MAY-2014

Pay 480 bps

20/06/2017

EUR

Bank of America

2,000,000

–605,976


Pay 500 bps

20/12/2017

USD

Bank of America

10,000,000

–614,104


Pay 500 bps

20/03/2017

USD

JP Morgan Chase

10,000,000

–1,037,787


Pay 100 bps

20/09/2016

EUR

Barclays

9,400,000

–1,102,028

Purchase CDS 6.125 ARCELORMITTAL 01-JUN-2018

Pay 100 bps

20/09/2016

EUR

Barclays

10,000,000

–1,373,900

Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014

Pay 100 bps

20/06/2016

EUR

UBS

7,500,000

–1,375,848


Pay 100 bps

20/06/2016

EUR

Barclays

7,500,000

–1,375,848

Purchase CDS 11.125 ONO FINANCE II PLC 15-JUL-2019

Pay 500 bps

20/12/2016

EUR

Deutsche Bank

5,000,000

–1,377,053

Purchase CDS 11.125 ONO FINANCE II PLC 15-JUL-2019

Pay 500 bps

20/12/2016

EUR

Morgan Stanley

5,000,000

–1,377,053

Purchase CDX North America High Yield

Pay 500 bps

20/06/2017

USD

iTraxx

50,000,000

–1,382,286


Pay 500 bps

20/06/2017

USD

iTraxx

50,000,000

–1,382,286


Pay 500 bps

20/06/2017

USD

iTraxx

50,000,000

–1,382,286


Pay 500 bps

20/06/2017

USD

iTraxx

50,000,000

–1,382,286

Purchase CDS 8.000 ONO FINANCE II PLC 16-MAY-2014

Pay 565 bps

20/03/2017

EUR

Goldman Sachs

6,000,000

–1,603,373

Purchase CDS 4.875 HBOS PLC 20-MAR-2015

Pay 160 bps

20/03/2018

EUR

Goldman Sachs

10,000,000

–1,614,285

Purchase CDS 6.000 ROYAL BK OF SCOTLAND PLC 10-MAY-2013

Pay 153 bps

20/03/2018

EUR

Goldman Sachs

10,000,000

–1,999,544


Pay 100 bps

20/06/2016

EUR

Royal Bank of Scotland 14,700,000

–2,696,662


–36.325.785


Purchase CDX MARKIT EMERGING DEBT Pay 500 bps 20/06/2017 USD iTraxx 400,000 38,824

Purchase CDX MARKIT EMERGING DEBT Pay 500 bps 20/06/2017 USD iTraxx 400,000 38,824

Sale CDS 4.250 PEOPLE'S REP OF CHINA 28-OCT-2014 Receive 100 bps 20/03/2017 USD Barclays 2,000,000 8,474


Purchase CDX MARKIT ITRAXX ASIA EX Japan Pay 100 bps 20/06/2017 USD iTraxx 1,000,000 –34,109

Purchase CDX MARKIT ITRAXX ASIA EX Japan Pay 100 bps 20/06/2017 USD iTraxx 1,500,000 –51,163

Total unrealized losses –85,272



As at 30 June 2012




commitment


currency x 1



Sale CDS 2.5 Russian Federation 31-03-2030

Receive 100 bps

20/12/2021

USD

JP Morgan Chase

5,800,000

605,332

Sale CDS 4.750 PEOPLE'S REP OF CHINA 29-OCT-2013

Receive 100 bps

20/06/2020

USD

JP Morgan Chase

4,900,000

135,238


Receive 100 bps

20/06/2017

USD

HSBC

6,500,000

37,246

Sale CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019

Receive 100 bps

20/12/2016

EUR

Goldman Sachs

2,500,000

12,307


Receive 100 bps

20/12/2016

USD

HSBC

3,300,000

9,366


Receive 100 bps

20/12/2016

USD

Barclays

2,600,000

7,380


Receive 100 bps

20/12/2016

USD

JP Morgan Chase

4,800,000

4,635


Receive 100 bps

20/12/2016

USD

UBS

3,200,000

3,090


814,594

Purchase

CDS 4.250 RABOBANK NEDERLAND 25-APR-2013

Pay 32 bps

20/12/2012

EUR

Deutsche Bank

4,350,000

–4,833

Purchase CDS 7.250 MAN SE 20-MAY-2016

Pay 300 bps

20/09/2012

EUR

Deutsche Bank

1,700,000

–9,808

Purchase CDS 5.625 FRANCE TELECOM 22-MAY-2018

Pay 100 bps

20/06/2017

EUR

Barclays

4,200,000

–93,047

Purchase CDS 4.000 ALSTOM 23-SEP-2014

Pay 100 bps

20/03/2017

EUR

Citigroup

1,300,000

–93,519

Sale CDS 6.004 KBC Ifima NV 07-02-2025 Receive 640 bps 20/03/2014 EUR Credit Suisse 4,250,000 –101,899

Sale CDS 5.000 MERRILL LYNCH & CO 15-JAN-2015 Receive 405 bps 20/12/2013 EUR Deutsche Bank 4,800,000 –154,408


Pay 100 bps

20/03/2017

EUR

Barclays

2,700,000

–194,231

Purchase CDS 4.875 BBVA SENIOR FINANCE SA 23-JAN-2014

Pay 300 bps

20/03/2017

EUR

Bank of America

5,000,000

–277,257

Purchase CDS 4.25 BNP Paribas SA 16-01-2014

Pay 100 bps

20/03/2017

EUR

Bank of America

5,000,000

–309,309

Purchase CDS 5.065 CREDIT AGRICOLE (LONDON) 10-AUG-2022

Pay 100 bps

20/03/2017

EUR

UBS

5,000,000

–422,858

Purchase CDS 4.375 TELEFONICA EMISIONES SAU 02-FEB-2016

Pay 100 bps

20/06/2017

EUR

BNP Paribas

2,650,000

–433,501

Purchase CDS 5.250 ENEL-SOCIETA PER AZIONI 20-JUN-2017

Pay 100 bps

20/06/2017

EUR

HSBC

3,150,000

–492,706


–2.587.376


Purchase

CDS Banca Popolare Italiana (FRN) 29-04-2015

Pay 50 bps

20/12/2012

EUR

Goldman Sachs

3,150,000

91,670


Receive 100 bps

20/12/2016

EUR

Goldman Sachs

3,300,000

16,245


Receive 100 bps

20/12/2016

USD

HSBC

4,300,000

12,205


Receive 100 bps

20/12/2016

USD

Barclays

3,300,000

9,366


129,486

Purchase

CDS 7.250 MAN SE 20-MAY-2016

Pay 300 bps

20/09/2012

EUR

Deutsche Bank

4,300,000

–24,809

Sale CDS 5.000 MERRILL LYNCH & CO 15-JAN-2015

Receive 405 bps

20/12/2013

EUR

Deutsche Bank

4,300,000

–138,324


Pay 100 bps

20/03/2017

EUR

Citigroup

2,700,000

–194,231


Pay 100 bps

20/03/2017

EUR

Barclays

5,300,000

–381,268

Purchase CDX MARKIT ITRAXX EUR SNR FIN

Pay 100 bps

20/06/2017

EUR

iTraxx

24,000,000

–1,708,740


–2,447,372

-


Sale CDX MARKIT ITRAXX EUR XOVER Receive 500 bps 20/06/2017 EUR iTraxx 3,000,000 182,438

Purchase CDS 9.500 VIRGIN MEDIA FINANCE PLC 15-AUG-2016 Pay 500 bps 20/06/2017 EUR Deutsche Bank 1,000,000 53,921


Sale CDS 6.125 UPM-KYMMENE CORP 23-JAN-2012 Receive 405 bps 20/06/2014 EUR Deutsche Bank 250,000 –12,847

Purchase CDS 6.625 Fiat Finance & Trade 15-02-2013 Pay 500 bps 20/09/2016 EUR Barclays 500,000 –52,083

Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR Royal Bank of Scotland 300,000 –55,034

Purchase CDS Renault S.A. (FRN) 04-08-2014 Pay 100 bps 20/09/2016 EUR Barclays 600,000 –70,342

Purchase CDS Renault S.A. (FRN) 04-08-2014 Pay 100 bps 20/09/2016 EUR Deutsche Bank 1,000,000 –117,237

Purchase CDS 6.625 Fiat Finance & Trade 15-02-2013 Pay 500 bps 20/06/2017 EUR Morgan Stanley 1,000,000 –130,266

Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR UBS 750,000 –137,585

Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR Barclays 750,000 –137,585

Total unrealized losses –712.979


Purchase CDX MARKIT ITRAXX EUR SUB FIN Pay 500 bps 20/06/2017 EUR iTraxx 1,000,000 26,693

Purchase CDX MARKIT ITRAXX EUR SUB FIN Pay 500 bps 20/06/2017 EUR iTraxx 5,000,000 133,464

Total unrealized gains 160.157


9 Contracts for differences

Contracts for difference are agreements between the sub-funds and third parties which allow the sub-funds to acquire an

exposure to the price movement of specific securities without actually purchasing the securities. Upon entering into a

contract for difference, the sub-funds are required to deposit with a broker an initial cash margin equal to a certain

percentage of the contract amount. Variation margin payments are made or received by the sub-funds depending upon

the fluctuation in the value of the underlying securities. Contracts for difference are valued as the difference between the

quoted price of the underlying on the valuation date and the opening contract price. The changes in contract values are

recorded as unrealized gains or losses and the sub-funds recognize a realised gain or loss when the contract is closed. The

unrealized gains/losses on contracts for differences are recorded gross in the Statement of net assets under the heading

‘Unrealized gains/losses on contracts for differences’ and the changes in unrealized results are recorded in the Statement

of operations and changes in net assets under the heading ‘Net realized and changes in unrealized results on investments

and other financial instruments’. The contracts outstanding as at 30 June 2012 are disclosed in the following table. No

commitments are disclosed for positions not acquired by the sub-funds but obtained from corporate actions. Information

on the collateral on this positions is stated in the table on page 72.

Contracts for differences

As at 30 June 2012

Number Name underlying share Counterparty Commitment EUR x 1


base currency x 1


Long positons

EUR

260,000 Henkel AG & Co KGaA Goldman Sachs 11,382,800

1,731,574


1,731,574

Short positions

EUR

208,000 Henkel AG & Co KGaA Goldman Sachs 10,892,960

–1,753,954


–1,753,954


Long positons

USD

5,200 State Bank of India Goldman Sachs 201,071 11,272

85,000 Zee Entertainment Enterprises Goldman Sachs 223,480 7,761

30,000 Sobha Developers Goldman Sachs 182,627 9,776



Long positons

USD

175,000 Bank of America Corp Goldman Sachs 1,431,500

274,464


274,464

USD

50,000

Citigroup Inc/New

Goldman Sachs

1,370,500

–736,358


–736,358


10 Collateral

Several sub-funds received or paid collateral to cover the unrealized results on derivative instruments. Collaterals are

calculated and settled on a daily basis per counterparty. The collateral is primarily cash held at the broker in the name of

the sub-fund. The paid collateral is restricted cash and is included in the Statement of net assets under the heading ‘Other

assets’. The received collateral are margin overdrafts which are included in the Statement of net assets under the heading

‘Deposits and other cash’. The amounts per sub-fund and counterparty are shown in the table below.

Collateral

In EUR x thousand Counterparty

Paid/Received

30/06/2012

Robeco Global Stars Equities Rabobank

Received

880

Robeco Asia-Pacific Equities JP Morgan Chase

Received

307

Robeco US Premium Equities Rabobank

Received

1,100

Robeco New World Financial Equities Citibank London

Received

370

Robeco New World Financial Equities Goldman Sachs

Paid

670

Robeco Property Equities Citibank London

Received

120

Robeco High Yield Bonds BNP Paribas

Received

3,760

Robeco High Yield Bonds Barclays

Paid

14,084

Robeco High Yield Bonds Bank of America

Paid

4,770

Robeco High Yield Bonds Barclays Bank

Paid

8,090

Robeco High Yield Bonds Citibank London

Paid

2,050

Robeco High Yield Bonds Credit Suisse

Paid

840

Robeco High Yield Bonds Deutsche Bank

Paid

2,840

Robeco High Yield Bonds Goldman Sachs

Paid

6,360

Robeco High Yield Bonds HSBC

Paid

1,230

Robeco High Yield Bonds JP Morgan Chase

Paid

3,379

Robeco High Yield Bonds Morgan Stanley

Paid

530

Robeco High Yield Bonds RBS

Paid

2,100

Robeco High Yield Bonds Rabobank

Paid

800

Robeco High Yield Bonds UBS

Paid

1,220

Robeco Investment Grade Corporate Bonds Barclays

Received

5,269

Robeco Investment Grade Corporate Bonds Morgan Stanley

Received

10

Robeco Global Government Bonds Rabobank

Paid

180

Robeco Euro Credit Bonds Barclays

Received

2,869

Robeco Euro Credit Bonds BNP Paribas

Paid

520

Robeco Euro Credit Bonds Bank of America

Paid

520

Robeco Euro Credit Bonds Credit Suisse

Paid

110

Robeco Euro Credit Bonds Deutsche Bank

Paid

950

Robeco All Strategy Euro Bonds Deutsche Bank

Received

150

Robeco All Strategy Euro Bonds Barclays

Paid

5,400

Robeco All Strategy Euro Bonds Barclays

Paid

200

Robeco All Strategy Euro Bonds Citibank London

Paid

430

Robeco All Strategy Euro Bonds Goldman Sachs

Paid

300

Robeco All Strategy Euro Bonds JP Morgan Chase

Paid

1,867

Robeco All Strategy Euro Bonds Morgan Stanley

Paid

240

Robeco European High Yield Bonds Barclays

Paid

380

Robeco Euro Sustainable Credits Barclays

Received

183

11 Investment portfolios

The investment portfolios of the sub-funds are included at the end of this report. 12 Securities lending

Robeco Securities Lending B.V. is the intermediary for all Robeco Capital Growth Funds securities lending transactions. As

compensation for its services Robeco Securities Lending B.V. receives a fee of the gross income resulting from these

securities lending transactions. The percentages can vary for each sub-fund. A third party periodically checks whether the

agreement with Robeco Securities Lending is still in line with market practices. The following table shows the position of

the collateralized securities lending transactions with first-class financial institutions as described in the prospectus at the

end of the reporting period as well as the income from securities lending over the reporting period for the different sub-

funds and the income for Robeco Securities Lending B.V.. Income on securities lending transactions is recorded under the

heading 'Other income' in the Statement of operations and changes in net assets. Collateral received in the frame of the

lending activity, primarily securities, is held in the name of the fund on an escrow account with external agents. In

exceptional cases, the collateral is received in cash, which is not subject to reinvestment.


Securities lending

30/06/2012

01/07/2011-30/06/2012

01/07/2010-30/06/2011 30/06/2012

Market value of

In % of

Income sub-

Income RSL

Income fund

Income RSL

Market value

securities lent

investments

fund EUR

EUR

EUR

EUR

Collateral received

EUR x 1

x 1,000

x 1,000

x 1,000

x 1,000

EUR x 1


Robeco Global Value Equities –

–

9

4

23

10

–

Robeco Global Stars Equities 25,758,764

10.9

248

102

360

154

27,399,891

Robeco Emerging Stars Equities 1 145,119,998 15.8 899 622 900 484 158,303,748

Robeco Emerging Markets Equities 1 604,858,990

27.6

4,045

2,294

4,507

2,427

681,918,310

Robeco Active Quant Emerging Markets Equities 24,759,453

9.2

233

123

18

10

28,847,410

Robeco Emerging Conservative Equities 23,208,391

4.5

92

49

–

–

24,687,029


Robeco Asia-Pacific Equities 1 66,174,918

8.3

898

449

369

158

70,436,321

SAM Sustainable European Equities 52,196,075

13.0

856

269

1,116

478

56,667,377

Robeco European Conservative Equities 15,037,381

13.1

176

81

190

72

15,995,434

Robeco US Premium Equities 144,990,210

2.8

659

270

128

55

154,227,740

Robeco Chinese Equities 142,177,006

28.5

1,443

769

369

199

159,475,434

Robeco US Large Cap Equities –

–

6

3

10

4

–


Robeco New World Financial Equities 9,331,351

9.8

180

37

100

43

9,925,865

Robeco Property Equities 29,897,317

8.4

314

124

300

129

31,802,118

Robeco Global Consumer Trends Equities 75,488,754

14.6

414

164

245

105

81,297,956

Robeco Natural Resources Equities 13,545,687

10.5

204

94

223

96

14,408,701

SAM Sustainable Agribusiness Equities 16,656,094

14.7

198

83

165

71

17,842,516

Robeco Infrastructure Equities 23,528,411

14.2

189

84

273

117

25,027,440


Robeco High Yield Bonds 183,910,542

8.7

616

321

424

229

196,702,090

Robeco Investment Grade Corporate Bonds 96,051,651

7.2

272

68

73

18

104,790,266


1

–

1

–


Robeco Euro Government Bonds 109,579,526

19.6

812

200

415

104

116,560,992

Robeco Euro Credit Bonds 41,017,136

8.8

105

26

35

9

45,760,211

Robeco All Strategy Euro Bonds 249,348,580

12.9

1,432

361

629

157

266,983,138

Robeco European High Yield Bonds 4,294,687

8.1

19

8

10

4

4,568,307

Total 2,095,930,922

2,293,628,294

Robeco Securities Lending B.V. (RSL) is the intermediary for all Robeco Capital Growth Funds securities lending transactions. The sub-funds receive collateral for the total market value of the securities lent out. Robeco Securities Lending B.V. monitors whether the received collateral agrees to the conditions set out in the collateralized securities lending agreements. 1 For the purpose of securities lending five equity swaps were outstanding at the end of the reporting period. These swaps are:

Sub-fund Description Buy/sell Currency Amount EUR x 1,000 Collateral EUR x 1,000

Robeco Asia-Pacific Equities Equity Basket Goldman Sachs Buy TWD 3,594 3,202

Robeco Emerging Stars Equities Equity Basket Goldman Sachs Buy TWD 4,295 4,368

Robeco Emerging Stars Equities Equity Basket Bank of America Merrill Lynch Buy BRL 14,886 14,941

Robeco Emerging Markets Equities Equity Basket Credit Suisse First Boston(Europe) Buy TWD 208,778 225,042

Robeco Emerging Markets Equities Equity Basket Bank of America Merrill Lynch Buy BRL 11,476 11,518

13 Taxes

The classes of shares of the Company are liable in Luxembourg to an annual duty (taxe d’abonnement/subscription tax)

at the rate of 0.05% of their net assets calculated and payable at the end of each quarter. This rate is 0.01% for class I,

0IH, 40IH, IH, IE, IEH, IHHI, Z and ZH shares. To the extent that the assets of the Company are invested in investment

funds which are established in Luxembourg, no such tax is payable, provided that the relevant investment funds have

been subject to this tax. The Company will receive income from its investments after deduction of applicable withholding

taxes in the country of origin. There are no Luxembourg income, withholding, capital gains, estate or inheritance taxes

payable by the Company. Robeco Indian Equities (Mauritius) Ltd., the Mauritian Subsidiary, is subject to the fiscal law and

practice in India and Mauritius. The Mauritian subsidiary is not subject to capital gains tax in Mauritius.


14 Management company

The Directors of the Company have appointed Robeco Luxembourg S.A.(the Management Company) as the management

company to be responsible on a day-to-day basis, under supervision of the Board of Directors of the Company, for

providing administration, marketing and investment management services in respect of all sub-funds. In respect of all

sub-funds, the Management Company has delegated its investment management services to Robeco Institutional Asset

Management B.V. (the Investment Adviser). The Management Company has delegated the administration and registrar

agent functions to RBC Investor Services Bank S.A. (acting as Administration Agent and Registrar Agent). The

Management Company was incorporated as a Société anonyme under the laws of the Grand Duchy of Luxembourg on 7

July 2005 and its Articles of Association were published in the Mémorial on 26 July 2005. The

Management Company is approved as management company regulated by chapter 15 of the Luxembourg law of 17

December 2010 relating to undertakings for collective investment. The Management Company is part of Robeco Groep

N.V. and also acts as Management Company for Robeco Interest Plus Funds, Robeco Lux-o-rente and Robeco All

Strategies Funds. 15 Investment Adviser and investment sub-advisers

Robeco Institutional Asset Management B.V. (RIAM), an investment management company forming part of the Robeco

Group in Rotterdam, the Netherlands, manages the assets of the sub-funds on a day-to-day basis. The Investment

Advisory Agreement between the Management Company and RIAM was concluded on 29 September 2005 for an

undetermined period.

The Investment Adviser has appointed Robeco Investment Management Inc. as its Investment Sub-Adviser for the

sub-funds Robeco Global Value Equities, Robeco US Premium Equities and Robeco US Large Cap Equities.

The Investment Adviser has appointed Robeco Gestions S.A. as its Investment Sub-Adviser for the sub-fund Robeco GTAA

Fund (until 30 June 2012).

The Investment Sub-adviser for the sub-funds Robeco Asia-Pacific Equities, Robeco Chinese Equities, Robeco Indian

Equities and Robeco Asian Stars Equities is Robeco Hong Kong Ltd.

The Investment Sub-adviser for the sub-funds SAM Sustainable European Equities and SAM Sustainable Agribusiness

Equities is SAM Sustainable Asset Management AG. 16 Investment through Mauritian Subsidiary

It is not the intention to hold directly investments in India made for the Sub-fund Robeco Indian Equities. Instead, the Sub-

fund will hold investments through Robeco Indian Equities (Mauritius) Ltd., a wholly-owned subsidiary of the Company.

The Mauritian Subsidiary will hold all of Robeco Indian Equities’ investments in India. The custodian of the Mauritian

Subsidiary holds the assets for the Mauritian Subsidiary on behalf of Robeco Indian Equities.

Robeco Indian Equities (Mauritius) Ltd. was incorporated as a limited liability company under the Companies Act 2001

and is registered as a Category 1 Global Business Licence Company under the Financial Services Act 2007. The accounts of

Robeco Indian Equities and Robeco Indian Equities (Mauritius) Ltd. have been consolidated.

The Mauritian Subsidiary has appointed Deutsche Bank International Trust Corporation (Mauritius) Limited to act as

administrator, secretary and registrar agent of the Mauritian Subsidiary. Deutsche Bank is incorporated in Mauritius and is

licensed by the Financial Commission of Mauritius to provide, inter alia, company management services to offshore

companies. 17 Management, service and performance fees

The different sub-funds and Classes of shares incur an annual management fee payable to the Management Company,

which reflects all expenses related to the management of the sub-funds. Furthermore the Company or the different sub-

funds or classes of shares incur an annual service fee payable to the Management Company reflecting all remaining

expenses such as the fees of the Domiciliary and Listing Agent, the Administration Agent, the Registrar Agent, auditors

and legal advisers, the costs of preparing, printing and distributing all prospectuses, memorandums, reports and other

necessary documents concerning the Company, any fees and expenses involved in the registration of the Company with

any governmental agency and stock exchange, the costs of publishing prices and operational expenses, and the cost of

holding shareholders meetings.

The annual charges, both management fee and service fee, are expressed as a percentage of the net asset value. The

charges, paid monthly, are based on the net asset value of the relevant period and are reflected in the share price. The

following table shows the percentages for the different sub-funds and classes of shares. For some sub-funds the

Management Company is entitled to a performance fee, payable annually in arrears after the end of the reporting period.

There are two categories of performance fee, namely Category A and Category B. For Category A, a performance

fee for the relevant class of shares of the sub-fund is only due when the relevant class of shares of the sub-fund

outperforms the relevant index since inception or the last payment (i.e. the ‘last reset’) of the performance fee. This


outperformance is the basis for the performance fee charge. In order to outperform the index it is not always necessary

that the net asset value of the relevant class of shares of the sub-fund reached a new all time high. If the overall

performance of the relevant class of shares did not outperform the relevant index over the period since inception or last

reset, the basis for the performance fee calculation for the next financial year will not be reset meaning that the

cumulative daily performance fee accrual will not become payable to the Management Company and therefore will not

be reset to zero.In case the accrued performance fee is not payable at the end of the financial year, the change in accrued

performance fee is recorded in the Statement of operations and changes in net assets under the heading 'Other fees and

expenses' or 'Other income'. For Category B, the performance for the relevant class of shares of the sub-fund is not only

measured as compared to an index and the defined percentage (hereafter the hurdle rate), but also compared to a high

watermark. A performance fee is due when, during the reporting period, the relevant Class of the sub-fund outperforms

the relevant hurdle rate and a new all time high net asset value is reached. This all time high net asset value will be the

high watermark for the next reporting period. If the performance from the high watermark to the net asset value is less

than the outperformance of the relevant Class compared to the hurdle rate, the performance fee will be based on the

first. Category A is applicable for the sub-funds Robeco Global Stars Equities, Robeco Emerging Stars Equities and Robeco

Asian Stars Equities. Category B is applicable for the sub-fund Robeco GTAA Fund. The performance fee will be calculated

on a net asset value calculation that is corresponding to the valuation moment of the index and regardless of dilution

adjustments as mentioned under swing pricing. More details of the performance fees are stated in the prospectus.

Management and service fee1

Management fee

Service fee

3

In %

Class of share

Class of share

B

D

CH

DL

E

I

IHHI

M

0IH 40IH

IE

DHHI, 0DH

All

I, IH

BH

DH

FHHI

EH

IH

MH

40FH

IEH

0EH, 10DH

other

IE, IEH, IHHI

J

40DH Classes

0IH, 40IH



1.25 1.25

—

—

—

—

—

—

— —

—

—

0.12

—


1.00 1.00

—

—

—

0.60

—

—

— —

—

—

0.12

0.08

Robeco Global Stars Equities 2

—

1.20

—

—

—

0.70

—

—

— —

—

—

0.12

0.08

Robeco Emerging Stars Equities 2

—

1.50

—

1.75

—

1.10

—

—

— —

—

—

0.12

0.08


— 1.50

—

—

—

1.10

—

2.00

— —

0.80

—

0.12

0.08


— 1.25

—

–

—

0.60

—

—

— —

—

—

0.12

0.08


—

—

—

—

— 0.60

—

—

— —

—

—

—

0.08

Robeco Emerging Conservative Equities 1.25 1.25

—

—

—

0.90

—

—

— —

—

—

0.12

0.08

Regional & Country sub-funds


—

1.50

—

—

—

—

—

—

— —

—

—

0.12

—


— 1.25

—

—

—

0.70

—

—

— —

—

—

0.12

0.08


1.00 1.00

—

—

—

0.60

—

—

— —

—

—

0.12

0.08


— 1.50

—

—

1.50

0.70

–

2.00

— —

0.70

—

0.12

0.08


— 1.50

—

—

—

1.10

—

—

— —

—

—

0.12

0.08


— 1.50

—

—

—

1.10

—

—

— —

—

—

0.18

0.12

Robeco Asian Stars Equities 2

—

1.50

—

—

—

—

—

—

— —

—

—

0.12

—


— 1.25

—

—

—

0.65

—

—

— —

0.65

—

0.12

0.08

Robeco US Select Opportunities Equities — 1.50

—

—

—

0.70

—

—

— —

—

—

0.12

0.08



—

1.50

—

—

—

—

—

—

— —

—

—

0.12

—


1.50 1.50

—

—

—

0.90

—

2.00

— —

—

—

0.12

0.08


— 1.50

—

—

—

0.90

—

2.00

— —

—

—

0.12

0.08


— 1.50

—

—

—

—

—

2.00

— —

—

—

0.12

—


— 1.50

—

—

—

0.90

—

—

— —

—

—

0.12

0.08

Robeco Infrastructure Equities — 1.50

—

—

—

0.90

—

—

— —

—

—

0.12

0.08



0.90

1.00

—

—

1.00

0.50

—

—

0.50 —

0.50

1.00

0.12

0.08


0.70 0.70

—

—

—

0.30

0.35

—

0.30 —

0.30

0.70

0.12

0.08


—

—

—

—

— 0.30

—

—

— —

—

—

—

0.08

Robeco Emerging Debt — 1.50 4

—

—

— 1.10 4

—

—

— —

—

—

0.12

0.08



—

0.60 0.30

4

— 0.60

0.30

—

—

— —

—

—

0.12

0.08


Management and service fee1

Management fee

Service fee

3

In %

Class of share

Class of share

B

D

CH

DL

E

I

IHHI

M

0IH 40IH

IE

DHHI, 0DH

All

I, IH

BH

DH

FHHI

EH

IH

MH

40FH

IEH

0EH, 10DH

other

IE, IEH, IHHI

J

40DH Classes

0IH, 40IH


0.70 0.70

—

—

—

0.35

—

—

— —

—

—

0.12

0.08


0.70 0.70

—

0.40

—

0.35

0.40

—

0.35 0.40

—

0.75

0.12

0.08


— 1.00

—

—

—

0.50

—

—

— —

—

—

0.12

0.08


0.70 0.70

—

—

—

0.35

—

—

— —

—

—

0.12

0.08

Robeco Financial Institutions Bonds 0.70 0.70

—

—

—

0.35

—

—

— —

—

—

0.12

0.08


Robeco GTAA Fund

2 —

1.50

—

—

—

0.90

—

—

— —

—

—

0.12

0.08

1 Not mentioned is the class Z share. For the class Z share the percentage of management fee and service fee is zero.

2 This sub-fund is also subject to performance fee.

3 If the net asset value exceeds EUR 1 billion the service fee will be reduced by 0.02% for the portion above EUR 1 billion. If the net asset value exceeds EUR 5 billion, the service fee will be reduced

by a further 0.02% for the portion above EUR 5 billion. 4 The Board of Directors decided to lower the fee actually charged to the sub-fund.

18 Depositary fee

The Depositary bank is remunerated in accordance with the agreement between RBC Investor Services Bank S.A., acting

as the depositary and the Company. 19 Other fees and expenses

The Company and its different sub-funds or classes of shares pay directly the normal commissions on transactions,

banking and brokerage fees relating to the assets of the Company or expenses incurred thereof, such as proxy voting and

the taxe d’abonnement as described above under Taxes. The costs of establishing the Company and the sub-funds have

been paid entirely. If additional sub-funds are created in the future, these sub-funds will bear, in principle, their own

formation expenses. 20 Distributed dividends

During the reporting period the following distributions took place:

Distributions

Amount

Currency

Ex-dividend

Payment

per share

date

date


B EUR shares

0.85

EUR

09/09/2011

16/09/2011

B EUR shares

0.89

EUR

09/12/2011

16/12/2011

B EUR shares

0.98

EUR

09/03/2012

16/03/2012

B EUR shares 0.96

EUR

08/06/2012

15/06/2012


B EUR shares

1.05

EUR

09/03/2012

16/03/2012

B EUR shares 1.10

EUR

08/06/2012

15/06/2012


B EUR shares

1.77

EUR

09/09/2011

16/09/2011

B EUR shares

1.21

EUR

09/12/2011

16/12/2011

B EUR shares

1.36

EUR

09/03/2012

16/03/2012

B EUR shares 1.31

EUR

08/06/2012

15/06/2012


B EUR shares

0.75

EUR

09/09/2011

16/09/2011

B EUR shares

0.75

EUR

09/12/2011

16/12/2011

B EUR shares

0.79

EUR

09/03/2012

16/03/2012

B EUR shares 0.76

EUR

08/06/2012

15/06/2012


EH GBP shares

5.49

GBP

02/12/2011

09/12/2011

IE GBP shares 3.07

GBP

02/12/2011

09/12/2011


Distributions

Amount

Currency

Ex-dividend

Payment

per share

date

date


B EUR shares

0.16

EUR

09/09/2011

16/09/2011

B EUR shares

0.16

EUR

09/12/2011

16/12/2011

B EUR shares

0.17

EUR

09/03/2012

16/03/2012

B EUR shares 0.18

EUR

08/06/2012

15/06/2012

Robeco High Yield Bonds BH EUR shares

0.35

EUR

09/09/2011

16/09/2011

BH EUR shares

0.34

EUR

09/12/2011

16/12/2011

BH EUR shares

0.38

EUR

09/03/2012

16/03/2012

BH EUR shares

0.36

EUR

08/06/2012

15/06/2012

EH EUR shares

6.11

EUR

02/12/2011

09/12/2011

0EH EUR shares 1.50

EUR

02/12/2011

09/12/2011


BH EUR shares

1.33

EUR

09/09/2011

16/09/2011

BH EUR shares

1.32

EUR

09/12/2011

16/12/2011

BH EUR shares

1.36

EUR

09/03/2012

16/03/2012

BH EUR shares

1.37

EUR

08/06/2012

15/06/2012

IEH EUR shares 5.53

EUR

02/12/2011

9/12/2011


CH EUR shares

1.54

EUR

09/12/2011

16/12/2011

CH EUR shares

1.09

EUR

09/03/2012

16/03/2012

CH EUR shares 1.08

EUR

08/06/2012

15/06/2012


BH EUR shares 1.25

EUR

08/06/2012

15/06/2012


BH EUR shares

0.94

EUR

09/09/2011

16/09/2011

BH EUR shares

0.91

EUR

09/12/2011

16/12/2011

BH EUR shares

0.98

EUR

09/03/2012

16/03/2012

BH EUR shares 0.97

EUR

08/06/2012

15/06/2012


BH EUR shares 1.24 EUR 09/09/2011 16/09/2011

BH EUR shares 1.20 EUR 09/12/2011 16/12/2011

BH EUR shares 1.27 EUR 09/03/2012 16/03/2012

BH EUR shares 1.26 EUR 08/06/2012 15/06/2012


BH EUR shares

1.41

EUR

09/09/2011

16/09/2011

BH EUR shares

1.28

EUR

09/12/2011

16/12/2011

BH EUR shares

1.49

EUR

09/03/2012

16/03/2012

BH EUR shares 1.38

EUR

08/06/2012

15/06/2012

21 Transaction costs

The Company and its classes of shares pay directly commissions, brokerage fees and taxes resulting from financial

transactions. These costs are recorded in the statement of operations and changes in net assets under the heading

‘Transactions costs’. In the annual report over the period 1 July 2010 through 30 June 2011, these expenses were part of

the cost price and were included in the statement of operations and changes in net assets under the heading ‘Net realized

and changes in unrealized results on investments and other financial instruments’. In the current annual report, the

figures over the period 1 July 2010 through 30 June 2011 have been, if applicable, amended to respect the

corresponding figures principles.


22 Total expense ratio

The total expense ratio expresses the operational costs (e.g. management fee, service fee, performance fee, taxe

d’abonnement, depositary fee and bankcharges) charged to the sub-funds as a percentage of the average assets

entrusted, calculated on a daily basis, during the reporting period. The total expense ratio as shown in the table below

does not include transaction costs. The other costs concern mainly bank charges, taxe d’abonnement, other expenses,

and if applicable, liquidation expenses. The total expense ratio is annualized for periods less than one year. Comparative

figures are only disclosed for the sub-funds and share classes outstanding at the beginning of the reporting period.

Total expense ratio

In % 01/07/2011-30/06/2012

01/07/2010-30/06/2011

Manage-ment fee

Service fee

Perfor-mance fee

Other costs

Total Manage-ment fee

Service fee

Perfor-mance fee

Other costs

Total



B EUR 1.25 0.12 0.00

0.24

1.61

1.25

0.12

0.00

0.15

1.52

D EUR 1.25 0.12 0.00

0.26

1.63

1.25

0.12

0.00

0.13

1.50


B EUR 1.00 0.12 0.00

0.23

1.35

0.00

0.00

0.00

0.00

0.00

D EUR 1.00 0.12 0.00

0.23

1.35

0.00

0.00

0.00

0.00

0.00

I EUR 0.60 0.08 0.00

0.19

0.87

0.00

0.00

0.00

0.00

0.00

Z EUR 0.00 0.00 0.00

0.18

0.18

0.00

0.00

0.00

0.00

0.00

I USD 0.60 0.08 0.00

0.18

0.86

0.00

0.00

0.00

0.00

0.00


D EUR 1.20 0.12 0.00

0.07

1.39

1.20

0.12

0.00

0.06

1.38

I EUR 0.70 0.08 0.00

0.03

0.81

0.70

0.08

0.12

0.02

0.92

Z EUR 0.00 0.00 0.00

0.03

0.03

0.00

0.00

0.00

0.05

0.05


D EUR 1.50 0.12 0.00

0.13

1.75

1.50

0.12

0.00

0.13

1.75

DL EUR 1.75 0.12 0.00

0.13

2.00

1.75

0.12

0.00

0.14

2.01

I EUR 1.10 0.08 0.00

0.09

1.27

1.10

0.08

0.00

0.10

1.28

D USD 1.50 0.12 0.00

0.14

1.76

1.50

0.12

0.00

0.13

1.75


D EUR 1.50 0.11 0.00

0.14

1.75

1.50

0.11

0.00

0.13

1.74

I EUR 1.10 0.08 0.00

0.10

1.28

1.10

0.08

0.00

0.09

1.27

M EUR 2.00 0.12 0.00

0.14

2.26

2.00

0.12

0.00

0.10

2.22

Z EUR 0.00 0.00 0.00

0.10

0.10

0.00

0.00

0.00

0.09

0.09

D USD 1.50 0.12 0.00

0.14

1.76

1.50

0.12

0.00

0.14

1.76

I USD 1.10 0.08 0.00

0.10

1.28

1.10

0.08

0.00

0.09

1.27

J USD 0.80 0.08 0.00

0.10

0.98

0.80

0.08

0.00

0.09

0.97


D EUR 1.25 0.12 0.00

0.15

1.52

1.25

0.12

0.00

0.21

1.58

DL EUR 0.00 0.00 0.00

0.00

0.00

1.75

0.12

0.00

0.29

2.16

I EUR 0.60 0.08 0.00

0.11

0.79

0.60

0.08

0.00

0.16

0.84

Z EUR 0.00 0.00 0.00

0.11

0.11

0.00

0.00

0.00

0.26

0.26

D USD 1.25 0.12 0.00

0.17

1.54

1.25

0.12

0.00

0.34

1.71


I USD 0.60 0.08 0.00

0.22

0.90

0.00

0.00

0.00

0.00

0.00


B EUR 1.25 0.12 0.00

0.20

1.57

1.25

0.12

0.00

0.11

1.48

D EUR 1.25 0.12 0.00

0.19

1.56

1.25

0.12

0.00

0.12

1.49

I EUR 0.90 0.08 0.00

0.15

1.13

0.90

0.08

0.00

0.04

1.02

Z EUR 0.00 0.00 0.00

0.14

0.14

0.00

0.00

0.00

0.00

0.00



D EUR 1.50 0.12 0.00

0.09

1.71

1.50

0.12

0.00

0.14

1.76

D USD 1.50 0.12 0.00

0.13

1.75

1.50

0.12

0.00

0.13

1.75


D EUR 1.25 0.12 0.00

0.07

1.44

1.25

0.12

0.00

0.10

1.47

I EUR 0.70 0.08 0.00

0.03

0.81

0.70

0.08

0.00

0.06

0.84


Total expense ratio

In % 01/07/2011-30/06/2012

01/07/2010-30/06/2011

Manage-ment fee

Service fee

Perfor-mance fee

Other costs


Service fee

Perfor-mance fee

Other costs

Total


B EUR 1.00 0.12 0.00

0.08

1.20

1.00

0.12

0.00

0.06

1.18

D EUR 1.00 0.12 0.00

0.08

1.20

1.00

0.13

0.00

0.15

1.28

I EUR 0.60 0.08 0.00

0.04

0.72

0.60

0.08

0.00

0.02

0.70

Z EUR 0.00 0.00 0.00

0.04

0.04

0.00

0.00

0.00

0.00

0.00


DH EUR 1.50 0.12 0.00

0.07

1.69

1.50

0.12

0.00

0.07

1.69

IH EUR 0.70 0.08 0.00

0.03

0.81

0.70

0.08

0.00

0.03

0.81

MH EUR 2.00 0.12 0.00

0.07

2.19

2.00

0.12

0.00

0.07

2.19

D EUR 1.50 0.11 0.00

0.07

1.68

1.50

0.12

0.00

0.08

1.70

I EUR 0.70 0.08 0.00

0.03

0.81

0.70

0.08

0.00

0.03

0.81

D USD 1.50 0.12 0.00

0.07

1.69

1.50

0.12

0.00

0.08

1.70

I USD 0.70 0.08 0.00

0.03

0.81

0.70

0.08

0.00

0.03

0.81

M USD 2.00 0.12 0.00

0.06

2.18

2.00

0.12

0.00

0.08

2.20

EH GBP 1.50 0.12 0.00

0.06

1.66

1.50

0.12

0.00

0.06

1.68

IE GBP 0.70 0.08 0.00

0.03

0.81

0.70

0.08

0.00

0.03

0.81


D EUR 1.50 0.12 0.00

0.09

1.71

1.50

0.12

0.00

0.10

1.72

I EUR 1.10 0.08 0.00

0.06

1.24

1.10

0.08

0.00

0.06

1.24

D USD 1.50 0.12 0.00

0.09

1.71

1.50

0.12

0.00

0.10

1.72

I USD 1.10 0.08 0.00

0.06

1.24

1.10

0.08

0.00

0.06

1.24


D EUR 1.50 0.18 0.00

0.48

2.16

1.50

0.18

0.00

0.13

1.81

I EUR 1.10 0.12 0.00

0.45

1.67

1.10

0.12

0.00

0.08

1.30

D USD 1.50 0.18 0.00

0.49

2.17

1.50

0.18

0.00

0.18

1.86


D EUR 1.50 0.12 0.75

0.25

2.62

1.50

0.12

0.00

0.35

1.97


D EUR 1.25 0.12 0.00

0.08

1.45

1.25

0.12

0.00

0.07

1.44

DH EUR 1.25 0.12 0.00

0.07

1.44

1.25

0.12

0.00

0.08

1.45

IE GBP 0.65 0.08 0.00

0.03

0.76

0.00

0.00

0.00

0.00

0.00

D USD 1.25 0.12 0.00

0.07

1.44

1.25

0.12

0.00

0.06

1.43

I USD 0.65 0.08 0.00

0.04

0.77

0.65

0.08

0.00

0.04

0.77


DH EUR 1.50 0.12 0.00

0.39

2.01

0.00

0.00

0.00

0.00

0.00

IH EUR 0.70 0.08 0.00

0.33

1.11

0.00

0.00

0.00

0.00

0.00

D USD 1.50 0.12 0.00

0.39

2.01

0.00

0.00

0.00

0.00

0.00

I USD 0.70 0.08 0.00

0.33

1.11

0.00

0.00

0.00

0.00

0.00



D EUR 1.50 0.12 0.00

0.13

1.75

1.50

0.12

0.00

0.12

1.74

Z EUR 0.00 0.00 0.00

0.08

0.08

0.00

0.00

0.00

0.08

0.08


B EUR 1.50 0.12 0.00

0.07

1.69

1.50

0.12

0.00

0.10

1.72

D EUR 1.50 0.12 0.00

0.07

1.69

1.50

0.12

0.00

0.09

1.71

I EUR 0.90 0.08 0.00

0.04

1.02

0.90

0.08

0.00

0.05

1.03

D USD 1.50 0.12 0.00

0.12

1.74

1.50

0.12

0.00

0.11

1.73

M USD 2.00 0.12 0.00

0.09

2.21

0.00

0.00

0.00

0.00

0.00


D EUR 1.50 0.12 0.00

0.08

1.70

1.50

0.12

0.00

0.08

1.70

I EUR 0.90 0.08 0.00

0.06

1.04

0.00

0.00

0.00

0.00

0.00

M EUR 2.00 0.12 0.00

0.06

2.18

2.00

0.12

0.00

0.16

2.28

Z EUR 0.00 0.00 0.00

0.03

0.03

0.00

0.00

0.00

0.04

0.04

D USD 1.50 0.12 0.00

0.08

1.70

1.50

0.12

0.00

0.09

1.71

M USD 2.00 0.12 0.00

0.09

2.21

0.00

0.00

0.00

0.00

0.00


Total expense ratio

In % 01/07/2011-30/06/2012

01/07/2010-30/06/2011

Manage-ment fee

Service fee

Perfor-mance fee

Other costs


Service fee

Perfor-mance fee

Other costs

Total


D EUR 1.50 0.12 0.00

0.07

1.69

1.50

0.12

0.00

0.07

1.69

Z EUR 0.00 0.00 0.00

0.04

0.04

0.00

0.00

0.00

0.03

0.03

D USD 1.50 0.12 0.00

0.08

1.70

1.50

0.12

0.00

0.11

1.73

M USD 2.00 0.12 0.00

0.04

2.16

0.00

0.00

0.00

0.00

0.00


D EUR 1.50 0.12 0.00

0.09

1.71

1.50

0.12

0.00

0.09

1.71

I EUR 0.90 0.08 0.00

0.05

1.03

0.90

0.08

0.00

0.05

1.03

D USD 1.50 0.12 0.00

0.08

1.70

1.50

0.12

0.00

0.17

1.79


D EUR 1.50 0.12 0.00

0.07

1.69

1.50

0.12

0.00

0.07

1.69

I EUR 0.90 0.08 0.00

0.04

1.02

0.90

0.08

0.00

0.03

1.01



BH EUR 0.90 0.12 0.00

0.06

1.08

0.90

0.10

0.00

0.06

1.06

DH EUR 1.00 0.12 0.00

0.06

1.18

1.00

0.10

0.00

0.06

1.16

EH EUR 1.00 0.12 0.00

0.06

1.18

1.00

0.10

0.00

0.07

1.17

IH EUR 0.50 0.08 0.00

0.02

0.60

0.50

0.05

0.00

0.02

0.57

IEH EUR 0.50 0.08 0.00

0.11

0.69

0.00

0.00

0.00

0.00

0.00

ZH EUR 0.00 0.00 0.00

0.02

0.02

0.00

0.00

0.00

0.06

0.06

0DH EUR 1.00 0.12 0.00

0.04

1.16

1.00

0.12

0.00

0.06

1.18

0EH EUR 1.00 0.12 0.00

0.01

1.13

1.00

0.12

0.00

0.05

1.17

0IH EUR 0.50 0.08 0.00

0.01

0.59

0.50

0.08

0.00

0.02

0.60

DH CHF 1.00 0.12 0.00

0.13

1.25

0.00

0.00

0.00

0.00

0.00

DH USD 1.00 0.12 0.00

0.08

1.20

1.00

0.12

0.00

0.13

1.25

0DH USD 1.00 0.12 0.00

0.04

1.16

1.00

0.12

0.00

0.11

1.23

IH USD 0.50 0.08 0.00

0.02

0.60

0.50

0.05

0.00

0.02

0.57

IEH USD 0.50 0.08 0.00

0.05

0.63

0.00

0.00

0.00

0.00

0.00

0IH USD 0.50 0.08 0.00

0.01

0.59

0.50

0.08

0.00

0.02

0.60


BH EUR 0.70 0.12 0.00

0.07

0.89

0.70

0.10

0.00

0.06

0.86

DH EUR 0.70 0.12 0.00

0.07

0.89

0.70

0.10

0.00

0.06

0.86

IH EUR 0.30 0.08 0.00

0.02

0.40

0.30

0.06

0.00

0.03

0.39

IEH EUR 0.30 0.08 0.00

0.03

0.41

0.30

0.06

0.00

0.03

0.39

ZH EUR 0.00 0.00 0.00

0.02

0.02

0.00

0.00

0.00

0.00

0.00

0DH EUR 0.70 0.12 0.00

0.06

0.88

0.00

0.00

0.00

0.00

0.00

0IH EUR 0.30 0.08 0.00

0.03

0.41

0.00

0.00

0.00

0.00

0.00

IHHI EUR 0.35 0.08 0.00

0.03

0.46

0.35

0.06

0.00

0.03

0.44


IH EUR 0.30 0.08 0.00

0.05

0.43

0.30

0.06

0.00

0.04

0.40

I USD 0.30 0.08 0.00

0.04

0.42

0.30

0.06

0.00

0.04

0.40


DH EUR 1.20 0.12 0.00

0.10

1.42

1.20

0.12

0.00

0.07

1.39

IH USD 0.80 0.08 0.00

0.05

0.93

0.80

0.08

0.00

0.03

0.91



CH EUR 0.25 0.12 0.00

0.07

0.44

0.25

0.12

0.00

0.19

0.56

DH EUR 0.60 0.12 0.00

0.06

0.78

0.68

0.09

0.00

0.07

0.84

EH EUR 0.60 0.12 0.00

0.06

0.78

0.00

0.00

0.00

0.00

0.00

IH EUR 0.30 0.08 0.00

0.02

0.40

0.30

0.05

0.00

0.03

0.38

ZH EUR 0.00 0.00 0.00

0.02

0.02

0.00

0.00

0.00

0.03

0.03


BH EUR 0.70 0.12 0.00

0.07

0.89

0.00

0.00

0.00

0.00

0.00

DH EUR 0.70 0.12 0.00

0.07

0.89

0.70

0.10

0.00

0.07

0.87


Total expense ratio

In % 01/07/2011-30/06/2012

01/07/2010-30/06/2011

Manage-ment fee

Service fee

Perfor-mance fee

Other costs


Service fee

Perfor-mance fee

Other costs

Total

IH EUR 0.35 0.08 0.00

0.03

0.46

0.35

0.06

0.00

0.03

0.44

ZH EUR 0.00 0.00 0.00

0.03

0.03

0.00

0.00

0.00

0.03

0.03


DH EUR 0.70 0.12 0.00

0.07

0.89

0.81

0.10

0.00

0.07

0.98

IH EUR 0.35 0.08 0.00

0.03

0.46

0.32

0.05

0.00

0.02

0.39

BH EUR 0.70 0.12 0.00

0.06

0.88

0.70

0.12

0.00

0.08

0.90

10DH EUR 0.75 0.12 0.00

0.05

0.92

0.75

0.12

0.00

0.11

0.98

40DH EUR 0.75 0.12 0.00

0.05

0.92

0.75

0.12

0.00

0.12

0.99

40FH EUR 0.40 0.12 0.00

0.02

0.54

0.00

0.00

0.00

0.00

0.00

40IH EUR 0.40 0.08 0.00

0.01

0.49

0.00

0.00

0.00

0.00

0.00

DHHI EUR 0.75 0.12 0.00

0.05

0.92

0.75

0.12

0.00

0.07

0.94

FHHI EUR 0.40 0.12 0.00

0.02

0.54

0.00

0.00

0.00

0.00

0.00

IHHI EUR 0.40 0.08 0.00

0.01

0.49

0.00

0.00

0.00

0.00

0.00

ZH EUR 0.00 0.00 0.00

0.03

0.03

0.00

0.00

0.00

0.02

0.02


DH EUR 1.00 0.12 0.00

0.09

1.21

1.00

0.12

0.00

0.14

1.26

IH EUR 0.50 0.08 0.00

0.03

0.61

0.50

0.06

0.00

0.01

0.57


BH EUR 0.70 0.12 0.00

0.08

0.90

0.70

0.11

0.00

0.08

0.89

DH EUR 0.70 0.12 0.00

0.07

0.89

0.70

0.11

0.00

0.09

0.90

IH EUR 0.35 0.08 0.00

0.03

0.46

0.35

0.06

0.00

0.03

0.44


BH EUR 0.70 0.12 0.00

0.08

0.90

0.70

0.12

0.00

0.12

0.94

DH EUR 0.70 0.12 0.00

0.05

0.87

0.70

0.12

0.00

0.06

0.88

IH EUR 0.35 0.08 0.00

0.04

0.47

0.35

0.08

0.00

0.02

0.45


Robeco GTAA Fund

D EUR 1.50 0.12 0.00

0.06

1.68

1.50

0.11

0.00

0.05

1.66

I EUR 0.90 0.08 0.00

0.03

1.01

0.90

0.06

0.00

0.04

1.00

Z EUR 0.00 0.00 0.00

0.02

0.02

0.00

0.00

0.00

0.02

0.02

23 Hard commissions, soft-dollar arrangements and commission-sharing arrangements

Various independent research institutions/third parties provide services to the Company to support its decisionmaking

process. Part of the commissions paid to brokers is used to pay for these services, so-called commission-sharing

arrangements.

Commission-sharing arrangements

In EUR x thousand 01/07/2011-30/06/2012

01/07/2010-30/06/2011



–

–


–

–


29

4


93

22


148

18


–

–

Robeco Emerging Enhanced Equities

–

–


–



55

13


–

42


2

–


–

–


283

7


Commission-sharing arrangements

In EUR x thousand 01/07/2011-30/06/2012

01/07/2010-30/06/2011


–

–


1

–


–

–

Robeco US Select Opportunities Equities –

–



26

34


52

7


69

21


67

31


28

3


–


Robeco GTAA Fund 2

–

There were no hard commissions and soft-dollar arrangements during the reported period. 24 Turnover ratio

This shows the turnover of the investments, including derivative instruments, against the average assets entrusted and is

a measure of the incurred transaction costs resulting from the investment portfolio policies pursued and the ensuing

investment transactions. In the calculation method that is used the amount of turnover is determined by the sum of

purchases and sales of investments, including derivative instruments, less the sum of issuance and repurchase of own

shares divided by the daily average of the net assets. If the outcome is negative, the turnover ratio is zero. The turnover

ratio is determined by expressing the amount of turnover as a percentage of the average assets entrusted. The following

table shows the turnover ratios of the sub-funds.

Turnover ratio

In % 01/07/2011-30/06/2012

01/07/2010-30/06/2011



251

286


4

–


64

83


45

50


35

45


52

124


10

–


–



–

54


99

240


–

–


32

32


114

230


–

–


65

9


54

74

Robeco US Select Opportunities Equities 62

–



239

230


26

27


23

64


273

238


140

91


26


Turnover ratio

In % 01/07/2011-30/06/2012

01/07/2010-30/06/2011



–

76


199

154


286

172


–



401

145


227

239


300

219


107

107


149

208


26


Robeco GTAA Fund 231

219

25 Commissions paid to affiliated parties

The table below shows the commissions paid to affiliated parties during the reporting period.

Commissions paid to affiliated parties 01-07-2011 – 30-06-2012

Stocks/Bonds

Forward exchange transactions

Other

Total

%

Total

%

Total

%

Amount in EUR X thousand

Volume commission

commission

Volume

commission

commission

Volume

commission

commission



–

–

–

–

–

–

27,000

–

–


–

–

–

–

–

–

6,200

–

–


9,457

14

0.15

922,954

–

–

5,339,968

–

–


–

–

–

273,300

–

–

1,124,440

–

–


–

–

–

946,000

–

– 10,412,818

–

–


–

–

–

–

–

–

588,148

–

–


–

–

–

–

–

–

372,902

–

–

Robeco Emerging Conservative Equities –

–

–

60,931

–

–

2,420,400

–

–



10,340

–

–

75,837

–

–

2,198,231

–

–


–

–

–

600,971

–

–

1,814,601

–

–


1,637

2

0.13

1,291,796

–

–

464,310

–

–


–

–

–

23,243,261

–

– 30,142,702

–

–


–

–

–

27,046

–

–

1,573,357

–

–


–

–

–

–

–

–

5,900

–

–


–

–

–

–

–

–

84,701

–

–


–

–

–

1,995,577

–

–

2,653,571

–

–

Robeco US Select Opportunities Equities –

–

–

105,397

–

–

67,033

–

–

Sector Equity sub-funds


66,224 *

11

0.02 *

87,865

–

–

652,355

–

–


2,946

4

0.15

32,130

–

–

1,111,701

–

–


3,138

5

0.15

35,715

–

–

3,271,743

–

–


165,242 *

3

0.00 *

111,698

–

–

3,743,114

–

–


3,621

5

0.15

–

–

–

2,029,129

–

–

Robeco Infrastructure Equities 1,113

2

0.15

–

–

–

557,112

–

–

* Part of the volume contains shares in Money Market Funds. Commission % excluding the Money Market Fund transactions is 0.15%.



582,473

–

–

50,070,727

–

–

38,734,847

–

–


803,388

–

–

–

–

–

5,049,102

–

–


Commissions paid to affiliated parties 01-07-2011 – 30-06-2012

Stocks/Bonds

Forward exchange transactions

Other

Total

%

Total

%

Total

%

Amount in EUR X thousand

Volume commission

commission

Volume

commission

commission

Volume

commission

commission


1,342

–

–

691,796

–

–

69,721

–

–


–

–

–

1,823,384

–

–

740,832

–

–



261,598

–

–

–

–

–

3,494,312

–

–


288,816

–

–

–

–

–

1,907,503

–

–


1,280,069

–

–

145,564

–

–

3,866,824

–

–


34,260

–

–

261,143

–

–

548,305

–

–


676

–

–

–

–

–

211,138

–

–

Robeco Financial Institutions Bonds 48,720

–

–

151,420

–

–

213,401

–

–


Robeco GTAA Fund 16,353

–

–

580,143

–

–

1,152,732

–

–

26 Changes in the investment portfolio

The statement of changes in the investment portfolios during the reporting period may be obtained free of charge at the

offices of the Company and the depositary.

27 Retrocessions and trailer fees

Trailer fees for the marketing of the sub-funds (Commission d’Encours) are paid to distributors and assets managers from

the management fee. No retrocession has been granted during the reporting period.

28 Subsequent events

Change of accounting year

The accounting year has been changed to a calender year and will now begin on 1 January of each year and shall

terminate on 31 December of such year. The accounting year started on 1 July 2012 will terminate on 31 December 2012

and the accounting year 2013 will run from 1 January 2013 to 31 December 2013.

Changes in management fees

Effective from 1 August 2012 and 1 September 2012 several management fee percentages have been changed.

Class of shares

Old fee New fee

Effective from

Robeco Chinese Equities, class I EUR shares

1.10%

0.90%

01/08/2012

Robeco Chinese Equities, class I USD shares

1.10%

0.90%

01/08/2012

Robeco Emerging Conservative Equities, class I EUR shares

0.90%

0.70%

01/08/2012

Robeco Emerging Debt, class D EUR shares

1.50%

1.20%

01/08/2012

Robeco Emerging Debt, class I USD shares

1.10%

0.70%

01/08/2012

Robeco Euro Government Bonds, class CH EUR shares

0.30%

0.25%

01/08/2012

Robeco Euro Government Bonds, class DH EUR shares

0.60%

0.42%

01/08/2012

Robeco Euro Government Bonds, class EH EUR shares

0.60%

0.42%

01/08/2012

Robeco Global Government Bonds, class IH EUR shares

0.30%

0.25%

01/08/2012

Robeco Indian Equities, class I EUR shares

1.10%

0.90%

01/08/2012

Robeco Active Quant Emerging Markets Equities, class I EUR shares

0.60%

0.70%

03/09/2012

Robeco High Yield Bonds, class BH EUR shares

0.90%

1.00%

03/09/2012

Robeco European Conservative Equities, class I EUR shares 0.60% 0.55% 03/09/2012

Robeco European Conservative Equities, class IH EUR shares 0.60% 0.55% 03/09/2012

Robeco Emerging Stars Equities, class I EUR shares 1.10% 0.80% 03/09/2012

Robeco Emerging Markets Equities, class I EUR shares 1.10% 0.80% 03/09/2012

Robeco Emerging Markets Equities, class I USD shares 1.10% 0.80% 03/09/2012

Robeco US Premium Equities, class F USD shares 0.70% 0.80% 03/09/2012

Robeco Property Equities, class I EUR shares 0.90% 0.80% 03/09/2012

Robeco High Yield Bonds, class 0FH EUR shares 0.50% 0.55% 03/09/2012

Robeco High Yield Bonds, class FH EUR shares 0.50% 0.55% 03/09/2012


Sub-fund name changes

The following sub-fund names have been changed.

Robeco Global Value Equities has been changed into Robeco BP Global Premium Equities (effective 27 July 2012).

Robeco Emerging Enhanced Index Equities has been changed into Robeco Quant Emerging Markets Equities (effective 27

July 2012).

Robeco Global Government Bonds has been changed into Robeco Sovereign Return Bonds (effective 1 September 2012). New Sub-funds

Robeco Global Aggressive Equities was launched on 22 August 2012. Liquidation of Sub-funds

Effective 11 October 2012, the sub-fund Robeco Sovereign Return Bonds and its single share class, class IH EUR shares,

was liquidated. New share classes

Activation of share classes


Robeco Emerging Stars Equities class F EUR shares 04/07/2012

Robeco Emerging Markets Equities class F EUR shares 04/07/2012

Robeco Emerging Conservative Equities class C EUR shares 04/07/2012

Robeco European Conservative Equities class C EUR shares 04/07/2012

Robeco US Premium Equities class F USD shares 04/07/2012

Robeco New World Financial Equities class F EUR shares 04/07/2012

Robeco Property Equities class F EUR shares 04/07/2012

Robeco High Yield Bonds class FH EUR shares 04/07/2012

Robeco High Yield Bonds class 0FH EUR shares 04/07/2012

Robeco European Conservative Equities class IH EUR shares 03/08/2012

Robeco Euro Credit Bonds class DH CHF shares 03/08/2012

Robeco Global Aggressive Equities class I EUR shares 22/08/2012

Robeco High Yield Bonds class IH CHF shares 30/08/2012

Robeco High Yield Bonds class BxH USD shares 30/08/2012

Robeco Emerging Conservative Equities class I USD shares 30/08/2012

Robeco US Premium Equities class FH EUR shares 01/10/2012

Robeco US Premium Equities class F EUR shares 01/10/2012

Robeco US Premium Equities class GH GBP shares 01/10/2012

Robeco Euro Government Bonds class FH EUR shares 01/10/2012

Robeco US Premium Equities class Z EUR shares 10/10/2012

Robeco Asia-Pacific Equities class Z EUR shares 10/10/2012

Robeco Property Equities class Z EUR shares 10/10/2012

Robeco Emerging Debt class Z USD shares 10/10/2012

Robeco European High Yield Bonds class ZH EUR shares 10/10/2012

Robeco Emerging Stars Equities class Z EUR shares 10/10/2012




Robeco US Select Opportunities Equities class IH EUR shares 12/09/2012

Robeco Sovereign Return Bonds class IH EUR shares 11/10/2012

Distributions

Amount

Currency

Ex-dividend

Payment date

per share

date


B EUR shares

1.03 EUR 07/09/2012 14/09/2012


B EUR shares 1.17 EUR 07/09/2012 14/09/2012


Distributions

Amount

Currency

Ex-dividend

Payment date

per share

date


B EUR shares

1.39 EUR 07/09/2012 14/09/2012

C EUR shares 1.28 EUR 07/09/2012 14/09/2012


B EUR shares

0.83 EUR 07/09/2012 14/09/2012

C EUR shares 1.04 EUR 07/09/2012 14/09/2012


B EUR shares

0.19 EUR 07/09/2012 14/09/2012


BH EUR shares

0.38 EUR 07/09/2012 14/09/2012

BxH USD shares 0.58 USD 05/10/2012 12/10/2012


BH EUR shares

1.37 EUR 07/09/2012 14/09/2012


CH EUR shares 1.07 EUR 07/09/2012 14/09/2012


BH EUR shares 1.28 EUR 07/09/2012 14/09/2012


BH EUR shares

0.98 EUR 07/09/2012 14/09/2012


BH EUR shares

1.29 EUR 07/09/2012 14/09/2012


BH EUR shares

1.48 EUR 07/09/2012 14/09/2012

Proposed dividends

Amount

Currency

Ex-dividend

Payment date

per share

date


EH GBP shares

4.65 GBP 07/12/2012 14/12/2012

IE GBP shares

5.03 GBP 07/12/2012 14/12/2012


IE GBP shares 4.07 GBP 07/12/2012 14/12/2012


IEH EUR shares

5.61 EUR 07/12/2012 14/12/2012


EH EUR shares

6.04 EUR 07/12/2012 14/12/2012

IEH EUR shares 6.01 EUR 07/12/2012 14/12/2012

IEH USD shares 6.24 USD 07/12/2012 14/12/2012

0EH EUR shares

5.02 EUR 07/12/2012 14/12/2012


EH EUR shares 3.50 EUR 07/12/2012 14/12/2012

Changes to the prospectus

Some changes (effective 27 July 2012 and 1 September 2012) have been made to the Company's prospectus. A letter to

shareholders detailing these changes is available at the Company’s registered office.


The Board of Directors

Paul A.G. van Homelen

Stefan Gordijn

D. Rob van Bommel


Other data Exchange rates

Exchange rates

30/06/2012 Against EUR x 1

30/06/2011

Against EUR x 1

AED

1 0.2145

1

0.1878

AUD

1 0.8077

1

0.7384

BRL

1 0.3904

1

0.4415

CAD

1 0.7729

1

0.7147

CHF

1 0.8325

1

0.8191

CLP

100 0.1569

100

0.1472

CNY

1 0.1240

1

0.1067

COP

100 0.0442

100

0.0389

CZK

1 0.0392

1

0.0411

DKK

1 0.1345

1

0.1341

EGP

1 0.1301

1

0.1156

GBP

1 1.2359

1

1.1074

HKD

1 0.1016

1

0.0886

HUF

100 0.3500

100

0.3766

IDR

1,000 0.0839

1,000

0.0804

ILS

1 0.2017

1

0.2027

INR

1 0.0141

1

0.0154

JPY

100 0.9876

100

0.8540

KRW

1,000 0.6880

1,000

0.6460

Exchange rates

30/06/2012 Against EUR x 1

30/06/2011

Against EUR x 1

KZT

100 0.5271

100

0.4727

MAD

1 0.0904

1

0.0881

MXN

1 0.0587

1

0.0588

MYR

1 0.2481

1

0.2284

NOK

1 0.1326

1

0.1285

NZD

1 0.6334

1

0.5696

PEN

1 0.2957

1

0.2508

PHP

1 0.0187

1

0.0159

PKR

100 0.8337

100

0.8023

PLN

1 0.2361

1

0.2512

QAR 1 0.2164 1 0.1894

RUB

1 0.0243

1

0.0247

SEK

1 0.1142

1

0.1093

SGD

1 0.6220

1

0.5619

THB

1 0.0248

1

0.0224

TRY

1 0.4357

1

0.4247

TWD

1 0.0264

1

0.0240

USD

1 0.7880

1

0.6897

ZAR

1 0.0963

1

0.1017

Savings directive information The bond sub-funds of the Company are subject to the EU savings directive.

Stock exchange listing Robeco Capital Growth Funds D and DH shares are listed on the Luxembourg Stock Exchange. Global exposure The table below presents an overview of the method used to calculate the global exposure and the highest, lowest and

average level of leverage during the period of 1 July 2011 through 30 June 2012.

Global exposure

Method used to calculate the global exposure

Expected level of leverage

Lowest level of leverage

Highest level of leverage

Average level of leverage

Lowest level of VaR

Highest level of VaR

Average level of VaR


Robeco Global Value Equities Commitment approach

Not applicable

Not applicable

Not applicable

Not applicable Not applicable Not applicable Not applicable

Robeco Global Conservative Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Global Stars Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Emerging Stars Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Emerging Markets Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Active Quant Emerging Markets Equities Commitment approach

Not applicable

Not applicable Not applicable


Robeco Emerging Enhanced Index Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Emerging Conservative Equities Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable


Robeco Asia-Pacific Equities Commitment approach

Not applicable

Not applicable

Not applicable


SAM Sustainable European Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco European Conservative Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco US Premium Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Chinese Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Indian Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Asian Stars Equities Commitment approach

Not applicable

Not applicable

Not applicable



Global exposure

Method used to calculate the global exposure

Expected level of leverage

Lowest level of leverage

Highest level of leverage

Average level of leverage

Lowest level of VaR

Highest level of VaR

Average level of VaR

Robeco US Large Cap Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco US Select Opportunities Equities Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable

Sector Equity sub-funds

Robeco New World Financial Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Property Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Global Consumer Trends Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Natural Resources Equities Commitment approach

Not applicable

Not applicable

Not applicable


SAM Sustainable Agribusiness Equities Commitment approach

Not applicable

Not applicable

Not applicable


Robeco Infrastructure Equities Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable


Robeco High Yield Bonds Absolute VaR

100%

20%

135%

103% 2.07% 5.85% 3.26%

Robeco Investment Grade Corporate Bonds Absolute VaR

25%

12%

29%

21% 1.67% 2.40% 1.86%

Robeco Global Government Bonds Absolute VaR

150%

27%

94%

64% 5.06% 8.62% 6.49%

Robeco Emerging Debt Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable


Robeco Euro Government Bonds Absolute VaR

75%

4%

27%

14% 2.40% 4.97% 3.17%

Robeco Euro Credit Bonds Absolute VaR

50%

35%

55%

48% 1.58% 2.05% 1.82%

Robeco All Strategy Euro Bonds Absolute VaR

100%

28%

80%

48% 1.76% 3.51% 2.45%

Robeco European High Yield Bonds Absolute VaR

25%

3%

38%

31% 1.69% 4.17% 2.73%

Robeco Euro Sustainable Credits Absolute VaR

50%

33%

53%

44% 1.69% 2.19% 1.96%

Robeco Financial Institutions Bonds Absolute VaR 50% 35% 55% 44% 2.27% 4.47% 3.25%


Robeco GTAA Fund Absolute VaR 325% 279% 1,029% 436% 3.54% 17.56% 9.00%

The VaR used is based on weekly data using Parametric Modeling (using 3 years equally weighted data). The interval is

scaled up to a monthly (20 days) VaR and 99% confidence interval is applied.

Joint interest of directors At 1 July 2011 and at 30 June 2012 the members of the Board of Directors held no interests in investments of the

Company.


Independent auditor’s report

To the Shareholders of Robeco Capital Growth Funds

69, route d’Esch, L-1470 Luxembourg, Grand Duchy of Luxembourg

We have audited the accompanying financial statements of Robeco Capital Growth Funds and of each of its sub-funds, which comprise

the Statement of net assets and the investment portfolio as at 30 June 2012 and the Statement of operations and changes in net assets

for the year then ended, and the Notes to the financial Statements.

Responsibility of the Board of Directors of the Company for the financial statements

The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in

accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements

and for such internal control as the Board of Directors of the Company determines is necessary to enable the preparation and

presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the “réviseur d’entreprises agréé”

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with

International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those

standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about

whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The

procedures selected depend on the judgement of the “réviseur d’entreprises agréé”, including the assessment of the risks of material

misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “réviseur d’entreprises

agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design

audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the

entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of

accounting estimates made by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial

statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of Robeco Capital Growth Funds and of each of

its sub-funds as of 30 June 2012, and of the results of their operations and changes in their net assets for the year then ended in

accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial

statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to

specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such

information. However, we have no observation to make concerning such information in the context of the financial statements taken as

a whole.

ERNST & YOUNG

Société Anonyme

Cabinet de révision agréé

M. Ferguson



Historical review

Historical review

Net assets

Number of outstanding shares

Net asset value per share

30/06/12

30/06/11

30/06/10

30/06/12

30/06/11

30/06/10 30/06/12

30/06/11

30/06/10


Robeco Global Equities

D EUR

–

–

38,993,179

–

–

1,012,548

–

–

38.51

DH EUR –

–

16,185,609

–

–

216,604

–

–

74.72


B EUR

27,126,124

40,888,731

36,672,359

279,851

444,434

440,394

96.93

92.00

83.27

D EUR 3,122,711

912,116

3,964,897

24,329

7,795

38,999

128.35

117.02

101.67

Robeco Global Conservative Equities B EUR 1,413,715

–

–

12,752

–

–

110.86

–

–

D EUR

1,096,457

–

–

9,695

–

–

113.09

–

–

I EUR

4,624,881

–

–

40,787

–

–

113.39

–

–

Z EUR

534,890

–

–

5,050

–

–

105.92

–

–

I USD 725,709

–

–

6,600

–

–

109.95

–

–

Robeco Global Stars Equities D EUR 62,923,039

68,507,358

24,994,195

467,405

557,338

204,956

134.62

122.92

121.95

I EUR

–

45,711

153,607,619

–

360

1,245,462

–

126.97

123.33

Z EUR 206,321,963

176,958,967

–

2,070,419

1,971,552

–

99.65

89.76

–


D EUR

482,011,805

632,880,711

582,850,902

3,402,031

4,223,441

4,089,993

141.68

149.85

142.51

DL EUR

24,284,129

20,962,133

14,425,159

250,768

204,224

147,397

96.84

102.64

97.87

I EUR

238,231,082

269,137,023

256,665,342

2,374,823

2,551,650

2,582,565

100.32

105.48

99.38

D USD 106,054,409

58,221,736

47,128,378

1,239,399

563,606

571,164

85.57

103.30

82.51


D EUR

1,510,664,172 1,937,194,381

2,010,679,628

11,604,119

13,810,222

15,022,440

130.18

140.27

133.85

I EUR

445,487,347

657,627,287

578,049,940

1,959,932

2,697,079

2,496,358

227.30

243.83

231.56

M EUR

17,256,574

32,744,380

39,508,387

175,849

308,162

387,921

98.13

106.26

101.85

Z EUR

93,994,095

99,242,332

72,850,903

853,818

850,743

665,361

110.09

116.65

109.49

D USD 113,006,042

120,714,951

84,424,776

909,434

792,682

685,600

124.27

152.29

123.14

I USD

182,186,648

248,528,744

128,524,776

1,970,921

2,204,404

1,416,110

92.44

112.74

90.76

J USD

169,902,003

184,075,229

23,473,822

1,786,090

1,591,377

252,466

95.13

115.67

92.98

Robeco Active Quant Emerging Markets D EUR 42,823,101

33,235,460

5,210,948

344,619

255,498

45,723

124.26

130.08

113.97

Equities

DL EUR

–

–

60,455

–

–

500

–

–

120.91

I EUR

184,912,880

14,639,276

6,395,604

1,446,251

110,176

55,345

127.86

132.87

115.56

Z EUR

44,561,855

31,883,337

–

454,420

315,000

–

98.06

101.22

–

D USD 47,415,386

5,933,506

–

510,099

53,372

–

92.96

111.17

–

Robeco Emerging Enhanced Index Equities I USD 133,697,956

–

–

1,466,495

–

–

91.17

–

–


B EUR

274,112,497

32,757,441

–

2,572,970

324,912

–

106.54

100.82

–

D EUR

8,248,076

1,161,138

–

71,890

11,307

–

114.73

102.69

–

I EUR

133,399,014

2,983,432

–

1,155,643

29,000

–

115.43

102.88

–

Z EUR 176,998

–

–

1,740

–

–

101.73

–

–

Robeco All Weather Global Equities D EUR –

–

2,036,891

–

–

25,190

–

–

80.86

I EUR –

–

4,167,821

–

–

50,000

–

–

83.36



D EUR

773,418,615

707,665,339

660,026,019

8,725,727

8,395,769

8,436,934

88.64

84.29

78.23

D USD 2,258,765

1,593,318

575,376

19,887

12,914

5,956

113.58

123.38

96.60

SAM Sustainable European Equities D EUR 369,150,593

540,035,008

409,981,253

12,083,270 15,860,284

14,398,865

30.55

34.05

28.47

I EUR 51,382,636

14,652,262

9,798,928

458,962

118,174

95,104

111.95

123.99

103.03

Robeco European Stars Equities D EUR –

–

23,793,981

–

–

387,638

–

–

61.38


B EUR

83,272,392

61,929,097

45,110,774

1,061,193

750,342

605,180

78.47

82.53

74.54

D EUR

4,978,380

4,194,494

63,677

47,372

39,513

691

105.09

106.16

92.11

I EUR

28,639,886

1,207,444

975,751

294,511

12,351

11,560

97.25

97.76

84.41

Z EUR 445,060

–

–

4,288

–

–

103.79

–

–

Robeco European MidCap Equities D EUR –

–

142,662,766

–

–

2,098,156

–

–

67.99

Robeco Active Quant European Equities

D EUR

–

–

1,723,924

–

–

22,969

–

–

75.05

DL EUR

–

–

44,853

–

–

500

–

–

89.71

I EUR

–

–

3,810,315

–

–

50,000

–

–

76.21

Robeco US Premium Equities D EUR 267,377,285

405,803,790

297,876,670

1,633,114

2,797,242

2,198,828

163.72

145.07

135.47

DH EUR

388,186,970

411,814,901

341,628,023

3,441,027

3,571,909

3,724,591

112.81

115.29

91.72

I EUR

95,062,254

54,218,745

30,215,864

677,602

439,987

264,647

140.29

123.23

114.17

IH EUR

301,796,182

347,273,590

250,794,516

2,526,378

2,867,430

2,628,439

119.46

121.11

95.42

MH EUR

48,927,617

67,908,551

147,903,467

454,000

613,489

1,672,779

107.77

110.69

88.42

D USD

2,151,785,879

2,108,611,602

877,342,365

17,182,979

16,633,511

8,774,374

125.23

126.77

99.99


Historical review

Net assets



30/06/12

30/06/11

30/06/10

30/06/12

30/06/11

30/06/10 30/06/12

30/06/11

30/06/10

I USD

1,330,959,337

1,612,584,969

973,365,263

10,015,875

12,093,287

9,335,589

132.88

133.35

104.26

M USD

85,841,973

247,972,871

60,350,030

750,373

2,130,685

654,118

114.40

116.38

92.26

EH GBP

66,403,747

58,670,968

11,479,434

500,072

414,991

102,217

132.79

141.38

112.30

IE GBP 129,519,915

98,094,729

49,921,735

901,854

680,975

405,813

143.62

144.05

123.02


D EUR

460,797,299

500,122,610

467,356,162

9,299,769

9,538,598

8,919,403

49.55

52.43

52.40

I EUR

15,029,438

61,988,782

2,345,396

170,860

668,976

20,279

87.96

92.66

115.65

D USD

38,176,203

39,149,395

50,079,244

377,077

319,849

484,591

101.24

122.40

103.34

I USD 37,210,289

46,998,450

32,579,960

418,199

438,960

362,095

88.97

107.07

89.98


D EUR

9,013,909

9,142,153

–

109,683

100,377

–

82.18

91.08

–

I EUR

6,223,067

6,862,247

–

75,016

75,016

–

82.96

91.48

–

D USD 522,590

50,905

–

6,500

500

–

80.39

101.81

–

Robeco Asian Stars Equities D EUR 6,553,012

10,712,864

–

61,110

104,565

–

107.23

102.45

–

Robeco European Dividend Extension B EUR –

–

3,725,838

–

–

54,213

–

–

68.73


D EUR

51,221,987

31,870,641

224,539

381,637

277,480

2,079

134.22

114.86

108.02

DH EUR

140,630,481

199,514,410

174,125,945

4,248,940

6,107,583

6,766,555

33.10

32.67

25.73

IE GBP

2,287,876

–

–

19,686

–

–

116.22

–

–

D USD

79,827,031

16,978,499

336,053

779,617

169,622

4,274

102.39

100.10

78.63

I USD 206,020,114

161,456,327

46,037

1,695,997

1,368,912

500

121.47

117.95

92.07

Robeco US Select Opportunities Equities DH EUR 3,586,934

–

–

31,601

–

–

113.51

–

–

IH EUR

1,670,682

–

–

14,670

–

–

113.88

–

–

D USD

13,042,835

–

–

114,186

–

–

114.22

–

–

I USD 29,777,739

–

–

258,868

–

–

115.03

–

–



D EUR

57,389,720

83,020,944

57,394,646

1,898,765

2,569,384

1,806,346

30.22

32.31

31.77

Z EUR 40,081,187

101,136,024

68,223,932

500,000

1,200,000

837,000

80.16

84.28

81.51

Robeco Health & Wellness Equities

D EUR

–

–

83,646,275

–

–

1,931,572

–

–

43.30

Z EUR

–

–

75,518,642

–

–

714,176

–

–

105.74

D USD –

–

48,114

–

–

515

–

–

93.39


B EUR

47,806,387

45,000,248

12,940,196

3,289,258

3,370,544

1,038,528

14.53

13.35

12.46

D EUR

247,323,923

302,392,681

175,893,091

2,360,171

3,304,756

2,165,152

104.79

91.50

81.24

I EUR

76,682,184

51,499,897

52,958,025

727,973

563,757

657,419

105.34

91.35

80.55

D USD

–

52,121

–

–

500

–

–

104.24

–

M USD 52,074

–

–

466

–

–

111.80

–

–


D EUR

318,879,935

244,498,252

110,946,398

3,691,174

3,102,793

1,721,137

86.39

78.80

64.46

I EUR

20,019,435

–

–

166,822

–

–

120.00

–

–

M EUR

1,041,295

2,813,824

–

8,765

25,841

–

118.80

108.89

–

Z EUR

188,146,781

123,423,339

124,754,639

1,080,356

790,000

992,500

174.15

156.23

125.70

D USD

30,463,660

3,186,606

–

274,627

27,570

–

110.93

115.58

–

M USD 52,738

–

–

500

–

–

105.47

–

–


D EUR

41,740,931

89,943,362

89,419,079

504,365

899,153

1,076,675

82.76

100.03

83.05

Z EUR

96,117,515

192,544,644

186,450,035

1,237,266

2,084,445

2,471,687

77.69

92.37

75.43

D USD

–

49,789

–

–

500

–

–

99.58

–

M USD 35,921

–

–

382

–

–

94.13

–

–


D EUR

43,854,721

50,430,987

41,038,702

408,629

462,814

460,994

107.32

108.97

89.02

I EUR

75,752,320

91,263,546

117,945,669

687,610

821,487

1,308,315

110.17

111.10

90.15

D USD 740,121

979,430

–

8,420

9,592

–

87.91

102.11

–


D EUR

28,656,710

59,046,829

40,962,188

266,757

486,076

404,253

107.43

121.48

101.33

I EUR 140,951,137

170,619,806

137,533,497

1,277,251

1,376,593

1,339,314

110.36

123.94

102.69


Robeco Global Bonds

BH EUR

–

–

461,343,234

–

–

4,860,583

–

–

94.92

DH EUR

–

–

42,170,643

–

–

581,478

–

–

72.52

EH EUR

–

–

3,078,877

–

–

33,023

–

–

93.24

Robeco High Yield Bonds BH EUR 413,449,735

379,432,283

227,344,711

17,174,894 15,674,396

10,143,295

24.07

24.21

22.41

DH EUR

340,656,704

340,624,384

233,795,928

3,293,197

3,476,955

2,735,309

103.44

97.97

85.47

EH EUR

43,213,137

34,267,290

4,330,656

429,031

336,753

42,412

100.72

101.76

102.11

IH EUR

647,437,543

535,652,187

633,501,358

4,208,478

3,697,875

5,043,337

153.84

144.85

125.61

IEH EUR

25,202,386

–

–

251,565

–

–

100.18

–

–

ZH EUR

69,508,737

66,316,768

110,796,481

494,709

504,221

976,500

140.50

131.52

113.46

0DH EUR

35,301,233

156,073,630

–

325,483

1,461,818

–

108.46

106.77

–

0EH EUR

3,283,052

142,748,735

–

32,665

1,423,564

–

100.51

100.28

–

0IH EUR

34,721,879

44,332,174

–

331,864

432,941

–

104.63

102.40

–


Historical review

Net assets



30/06/12

30/06/11

30/06/10

30/06/12

30/06/11

30/06/10 30/06/12

30/06/11

30/06/10

DH CHF

22,598,877

–

–

220,925

–

–

102.29

–

–

DH USD

16,985,835

4,053,936

–

159,569

40,199

–

106.45

100.85

–

0DH USD

28,460,448

59,948,637

–

282,254

604,649

–

100.84

99.14

–

IH USD

755,432,762

1,051,242,908

819,443,476

4,225,328

6,251,951

5,645,310

178.78

168.15

145.15

IEH USD

16,374,478

–

–

157,352

–

–

104.06

–

–

0IH USD

308,337,788

5,282,610

–

3,008,646

52,752

–

102.49

100.14

–

Robeco Investment Grade Corporate Bonds BH EUR 645,601,255

475,662,010

526,017,638

6,069,189

4,505,741

4,829,502

106.37

105.57

108.92

DH EUR

145,907,645

7,517,748

8,384,609

1,200,596

65,551

74,510

121.53

114.69

112.53

IH EUR

469,464,161

301,162,386

163,450,267

3,688,620

2,519,995

1,400,363

127.27

119.51

116.72

IEH EUR

45,333,951

91,077,919

34,941,361

404,395

822,449

307,392

112.10

110.74

113.67

IHHI EUR

10,314,839

5,562,134

2,751,215

92,363

51,800

27,000

111.68

107.38

101.90

ZH EUR

160,833,019

–

–

1,607,988

–

–

100.02

–

–

Robeco Global Government Bonds IH EUR 27,555,759

25,727,422

26,057,090

250,001

250,000

250,000

110.22

102.91

104.23

I USD –

76,275

71,154

–

696

696

–

109.59

102.23


D EUR

99,285,761

49,471,356

–

1,017,360

500,077

–

97.59

98.93

–

I USD 49,333

49,492

–

500

500

–

98.67

98.99

–

Robeco Strategic Income Fund

D EUR

–

–

5,906,104

–

–

58,709

–

–

100.60

I EUR

–

–

700,411

–

–

6,911

–

–

101.35

Z EUR –

–

116,696,707

–

–

1,176,761

–

–

99.17


Robeco Euro Bonds

BH EUR

–

–

619,052,932

–

–

26,242,770

–

–

23.59

DH EUR

–

–

11,088,023

–

–

97,697

–

–

113.49

DHHI EUR

–

–

6,295,263

–

–

60,170

–

–

104.62

IH EUR

–

–

67,505,247

–

–

585,365

–

–

115.32

10DH EUR

–

–

17,414,002

–

–

156,840

–

–

111.03

40DH EUR –

–

13,972,672

–

–

65,936

–

–

211.91


CH EUR

191,062,735

7,847,591

–

1,820,204

77,920

–

104.97

100.71

–

DH EUR

33,505,402

29,528,710

30,860,170

267,443

253,731

260,962

125.28

116.38

118.26

EH EUR

16,235,812

–

–

162,272

–

–

100.05

–

–

IH EUR

147,527,805

213,570,527

332,955,792

1,128,168

1,763,924

2,717,552

130.77

121.08

122.52

ZH EUR 184,171,760

382,289,141

388,372,870

1,409,715

3,172,614

3,196,535

130.64

120.50

121.50


BH EUR

3,574,181

–

–

36,161

–

–

98.84

–

–

DH EUR

121,601,086

110,914,085

62,978,287

1,068,674

1,032,140

610,767

113.79

107.46

103.11

IH EUR

106,361,356

130,620,946

82,904,064

895,464

1,169,419

776,799

118.78

111.70

106.73

ZH EUR 290,835,018

272,291,157

296,860,144

2,357,296

2,357,007

2,700,599

123.38

115.52

109.92


BH EUR

803,551,758 1,009,753,336

–

8,467,480

10,881,713

–

94.90

92.79

–

DH EUR

40,852,691

73,131,652

25,722,133

554,234

1,056,126

368,731

73.71

69.25

69.76

DHHI EUR

3,097,813

6,995,552

–

29,703

69,065

–

104.29

101.29

–

IHHI EUR

37,975,966

–

–

362,479

–

–

104.77

–

–

10DH EUR

50,283,563

32,065,458

–

442,565

323,732

–

113.62

99.05

–

40DH EUR

194,723

8,666,961

–

1,101

89,181

–

176.87

97.18

–

40IH EUR

25,656,740

–

–

207,273

–

–

123.78

–

–

IH EUR

506,813,014

515,808,817

496,000,154

4,125,783

4,489,243

4,311,382

122.84

114.90

115.04

ZH EUR 535,203,419

658,752,191

1,399,229,847

4,276,247

5,651,491

12,033,907

125.16

116.56

116.27


DH EUR

7,514,556

4,239,266

471,806

51,546

30,576

3,821

145.78

138.64

123.49

IH EUR 50,084,582

47,488,916

41,829,356

329,658

330,616

328,852

151.93

143.64

127.20

Robeco Euro Medium Term Bonds

BH EUR

–

–

294,533,501

–

–

15,846,512

–

–

18.59

Robeco Euro Sustainable Credits BH EUR 1,402,641

294,951

49,768

14,076

2,970

500

99.64

99.31

99.54

DH EUR

2,614,371

795,643

53,216

24,337

7,814

535

107.42

101.82

99.54

IH EUR 26,651,713

30,391,996

9,859,543

245,800

297,000

99,000

108.43

102.33

99.59


BH EUR

68,974,138

17,602,562

–

740,621

178,454

–

93.13

98.64

–

DH EUR

49,460

49,324

–

500

500

–

98.92

98.65

–

IH EUR 5,566,434

4,836,486

–

56,000

49,000

–

99.40

98.70

–


Robeco GTAA Fund

D EUR

92,127

87,216

44,743

935

936

500

98.51

93.17

89.49

I EUR

50,610

47,543

44,809

500

500

500

101.22

95.09

89.62

Z EUR 38,208,680

35,541,319

20,418,381

369,847

369,847

227,380

103.31

96.10

89.80


Spread of net assets by country and currency *

As at 30 June 2012

Robeco

Robeco

Robeco

Robeco

Robeco

Global Value

Global Conservative

Global Stars

Emerging Stars

Emerging Markets

Equities

Equities

Equities

Equities

Equities

Country

Currency

Country

Currency

Country

Currency

Country

Currency

Country

Currency

America

Brazil BRL

–

–

5.8

3.5

–

–

10.6

6.5

13.2

5.5

Canada CAD

0.6

0.6

7.3

9.0

–

4.8

0.9

1.0

0.2

0.2

Colombia COP

–

–

0.6

–

–

–

–

–

–

–

Mexico MXN

–

–

0.5

0.5

–

–

–

–

2.9

0.1

Panama USD

–

–

–

–

–

–

2.9

–

0.4

–

Peru PEN

–

–

–

–

–

–

–

–

0.6

–

United States of America USD

58.3

59.1

40.6

43.9

38.2

54.6

–

22.9

–

21.6

58.9

59.7

54.8

56.9

38.2

59.4

14.4

30.4

17.3

27.4

Europe

Euro zone

Belgium EUR

–

–

0.3

–

1.7

–

–

–

–

–

Finland EUR

–

–

0.5

–

–

–

–

–

–

–

France EUR

3.0

–

1.0

–

6.7

–

–

–

–

–

Germany EUR

4.9

–

0.8

–

5.4

–

–

–

–

–

Ireland EUR

1.6

–

–

–

5.5

–

–

–

–

–

Italy EUR

–

–

0.7

–

–

–

–

–

–

–

Netherlands EUR

0.3

–

–

–

7.5

–

–

–

–

–

Spain EUR

–

–

0.5

–

–

–

–

–

–

–

Euro-countries EUR

–

8.7

–

–3.5

–

11.4

–

–0.1

–

–0.2

9.8

8.7

3.8

–3.5

26.8

11.4

–

–0.1

–

–0.2

Others

Czech Republic EUR

–

–

0.3

0.3

–

–

–

–

–

–

Denmark DKK

–

–

0.3

0.3

–

–

–

–

–

–

Kazakhstan KZT

–

–

–

–

–

1.3

–

–

0.2

–

Norway NOK

–

0.1

0.4

0.4

–

0.2

–

–

–

–

Russian Federation RUB

–

–

–

–

–

–

11.7

–

8.1

0.2

Sweden SEK

–

–

0.4

0.5

–

0.4

–

–

–

–

Switzerland CHF

3.9

4.0

1.5

1.5

5.9

3.6

–

–

–

–

Turkey TRY

–

–

–

–

–

–

3.9

3.9

2.9

2.9

United Kingdom GBP

17.0

17.0

6.5

9.2

14.1

9.7

–

–

0.2

0.2

20.9

21.1

9.4

12.2

20.0

15.2

15.6

3.9

11.4

3.3

Asia

China CNY

0.6

–

–

–

–

–

19.6

–

20.2

0.8

Hong Kong HKD

2.7

3.3

2.0

2.2

–

1.2

0.1

18.9

0.7

19.6

India INR

–

–

–

–

–

–

3.1

2.2

5.6

4.9

Indonesia IDR

–

–

–

–

–

–

2.1

2.1

2.8

2.8

Japan JPY

4.0

4.1

6.1

7.2

2.9

8.4

–

–

–

–

Malaysia MYR

–

–

3.8

3.8

–

–

–

–

1.6

1.6

Singapore SGD

0.7

0.7

0.6

0.6

–

0.8

2.2

2.2

1.1

1.3

South Korea KRW

0.7

–

0.5

0.5

–

–

27.5

25.7

19.7

18.1

Taiwan TWD

0.8

0.8

3.0

3.0

–

–

8.9

9.2

10.2

10.6

Thailand THB

–

–

1.6

1.5

–

–

5.5

5.5

3.5

3.4

9.5

8.9

17.6

18.8

2.9

10.4

69.0

65.8

65.4

63.1

Australia

Australia AUD

1.5

1.6

6.7

7.8

–

3.6

–

–

–

–

New Zealand NZD

–

–

0.6

0.6

–

–

–

–

–

–

1.5

1.6

7.3

8.4

–

3.6

–

–

–

–

Africa

South Africa ZAR

–

–

6.6

7.2

–

–

–

–

6.4

6.4

–

–

6.6

7.2

–

–

–

–

6.4

6.4

Other assets and liabilities

–0.6

–

0.5

–

12.1

–

1.0

–

–0.5

–

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

* If applicable the spread by country of the equity funds includes the exposure in derivatives except for forward exchange transactions. The spread by currency includes the exposure in forward exchange transactions.


Spread of net assets by country and currency*

As at 30 June 2012

Robeco

Robeco

Robeco

Robeco

SAM


Emerging Enhanced Index


Asia-Pacific

Sustainable European

Markets Equities

Equities

Equities

Equities

Equities

Currency

Country

Currency

Country

Currency

Country

Currency

Country

Currency

Country

Currency

America

Brazil BRL

15.1

4.5

13.2

3.7

17.1

11.7

–

–

–

–

Chili CLP

0.2

–

2.1

1.3

1.5

1.0

–

–

–

–

Colombia COP

0.9

–

1.3

0.4

1.7

0.2

–

–

–

–

Mexico MXN

3.2

0.4

4.9

2.0

2.7

1.3

–

–

–

–

Peru PEN

–

–

0.8

–

–

–

–

–

–

–


1.0

33.5

–

20.6

–

11.8

–

12.2

–

–

20.4

38.4

22.3

28.0

23.0

26.0

–

12.2

–

–

Europe

Euro zone

France EUR

–

–

–

–

–

–

–

–

14.5

–

Germany EUR

–

–

–

–

–

–

–

–

20.2

–

Italy EUR

–

–

–

–

–

–

–

–

11.1

–

Netherlands EUR

–

–

–

–

–

–

–

–

3.9

–

Spain EUR

–

–

–

–

–

–

–

–

0.9

–

Euro-countries EUR

–

–

–

–0.1

–

0.4

–

–3.1

44.9

–

–

–

–0.1

–

0.4

–

–3.1

50.6

44.9

Others

Chech Republic CZK

0.4

0.4

0.2

0.2

1.3

1.2

–

–

–

–

Norway NOK

–

–

–

–

–

–

–

–

3.5

3.5

Poland PLN

1.0

1.0

1.5

1.8

1.1

1.2

–

–

–

–

Hungary HUF

0.4

0.4

0.3

0.3

0.5

0.5

–

–

–

–


6.1

–

5.7

–

–

–

–

–

–

–

Switzerland CHF

–

–

–

–

–

–

–

–

14.9

14.9

Turkey TRY

1.5

1.0

1.8

1.8

1.1

1.2

–

–

–

–

United Kingdom GBP

–

–

–

–

–

–

1.3

1.3

26.3

34.8

9.4

2.8

9.5

4.1

4.0

4.1

1.3

1.3

44.7

53.2

Asia

China CNY

19.6

–

17.9

–

8.3

–

10.6

0.6

–

–

Hong Kong HKD

–

14.5

–

18.1

–

7.3

4.7

13.0

–

–

India INR

5.9

5.2

6.3

6.4

2.3

2.2

1.7

1.7

–

–

Indonesia IDR

1.2

1.2

2.8

2.8

2.8

2.8

1.4

1.4

–

–

Israel ILS

–

–

–

–

–

–

–

–

1.9

1.9

Japan JPY

–

–

–

–

–

–

40.0

35.3

–

–

Malaysia MYR

2.6

2.6

3.8

3.8

8.6

8.6

1.3

1.3

–

–

Pakistan PKR

0.2

0.2

–

–

1.3

1.3

0.7

0.7

–

–

Philippines PHP

–

–

0.7

0.7

1.0

1.0

–

–

–

–

Republic of Korea KRW

14.9

13.6

15.0

15.0

5.4

5.4

10.3

10.8

–

–

Singapore SGD

–

–

–

–

–

–

3.7

4.3

–

–

Taiwan TWD

10.0

8.6

10.8

11.1

15.1

15.4

6.8

7.5

–

–

Thailand THB

4.1

3.7

2.0

2.0

9.0

9.0

2.5

2.5

–

–

United Arab Emirates AED

0.5

0.5

–

–

0.2

0.3

–

–

–

–

59.0

50.1

59.3

59.9

54.0

53.3

83.7

79.1

1.9

1.9

Australia

Australia AUD

–

–

–

–

–

–

11.7

8.7

–

–

New Zealand NZD

–

–

–

–

–

–

1.8

1.8

–

–

–

–

–

–

–

–

13.5

10.5

–

–

Africa

Egypt EGP

0.3

–

0.3

0.2

0.2

0.1

–

–

–

–

Morocco MAD

–

–

–

–

0.2

0.2

–

–

–

–

South Africa ZAR

9.3

8.7

8.3

7.9

16.9

15.9

–

–

–

–

9.6

8.7

8.6

8.1

17.3

16.2

–

–

–

–


1.6

–

0.3

–

1.7

–

1.5

–

2.8

–

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0




As at 30 June 2012

Robeco

Robeco

Robeco

Robeco

Robeco


US Premium

Chinese

Indian

Asian Stars

Equities

Equities

Equities

Equities

Equities

Currency

Country

Currency

Country

Currency

Country

Currency

Country

Currency

Country

Currency

America

Canada CAD

– –

0.3

–

–

–

–

–

–

–


– –

93.2

98.1

–

1.7

–

0.2

–

10.9

– –

93.5

98.1

–

1.7

–

0.2

–

10.9

Europe

Euro zone

Austria EUR

1.4 –

–

–

–

–

–

–

–

–

Belgium EUR

4.4 –

–

–

–

–

–

–

–

–

Finland EUR

2.5 –

–

–

–

–

–

–

–

–

France EUR

9.5 –

0.5

–

–

–

–

–

–

–

Germany EUR

6.0 –

–

–

–

–

–

–

–

–

Italy EUR

4.0 –

–

–

–

–

–

–

–

–

Netherlands EUR

4.7 –

1.4

–

–

–

–

–

–

–

Portugal EUR

0.9 –

–

–

–

–

–

–

–

–

Spain EUR

2.8 –

–

–

–

–

–

–

–

–

Euro-countries EUR

– 36.4

–

1.9

–

0.1

–

–0.4

–

1.2

36.2 36.4

1.9

1.9

–

0.1

–

–0.4

–

1.2

Others

Chech Republic

CZK

1.3 1.4

–

–

–

–

–

–

–

–

Denmark DKK

4.0 4.0

–

–

–

–

–

–

–

–

Hungary HUF

0.2 0.2

–

–

–

–

–

–

–

–

Norway NOK

2.9 2.9

–

–

–

–

–

–

–

–

Poland PLN

1.0 1.1

–

–

–

–

–

–

–

–

Sweden SEK

4.9 5.0

0.5

–

–

–

–

–

–

–

Switzerland CHF

8.4 8.4

–

–

–

–

–

–

–

–

Turkey TRY

1.1 1.1

–

–

–

–

–

–

–

–

United Kingdom GBP

39.2 39.5

1.5

–

–

–

–

–

–

–

63.0 63.6

2.0

–

–

–

–

–

–

–

Asia

China CNY

– –

–

–

95.1

6.4

–

–

26.5

–

Hong Kong HKD

– –

–

–

3.1

91.8

–

–

5.4

29.2

India INR

– –

–

–

–

–

98.0

100.2

2.8

–

Indonesia IDR

– –

–

–

–

–

–

–

2.2

2.2

Malaysia MYR

– –

–

–

–

–

–

–

2.3

2.3

Pakistan PKR

– –

–

–

–

–

–

–

2.2

2.2

Philippines PHP

– –

–

–

–

–

–

–

2.1

2.1


– –

–

–

–

–

–

–

20.3

20.3

Singapore SGD

– –

–

–

–

–

–

–

9.7

10.6

Taiwan TWD

– –

–

–

–

–

–

–

12.9

12.9

Thailand THB

– –

–

–

–

–

–

–

6.1

6.1

– –

–

–

98.2

98.2

98.0

100.2

92.5

87.9


0.8 – 2.6

–

1.8

–

2.0

–

7.5

–

100.0 100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0




As at 30 June 2012

Robeco

Robeco

Robeco

Robeco

Robeco

US Large Cap

US Select Opportunities

New World Financial

Property


Equities

Equities

Equities

Equities

Equities

Currency

Country

Currency

Country

Currency

Country

Currency

Country

Currency

Country

Currency

America

Brazil BRL

–

–

–

–

0.6

1.2

2.0

2.0

–

–

Canada CAD

–

–

0.9

–

3.3

8.0

2.8

2.7

–

–


92.4

96.6

96.5

99.4

26.9

35.8

43.9

47.3

56.0

57.3

92.4

96.6

97.4

99.4

30.8

45.0

48.7

52.0

56.0

57.3

Europe

Euro zone

Belgium EUR

0.9

–

–

–

1.4

–

–

–

1.8

–

France EUR

1.0

–

–

–

3.2

–

4.0

–

2.8

–

Germany EUR

–

–

–

–

2.2

–

0.6

–

4.8

–

Ireland EUR

–

–

0.6

–

0.7

–

–

–

–

–

Italy EUR

–

–

–

–

3.4

–

0.3

–

1.4

–

Netherlands EUR

1.5

–

–

–

8.4

–

1.4

–

1.7

–

Portugal EUR

–

–

–

–

–

–

–

–

1.5

–

Spain EUR

–

–

–

–

3.9

–

–

–

1.9

–

Euro-countries EUR

–

3.4

–

0.6

–

0.8

–

7.1

–

20.8

3.4

3.4

0.6

0.6

23.2

0.8

6.3

7.1

15.9

20.8

Others

Norway NOK

–

–

–

–

1.1

0.3

1.0

0.5

–

–


–

–

–

–

1.5

–

–

–

–

–

Sweden SEK

–

–

–

–

0.9

1.6

1.3

1.0

–

–

Switzerland CHF

–

–

–

–

3.0

2.5

–

1.2

4.1

4.1

Turkey TRY

–

–

–

–

5.4

5.0

–

–

–

–

United Kingdom GBP

1.1

–

–

–

10.9

7.3

4.7

4.1

8.2

8.2

1.1

–

–

–

22.8

16.7

7.0

6.8

12.3

12.3

Asia

China

CNY

–

–

–

–

2.9

–

–

–

5.9

–

Hong Kong HKD

–

–

–

–

1.4

3.7

8.8

9.1

1.4

5.9

India IND

–

–

–

–

1.9

1.8

–

–

–

–

Indonesia IDR

–

–

–

–

1.4

1.3

0.7

0.7

–

–

Japan JPY

–

–

–

–

5.9

7.6

10.4

11.4

–

–


–

–

–

–

0.7

0.6

–

–

3.7

3.7

Singapore SGD

–

–

–

–

0.7

1.8

5.8

4.4

–

–

Taiwan TWD

–

–

–

–

0.5

0.4

–

–

–

–

Thailand THB

–

–

–

–

0.5

0.4

–

–

–

–

United Arab Emirates AED

–

–

–

–

0.7

0.6

–

–

–

–

–

–

–

–

16.6

18.2

25.7

25.6

11.0

9.6

Australia

Australia AUD

–

–

–

–

1.5

7.9

8.3

8.3

–

–

New Zealand NZD

–

–

–

–

–

–

–

0.2

–

–

–

–

–

–

1.5

7.9

8.3

8.5

–

–

Africa

Nigeria USD

–

–

–

–

1.4

–

–

–

–

–

Qatar QAR

–

–

–

–

0.5

11.4

–

–

–

–

–

–

–

–

1.9

11.4

–

–

–

–


3.1

–

2.0

–

3.2

–

4.0

–

4.8

–

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0




As at 30 June 2012

Robeco

SAM Sustainable

Robeco

Robeco

Natural Resources

Agribusiness

Infrastructure

GTAA

Equities

Equities

Equities

Fund

Currency

Country

Currency

Country

Currency

Country

Currency

Country

Currency

America

Brazil BRL

–

–

5.0

1.3

–

–

–

–

Canada CAD

41.7

39.3

12.9

11.3

–

–

–

–

Chile CLP

–

–

0.9

–

–

–

–

–


32.5

84.9

45.0

53.1

41.5

42.5

61.7

1.5

74.2

124.2

63.8

65.7

41.5

42.5

61.7

1.5

Europe

Euro zone

Finland EUR

–

–

–

–

0.6

–

–

–

France EUR

3.9

–

–

–

4.8

–

–

–

Germany EUR

–

–

7.0

–

4.6

–

160.7

–

Ireland EUR

–

–

–

–

3.0

–

–

–

Italy EUR

–

–

–

–

1.7

–

–

–

Luxembourg EUR

–

–

2.8

–

–

–

–

–

Netherlands EUR

8.8

–

3.2

–

4.7

–

–

–

Euro-countries EUR

–

–10.2

–

17.1

–

21.5

–

97.5

12.7

–10.2

13.0

17.1

19.4

21.5

160.7

97.5

Others

Denmark DKK

–

–

–

–

0.5

0.5

–

–

Norway NOK

–

–0.9

7.0

7.0

–

–

–

–


–

–

–

–

0.9

–

–

–

Sweden SEK

–

–

–

–

3.2

3.2

–

–

Switzerland CHF

–

–

3.4

2.7

4.2

4.3

–

–

United Kingdom GBP

1.8

2.4

–

–

9.8

9.9

–

–

1.8

1.5

10.4

9.7

18.6

17.9

–

–

Asia

China CNY

–

–

2.7

–

3.1

–

–

–

Hong Kong HKD

–

–0.7

0.5

3.2

–

3.1

–

–

Japan JPY

–

–2.2

2.0

2.0

9.1

9.2

25.1

1.0

Singapore SGD

–

–

2.3

2.3

5.8

5.8

144.3

–

–

–2.9

7.5

7.5

18.0

18.1

169.4

1.0

Australia

Australia AUD

4.5

–7.1

–

–

–

–

–

–

4.5

–7.1

–

–

–

–

–

–

Africa

South Africa ZAR

–

–5.5

–

–

–

–

–

–

–

–5.5

–

–

–

–

–

–


6.8

–

5.3

–

2.5

–

–291.8

–

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0




As at 30 June 2012

Robeco

Robeco

Robeco

Robeco

High Yield

Investment Grade

Global Government

Emerging

Bonds

Corporate Bonds

Bonds

Debt

Country

Currency

Country

Currency

Country

Currency

Country

Currency

Long term investments

America

US dollar

50.2

0.9

–

–

22.8

20.5

26.6

16.8

Canadian dollar

–

–

–

–

6.6

5.7

–

–

Mexican Peso

–

–

–

–

–

2.1

5.8

11.8

Chilean Peso

–

–

–

–

–

4.0

–

–

Brazilian Real

–

–

–

–

–

–

6.9

15.5

Colombian Peso

–

–

–

–

–

–

2.5

4.1

50.2

0.9

–

–

29.4

32.3

41.8

48.2

Europe

Euro

27.1

99.0

92.4

100.0

27.0

23.1

2.8

–6.5

British pound

6.7

0.1

–

–

8.1

6.8

–

–

Polish Zloty

–

–

–

–

–

–

6.0

6.9

Turkish Lira

–

–

–

–

–

–

8.3

7.8

Hungarian Forint

–

–

–

–

–

–

4.1

3.3

Russian Ruble

–

–

–

–

–

–

4.9

6.4

Swedish Krona

–

–

–

–

8.8

0.5

–

–

Danish krone

–

–

–

–

0.8

0.7

–

–

33.8

99.1

92.4

100.0

44.7

31.1

26.1

17.9

Asia

Malaysian Ringgit

–

–

–

–

–

2.0

7.2

9.5

Indonesian Rupiah

–

–

–

–

–

–

7.4

7.0

Thai Baht

–

–

–

–

–

–

5.3

7.5

Japanese Yen

–

–

–

–

21.7

31.7

–

–

Korean Won

–

–

–

–

–

2.0

–

2.5

–

–

–

–

21.7

35.7

19.9

26.5

Australia

Australian dollar

–

–

–

–

–

0.9

–

–

–

–

–

–

–

0.9

–

–

Africa

South African Rand –

–

–

–

–

–

7.4

7.4

–

–

–

–

–

–

7.4

7.4

Operating capital

16.0

–

7.6

–

4.2

–

4.8

–

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

* The spread by country is in fact the spread of the portfolio by currency. The spread by currency is the net currency position including the exposure in forward exchange transactions.



As at 30 June 2012

Robeco

Robeco

Robeco

Robeco

Euro Government

Euro Credit

All Strategy Euro

European

Bonds

Bonds

Bonds

High Yield Bonds

Country

Currency

Country

Currency

Country

Currency

Country

Currency


North America

US dollar

–

–

–

–

–

–1.2

1.9

–

Canadian dollar

–

–

–

–

–

1.0

–

–

–

–

–

–

–

–0.2

1.9

–

Europe

Euro

97.5

100.0

94.1

100.0

97.0

100.1

78.5

99.9

British pound

–

–

–

–

–

–

11.7

0.1

97.5

100.0

94.1

100.0

97.0

100.1

90.2

100.0

Asia

Japanese yen

–

–

–

–

–

0.1

–

–

–

–

–

–

–

0.1

–

–

Operating capital

2.5

–

5.9

–

3.0

–

7.9

–

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0


As at 30 June 2012

Robeco

Robeco

Euro Sustainable Financial Institutions

Credits Bonds

Country

Currency Country

Currency


North America

US dollar

–

– 4.8

0.1

–

– 4.8

0.1

Europe

Euro

95.0

100.0 81.2

99.8

British pound

–

– 4.6

0.2

95.0

100.0 85.8

100.0

Operating capital

5.0

– 9.4

–

100.0

100.0 100.0

100.0

* The spread by country is in fact the spread of the portfolio by currency. The spread by currency is the net currency position including the exposure in forward exchange transactions.


Investment portfolio

Robeco Global Value Equities Investment portfolio At 30 June 2012

Quantity Market Value in EUR x 1

In % of net assets

Transferable securities and money market instruments admitted to an official stock exchange listing

AUD

Australia & New Zealand Banking Group

16,755

298,140

0.99

St Barbara Ltd

108,120

154,576

0.51

452,716

1.50

CAD

Barrick Gold Corp

6,130

181,709

0.60

CHF

Roche Holding AG

3,259

443,885

1.47

Swatch Group AG/The

740

230,104

0.76

Swiss Re AG

5,340

264,744

0.88

Zurich Insurance Group AG

1,437

255,421

0.84

1,194,154

3.95

EUR

AtoS

4,438

209,119

0.69

AtoS/STK/06–06–2012

4,398

2,199

0.01

Bayer AG

5,952

337,955

1.12

Brenntag AG

2,471

215,422

0.71

Cegedim SA

18

425

–

DE Master Blenders 1753 NV

10,185

90,748

0.30

Fresenius SE & Co KGaA

2,580

210,992

0.70

Henkel AG & Co KGaA

8,794

385,001

1.27

ICON PLC

9,878

172,596

0.57

Kerry Group PLC

9,208

318,597

1.05

LISI

2,728

127,398

0.42

Pernod–Ricard SA

2,245

189,164

0.63

Rheinmetall AG

5,220

202,014

0.67

Sanofi

4,091

244,396

0.81

SAP AG

3,095

144,057

0.48

Teleperformance SA

7,440

129,382

0.43

2,979,465

9.86

GBP

Beazley PLC

179,160

304,911

1.01

BHP Billiton PLC

12,315

274,884

0.91

BP PLC

45,475

237,155

0.78

Catlin Group Ltd

57,160

300,600

0.99

Daily Mail & General Trust PLC

29,540

154,436

0.51

Filtrona PLC

31,795

188,035

0.62

Howden Joinery Group PLC

184,980

291,496

0.96

HSBC Holdings PLC

42,671

295,918

0.98

HSBC Holdings PLC/STK/16–05–2012

49,621

6,133

0.02

Imperial Tobacco Group PLC

15,260

463,024

1.53

Investment portfolio At 30 June 2012


In % of net assets

Inchcape PLC

54,455

222,504

0.74

Kingfisher PLC

44,540

158,210

0.52

Meggitt PLC

57,299

272,863

0.90

Rexam PLC

45,480

236,647

0.78

Royal Dutch Shell PLC

26,702

708,720

2.34

Serco Group PLC

33,455

221,627

0.73

Standard Chartered PLC

14,115

241,530

0.80

Vodafone Group PLC

74,983

166,119

0.55

Vodafone Group PLC /STK/06–06–2012

74,433

6,613

0.02

WPP PLC

40,360

385,592

1.27

5,137,017

16.96

HKD

Cheung Kong Holdings Ltd

32,000

307,524

1.02

Dah Chong Hong Holdings Ltd

241,000

168,929

0.56

Hutchison Whampoa Ltd

40,000

270,221

0.89

Stella International Holdings Ltd

122,000

236,718

0.78

983,392

3.25

JPY

Autobacs Seven Co Ltd

5,600

215,970

0.71

FCC Co Ltd

10,200

133,979

0.44

Inpex Corp

39

171,206

0.57

ITOCHU Corp

25,500

209,530

0.69

Softbank Corp

10,670

311,180

1.03

Unipres Corp

8,500

173,182

0.57

1,215,047

4.01

KRW

Samsung Electronics Co Ltd

250

206,569

0.68

SGD

United Overseas Bank Ltd

18,000

208,926

0.69

TWD

Delta Electronics Inc

96,000

230,093

0.76

USD

AmerisourceBergen Corp

10,025

310,850

1.03

Amgen Inc

4,256

244,954

0.81

Apple Inc

2,731

1,256,770

4.15

Axis Capital Holdings Ltd

8,385

215,068

0.71

Bank of America Corp

38,020

245,068

0.81

CA Inc

18,420

393,206

1.30

CACI International Inc

4,130

179,057

0.59

Capital One Financial Corp

11,568

498,252

1.65

CareFusion Corp

11,005

222,693

0.74




In % of net assets

CBS Corp

17,807

459,961

1.52

Chevron Corp

2,961

246,157

0.81

Cisco Systems Inc

30,105

407,315

1.35

Covidien PLC

11,260

474,694

1.57

Crown Holdings Inc

5,645

153,419

0.51

CVS Caremark Corp

13,205

486,245

1.61

DIRECTV

11,480

441,632

1.46

Dover Corp

6,545

276,488

0.91

EOG Resources Inc

3,309

234,958

0.78

EQT Corp

6,460

272,999

0.90

Exxon Mobil Corp

10,969

739,622

2.45

Fifth Third Bancorp

42,530

449,078

1.48

Fluor Corp

9,075

352,831

1.17

Graphic Packaging Holding Co

65,905

285,629

0.94

Hillshire Brands Co

2,037

47,865

0.16

Honeywell International Inc

8,644

380,348

1.26

Illinois Tool Works Inc

8,710

363,005

1.20

Johnson & Johnson

5,705

303,715

1.00

Lear Corp

4,440

132,005

0.44

Macy's Inc

16,645

450,538

1.49

McKesson Corp

8,970

662,651

2.19

Microsoft Corp

35,709

860,753

2.85

Newmont Mining Corp

6,585

251,715

0.83



In % of net assets

Nordstrom Inc

3,990

156,230

0.52

Occidental Petroleum Corp

2,306

155,853

0.52

Oracle Corp

12,674

296,614

0.98

Pfizer Inc

16,265

294,784

0.97

Philip Morris International Inc

11,328

778,914

2.58

SM Energy Co

5,145

199,102

0.66

St Jude Medical Inc

8,455

265,899

0.88

SunTrust Banks Inc

27,560

526,204

1.74

Target Corp

9,829

450,691

1.49

Time Warner Cable Inc

2,320

150,090

0.50

Tyco International Ltd

5,454

227,134

0.75

United Technologies Corp

6,277

373,588

1.24

UnitedHealth Group Inc

5,895

271,745

0.90

Validus Holdings Ltd

8,915

225,009

0.74

Wells Fargo & Co

19,682

518,629

1.71

Western Union Co/The

34,435

456,944

1.51

17,646,971

58.36

Total transferable securities and money market instruments admitted to an official stock exchange listing

30,436,059

100.62

Total securities portfolio

30,436,059

100.62


–187,224

–0.62

Total net assets

30,248,835

100.00


Robeco Global Conservative Equities Investment portfolio

At 30 June 2012


In % of net assets


AUD

Amcor Ltd/Australia

8,402

48,116

0.58

Coca–Cola Amatil Ltd

3,000

32,422

0.39

Commonwealth Property Office Fund

53,667

43,998

0.53

Crown Ltd

6,770

46,426

0.56

GPT Group

18,544

49,279

0.60

Metcash Ltd

8,443

22,982

0.28

Sonic Healthcare Ltd

2,955

30,313

0.37

Spark Infrastructure Group

41,775

51,457

0.62

Sydney Airport

12,475

29,221

0.35

Tatts Group Ltd

23,957

50,699

0.62

Telstra Corp Ltd

17,701

52,758

0.64

Transurban Group

9,825

45,155

0.55

Westfield Group

5,923

45,449

0.55

548,275

6.64

BRL

AES Tiete SA Pref

5,100

56,923

0.69

Cia de Transmissao de Energia Pref

1,500

37,537

0.46

Cielo SA

2,560

59,045

0.72

Redecard SA

2,700

34,626

0.42

Souza Cruz SA

3,700

42,583

0.52

Tractebel Energia SA

3,800

55,112

0.67

285,826

3.48

CAD

AltaGas Ltd

1,100

24,614

0.30

BCE Inc

1,700

55,162

0.67

Bell Aliant Inc

1,700

33,547

0.41

Calloway Real Estate Investment Trust

1,700

36,792

0.45

Canadian Real Estate Investment Trust

1,500

47,142

0.57

Canadian Utilities Ltd

600

30,817

0.37

CI Financial Corp

2,700

46,080

0.56

Cineplex Inc

2,200

52,069

0.63

Crescent Point Energy Corp

1,400

41,121

0.50

Dundee Real Estate Investment Trust

1,500

44,278

0.54

Enbridge Inc

1,100

34,571

0.42

Metro Inc

700

28,206

0.34

Pembina Pipeline Corp

2,000

40,224

0.49

RioCan Real Estate Investment Trust

900

19,270

0.23

TELUS Corp

700

33,081

0.40

TransCanada Corp

1,000

32,982

0.40

599,956

7.28

CHF

Nestle SA

1,409

66,336

0.80


At 30 June 2012


In % of net assets

Swisscom AG

175

55,538

0.67

121,874

1.47

CZK

Telefonica Czech Republic AS

1,835

27,670

0.34

DKK

TDC A/S

4,294

23,566

0.29

EUR

Belgacom SA

1,134

25,464

0.31

Orion OYJ

2,637

39,450

0.48

SES SA

1,489

27,755

0.34

Societe BIC SA

721

58,689

0.71

Terna Rete Elettrica Nazionale SpA

20,961

59,613

0.72

Viscofan SA

1,332

45,195

0.55

256,166

3.11

GBP

AstraZeneca PLC

1,678

59,169

0.72

British American Tobacco PLC

1,761

70,551

0.86

Diageo PLC

3,089

62,689

0.76

GlaxoSmithKline PLC

4,584

81,981

0.99

National Grid PLC

6,743

56,296

0.68

National Grid PLC/STK/30–05–2012

6,743

2,347

0.03

Next PLC

868

34,319

0.42

United Utilities Group PLC

6,107

50,948

0.62

Vodafone Group PLC

30,742

68,107

0.83


30,742

2,731

0.03

WH Smith PLC

7,386

49,706

0.60

538,844

6.54

HKD

CLP Holdings Ltd

8,500

56,774

0.69

Link REIT/The

15,500

49,836

0.60

Power Assets Holdings Ltd

5,000

29,511

0.36

Television Broadcasts Ltd

6,000

32,762

0.40

168,883

2.05

JPY

Astellas Pharma Inc

1,700

58,175

0.71

Daito Trust Construction Co Ltd

400

29,826

0.36

Eisai Co Ltd

1,800

62,041

0.75

FamilyMart Co Ltd

900

32,443

0.39

Itochu Techno–Solutions Corp

800

30,379

0.37

Kewpie Corp

2,500

29,875

0.36

Lawson Inc

900

49,598

0.60

Ono Pharmaceutical Co Ltd

1,200

59,256

0.72

Oriental Land Co Ltd/Japan

300

27,021

0.33




In % of net assets

Seven & I Holdings Co Ltd

2,600

61,550

0.75

USS Co Ltd

400

33,934

0.41

West Japan Railway Co

800

25,915

0.31

500,013

6.06

KRW

KT&G Corp

736

41,117

0.50

MXN

Grupo Modelo SAB de CV

5,500

38,078

0.46

MYR

DiGi.Com Bhd

42,700

45,033

0.55

Malayan Banking Bhd

13,700

29,577

0.36

Maxis Bhd

35,500

56,291

0.68

Public Bank Bhd

8,800

30,091

0.37

Sime Darby Bhd

18,400

45,157

0.55

Telekom Malaysia Bhd

40,400

56,642

0.68

UMW Holdings Bhd

21,400

48,484

0.59

311,275

3.78

NOK

Seadrill Ltd

1,068

29,886

0.36

NZD

Telecom Corp of New Zealand Ltd

30,795

46,615

0.57

SEK

Swedish Match AB

1,082

34,426

0.42

SGD

Singapore Press Holdings Ltd

12,000

29,111

0.35

StarHub Ltd

11,000

23,401

0.28

52,512

0.63

THB

Advanced Info Service PCL NVDR

10,900

49,896

0.61

Charoen Pokphand Foods PCL NVDR

33,300

31,809

0.39

Thai Union Frozen Products PCL NVDR

25,920

46,142

0.56

127,847

1.56

TWD

Asustek Computer Inc

7,000

50,111

0.61

Chunghwa Telecom Co Ltd

15,000

37,178

0.45

Far EasTone Telecommunications Co Ltd

28,000

47,767

0.58

Taiwan Mobile Co Ltd

18,000

46,749

0.57

Taiwan Semiconductor Manufacturing

29,000

62,167

0.75

243,972

2.96

USD

Abbott Laboratories

1,500

76,203

0.92

Allied World Assurance Co Holdings AG

600

37,573

0.46



In % of net assets

Altria Group Inc

2,600

70,785

0.86

Ameren Corp

1,800

47,573

0.58

American Capital Agency Corp

2,100

55,617

0.67

American Electric Power Co Inc

900

28,297

0.34

Amgen Inc

800

46,044

0.56

Annaly Capital Management Inc

4,600

60,823

0.74

Arthur J Gallagher & Co

1,400

38,689

0.47

AT&T Inc

4,000

112,399

1.35

AutoZone Inc

100

28,933

0.35

Bristol–Myers Squibb Co

1,900

53,824

0.65

Campbell Soup Co

1,100

28,933

0.35

Capitol Federal Financial Inc

4,100

38,381

0.47

CenturyLink Inc

1,900

59,124

0.72

Chubb Corp/The

500

28,691

0.35

Cia de Bebidas das Americas ADR

2,200

66,448

0.81

Cia de Saneamento Basico do Es ADR

800

47,822

0.58

Cia Energetica de Minas Gerais ADR

3,375

48,987

0.59

Cincinnati Financial Corp

1,600

47,998

0.58

Comtech Telecommunications Corp

1,350

30,403

0.37

ConAgra Foods Inc

1,400

28,606

0.35

Consolidated Edison Inc

900

44,105

0.54

Dollar Tree Inc

1,200

50,873

0.62

Dominion Resources Inc/VA

800

34,041

0.41

DTE Energy Co

1,100

51,427

0.62

Duke Energy Corp

3,100

56,330

0.68

Ecopetrol SA ADR

1,200

52,754

0.64

Eli Lilly & Co

1,800

60,863

0.74

Everest Re Group Ltd

400

32,620

0.40

Family Dollar Stores Inc

600

31,431

0.38

Foot Locker Inc

2,200

53,013

0.64

General Mills Inc

1,000

30,369

0.37

Genuine Parts Co

600

28,486

0.35

Hershey Co/The

1,000

56,759

0.69

Home Depot Inc/The

1,700

70,985

0.86

Hormel Foods Corp

2,400

57,530

0.70

Intel Corp

3,700

77,700

0.94

International Business Machines Corp

500

77,058

0.93

Johnson & Johnson

600

31,942

0.39

Kimberly–Clark Corp

900

59,409

0.72

Kinder Morgan Management LLC

609

35,233

0.43

Kraft Foods Inc

1,300

39,562

0.48

McCormick & Co Inc/MD

1,100

52,571

0.64

Merck & Co Inc

1,700

55,928

0.68

Mercury General Corp

800

26,268

0.32

National Health Investors Inc

1,000

40,125

0.49

National Retail Properties Inc

2,600

57,960

0.70

NiSource Inc

1,600

31,204

0.38

O'Reilly Automotive Inc

600

39,606

0.48




In % of net assets

Oritani Financial Corp

2,800

31,750

0.39

Pfizer Inc

4,300

77,932

0.94

Philip Morris International Inc

1,100

75,636

0.92

Pinnacle West Capital Corp

800

32,617

0.40

Prospect Capital Corp

6,400

57,441

0.70

Raytheon Co

1,300

57,970

0.70

Realty Income Corp

1,400

46,080

0.56

Regal Entertainment Group

2,300

24,938

0.30

Reynolds American Inc

1,400

49,500

0.60

Ross Stores Inc

1,000

49,226

0.60

Sherwin–Williams Co/The

500

52,145

0.63

Southern Co/The

1,900

69,320

0.84

Telefonica Brasil SA ADR

1,700

33,141

0.40

TJX Cos Inc

1,800

60,891

0.74

Travelers Cos Inc/The

1,100

55,336

0.67


1,200

30,287

0.37

Valspar Corp

1,200

49,634

0.60

Vector Group Ltd

3,500

46,941

0.57

Verizon Communications Inc

2,400

84,044

1.01

Wal–Mart Stores Inc

1,300

71,420

0.87

Wisconsin Energy Corp

1,100

34,299

0.42

Xcel Energy Inc

1,400

31,342

0.38

3,540,195

42.95



In % of net assets

ZAR

AVI Ltd

8,203

39,517

0.48

FirstRand Ltd

19,051

48,440

0.59

Growthpoint Properties Ltd

23,162

51,328

0.62

Life Healthcare Group Holdings Ltd

14,296

42,879

0.52

MMI Holdings Ltd/South Africa

20,450

35,466

0.43

Nedbank Group Ltd

2,876

48,185

0.58

Pretoria Portland Cement Co Ltd

10,715

27,616

0.34

Redefine Properties Ltd

53,667

44,313

0.54

Remgro Ltd

3,871

49,041

0.60

RMB Holdings Ltd

12,747

42,838

0.52

Sanlam Ltd

14,742

50,778

0.61

Vodacom Group Ltd

3,232

28,929

0.35

Woolworths Holdings Ltd/South Africa

7,298

35,326

0.43

544,656

6.61


8,081,652

98.06


8,081,652

98.06


160,142

1.94

Total net assets

8,241,794

100.00


Robeco Global Stars Equities Investment portfolio

At 30 June 2012


In % of net assets


CHF

Cie Financiere Richemont SA

112,000

4,834,700

1.80

Roche Holding AG

81,000

11,032,427

4.09

15,867,127

5.89

EUR

BNP Paribas SA

120,000

3,640,200

1.35

Henkel AG & Co KGaA

200,200

8,764,756

3.26

Koninklijke DSM NV

61,000

2,366,800

0.88

Koninklijke Philips Electronics NV

400,000

6,228,000

2.31

Ryanair Holdings PLC

1,679,000

6,716,000

2.49

Sanofi

135,000

8,064,900

3.00

Siemens AG

34,067

2,253,191

0.84

Source Markets PLC – Euro Stoxx Banks

190,000

8,016,100

2.98

ThyssenKrupp AG

275,000

3,529,625

1.31

TNT Express NV

292,748

2,704,699

1.00

Total SA

177,889

6,315,060

2.35

Umicore SA

125,000

4,546,250

1.69

Ziggo NV

358,100

9,018,749

3.34

72,164,330

26.80

GBP

BG Group PLC

300,000

4,820,171

1.79


265,000

10,616,704

3.94

Chariot Oil & Gas Ltd

1,250,000

1,583,550

0.59

ICAP PLC

600,856

2,506,352

0.93

Reckitt Benckiser Group PLC

100,000

4,158,942

1.54


At 30 June 2012


In % of net assets

Rio Tinto PLC

175,000

6,529,786

2.43

Vodafone Group PLC

3,300,000

7,310,901

2.72


3,300,000

293,207

0.11

37,819,613

14.05

JPY

Japan Tobacco Inc

331,000

7,718,048

2.87

USD

Apache Corp

133,710

9,260,291

3.44

Apple Inc

17,000

7,823,175

2.91

Comcast Corp

610,000

15,367,164

5.70

DaVita Inc

44,000

3,405,098

1.26

Dollar General Corp

165,000

7,071,707

2.63

eBay Inc

160,000

5,296,560

1.97

F5 Networks Inc

49,500

3,883,393

1.44

Google Inc

11,300

5,165,116

1.92

McGraw–Hill Cos Inc/The

340,000

12,056,263

4.48

Oracle Corp

658,800

15,418,116

5.72

Virgin Media Inc

620,000

11,915,843

4.43

Weatherford International /Switzerland

623,000

6,200,299

2.30

102,863,025

38.20


236,432,143

87.81


236,432,143

87.81


32,812,860

12.19

Total net assets

269,245,003

100.00


Robeco Emerging Stars Equities Investment portfolio

At 30 June 2012


In % of net assets


BRL

Banco do Brasil SA

2,663,353

20,306,572

2.45

MRV Engenharia e Participacoes SA

4,124,400

14,974,398

1.81

Vale SA Pref

1,195,000

18,269,061

2.21

53,550,031

6.47

CAD

Petrominerales Ltd

880,031

7,822,498

0.94

HKD

Chaoda Modern Agriculture Holdings Ltd

18,597,706

1,172,526

0.14

China Communications Construction Co

28,000,000

19,256,791

2.33

China Construction Bank Corp

37,288,000

20,038,351

2.42

China Minsheng Banking Corp Ltd

44,681,000

31,182,924

3.77

China Mobile Ltd

4,004,000

34,472,358

4.16

China Petroleum & Chemical Corp

40,300,000

28,166,359

3.40

Dongfeng Motor Group Co Ltd

15,422,000

18,643,390

2.25

152,932,699

18.47

IDR

Bank Rakyat Indonesia Persero Tbk PT

32,300,000

17,207,438

2.08

INR

Grasim Industries Ltd

208,002

7,752,366

0.94

Tata Motors Ltd

5,720,000

10,688,058

1.29

18,440,424

2.23

KRW

E–Mart Co Ltd

115,000

19,779,753

2.39

Hana Financial Group Inc

1,007,000

25,079,626

3.03

Hyundai Department Store Co Ltd

224,000

21,883,631

2.64

Hyundai Mobis

92,100

17,393,421

2.10

Hyundai Motor Co Pref

282,000

12,863,100

1.55


414,800

21,260,724

2.57

KT Corp

70,000

1,461,638

0.18

LG Chem Ltd Pref

108,756

6,606,888

0.80

LG Electronics Inc Pref

325,500

3,907,774

0.47

LG Uplus Corp

3,823,300

14,572,403

1.76


9,200

7,601,755

0.92

Samsung Electronics Co Ltd Pref

76,000

39,163,224

4.72

Shinhan Financial Group Co Ltd

776,107

21,198,012

2.56

212,771,949

25.69


At 30 June 2012


In % of net assets

MYR

Felda Global Ventures Holdings Bhd

170,000

224,425

0.03

SGD

Golden Agri–Resources Ltd

43,900,000

18,295,649

2.21

THB


4,600,000

21,056,915

2.54

Bangkok Bank PCL NVDR

5,220,000

24,801,607

3.00

45,858,522

5.54

TRY

Tupras Turkiye Petrol Rafinerileri AS

1,052,400

17,743,647

2.14

Turkiye Halk Bankasi AS

2,294,100

14,142,294

1.71

31,885,941

3.85

TWD


2,625,000

18,791,751

2.27

Chinatrust Financial Holding Co Ltd

17,685,169

7,927,317

0.96

Quanta Computer Inc

11,043,026

23,119,408

2.79


11,090,000

23,773,340

2.87

73,611,816

8.89

USD


304,350

18,193,130

2.20


1,121,250

16,274,713

1.97

Copa Holdings SA

371,800

24,164,583

2.92

Gazprom OAO ADR

3,510,600

26,086,410

3.15

KT Corp ADR

1,430,000

14,851,582

1.79

Lukoil OAO ADR

631,790

27,754,850

3.35

Rosneft Oil Co GDR

3,160,000

15,587,723

1.88

Sberbank of Russia

12,890,000

27,018,163

3.26

Spreadtrum Communications Inc ADR

765,000

10,639,652

1.28

Tata Motors Ltd ADR

395,000

6,835,192

0.83

187,405,998

22.63


820,007,390

99.03


820,007,390

99.03


8,089,547

0.97

Total net assets

828,096,937

100.00


Robeco Emerging Markets Equities Investment portfolio

At 30 June 2012


In % of net assets


BRL

Banco do Brasil SA

3,000,000

22,873,316

0.94

Banco do Estado do Rio Grande Pref

1,000,000

5,543,627

0.23

BR Properties SA

1,000,000

9,252,391

0.38

CCR SA

2,500,000

15,937,927

0.65

Cia Energetica de Minas Gerais Pref

1,250,000

18,314,464

0.75

Cosan SA Industria e Comercio

1,000,000

12,098,380

0.50

EDP – Energias do Brasil SA

1,200,000

6,038,649

0.25

Itausa – Investimentos Itau SA Pref

3,040,045

10,087,988

0.41

Localiza Rent a Car SA

1,000,000

11,848,526

0.49

Metalurgica Gerdau SA Pref

600,000

5,186,024

0.21

MRV Engenharia e Participacoes SA

1,700,000

6,172,165

0.25

QGEP Participacoes SA

982,000

2,810,096

0.12

126,163,553

5.18

CAD

Petrominerales Ltd

500,004

4,444,480

0.18

Sino–Forest Corp

627,100

48

0.00

4,444,528

0.18

CNY

Gree Electric Appliances Inc

2,317,500

5,992,308

0.25

Ping An Insurance Group Co

1,769,930

10,039,696

0.41

16,032,004

0.66

GBP

Petropavlovsk PLC

700,000

3,941,664

0.16

HKD

Air China Ltd

10,000,000

4,612,040

0.19

Anta Sports Products Ltd

7,000,000

3,327,983

0.14

BBMG Corp

10,000,000

5,455,210

0.22


27,500,000

1,733,787

0.07

China Agri–Industries Holdings Ltd

12,716,000

5,464,219

0.22


20,000,000

13,754,851

0.57

China Communications Services Corp Ltd

20,000,000

7,761,230

0.32


100,000,000

53,739,410

2.21

China Dongxiang Group Co

25,000,000

1,777,769

0.07

China Merchants Bank Co Ltd

10,000,000

14,689,449

0.60


30,000,000

20,937,037

0.86

China Mobile Ltd

7,000,000

60,266,361

2.48

China National Building Material Co Ltd

10,000,000

8,421,545

0.35

China Overseas Land & Investment Ltd

10,000,000

18,265,304

0.75


40,000,000

27,956,683

1.15

China Pharmaceutical Group Ltd

6,644,000

1,309,389

0.05

China Telecom Corp Ltd

30,000,000

10,270,424

0.42


At 30 June 2012


In % of net assets

CITIC Securities Co Ltd

5,000,000

8,259,006

0.34

CNOOC Ltd

30,000,000

46,933,095

1.93


14,000,000

16,924,358

0.70

Glorious Property Holdings Ltd

20,000,400

2,742,898

0.11

Great Wall Motor Co Ltd

5,000,000

7,812,024

0.32

Guangzhou Automobile Group Co Ltd

10,000,000

6,542,189

0.27

Harbin Electric Co Ltd

10,000,000

6,328,857

0.26

Industrial & Commercial Bank of China

100,000,000

43,580,731

1.79

Lonking Holdings Ltd

15,000,000

2,803,795

0.12

Pacific Basin Shipping Ltd

15,000,000

5,028,546

0.21

PetroChina Co Ltd

10,000,000

10,107,885

0.42

PICC Property & Casualty Co Ltd

15,000,000

13,211,361

0.54

Shenzhou International Group Holdings

5,000,000

6,806,315

0.28

Shimao Property Holdings Ltd

10,000,000

12,027,875

0.49

Skyworth Digital Holdings Ltd

15,000,000

5,211,402

0.21

Yanzhou Coal Mining Co Ltd

6,000,000

7,302,058

0.30

Yue Yuen Industrial Holdings Ltd

2,000,000

4,916,800

0.20

466,281,886

19.16

IDR

Astra International Tbk PT

40,000,000

22,987,435

0.94

Bank Mandiri Persero Tbk PT

30,000,000

18,121,482

0.74


30,000,000

15,982,140

0.66

Semen Gresik Persero Tbk PT

12,000,000

11,376,264

0.47

68,467,321

2.81

INR

Apollo Hospitals Enterprise Ltd

700,000

6,098,304

0.25

Bank of India

1,500,472

7,349,110

0.30

Dabur India Ltd

4,500,000

7,274,822

0.30


200,000

7,454,126

0.31

Hero Motocorp Ltd

300,000

9,100,249

0.37

Mahindra & Mahindra Ltd

1,000,000

9,981,315

0.41

Rural Electrification Corp Ltd

3,000,005

8,120,549

0.33

Sesa Goa Ltd

3,000,000

8,114,184

0.33

State Bank of India

500,000

15,234,824

0.63

Sun Pharmaceutical Industries Ltd

1,200,000

10,767,542

0.44

Tata Consultancy Services Ltd

1,000,000

18,028,463

0.74

Tata Steel Ltd

2,000,000

12,460,237

0.51

119,983,725

4.92

KRW

Cheil Worldwide Inc

500,000

6,260,722

0.26

CJ CheilJedang Corp

50,000

11,197,060

0.46

E–Mart Co Ltd

100,000

17,199,785

0.71

GS Engineering & Construction Corp

200,000

10,498,749

0.43


1,000,000

24,905,289

1.02

Hyundai Department Store Co Ltd

100,000

9,769,478

0.40




In % of net assets

Hyundai Heavy Industries Co Ltd

100,000

17,715,779

0.73

Hyundai Mobis

200,000

37,770,729

1.55

Hyundai Motor Co

300,000

47,987,402

1.97

KB Financial Group Inc

700,002

17,770,869

0.73

KT Corp

300,000

6,264,162

0.26

KT&G Corp

300,000

16,759,471

0.69

LG Chem Ltd

80,000

16,071,480

0.66

LG Electronics Inc

200,000

8,393,495

0.34

LG Uplus Corp

2,000,000

7,622,945

0.31

POSCO

120,000

30,010,186

1.23


120,000

99,153,323

4.08


40,000

20,612,223

0.85


700,002

19,119,336

0.79

SK Telecom Co Ltd

100,000

8,599,893

0.35

433,682,376

17.82

MXN

Corp GEO SAB de CV

3,004,500

2,659,201

0.11

MYR

Felda Global Ventures Holdings Bhd

513,000

677,236

0.03

KLCC Property Holdings Bhd

5,000,000

5,769,446

0.24

Public Bank Bhd

5,000,000

17,072,596

0.70

Starhill Real Estate Investment Trust

15,527,400

3,930,158

0.16

YTL Corp Bhd

21,333,333

10,693,533

0.44

38,142,969

1.57

RUB

Mobile Telesystems OJSC

860,000

4,909,218

0.20

SGD

China Fishery Group Ltd

3,500,000

1,904,954

0.08


50,000,000

20,837,869

0.86

Lippo Malls Indonesia Retail Trust

20,000,000

4,976,208

0.20

STX Pan Ocean Co Ltd

999,300

3,219,839

0.13

30,938,870

1.27

THB


3,500,000

16,021,566

0.66


4,000,000

19,005,063

0.78

Esso Thailand PCL Foreign

15,000,000

3,758,834

0.15

PTT Global Chemical PCL Foreign

5,000,000

6,884,993

0.28

PTT PCL NVDR

2,500,000

20,034,710

0.82

Siam Commercial Bank PCL NVDR

5,000,000

18,235,928

0.75

83,941,094

3.44

TRY

Ford Otomotiv Sanayi AS

700,000

5,001,416

0.21

Haci Omer Sabanci Holding AS

3,000,000

9,933,126

0.41

KOC Holding AS

3,000,000

9,018,233

0.37


500,000

8,430,087

0.35



In % of net assets


2,000,000

12,329,274

0.51

Turkiye Is Bankasi

7,000,000

14,638,290

0.60

Turkiye Vakiflar Bankasi Tao

7,000,000

11,466,661

0.47

70,817,087

2.92

TWD


3,000,000

21,476,287

0.88

Catcher Technology Co Ltd

1,500,000

7,850,908

0.32

Cheng Shin Rubber Industry Co Ltd

5,000,000

9,887,793

0.41


30,000,000

13,447,399

0.55

Compal Electronics Inc

15,000,000

10,817,246

0.44

Coretronic Corp

8,000,000

5,853,574

0.24

Giant Manufacturing Co Ltd

2,000,000

7,251,048

0.30

Hon Hai Precision Industry Co Ltd

15,000,000

35,358,749

1.45

Mega Financial Holding Co Ltd

20,000,000

11,522,575

0.47

Merida Industry Co Ltd

1,000,000

2,847,684

0.12

Quanta Computer Inc

8,000,004

16,748,612

0.69


35,000,000

75,028,576

3.08

TSRC Corp

4,000,000

7,730,936

0.32

United Microelectronics Corp

35,000,000

11,904,903

0.49

Wistron Corp

10,000,000

9,624,119

0.40

247,350,409

10.16

USD

America Movil SAB de CV ADR

2,300,026

47,231,139

1.95

AsiaInfo–Linkage Inc

700,000

6,503,290

0.27

Cemex SAB de CV ADR

3,000,000

15,909,539

0.65


250,000

14,944,250

0.61


750,000

10,886,096

0.45

Copa Holdings SA

150,000

9,749,025

0.40

Credicorp Ltd

150,000

14,880,028

0.61

Desarrolladora Homex SAB de CV ADR

400,000

4,854,025

0.20

Diamond Bank PLC GDR

525,580

547,095

0.02

Focus Media Holding Ltd ADR

400,000

7,400,812

0.30

Gazprom OAO ADR

7,000,000

52,015,287

2.15

Gerdau SA ADR

2,500,000

17,257,003

0.71

Gravity Co Ltd ADR

600,500

828,080

0.03

Itau Unibanco Holding SA ADR

3,000,000

32,906,505

1.35

KazMunaiGas Exploration Produc GDR

500,000

6,658,524

0.27

Lukoil OAO ADR

750,000

32,947,874

1.35

Mobile Telesystems OJSC ADR

598,300

8,109,026

0.33

NovaTek OAO GDR

200,000

16,705,410

0.69

Oi SA ADR

188,069

689,115

0.03

Oi SA ADR PRF

642,643

6,248,938

0.26

Perfect World Co Ltd ADR

300,500

2,372,649

0.10

Petroleo Brasileiro SA ADR

500,000

7,395,296

0.30

Petroleo Brasileiro SA ADR PRF

2,000,000

28,588,314

1.17

Raspadskaya OAO

1,522,364

2,759,365

0.11

Rosneft Oil Co GDR

4,000,000

19,731,295

0.81

Sberbank of Russia

15,000,000

31,440,842

1.29




In % of net assets

Sistema JSFC GDR

1,000,000

14,703,912

0.60

Sohu.com Inc

200,000

7,035,184

0.29

Tata Motors Ltd ADR

1,000,000

17,304,283

0.71


700,000

13,646,428

0.56

Uralkali OJSC GDR

500,000

15,082,148

0.62

Vale SA ADR

4,000,000

61,494,819

2.54

528,825,596

21.73

ZAR

ABSA Group Ltd

700,000

9,523,121

0.39

Barloworld Ltd

1,000,000

7,804,258

0.32

Exxaro Resources Ltd

500,000

9,156,514

0.38

Foschini Group Ltd/The

1,000,000

12,333,618

0.51

Imperial Holdings Ltd

700,000

11,600,403

0.48



In % of net assets

Kumba Iron Ore Ltd

200,000

10,571,012

0.43

Mr Price Group Ltd

800,000

8,626,692

0.35

Sasol Ltd

1,000,000

32,989,850

1.36

Standard Bank Group Ltd/South Africa

2,000,000

21,300,806

0.88

Steinhoff International Holdings Ltd

4,000,000

9,499,998

0.39

Vodacom Group Ltd

1,000,000

8,950,809

0.37


3,000,000

14,521,700

0.60

156,878,781

6.46


2,403,460,282

98.75


2,403,460,282

98.75


30,432,347

1.25

Total net assets

2,433,892,629

100.00


Robeco Active Quant Emerging Markets Equities Investment portfolio

At 30 June 2012


In % of net assets


AED

Dubai Islamic Bank PJSC

995,793

399,496

0.13

Emaar Properties PJSC

1,851,237

1,131,903

0.37

1,531,399

0.50

BRL

Banco do Brasil SA

150,035

1,143,933

0.37

Banco do Estado do Rio Grande Pref

94,300

522,764

0.17

BM&FBovespa SA

483,900

1,936,356

0.63

Bradespar SA Pref

147,600

1,898,085

0.61

Cia de Saneamento de Minas Gerais–COPA 68,200

1,158,189

0.37


43,800

1,096,069

0.35

Cielo SA

101,000

2,329,526

0.75

Cyrela Brazil Realty Empreendimentos

91,300

527,519

0.17

Eletropaulo Metropolitana Elet Pref

73,780

729,879

0.24


221,760

735,881

0.24

JBS SA

297,200

699,635

0.23

Klabin SA Pref

178,400

633,785

0.20

Redecard SA

31,400

402,690

0.13

13,814,311

4.46

CZK

CEZ AS

40,735

1,111,847

0.36

HKD

Agricultural Bank of China Ltd

2,482,000

779,108

0.25

Bank of China Ltd

13,788,130

4,118,034

1.33

Bank of Communications Co Ltd

3,744,000

1,973,969

0.64


568,480

35,841

0.01

China Citic Bank Corp Ltd

4,672,200

1,874,803

0.61

China Coal Energy Co Ltd

1,055,000

679,484

0.22


2,683,000

1,845,213

0.60


8,331,040

4,477,052

1.45

China International Marine Containers

477,017

477,802

0.15

China Lumena New Materials Corp

8,246,000

1,080,613

0.35


258,500

379,722

0.12


2,746,500

1,916,786

0.62

China Mobile Ltd

696,500

5,996,503

1.94


460,000

840,204

0.27


3,047,000

2,129,600

0.69

China Zhongwang Holdings Ltd

3,185,600

957,900

0.31

Citic Pacific Ltd

720,000

855,767

0.28

CNOOC Ltd

2,066,000

3,232,126

1.04

Datang International Power Generation

4,614,000

1,424,913

0.46

Fosun International Ltd

2,639,000

1,077,712

0.35


At 30 June 2012


In % of net assets

Guangshen Railway Co Ltd

3,200,000

750,930

0.24

Guangzhou R&F Properties Co Ltd

1,047,200

1,082,966

0.35


836,000

529,092

0.17

Huaneng Power International Inc

2,932,000

1,733,501

0.56


10,974,575

4,782,800

1.54

Lenovo Group Ltd

2,284,000

1,517,438

0.49

PetroChina Co Ltd

2,440,000

2,466,324

0.80

Shandong Chenming Paper Holdings Ltd

1,166,179

401,608

0.13

Shanghai Industrial Holdings Ltd

537,000

1,112,863

0.36

Shenzhen Investment Ltd

4,408,000

814,986

0.26

Shui On Land Ltd

4,057,000

1,294,112

0.42

Sino–Ocean Land Holdings Ltd

1,768,000

687,889

0.22

Soho China Ltd

629,500

377,298

0.12

Tencent Holdings Ltd

32,500

746,155

0.24

Tianneng Power International Ltd

2,000,000

828,948

0.27

Uni–President China Holdings Ltd

1,921,000

1,405,067

0.45

Weiqiao Textile Co

2,159,500

627,417

0.20

Zijin Mining Group Co Ltd

2,860,000

755,399

0.24

58,067,945

18.75

HUF

Richter Gedeon Nyrt

9,287

1,208,995

0.39

IDR

AKR Corporindo Tbk PT

3,896,500

1,135,977

0.37

Aneka Tambang Persero Tbk PT

7,000,000

786,942

0.25

Bakrie Sumatera Plantations Tbk PT

49,163,000

750,671

0.24

Perusahaan Perkebunan London Sumatra 4,286,000

961,869

0.31

3,635,459

1.17

INR

Aditya Birla Nuvo Ltd

74,275

845,871

0.27

Allahabad Bank

409,745

865,377

0.28

Amtek Auto Ltd

376,868

565,376

0.18


32,497

1,211,184

0.39

Great Eastern Shipping Co Ltd/The

277,901

975,984

0.32

Hindustan Unilever Ltd

208,558

1,337,752

0.43

Housing Development & Infrastructure

1,082,505

1,328,355

0.43

IDBI Bank Ltd

724,176

954,566

0.31

India Cements Ltd

1,027,535

1,260,901

0.41

Indian Bank

351,050

867,996

0.28

Indian Oil Corp Ltd

79,905

288,406

0.09

Indian Overseas Bank

221,467

260,357

0.08

Power Grid Corp of India Ltd

867,411

1,390,039

0.45

Reliance Infrastructure Ltd

211,485

1,666,185

0.54

Rolta India Ltd

370,543

419,138

0.14

Sesa Goa Ltd

438,911

1,187,135

0.38




In % of net assets

Tata Chemicals Ltd

183,606

805,865

0.26

16,230,487

5.24

KRW

BS Financial Group Inc

48,740

424,189

0.14

Daeduck Electronics Co

44,710

367,583

0.12

Daelim Industrial Co Ltd

15,367

953,627

0.31

GS Holdings

23,200

829,993

0.27


88,600

2,206,609

0.71


3,708

656,901

0.21

Hyundai Marine & Fire Insurance Co Ltd

25,600

521,332

0.17

Hyundai Motor Co

13,304

2,128,081

0.69

Hyundai Securities Co Ltd

197,560

1,153,957

0.37


42,400

1,076,404

0.35

KCC Corp

8,288

1,585,176

0.51

Korea Exchange Bank

297,380

1,667,448

0.54

Korea Investment Holdings Co Ltd

19,750

516,338

0.17

KT Corp

29,920

624,746

0.20

LIG Insurance Co Ltd

46,470

752,916

0.24

Lotte Samkang Co Ltd

1,684

614,046

0.20

POSCO

3,273

818,528

0.26


12,772

10,553,219

3.41


5,470

2,818,721

0.91

Samsung Heavy Industries Co Ltd

79,570

2,041,932

0.66

Samsung Techwin Co Ltd

32,637

1,731,202

0.56


49,400

1,349,275

0.44

SK Holdings Co Ltd

20,003

1,823,451

0.59

SK Innovation Co Ltd

10,507

997,564

0.32

SK Telecom Co Ltd

14,034

1,206,909

0.39

Taekwang Industrial Co Ltd

1,262

726,721

0.23

Woori Finance Holdings Co Ltd

231,020

1,978,800

0.64

42,125,668

13.61

MXN

Grupo Financiero Banorte SAB de CV

214,300

869,745

0.28


205,300

1,421,351

0.46

OHL Mexico SAB de CV

504,200

482,060

0.16

2,773,156

0.90

MYR

Alliance Financial Group Bhd

879,100

907,492

0.29

DiGi.Com Bhd

1,619,600

1,708,078

0.55

DRB–Hicom Bhd

1,216,500

760,718

0.25

Malayan Banking Bhd

395,900

854,704

0.28

Sime Darby Bhd

724,800

1,778,794

0.57

Tenaga Nasional Bhd

1,214,200

2,030,772

0.66

8,040,558

2.60

PKR

National Bank Of Pakistan

1,997,935

725,216

0.23



In % of net assets

PLN

KGHM Polska Miedz SA

43,759

1,498,171

0.48

PGE SA

173,112

794,602

0.26

Polskie Gornictwo Naftowe i Gazownictwo 769,220

753,746

0.24

3,046,519

0.98

SGD

Thai Beverage PCL

6,228,000

1,317,152

0.43

THB


388,500

1,778,394

0.57

Airports of Thailand PCL NVDR

981,100

1,454,426

0.47

Esso Thailand PCL NVDR

2,823,000

707,413

0.23

Kasikornbank PCL NVDR

158,500

637,067

0.21

Land and Houses PCL NVDR

7,443,500

1,440,497

0.47

PTT PCL NVDR

77,400

620,275

0.20

Ratchaburi Electricity Generat NVDR

692,100

751,255

0.24


313,600

1,143,757

0.37


764,400

1,360,765

0.44

Total Access Communication PCL NVDR

519,500

953,801

0.31

TPI Polene PCL NVDR

2,298,100

661,405

0.21

11,509,055

3.72

TRY


106,817

763,195

0.25

Kardemir Karabuk Demir Celik Sanayi ve

2,000,000

871,327

0.28

KOC Holding AS

278,107

836,011

0.27

Koza Anadolu Metal Madencilik Isletmeler 893,267

1,506,064

0.49


36,156

609,596

0.20

4,586,193

1.49

TWD


231,476

1,657,082

0.54

Chicony Electronics Co Ltd

833,000

1,203,632

0.39

China Development Financial Holding

1,949,036

361,793

0.12


750,727

336,511

0.11

Chong Hong Construction Co

681,000

1,161,768

0.38


1,650,000

1,189,897

0.38


611,000

1,042,350

0.34

Farglory Land Development Co Ltd

679,000

941,724

0.30


1,182,000

2,786,269

0.90

HTC Corp

64,000

657,288

0.21

Huaku Development Co Ltd

643,000

1,225,794

0.40

King Yuan Electronics Co Ltd

887,000

328,600

0.11

Lite–On Technology Corp

1,538,000

1,512,632

0.49

MStar Semiconductor Inc

132,000

692,620

0.22

Pegatron Corp

1,207,000

1,238,012

0.40

Quanta Computer Inc

340,000

711,816

0.23

Shin Kong Financial Holding Co Ltd

1,709,000

386,632

0.12

Taishin Financial Holding Co Ltd

1,293,630

388,851

0.13




In % of net assets


2,734,266

5,861,374

1.88


4,505,000

1,532,331

0.49

Wistron Corp

1,250,000

1,203,015

0.39

26,419,991

8.53

USD


226,100

4,642,974

1.50

Banco Bradesco SA ADR

219,180

2,568,226

0.83

Banco Santander Brasil SA/Braz ADR

342,200

2,089,792

0.67

Centrais Eletricas Brasileiras ADR

232,080

1,751,961

0.57


86,700

2,618,660

0.85


31,900

1,906,886

0.62


125,000

1,814,349

0.59

Cia Paranaense de Energia ADR

28,100

480,050

0.16

Cia Siderurgica Nacional SA ADR

178,700

798,415

0.26

Credicorp Ltd

6,000

595,201

0.19

Desarrolladora Homex SAB de CV ADR

75,500

916,197

0.30

Ecopetrol SA ADR

62,800

2,760,815

0.89

Fomento Economico Mexicano SAB ADR

13,100

921,299

0.30

Gazprom Neft JSC ADR

85,850

1,552,545

0.50

Gazprom OAO ADR

618,131

4,593,180

1.48

Gerdau SA ADR

82,800

571,552

0.18

Giant Interactive Group Inc ADR

325,300

1,238,091

0.40

Grupo Aeroportuario del Surest ADR

13,800

848,955

0.27


200,154

2,195,456

0.71

Lukoil OAO ADR

94,050

4,131,663

1.33

Netease Inc ADR

31,700

1,470,033

0.47

Orascom Construction Industrie GDR

29,330

936,027

0.30


171,230

2,532,593

0.82


354,100

5,061,561

1.63

Rosneft Oil Co GDR

116,126

572,829

0.18

Sberbank of Russia

276,484

579,526

0.19

Sberbank of Russia ADR

290,052

2,457,002

0.79

Silicon Motion Technology Corp ADR

39,564

439,894

0.14

Surgutneftegas OJSC ADR

375,894

2,449,583

0.79

Tata Motors Ltd ADR

122,800

2,124,966

0.69



In % of net assets

Tatneft ADR

84,623

2,237,187

0.72


26,717

520,845

0.17

Ultrapar Participacoes SA ADR

28,200

503,980

0.16

Vale SA ADR

151,190

2,364,857

0.76

Vale SA ADR

333,670

5,129,744

1.66

VimpelCom Ltd ADR

52,700

336,785

0.11

68,713,679

22.18

ZAR

African Bank Investments Ltd

370,392

1,295,789

0.42

AVI Ltd

328,880

1,584,361

0.51

Barloworld Ltd

159,909

1,247,971

0.40

FirstRand Ltd

650,000

1,652,720

0.53


81,739

1,008,138

0.33


785,942

1,741,666

0.56


112,309

1,861,185

0.60

Investec Ltd

93,897

434,340

0.14


517,236

897,032

0.29

MTN Group Ltd

195,981

2,660,928

0.86


204,576

527,260

0.17


2,133,934

1,762,010

0.57

Remgro Ltd

67,220

851,604

0.28

RMB Holdings Ltd

421,805

1,417,538

0.46

Sanlam Ltd

650,575

2,240,887

0.72

Sasol Ltd

84,442

2,785,729

0.90


137,809

1,467,721

0.47


782,343

1,858,064

0.60

Vodacom Group Ltd

159,105

1,424,118

0.46

28,719,061

9.27


293,576,691

94.81


293,576,691

94.81


16,084,047

5.19

Total net assets

309,660,738

100.00


Robeco Emerging Enhanced Index Equities Investment portfolio

At 30 June 2012

Quantity Market Value in USD x 1

In % of net assets


BRL

Banco do Brasil

42,800

414,124

0.31

BM&FBovespa SA

123,000

624,616

0.47

BR Malls Participacoes SA

16,000

182,319

0.14

Bradespar SA Pref

25,000

407,989

0.31


10,300

327,099

0.24

Cielo SA

22,560

660,334

0.49

Cyrela Brazil Realty Empreendimentos

42,500

311,627

0.23


17,800

223,466

0.17


100,980

425,244

0.32

JBS SA

30,500

91,117

0.07

Klabin SA Pref

82,300

371,044

0.28

Metalurgica Gerdau SA Pref

10,800

118,464

0.09

Natura Cosmeticos SA

7,000

162,997

0.12

PDG Realty SA Empreendimentos e Partici 44,500

77,384

0.06

Redecard SA

12,600

205,064

0.15

Souza Cruz SA

15,200

222,001

0.17

Usinas Siderurgicas de Minas G Pref

29,700

92,995

0.07

4,917,884

3.69

CLP

AES Gener SA

589,257

338,608

0.25

Aguas Andinas SA

397,014

244,997

0.18

Cencosud SA

35,924

197,621

0.15

Cencosud SA/CLM/18–06–2012

3,855

1,257

–

Corpbanca

30,885,351

388,726

0.29

Empresas CMPC SA

44,166

175,626

0.13

Empresas COPEC SA

18,046

265,495

0.20

Vina Concha y Toro SA

57,375

111,900

0.08

1,724,230

1.28

COP

Almacenes Exito SA

22,969

380,156

0.28

Grupo de Inversiones Suramericana SA

9,304

161,079

0.12

541,235

0.40

CZK

CEZ AS

6,402

221,754

0.17

EGP

Telecom Egypt Co

143,077

314,091

0.23

HKD


731,000

291,200

0.22

Anhui Conch Cement Co Ltd

50,000

135,042

0.10

Bank of China Ltd

3,413,000

1,293,599

0.97


At 30 June 2012


In % of net assets

Bank of Communications Co Ltd

290,000

194,036

0.15

Bosideng International Holdings Ltd

1,070,000

274,507

0.21

China Citic Bank Corp Ltd

798,000

406,365

0.30

China Coal Energy Co Ltd

163,000

133,227

0.10


517,000

451,227

0.34


726,000

357,533

0.27


2,835,000

1,933,413

1.45

China Everbright Ltd

230,000

323,792

0.24

China Life Insurance Co Ltd

122,000

313,933

0.23


154,500

288,013

0.22

China Merchants Holdings International

48,000

145,111

0.11


475,500

421,137

0.31

China Mobile Ltd

239,500

2,616,744

1.96


114,000

121,836

0.09


162,000

375,509

0.28


932,000

826,647

0.62

China Resources Land Ltd

76,000

154,806

0.12

China Shenhua Energy Co Ltd

134,500

469,035

0.35


873,600

333,365

0.25

CNOOC Ltd

710,000

1,409,597

1.05

Datang International Power Generation

974,000

381,723

0.29


106,000

162,618

0.12

Dongyue Group

376,000

174,020

0.13

Franshion Properties China Ltd

1,036,000

311,194

0.23

Geely Automobile Holdings Ltd

915,000

318,494

0.24


205,000

406,468

0.30

Guangdong Investment Ltd

454,000

326,592

0.24


296,000

388,468

0.29

Hengan International Group Co Ltd

16,500

159,431

0.12


494,000

370,652

0.28


2,574,000

1,423,580

1.06

Lee & Man Paper Manufacturing Ltd

284,400

113,293

0.08

Lenovo Group Ltd

250,000

210,782

0.16

Metallurgical Corp of China Ltd

1,373,000

292,059

0.22

Minmetals Resources Ltd

396,000

164,897

0.12

PetroChina Co Ltd

836,000

1,072,372

0.80


67,500

536,914

0.40


118,000

310,333

0.23

Shougang Fushan Resources Group Ltd

954,000

244,747

0.18

Shui On Land Ltd

843,500

341,453

0.26

Sino–Ocean Land Holdings Ltd

787,500

388,835

0.29

Sinopec Shanghai Petrochemical Co Ltd

340,000

99,061

0.07

Soho China Ltd

510,000

387,916

0.29

Sun Art Retail Group Ltd

75,500

82,636

0.06


24,000

699,255

0.52




In % of net assets

Uni–President China Holdings Ltd

335,000

310,952

0.23

Want Want China Holdings Ltd

235,000

287,811

0.22

Yanzhou Coal Mining Co Ltd

88,000

135,911

0.10

Yuexiu Property Co Ltd

1,306,000

316,532

0.24

Zhejiang Expressway Co Ltd

498,000

328,070

0.25

24,016,743

17.96

HUF

Magyar Telekom Telecommunications

126,101

248,649

0.19

OTP Bank PLC

9,439

149,651

0.11

398,300

0.30

IDR

Astra International Tbk PT

805,000

587,091

0.44

Bank Mandiri Persero Tbk PT

345,000

264,466

0.20


435,500

294,429

0.22

Bumi Resources Tbk PT

618,000

73,035

0.05

Indo Tambangraya Megah Tbk PT

71,500

273,668

0.20

Indocement Tunggal Prakarsa Tbk PT

196,500

362,978

0.27

Perusahaan Gas Negara Persero Tbk PT

433,000

162,505

0.12


348,000

418,674

0.31

Telekomunikasi Indonesia Persero Tbk

793,000

688,097

0.51

Unilever Indonesia Tbk PT

60,500

147,506

0.11

United Tractors Tbk PT

67,000

152,297

0.11

Vale Indonesia Tbk PT

940,000

267,714

0.20

3,692,460

2.74

KRW

BS Financial Group Inc

32,720

361,381

0.27

Cheil Industries Inc

1,474

128,566

0.10

CJ Corp

1,636

114,128

0.09

Daelim Industrial Co Ltd

3,836

302,097

0.23

DGB Financial Group Inc

27,480

332,298

0.25

Dongbu Insurance Co Ltd

8,690

318,283

0.24

Doosan Corp

2,758

311,836

0.23

E–Mart Co Ltd

828

180,731

0.14


16,450

519,920

0.39

Hankook Tire Co Ltd

3,020

119,445

0.09

Hyundai Engineering & Construction Co Lt

2,651

150,447

0.11


1,656

372,305

0.28

Hyundai Marine & Fire Insurance Co Ltd

12,700

328,214

0.25

Hyundai Mipo Dockyard

2,836

292,180

0.22

Hyundai Mobis

847

202,996

0.15

Hyundai Motor Co

6,116

1,241,516

0.93


1,330

86,511

0.06

Hyundai Securities Co Ltd

35,740

264,926

0.20

Hyundai Steel Co

2,198

161,201

0.12

Industrial Bank of Korea

10,780

120,003

0.09


18,412

593,184

0.44

KCC Corp

1,263

306,556

0.23



In % of net assets

Kia Motors Corp

4,338

282,925

0.21

Korea Exchange Bank

49,550

352,584

0.26

Korea Gas Corp

6,140

217,113

0.16

Korea Investment Holdings Co Ltd

9,250

306,893

0.23

KT Corp

11,850

314,007

0.23

KT&G Corp

9,090

644,439

0.48

LG Corp

8,280

397,608

0.30

LG Display Co Ltd

9,230

172,053

0.13

LG Electronics Inc

8,145

433,793

0.32

NHN Corp

1,623

354,259

0.26

POSCO

2,595

823,576

0.62

Samsung C&T Corp

3,198

182,607

0.14

Samsung Electro–Mechanics Co Ltd

2,370

219,339

0.16


4,654

4,880,127

3.65


817

534,276

0.40

Samsung Heavy Industries Co Ltd

14,400

468,957

0.35

Samsung Life Insurance Co Ltd

1,983

161,189

0.12

Samsung SDI Co Ltd

1,355

179,231

0.13

Samsung Techwin Co Ltd

5,136

345,733

0.26


16,950

587,519

0.44

SK Hynix Inc

8,100

168,669

0.13

SK Innovation Co Ltd

2,385

287,362

0.21

SK Telecom Co Ltd

3,174

346,401

0.26

S–Oil Corp

1,785

141,510

0.11

Woori Finance Holdings Co Ltd

40,740

442,845

0.33

20,053,739

15.00

MXN

Grupo Bimbo SAB de CV

65,300

159,287

0.12

Grupo Financiero Banorte SAB de CV

64,500

332,207

0.25

Grupo Financiero Inbursa SAB de CV

74,800

168,978

0.13

Grupo Mexico SAB de CV

244,300

720,386

0.54


56,800

499,045

0.37

Industrias Penoles SAB de CV

5,500

235,335

0.18

Wal–Mart de Mexico SAB de CV

211,500

563,174

0.42

2,678,412

2.01

MYR


278,500

364,845

0.27

British American Tobacco Malaysia Bhd

21,800

384,445

0.29

CIMB Group Holdings Bhd

87,900

209,544

0.16

DiGi.Com Bhd

123,800

165,691

0.12

Gamuda Bhd

323,800

356,890

0.27

Genting Malaysia BHD

117,500

133,208

0.10

Genting Plantations Bhd

109,800

321,570

0.24

IOI Corp Bhd

127,300

208,059

0.16

Kuala Lumpur Kepong Bhd

19,000

137,258

0.10

Malayan Banking Bhd

133,500

365,755

0.27

Maxis Bhd

244,800

492,609

0.37

Petronas Gas BHD

27,500

155,882

0.12




In % of net assets

Public Bank Bhd

39,400

170,976

0.13

Sime Darby Bhd

203,000

632,240

0.47


221,100

393,393

0.29

Tenaga Nasional Bhd

139,500

296,090

0.22

UMW Holdings Bhd

115,200

331,217

0.25

5,119,672

3.83

PHP

Bank of the Philippine Islands

103,700

183,601

0.14

Globe Telecom Inc

12,840

339,779

0.25

Philippine Long Distance Telephone Co

6,560

412,578

0.31

935,958

0.70

PLN

Asseco Poland SA

21,546

315,059

0.24

Enea SA

60,010

285,368

0.21

KGHM Polska Miedz SA

11,945

518,990

0.39

PGE SA

29,669

172,824

0.13

Polski Koncern Naftowy Orlen S.A.

12,723

142,621

0.11

Powszechna Kasa Oszczednosci Bank Polski 12,517

129,772

0.10

Powszechny Zaklad Ubezpieczen SA

2,227

222,880

0.17

Synthos SA

161,011

286,098

0.21

2,073,612

1.56

THB


86,500

502,495

0.38


54,800

330,422

0.25

CP ALL PCL NVDR

174,600

195,160

0.15

Kasikornbank PCL NVDR

70,600

360,113

0.27

PTT Exploration & Production P NVDR

46,000

243,325

0.18

PTT Global Chemical PCL NVDR

66,000

115,334

0.09

PTT PCL NVDR

33,800

343,747

0.26


61,800

286,039

0.21

Thai Oil PCL NVDR

163,500

296,009

0.22

2,672,644

2.01

TRY

Enka Insaat ve Sanayi AS

49,347

132,322

0.10

Eregli Demir ve Celik Fabrikalari TAS

224,691

249,696

0.19


36,000

326,420

0.24

Haci Omer Sabanci Holding AS

91,288

383,581

0.29

Turkiye Garanti Bankasi AS

83,300

326,989

0.24


55,366

433,141

0.32

Turkiye Is Bankasi

62,478

165,805

0.12

Turkiye Vakiflar Bankasi Tao

176,914

367,773

0.28

2,385,727

1.78

TWD


60,000

545,090

0.41

AU Optronics Corp

297,000

119,754

0.09

Catcher Technology Co Ltd

22,000

146,127

0.11

Cheng Shin Rubber Industry Co Ltd

57,000

143,048

0.11



In % of net assets


168,000

308,061

0.23

China Steel Corp

448,000

419,742

0.31


400,000

227,539

0.17


37,000

116,379

0.09


428,000

391,695

0.29

Delta Electronics Inc

72,000

219,000

0.16

Far Eastern New Century Corp

110,000

115,944

0.09


213,000

461,138

0.34

Farglory Land Development Co Ltd

160,000

281,613

0.21

Feng Hsin Iron & Steel Co

190,000

317,885

0.24

Formosa Chemicals & Fibre Corp

113,000

296,443

0.22

Formosa Taffeta Co Ltd

342,000

306,696

0.23

Giant Manufacturing Co Ltd

63,000

289,861

0.22


385,000

1,151,715

0.86

Hotai Motor Co Ltd

22,000

142,078

0.11

HTC Corp

30,000

390,999

0.29

Inventec Corp

675,000

217,509

0.16


328,000

409,383

0.31

Macronix International

910,000

285,317

0.21

MediaTek Inc

20,000

182,700

0.14


294,000

214,954

0.16


47,000

312,966

0.23

Nan Ya Plastics Corp

188,000

335,928

0.25

Novatek Microelectronics Corp

118,000

360,890

0.27

Pegatron Corp

267,000

347,542

0.26

Pou Chen Corp

244,000

207,790

0.16

Quanta Computer Inc

98,000

260,371

0.19

Realtek Semiconductor Corp

173,000

313,177

0.23

Siliconware Precision Industries Co

111,000

115,884

0.09

Taiwan Cement Corp

132,000

156,139

0.12


976,000

2,655,139

1.99

Uni–President Enterprises Corp

319,000

508,094

0.38


1,095,000

472,662

0.35

Walsin Lihwa Corp

1,027,000

283,512

0.21

Wistron Corp

272,000

332,207

0.25

Yuanta Financial Holding Co Ltd

318,000

144,183

0.11

14,507,154

10.85

USD


78,700

2,050,922

1.54

Banco Bradesco SA ADR

50,700

753,909

0.56

Banco de Chile ADR

4,279

361,576

0.27

Banco Santander Brasil SA/Braz ADR

30,200

234,050

0.18

BanColombia SA ADR

5,500

340,120

0.25

BRF – Brasil Foods SA ADR

17,100

259,749

0.19

Cemex SAB de CV ADR

40,300

271,219

0.20


10,700

75,221

0.06


31,300

299,854

0.22

Cia Brasileira de Distribuicao ADR

4,000

159,960

0.12




In % of net assets


29,600

1,134,568

0.85

Cia de Minas Buenaventura SA ADR

7,700

292,446

0.22


6,200

470,332

0.35


35,000

644,700

0.48

Cia Siderurgica Nacional SA ADR

76,900

436,023

0.33

Coca–Cola Femsa SAB de CV ADR

3,600

471,168

0.35

Credicorp Ltd

2,700

339,903

0.25

Ecopetrol SA ADR

14,700

820,113

0.61

Embraer SA ADR

5,500

145,915

0.11

Empresa Nacional de Electricid ADR

9,800

500,094

0.37

Enersis SA ADR

10,300

192,610

0.14

Federal Hydrogenerating Co JSC ADR

45,874

109,593

0.08

Fomento Economico Mexicano SAB ADR

7,700

687,225

0.51

Gazprom OAO ADR

235,845

2,224,018

1.67

Gerdau SA ADR

65,300

572,028

0.43

Grupo Aeroportuario del Pacifi ADR

9,700

382,762

0.29


90,300

1,256,976

0.94

Lukoil OAO ADR

25,047

1,396,370

1.04

MMC Norilsk Nickel OJSC ADR

18,992

313,748

0.23

Mobile Telesystems OJSC ADR

11,200

192,640

0.14

NovaTek OAO GDR

1,450

153,700

0.11

Oi SA ADR PRF

13,220

163,135

0.12


3,659

148,190

0.11


59,200

1,111,184

0.83


83,700

1,518,318

1.15

Rosneft Oil Co GDR

105,057

657,657

0.49

Rostelecom OJSC ADR

10,000

219,300

0.16

Sberbank of Russia ADR

93,147

1,001,330

0.75

Southern Copper Corp

13,200

415,932

0.31

Surgutneftegas OJSC ADR

75,805

626,907

0.47

Tata Motors Ltd ADR

11,300

248,148

0.19

Tatneft ADR

16,436

551,428

0.41


11,800

291,932

0.22

Ultrapar Participacoes SA ADR

12,800

290,304

0.22

Vale SA ADR

51,700

1,026,245

0.77

Vale SA ADR

93,000

1,814,430

1.37

VTB Bank OJSC GDR

51,933

183,323

0.14

27,811,275

20.80



In % of net assets

ZAR

ABSA Group Ltd

11,395

196,732

0.15


87,946

390,452

0.29

AngloGold Ashanti Ltd

3,601

122,844

0.09

Aspen Pharmacare Holdings Ltd

11,247

173,067

0.13

Barloworld Ltd

33,022

327,050

0.24

Bidvest Group Ltd

12,345

274,718

0.21

Discovery Holdings Ltd

57,707

366,908

0.27

FirstRand Ltd

208,842

673,880

0.50


27,253

426,563

0.32

Gold Fields Ltd

28,716

364,633

0.27


157,342

442,484

0.33

Harmony Gold Mining Co Ltd

15,370

143,767

0.11


22,427

471,656

0.35

Kumba Iron Ore Ltd

3,194

214,240

0.16

Liberty Holdings Ltd

30,661

325,035

0.24


34,950

133,031

0.10

MTN Group Ltd

65,877

1,135,094

0.85

Naspers Ltd

7,214

383,690

0.29

Nedbank Group Ltd

8,052

171,200

0.13


92,749

303,360

0.23

Remgro Ltd

17,174

276,115

0.21

RMB Holdings Ltd

102,071

435,316

0.33

Sanlam Ltd

70,807

309,512

0.23

Sasol Ltd

22,634

947,590

0.71

Shoprite Holdings Ltd

16,168

297,857

0.22


47,259

638,748

0.48


129,289

389,676

0.29

Tiger Brands Ltd

6,424

192,433

0.14

Truworths International Ltd

17,336

189,755

0.14

Vodacom Group Ltd

14,756

167,614

0.13


29,824

183,206

0.14

11,068,226

8.28


125,133,116

93.59


125,133,116

93.59


8,564,840

6.41

Total net assets

133,697,956

100.00


Robeco Emerging Conservative Equities Investment portfolio

At 30 June 2012


In % of net assets


AED

Air Arabia PJSC

690,531

111,110

0.02

Dubai Islamic Bank PJSC

2,368,022

1,205,614

0.23

1,316,724

0.25

BRL

AES Tiete SA Pref

272,000

3,852,720

0.73

Alpargatas SA Pref

270,930

1,798,648

0.34

CCR SA

665,300

5,382,550

1.02

Cia de Saneamento de Minas Gerais–COPASA

112,500

2,424,522

0.46


139,700

4,436,483

0.84

Cielo SA

197,400

5,777,926

1.09

EDP – Energias do Brasil SA

599,200

3,826,565

0.72


247,000

3,100,901

0.59

Iochpe–Maxion SA

197,900

2,294,278

0.43

Klabin SA Pref

997,000

4,494,909

0.85

Light SA

102,500

1,259,389

0.24

M Dias Branco SA

117,100

3,422,893

0.65

Marcopolo SA Pref

91,000

408,013

0.08

Natura Cosmeticos SA

202,700

4,719,935

0.89

Redecard SA

134,200

2,184,099

0.41

Souza Cruz SA

303,100

4,426,880

0.84

Sul America SA

34,488

266,549

0.05

Tractebel Energia SA

202,600

3,728,916

0.71

Valid Solucoes e Servicos de Seguranca

271,300

4,032,324

0.76

61,838,500

11.70

CLP

Aguas Andinas SA

6,573,065

4,056,240

0.77

ENTEL Chile SA

76,163

1,419,923

0.27

5,476,163

1.04

COP

Cementos Argos SA

142,107

557,344

0.11

Corp Financiera Colombiana SA

19,029

323,049

0.06

Inversiones Argos SA Pref

44,053

394,916

0.07

1,275,309

0.24

CZK

CEZ AS

70,137

2,429,422

0.46


236,449

4,524,636

0.86

6,954,058

1.32

EGP

Telecom Egypt Co

138,411

303,848

0.06

HKD

Beijing Enterprises Holdings Ltd

414,500

2,484,811

0.47


At 30 June 2012


In % of net assets


8,326,000

2,136,021

0.40

China Mobile Ltd

888,000

9,702,164

1.84


4,078,000

3,617,026

0.69


2,136,800

815,402

0.15

Digital China Holdings Ltd

1,744,000

3,039,759

0.58

Guangdong Investment Ltd

5,698,000

4,098,950

0.78


432,000

4,174,182

0.79


7,088,000

5,318,175

1.01

Jiangsu Expressway Co Ltd

346,000

322,947

0.06

Yantai Changyu Pioneer Wine Co Ltd

152,100

1,025,526

0.19

Zhejiang Expressway Co Ltd

2,292,000

1,509,911

0.29

38,244,874

7.25

HUF


1,320,701

2,604,188

0.49

IDR

Bank Central Asia Tbk PT

3,395,500

2,639,036

0.50


3,014,500

3,626,707

0.69

Telekomunikasi Indonesia Persero Tbk

6,390,000

5,544,689

1.05

Unilever Indonesia Tbk PT

1,250,000

3,047,644

0.58

14,858,076

2.82

INR

Cipla Ltd/India

350,540

1,987,346

0.38

Hero Motocorp Ltd

46,174

1,777,494

0.34

Hindustan Unilever Ltd

384,257

3,127,874

0.59

ITC Ltd

386,002

1,789,844

0.34

Nestle India Ltd

3,816

309,999

0.06

Sun Pharmaceutical Industries Ltd

238,935

2,720,782

0.52

11,713,339

2.23

KRW

Daishin Securities Co Ltd

106,970

783,584

0.15

Handsome Co Ltd

34,930

782,254

0.15

Hotel Shilla Co Ltd

72,350

3,512,166

0.67

Kangwon Land Inc

63,790

1,356,167

0.26

Korea Exchange Bank

284,080

2,021,436

0.38

KT&G Corp

66,518

4,715,817

0.89

LG Uplus Corp

176,490

853,673

0.16

Orion Corp/Republic of South Korea

5,180

4,287,458

0.81


10,840

7,088,802

1.34

SK Telecom Co Ltd

19,108

2,085,389

0.40

S–Oil Corp

14,948

1,185,034

0.22

28,671,780

5.43

MAD

Maroc Telecom SA

80,190

1,019,858

0.19




In % of net assets

MXN

Alfa SAB de CV

39,700

630,574

0.12

Arca Continental SAB de CV

92,395

533,618

0.10


644,700

5,664,332

1.07

6,828,524

1.29

MYR


2,054,900

2,691,993

0.51

British American Tobacco Malaysia Bhd

122,800

2,165,590

0.41

DiGi.Com Bhd

3,012,700

4,032,131

0.76

Hong Leong Bank Bhd

248,280

972,640

0.18

IOI Corp Bhd

109,600

179,130

0.03

Kuala Lumpur Kepong Bhd

299,800

2,165,783

0.41

Malayan Banking Bhd

2,010,900

5,509,340

1.04

Maxis Bhd

1,804,400

3,630,977

0.69

Petronas Dagangan BHD

537,300

3,570,172

0.68

Petronas Gas BHD

705,200

3,997,373

0.76

Public Bank Bhd

953,200

4,136,405

0.78

Sime Darby Bhd

1,386,400

4,317,921

0.82


1,931,200

3,436,098

0.65

Tenaga Nasional Bhd

121,000

256,824

0.05

UMW Holdings Bhd

1,424,000

4,094,215

0.78

45,156,592

8.55

PHP

Aboitiz Power Corp

491,000

397,950

0.08

Bank of the Philippine Islands

1,333,100

2,360,252

0.45

Philippine Long Distance Telephone Co

41,190

2,590,565

0.49

5,348,767

1.02

PKR

Fauji Fertilizer Co Ltd

2,117,363

2,487,654

0.47

Oil & Gas Development Co Ltd

670,062

1,137,375

0.22

Pakistan Petroleum Ltd

1,518,104

3,024,161

0.57

6,649,190

1.26

PLN

Polskie Gornictwo Naftowe i Gazownictwo

1,302,235

1,619,356

0.31

Telekomunikacja Polska SA

945,169

4,409,638

0.84

6,028,994

1.15

THB


670,900

3,897,386

0.74


819,600

4,941,855

0.94

Bangkok Dusit Medical Services NVDR

1,122,700

3,446,574

0.65

BEC World PCL NVDR

1,507,800

2,397,477

0.45

Charoen Pokphand Foods PCL NVDR

2,845,600

3,449,482

0.65

CP ALL PCL NVDR

4,264,800

4,767,013

0.90

Electricity Generating PCL NVDR

740,500

2,681,280

0.51

Glow Energy PCL NVDR

526,800

1,028,387

0.19

Home Product Center PCL NVDR

7,515,000

2,981,390

0.56

Ratchaburi Electricity Generat NVDR

1,238,600

1,706,194

0.32



In % of net assets

Siam Cement PCL NVDR

158,800

1,579,999

0.30

Siam Makro PCL NVDR

368,900

4,135,023

0.78

Supalai PCL NVDR

5,396,700

2,905,652

0.55

Thai Oil PCL NVDR

276,700

500,952

0.09


1,397,880

3,157,992

0.60

Tisco Financial Group PCL NVDR

1,202,600

1,457,811

0.28

Total Access Communication PCL NVDR

1,042,500

2,428,997

0.46

47,463,464

8.97

TRY

Aygaz AS

50,366

211,075

0.04


208,606

1,891,474

0.36


93,489

2,000,328

0.38

Turk Telekomunikasyon AS

481,359

1,964,062

0.37

6,066,939

1.15

TWD

Acer Inc

2,821,000

2,907,372

0.55

Advantech Co Ltd

568,100

1,874,341

0.36

Asia Cement Corp

1,357,640

1,701,309

0.32


461,500

4,192,648

0.79


1,974,000

3,619,716

0.69

China Bills Finance Corp

8,770,000

3,697,575

0.70

China Steel Chemical Corp

347,000

1,573,315

0.30

China Steel Corp

1,558,000

1,459,729

0.28


1,209,000

3,802,778

0.72


2,494,000

2,282,447

0.43

CSBC Corp Taiwan

563,000

439,888

0.08

CTCI Corp

1,746,000

3,248,373

0.62

Dynapack International Technology Corp

157,000

851,063

0.16


1,708,000

3,697,762

0.70

Feng Hsin Iron & Steel Co

809,000

1,353,522

0.26

Formosa Chemicals & Fibre Corp

111,000

291,196

0.06

Formosa Petrochemical Corp

285,000

771,508

0.15

Formosa Plastics Corp

598,000

1,596,801

0.30

Formosa Taffeta Co Ltd

1,301,000

1,166,699

0.22

Gigabyte Technology Co Ltd

793,000

754,922

0.14

International Games System Co Ltd

342,000

1,659,361

0.31

LITE–ON IT Corp

856,000

829,219

0.16


2,906,190

3,627,268

0.69


2,121,920

1,551,413

0.29

Merida Industry Co Ltd

1,095,000

3,957,170

0.75

Nan Ya Plastics Corp

118,000

210,848

0.04

Pou Chen Corp

385,000

327,865

0.06

President Chain Store Corp

274,000

1,453,204

0.28

Quanta Computer Inc

413,000

1,097,280

0.21

Standard Foods Corp

570,000

1,630,752

0.31

Taiwan Mobile Co Ltd

1,336,300

4,404,403

0.83


3,797,000

10,329,469

1.96

Transcend Information Inc

114,000

314,706

0.06




In % of net assets

TSRC Corp

656,200

1,609,485

0.30

U–Ming Marine Transport Corp

892,000

1,417,768

0.27


9,041,000

3,902,591

0.74

79,605,766

15.09

USD

Banco de Chile ADR

26,085

2,204,183

0.42

BanColombia SA ADR

23,700

1,465,608

0.28


169,600

1,624,768

0.31


195,100

7,478,183

1.42


55,500

4,210,230

0.80


294,275

5,420,546

1.03

Coca–Cola Femsa SAB de CV ADR

16,900

2,211,872

0.42

CPFL Energia SA ADR

173,100

4,325,769

0.82

Dr Reddy's Laboratories Ltd ADR

9,000

267,120

0.05

Ecopetrol SA ADR

113,100

6,309,849

1.20

Giant Interactive Group Inc ADR

399,200

1,928,136

0.37

Grupo Aeroportuario del Pacifi ADR

47,100

1,858,566

0.35

Grupo Aeroportuario del Surest ADR

40,900

3,193,063

0.60

Netease Inc ADR

57,300

3,372,105

0.64


15,836

641,358

0.12


218,338

5,401,682

1.02

51,913,038

9.85

ZAR

ABSA Group Ltd

143,372

2,475,280

0.47


605,878

2,689,904

0.51

AVI Ltd

589,076

3,601,361

0.68

Bidvest Group Ltd

26,051

579,724

0.11

Brait SE

478,519

1,520,070

0.29

Discovery Holdings Ltd

28,147

178,962

0.03

FirstRand Ltd

1,531,125

4,940,551

0.94


158,338

2,478,303

0.47


1,769,211

4,975,455

0.94



In % of net assets

Impala Platinum Holdings Ltd

15,921

263,289

0.05


225,334

4,738,932

0.90

Investec Ltd

253,923

1,490,593

0.28

Lewis Group Ltd

70,503

606,022

0.11

Liberty Holdings Ltd

155,075

1,643,941

0.31


1,253,513

4,771,262

0.90


1,087,421

2,393,291

0.45

Mondi Ltd

73,834

627,883

0.12

Mr Price Group Ltd

201,177

2,753,033

0.52

Nedbank Group Ltd

202,820

4,312,317

0.82

Pick n Pay Stores Ltd

44,237

237,452

0.04


906,908

2,966,281

0.56


3,890,369

4,076,589

0.77

Remgro Ltd

308,203

4,955,128

0.94

Reunert Ltd

320,328

2,663,355

0.50

RMB Holdings Ltd

1,063,666

4,536,355

0.86

Sanlam Ltd

1,105,115

4,830,687

0.92

Sasol Ltd

7,295

305,411

0.06

Shoprite Holdings Ltd

116,413

2,144,636

0.41

Spar Group Ltd/The

136,469

1,896,228

0.36


325,761

4,402,952

0.83

Tiger Brands Ltd

95,041

2,846,982

0.54

Vodacom Group Ltd

311,258

3,535,587

0.67


479,852

2,947,693

0.56

89,385,509

16.92


518,723,500

98.27


518,723,500

98.27


9,120,823

1.73

Total net assets

527,844,323

100.00


Robeco Asia–Pacific Equities


At 30 June 2012


In % of net assets


AUD

Australia & New Zealand Banking Group

721,048

12,830,409

1.66

Crown Ltd

2,000,000

13,715,117

1.77

Incitec Pivot Ltd

4,105,604

9,451,130

1.22

Ivanhoe Australia Ltd

4,000,000

1,938,532

0.25

Lend Lease Group

1,834,953

10,671,347

1.38

Primary Health Care Ltd

3,297,273

7,856,674

1.01

Qantas Airways Ltd

3,500,000

3,039,053

0.39

Suncorp Group Ltd

1,202,050

7,854,759

1.01

Transpacific Industries Group Ltd

10,121,429

5,927,092

0.76

Treasury Wine Estates Ltd

2,900,000

10,189,411

1.31

WorleyParsons Ltd

340,000

6,893,098

0.89

90,366,622

11.65

CNY

Huayu Automotive Systems Co Ltd

4,034,892

4,488,412

0.58

GBP

Rio Tinto PLC

267,389

9,977,103

1.29

HKD


31,000,000

6,266,889

0.81

Central China Real Estate Ltd

26,101,000

5,276,518

0.68


13,000,000

5,044,800

0.65


29,000,000

15,584,429

2.01


20,800,000

14,537,475

1.88

Haier Electronics Group Co Ltd

13,100,000

12,296,471

1.59


1,900,000

12,835,490

1.66

Kunlun Energy Co Ltd

8,400,000

10,530,080

1.36

Sun Hung Kai Properties Ltd

1,312,253

12,150,984

1.57

Zoomlion Heavy Industry Science Tech

5,000,000

4,972,673

0.64

99,495,809

12.85

IDR

Lippo Karawaci Tbk PT

156,473,500

10,501,969

1.35

INR

State Bank of India

258,500

7,876,404

1.02

Tata Steel Ltd

850,000

5,295,601

0.68

13,172,005

1.70

JPY

Accordia Golf Co Ltd

14,000

7,314,207

0.94

Advance Residence Investment Corp

7,000

10,708,607

1.38

Aisin Seiki Co Ltd

400,000

10,393,561

1.34

Asics Corp

1,150,000

11,436,966

1.48


At 30 June 2012


In % of net assets

Astellas Pharma Inc

500,000

17,110,266

2.21

Bridgestone Corp

550,000

9,858,772

1.27

Canon Inc

220,000

6,876,697

0.89

Chiyoda Corp

400,000

3,827,959

0.49

Fuji Media Holdings Inc

9,500

12,816,157

1.65

Fujitsu Ltd

2,700,000

10,106,168

1.30

Inpex Corp

3,200

14,047,701

1.81

Japan Airport Terminal Co Ltd

350,000

3,346,008

0.43

Japan Retail Fund Investment Corp

8,000

9,994,568

1.29

JX Holdings Inc

2,900,000

11,685,349

1.51

KDDI Corp

950

4,813,096

0.62

Mitsubishi Corp

900,000

14,185,966

1.83

Mizuho Financial Group Inc

9,000,000

11,910,523

1.54

Murata Manufacturing Co Ltd

240,000

9,848,403

1.27

Nintendo Co Ltd

41,000

3,745,494

0.48

Nippon Telegraph & Telephone Corp

500,000

18,270,703

2.36

Nissan Motor Co Ltd

2,100,000

15,513,308

2.00

ORIX Corp

210,000

15,285,171

1.97

Seven & I Holdings Co Ltd

592,992

14,037,843

1.81

Softbank Corp

500,000

14,581,996

1.88

Sony Corp

640,000

7,098,119

0.92

Sumitomo Corp

1,450,000

15,866,871

2.05

Sumitomo Mitsui Financial Group Inc

580,000

14,961,829

1.93

T&D Holdings Inc

1,000,000

8,325,515

1.07

307,967,823

39.72

KRW

GS Retail Co Ltd

540,000

8,879,217

1.15

Hyosung Corp

190,000

7,150,295

0.92

Hyundai Development Co

560,000

9,304,396

1.20


185,000

9,482,242

1.22


354,652

9,003,509

1.16


11,500

9,502,193

1.23


35,000

18,035,695

2.33

SK Telecom Co Ltd

100,000

8,599,893

1.11

79,957,440

10.32

MYR

RHB Capital Bhd

5,459,879

10,025,957

1.29

NZD

Chorus Ltd

2,000,000

3,977,453

0.51

Telecom Corp of New Zealand Ltd

6,508,899

9,852,599

1.27

13,830,052

1.78

PKR

MCB Bank Ltd

3,828,012

5,305,254

0.68




In % of net assets

SGD

DBS Group Holdings Ltd

1,313,302

11,330,513

1.46

DBS Group Holdings /STK/09–05–2012

1,313,302

228,734

0.03


32,500,000

13,544,615

1.75

Raffles Education Corp Ltd

7,666,665

1,836,013

0.24

Saizen REIT

22,002,000

1,984,443

0.26

28,924,318

3.74

THB


2,500,000

11,878,164

1.53

LPN Development PCL NVDR

13,000,000

5,547,692

0.72

PTT PCL Foreign

299,935

2,403,644

0.31

19,829,500

2.56

TWD

China Development Financial Holding

26,400,000

4,900,549

0.63


22,172,488

9,938,743

1.28


9,124,299

6,579,986

0.85



In % of net assets

CTCI Corp

4,600,000

6,743,739

0.87

HTC Corp

350,000

3,594,542

0.46


5,287,006

5,199,801

0.67


1,050,000

5,509,478

0.71


5,049,729

10,824,971

1.40

53,291,809

6.87

USD

Advanced Semiconductor Enginee ADR

4,763

15,276

–


900,000

8,361,373

1.08

8,376,649

1.08


755,510,722

97.46


755,510,722

97.46


19,687,780

2.54

Total net assets

775,198,502

100.00


SAM Sustainable European Equities Investment portfolio At 30 June 2012


In % of net assets


CHF

Geberit AG

30,000

4,663,031

1.11

Nestle SA

270,000

12,711,568

3.02

Novartis AG

500,000

22,020,564

5.24

Roche Holding AG

115,000

15,663,323

3.72

Swiss Re AG

150,000

7,436,623

1.77

62,495,109

14.86

EUR

Adidas AG

190,000

10,727,400

2.55

Allianz SE

146,000

11,550,060

2.75

AXA SA

655,000

6,864,400

1.63

BASF SE

120,000

6,564,000

1.56

Bayerische Motoren Werke AG

170,000

9,678,100

2.30

Casino Guichard Perrachon SA

188,340

13,053,845

3.10

Cie de St–Gobain

240,000

6,984,000

1.66

Enagas SA

270,000

3,879,900

0.92

Enel Green Power SpA

4,800,000

5,990,400

1.42

ENI SpA

880,000

14,766,400

3.52

Fiat Industrial SpA

865,016

6,695,224

1.59

Fresenius SE & Co KGaA

164,100

13,420,098

3.19

Henkel AG & Co KGaA Pref

115,000

6,022,550

1.43

Koninklijke DSM NV

260,000

10,088,000

2.40

Koninklijke KPN NV

700,000

5.289.200

1.26

Linde AG

55,000

6,745,750

1.60

Sanofi

180,000

10,753,200

2.56

SAP AG

130,000

6,050,850

1.44

Siemens AG

212,500

14,054,750

3.34

Snam SpA

3,700,000

13,024,000

3.10

Suez Environnement Co

360,000

3,047,400

0.72



In % of net assets

Telecom Italia SpA RSP

9,700,000

6,174,050

1.47

Total SA

570,000

20,235,000

4.82

211,658,577

50.33

GBP

Barclays PLC

4,800,000

9,661,105

2.30

BHP Billiton PLC

490,000

10,937,338

2.60

BT Group PLC

5,100,000

13,325,176

3.17

Legal & General Group PLC

4,689,916

7,378,894

1.75

Old Mutual PLC

7,349,999

13,753,428

3.27

Reed Elsevier PLC

2,100,000

13,275,862

3.16

Rio Tinto PLC

230,000

8,582,005

2.04

TESCO PLC

450,000

1,724,416

0.41

Travis Perkins PLC

440,267

5,280,919

1.26

Vodafone Group PLC

6,650,000

14,732,573

3.50


6,650,000

590,856

0.14

WM Morrison Supermarkets PLC

3,500,000

11,510,938

2.74

110,753,510

26.34

ILS

Teva Pharmaceutical Industries Ltd

260,000

8,054,292

1.92

NOK

DNB ASA

1,723,467

13,467,799

3.20

Statoil ASA

70,000

1,312,071

0.31

14,779,870

3.51


407,741,358

96.96


407,741,358

96.96


12,791,870

3.04

Total net assets

420,533,228

100.00


Robeco European Conservative Equities Investment portfolio At 30 June 2012


In % of net assets


CHF

Banque Cantonale Vaudoise

1,374

574,812

0.49

EMS–Chemie Holding AG

6,060

872,309

0.74

Geberit AG

3,715

577,439

0.49

Lindt & Spruengli AG

37

1,071,819

0.91

Nestle SA

47,859

2,253,196

1.92

Novartis AG

25,920

1,141,546

0.97

PSP Swiss Property AG

9,985

695,371

0.59

Swisscom AG

3,132

993,979

0.85

Syngenta AG

2,629

707,618

0.60

Valiant Holding

4,282

378,594

0.32

Zurich Insurance Group AG

3,390

602,560

0.51

9,869,243

8.39

CZK

CEZ AS

24,223

661,158

0.56


59,527

897,597

0.76

1,558,755

1.32

DKK

Coloplast A/S

7,701

1,091,804

0.93

Novo Nordisk A/S

17,506

1,998,001

1.70

TDC A/S

185,359

1,017,257

0.87

Topdanmark A/S

4,519

610,286

0.52

4,717,348

4.02

EUR

Anheuser–Busch InBev NV

34,816

2,134,221

1.82

ASML Holding NV

30,175

1,208,961

1.03

Befimmo SCA Sicafi

9,723

436,660

0.37

Beiersdorf AG

19,526

998,755

0.85

Belgacom SA

41,245

926,156

0.79

Cie Generale d'Optique Essilor Internati

18,456

1,352,825

1.15

Delta Lloyd NV

29,797

325,979

0.28

Deutsche Telekom AG

104,523

904,542

0.77

E.ON AG

17,739

301,563

0.26

EDP – Energias de Portugal SA

408,509

761,461

0.65

Elisa OYJ

54,587

866,842

0.74

Enel SpA

189,748

482,339

0.41

ENI SpA

44,000

738,320

0.63

Fortum OYJ

32,745

490,193

0.42

France Telecom SA

72,126

748,307

0.64

Fresenius Medical Care AG & Co KGaA

12,203

681,293

0.58

Gas Natural SDG SA

45,337

458,130

0.39

Gas Natural SDG/ New

2,266

22,898

0.02

Gimv NV

12,626

453,905

0.39

Henkel AG & Co KGaA

13,428

587,878

0.50



In % of net assets

Hermes International

2,936

711,246

0.61

Inditex SA

14,357

1,170,526

1.00

Kone OYJ

13,898

661,962

0.56

Koninklijke Ahold NV

98,794

965,613

0.82

Koninklijke KPN NV

95,203

719,354

0.61

Linde AG

4,874

597,796

0.51

MARR SpA

70,000

515,900

0.44

Muenchener Rueckversicherungs AG

1,748

194,290

0.17

Nexity SA

16,249

305,481

0.26

Oesterreichische Post AG

31,947

846,596

0.72

Orion OYJ

55,554

831,088

0.71

Portugal Telecom SGPS SA

85,446

295,216

0.25

Publicis Groupe SA

24,460

881,783

0.75

Recordati SpA

140,094

787,328

0.67

Red Electrica Corp SA

16,104

554,139

0.47

RWE AG

16,733

538,384

0.46

Sanofi

18,839

1,125,442

0.96

SAP AG

13,716

638,411

0.54

SES SA

54,043

1,007,362

0.86

Snam SpA

291,649

1,026,604

0.87

Societe BIC SA

13,268

1,080,015

0.92

Sodexo

17,383

1,067,316

0.91

Telefonica SA

73,142

758,483

0.65

Telekom Austria AG

105,290

816,945

0.70

Terna Rete Elettrica Nazionale SpA

386,345

1,098,765

0.94

Total SA

59,608

2,116,084

1.80

UCB SA

28,709

1,143,767

0.97

Unilever NV

73,937

1,950,828

1.66

Viscofan SA

10,182

345,475

0.29

Vivendi SA

51,308

750,636

0.64

Wereldhave NV

7,105

359,300

0.31

40,743,363

34.72

GBP

Associated British Foods PLC

75,500

1,196,280

1.02

Associated British Foods STK/0606–2012

75,500

8,813

0.01

AstraZeneca PLC

55,261

1,948,580

1.66

BAE Systems PLC

288,676

1,029,686

0.88

Beazley PLC

317,891

541,016

0.46


59,413

2,380,265

2.02

BT Group PLC

514,404

1,344,024

1.15

Bunzl PLC

78,791

1,015,684

0.87

Capita PLC

97,719

792,284

0.68

Catlin Group Ltd

138,490

728,309

0.62

Centrica PLC

262,523

1,031,792

0.88

Compass Group PLC

158,424

1,309,920

1.12

Croda International PLC

12,048

336,975

0.29




In % of net assets

De La Rue PLC

76,131

954,107

0.81

Diageo PLC

103,742

2,105,356

1.79

Drax Group PLC

146,941

1,017,926

0.87

Experian PLC

65,434

728,258

0.62

GlaxoSmithKline PLC

132,091

2,362,325

2.01

Greggs PLC

84,000

523,248

0.45

Hiscox Ltd

65,703

346,989

0.30

Imperial Tobacco Group PLC

52,585

1,595,553

1.36

Jardine Lloyd Thompson Group PLC

38,376

332,013

0.28

Lancashire Holdings Ltd

81,682

804,100

0.69

Marks & Spencer Group PLC

117,636

472,521

0.40

National Grid PLC

192,058

1,603,450

1.37

National Grid PLC/STK/30–05–2012

192,058

66,860

0.06

Next PLC

28,207

1,115,242

0.95

Pearson PLC

67,761

1,060,257

0.90

Provident Financial PLC

68,487

1,028,448

0.88

Reckitt Benckiser Group PLC

19,477

810,037

0.69

Reed Elsevier PLC

127,783

807,824

0.69

Rexam PLC

202,268

1,052,464

0.90


69,786

1,919,093

1.64

RSA Insurance Group PLC

737,452

985,275

0.84

Sage Group PLC/The

270,202

926,054

0.79

Severn Trent PLC

51,055

1,043,059

0.89

SSE PLC

77,637

1,334,731

1.14

Tate & Lyle PLC

121,270

970,490

0.83

Tate & Lyle PLC/STK/27–06–2012

121,270

29,643

0.03

United Utilities Group PLC

127,094

1,060,295

0.90

Vodafone Group PLC

1,070,011

2,370,529

2.02


1,070,011

95,071

0.08

WH Smith PLC

147,487

992,543

0.85

William Hill PLC

265,375

927,550

0.79

WM Morrison Supermarkets PLC

254,435

836,796

0.71

45,941,735

39.19



In % of net assets

HUF


163,524

254,080

0.22

NOK

Gjensidige Forsikring ASA

112,702

1,033,079

0.88

Seadrill Ltd

38,413

1,074,920

0.92

Statoil ASA

33,400

626,045

0.53

Telenor ASA

48,400

634,529

0.54

3,368,573

2.87

PLN

Powszechny Zaklad Ubezpieczen SA

6,382

503,303

0.43

Telekomunikacja Polska SA

189,021

694,904

0.59

1,198,207

1.02

SEK

Assa Abloy AB

45,251

994,959

0.85

Axfood AB

21,468

538,691

0.46

Securitas AB

20,648

126,347

0.11

Skanska AB

35,892

433,105

0.37

Svenska Cellulosa AB

69,015

815,464

0.69

Svenska Handelsbanken AB

20,362

526,978

0.45

Swedish Match AB

39,254

1,248,940

1.06

Tele2 AB

46,981

572,815

0.49

TeliaSonera AB

92,808

467,457

0.40

5,724,756 4.88

TRY


122,371

874,326

0.75

Turk Telekomunikasyon AS

144,134

463,419

0.39

1,337,745

1.14


114,713,805

97.77


114,713,805

97.77


2,621,913

2.23

Total net assets

117,335,718

100.00


Robeco US Premium Equities Investment portfolio At 30 June 2012


In % of net assets


USD

14 Mbia Insurance Co 15–01–2033

1,363,000

729,205

0.01

ACE Ltd

751,670

55,721,297

1.06

Actuant Corp

804,039

21,837,699

0.41

AGCO Corp

347,660

15,898,492

0.30

Alleghany Corp

141,564

48,096,369

0.91

Amdocs Ltd

1,158,350

34,426,162

0.65


911,960

35,885,626

0.68

Amgen Inc

1,872,045

136,734,167

2.59

Arrow Electronics Inc

697,800

22,894,818

0.43

Ashford Hospitality Trust Inc

1,579,760

13,317,377

0.25

Avnet Inc

869,480

26,832,153

0.51

Axis Capital Holdings Ltd

1,141,005

37,139,713

0.70

Banctec Inc

119,371

473,903

0.01

BB&T Corp

2,284,705

70,483,149

1.34

Brunswick Corp/DE

1,474,630

32,766,279

0.62

CA Inc

2,371,260

64,237,433

1.22

Canadian Natural Resources Ltd

657,760

17,660,856

0.33


2,005,885

109,641,674

2.08

Cardinal Health Inc

825,305

34,662,810

0.66

CareFusion Corp

995,366

25,560,999

0.48

CBS Corp

2,250,340

73,766,145

1.40

CEC Entertainment Inc

286,354

10,414,695

0.20

Chevron Corp

596,020

62,880,110

1.19

Cisco Systems Inc

5,325,410

91,437,290

1.73

Citigroup Inc

2,835,124

77,710,749

1.47

Colony Financial Inc

1,058,315

18,308,850

0.35

Covidien PLC

1,319,245

70,579,608

1.34

Dover Corp

971,755

52,095,786

0.99

eBay Inc

1,976,845

83,047,258

1.57

Electronic Arts Inc

3,400,370

41,994,570

0.80

EOG Resources Inc

1,034,845

93,249,883

1.77

EQT Corp

354,165

18,993,869

0.36

Equifax Inc

755,870

35,223,542

0.67

Expedia Inc

976,500

46,940,355

0.89

Exxon Mobil Corp

970,310

83,029,427

1.57

Federated Investors Inc

1,225,910

26,786,134

0.51

Fifth Third Bancorp

3,004,870

40,265,258

0.76

Flagstone Reinsurance Holdings SA

658,324

5,273,175

0.10

Flextronics International Ltd

10,070,116

62,434,719

1.18

Georgia Gulf Corp

504,350

12,946,665

0.25

Google Inc

99,875

57,934,491

1.10

Hanover Insurance Group Inc/The

550,845

21,554,565

0.41

Hercules Technology Growth Capital Inc

947,202

10,741,271

0.20



In % of net assets

Hologic Inc

383,790

6,923,572

0.13

HSN Inc

425,835

17,182,442

0.33

Humana Inc

758,375

58,728,560

1.11

Huntington Bancshares Inc/OH

5,912,945

37,842,848

0.72

IAC/InterActiveCorp

546,425

24,916,980

0.47

Illinois Tool Works Inc

862,297

45,606,888

0.86

Ingram Micro Inc

1,481,455

25,881,019

0.49

International Business Machines Corp

266,032

52,030,539

0.99

Interpublic Group of Cos Inc/The

3,445,085

37,379,172

0.71

Johnson & Johnson

1,432,839

96,802,603

1.84

Jones Group Inc/The

1,849,345

17,679,738

0.34

JPMorgan Chase & Co

4,663,060

166,611,134

3.16

Kohl's Corp

1,672,353

76,075,338

1.44

Korn/Ferry International

802,330

11,513,436

0.22

Lear Corp

1,179,977

44,520,532

0.84

Lexmark International Inc

753,340

20,023,777

0.38

Loews Corp

1,930,925

78,994,142

1.50

Maiden Holdings Ltd

725,125

6,294,085

0.12

Manpower Inc

1,444,990

52,958,884

1.00

Masco Corp

2,230,170

30,932,458

0.59

Mattel Inc

1,284,545

41,670,640

0.79

Matthews International Corp

352,689

11,458,866

0.22

McKesson Corp

765,915

71,804,531

1.36

Medtronic Inc

695,352

26,930,983

0.51

Men's Wearhouse Inc/The

495,865

13,953,641

0.26

MetLife Inc

1,943,470

59,956,050

1.14

Microsemi Corp

769,457

14,227,260

0.27

Microsoft Corp

3,791,250

115,974,338

2.20

Monster Worldwide Inc

1,052,845

8,949,183

0.17


944,440

81,004,619

1.54

Omnicom Group Inc

1,652,310

80,302,266

1.52

Pantry Inc/The

509,075

7,483,403

0.14

Parker Hannifin Corp

650,452

50,006,750

0.95

PepsiCo Inc

770,395

54,436,111

1.03

Pfizer Inc

8,883,005

204,309,115

3.88

Raymond James Financial Inc

824,750

28,239,440

0.54

Regis Corp

2,402,437

43,147,769

0.82

Rent–A–Center Inc/TX

1,345,594

45,400,342

0.86

Royal Dutch Shell PLC ADR

1,135,368

76,557,864

1.45

Sanofi ADR

704,185

26,604,109

0.50

Seagate Technology PLC

1,611,805

39,859,938

0.76

SLM Corp

3,415,300

53,654,363

1.02

Stanley Black & Decker Inc

393,935

25,353,657

0.48

Staples Inc

1,062,878

13,870,558

0.26

State Street Corp

1,572,167

70,181,535

1.33

Target Corp

1,638,120

95,322,203

1.81




In % of net assets

TE Connectivity Ltd

2,491,017

79,488,352

1.51

Terreno Realty Corp

571,425

8,634,232

0.16

Texas Instruments Inc

843,485

24,199,585

0.46

THL Credit Inc

760,170

10,239,490

0.19

Thor Industries Inc

461,440

12,648,070

0.24

Thornburg Mortgage Inc

1,397,272

4,192

–

Torchmark Corp

612,986

30,986,442

0.59

Tower International Inc

616,913

6,477,587

0.12

Towers Watson & Co

640,125

38,343,488

0.73


868,300

55,432,272

1.05

TRW Automotive Holdings Corp

404,870

14,883,021

0.28


654,500

34,590,325

0.66


819,255

47,926,418

0.91

Unum Group

1,212,023

23,186,000

0.44


1,596,214

51,126,734

0.97

Viacom Inc

1,082,980

50,921,720

0.97

Vishay Intertechnology Inc

2,651,800

25,006,474

0.47

Vodafone Group PLC ADR

2,741,747

77,262,430

1.47



In % of net assets

Volvo AB ADR

2,158,430

24,606,102

0.47

Wal–Mart Stores Inc

244,130

17,020,744

0.32

Walt Disney Co/The

1,260,045

61,112,183

1.16

WellPoint Inc

521,825

33,287,217

0.63

Wells Fargo & Co

2,615,080

87,448,275

1.66


2,805,200

47,239,568

0.90

White Mountains Insurance Group Ltd

54,202

28,279,894

0.54

Wright Express Corp

610,280

37,666,482

0.71

Wyndham Worldwide Corp

658,815

34,745,903

0.66

5,134,929,477

97.37


5,134,929,477

97.37


5,134,929,477

97.37


138,626,913

2.63

Total net assets

5,273,556,390

100.00


Robeco Chinese Equities Investment portfolio At 30 June 2012


In % of net assets


CNY

China CYTS Tours Holding Co Ltd

4,724,859

10,535,299

1.97

China International Travel Service Corp

1,499,837

5,248,913

0.98

China Railway Tielong Container Logistic

1,436,521

1,510,693

0.28

Shandong Oriental Ocean Sci–Tech Co

1,999,937

2,872,058

0.54

Yantai Moon Co Ltd

3,499,716

3,762,879

0.70

Zhejiang Dragon Pipe Manufacturing Co

2,583,863

3,899,675

0.73

Zhengzhou Yutong Bus Co Ltd

1,099,944

3,063,717

0.57

Zhuzhou Times Nw Material Technology

1,999,952

3,112,660

0.58

34,005,894

6.35

HKD

Agile Property Holdings Ltd

8,100,000

8,170,930

1.53


16,600,000

5,210,793

0.97

Bank of China Ltd

48,000,000

14,335,927

2.68

Beijing Capital International Airport Co

12,400,000

5,920,478

1.11

Brilliance China Automotive Holdings Ltd

4,000,000

2,738,780

0.51

China BlueChemical Ltd

5,100,000

2,279,607

0.43

China Communications Construction Co Ltd

16,600,000

11,416,526

2.13


55,800,000

29,986,591

5.60

China Everbright International Ltd

19,500,000

7,190,821

1.34

China Life Insurance Co Ltd

5,900,000

11,963,266

2.24

China Mengniu Dairy Co Ltd

1,900,000

3,927,853

0.73


8,800,000

12,926,715

2.42


9,900,000

6,909,222

1.29

China Mobile Ltd

5,300,000

45,630,244

8.53


8,000,000

6,737,236

1.26

China Overseas Grand Oceans Group Ltd

16,375,500

11,495,023

2.15


8,000,000

14,612,243

2.73


16,000,000

11,182,673

2.09

China Shenhua Energy Co Ltd

1,600,000

4,396,676

0.82

China State Construction International H

16,000,000

11,784,067

2.20

Citic Telecom International Holdings Ltd

10,500,000

1,493,326

0.28



In % of net assets

CNOOC Ltd

21,500,000

33,635,385

6.27

Daphne International Holdings Ltd

8,200,000

6,514,151

1.22

Dongyue Group

14,000,000

5,105,752

0.95

ENN Energy Holdings Ltd

1,742,000

4,795,729

0.90

Far East Horizon Ltd

4,500,000

2,491,416

0.47

First Tractor Co Ltd

3,000,000

1,889,514

0.35

Geely Automobile Holdings Ltd

16,500,000

4,525,691

0.85


3,000,000

4,687,214

0.88


9,500,000

9,824,458

1.84


5,200,000

4,881,042

0.91


6,900,000

4,366,911

0.82


1,300,000

9,898,108

1.85


62,700,000

27,325,118

5.10


11,000,000

13,789,390

2.58

Longfor Properties Co Ltd

8,000,000

9,801,093

1.83

PetroChina Co Ltd

20,600,000

20,822,243

3.89


2,400,000

15,042,971

2.81


3,200,000

6,631,585

1.24

Shenguan Holdings Group Ltd

10,000,000

4,500,295

0.84

Sinopec Kantons Holdings Ltd

6,000,000

3,401,126

0.64


1,150,000

26,402,406

4.92

Tingyi Cayman Islands Holding Corp

1,300,000

2,617,485

0.49

Zhuzhou CSR Times Electric Co Ltd

5,000,000

10,641,216

1.99

Zijin Mining Group Co Ltd

17,500,000

4,622,199

0.86


15,000,000

14,918,019

2.79

483,439,514

90.33

USD

Baidu Inc ADR

90,000

8,154,289

1.52


525,599,697

98.20


525,599,697

98.20


9,630,918

1.80

Total net assets

535,230,615

100.00


Robeco Indian Equities Investment portfolio At 30 June 2012


In % of net assets


INR

Aditya Birla Nuvo Ltd

12,500

142,355

0.91

Ambuja Cements Ltd

36,300

89,165

0.57

Associated Cement Companies (Nationa

9,000

161,062

1.03

Axis Bank Limited

17,300

247,998

1.58

Bajaj Auto Ltd.

28,847

317,895

2.03

Bajaj Holdings and investment Ltd

9,420

209,100

1.34

Bharat Petroleum Corp Ltd

23,700

248,832

1.59

Bharti Airtel Limited

120,500

518,768

3.32

Chambal Fertilizers & Chem

195,000

201,309

1.29

Coal India Ltd

48,000

234,928

1.50

Coromandel International Ltd

81,000

295,216

1.89

Divi's Laboratories Ltd/New

22,000

318,291

2.03

DQ Entertainment Intl Ltd/INR

75,655

25,198

0.16

Dr. Reddy's Lab

12,600

293,077

1.87

GAIL India Ltd

31,000

154,043

0.98

Gujarat Pipavav Port Ltd

209,000

171,961

1.10

HDFC Bank

132,510

1,053,891

6.73

Hindalco Industries Limited

42,000

71,070

0.45

Hindustan Unilever Limited

39,500

253,365

1.62

Housing Development Finance Corp

110,000

1,014,037

6.48

Icici Bank LTD

45,000

571,253

3.65

IndusInd Bank Ltd

50,200

241,055

1.54

Infosys Technologies Limited

22,300

789,687

5.05

ITC Ltd

193,125

705,643

4.51

Jindal Steel & Power Ltd/DS

39,400

261,536

1.67

Jubilant Life Sciences Ltd

120,784

302,142

1.93

Larsen & Toubro Limited

8,000

157,816

1.01

LIC Housing Finance/New

65,000

247,681

1.58

Lupin Shs

39,000

295,648

1.89



In % of net assets

Mahindra Holidays & Resorts

15,350

65,217

0.42

MAX India Limited

96,000

260,264

1.66

Nestle India Ltd

1,700

108,823

0.70

NMDC Ltd

11,517

30,330

0.19

Oil & Natural Gas Corp Ltd/ New

38,500

154,772

0.99

Oil India LTD

28,500

200,867

1.28

Oracle Financial Services Software

5,400

193,358

1.24

Petronet LNG Ltd

96,000

193,877

1.24

Phoenix Mills LTD

101,594

254,568

1.63

Power Finance Corp

32,000

80,748

0.52

Power Grid Corp of India LTD

175,000

280,440

1.79

Rallis India Ltd

118,000

231,229

1.48

Reliance Industries Limited/L

88,525

921,826

5.89

Sobha Developers

63,098

302,678

1.93

State Bank of India/Local

2,900

88,362

0.56

Tata Consultancy Svs Ltd

38,300

690,490

4.41

Tata Global Beverages Ltd

110,000

180,002

1.15

Tata Iron & Steel

25,000

155,753

1.00

Tata Motors Ltd

38,000

130,023

0.83

Ultra Tech Cement Ltd

8,900

190,479

1.22

Union Bank Of India

20,000

59,020

0.38

United Phosphorus Ltd

175,000

310,941

1.99

VA Tech Wabag Ltd/New

29,250

208,733

1.33

Wipro limited

13,500

76,190

0.49

Zee Entertainment Enterprises

121,000

250,684

1.60

15,213,696

97.22


15,213,696

97.22


15,213,696

97.22


435,075

2.78

Total net assets

15,648,771

100.00


Robeco Asian Stars Equities Investment portfolio At 30 June 2012


In % of net assets


HKD


165,000

65,729

0.79

Beijing Capital International Airport Co

270,000

163,598

1.97


690,000

177,018

2.13


290,000

197,774

2.38


275,000

243,914

2.93

CNOOC Ltd

104,000

206,476

2.48

Dongyue Group

270,000

124,961

1.50


60,000

71,473

0.86


220,000

176,696

2.12


34,000

291,485

3.51


160,000

254,537

3.06


13,410

157,580

1.89

Yingde Gases

250,000

227,542

2.74


30,000

37,863

0.46

2,396,646

28.82

IDR

Lippo Karawaci Tbk PT

2,100,000

178,866

2.15

KRW

GS Retail Co Ltd

13,000

271,271

3.26

Hyosung Corp

4,700

224,464

2.70


4,300

279,696

3.36


8,800

283,512

3.41


700

457,764

5.50

SK Telecom Co Ltd

1,600

174,619

2.10

1,691,326

20.33

MYR

RHB Capital Bhd

81,136

189,075

2.27



In % of net assets

PHP

Alliance Global Group Inc

650,000

178,023

2.14

PKR

MCB Bank Ltd

103,165

181,445

2.18

SGD


23,474

257,010

3.09


42,474

9,388

0.11


480,000

253,865

3.05

SembCorp Industries Ltd

70,000

283,467

3.41

803,730

9.66

THB


55,000

331,628

3.99

LPN Development PCL NVDR

320,000

173,300

2.08

504,928

6.07

TWD


303,995

172,927

2.08


175,000

160,156

1.93

CTCI Corp

60,000

111,628

1.34


40,000

86,599

1.04


28,000

186,448

2.24


130,000

353,656

4.25

1,071,414

12.88

USD


22,000

259,380

3.12

Dr Reddy's Laboratories Ltd ADR

7,000

207,760

2.50

467,140

5.62


7,662,593

92.12


7,662,593

92.12


653,506

7.88

Total net assets

8,316,099

100.00


Robeco US Large Cap Equities Investment portfolio At 30 June 2012


In % of net assets


USD


104,215

4,158,179

0.78


92,295

3,631,808

0.68

Amgen Inc

112,437

8,212,398

1.54

Anheuser–Busch InBev NV ADR

63,673

5,071,554

0.95

Apple Inc

12,360

7,218,240

1.35

Autoliv Inc

54,726

2,991,323

0.56

Baxter International Inc

51,405

2,732,176

0.51

Berkshire Hathaway Inc

239,655

19,970,451

3.76

CA Inc

112,440

3,046,000

0.57


117,130

6,402,326

1.20

CareFusion Corp

145,495

3,736,312

0.70

CBS Corp

324,315

10,631,046

1.99

Cigna Corp

119,825

5,272,300

0.99

Cisco Systems Inc

630,410

10,824,140

2.03

Citigroup Inc

327,572

8,978,749

1.68

Comcast Corp

360,774

11,533,945

2.16

Covidien PLC

131,885

7,055,848

1.32

CVS Caremark Corp

147,930

6,912,769

1.30

DaVita Inc

34,605

3,398,557

0.64

Discover Financial Services

103,163

3,567,377

0.67

eBay Inc

172,916

7,264,201

1.36

Edison International

93,552

4,322,102

0.81

Electronic Arts Inc

252,045

3,112,756

0.58

EOG Resources Inc

59,877

5,395,516

1.01

EQT Corp

83,499

4,478,051

0.84

Exxon Mobil Corp

190,534

16,303,994

3.06

Fifth Third Bancorp

364,405

4,883,027

0.92

General Electric Co

904,630

18,852,489

3.55

Harris Corp

140,498

5,879,841

1.10

Honeywell International Inc

109,706

6,125,983

1.15

Humana Inc

70,500

5,459,520

1.02

Ingram Micro Inc

144,698

2,527,874

0.47

Johnson & Johnson

202,991

13,714,072

2.57

JPMorgan Chase & Co

420,491

15,024,143

2.82

Kohl's Corp

134,540

6,120,225

1.15

Lear Corp

157,740

5,951,530

1.12

Liberty Media Corp – Liberty Capital

51,011

4,484,377

0.84

Marsh & McLennan Cos Inc

80,230

2,585,813

0.49


142,320

6,404,400

1.20

McKesson Corp

89,863

8,424,656

1.58

MeadWestvaco Corp

85,765

2,465,744

0.46



In % of net assets

MetLife Inc

263,345

8,124,193

1.52

Microsoft Corp

419,984

12,847,311

2.41

Northrop Grumman Corp

63,345

4,040,778

0.76


116,032

9,952,065

1.87

Omnicom Group Inc

122,931

5,974,447

1.12

Oracle Corp

192,024

5,703,113

1.07


62,295

4,789,240

0.90

Pfizer Inc

823,640

18,943,720

3.56

PNC Financial Services Group Inc

83,045

5,074,880

0.95

Raytheon Co

105,620

5,977,036

1.12

Reinsurance Group of America Inc

47,155

2,509,118

0.47

Rock–Tenn Co

57,475

3,135,261

0.59

Royal Dutch Shell PLC ADR

115,129

7,763,148

1.46

Sanofi ADR

146,570

5,537,415

1.04


192,030

4,748,902

0.89

Sirius XM Radio Inc

1,766,430

3,267,896

0.61

SLM Corp

418,635

6,576,756

1.23

SM Energy Co

41,010

2,014,001

0.38

St Jude Medical Inc

66,950

2,671,975

0.50

Staples Inc

353,615

4,614,676

0.87

SunTrust Banks Inc

119,875

2,904,571

0.55

Target Corp

124,350

7,235,927

1.36

TE Connectivity Ltd

176,883

5,644,337

1.06


32,680

2,683,028

0.50

Time Warner Inc

154,598

5,952,023

1.12


49,730

3,174,763

0.60


145,531

7,691,313

1.44

United Parcel Service Inc

55,070

4,337,313

0.81


118,760

6,947,460

1.30

US Bancorp

350,590

11,274,974

2.12


115,747

3,707,376

0.70

Viacom Inc

53,199

2,501,417

0.47

Vodafone Group PLC ADR

207,221

5,839,488

1.10

Wells Fargo & Co

713,317

23,853,320

4.49


257,765

4,340,763

0.81

Xerox Corp

336,920

2,651,560

0.50

Xylem Inc/NY

198,930

5,007,068

0.94

515,138,441

96.67


515,138,441

96.67


515,138,441

96.67


17,767,546

3.33

Total net assets

532,905,986

100.00


Robeco US Select Opportunities Equities Investment portfolio At 30 June 2012


In % of net assets


USD

AES Corp/The

24,367

312,629

0.63

AGCO Corp

8,374

382,943

0.77

Alleghany Corp

1,689

573,838

1.16

Alliance Data Systems Corp

1,715

231,525

0.47

Alliant Energy Corp

8,087

368,525

0.74

Amdocs Ltd

12,679

376,820

0.76

Ameren Corp

11,996

402,346

0.81

American Assets Trust Inc

7,698

186,677

0.38


9,223

367,998

0.74


17,747

698,344

1.41

Analog Devices Inc

7,965

300,042

0.61

Arch Capital Group Ltd

7,254

287,911

0.58

Arrow Electronics Inc

8,084

265,236

0.54

Ashland Inc

7,797

540,410

1.09

AuRico Gold Inc

17,618

141,120

0.29

Avnet Inc

12,007

370,536

0.75

Ball Corp

9,189

377,208

0.76

Brunswick Corp/DE

19,201

426,646

0.86

CA Inc

13,045

353,389

0.71


10,109

552,558

1.12

CareFusion Corp

28,912

742,460

1.50

CBS Corp

32,202

1,055,582

2.13

CGI Group Inc

13,562

325,352

0.66

Chemed Corp

4,977

300,810

0.61

Cigna Corp

8,908

391,952

0.79

Coca–Cola Enterprises Inc

14,066

394,411

0.80

Comerica Inc

14,179

435,437

0.88

Crown Holdings Inc

13,240

456,648

0.92

Curtiss–Wright Corp

16,933

525,770

1.06

Cytec Industries Inc

11,115

651,784

1.32

DaVita Inc

4,987

489,773

0.99


24,688

853,711

1.72

Dr Pepper Snapple Group Inc

4,571

199,981

0.40

Duke Realty Corp

14,673

214,813

0.43

East West Bancorp Inc

25,511

598,488

1.21

Edison International

13,257

612,473

1.24

Electronic Arts Inc

26,067

321,927

0.65

Ensco PLC 3,758 176,513 0.36

EQT Corp

9,546

511,952

1.03

Equifax Inc

18,188

847,561

1.71

Equity Residential

6,446

401,973

0.81

Expedia Inc

7,313

351,536

0.71

Fifth Third Bancorp

40,354

540,744

1.09



In % of net assets

Flextronics International Ltd

74,881

464,262

0.94

Flowserve Corp

5,355

614,486

1.24

FTI Consulting Inc

19,006

546,423

1.10

Gentex Corp/MI

18,264

381,170

0.77

Graphic Packaging Holding Co

47,277

260,024

0.53

Great Plains Energy Inc

13,607

291,326

0.59

Guess? Inc

5,399

163,968

0.33

Hanover Insurance Group Inc/The

9,234

361,326

0.73

Harris Corp

13,049

546,101

1.10

Hologic Inc

27,879

502,937

1.02

Hubbell Inc

1,127

87,838

0.18

Humana Inc

4,565

353,514

0.71

Huntington Bancshares Inc/OH

53,888

344,883

0.70

ICON PLC ADR

12,481

281,197

0.57

Ingram Micro Inc

27,595

482,085

0.97

Johnson Controls Inc

11,909

329,998

0.67

Kellogg Co

10,161

501,242

1.01

Kennametal Inc

6,445

213,652

0.43

Kimco Realty Corp

29,004

551,946

1.12

Kohl's Corp

8,479

385,710

0.78

Lear Corp

16,532

623,752

1.26

Loews Corp

7,944

324,989

0.66

Lorillard Inc

2,056

271,289

0.55

M&T Bank Corp

3,713

306,582

0.62

Macy's Inc

15,929

547,161

1.11

Manpower Inc

8,773

321,530

0.65

Marsh & McLennan Cos Inc

19,103

615,690

1.24

Masco Corp

17,172

238,176

0.48


14,749

663,705

1.34

McKesson Corp

8,429

790,219

1.60

Minerals Technologies Inc

5,085

324,321

0.66

Moody's Corp

20,859

762,396

1.54

Noble Energy Inc

7,486

634,963

1.28

Nordstrom Inc

5,883

292,326

0.59

NV Energy Inc

30,499

536,172

1.08

Omnicare Inc

20,013

625,006

1.26

Omnicom Group Inc

10,548

512,633

1.04

PAREXEL International Corp

9,627

271,770

0.55


7,036

540,928

1.09

PG&E Corp

7,439

336,764

0.68

Quest Diagnostics Inc

4,302

257,690

0.52

Raymond James Financial Inc

16,616

568,932

1.15

Regency Centers Corp

6,847

325,712

0.66

Reinsurance Group of America Inc

8,571

456,063

0.92

Robert Half International Inc

28,539

815,359

1.65

Rock–Tenn Co

8,333

454,565

0.92




In % of net assets

Rosetta Resources Inc

12,934

473,902

0.96


12,851

317,805

0.64

SEI Investments Co

11,377

226,289

0.46

SLM Corp

29,900

469,729

0.95

SM Energy Co

9,439

463,549

0.94

Stanley Black & Decker Inc

7,554

486,175

0.98

Staples Inc

21,651

282,546

0.57

SunTrust Banks Inc

17,553

425,309

0.86

Symetra Financial Corp

26,536

334,884

0.68

Taubman Centers Inc

3,877

299,149

0.60

TD Ameritrade Holding Corp

35,990

611,830

1.24

TE Connectivity Ltd

15,992

510,305

1.03

Torchmark Corp

11,833

598,158

1.21

Towers Watson & Co

8,876

531,672

1.07

Ventas Inc

4,294

271,037

0.55

VF Corp

2,135

284,916

0.58



In % of net assets

Vornado Realty Trust

4,357

365,901

0.74

WESCO International Inc

13,257

762,940

1.54

Westar Energy Inc

10,641

318,698

0.64

Western Digital Corp

12,585

383,591

0.78


22,890

385,468

0.78

Williams–Sonoma Inc

9,831

343,790

0.69

Willis Group Holdings PLC

8,109

295,897

0.60

Xerox Corp

45,231

355,968

0.72

48,800,639

98.60


48,800,639

98.60


48,800,639

98.60


692,113

1.40

Total net assets

49,492,752

100.00


Robeco New World Financial Equities Investment portfolio At 30 June 2012


In % of net assets


AED

Islamic Arab Insurance Co

5,000,000

670,428

0.69

AUD

Challenger Ltd/AU

180,000

472,517

0.48

Westfield Group

130,000

997,536

1.02

1,470,053

1.50

BRL


60,000

538,747

0.55

CAD

Bank of Nova Scotia

30,000

1,222,957

1.25

Intact Financial Corp

24,000

1,175,930

1.21

Manulife Financial Corp

100,000

857,198

0.88

3,256,085

3.34

CHF

EFG International AG

90,000

395,621

0.41

GAM Holding AG

90,000

790,492

0.81

Julius Baer Group Ltd

47,500

1,354,827

1.39

Partners Group Holding AG

2,500

350,914

0.36

2,891,854

2.97

EUR

Aegon NV

300,000

1,093,200

1.12

AXA SA

70,000

733,600

0.75

Azimut Holding SpA

195,000

1,575,600

1.62

Banco Bilbao Vizcaya Argentaria SA

400,000

2,251,600

2.31

Banco Santander SA

300,000

1,566,300

1.61

BinckBank NV

475,000

3,040,000

3.12

BNP Paribas SA

41,951

1,272,587

1.31

Delta Lloyd NV

238,889

2,613,446

2.68

Deutsche Bank AG

75,000

2,137,500

2.19

Euler Hermes SA

10,000

510,000

0.52

FBD Holdings PLC

85,000

684,250

0.70

Irish Bank Resolution Corp Ltd

600,000

–

–

KBC Groep NV

80,000

1,333,200

1.37

Societe Generale SA

33,000

607,530

0.62

UniCredit SpA

575,000

1,713,500

1.76

21,132,313

21.68

GBP

3i Group PLC

225,000

548,109

0.56

Aviva PLC

275,000

926,523

0.95

Barclays PLC

600,000

1,207,638

1.24

HSBC Holdings PLC

450

3,121

–

HSBC Holdings PLC/STK/16–05–2012

450

56

–



In % of net assets

ICAP PLC

225,000

938,543

0.96

Intermediate Capital Group PLC

280,000

935,064

0.96

International Personal Finance PLC

300,000

886,541

0.91

Monitise PLC

3,500,000

1,427,512

1.46

Origo Partners PLC

3,850,000

1,106,322

1.14

Phoenix Group Holdings

119,068

706,226

0.72

Prudential PLC

125,000

1,140,156

1.17

Resolution Ltd

400,000

968,484

0.99

Standard Chartered PLC

58,000

992,473

1.02

11,786,768

12.08

HKD

AIA Group Ltd

490,000

1,319,104

1.35

CITIC Securities Co Ltd

450,000

743,311

0.76


150,000

940,186

0.96

3,002,601

3.07

IDR

Alam Sutera Realty Tbk PT

6,500,000

267,208

0.27

Summarecon Agung Tbk PT

8,000,000

1,087,289

1.12

1,354,497

1.39

INR

Housing Development Finance Corp

75,000

691,389

0.71

ICICI Bank Ltd

60,000

761,671

0.78

Yes Bank Ltd

100,000

478,990

0.49

1,932,050

1.98

JPY

Aeon Credit Service Co Ltd

55,000

799,565

0.82

Dai–ichi Life Insurance Co Ltd/The

1,400

1,260,975

1.29

Japan Securities Finance Co Ltd

200,000

799,961

0.82

ORIX Corp

19,000

1,382,944

1.42

Sony Financial Holdings Inc

60,000

766,777

0.79

Suruga Bank Ltd

95,000

763,715

0.78

5,773,937

5.92

KRW


25,000

682,831

0.70

NOK

Storebrand ASA

345,000

1,060,546

1.09

QAR

Qatar National Bank SAQ

17,500

503,652

0.52

SEK

Svenska Handelsbanken AB

35,000

905,817

0.93

SGD


80,000

690,200

0.71




In % of net assets


90,000

15,675

0.02

705,875

0.73

THB


100,000

475,127

0.49

TRY

Anadolu Hayat Emeklilik AS

650,000

1,175,202

1.21

Sinpas Gayrimenkul Yatirim Ortakligi AS

2,500,000

1,350,557

1.39

Torunlar Gayrimenkul Yatirim Ortakligi A

200,000

482,715

0.50


75,000

462,348

0.47

Turkiye Is Bankasi

500,000

1,045,592

1.07

Turkiye Sinai Kalkinma Bankasi AS

900,000

721,459

0.74

5,237,873

5.38

TWD


1,000,000

448,247

0.46

USD

Alliance Data Systems Corp

7,500

797,841

0.82

American International Group Inc

45,000

1,137,898

1.17

Ameriprise Financial Inc

25,000

1,029,510

1.06

Apollo Global Management LLC

120,000

1,172,531

1.20

Bank of America Corp

160,000

1,031,323

1.06

BGC Partners Inc

150,000

693,826

0.71

Carlyle Group LP/The

140,000

2,472,243

2.54

CBRE Group Inc

65,000

837,950

0.86

Citigroup Inc

81,000

1,749,506

1.79



In % of net assets


50,000

1,362,436

1.40

eBay Inc

12,500

413,794

0.42

Financial Engines Inc

35,000

591,584

0.61

Goldman Sachs Group Inc/The

16,500

1,246,358

1.28

Guaranty Trust Bank PLC GDR

327,700

1,420,236

1.46

IntercontinentalExchange Inc

6,500

696,482

0.71

KKR & Co LP

285,000

2,894,803

2.97

Lazard Ltd

25,000

511,997

0.53

Lincoln National Corp

75,000

1,292,502

1.33

Mastercard Inc

2,800

948,984

0.97

MetLife Inc

45,000

1,093,929

1.12

Primerica Inc

25,000

526,575

0.54

Prudential Financial Inc

32,500

1,240,278

1.27

Sberbank of Russia

700,000

1,467,239

1.51

Stifel Financial Corp

20,000

486,978

0.50

TD Ameritrade Holding Corp

55,000

736,772

0.76

Tetragon Financial Group Ltd

250,000

1,451,873

1.49

Visa Inc

8,000

779,355

0.80

WisdomTree Investments Inc

178,000

921,524

0.95

31,006,327

31.83


94,835,628

97.30


94,835,628

97.30


2,635,279

2.70

Total net assets

97,470,907

100.00


Robeco Property Equities Investment portfolio

At 30 June 2012


In % of net assets


AUD

CFS Retail Property Trust Group

2,250,000

3,525,706

0.95

Commonwealth Property Office Fund

3,300,000

2,705,464

0.73

Goodman Group

1,350,000

4,001,858

1.08

GPT Group

1,550,000

4,118,977

1.11

Mirvac Group

3,500,000

3,604,459

0.97

Westfield Group

1,680,000

12,891,240

3.47

30,847,704

8.31

BRL


900,000

8,081,202

2.17

CAD

Brookfield Office Properties Inc

380,000

5,234,087

1.41

RioCan Real Estate Investment Trust

270,000

5,780,870

1.55

11,014,957

2.96

EUR

Alstria Office REIT–AG

250,000

2,087,500

0.56

Beni Stabili SpA

3,305,182

1,130,372

0.31

Corio NV

95,000

3,289,850

0.89

Eurocommercial Properties NV

70,000

1,907,500

0.51

Realia Business SA

406,756

201,344

0.05

Unibail–Rodamco SE

102,000

14,800,200

3.98

23,416,766

6.30

GBP

Great Portland Estates PLC

770,000

3,743,888

1.01

Hammerson PLC

1,300,000

7,116,178

1.91

Land Securities Group PLC

730,000

6,663,021

1.79

Land Securities Group /STK/20–06–2012

650,000

59,449

0.02

17,582,536

4.73

HKD

Cheung Kong Holdings Ltd

350,000

3,363,538

0.90

Hang Lung Group Ltd

1,600,000

7,728,723

2.08

Hysan Development Co Ltd

1,020,138

3,036,433

0.82

Kerry Properties Ltd

1,000,000

3,357,443

0.90

Sino Land Co Ltd

3,400,000

4,013,491

1.08


1,200,000

11,111,563

2.99

32,611,191

8.77

IDR

Summarecon Agung Tbk PT

19,000,000

2,582,311

0.69

JPY

Advance Residence Investment Corp

1,700

2,600,662

0.70

Daito Trust Construction Co Ltd

50,000

3,728,211

1.00

Japan Real Estate Investment Corp

620

4,476,026

1.20


At 30 June 2012


In % of net assets

Mitsubishi Estate Co Ltd

1,100,000

15,404,671

4.14

Mitsui Fudosan Co Ltd

830,000

12,541,603

3.37

38,751,173

10.41

NOK

Norwegian Property ASA

3,500,000

3,771,972

1.01

SEK

Castellum AB

500,000

4,766,254

1.28

SGD

CapitaCommercial Trust

3,300,000

2,596,647

0.70

CapitaMall Trust

4,400,000

5,227,506

1.41

CapitaMalls Asia Ltd

2,700,000

2,628,371

0.71

Frasers Centrepoint Trust

2,300,000

2,382,048

0.64

Global Logistic Properties Ltd

3,200,000

4,160,109

1.12

16,994,681

4.58

USD

Alexandria Real Estate Equities Inc

95,000

5,443,757

1.46

American Campus Communities Inc

160,000

5,671,014

1.53

AvalonBay Communities Inc

90,000

10,033,647

2.70

BioMed Realty Trust Inc

190,000

2,796,738

0.75

Boston Properties Inc

145,000

12,382,215

3.34

CBRE Group Inc

280,000

3,609,629

0.97

Coresite Realty Corp

75,000

1,525,945

0.41

DDR Corp

330,000

3,806,942

1.02

Digital Realty Trust Inc

160,000

9,464,718

2.55

Equity Residential

245,000

12,039,085

3.24

Federal Realty Investment Trust

85,000

6,971,869

1.87

Hongkong Land Holdings Ltd

1,000,000

4,499,429

1.21

Host Hotels & Resorts Inc

630,000

7,853,591

2.11

Liberty Property Trust

140,000

4,064,143

1.09

Macerich Co/The

200,000

9,306,174

2.50

Prologis Inc

290,000

7,593,633

2.04

Public Storage

105,000

11,948,347

3.21

Simon Property Group Inc

205,000

25,145,029

6.77

SL Green Realty Corp

100,000

6,322,840

1.70

Starwood Hotels & Resorts Worldwide

75,000

3,134,628

0.84

Tanger Factory Outlet Centers

245,000

6,187,503

1.66

Ventas Inc

295,000

14,672,708

3.95

174,473,584

46.92


364,894,331

98.13


364,894,331

98.13


6,959,196

1,87

Total net assets

371,853,526

100.00


Robeco Global Consumer Trends Equities Investment portfolio

At 30 June 2012


In % of net assets


CHF

Cie Financiere Richemont SA

170,000

7,338,384

1.33

Dufry AG

80,000

7,626,025

1.38

Swatch Group AG/The

25,000

7,773,800

1.41

22,738,209

4.12

EUR

Bayerische Motoren Werke AG

130,000

7,400,900

1.34

Edenred

385,000

8,602,825

1.56

Inditex SA

125,000

10,191,250

1.85

Jeronimo Martins SGPS SA

600,000

7,995,000

1.45

Kabel Deutschland Holding AG

210,000

10,316,250

1.87

Remy Cointreau SA

80,000

6,926,400

1.25

Sky Deutschland AG

3,050,000

8,732,150

1.58

Telenet Group Holding NV

285,000

9,832,500

1.78

Yoox SpA

690,000

7,852,200

1.42

Ziggo NV

375,000

9,444,375

1.71

87,293,850

15.81

GBP

ARM Holdings PLC

1,400,000

8,746,756

1.58

ASOS PLC

400,000

8,775,182

1.59

Burberry Group PLC

500,000

8,188,110

1.48

Imagination Technologies Group PLC

1,250,000

7,208,627

1.31

Ocado Group PLC

3,265,429

3,135,877

0.57

Rightmove PLC

475,000

9,346,187

1.69

45,400,739

8.22

HKD

Golden Eagle Retail Group Ltd

4,500,000

7,195,392

1.30


1,150,000

8,756,019

1.59

Peace Mark Holdings Ltd

1,600,000

–

–

Sands China Ltd

3,000,000

7,466,629

1.35

Want Want China Holdings Ltd

9,000,000

8,685,670

1.57

32,103,710

5.81

KRW

Hyundai Motor Co

62,000

9,917,396

1.80


13,000

10,741,610

1.95

20,659,006

3.75

USD

Activision Blizzard Inc

850,000

8,030,810

1.45


At 30 June 2012


In % of net assets

Amazon.com Inc

60,000

10,796,265

1.96

Apple Inc

30,000

13,805,603

2.49

Baidu Inc ADR

85,000

7,701,273

1.39

Bazaarvoice Inc

550,000

7,887,790

1.43

Bed Bath & Beyond Inc

175,000

8,522,123

1.54

BJ's Restaurants Inc

250,000

7,485,915

1.36

Charter Communications Inc

190,000

10,610,535

1.92

Coach Inc

160,000

7,373,074

1.34

Colgate–Palmolive Co

130,000

10,663,882

1.93

DIRECTV

260,000

10,002,128

1.81

Discovery Communications Inc

250,000

10,637,879

1.93

Dollar General Corp

300,000

12,857,649

2.33

eBay Inc

325,000

10,758,638

1.95

Facebook Inc

250,000

6,130,570

1.11

Fresh Market Inc/The

225,000

9,508,491

1.72

Google Inc

24,000

10,970,159

1.99

Intuit Inc

175,000

8,184,272

1.48

LinkedIn Corp

160,000

13,398,369

2.43

Lululemon Athletica Inc

200,000

9,397,581

1.70

Mastercard Inc

35,000

11,862,299

2.15

McDonald's Corp

125,000

8,720,106

1.58

Mead Johnson Nutrition Co

150,000

9,516,174

1.72

MercadoLibre Inc

150,000

8,959,458

1.62

Nielsen Holdings NV

400,000

8,264,450

1.50

NIKE Inc

100,000

6,916,985

1.25

priceline.com Inc

20,000

10,472,716

1.90

QUALCOMM Inc

210,000

9,213,821

1.67

Starbucks Corp

225,000

9,453,528

1.71


150,000

9,704,109

1.76

VeriSign Inc

265,000

9,098,184

1.65

Walt Disney Co/The

260,000

9,936,567

1.80

Whole Foods Market Inc

135,000

10,140,026

1.84

316,981,429

57.41


525,176,943

95.12


525,176,943

95.12


26,957,150

4.88

Total net assets

552,134,093

100.00


Robeco Natural Resources Equities Investment portfolio

At 30 June 2012


In % of net assets


AUD

Iluka Resources Ltd

250,000

2,285,853

1.66

Lynas Corp Ltd

4,000,000

2,730,100

1.98

Medusa Mining Ltd

300,000

1,170,389

0.85

6,186,342

4.49

CAD

Agnico–Eagle Mines Ltd

150,000

4,781,449

3.47

Barrick Gold Corp

300,000

8,892,754

6.45

Detour Gold Corp

340,000

5,390,068

3.91

Eldorado Gold Corp

550,000

5,331,014

3.87

Enbridge Inc

105,000

3,299,942

2.39

Franco–Nevada Corp

65,000

2,313,121

1.68

Goldcorp Inc

200,000

5,925,411

4.30

Great Western Minerals Group Ltd

4,500,000

1,356,522

0.98

IAMGOLD Corp

425,000

3,955,169

2.87

Kinross Gold Corp

850,000

5,459,710

3.96

Osisko Mining Corp

650,000

3,516,908

2.55

Rubicon Minerals Corp

500,000

1,201,932

0.87

TransCanada Corp

185,000

6,101,604

4.43

57,525,604

41.73


At 30 June 2012


In % of net assets

EUR


455,902

12,129,273

8.80

Total SA

150,000

5,325,000

3.86

17,454,273

12.66

GBP

Bateman Litwin BV

220,000

7,885

0.01

BP PLC

470,000

2,451,075

1.78

2,458,960

1.79

USD

Chevron Corp

120,000

9,975,966

7.23

Cobalt International Energy Inc

500,000

9,258,894

6.71

Exxon Mobil Corp

190,000

12,811,394

9.29

Molycorp Inc

100,000

1,698,121

1.23

Newmont Mining Corp

165,000

6,307,198

4.57

Spectra Energy Corp

105,000

2,404,397

1.74

Williams Cos Inc/The

105,000

2,384,540

1.73

44,840,510

32.50


128,465,689

93.17


128,465,689

93.17


9,421,063

6.83

Total net assets

137,886,752

100.00


SAM Sustainable Agribusiness Equities Investment portfolio

At 30 June 2012


In % of net assets


BRL

SLC Agricola SA

196,800

1,535,831

1.28

CAD

Agrium Inc

70,000

4,882,010

4.06

BioExx SPL 11–15.07.14 CWBIO

325,000

25

–

Canadian National Railway Co

56,500

3,760,116

3.13

Migao Corp

375,800

685,517

0.57

Potash Corp of Saskatchewan Inc

122,500

4,213,527

3.51

13,541,195

11.27

CHF

Barry Callebaut AG

850

609,291

0.51

Syngenta AG

13,000

3,499,063

2.91

4,108,354

3.42

EUR

Bayer AG

85,250

4,840,495

4.03

K+S AG

50,000

1,800,000

1.50

Nutreco NV

70,851

3,891,845

3.24

Suedzucker AG

65,000

1,816,100

1.51

12,348,440

10.28

HKD


8,500,000

535,898

0.45

China Mengniu Dairy Co Ltd

1,575,000

3,255,983

2.71

3,791,881

3.16

JPY

Komatsu Ltd

127,500

2,364,772

1.97

NOK

Cermaq ASA

169,300

1,756,108

1.46

Marine Harvest ASA

7,000,000

3,912,087

3.25

Yara International ASA

80,000

2,744,505

2.28

8,412,700

6.99


At 30 June 2012


In % of net assets

SGD

Wilmar International Ltd

1,210,000

2,717,072

2.26

USD

Adecoagro SA

470,000

3,396,162

2.83

AGCO Corp

44,000

1,585,532

1.32

Archer–Daniels–Midland Co

113,500

2,640,180

2.20

Bunge Ltd

80,250

3,967,444

3.30

Caterpillar Inc

48,500

3,245,053

2.70

CF Industries Holdings Inc

30,000

4,579,961

3.81

Cosan Ltd

450,000

4,499,823

3.74

Deere & Co

78,000

4,970,537

4.13

Diamond Foods Inc

35,000

492,022

0.41

Dole Food Co Inc

200,000

1,383,712

1.15

EI du Pont de Nemours & Co

125,000

4,981,088

4.14

Green Mountain Coffee Roasters Inc

125,240

2,149,425

1.79

Ingredion Inc

100,000

3,902,132

3.25

Kellogg Co

75,500

2,934,806

2.44

Mead Johnson Nutrition Co

34,000

2,156,999

1.79

Mosaic Co/The

107,500

4,638,667

3.86

Ralcorp Holdings Inc

50,000

2,629,526

2.19

Sociedad Quimica y Minera de C ADR

24,000

1,052,819

0.88

SunOpta Inc

441,310

1,950,868

1.62

Titan International Inc

262,390

5,071,846

4.21

Union Pacific Corp

39,000

3,666,593

3.05

65,895,196

54.81


114,715,441

95,44


114,715,441

95,44


5,474,809

4.56

Total net assets

120,190,249

100.00


Robeco Infrastructure Equities Investment portfolio

At 30 June 2012


In % of net assets


CHF

ABB Ltd

300,000

3,858,802

2.28

Holcim Ltd

75,000

3,268,742

1.93

7,127,544

4.21

DKK

Vestas Wind Systems A/S

200,000

872,168

0.51

EUR

ArcelorMittal

225,000

2,724,750

1.61

Bauer AG

50,000

938,750

0.55

CRH PLC

194,571

2,939,968

1.73

Fugro NV

56,833

2,712,639

1.60

HeidelbergCement AG

65,000

2,454,725

1.45

Kingspan Group PLC

325,000

2,080,000

1.23

Koninklijke BAM Groep NV

721,248

1,594,679

0.94

Koninklijke Boskalis Westminster NV

73,683

1,913,548

1.13

Lafarge SA

70,000

2,460,850

1.45

Prysmian SpA

240,000

2,817,600

1.66

SBM Offshore NV

160,000

1,741,600

1.03

Siemens AG

35,000

2,314,900

1.36

ThyssenKrupp AG

165,250

2,120,984

1.25

Uponor OYJ

150,000

1,059,750

0.62

Vallourec SA

22,500

723,825

0.43

Vallourec SA/STK/05–06–2012

22,500

29,250

0.02

Vinci SA

60,000

2,207,100

1.30

32,834,918

19.36

GBP

Aggreko PLC

110,000

2,816,957

1.66

Balfour Beatty PLC

650,000

2,394,018

1.41

Carillion PLC

600,000

2,048,202

1.21

Invensys PLC

500,000

1,376,220

0.81

Invensys PLC/STK/20–06–2012

500,000

18,883

0.01

Vodafone Group PLC

1,400,000

3,101,594

1.83


1,400,000

124,391

0.07

Wolseley PLC

95,000

2,790,941

1.65

WS Atkins PLC

240,000

2,046,719

1.21

16,717,925

9.86

HKD


9,500,000

3,686,584

2.17

China Railway Group Ltd

5,000,000

1,635,547

0.96

5,322,131

3.13

JPY

Hitachi Construction Machinery Co Ltd

150,000

2,198,410

1.30

Japan Steel Works Ltd/The

350,000

1,510,543

0.89


At 30 June 2012


In % of net assets

JGC Corp

190,000

4,306,454

2.54

Komatsu Ltd

210,000

3,894,919

2.30

Taisei Corp

1,700,000

3,576,120

2.11

15,486,446

9.14

SEK

Telefonaktiebolaget LM Ericsson

750,000

5,398,425

3.18

SGD

Hyflux Ltd

2,500,000

2,091,562

1.23

Keppel Corp Ltd

475,000

3,037,353

1.79

SembCorp Industries Ltd

900,000

2,871,894

1.69

Sound Global Ltd

5,000,000

1,772,774

1.05

9,773,583

5.76

USD

AECOM Technology Corp

195,000

2,527,678

1.49

AES Corp/The

400,000

4,043,970

2.38

American Tower Corp

40,000

2,203,538

1.30

Caterpillar Inc

40,000

2,676,333

1.58

Chicago Bridge & Iron Co NV

115,000

3,439,896

2.03

Cisco Systems Inc

375,000

5,073,677

2.99

Eaton Corp

80,000

2,498,247

1.47

Fluor Corp

65,000

2,527,166

1.49

FMC Technologies Inc

50,000

1,545,644

0.91

Foster Wheeler AG

185,000

2,526,339

1.49

General Electric Co

500,000

8,210,866

4.85

Granite Construction Inc

115,000

2,366,061

1.40

Halliburton Co

140,000

3,131,949

1.85

KBR Inc

165,000

3,212,758

1.89

MasTec Inc

120,000

1,422,166

0.84

McDermott International Inc

310,000

2,721,248

1.60

Mostotrest

360,000

1,517,671

0.89

National Oilwell Varco Inc

65,000

3,300,579

1.95

Nucor Corp

115,000

3,434,459

2.02

Quanta Services Inc

175,000

3,319,215

1.96

Steel Dynamics Inc

240,000

2,222,135

1.31

Terex Corp

200,000

2,809,976

1.66

Weatherford International Switzerlan

220,000

2,189,512

1.29

Xylem Inc/NY

150,000

2,975,060

1.75

71,896,143

42.39


165,429,283

97.54


165,429,283

97.54


4,178,564

2.46

Total net assets

169,607,847

100.00


Robeco High Yield Bonds Investment portfolio At 30 June 2012

Interest rate

Maturity date

Face value

Market value in EUR x 1

in % of net assets


EUR

0.9000

Saecure BV (Frn)

25/02/2086

1,400,000

1,390,819

0.06

0.9190 Aire Valley Mortgages (Frn)

20/09/2066

800,000

659,590

0.03


20/09/2066

1,200,000

884,082

0.04

0.9850 Mars BV (FRN)

28/08/2014

2,100,000

2,040,150

0.08


20/09/2066

500,000

319,943

0.01

1.1870 Holland Euro-Denominated (Frn)

18/05/2039

2,300,000

2,131,122

0.08

1.3630 Herme 12 (FRN)

18/12/2038

7,000,000

1,873,710

0.07

1.5890 Gillespie Clo Plc (Frn)

15/08/2023

5,000,000

4,096,809

0.16

1.6490 Jubilee Cdo Bv (Frn)

30/07/2024

5,000,000

4,516,500

0.18

1.8530 Calcipar SA (FRN)

01/07/2014

1,000,000

955,000

0.04

2.5070 ING Verzekeringen

21/06/2021

9,850,000

9,135,875

0.36

2.5840 Bancaja Fondo De Tituliz (Frn)

22/05/2050

1,900,000

238,817

0.01

2.6620 Clondalkin Acquisition (Frn)

15/12/2013

4,200,000

3,780,000

0.15

3.2270 Casino Guichard Perrachon (FRN)

20/01/2049

650,000

333,119

0.01

3.2500 Electricidade de Portugal

16/03/2015

6,000,000

5,400,000

0.21

3.3810 Whinston Capital Managem (Frn)

25/01/2055

3,800,000

2,403,500

0.10

3.6530 Smart Sme Clo Ltd (Frn)

27/12/2016

2,000,000

998,300

0.04

3.9810 Stichting Memphis (Frn)

25/04/2015

3,000,000

2,839,519

0.11

4.1250 ING Bank

23/03/2015

1,740,000

1,810,922

0.07

4.2370 Skyline Bv (Frn)

22/07/2043

4,000,000

3,840,000

0.15

4.2500 Citigroup Inc

25/02/2030

12,000,000

9,120,000

0.36

4.3100 ABN AMRO

28/02/2049

9,750,000

6,483,750

0.26

4.6250 Ote Plc

20/05/2016

17,000,000

10,200,000

0.41


13/06/2016

5,000,000

4,337,500

0.17


26/09/2016

400,000

346,000

0.01

4.7500 Lafarge SA

23/03/2020

5,850,000

5,652,680

0.22

5.0000 Ote Plc

05/08/2013

7,300,000

5,767,000

0.23

5.2500 AXA SA

16/04/2040

4,900,000

3,921,323

0.16

5.3750 Henkel Corp

25/11/2015

7,000,000

7,297,500

0.29

5.4190 Societe Generale

10/11/2013

5,700,000

4,389,000

0.17

5.6250 Royal Carribean Cruises (FRN)

27/01/2014

5,250,000

5,374,688

0.21

5.7500 Hit Finance BV

09/03/2018

9,800,000

9,408,000

0.37

5.7500 Allianz Finance

08/07/2041

4,800,000

4,344,144

0.17

5.7770 AXA SA

06/07/2016

2,200,000

1,650,000

0.07


01/02/2016

1,100,000

1,017,500

0.04

6.1250 Ziggo Finance BV

15/11/2017

5,000,000

5,337,500

0.21

6.2110 AXA SA

29/10/2049

2,200,000

1,639,000

0.07

6.2500 Fiat Industrial Fin Eur

09/03/2018

5,000,000

5,045,001

0.20

6.2500 Elster Finance BV

15/04/2018

14,500,000

15,877,500

0.63

6.3750 Telenet Finance Lux

15/11/2020

1,000,000

995,000

0.04

6.4800 Clock Finance Bv (Frn)

25/02/2015

1,800,000

1,676,039

0.07

6.5000 Kronos International

15/04/2013

10,000,000

8,080,000

0.32



Interest rate

Maturity date

Face value


in % of net assets

6.6250 Lafarge SA

29/11/2018

4,750,000

4,868,750

0.19

6.7500 Gategroup Finance Lux

01/03/2019

6,800,000

6,750,360

0.27

6.7500 Lafarge SA

16/12/2019

2,900,000

2,921,750

0.12

6.7500 Nationwide Building Society

22/07/2020

15,000,000

14,008,500

0.56

6.7500 Oi European Grp

15/09/2020

11,625,000

12,293,438

0.49

6.7500 REXAM PLC

29/06/2067

9,750,000

9,262,500

0.37

6.8750 Owens-Brockway Glass Con

31/03/2017

6,375,000

6,582,188

0.26

6.8750 Aviva PLC

22/05/2038

4,850,000

4,219,500

0.17

7.0000 Rexel SA

17/12/2018

9,700,000

10,185,000

0.40

7.1250 Crown Euro Holdings

15/08/2018

14,000,000

15,120,000

0.61

7.2500 Ote Plc

08/04/2014

5,600,000

3,976,000

0.16

7.2500 Ote Plc

12/02/2015

5,700,000

3,591,000

0.14

7.2500 Int Power Finance 2010

11/05/2017

15,650,000

18,913,808

0.75

7.2500 Smurfit Kappa Aquisitions

15/11/2017

3,000,000

3,180,000

0.13

7.3750 New World Rescources BV

15/05/2015

7,100,000

6,816,000

0.27

7.3750 Ardagh Packaging Finance Plc

15/10/2017

15,550,000

16,366,375

0.66

7.3750 Wind Acquisition

15/02/2018

11,875,000

10,331,250

0.41


15/02/2018

12,000,000

10,200,000

0.40

7.3750 Refresco Group BV

15/05/2018

10,050,000

9,421,875

0.37


28/08/2014

2,400,000

2,376,000

0.09

7.5000 Ontex IV SA

15/04/2018

6,800,000

6,664,000

0.26

7.5000 Jarden Corp

15/01/2020

2,075,000

2,113,595

0.08

7.5000 Heidelberg Cement

03/04/2020

2,925,000

3,129,750

0.12

7.7500 Reynolds Group Escrow

15/10/2016

3,750,000

3,890,625

0.15

7.7500 Schaeffler Finance BV

15/02/2017

9,750,000

10,165,350

0.40


15/11/2019

3,800,000

4,075,500

0.16

7.8750 Ineos Group Holdings

15/02/2016

9,600,000

8,160,000

0.32

8.0000 Beverage Packaging Holding

15/12/2016

5,400,000

5,076,000

0.20


31/01/2017

4,700,000

5,369,750

0.21

8.0000 Alba Group Plc & Co

15/05/2018

4,350,000

4,371,750

0.17


15/05/2018

13,735,000

14,902,475

0.59


25/04/2015

1,000,000

995,500

0.04

8.2500 Campofrio Alimentacion

31/10/2016

19,450,000

19,109,625

0.77

8.2500 Santos Finance Ltd

22/09/2070

500,000

480,000

0.02

8.3750 R&R ICE CREAM PLC

15/11/2017

11,800,000

11,652,500

0.46

8.3750 Intesa

29/10/2049

6,250,000

4,781,250

0.19

8.5000 Hertz Holdings Netherlands

31/07/2015

17,400,000

18,687,600

0.75


31/10/2019

4,500,000

5,062,500

0.20

8.7500 KUKA AG

15/11/2017

6,000,000

6,420,000

0.25


15/02/2019

12,750,000

13,515,000

0.54

8.7500 Faurecia SA

15/06/2019

13,525,000

13,119,250

0.52

8.8750 Boardriders SA

15/12/2017

9,750,000

9,603,750

0.38

8.8750 Mark Iv Euro/Usa Lux Sca

15/12/2017

15,900,000

14,453,100

0.57

8.8750 Nara Cable Funding

01/12/2018

4,800,000

4,176,000

0.17

8.8750 Lecta SA

15/05/2019

3,900,000

3,685,500

0.15

9.0000 BPCE SA (Frn)

17/03/2015

4,000,000

3,540,000

0.14

9.0000 Ontex IV SA

15/04/2019

7,350,000

6,247,500

0.25



Interest rate

Maturity date

Face value


in % of net assets


15/10/2020

5,600,000

5,628,000

0.22

9.3750 Faurecia SA

15/12/2016

11,875,000

13,032,813

0.52


04/09/2049

5,000,000

4,600,000

0.18

9.5000 Interxion Holding

12/02/2017

12,950,000

14,212,625

0.56

9.5000 Beverage Packaging Holding

15/06/2017

5,500,000

5,073,750

0.20


15/12/2018

15,300,000

18,054,000

0.72

9.5000 Unity Media Hessen

15/03/2021

17,100,000

18,553,500

0.75

9.6250 Unity Media GMBH

01/12/2019

5,000,000

5,425,000

0.22

9.7500 EC Finance Plc

01/08/2017

9,500,000

9,120,000

0.36

9.7500 UPC Holding

15/04/2018

4,900,000

5,243,000

0.21

10.0000 Kinove cosi Bondco GMBH

15/06/2018

5,400,000

5,467,500

0.22

10.2000 Stability GMBH (Frn)

05/05/2022

2,000,000

400,000

0.02

10.5030 Smart Sme Clo Ltd (Frn)

27/12/2016

2,000,000

570,000

0.02

10.6250 Kerling Plc

01/02/2017

13,700,000

12,056,000

0.48

11.0000 Boats Invest Netherlands

31/03/2017

4,650,000

4,559,002

0.18

11.1250 Ono Finance II Plc

15/07/2019

3,400,000

2,652,000

0.11


15/07/2017

13,700,000

11,028,500

0.44

15.0000 LBG Capital No.2 Plc

21/12/2019

2,750,000

3,286,250

0.13

681,401,006

27.06

GBP

4.4509

Resloc Uk Plc (Frn)

15/12/2043

2,575,000

1,087,592

0.04

5.1250 FCE BANK Plc

16/11/2015

8,000,000

10,381,906

0.41


09/08/2017

3,950,000

4,320,541

0.17

6.7500 GKN Holdings Plc

28/10/2019

21,900,000

29,630,367

1.19

7.0000 Priory Group Ltd

15/02/2018

11,400,000

13,596,589

0.54

7.1250 William Hill Plc

11/11/2016

7,100,000

9,433,321

0.37

7.3750 ITV Plc

05/01/2017

14,900,000

19,934,804

0.79

7.3750 Credit Agricole SA

18/12/2023

2,800,000

3,012,275

0.12

7.7500 Thames Water Kemble Fina

01/04/2019

15,950,000

19,910,394

0.79

8.5000 Southern Water Greensand

15/04/2019

19,550,000

22,833,704

0.91

8.7500 Dixons Retail Plc

03/08/2015

2,000,000

2,447,164

0.10

8.7500 British Airways

23/08/2016

5,905,000

7,389,461

0.29

8.8750 House Of Fraser Plc

15/08/2018

8,900,000

9,652,392

0.38

9.5000 Intergen NV

30/06/2017

1,180,000

1,458,411

0.06

9.7500 Care Uk Health

01/08/2017

10,700,000

13,555,185

0.54


22/01/2029

516,000

771,672

0.03

169,415,778

6.73

USD

Bankruptcy claim Fedders North America

1,800,000*

142

0.00

Bankruptcy claim Telligent Inc

700,000*

55

0.00

Stage Stores Inc

63*

909

0.00

0.8679 Petrusse European Clo Sa (Frn)

27/12/2017

8,000,000

1,148,813

0.05

2.4679 Clondalkin Acquisition (Frn)

15/12/2013

13,000,000

9,321,934

0.37

3.4834 Southern Union Co (Frn)

01/11/2066

11,000,000

7,064,339

0.28



Interest rate

Maturity date

Face value


in % of net assets

3.7179 Qwest Corp (Frn)

15/06/2013

6,200,000

4,890,136

0.19

5.0000 Silgan Holdings

01/04/2020

7,000,000

5,640,046

0.22

5.0000 Fidelity National Inform

15/03/2022

12,000,000

9,621,370

0.38

5.0000 Continental Resources Inc

15/09/2022

500,000

399,905

0.02

5.1500 Toll Bros Finance Corp

15/05/2015

5,000,000

4,164,414

0.17

5.2500 Methanex Corp

01/03/2022

5,000,000

4,087,743

0.16

5.3750 Ethan Allen Global Inc

01/10/2015

8,000,000

6,381,908

0.25

5.3750 QEP Resources Inc

01/10/2022

2,500,000

1,974,903

0.08

5.6250 Fresenius Med Care II

31/07/2019

5,000,000

4,107,403

0.16

5.7500 HCA Inc

15/03/2014

3,000,000

2,473,307

0.10

5.7500 UR Financing Escrow Corp

15/07/2018

1,000,000

819,511

0.03

5.7500 Fresenius Med Care US

15/02/2021

2,000,000

1,640,991

0.07

5.7500 Bombardier Inc

15/03/2022

15,000,000

11,775,541

0.47

5.8750 Chesapeake Midstream Pt

15/04/2021

7,000,000

5,350,459

0.21

5.8750 Fresenius Med Care II

31/01/2022

4,000,000

3,281,983

0.13

5.8750 Cimarex Energy Co

01/05/2022

2,000,000

1,637,051

0.06

6.0000 Wyndham Worldwide Corp

01/12/2016

35,000

30,580

0.00

6.0000 EDP Finance BV

02/02/2018

18,000,000

12,304,480

0.49

6.1250 Norske Skogsindustrier

15/10/2015

3,121,000

1,696,931

0.07

6.1250 Hanson Ltd

15/08/2016

5,000,000

4,196,052

0.17

6.1250 Plains Exploration & Pro

15/06/2019

15,000,000

11,878,965

0.48

6.1250 Rexel SA

15/12/2019

5,000,000

3,969,505

0.16

6.1250 Chesapeake Midstream Pt

15/07/2022

3,500,000

2,702,809

0.11

6.3750 Temple-Inland Inc

15/01/2016

2,500,000

2,247,212

0.09

6.3750 Denbury Resources Inc

15/08/2021

5,000,000

4,097,553

0.16

6.3750 Gulfmark Offshore Inc

15/03/2022

1,000,000

795,871

0.03

6.3750 Penny (Jc) Co Inc

15/10/2036

15,200,000

9,042,985

0.36

6.4040 Stora Enso Oyj

15/04/2016

5,000,000

3,999,054

0.16

6.5000 Tesoro Petroleum corp

01/06/2017

10,335,000

8,367,844

0.33

6.5000 Virgin Media Finance Plc

15/01/2018

3,000,000

2,576,731

0.10

6.5000 Whiting Petroleum Corp

01/10/2018

3,000,000

2,517,631

0.10

6.5000 Dana Holding Corp

15/02/2019

11,000,000

9,209,645

0.37

6.5000 Vail Resorts Inc

01/05/2019

8,000,000

6,619,125

0.26

6.5000 Holly Energy Partners Lp

01/03/2020

2,000,000

1,587,802

0.06

6.5000 El Paso Pipeline Part Op

01/04/2020

3,000,000

2,743,835

0.11

6.5000 CCO Holdings

30/04/2021

5,000,000

4,196,052

0.17

6.6250 Citizens Communications

15/03/2015

3,000,000

2,505,811

0.10


01/11/2015

1,500,000

1,205,626

0.05

6.6250 Dillards Inc

15/01/2018

2,000,000

1,596,627

0.06

6.6250 SM Energy Corp

15/02/2019

4,000,000

3,230,763

0.13

6.6250 UPCB Finance III Ltd

01/07/2020

2,000,000

1,599,622

0.06

6.6250 Rent-A-Center Inc

15/11/2020

5,000,000

4,196,052

0.17

6.6250 Valassis Communication

01/02/2021

8,000,000

6,114,810

0.24

6.6250 Limited Brands

01/04/2021

7,500,000

6,456,601

0.26

6.6250 Unit Corp

15/05/2021

2,000,000

1,568,102

0.06

6.6250 Amkor Technologies

01/06/2021

5,000,000

3,930,105

0.16

6.6250 CCO Holdings

31/01/2022

9,000,000

7,588,353

0.30



Interest rate

Maturity date

Face value


in % of net assets

6.7500 HCA Inc

15/07/2013

4,000,000

3,285,923

0.13

6.7500 Host Marriott

01/06/2016

4,000,000

3,238,643

0.13

6.7500 Starwood Hotels & Resorts

15/05/2018

12,000,000

10,975,927

0.45

6.7500 Visteon Corp

15/04/2019

6,000,000

4,597,928

0.18

6.7500 Hertz Corp

15/04/2019

3,000,000

2,458,532

0.10

6.7500 Spectrum Brands Holdings

15/03/2020

2,000,000

1,627,201

0.06

6.7500 Mead Products Llc

30/04/2020

3,500,000

2,909,657

0.12

6.7500 Spirit Aerosystems Inc

15/12/2020

11,000,000

9,448,012

0.38

6.7500 Plains Exploration & Pro

01/02/2022

5,000,000

4,018,754

0.16

6.8750 SPX Corp

01/09/2017

10,000,000

8,589,102

0.34

6.8750 Calcipar SA

01/05/2018

14,375,000

11,157,460

0.44

6.8750 CF Industries Inc

01/05/2018

3,300,000

3,082,261

0.12

6.8750 Rhodia SA

15/09/2020

3,000,000

2,600,370

0.10

6.8750 Reynolds Grp

15/02/2021

750,000

614,633

0.02

6.8750 UPCB Finance VI Ltd

15/01/2022

2,000,000

1,607,502

0.06

6.8750 Sprint Capital Corp

15/11/2028

15,000,000

9,514,992

0.38

6.8750 Weyerhaeuser Company

15/12/2033

2,000,000

1,661,243

0.07


15/07/2017

2,000,000

1,749,340

0.07


01/03/2033

6,000,000

4,586,108

0.18

6.9740 Puget Sound Energy Inc

01/06/2067

10,000,000

7,919,310

0.31

7.0000 Dean Foods Co

01/06/2016

10,000,000

8,372,405

0.33

7.0000 El Paso Corporation

15/06/2017

11,244,000

10,050,624

0.40

7.0000 Cco Hldgs Llc/Cap Corp

15/01/2019

6,000,000

5,106,182

0.20

7.0000 Windstream Corp

15/03/2019

10,000,000

8,076,908

0.32

7.0000 Boart Longyear Management

01/04/2021

6,000,000

4,834,325

0.19

7.0000 Equinix Inc

15/07/2021

10,000,000

8,667,901

0.34

7.0000 Seagate Hdd Cayman

01/11/2021

4,000,000

3,396,241

0.13

7.1250 Domtar Corp

15/08/2015

751,000

662,795

0.03

7.1250 P.H. Glatfelter Co

01/05/2016

3,000,000

2,417,162

0.10

7.1250 Gannett Co Inc

01/09/2018

5,000,000

4,215,752

0.17

7.1250 Reynolds Grp

15/04/2019

5,000,000

4,127,103

0.16

7.1250 Crown Castle Int'L Corp

01/11/2019

5,000,000

4,225,602

0.17

7.1250 CF Industries Inc

01/05/2020

2,000,000

1,906,486

0.08

7.1250 Dycom Investments Inc

15/01/2021

2,000,000

1,615,382

0.06

7.1300 Dillards Inc

01/08/2018

3,000,000

2,520,586

0.10

7.2500 Constellation Brands Inc

15/05/2017

8,000,000

7,210,118

0.29

7.2500 Calpine Corporation

15/10/2017

19,000,000

16,094,717

0.65


30/10/2017

15,000,000

12,883,653

0.52

7.2500 El Paso Natural Gas

01/06/2018

7,182,000

6,528,288

0.26

7.2500 BELO (A.H.) CORP

15/09/2027

8,000,000

6,004,492

0.24

7.3750 Neenah Paper Inc

15/11/2014

1,329,000

1,062,949

0.04

7.3750 Starwood Hotels & Resorts

15/11/2015

8,000,000

7,224,604

0.29

7.3750 Toys R Us Delaware Inc

01/09/2016

4,000,000

3,120,444

0.12

7.3750 Inmarsat Finance Plc

01/12/2017

3,500,000

2,944,131

0.12

7.3750 Great Lakes Dredge&Dock

01/02/2019

7,500,000

5,909,933

0.23

7.3750 Wyndham Worldwide Corp

01/03/2020

2,000,000

1,876,897

0.07

7.3750 Suburban Propane Partnrs

15/03/2020

8,000,000

6,556,085

0.26



Interest rate

Maturity date

Face value


in % of net assets


15/05/2020

1,000,000

823,451

0.03

7.3750 CCO Holdings

01/06/2020

9,000,000

7,792,246

0.31

7.3750 Polyone Corp

15/09/2020

8,000,000

6,697,924

0.27


01/10/2020

600,000

527,166

0.02

7.3750 Elizabeth Arden Inc

15/03/2021

1,000,000

864,820

0.03

7.3750 AES Corporation

01/07/2021

7,300,000

6,399,472

0.25

7.4500 Upm-Kymmene Corp

26/11/2027

16,200,000

11,744,218

0.47

7.5000 Polypore International

15/11/2017

3,000,000

2,508,766

0.10


15/03/2018

10,000,000

8,638,352

0.34


15/03/2018

1,500,000

1,297,230

0.05

7.5000 Pioneer Natural Resource

15/01/2020

13,000,000

12,651,196

0.50

7.5000 Jarden Corp

15/01/2020

3,000,000

2,582,641

0.10

7.5000 Ineos Finance Plc

01/05/2020

2,000,000

1,587,802

0.06


15/02/2021

8,000,000

6,808,242

0.27


01/06/2022

10,000,000

8,116,307

0.32

7.5000 Sappie Papier Holding

15/06/2032

10,000,000

6,303,928

0.25

7.5000 HCA Inc

15/11/2095

5,000,000

3,151,964

0.13

7.6250 Clean Harbors Inc

15/08/2016

5,000,000

4,112,328

0.16

7.6250 Crown Americas

15/05/2017

4,500,000

3,829,636

0.15

7.6250 XM Satellite Radio Inc

01/11/2018

9,000,000

7,623,813

0.30

7.6250 Clear Channel Worldwide

15/03/2020

18,000,000

13,864,702

0.55


15/04/2022

10,000,000

8,254,206

0.33

7.6250 Penny (Jc) Co Inc

01/03/2097

8,895,000

5,107,940

0.20

7.7500 Case New Holland Inc

01/09/2013

8,000,000

6,697,924

0.27


15/10/2015

5,000,000

4,422,600

0.18

7.7500 Jabil Circuit Inc

15/07/2016

8,000,000

7,186,478

0.29


15/07/2017

10,800,000

8,531,580

0.34

7.7500 Tenneco Automotive Inc

15/08/2018

5,000,000

4,274,851

0.17

7.7500 Transdigm Inc

15/12/2018

12,100,000

10,464,324

0.42

7.7500 Crestwood Midstream Part

01/04/2019

5,000,000

3,910,405

0.16

7.7500 Taseko Mines Ltd

15/04/2019

5,500,000

4,138,923

0.16


15/03/2020

3,000,000

2,629,920

0.10

7.7500 Advanced Micro Devices

01/08/2020

1,000,000

866,790

0.03

7.7500 Wynn Las Vegas Llc/Corp

15/08/2020

14,500,000

12,654,151

0.50


15/10/2020

5,500,000

4,593,988

0.18


01/10/2021

10,000,000

8,352,705

0.33

7.7500 Phillips Van-Heusen

15/11/2023

2,608,000

2,386,565

0.09


01/11/2017

8,000,000

6,871,282

0.27

7.8750 Lear Corp

15/03/2018

4,700,000

4,087,802

0.16


30/04/2018

3,500,000

2,999,291

0.12

7.8750 Ferro Corp

15/08/2018

6,000,000

4,609,747

0.18

7.8750 Graphic Packaging Intl

01/10/2018

1,000,000

866,790

0.03

7.8750 Targa Resources Partners

15/10/2018

10,000,000

8,510,303

0.34

7.8750 Perry Ellis Intl Inc

01/04/2019

9,000,000

7,145,109

0.28

7.8750 Reynolds Grp

15/08/2019

8,000,000

6,824,002

0.27

7.8750 HCA Inc

15/02/2020

18,500,000

16,181,396

0.65


31/07/2020

2,000,000

1,737,520

0.07



Interest rate

Maturity date

Face value


in % of net assets


15/01/2023

9,000,000

7,730,192

0.31

7.8750 CSG Guernsey I Ltd

24/02/2041

8,000,000

5,988,732

0.24

8.0000 Jarden Corp

01/05/2016

2,000,000

1,717,820

0.07


01/06/2016

4,000,000

3,404,121

0.14

8.0000 Hornbeck Offshore Serv

01/09/2017

2,500,000

2,115,263

0.08


15/10/2017

12,000,000

10,756,077

0.43

8.0000 Chrysler group

15/06/2019

22,500,000

18,217,367

0.73

8.0000 Boise Paper Holdings

01/04/2020

7,000,000

6,095,111

0.24

8.0000 Georgia Pacific

15/01/2024

2,000,000

2,100,094

0.08


01/12/2017

4,000,000

3,388,361

0.13

8.1250 Advanced Micro Devices

15/12/2017

8,000,000

6,839,762

0.27


01/09/2018

5,000,000

4,235,452

0.17

8.1250 Level 3 Financing

01/07/2019

6,000,000

4,852,055

0.19

8.1250 Ford Motor Credit Co

15/01/2020

10,000,000

9,652,890

0.38


30/04/2020

4,000,000

3,514,440

0.14

8.2500 Frontier Communications

15/04/2017

5,000,000

4,235,452

0.17

8.2500 Texas Petrochemical Corp

01/10/2017

11,000,000

9,166,306

0.36

8.2500 Cardtronics Inc

01/09/2018

5,000,000

4,333,951

0.17


01/10/2019

8,000,000

7,044,640

0.28

8.2500 Chrysler group

15/06/2021

13,000,000

10,525,590

0.42

8.3750 Qwest Corp

01/05/2016

10,000,000

9,123,360

0.36


15/10/2019

2,900,000

2,567,964

0.10

8.5000 TOYS R US Property Co II

01/12/2017

18,000,000

14,768,922

0.60

8.5000 RBS Global & Rexnord Cor

01/05/2018

5,000,000

4,274,851

0.17

8.5000 HCA Inc

15/04/2019

18,000,000

15,885,899

0.64


15/06/2019

6,000,000

5,555,337

0.22


15/04/2020

3,000,000

2,505,811

0.10

8.5000 Legrand SA

15/02/2025

14,550,000

14,515,157

0.58

8.6250 Breitburn Ener/Breit Fin

15/10/2020

7,000,000

5,833,104

0.23


15/11/2014

1,500,000

1,332,690

0.05

8.7500 Sirius Xm Radio Inc

01/04/2015

3,000,000

2,659,470

0.11

8.7500 Atlas Pipeline Partners

15/06/2018

7,000,000

5,888,263

0.23


15/04/2022

7,000,000

5,791,734

0.23

8.8750 Crosstex Energy

15/02/2018

8,000,000

6,658,524

0.26


01/12/2018

4,000,000

2,710,689

0.11


01/12/2018

4,000,000

2,679,169

0.11

9.0000 Fresenius US Finance II Inc

15/07/2015

11,500,000

10,409,854

0.41

9.0000 Ashtead Capital Inc

15/08/2016

6,000,000

4,899,334

0.19

9.0000 Host Hotels & Resorts

15/05/2017

1,000,000

872,700

0.03

9.0000 Intergen NV

30/06/2017

37,663,000

29,084,544

1.16

9.0000 Boise Paper Holdings

01/11/2017

2,000,000

1,741,460

0.07

9.0000 NBTY Inc

01/10/2018

16,000,000

13,931,681

0.55

9.0000 Tomkins Inc

01/10/2018

15,700,000

13,763,248

0.55

9.0000 MGM Mirage Inc

15/03/2020

7,000,000

6,122,690

0.24

9.1250 Ashland Inc

01/06/2017

2,000,000

1,733,580

0.07

9.1250 Parker Drilling

01/04/2018

8,000,000

6,666,404

0.26

9.1250 Parker Drilling

01/04/2018

1,000,000

833,301

0.03



Interest rate

Maturity date

Face value


in % of net assets

9.1250 Cedar Fair Lp

01/08/2018

5,000,000

4,373,350

0.17

9.1250 Quicksilver Resources Inc

15/08/2019

5,000,000

3,427,761

0.14

9.2500 Energy XXI Gulf Coast Inc

15/12/2017

6,800,000

5,733,423

0.23


15/11/2017

4,000,000

3,514,440

0.14

9.3750 Calumet Specialty Prod

01/05/2019

5,000,000

3,949,805

0.16

9.5000 Delta Air Lines Inc

15/09/2014

3,163,000

2,632,614

0.10


15/08/2016

414,000

363,745

0.01

9.5000 Dineequity Inc

30/10/2018

6,000,000

5,177,101

0.21

9.6250 Calumet Specialty Prod

01/08/2020

4,000,000

3,199,244

0.13


15/04/2016

8,000,000

7,470,155

0.30

9.7500 Djo Fin Llc/Djo Fin Corp

15/10/2017

14,000,000

7,887,790

0.31

9.7500 Office Depot Inc

15/03/2019

7,000,000

5,364,249

0.21


01/06/2019

2,250,000

2,003,467

0.08

10.0000 Seagate Technology

01/05/2014

8,697,000

7,607,005

0.30

10.0000 Interpublic Group Cos

15/07/2017

4,000,000

3,530,200

0.14

10.0000 Visant Corporation

01/10/2017

12,000,000

9,384,973

0.37

10.0000 Level 3 Financing

01/02/2018

10,000,000

8,530,003

0.34

10.2500 Lions Gate Entertainment

01/11/2016

10,825,000

9,340,353

0.37

10.2500 Stonemor/Cornerstn/Osir

01/12/2017

10,000,000

7,702,612

0.31


15/05/2014

8,500,000

7,551,909

0.30

10.5000 Global Geophysical Svc Inc

01/05/2017

9,840,000

7,385,525

0.29

10.5000 Fifth & Pacific Co Inc

15/04/2019

7,000,000

6,136,480

0.24

10.5500 First Data Corp

24/09/2015

4,325

3,485

0.00

10.7500 Domtar Corp

01/06/2017

5,000,000

5,082,542

0.20

10.7500 TOYS R US Property Co II

15/07/2017

7,000,000

6,026,161

0.24

10.8750 Coffeyville Resource/Fin

01/04/2017

7,000,000

6,150,270

0.24

11.0000 Rabobank Nederland

30/06/2019

9,000,000

8,903,337

0.35


15/11/2017

12,500,000

11,056,499

0.45

11.2500 Western Refining

15/06/2017

10,000,000

8,845,199

0.35

11.3750 Oxford Industries Inc

15/07/2015

5,000,000

4,183,739

0.17

11.8750 Level 3 Communications

01/02/2019

12,000,000

10,472,401

0.42

12.2500 Wind Acquisition Holding

15/07/2017

5,631,257

3,039,605

0.12

12.5000 Unisys Corp

15/01/2016

736,000

614,759

0.02

12.7500 Unisys Corp

15/10/2014

3,589,000

3,082,629

0.12


15/11/2013

7,000,000

6,288,168

0.25

13.2500 Cengage Learning Acquisitions

15/07/2015

7,500,000

4,255,151

0.17

13.7500 Cengage Learning Holdco

15/07/2015

13,893,750

8,813,261

0.35

1,263,850,282

50.18


2,114,667,066

83.97

Total investment portfolio

2,114,667,066

83.97


403,884,602

16.03

Total net assets

2,518,551,668

100.00


Robeco Investment Grade Corporate Bonds Investment portfolio

At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


EUR

1.5000

GDF-Suez

01/02/2016

3,650,000

3,655,293

0.25

1.7500 Daimler AG

21/05/2015

9,330,000

9,443,919

0.64

1.7500 Germany

09/10/2015

2,500,000

2,620,050

0.18

1.7500 Linde Finance BV

11/06/2019

7,100,000

7,037,307

0.48

2.1250 Volkswagen Int Finance

19/01/2015

9,600,000

9,769,344

0.66

2.2500 Germany

04/09/2020

23,130,000

24,861,512

1.68

2.3750 Volkswagen Bank

28/06/2013

13,450,000

13,627,244

0.92

2.5000 Heineken NV

19/03/2019

3,670,000

3,716,315

0.25

2.5000 Germany

04/01/2021

3,550,000

3,884,481

0.26

2.6250 Carlsberg Breweries AS

03/07/2019

8,880,000

8,891,455

0.60

2.8750 Alstom

05/10/2015

1,400,000

1,429,218

0.10

2.8750 G4S Intl Finance

02/05/2017

11,450,000

11,751,250

0.80

2.8750 Groupe Auchan SA

15/11/2017

9,900,000

10,313,721

0.70

2.8750 Philip Morris International

30/05/2024

6,450,000

6,300,489

0.43

2.9940 BP Capital Markets Plc

18/02/2019

1,700,000

1,759,415

0.12

3.0000 Shell Finance Netherland

14/05/2013

11,150,000

11,387,495

0.77


02/12/2016

3,400,000

3,564,628

0.24

3.0000 France Telecom

15/06/2022

3,600,000

3,584,448

0.24


07/10/2014

20,600,000

21,425,648

1.45

3.1250 COCA-COLA Enterprices Plc

29/09/2017

4,400,000

4,611,596

0.31


12/12/2018

2,420,000

2,597,289

0.18

3.1250 GDF-Suez

21/01/2020

3,400,000

3,483,368

0.24

3.2500 Rci Banque SA

17/01/2014

13,750,000

13,881,176

0.94

3.2500 Tennet Holding BV

09/02/2015

3,860,000

4,041,690

0.27

3.2500 National Grid USA

03/06/2015

3,400,000

3,570,918

0.24

3.2500 Germany

04/07/2015

2,200,000

2,398,660

0.16

3.2500 Netherlands

15/07/2015

2,600,000

2,808,676

0.19

3.2500 Thames Water Util

09/11/2016

8,650,000

9,188,722

0.62

3.2500 Germany

04/01/2020

8,600,000

9,885,012

0.67

3.2500 Netherlands

15/07/2021

630,000

696,824

0.05


13/10/2017

2,000,000

2,111,280

0.14

3.3750 Enexis Holding

26/01/2022

19,400,000

20,231,678

1.37


01/06/2016

5,000,000

5,316,800

0.36

3.5000 Banque PSA Finance

17/01/2014

11,250,000

11,244,600

0.76

3.5000 Total SA

27/02/2014

7,000,000

7,287,980

0.49

3.5000 Tele Danmark AS

23/02/2015

1,800,000

1,893,762

0.13

3.5000 Vivendi SA

13/07/2015

6,400,000

6,585,152

0.45

3.5000 Compagnie De Saint-Gobain

30/09/2015

3,500,000

3,637,725

0.25

3.5000 Germany

04/01/2016

6,610,000

7,344,041

0.50

3.5000 Germany

04/07/2019

7,350,000

8,549,079

0.58

3.5000 GDF-Suez

18/10/2022

14,550,000

15,272,553

1.03

3.5000 Heineken NV

19/03/2024

17,400,000

18,045,540

1.22


17/09/2013

2,100,000

2,117,367

0.14

3.6250 British American Tobacco

09/11/2021

850,000

897,558

0.06



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

3.6410 Bouygues SA

29/10/2019

5,700,000

5,795,760

0.39

3.6610 Telefonica Emisiones Sau

18/09/2017

4,650,000

3,982,586

0.27

3.7500 Robert Bosch GMBH

12/06/2013

2,400,000

2,465,779

0.17


07/07/2014

3,450,000

3,511,134

0.24

3.7500 Germany

04/01/2017

2,700,000

3,085,560

0.21

3.7500 Germany

04/01/2019

8,300,000

9,748,516

0.66

3.7500 Koninklijke KPN

21/09/2020

5,900,000

6,001,716

0.41


02/03/2022

4,400,000

4,577,188

0.31


18/01/2013

2,450,000

2,473,422

0.17

3.8750 Iberdrola Finanzas

10/02/2014

9,800,000

9,580,578

0.65


09/04/2020

6,500,000

6,962,865

0.47


14/01/2021

900,000

960,966

0.07

3.8750 Electricite De France

18/01/2022

8,600,000

9,036,622

0.61

3.9940 Casino Guichard Perrachon

09/03/2020

7,200,000

7,030,584

0.48

4.0000 ALADIS EMISIONES 11/05/2015 2,500,000 2,647,950 0.18


11/07/2013

2,600,000

2,646,384

0.18

4.0000 BMW AG

17/09/2014

3,800,000

4,028,304

0.27

4.0000 Alstom

23/09/2014

1,000,000

1,041,250

0.07

4.0000 Germany

04/01/2018

9,150,000

10,749,146

0.73

4.0000 Anheuser-Busch Inbev

26/04/2018

2,800,000

3,113,740

0.21


08/10/2018

5,400,000

5,646,186

0.38

4.0000 AKZO Nobel

17/12/2018

15,800,000

17,240,328

1.17

4.0000 Carrefour SA

09/04/2020

3,000,000

2,978,130

0.20

4.0000 ENI SPA

29/06/2020

3,500,000

3,462,865

0.23


07/07/2020

3,000,000

3,280,020

0.22


02/06/2021

10,400,000

11,606,088

0.79

4.0780 Suez Environnement

17/05/2021

10,000,000

10,991,500

0.74

4.1250 Siemens

20/02/2013

5,450,000

5,567,230

0.38

4.1250 National Grid Co Plc

21/03/2013

1,038,000

1,060,182

0.07

4.1250 E.ON AG

26/03/2013

5,450,000

5,578,729

0.38

4.1250 Alstom

01/02/2017

14,450,000

15,013,984

1.02

4.1250 Terna SPA

17/02/2017

1,900,000

1,891,279

0.13

4.1250 Eutelsat SA

27/03/2017

3,450,000

3,657,069

0.25

4.1250 Enel Finance Intl

12/07/2017

11,250,000

10,730,138

0.73

4.1250 Vivendi SA

18/07/2017

15,600,000

16,135,080

1.09

4.1250 Gas Natural Finance

26/01/2018

2,400,000

2,075,160

0.14


23/01/2019

13,100,000

14,250,835

0.96


01/06/2020

7,500,000

8,329,575

0.56

4.2470 Veolia Environnement

06/01/2021

2,200,000

2,320,692

0.16

4.2500 Anglo American Capital

30/09/2013

2,450,000

2,537,955

0.17


25/02/2016

9,200,000

9,058,136

0.61

4.2500 Germany

04/07/2018

2,750,000

3,294,858

0.22


11/10/2018

4,000,000

3,456,200

0.23

4.2500 Deutsche Telekom AG

13/07/2022

6,200,000

6,897,004

0.47

4.3750 AT&T

15/03/2013

2,000,000

2,049,340

0.14

4.3750 Imperial Tobacco Finance

22/11/2013

5,650,000

5,863,627

0.40

4.3750 Wpp Group Plc

05/12/2013

4,700,000

4,899,280

0.33


02/06/2014

9,950,000

10,529,886

0.71



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


15/09/2014

500,000

532,795

0.04

4.3750 Statoil

11/03/2015

1,800,000

1,957,014

0.13


23/02/2018

8,900,000

9,814,386

0.66

4.3750 Areva Sa

06/11/2019

800,000

756,000

0.05


08/02/2017

3,500,000

3,646,090

0.25


12/11/2018

4,950,000

5,079,443

0.34

4.5000 Bouygues SA

24/05/2013

5,500,000

5,658,840

0.38

4.5000 Procter & Gamble Company

12/05/2014

2,000,000

2,138,260

0.14

4.5000 Sab Miller Plc

20/01/2015

7,740,000

8,335,361

0.56

4.5000 Netherlands

15/07/2017

3,000,000

3,478,890

0.24


05/07/2018

6,000,000

6,520,320

0.44


30/09/2019

3,000,000

3,183,720

0.22


27/01/2020

4,550,000

3,768,037

0.26


04/10/2021

350,000

371,256

0.03

4.5000 Eandis

08/11/2021

19,100,000

20,972,564

1.42


09/02/2022

4,070,000

4,572,360

0.31


28/10/2030

1,450,000

1,544,294

0.10

4.6250 Henkel Corp

19/03/2014

5,190,000

5,515,517

0.37

4.6250 Daimler AG

02/09/2014

750,000

803,850

0.05

4.6250 Bayer Capital Corp

26/09/2014

8,800,000

9,493,968

0.64


07/04/2017

9,900,000

9,079,884

0.61

4.6250 BASF AG

07/07/2017

4,170,000

4,754,843

0.32


30/03/2027

2,900,000

2,985,927

0.20


11/11/2019

3,700,000

3,159,615

0.21

4.7500 FCE BANK Plc

19/01/2015

12,500,000

13,218,750

0.89


25/01/2016

800,000

756,240

0.05

4.7500 Hutchison Whampoa

14/11/2016

9,150,000

10,086,960

0.68


07/02/2017

14,300,000

13,101,517

0.89

4.7500 Telecom Italia Spa

25/05/2018

300,000

277,611

0.02

4.7500 Terna SPA

15/03/2021

11,550,000

11,253,281

0.76

4.7500 Vivendi SA

13/07/2021

700,000

725,816

0.05


21/02/2018

800,000

714,800

0.05

4.8750 Volkswagen Leasing

18/10/2012

2,150,000

2,175,478

0.15

4.8750 E.ON AG

28/01/2014

6,700,000

7,090,409

0.48


04/03/2014

8,000,000

7,938,320

0.54

4.8750 Alliander

11/11/2015

4,850,000

4,951,850

0.34

4.8750 Pernod-Ricard SA

18/03/2016

3,350,000

3,621,752

0.25

4.8750 IPIC GMTN Ltd

14/05/2016

6,100,000

6,618,500

0.45


31/05/2016

1,950,000

2,119,611

0.14

4.8750 Valeo SA

11/05/2018

12,900,000

13,254,234

0.90

4.8750 Vivendi SA

02/12/2019

2,050,000

2,183,558

0.15


22/04/2025

3,850,000

4,449,099

0.30


13/11/2012

1,800,000

1,825,560

0.12


29/04/2013

750,000

774,900

0.05


22/01/2014

9,500,000

10,058,315

0.68

5.0000 RWE AG

10/02/2015

13,250,000

14,510,208

0.98

5.0000 Eutelsat SA

14/01/2019

2,500,000

2,747,725

0.19

5.0000 CRH Finance BV

25/01/2019

13,800,000

14,938,362

1.01



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


14/09/2022

9,897,000

8,999,342

0.61

5.1250 E.ON AG

07/05/2013

10,075,000

10,423,998

0.71


14/05/2013

600,000

619,806

0.04


09/07/2013

4,500,000

4,681,125

0.32

5.1250 Wolters Kluwer N.V.

27/01/2014

4,500,000

4,752,135

0.32

5.1250 BASF Finance Europe

09/06/2015

1,500,000

1,671,765

0.11

5.1250 Gasunie

31/03/2017

6,350,000

7,281,291

0.49

5.1250 Procter & Gamble Company

24/10/2017

500,000

589,960

0.04


02/11/2021

5,000,000

4,170,000

0.28


24/05/2022

11,000,000

12,185,910

0.82

5.2500 British Telecommunications

22/01/2013

3,329,000

3,406,532

0.23


24/04/2014

634,000

678,374

0.05


09/07/2014

9,600,000

9,502,176

0.64


10/02/2022

5,700,000

5,049,345

0.34

5.3750 International Endesa

21/02/2013

5,700,000

5,774,613

0.39


15/11/2013

4,400,000

4,658,236

0.32

5.3750 Siemens

11/06/2014

2,700,000

2,922,561

0.20


29/01/2019

6,700,000

6,265,840

0.42

5.3750 Henkel Corp

25/11/2015

9,000,000

9,382,500

0.64


03/02/2014

7,000,000

6,979,700

0.47


01/04/2016

800,000

769,792

0.05

5.5000 Diageo

01/07/2013

7,100,000

7,410,341

0.50


30/01/2015

1,850,000

1,995,503

0.14

5.5000 Alliander NV

20/04/2016

5,000,000

5,736,350

0.39


22/07/2024

1,700,000

2,075,411

0.14


13/03/2015

6,250,000

6,562,688

0.44

5.6250 Statoil

11/03/2021

1,000,000

1,271,250

0.09

5.6250 Autoroutes Du Sud De La France

04/07/2022

6,500,000

7,504,250

0.51


30/09/2024

2,550,000

2,903,583

0.20


10/01/2014

1,300,000

1,388,556

0.09


14/04/2015

12,000,000

13,372,800

0.91


24/03/2016

3,000,000

3,450,840

0.23

5.7500 Valeo SA

19/01/2017

400,000

428,256

0.03

5.7500 ASML Holding

13/06/2017

11,410,000

12,838,532

0.87


09/03/2018

10,700,000

10,272,000

0.70


24/10/2018

12,400,000

12,360,568

0.84

5.7500 E.ON AG

07/05/2020

2,500,000

3,111,600

0.21


12/03/2015

7,800,000

8,689,200

0.59


04/12/2013

4,750,000

5,084,400

0.34


28/05/2014

5,450,000

5,916,302

0.40

6.1250 Bouygues SA

03/07/2015

7,200,000

8,083,296

0.55


15/11/2017

14,600,000

15,585,500

1.05

6.1250 HSE Netz AG

23/04/2041

8,220,000

9,326,905

0.63


04/02/2014

6,350,000

6,819,710

0.46

6.2500 Kraft Foods Inc

20/03/2015

3,050,000

3,426,248

0.23

6.2500 Vinci SA

13/11/2015

10,800,000

10,746,000

0.73

6.2500 Vodafone Group

15/01/2016

3,700,000

4,304,321

0.29


08/04/2019

5,700,000

7,109,040

0.48



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


25/01/2021

1,500,000

1,841,985

0.12

6.3750 BMW Us Capital Corp

23/07/2012

2,000,000

2,005,740

0.14


04/04/2013

3,850,000

3,988,023

0.27


10/04/2018

8,650,000

10,335,193

0.70


09/07/2019

5,500,000

5,164,500

0.35

6.3750 GDF-Suez

18/01/2021

4,500,000

5,720,355

0.39

6.5000 ELM BV (ELSEVIER FIN)

02/04/2013

5,450,000

5,655,956

0.38


22/04/2014

2,700,000

2,953,017

0.20


15/01/2016

2,500,000

2,858,500

0.19

6.5000 BG Energy Capital Plc

30/11/2072

2,000,000

2,055,000

0.14


28/01/2014

1,850,000

2,007,824

0.14

6.6250 Diageo Finance

05/12/2014

6,350,000

7,171,944

0.49


12/05/2016

8,000,000

9,275,120

0.63


12/02/2049

6,400,000

6,512,000

0.44


08/12/2015

1,500,000

1,775,235

0.12


24/04/2019

3,550,000

4,317,688

0.29

6.8750 GDF-Suez

24/01/2019

6,240,000

7,848,110

0.53


20/01/2017

8,930,000

9,260,678

0.63

7.0000 RHODIA SA

15/05/2018

2,900,000

3,240,750

0.22

7.1250 Ford Motor Cred

15/01/2013

2,650,000

2,728,334

0.18


28/01/2013

2,000,000

2,073,100

0.14


30/01/2013

6,000,000

6,221,880

0.42


20/03/2019

2,000,000

2,512,420

0.17


14/07/2066

7,050,000

7,896,000

0.53


25/11/2015

6,000,000

6,178,320

0.42

7.7500 Olivetti Intl Finance

24/01/2033

400,000

394,536

0.03

7.8750 Volvo Treasury AB

01/10/2012

2,200,000

2,236,366

0.15

7.8750 Daimler Int Finance

16/01/2014

3,250,000

3,575,975

0.24


22/01/2014

7,150,000

7,528,307

0.51


28/01/2033

3,200,000

4,586,592

0.31


21/03/2016

600,000

651,540

0.04


17/02/2016

11,170,000

13,457,616

0.91

8.6250 Michelin Luxembourg Scs

24/04/2014

6,980,000

7,895,567

0.53


30/01/2017

5,350,000

6,971,318

0.47

8.7500 Verizon Wireless Capital

18/12/2015

7,800,000

9,702,654

0.66

9.0000 Holcim Finance Luxembourg

26/03/2014

7,850,000

8,800,478

0.60

9.3750 Arcelor Mittal

03/06/2016

3,100,000

3,599,906

0.24


27/02/2014

3,100,000

3,519,430

0.24

1,367,136,272

92.53


1,367,136,272

92.53


1,367,136,272

92.53


110,318,857

7.47

Total net assets

1,477,455,039

100.00


Robeco Global Government Bonds Investment portfolio

At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


CAD

2.2500

Canada

01/08/2014

750,000

594,203

2.16

2.5000 Canada

01/06/2015

320,000

257,159

0.93

3.5000 Canada

01/06/2020

300,000

265,402

0.96

4.0000 Canada

01/06/2017

200,000

174,492

0.63

4.2500 Canada

01/06/2018

100,000

89,874

0.33

4.5000 Canada

01/06/2015

200,000

169,585

0.62

5.7500 Canada

01/06/2029

220,000

255,713

0.93

1,806,428

6.56

DKK

4.0000 Denmark

15/11/2015

600,000

90,911

0.33

4.0000 Denmark

15/11/2017

500,000

78,978

0.29

4.5000 Denmark

15/11/2039

250,000

49,349

0.18

219,238

0.80

EUR

3.5000 Belgium

28/03/2015

186,000

197,655

0.72

3.5000 Germany

04/01/2016

220,000

244,431

0.89

3.7500 Italy

01/08/2016

609,000

590,371

2.14

3.7500 France

25/04/2017

269,000

297,675

1.08

3.8750 Finland

15/09/2017

940,000

1,069,758

3.88

4.0000 France

25/04/2014

119,000

126,772

0.46

4.0000 Belgium

28/03/2022

87,000

93,667

0.34

4.2500 Belgium

28/09/2013

313,000

327,304

1.19

4.2500 Italy

01/08/2014

587,000

593,316

2.15

4.2500 Germany

04/07/2018

196,000

234,833

0.85

4.2500 France

25/04/2019

314,000

357,768

1.30

4.2500 Germany

04/07/2039

37,000

51,280

0.19

4.5000 Germany

04/01/2013

1,435,000

1,467,445

5.32

4.7500 Italy

01/09/2021

862,000

815,323

2.96

4.7500 France

25/04/2035

127,000

151,727

0.55

5.0000 Belgium

28/03/2035

65,000

76,559

0.28

6.2500 Germany

04/01/2024

300,000

439,950

1.60

6.5000 Germany

04/07/2027

185,000

289,503

1.05

7,425,337

26.95

GBP

4.2500

United Kingdom

07/12/2027

780,000

1,198,333

4.35

4.7500 United Kingdom

07/03/2020

120,000

184,795

0.67


07/09/2014

350,000

477,014

1.73


07/03/2018

250,000

378,399

1.37

2,238,541

8.12



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

JPY

1.5000

Japan

20/03/2014

178,000,000

1,800,005

6.53

1.7000 Japan

20/06/2033

56,450,000

557,503

2.02

1.8000 Japan

20/12/2023

17,750,000

190,705

0.69

2.1000 Japan

20/06/2028

103,550,000

1,120,453

4.07

2.3000 Japan

20/03/2026

93,000,000

1,042,338

3.78

2.5000 Japan

20/03/2020

112,100,000

1,271,998

4.62

5,983,002

21.71

SEK

3.7500 Sweden

12/08/2017

18,450,000

2,366,748

8.59

4.5000 Sweden

12/08/2015

500,000

63,013

0.23

2,429,761

8.82

USD

2.2500

US Treasury Notes

31/05/2014

1,280,000

1,045,433

3.79

2.6250 US Treasury Notes

15/11/2020

1,370,000

1,186,509

4.31


31/05/2016

940,000

817,323

2.97


15/02/2018

1,840,000

1,658,922

6.02


15/02/2017

170,000

157,831

0.57

5.3750 US Treasury Bonds

15/02/2031

270,000

309,943

1.12


15/08/2023

400,000

457,772

1.66


15/05/2030

480,000

596,943

2.17


15/08/2026

50,000

61,799

0.22

6,292,475

22.83


26,394,782

95.79


26,394,782

95.79


1,160,977

4.21

Total net assets

27,555,759

100.00


Robeco Emerging Debt Investment portfolio

At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


BRL

8.5000

Brazil

05/01/2024

3,500,000

1,907,415

1.51

10.0000 Brazil Notas do Tesouro

01/01/2014

2,100,000

1,066,838

0.85


01/01/2017

4,900,000

2,488,642

1.98


01/01/2021

4,800,000

2,388,389

1.89

12.5000 Brazil

05/01/2022

1,300,000

895,246

0.71

8,746,530

6.94

COP

7.7500

Colombia

14/04/2021

4,600,000,000

3,204,659

2.54

EUR

3.3750 Gas Natural Capital Markets

27/01/2015

200,000

238,683

0.19


13/10/2017

250,000

334,915

0.27

3.6250 Alstom

05/10/2018

200,000

254,082

0.20

4.5000 Gas Natural Capital Markets

27/01/2020

300,000

315,285

0.25

4.8750 Valeo SA

11/05/2018

200,000

260,780

0.21

6.1250 Fiat Finance & Trade

08/07/2014

200,000

253,810

0.20

6.3750 Tereos Europe

15/04/2014

550,000

727,642

0.57

6.3750 Petroleos Mexicanos

05/08/2016

300,000

432,302

0.34


22/09/2070

200,000

243,658

0.19


31/10/2019

200,000

285,536

0.23


15/12/2018

150,000

224,622

0.18

3,571,315

2.83

HUF

6.7500

Hungary

22/08/2014

400,000,000

1,762,632

1.40

6.7500 Hungary

24/11/2017

500,000,000

2,131,645

1.69

7.0000 Hungary

24/06/2022

290,000,000

1,222,387

0.97

5,116,664

4.06

IDR

6.2500

Indonesia

15/04/2017

23,000,000,000

2,540,590

2.02

7.0000 Indonesia

15/05/2022

12,000,000,000

1,368,645

1.09

8.2500 Indonesia

15/06/2032

15,000,000,000

1,846,553

1.46

8.3750 Indonesia

15/09/2026

21,000,000,000

2,587,969

2.05

11.5000 Indonesia

15/09/2019

6,800,000,000

957,466

0.76

9,301,223

7.38

MXN

6.0000

Mexican Bonos

18/06/2015

17,000,000

1,312,275

1.04

7.2500 Mexican Bonos

15/12/2016

5,000,000

408,962

0.32


03/06/2027

55,700,000

4,730,445

3.75


19/12/2013

3,000,000

234,297

0.19


11/06/2020

7,200,000

637,003

0.51

7,322,982

5.81

MYR



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

3.2100 Malaysia

31/05/2013

6,000,000

1,893,403

1.50

3.8350 Malaysia

12/08/2015

6,000,000

1,931,705

1.53

4.2620 Malaysia

15/09/2016

9,000,000

2,957,642

2.35

4.3780 Malaysia

29/11/2019

2,900,000

966,899

0.77

4.3920 Malaysia

15/04/2026

3,700,000

1,239,165

0.98

8,988,814

7.13

PLN

4.7500

Poland

25/10/2016

16,000,000

4,802,925

3.81

5.0000 Poland

25/04/2016

4,000,000

1,212,477

0.96

5.5000 Poland

25/10/2019

2,100,000

650,992

0.52

5.7500 Poland

25/10/2021

3,100,000

969,627

0.77

7,636,021

6.06

RUB

7.8500

Russian Federation

10/03/2018

190,000,000

6,173,848

4.90

THB

3.2500

Thailand

16/06/2017

45,000,000

1,411,979

1.12

3.6250 Thailand

22/05/2015

45,000,000

1,432,535

1.14

3.6500 Thailand

17/12/2021

35,000,000

1,116,489

0.89

3.8500 Thailand

12/12/2025

23,000,000

730,196

0.58

4.1250 Thailand

18/11/2016

60,000,000

1,947,173

1.54

6,638,372

5.27

TRY

9.0000

Turkey

05/03/2014

5,000,000

2,792,037

2.22

9.0000 Turkey

27/01/2016

4,000,000

2,248,005

1.78

10.0000 Turkey

09/01/2013

4,700,000

2,607,573

2.07

10.5000 Turkey

15/01/2020

2,100,000

1,277,150

1.01

11.0000 Turkey

06/08/2014

2,700,000

1,563,679

1.24

10,488,444

8.32

USD

2.8750

Petrobras Intl Fin

06/02/2015

200,000

202,859

0.16

3.0000 Sabic Capital I

02/11/2015

750,000

770,625

0.61

3.1250 Korea Hydro & Nuclear Power Co

16/09/2015

550,000

561,968

0.45

3.5000 Hyundai Capital Services

13/09/2017

600,000

609,420

0.48

3.5000 Rio Tinto Fin Usa

22/03/2022

230,000

241,990

0.19

3.7500 Rio Tinto Fin Usa

20/09/2021

250,000

268,517

0.21

3.7810 Santander Issuances

07/10/2015

400,000

373,464

0.30

3.8750 Korea Development Bank

04/05/2017

350,000

371,644

0.29

3.8750 CNOOC FINANCE 2012

02/05/2022

500,000

520,600

0.41

4.0000 HSBC

11/05/2016

850,000

866,150

0.69

4.1250 Taqa Abu Dhabi Natl Ener

13/03/2017

575,000

603,750

0.48

4.2500 PCCW CAPITAL NO 4

24/02/2016

670,000

695,795

0.55

4.3000 Temasek Financial I Ltd

25/10/2019

350,000

390,544

0.31

4.3750 Vale Overseas Limited

11/01/2022

300,000

307,428

0.24


27/09/2020

250,000

263,910

0.21



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

4.5000 Hyundai Motor Manufactur

15/04/2015

420,000

441,592

0.35

4.5000 Hyundai Motor Manufactur

15/04/2015

150,000

157,950

0.13

4.5000 State Bank India

27/07/2015

550,000

562,430

0.45

4.5000 Singtel Group Treasury

08/09/2021

740,000

823,546

0.65

4.5000 Grupo Bimbo Sab De Cv

25/01/2022

400,000

425,272

0.34


11/09/2015

375,000

400,838

0.32

4.7500 Woori Bank

20/01/2016

150,000

160,215

0.13

4.7500 Woori Bank

20/01/2016

225,000

239,688

0.19

4.7500 Qtel International Fin

16/02/2021

200,000

211,500

0.17


16/02/2021

400,000

426,000

0.34

4.7500 Korea Hydro & Nuclear Power Co

13/07/2021

375,000

411,675

0.33

4.8750 Petroleos Mexicanos

24/01/2022

260,000

281,044

0.22

4.9000 EDP Finance

01/10/2019

620,000

497,550

0.39

4.9490 Telefonica Emisiones

15/01/2015

200,000

189,000

0.15

5.0000 America Movil Sab De Cv

30/03/2020

600,000

680,586

0.54

5.0000 Ipic Gmtn

15/11/2020

1,050,000

1,120,875

0.88

5.0100 Ind & Con Bank

29/09/2015

200,000

192,500

0.15

5.1250 Akbank Tas

22/07/2015

200,000

202,000

0.16

5.2500 AES Gener

15/08/2021

375,000

398,438

0.32

5.4000 Sberbank

24/03/2017

350,000

362,250

0.29

5.4000 Reliance Holdings USA

14/02/2022

650,000

653,445

0.52

5.4620 Telefonica Emisiones

16/02/2021

375,000

328,125

0.26

5.5000 ICICI Bank

25/03/2015

450,000

460,080

0.37

5.5000 Telemar Norte Leste

23/10/2020

375,000

382,500

0.30

5.5000 Arcelormittal

01/03/2021

300,000

282,961

0.22

5.7500 ICICI Bank

16/11/2020

400,000

393,520

0.31

5.7500 Braskem Finance Ltd

15/04/2021

350,000

357,000

0.28

5.8750 Standard Chartered Plc

24/06/2020

925,000

1,005,525

0.80

5.8750 Woori Bank

13/04/2021

450,000

500,355

0.40

5.8750 Taqa Abu Dhabi Natl Ener

13/12/2021

200,000

222,500

0.18

5.9990 Gazprom

23/01/2021

775,000

826,344

0.66

6.0000 Hyundai Capital Services

05/05/2015

150,000

163,350

0.13


28/10/2015

570,000

580,688

0.46


30/12/2019

290,000

304,048

0.24

6.1250 Arcelormittal

01/06/2018

200,000

201,910

0.16

6.1250 Sberbank

07/02/2022

425,000

445,188

0.35


15/11/2037

300,000

362,772

0.29


30/03/2040

300,000

366,216

0.29

6.2120 Gazprom

22/11/2016

100,000

108,875

0.09

6.2500 Turkiye Garanti Bankasi

20/04/2021

225,000

228,375

0.18

6.3750 Fmg Resources

01/02/2016

460,000

465,750

0.37

6.3750 Dubai Electricity & Water

21/10/2016

100,000

108,720

0.09

6.4650 VTB Capital

04/03/2015

120,000

125,550

0.10

6.5000 Akbank Tas

09/03/2018

375,000

388,125

0.31

6.5510 VTB Capital

13/10/2020

470,000

471,175

0.37

6.8500 Dp World

02/07/2037

650,000

637,000

0.51

6.8750 Vale Overseas Limited

21/11/2036

500,000

583,935

0.46



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

7.2500 Lukoil Intl Finance

05/11/2019

450,000

508,500

0.40

7.2500 Banco Bilbao Vizcaya Argentari

22/04/2020

825,000

843,563

0.67

7.3430 Gazprom

11/04/2013

175,000

180,908

0.14

7.3750 Dubai Electricity & Water

21/10/2020

250,000

273,073

0.22


01/07/2021

400,000

445,000

0.35

7.3750 Braskem Finance Ltd

31/12/2049

250,000

250,313

0.20

7.5000 Southern Peru Copper Corp

27/07/2035

725,000

835,534

0.66

7.5043 Vimpelcom

01/03/2022

200,000

187,500

0.15


09/04/2019

200,000

247,794

0.20

7.7500 Sable Intl Finance

15/02/2017

220,000

227,700

0.18


15/07/2017

200,000

200,500

0.16

7.8750 Petrobras Intl Fin

15/03/2019

675,000

824,681

0.65


10/06/2019

250,000

309,688

0.25

8.2500 Digicel Limited

01/09/2017

500,000

506,250

0.40


15/06/2019

350,000

350,000

0.28

8.5000 Banco Do Brasil

20/10/2020

675,000

775,406

0.62

9.1250 Vimpelcom

30/04/2018

300,000

318,000

0.25

33,472,055

26.56

ZAR

6.7500

Republic of South Africa

31/03/2021

11,000,000

1,304,692

1.04

7.2500 Republic of South Africa

15/01/2020

8,900,000

1,097,674

0.87


21/12/2026

23,500,000

3,504,841

2.77


15/09/2015

23,400,000

3,475,660

2.76

9,382,867

7.44


120,043,794

95.24


120,043,794

95.24


6,004,134

4.76

Total net assets

126,047,928

100.00


Robeco Euro Government Bonds Investment portfolio

At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


EUR

1.7500

Netherlands

15/01/2013

17,950,000

18,109,396

3.16

2.0000 France

12/07/2015

29,300,000

30,336,927

5.30

2.7500 Belgium

28/03/2016

4,850,000

5,060,539

0.88

2.7500 Germany

08/04/2016

11,950,000

13,008,651

2.27

3.1250 Finland

15/09/2014

5,500,000

5,843,695

1.02

3.2500 Netherlands

15/07/2015

8,550,000

9,236,223

1.61

3.2500 Germany

04/07/2021

16,150,000

18,658,095

3.26

3.2500 Germany

04/07/2042

2,500,000

3,008,625

0.53

3.5000 Belgium

28/03/2015

5,450,000

5,791,497

1.01

3.5000 Germany

04/01/2016

28,700,000

31,887,135

5.57

3.5000 Germany

04/07/2019

3,380,000

3,931,413

0.69

3.5000 France

25/04/2026

11,350,000

11,787,997

2.06

3.7500 Netherlands

15/07/2014

43,000,000

46,019,890

8.04

3.7500 Germany

04/01/2015

6,550,000

7,136,553

1.25

3.7500 Germany

04/01/2017

5,650,000

6,456,820

1.13

3.7500 Germany

04/01/2019

18,600,000

21,846,072

3.82

3.7500 France

25/04/2021

25,550,000

28,048,790

4.90

4.0000 Belgium

28/03/2013

4,700,000

4,822,200

0.84

4.0000 France

25/10/2014

18,700,000

20,189,642

3.53

4.0000 Italy

01/02/2017

18,700,000

18,137,691

3.17

4.0000 Belgium

28/03/2018

3,550,000

3,879,192

0.68

4.0000 France

25/04/2018

21,100,000

23,693,823

4.14

4.0000 Belgium

28/03/2019

7,300,000

7,959,263

1.39

4.0000 Belgium

28/03/2022

3,750,000

4,037,363

0.71

4.0000 Germany

04/01/2037

11,850,000

15,590,690

2.72

4.0000 France

25/04/2055

1,450,000

1,569,553

0.27

4.2500 Italy

01/02/2015

19,800,000

19,955,230

3.49

4.2500 Germany

04/07/2039

10,950,000

15,176,043

2.65

4.2500 Belgium

28/03/2041

2,050,000

2,194,115

0.38

4.3750 Finland

04/07/2019

3,100,000

3,670,307

0.64

4.5000 Germany

04/01/2013

800,000

818,088

0.14

4.5000 Italy

01/08/2018

550,000

531,047

0.09

4.5000 Italy

01/03/2019

4,250,000

4,059,898

0.71

4.5000 France

25/04/2041

11,350,000

13,276,663

2.32

4.7500 Italy

01/09/2021

50,700,000

47,954,595

8.38

4.7500 Germany

04/07/2034

3,600,000

5,114,160

0.89

5.0000 Italy

01/03/2025

6,800,000

6,254,844

1.09

5.0000 Belgium

28/03/2035

750,000

883,373

0.15

5.0000 Italy

01/09/2040

12,400,000

10,487,672

1.83

5.2500 Italy

01/11/2029

5,750,000

5,264,068

0.92

5.3750 Finland

04/07/2013

8,850,000

9,317,015

1.63

5.5000 Belgium

28/03/2028

3,650,000

4,457,344

0.78



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

5.5000 France

25/04/2029

3,450,000

4,404,788

0.77

5.5000 Germany

04/01/2031

8,350,000

12,384,386

2.16

6.2500 Germany

04/01/2024

17,750,000

26,030,375

4.55

558,281,746

97.52


558,281,746

97.52


558,281,746

97.52


14,221,768

2.48

Total net assets

572,503,514

100.00


Robeco Euro Credit Bonds Investment portfolio

At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


EUR

0.6270 Lusitano Mortgages Plc (Frn) 15/07/2059 1,100,000 332,811 0.06

0.8470 Storm BV (Frn)

22/04/2048

1,100,000

892,537

0.17

0.9520 HSBC

30/09/2020

4,150,000

3,672,750

0.70


28/08/2014

2,200,000

2,137,300

0.41

1.1160 Citigroup Inc (Frn)

31/05/2017

2,350,000

1,927,000

0.37

1.1480 Bank Of America Corp (Frn)

23/05/2017

4,600,000

3,751,668

0.72

1.1890 Smile Securitisation Co (Frn)

20/12/2053

670,000

270,173

0.05

1.3380 ING Bank

18/03/2016

920,000

815,120

0.16

1.3610 KBC Bank

14/12/2015

6,400,000

4,872,000

0.93


25/04/2015

3,000,000

2,895,000

0.55

1.5000 GDF-Suez

01/02/2016

2,600,000

2,603,770

0.50


11/06/2019

1,700,000

1,684,989

0.32

1.8750 Bank Nederlandse Gemeenten

06/06/2019

3,470,000

3,434,433

0.66

2.0000 GE Capital Corp

27/02/2015

4,850,000

4,878,082

0.93


19/01/2015

1,700,000

1,729,988

0.33

2.2500 Germany

04/09/2020

3,050,000

3,278,323

0.63

2.3750 Volkswagen Bank

28/06/2013

4,800,000

4,863,255

0.93

2.3750 Swedbank AB

04/04/2016

6,970,000

7,052,246

1.35

2.5000 La Caixa De Barcelona

29/04/2013

3,700,000

3,629,441

0.69


07/10/2013

2,000,000

1,925,240

0.37

2.5000 Germany

04/01/2021

1,700,000

1,860,174

0.36


21/06/2021

2,500,000

2,318,750

0.44


03/07/2019

750,000

750,968

0.14

2.8750 Alstom

05/10/2015

2,000,000

2,041,740

0.39

2.8750 G4S Intl Finance

02/05/2017

2,550,000

2,617,091

0.50


30/05/2024

2,300,000

2,246,686

0.43

2.8750 Alliander

14/06/2024

2,230,000

2,201,032

0.42

2.8750 European Union

04/04/2028

5,250,000

5,214,195

1.00


18/02/2019

1,200,000

1,241,940

0.24

3.0000 Germany

04/07/2020

4,700,000

5,326,369

1.02


15/06/2022

1,000,000

995,680

0.19


07/10/2014

2,790,000

2,901,823

0.56

3.1250 Swedbank AB

04/03/2013

150,000

152,094

0.03

3.1250 UBS

18/01/2016

4,350,000

4,524,653

0.87


03/04/2017

3,000,000

3,040,920

0.58


29/09/2017

1,300,000

1,362,517

0.26

3.1250 GDF-Suez

21/01/2020

1,400,000

1,434,328

0.27

3.2500 Nordea 05/12/2012 5,250,000 5,227,058 1.00

3.2500 Intesa

01/02/2013

5,100,000

5,080,722

0.97


17/01/2014

1,550,000

1,564,787

0.30

3.2500 Germany

04/07/2015

4,000,000

4,361,200

0.83


09/11/2016

670,000

711,728

0.14



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

3.3750 Morgan Stanley

20/07/2012

450,000

450,158

0.09


23/01/2013

1,820,000

1,836,780

0.35


26/01/2022

4,850,000

5,057,920

0.97


17/01/2014

750,000

749,640

0.14


23/02/2015

2,760,000

2,903,768

0.56

3.5000 Vivendi SA

13/07/2015

1,700,000

1,749,181

0.33

3.5000 Germany

04/01/2016

5,700,000

6,332,985

1.21

3.5000 Germany

04/07/2019

3,650,000

4,245,461

0.81

3.5000 ING Bank

16/09/2020

2,650,000

2,226,212

0.43

3.5000 Areva Sa

22/03/2021

1,750,000

1,487,500

0.28

3.5000 GDF-Suez

18/10/2022

3,590,000

3,768,279

0.72

3.5000 Heineken NV

19/03/2024

2,500,000

2,592,750

0.50

3.6250 Royal Bank Of Scotland

17/05/2013

1,450,000

1,467,342

0.28


17/09/2013

1,250,000

1,260,338

0.24


09/11/2021

550,000

580,773

0.11

3.6410 Bouygues SA

29/10/2019

2,100,000

2,135,280

0.41


18/09/2017

1,500,000

1,284,705

0.25


28/02/2013

3,100,000

3,070,891

0.59


01/03/2013

2,500,000

2,516,775

0.48


20/01/2015

3,730,000

3,868,383

0.74

3.7500 Germany

04/01/2017

3,750,000

4,285,500

0.82

3.7500 Svenska Handelsbanken

24/02/2017

2,630,000

2,834,141

0.54

3.7500 BPCE SA

21/07/2017

2,450,000

2,541,312

0.49

3.8750 KBC Bank

31/03/2015

5,910,000

5,944,396

1.14


18/01/2022

3,400,000

3,572,618

0.68


22/04/2013

3,800,000

3,761,620

0.72


11/07/2013

3,800,000

3,867,792

0.74

4.0000 Goldman Sachs Group Inc

02/02/2015

2,550,000

2,601,867

0.50

4.0000 Germany

04/01/2018

1,600,000

1,879,632

0.36

4.0000 AKZO Nobel

17/12/2018

4,000,000

4,364,640

0.84


02/06/2021

4,250,000

4,742,873

0.91

4.0000 Rabobank Int

11/01/2022

4,050,000

4,267,485

0.82


21/03/2013

946,000

966,216

0.18

4.1250 ING Bank

23/03/2015

6,798,000

7,075,086

1.35

4.1250 Terna SPA

17/02/2017

700,000

696,787

0.13

4.1250 Vinci SA

20/02/2017

3,600,000

3,843,648

0.74

4.1250 Vivendi SA

18/07/2017

600,000

620,580

0.12


26/01/2018

1,800,000

1,556,370

0.30

4.1250 UBS Jersey Branch

25/09/2018

1,800,000

1,738,926

0.33

4.1250 Intesa

14/04/2020

1,600,000

1,407,632

0.27

4.1250 ABN AMRO

28/03/2022

3,450,000

3,554,397

0.68


01/06/2020

2,500,000

2,776,525

0.53

4.2500 Enel-Societa Per Azioni

12/06/2013

3,840,000

3,889,144

0.74


30/09/2013

1,210,000

1,253,439

0.24

4.2500 ABN AMRO

11/04/2016

3,000,000

3,209,400

0.61


26/01/2017

1,650,000

1,519,716

0.29


01/03/2017

200,000

216,086

0.04



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

4.2500 Germany

04/07/2017

2,800,000

3,295,992

0.63


11/10/2018

1,400,000

1,209,670

0.23


13/07/2022

4,500,000

5,005,890

0.96


22/11/2013

1,250,000

1,297,263

0.25


05/12/2013

1,770,000

1,845,048

0.35


17/02/2017

2,040,000

1,723,800

0.33


16/03/2017

2,300,000

2,333,005

0.45


23/02/2018

450,000

496,233

0.09


20/10/2019

3,600,000

2,394,000

0.46


12/11/2018

900,000

923,535

0.18


08/11/2012

1,820,000

1,845,207

0.35

4.5000 Institut Credito Oficial

08/07/2014

4,500,000

4,450,455

0.85

4.5000 Lloyds TSB Bank Plc

15/09/2014

1,100,000

1,156,397

0.22


20/01/2015

2,810,000

3,026,145

0.58


09/05/2016

2,200,000

2,271,368

0.43

4.5000 Barclays Bank Plc

04/03/2019

3,500,000

3,263,750

0.62


30/09/2019

2,000,000

2,122,480

0.41

4.5000 Eandis

08/11/2021

3,100,000

3,403,924

0.65


09/02/2022

150,000

168,515

0.03

4.5000 ING Bank

21/02/2022

2,800,000

2,944,620

0.56

4.6250 UBS

06/07/2012

400,000

399,984

0.08


26/09/2014

2,770,000

2,988,442

0.57


22/09/2021

3,130,000

2,254,852

0.43

4.6250 Nordea Bank

15/02/2022

1,270,000

1,255,700

0.24


30/03/2027

4,100,000

4,221,483

0.81


11/11/2019

1,400,000

1,195,530

0.23

4.7500 FCE BANK Plc

19/01/2015

3,800,000

4,018,500

0.77


25/01/2016

300,000

283,590

0.05


17/01/2017

720,000

790,243

0.15


07/02/2017

1,100,000

1,007,809

0.19

4.7500 Bank Of America Corp

03/04/2017

4,600,000

4,759,850

0.91


11/04/2017

1,880,000

2,045,609

0.39


25/05/2018

350,000

323,880

0.06

4.7500 ABN AMRO

11/01/2019

3,300,000

3,593,106

0.69


15/03/2020

2,000,000

1,040,000

0.20


21/02/2018

400,000

357,400

0.07


18/10/2012

1,250,000

1,264,813

0.24


18/02/2013

5,500,000

5,555,000

1.06


04/03/2014

2,150,000

2,133,424

0.41


25/09/2015

3,450,000

3,467,940

0.66

4.8750 Valeo SA

11/05/2018

3,900,000

4,007,094

0.77


13/11/2012

2,280,000

2,312,376

0.44

5.0000 KBC Bank

16/03/2016

1,550,000

1,591,680

0.30

5.0000 Intesa

28/02/2017

900,000

883,755

0.17


15/03/2017

1,000,000

1,095,340

0.21

5.0000 Eutelsat SA

14/01/2019

1,100,000

1,208,999

0.23


25/01/2019

4,400,000

4,762,956

0.91



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


14/02/2013

3,700,000

3,743,734

0.72


24/04/2013

2,450,000

2,506,571

0.48


14/05/2013

1,750,000

1,807,768

0.35


09/07/2013

1,690,000

1,758,023

0.34

5.1250 Generali Finance

16/09/2024

1,950,000

1,815,216

0.35


22/01/2013

1,050,000

1,074,455

0.21

5.2500 JP Morgan Chase Bank

08/05/2013

2,450,000

2,535,432

0.49


09/07/2014

1,850,000

1,831,149

0.35


10/02/2022

550,000

487,218

0.09

5.2500 AXA SA

16/04/2040

3,150,000

2,520,851

0.48

5.2500 Suedzucker Int Finance

30/06/2049

2,170,000

2,170,000

0.42


29/01/2019

1,300,000

1,215,760

0.23


24/05/2019

3,000,000

2,678,520

0.51


22/07/2024

400,000

488,332

0.09

5.6250 Bank Of Scotland

23/05/2013

550,000

569,168

0.11


05/03/2018

4,600,000

3,852,500

0.74


04/07/2022

1,800,000

2,078,100

0.40


30/09/2024

840,000

956,474

0.18


14/04/2015

1,900,000

2,117,360

0.41


24/03/2016

1,600,000

1,840,448

0.35

5.7500 ASML Holding

13/06/2017

1,390,000

1,564,028

0.30

5.7500 Unicredito Italiano

26/09/2017

1,000,000

916,480

0.18


09/03/2018

1,800,000

1,728,000

0.33

5.7500 Intesa

28/05/2018

1,400,000

1,174,250

0.22


24/10/2018

1,675,000

1,669,674

0.32


08/07/2041

2,700,000

2,443,581

0.47


12/03/2015

1,390,000

1,548,460

0.30


15/01/2019

1,050,000

1,240,649

0.24

6.1250 RWE AG

26/10/2012

3,550,000

3,610,315

0.69


01/04/2014

2,400,000

2,587,008

0.50

6.1250 Credit Suisse

16/05/2014

700,000

758,373

0.15

6.1250 AT&T

02/04/2015

100,000

113,329

0.02


15/11/2017

4,450,000

4,750,375

0.91


19/04/2021

3,300,000

2,831,994

0.54

6.1250 HSE Netz AG

23/04/2041

2,200,000

2,496,252

0.48

6.2110 AXA SA

29/10/2049

1,000,000

745,000

0.14


08/04/2019

1,750,000

2,182,600

0.42


23/07/2012

150,000

150,431

0.03


04/04/2013

550,000

569,718

0.11


10/04/2018

3,660,000

4,373,041

0.84

6.3750 GDF-Suez

18/01/2021

930,000

1,182,207

0.23

6.3750 ABN AMRO

27/04/2021

2,500,000

2,503,125

0.48

6.4670 Rbs Trust Bank

30/06/2012

940,000

486,450

0.09

6.5000 Elm BV (Elsevier Fin)

02/04/2013

2,300,000

2,386,917

0.46


22/04/2014

1,250,000

1,367,138

0.26


15/01/2016

500,000

571,700

0.11


12/05/2016

1,990,000

2,307,186

0.44



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

6.6250 Intesa

08/05/2018

3,000,000

2,760,840

0.53


30/03/2022

3,950,000

3,761,743

0.72


12/02/2049

2,870,000

2,920,225

0.56

6.7500 Merrill Lynch Capital Services

21/05/2013

3,400,000

3,520,156

0.67


22/07/2020

3,350,000

3,128,565

0.60

6.8750 GDF-Suez

24/01/2019

750,000

943,283

0.18

6.8750 Aviva PLC

22/05/2038

2,400,000

2,088,000

0.40


15/06/2016

3,250,000

3,642,373

0.70


20/01/2017

2,020,000

2,094,801

0.40

7.0000 Rhodia SA

15/05/2018

800,000

894,000

0.17

7.1250 FCE BANK Plc

15/01/2013

500,000

514,780

0.10

7.1250 Heineken NV

07/04/2014

3,330,000

3,661,601

0.70


28/01/2013

6,327,000

6,558,252

1.26


24/01/2033

450,000

443,853

0.08


01/10/2012

2,500,000

2,541,325

0.49


21/03/2016

350,000

380,065

0.07


22/09/2070

3,300,000

3,168,000

0.61


17/02/2016

1,650,000

1,987,920

0.38


24/04/2014

1,450,000

1,640,197

0.31


30/01/2017

2,500,000

3,257,625

0.62


18/12/2015

1,820,000

2,263,953

0.43


17/03/2015

1,350,000

1,194,750

0.23


03/06/2016

100,000

116,126

0.02


27/02/2014

1,200,000

1,362,360

0.26


16/03/2022

5,170,000

5,454,350

1.04


16/12/2021

3,287,001

3,566,396

0.68

496,563,065

95.06


496,563,065

95.06


496,563,065

95.06


25,808,577

4.94

Total net assets

522,371,642

100.00


Robeco All Strategy Euro Bonds Investment portfolio

At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


EUR

0.5810

Granite Master Issuer Pl (Frn)

20/12/2054

10,890,000

3,863,068

0.19

0.6690 Celtic Residential Irish (Frn)

10/04/2048

1,250,000

622,376

0.03

0.7930 Great Hall Mortgages Plc

18/03/2039

4,800,000

2,736,594

0.14


22/05/2048

4,400,000

3,746,693

0.19

0.8110 Eurosail Plc (Frn)

13/03/2045

3,850,000

2,991,694

0.15


22/04/2048

19,200,000

15,578,824

0.78

0.8570 Holland Euro-Denominated (Frn)

18/05/2038

12,500,000

4,034,725

0.20

0.8910 Opera (FRN)

25/01/2022

1,900,000

1,426,994

0.07


20/09/2066

1,500,000

1,236,731

0.06

0.9370 Talisman Finance Plc (Frn)

22/10/2016

2,900,000

2,056,452

0.10

0.9520 HSBC

30/09/2020

4,800,000

4,248,000

0.21

0.9530 Eurosail Plc (Frn)

17/04/2040

5,200,000

1,883,258

0.09


29/11/2013

2,650,000

2,548,399

0.13

0.9810 German Residential Asset (Frn)

20/07/2016

2,950,000

2,052,959

0.10


28/08/2014

1,400,000

1,360,100

0.07


20/09/2066

1,100,000

703,874

0.04


18/03/2039

270,000

110,009

0.01

1.1160 Citigroup Inc (Frn)

31/05/2017

6,150,000

5,043,000

0.25


25/04/2015

3,100,000

2,995,703

0.15

1.1530 Ludgate Funding Plc (Frn)

01/01/2061

3,850,000

1,270,500

0.06


18/06/2039

4,800,000

1,674,474

0.08


28/08/2014

1,600,000

1,575,447

0.08

1.3380 ING Bank

18/03/2016

2,080,000

1,842,880

0.09

1.3600 Clock Finance Bv (Frn)

25/02/2015

900,000

868,524

0.04

1.4130 ABN AMRO

08/06/2015

1,600,000

1,330,240

0.07

1.4200 Cosmo Finance (FRN)

29/11/2027

4,600,000

3,611,000

0.18

1.4220 Paragon Mortgages Plc (Frn)

15/09/2039

2,180,000

1,058,841

0.05


18/06/2038

1,430,000

443,607

0.02

1.4400 Promise Plc (FRN)

12/05/2024

1,850,000

971,273

0.05

1.5000 GDF-Suez

01/02/2016

5,700,000

5,708,265

0.28

1.5430 Rmac Securities Plc (Frn)

12/06/2044

2,500,000

820,079

0.04

1.5470 Skyline Bv (Frn)

22/07/2043

3,900,000

3,873,012

0.19


20/09/2066

5,800,000

3,552,500

0.18

1.9130 Headingley Rmbs (Frn)

11/03/2051

3,750,000

1,491,727

0.07


22/04/2053

4,500,000

4,477,048

0.22

2.0000 Germany

04/01/2022

8,500,000

8,878,930

0.44

2.0300 SAEC 10 A2

25/02/2094

3,500,000

3,482,074

0.17


19/01/2015

4,100,000

4,172,324

0.21

2.1250 WESTPAC BANKING CORP

16/02/2016

8,800,000

9,018,064

0.45

2.1360 Arran Residential Mortgages (FRN)

19/11/2047

4,350,000

4,359,566

0.22

2.2500 Germany

11/04/2014

14,500,000

15,051,580

0.75

2.2500 Nederlandse Waterschapsbank

17/01/2017

22,000,000

22,706,420

1.13



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

2.2500 Germany

04/09/2020

9,000,000

9,673,740

0.48

2.3270 Claris Finance (FRN)

28/11/2060

4,300,000

4,154,402

0.21

2.3750 Dnb Nor Bolikreditt

31/08/2017

12,950,000

13,400,401

0.67

2.4020 Berica Residential Mbs Srl (FRN)

31/12/2054

4,300,000

4,056,861

0.20


29/04/2013

7,750,000

7,602,208

0.38


21/06/2021

2,200,000

2,040,500

0.10

2.6250 Intesa

04/12/2012

3,700,000

3,687,494

0.18


03/07/2019

1,260,000

1,261,625

0.06

2.7500 ABN AMRO

29/10/2013

2,500,000

2,537,050

0.13

2.7500 BPCE SA

14/01/2015

1,300,000

1,339,819

0.07

2.7500 BPCE Sfh - Societe De Fin

16/02/2017

12,400,000

12,747,200

0.64

2.7500 Dnb Nor Bolikreditt

21/03/2022

11,250,000

11,457,225

0.57


14/03/2019

2,100,000

2,146,683

0.11


30/05/2024

3,850,000

3,760,757

0.19

2.8750 Alliander

14/06/2024

5,110,000

5,043,621

0.25


04/04/2028

12,000,000

11,918,160

0.59


18/02/2019

5,900,000

6,106,205

0.30

3.0000 France

25/10/2015

26,000,000

27,765,400

1.39

3.0000 Germany

04/07/2020

4,050,000

4,589,744

0.23


15/06/2022

4,100,000

4,082,288

0.20

3.0000 European Investment Bank

28/09/2022

22,250,000

22,944,200

1.15


07/10/2014

7,450,000

7,748,596

0.39


14/09/2012

3,650,000

3,666,206

0.18

3.1250 Swedbank AB

04/03/2013

3,550,000

3,599,558

0.18

3.1250 SFEF

30/06/2014

5,200,000

5,442,164

0.27


28/09/2015

800,000

748,544

0.04


03/04/2017

7,260,000

7,359,026

0.37


29/09/2017

5,200,000

5,450,068

0.27

3.1250 GDF-Suez

21/01/2020

1,700,000

1,741,684

0.09

3.1250 BNP Paribas Covered Bond

22/03/2022

3,900,000

4,007,640

0.20


17/01/2014

4,050,000

4,088,637

0.20


09/11/2016

6,650,000

7,064,162

0.35

3.2500 France

25/10/2021

35,500,000

37,468,830

1.87


20/07/2012

2,300,000

2,300,805

0.11

3.3750 Abbey National Treasury Service

08/06/2015

4,050,000

4,230,185

0.21


26/01/2022

4,000,000

4,171,480

0.21

3.3750 Willow 2 Plc Zurich Ins

27/06/2022

3,400,000

3,401,190

0.17


04/04/2032

11,250,000

11,810,588

0.59


26/07/2013

11,000,000

10,781,210

0.54


23/02/2015

1,350,000

1,420,322

0.07

3.5000 Germany

04/01/2016

61,450,000

68,274,023

3.42

3.5000 Csse De Ref De L'Habitat

25/04/2017

18,700,000

20,061,547

1.00

3.5000 Germany

04/07/2019

700,000

814,198

0.04

3.5000 Cif Euromortgage

17/06/2020

6,500,000

6,564,415

0.33

3.5000 Cie Financement Foncier

05/11/2020

10,700,000

10,997,353

0.55

3.5000 Areva Sa

22/03/2021

3,250,000

2,762,500

0.14

3.5000 GDF-Suez

18/10/2022

9,450,000

9,919,287

0.50



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

3.5000 France

25/04/2026

12,000,000

12,463,080

0.62

3.6000 Caisse Refinance L'Habit

08/03/2024

11,400,000

11,906,274

0.59


06/04/2017

3,800,000

3,480,762

0.17

3.6250 European Investment Bank

15/01/2021

20,600,000

22,420,422

1.12


09/11/2021

2,600,000

2,745,470

0.14

3.6250 Aust & Nz Banking Group

18/07/2022

5,550,000

5,994,389

0.30


18/09/2017

3,550,000

3,040,469

0.15


28/02/2013

4,600,000

4,556,806

0.23


01/03/2013

4,000,000

4,026,840

0.20

3.7500 Bank Nederlandse Gemeenten

16/12/2013

20,850,000

21,784,080

1.09


26/05/2014

2,550,000

2,444,124

0.12

3.7500 ABN AMRO

15/07/2014

7,750,000

8,189,503

0.41


20/01/2015

7,900,000

8,193,090

0.41

3.7500 Institiut Credito Oficial

28/07/2015

13,550,000

12,887,134

0.64


24/01/2017

1,900,000

2,025,324

0.10


24/02/2017

8,150,000

8,782,603

0.44


01/03/2017

5,600,000

5,744,648

0.29

3.7500 France

25/04/2017

15,000,000

16,599,000

0.83

3.7500 Germany

04/01/2019

34,300,000

40,286,036

2.02

3.7500 BPCE Sfh - Societe De Fin

13/09/2021

5,600,000

5,934,376

0.30


27/05/2014

9,600,000

9,324,768

0.47

3.8750 KBC Bank

31/03/2015

5,100,000

5,129,682

0.26

3.8750 Areva Sa

23/09/2016

4,600,000

4,623,000

0.23


31/03/2018

7,400,000

6,697,592

0.33

3.8750 HBOS Plc

07/02/2020

2,150,000

2,313,981

0.12

3.8750 BNP Paribas Covered Bond

12/07/2021

2,000,000

2,195,880

0.11


17/02/2025

8,000,000

6,038,240

0.30

4.0000 Fortis Bank

03/02/2015

2,250,000

2,358,518

0.12

4.0000 Germany

04/01/2018

5,750,000

6,754,928

0.34

4.0000 Belgium

28/03/2018

28,500,000

31,142,805

1.55

4.0000 Belgium

28/03/2019

2,600,000

2,834,806

0.14

4.0000 Belgium

28/03/2022

2,900,040

3,122,270

0.16

4.0000 France

25/04/2055

3,500,000

3,788,575

0.19


21/03/2013

3,239,000

3,308,217

0.17

4.1250 ING Bank

23/03/2015

7,592,000

7,901,450

0.39

4.1250 Terna SPA

17/02/2017

1,650,000

1,642,427

0.08

4.1250 Vinci SA

20/02/2017

5,000,000

5,338,400

0.27

4.1250 Vivendi SA

18/07/2017

1,500,000

1,551,450

0.08


28/09/2017

5,900,000

5,359,855

0.27

4.1250 Intesa

14/04/2020

3,550,000

3,123,184

0.16

4.1250 Rte Edf Transport S.A.

03/02/2021

1,400,000

1,516,718

0.08

4.1250 ABN AMRO

28/03/2022

8,350,000

8,602,671

0.43


01/06/2020

2,500,000

2,776,525

0.14


30/09/2013

490,000

507,591

0.03

4.2500 Germany

04/01/2014

500,000

531,540

0.03

4.2500 Italy

01/07/2014

20,500,000

20,742,105

1.04


15/07/2014

22,900,000

22,449,786

1.12



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

4.2500 Italy

01/08/2014

19,500,000

19,709,820

0.98

4.2500 Italy

01/02/2015

24,000,000

24,188,158

1.21

4.2500 Germany

04/07/2018

31,600,000

37,860,908

1.89

4.2500 France

25/10/2018

12,500,000

14,233,250

0.71

4.2500 France

25/04/2019

21,500,000

24,496,885

1.22


13/07/2022

4,950,000

5,506,479

0.27

4.2500 France

25/10/2023

18,500,000

20,999,165

1.05


25/02/2030

5,960,000

4,529,600

0.23

4.2500 Germany

04/07/2039

31,500,000

43,657,110

2.19

4.2500 Belgium

28/03/2041

4,500,000

4,816,350

0.24


22/01/2014

2,200,000

2,308,724

0.12


17/02/2017

3,650,000

3,084,250

0.15


08/07/2014

5,550,000

5,488,895

0.27


15/09/2014

3,600,000

3,784,572

0.19

4.5000 KBC Bank

17/09/2014

12,050,000

12,357,155

0.62


20/01/2015

9,550,000

10,284,586

0.51

4.5000 Italy

01/03/2019

40,500,000

38,688,435

1.93

4.5000 Eandis

08/11/2021

8,800,000

9,662,752

0.48


09/02/2022

3,600,000

4,044,348

0.20

4.5000 ING Bank

21/02/2022

6,750,000

7,098,638

0.35

4.5000 France

25/04/2041

10,500,000

12,282,375

0.61

4.6250 UBS

06/07/2012

3,250,000

3,249,870

0.16


26/09/2014

10,600,000

11,435,916

0.57


07/04/2017

1,200,000

1,100,592

0.05

4.6250 Nordea Bank

15/02/2022

2,310,000

2,283,989

0.11


11/09/2024

2,350,000

2,589,982

0.13


26/04/2030

4,800,000

5,088,768

0.25


26/05/2021

1,200,000

1,217,676

0.06

4.7500 FCE BANK Plc

19/01/2015

8,850,000

9,358,875

0.47


10/02/2016

11,700,000

11,446,929

0.57


07/02/2017

4,300,000

3,939,617

0.20


03/04/2017

10,900,000

11,278,775

0.56


11/04/2017

3,300,000

3,590,697

0.18


25/05/2018

250,000

231,343

0.01

4.7500 ING Bank

27/05/2019

4,400,000

5,095,904

0.25

4.7500 Italy

01/09/2021

105,500,000

99,787,175

4.98


06/06/2022

2,900,000

3,243,128

0.16

4.7500 France

25/04/2035

15,500,000

18,517,850

0.92


21/02/2018

1,800,000

1,608,300

0.08


18/10/2012

2,550,000

2,580,218

0.13


04/03/2014

13,550,000

13,445,530

0.67


25/09/2015

7,850,000

7,890,819

0.39

4.8750 Valeo SA

11/05/2018

5,600,000

5,753,776

0.29


25/05/2021

4,550,000

5,156,424

0.26

5.0000 France

25/10/2016

21,000,000

24,275,370

1.21

5.0000 Intesa

28/02/2017

2,100,000

2,062,095

0.10


15/03/2017

1,500,000

1,643,010

0.08



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


13/02/2018

700,000

629,055

0.03

5.0000 Vattenfall Treasury AB

18/06/2018

1,600,000

1,864,752

0.09


25/01/2019

1,500,000

1,623,735

0.08

5.0000 Csse De Ref De L'Habitat

08/04/2019

2,100,000

2,427,873

0.12

5.0000 Belgium

28/03/2035

4,000,000

4,711,320

0.24

5.0000 Italy

01/09/2040

21,000,000

17,761,380

0.89


16/09/2024

1,450,000

1,349,776

0.07


27/05/2014

3,800,000

4,053,156

0.20


09/07/2014

2,950,000

2,919,940

0.15


10/02/2022

5,400,000

4,783,590

0.24

5.2500 AXA SA

16/04/2040

7,000,000

5,601,890

0.28


30/06/2049

9,400,000

9,400,000

0.47


15/02/2013

7,500,000

7,641,975

0.38

5.3750 Intesa

19/12/2013

5,200,000

5,274,360

0.26


29/01/2019

1,100,000

1,028,720

0.05


24/05/2019

2,500,000

2,232,100

0.11

5.5000 E.ON AG

19/01/2016

3,200,000

3,643,200

0.18


23/03/2020

3,300,000

3,557,070

0.18

5.5000 Belgium

28/03/2028

6,350,000

7,754,557

0.39

5.5000 France

25/04/2029

4,000,000

5,107,000

0.25


13/03/2015

5,100,000

5,355,153

0.27

5.6250 GDF-Suez

18/01/2016

1,650,000

1,885,406

0.09


05/03/2018

10,350,000

8,668,125

0.43


04/07/2022

1,700,000

1,962,650

0.10


30/09/2024

1,500,000

1,707,990

0.09

5.6250 Germany

04/01/2028

38,500,000

55,991,705

2.79


14/04/2015

5,000,000

5,572,000

0.28


24/03/2016

1,350,000

1,552,878

0.08

5.7500 ASML Holding

13/06/2017

5,600,000

6,301,120

0.31


09/03/2018

3,200,000

3,072,000

0.15

5.7500 Intesa

28/05/2018

15,100,000

12,665,125

0.63


08/07/2041

3,600,000

3,258,108

0.16

5.7670 Munich Re Finance

29/06/2049

6,300,000

5,670,000

0.28


12/03/2015

2,000,000

2,228,000

0.11

5.9000 Fade

17/03/2021

8,100,000

7,562,079

0.38

6.0000 Wachovia Bank

23/05/2013

850,000

887,774

0.04


20/01/2017

1,300,000

1,522,950

0.08

6.0000 Ge Capital European Fdg

15/01/2019

1,900,000

2,244,983

0.11

6.0000 Italy

01/05/2031

14,500,000

14,176,360

0.71


01/04/2014

10,550,000

11,372,056

0.57


16/05/2014

2,500,000

2,708,475

0.14

6.1250 AT&T

02/04/2015

1,900,000

2,153,251

0.11


19/04/2021

1,750,000

1,501,815

0.07

6.1250 HSE Netz AG

23/04/2041

3,630,000

4,118,816

0.21


08/04/2019

4,050,000

5,051,160

0.25

6.2500 Germany

04/01/2024

23,500,000

34,462,750

1.72


23/07/2012

2,500,000

2,507,175

0.13



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


04/04/2013

1,950,000

2,019,908

0.10


10/04/2018

9,800,000

11,709,236

0.58


09/07/2019

2,600,000

2,441,400

0.12

6.4670 Rbs Trust Bank

30/06/2012

14,100,000

7,296,750

0.36

6.5000 Elm BV (Elsevier Fin)

02/04/2013

3,850,000

3,995,492

0.20


22/04/2014

2,100,000

2,296,791

0.11


15/01/2016

4,150,000

4,745,110

0.24


05/12/2014

4,750,000

5,364,840

0.27


12/05/2016

4,450,000

5,159,286

0.26


30/03/2022

7,400,000

7,047,316

0.35

6.7500 Merrill Lynch Capital Services

21/05/2013

7,350,000

7,609,749

0.38


15/06/2016

4,750,000

5,323,468

0.27


20/01/2017

1,870,000

1,939,246

0.10

7.1250 Heineken NV

07/04/2014

11,800,000

12,975,044

0.65


28/01/2013

1,902,000

1,971,518

0.10


30/01/2013

4,400,000

4,562,712

0.23


14/07/2066

2,400,000

2,688,000

0.13


24/01/2033

300,000

295,902

0.01


01/10/2012

5,600,000

5,692,568

0.28


28/01/2033

1,650,000

2,364,962

0.12


21/03/2016

500,000

542,950

0.03


17/02/2016

1,100,000

1,325,280

0.07


24/04/2014

5,000,000

5,655,850

0.28


30/01/2017

6,300,000

8,209,215

0.41


18/12/2015

6,200,000

7,712,366

0.38


03/06/2016

970,000

1,126,422

0.06


27/02/2014

2,200,000

2,497,660

0.12


16/12/2021

7,895,001

8,566,076

0.43

1,944,484,576

97.05


1,944,484,576

97.05


1,944,484,576

97.05


59,145,146

2.95

Total net assets 2,003,629,722

100.00


Robeco European High Yield Bonds Investment portfolio

At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets



21/06/2021

150,000

139,125

0.24

4.1250 ING Bank

23/03/2015

111,000

115,524

0.20

4.3100 ABN AMRO

28/02/2049

250,000

166,250

0.29

4.3750 Portugal Telecom Int Fin

24/03/2017

500,000

427,500

0.74

4.3750 Wendel

09/08/2017

500,000

471,250

0.82

4.5000 Brisa Concessao Rodov Sa

05/12/2016

200,000

167,000

0.29


16/06/2025

500,000

355,000

0.62

4.6250 Ote Plc

20/05/2016

850,000

510,000

0.89


13/06/2016

250,000

216,875

0.38


26/09/2016

900,000

778,500

1.35

4.7500 Lafarge SA

23/03/2020

150,000

144,941

0.25

5.0000 Ote Plc

05/08/2013

400,000

316,000

0.55

5.2500 AXA SA

16/04/2040

100,000

80,027

0.14


30/06/2049

750,000

750,000

1.30


10/11/2013

300,000

231,000

0.40


08/02/2016

500,000

462,500

0.80


09/03/2018

200,000

192,000

0.33


08/07/2041

200,000

181,006

0.31

5.7770 AXA SA

06/07/2016

100,000

75,000

0.13


01/02/2016

900,000

832,500

1.45


15/05/2021

800,000

798,000

1.39

6.2110 AXA SA

29/10/2049

100,000

74,500

0.13

6.2500 Fiat Industrial Fin Eur

09/03/2018

1,350,000

1,362,150

2.36

6.2500 Elster Finance BV

15/04/2018

800,000

876,000

1.52

6.3750 TRW Automotive Inc

15/03/2014

550,000

577,500

1.00

6.3750 UPCB Finance II Ltd

01/07/2020

500,000

492,500

0.86

6.3750 Telenet Finance Lux

15/11/2020

750,000

746,250

1.30

6.5000 Kabel Deutschland

29/06/2018

400,000

429,000

0.74

6.6250 Lafarge SA

29/11/2018

650,000

666,250

1.16

6.7500 Gategroup Finance Lux

01/03/2019

200,000

198,540

0.34

6.7500 Goodyear Dunlop Tires

15/04/2019

650,000

656,500

1.14

6.7500 Lafarge SA

16/12/2019

400,000

403,000

0.70


22/07/2020

400,000

373,560

0.65

6.7500 Oi European Grp

15/09/2020

425,000

449,438

0.78

6.7500 REXAM PLC

29/06/2067

700,000

665,000

1.15

6.8750 Owens-Brockway Glass Con

31/03/2017

600,000

619,500

1.08

6.8750 Aviva PLC

22/05/2038

150,000

130,500

0.23

7.0000 Sunrise Communications Interna

31/12/2017

200,000

214,000

0.37

7.0000 Rhodia SA

15/05/2018

375,000

419,063

0.73

7.0000 Rexel SA

17/12/2018

500,000

525,000

0.91

7.1250 Crown Euro Holdings

15/08/2018

900,000

972,000

1.69

7.1250 Conti-Gummi Finance BV

15/10/2018

2,000,000

2,122,400

3.67

7.2500 Ote Plc

08/04/2014

650,000

461,500

0.80



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

7.2500 Ote Plc

12/02/2015

100,000

63,000

0.11


15/11/2017

800,000

848,000

1.47


15/10/2017

1,000,000

1,052,500

1.83


15/02/2018

725,000

630,750

1.10

7.3750 Refresco Group BV

15/05/2018

450,000

421,875

0.73

7.5000 Ontex IV SA

15/04/2018

200,000

196,000

0.34


15/03/2019

350,000

364,875

0.63

7.5000 Jarden Corp

15/01/2020

425,000

432,905

0.75


03/04/2020

75,000

80,250

0.14

7.6250 UPCB Finance Ltd

15/01/2020

150,000

158,250

0.27

7.7500 Reynolds Group Escrow

15/10/2016

450,000

466,875

0.81


15/02/2017

500,000

521,300

0.91

7.7500 Levis Strauss

15/05/2018

700,000

724,500

1.26


15/11/2019

200,000

214,500

0.37

7.8750 Ineos Group Holdings

15/02/2016

900,000

765,000

1.33


31/01/2017

300,000

342,750

0.60

8.0000 Alba Group Plc & Co

15/05/2018

800,000

804,000

1.40


15/05/2018

1,165,000

1,264,025

2.19

8.1250 Unity Media GMBH

01/12/2017

400,000

428,000

0.74

8.2500 Campofrio Alimentacion

31/10/2016

800,000

786,000

1.36

8.2500 Rexel SA

15/12/2016

600,000

654,000

1.14


22/09/2070

500,000

480,000

0.83

8.3750 R&R Ice Cream Plc

15/11/2017

700,000

691,250

1.20

8.3750 Intesa

29/10/2049

150,000

114,750

0.20

8.5000 Hertz Holdings Netherlands

31/07/2015

800,000

859,200

1.49

8.5000 Intergen NV

30/06/2017

200,000

200,000

0.35

8.5000 Sunrise Communications Interna

31/12/2018

600,000

636,000

1.10


31/10/2019

300,000

337,500

0.59


15/02/2019

600,000

636,000

1.10

8.7500 Faurecia SA

15/06/2019

475,000

460,750

0.80

8.8750 Boardriders SA

15/12/2017

100,000

98,500

0.17

8.8750 Mark Iv Euro/Usa Lux Sca

15/12/2017

600,000

545,400

0.95


01/12/2018

600,000

522,000

0.91

8.8750 Lecta SA

15/05/2019

100,000

94,500

0.16

9.0000 Ontex IV SA

15/04/2019

350,000

297,500

0.52


15/10/2020

400,000

402,000

0.70

9.3750 Faurecia SA

15/12/2016

375,000

411,563

0.71

9.5000 Interxion Holding

12/02/2017

750,000

823,125

1.43

9.5000 Beverage Packaging Hold

15/06/2017

300,000

276,750

0.48


15/12/2018

700,000

826,000

1.43


15/03/2021

900,000

976,500

1.70

9.7500 EC Finance PLC

01/08/2017

750,000

720,000

1.25

9.7500 UPC Holding

15/04/2018

300,000

321,000

0.56

10.0000 Kinove German Bondco GMBH

15/06/2018

225,000

227,813

0.40

10.6250 Kerling Plc

01/02/2017

700,000

616,000

1.07

11.0000 Boats Invest Netherlands

31/03/2017

100,000

98,043

0.17

11.1250 Ono Finance II Plc

15/07/2019

350,000

273,000

0.47



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


15/07/2017

700,000

563,500

0.98


15/07/2017

584,477

409,134

0.71


21/12/2019

150,000

179,250

0.31

45,160,530

78.40

GBP

5.3750

ITV Plc

19/10/2015

500,000

639,612

1.11


09/08/2017

50,000

54,690

0.09

6.7500 Gkn Holdings

28/10/2019

600,000

811,791

1.41

7.0000 Priory Group Ltd

15/02/2018

800,000

954,147

1.66

7.1250 William Hill Plc

11/11/2016

400,000

531,455

0.92

7.3750 ITV Plc

05/01/2017

200,000

267,581

0.46


18/12/2023

200,000

215,163

0.37

7.7500 Thames Water Kemble Fina

01/04/2019

700,000

873,810

1.52

8.5000 Southern Water Greensand

15/04/2019

550,000

642,380

1.12

8.8750 House Of Fraser Plc

15/08/2018

350,000

379,588

0.66

9.5000 Intergen NV

30/06/2017

550,000

679,768

1.18

9.7500 Care UK Health

01/08/2017

550,000

696,762

1.21


22/01/2029

10,000

14,955

0.03

6,761,702

11.74

USD

7.4500 Upm-Kymmene Corp

26/11/2027

500,000

362,476

0.63

9.0000 Fresenius US Finance II Inc

15/07/2015

800,000

724,164

1.26

1,086,640

1.89


53,008,872

92.03

Total investment portfolio 53,008,872

92.03


4,590,266

7.97

Total net assets

57,599,138

100.00


Robeco Euro Sustainable Credits Investment portfolio

At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


EUR

2.0000

GE Capital Corp

27/02/2015

150,000

150,869

0.49


19/01/2015

100,000

101,764

0.33


22/02/2017

120,000

122,644

0.40

2.2500 Germany

04/09/2021

100,000

106,757

0.35

2.5000 Germany

04/01/2021

160,000

175,075

0.57

2.6250 BNP Paribas

16/09/2016

450,000

456,674

1.49


10/09/2012

300,000

298,035

0.97


13/07/2015

50,000

51,674

0.17

2.8750 Alstom

05/10/2015

200,000

204,174

0.67


15/11/2017

400,000

416,716

1.36


30/05/2024

150,000

146,523

0.48

3.0000 Daimler AG

19/07/2013

150,000

153,108

0.50

3.0000 Germany

04/07/2020

60,000

67,996

0.22

3.2500 Germany

04/07/2015

130,000

141,739

0.46

3.2500 BMW AG

28/01/2016

75,000

79,365

0.26

3.3750 Tesco Plc

02/11/2018

300,000

315,978

1.03


26/01/2022

300,000

312,861

1.02


30/09/2015

100,000

103,935

0.34

3.5000 Germany

04/01/2016

145,000

161,102

0.53

3.5000 Germany

04/07/2019

150,000

174,471

0.57

3.6250 ABN AMRO

06/10/2017

400,000

414,044

1.35

3.6250 Alstom

05/10/2018

200,000

200,214

0.65


09/11/2021

100,000

105,595

0.34


18/07/2022

150,000

162,011

0.53


28/02/2013

300,000

297,183

0.97

3.7500 ABN AMRO

15/07/2014

150,000

158,507

0.52

3.7500 BNPP 25/10/2020 150.000 155,171 0.51


20/01/2015

300,000

311,130

1.01

3.7500 Germany

04/01/2017

240,000

274,272

0.89


24/02/2017

600,000

646,572

2.11


20/10/2016

600,000

642,060

2.09


18/01/2017

100,000

108,818

0.35

4.0000 Germany

04/07/2016

600,000

685,026

2.23

4.0000 Germany

04/01/2018

50,000

58,739

0.19


28/03/2018

150,000

124,497

0.41


08/10/2018

100,000

104,559

0.34

4.0000 National Australia Bank

13/07/2020

600,000

649,368

2.12

4.1250 Terna SPA

17/02/2017

400,000

398,164

1.30

4.1250 Vinci SA

20/02/2017

400,000

427,072

1.39


12/07/2017

300,000

286,137

0.93


26/01/2018

100,000

86,465

0.28


14/01/2020

670,000

721,650

2.35



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

4.1250 Intesa

14/04/2020

150,000

131,966

0.43


12/01/2021

150,000

160,785

0.52


30/09/2013

200,000

207,180

0.68

4.2500 Germany

04/07/2017

80,000

94,171

0.31


30/05/2018

100,000

68,000

0.22


31/07/2018

400,000

393,820

1.28


17/02/2017

330,000

278,850

0.91


20/10/2019

100,000

66,500

0.22

4.3750 Areva Sa

06/11/2019

100,000

94,500

0.31

4.3750 Dnb Nor Bank ASA

24/02/2021

250,000

273,800

0.89


30/11/2021

450,000

418,500

1.36


15/09/2014

100,000

105,127

0.34


20/01/2015

270,000

290,768

0.95


04/03/2019

100,000

93,250

0.30


04/10/2021

100,000

106,073

0.35

4.5000 Eandis

08/11/2021

200,000

219,608

0.72


26/09/2014

360,000

388,390

1.27


11/11/2019

100,000

85,395

0.28


07/02/2017

200,000

183,238

0.60


03/04/2017

450,000

465,638

1.52

4.7500 ABN AMRO

11/01/2019

100,000

108,882

0.36

4.7500 Germany

04/07/2034

61,000

86,657

0.28


21/09/2015

200,000

189,000

0.62


04/03/2014

450,000

446,531

1.46

4.8750 Alliander

11/11/2015

200,000

204,200

0.67

4.8750 Bat Intl Finance Plc

24/02/2021

200,000

229,980

0.75


22/04/2025

150,000

173,342

0.57

5.0000 Intesa

28/02/2017

100,000

98,195

0.32


15/03/2017

100,000

109,534

0.36


31/05/2017

100,000

110,040

0.36


14/09/2022

150,000

136,395

0.44


22/01/2013

300,000

306,987

1.00


09/07/2014

50,000

49,491

0.16


30/01/2015

250,000

271,360

0.88

5.2500 DSM NV

17/10/2017

200,000

234,446

0.76

5.2500 AXA SA

16/04/2040

300,000

240,081

0.78

5.2500 Siemens

14/09/2066

100,000

106,250

0.35

5.2520 Swiss Reinsurance

25/05/2016

300,000

258,750

0.84


15/11/2013

540,000

571,693

1.86


29/01/2019

200,000

187,040

0.61


24/05/2019

100,000

89,284

0.29


23/01/2020

64,000

73,912

0.24

5.3750 Henkel Corp

25/11/2015

50,000

52,125

0.17


03/02/2014

450,000

448,695

1.46


09/05/2018

100,000

93,777

0.31


22/05/2018

450,000

528,089

1.72


10/01/2014

270,000

288,392

0.94



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

5.7500 DSM NV

17/03/2014

200,000

215,926

0.70


14/04/2015

150,000

167,160

0.55


24/03/2016

300,000

345,084

1.13

5.7500 ASML Holding

13/06/2017

250,000

281,300

0.92


24/10/2018

100,000

99,682

0.33


08/07/2041

200,000

181,006

0.59


29/06/2049

150,000

135,000

0.44

5.8680 BNP Equities France

16/01/2013

200,000

184,000

0.60


01/02/2016

150,000

138,750

0.45


04/12/2013

550,000

588,720

1.91


15/01/2019

500,000

590,785

1.92


14/01/2021

370,000

341,384

1.11


26/05/2041

100,000

98,516

0.32


08/04/2019

150,000

187,080

0.61


10/04/2018

270,000

322,601

1.05


09/07/2019

150,000

140,850

0.46

6.3750 ABN AMRO

27/04/2021

150,000

150,188

0.49


12/05/2020

150,000

120,000

0.39

6.5000 Elm Bv (Elsevier Fin)

02/04/2013

200,000

207,558

0.68


27/07/2019

100,000

80,200

0.26


05/12/2014

360,000

406,598

1.32

6.6250 Toyota Motor Credit Corp

03/02/2016

400,000

474,424

1.54

6.6250 Intesa

08/05/2018

200,000

184,056

0.60


30/03/2022

100,000

95,234

0.31


12/02/2049

150,000

152,625

0.50


22/07/2020

250,000

233,475

0.76


19/03/2020

100,000

97,356

0.32

7.1250 Centrica Plc

09/12/2013

150,000

162,476

0.53


04/02/2019

100,000

124,720

0.41

7.5000 Cloverie Plc

24/07/2039

200,000

213,592

0.70

7.8750 Daimler Int Finance

16/01/2014

350,000

385,105

1.26


22/01/2014

200,000

210,582

0.69


03/06/2013

200,000

210,371

0.69


24/04/2014

240,000

271,481

0.89


26/03/2014

210,000

235,427

0.77


04/09/2049

200,000

184,000

0.60

9.5000 Intesa

01/06/2049

150,000

123,000

0.40


16/12/2021

350,000

379,750

1.24

29,297,457

95.53


29,297,457

95.53


29,297,457

95.53


1,371,268

4.47

Total net assets

30,668,724

100.00


Robeco Financial Institutions Bonds Investment portfolio

At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


EUR

1.1160

Citigroup Inc (Frn)

31/05/2017

750,000

615,000

0.82

1.1480 Bank Of America Corp (Frn)

23/05/2017

1,100,000

897,138

1.20

1.3610 KBC Bank (FRN)

14/12/2015

1,010,000

768,863

1.03

2.2500 Germany

04/09/2021

140,000

149,460

0.20


21/06/2021

420,000

389,550

0.52

3.0000 Germany

04/07/2020

500,000

566,635

0.76


26/05/2014

400,000

383,392

0.51


20/10/2016

300,000

321,030

0.43


28/03/2018

1,050,000

871,479

1.17

4.0000 Banque Federative Du Credit Mutuel

22/10/2020

1,200,000

1,093,212

1.47

4.0000 Legal & General Group Plc

08/06/2025

1,050,000

943,425

1.26

4.1250 UBS Jersey Branch

25/09/2018

550,000

531,339

0.71

4.1250 ABN AMRO

28/03/2022

600,000

618,156

0.83

4.2500 ABN AMRO

11/04/2016

150,000

160,470

0.22


25/02/2030

1,800,000

1,368,000

1.83

4.2800 UBS

15/04/2015

1,600,000

1,320,800

1.77

4.3100 ABN AMRO

28/02/2049

500,000

332,500

0.45


16/03/2017

200,000

202,870

0.27

4.3750 BNP Paribas

22/01/2019

400,000

386,556

0.52


20/10/2019

2,300,000

1,529,500

2.05


12/11/2019

500,000

472,500

0.63


30/11/2021

1,500,000

1,395,000

1.87

4.4710 Banque Federative Du Credit Mutuel

28/10/2049

600,000

430,800

0.58

4.5000 State Bank India

30/11/2015

400,000

397,960

0.53

4.5000 Banco Do Brasil

20/01/2016

200,000

207,380

0.28


09/05/2016

150,000

154,866

0.21


30/09/2019

1,200,000

798,000

1.07

4.5000 Nordea Bank

26/03/2020

900,000

890,685

1.19

4.6250 Fortis Bank

27/10/2014

1,400,000

1,001,000

1.34

4.6250 Nordea Bank

15/02/2022

1,400,000

1,384,236

1.86

4.6250 GE Capital Trust IV

15/09/2066

200,000

173,500

0.23


06/05/2019

450,000

380,250

0.51


15/03/2020

1,850,000

962,000

1.29

4.8500 MUFG CAPTIAL FINANCE

25/07/2016

400,000

408,548

0.55

5.0000 Deutsche Bank AG

24/06/2020

1,600,000

1,604,144

2.15


10/09/2019

500,000

525,710

0.70


23/10/2019

450,000

464,936

0.62

5.2500 AXA SA

16/04/2040

1,950,000

1,560,527

2.09

5.2520 Swiss Reinsurance

25/05/2016

1,400,000

1,207,500

1.62

5.3687 HSBC

24/03/2014

1,050,000

976,500

1.31


10/11/2013

550,000

423,500

0.57


08/02/2049

2,300,000

1,587,000

2.13



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets


15/09/2067

1,700,000

1,538,500

2.06

5.7500 Intesa

28/05/2018

100,000

83,875

0.11


08/07/2041

2,200,000

1,991,066

2.67


29/06/2049

1,050,000

945,000

1.27


26/09/2017

750,000

806,168

1.08


14/01/2021

800,000

738,128

0.99


26/05/2041

400,000

394,064

0.53


19/04/2021

1,100,000

943,998

1.27

6.1250 ING Bank

29/05/2023

950,000

868,481

1.16

6.2110 AXA SA

29/10/2049

800,000

596,000

0.80

6.2500 HSBC

19/03/2018

600,000

654,708

0.88


26/05/2042

400,000

396,944

0.53

6.3750 ABN AMRO

27/04/2021

950,000

951,188

1.28


23/05/2020

700,000

556,500

0.75


27/07/2019

400,000

320,800

0.43

6.6250 Intesa

08/05/2018

950,000

874,266

1.17


30/03/2022

150,000

142,851

0.19


22/07/2020

1,150,000

1,073,985

1.44

6.7500 National Australia Bank

26/06/2023

1,300,000

1,397,760

1.87


19/03/2020

600,000

584,136

0.78

6.8750 Aviva PLC

22/05/2038

2,100,000

1,827,000

2.46


09/04/2018

1,400,000

1,282,008

1.72


31/12/2049

800,000

568,000

0.76

7.3750 Swedbank AB

26/06/2018

500,000

515,050

0.69

7.5000 Cloverie Plc

24/07/2039

1,800,000

1,922,328

2.58

7.7810 BNP Paribas

02/07/2049

1,750,000

1,592,500

2.14


26/10/2019

750,000

562,500

0.75

8.3750 Intesa

29/10/2049

700,000

535,500

0.72


17/03/2015

2,250,000

1,991,250

2.68

9.2500 Skandinaviska Enskilda

29/03/2049

1,200,000

1,260,000

1.69


04/09/2049

150,000

138,000

0.19


16/03/2022

430,000

453,650

0.61


16/12/2021

1,150,000

1,247,750

1.67

60,609,871

81.27

GBP

5.2500 Wachovia Bank

01/08/2023

450,000

605,289

0.81


04/09/2013

100,000

123,594

0.17

6.1250 Prudential Plc

19/12/2031

500,000

643,746

0.86

6.8750 ING Bank

29/05/2023

500,000

614,102

0.82

7.2500 Dnb Nor Bank ASA

23/06/2020

450,000

580,050

0.78


18/12/2023

800,000

860,650

1.15

3,427,431

4.59

USD

1.1662

ABN AMRO

17/01/2017

500,000

339,329

0.45



At 30 June 2012

Interest rate

Maturity date

Face value


in % of net assets

4.7500 Woori Bank

20/01/2016

250,000

210,413

0.28

5.0000 ICICI Bank

15/01/2016

600,000

476,893

0.64

6.2500 Turkiye Garanti Bankasi

20/04/2021

600,000

479,887

0.64

7.8750 CSG Guernsey I Ltd

24/02/2041

1,700,000

1,272,605

1.71


31/12/2049

1,000,000

791,474

1.06

3,570,601

4.78


67,607,903

90.64


67,607,903

90.64


6,982,130

9.36

Total net assets

74,590,033

100.00

Robeco Capital Growth Funds - TeleTrader

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