robeco capital growth funds - inversis

Robeco Capital Growth Funds

Société d’Investissement à Capital Variable

Incorporated under Luxembourg law

RCS B58 959

Semi-Annual Report 1 January – 30 June 2013

Robeco Capital Growth Funds 2

Contents

General Information 4

Report of the Board of Directors 6

General 6

General introduction 7

Economy 7

Global Equity sub-funds 10

Regional & Country Equity sub-funds 13

Theme Equity sub-funds 16

Global Bond sub-funds 18

Regional Bond sub-funds 20

Asset Allocation sub-funds 22

Sustainability Investing 23

Financial statements 24

Statement of net assets 24

Number of shares outstanding 34

Notes to the financial statements 39

Other data 77

Investment portfolio 78

Robeco BP Global Premium Equities 78

Robeco Global Conservative Equities 80

Robeco Global Stars Equities 84

Robeco Emerging Stars Equities 85

Robeco Emerging Markets Equities 86

Robeco Active Quant Emerging Markets Equities 88

Robeco Momentum Equities 91

Robeco Quant Emerging Markets Equities 94

Robeco Emerging Conservative Equities 99

Robeco Emerging Markets Smaller Companies Equities 102

Robeco Asia-Pacific Equities 104

RobecoSAM Sustainable European Equities 106

Robeco European Conservative Equities 107

Robeco US Premium Equities 109

Robeco Chinese Equities 111

Robeco Indian Equities 112

Robeco Asian Stars Equities 113

Robeco US Large Cap Equities 114

Robeco US Select Opportunities 115

Robeco New World Financial Equities 117

Robeco Property Equities 119

Robeco Global Consumer Trends Equities 120

Robeco Natural Resources Equities 121

RobecoSAM Sustainable Agribusiness Equities 122

Robeco Infrastructure Equities 123

Robeco High Yield Bonds 124

Robeco Investment Grade Corporate Bonds 133


Robeco Emerging Debt 137

Robeco Quant Emerging Debt Local Currency 140

Robeco Euro Government Bonds 142

Robeco Euro Credit Bonds 144

Robeco All Strategy Euro Bonds 148

Robeco European High Yield Bonds 153

Robeco Euro Sustainable Credits 156

Robeco Financial Institutions Bonds 160

Robeco Covered Bonds 163

Robeco GTAA Fund 164

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, Senior Vice President, Robeco Group, Rotterdam, the Netherlands

D. Rob van Bommel, Executive Vice President, Robeco Group, Rotterdam, The Netherlands

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, Senior Vice President, Robeco Group, Rotterdam, the Netherlands

D. Rob van Bommel, Executive Vice President, Robeco Group, Rotterdam, The Netherlands

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 semi-annual report. Financial

reports, the prospectus and Key Investor Information Document 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

RobecoSAM A.G., Josefstrasse 218, CH-8005 Zurich, is the Company’s appointed representative in Switzerland. Copies of

the Key Investor Information Document and prospectus, Articles of incorporation, (semi) annual 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, Key Investor Information Document and prospectus and the annual and

semiannual reports may be obtained free of charge from the offices 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 paying agent/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.


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/luxembourg.

Changes in management fees

Several management fee percentages have been changed.

Class of shares

Old fee New fee

Effective from

Robeco Global Stars Equities, class D EUR shares 1.20% 1.25% 01/01/2013

Robeco Global Conservative Equities, class C EUR shares 0.55% 0.50% 02/04/2013

Robeco Emerging Conservative Equities, class C EUR shares 0.68% 0.63% 02/04/2013

Robeco Asia-Pacific Equities, class F EUR shares 0.80% 0.75% 02/04/2013

Robeco European Conservative Equities, class C EUR shares 0.55% 0.50% 02/04/2013

Robeco US Premium Equities, class F EUR shares 0.80% 0.75% 02/04/2013

Robeco US Premium Equities, class F USD shares 0.80% 0.75% 02/04/2013

Robeco US Premium Equities, class FH EUR shares 0.80% 0.75% 02/04/2013

Robeco US Premium Equities, class GH GBP shares 0.80% 0.75% 02/04/2013

Robeco US Large Cap Equities, class F GBP shares 0.68% 0.63% 02/04/2013

Robeco US Large Cap Equities, class F USD shares 0.68% 0.63% 02/04/2013

Robeco New World Financial Equities, class F EUR shares 0.80% 0.75% 02/04/2013

Robeco Property Equities, class F EUR shares 0.80% 0.75% 02/04/2013

Robeco Global Consumer Trends Equities, class F EUR shares 0.80% 0.75% 02/04/2013

Robeco High Yield Bonds, class CH EUR shares 0.55% 0.50% 02/04/2013

Robeco High Yield Bonds, class 0FH EUR shares 0.55% 0.50% 02/04/2013

Robeco High Yield Bonds, class FH EUR shares 0.55% 0.50% 02/04/2013

Robeco Investment Grade Corporate Bonds, class CH EUR shares 0.40% 0.35% 02/04/2013

Sub-fund name changes

The following sub-fund names have been changed.

SAM Sustainable European Equities has been changed into RobecoSAM Sustainable European Equities (effective 15

February 2013).

SAM Sustainable Agribusiness Equities has been changed into RobecoSAM Sustainable Agribusiness Equities (effective 15

February 2013). New share classes

Activation of share classes

Sub-fund Share class Effective

Robeco Emerging Conservative Equities class I GBP shares 21/01/2013

Robeco Asia-Pacific Equities class F EUR shares 21/01/2013

Robeco Asia-Pacific Equities class I USD shares 21/01/2013

Robeco Global Consumer Trends Equities class F EUR shares 21/01/2013

Robeco High Yield Bonds class CH EUR shares 21/01/2013

Robeco Investment Grade Corporate Bonds class CH EUR shares 21/01/2013

Robeco US Large Cap Equities class F USD shares 22/02/2013

Robeco US Large Cap Equities class F GBP shares 22/02/2013

Robeco Asian Stars Equities class Z EUR shares 22/02/2013

Robeco Global Conservative Equities class C EUR shares 22/02/2013

Robeco Active Quant Emerging Markets Equities class DL USD shares 27/03/2013

Robeco Active Quant Emerging Markets Equities class E EUR shares 27/03/2013




Robeco Active Quant Emerging Markets Equities class M USD shares 27/03/2013

Robeco Emerging Conservative Equities class M USD shares 27/03/2013

Robeco European Conservative Equities class D USD shares 27/03/2013

Robeco High Yield Bonds class 0MH USD shares 27/03/2013

Robeco High Yield Bonds class IH AUD shares 27/03/2013

Robeco High Yield Bonds class MH USD shares 27/03/2013

Robeco US Large Cap Equities class M USD shares 27/03/2013

Robeco US Select Opportunities Equities class M USD shares 27/03/2013

Robeco Global Consumer Trends Equities class I USD shares 03/06/2013

Robeco Quant Emerging Debt Local Currency class Z EUR shares 17/06/2013

Deactivation of share classes

Deactivation of share classes


Robeco Chinese Equities class I EUR shares 22/05/2013

Robeco Emerging Markets Equities Class Z EUR shares 06/06/2013

Changes to the prospectus

Some changes (effective February 2013 and March 2013) 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

Economy

The global economy started the year 2013 with the ballast from a number of systemic problems that held back a

traditional recovery in 2012. Balance-sheet reductions in the banking sector and faltering credit issuance in Europe, the

attempt to manage public and private debt quotas in developed markets, and concerns about heading over a fiscal cliff in

the United States turned out to be obstacles to a traditional recovery. Also the first half year of 2013 can be typified as a

climate dominated by tepid economic growth and low yields. And yet a new course has been set. The austerity mantra in

the Western world came under renewed fire after the IMF and academics became more hesitant as to whether further

cuts would benefit economic growth. It also became clearer that emerging markets were catching up with the Western

world less rapidly. The new government in China, under the leadership of president Xi Jinping, has adjusted its growth

targets downwards and announced that it is to focus more on the quality than the quantity of economic growth. Japan

took an unexpectedly powerful policy turn after Shinzo Abe assumed office. His policy appears to have been successful

thus far in driving Japan out of a vicious circle of deflation and economic decline. The major reversal in the economy and

on financial markets occurred in midway into the second quarter when Fed chairman Bernanke indicated the possibility of

reducing the rate of bond-buying in one of the upcoming meetings. With this the Fed gave the signal that it is confident in

the further recovery in the United States, leading to a strong rise in capital-market rates. In addition to the rhetorically

more activist Fed, the ECB has been hiding in its own shadow this last half year. The ECB emphasized more strongly than

before that the bank has neither the mandate nor the power to solve the crisis structurally and that the primary

responsibility lies with governments.

The US economy recovered somewhat in the first quarter after a weak last quarter in 2012. Gradually the sting was taken

out of the proposed budgetary policy. After avoiding the fiscal cliff in late 2012, a compromise was reached with difficulty

in the spring on a temporary increase in the debt ceiling. Also the subsequent fiscal hurdle, so-called “sequestration” (a

method of automatic budgetary cuts), was eventually dealt with in weakened form. After the agreed rise in income taxes

to avoid the fiscal cliff, the private sector was confronted with automatically activated cuts to defense, social security and

health care. However, consumers proved resilient under the increased fiscal pressure. The private savings quota fell again,

indicating that consumer spending is strengthening again. The recovery on the labor market continued at a moderate

pace, with a decline in unemployment from 7.9% in January to 7.5% in May. The housing market also showed a

moderate recovery. More building permits were issued and the prices of existing homes showed an annualized gain of

15%. However, the economic recovery was not supported by significant increases in corporate investment activity.

Investment remained below the historical average due to uncertainty on the Obama government's fiscal direction and


was thus partly responsible for an unusually slow cyclical recovery. Strong employment numbers in May came out at the

same time as statements by Fed chairman Bernanke on a possible accelerated reduction in its quantitative-easing

program. As a result of this, capital-market rates rose sharply and strengthened the dollar's position versus other key

currencies.

After a period of relative quiet as a result of the involvement of the ECB in Europe, tensions rose again rapidly. Elections in

Italy led to heavy losses for the party of the reform-minded technocrat Monti and the return of Berlusconi. Not long

thereafter, it was revealed that Cyprus no longer had control of its finances. Eventually it was granted a support package

of EUR 10 billion. A notable element in the rescue operation was the fact that deposit holders were taken to the cleaners,

contrary to previous support packages for Greece, Ireland and Portugal. The precedent effect of this has led to renewed

unrest in the eurozone periphery after a period in which the banking sector had stabilized somewhat. Spain for instance

managed to isolate the nearly EUR 60 billion in bad debt from Spanish banks, converting it into a vehicle specially

constructed for this purpose, the SAREB (Sociedad de Gestión de Activos Procedentes de la Reestructuración S.A.).

Although the recession in the eurozone has not deepened over the last quarter, lagging indicators such as unemployment

did not inspire much confidence. Unemployment there rose further to 12%. The exception to this picture is the German

economy, where the strong export sector benefited from the weak euro. And yet gradually it seems that the balance in

economic growth potential between the core and the periphery is recovering, which is essential for a solid currency union.

Exports rose in periphery countries partly due to a visible improvement in unit labor costs, a measure of competitiveness.

However, the convergence in competitiveness through structural reforms has a long way to go yet. This drawn-out process

is also making it increasingly clear that Northern European countries are gradually finding the balance between releasing

adequate resources to keep the periphery in the eurozone and sufficient stimulus of the periphery to implement the

necessary structural reorganization. The Northern European countries are only prepared to practice solidarity if the

Southern European countries exercise greater financial discipline. Germany in particular is pushing for a controlled

transition of political sovereignty to Brussels. Newly announced legislation relating to a banking union is clearing the way

for a larger role for private creditors, but this new legislation only takes force in 2018.

Japan was clearly in the spotlights this spring. The Japanese prime minister Abe is making concrete progress with his plan,

announced in 2012, to free Japan from the deflationary spiral it has been in for more than a decade. The plan is built on

three pillars: quantitative easing, fiscal stimulus and structural reforms. This policy mix aims at increasing business

investment and boosting earnings growth through greater competitiveness. Better corporate earnings should also lead to

higher inflation through increased consumption. The central bank of Japan has so far been successful in weakening the

yen by buying up Japanese government bonds and real-estate funds. Key production indicators showed higher levels in

the second quarter. In China, there was a surprising rise in money-market rates in June, a signal from the Chinese central

bank to the banking system that the period of generous credit growth has run its course. The ambition to rein in the credit

issuance that is so essential to Chinese growth resulted in more cautious expectations on Chinese growth rates. The

Chinese authorities are now aiming for 7.5% growth, lower than the average growth of 9% over the last decade.

The outlook for equity markets

The global macroeconomic picture for 2013 continues to indicate an environment of below-trend growth and moderating

inflation with downside risks. For this reason, central banks in developed countries will remain active in stimulating the

real economy by keeping interest rates low with greater clarity on the intended direction of monetary policy. We do not

expect the Fed to limit its quantitative easing in the fourth quarter of 2013, given the potentially negative effects of an

interest-rate hike on the housing market and on spending, the still fragile recovery in the labor market and the aftermath

of the fiscal consolidation programs. In the United States, growth is thus likely to remain tepid. Continuing fiscal

consolidation in the European periphery is expected to limit economic growth in the eurozone. Although doubts on the

continued existence of the euro as a currency have diminished, uncertainty remains on further integration in the currency

union. We expect a lower growth path for China and see that other emerging markets are also struggling to maintain

their relatively high growth rates versus developed markets. The Chinese government has stated that it can live with

structurally lower growth, but in the interest of social stability it is unlikely that growth will turn out much lower than the

intended 7.5%. Rising budgetary deficits and lower commodity prices are obstructing more robust internal and external

balances in emerging markets. In terms of monetary policy, there is little scope in most emerging markets for any further

rate cuts. A number of emerging markets, including Brazil, feel themselves increasingly forced to hike rates, which will

eventually curb economic growth and delay them catching up with the Western world. We expect a further weakening in

global inflationary pressure due to a continuing emphasis on debt management, while the slow global recovery does not


give any reason for a stronger rise in commodity prices. However, a further decline in stability in the Middle East or failed

harvests could temporarily drive inflation higher.

For equities, we think that there is potential for further modest price gains. In a climate in which the global economy

recovers gradually, the expansion of historically high profit margins is not probable, partly due to the recent rise in capital-

market rates. That means that earnings growth will once again be low and sales growth will have to be the driving factor.

Earnings development will therefore not be a primary driver of prices. However, interest-rate rises will not be so strong as

to threaten further share-price gains. Moreover, equity valuations are fairly normal in historical terms.

Bond markets outlook

Bond markets will continue to focus on monetary policy. In the United States, the Fed is expected to start gradually

reducing its bond-buying program. This has also triggered speculation over the question as to when interest rates will be

hiked for the first time. The future development of the labor market is a leading factor here. We expect that in this

environment American treasuries will remain vulnerable, certainly relative to other bonds markets. In Europe the ECB and

the Bank of England have made it clear that they are not planning to normalize monetary policy for the time being. On

the contrary, there is a real chance that there is further easing to come. Economic growth is still disappointing.

Deleveraging by governments and households is suppressing spending. Unemployment is high and still rising. We

therefore consider the climate for bonds in Europe as favorable. For short-dated paper specifically, we are factoring in a

decoupling of the United Sates.

For emerging markets the economic outlook has deteriorated recently. Growth deceleration in China is a fact, and Latin

America is also suffering disappointing growth. Social unrest in countries like Turkey and Brazil is tainting the investment

universe, too. Over the short term, the category appears fragile, especially given declining liquidity and the substantial

positions built up in recent years by foreign investors. Conversely, the growth differential with developed markets will

remain and the interest premium has increased recently.

In terms of corporate bonds, the current credit premiums still appear favorable versus the historical average. But it is

notable that the underlying characteristics of businesses are no longer improving. Comparatively speaking, companies are

leveraging again, especially in the United States. Furthermore, a structural decline in the tradability of corporate loans is

evident, which could lead to major price movements in future.


Global Equity sub-funds Investment results

Price in currency x 1 30/06/2013


Investment result reporting period

in %

Investment result 3 years

avarage

Robeco BP Global Premium Equities

B EUR shares 1

110.73

100.10

12.9

14.5

D EUR shares

152.71

135.27

12.9

14.5

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

10.0

10.2

Robeco Global Conservative Equities

B EUR shares 1

116.60

111.62

6.6

14.8 6

C EUR shares 1, 2

100.90

100.00

2.9

2.9 6

D EUR shares

123.84

116.18

6.6

14.8 6

I EUR shares

124.79

116.78

6.9

15.4 6

Z EUR shares

117.37

109.47

7.2

14.1 6

D USD shares

105.77

100.62

5.1

5.8 6

I USD shares

123.86

117.59

5.3

14.9 6

Robeco Global Stars Equities

D EUR shares

159.86

145.01

10.2

9.4

Z EUR shares

119.98

108.08

11.0

7.7 6

MSCI World Index (net return, in EUR) *

10.0

11.5

Robeco Emerging Stars Equities

D EUR shares

145.76

157.80

–7.6

0.8

DL EUR shares

99.49

107.72

–7.6

0.6

F EUR shares

100.25

108.42

–7.5

–0.3 6

I EUR shares

103.36

111.81

–7.6

1.3

Z EUR shares

100.79

108.22

–6.9

0.8 6

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

–8.3

1.4

D USD shares

90.03

99.01

–9.1

2.9

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

–9.6

3.4

Robeco Emerging Markets Equities

D EUR shares

127.98

142.55

–10.2

–1.5

F EUR shares

95.91

106.46

–9.9

–4.8 6

I EUR shares

225.08

249.73

–9.9

–1.0

M EUR shares

95.99

107.18

–10.4

–2.0

Z EUR shares 3

119.31

121.34

–1.7

2.9 6

MSCI Emerging Markets Index (net return, in EUR)

–8.3

1.4

D USD shares

125.11

141.35

–11.5

0.5

I USD Shares

93.76

105.51

–11.1

1.1

J USD Shares

96.53

108.64

–11.1

1.3

MSCI Emerging Markets Index (net return, in USD)

–9.6

3.4

Robeco Active Quant Emerging Markets Equities

D EUR shares

122.98

136.30

–9.8

2.5

E EUR shares 4

89.03

100.00

–11.0

–11.0 6

I EUR shares

127.36

140.71

–9.5

3.2

Z EUR shares

98.43

108.33

–9.1

–0.6 6


–8.3

1.4

D USD shares

94.23

105.92

–11.0

–2.3 6

DL USD shares 5

89.87

100.00

–10.1

–10.1 6

I USD Shares

94.23

105.60

–10.8

–5.8 6

M USD shares 4

89.82

100.00

–10.2

–10.2 6


–9.6

–2.8 6


Investment results




in %


avarage

Robeco Momentum Equities

I EUR shares

112.33

99.19

13.2

12.3 6

Robeco Quant Emerging Markets Equities

Z EUR shares

95.22

103.27

–7.8

–4.8 6


–8.3

–5.1 6

I USD shares

94.52

104.33

–9.4

–4.4 6


–9.6 –5.2 6

Robeco Emerging Conservative Equities

B EUR shares 1

108.73

112.41

–0.8

9.2 6

C EUR shares 1

100.20

103.31

–0.5

4.5 6

D EUR shares

123.14

124.11

–0.8

9.1 6

I EUR shares

124.70

125.25

–0.4

9.7 6

Z EUR shares

110.74

110.83

–0.1

8.7 6

I GBP shares 5

101.71

100.00

1.7

1.7 6

D USD shares

101.81

104.07

–2.2

1.8 6

I USD shares

106.98

109.01

–1.9

7.4 6

M USD shares 4

96.37

100.00

–3.6

–3.6 6

Robeco Emerging Markets Smaller Companies Equities

D EUR shares 8

98.36

102.13

–3.7

–1.6 6

MSCI EME Mid Cap (net return in EUR) 8

–7.8

–6.5 6

D USD shares 8

97.51

102.71

–5.1

–2.5 6

I USD Shares 8

98.02

102.76

–4.6

–2.0 6

Z USD shares 8

98.54

102.81

–4.2

–1.5 6

MSCI EME Mid Cap (net return in USD) 8 –9.1 –7.3 6

1 Assuming reinvestment of the distributed dividend. See Notes on page 67.

2 22 February 2013 until 30 June 2013.

3 1 January 2013 until 6 June 2013.

4 27 March 2013 until 30 June 2013.


6 Since inception.

* Reference index.

Performance analysis Robeco BP Global Premium Equities

The sub-fund significantly outperformed the benchmark as global equity markets continued to produce strong returns.

Stock selection for the period was the primary driver of portfolio returns with significant contributions from the Consumer

Discretionary and Industrials sectors. We continue to examine various sectors and regions to identify stock-specific

opportunities where stock price and fair value dislocations appear. With respect to sustainability investing, the sub-fund

has integrated ESG factors into its investment process. Robeco Global Conservative Equities

In the first 6 months of 2013 the equity market overall performed well, solely driven by the strong performance of the

developed markets while the emerging markets achieved negative returns. Robeco Global Conservative Equities profited

from the increase, but to a slightly lesser extent due to its lower risk. Robeco Global Conservative Equities 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.



The performance of the sub-fund Robeco Global Stars Equities exceeded the MSCI World Index despite the low exposure in

Japan. This was increased during the last six months together with the financial sector which benefits from higher interest

rates. Strong performers were Virgin Media, which was acquired by Liberty Global, and Ziggo, both cable companies. The

Information Technology sector lags the market and we expect this to correct further in the year. With respect to

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

During the first half of 2013, emerging markets declined significantly, and performed worse than developed markets. The

return for Robeco Emerging Stars Equities exceeded the MSCI Emerging Markets Index, mostly due to a positive stock

selection result in Korea and China. In the reporting period the weight in India was increased, while the weight in Taiwan

and Brazil was reduced. With respect to sustainability investing, the sub-fund has integrated ESG factors into its

investment processes. Robeco Emerging Markets Equities

During the first half of 2013, emerging markets declined significantly and performed worse than developed markets. The

return for Robeco Emerging Markets Equities lagged the MSCI Emerging Markets Index, mostly due to a negative stock

selection result in Brazil and Mexico. In the reporting period the weight in India was increased, while the weight in South

Africa, Taiwan and Brazil was reduced. With respect to sustainability investing, the sub-fund has integrated ESG factors

into its investment processes. Robeco Active Quant Emerging Markets Equities

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 showed a negative relative

performance, as the quantitative stock-selection model contributed negatively to performance. The valuation oriented

factors contributed negatively. The sentiment driven factors contributed positively. Robeco Momentum Equities

In the first half of 2013, the sub-fund Robeco Momentum Equities had a positive return. Broader equity markets, like the

MSCI World Index, also posted positive returns, but lower. This shows that the positive-sentiment stocks that the sub-fund

typically selects managed to earn a premium over the market in the first half of 2013. Robeco Momentum Equities is not

benchmark driven, but aims to harvest the so-called momentum premium with a quantitative stock-selection model that

selects positive-sentiment stocks bottom-up. With respect to sustainability investing, the sub-fund has integrated ESG

factors into its investment processes. Robeco Quant Emerging Markets Equities

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 showed a positive relative

performance, as the quantitative stock-selection model contributed positively to performance. The valuation oriented

factors contributed negatively. The sentiment driven factors contributed positively. Robeco Emerging Conservative Equities

After the strong performance achieved in 2012 the emerging equity market showed a disappointing performance in the

first half year of 2013. Although the first months were characterized by a sideway moving market, in the last month

(June) the market performed very poorly. The Robeco Emerging Conservative Equities sub- fund showed good

performance by achieving a neutral return. This confirms the sub-fund’s characteristic of preserving capital in volatile,

decreasing markets. Robeco Emerging Conservative Equities 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. Robeco Emerging Markets Smaller Companies Equities

During the first half of 2013, emerging markets underperformed their developed counterparts. The return for the Robeco

Emerging Markets Smaller Companies sub-fund exceeded the MSCI EM Midcap Index. Country allocation was positive,

with stock selection being even better. Strong stock selection was achieved in China, South Korea, Taiwan, Thailand,

South Africa and Indonesia. With respect to sustainability investing, the sub-fund integrated ESG factors into its

investment processes in 2013.


Regional & Country Equity sub-funds

Investment results




in %


avarage

Robeco Asia-Pacific Equities

D EUR shares

101.58

95.65

6.2

9.1

F EUR shares 2

105.17

100.00

5.2

5.2

Z EUR shares

111.53

104.16

7.1

11.5 6

MSCI AC Asia Pacific (Net Return, EUR)

3.7

5.7

D USD shares

133.38

127.34

4.7

11.4

I USD shares 2

102.88

100.00

2.9

2.9 6

MSCI AC Asia Pacific (Net Return, USD)

2.3

7.8

RobecoSAM Sustainable European Equities

D EUR shares

36.14

34.20

5.7

8.3

I EUR Shares

133.26

125.74

6.0

9.0

MSCI Europe Index (net return)

3.6

8.4

Robeco European Conservative Equities

B EUR shares 1

86.01

83.03

5.6

10.1

C EUR shares 1

108.03

104.03

5.9

12.4 6

D EUR shares

119.93

113.44

5.7

10.1

I EUR shares

111.55

105.24

6.0

10.6

IH EUR shares

114.08

104.86

8.8

14.1 6

Z EUR shares

119.81

112.69

6.3

16.0 6

D USD shares 3

100.10

100.00

0.1

0.1 6

Robeco US Premium Equities

D EUR shares

202.62

168.42

20.3

14.4

F EUR shares

118.61

98.25

20.7

18.6 6

I EUR shares

175.15

144.96

20.8

15.3

Z EUR shares

119.49

98.51

21.3

19.5 6

Russell 3000 Value Index (in EUR) *

17.4

16.1

DH EUR shares

142.08

120.09

18.3

15.7

FH EUR shares

119.38

100.51

18.8

19.4 6

IH EUR shares

151.83

127.63

19.0

16.7

MH EUR shares

135.12

114.49

18.0

15.2

Russell 3000 Value Index (hedged into EUR) *

15.6

17.4

D USD shares

158.75

133.84

18.6

16.7

F USD shares

126.29

106.10

19.0

26.3 6

I USD shares

169.93

142.64

19.1

17.7

M USD shares

144.29

121.96

18.3

16.1

Russell 3000 Value Index (in USD) *

15.8

18.4

EH GBP shares 1

160.38

137.03

19.7

16.1

GH GBP shares 1

118.25

100.65

20.2

20.0 6

IE GBP shares

180.90

143.71

28.6

17.1

Russell 3000 Value Index (hedged into GBP) *

24.1

17.9

Robeco Chinese Equities

D EUR shares

52.81

55.17

–4.3

0.3

I EUR shares 5

103.95

98.26

5.8

2.1 6

MSCI China standard (net return, in EUR)

–9.7

–2.1

D USD shares

110.51

117.10

–5.6

2.3

I USD shares

97.76

103.23

–5.3

2.8

MSCI China standard (net return, in USD)

–11.0

0.1


Investment results




in %


avarage

Robeco Indian Equities

D EUR shares

82.48

90.71

–9.1

–6.5 6

I EUR shares

83.83

91.88

–8.8

–6.0 6

MSCI India standard (net return, in EUR)

–6.7

–7.0 6

D USD shares

82.64

92.20

–10.4

–7.5 6

MSCI India standard (net return, in USD)

–8.0

–8.7 6

Robeco Asian Stars Equities

D EUR shares

122.00

121.36

0.5

9.1 6

Z EUR shares 4

97.98

100.00

–2.0

–2.0 6

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

–4.4

4.0 6

Robeco US Large Caps Equities

D EUR shares

165.77

140.09

18.3

15.4

Russell 1000 Value Index (in EUR) *

17.6

16.2

DH EUR shares

41.64

35.77

16.4

17.5

Russell 1000 Value Index (hedged into EUR) *

15.7

17.4

F GBP shares 4

110.26

100.00

10.3

10.3 6

IE GBP shares 1

146.05

118.10

27.9

29.3 6

Russell 1000 Value Index (in GBP) *

24.2

27.7 6

D USD shares

129.73

111.19

16.7

18.1

F USD shares 4

109.62

100.00

9.6

9.6 6

I USD shares

154.96

132.36

17.1

19.0

M USD Shares 3

105.68

100.00

5.7

5.7 6

Russell 1000 Value Index (in USD) *

15.9

18.5

Robeco US Select Oppportunities Equities

DH EUR shares

143.35

123.79

15.8

22.4 6

Russell Midcap Value (hedged into EUR) *

16.0

22.2 6

D USD shares

145.10

125.12

16.0

23.2 6

I USD Shares

147.42

126.56

16.5

24.4 6

M USD Shares 3

103.88

100.00

3.9

3.9 6

Russell Midcap Value (in USD) * 16.1 23.2 6




4 22 February 2013 until 30 June 2013.

5 1 January 2013 until 22 May 2013.

6 Since inception/until deactivation.

* Reference index.

Performance analysis Robeco Asia-Pacific Equities

Japan saw a strong rally driven by a turnaround in monetary policy. “Abenomics”, named after the new prime minister,

quickly became a new buzzword. China lost a lot of fans as its stock market disappointed on worries over the economy

and the health of the financial sector. The sub-fund showed a healthy return of 6% and reached a new high in May before

a correction set in. Good stock picking in Korea and Japan allowed the sub-fund to outperform its benchmark. RobecoSAM Sustainable European Equities

The sub-fund outperformed the benchmark, the MSCI Europe Index, over the performance period. The outperformance

was largely explained by fundamental stock selection. The sub-fund invests in sustainable European companies with

fundamental valuation upside. Largest positive contributing sectors have been Financials and Utilities. In Financials, the

investment in DNB and Barclays outperformed the sector. In Utilities, the investment in Enel Green Power and Snam Rete

Gas outperformed the sector. The largest negative contributing sector has been Consumer Staples, where negative


performance attribution was derived from our investments in WM Morrison and Casino Guichard. Sustainability is the

cornerstone of the investment process. The proprietary data defines the eligible investment universe and is fully

integrated in the fundamental valuation process. Robeco European Conservative Equities

In the first 6 months of 2013, where the market shows positive monthly returns with the exception of last month’s return

(June), Robeco European Conservative Equities performed well. Despite the low risk profile the sub-fund succeeded in

achieving a higher return than the market. Robeco European Conservative Equities 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. Robeco US Premium Equities

For the reporting period the sub-fund outperformed the benchmark thanks to both effective stock selection and sector

allocation. The portfolios’ lack of exposure in the poorest performing Basic Industries sector, and the large relative

overweight position in the best performing technology sector, led relative performance gains. Effective stock selection in

the consumer non-durables space was another large positive relative contributor to performance. Although improved

from the previous reporting period, macro-economic concerns continue to create opportunities to own high quality

businesses at discounted prices, resulting in the sub-fund’s extremely attractive valuation and quality advantage over the

market. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment processes. Robeco Chinese Equities

Chinese offshore equities market dropped in the first half of 2013. The Chinese domestic A share market also registered

negative performance during this period. Robeco Chinese Equities outperformed the benchmark as a result of good

selection of investment themes and stocks. The decline in the first half was mainly due to the disappointing GDP growth

trajectory and the tightening of liquidity in China. The announcement of the tapering of quantitative easing in the US also

reduced investors risk appetite. The Chinese currency appreciated 1.6% against the USD. Robeco Indian Equities

Although the Indian equity market was flat in local terms, the depreciation of the rupee depressed returns for overseas

investors. Ongoing political reforms have improved the market outlook. The sub-fund emphasizes a mix of management

quality and attractive valuations. It has retained a relatively defensive position throughout the period with emphasis on

healthcare and technology. The sub-fund performance lagged the benchmark due to its smaller weight in very expensive

consumer stocks. Robeco Asian Stars Equities

Asian equity markets started with decent returns but gave most of those away in the correction in May and June. Many of

the smaller markets like Thailand, Indonesia and the Philippines performed strongly but the big Korean and Chinese

equity markets dropped. The sub-fund generated a small positive return but performed a lot better than most underlying

markets. The sub-fund buys strong business models that are underpriced and does not depend on macro trends very

much. Robeco US Large Cap Equities

The sub-fund’s performance outpaced the benchmark for the reporting period as the strategy added value in eleven of

thirteen economic sectors. Despite concerns at the end of the period that the Federal Reserve may begin to taper down

their quantitative easing efforts, US equity markets continued to produce strong returns. The sub-fund’s

valuation/profitability characteristics remain attractive and should allow the portfolio to outperform going forward. With

respect to sustainability investing, the sub-fund has integrated ESG factors into its investment processes. Robeco US Select Opportunities Equities

The sub-fund’s outperformance versus the benchmark was driven by both market-beating stock selection and sector

allocation across several economic sectors. Specifically, effective stock selection in the Basic Industries sector and the

portfolios’ significant underweight in the REITs space led relative outperformance. Current market conditions continue to

allow the sub-fund to invest in high quality businesses at attractive valuations. The sub-fund’s attractive investment

characteristics remain intact and put solid results in store as valuations more fully reflect improved underlying market

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

processes.


Theme Equity sub-funds Investment results




in %


avarage

Robeco New World Financial Equities

D EUR shares

39.89

35.11

13.6

7.9

F EUR shares

129.27

113.35

14.0

28.8 4

Z EUR shares

107.58

93.89

14.6

9.7

MSCI World Financials Index

10.8

8.8

Robeco Property Equities

B EUR Shares 1

14.61

14.92

0.4

10.9

D EUR shares

110.71

110.28

0.4

10.9

F EUR shares

103.89

103.11

0.8

3.2 4

I EUR shares

112.16

111.29

0.8

11.7

IH EUR shares

106.91

103.97

2.8

6.9 4

Z EUR shares

103.62

102.36

1.2

3.6 4

S&P Developed Property Index (EUR)

4.2

13.4

M USD shares

120.38

121.93

–1.3

11.8 4

S&P Developed Property Index (USD)

2.7

16.9 4

Robeco Global Consumer Trends Equities

D EUR shares

104.32

90.12

15.8

17.4

F EUR shares 2

113.87

100.00

13.9

13.9 4

I EUR shares

145.91

125.63

16.1

27.8 4

M EUR shares

142.57

123.48

15.5

14.4 4

Z EUR shares

213.83

183.21

16.7

19.4

MSCI AC World (net return, in EUR) *

7.6

10.8

D USD shares

137.20

120.22

14.1

12.8 4

I USD shares 3

99.97

100.00

0.0

0.0 4

M USD shares

129.80

114.03

13.8

11.8 4

MSCI AC World (net return, in USD) *

6.1

16.9

Robeco Natural Resources Equities

D EUR shares

74.56

84.39

–11.6

–3.5

Z EUR shares

71.16

79.89

–10.9

–1.9

M USD shares

86.43

99.46

–13.1

–8.4 4

RobecoSAM Sustainable Agribusiness Equities

D EUR shares

116.96

111.81

4.6

9.5

I EUR shares

120.89

115.17

5.0

10.3

MSCI World (net return, in EUR) *

10.0

11.5

D USD shares

98.02

95.03

3.1

–0.9 4

MSCI World (net return, in USD) *

8.4

5.8 4

Robeco Infrastructure Equities

D EUR shares

126.94

119.79

6.0

7.8

I EUR shares

131.29

123.47

6.3

8.5

MSCI AC World (net return) *

7.6

10.8



3 3 June 2013 until 30 June 2013.

4 Since inception.

* Reference index.


Performance analysis Robeco New World Financial Equities

The sub-fund outperformed the benchmark during the reporting period. The sector had a good start in 2013 but during

Q2 stocks were more volatile. We see good long-term fundamentals for the sector as growth is slowly returning while

costs are well-controlled, provisions are peaking and capital is much improved. We are also seeing more realistic

politicians and regulators who in certain cases have watered down too strict rules. Fear for the end of QE causes short

term weakness but we generally welcome a steeper yield-curve. With respect to sustainability investing, the sub-fund has

integrated ESG factors into its investment processes.


The sub-fund underperformed the benchmark during the reporting period caused by the sub-fund’s large cap bias. Global

real estate stocks rallied at the start of the year but performance was reversed in the second quarter as 10-year Treasuries

yields rose on the back of Fed’s potential tapering. Supply demand dynamics for the commercial real estate sector in the

developed world are still looking healthy. This could lead to an improvement in rents once the economy starts to improve

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


The sub-fund outperformed the market over the reporting period. Especially the investments in cable companies were

very successful as both Telenet and Kabel Deutschland were subject to take-over offers. Our investments in emerging

markets lagged the average performance of the sub-fund. The positioning in market leaders in e-commerce, social media

and online travel also contributed positively as these companies benefited from the increased penetration of

smartphones. Finally, the positions in strong brands like Starbucks and Colgate helped the portfolio during more volatile

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


Robeco Natural Resources had a negative performance during the reporting period due the mining holdings in the sub-

fund. This was driven by the declining underlying metal prices. Industrial metals like copper and iron ore declined 15-20%,

while gold declined even 25%. Oil and gas on the other hand saw more stable prices. On a stock level the oil and gas

exposed names in the portfolio did well, with US companies Chevron, Spectra Energy, Marathon and Cobalt Energy

adding the most to the performance. However, this was not enough to compensate for the negative performance of our

gold mining stocks like Goldcorp and Barrick Gold that declined 31% and even 53%. With respect to sustainability

investing, the sub-fund integrated ESG factors into its investment processes. RobecoSAM Sustainable Agribusiness Equities

Following a strong 2012, the sub-fund underperformed the MSCI World in the subsequent reporting period. Softening

agricultural commodity prices in anticipation of a record US planting season combined with a generally unfavorable

sentiment throughout the materials complex impacted upstream production factor exposure. Fertilizer companies and

agricultural machinery & irrigation names had a somewhat challenging time. In contrast to that, good downstream stock-

picks helped bolster performance, not only vis-à-vis theme peer funds but also the underlying agricultural commodity

sector. The sub-fund is managed in accordance with SAM’s proprietary methodology pertaining to sustainable

agribusiness equities investments.


Robeco Infrastructure Equities pursues a 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. Despite ongoing political and

market turmoil, this high-beta strategy delivered a positive absolute return over the first half of 2013. Nevertheless, the

sub-fund underperformed the MSCI AC World reference index over this period. The stated aim of Robeco Infrastructure

Equities is to significantly outperform this index on a three- to five-year investment horizon. With respect to sustainability

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


Global Bond sub-funds Investment results




in %


avarage

Robeco High Yield Bonds

BH Eur shares 1

24.81

25.28

1.1

9.9

CH Eur shares 1,2

96.90

100.00

–0.1

0.2 5

DH EUR shares

113.21

111.93

1.1

9.8

EH EUR shares 1

101.10

102.96

1.1

9.8

FH EUR shares

109.35

107.86

1.4

9.3 5

IEH EUR shares 1

101.16

102.71

1.4

9.0 5

IH EUR shares

169.36

166.95

1.4

10.5

ZH EUR shares

155.57

152.92

1.7

11.1

0DH EUR shares

120.25

116.97

2.8

6.9 5

0FH EUR shares

110.87

107.59

3.0

10.8 5

0EH EUR shares 1

103.70

103.37

2.8

5.6 5

0IH EUR shares

116.68

113.17

3.1

6.3 5

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

1.3

10.0

IH AUD shares 3

99.87

100.00

–0.1

–0.1 5

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

–0.5

–0.5 5

DH CHF shares

111.77

110.51

1.1

8.4 5

IH CHF shares

105.17

103.69

1.4

6.2 5

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

1.3

8.9 5

BxH USD shares 1

99.78

101.90

1.3

6.3 5

DH USD shares

117.01

115.43

1.4

7.0 5

IH USD shares

197.67

194.45

1.7

10.8

MH USD shares 3

99.06

100.00

–0.9

–0.9 5

IEH USD shares 1

105.74

107.19

1.6

10.4 5

0DH USD shares

112.27

109.03

3.0

5.2 5

0IEH USD shares 1

100.67

100.37

3.4

3.7 5

0IH USD shares

114.82

111.13

3.3

5.8 5

0MH USD shares 3

100.28

100.00

0.3

0.3 5

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

1.5

10.5

Robeco Investment Grade Corporate Bonds

BH EUR shares 1

106.07

109.61

–0.8

4.3

CH EUR shares 1,2

97.42

100.00

–0.1

–0.1 5

DH EUR shares

127.46

128.41

–0.7

4.3

IEH EUR shares 1

109.74

113.12

–0.5

4.8

IH EUR shares

134.12

134.81

–0.5

4.8

IHHI EUR shares

116.65

119.62

–2.5

5.3

ZH EUR shares

105.96

106.21

–0.2

5.2 5

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

–0.1

4.9

Robeco Emerging Debt

D EUR shares

96.55

106.42

–9.3

–1.7 5

JPM GBI-EM Global Diversified (hedged into EUR)

–7.4

–1.0 5

I USD shares

98.70

108.27

–8.8

–0.6 5

Z USD shares

95.53

104.38

–8.5

–4.5 5

JPM GBI-EM Global Diversified (in USD)

–7.2

–0.3 5


Investment results




in %


avarage

Robeco Quant Emerging Debt Local Currency

B EUR shares

88.03

98.87

–8.7

–9.7 5

D EUR shares

90.30

98.87

–8.7

–9.7 5

Z EUR shares 4

97.99

100.00

–2.0

–1.7 5

JP Morgan GBI EM Global Diversified (in EUR)

–5.8

–6.3 5

D USD shares

90.29

100.27

–10.0

–9.7 5

I USD shares

90.61

100.31

–9.7

–9.4 5

JP Morgan GBI EM Global Diversified (in EUR)

–7.2

–6.3 5




4 17 June 2013 until 30 June 2013.


Performance analysis Robeco High Yield Bonds

The sub-fund managed to deliver a positive return, despite the steep sell-off in June, and it outperformed based on net

asset value. The first five months were characterized by positive performances underpinned by large inflows into the asset

class. In June this reversed sharply. Fears concerning Chinese data and the Fed tapering its quantitative easing program

led to sizable outflows out of high yield, and spreads widened almost back to start-of-the-year levels. Main contributor to

our outperformance was individual issuer selection. Next to that the sub-fund benefited from being overweight position

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


European non-financial corporate bonds posted a small negative total return in the reporting period, as rising underlying

government bond yields were only partially offset by a tightening of credit spreads. The sub-fund generated a small

underperformance relative to its benchmark during the period. Overall, the sub-fund was positioned for tighter spreads

but individual issuer selection contributed negatively to performance. The sub-fund’s underweight in issuers from the

periphery of the Euro-zone was a negative performance driver. With respect to sustainability investing, the sub-fund has



After a positive start to the year 2013, emerging debt markets were hit by a swift change in the outlook for global bond

markets in May. Fear of tighter monetary policy in the United States had a negative impact on yields across emerging

debt categories. The above average interest rate sensitivity of the sub-fund in for example Brazil and South Africa

detracted from performance. Currencies weakened, most notably those of countries tainted by weakening fundamentals.

The allocation of the sub-fund to emerging corporates contributed positively. Overall, the sub-fund underperformed its

benchmark in the reporting period. With respect to sustainability investing, the sub-fund has integrated ESG factors into

its investment processes.

Robeco Quant Emerging Debt Local Currencies

After a positive start to the year 2013, emerging debt markets were hit by a swift change in the outlook for global bond

markets. Fear of a tighter monetary policy in the United States had a negative impact on yields across emerging debt

categories. Despite contained inflation pressures and tepid economic growth, rates moved up on fear of capital outflows.

The above average interest rate sensitivity of the sub-fund was a detractor from performance as yields rose notably in

markets like Brazil and South Africa. 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 ESG factors into the

investment processes.


Regional Bond sub-funds Investment results



Investment result reporting

period in %


avarage

Robeco Euro Government Bonds

CH EUR shares 1

106.37

108.55

0.0

6.5 2

DH EUR shares

131.92

132.05

–0.1

3.7

EH EUR shares 1

100.04

101.91

–0.1

4.3 2

FH EUR shares

102.88

102.90

0.0

2.9 2

IH EUR shares

137.99

138.00

0.0

4.0

IHHI EUR shares

98.56

100.59

–2.0

–1.4 2

ZH EUR shares

138.39

138.13

0.2

4.4

Barclays Euro Aggregate Treasury Index

0.1

4.3

Robeco Euro Credit Bonds

BH EUR shares 1

101.24

103.75

0.1

6.2 2

DH EUR shares

122.59

122.50

0.1

5.9

IH EUR shares

128.51

128.14

0.3

6.4

ZH EUR shares

134.06

133.39

0.5

6.8

Barclays Euro Corporate Index

0.1

5.3

DH CHF shares

104.79

104.74

0.0

4.5 2

Barclays Euro Corporate Index (Hedged into CHF)

0.0

4.5 2

Robeco All Strategy Euro Bonds

BH EUR shares 1

97.61

99.55

0.0

3.1 2

DH EUR shares

78.93

78.90

0.0

4.2

DHHI EUR shares

110.83

112.98

–1.9

4.4 2

IH EUR shares

132.10

131.76

0.3

4.7

IHHI EUR shares

111.78

113.73

–1.7

6.9 2

ZH EUR shares

135.18

134.54

0.5

5.1

10DH EUR shares

121.47

122.89

–1.2

8.6 2

40DH EUR shares

190.28

212.14

–10.3

31.2 2

40IH EUR shares

133.77

148.79

–10.1

19.1 2

Barclays Euro Aggregate Index

0.1

4.5

Robeco European High Yield Bonds

DH EUR shares

164.88

163.22

1.0

10.1

IH EUR shares

172.83

170.59

1.3

10.7

ZH EUR shares

106.20

104.53

1.6

6.2 2

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

1.8

10.3

Robeco Euro Sustainable Credits

BH EUR shares 1

101.36

104.31

–0.4

4.9

DH EUR shares

114.91

115.29

–0.3

4.9

IH EUR shares

116.49

116.64

–0.1

5.4

Barclays capital Euro-Aggregate Corporates (in EUR)

0.1

5.3

Robeco Financial Institutions Bonds

BH EUR shares 1

105.90

107.88

1.2

8.7 2

DH EUR shares

119.47

118.08

1.2

8.7 2

IH EUR shares

120.58

118.91

1.4

9.2 2

Barclays Capital Euro Coporates - Sub Financials (in EUR)

1.5

7.8 2

Robeco Covered Bonds

IH EUR shares

100.42

99.77

0.7

0.4 2

Barclays Euro-Aggregate Securitized

1.1

1.5 2




Performance analysis Robeco Euro Government Bonds

German and Dutch government bonds posted negative returns over the reporting period as yields rose. The sub-fund

generated a small positive performance thanks to its holdings in peripheral debt. The positions in the periphery were

reduced before the Italian elections and contributed positively to the performance. The sub-fund was positioned for higher

German yields from January to early April. This contributed negatively to the performance as German yields rose only

later. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment processes.” Robeco Euro Credit Bonds

European corporate bonds posted a small positive total return in the reporting period, as rising underlying government

bond yields were offset by a tightening of credit spreads. The sub-fund generated a small outperformance thanks to its

positioning in bonds with higher spreads and/or credit durations than average. Individual issuer selection, for instance in

subordinated financials and corporate hybrids, contributed positively to the performance. The sub-fund has been cautious

with issuers from the periphery. This contributed negatively to the performance. With respect to sustainability investing,

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


Core European government yields moved higher over the reporting period, but treasuries from the periphery countries

held up pretty well as did credits in relative terms. The sub-fund was not immune from the rising yields in the core as is

reflected in the absolute return. The sub-fund benefited from an active allocation to Italian treasuries and an overweight

to credits in general. Also the allocation to high yield performed well and these factors contributed positively to the

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

processes. Robeco European High Yield Bonds

The sub-fund managed to deliver a positive return despite the steep sell-off in June, but had a small underperformance.

The first five months were characterized by positive performances underpinned by large inflows into the asset class. In

June this reversed sharply. Fears concerning China and the Fed led to sizable outflows out of high yield, and spreads

widened almost back to start-of-the-year levels. Contributors to our underperformance were our small underweight beta

and our more conservative positioning, avoiding CCCs. This rating class had the highest performance in European high

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


European corporate bonds posted a small negative total return in the reporting period, as rising underlying government

bond yields were offset by a tightening of credit spreads. The sub-fund performed in line with the benchmark. Its

positioning in bonds with higher spreads and/or credit durations than average contributed positively to the performance.

The sub-fund has been cautious with issuers from the periphery. This contributed negatively to the performance. With

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

investing in companies with the best ESG profile per sector. Robeco Financial Institutions Bonds

European subordinated financial bonds posted a positive total return in the reporting period, as rising underlying

government bond yields were offset by a tightening of credit spreads. The sub-fund performed in line with the benchmark.

Positive performance drivers were its positioning in bonds with higher spreads and/or credit durations than average.

Individual issuer selection also contributed positively to the performance. The sub-fund has been cautious with issuers out

of the periphery. This contributed negatively to the performance. With respect to sustainability investing, the sub-fund has



European covered bonds posted a positive total return in the reporting period, as rising underlying government bond

yields were offset by a tightening of credit spreads. The sub-fund generated a small underperformance. The sub-fund

benefited from overweight positions in Spanish issuers like Caixa Barcelona, Santander and BBVA. The performance was

negatively impacted by positions in low risk issuers like the Scandinavian banks. This part of the market lagged. With

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


Asset Allocation sub-funds Investment results



Investment result reporting

period in %


avarage

Robeco GTAA Fund

D EUR shares

138.66

109.37

26.8

15.7

I EUR shares

142.96

112.41

27.2

16.9

Z EUR shares

156.10

115.67

35.0

20.2

Merril Lynch EUR LIBOR Overnight Index (EONIA)

0.0

0.5

Performance analysis Robeco GTAA Fund

All asset classes contributed to the positive performance. Most of the positive performance was due to the long positions

in futures on S&P500, EuroStoxx50 and Nikkei225 indices. The long position in the Japanese equity market contributed

most as a result of the strong market performance. Currency positions also contributed to the positive performance. The

short positions in Japanese yen performed well thanks to the depreciation of yen versus euro. On average, long and short

positions in government bond futures generated positive returns, with slightly negative performance in US bond futures

though. On the alternative assets side, the positive return from long positions in US real estate compensated the minor

loss in long positions in commodities. 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 ESG factors into the

investment processes.


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.

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.

Luxembourg, 28 August 2013

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.

1 ESG stands for Environmental, Social and Governance.


Financial statements

Statement of net assets In EUR x thousand

Robeco Capital

Robeco

Robeco

Robeco

Growth Funds

BP Global Premium

Global Conservative

Global Stars

Combined

Equities

Equities

Equities

Notes 30/06/2013

31/12/2012

30/06/2013

31/12/2012

30/06/2013

31/12/2012

30/06/2013

31/12/2012

Investment portfolio at market value

22,348,122 19,963,337

76,338

34,251

203,540

62,809

180,583

286,366

Deposits and other cash 3,5,10

650,429

921,373

681

434

3,167

3,990

36,332

2,288

Unrealized gains on open forward exchange transactions 4

23,924

14,779

–

–

–

–

547

115

Unrealized gains on financial futures 5

2,222

4,924

–

–

–

–

–

–

Unrealized gains on interest rate swaps 6 10,065

13,316

–

–

–

–

–

–

Unrealized gains on inflation-linked swaps 7 –

44

–

–

–

–

–

–

Unrealized gains on credit default swaps 8 25,340

22,160

–

–

–

–

–

–

Unrealized gains on contracts for difference 9 6,819

4,376

–

–

–

–

6,154

3,911

Other assets 810,843

371,689

291

162

2,137

1,153

5,473

465

Total assets 23,877,764

21,315,998

77,310

34,847

208,844

67,952

229,089

293,145

Bank overdrafts 10 78,891

30,786

–

–

364

1

270

–

Unrealized losses on open forward exchange transactions 4 47,367

10,203

–

–

–

–

214

513

Unrealized losses on financial futures 5 3,171

1,484

–

–

25

13

–

–

Unrealized losses on interest rate swaps 6 20,723

22,050

–

–

–

–

–

–

Unrealized losses on inflation-linked swaps 7 594

313

–

–

–

–

–

–

Unrealized losses on credit default swaps 8 11,053

19,443

–

–

–

–

–

–

Unrealized losses on contracts for difference 9 5,889

3,841

–

–

–

–

5,889

3,799

Written options at market value 3 4,783

11,343

–

–

–

–

–

–

Other liabilities 725,335

144,757

283

278

2,754

2,879

32,339

396

Total liabilities 897,806

244,220

283

278

3,143

2,893

38,712

4,708

Total net assets 22,979,958 21,071,778

77,027

34,569

205,701

65,059

190,377

288,437

Net asset value per B EUR share 110.73 100.10 116.60 111.62 – –

Net asset value per C EUR share – – 100.90 – – –

Net asset value per D EUR share 152.71

135.27

123.84

116.18

159.86

145.01

Net asset value per I EUR share –

–

124.79

116.78

–

–

Net asset value per Z EUR share –

–

117.37

109.47

119.98

108.08

Net asset value per D USD share –

–

105.77 1

100.62 1

–

–

Net asset value per I USD share –

–

123.86 1

117.59 1

–

–

The accompanying notes set out on pages 39 to 68 inclusive form an integral part of the financial statements set out on page 24 to 33.

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

Momentum

Equities Equities

Markets Equities Equities

Notes 30/06/2013

31/12/2012

30/06/2013

31/12/2012

30/06/2013

31/12/2012

30/06/2013

31/12/2012

Investment portfolio at market value 667,116

810,079

1,529,941

2,131,051

568,609

496,375

3,360

2,952

Deposits and other cash 3,5,10 4,514

11,897

13,209

25,784

3,491

22,524

57

17

Unrealized gains on open forward exchange transactions 4 –

–

–

–

–

–

–

–

Unrealized gains on financial futures 5 –

–

–

1,089

174

480

–

–

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 10,907

5,591

88,773

11,179

55,583

2,010

5

8

Total assets 682,537

827,567

1,631,923

2,169,103

627,857

521,389

3,422

2,977

Bank overdrafts 10 3,303

–

5,183

495

1,163

–

50

–

Unrealized losses on open forward exchange transactions 4 –

–

–

–

–

–

–

–

Unrealized losses on financial futures 5 –

–

1,465

–

–

–

–

–

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 8,642

3,279

77,935

7,017

50,532

493

2

1

Total liabilities 11,945

3,279

84,583

7,512

51,695

493

52

1

Total net assets 670,592

824,288

1,547,340

2,161,591

576,162

520,896

3,370

2,976

Net asset value per D EUR share 145.76

157.80

127.98

142.55

122.98

136.30

–

–

Net asset value per DL EUR share 99.49 107.72 – – – – – –

Net asset value per E EUR share – – – – 89.03 – – –

Net asset value per F EUR share 100.25

108.42

95.91

106.46

–

–

–

–

Net asset value per I EUR share 103.36 111.81 225.08 249.73 127.36 140.71 112.33 99.19

Net asset value per M EUR share –

–

95.99

107.18

–

–

–

–

Net asset value per Z EUR share 100.79

108.22

–

121.34

98.43

108.33

–

–

Net asset value per D USD share 90.03 1

99.01 1

125.11 1

141.35 1

94.23 1

105.92 1

–

–

Net asset value per DL USD share – – – – 89.87 1 – – –

Net asset value per I USD share –

–

93.76 1

105.51 1

94.23 1

105.60 1

–

–

Net asset value per J USD share –

–

96.53 1

108.64 1

–

–

–

–

Net asset value per M USD share – – – – 89.82 1 – – –





Robeco Robeco Robeco

Robeco

Quant Emerging

Emerging Conservative Emerging Markets Smaller

Asia-Pacific

Markets Equities

1 Equities

1 Companies Equities

1

Equities

Notes 30/06/2013

31/12/2012

30/06/2013

31/12/2012

30/06/2013

31/12/2012

30/06/2013

31/12/2012


188,711

144,232

1,659,868 1,086,188 28,803 26,803 814,963 770,735


5,503

9,072

15,871 34,208 240 241 20,091 20,578


–

126

– – – – 394 1,280


107

74

3 475 – – 209 90

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

4,765

425

35,246 4,706 1,065 50 135,752 1,994

Total assets

199,086

153,929

1,710,988 1,125,577 30,108 27,094 971,409 794,677

Bank overdrafts 10

318

–

1,915 26 429 – 13,337 –

Unrealized losses on open forward exchange transactions 4

–

–

– – – – 225 8

Unrealized losses on financial futures 5

–

–

– – – – – –

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

7,311

145

17,763 1,453 720 1 135,112 1,957

Total liabilities

7,629

145

19,678 1,479 1,149 1 148,674 1,965

Total net assets

191,457

153,784

1,691,310 1,124,098 28,959 27,093 822,735 792,712

Net asset value per B EUR share

–

–

108.73 2 112.41

2 – – – –

Net asset value per C EUR share

–

–

100.20 2 103.31

2 – – – –

Net asset value per D EUR share – – 123.14 2 124.11

2 98.36

2 102.13

2 101.58 95.65

Net asset value per F EUR share – – – – – – 105.17 –

Net asset value per I EUR share – – 124.70 2 125.25

2 – – – –

Net asset value per Z EUR share 95.22 2 103.27

2 110.74

2 110.83

2 – – 111.53 104.16

Net asset value per I GBP share – – 101.71 3 – – – – –

Net asset value per D USD share – – 101.81 104.07 97.51 102.71 133.38 4 127.34

4

Net asset value per I USD share

94.52

104.33

106.98 109.01 98.02 102.76 102.88 4 –

Net asset value per M USD share

–

–

96.37 – – – – –

Net asset value per Z USD share

–

–

–

–

98.54

102.81

– –


1 In USD x thousand.

2This 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).




RobecoSAM


Sustainable European

European Conservative US Premium Chinese

Equities

Equities Equities

1 Equities

Notes 30/06/2013

31/12/2012

30/06/2013 31/12/2012 30/06/2013 31/12/2012

30/06/2013

31/12/2012


423,008

444,512

273,134 217,611 7,286,124 5,013,139

403,346 616,694


7,233

16,387

4,572 2,748 131,655 255,097

8,255 2,597


–

211

82 1 372 8,344

– –


–

–

– – – –

– –


–

–

– – – –

– –


–

–

– – – –

– –


–

–

– – – –

– –


–

–

– – – –

– –

Other assets

5,071

24,293

2,636 1,463 66,165 23,540

9,917 10,816

Total assets

435,312

485,403

280,424 221,823 7,484,316 5,300,120

421,518 630,107

Bank overdrafts 10

–

–

– 6 8,772 4,153

4,933 1,693


–

54

12 32 10,183 70

– –


–

–

16 6 – –

– –


–

–

– – – –

– –


–

–

– – – –

– –


–

–

– – – –

– –


–

–

– – – –

– –


–

–

– – 6,217 14,955

– –

Other liabilities

5,204

20,870

1,575 329 38,260 27,088

3,531 6,348

Total liabilities

5,204

20,924

1,603 373 63,432 46,266

8,464 8,041

Total net assets

430,108

464,479

278,821 221,450 7,420,884 5,253,854

413,054 622,066


–

–

86.01 83.03 – –

– –

Net asset value per C EUR share – – 108.03 104.03 – – – –

Net asset value per D EUR share 36.14 34.20 119.93 113.44 202.62 3 168.42

3 52.81 55.17

Net asset value per DH EUR share – – – – 142.08 3 120.09

3 – –

Net asset value per F EUR share – – – – 118.61 3 98.25

3 – –

Net asset value per FH EUR share – – – – 119.38 3 100.51

3 – –

Net asset value per I EUR share 133.26 125.74 111.55 105.24 175.15 3 144.96

3 – 98.26

Net asset value per IH EUR share – – 114.08 104.86 151.83 3 127.63

3 – –

Net asset value per MH EUR share – – – – 135.12 3 114.49

3 – –

Net asset value per Z EUR share – – 119.81 112.69 119.49 3 98.51

3 – –

Net asset value per EH GBP share – – – – 160.38 4 137.03

4 – –

Net asset value per GH GBP share – – – – 118.25 4 100.65

4 – –

Net asset value per IE GBP share – – – – 180.90 4 143.71

4 – –

Net asset value per D USD share – – 100.10 2 – 158.75 133.84 110.51

2 117.10

2

Net asset value per F USD share – – – – 126.29 106.10 – –


–

–

– – 169.93 142.64

97.76 2 103.23

2

Net asset value per M USD share – – – – 144.29 121.96 – –




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




Robeco Robeco Robeco Robeco

Indian Asian Stars US Large Cap

US Select Opportunities

Equities Equities

1 Equities

1 Equities

1

Notes 30/06/2013 31/12/2012 30/06/2013 31/12/2012 30/06/2013 31/12/2012

30/06/2013 31/12/2012


14,614 16,694 78,285 10,148 1,350,898 710,078

457,334 166,482


569 419 2,547 1,047 67,623 21,775

6,777 5,396


– – – – – –

– 36


– – – – – –

– –


– – – – – –

– –


– – – – – –

– –


– – – – – –

– –


– – – 198 – –

– –

Other assets

243 87 27,690 711 17,573 6,593

2,101 979

Total assets

15,426 17,200 108,522 12,104 1,436,094 738,446

466,212 172,893

Bank overdrafts 10

– – – – – –

– –


– – – – 3,945 351

69 –


– – – – – –

– –


– – – – – –

– –


– – – – – –

– –


– – – – – –

– –


– – – – – –

– –


– – – – – –

– –

Other liabilities

262 22 27,640 390 30,429 3,765

2,217 610

Total liabilities

262 22 27,640 390 34,374 4,116

2,286 610

Total net assets

15,164 17,178 80,882 11,714 1,401,720 734,330

463,926 172,283

Net asset value per D EUR share 82.48 90.71 122.00 3 121.36

3 165.77

3 140.09

3

– –

Net asset value per DH EUR share – – – – 41.64 3 35.77

3

143.35 3 123.79

3

Net asset value per I EUR share 83.83 91.88 – – – – – –

Net asset value per IH EUR share – – – – – – – –

Net asset value per Z EUR share – – 97.98 3 – – – – –

Net asset value per F GBP share – – – – 110.26 4 –

– –

Net asset value per IE GBP share – – – – 146.05 4 118.10

4

– –

Net asset value per D USD share 82.64 2 92.20

2 – – 129.73 111.19

145.10 125.12

Net asset value per F USD share – – – – 109.62 –

– –

Net asset value per I USD share – – – – 154.96 132.36 147.42 126.56


– – – – 105.68 – 103.88 –








Robeco

Robeco

Robeco Robeco

New World Financial

Property

Global Consumer Trends Natural Resources

Equities

Equities

Equities Equities

Notes 30/06/2013 31/12/2012 30/06/2013 31/12/2012

30/06/2013 31/12/2012 30/06/2013 31/12/2012


164,785 130,505 371,012 358,979

619,892 423,713 79,176 97,801


3,942 5,247 8,788 4,762

23,284 21,698 2,897 894


445 38 292 42 – – 53 206


– – – – – – – –


– – – – – – – –


– – – – – – – –


– – – – – – – –


665 315 – – – – – –

Other assets

4,743 273 15,433 2,035

6,578 6,007 307 230

Total assets

174,580 136,378 395,525 365,818

649,754 451,418 82,433 99,131

Bank overdrafts 10

– – 114 –

– – 140 140


61 198 305 323

– – 76 133


– – – –

– – – –


– – – –

– – – –


– – – –

– – – –


– – – –

– – – –


– 42 – –

– – – –


– – – –

– – – –

Other liabilities

3,745 631 23,968 969

14,446 8,701 88 425

Total liabilities

3,806 871 24,387 1,292

14,446 8,701 304 698

Total net assets

170,774 135,507 371,138 364,526

635,308 442,717 82,129 98,433


– – 14.61 14.92

– – – –

Net asset value per D EUR share

39.89 35.11 110.71 110.28

104.32 90.12 74.56 84.39

Net asset value per F EUR share 129.27 113.35 103.89 103.11 113.87 – – –

Net asset value per I EUR share – – 112.16 111.29 145.91 125.63 – –

Net asset value per IH EUR share – – 106.91 103.97 – – – –

Net asset value per M EUR share – – – – 142.57 123.48 – –

Net asset value per Z EUR share

107.58 93.89 103.62 102.36

213.83 183.21 71.16 79.89

Net asset value per D USD share

– – – –

137.20 1 120.22

1 – –


– – – –

99.97 1 – – –


– – 120.38 1 121.93

1

129.80 1 114.03

1 86.43

1 99.46

1





RobecoSAM Robeco

Robeco Robeco

Sustainable Agribusiness Infrastructure

High Yield Investment Grade

Equities Equities

Bonds Corporate Bonds

Notes 30/06/2013

31/12/2012

30/06/2013

31/12/2012

30/06/2013

31/12/2012

30/06/2013

31/12/2012


102,340 112,539 124,200 176,255

3,139,747 2,726,523 1,192,455

1,214,164


5,535 7,705 7,886 1,015

148,242 383,622 8,035

42,335


– – – –

21,210 4,932 –

–


– – – –

– – 200

124


– – – –

3,051 4,040 5,126

4,214


– – – –

– – –

29


– – – –

24,365 20,548 –

–


– – – –

– – –

–

Other assets

3,290 2,304 3,257 763

132,899 152,134 43,101

31,966

Total assets

111,165 122,548 135,343 178,033

3,469,514 3,291,799 1,248,917

1,292,832

Bank overdrafts 10

– – – –

15,739 15,155 –

7,560


– 170 – –

31,908 8,156 –

–


– – – –

– – 125

22


– – – –

13,310 15,155 9

991


– – – –

– – 73

70


– – – –

9,442 17,094 –

–


– – – –

– – –

–


– – – –

– – –

–

Other liabilities

3,253 4,525 8,772 292

66,360 46,716 24,850

3,281

Total liabilities

3,253 4,695 8,772 292

136,759 102,276 25,057

11,924

Total net assets

107,912 117,853 126,571 177,741

3,332,755 3,189,523 1,223,860

1,280,908

Net asset value per BH EUR share – – – – 24.81 25.28 106.07 109.61

Net asset value per CH EUR share – – – – 96.90 – 97.42 –

Net asset value per D EUR share 116.96 111.81 126.94 119.79 – – – –

Net asset value per DH EUR share

– – – –

113.21 111.93 127.46

128.41

Net asset value per EH EUR share

– – – –

101.10 102.96 –

–

Net asset value per FH EUR share – – – – 109.35 107.86 – –

Net asset value per I EUR share 120.89 115.17 131.29 123.47 – – – –

Net asset value per IH EUR share – – – – 169.36 166.95 134.12 134.81

Net asset value per IEH EUR share – – – – 101.16 102.71 109.74 113.12

Net asset value per IHHI EUR share

– – – –

– – 116.65

119.62

Net asset value per ZH EUR share

– – – –

155.57 152.92 105.96

106.21

Net asset value per 0DH EUR share

– – – –

120.25 116.97 –

–

Net asset value per 0EH EUR share – – – – 103.70 103.37 – –

Net asset value per 0FH EUR share – – – – 110.87 107.59 – –

Net asset value per 0IH EUR share

– – – –

116.68 113.17 –

–

Net asset value per IH AUD share – – – 99.87 1 – – –

Net asset value per DH CHF share – – – – 111.77 2 110.51

2 – –

Net asset value per IH CHF share

– – – –

105.17 2 103.69

2 –

–

Net asset value per BxH USD share – – – – 99.78 2 101.90

2 – –

Net asset value per D USD share 98.02 3 95.03

3 – – – – – –

Net asset value per DH USD share – – – – 117.01 3 115.43

3 – –

Net asset value per IH USD share

– – – –

197.67 3 194.45

3 –

–

Net asset value per IEH USD share – – – – 105.74 3 107.19

3 – –

Net asset value per MH USD share – – – 99.06 3 – – –

Net asset value per 0DH USD share – – – – 112.27 3 109.03

3 – –

Net asset value per 0IH USD share

– – – –

114.82 3 111.13

3 –

–

Net asset value per 0IEH USD share – – – – 100.67 3 100.37

3 – –

Net asset value per 0MH USD share – – – – 100.28 3 – – –

The accompanying notes set out on pages 39 to 68 inclusive form an integral part of the financial statements set out on page 24 to 33. 1This class of shares is denominated in Australian dollars (AUD). The reference currency of the sub-fund is the euro (EUR).

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

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


Statement of net assets

In EUR x thousand

Robeco


Emerging

Quant Emerging Debt Euro Government Euro Credit

Debt

1

Local Currency 1 Bonds Bonds

Notes 30/06/2013

31/12/2012

30/06/2013

31/12/2012

30/06/2013

31/12/2012 30/06/2013 31/12/2012


133,697 181,397

20,283 9,477 763,308 624,815 396,905 642,175


11,501 12,212

1,413 393 28,383 9,335 59,547 9,059


398 1,670

10 3 – – 2 –


407 47

6 3 298 – 50 14


122 423

25 – – – – 955


– –

– – – 1 – –


57 116

– – – – 907 894


– –

– – – – – –

Other assets

7,818 4,377

724 189 40,003 12,913 43,342 15,784

Total assets

154,000 200,242

22,461 10,065 831,992 647,064 500,753 668,881

Bank overdrafts 10

– 370

10 9 25,160 – 84 2


3,631 185

20 – – – 3 –


2 44

– – 493 126 14 678


473 38

210 5 – – 873 –


– –

– – 46 2 – –


– 104

– – – – 750 1,356


– –

– – – – – –


– –

– – – – – –

Other liabilities

13,017 1,729

49 21 11,505 805 94,162 421

Total liabilities

17,123 2,470

289 35 37,204 933 95,886 2,457

Total net assets

136,877 197,772

22,172 10,030 794,788 646,131 404,867 666,424


– –

88.03 2 98.87

2 – – – –

Net asset value per BH EUR share

– –

– – – – 101.24 103.75

Net asset value per CH EUR share

– –

– – 106.37 108.55 – –

Net asset value per D EUR share 96.55 2 106.42

2 90.30

2 98.87

2 – – – –

Net asset value per DH EUR share – – – – 131.92 132.05 122.59 122.50

Net asset value per EH EUR share – – – – 100.04 101.91 – –

Net asset value per FH EUR share – – – – 102.88 102.90 – –

Net asset value per IH EUR share – – – – 137.99 138.00 128.51 128.14

Net asset value per IHHI EUR share – – – – 98.56 100.59 – –

Net asset value per Z EUR share – – 97.99 2 – – – – –

Net asset value per ZH EUR share – – – – 138.39 138.13 134.06 133.39

Net asset value per DH CHF share – – – – – 104.79 104.74

Net asset value per D USD share

– –

90.29 100.27 – – – –


98.70 108.27

90.61 100.31 – – – –

Net asset value per Z USD share

95.53

104.38

–

–

–

– – –





Statement of net assets

In EUR x thousand

Robeco

Robeco

Robeco

Robeco

All Strategy Euro

European

Euro Sustainable

Financial Institutions

Bonds

High Yield Bonds

Credits

Bonds

Notes 30/06/2013

31/12/2012

30/06/2013

31/12/2012

30/06/2013

31/12/2012

30/06/2013 31/12/2012


1,333,872 1,797,894

187,501

87,764

83,116

50,855

167,825

106,119


9,151 7,141

22,242

19,458

5,314

426

11,695

4,025


8 –

104

–

–

–

50

–


240 1,521

–

–

27

2

145

35


1,282 3,530

–

–

128

181

365

75


– 14

–

–

–

–

–

–


– 24

24

–

–

–

–

606


– –

–

–

–

–

–

–

Other assets

46,071 46,271

9,863

2,947

3,818

3,096

14,893

3,327

Total assets

1,390,624 1,856,395

219,734

110,169

92,403

54,560

194,973

114,187

Bank overdrafts 10

150 150

–

600

–

155

97

680


111 –

211

34

–

–

235

67


932 544

–

–

18

1

66

8


5,374 5,808

–

–

151

–

480

63


475 241

–

–

–

–

–

–


317 645

544

269

–

–

–

–


– –

–

–

–

–

–

–


– –

–

–

–

–

–

–

Other liabilities

15,651 4,684

13,345

1,988

674

33

17,955

687

Total liabilities

23,010 12,072

14,100

2,891

843

189

18,833

1,505

Total net assets

1,367,614 1,844,323

205,634

107,278

91,560

54,371

176,140

112,682

Net asset value per BH EUR share

97.61 99.55

–

–

101.36

104.31

105.90

107.88

Net asset value per D EUR share – – – – – – – –

Net asset value per DH EUR share 78.93 78.90 164.88 163.22 114.91 115.29 119.47 118.08

Net asset value per DHHI EUR share 110.83 112.98 – – – – – –

Net asset value per I EUR share – – – – – – – –

Net asset value per IH EUR share 132.10 131.76 172.83 170.59 116.49 116.64 120.58 118.91

Net asset value per IHHI EUR share 111.78 113.73 – – – – – –

Net asset value per ZH EUR share

135.18 134.54

106.20

104.53

–

–

–

–


121.47 122.89

–

–

–

–

–

–


190.28 212.14

–

–

–

–

–

–

Net asset value per 40IH EUR share

133.77 148.79

–

–

–

–

–

–




Robeco

Robeco

Covered

GTAA

Bonds

Fund

Notes 30/06/2013

31/12/2012

30/06/2013

31/12/2012


12,188 12,710

4,149

4,227


989 84

15,282

37,439


1 –

136

233


17 1

460

1,114


– –

–

–


– –

–

–


– –

–

–


– –

–

–

Other assets

171 186

775

702

Total assets

13,366 12,981

20,802

43,715

Bank overdrafts 10

– –

–

691


– –

276

56


6 9

9

44


– –

–

–


– –

–

–


– –

–

–


– –

–

–


– –

–

–

Other liabilities

305 2

2,376

27

Total liabilities

311 11

2,661

818

Total net assets

13,055 12,970

18,141

42,897

Net asset value per D EUR share

– –

138.66

109.37

Net asset value per I EUR share

– –

142.96

112.41

Net asset value per IH EUR share

100.42 99.77

–

–

Net asset value per Z EUR share

– –

156.10

115.67



Number of shares outstanding Movement in the reporting period 01/01/2013 through 30/06/2013

Class of shares

Shares at the beginning of the period

Shares

subscribed Shares

redeemed

Shares at the end of the

period

Global Equity sub-funds

Robeco BP Global Premium Equities B EUR 264,092

42,496

66,292

240,296

D EUR 60,134

470,174

200,156

330,152

Robeco Global Conservative Equities B EUR 47,723

503,732

37,527

513,928

C EUR –

46,240

–

46,240

D EUR 71,326

73,892

19,706

125,512

I EUR 19,415

11,594

10,589

20,420

Z EUR 448,473

25,243

–

473,716

D USD 500

3,275

3,000

775

I USD 500

706,336

–

706,836

Robeco Global Stars Equities D EUR 445,907

42,150

71,373

416,684

Z EUR 2,070,419

–

1,038,824

1,031,595

Robeco Emerging Stars Equities D EUR 2,895,418

371,065

813,379

2,453,104

DL EUR 282,107

151

281,544

714

F EUR 500

–

–

500

I EUR 2,321,584

132,132

195,255

2,258,461

Z EUR 500

292,523

500

292,523

D USD 1,029,806

210,108

517,963

721,951

Robeco Emerging Markets Equities D EUR 8,823,477

310,107

1,794,037

7,339,547

F EUR 500

171

1

670

I EUR 2,159,973

298,500

860,578

1,597,895

M EUR 89,917

2,580

22,693

69,804

Z EUR 14,116

200

14,316

–

D USD 537,485

247,320

264,685

520,120

I USD 1,879,537

13,551

14,813

1,878,275

J USD 1,758,948

–

1,004,413

754,535

Robeco Active Quant Emerging Markets Equities D EUR 225,462

79,518

48,747

256,233

E EUR –

500

–

500

I EUR 2,392,498

1,024,846

382,676

3,034,668

Z EUR 714,300

–

457,069

257,231

D USD 100,090

114,464

51,656

162,898

DL USD –

500

–

500

I USD 850,000

824,830

6,830

1,668,000

M USD –

500

–

500

Robeco Momentum Equities I EUR 30,000

–

–

30,000

Robeco Quant Emerging Markets Equities Z EUR 5,742

421,439

195

426,986

I USD 1,466,495

–

–

1,466,495

Robeco Emerging Conservantive Equities B EUR 3,891,820

2,371,449

393,085

5,870,184

C EUR 4,886

5,731

996

9,621

D EUR 578,866

931,481

505,047

1,005,300

I EUR 2,659,932

834,500

109,684

3,384,748

Z EUR 86,358

519,805

7,574

598,589

I GBP –

102,704

500

102,204



Class of shares


Shares

subscribed Shares

redeemed


period

D USD 500

181,086

1,246

180,340

I USD 500

313,278

28,208

285,570

M USD –

500

–

500

Robeco Emerging Markets Smaller Companies D EUR 602

5,888

409

6,081

D USD 500

–

–

500

I USD 500

–

–

500

Z USD 261,750

23,250

–

285,000


Robeco Asia-Pacific Equities D EUR 5,784,066

1,558,851

1,108,202

6,234,715

F EUR –

2,123

242

1,881

Z EUR 2,281,556

6,110

1,748,538

539,128

D USD 18,808

103,688

29,190

93,306

I USD –

1,524,007

14,308

1,509,699

RobecoSAM Sustainable European Equities D EUR 11,286,807

434,712

1,624,747

10,096,772

I EUR 623,814

18,518

152,684

489,648

Robeco European Conservative Equities B EUR 1,453,986

593,657

87,522

1,960,121

C EUR 500

1

1

500

D EUR 159,588

134,357

141,658

152,287

I EUR 326,980

123,975

121,461

329,494

IH EUR 202,336

18,380

–

220,716

Z EUR 239,116

21,223

10,728

249,611

D USD –

985

–

985

Robeco US Premium Equities D EUR 1,178,827

399,077

405,465

1,172,439

F EUR 500

1,050

–

1,550

I EUR 540,331

86,351

60,241

566,441

Z EUR 654,364

48,362

70,407

632,319

DH EUR 3,184,838

1,334,962

669,591

3,850,209

FH EUR 5,000

2,520

–

7,520

IH EUR 2,065,589

1,025,044

79,819

3,010,814

MH EUR 307,510

198,355

70,017

435,848

EH GBP 515,435

30,116

101,360

444,191

GH GBP 4,266

204,857

5,523

203,600

IE GBP 985,627

209,987

108,577

1,087,037

D USD 14,159,358

5,023,963

5,378,432

13,804,889

F USD 2,419

94,463

1,715

95,167

I USD 11,183,209

7,291,348

2,230,158

16,244,399

M USD 562,509

185,860

90,217

658,152

Robeco Chinese Equities D EUR 9,353,731

2,497,774

5,069,558

6,781,947

I EUR 199,013

4,906

203,919

–

D USD 420,611

96,103

158,342

358,372

I USD 627,558

29,873

332,349

325,082

Robeco Indian Equities D EUR 108,369

13,601

20,141

101,829

I EUR 75,016

–

–

75,016

D USD 6,500

1,000

–

7,500



Class of shares


Shares

subscribed Shares

redeemed


period

Robeco Asian Stars Equities D EUR 73,213

77,890

63,201

87,902

Z EUR –

525,629

–

525,629

Robeco US Large Caps Equities D EUR 612,906

1,832,644

336,565

2,108,985

DH EUR 4,363,078

856,686

976,293

4,243,471

F GBP –

1,600

–

1,600

IE GBP 21,741

8,710

–

30,451

D USD 689,571

758,790

169,453

1,278,908

F USD –

500

–

500

I USD 2,527,429

1,425,146

438,168

3,514,407

M USD –

500

–

500

Robeco US Select Opportunities Equities DH EUR 26,874

45,792

12,161

60,505

IH EUR –

–

–

–

D USD 932,372

1,128,147

227,811

1,832,708

I USD 404,870

910,504

49,132

1,266,242

M USD –

500

–

500

Theme Equity sub-funds

Robeco New World Financial Equities D EUR 2,093,228

1,143,697

636,563

2,600,362

F EUR 500

2,127

14

2,613

Z EUR 660,000

–

40,000

620,000

Robeco Property Equities B EUR 3,283,939

554,391

353,042

3,485,288

D EUR 2,005,911

358,198

543,846

1,820,263

F EUR 500

1

1

500

I EUR 631,612

155,218

68,070

718,760

IH EUR 43,269

6,004

1,444

47,829

Z EUR 189,374

286,078

165,315

310,137

M USD 912

8,576

1,161

8,327

Robeco Global Consumer Trends Equities D EUR 2,879,711

1,523,852

946,368

3,457,195

F EUR –

134,226

3,541

130,685

I EUR 105,915

27,824

46,832

86,907

M EUR 23,648

131,787

38,710

116,725

Z EUR 854,564

–

133,171

721,393

D USD 113,131

627,313

57,910

682,534

I USD –

500

–

500

M USD 857

42,205

1,854

41,208

Robeco Natural Resources Equities D EUR 437,136

15,997

86,894

366,239

Z EUR 770,000

–

–

770,000

M USD 383

–

–

383

RobecoSAM Sustainable Agribusiness Equities D EUR 379,908

199,020

208,361

370,567

I EUR 654,401

19,497

139,828

534,070

D USD 110

–

–

110

Robeco Infrastructure Equities D EUR 227,360

157,653

206,528

178,485

I EUR 1,218,946

20,853

448,289

791,510



Class of shares


Shares

subscribed Shares

redeemed


period

Global Bond sub-funds

Robeco High Yield Bonds BH EUR 18,020,425

4,823,786

3,166,444

19,677,767

CH EUR –

184,315

81,635

102,680

DH EUR 3,377,074

933,800

1,257,571

3,053,303

EH EUR 482,720

176,909

15,107

644,522

FH EUR 11,780

10,931

17,186

5,525

IH EUR 4,342,939

375,512

355,074

4,363,377

IEH EUR 1,179,273

500,805

–

1,680,078

ZH EUR 834,603

35,849

924

869,528

0DH EUR 333,666

126,086

114,801

344,951

0EH EUR 34,091

204,248

8,881

229,458

0FH EUR 500

963

–

1,463

0IH EUR 360,832

206,866

232,935

334,763

IH AUD –

1,339,352

202,502

1,136,850

DH CHF 430,057

53,540

31,373

452,224

IH CHF 65,220

19,835

1,475

83,580

BxH USD 6,500

132,876

–

139,376

DH USD 318,091

118,498

98,498

338,091

IEH USD 912,448

164,913

403,526

673,835

IH USD 6,358,346

922,205

1,393,574

5,886,977

MH USD –

6,500

–

6,500

0DH USD 400,528

673,453

198,817

875,164

0IEH USD 5,000

–

–

5,000

0IH USD 1,530,823

43,290

688,867

885,246

0MH USD –

6,500

–

6,500

Robeco Investment Grade Corporate Bonds BH EUR 5,399,967

1,059,521

713,994

5,745,494

CH EUR –

104,491

5,925

98,566

DH EUR 799,504

96,319

307,253

588,570

IH EUR 3,988,303

91,244

362,693

3,716,854

IEH EUR 316,262

–

150,444

165,818

IHHI EUR 85,636

11,414

7,020

90,030

ZH EUR 25,106

711

1,235

24,582

Robeco Emerging Debt D EUR 1,020,633

12,935

233,241

800,327

I USD 98,559

–

–

98,559

Z USD 420,516

94,788

235,739

279,565

Robeco Quant Emerging Debt Local Currency B EUR 500

9,829

618

9,711

D EUR 500

7,895

–

8,395

Z EUR –

87,409

–

87,409

D USD 500

–

–

500

I USD 98,190

122,894

122,894

98,190

Regional Bond sub-funds

Robeco Euro Government Bonds CH EUR 1,859,354

377,033

101,553

2,134,834

DH EUR 288,884

190,438

154,287

325,035

EH EUR 76,914

36,223

5,137

108,000

FH EUR 500

–

–

500

IH EUR 1,284,135

1,066,836

162,571

2,188,400

IHHI EUR 22,489

756

1,315

21,930



Class of shares


Shares

subscribed Shares

redeemed


period

ZH EUR 1,583,875

134,160

201,781

1,516,254

Robeco Euro Credit Bonds BH EUR 466,614

276,803

20,988

722,429

DH EUR 555,311

226,912

422,050

360,173

IH EUR 1,135,285

405,240

229,570

1,310,955

ZH EUR 3,027,305

85,588

2,229,562

883,331

DH CHF 7,914

–

–

7,914

Robeco All Strategy Euro Bonds BH EUR 7,971,117

244,271

828,790

7,386,598

DH EUR 855,605

134,085

463,822

525,868

DHHI EUR 25,491

4,629

18,148

11,972

IH EUR 2,197,640

541,920

328,463

2,411,097

IHHI EUR 365,714

35,787

10,124

391,377

ZH EUR 4,122,278

259,251

3,312,159

1,069,370

10DH EUR 498,870

94,768

28,324

565,314

40DH EUR 11,456

1,535

10,672

2,319

40IH EUR 208,075

16,865

16,627

208,313

Robeco European High Yield Bonds DH EUR 284,776

370,201

457,020

197,957

IH EUR 158,098

50,511

4,412

204,197

ZH EUR 323,622

972,985

–

1,296,607

Robeco Euro Sustainable Credits BH EUR 168,705

47,097

1,692

214,110

DH EUR 81,260

55,143

3,663

132,740

IH EUR 234,962

248,797

15,018

468,741

Robeco Financial Institutions Bonds BH EUR 988,020

670,080

254,883

1,403,217

DH EUR 500

49,832

10,863

39,469

IH EUR 50,775

175,085

36,533

189,327

Robeco Covered Bonds IH EUR 130,000

–

–

130,000

Asset Allocation sub-funds

Robeco GTAA Fund D EUR 565

9,314

822

9,057

I EUR 500

–

–

500

Z EUR 369,847

3,373

265,509

107,711


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 28 June 2012 and such amendments were published on 3 August 2012 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, 40DHHI, D, DH, DHHI, DHL, DL, 0F, 0FH, 10FH, 20FH, 30FH, 40FH, 40FHHI, F, FH, FHHI, FL, FHL, 0I, 0IH,

0IHHI, 10IH, 20IH, 30IH, 40IH, 40IHHI, I, IH, IHI, IHHI, IHL, IL, J, 0MH, M, MH, ML, Z and ZH shares (capital growth) and

class B, BH, BHI, BHHI, 0BxH, Bx, BxH, C, CH, CHHI, 0CxH, Cx, CxH, G, GH, 0GH, 0EH, E, EH, EHI, IE, 0IEH 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

Polish Zloty (PLN). 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, BxH, 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 C, CH, F, FH, 40FH, FHHI and GH 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, 0IEH 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, 0IEH 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, IH, 0IH, 40IH, IE, IEH, 0IEH 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, 0IEH, 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, FH, IH, IEH, 0IEH, 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, 0IEH, 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-seven active sub-funds, 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 BP Global Premium 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 Momentum Equities

− Robeco High Dividend Equity 1

− Robeco Quant Global Equities 1

− Robeco Quant Developed Equities 1

− Robeco Quant Emerging Markets Equities

− Robeco Emerging Conservative Equities

− Robeco Emerging Markets Smaller Companies Equities

− Robeco Emerging Markets Large Cap Equities 1

Regional & Country Equity Sub-funds

− Robeco Asia-Pacific Equities

− RobecoSAM 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


− RobecoSAM Sustainable Agribusiness Equities

− Robeco Infrastructure Equities

− Robeco Future Technology Equities 1

− Robeco Global Connectivity Equities 1

− Robeco Global Producer Trends 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 Emerging Debt

− Robeco Global Credits 1

− Robeco Global Inflation Linked Bonds 1

− Robeco Emerging Inflation Linked Bonds 1

− Robeco Lux-o-Rente 1

− Robeco Quant Emerging Debt Local Currency

− Robeco Inflation Timing Fund 1

− Robeco Quant High Yield Fund 1

Regional Bond Sub-funds

− Robeco Euro Core Government Bonds 1

− 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 Bonds 1

− Robeco Conservative Credits 1

− Robeco Covered Bonds

− Robeco Flex-o-Rente 1

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, IH, 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, C, CH, EH, IE, IEH, 0IEH, 0EH and GH 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 0EH 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

http://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 redeems 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

At 30 June 2013 Unswung NAV

Swung NAV


Robeco Emerging Conservative Equities B EUR shares 108.73

109.28 1

Robeco Emerging Conservative Equities C EUR shares 100.20

100.71 1

Robeco Emerging Conservative Equities D EUR shares 123.14

123.77 1

Robeco Emerging Conservative Equities I EUR shares 124.70

125.32 1

Robeco Emerging Conservative Equities Z EUR shares 110.74 111.30 1

Robeco Emerging Conservative Equities I GBP shares 101.71 102.23 1

Robeco Emerging Conservative Equities D USD shares 101.81 102.33 1

Robeco Emerging Conservative Equities I USD shares 106.98 107.52 1

Robeco Emerging Conservative Equities M USD shares 96.37 96.87 1

Robeco Quant Emerging Markets Equities Z EUR shares 95.22

95.60 1

Robeco Quant Emerging Markets Equities I USD shares 94.52

94.90 1

Asset Allocation Sub-funds

Robeco GTAA Fund D EUR shares 138.66 139.53

Robeco GTAA Fund I EUR shares 142.96 143.85

Robeco GTAA Fund Z EUR shares 156.10 157.06

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 comply with the forward pricing principle.

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. was a 100% daughter of the Rabobank Group until 1 July 2013. At 1 July 2013, ORIX has aquired just

over 90% of the shares in Robeco Group from Rabobank. The management structure of Robeco Groep N.V., in which

significant authority is allocated to its independent supervisory board, is such that nor Rabobank (until 1 July) nor ORIX

Corporation (as of 1 July) have any 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 utilizes the

services of one or more of these affiliated entities including transactions relating to securities, treasury, derivatives,

securities lending, and subscriptions and redemptions 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 either rise or 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 62. 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 semi-annual report covers the reporting period from 1 January 2013 until

30 June 2013.

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 0.7693.

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. The table on page 77 shows the

exchange rates as at 30 June 2013.

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

At 30 June 2013

Amount base currency x 1,000



21,138

As at 30 June 2013 the options on transferable securities stated in the table below were outstanding

Options

At 30 June 2013

Purchased/ Written

Number of contracts

Put/ Call

Underlying share

Currency

Exercise price base

currency x 1 Maturity date

Commitment base

currency x 1

Market value base

currency x 1 Robeco US Premium Equities

Written 18,559 Call Citigroup USD 50.00 18/01/2014 89,027,523 –6,217,265

Total market value

–6,217,265

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 2013. The unrealized results of these contracts have been recorded

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

The contracts outstanding as at 30 June 2013 are disclosed in the following table. Information on the collateral received

or paid on these positions is stated in the table on page 62.

Open forward exchange transactions

At 30 June 2013 Currency Amount Currency Amount Counterparty Maturity Unrealized

bought bough sold sold date gains/losses

base currency x 1


Robeco Global Stars Equities AUD 14,009,659 EUR 9,726,329 Deutsche Bank AG 24/07/2013 121,016

DKK 8,535,021 EUR 1,144,488 Deutsche Bank AG 24/07/2013 8

EUR 10,152,474 GBP 8,670,213 Deutsche Bank AG 24/07/2013 38,052

GBP 2,830,377 EUR 3,300,000 Deutsche Bank AG 24/07/2013 1,836

HKD 32,797,903 EUR 3,202,170 Deutsche Bank AG 24/07/2013 50,814

JPY 1,599,484,301 EUR 12,356,001 Deutsche Bank AG 24/07/2013 31,696





base currency x 1

JPY 151,920,000 EUR 1,173,581 Deutsche Bank AG 24/07/2013 3,011


SGD 3,281,405 EUR 1,948,578 Deutsche Bank AG 24/07/2013 41,695

USD 9,373,182 EUR 7,095,547 Deutsche Bank AG 24/07/2013 114,860

USD 5,440,000 EUR 4,115,927 Citibank N.A. 24/07/2013 68,843

USD 5,245,770 EUR 3,970,459 Rabobank Nederland 24/07/2013 64,899


Total unrealized gains 547,035

Robeco Global Stars Equities CAD 17,352,503 EUR 12,683,281 Deutsche Bank AG 24/07/2013 –37,485

CHF 2,380,000 EUR 1,940,639 Rabobank Nederland 24/07/2013 –5,356

CHF 4,555,000 EUR 3,713,139 Rabobank Nederland 24/07/2013 –9,266

EUR 3,400,000 AUD 4,837,265 Deutsche Bank AG 24/07/2013 –101

EUR 4,400,000 CAD 6,039,220 Deutsche Bank AG 24/07/2013 –1,136

EUR 2,900,000 CHF 3,572,742 Deutsche Bank AG 24/07/2013 –5,154


EUR 9,100,000 JPY 1,177,095,920 Deutsche Bank AG 24/07/2013 –16,381

EUR 1,200,000 SEK 10,561,530 Deutsche Bank AG 24/07/2013 –3,083

EUR 4,500,000 USD 5,880,645 Deutsche Bank AG 24/07/2013 –23,743

NOK 3,450,487 EUR 442,313 Deutsche Bank AG 24/07/2013 –7,943

SEK 32,547,339 EUR 3,791,562 Deutsche Bank AG 24/07/2013 –84,030

Total unrealized losses –214,194


Robeco Asia-Pacific Equities SGD 6,664,000 USD 5,223,389 JP Morgan Chase Bank 24/07/2013 23,780

USD 26,204,813 AUD 28,622,560 JP Morgan Chase Bank 24/07/2013 39,589

USD 28,743,373 EUR 21,780,282 JP Morgan Chase Bank 24/07/2013 330,825


Robeco Asia-Pacific Equities JPY 1,239,082,450 USD 12,630,810 JP Morgan Chase Bank 24/07/2013 –119,914

KRW 5,300,000,000 USD 4,767,473 Deutsche Bank AG 13/08/2013 –105,407


Robeco European Conservative Equities, Class IH EUR EUR 214,709 CZK 5,522,528 Rabobank Nederland 24/07/2013 2,115

EUR 978,464 DKK 7,296,408 Rabobank Nederland 24/07/2013 59

EUR 9,634,789 GBP 8,224,256 Rabobank Nederland 24/07/2013 40,607

EUR 728,676 NOK 5,683,564 Rabobank Nederland 24/07/2013 13,191

EUR 304,377 PLN 1,317,787 Rabobank Nederland 24/07/2013 548

EUR 1,133,726 SEK 9,730,032 Rabobank Nederland 24/07/2013 25,359


Robeco European Conservative Equities, Class IH EUR EUR 2,825,379 CHF 3,483,692 Rabobank Nederland 24/07/2013 –7,365

EUR 359,440 TRY 916,573 Rabobank Nederland 24/07/2013 –4,702

GBP 370,000 EUR 431,638 Rabobank Nederland 24/07/2013 –7


Robeco US Premium Equities, Class EH GBP USD 9,693,831 GBP 6,180,000 Rabobank Nederland 03/07/2013 320,557

USD 1,663,000 GBP 1,062,348 Rabobank Nederland 03/07/2013 51,725


Robeco US Premium Equities, Class DH EUR EUR 11,844,005 USD 15,753,000 Rabobank Nederland 03/07/2013 –357,453

EUR 267,906,878 USD 350,203,049 Rabobank Nederland 03/07/2013 –1,961,705

EUR 261,865,303 USD 342,619,326 Deutsche Bank AG 03/07/2013 –2,231,177

–4,550,335

Robeco US Premium Equities, Class FH EUR EUR 120,000 USD 156,036 Rabobank Nederland 03/07/2013 –53

EUR 770,658 USD 1,007,391 Rabobank Nederland 03/07/2013 –5,643

–5,696





base currency x 1

Robeco US Premium Equities, Class IH EUR EUR 39,010,000 USD 50,998,163 Rabobank Nederland 03/07/2013 –290,638



–3,527,035

Robeco US Premium Equities, Class MH EUR EUR 1,670,000 USD 2,183,467 Rabobank Nederland 03/07/2013 –12,701

EUR 2,249,556 USD 2,992,000 Rabobank Nederland 03/07/2013 –67,892



–518,513

Robeco US Premium Equities, Class EH GBP GBP 40,829,262 USD 62,411,610 Rabobank Nederland 03/07/2013 –485,444

GBP 38,495,161 USD 58,916,844 Deutsche Bank AG 03/07/2013 –530,832

–1,016,276

Robeco US Premium Equities, Class GH GBP GBP 270,000 USD 415,503 Rabobank Nederland 03/07/2013 –5,991

GBP 440,000 USD 674,894 Rabobank Nederland 03/07/2013 –7,541

GBP 300,000 USD 466,095 Rabobank Nederland 03/07/2013 –11,082

GBP 2,000,000 USD 3,061,000 Deutsche Bank AG 03/07/2013 –27,579

GBP 756,995 USD 1,185,000 Rabobank Nederland 03/07/2013 –36,857

GBP 12,673,768 USD 19,373,121 Rabobank Nederland 03/07/2013 –150,686

GBP 6,280,000 USD 9,850,689 Rabobank Nederland 03/07/2013 –325,744

–565,480

Total unrealized losses –10,183,335

Robeco US Large Cap Equities, Class DH EUR EUR 47,000,000 USD 62,143,071 Citibank N.A. 10/07/2013 –1,048,397




Robeco US Select Opportunities Equities, Class DH EUR EUR 5,000,260 USD 6,542,240 Deutsche Bank AG 03/07/2013 –42,604


EUR 51,878 USD 69,000 Rabobank Nederland 03/07/2013 –1,566



Robeco New World Financial Equities AUD 16,705,089 EUR 11,597,656 Deutsche Bank AG 24/07/2013 144,299


EUR 730,383 NOK 5,697,719 Deutsche Bank AG 24/07/2013 13,116

HKD 9,091,750 EUR 887,658 Deutsche Bank AG 24/07/2013 14,086

JPY 38,106,600 EUR 294,373 Deutsche Bank AG 24/07/2013 755

SGD 1,905,500 EUR 1,131,532 Deutsche Bank AG 24/07/2013 24,212



Robeco New World Financial Equities CAD 14,828,504 EUR 10,838,440 Deutsche Bank AG 24/07/2013 –32,033


EUR 1,174,120 DKK 8,756,000 Deutsche Bank AG 24/07/2013 –8

SEK 6,800,000 EUR 792,158 Deutsche Bank AG 24/07/2013 –17,556


Robeco Property Equities USD 13,558,337 EUR 10,263,731 Deutsche Bank AG 24/07/2013 166,146

NZD 1,000,000 EUR 588,665 Deutsche Bank AG 24/07/2013 4,380

NOK 2,000,000 EUR 250,219 Deutsche Bank AG 24/07/2013 1,554



EUR 3,332,906 NOK 26,000,000 Deutsche Bank AG 24/07/2013 59,850

EUR 1,281,431 SEK 11,000,000 Deutsche Bank AG 24/07/2013 28,400

CHF 3,460,756 EUR 2,806,777 Deutsche Bank AG 24/07/2013 7,316

288,446





base currency x 1

Robeco Property Equities, Class IH EUR USD 161,000 EUR 122,829 Rabobank Nederland 24/07/2013 1,022

HKD 650,000 EUR 64,359 Deutsche Bank AG 24/07/2013 110

EUR 132,329 CAD 181,181 Rabobank Nederland 24/07/2013 291

EUR 219,624 GBP 187,471 Rabobank Nederland 24/07/2013 926

EUR 41,947 SEK 360,000 Rabobank Nederland 24/07/2013 938

3,287


Robeco Property Equities CAD 629,718 EUR 460,273 Deutsche Bank AG 24/07/2013 –1,360

EUR 475,863 AUD 685,426 Deutsche Bank AG 24/07/2013 –5,921

EUR 9,075,173 HKD 92,951,550 Deutsche Bank AG 24/07/2013 –144,011

EUR 4,377,375 SGD 7,371,500 Deutsche Bank AG 24/07/2013 –93,667

–244,959

Robeco Property Equities, Class IH EUR EUR 373,204 AUD 537,745 Rabobank Nederland 24/07/2013 –4,776

EUR 48,883 CHF 60,273 Rabobank Nederland 24/07/2013 –127

EUR 472,166 HKD 4,835,640 Rabobank Nederland 24/07/2013 –7,445

EUR 807,955 JPY 104,550,131 Rabobank Nederland 24/07/2013 –1,766

EUR 245,289 SGD 413,141 Rabobank Nederland 24/07/2013 –5,293


JPY 6,650,000 EUR 52,447 Deutsche Bank AG 24/07/2013 –944

–59,718


Robeco Natural Resources Equities EUR 9,556,892 CAD 13,075,166 Deutsche Bank AG 24/07/2013 28,245



Robeco Natural Resources Equities EUR 6,137,248 AUD 8,840,000 Deutsche Bank AG 24/07/2013 –76,360



Robeco High Yield Bonds EUR 146,169,030 GBP 124,828,352 Deutsche Bank AG 24/07/2013 547,846

EUR 117,055,173 GBP 100,000,000 HSBC 24/07/2013 398,036

945,882

Robeco High Yield Bonds, Class IH AUD AUD 116,630,000 EUR 80,943,028 Rabobank Nederland 24/07/2013 1,035,833

EUR 2,200,000 AUD 3,129,555 Rabobank Nederland 24/07/2013 244

1,036,077

Robeco High Yield Bonds, Class DH CHF CHF 51,880,921 EUR 42,076,984 Rabobank Nederland 24/07/2013 109,683

EUR 89,544 CHF 110,000 Rabobank Nederland 24/07/2013 98

EUR 1,060,000 CHF 1,303,577 Rabobank Nederland 24/07/2013 4

109,785

Robeco High Yield Bonds, Class IH CHF CHF 9,103,000 EUR 7,382,806 Rabobank Nederland 24/07/2013 19,245

EUR 270,000 CHF 332,043 Rabobank Nederland 24/07/2013 1

19,246

Robeco High Yield Bonds, Class 0DH USD EUR 1,850,000 USD 2,404,908 Rabobank Nederland 24/07/2013 1

USD 87,963,817 EUR 66,578,729 Rabobank Nederland 24/07/2013 1,088,252


USD 1,140,000 EUR 869,509 Rabobank Nederland 24/07/2013 7,447

USD 520,000 EUR 394,637 Rabobank Nederland 24/07/2013 5,377

1,155,088

Robeco High Yield Bonds, Class 0IH USD EUR 2,100,000 USD 2,729,895 Rabobank Nederland 24/07/2013 1

USD 104,547,631 EUR 79,130,813 Rabobank Nederland 24/07/2013 1,293,421


1,298,648

Robeco High Yield Bonds, Class 0MH USD USD 664,209 EUR 502,732 Rabobank Nederland 24/07/2013 8,217

USD 6,000 EUR 4,576 Rabobank Nederland 24/07/2013 39

8,256





base currency x 1

Robeco High Yield Bonds, Class BxH USD EUR 290,000 USD 376,986 Rabobank Nederland 24/07/2013 –


176,348

Robeco High Yield Bonds, Class DH USD EUR 890,000 USD 1,156,956 Rabobank Nederland 24/07/2013 1




503,778

Robeco High Yield Bonds, Class IH USD EUR 22,600,000 USD 29,378,870 Rabobank Nederland 24/07/2013 13

USD 1,214,690,033 EUR 919,383,918 Rabobank Nederland 24/07/2013 15,027,649

15,027,662

Robeco High Yield Bonds, Class IEH USD EUR 1,470,000 USD 1,910,927 Rabobank Nederland 24/07/2013 1


903,358

Robeco High Yield Bonds, Class MH USD USD 650,000 EUR 491,977 Rabobank Nederland 24/07/2013 8,042

8,042

Robeco High Yield Bonds, Class 0IEH USD EUR 11,000 USD 14,299 Rabobank Nederland 24/07/2013 –


USD 5,000 EUR 3,814 Rabobank Nederland 24/07/2013 33

6,367

Robeco High Yield Bonds 0D EUR 740,111 GBP 631,759 Rabobank Nederland 24/07/2013 3,119


10,985

Total unrealized gains 21,209,522

Robeco High Yield Bonds EUR 26,453,158 CHF 32,616,744 Deutsche Bank AG 24/07/2013 –68,956




EUR 143,214,692 USD 189,000,000 JP Morgan Chase Bank 24/07/2013 –2,175,318

EUR 142,998,196 USD 189,000,000 Citibank N.A. 24/07/2013 –2,391,804

EUR 205,422,145 USD 271,300,000 Barclays Bank 24/07/2013 –3,277,899


EUR 1,165,629,255 USD 1,540,029,372 Rabobank Nederland 24/07/2013 –19,052,614

USD 97,800,000 EUR 75,233,663 Rabobank Nederland 24/07/2013 –42

–31,741,061

Robeco High Yield Bonds, Class 0DH USD EUR 369,131 USD 480,000 Rabobank Nederland 24/07/2013 –113

EUR 76,113 USD 100,000 Rabobank Nederland 24/07/2013 –813



USD 650,000 EUR 500,023 Rabobank Nederland 24/07/2013 –4

–7,071

Robeco High Yield Bonds, Class 0IH USD EUR 738,299 USD 970,000 Rabobank Nederland 24/07/2013 –7,882

–7,882

Robeco High Yield Bonds, Class DH USD EUR 169,169 USD 220,000 Rabobank Nederland 24/07/2013 –68

–68

Robeco High Yield Bonds, Class IH USD EUR 18,150,234 USD 23,770,000 Rabobank Nederland 24/07/2013 –135,067

–135,067

Robeco High Yield Bonds, Class MH USD USD 200,000 EUR 153,853 Rabobank Nederland 24/07/2013 –1

–1

Robeco High Yield Bonds 0D EUR 1,983,090 USD 2,600,000 Rabobank Nederland 24/07/2013 –16,985

–16,985


Robeco Emerging Debt HUF 381,452,250 EUR 1,285,000 ING Bank N.V. 19/07/2013 9,876





base currency x 1

HUF 153,998,000 EUR 520,000 Deutsche Bank AG 19/07/2013 2,393

IDR 20,970,800,00

0 USD 2,060,000

Deutsche Bank AG

19/07/2013 47,290

MXN 3,500,000 USD 261,536 Deutsche Bank AG 19/07/2013 6,704

MYR 2,485,080 USD 780,000 Deutsche Bank AG 19/07/2013 5,355

PLN 8,714,500 EUR 2,000,000 Deutsche Bank AG 19/07/2013 12,859

TRY 1,992,947 USD 1,030,000 Deutsche Bank AG 19/07/2013 51

USD 390,000 BRL 856,245 Deutsche Bank AG 19/07/2013 3,969



USD 346,696 HUF 75,995,698 Citibank N.A. 19/07/2013 11,937

USD 1,331,743 PLN 4,233,904 ING Bank N.V. 19/07/2013 62,362

USD 1,280,621 TRY 2,406,287 Barclays Bank 19/07/2013 36,932

ZAR 6,182,397 USD 615,390 Deutsche Bank AG 19/07/2013 5,704

ZAR 2,910,000 USD 287,416 Deutsche Bank AG 19/07/2013 4,928

280,129

Robeco Emerging Debt, Class D EUR USD 2,020,000 EUR 1,506,822 Deutsche Bank AG 19/07/2013 61,238




118,255


Robeco Emerging Debt BRL 7,021,344 USD 3,277,938 ING Bank N.V. 19/07/2013 –112,419

COP 3,725,800,000 USD 1,956,828 Barclays Bank 19/07/2013 –30,923

EUR 1,100,000 HUF 331,430,000 Deutsche Bank AG 19/07/2013 –30,015

EUR 700,000 PLN 3,040,660 Deutsche Bank AG 19/07/2013 –1,678

EUR 495,000 USD 662,648 Deutsche Bank AG 19/07/2013 –19,183



MXN 61,059,618 USD 4,734,001 Deutsche Bank AG 19/07/2013 –54,388

MYR 5,594,218 USD 1,775,999 ING Bank N.V. 19/07/2013 –8,067

PEN 7,571,205 USD 2,748,668 Deutsche Bank AG 19/07/2013 –32,173

RUB 53,214,975 USD 1,636,805 Deutsche Bank AG 19/07/2013 –21,164

THB 161,783,325 USD 5,239,437 HSBC 19/07/2013 –29,355

USD 1,556,666 HUF 354,020,000 Deutsche Bank AG 19/07/2013 –2,778

USD 343,410 ZAR 3,450,000 Deutsche Bank AG 19/07/2013 –3,183

USD 1,120,000 ZAR 11,243,288 Deutsche Bank AG 19/07/2013 –9,521

–508,531

Robeco Emerging Debt, Class D EUR EUR 1,230,000 USD 1,598,920 Rabobank Nederland 19/07/2013 –12



–3,122,632


Robeco Quant Emerging Debt Local Currency IDR 387,680,000 USD 38,714 Deutsche Bank AG 19/07/2013 243

USD 90,000 PLN 289,143 Citibank N.A. 19/07/2013 3,311

USD 47,181 PLN 150,000 ING Bank N.V. 19/07/2013 2,209

USD 119,720 TRY 224,930 Deutsche Bank AG 19/07/2013 3,465

ZAR 725,293 USD 72,195 Deutsche Bank AG 19/07/2013 669


Robeco Quant Emerging Debt Local Currency BRL 648,337 USD 302,678 ING Bank N.V. 19/07/2013 –10,381

COP 237,400,000 USD 124,685 Barclays Bank 19/07/2013 –1,970

MYR 615,160 USD 195,295 ING Bank N.V. 19/07/2013 –887

PEN 133,700 USD 48,539 Deutsche Bank AG 19/07/2013 –568

RON 330,215 USD 98,636 Deutsche Bank AG 19/07/2013 –2,762

RUB 7,026,300 USD 216,117 Deutsche Bank AG 19/07/2013 –2,794





base currency x 1

THB 5,438,850 USD 176,157 Deutsche Bank AG 19/07/2013 –1,004



Robeco Euro Credit Bonds, Class DH CHF CHF 828,996 EUR 672,341 Rabobank Nederland 24/07/2013 1,753


Robeco Euro Credit Bonds EUR 1,800,000 USD 2,343,420 Deutsche Bank AG 24/07/2013 –2,699


Robeco All Strategies Euro Bonds AUD 795,438 EUR 552,240 Deutsche Bank AG 24/07/2013 6,871

USD 100,000 EUR 75,701 Deutsche Bank AG 24/07/2013 1,225


Robeco All Strategies Euro Bonds EUR 42,729,389 CHF 52,685,337 Deutsche Bank AG 24/07/2013 –111,384


Robeco European High Yield Bonds EUR 24,713,858 GBP 21,095,749 Rabobank Nederland 24/07/2013 104,160


Robeco European High Yield Bonds EUR 5,233,784 CHF 6,453,256 Rabobank Nederland 24/07/2013 –13,643


GBP 180,000 EUR 210,135 Barclays Bank 24/07/2013 –152


Robeco Financial Institutions Bonds EUR 10,089,736 GBP 8,612,599 Rabobank Nederland 24/07/2013 42,525

EUR 834,332 GBP 710,000 Rabobank Nederland 24/07/2013 6,066

EUR 1,552,993 GBP 1,330,000 Citibank N.A. 24/07/2013 1,453


Robeco Financial Institutions Bonds EUR 1,514,352 USD 2,000,000 ING Bank N.V. 24/07/2013 –24,167




Robeco Covered Bonds EUR 146,439 GBP 125,000 Rabobank Nederland 24/07/2013 621

Total unrealized gains 621


Robeco GTAA Fund USD 1,295,000 EUR 993,795 Rabobank Nederland 24/07/2013 2,396

USD 5,814,000 EUR 4,419,680 JP Morgan Chase Bank 24/07/2013 52,795



Robeco GTAA Fund EUR 479,134 JPY 62,000,000 Citibank N.A. 24/07/2013 –1,044

EUR 775,000 JPY 100,277,250 Rabobank Nederland 24/07/2013 –1,628

EUR 2,739,058 JPY 354,436,863 Rabobank Nederland 24/07/2013 –5,987

EUR 9,696,820 JPY 1,255,744,949 JP Morgan Chase Bank 24/07/2013 –28,682


EUR 944,247 USD 1,230,000 Rabobank Nederland 24/07/2013 –1,942

EUR 9,380,455 USD 12,379,358 JP Morgan Chase Bank 24/07/2013 –142,482

JPY 89,447,505 EUR 700,000 Rabobank Nederland 24/07/2013 –7,246

JPY 297,060,224 EUR 2,320,000 Barclays Bank 24/07/2013 –19,325

JPY 617,621,795 EUR 4,850,000 Rabobank Nederland 24/07/2013 –66,634



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’. 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

At 30 June 2013 Amount base

currency x 1,000


Robeco Global Conservative Equities 169

Robeco Emerging Markets Equities 7,879

Robeco Active Quant Emerging Markets Equities 901

Robeco Emerging Conservative Equities 1,369

Robeco Quant Emerging Markets Equities 274


Robeco Asia-Pacific Equities 208

Robeco European Conservative Equities 385


Robeco Invenstment Grade Corporate Bonds 784

Robeco Emerging Debt 25

Robeco Quant Emerging Debt Local Currency 48


Robeco Euro Government Bonds 1,258

Robeco Euro Credit Bonds 723

Robeco All Strategy Euro Bonds 4,896

Robeco Euro Sustainable Credits 67

Robeco Financial Institutions Bonds 443



Robeco GTAA Fund 1,741

The contracts outstanding as at 30 June 2013 are disclosed in the following table.

Financial futures

At 30 June 2013

Purchase/Sale

Quantity Denomination

Currency

Maturity month

Commitment base currency x 1

Unrealized gains/ losses base currency x 1



Purchase

14

EURO STOXX 50

EUR

09/2013

363,720

–9,640

Purchase 19 S&P500 EMINI FUT USD 09/2013 1,168,818

–15,492

Total unrealized losses

–25,132


Purchase 500 KOSPI2 INX FUT KRW 09/2013 40,754,633

–1,465,146


–1,465,146


Purchase 93 Mini MSCI Emerging Markets USD 09/2013 3,340,158

173,829

Total unrealized gains

173,829



106,531


106,531


Financial futures

At 30 June 2013

Purchase/Sale


Currency

Maturity month





3,413


3,413



Purchase

400

SGX CNX NIFTY

USD

07/2013

3,586,260

137,554

Purchase 145 MSCI TAIWAN INDEX USD 07/2013 3,117,860

71,385


208,939


Purchase 103 EURO STOXX 50 EUR 09/2013 2,675,940

–16,480


–16,480



Purchase

51

EURO BUXL 30Y BND

EUR

09/2013

6,555,540

87,078

Purchase

52

EURO-BUND FUTURE

EUR

09/2013

7,359,040

65,290

Purchase 128 EURO-BOBL FUTURE EUR 09/2013 16,025,600

47,420


199,788

Purchase 873 EURO-SCHATZ FUT EUR 09/2013 96,339,915

–125,297


–125,297


Purchase

6

EURO-BOBL FUTURE

EUR

09/2013

976,447

5,809

Purchase

2

EURO-BUND FUTURE

EUR

09/2013

367,910

1,287

Purchase

4

EURO-SCHATZ FUT

EUR

09/2013

573,780

910

Purchase

131

US 10YR NOTE

USD

09/2013

16,579,688

388,466

Purchase

2

US LONG BOND

USD

09/2013

271,688

9,938

Purchase 4 US 2YR NOTE USD 09/2013 880,000

688


407,098

Purchase 4 US 5YR NOTE USD 09/2013 484,188

–1,797


–1,797


Purchase 44 KOREA 3YR BND FUT KRW 09/2013 4,069,244

6,164


6,164



Purchase 204 EURO-BUND FUTURE EUR 09/2013 28,870,080

297,880


297,880

Purchase

77

EURO-SCHATZ FUT

EUR

09/2013

8,497,335

–4,900

Purchase

121

EURO BUXL 30Y BND

EUR

09/2013

15,553,340

–206,884

Purchase 300 EURO-BOBL FUTURE EUR 09/2013 37,560,000

–281,000


–492,784


Purchase

33

EURO BUXL 30Y BND

EUR

09/2013

4,241,820

31,080


19,125


50,205


Financial futures

At 30 June 2013

Purchase/Sale


Currency

Maturity month



Purchase

22

EURO-BOBL FUTURE

EUR

09/2013

2,754,400

–3,080

Purchase 202 EURO-BUND FUTURE EUR 09/2013 28,587,040

–11,010


–14,090


Purchase 1404 US 5YR NOTE USD 09/2013 130,745,711

240,461


240,461

Purchase

22

EURO-BUND FUTURE

EUR

09/2013

3,113,440

–10,860

Purchase

1244

EURO-SCHATZ FUT

EUR

09/2013

137,281,620

–203,702

Purchase

1422

EURO-BOBL FUTURE

EUR

09/2013

178,034,400

–226,380

Purchase 287 EURO BUXL 30Y BND EUR 09/2013 36,890,980

–490,709


–931,651


Purchase

30

EURO-BOBL FUTURE

EUR

09/2013

3,756,000

26,200


780


26,980

Purchase

9

EURO-BUND FUTURE

EUR

09/2013

1,273,680

–4,450

Purchase 9 EURO BUXL 30Y BND EUR 09/2013 1,156,860

–13,378


–17,828


Purchase

52

EURO-BUND FUTURE

EUR

09/2013

7,359,040

21,660

Purchase

26

EURO-BOBL FUTURE

EUR

09/2013

3,255,200

1,560

Purchase

28

LONG GILT FUTURE

GBP

09/2013

3,656,009

76,523


45,514


145,257

Purchase

4

EURO BUXL 30Y BND

EUR

09/2013

514,160

–1,440

Purchase

186

EURO-SCHATZ FUT

EUR

09/2013

20,526,030

–30,339


–34,259


–66,038


Purchase

7

EURO-BOBL FUTURE

EUR

09/2013

876,400

6,705

Purchase

7

EURO-BUND FUTURE

EUR

09/2013

990,640

5,870

Purchase 1 LONG GILT FUTURE GBP 09/2013 130,572

4,784


17,359


–5,572


–5,572


Robeco GTAA Fund

Purchase

107

EURO STOXX 50

EUR

09/2013

2,779,860

102,720

Purchase

160

NIKKEI 225

JPY

09/2013

8,441,760

303,390

Purchase

100

10YR MINI JGB

JPY

09/2013

11,044,765

26,908

Purchase 91 S&P500 EMINI USD 09/2013 5,598,021

27,298


460,316

Purchase

79

EURO-BUND FUTURE

EUR

09/2013

11,180,080

–6,320


–2,753


–9,073


6 Interest rate swaps

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

June 2013. 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’ . The contracts outstanding as at 30 June 2013 are disclosed in

the table below. Information on the collateral on this positions is stated in the table on page 62.

Interest rate swaps At 30 June 2013

Denomination

Counterparty

Maturity date

Currency

Nominal value

Unrealized gains/losses base

currency x 1



IRS Pay 0.9512% EUR Receive 6M EURIBOR

Barclays Bank PLC

30/08/2017

EUR

150,000,000

554,750

IRS Pay 0.9525% EUR Receive 6M IBOR

Morgan Stanley

30/08/2017

EUR

150,000,000

546,713

Robeco High Yield Bonds, class 0DH EUR, 0FH EUR, 0EH EUR, 0IH EUR, 0DH USD, 0IH USD, 0IEH USD and 0MH USD shares.

1,101,463

IRS EUR Pay 0.5750% Receive EURIBOR EUR 3M

Barclays Bank

12/06/2016

EUR

14,850,000

24,658


Barclays Bank

12/06/2023

EUR

4,000,000

67,524


Barclays Bank

12/06/2020

EUR

6,250,000

74,536

IRS GBP Pay 1.7250% Receive LIBOR, BBA GBP

Morgan Stanley

10/06/2020

GBP

4,550,000

104,133

IRS USD Pay 0.7500% Receive LIBOR, BBA USD

Credit Suisse

13/06/2016

USD

40,000,000

42,734


Credit Suisse

13/06/2028

USD

8,450,000

172,598


Credit Suisse

07/06/2020

USD

12,200,000

245,068


Credit Suisse

13/06/2020

USD

30,350,000

371,966


Credit Suisse

13/06/2023

USD

22,050,000

375,626


Credit Suisse

13/06/2018

USD

67,000,000

470,221

1,949,064


3,050,527


IRS Pay 1.55% GBP Receive 6M IBOR

Credit Suisse

11/04/2017

GBP

98,200,000

–1,366,779

IRS Pay 1.55% GBP Receive 6M IBOR

Morgan Stanley

26/01/2017

GBP

88,500,000

–1,386,049

IRS Pay 3M IBOR USD Receive 1.01%

Barclays Bank

21/08/2017

USD

200,000,000

–1,509,382

IRS Pay 3M IBOR USD Receive 0.9925%

Barclays Bank

23/08/2017

USD

200,000,000

–1,634,295

IRS USD Pay LIBOR, BBA USD Receive 1.7320%

Credit Suisse

07/06/2020

USD

173,550,000

–3,486,189

IRS USD Pay LIBOR, BBA USD Receive 1.3975%

Morgan Stanley

08/01/2020

USD

125,000,000

–3,758,154

Robeco High Yield Bonds, class 0DH EUR, 0FH EUR, 0EH EUR, 0IH EUR, 0DH USD, 0IH USD, 0IEH USD and 0MH USD shares.

-13,140,848


Barclays Bank

27/06/2020

EUR

5,850,000

–47,409


Barclays Bank

27/06/2020

USD

7,800,000

–51,622


Barclays Bank

27/06/2023

USD

7,700,000

–69,654

–168,685


–13,309,533



Goldman Sachs

21/12/2019

EUR

30,150,000

520,558

IRS Pay 3M IBOR EUR Receive 2.075%

Morgan Stanley

26/07/2014

EUR

76,650,000

1,439,377


Credit Suisse

09/09/2016

EUR

28,450,000

1,044,783


JP Morgan

25/04/2023

EUR

47,150,000

2,121,211


5,125,929



Barclays Bank

17/08/2017

EUR

32,000,000

–9,056


–9,056


IRS MYR Pay 3.3200% Receive Klibor Interbank

Barclays Bank

13/05/2018

MYR

29,500,000

122,287


122,287



Denomination

Counterparty

Maturity date

Currency

Nominal value


currency x 1


IRS MXN Pay Mexico Interban Receive 4.5800%

HSBC

01/05/2018

MXN

120,000,000

–473,001


–473,001



Barclays Bank

13/05/2018

MYR

3,500,000

14,509


Barclays Bank

30/05/2018

MYR

4,600,000

10,083


24,592


IRS ZAR Pay South Africa Jo Receive 5.8300%

HSBC

08/04/2018

ZAR

10,900,000

–57,111


HSBC

01/05/2018

MXN

14,300,000

–56,366

IRS ZAR Pay South Africa Jo Receive 6.3700%

Barclays Bank

04/06/2018

ZAR

15,700,000

–51,177


Barclays Bank

24/05/2018

MXN

19,500,000

–45,561


–210,215




Barclays Bank

22/11/2022

EUR

13,350,000

–250,606


Barclays Bank

22/11/2027

EUR

10,500,000

–270,000


Morgan Stanley

22/11/2017

EUR

37,700,000

–352,721


–873,327



Barclays Bank

27/05/2028

EUR

33,200,000

1,281,851


1,281,851


IRS Pay 2.302% EUR Receive 3M IBOR

Barclays Bank

27/01/2022

EUR

65,300,000

–3,259,356

Robeco All Strategy Euro Bonds, Class 10DH EUR shares

–3,259,356

IRS EUR Pay EURIBOR EUR 3M Receive 2.3100%

Citibank N.A.

11/06/2038

EUR

6,750,000

–152,514


Citibank N.A.

11/06/2028

EUR

14,850,000

–341,729

Robeco All Strategy Euro Bonds, Class 40DH EUR and 40IH EUR shares

–494,243


Barclays Bank

10/06/2023

EUR

11,100,000

–226,165


Barclays Bank

10/06/2038

EUR

12,400,000

–232,176


Barclays Bank

10/06/2020

EUR

17,000,000

–275,805


Barclays Bank

10/06/2028

EUR

38,500,000

–885,943

–1,620,089


–5,373,688



Barclays Bank

14/06/2026

EUR

800,000

127,986


127,986



Morgan Stanley

15/11/2019

EUR

950,000

–15,056


Morgan Stanley

15/11/2015

EUR

2,300,000

–10,142


Deutsche Bank AG

27/05/2018

EUR

6,700,000

–125,435


–150,633


IRS GBP Pay 2.1047% Receive LIBOR, BBA GBP

Barclays Bank

05/06/2023

GBP

3,100,000

142,136

IRS Pay 2.2902% USD Receive LIBOR, BBA USD

Barclays Bank

07/06/2023

USD

5,300,000

145,044

IRS Pay 0.7652% USD Receive 3M LIBOR

Barclays Bank

15/11/2017

USD

4,100,000

78,200



Denomination

Counterparty

Maturity date

Currency

Nominal value


currency x 1


365,380



Credit Suisse

11/02/2023

EUR

4,650,000

–37,051


Morgan Stanley

15/11/2022

EUR

3,650,000

–83,445


Credit Suisse

17/05/2023

EUR

3,100,000

–107,051


Barclays Bank

27/05/2018

EUR

13,850,000

–252,604


–480,151

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’ . The contracts outstanding as at 30 June 2013 are in the table below. Information

on the collateral on this positions is stated in the table on page 62.

Inflation-linked swaps

At 30 June 2013

Denomination Counterparty

Maturity date

Currency

Nominal value

Unrealized gains/losses

base currency x 1


Robeco Investment Grade Corporate Bonds, class IHHI EUR

ILS Pay 1.5000% EUR Receive HICPX EU Barclays Bank 12/06/2018 EUR 4,200,000 –34,062

ILS Pay 2.0900% EUR Receive HICPX EU Barclays Bank 12/06/2018 EUR 200,000 –2,646




–73,330


Robeco Euro Government Bonds, class IHHI EUR







Robeco All Strategies Euro Bonds, class DHHI EUR

ILS Pay 1.37% EUR Receive HICPX EU Morgan Stanley 06/06/2016 EUR 11,750,000 –98,817






* 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’ . The contracts outstanding as at 30 June 2013 are disclosed in the table below.

Information on the collateral on this positions is stated in the table on page 62.


Credit default swaps

At 30 June 2013

Purchase/Sale of risk

Denomination Premium

Expiration date CDS/CDX

Currency Counterparty Nominal value/

commitment


currency x 1



Purchase CDS 6.000 SPRINT NEXTEL CORP 01-DEC-2016 Pay 500 bps 20/12/2017 USD Goldman Sachs 10,000,000 689,116

Purchase CDS 6.000 SPRINT NEXTEL CORP 01-DEC-2016 Pay 500 bps 20/12/2017 USD Barclays Bank 10,000,000 689,116

Purchase CDS 6.000 SPRINT NEXTEL CORP 01-DEC-2016 Pay 500 bps 20/12/2017 USD JP Morgan 10,000,000 689,116

Purchase CDS 6.375 HCA INC 15-JAN-2015 Pay 500 bps 20/03/2021 USD Barclays Bank 8,000,000 360,004

Purchase CDS 6.500 LEVEL 3 COMMUNICATIONS 01-OCT-2016 Pay 500 bps 20/06/2017 USD Bank of America 8,000,000 383,761

Purchase CDS 6.875 EL PASO LLC 15-JUN-2014 Pay 500 bps 20/12/2014 USD Bank of America 8,000,000 387,441

Purchase CDS 7.000 GOODYEAR TIRE & RUBBER 15-MAR-2028 Pay 500 bps 20/09/2017 USD Bank of America 10,000,000 418,770

Purchase

CDS 7.000 GOODYEAR TIRE & RUBBER 15-MAR-2028 Pay 500 bps 20/12/2017 USD Bank of America 10,000,000

350,503

Purchase CDS 7.000 GOODYEAR TIRE & RUBBER 15-MAR-2028 Pay 500 bps 20/03/2018 USD Goldman Sachs 10,000,000 286,189

Purchase CDS 7.000 GOODYEAR TIRE & RUBBER 15-MAR-2028 Pay 500 bps 20/03/2018 USD Barclays Bank 10,000,000 286,189

Purchase CDS 7.000 GOODYEAR TIRE & RUBBER 15-MAR-2028 Pay 500 bps 20/03/2018 USD Deutsche Bank AG 7,000,000 200,332

Purchase CDS 7.125 HOST HOTELS & RESORTS LP 01-NOV-2013 Pay 500 bps 20/09/2015 USD Goldman Sachs 5,000,000 391,247

Purchase CDS 7.125 HOST HOTELS & RESORTS LP 01-NOV-2013 Pay 500 bps 20/12/2014 USD Credit Suisse 5,000,000 271,613

Purchase CDS 7.125 HOST HOTELS & RESORTS LP 01-NOV-2013 Pay 500 bps 20/09/2014 USD Goldman Sachs 5,000,000 231,503

Purchase CDS 7.125 HOST HOTELS & RESORTS LP 01-NOV-2013 Pay 500 bps 20/09/2014 USD Barclays Bank 5,000,000 231,503

Purchase CDS 7.125 HOST HOTELS & RESORTS LP 01-NOV-2013 Pay 500 bps 20/09/2014 USD Barclays Bank 2,000,000 92,601

Purchase CDS 7.250 CONSTELLATION BRANDS INC 01-SEP-2016 Pay 500 bps 20/09/2015 USD Barclays Bank 5,000,000 391,735

Purchase CDS 7.250 CONSTELLATION BRANDS INC 01-SEP-2016 Pay 500 bps 20/09/2015 USD JP Morgan 5,000,000 391,735

Purchase CDS 7.625 LEVI STRAUSS & CO 15-MAY-2020 Pay 500 bps 20/06/2018 USD Goldman Sachs 10,000,000 605,092

Purchase CDS 7.750 AVIS BUDGET CAR RENTAL 15-MAY-2016 Pay 500 bps 20/06/2017 USD Deutsche Bank AG 5,000,000 339,487

Purchase

CDS 8.000 SUPERVALU INC 01-MAY-2016 Pay 500 bps 20/03/2017 USD JP Morgan 10,000,000

285,370

Purchase CDS 8.000 SUPERVALU INC 01-MAY-2016 Pay 500 bps 20/12/2016 USD Goldman Sachs 5,000,000 166,199

Purchase CDS 8.000 SUPERVALU INC 01-MAY-2016 Pay 500 bps 20/12/2016 USD Barclays Bank 5,000,000 166,199

Purchase CDS 8.000 SUPERVALU INC 01-MAY-2016 Pay 500 bps 20/12/2016 USD Barclays Bank 5,000,000 166,199

Purchase CDS 8.875 LEVI STRAUSS & CO 01-APR-2016 Pay 500 bps 20/06/2017 USD UBS AG 5,000,000 370,452

Purchase CDS 9.000 FRONTIER COMMUNICATIONS 15-AUG-2031 Pay 500 bps 20/06/2018 USD Bank of America 10,000,000 292,142

Purchase CDX MARKIT CDX.NA.HY Pay 500 bps 20/06/2018 USD JP Morgan 200,000,000 4,657,382

Purchase CDX MARKIT CDX.NA.HY Pay 500 bps 20/06/2018 USD Bank of America 100,000,000 2,328,691

Purchase CDX NA HY series 7 10Y Pay 325 bps 20/12/2017 USD iTraxx (European) 10,000,000 225,659

Purchase CDS 4.625 PERNOD-RICARD SA 06-DEC-2013 Pay 640 bps 20/06/2014 EUR Credit Suisse 3,500,000 212,545

Purchase CDS 4.625 PERNOD-RICARD SA 06-DEC-2013 Pay 275 bps 20/09/2013 EUR Morgan Stanley & Co 6,000,000 35,427

Purchase CDS 5.625 FIAT FINANCE NORTH AMERI 12-JUN-2017 Pay 500 bps 20/09/2016 EUR HSBC 5,000,000 236,918

Purchase CDS 5.625 FIAT FINANCE NORTH AMERI 12-JUN-2017 Pay 500 bps 20/09/2016 EUR JP Morgan 5,000,000 236,918

Purchase CDS 5.750 ASML HOLDING NV 13-JUN-2017 Pay 700 bps 20/06/2014 EUR Deutsche Bank AG 5,000,000 230,516

Purchase CDS 6.250 FIAT INDUSTRIAL FIN EUR 09-MAR-2018 Pay 500 bps 20/12/2016 EUR Barclays Bank 5,000,000 504,082

Purchase CDS 6.250 FIAT INDUSTRIAL FIN EUR 09-MAR-2018 Pay 500 bps 20/12/2016 EUR Goldman Sachs 5,000,000 504,082

Purchase CDS 6.250 FIAT INDUSTRIAL FIN EUR 09-MAR-2018 Pay 500 bps 20/12/2016 EUR Goldman Sachs 5,000,000 504,082

Purchase CDS 6.250 FIAT INDUSTRIAL FIN EUR 09-MAR-2018 Pay 500 bps 20/03/2017 EUR Deutsche Bank AG 2,000,000 205,201

Purchase CDS 7.750 UPC HOLDING BV 15-JAN-2014 Pay 435 bps 20/03/2017 EUR Goldman Sachs 6,000,000 188,636

Purchase CDS 7.750 UPC HOLDING BV 15-JAN-2014 Pay 445 bps 20/03/2017 EUR Credit Suisse 3,000,000 104,752

Purchase CDS 7.750 UPC HOLDING BV 15-JAN-2014 Pay 435 bps 20/03/2017 EUR Barclays Bank 3,000,000 94,318

Purchase CDS 7.750 UPC HOLDING BV 15-JAN-2014 Pay 440 bps 20/06/2017 EUR Bank of America 2,500,000 67,720

Purchase CDS 8.000 ONO FINANCE II PLC 16-MAY-2014 Pay 565 bps 20/03/2017 EUR Goldman Sachs 6,000,000 115,424

Purchase CDS 8.500 SUNRISE COMMUNICATIONS H 31-DEC-2018 Pay 500 bps 20/12/2016 EUR BNP Paribas S.A. 5,000,000 271,497

Purchase CDS 8.500 SUNRISE COMMUNICATIONS H 31-DEC-2018 Pay 500 bps 20/12/2016 EUR Credit Suisse 5,000,000 271,497

Purchase CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014 Pay 547 bps 20/03/2017 EUR JP Morgan 9,000,000 1,000,547

Purchase CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014 Pay 667 bps 20/03/2017 EUR Goldman Sachs 3,000,000 461,483

Purchase CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014 Pay 550 bps 20/06/2017 EUR Barclays Bank 1,000,000 113,362

Purchase CDS 8.750 METSA BOARD OYJ 01-APR-2013 Pay 390 bps 20/03/2017 EUR Credit Suisse 5,000,000 272,709

Purchase CDS 8.750 METSA BOARD OYJ 01-APR-2013 Pay 480 bps 20/03/2017 EUR Goldman Sachs 3,000,000 259,741

Purchase CDS 8.750 METSA BOARD OYJ 01-APR-2013 Pay 400 bps 20/03/2017 EUR Credit Suisse 4,000,000 232,406

Purchase CDS 8.750 METSA BOARD OYJ 01-APR-2013 Pay 472 bps 20/06/2017 EUR Bank of America 2,000,000 162,911

Purchase CDS 8.750 UNITYMEDIA GMBH 15-FEB-2015 Pay 500 bps 20/03/2016 EUR Bank of America 5,000,000 358,126

Purchase CDS 8.750 UNITYMEDIA GMBH 15-FEB-2015 Pay 500 bps 20/03/2016 EUR Morgan Stanley & Co 5,000,000 358,126

Purchase CDS 8.750 UNITYMEDIA GMBH 15-FEB-2015 Pay 500 bps 20/03/2016 EUR Bank of America 5,000,000 358,126

Purchase CDS 9.500 VIRGIN MEDIA FINANCE PLC 15-AUG-2016 Pay 500 bps 20/06/2017 EUR Citibank London 5,000,000 253,208



At 30 June 2013





commitment


currency x 1

Purchase CDS 9.500 VIRGIN MEDIA FINANCE PLC 15-AUG-2016 Pay 500 bps 20/06/2017 EUR Barclays Bank 4,000,000 202,566

Purchase CDS 9.500 VIRGIN MEDIA FINANCE PLC 15-AUG-2016 Pay 500 bps 20/06/2017 EUR Deutsche Bank AG 4,000,000 202,566


24,364,838

Purchase CDS 4.875 HBOS PLC 20-MAR-2015 Pay 160 bps 20/03/2018 EUR Goldman Sachs 10,000,000 –266,329

Purchase CDS 6.000 ROYAL BK OF SCOTLAND PLC 10-MAY-2013 Pay 153 bps 20/03/2018 EUR Goldman Sachs 10,000,000 –909,794

Purchase CDS 8.000 ONO FINANCE II PLC 16-MAY-2014 Pay 480 bps 20/06/2017 EUR Bank of America 2,000,000 –35,600

Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR Barclays Bank 4,700,000 –527,781

Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR UBS AG 7,500,000 –842,204

Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR RBS Trust Bank 14,700,000 –1,650,719

Purchase CDS 7.250 TRW AUTOMOTIVE INC 15-MAR-2017 Pay 100 bps 20/09/2017 USD UBS AG 5,000,000 –84,328

Purchase CDS 7.375 TOYS R US INC 15-OCT-2018 Pay 500 bps 20/12/2016 USD Goldman Sachs 5,000,000 –115,348

Purchase CDS 7.375 TOYS R US INC 15-OCT-2018 Pay 500 bps 20/12/2016 USD Barclays Bank 5,000,000 –115,348

Sale CDS 5.125 STORA ENSO OYJ 23-JUN-2014 Receive 420 bps 20/06/2016 EUR Barclays Bank 3,600,000 –198,845

Sale CDS 6.125 UPM-KYMMENE CORP 23-JAN-2012 Receive 405 bps 20/06/2014 EUR Deutsche Bank AG 6,750,000 –223,884

Sale CDS 6.875 ROYAL CARIBBEAN CRUISES 01-DEC-2013 Receive 500 bps 20/03/2014 EUR Bank of America 5,000,000 –169,458

Sale CDS 7.750 UPC HOLDING BV 15-JAN-2014 Receive 372 bps 20/03/2014 EUR Barclays Bank 3,000,000 –68,731

Sale CDS 7.750 UPC HOLDING BV 15-JAN-2014 Receive 376 bps 20/03/2014 EUR Credit Suisse 3,000,000 –69,610

Sale CDS 7.750 UPC HOLDING BV 15-JAN-2014 Receive 370 bps 20/06/2014 EUR Bank of America 2,500,000 –73,882

Sale CDS 7.750 UPC HOLDING BV 15-JAN-2014 Receive 370 bps 20/03/2014 EUR Goldman Sachs 6,000,000 –136,584

Sale CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014 Receive 500 bps 20/06/2015 EUR Barclays Bank 1,000,000 –76,335

Sale CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014 Receive 626 bps 20/03/2015 EUR Goldman Sachs 3,000,000 –270,640

Sale CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014 Receive 512 bps 20/03/2015 EUR JP Morgan 9,000,000 –635,149

Sale CDS 8.750 METSA BOARD OYJ 01-APR-2013 Receive 405 bps 20/06/2014 EUR Bank of America 2,000,000 –69,728

Sale CDS 8.750 METSA BOARD OYJ 01-APR-2013 Receive 421 bps 20/03/2014 EUR Goldman Sachs 3,000,000 –84,948

Sale CDS 8.750 METSA BOARD OYJ 01-APR-2013 Receive 340 bps 20/03/2014 EUR Credit Suisse 4,000,000 –89,507

Sale CDS 8.750 METSA BOARD OYJ 01-APR-2013 Receive 330 bps 20/03/2014 EUR Credit Suisse 5,000,000 –108,217

Sale CDX MARKIT ITRX EUR XOVER Receive 500 bps 20/06/2018 EUR BNP Paribas S.A. 50,000,000 –467,315

Sale CDX MARKIT ITRX EUR XOVER Receive 500 bps 20/06/2018 EUR Credit Suisse 100,000,000 –934,629

Sale CDX MARKIT ITRX EUR XOVER Receive 500 bps 20/06/2018 EUR Barclays Bank 100,000,000 –934,629

Sale CDS 5.150 TOLL BROS FINANCE CORP 15-MAY-2015 Receive 325 bps 20/06/2015 USD Bank of America 5,000,000 –198,374

Sale CDX NA HY series 7 7Y Receive 325 bps 20/12/2013 USD iTraxx (European) 10,000,000 –84,085


–9,442,001


Purchase CDX MARKIT CDX.LATAM.19 06 Pay 500 bps 20/06/2018 USD Barclays Bank 1,000,000 57,400




Sale CDS 4.250 PEOPLE'S REP OF CHINA 28-OCT-2014 Receive 100 bps 20/12/2022 USD Deutsche Bank AG 8,000,000 286,586

Sale CDS 4.750 CHINA DEVELOPMENT BANK 08-OCT-2014 Receive 100 bps 20/06/2018 USD Citibank London 8,650,000 136,663

Sale CDS 4.750 PEOPLE'S REP OF CHINA 29-OCT-2013 Receive 100 bps 20/06/2020 USD JP Morgan 4,900,000 98,369

Sale CDS 8.250 BANK OF CHINA 15-MAR-2014 Receive 100 bps 20/06/2018 USD Citibank London 8,650,000 166,380

Sale CDS 4.375 UNICREDIT SPA 10-FEB-2014 Receive 300 bps 20/12/2017 EUR Credit Suisse 6,150,000 118,583

Sale CDX MARKIT ITRX EUR HIVOL Receive 100 bps 20/06/2018 EUR Barclays Bank 3,000,000 100,083


Purchase CDS 4.000 ALSTOM 23-SEP-2014 Pay 100 bps 20/03/2017 EUR Citibank London 1,300,000 –23,753

Purchase CDS 4.000 ALSTOM 23-SEP-2014 Pay 100 bps 20/03/2017 EUR Barclays Bank 2,700,000 –49,333

Purchase CDS 4.000 ALSTOM 23-SEP-2014 Pay 100 bps 20/06/2018 EUR JP Morgan 3,000,000 –135,167

Purchase CDS 4.750 INTESA SANPAOLO SPA 15-JUN-2017 Pay 300 bps 20/12/2017 EUR Credit Suisse 6,150,000 –78,859

Sale CDS 5.000 MERRILL LYNCH & CO 15-JAN-2015 Receive 405 bps 20/12/2013 EUR Deutsche Bank AG 4,800,000 –87,200

Purchase CDS 5.000 SAINT-GOBAIN NEDER B.V. 25-APR-2014 Pay 100 bps 20/12/2017 EUR JP Morgan 3,000,000 –43,591

Sale CDS 6.680 KBC IFIMA NV 07-FEB-2025 Receive 640 bps 20/03/2014 EUR Credit Suisse 4,250,000 –172,749

Sale CDS 6.934 ROYAL BK OF SCOTLAND PLC 09-APR-2018 Receive 500 bps 20/12/2015 EUR Deutsche Bank AG 2,100,000 –128,129

Sale CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019 Receive 100 bps 20/12/2016 EUR Goldman Sachs 2,500,000 –6,000

Sale CDS 4.250 PEOPLE'S REP OF CHINA 28-OCT-2014 Receive 100 bps 20/06/2017 USD HSBC 6,500,000 –17,971



At 30 June 2013





commitment


currency x 1

Sale CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019 Receive 100 bps 20/12/2016 USD HSBC 3,300,000 –7,501



Purchase CDS 4.000 ALSTOM 23-SEP-2014 Pay 100 bps 20/03/2017 EUR Barclays Bank 5,300,000 –96,838

Purchase CDS 4.000 ALSTOM 23-SEP-2014 Pay 100 bps 20/03/2017 EUR Citibank London 2,700,000 –49,333

Sale CDS 5.000 MERRILL LYNCH & CO 15-JAN-2015 Receive 405 bps 20/12/2013 EUR Deutsche Bank AG 4,300,000 –78,117

Purchase CDS 5.000 SAINT-GOBAIN NEDER B.V. 25-APR-2014 Pay 100 bps 20/12/2017 EUR JP Morgan 5,150,000 –74,831

Sale CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019 Receive 100 bps 20/12/2016 EUR Goldman Sachs 3,300,000 –7,920

Sale CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019 Receive 100 bps 20/12/2016 USD HSBC 4,300,000 –9,774



Purchase CDS 5.625 FIAT FINANCE NORTH AMERI 12-JUN-2017 Pay 500 bps 20/09/2016 EUR Barclays Bank 500,000 23,692


Sale CDS 6.125 UPM-KYMMENE CORP 23-JAN-2012 Receive 405 bps 20/06/2014 EUR Deutsche Bank AG 250,000 –8,292

Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR Barclays Bank 3,550,000 –398,643

Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR UBS AG 750,000 –84,220

Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR RBS Trust Bank 300,000 –33,688

Sale CDX MARKIT ITRX EUR XOVER Receive 500 bps 20/06/2018 EUR Deutsche Bank AG 2,000,000 –18,693


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. The contracts outstanding as at 30 June 2013 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 62.

Contracts for differences

At 30 June 2013

Unrealized

Number Name underlying share Currency

Counterparty

Commitment EUR x 1

gains/losses base currency x 1


Long positions

269,500 Henkel AG & Co KGaA EUR Goldman Sachs 10,083,690

6,153,685


6,153,685

Short positions

208,000 Henkel AG & Co KGaA EUR Goldman Sachs 9,139,006

–5,888,994


–5,888,994


Long positions

560,000 Barclays GBP Goldman Sachs 1,264,411

360,152

55,000

Citigroup Inc/New USD

Goldman Sachs

1,540,383

304,829



10 Collateral

Several sub-funds received or paid collateral to cover the unrealized results on derivative instruments, except options and

financial futures. 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 base currency x thousand Counterparty

Paid/Received

30/06/2013

Robeco Global Stars Equities Goldman Sachs

Received 270

Robeco US Premium Equities Rabobank

Paid 2,250

Robeco US Premium Equities Deutsche Bank Paid 2,800

Robeco US Large Cap Equities Deutsche Bank

Paid 1,105

Robeco New World Financial Equities Deutsche Bank

Received 590

Robeco New World Financial Equities Goldman Sachs Received 1,050

Robeco High Yield Bonds Barclays Bank

Paid 18,209

Robeco High Yield Bonds Barclays Bank

Paid 960

Robeco High Yield Bonds Citibank

Paid 2,120

Robeco High Yield Bonds Deutsche Bank

Paid 4,840

Robeco High Yield Bonds RBS Trust Bank

Paid 2,100

Robeco High Yield Bonds UBS

Paid 220

Robeco High Yield Bonds Bank of America

Received 4,140

Robeco High Yield Bonds Goldman Sachs

Received 3,660

Robeco High Yield Bonds JP Morgan

Received 4,184

Robeco High Yield Bonds Morgan Stanley

Received 490

Robeco High Yield Bonds Rabobank

Received 2,740

Robeco High Yield Bonds Credit Suisse

Received 330

Robeco Investment Grade Corporate Bonds Barclays Bank

Received 5,298

Robeco Emerging Debt Rabobank Paid 520

Robeco Quant Emerging Debt Barclays Bank Paid 272

Robeco Euro Credit Bonds JP Morgan Received 694

Robeco Euro Credit Bonds Credit Suisse Paid 1,827

Robeco Euro Credit Bonds Barclays Bank

Paid 210

All Strategy Euro Bonds JP Morgan

Paid 22

All Strategy Euro Bonds Barclays Bank

Paid 6,896

All Strategy Euro Bonds Citibank

Paid 10

All Strategy Euro Bonds Goldman Sachs

Paid 300

All Strategy Euro Bonds Morgan Stanley

Paid 240

All Strategy Euro Bonds Deutsche Bank

Received 150

Robeco European High Yield Bonds Barclays Bank

Paid 460

Robeco Euro Sustainable Credits Barclays Bank Paid 198

Robeco Financial Institutions Bonds Barclays Bank

Paid 487

Robeco Financial Institutions Bonds Rabobank

Paid 250

Robeco GTAA Fund JP Morgan

Paid 290

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. 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

30/06/2013

01/01/2013-30/06/2013

01/07/2012-31/12/2012 30/06/2013

Market value of securities lent

EUR x 1

Positions to be returned/

delivered EUR x 1

In % of investments

Income sub- fund EUR x

1,000

Income RSL EUR x 1,000

Income sub- fund EUR x

1,000

Income RSL EUR x 1,000

Market value Collateral received

EUR x 1


Robeco BP Global Premium Equities 1,706,009 –

2.2

16

8

2

1

1,857,549

Robeco Global Stars Equities – –

–

100

43

34

15

–

Robeco Emerging Stars Equities 60,658,592 – 33.6 476 256 562 302 66,046,714

Robeco Emerging Markets Equities 315,826,482 91,728

20.6

1,065

573

1,668

898

343,880,411

Robeco Active Quant Emerging Markets Equities 46,589,731 2,578,634

8.2

252

136

207

111

50,728,159

Robeco Emerging Conservative Equities 84,858,858 1,141,907

5.1

297

160

166

90

92,396,619


Robeco Asia-Pacific Equities 42,237,667 –

5.2

188

81

391

168

45,989,514

RobecoSAM Sustainable European Equities 5,345,239 –

1.3

377

203

207

89

5,820,041

Robeco European Conservative Equities 12,054,024 78,178

4.4

166

71

46

20

13,124,747

Robeco US Premium Equities 455,403,464 5,396,777

6.3

310

133

357

153

495,855,601

Robeco Chinese Equities 65,767,627 98,313

16.3

293

158

1,168

629

71,609,570

Robeco US Large Caps Equities 5,396,777 –

0.4

14

8

2

1

5,876,156


Robeco New World Financial Equities 8,913,793 –

5.4

50

22

44

19

9,705,578

Robeco Property Equities 14,404,133 –

3.9

86

37

65

28

15,683,610

Robeco Global Consumer Trends Equities 53,611,932 6,326,022

8.6

127

68

132

57

58,374,120

Robeco Natural Resources Equities 4,594,598 –

5.8

79

34

114

49

5,002,722

RobecoSAM Sustainable Agribusiness Equities 16,239,911 2,000,231

15.9

190

81

107

46

17,682,454

Robeco Infrastructure Equities 12,867,687 –

10.4

130

56

87

37

14,010,686


Robeco High Yield Bonds 195,291,056 478,750

76.8

347

187

477

257

212,638,181

Robeco Investment Grade Corporate Bonds 45,576,165 –

3.8

31

8

78

19

49,624,561


Robeco Euro Government Bonds 189,047,710 2,149,560

24.8

113

28

111

28

205,840,256

Robeco Euro Credit Bonds 13,410,483 –

3.4

28

7

70

18

14,601,696

Robeco All Strategy Euro Bonds 173,992,069 –

13

118

30

320

80

189,447,267

Robeco European High Yield Bonds 19,971,504 –

10.7

26

11

18

8

21,745,513

Total 1,843,765,511 20,340,100

2,007,541,725 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, the following equity swaps were outstanding at the end of the reporting period:

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 2,147 2,621

Robeco Emerging Stars Equities Equity Basket Goldman Sachs Buy TWD 3,974 4,978

Robeco Emerging Stars Equities Equity Basket Bank of America Merrill Lynch Buy BRL 7,972 9,124

Robeco Emerging Markets Equities Equity Basket Credit Suisse First Boston(Europe) Buy TWD 130,961 141,865

Robeco Emerging Markets Equities Equity Basket Bank of America Merrill Lynch Buy BRL 22,240 24,943

Robeco Emerging Markets Equities Equity Basket Credit Suisse First Boston(Europe) Buy MYR 1,373 1,317

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, 0IEH, 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 BP Global Premium Equities, Robeco US Premium Equities, Robeco US Large Cap Equities and Robeco

US Select Opportunities.

The Investment Adviser can appoint Robeco Gestions S.A. as its Investment Sub-Adviser for the sub-fund Robeco GTAA

Fund.

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 RobecoSAM Sustainable European Equities and RobecoSAM Sustainable

Agribusiness Equities is RobecoSAM 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 Cross investment between sub-funds

The Company is permitted to engage in cross investment between sub-funds within the umbrella structure. In case

management fee or service fees charged on the cross investments, these fees are returned to the investor sub-fund. The

following information pertains to the cross-investment between sub-funds within the Company as at 30 June 2013:

Cross investments

Investor sub-fund Investee sub-fund and share class name Shares Cost Market Value Unrealised Gain/(Loss)


Robeco Emerging Markets Smaller Companies, class Z USD

285,000

21,738,138

21,605,493

–132,646


Robeco European High Yield Bonds, class ZH EUR 973,475 101,737,676

103,383,054

1,645,378


Robeco European High Yield Bonds, class ZH EUR

323,132

33,999,949

34,316,618

316,669

Robeco Euro Credit Bonds Robeco Covered Bonds, class IH EUR

130,000

13,000,000

13,054,600

54,600

The impact of the above cross-investment transactions has been eliminated from the combined totals column in the

Statement of net asset.


18 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-funds Robeco Momentum Equities and 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

C, CH

DL

E

I

IHHI

M

0IH 40IH

IE

DHHI, 0DH

All

I, IH

BH

DH

F, FH

0FH

EH

IH

MH

40FH

IEH

0EH, 10DH

other

IE, IEH, IHHI

BxH

GH

0IEH

0MH

J

40DH

Classes

0IH, 40IH



1.25 1.25

—

—

—

—

—

—

— —

—

—

0.12

—


1.00 1.00

0.50

4

—

—

0.60

—

—

— —

—

—

0.12

0.08


—

1.25

4

—

—

—

0.70

—

—

— —

—

—

0.12

0.08


—

1.50

0.80

1.75

—

0.80

4

—

—

— —

—

—

0.12

0.08


— 1.50

0.80

—

—

0.80

4

—

2.00

— —

0.80

—

0.12

0.08


— 1.25

—

1.75

1.25

0.70

4

—

2.00

— —

—

—

0.12

0.08

Robeco Momentum Equities 2 — — — — — 0.55 — — — — — — — 0.08


—

—

—

—

— 0.60

—

—

— —

—

—

—

0.08

Robeco Emerging Conservative Equities 1.25 1.25

0.63

4

—

—

0.68

4

—

2.00

— —

—

—

0.12

0.08

Robeco Emerging Markets Smaller Companies Equities — 1.75 — — — 0.90 — — — — — — 0.12 0.08



—

1.50

0.75

4

—

—

0.90

—

—

— —

—

—

0.12

—


— 1.25

—

—

—

0.70

—

—

— —

—

—

0.12

0.08


1.00 1.00

0.50

4

—

—

0.55

4

—

—

— —

—

—

0.12

0.08


— 1.50

0.75

4

—

1.50

0.70

–

2.00

— —

0.70

—

0.12

0.08


— 1.50

—

—

—

0.90

4

—

—

— —

—

—

0.12

0.08


Management and service fee1

Management fee

Service fee

3

In %

Class of share

Class of share

B

D

C, CH

DL

E

I

IHHI

M

0IH 40IH

IE

DHHI, 0DH

All

I, IH

BH

DH

F, FH

0FH

EH

IH

MH

40FH

IEH

0EH, 10DH

other

IE, IEH, IHHI

BxH

GH

0IEH

0MH

J

40DH

Classes

0IH, 40IH


— 1.50

—

—

—

0.90

4

—

—

— —

—

—

0.18

0.12

Robeco Asian Stars Equities 2

—

1.50

—

—

—

—

—

—

— —

—

—

0.12

—

Robeco US Large Cap Equities

— 1.25

0.63

4

—

—

0.65

—

2.00

— —

0.65

—

0.12

0.08

Robeco US Select Opportunities Equities — 1.50

—

—

—

0.70

—

2.00

— —

—

—

0.12

0.08



—

1.50

0.75

4

—

—

—

—

—

— —

—

—

0.12

—


1.50 1.50

0.75

4

—

—

0.80

4

—

2.00

— —

—

—

0.12

0.08


— 1.50

0.75

4

—

—

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



1.00

4

1.00

0.50

4

0.50

4

1.00

0.50

—

1.30

0.50 —

0.50

1.00

0.12

0.08


0.70 0.70

0.35

4

–

—

0.30

0.35

—

0.30 —

0.30

0.70

0.12

0.08

Robeco Emerging Debt — 1.204

—

—

— 0.70

4

—

—

— —

—

—

0.12

0.08

Robeco Quant Emerging Debt Local Currency 1.20 1.20 — — — 0.65 — — — — — — 0.12 0.08



—

0.42

4 0.25

—

0.42

4

0.30

0.35

—

— —

—

—

0.12

0.08


0.70 0.70

—

—

—

0.35

—

—

— —

—

—

0.12

0.08


0.70 0.70

—

—

—

0.35

0.40

—

0.45 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 Covered Bonds — — — — — 0.35 — — — — — — — 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 Fee changed during reporting period. See details on page 6.

19 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. 20 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.


21 Distributed dividends

During the reporting period the following distributions took place:

Distributions

Amount

Currency

Ex-dividend

Payment date

per share

date


B EUR shares

1.08 EUR 08/03/2013 15/03/2013

B EUR shares 1.14 EUR 07/06/2013 14/06/2013


B EUR shares 1.18 EUR 08/03/2013 15/03/2013

B EUR shares 1.19 EUR 07/06/2013 14/06/2013

C EUR shares 1.02 EUR 08/03/2013 15/03/2013

C EUR shares 1.03 EUR 07/06/2013 14/06/2013


B EUR shares

1.44 EUR 08/03/2013 15/03/2013

B EUR shares 1.44 EUR 07/06/2013 14/06/2013

C EUR shares 1.33 EUR 08/03/2013 15/03/2013

C EUR shares 1.33 EUR 07/06/2013 14/06/2013


B EUR shares

0.86 EUR 08/03/2013 15/03/2013

B EUR shares 0.90 EUR 07/06/2013 14/06/2013

C EUR shares 1.07 EUR 08/03/2013 15/03/2013

C EUR shares 1.13 EUR 07/06/2013 14/06/2013


B EUR shares

0.19 EUR 08/03/2013 15/03/2013

B EUR shares 0.19 EUR 07/06/2013 14/06/2013


BH EUR shares

0.38 EUR 08/03/2013 15/03/2013

BH EUR shares 0.39 EUR 07/06/2013 14/06/2013

CH EUR shares 1.50 EUR 08/03/2013 15/03/2013

CH EUR shares 1.51 EUR 07/06/2013 14/06/2013

0IEH USD shares 1.53 USD 08/03/2013 15/03/2013

0IEH USD shares 1.56 USD 07/06/2013 14/06/2013

BxH USD shares 0.59 USD 11/01/2013 18/01/2013







BH EUR shares

1.37 EUR 08/03/2013 15/03/2013

BH EUR shares 1.37 EUR 07/06/2013 14/06/2013

CH EUR shares 1.26 EUR 08/03/2013 15/03/2013

CH EUR shares 1.26 EUR 07/06/2013 14/06/2013


B EUR shares 1.24 EUR 08/03/2013 15/03/2013

B EUR shares 1.18 EUR 07/06/2013 14/06/2013


CH EUR shares 1.08 EUR 08/03/2013 15/03/2013

CH EUR shares 1.09 EUR 07/06/2013 14/06/2013


BH EUR shares 1.30 EUR 08/03/2013 15/03/2013

BH EUR shares 1.30 EUR 07/06/2013 14/06/2013


BH EUR shares

0.99 EUR 08/03/2013 15/03/2013

BH EUR shares 1.01 EUR 07/06/2013 14/06/2013


Distributions

Amount

Currency

Ex-dividend

Payment date

per share

date


BH EUR shares

1.30 EUR 08/03/2013 15/03/2013

BH EUR shares 1.31 EUR 07/06/2013 14/06/2013


BH EUR shares

1.65 EUR 08/03/2013 15/03/2013

BH EUR shares 1.66 EUR 07/06/2013 14/06/2013

22 Transaction costs

The Company and its classes of shares pay directly commissions, brokerage fees and taxes resulting from financial

transactions.


23 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 %

01/07/2012-30/06/2013

01/07/2011-30/06/2012

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

0.22

1.59

1.25

0.12

0.00

0.24

1.61

D EUR 1.25

0.12

0.00

0.22

1.59

1.25

0.12

0.00

0.26

1.63


B EUR

1.00

0.12

0.00

0.09

1.21

1.00

0.12

0.00

0.23

1.35

C EUR

0.52

0.12

0.00

0.10

0.74

0.00

0.00

0.00

0.00

0.00

D EUR

1.00

0.12

0.00

0.09

1.21

1.00

0.12

0.00

0.23

1.35

I EUR

0.60

0.08

0.00

0.05

0.73

0.60

0.08

0.00

0.19

0.87

Z EUR

0.00

0.00

0.00

0.09

0.09

0.00

0.00

0.00

0.18

0.18

D USD

1.00

0.12

0.00

0.09

1.21

0.00

0.00

0.00

0.00

0.00

I USD 0.60

0.08

0.00

0.05

0.73

0.60

0.08

0.00

0.18

0.86


D EUR

1.22

0.12

0.00

0.07

1.41

1.20

0.12

0.00

0.07

1.39

Z EUR 0.00

0.00

0.00

0.03

0.03

0.00

0.00

0.00

0.03

0.03


D EUR

1.50

0.12

0.00

0.12

1.74

1.50

0.12

0.00

0.13

1.75

DL EUR

1.75

0.12

0.00

0.12

1.99

1.75

0.12

0.00

0.13

2.00

F EUR

0.80

0.12

0.46

0.12

1.50

0.00

0.00

0.00

0.00

0.00

I EUR

0.85

0.08

0.52

0.08

1.53

1.10

0.08

0.26

0.09

1.53

Z EUR

0.00

0.00

0.00

0.12

0.12

0.00

0.00

0.00

0.13

0.13

D USD 1.50

0.12

0.15

0.12

1.89

1.50

0.12

0.00

0.14

1.76


D EUR

1.50

0.12

0.00

0.12

1.74

1.50

0.11

0.00

0.14

1.75

F EUR

0.80

0.12

0.00

0.12

1.04

0.00

0.00

0.00

0.00

0.00

I EUR

0.85

0.08

0.00

0.08

1.01

1.10

0.08

0.00

0.10

1.28

M EUR

2.00

0.12

0.00

0.12

2.24

2.00

0.12

0.00

0.14

2.26

Z EUR

0.00

0.00

0.00

0.08

0.08

0.00

0.00

0.00

0.10

0.10

D USD

1.50

0.12

0.00

0.12

1.74

1.50

0.12

0.00

0.14

1.76

I USD

0.85

0.08

0.00

0.08

1.01

1.10

0.08

0.00

0.10

1.28

J USD 0.80

0.08

0.00

0.08

0.96

0.80

0.08

0.00

0.10

0.98


D EUR

1.25

0.12

0.00

0.13

1.50

1.25

0.12

0.00

0.15

1.52

E EUR

1.25

0.12

0.00

0.13

1.50

0.00

0.00

0.00

0.00

0.00

I EUR

0.68

0.08

0.00

0.09

0.85

0.60

0.08

0.00

0.11

0.79

Z EUR

0.00

0.00

0.00

0.09

0.09

0.00

0.00

0.00

0.11

0.11

D USD

1.25

0.12

0.00

0.13

1.50

1.25

0.12

0.00

0.17

1.54

DL USD

1.75

0.12

0.00

0.13

2.00

0.00

0.00

0.00

0.00

0.00

I USD

0.70

0.08

0.00

0.10

0.88

0.70

0.08

0.00

0.11

0.89

M USD 2.00

0.12

0.00

0.13

2.25

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

0.13

0.13

0.00

0.00

0.00

0.00

0.00

I USD 0.61

0.08

0.00

0.13

0.82

0.60

0.08

0.00

0.22

0.90


B EUR

1.25

0.12

0.00

0.12

1.49

1.25

0.12

0.00

0.20

1.57

C EUR

0.67

0.12

0.00

0.11

0.90

0.00

0.00

0.00

0.00

0.00

D EUR

1.25

0.12

0.00

0.11

1.48

1.25

0.12

0.00

0.19

1.56

I EUR

0.69

0.08

0.00

0.07

0.84

0.90

0.08

0.00

0.15

1.13

Z EUR

0.00

0.00

0.00

0.07

0.07

0.00

0.00

0.00

0.14

0.14


Total expense ratio

In %

01/07/2012-30/06/2013

01/07/2011-30/06/2012

Manage-ment fee

Service fee

Perfor-mance fee

Other costs


Service fee

Perfor-mance fee

Other costs

Total

I GBP

0.68

0.08

0.00

0.07

0.83

0.00

0.00

0.00

0.00

0.00

D USD

1.25

0.12

0.00

0.11

1.48

0.00

0.00

0.00

0.00

0.00

I USD

0.68

0.08

0.00

0.09

0.85

0.00

0.00

0.00

0.00

0.00

M USD 2.00

0.12

0.00

0.11

2.23

0.00

0.00

0.00

0.00

0.00

Robeco Emerging Markets Smaller Companies

D EUR

1.75

0.12

0.00

0.13

2.00

0.00

0.00

0.00

0.00

0.00

D USD

1.75

0.12

0.00

0.12

1.99

0.00

0.00

0.00

0.00

0.00

I USD

0.90

0.08

0.00

0.09

1.07

0.00

0.00

0.00

0.00

0.00

Z USD 0.00

0.00

0.00

0.09

0.09

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

0.09

1.71

F EUR

0.78

0.12

0.00

0.08

0.98

0.00

0.00

0.00

0.00

0.00

Z EUR

0.00

0.00

0.00

0.04

0.04

0.00

0.00

0.00

0.00

0.00

D USD

1.50

0.12

0.00

0.08

1.70

1.50

0.12

0.00

0.13

1.75

I USD 0.90

0.08

0.00

0.04

1.02

0.00

0.00

0.00

0.00

0.00


D EUR

1.25

0.12

0.00

0.07

1.44

1.25

0.12

0.00

0.07

1.44

I EUR 0.70

0.08

0.00

0.03

0.81

0.70

0.08

0.00

0.03

0.81


B EUR

1.00

0.12

0.00

0.08

1.20

1.00

0.12

0.00

0.08

1.20

C EUR

0.55

0.12

0.00

0.08

0.75

0.00

0.00

0.00

0.00

0.00

D EUR

1.00

0.12

0.00

0.08

1.20

1.00

0.12

0.00

0.08

1.20

I EUR

0.56

0.08

0.00

0.04

0.68

0.60

0.08

0.00

0.04

0.72

IH EUR

0.55

0.08

0.00

0.04

0.67

0.00

0.00

0.00

0.00

0.00

Z EUR

0.00

0.00

0.00

0.04

0.04

0.00

0.00

0.00

0.04

0.04

D USD 1.00

0.12

0.00

0.08

1.20

0.00

0.00

0.00

0.00

0.00


D EUR

1.50

0.12

0.00

0.06

1.68

1.50

0.12

0.00

0.07

1.69

F EUR

0.78

0.12

0.00

0.07

0.97

0.00

0.00

0.00

0.00

0.00

I EUR

0.70

0.08

0.00

0.02

0.80

0.70

0.08

0.00

0.03

0.81

Z EUR

0.00

0.00

0.00

0.02

0.02

0.00

0.00

0.00

0.00

0.00

DH EUR

1.50

0.12

0.00

0.06

1.68

1.50

0.12

0.00

0.07

1.69

FH EUR

0.78

0.12

0.00

0.07

0.97

0.00

0.00

0.00

0.00

0.00

IH EUR

0.70

0.08

0.00

0.02

0.80

0.70

0.08

0.00

0.03

0.81

MH EUR

2.00

0.12

0.00

0.06

2.18

2.00

0.12

0.00

0.07

2.19

EH GBP

1.50

0.12

0.00

0.06

1.68

1.50

0.12

0.00

0.06

1.68

GH GBP

0.78

0.12

0.00

0.07

0.97

0.00

0.00

0.00

0.00

0.00

IE GBP

0.70

0.08

0.00

0.02

0.80

0.70

0.08

0.00

0.03

0.81

D USD

1.50

0.11

0.00

0.06

1.67

1.50

0.12

0.00

0.07

1.69

F USD

0.78

0.12

0.00

0.06

0.96

0.00

0.00

0.00

0.00

0.00

I USD

0.70

0.07

0.00

0.02

0.79

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

0.06

2.18


D EUR

1.50

0.12

0.00

0.10

1.72

1.50

0.12

0.00

0.09

1.71

I EUR

0.81

0.07

0.00

0.06

0.94

1.10

0.08

0.00

0.06

1.24

D USD

1.50

0.12

0.00

0.10

1.72

1.50

0.12

0.00

0.09

1.71

I USD 0.92

0.08

0.00

0.06

1.06

1.10

0.08

0.00

0.06

1.24


D EUR

1.50

0.18

0.00

0.39

2.07

1.50

0.18

0.00

0.48

2.16

I EUR

0.92

0.12

0.00

0.35

1.39

1.10

0.12

0.00

0.45

1.67

D USD 1.50

0.18

0.00

0.39

2.07

1.50

0.18

0.00

0.49

2.17

Robeco Asian Stars Equities

D EUR

1.50

0.12

0.92

0.10

2.64

1.50

0.12

0.75

0.25

2.62

Z EUR 0.00

0.00

0.00

0.06

0.06

0.00

0.00

0.00

0.00

0.00


D EUR

1.25

0.12

0.00

0.07

1.44

1.25

0.12

0.00

0.08

1.45

DH EUR

1.25

0.12

0.00

0.07

1.44

1.25

0.12

0.00

0.07

1.44

F GBP

0.65

0.12

0.00

0.07

0.84

0.00

0.00

0.00

0.00

0.00


Total expense ratio

In %

01/07/2012-30/06/2013

01/07/2011-30/06/2012

Manage-ment fee

Service fee

Perfor-mance fee

Other costs


Service fee

Perfor-mance fee

Other costs

Total

IE GBP

0.65

0.08

0.00

0.03

0.76

0.65

0.08

0.00

0.03

0.76

D USD

1.25

0.12

0.00

0.07

1.44

1.25

0.12

0.00

0.07

1.44

F USD

0.65

0.12

0.00

0.07

0.84

0.00

0.00

0.00

0.00

0.00

I USD

0.65

0.08

0.00

0.03

0.76

0.65

0.08

0.00

0.04

0.77

M USD 2.00

0.12

0.00

0.07

2.19

0.00

0.00

0.00

0.00

0.00

Robeco US Select Opportunities Equities

DH EUR

1.50

0.12

0.00

0.11

1.73

1.50

0.12

0.00

0.39

2.01

IH EUR

0.14

0.02

0.00

0.05

0.21

0.70

0.08

0.00

0.33

1.11

D USD

1.50

0.12

0.00

0.11

1.73

1.50

0.12

0.00

0.39

2.01

I USD

0.70

0.08

0.00

0.06

0.84

0.70

0.08

0.00

0.33

1.11

M USD 2.00

0.12

0.00

0.10

2.22

0.00

0.00

0.00

0.00

0.00



D EUR

1.50

0.12

0.00

0.11

1.73

1.50

0.12

0.00

0.13

1.75

F EUR

0.79

0.12

0.00

0.11

1.02

0.00

0.00

0.00

0.00

0.00

Z EUR 0.00

0.00

0.00

0.07

0.07

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

0.07

1.69

D EUR

1.50

0.12

0.00

0.07

1.69

1.50

0.12

0.00

0.07

1.69

F EUR

0.79

0.12

0.00

0.07

0.98

0.00

0.00

0.00

0.00

0.00

I EUR

0.82

0.08

0.00

0.03

0.93

0.90

0.08

0.00

0.04

1.02

IH EUR

0.80

0.08

0.00

0.03

0.91

0.00

0.00

0.00

0.00

0.00

Z EUR

0.00

0.00

0.00

0.03

0.03

0.00

0.00

0.00

0.00

0.00

M USD 2.00

0.12

0.00

0.07

2.19

2.00

0.12

0.00

0.09

2.21


D EUR

1.50

0.12

0.00

0.07

1.69

1.50

0.12

0.00

0.08

1.70

F EUR

0.76

0.12

0.00

0.07

0.95

0.00

0.00

0.00

0.00

0.00

I EUR

0.90

0.08

0.00

0.03

1.01

0.90

0.08

0.00

0.06

1.04

M EUR

2.00

0.12

0.00

0.07

2.19

2.00

0.12

0.00

0.06

2.18

Z EUR

0.00

0.00

0.00

0.03

0.03

0.00

0.00

0.00

0.03

0.03

D USD

1.50

0.12

0.00

0.07

1.69

1.50

0.12

0.00

0.08

1.70

I USD

0.90

0.08

0.00

0.02

1.00

0.00

0.00

0.00

0.00

0.00

M USD 2.00

0.12

0.00

0.08

2.20

2.00

0.12

0.00

0.09

2.21


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

0.03

0.03

0.00

0.00

0.00

0.04

0.04

M USD 2.00

0.12

0.00

0.07

2.19

2.00

0.12

0.00

0.04

2.16


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

0.09

1.71

1.50

0.12

0.00

0.08

1.70


D EUR

1.50

0.12

0.00

0.08

1.70

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

0.04

1.02



BH EUR

0.98

0.12

0.00

0.06

1.16

0.90

0.12

0.00

0.06

1.08

CH EUR

0.51

0.12

0.00

0.06

0.69

0.00

0.00

0.00

0.00

0.00

DH EUR

1.00

0.12

0.00

0.06

1.18

1.00

0.12

0.00

0.06

1.18

EH EUR

1.00

0.12

0.00

0.06

1.18

1.00

0.12

0.00

0.06

1.18

FH EUR

0.53

0.12

0.00

0.06

0.71

0.00

0.00

0.00

0.00

0.00

IH EUR

0.50

0.08

0.00

0.02

0.60

0.50

0.08

0.00

0.02

0.60

IEH EUR

0.50

0.08

0.00

0.02

0.60

0.50

0.08

0.00

0.11

0.69

ZH EUR

0.00

0.00

0.00

0.02

0.02

0.00

0.00

0.00

0.02

0.02

0DH EUR

1.00

0.12

0.00

0.06

1.18

1.00

0.12

0.00

0.04

1.16

0EH EUR

1.00

0.12

0.00

0.06

1.18

1.00

0.12

0.00

0.01

1.13

0FH EUR

0.53

0.12

0.00

0.06

0.71

0.00

0.00

0.00

0.00

0.00

0IH EUR

0.50

0.08

0.00

0.02

0.60

0.50

0.08

0.00

0.01

0.59


Total expense ratio

In %

01/07/2012-30/06/2013

01/07/2011-30/06/2012

Manage-ment fee

Service fee

Perfor-mance fee

Other costs


Service fee

Perfor-mance fee

Other costs

Total

IH AUD

0.50

0.08

0.00

0.02

0.60

0.00

0.00

0.00

0.00

0.00

DH CHF

1.00

0.12

0.00

0.06

1.18

1.00

0.12

0.00

0.13

1.25

IH CHF

0.50

0.08

0.00

0.02

0.60

0.00

0.00

0.00

0.00

0.00

BxH USD

1.00

0.12

0.00

0.06

1.18

0.00

0.00

0.00

0.00

0.00

DH USD

1.00

0.12

0.00

0.06

1.18

1.00

0.12

0.00

0.08

1.20

IEH USD

0.50

0.08

0.00

0.02

0.60

0.50

0.08

0.00

0.05

0.63

IH USD

0.50

0.08

0.00

0.02

0.60

0.50

0.08

0.00

0.02

0.60

MH USD

1.30

0.12

0.00

0.06

1.48

0.00

0.00

0.00

0.00

0.00

0DH USD

1.00

0.12

0.00

0.07

1.19

1.00

0.12

0.00

0.04

1.16

0IEH USD

0.50

0.08

0.00

0.02

0.60

0.00

0.00

0.00

0.00

0.00

0IH USD

0.50

0.08

0.00

0.02

0.60

0.50

0.08

0.00

0.01

0.59

0MH USD 1.30

0.12

0.00

0.06

1.48

0.00

0.00

0.00

0.00

0.00


BH EUR

0.70

0.12

0.00

0.07

0.89

0.70

0.12

0.00

0.07

0.89

CH EUR

0.37

0.12

0.00

0.07

0.56

0.00

0.00

0.00

0.00

0.00

DH EUR

0.70

0.12

0.00

0.07

0.89

0.70

0.12

0.00

0.07

0.89

IEH EUR

0.30

0.08

0.00

0.03

0.41

0.30

0.08

0.00

0.03

0.41

IH EUR

0.30

0.08

0.00

0.03

0.41

0.30

0.08

0.00

0.02

0.40

IHHI EUR

0.35

0.08

0.00

0.03

0.46

0.35

0.08

0.00

0.03

0.46

ZH EUR 0.00

0.00

0.00

0.02

0.02

0.00

0.00

0.00

0.02

0.02


D EUR

1.20

0.12

0.00

0.11

1.43

1.20

0.12

0.00

0.10

1.42

I USD

0.70

0.08

0.00

0.07

0.85

0.80

0.08

0.00

0.05

0.93

Z USD 0.00

0.00

0.00

0.07

0.07

0.00

0.00

0.00

0.00

0.00


B EUR

1.20

0.12

0.00

0.22

1.54

0.00

0.00

0.00

0.00

0.00

D EUR

1.20

0.12

0.00

0.22

1.54

0.00

0.00

0.00

0.00

0.00

Z EUR

0.00

0.00

0.00

0.12

0.12

0.00

0.00

0.00

0.00

0.00

D USD

1.20

0.12

0.00

0.22

1.54

0.00

0.00

0.00

0.00

0.00

I USD 0.65

0.08

0.00

0.18 0.91

0.00

0.00

0.00

0.00

0.00



CH EUR

0.25

0.12

0.00

0.08

0.45

0.25

0.12

0.00

0.07

0.44

DH EUR

0.43

0.12

0.00

0.07

0.62

0.60

0.12

0.00

0.06

0.78

EH EUR

0.43

0.12

0.00

0.07

0.62

0.60

0.12

0.00

0.06

0.78

FH EUR

0.25

0.12

0.00

0.07

0.44

0.00

0.00

0.00

0.00

0.00

IH EUR

0.30

0.08

0.00

0.03

0.41

0.30

0.08

0.00

0.02

0.40

IHHI EUR

0.35

0.08

0.00

0.04

0.47

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


BH EUR

0.70

0.12

0.00

0.08

0.90

0.70

0.12

0.00

0.07

0.89

DH EUR

0.70

0.12

0.00

0.07

0.89

0.70

0.12

0.00

0.07

0.89

IH EUR

0.35

0.08

0.00

0.03

0.46

0.35

0.08

0.00

0.03

0.46

ZH EUR

0.00

0.00

0.00

0.03

0.03

0.00

0.00

0.00

0.03

0.03

DH CHF 0.70

0.12

0.00

0.07

0.89

0.00

0.00

0.00

0.00

0.00


BH EUR

0.70

0.12

0.00

0.07

0.89

0.70

0.12

0.00

0.06

0.88

DH EUR

0.70

0.12

0.00

0.07

0.89

0.70

0.12

0.00

0.07

0.89

IH EUR

0.35

0.08

0.00

0.03

0.46

0.35

0.08

0.00

0.03

0.46

ZH EUR

0.00

0.00

0.00

0.03

0.03

0.00

0.00

0.00

0.03

0.03

DHHI EUR

0.75

0.12

0.00

0.07

0.94

0.75

0.12

0.00

0.05

0.92

IHHI EUR

0.40

0.08

0.00

0.03

0.51

0.40

0.08

0.00

0.01

0.49

10DH EUR

0.75

0.12

0.00

0.07

0.94

0.75

0.12

0.00

0.05

0.92

40DH EUR

0.75

0.12

0.00

0.07

0.94

0.75

0.12

0.00

0.05

0.92

40IH EUR 0.40

0.08

0.00

0.03

0.51

0.40

0.08

0.00

0.01

0.49


DH EUR

1.00

0.12

0.00

0.06

1.18

1.00

0.12

0.00

0.09

1.21

IH EUR

0.50

0.08

0.00

0.02

0.60

0.50

0.08

0.00

0.03

0.61

ZH EUR 0.00

0.00

0.00

0.02

0.02

0.00

0.00

0.00

0.00

0.00


Total expense ratio

In %

01/07/2012-30/06/2013

01/07/2011-30/06/2012

Manage-ment fee

Service fee

Perfor-mance fee

Other costs


Service fee

Perfor-mance fee

Other costs

Total


BH EUR

0.70

0.12

0.00

0.09

0.91

0.70

0.12

0.00

0.08

0.90

DH EUR

0.70

0.12

0.00

0.08

0.90

0.70

0.12

0.00

0.07

0.89

IH EUR 0.35

0.08

0.00

0.04

0.47

0.35

0.08

0.00

0.03

0.46


BH EUR

0.70

0.12

0.00

0.07

0.89

0.70

0.12

0.00

0.08

0.90

DH EUR

0.70

0.12

0.00

0.07

0.89

0.70

0.12

0.00

0.05

0.87

IH EUR 0.35

0.08

0.00

0.03

0.46

0.35

0.08

0.00

0.04

0.47


IH EUR 0.35

0.08

0.00

0.02

0.45

0.00

0.00

0.00

0.00

0.00


Robeco GTAA Fund

D EUR

1.50

0.12

6.81

0.09

8.52

1.50

0.12

0.00

0.06

1.68

I EUR

0.90

0.08

9.80

0.08

10.86

0.90

0.08

0.34

0.03

1.35

Z EUR 0.00

0.00

0.00

0.04

0.04

0.00

0.00

0.00

0.02

0.02

24 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 01/01/2013-30/06/2013

01/07/2012-31/12/2012


Robeco BP Global Premium Equities –

–

Robeco Global Conservative Equities –

–


21


6

Robeco Emerging Markets Equities 69

49

Robeco Active Quant Emerging Markets Equities –

–

Robeco Momentum Equities – –

Robeco Quant Emerging Markets Equities –

–

Robeco Emerging Conservative Equities –

–

Robeco Emerging Markets Smaller Companies – –



4

55


–

–


–

3


–

–


28

110


–

–

Robeco Asia Stars Equities

2

–


–

–

Robeco US Select Opportunities Equities

–

–



8

35


21

31

Robeco Consumer Trends Equities

34

140


4

159


13

31


8

11


Robeco GTAA Fund

–

–

There were no hard commissions and soft-dollar arrangements during the reported period.


25 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 %

01/07/2012-30/06/2013

01/07/2011-30/06/2012



161

219


–

–


34

22


33

34


30

57


28

46


107

–


68

45


7

11

Robeco Emerging Markets Smaller Companies 30

–



–

3


37

96


–

–


32

25


54

66


–

93

Robeco Asia Stars Equities

28

41


56

48

Robeco US Select Opportunities Equities 49

74



152

156


41

17


42

36


151

211


71

103

Robeco Infrastructure Equities 4

1



76

21


119

186


82

19

Robeco Quant Emerging Debt Local Currency –

–



297

403


171

182


195

267


–

–


83

112


92

92


–


Robeco GTAA Fund 28

199


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

Acquisition of Robeco Groep N.V. shares by ORIX Corporation completed

On 1 July 2013, ORIX Corporation (ORIX), Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank), and

Robeco Groep N.V. (Robeco) announced that the acquisition of Robeco by ORIX was complete. ORIX has acquired just

over 90% of the shares in Robeco from Rabobank.

On the basis of Robeco’s long-term commitment to deliver value to clients, ORIX engages to support Robeco’s strategy,

services to clients and investment processes and teams. Robeco’s Management Board will remain in its current

composition. Robeco’s legal and governance structure will remain unchanged, as will the current management and

reporting lines for Robeco’s subsidiaries. Robeco’s banking activities, which are based in the Netherlands only, have been

transferred to Rabobank, effective 21 June 2013, with Robeco retaining its client-service relations.

Changes in management fees

Class of shares

Old fee New fee

Effective from

Robeco Active Quant Emerging Markets Equities, class G EUR shares 0.68% 0.63% 15/07/2013

Robeco Emerging Conservative Equities, class F EUR shares 0.68% 0.63% 15/07/2013

New share classes



Robeco Emerging Conservative Equities class I USD shares 02/07/2013

Robeco Indian Equities class C USD shares 02/07/2013

Robeco Active Quant Emerging Markets Equities class G EUR shares 15/07/2013

Robeco Quant Emerging Markets Equities class I EUR shares 15/07/2013

Robeco Emerging Conservative Equities class D USD shares 15/07/2013

Robeco Emerging Conservative Equities class B USD shares 15/07/2013

Robeco BP Global Premium Equities class D USD shares 15/07/2013

Robeco Global Consumer Trends Equities class B USD shares 15/07/2013

Robeco Asian Stars Equities class Z USD shares 15/07/2013

Robeco US Select Opportunities Equities class F USD shares 30/07/2013

Robeco New World Financial Equities class I USD shares 30/07/2013

Robeco Asian Stars Equities class IL USD shares 22/08/2013

Robeco US Select Opportunities Equities class IE USD shares 22/08/2013

Robeco BP Global Premium Equities class C EUR shares 03/09/2013

Robeco Global Stars Equities class F EUR shares 03/09/2013

Robeco Active Quant Emerging Markets Equities class F EUR shares 03/09/2013

RobecoSAM Sustainable European Equities class F EUR shares 03/09/2013

Robeco Chinese Equities class F EUR shares 03/09/2013

Robeco Asian Stars Equities class F EUR shares 03/09/2013

Robeco US Large Cap Equities class F EUR shares 03/09/2013

Robeco US Large Cap Equities class FH EUR shares 03/09/2013

Robeco Property Equities class C EUR shares 03/09/2013

RobecoSAM Sustainable Agribusiness Equities class F EUR shares 03/09/2013

Robeco High Yield Bonds class GH EUR shares 03/09/2013

Robeco Investment Grade Corporate Bonds class FH EUR shares 03/09/2013

Robeco All Strategy Euro Bonds class CH EUR shares 03/09/2013




Robeco All Strategy Euro Bonds class FH EUR shares 03/09/2013

Robeco European High Yield Bonds class FH EUR shares 03/09/2013

Robeco Euro Sustainable Credits class CH EUR shares 03/09/2013

Robeco Euro Sustainable Credits class FH EUR shares 03/09/2013

Distributions

Amount

Currency

Ex-dividend

Payment date

per share

date




Luxembourg, 28 August 2013 The Board of Directors

Paul A.G. van Homelen

Stefan Gordijn

D. Rob van Bommel


Other data Exchange rates

Exchange rates

30/06/2013 Against EUR x 1

31/12/2012

Against EUR x 1

AED

1 0.2095

1

0.2065

AUD

1 0.7042

1

0.7875

BRL

1 0.3483

1

0.3704

CAD

1 0.7292

1

0.7618

CHF

1 0.8131

1

0.8286

CLP

100 0.1521

100

0.1584

CNY

1 0.1253

1

0.1217

COP

100 0.0398

100

0.0429

CZK

1 0.0385

1

0.0398

DKK

1 0.1341

1

0.1340

EGP

1 0.1096

1

0.1192

GBP

1 1.1669

1

1.2329

HKD

1 0.0992

1

0.0979

HUF

100 0.3395

100

0.3434

IDR

1,000 0.0775

1,000

0.0787

ILS

1 0.2113

1

0.2033

INR

1 0.0129

1

0.0138

JPY

100 0.7745

100

0.8772

KRW

1,000 0.6736

1,000

0.7085

Exchange rates

30/06/2013 Against EUR x 1

31/12/2012

Against EUR x 1

KZT

100 0.5068

100

0.5042

MAD

1 0.0899

1

0.0897

MXN

1 0.0591

1

0.0584

MYR

1 0.2435

1

0.2480

NOK

1 0.1260

1

0.1363

NZD

1 0.5941

1

0.6258

PEN

1 0.2765

1

0.2972

PHP

1 0.0178

1

0.0185

PKR

100 0.7732

100

0.7803

PLN

1 0.2309

1

0.2451

QAR 1 0.2113 1 0.2083

RUB

1 0.0234

1

0.0248

SEK

1 0.1140

1

0.1166

SGD

1 0.6066

1

0.6209

THB

1 0.0248

1

0.0248

TRY

1 0.3987

1

0.4250

TWD

1 0.0257

1

0.0261

USD

1 0.7693

1

0.7585

ZAR

1 0.0775

1

0.0894

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. Auditors No external audit has been conducted.


Investment portfolio

Robeco BP Global Premium Equities Investment portfolio

At 30 June 2013

Quantity Market Value in

EUR x 1 In % of net

assets

Transferable securities and money market instruments admitted to an official stock exchange listing

CAD

Barrick Gold Corp

10,045

121,598

0.16

CHF

Novartis AG

14,975

816,995

1.06

Roche Holding AG

5,994

1,145,288

1.49

Swiss Re AG

18,025

1,030,293

1.34

2,992,576

3.89

EUR

Aegon NV

140,950

724,342

0.94

Allianz SE

7,545

846,926

1.10

AtoS

25,778

1,469,862

1.91

Cie Generale des Etablissements Michelin 8,925

613,148

0.80

CompuGroup Medical AG

30,045

548,772

0.71

Fresenius SE & Co KGaA

8,450

800,300

1.04

Henkel AG & Co KGaA

25,619

1,543,545

1.99

LISI

4,598

386,232

0.50

Muenchener Rueckversicherungs AG

4,875

689,325

0.89

NORMA Group AG

20,426

568,660

0.74

Rheinmetall AG

9,695

347,129

0.45

Sanofi

9,071

722,233

0.94

Smurfit Kappa Group PLC

98,805

1,267,668

1.65

Teleperformance

24,550

907,859

1.18

Teleperformance/STK/06-06-2013

28,890

19,645

0.03

11,455,646

14.87

GBP

Beazley PLC

144,480

387,753

0.50

Berendsen PLC

68,725

597,033

0.78

BHP Billiton PLC

23,375

458,772

0.60

Catlin Group Ltd

86,295

502,666

0.65

Daily Mail & General Trust PLC

192,165

1,725,449

2.23

HSBC Holdings PLC

91,471

727,926

0.95

HSBC Holdings PLC/STK/22-05-2013

81,991

7,060

0.01

Inchcape PLC

65,480

382,794

0.50

ITV PLC

439,020

717,698

0.93

Meggitt PLC

160,769

970,805

1.26

Melrose Industries PLC

219,280

637,882

0.83

Rio Tinto PLC

17,475

547,088

0.71

Royal Dutch Shell PLC

45,542

1,115,965

1.45

Royal Dutch Shell PLC/STK/15-05-2013

68,902

23,760

0.03

Serco Group PLC

106,107

763,302

0.99

Standard Chartered PLC

55,051

916,660

1.19


At 30 June 2013


EUR x 1 In % of net

assets

WPP PLC

92,395

1,209,652

1.57

11,692,265

15.18

HKD

Cheung Kong Holdings Ltd

80,000

834,747

1.08

Hutchison Whampoa Ltd

83,000

671,353

0.87

Labixiaoxin Snacks Group Ltd

912,000

347,356

0.45

Lenovo Group Ltd

1,234,000

860,438

1.12

2,713,894

3.52

JPY

Aisin Seiki Co Ltd

15,900

467,321

0.61

Fuji Seal International Inc

17,100

370,685

0.48

Inpex Corp

126

403,996

0.52

ITOCHU Corp

40,100

355,596

0.46

Komatsu Ltd

20,500

364,053

0.47

NTT DOCOMO Inc

463

552,574

0.72

Softbank Corp

17,070

765,453

1.00

Toho Holdings Co Ltd

34,400

436,927

0.57

Toyoda Gosei Co Ltd

22,600

425,500

0.55

4,142,105

5.38

KRW

Hyundai Motor Co

6,965

1,058,009

1.37

Samsung Electronics Co Ltd

375

339,004

0.44

1,397,013

1.81

THB

Bangkok Bank PCL

161,100

815,193

1.06

USD

ACE Ltd

12,635

869,777

1.13

Amgen Inc

11,631

882,805

1.15

Avnet Inc

28,155

727,782

0.94

Axis Capital Holdings Ltd

27,035

952,158

1.24

BB&T Corp

34,695

904,309

1.17

Cardinal Health Inc

12,765

463,521

0.60

CareFusion Corp

35,560

1,008,106

1.31

CBS Corp

16,232

610,269

0.79

Cisco Systems Inc

30,985

579,486

0.75

Citigroup Inc

35,530

1,311,208

1.70

Comcast Corp

18,700

602,497

0.78

Covidien PLC

11,555

558,615

0.73

Crown Holdings Inc

31,625

1,000,682

1.30

CVS Caremark Corp

42,760

1,880,999

2.43

DIRECTV

19,775

937,443

1.22

Dover Corp

6,645

397,008

0.52

EMC Corp/MA

39,535

718,403

0.93



At 30 June 2013


EUR x 1 In % of net

assets

Ensco PLC

10,045

449,141

0.58

EOG Resources Inc

4,064

411,699

0.53

Everest Re Group Ltd

9,845

971,435

1.26

Exxon Mobil Corp

11,199

778,420

1.01

Fifth Third Bancorp

65,605

911,005

1.18

Fluor Corp

10,240

467,234

0.61

Foot Locker Inc

38,610

1,043,481

1.35

Graphic Packaging Holding Co

254,420

1,514,952

1.97

Halliburton Co

40,280

1,292,827

1.68

Honeywell International Inc

12,329

752,535

0.98

Humana Inc

11,715

760,481

0.99

JPMorgan Chase & Co

28,190

1,144,863

1.49

Lear Corp

21,345

992,821

1.29

Liberty Global Plc

20,545

1,073,047

1.39

LSI Corp

122,565

673,242

0.87

Macy's Inc

46,340

1,711,213

2.22

Marathon Oil Corp

15,875

422,324

0.55

McKesson Corp

17,195

1,514,657

1.97

Microsoft Corp

44,184

1,173,730

1.52

NetApp Inc

20,585

598,301

0.78


At 30 June 2013


EUR x 1 In % of net

assets

Newmont Mining Corp

12,285

283,060

0.37

NVIDIA Corp

62,220

671,575

0.87

ON Semiconductor Corp

123,085

765,109

0.99

Pfizer Inc

23,855

514,043

0.67

Phillips 66

10,515

476,546

0.62

Schlumberger Ltd

9,935

547,711

0.71

SM Energy Co

510

23,533

0.03

Southwestern Energy Co

16,045

450,917

0.59

Symantec Corp

50,395

871,159

1.13

Towers Watson & Co

22,195

1,399,129

1.82

Validus Holdings Ltd

27,085

752,633

0.98

Wells Fargo & Co

37,487

1,190,205

1.55

41,008,096

53.24

Total transferable securities and money market instruments admitted to an official stock exchange listing

76,338,386

99.11

Total securities portfolio

76,338,386

99.11

Other assets and liabilities

688,579

0.89

Total net assets

77,026,965

100.00


Robeco Global Conservative Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


AUD

Amcor Ltd/Australia

10,629

75,897

0.04

ASX Ltd

45,231

1,053,336

0.51

Australia & New Zealand Banking Group Lt 80,717

1,624,515

0.79

carsales.com Ltd

56,968

378,302

0.18

CFS Retail Property Trust Group

479,354

675,123

0.33

Commonwealth Bank of Australia

36,698

1,787,802

0.86

Commonwealth Property Office Fund

70,110

54,309

0.03

Crown Ltd

132,369

1,128,825

0.55

CSL Ltd

8,987

389,718

0.19

Dexus Property Group

1,652,699

1,245,300

0.61

GPT Group

464,048

1,254,846

0.61

Insurance Australia Group Ltd

105,715

404,978

0.20

Mirvac Group

318,346

359,808

0.17

National Australia Bank Ltd

73,659

1,539,523

0.75

Sonic Healthcare Ltd

6,065

63,253

0.03

Spark Infrastructure Group

41,775

51,040

0.02

Sydney Airport

12,475

29,693

0.01

Tatts Group Ltd

436,121

973,560

0.47

Telstra Corp Ltd

378,911

1,272,776

0.62

Transurban Group

13,532

64,418

0.03

Wesfarmers Ltd

20,420

569,439

0.28

Westfield Group

170,114

1,370,448

0.67

Westfield Retail Trust

30,623

66,851

0.03

Westpac Banking Corp

81,768

1,662,941

0.81

Woolworths Ltd

59,247

1,368,891

0.67

19,465,592

9.46

BRL

Cielo SA

23,112

450,746

0.22

Natura Cosmeticos SA

17,300

287,389

0.14

Souza Cruz SA

34,900

332,908

0.16

Tractebel Energia SA

3,800

45,882

0.02

1,116,925

0.54

CAD

Aimia Inc

30,600

351,232

0.17

Artis Real Estate Investment Trust

62,403

687,603

0.33

Bank of Montreal

27,965

1,243,977

0.60

Bank of Nova Scotia

8,716

357,335

0.17

BCE Inc

36,331

1,142,414

0.56

Bell Aliant Inc

52,207

1,075,891

0.52

Boardwalk Real Estate Investment Trust

22,349

949,991

0.46

Canadian Imperial Bank of Commerce/Canad 23,368

1,271,923

0.62

CI Financial Corp

54,804

1,209,740

0.59


At 30 June 2013


EUR x 1 In % of net

assets

Cineplex Inc

14,200

381,897

0.19

Great-West Lifeco Inc

50,207

1,044,560

0.51

Metro Inc

23,535

1,209,616

0.59

Mullen Group Ltd

15,400

256,723

0.12

National Bank of Canada

23,081

1,263,034

0.61

Pembina Pipeline Corp

50,121

1,176,179

0.57

Power Financial Corp

31,234

696,518

0.34

RioCan Real Estate Investment Trust

900

16,585

0.01

Rogers Communications Inc

36,671

1,101,761

0.54

Royal Bank of Canada

33,662

1,504,271

0.73

Shaw Communications Inc

71,433

1,314,788

0.64

Thomson Reuters Corp

48,354

1,210,172

0.59

TransCanada Corp

1,000

33,020

0.02

19,499,230

9.48

CHF

EMS-Chemie Holding AG

1,194

271,342

0.13

Nestle SA

15,887

800,227

0.39

Novartis AG

41,603

2,269,747

1.10

Roche Holding AG

12,434

2,375,795

1.16

Swisscom AG

3,731

1,254,689

0.61

6,971,800

3.39

CZK

Telefonica Czech Republic AS

16,089

170,336

0.08

DKK

Coloplast A/S

10,355

446,062

0.22

TDC A/S

197,235

1,228,033

0.59

1,674,095

0.81

EUR

Freenet AG

56,203

943,086

0.46

Hannover Rueckversicherung SE

6,677

369,372

0.18


9,734

1,376,388

0.67

Orion OYJ

31,707

571,360

0.28


103,728

2,546,004

1.23

Sanofi

8,319

662,359

0.32

SES SA

17,568

386,496

0.19

Terna Rete Elettrica Nazionale SpA

355,231

1,133,897

0.55

Total SA

6,331

237,444

0.12

8,226,406

4.00

GBP

Amlin PLC

70,732

324,608

0.16

Associated British Foods PLC

56,065

1,135,038

0.55

AstraZeneca PLC

42,313

1,537,981

0.75

BAE Systems PLC

169,810

758,894

0.37

British American Tobacco PLC

1,761

69,197

0.03



At 30 June 2013


EUR x 1 In % of net

assets

Catlin Group Ltd

174,215

1,014,797

0.49

GlaxoSmithKline PLC

98,186

1,888,104

0.91

J Sainsbury PLC

285,251

1,182,610

0.57

National Grid PLC

160,514

1,397,240

0.68

Next PLC

9,899

526,484

0.26

Provident Financial PLC

20,923

363,528

0.18

Reckitt Benckiser Group PLC

26,774

1,452,107

0.71

Reed Elsevier PLC

150,371

1,310,702

0.64

SSE PLC

72,544

1,289,201

0.63

United Utilities Group PLC

40,908

326,500

0.16

Vodafone Group PLC

291,395

638,723

0.31

Vodafone Group PLC/STK/12-06-2013

291,395

26,144

0.01

WH Smith PLC

45,360

380,029

0.18

15,621,887

7.59

HKD

Bank of China Ltd

3,719,000

1,176,700

0.57

CLP Holdings Ltd

8,500

52,903

0.03

Hang Seng Bank Ltd

103,300

1,175,203

0.57

Hopewell Holdings Ltd

214,500

549,967

0.27

Link REIT/The

320,500

1,212,751

0.59

Television Broadcasts Ltd

62,000

327,769

0.16

4,495,293

2.19

IDR

Telekomunikasi Indonesia Persero Tbk PT 493,000

429,908

0.21

JPY

Astellas Pharma Inc

10,200

425,790

0.21

Autobacs Seven Co Ltd

99,100

1,156,627

0.56

Central Japan Railway Co

4,500

422,746

0.21

Chugai Pharmaceutical Co Ltd

22,700

361,456

0.18

Eisai Co Ltd

10,900

341,469

0.17

Ito En Ltd

4,000

71,128

0.03

ITOCHU Corp

57,500

509,894

0.25

Kaken Pharmaceutical Co Ltd

25,000

284,813

0.14

Kao Corp

22,700

593,343

0.29

Kobayashi Pharmaceutical Co Ltd

29,900

1,211,098

0.59

Lawson Inc

6,200

363,491

0.18

Mabuchi Motor Co Ltd

31,700

1,301,193

0.62

Matsumotokiyoshi Holdings Co Ltd

53,700

1,191,947

0.58

Obic Co Ltd

6,220

1,250,070

0.61

Ono Pharmaceutical Co Ltd

7,900

411,764

0.20

Oriental Land Co Ltd/Japan

5,400

641,543

0.31

Osaka Gas Co Ltd

197,000

639,274

0.31

Ryohin Keikaku Co Ltd

7,300

460,208

0.22

Sekisui House Ltd

112,000

1,243,866

0.60

Shionogi & Co Ltd

75,500

1,210,386

0.59

Takeda Pharmaceutical Co Ltd

34,800

1,207,435

0.59

Tokyo Gas Co Ltd

108,000

458,364

0.22


At 30 June 2013


EUR x 1 In % of net

assets

TonenGeneral Sekiyu KK

158,000

1,175,945

0.57

Toyo Suisan Kaisha Ltd

52,000

1,328,996

0.65

USS Co Ltd

13,730

1,338,760

0.65

West Japan Railway Co

37,600

1,225,960

0.60

20,827,566

10.13

KRW

KT Corp

11,570

279,022

0.15

MYR

Berjaya Sports Toto Bhd

966,291

1,028,194

0.50

British American Tobacco Malaysia Bhd

23,300

338,133

0.16

DiGi.Com Bhd

275,200

318,964

0.16

Lafarge Malaysia Bhd

157,600

390,652

0.19

Malayan Banking Bhd

391,400

991,151

0.48

Maxis Bhd

208,200

348,276

0.17

Sime Darby Bhd

150,100

350,132

0.17

Telekom Malaysia Bhd

231,100

303,864

0.15

UMW Holdings Bhd

140,100

498,054

0.24

4,567,420

2.22

NOK

Gjensidige Forsikring ASA

33,491

377,024

0.18

Seadrill Ltd

12,324

380,731

0.19

757,755

0.37

NZD

Telecom Corp of New Zealand Ltd

36,825

49,228

0.02

PLN

KGHM Polska Miedz SA

8,702

243,160

0.12

Powszechny Zaklad Ubezpieczen SA

4,248

401,918

0.19

645,078

0.31

SEK

Investor AB

56,349

1,158,034

0.56

SGD

CapitaCommercial Trust

459,000

407,882

0.20

ComfortDelGro Corp Ltd

325,000

361,746

0.18

Singapore Post Ltd

1,475,000

1,163,108

0.56

Singapore Press Holdings Ltd

241,000

609,590

0.29

StarHub Ltd

26,000

65,923

0.03

Suntec Real Estate Investment Trust

377,000

360,169

0.18

2,968,418

1.44

THB

Advanced Info Service PCL NVDR

68,200

477,055

0.23

TWD

Asustek Computer Inc

44,000

291,392

0.14

Chicony Electronics Co Ltd

195,000

390,422

0.19

Chunghwa Telecom Co Ltd

506,000

1,324,818

0.65



At 30 June 2013


EUR x 1 In % of net

assets

Far EasTone Telecommunications Co Ltd

191,000

394,671

0.19

Feng Hsin Iron & Steel Co

139,000

189,102

0.09

Lite-On Technology Corp

874,000

1,180,056

0.57

Taiwan Mobile Co Ltd

130,000

395,428

0.19

Taiwan Semiconductor Manufacturing Co Lt 665,000

1,894,743

0.93

6,060,632

2.95

USD

Alliant Energy Corp

31,640

1,227,287

0.60

Allstate Corp/The

12,800

473,852

0.23

Altria Group Inc

62,270

1,676,214

0.81

Amdocs Ltd

14,000

399,477

0.19

Ameren Corp

14,700

389,482

0.19

American Electric Power Co Inc

36,894

1,271,003

0.62

American States Water Co

8,139

336,054

0.16

American Water Works Co Inc

12,900

409,176

0.20

Arch Capital Group Ltd

30,244

1,196,172

0.58

Ares Capital Corp

26,600

351,979

0.17

Arthur J Gallagher & Co

22,345

751,051

0.37

AT&T Inc

27,600

751,656

0.37


35,717

1,257,933

0.61

Becton Dickinson and Co

16,970

1,290,260

0.63

Bemis Co Inc

40,541

1,220,737

0.59

Bristol-Myers Squibb Co

1,900

65,324

0.03

Campbell Soup Co

36,560

1,259,778

0.61

Capitol Federal Financial Inc

127,347

1,189,362

0.58

CenturyLink Inc

38,196

1,038,757

0.50

Chevron Corp

7,712

702,110

0.34

Chubb Corp/The

19,506

1,270,287

0.62

Church & Dwight Co Inc

8,800

417,777

0.20

Cia de Saneamento Basico do Es ADR

34,200

273,895

0.13

Cincinnati Financial Corp

34,093

1,203,884

0.59

Clorox Co/The

9,926

634,879

0.31

ConAgra Foods Inc

17,600

472,953

0.23

Consolidated Edison Inc

8,500

381,302

0.19

CVS Caremark Corp

35,812

1,575,359

0.77

Dr Pepper Snapple Group Inc

36,133

1,276,754

0.62

DTE Energy Co

23,948

1,234,570

0.60

Ecopetrol SA ADR

8,500

275,039

0.13

Eli Lilly & Co

37,063

1,400,573

0.68

EPR Properties

28,833

1,115,079

0.54


12,223

1,206,079

0.59

Fidelity National Financial Inc

20,908

382,982

0.19

Gap Inc/The

13,500

433,400

0.21

General Mills Inc

36,960

1,379,904

0.67

Genuine Parts Co

11,572

695,023

0.34

Grupo Aeroportuario del Pacifi ADR

10,017

391,710

0.19

H&R Block Inc

31,210

666,290

0.32

HCC Insurance Holdings Inc

37,932

1,258,029

0.61


At 30 June 2013


EUR x 1 In % of net

assets

Hershey Co/The

19,390

1,331,799

0.65

Home Depot Inc/The

11,600

691,351

0.34

Hormel Foods Corp

34,195

1,014,919

0.49

Jack Henry & Associates Inc

9,315

337,744

0.16

JM Smucker Co/The

16,616

1,318,568

0.64

Johnson & Johnson

42,589

2,813,164

1.36

Kellogg Co

13,995

691,540

0.34

Kimberly-Clark Corp

18,737

1,400,248

0.68

Kroger Co/The

49,486

1,314,957

0.64

L-3 Communications Holdings Inc

8,014

528,615

0.26

Lockheed Martin Corp

12,913

1,077,466

0.52

Lorillard Inc

39,578

1,329,974

0.65

Lukoil OAO ADR

12,908

570,004

0.28

Main Street Capital Corp

15,300

325,928

0.16

Mattel Inc

13,900

484,524

0.24

McCormick & Co Inc/MD

7,600

411,383

0.20

Medical Properties Trust Inc

40,403

445,106

0.22

Mercury General Corp

20,926

707,702

0.34

MFA Financial Inc

168,883

1,097,866

0.53

Mondelez International Inc

1,300

28,533

0.01

National Health Investors Inc

23,672

1,090,130

0.53

National Retail Properties Inc

41,531

1,099,101

0.53

New York Community Bancorp Inc

33,700

362,965

0.18

NextEra Energy Inc

7,600

476,400

0.23

NiSource Inc

9,000

198,300

0.10

Northrop Grumman Corp

21,277

1,355,338

0.66

Oritani Financial Corp

2,800

33,776

0.02

PartnerRe Ltd

18,187

1,267,081

0.62

PepsiCo Inc

32,691

2,057,004

1.00

Pfizer Inc

6,500

140,066

0.07

Philip Morris International Inc

9,600

639,729

0.31

Piedmont Office Realty Trust Inc

32,270

443,888

0.22

Pinnacle West Capital Corp

27,651

1,179,983

0.57

Platinum Underwriters Holdings Ltd

27,754

1,221,744

0.59

PPL Corp

17,400

405,065

0.20

Procter & Gamble Co/The

14,442

855,398

0.42

Prospect Capital Corp

39,700

329,853

0.16

Public Service Enterprise Group Inc

50,129

1,259,540

0.61

Raytheon Co

9,100

462,893

0.23

Realty Income Corp

11,600

374,099

0.18

Redwood Trust Inc

80,803

1,056,777

0.51

Regal Entertainment Group

78,196

1,076,823

0.52

Reynolds American Inc

34,230

1,273,766

0.62

Safeway Inc

32,217

586,417

0.29

SCANA Corp

27,355

1,033,297

0.50

Sherwin-Williams Co/The

3,300

448,344

0.22

SK Telecom Co Ltd ADR

50,819

794,823

0.39

Southern Co/The

12,300

417,586

0.20



At 30 June 2013


EUR x 1 In % of net

assets

Synopsys Inc

7,100

195,273

0.09

Target Corp

8,900

471,481

0.23

Telefonica Brasil SA ADR

61,658

1,082,460

0.53

TJX Cos Inc

12,000

462,146

0.22

Travelers Cos Inc/The

21,466

1,319,816

0.64

Triangle Capital Corp

17,400

368,253

0.18

Two Harbors Investment Corp

24,747

195,143

0.09

Vector Group Ltd

21,975

274,212

0.13

Vectren Corp

44,672

1,162,637

0.57

Verizon Communications Inc

52,924

2,049,617

1.00

Wal-Mart Stores Inc

11,100

636,103

0.31

Wisconsin Energy Corp

18,468

582,377

0.28

Xcel Energy Inc

18,000

392,445

0.19

Yahoo! Inc

69,418

1,340,990

0.65

85,597,962

41.61


At 30 June 2013


EUR x 1 In % of net

assets

ZAR

Growthpoint Properties Ltd

158,100

323,333

0.16

MMI Holdings Ltd/South Africa

202,536

347,974

0.17

Redefine Properties Ltd

413,218

335,918

0.16

Remgro Ltd

27,480

404,515

0.20

RMB Holdings Ltd

12,747

38,921

0.02

RMI Holdings

176,076

343,858

0.17

Sanlam Ltd

105,310

375,411

0.18

Vodacom Group Ltd

38,184

310,765

0.15

2,480,695

1.21


203,540,337

98.95


203,540,337

98.95


2,160,728

1.05

Total net assets

205,701,065

100.00


Robeco Global Stars Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


CHF

Cie Financiere Richemont SA

58,199

3,953,595

2.08

Roche Holding AG

44,583

8,518,583

4.47

12,472,178

6.55

EUR

AXA SA

285,541

4,310,241

2.26

BNP Paribas SA

90,080

3,781,108

1.99

Henkel AG & Co KGaA

86,350

5,202,588

2.73

Koninklijke DSM NV

41,272

2,066,076

1.09

RTL Group SA

100,963

6,375,813

3.35

Ryanair Holdings PLC

1,140,533

8,109,190

4.26

SAP AG

72,109

4,056,852

2.13

Ziggo NV

213,791

6,574,073

3.45

40,475,941

21.26

GBP

BG Group PLC

361,055

4,712,252

2.48


179,781

7,064,323

3.71


65,451

3,549,781

1.86

Rio Tinto PLC

119,216

3,732,282

1.96

Vodafone Group PLC

1,885,549

4,133,027

2.17


2,988,023

268,082

0.14

23,459,747

12.32

JPY

Japan Tobacco Inc

224,600

6,096,832

3.20

Sumitomo Mitsui Financial Group Inc

145,100

5,113,112

2.69

11,209,944

5.89


At 30 June 2013


EUR x 1 In % of net

assets

USD

Apple Inc

11,521

3,510,588

1.84

Citigroup Inc

220,171

8,125,247

4.27

Comcast Corp

252,423

8,132,842

4.27

Covidien PLC

80,037

3,869,312

2.03

DaVita HealthCare Partners Inc

91,055

8,462,087

4.44

Dollar General Corp

112,168

4,351,758

2.29

eBay Inc

109,120

4,341,798

2.28

F5 Networks Inc

32,412

1,715,541

0.90

General Electric Co

306,153

5,461,929

2.87

Google Inc

7,724

5,231,356

2.75

Liberty Global Plc

34,508

1,802,322

0.95

Liberty Global Plc

53,064

3,024,181

1.59

McGraw Hill Financial Inc

185,322

7,583,396

3.98

MEDNAX Inc

57,432

4,046,330

2.13


176,342

3,870,475

2.03

Oracle Corp

307,019

7,255,932

3.81

Teva Pharmaceutical Industries ADR

112,845

3,403,103

1.79

Valero Energy Corp

138,786

3,712,420

1.95

Weatherford International Ltd/Switzerland 480,490

5,064,210

2.66

92,964,827

48.83


180,582,637

94.85


180,582,637

94.85


9,794,699

5.15

Total net assets

190,377,336

100.00


Robeco Emerging Stars Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


BRL

Duratex SA

3,036,500

13,557,125

2.02

Itausa - Investimentos Itau SA Pref

4,100,000

11,837,083

1.77

MRV Engenharia e Participacoes SA

3,944,400

8,874,007

1.32

Vale SA Pref

1,995,000

18,793,881

2.80

53,062,096

7.91

CNY

SAIC Motor Corp Ltd

5,088,316

8,425,304

1.26

HKD

Chaoda Modern Agriculture Holdings Ltd

18,597,706

701,216

0.10

China Communications Construction Co Ltd 21,006,000

12,646,812

1.89

China Construction Bank Corp

25,533,000

13,903,470

2.07

China Minsheng Banking Corp Ltd

8,182,500

6,159,944

0.92

China Mobile Ltd

1,837,000

14,758,532

2.20

China Overseas Land & Investment Ltd

10,255,698

20,700,395

3.09

China Petroleum & Chemical Corp

31,240,000

16,918,142

2.52

Great Wall Motor Co Ltd

4,074,800

13,519,213

2.02

99,307,724

14.81

IDR

Bank Rakyat Indonesia Persero Tbk PT

27,843,925

16,726,630

2.49

INR

Cairn India Ltd

4,754,349

17,849,520

2.66

Grasim Industries Ltd

86,769

3,100,241

0.46

HCL Technologies Ltd

1,465,440

14,722,015

2.20

ICICI Bank Ltd

987,284

13,685,721

2.04

Mahindra & Mahindra Ltd

902,905

11,345,401

1.69

Power Finance Corp Ltd

6,300,000

11,752,818

1.75

Tata Motors Ltd

5,720,000

10,433,848

1.56

82,889,564

12.36

KRW

E-Mart Co Ltd

73,200

9,911,258

1.48

Hana Financial Group Inc

601,000

13,461,324

2.01

Hyundai Department Store Co Ltd

165,579

16,730,856

2.49

Hyundai Mobis

96,510

17,748,294

2.65

Hyundai Motor Co Pref

195,366

13,160,447

1.96


At 30 June 2013


EUR x 1 In % of net

assets


231,000

15,094,035

2.25

LG Chem Ltd Pref

46,756

3,622,070

0.54

LG Electronics Inc Pref

261,890

4,789,723

0.71

LG Uplus Corp

3,163,300

25,464,194

3.79


15,693

14,186,659

2.12

Samsung Electronics Co Ltd Pref

46,476

27,675,957

4.13

Shinhan Financial Group Co Ltd

545,107

13,806,743

2.06

175,651,560

26.19

SGD

Golden Agri-Resources Ltd

28,400,000

9,646,973

1.44

THB

Bangkok Bank PCL NVDR

4,070,000

20,594,892

3.07

PTT Global Chemical PCL NVDR

7,480,000

12,802,230

1.91

33,397,122

4.98

TRY

Tupras Turkiye Petrol Rafinerileri AS

761,620

14,303,151

2.13

Turkiye Halk Bankasi AS

2,428,201

15,829,779

2.36

30,132,930

4.49

TWD


2,651,000

17,556,382

2.62

Taiwan Semiconductor Manufacturing Co 10,294,000

29,330,044

4.37

46,886,426

6.99

USD

Copa Holdings SA

129,092

13,021,920

1.94

Lukoil OAO ADR

541,807

23,925,624

3.57

MegaFon OAO GDR

562,225

13,516,584

2.02

Rosneft OAO GDR

3,110,000

16,389,199

2.44

Sberbank of Russia

10,820,000

23,699,159

3.53


700,000

10,948,186

1.63

SouFun Holdings Ltd ADR

360,000

6,874,024

1.03

Tata Motors Ltd ADR

145,000

2,614,763

0.39

110,989,459

16.55


667,115,788

99.47


667,115,788

99.47


3,476,144

0.53

Total net assets

670,591,932

100.00


Robeco Emerging Markets Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets

Fund Shares

EUR

Robeco Emerging Markets Smaller Companies Z USD

285,000

21,605,493

1.40

Total Fund Shares

21,605,493

1.40


BRL

Banco do Estado do Rio Grande Pref

1,000,000

5,269,207

0.34

BB Seguridade Participacoes SA

1,000,000

6,129,414

0.40

BR Properties SA

1,000,000

6,616,981

0.43

CCR SA

1,500,000

9,246,361

0.60

Cia Energetica de Minas Gerais Pref

700,085

4,854,319

0.31

Cosan SA Industria e Comercio

500,000

7,532,911

0.49

Duratex SA

1,000,000

4,464,721

0.29

Itausa - Investimentos Itau SA

89,839

262,815

0.02


2,914,400

8,414,145

0.54

Klabin SA Pref

2,000,000

7,731,420

0.50

Localiza Rent a Car SA

700,000

7,703,559

0.50


2,000,000

4,499,547

0.29


700,000

11,628,474

0.74

84,353,874

5.45

CNY

Gree Electric Appliances Inc

2,317,500

7,279,633

0.47

Ping An Insurance Group Co of China Ltd

1,769,930

7,711,601

0.50

Qingdao Haier Co Ltd

3,584,328

4,901,637

0.32

SAIC Motor Corp Ltd

5,084,343

8,418,725

0.54

28,311,596

1.83

HKD

Air China Ltd

10,000,000

5,534,561

0.36

Anta Sports Products Ltd

5,237,000

3,532,161

0.23

BBMG Corp

10,000,000

4,731,157

0.31


27,500,000

1,036,872

0.07

China Agri-Industries Holdings Ltd

15,000,800

5,058,740

0.33

China Communications Construction

10,000,000

6,020,571

0.39

China Communications Services Corp Ltd

10,000,000

4,860,099

0.31


70,000,000

38,117,059

2.46

China Dongxiang Group Co

25,000,000

3,099,553

0.20

China Merchants Bank Co Ltd

7,000,000

8,998,125

0.58


15,000,000

11,292,290

0.73

China Mobile Ltd

5,000,000

40,170,203

2.60

China National Building Material Co Ltd

7,000,000

4,825,384

0.31


10,000,000

20,184,287

1.30


35,001,297

18,955,087

1.23

China Telecom Corp Ltd

20,000,000

7,339,741

0.47


At 30 June 2013


EUR x 1 In % of net

assets

CNOOC Ltd

20,000,000

26,105,672

1.69

Glorious Property Holdings Ltd

20,000,400

2,340,829

0.15


3,000,000

9,953,284

0.64

Harbin Electric Co Ltd

10,000,000

5,088,226

0.33

Huaneng Power International Inc

15,000,000

11,426,191

0.74

Industrial & Commercial Bank of China

70,000,000

33,951,260

2.19

Pacific Basin Shipping Ltd

15,000,000

6,561,133

0.42

PICC Property & Casualty Co Ltd

10,000,000

8,678,747

0.56

Shimao Property Holdings Ltd

10,000,000

15,274,596

0.99

Skyworth Digital Holdings Ltd

15,000,497

5,832,312

0.38

308,968,140

19.97

IDR

Astra International Tbk PT

23,000,000

12,479,643

0.81

Bank Mandiri Persero Tbk PT

23,000,000

16,045,255

1.03


23,000,000

13,816,748

0.89

Matahari Department Store Tbk PT

7,000,000

6,294,081

0.41

Semen Indonesia Persero Tbk PT

7,000,000

9,278,343

0.60

57,914,070

3.74

INR

Apollo Hospitals Enterprise Ltd

500,000

6,819,012

0.44

Bank of India

1,000,000

3,008,664

0.19

Cairn India Ltd

3,000,000

11,263,069

0.73

Dabur India Ltd

3,000,175

6,035,804

0.39

Grasim Industries Ltd

100,000

3,572,982

0.23


1,000,000

10,046,140

0.65

ICICI Bank Ltd

1,500,000

20,792,985

1.34


1,000,003

12,565,480

0.81

Rural Electrification Corp Ltd

2,000,005

5,197,855

0.34

Sesa Goa Ltd

2,000,000

3,697,394

0.24

State Bank of India

400,000

10,117,602

0.65

Sun Pharmaceutical Industries Ltd

1,000,000

13,095,583

0.85

Tata Consultancy Services Ltd

1,000,000

19,654,055

1.27

125,866,625

8.13

KRW

CJ CheilJedang Corp

20,000

3,496,141

0.23

E-Mart Co Ltd

50,000

6,769,985

0.44


600,000

13,438,925

0.87

Hyundai Department Store Co Ltd

100,000

10,104,455

0.65

Hyundai Heavy Industries Co Ltd

100,000

12,361,117

0.80

Hyundai Mobis

100,000

18,390,108

1.19

Hyundai Motor Co

150,000

22,785,546

1.47

KB Financial Group Inc

400,002

9,215,309

0.60

LG Chem Ltd

70,000

11,929,993

0.77

LG Electronics Inc

200,000

9,835,003

0.64

LG Uplus Corp

700,000

5,634,918

0.36



At 30 June 2013


EUR x 1 In % of net

assets

POSCO

70,000

14,075,506

0.91


75,000

67,800,894

4.38


20,000

11,909,784

0.77

Samsung SDI Co Ltd

70,000

6,436,538

0.42


400,002

10,131,451

0.65

SK Hynix Inc

700,000

14,712,087

0.95

SK Telecom Co Ltd

30,000

4,243,871

0.27

253,271,631

16.37

MXN

OHL Mexico SAB de CV

1,349,200

2,490,956

0.16

MYR

Public Bank Bhd

2,000,000

8,249,531

0.53

Starhill Real Estate Investment Trust

500,000

129,051

0.01

YTL Corp Bhd

15,000,000

6,062,967

0.39

14,441,549

0.93

SGD

China Fishery Group Ltd

100,000

21,837

0.00


50,000,000

16,984,108

1.10

Lippo Malls Indonesia Retail Trust

350,000

104,028

0.01

17,109,973

1.11

THB


700,000

4,896,459

0.32


3,000,000

15,180,510

0.98

PTT Global Chemical PCL Foreign

5,000,000

8,557,641

0.55


3,000,200

5,134,927

0.33

PTT PCL NVDR

1,500,000

12,464,390

0.81

Siam Commercial Bank PCL NVDR

3,000,000

12,799,254

0.83

59,033,181

3.82

TRY

Ford Otomotiv Sanayi AS

500,000

5,303,030

0.34

Haci Omer Sabanci Holding AS

2,000,003

8,094,111

0.52

KOC Holding AS

2,000,000

7,384,370

0.48


300,000

5,633,971

0.36

Turkcell Iletisim Hizmetleri AS

2,000,000

8,931,419

0.59


2,000,000

13,038,278

0.84

Turkiye Is Bankasi

3,000,005

6,818,193

0.44

Turkiye Vakiflar Bankasi Tao

3,000,003

5,753,594

0.37

60,956,966

3.94

TWD


1,500,000

9,933,826

0.64

Cheng Shin Rubber Industry Co Ltd

4,000,000

9,713,074

0.63

Coretronic Corp

3,000,000

1,898,208

0.12

CTBC Financial Holding Co Ltd

30,000,235

14,284,799

0.92

Delta Electronics Inc

4,000,000

14,015,165

0.91

Giant Manufacturing Co Ltd

1,500,000

7,931,659

0.51

Hon Hai Precision Industry Co Ltd

10,000,000

18,994,912

1.23


At 30 June 2013


EUR x 1 In % of net

assets

Mega Financial Holding Co Ltd

15,000,999

8,760,062

0.57

Merida Industry Co Ltd

1,200,000

5,482,856

0.35

Taiwan Semiconductor Manufacturing

20,000,002

56,984,743

3.68

TSRC Corp

2,500,000

3,689,890

0.24

Wistron Corp

3,500,000

2,717,684

0.18

154,406,878

9.98

USD

America Movil SAB de CV ADR

300,000

5,019,810

0.32

AsiaInfo-Linkage Inc

500,000

4,438,974

0.29

Baidu Inc ADR

70,000

5,090,664

0.33

Cemex SAB de CV ADR

2,000,000

16,278,801

1.05

Copa Holdings SA

70,000

7,061,122

0.46

Credicorp Ltd

100,000

9,844,213

0.64

Gerdau SA ADR

2,000,000

8,785,629

0.57

Gravity Co Ltd ADR

600,500

517,414

0.03

Itau Unibanco Holding SA ADR

2,000,000

19,879,217

1.28

KazMunaiGas Exploration Produc GDR

300,000

3,485,018

0.23

Lukoil OAO ADR

700,000

30,911,259

2.01

MegaFon OAO GDR

500,000

12,020,618

0.78

Mobile Telesystems OJSC

1,000,000

6,068,683

0.39

Mobile Telesystems OJSC ADR

300,000

4,371,274

0.28

NovaTek OAO GDR

200,000

18,386,737

1.19

Oi SA ADR PRF

1,500,029

2,077,203

0.13

Perfect World Co Ltd ADR

300,500

4,027,165

0.26

Petroleo Brasileiro SA ADR PRF

1,500,000

16,917,337

1.09

Rosneft OAO GDR

3,000,000

15,809,516

1.02

Sberbank of Russia

12,000,000

26,283,725

1.70

Sistema JSFC GDR

500,000

7,597,030

0.49

Sohu.com Inc

100,000

4,740,547

0.31

Tata Motors Ltd ADR

500,000

9,016,425

0.58


700,000

12,289,110

0.79

Vale SA ADR

3,000,000

28,064,777

1.81

278,982,268

18.03

ZAR

Barloworld Ltd

74,533

470,744

0.03

Imperial Holdings Ltd

500,000

8,131,650

0.53

Sasol Ltd

700,000

23,409,822

1.51

Standard Bank Group Ltd

1,500,000

12,958,873

0.84

Steinhoff International Holdings Ltd

3,000,007

5,700,615

0.37

Vodacom Group Ltd

500,000

4,069,312

0.26

Woolworths Holdings Ltd/South Africa

1,500,000

7,487,271

0.48

62,228,287

4.02


1,508,335,994

97.48


1,529,941,487

98.88


17,398,794

1.12

Total net assets

1,547,340,281

100.00


Robeco Active Quant Emerging Markets Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


AED

Dubai Islamic Bank PJSC

2,306,462

1,497,593

0.26

Emaar Properties PJSC

2,298,282

2,493,554

0.43

3,991,147

0.69

BRL

Banco Bradesco SA

133,960

1,427,588

0.25

Banco do Brasil SA

496,735

3,828,357

0.66

BM&FBovespa SA

334,100

1,438,140

0.25

Bradespar SA Pref

360,400

2,535,376

0.44

Cia de Saneamento de Minas Gerais-CO

68,200

855,053

0.15

Cosan SA Industria e Comercio

171,500

2,583,788

0.45

Direcional Engenharia SA

508,800

2,383,283

0.41

Even Construtora e Incorporadora SA

688,900

1,890,552

0.33

Grendene SA

322,200

2,273,376

0.39

Hypermarcas SA

383,800

1,942,124

0.34


40,541

118,599

0.02


1,489,136

4,299,275

0.76

JBS SA

1,211,900

2,730,721

0.47

Klabin SA Pref

614,000

2,373,546

0.41

Kroton Educacional SA

310,100

3,337,079

0.58

M Dias Branco SA

90,900

2,643,362

0.46


369,400

831,066

0.14

Rossi Residencial SA

1,692,000

1,720,638

0.30

39,211,923

6.81

COP

Cementos Argos SA

582,255

1,850,906

0.32

CZK

CEZ AS

40,735

751,186

0.13

EGP

Commercial International Bank Egypt SAE 987,462

3,232,701

0.56

HKD

Agricultural Bank of China Ltd

13,046,000

4,140,725

0.72

Bank of China Ltd

23,907,130

7,564,272

1.31

Bank of Communications Co Ltd

6,298,000

3,123,357

0.54


568,480

21,434

0.00

China Citic Bank Corp Ltd

9,058,200

3,216,429

0.56

China Coal Energy Co Ltd

2,362,000

951,163

0.17

China Communications Construction Co

3,106,000

1,869,989

0.32


20,744,040

11,295,740

1.97

China Lumena New Materials Corp

12,592,000

1,810,972

0.31


At 30 June 2013


EUR x 1 In % of net

assets


2,697,000

3,466,849

0.60

China Metal Recycling Holdings Ltd

2,352,000

2,199,875

0.38


4,308,000

3,243,146

0.56

China Mobile Ltd

1,123,000

9,022,228

1.57


3,858,000

2,659,476

0.46


1,096,000

2,212,198

0.38


9,662,900

5,232,981

0.91

China Resources Power Holdings Co Ltd

1,306,000

2,393,835

0.42

China Shenhua Energy Co Ltd

703,000

1,380,605

0.24

China Zhongwang Holdings Ltd

3,185,600

745,680

0.13

Chongqing Changan Automobile Co Ltd

2,008,993

1,833,223

0.32

Citic Pacific Ltd

1,118,000

922,601

0.16

CNOOC Ltd

3,418,000

4,461,459

0.77

COSCO Pacific Ltd/STK/27-05-2013

956,705

17,365

0.00

Datang International Power Generation

7,930,000

2,469,743

0.43

Fosun International Ltd

2,639,000

1,489,363

0.26


917,500

3,044,046

0.53

Guangshen Railway Co Ltd

3,200,000

993,444

0.17

Guangzhou R&F Properties Co Ltd

1,047,200

1,165,391

0.20

Harbin Electric Co Ltd

2,966,000

1,509,168

0.26


4,524,000

3,446,139

0.60


21,781,575

10,564,456

1.83

Jiangsu Expressway Co Ltd

2,578,000

2,045,606

0.36

NVC Lighting Holdings Ltd

11,607,000

2,751,483

0.48

Shanghai Industrial Holdings Ltd

960,000

2,289,999

0.40

Shenzhen Investment Ltd

6,268,000

1,834,003

0.32

Shui On Land Ltd

5,409,333

1,212,554

0.21

Sino-Ocean Land Holdings Ltd

4,536,500

1,894,314

0.33

Tencent Holdings Ltd

58,300

1,759,044

0.31

Tianneng Power International Ltd

2,870,000

885,302

0.15

Yanzhou Coal Mining Co Ltd

1,524,000

840,444

0.15

Yuexiu Property Co Ltd

6,624,000

1,294,302

0.22

Zhejiang Expressway Co Ltd

2,490,000

1,560,865

0.27

116,835,268

20.28

IDR

Aneka Tambang Persero Tbk PT

7,000,000

542,593

0.09


1,838,500

1,104,439

0.19

Telekomunikasi Indonesia Persero Tbk

4,992,500

4,353,584

0.76

6,000,616

1.04

INR

Allahabad Bank

409,745

477,943

0.08

Bank of Baroda

179,635

1,335,223

0.23

GAIL India Ltd

614,681

2,493,146

0.43

Great Eastern Shipping Co Ltd/The

277,901

767,034

0.13


292,541

2,938,908

0.51



At 30 June 2013


EUR x 1 In % of net

assets

ICICI Bank Ltd

210,000

2,911,018

0.51

IDBI Bank Ltd

724,176

664,235

0.12

India Cements Ltd

1,027,535

756,249

0.13

ITC Ltd

249,198

1,046,396

0.18

NHPC Ltd

3,957,308

945,222

0.16

Oil & Natural Gas Corp Ltd

610,722

2,617,823

0.45

Power Grid Corp of India Ltd

716,444

1,032,321

0.18

Reliance Industries Ltd

476,056

5,316,245

0.93

Reliance Infrastructure Ltd

264,274

1,194,720

0.21

Sesa Goa Ltd

786,433

1,453,876

0.25

Union Bank of India

668,617

1,613,037

0.28

27,563,396

4.78

KRW

BS Financial Group Inc

214,080

2,083,846

0.36

GS Home Shopping Inc

18,839

3,001,308

0.52


116,850

2,617,231

0.45

Hite Jinro Co Ltd

59,380

1,248,005

0.22

Hyundai Development Co-Engineering & Con 130,270

2,193,846

0.38

Hyundai Motor Co

17,036

2,587,830

0.45


130,490

3,006,249

0.52

KCC Corp

10,404

2,298,772

0.40

Korea Gas Corp

44,336

1,576,929

0.27

KT Corp

104,030

2,508,784

0.44

LG Display Co Ltd

146,520

2,709,324

0.47

LIG Insurance Co Ltd

46,470

730,939

0.13

POSCO

12,245

2,462,208

0.43


26,369

23,837,890

4.14


4,364

2,598,715

0.45

Samsung SDI Co Ltd

28,021

2,576,546

0.45


91,970

2,329,462

0.40

SK Holdings Co Ltd

34,276

3,913,645

0.68

SK Hynix Inc

245,530

5,160,369

0.90

SK Telecom Co Ltd

14,034

1,985,283

0.34

Taekwang Industrial Co Ltd

1,262

814,416

0.14

Woori Finance Holdings Co Ltd

394,740

2,805,338

0.49

75,046,935

13.03

MXN

Fibra Uno Administracion SA de CV

834,400

2,133,352

0.37

Grupo Financiero Banorte SAB de CV

347,900

1,576,390

0.27

Grupo Mexico SAB de CV

617,200

1,366,238

0.24

Kimberly-Clark de Mexico SAB de CV

1,117,400

2,763,200

0.48


1,722,000

3,179,237

0.55

Wal-Mart de Mexico SAB de CV

532,200

1,146,649

0.20

12,165,066

2.11

MYR


166,800

2,420,629

0.42

IOI Corp Bhd

1,161,300

1,538,258

0.27


At 30 June 2013


EUR x 1 In % of net

assets

Malayan Banking Bhd

895,400

2,267,443

0.39

Tenaga Nasional Bhd

1,823,500

3,680,833

0.64

UMW Holdings Bhd

1,009,800

3,589,832

0.62

13,496,995

2.34

PHP

Universal Robina Corp

1,562,640

3,478,501

0.60

PKR

National Bank Of Pakistan

2,297,625

730,493

0.13

Pakistan Petroleum Ltd

833,200

1,363,036

0.23

2,093,529

0.36

PLN

Asseco Poland SA

124,623

1,225,437

0.21

Grupa Lotos SA

276,658

2,293,637

0.40

Kernel Holding SA

143,155

1,586,846

0.28


114,126

3,189,018

0.55

PGE SA

665,095

2,365,328

0.41

Polski Koncern Naftowy Orlen S.A.

332,346

3,576,543

0.62

Polskie Gornictwo Naftowe i Gazownictwo 2,289,447

3,066,519

0.53


32,415

3,066,896

0.53

Tauron Polska Energia SA

1,265,235

1,259,318

0.22

21,629,542

3.75

SGD

Thai Beverage PCL

8,691,000

3,110,330

0.54

THB

Airports of Thailand PCL NVDR

1,000,300

4,180,855

0.72


213,600

1,080,852

0.19

Delta Electronics Thailand PCL NVDR

2,296,500

2,278,565

0.40

Electricity Generating PCL NVDR

759,300

2,542,624

0.44

Krung Thai Bank PCL NVDR

5,252,800

2,644,977

0.46

Land and Houses PCL NVDR

8,984,400

2,518,271

0.44

PTT PCL NVDR

181,500

1,508,191

0.26

Ratchaburi Electricity Generat NVDR

1,755,300

2,242,299

0.39


370,300

1,579,855

0.27

Thai Airways International PCL NVDR

4,508,900

2,762,501

0.48

Thanachart Capital PCL NVDR

2,519,800

2,406,366

0.42

TMB Bank PCL NVDR

39,629,500

2,201,920

0.38

TPI Polene PCL NVDR

8,132,900

2,259,427

0.39

30,206,703

5.24

TRY

Akbank TAS

335,722

1,052,143

0.18

Kardemir Karabuk Demir Celik Sanayi ve T 3,219,595

1,848,571

0.32

KOC Holding AS

631,787

2,332,674

0.40

Koza Anadolu Metal Madencilik Isletmeler 893,267

1,018,638

0.18


88,674

1,665,289

0.29

Turk Hava Yollari

1,208,254

3,613,200

0.63



At 30 June 2013


EUR x 1 In % of net

assets


574,143

2,563,956

0.45

Turkiye Garanti Bankasi AS

386,296

1,296,895

0.23


437,223

2,850,317

0.49

Turkiye Is Bankasi

1,088,692

2,474,300

0.43

Ulker Biskuvi Sanayi AS

485,186

2,708,375

0.47

23,424,358

4.07

TWD

AmTRAN Technology Co Ltd

2,145,000

1,348,960

0.23


503,476

3,334,295

0.58

Cathay Financial Holding Co Ltd

4,383,000

4,601,510

0.80


1,228,155

2,458,971

0.43

Chin-Poon Industrial Co

2,439,000

2,754,673

0.48

Chipbond Technology Corp

1,402,000

2,645,093

0.46

Chong Hong Construction Co

687,810

1,906,768

0.33

Compal Electronics Inc

6,895,000

2,982,221

0.52


1,018,000

3,566,860

0.62

Farglory Land Development Co Ltd

679,000

958,601

0.17

Fubon Financial Holding Co Ltd

3,635,000

3,811,554

0.66

Huaku Development Co Ltd

655,860

1,456,240

0.25

Innolux Corp

8,371,000

3,212,359

0.56


2,437,180

3,290,629

0.57

MediaTek Inc

185,000

1,654,932

0.29

Pou Chen Corp

2,255,000

1,646,775

0.29

SinoPac Financial Holdings Co Ltd

7,789,194

2,849,135

0.49

Taishin Financial Holding Co Ltd

9,112,000

3,087,402

0.54

Taiwan Semiconductor Manufacturing Co Lt 5,515,267

15,714,302

2.71

TPK Holding Co Ltd

254,000

3,129,540

0.54

Vanguard International Semiconductor Cor 2,960,000

2,583,308

0.45

Wistron Corp

1,312,500

1,019,132

0.18

70,013,260

12.15

USD


122,607

2,051,546

0.36

Banco Bradesco SA ADR

659,266

6,598,493

1.15

Banco Santander Brasil SA/Braz ADR

231,000

1,105,374

0.19

BRF SA ADR

82,378

1,375,871

0.24


112,161

898,254

0.16

Cia Energetica de Minas Gerais ADR

478,893

3,304,743

0.57


At 30 June 2013


EUR x 1 In % of net

assets

Cia Paranaense de Energia ADR

269,350

2,573,625

0.45

Gazprom Neft OAO ADR

85,850

1,175,620

0.20

Gazprom OAO ADR

1,589,357

8,045,520

1.40

Giant Interactive Group Inc ADR

608,100

3,747,264

0.65


509,227

5,061,517

0.88

Lukoil OAO ADR

172,835

7,632,211

1.32

Magnit OJSC

9,639

1,697,121

0.29


366,910

2,226,660

0.39

Petroleo Brasileiro SA ADR

311,828

3,219,396

0.56


685,842

7,735,080

1.34

Rosneft OAO GDR

818,797

4,314,928

0.75

Sberbank of Russia ADR

614,272

5,382,589

0.93

Sistema JSFC

4,740,711

3,129,971

0.54


96,204

1,504,656

0.26

Surgutneftegas OAO ADR

633,832

3,822,936

0.66

Tatneft OAO ADR

40,413

1,129,518

0.20

Tim Participacoes SA ADR

99,437

1,422,878

0.25

Vale SA ADR

275,287

2,784,955

0.48

Vale SA ADR

670,948

6,276,669

1.09

VimpelCom Ltd ADR

286,663

2,218,587

0.39

90,435,982

15.70

ZAR

FirstRand Ltd

1,405,466

3,150,996

0.55


1,494,259

2,567,264

0.45

MTN Group Ltd

105,132

1,499,104

0.26


3,599,369

2,926,044

0.51

RMB Holdings Ltd

321,139

980,547

0.17

Sasol Ltd

204,135

6,826,806

1.17


259,051

2,238,006

0.39


809,072

1,537,399

0.27

Tongaat Hulett Ltd

241,098

2,344,857

0.41

24,071,023

4.18


568,609,367

98.08


568,609,367

98.08


7,552,749

1.92

Total net assets

576,162,116

100.00


Robeco Momentum Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


AUD

Commonwealth Bank of Australia

315

15,346

0.46

CSL Ltd

468

20,295

0.60


4,400

16,856

0.50

Lend Lease Group

1,854

10,902

0.32

Perpetual Ltd

505

12,589

0.37

Tatts Group Ltd

5,840

13,037

0.39

Telstra Corp Ltd

4,862

16,332

0.48

Westfield Group

1,957

15,766

0.47

121,123

3.59

CAD

Canadian Pacific Railway Ltd

200

18,600

0.54

Metro Inc

300

15,419

0.46

Rogers Communications Inc

459

13,790

0.41

Shaw Communications Inc

871

16,032

0.48

Thomson Reuters Corp

657

16,443

0.49

80,284

2.38

CHF

Actelion Ltd

378

17,488

0.52

Nestle SA

768

38,684

1.15

Roche Holding AG

199

38,023

1.13

94,195

2.80

DKK

Coloplast A/S

440

18,954

0.56

EUR

Ageas

628

16,940

0.50

Bayer AG

340

27,856

0.83

Beiersdorf AG

252

16,884

0.50

Credit Agricole SA

2,325

15,352

0.46

Delhaize Group SA

323

15,339

0.46

Deutsche Post AG

989

18,885

0.56

Duerr AG

502

23,270

0.69

Kering

97

15,147

0.45

Kering/CLM/20-06-2013

97

194

0.01

Kone OYJ

291

17,766

0.53

Koninklijke Philips NV

868

18,180

0.54

Lafarge SA

388

18,329

0.54

L'Oreal SA

170

21,463

0.64


141

19,937

0.59

Orion OYJ

637

11,479

0.34

Sanofi

383

30,494

0.89

Teleperformance

491

18,157

0.54


At 30 June 2013


EUR x 1 In % of net

assets


491

334

0.01

306,006

9.08

GBP

Aberdeen Asset Management PLC

3,123

13,950

0.41

ARM Holdings PLC

1,539

14,277

0.42


829

16,783

0.50

Barratt Developments PLC

6,978

25,209

0.76

Diageo PLC

1,007

22,091

0.66

easyJet PLC

1,212

18,329

0.54

Next PLC

317

16,860

0.50

Persimmon PLC

1,095

15,090

0.45


377

20,447

0.61

Standard Life PLC

4,302

17,354

0.51

Thomas Cook Group PLC

13,377

20,183

0.60

TUI Travel PLC

3,435

14,305

0.42

214,878

6.38

HKD

Hang Seng Bank Ltd

1,300

14,790

0.44

Hopewell Holdings Ltd

4,500

11,538

0.34

Link REIT/The

4,000

15,136

0.45

New World Development Co Ltd

13,000

13,848

0.41

55,312

1.64

JPY

Ajinomoto Co Inc

1,000

11,276

0.33

Astellas Pharma Inc

400

16,698

0.50

Bridgestone Corp

600

15,706

0.47

Central Japan Railway Co

100

9,394

0.28

Chugai Pharmaceutical Co Ltd

900

14,331

0.43

Daikin Industries Ltd

500

15,528

0.46

Daiwa House Industry Co Ltd

1,000

14,336

0.43

Daiwa Securities Group Inc

4,000

25,805

0.76

East Japan Railway Co

300

17,914

0.53

Fast Retailing Co Ltd

100

25,906

0.76

Fuji Heavy Industries Ltd

1,000

18,936

0.56

Hankyu Hanshin Holdings Inc

3,000

13,127

0.39

Japan Retail Fund Investment Corp

7

11,233

0.33

Keisei Electric Railway Co Ltd

2,000

14,390

0.43

Kikkoman Corp

1,000

12,779

0.38

Kirin Holdings Co Ltd

1,000

12,035

0.36

Kubota Corp

2,000

22,429

0.66

Lawson Inc

200

11,726

0.35

Mazda Motor Corp

7,000

21,197

0.63

Mitsubishi Logistics Corp

1,000

10,726

0.32

Mizuho Financial Group Inc

13,500

21,538

0.64

NEC Corp

8,000

13,445

0.40



At 30 June 2013


EUR x 1 In % of net

assets

Nippon Building Fund Inc

2

17,782

0.53

Nomura Holdings Inc

3,900

22,079

0.66

Oracle Corp Japan

400

12,748

0.38

Oriental Land Co Ltd/Japan

100

11,880

0.35

Resona Holdings Inc

4,400

16,459

0.49

Sekisui House Ltd

1,000

11,106

0.33

Shimano Inc

200

13,042

0.39

Shionogi & Co Ltd

1,100

17,635

0.52

Sumitomo Metal Mining Co Ltd

1,000

8,566

0.25


700

24,667

0.73

Suruga Bank Ltd

1,000

13,956

0.41

Suzuken Co Ltd/Aichi Japan

500

12,934

0.38

Takeda Pharmaceutical Co Ltd

200

6,939

0.21

Tobu Railway Co Ltd

4,000

15,830

0.47

Tokyu Corp

4,000

20,105

0.60

Toyoda Gosei Co Ltd

800

15,062

0.45

Wacom Co Ltd/Japan

1,200

10,158

0.30

601,403

17.85

NOK

Norwegian Air Shuttle AS

516

17,254

0.51

SEK

Investor AB

734

15,085

0.45

Skandinaviska Enskilda Banken AB

2,401

17,542

0.52

32,627

0.97

SGD

Global Logistic Properties Ltd

9,000

15,013

0.45

StarHub Ltd

6,000

15,213

0.45

30,226

0.90

USD

AECOM Technology Corp

604

14,772

0.44

Alliance Data Systems Corp

100

13,927

0.41

Allstate Corp/The

500

18,510

0.55

American International Group Inc

600

20,633

0.61

Amgen Inc

300

22,770

0.68

AOL Inc

500

14,032

0.42

AZZ Inc

513

15,218

0.45

Beacon Roofing Supply Inc

595

17,339

0.51

Becton Dickinson and Co

231

17,563

0.52

Biogen Idec Inc

100

16,556

0.49

BlackRock Inc

99

19,562

0.58

Campbell Soup Co

477

16,436

0.49

CBOE Holdings Inc

390

13,994

0.42

Celgene Corp

224

20,147

0.60

Cerner Corp

300

22,177

0.66

Church & Dwight Co Inc

300

14,242

0.42

Cincinnati Financial Corp

400

14,125

0.42

Clorox Co/The

200

12,792

0.38


At 30 June 2013


EUR x 1 In % of net

assets

Comcast Corp

900

28,997

0.86

Computer Sciences Corp

468

15,759

0.47

Constellation Brands Inc

543

21,773

0.65

Cree Inc

383

18,816

0.56

CVS Caremark Corp

600

26,394

0.78


200

18,587

0.55

Discover Financial Services

500

18,325

0.54

DR Horton Inc

900

14,734

0.44

Eagle Materials Inc

286

14,581

0.43

Eli Lilly & Co

600

22,673

0.67

Energizer Holdings Inc

206

15,929

0.47

Equifax Inc

400

18,134

0.54


200

19,735

0.59

Exterran Holdings Inc

841

18,194

0.54

Fidelity National Financial Inc

900

16,486

0.49

Fidelity National Information Services I

600

19,775

0.59

First American Financial Corp

684

11,598

0.34

FleetCor Technologies Inc

281

17,575

0.52

Gap Inc/The

500

16,052

0.48

General Mills Inc

508

18,966

0.56

Gilead Sciences Inc

730

28,760

0.85

Goldman Sachs Group Inc/The

199

23,156

0.69

H&R Block Inc

749

15,990

0.47

HCP Inc

400

13,983

0.41

Hershey Co/The

300

20,605

0.61

Hertz Global Holdings Inc

878

16,751

0.50

Home Depot Inc/The

500

29,800

0.88

Hormel Foods Corp

335

9,943

0.30

Ingersoll-Rand PLC

400

17,085

0.51

Isis Pharmaceuticals Inc

1,160

23,979

0.71

Jarden Corp

300

10,097

0.30

Kimberly-Clark Corp

300

22,420

0.67

Kroger Co/The

673

17,883

0.53

L-3 Communications Holdings Inc

255

16,820

0.50

Lear Corp

333

15,489

0.46

Lennar Corp

500

13,863

0.41

Lennox International Inc

400

19,861

0.59

Louisiana-Pacific Corp

884

10,058

0.30

Lumber Liquidators Holdings Inc

400

23,963

0.71

Marathon Petroleum Corp

350

19,134

0.57

Masco Corp

1,300

19,492

0.58

Mattel Inc

500

17,429

0.52

Medical Properties Trust Inc

1,457

16,051

0.48

Micron Technology Inc

1,677

18,488

0.55

Monsanto Co

266

20,218

0.60

Morgan Stanley

1,083

20,354

0.60

MWI Veterinary Supply Inc

173

16,402

0.49

Mylan Inc/PA

739

17,641

0.52



At 30 June 2013


EUR x 1 In % of net

assets

Ocwen Financial Corp

537

17,029

0.51

Omega Healthcare Investors Inc

700

16,705

0.50

O'Reilly Automotive Inc

200

17,328

0.51

PartnerRe Ltd

200

13,934

0.41

Piper Jaffray Cos

512

12,451

0.37

Prestige Brands Holdings Inc

997

22,351

0.66

PulteGroup Inc

1,300

18,972

0.56

Quanta Services Inc

700

14,249

0.42

Redwood Trust Inc

893

11,679

0.35

Regions Financial Corp

2,600

19,062

0.57

ResMed Inc

460

15,971

0.47

Sabra Health Care REIT Inc

877

17,616

0.52

Safeway Inc

779

14,179

0.42

Santarus Inc

997

16,146

0.48

Seagate Technology PLC

500

17,244

0.51

Sempra Energy

300

18,870

0.56

Sherwin-Williams Co/The

100

13,586

0.40

Southwest Airlines Co

1,486

14,736

0.44

Standard Pacific Corp

2,618

16,777

0.50

State Street Corp

372

18,662

0.55

Stratasys Ltd

200

12,885

0.38

Susser Holdings Corp

456

16,797

0.50


At 30 June 2013


EUR x 1 In % of net

assets

Symantec Corp

907

15,679

0.47

Tyson Foods Inc

886

17,504

0.52

Universal Health Services Inc

287

14,784

0.44

Valero Energy Corp

614

16,424

0.49

Valmont Industries Inc

129

14,201

0.42

Visa Inc

200

28,119

0.83

Walt Disney Co/The

600

29,150

0.87

West Pharmaceutical Services Inc

346

18,702

0.55

Western Digital Corp

285

13,614

0.40

Weyerhaeuser Co

800

17,534

0.52

Whirlpool Corp

200

17,596

0.52

Wisconsin Energy Corp

500

15,767

0.47

Yahoo! Inc

948

18,313

0.54

1,788,209

53.06


3,360,471

99.72


3,360,471

99.72


9,391

0.28

Total net assets

3,369,862

100.00


Robeco Quant Emerging Markets Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


BRL

Banco Bradesco SA

33,890

469,453

0.25

Banco do Brasil SA

53,200

532,958

0.28


27,900

222,288

0.12

BM&FBovespa SA

101,100

565,678

0.29

Bradespar SA Pref

37,400

341,997

0.18

CCR SA

35,500

284,447

0.15

Cia Brasileira de Distribuicao Pref

2,600

117,228

0.06

Cia de Bebidas das Americas

7,600

284,111

0.15

Cia Energetica de Sao Paulo Pref

51,800

460,309

0.24

Cielo SA

19,032

482,472

0.25

Cyrela Brazil Realty SA Empreendimentos 69,100

479,847

0.25

Duratex SA

58,500

339,503

0.18


5,606

21,317

0.01


206,008

773,104

0.39

JBS SA

133,000

389,543

0.20

Klabin SA Pref

44,400

223,103

0.12


37,600

525,952

0.27

M Dias Branco SA

12,200

461,154

0.24

Metalurgica Gerdau SA Pref

14,800

107,130

0.06


114,800

335,717

0.18


6,900

148,993

0.08

Porto Seguro SA

33,400

358,339

0.19

Souza Cruz SA

15,200

188,467

0.10

8,113,110

4.24

CLP

AES Gener SA

492,818

322,206

0.17

Aguas Andinas SA

670,829

476,233

0.25

Banco de Chile

3,366,505

487,862

0.25

Cencosud SA

46,533

232,625

0.12

Colbun SA

662,616

174,538

0.09

Corpbanca SA

42,666,126

493,242

0.26

Empresas CMPC SA

55,254

170,410

0.09

Empresas COPEC SA

18,046

236,802

0.12

2,593,918

1.35

COP

Banco Davivienda SA Pref

23,584

282,825

0.15

Grupo Argos SA/Colombia

33,419

332,243

0.18

Grupo de Inversiones Suramericana SA

10,275

198,983

0.10

814,051

0.43

CZK

CEZ AS

6,402

153,458

0.08


At 30 June 2013


EUR x 1 In % of net

assets

EGP

Commercial International Bank Egypt SAE 22,160

94,299

0.05

Telecom Egypt Co

246,483

403,118

0.21

497,417

0.26

HKD

Agile Property Holdings Ltd

416,000

446,230

0.23


1,155,000

476,512

0.25

Anhui Conch Cement Co Ltd

50,000

135,373

0.07

Anta Sports Products Ltd

445,000

390,132

0.20

Bank of China Ltd

4,961,000

2,040,338

1.07

Bank of Communications Co Ltd

1,007,000

649,145

0.34

BBMG Corp

480,500

295,498

0.15

Beijing Enterprises Holdings Ltd

23,500

169,213

0.09

China Citic Bank Corp Ltd

798,000

368,322

0.19

China Coal Energy Co Ltd

163,000

85,321

0.04

China Communications Construction Co Ltd 676,000

529,027

0.28


558,000

352,511

0.18


4,418,000

3,127,089

1.64

China Life Insurance Co Ltd

155,000

367,698

0.19

China Mengniu Dairy Co Ltd

59,000

211,085

0.11


422,000

705,115

0.37


635,500

621,870

0.32

China Mobile Ltd

308,000

3,216,459

1.69


176,000

157,703

0.08


220,000

577,204

0.30


1,897,200

1,335,513

0.70

China Railway Construction Corp Ltd

209,500

182,048

0.10

China Railway Group Ltd

666,000

307,397

0.16

China Resources Land Ltd

76,000

207,726

0.11


162,000

385,975

0.20

China Shenhua Energy Co Ltd

182,500

465,876

0.24

China Southern Airlines Co Ltd

722,000

291,356

0.15

China Telecom Corp Ltd

554,000

264,274

0.14

Chongqing Rural Commercial Bank

762,000

323,216

0.17

Citic Pacific Ltd

426,000

456,957

0.24

CNOOC Ltd

710,000

1,204,638

0.63

Datang International Power Generation Co 746,000

302,003

0.16

Dongfeng Motor Group Co Ltd

106,000

141,582

0.07

Evergrande Real Estate Group Ltd

208,000

76,964

0.04

Fosun International Ltd

624,500

458,128

0.24

Franshion Properties China Ltd

1,036,000

345,941

0.18

Geely Automobile Holdings Ltd

685,000

296,737

0.15


125,000

539,074

0.28

Guangdong Investment Ltd

360,000

311,899

0.16

Guangzhou Automobile Group Co Ltd

518,000

489,526

0.26



At 30 June 2013


EUR x 1 In % of net

assets


291,200

421,237

0.22

Hengan International Group Co Ltd

29,000

315,934

0.17


494,000

489,137

0.26

Industrial & Commercial Bank of China Lt 4,571,000

2,881,790

1.52


434,000

447,633

0.23

Kingboard Chemical Holdings Ltd

187,800

386,914

0.20

Lee & Man Paper Manufacturing Ltd

284,400

169,400

0.09

Lenovo Group Ltd

250,000

226,588

0.12

PetroChina Co Ltd

836,000

889,206

0.46

Ping An Insurance Group Co of China Ltd

21,000

141,329

0.07


118,000

365,881

0.19

Shanghai Pharmaceuticals Holding Co Ltd 127,100

238,261

0.12

Shougang Fushan Resources Group Ltd

1,224,000

474,996

0.25

Sino-Ocean Land Holdings Ltd

596,000

323,497

0.17


40,100

1,572,700

0.83

Tingyi Cayman Islands Holding Corp

90,000

234,388

0.12

Want Want China Holdings Ltd

235,000

330,851

0.17


1,306,000

331,705

0.17


498,000

405,778

0.21

33,955,900

17.74

HUF

OTP Bank PLC

9,439

198,076

0.10

IDR

Adaro Energy Tbk PT

5,096,500

441,611

0.23

Astra International Tbk PT

805,000

567,758

0.30

Bank Central Asia Tbk PT

134,000

135,013

0.07


500,500

453,854

0.24

Bank Negara Indonesia Persero Tbk PT

1,266,500

548,710

0.29


595,000

464,610

0.24

Charoen Pokphand Indonesia Tbk PT

323,500

167,861

0.09

Indocement Tunggal Prakarsa Tbk PT

196,500

484,073

0.25

Indofood CBP Sukses Makmur Tbk PT

403,000

495,375

0.26

Perusahaan Gas Negara Persero Tbk PT

1,078,500

624,824

0.33


348,000

599,577

0.31

Telekomunikasi Indonesia Persero Tbk PT 847,500

960,642

0.49

Unilever Indonesia Tbk PT

54,000

167,305

0.09

6,111,213

3.19

INR

Adani Ports and Special Economic Zone

143,236

362,278

0.19

Aditya Birla Nuvo Ltd

17,308

310,408

0.16

Axis Bank Ltd

15,616

348,243

0.18

Bank of Baroda

26,621

257,206

0.13

Bank of India

58,802

229,964

0.12

Bharat Heavy Electricals Ltd

156,924

460,143

0.24

Canara Bank

45,073

273,510

0.14

GAIL India Ltd

64,658

340,889

0.18


39,312

513,355

0.27


At 30 June 2013


EUR x 1 In % of net

assets

HDFC Bank Ltd

32,297

363,868

0.19

Hindalco Industries Ltd

282,588

474,586

0.25

Hindustan Unilever Ltd

39,715

391,068

0.20

Housing Development Finance Corp

39,462

583,745

0.30

ITC Ltd

100,320

547,561

0.30

Kotak Mahindra Bank Ltd

15,476

188,082

0.10

Larsen & Toubro Ltd

9,563

226,567

0.12


16,490

269,334

0.14


83,743

466,593

0.24

Oil India Ltd

43,781

423,296

0.22


85,760

160,624

0.08

Reliance Capital Ltd

54,675

309,925

0.16

Reliance Communications Ltd

223,362

445,596

0.23


70,094

1,017,469

0.54

Reliance Infrastructure Ltd

69,887

410,678

0.21

Rural Electrification Corp Ltd

90,523

305,805

0.16

Sesa Goa Ltd

175,295

421,239

0.22

Shriram Transport Finance Co Ltd

14,429

172,019

0.09

State Bank of India

12,833

421,929

0.22


14,263

242,789

0.13


5,146

131,467

0.07

United Spirits Ltd

4,684

170,870

0.09

11,241,106

5.87

KRW


32,720

413,996

0.22

CJ Corp

3,372

335,118

0.18

Daelim Industrial Co Ltd

6,343

482,091

0.25

DGB Financial Group Inc

27,480

375,367

0.20

Dongbu Insurance Co Ltd

8,690

367,521

0.19

E-Mart Co Ltd

1,118

196,767

0.10

GS Holdings

6,746

303,616

0.16

Halla Visteon Climate Control Corp

12,630

400,891

0.21


25,270

735,719

0.38

Hankook Tire Co Ltd

2,458

113,640

0.06

Hite Jinro Co Ltd

13,460

367,718

0.19

Hyosung Corp

2,200

113,655

0.06

Hyundai Heavy Industries Co Ltd

2,242

360,236

0.19

Hyundai Marine & Fire Insurance Co Ltd

12,700

336,947

0.18

Hyundai Mobis

2,671

638,486

0.33

Hyundai Motor Co

8,287

1,636,284

0.85


2,023

177,138

0.09

Hyundai Securities Co Ltd

35,740

199,973

0.10

Hyundai Steel Co

2,198

123,560

0.06

Industrial Bank of Korea

10,780

103,359

0.05


18,412

551,369

0.29

KCC Corp

1,263

362,737

0.19

Kia Motors Corp

14,158

769,854

0.40

Korea Electric Power Corp

10,120

234,823

0.12



At 30 June 2013


EUR x 1 In % of net

assets

Korea Gas Corp

6,587

304,534

0.16

Korea Investment Holdings Co Ltd

7,130

259,403

0.14

KT Corp

13,150

412,215

0.22

KT&G Corp

5,912

384,108

0.20

LG Corp

8,280

460,383

0.24

LG Display Co Ltd

9,230

221,850

0.12

LG Electronics Inc

5,707

364,792

0.19

LG Household & Health Care Ltd

430

210,096

0.11

LG Uplus Corp

43,920

459,563

0.24

Lotte Shopping Co Ltd

1,437

446,684

0.23

NHN Corp

1,883

478,973

0.25

POSCO

3,466

905,916

0.47

Samsung C&T Corp

2,493

117,659

0.06

Samsung Electro-Mechanics Co Ltd

3,189

243,213

0.13


5,939

6,978,799

3.66


1,105

855,322

0.45

Samsung Fire & Marine Insurance Co Ltd

1,428

291,339

0.15

Samsung Heavy Industries Co Ltd

14,400

451,399

0.24

Samsung Life Insurance Co Ltd

1,983

187,526

0.10

Samsung SDI Co Ltd

3,590

429,084

0.22


22,920

754,601

0.39

Shinsegae Co Ltd

846

156,303

0.08

SK Holdings Co Ltd

3,900

578,828

0.30

SK Hynix Inc

41,510

1,134,024

0.59

SK Innovation Co Ltd

3,231

383,346

0.20

SK Telecom Co Ltd

2,482

456,390

0.24

Woori Finance Holdings Co Ltd

40,740

376,347

0.20

28,003,562

14.63

MXN

Alfa SAB de CV

151,900

364,303

0.19

Fibra Uno Administracion SA de CV

58,600

194,751

0.10

Grupo Bimbo SAB de CV

188,700

568,598

0.30

Grupo Carso SAB de CV

80,200

376,130

0.20

Grupo Comercial Chedraui SA de CV

126,300

464,346

0.24


131,100

772,156

0.41

Grupo Mexico SAB de CV

244,300

702,938

0.37


173,300

557,052

0.29

Mexichem SAB de CV

47,600

197,294

0.10


200,300

480,689

0.25

Wal-Mart de Mexico SAB de CV

215,000

602,126

0.31

5,280,383

2.76

MYR

Alliance Financial Group Bhd

278,500

467,176

0.24

AMMB Holdings Bhd

66,700

154,953

0.08

Axiata Group Bhd

96,800

203,127

0.11


397,631

549,972

0.29


21,800

411,227

0.21

CIMB Group Holdings Bhd

134,700

353,002

0.18

DiGi.Com Bhd

123,800

186,512

0.10


At 30 June 2013


EUR x 1 In % of net

assets

Gamuda Bhd

323,800

485,774

0.25

Genting Malaysia BHD

159,900

196,869

0.10

Hong Leong Financial Group Bhd

65,200

298,397

0.16

IHH Healthcare Bhd

108,000

135,021

0.07

IOI Corp Bhd

375,900

647,218

0.34


122,700

395,341

0.21

Malayan Banking Bhd

242,100

796,906

0.42

Malaysia Airports Holdings Bhd

93,000

185,734

0.10

Maxis Bhd

90,100

195,912

0.10

MISC Bhd

288,800

466,172

0.24

Petronas Chemicals Group Bhd

128,200

268,612

0.14

Public Bank Bhd

56,800

306,695

0.16

Sime Darby Bhd

107,900

327,164

0.17

Tenaga Nasional Bhd

288,800

757,759

0.40

UMW Holdings Bhd

115,200

532,334

0.28

8,321,877

4.35

PHP

Alliance Global Group Inc

694,700

376,296

0.20

Ayala Land Inc

214,200

150,733

0.08

Globe Telecom Inc

12,840

478,528

0.24

Philippine Long Distance Telephone Co

3,040

206,889

0.11

SM Investments Corp

8,940

221,431

0.12

Universal Robina Corp

161,410

467,043

0.24

1,900,920

0.99

PLN

Grupa Lotos SA

37,207

400,958

0.21

Kernel Holding SA

28,539

411,207

0.21


17,255

626,730

0.34

PGE SA

29,669

137,153

0.07

Polski Koncern Naftowy Orlen S.A.

36,890

516,030

0.27

Polskie Gornictwo Naftowe i Gazownictwo 287,416

500,402

0.26


3,012

370,426

0.19

Tauron Polska Energia SA

323,336

418,323

0.22

3,381,229

1.77

THB


47,500

431,888

0.23


92,300

501,453

0.26


76,900

505,807

0.26

Banpu PCL NVDR

50,300

390,853

0.20

CP ALL PCL NVDR

174,600

219,552

0.11

Kasikornbank PCL NVDR

70,600

434,777

0.23

Krung Thai Bank PCL NVDR

569,500

372,750

0.19

PTT Exploration & Production P NVDR

145,000

741,012

0.40


66,000

146,832

0.08

PTT PCL NVDR

46,000

496,856

0.26

Siam Cement PCL NVDR

20,100

289,041

0.15


94,700

525,178

0.27

5,055,999

2.64



At 30 June 2013


EUR x 1 In % of net

assets

TRY

Akbank TAS

96,547

393,303

0.21

BIM Birlesik Magazalar AS

6,426

139,214

0.07


34,759

479,198

0.25

Haci Omer Sabanci Holding AS

79,574

418,604

0.22

Turk Hava Yollari

118,870

462,061

0.24


35,189

204,263

0.11

Turkiye Garanti Bankasi AS

123,890

540,647

0.27


55,366

469,166

0.25

Turkiye Is Bankasi

153,385

453,131

0.24

Turkiye Vakiflar Bankasi Tao

186,459

464,830

0.24

4,024,417

2.10

TWD

Advanced Semiconductor Engineering Inc 239,000

200,556

0.10


60,000

516,499

0.27

AU Optronics Corp

1,456,000

529,525

0.28

Catcher Technology Co Ltd

36,000

187,381

0.10

Cathay Financial Holding Co Ltd

590,000

805,145

0.42


64,980

205,102

0.11


173,880

452,525

0.24

China Steel Corp

464,720

380,664

0.20


57,000

193,988

0.10


736,000

413,787

0.22


472,587

292,499

0.15


142,000

646,725

0.34

Farglory Land Development Co Ltd

160,000

293,617

0.15


190,000

335,992

0.18

First Financial Holding Co Ltd

259,700

153,805

0.08

Formosa Chemicals & Fibre Corp

113,000

277,118

0.14


508,000

692,396

0.36

Highwealth Construction Corp

173,000

363,652

0.19


312,500

771,579

0.40

HTC Corp

30,000

239,231

0.12

Innolux Corp

1,049,000

523,258

0.27

Inventec Corp

698,625

389,278

0.20


329,640

578,528

0.30

MediaTek Inc

65,000

755,814

0.39


298,410

226,513

0.12


67,000

397,918

0.21

Nan Ya Plastics Corp

182,000

383,784

0.20

Novatek Microelectronics Corp

88,000

427,213

0.22

Pegatron Corp

172,000

284,075

0.15

Pou Chen Corp

310,000

294,268

0.15

President Chain Store Corp

31,000

203,246

0.11

Quanta Computer Inc

98,000

212,539

0.11

Realtek Semiconductor Corp

174,730

413,928

0.22

Shin Kong Financial Holding Co Ltd

1,042,000

351,146

0.18

Siliconware Precision Industries Co

158,000

198,745

0.10


At 30 June 2013


EUR x 1 In % of net

assets

SinoPac Financial Holdings Co Ltd

770,000

366,104

0.19

Taiwan Cement Corp

132,000

162,517

0.08


67,000

264,906

0.14


4,903,541

2.58

Teco Electric and Machinery Co Ltd

474,000

474,459

0.25

TPK Holding Co Ltd

27,000

432,418

0.23

Transcend Information Inc

48,000

148,944

0.08

Tung Ho Steel Enterprise Corp

297,000

270,532

0.14

Unimicron Technology Corp

385,000

368,673

0.19

Uni-President Enterprises Corp

187,330

365,022

0.19

United Microelectronics Corp

490,000

237,063

0.12

Vanguard International Semiconductor Cor 359,000

407,260

0.21

Wistron Corp

446,600

450,757

0.24

WPG Holdings Ltd

390,000

461,947

0.24

22,906,182

11.96

USD


102,233

2,223,568

1.16


110,330

1,435,393

0.75

Banco Santander Brasil SA/Braz ADR

50,104

311,647

0.16

BanColombia SA ADR

13,775

778,288

0.41

BRF SA ADR

43,826

951,462

0.50

Cemex SAB de CV ADR

15,129

160,065

0.08

Cia Brasileira de Distribuicao ADR

4,000

181,840

0.09

Cia de Bebidas das Americas ADR

31,441

1,174,321

0.61


25,965

270,296

0.14


69,709

625,290

0.33

Cia Paranaense de Energia ADR

35,631

442,537

0.23

Coca-Cola Femsa SAB de CV ADR

1,700

238,493

0.12

Credicorp Ltd

3,638

465,518

0.24

Dr Reddy's Laboratories Ltd ADR

5,451

206,157

0.11

Ecopetrol SA ADR

7,587

319,109

0.17

Enersis SA ADR

20,604

337,081

0.18

Fomento Economico Mexicano SAB ADR

10,425

1,075,756

0.56

Gazprom OAO ADR

375,985

2,473,981

1.29

Gerdau SA ADR

33,712

192,496

0.10


9,945

505,504

0.26

Grupo Financiero Santander Mex ADR

19,578

278,203

0.15

Grupo Televisa SAB ADR

27,475

682,479

0.36

ICICI Bank Ltd ADR

9,042

345,857

0.18

Infosys Ltd ADR

16,900

696,111

0.36


128,534

1,660,659

0.87

Lukoil OAO ADR

34,200

1,963,080

1.03

Magnit OJSC

3,552

812,919

0.42

MegaFon OAO GDR

3,803

118,844

0.06


64,607

509,644

0.27

Oi SA ADR PRF

39,660

71,388

0.04

Petroleo Brasileiro SA ADR

78,402

1,052,155

0.55


135,911

1,992,455

1.05



At 30 June 2013


EUR x 1 In % of net

assets

Rosneft OAO GDR

109,312

748,787

0.39

Sberbank of Russia ADR

155,902

1,775,724

0.94

Sociedad Quimica y Minera de C ADR

3,500

141,400

0.07

Southern Copper Corp

6,800

187,816

0.10

Surgutneftegas OAO ADR

120,750

946,680

0.49

Tata Motors Ltd ADR

6,028

141,296

0.07

Tatneft OAO ADR

23,356

848,523

0.44


15,957

364,139

0.19

Tim Participacoes SA ADR

14,566

270,928

0.14

Vale SA ADR

69,005

907,416

0.47

Vale SA ADR

129,858

1,579,073

0.83

VTB Bank OJSC GDR

81,277

230,827

0.12

32,695,205

17.08

ZAR

ABSA Group Ltd

11,395

170,456

0.09

African Bank Investments Ltd

275,960

453,668

0.24

African Rainbow Minerals Ltd

29,615

446,766

0.23

AngloGold Ashanti Ltd

17,524

247,099

0.13

Aspen Pharmacare Holdings Ltd

11,247

257,258

0.13

Bidvest Group Ltd

12,345

304,608

0.16

FirstRand Ltd

301,237

877,868

0.46

Gold Fields Ltd

28,716

146,860

0.08


66,499

176,777

0.09

Harmony Gold Mining Co Ltd

120,055

432,343

0.23

Impala Platinum Holdings Ltd

20,075

188,066

0.10


7,161

151,382

0.08

Kumba Iron Ore Ltd

3,194

148,194

0.08


At 30 June 2013


EUR x 1 In % of net

assets

Liberty Holdings Ltd

37,289

450,523

0.24


236,153

527,389

0.28

MTN Group Ltd

65,877

1,221,023

0.63

Naspers Ltd

13,259

975,003

0.51

Nedbank Group Ltd

8,052

142,373

0.07

Netcare Ltd

153,385

355,990

0.19

Northam Platinum Ltd

87,062

280,641

0.15

PPC Ltd

102,860

308,666

0.16


545,555

576,483

0.30

Remgro Ltd

25,831

494,257

0.26

RMB Holdings Ltd

64,074

254,302

0.13

Sanlam Ltd

95,773

443,786

0.23

Sasol Ltd

33,583

1,459,865

0.75

Shoprite Holdings Ltd

16,168

302,115

0.16


64,695

726,507

0.38


133,706

330,251

0.17

Tiger Brands Ltd

6,424

191,480

0.10

Vodacom Group Ltd

14,756

156,104

0.08


40,830

264,914

0.14

13,463,017

7.03


188,711,040

98.57


188,711,040

98.57


2,746,417

1.43

Total net assets

191,457,457

100.00


Robeco Emerging Conservative Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


AED

Dubai Islamic Bank PJSC

16,275,163

13,736,182

0.81

First Gulf Bank PJSC

1,657,778

7,198,898

0.43

20,935,080

1.24

BRL

AES Tiete SA Pref

716,100

6,833,510

0.40

CCR SA

858,400

6,878,005

0.41

Cia de Transmissao de Energia Pref

139,700

2,118,560

0.13

Cielo SA

445,560

11,295,196

0.67

EDP - Energias do Brasil SA

599,200

3,073,274

0.18

Grendene SA

1,306,600

11,983,444

0.71

Klabin SA Pref

1,753,300

8,810,058

0.52

Light SA

102,500

721,529

0.04

M Dias Branco SA

287,300

10,859,795

0.64

Mahle-Metal Leve SA Industria e Comercio 566,165

6,348,463

0.38


419,200

9,051,888

0.54

Souza Cruz SA

640,900

7,946,609

0.47

Tractebel Energia SA

831,300

13,047,015

0.76

Valid Solucoes e Servicos de Seguranca e 370,000

5,467,029

0.32

104,434,375

6.17

CLP

Aguas Andinas SA

17,517,886

12,436,236

0.73

Banco de Chile

54,468,381

7,893,362

0.47

ENTEL Chile SA

76,163

1,279,236

0.08

21,608,834

1.28

COP

Almacenes Exito SA

359,627

5,958,869

0.35

Cementos Argos SA

723,488

2,989,481

0.18

Isagen SA ESP

2,129,771

2,839,695

0.17

11,788,045

0.70

CZK

CEZ AS

256,511

6,148,642

0.36


619,255

8,521,968

0.51

14,670,610

0.87

EGP

Commercial International Bank Egypt SAE 1,683,889

7,165,589

0.42

Telecom Egypt Co

776,375

1,269,745

0.08

8,435,334

0.50

HKD

Bank of China Ltd

63,129,000

25,963,416

1.54

Beijing Enterprises Holdings Ltd

414,500

2,984,626

0.18

Bosideng International Holdings Ltd

14,974,000

3,127,484

0.18


29,346,000

20,771,291

1.23


At 30 June 2013


EUR x 1 In % of net

assets

China Mobile Ltd

2,337,000

24,405,402

1.44


3,858,000

9,191,924

0.54


10,238,000

8,870,062

0.52


432,000

4,706,333

0.28


10,422,000

10,319,402

0.61

Industrial & Commercial Bank of China Lt 17,773,000

11,204,999

0.66


7,506,000

7,741,779

0.46

Shenzhen Investment Ltd

11,344,000

4,314,500

0.26

Sino Biopharmaceutical

12,208,000

7,916,892

0.47

Tianneng Power International Ltd

2,954,000

1,184,440

0.07


15,954,000

12,999,568

0.77

155,702,118

9.21

HUF

Magyar Telekom Telecommunications PLC 1,320,701

1,981,708

0.12

IDR

Bank Central Asia Tbk PT

3,395,500

3,421,159

0.20


3,014,500

5,193,749

0.31

Telekomunikasi Indonesia Persero Tbk PT 16,069,500

18,214,800

1.07


1,250,000

3,872,796

0.23

Asian Paints Ltd

134,814

10,518,553

0.62

Cipla Ltd/India

1,452,193

9,578,241

0.57

Divi's Laboratories Ltd

267,832

4,466,946

0.26


862,911

11,268,302

0.67

ITC Ltd

2,479,231

13,531,989

0.80

Oil India Ltd

317,529

3,070,025

0.18


851,097

14,487,623

0.86

Zee Entertainment Enterprises Ltd

924,486

3,672,274

0.22

101,296,457

5.99

KRW

Daishin Securities Co Ltd

442,070

3,464,407

0.20


34,323

7,107,736

0.42

Kangwon Land Inc

529,760

14,658,216

0.87

KEPCO Plant Service & Engineering Co Ltd 70,740

3,233,333

0.19

KT Corp

309,730

9,709,149

0.57

KT&G Corp

256,394

16,658,145

0.99

LG Uplus Corp

176,490

1,846,728

0.11

Paradise Co Ltd

324,318

6,574,109

0.39

Partron Co Ltd

242,582

3,950,812

0.23


7,033

8,264,337

0.49

Samsung Life Insurance Co Ltd

59,281

5,606,014

0.33

SK Telecom Co Ltd

78,664

14,464,726

0.86

Yuhan Corp

75,970

12,239,814

0.72

107,777,526

6.37



At 30 June 2013


EUR x 1 In % of net

assets

MAD

Maroc Telecom SA

257,076

2,973,490

0.18

MXN

Arca Continental SAB de CV

92,395

704,142

0.04


3,809,600

12,245,494

0.73

12,949,636

0.77

MYR


4,273,100

7,168,001

0.42

AMMB Holdings Bhd

5,299,100

12,310,545

0.73

Axiata Group Bhd

1,228,000

2,576,861

0.15


2,467,644

3,413,053

0.20


234,900

4,431,068

0.26

DiGi.Com Bhd

4,673,100

7,040,300

0.42

Hong Leong Bank Bhd

1,677,880

7,381,673

0.44

Kuala Lumpur Kepong Bhd

299,800

2,060,965

0.12


818,900

2,638,504

0.16

Malayan Banking Bhd

6,131,500

20,182,696

1.20

Maxis Bhd

4,619,700

10,044,993

0.59

Petronas Dagangan BHD

611,800

4,899,019

0.29

Petronas Gas BHD

1,392,800

9,213,278

0.54

Public Bank Bhd

1,946,600

10,510,778

0.62

RHB Capital Bhd

4,827,800

13,186,793

0.79

Sime Darby Bhd

3,038,200

9,212,150

0.54

Telekom Malaysia Bhd

3,654,300

6,245,642

0.37

Tenaga Nasional Bhd

6,016,700

15,786,723

0.93

UMW Holdings Bhd

3,034,100

14,020,447

0.83

162,323,489

9.60

PHP

Aboitiz Power Corp

3,090,000

2,489,168

0.14

Bank of the Philippine Islands

1,333,100

2,962,446

0.18

Globe Telecom Inc

87,790

3,271,804

0.19

Philippine Long Distance Telephone Co

41,190

2,803,209

0.17

11,526,627

0.68

PKR

Fauji Fertilizer Co Ltd

3,134,263

3,384,058

0.20

National Bank Of Pakistan

5,008,161

2,069,704

0.12

Oil & Gas Development Co Ltd

1,878,062

4,317,654

0.26

Pakistan Petroleum Ltd

1,897,630

4,035,181

0.24

13,806,597

0.82

PLN


259,316

9,418,786

0.56

Polskie Gornictwo Naftowe i Gazownictwo 7,590,010

13,214,496

0.78


101,937

12,536,551

0.74

35,169,833

2.08

SGD

Thai Beverage PCL

22,932,000

10,667,727

0.63


At 30 June 2013


EUR x 1 In % of net

assets

THB


1,275,600

11,598,232

0.68


2,601,700

14,134,658

0.84

Bangchak Petroleum PCL NVDR

6,847,700

7,617,141

0.45


819,600

5,390,888

0.32

Bangkok Dusit Medical Services NVDR

1,122,700

5,701,281

0.34

BEC World PCL NVDR

1,507,800

2,856,142

0.17

CP ALL PCL NVDR

4,264,800

5,362,798

0.32

Delta Electronics Thailand PCL NVDR

3,385,400

4,366,145

0.26

Electricity Generating PCL NVDR

1,691,100

7,360,906

0.44

Glow Energy PCL NVDR

526,800

1,218,697

0.07

Home Product Center PCL NVDR

10,520,999

3,901,063

0.23

Kiatnakin Bank PCL NVDR

3,510,700

5,999,261

0.35

LPN Development PCL NVDR

4,400,200

3,419,146

0.20

Ratchaburi Electricity Generat NVDR

2,116,500

3,514,420

0.21

Shin Corp PCL NVDR

4,206,600

11,799,909

0.70

Siam Cement PCL NVDR

158,800

2,283,566

0.14

Siam Makro PCL NVDR

368,900

9,277,510

0.54

Supalai PCL NVDR

5,396,700

3,079,851

0.18

Tisco Financial Group PCL NVDR

5,105,320

6,748,931

0.40

Total Access Communication PCL NVDR

1,042,500

3,865,468

0.23

119,496,013

7.07

TRY

Aygaz AS

650,456

2,986,877

0.18


378,374

5,216,373

0.31


434,175

10,598,671

0.63

Turk Telekomunikasyon AS

1,497,491

5,820,914

0.34

Turk Traktor ve Ziraat Makineleri AS

385,432

13,583,835

0.79

Turkiye Is Bankasi

2,950,299

8,715,787

0.52

46,922,457

2.77

TWD

Advantech Co Ltd

744,100

3,550,309

0.21

Asia Cement Corp

1,398,369

1,721,658

0.10


1,045,500

9,000,001

0.53


4,595,000

14,503,588

0.86


4,956,090

12,898,304

0.76

China Bills Finance Corp

8,770,000

3,233,409

0.19

China Steel Chemical Corp

1,254,000

6,234,227

0.37

China Steel Corp

22,128,370

18,125,907

1.07

Chin-Poon Industrial Co

5,657,879

8,306,253

0.49

Chipbond Technology Corp

5,143,000

12,612,544

0.75


6,034,000

20,535,453

1.21


2,494,000

1,402,152

0.08

CTCI Corp

2,956,000

5,385,126

0.32


3,846,000

17,516,234

1.04

Far EasTone Telecommunications Co Ltd

5,126,000

13,768,077

0.81


809,000

1,430,616

0.08



At 30 June 2013


EUR x 1 In % of net

assets

Formosa Plastics Corp

598,000

1,446,565

0.09

Formosa Taffeta Co Ltd

1,301,000

1,237,146

0.07


13,317,000

18,150,863

1.07

Gigabyte Technology Co Ltd

3,314,000

3,096,060

0.18

International Games System Co Ltd

342,000

902,613

0.05


9,539,721

16,742,497

0.99

Makalot Industrial Co Ltd

2,641,000

12,600,949

0.75


2,153,749

1,634,840

0.10


1,259,250

7,478,780

0.44


2,427,000

11,782,341

0.70

President Chain Store Corp

274,000

1,796,437

0.11

Sigurd Microelectronics Corp

5,687,000

4,629,903

0.27

Siliconware Precision Industries Co

6,251,000

7,863,025

0.46

Standard Foods Corp

706,800

2,235,649

0.13


3,158,300

12,487,358

0.74


33,798,876

2.00


15,127,000

15,141,639

0.90

Transcend Information Inc

2,269,000

7,040,707

0.42

TSRC Corp

721,820

1,384,827

0.08

TXC Corp

3,562,000

4,872,778

0.29

U-Ming Marine Transport Corp

2,535,000

3,975,343

0.24

Vanguard International Semiconductor Cor 11,020,000

12,501,419

0.74

333,024,473

19.69

USD


447,889

5,827,036

0.34

Banco de Chile ADR

26,614

2,317,547

0.14

BanColombia SA ADR

23,700

1,339,050

0.08

Cia de Bebidas das Americas ADR

514,495

19,216,388

1.13


724,674

7,543,856

0.45


332,103

2,978,964

0.18

CPFL Energia SA ADR

688,868

12,599,396

0.74

Ecopetrol SA ADR

183,500

7,718,010

0.46

Giant Interactive Group Inc ADR

1,438,623

11,523,370

0.68


245,940

12,501,130

0.74

Inner Mongolia Yitai Coal Co Ltd

735,006

3,548,609

0.21

Lukoil OAO ADR

464,190

26,644,506

1.57


357,057

2,816,600

0.17


At 30 June 2013


EUR x 1 In % of net

assets


663,894

15,150,061

0.90

Vale SA ADR

907,766

11,038,435

0.65

142,762,958

8.44

ZAR

ABSA Group Ltd

143,372

2,144,683

0.13

AVI Ltd

788,493

4,721,956

0.28

Bidvest Group Ltd

26,051

642,797

0.04

Brait SE

478,519

1,995,592

0.12

Capital Property Fund

6,329,886

6,784,374

0.40

Coronation Fund Managers Ltd

509,156

3,218,376

0.19

FirstRand Ltd

3,276,390

9,548,085

0.56


5,066,534

13,468,605

0.80


295,320

6,243,021

0.37

Investec Ltd

253,923

1,636,765

0.10

Liberty Holdings Ltd

955,329

11,542,218

0.68


5,866,613

13,101,632

0.77

Mondi Ltd

563,540

7,112,355

0.42

Nedbank Group Ltd

460,706

8,146,057

0.48

PPC Ltd

906,908

2,721,485

0.16


14,353,797

15,167,519

0.90

Remgro Ltd

825,626

15,797,738

0.93

Reunert Ltd

320,328

2,226,467

0.13

RMB Holdings Ltd

3,461,526

13,738,397

0.81

RMI Holdings

3,079,809

7,818,016

0.46

Sanlam Ltd

2,796,117

12,956,432

0.77

Sasol Ltd

564,758

24,550,238

1.45


593,755

6,667,707

0.39

Truworths International Ltd

1,030,169

9,022,987

0.53

Vodacom Group Ltd

730,179

7,724,557

0.46


1,682,585

10,916,981

0.65

219,615,040

12.98


1,659,868,427

98.16


1,659,868,427

98.16


31,441,961

1.84

Total net assets

1,691,310,388

100.00


Robeco Emerging Markets Smaller Companies Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


BRL

Aliansce Shopping Centers SA

19,000

167,721

0.58

BR Properties SA

14,600

125,576

0.43

Cia de Saneamento de Minas Gerais-COPASA 9,100

148,301

0.51

Cia Paranaense de Energia Pref

10,100

126,557

0.44

Duratex SA

44,320

257,210

0.89

Iguatemi Empresa de Shopping Centers SA 16,500

164,177

0.57

International Meal Co Holdings SA

17,700

170,748

0.59

Klabin SA Pref

46,400

233,153

0.81


27,200

380,476

1.30

Linx SA

22,200

361,789

1.25

Lojas Renner SA

10,600

306,864

1.06

Marcopolo SA Pref

36,000

207,458

0.72

Porto Seguro SA

15,600

167,368

0.58

Valid Solucoes e Servicos de Seguranca e 10,900

161,056

0.56

2,978,454

10.29

GBP

African Minerals Ltd

30,917

88,863

0.31

HKD

Beijing Capital International Airport Co

330,000

215,281

0.74

Biostime International Holdings Ltd

42,000

235,549

0.81

Bosideng International Holdings Ltd

656,000

137,013

0.47

China BlueChemical Ltd

320,000

195,556

0.68

China Eastern Airlines Corp Ltd

448,000

138,622

0.48

China Everbright Ltd

130,000

171,292

0.59

China Overseas Grand Oceans Group Ltd

225,000

287,184

0.99

China Shanshui Cement Group Ltd

454,000

204,279

0.71

China ZhengTong Auto Services Holdings L 297,500

139,615

0.48


675,000

292,405

1.02


278,000

240,855

0.83


210,400

304,355

1.05

Haier Electronics Group Co Ltd

129,000

205,566

0.71

Hengdeli Holdings Ltd

378,400

86,351

0.30

Ju Teng International Holdings Ltd

286,000

133,849

0.46

Kingboard Chemical Holdings Ltd

136,200

280,605

0.97

Minth Group Ltd

182,000

282,983

0.98

NagaCorp Ltd

350,000

273,002

0.94


73,000

226,350

0.78

Uni-President China Holdings Ltd

280,000

284,463

0.98


1,064,000

270,240

0.93


348,000

283,556

0.98

4,888,971

16.88


At 30 June 2013


EUR x 1 In % of net

assets

IDR


703,500

304,791

1.05

Express Transindo Utama Tbk PT

2,679,500

364,466

1.26

Indocement Tunggal Prakarsa Tbk PT

120,000

295,617

1.02

Indofood Sukses Makmur Tbk PT

458,000

339,174

1.17

Matahari Department Store Tbk PT

73,000

85,320

0.29

Media Nusantara Citra Tbk PT

1,168,000

367,758

1.27

Mitra Pinasthika Mustika PT

769,000

88,328

0.31

1,845,454

6.37

INR

Apollo Tyres Ltd

247,517

235,334

0.81

Asian Paints Ltd

2,479

193,418

0.67

Glenmark Pharmaceuticals Ltd

19,374

178,743

0.62

Lupin Ltd

22,442

295,117

1.02

Satyam Computer Services Ltd

226,905

466,601

1.61

Shriram Transport Finance Co Ltd

20,000

238,435

0.82

Tata Global Beverages Ltd

33,839

76,533

0.26

Yes Bank Ltd

56,248

436,448

1.51


125,074

496,823

1.72

2,617,452

9.04

KRW


35,060

443,603

1.53

CJ CheilJedang Corp

867

197,002

0.68

Daesang Corp

8,700

236,916

0.82

DGB Financial Group Inc

31,540

430,825

1.49

Dongbu Insurance Co Ltd

6,000

253,754

0.88


1,698

351,628

1.21

Halla Visteon Climate Control Corp

6,740

213,935

0.74

Hankook Tire Co Ltd

14,070

650,493

2.24

Hyundai Development Co-Engineering & Con 7,410

162,208

0.56

Hyundai Marine & Fire Insurance Co Ltd

14,520

385,234

1.33

Hyundai Wia Corp

2,000

297,710

1.03

LG Uplus Corp

48,900

511,672

1.77

NongShim Co Ltd

487

113,216

0.39

Orion Corp/Republic of South Korea

286

238,657

0.82

4,486,853

15.49

MYR


238,500

400,077

1.38

Top Glove Corp Bhd

161,900

319,750

1.10

719,827

2.48

PHP


649,500

351,813

1.22

Asia United Bank

100,000

185,185

0.64

Bank of the Philippine Islands

125,110

278,022

0.96

LT Group Inc

350,000

183,102

0.63



At 30 June 2013


EUR x 1 In % of net

assets

Megaworld Corp

2,431,000

185,701

0.64

1,183,823

4.09

PLN

Eurocash SA

12,229

215,481

0.74

THB


72,400

393,339

1.37

Bangkok Dusit Medical Services NVDR

51,000

258,988

0.89

BEC World PCL NVDR

125,800

238,296

0.82

Delta Electronics Thailand PCL

146,200

188,554

0.65

Land and Houses PCL NVDR

928,200

338,180

1.17

Minor International PCL NVDR

155,800

124,580

0.43

Thai Oil PCL NVDR

165,800

336,785

1.16

Tisco Financial Group PCL NVDR

112,420

148,613

0.51

2,027,335

7.00

TRY

Akfen Holding AS

40,100

96,226

0.33

Sinpas Gayrimenkul Yatirim Ortakligi AS

232,574

138,620

0.48

Tekfen Holding AS

58,105

198,757

0.69

Turkiye Sinai Kalkinma Bankasi AS

328,186

324,877

1.12

Yazicilar Holding AS

11,851

144,955

0.50

903,435

3.12

TWD


195,000

507,491

1.75

E.Sun Financial Holding Co Ltd

637,000

388,946

1.34


288,000

505,449

1.75


88,000

522,639

1.80


At 30 June 2013


EUR x 1 In % of net

assets


63,000

305,846

1.06

Pou Chen Corp

418,000

396,787

1.37

Taishin Financial Holding Co Ltd

1,197,000

527,190

1.82


343,000

343,332

1.19

TSRC Corp

130,000

249,408

0.86

3,747,088

12.94

USD

Eurasia Drilling Co Ltd GDR

6,058

226,145

0.78

Hollysys Automation Technologies Ltd

12,568

155,969

0.54

Moscow Exchange MICEX-RTS OAO

74,198

122,591

0.42

Phosagro OAO GDR

24,453

295,881

1.02

SouFun Holdings Ltd ADR

16,706

414,643

1.44

1,215,229

4.20

ZAR

Barloworld Ltd

3,581

29,399

0.10


17,356

366,903

1.27

Mediclinic International Ltd

65,400

452,328

1.56


221,669

495,043

1.71

RMB Holdings Ltd

70,487

279,755

0.97


105,719

261,123

0.90

1,884,551

6.51


28,802,816

99.46


28,802,816

99.46


156,310

0.54

Total net assets

28,959,126

100.00


Robeco Asia-Pacific Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


AUD

Australia & New Zealand Banking Group

432,455

8,703,612

1.06

Crown Ltd

1,326,000

11,307,954

1.37

Incitec Pivot Ltd

4,860,604

9,789,323

1.19

Inova Resources Ltd

5,200,000

732,369

0.09

Lend Lease Group

1,892,494

11,128,006

1.35

Primary Health Care Ltd

3,275,275

11,024,833

1.34

Seven West Media Ltd

6,507,434

8,706,823

1.06

Transpacific Industries Group Ltd

8,461,429

4,766,834

0.58

Treasury Wine Estates Ltd

2,303,000

9,438,724

1.15

WorleyParsons Ltd

478,000

6,560,487

0.80

82,158,965

9.99

CNY


7,999,943

4,161,440

0.51

China CYTS Tours Holding Co Ltd

2,499,944

4,095,572

0.50

Huayu Automotive Systems Co Ltd

7,034,831

6,877,917

0.83

15,134,929

1.84

GBP

Rio Tinto PLC

299,371

9,372,373

1.14

HKD


13,282,000

6,665,964

0.81

Central China Real Estate Ltd

26,101,000

5,747,237

0.70


18,840,000

9,156,426

1.11


25,700,000

13,994,406

1.70

China Galaxy Securities Co Ltd

10,750,000

5,054,007

0.61


27,800,000

15,055,197

1.83


11,000,000

13,485,286

1.64


1,645,000

13,305,735

1.62

Kunlun Energy Co Ltd

6,370,000

8,693,744

1.06

Langham Hospitality Investments Ltd

9,600,000

3,837,296

0.47

Sun Hung Kai Properties Ltd

1,394,213

13,842,426

1.68

108,837,724

13.23

IDR

Lippo Karawaci Tbk PT

53,973,500

6,359,170

0.77

INR


320,000

4,415,123

0.54

State Bank of India

368,500

9,320,841

1.14

Tata Steel Ltd

1,495,000

5,298,254

0.64


2,617,000

7,997,334

0.97

27,031,552

3.29

JPY

Advance Residence Investment Corp

6,200

10,309,325

1.25

Aisin Seiki Co Ltd

454,400

13,355,390

1.62


At 30 June 2013


EUR x 1 In % of net

assets

Asics Corp

1,005,700

12,236,328

1.49

Astellas Pharma Inc

294,000

12,272,770

1.49

Bridgestone Corp

417,000

10,915,892

1.33

Fuji Media Holdings Inc

8,340

12,905,297

1.57

Fujitsu Ltd

3,429,000

10,888,243

1.32

Inpex Corp

3,740

11,991,636

1.46

Ito En Ltd

545,000

9,691,140

1.18

Japan Airport Terminal Co Ltd

403,000

4,912,655

0.60

Japan Retail Fund Investment Corp

7,190

11,537,856

1.40

JX Holdings Inc

2,920,000

10,877,633

1.32

KDDI Corp

250,700

10,018,680

1.22

Kinden Corp

1,064,000

7,020,818

0.85

Mitsubishi Corp

1,068,000

14,053,067

1.71

Mitsui Fudosan Co Ltd

470,000

10,617,952

1.29

Mizuho Financial Group Inc

11,280,000

17,996,283

2.19

Murata Manufacturing Co Ltd

181,000

10,583,566

1.29

Nippon Telegraph & Telephone Corp

561,000

22,332,249

2.70

Nissan Motor Co Ltd

1,465,300

11,405,100

1.39

Omron Corp

255,000

5,829,926

0.71

ORIX Corp

890,000

9,339,761

1.14

Seven & I Holdings Co Ltd

557,092

15,640,168

1.90

Sony Corp

905,000

14,564,669

1.77

Sumitomo Corp

1,785,000

17,100,720

2.08


452,000

15,927,819

1.94

T&D Holdings Inc

1,827,000

18,875,604

2.29

333,200,547

40.50

KRW

GSretail Co Ltd

568,000

11,210,826

1.36

Hyosung Corp

197,000

7,829,605

0.95

Hyundai Development Co-Engineering & C 320,000

5,389,043

0.66


171,000

11,519,079

1.40


429,652

9,898,391

1.20


5,800

5,243,269

0.64


32,300

19,234,302

2.34

SK Telecom Co Ltd

73,500

10,397,484

1.26

80,721,999

9.81

MYR

Gamuda Bhd

12,400,000

14,311,525

1.74

RHB Capital Bhd

5,884,689

12,365,742

1.50

26,677,267

3.24

NZD

Telecom Corp of New Zealand Ltd

6,698,449

8,954,614

1.09

PKR

MCB Bank Ltd

2,830,813

5,309,672

0.65



At 30 June 2013


EUR x 1 In % of net

assets

SGD

DBS Group Holdings Ltd

1,071,450

10,073,684

1.22

DBS Group Holdings Ltd/STK/13-05-2013 1,013,450

172,125

0.02


5,876,000

9,801,650

1.19


28,313,000

9,617,421

1.17

29,664,880

3.60

THB


2,575,000

13,029,938

1.58

LPN Development PCL NVDR

4,340,000

2,594,429

0.32


6,464,000

11,063,318

1.34

26,687,685

3.24

TWD

China Development Financial Holding Corp 40,400,000

8,731,705

1.06


7,374,299

3,189,527

0.39


23,796,077

11,330,651

1.37


At 30 June 2013


EUR x 1 In % of net

assets


4,835,000

9,184,040

1.12

HTC Corp

350,000

2,147,195

0.26


3,297,440

4,452,134

0.54


8,119,556

0.99

47,154,808

5.73

USD

Advanced Semiconductor Enginee ADR

5,429

16,957

0.01


865,000

7,679,425

0.93

7,696,382

0.94


814,962,567

99.06


814,962,567

99.06


7,772,820

0.94

Total net assets

822,735,387

100.00


RobecoSAM Sustainable European Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


CHF

ABB Ltd

410,000

6,837,223

1.59

Clariant AG

300,000

3,258,802

0.76

Novartis AG

400,000

21,822,912

5.07

Roche Holding AG

110,000

21,017,969

4.89

Swiss Re AG

150,000

8,573,868

1.99

Swisscom AG

8,000

2,690,300

0.63

64,201,074

14.93

EUR

Adidas AG

110,000

9,145,400

2.13

Allianz SE

130,000

14,592,500

3.39

AXA SA

655,000

9,887,225

2.30

BASF SE

120,000

8,235,600

1.91

Bayerische Motoren Werke AG

135,000

9,069,300

2.11

Casino Guichard Perrachon SA

85,000

6,117,450

1.42

Cie de St-Gobain/STK/12-06-2013

197,000

244,280

0.06

Deutsche Boerse AG

40,000

2,022,800

0.47

Deutsche Telekom AG

814,000

7,296,696

1.70

EDP Renovaveis SA

850,000

3,351,550

0.78

Enagas SA

410,000

7,783,850

1.81

Eni SpA

1,050,000

16,569,000

3.84

Fiat Industrial SpA

400,000

3,426,000

0.80

Fresenius SE & Co KGaA

141,446

13,396,351

3.11

Henkel AG & Co KGaA Pref

110,000

7,947,500

1.85

Koninklijke DSM NV

227,458

11,386,547

2.65

Linde AG

45,000

6,450,750

1.50

Sanofi

170,500

13,575,210

3.16

SAP AG

105,000

5,907,300

1.37

Siemens AG

160,000

12,424,000

2.89

Snam SpA

2,900,000

10,150,000

2.36

Suez Environnement Co

450,000

4,465,800

1.04


At 30 June 2013


EUR x 1 In % of net

assets

Total SA

610,000

22,878,050

5.32

Volkswagen AG Pref

20,859

3,244,617

0.75

209,567,776

48.72

GBP

Barclays PLC

3,500,000

11,371,937

2.64

BHP Billiton PLC

510,000

10,009,568

2.33


240,000

9,430,572

2.19

BT Group PLC

2,400,000

8,659,043

2.01

Invensys PLC

600,000

2,888,681

0.67

Legal & General Group PLC

4,758,128

9,516,256

2.21

Old Mutual PLC

4,700,000

9,910,035

2.30

Reed Elsevier PLC

1,500,000

13,074,679

3.04

Rio Tinto PLC

280,000

8,765,928

2.04


374,834

9,184,964

2.14

Royal Dutch Shell PLC/STK/15-05-2013

374,834

129,257

0.03

Tesco PLC

1,520,222

5,878,665

1.37

Tesco PLC/STK/24-04-2013

1,520,222

199,662

0.05

Unilever PLC

574,446

17,843,352

4.15

WM Morrison Supermarkets PLC

1,800,000

5,498,716

1.28

122,361,315

28.45

NOK

DNB ASA

1,350,000

14,959,462

3.48

SEK

Atlas Copco AB

230,000

4,247,001

0.99

Svenska Handelsbanken AB

250,000

7,671,046

1.78

11,918,047

2.77


423,007,674

98.35


423,007,674

98.35


7,099,851

1.65

Total net assets

430,107,525

100.00


Robeco European Conservative Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


CHF

Banque Cantonale Vaudoise

1,374

523,950

0.19

EMS-Chemie Holding AG

10,376

2,357,990

0.85

Geberit AG

12,044

2,294,422

0.82

Lindt & Spruengli AG

37

1,238,247

0.44

Nestle SA

82,833

4,172,294

1.50

Novartis AG

90,328

4,928,050

1.77

PSP Swiss Property AG

9,985

664,097

0.24

Roche Holding AG

29,058

5,552,183

1.99

Swiss Prime Site AG

28,042

1,583,476

0.57

Swisscom AG

7,711

2,593,113

0.93

Syngenta AG

9,556

2,871,695

1.03

Zurich Insurance Group AG

14,333

2,855,179

1.02

31,634,696

11.35

CZK

CEZ AS

48,379

892,148

0.32


112,109

1,186,910

0.43

2,079,058

0.75

DKK

Coloplast A/S

53,205

2,291,908

0.82

Novo Nordisk A/S

28,709

3,437,189

1.24

TDC A/S

389,378

2,424,363

0.87

Topdanmark A/S

104,590

2,047,279

0.73

10,200,739

3.66

EUR

Allianz SE

36,549

4,102,625

1.47

Befimmo SCA Sicafi

25,896

1,259,193

0.45

Beiersdorf AG

35,216

2,359,472

0.85

Belgacom SA

86,012

1,482,417

0.53

Cofinimmo

18,874

1,585,605

0.57

Danone SA

65,784

3,793,105

1.36

Delhaize Group SA

50,182

2,383,143

0.85

Deutsche Post AG

136,403

2,604,615

0.93

Deutsche Telekom AG

397,576

3,563,871

1.28

EDP - Energias de Portugal SA

408,509

1,011,060

0.36

Elisa OYJ

54,587

819,351

0.29

Enagas SA

121,955

2,315,316

0.83

Enel SpA

342,279

824,892

0.30

Eni SpA

44,000

694,320

0.25

Ferrovial SA

182,926

2,246,331

0.81

Freenet AG

114,253

1,917,165

0.69

Gas Natural SDG SA

65,287

1,011,296

0.36

Gimv NV

18,362

688,391

0.25


At 30 June 2013


EUR x 1 In % of net

assets

Gtech Spa

106,658

2,051,033

0.74

Hannover Rueckversicherung SE

40,621

2,247,154

0.81

Henkel AG & Co KGaA

47,235

2,845,909

1.02

Kerry Group PLC

46,308

1,963,459

0.70

Kone OYJ

13,898

848,473

0.30

Koninklijke Ahold NV

234,335

2,679,621

0.96

L'Oreal SA

28,598

3,610,498

1.29


23,604

3,337,606

1.20

Oesterreichische Post AG

72,462

2,173,860

0.78

OMV AG

23,520

816,144

0.29

Orange SA

72,126

524,212

0.19

Orion OYJ

110,112

1,984,218

0.71

Recordati SpA

282,803

2,410,896

0.86


59,750

1,466,564

0.53

RWE AG

16,733

410,293

0.15

Ryanair Holdings PLC

302,766

2,152,666

0.77

Sampo

91,374

2,735,738

0.98

Sanofi

61,232

4,875,292

1.75

SES SA

97,353

2,141,766

0.77

Snam SpA

682,625

2,389,188

0.86

Societa Iniziative Autostradali e Serviz

309,569

1,945,641

0.70

Suedzucker AG

57,129

1,359,385

0.49

Telenet Group Holding NV

24,525

864,752

0.31

Teleperformance

55,703

2,059,897

0.74


55,703

37,878

0.01

Terna Rete Elettrica Nazionale SpA

662,717

2,115,393

0.76

Total SA

90,782

3,404,779

1.22

UCB SA

41,360

1,711,684

0.61

Unilever NV

119,474

3,614,686

1.30

Viscofan SA

44,021

1,694,368

0.61

Vivendi SA

156,151

2,271,997

0.81

Wolters Kluwer NV

134,016

2,178,430

0.78

101,585,648

36.43

GBP

Aberdeen Asset Management PLC

432,808

1,933,243

0.69

Amlin PLC

356,495

1,636,050

0.59


105,404

2,133,908

0.77

AstraZeneca PLC

109,065

3,964,265

1.42

BAE Systems PLC

665,866

2,975,807

1.07

Beazley PLC

761,222

2,042,953

0.73


104,957

4,124,186

1.47

British Land Co PLC

120,650

797,529

0.29

BT Group PLC

514,404

1,855,936

0.67

Bunzl PLC

163,315

2,439,244

0.87

Capita PLC

97,719

1,101,477

0.40



At 30 June 2013


EUR x 1 In % of net

assets

Carphone Warehouse Group PLC

282,094

819,620

0.29

Catlin Group Ltd

293,999

1,712,536

0.61

Centrica PLC

631,323

2,653,472

0.95

Compass Group PLC

311,650

3,054,679

1.10

De La Rue PLC

106,706

1,203,400

0.43

Diageo PLC

172,598

3,786,281

1.36

Drax Group PLC

146,941

998,753

0.36

GlaxoSmithKline PLC

279,470

5,374,172

1.92

Greene King PLC

235,977

2,133,981

0.77

Halfords Group PLC

182,279

674,879

0.24

Hammerson PLC

307,052

1,745,933

0.63

Hiscox Ltd

201,490

1,338,956

0.48

Imperial Tobacco Group PLC

52,585

1,398,994

0.50

J Sainsbury PLC

552,370

2,290,047

0.82

Londonmetric Property PLC

950,176

1,149,746

0.41

Marston's PLC

1,088,648

1,784,773

0.64

National Grid PLC

405,000

3,525,438

1.26

Next PLC

48,112

2,558,862

0.92

Pearson PLC

136,688

1,867,697

0.67

Provident Financial PLC

92,387

1,605,184

0.58


71,947

3,902,096

1.40

Reed Elsevier PLC

362,671

3,161,205

1.13


69,786

1,771,929

0.64

RSA Insurance Group PLC

1,312,201

1,822,076

0.65

Sage Group PLC/The

256,858

1,019,639

0.37

Severn Trent PLC

95,974

1,863,486

0.67

Severn Trent PLC/STK/19-06-2013

95,974

56,629

0.02

SSE PLC

166,929

2,966,545

1.06

Standard Life PLC

559,087

2,255,267

0.81

Tate & Lyle PLC

121,270

1,166,711

0.42

Tate & Lyle PLC/STK/26-06-2013

121,270

29,559

0.01

TUI Travel PLC

282,909

1,178,182

0.42

United Utilities Group PLC

225,953

1,803,406

0.65

Vodafone Group PLC

1,931,384

4,233,495

1.52


1,931,384

173,281

0.06


At 30 June 2013


EUR x 1 In % of net

assets

WH Smith PLC

206,802

1,732,600

0.62

Whitbread PLC

69,686

2,484,952

0.89

Whitbread PLC/STK/15-05-2013

69,686

34,242

0.01

William Hill PLC

387,725

1,994,725

0.72

WM Morrison Supermarkets PLC

254,435

777,259

0.28

101,109,285

36.26

NOK

DNB ASA

227,363

2,519,428

0.91

Gjensidige Forsikring ASA

153,989

1,733,527

0.62

Seadrill Ltd

66,590

2,057,197

0.74

Telenor ASA

134,975

2,047,511

0.73

8,357,663

3.00

PLN

KGHM Polska Miedz SA 37,726

1,054,176

0.38

Powszechny Zaklad Ubezpieczen SA 18,020

1,704,935

0.61

2.759.111

0.99

SEK

Axfood AB

21,468

686,624

0.25

Investor AB

120,350

2,473,326

0.89

Svenska Cellulosa AB

127,760

2,450,860

0.88

Svenska Handelsbanken AB

90,519

2,777,501

0.99

Swedbank AB

154,721

2,712,346

0.97

TeliaSonera AB

92,808

462,599

0.17

11,563,256

4.15

TRY


160,587

1,703,195

0.61

Turk Traktor ve Ziraat Makineleri AS

56,251

1,525,147

0.55


138,035

616,424

0.22

3,844,766

1.38


273.134.222

97,97


273.134.222

97,97


5.687.108

2,03

Total net assets

278,821,330

100.00


Robeco US Premium Equities Investment portfolio

At 30 June 2013


USD x 1 In % of net

assets


USD

AbbVie Inc

945,640

39,092,758

0.53

ACE Ltd

838,360

75,016,453

1.01

Activision Blizzard Inc

2,587,220

36,893,757

0.50

Actuant Corp

888,521

29,294,537

0.39

Alleghany Corp

129,089

49,481,105

0.67

Allscripts Healthcare Solutions Inc

1,824,945

23,614,788

0.32

Amdocs Ltd

962,280

35,690,965

0.48

American International Group Inc

1,810,374

80,923,718

1.09

Amgen Inc

2,074,205

204,641,065

2.76

Arrow Electronics Inc

1,130,486

45,049,867

0.61

Ashford Hospitality Trust Inc

1,052,690

12,053,301

0.16

Avnet Inc

1,262,532

42,421,075

0.57


1,498,780

68,614,148

0.92

Banctec Inc

108,709

108,709

0.00

BB&T Corp

3,210,715

108,779,024

1.47

Brunswick Corp/DE

1,710,380

54,646,641

0.74

CA Inc

2,627,345

75,220,887

1.01

Cameron International Corp

335,360

20,510,618

0.28

Canadian Natural Resources Ltd

728,775

20,595,182

0.28

Capital One Financial Corp

2,437,725

153,113,507

2.06

Cardinal Health Inc

914,430

43,161,096

0.58

CareFusion Corp

1,102,861

40,640,428

0.55

CBS Corp

929,790

45,438,837

0.61

CEC Entertainment Inc

261,109

10,715,913

0.14

Cisco Systems Inc

5,900,525

143,441,763

1.93

Citigroup Inc

3,141,314

150,688,833

2.03

Colony Financial Inc

892,590

17,753,615

0.24

Covidien PLC

1,461,720

91,854,485

1.24

Cubic Corp

326,607

15,709,797

0.21

Dover Corp

1,361,700

105,749,622

1.43

eBay Inc

949,195

49,092,365

0.66

Electronic Arts Inc

4,597,786

105,611,144

1.42

EMC Corp/MA

3,073,390

72,593,472

0.98

Endo Health Solutions Inc

1,000,310

36,801,405

0.50

EOG Resources Inc

519,900

68,460,432

0.92

Equifax Inc

577,035

34,004,673

0.46

Express Scripts Holding Co

1,201,425

74,115,908

1.00

Exxon Mobil Corp

1,645,230

148,646,531

2.00

Federated Investors Inc

1,357,965

37,221,821

0.50

Fifth Third Bancorp

3,329,365

60,095,038

0.81

Flextronics International Ltd

11,082,323

85,777,180

1.16

Fluor Corp

479,199

28,421,293

0.38


At 30 June 2013


USD x 1 In % of net

assets

Foot Locker Inc

1,036,670

36,418,217

0.49

Foster Wheeler AG

716,065

15,545,771

0.21

FTI Consulting Inc

607,688

19,986,858

0.27

Halliburton Co

1,775,900

74,090,548

1.00

Humana Inc

310,165

26,171,723

0.35

Huntington Bancshares Inc/OH

6,551,515

51,625,938

0.70

Huntington Ingalls Industries Inc

455,113

25,704,782

0.35

IAC/InterActiveCorp

1,132,660

53,869,310

0.73

Illinois Tool Works Inc

813,257

56,252,987

0.76

Integra LifeSciences Holdings Corp

591,340

21,660,784

0.29

International Business Machines Corp

294,752

56,330,055

0.76

Interpublic Group of Cos Inc/The

3,816,835

55,534,949

0.75

Johnson & Johnson

1,809,349

155,350,705

2.09

Jones Group Inc/The

2,038,636

28,031,245

0.38

JPMorgan Chase & Co

5,166,650

272,747,454

3.68

Kohl's Corp

1,852,953

93,592,656

1.26

Korn/Ferry International

991,278

18,576,550

0.25

Lear Corp

1,516,347

91,678,340

1.24

Lexmark International Inc

834,690

25,516,473

0.34

Loews Corp

2,133,365

94,721,406

1.28

LSI Corp

2,726,410

19,466,567

0.26

Macy's Inc

1,349,040

64,753,920

0.87

Manpowergroup Inc

1,291,065

70,750,362

0.95

Masco Corp

1,807,670

35,231,488

0.47

Mattel Inc

869,580

39,400,670

0.53

McKesson Corp

848,630

97,168,135

1.31

Medtronic Inc

770,447

39,654,907

0.53

Men's Wearhouse Inc/The

549,400

20,794,790

0.28

MetLife Inc

2,153,350

98,537,296

1.33

Microsemi Corp

850,071

19,339,115

0.26

Microsoft Corp

4,529,820

156,414,685

2.11

MRC Global Inc

809,438

22,356,678

0.30

National Bank Holdings Corp

1,580,432

31,134,510

0.42

Newell Rubbermaid Inc

1,581,925

41,525,531

0.56

NVIDIA Corp

1,392,745

19,540,212

0.26

Occidental Petroleum Corp

1,983,140

176,955,582

2.38

Omnicom Group Inc

1,827,384

114,887,632

1.55


6,025,575

48,686,646

0.66

Parker Hannifin Corp

720,697

68,754,494

0.93

PepsiCo Inc

853,590

69,815,126

0.94

Pfizer Inc

7,315,650

204,911,357

2.76

Phillips 66

742,205

43,723,297

0.59

Prudential Financial Inc

1,199,410

87,592,912

1.18

Raymond James Financial Inc

913,810

39,275,554

0.53

Royal Dutch Shell PLC ADR

1,306,727

83,369,183

1.12



At 30 June 2013


USD x 1 In % of net

assets

Royal Dutch Shell PLC ADR/STK/15052013 1,251,207

1,126,086

0.02

Sanofi ADR

2,505,740

129,070,667

1.74


975,060

43,711,940

0.59

SLM Corp

2,498,290

57,110,909

0.77

Stanley Black & Decker Inc

436,485

33,740,291

0.45

Staples Inc

1,177,663

18,677,735

0.25

State Street Corp

1,741,942

113,592,038

1.53

Target Corp

1,815,035

124,983,310

1.68

TE Connectivity Ltd

1,911,310

87,041,057

1.17

Terreno Realty Corp

458,395

8,494,059

0.11

Thor Industries Inc

1,202,985

59,162,802

0.80

Timken Co

649,240

36,539,227

0.49

Torchmark Corp

945,094

61,563,423

0.83

Tower International Inc

474,074

9,381,924

0.13

Towers Watson & Co

706,553

57,894,953

0.78


962,060

76,887,835

1.04

Tyson Foods Inc

1,480,150

38,010,252

0.51

UnitedHealth Group Inc

1,148,435

75,199,524

1.01


At 30 June 2013


USD x 1 In % of net

assets


2,181,519

78,796,466

1.06

Viacom Inc

1,199,930

81,655,237

1.10

Vishay Intertechnology Inc

3,538,783

49,153,696

0.66

Vodafone Group PLC ADR

3,037,847

87,307,723

1.18

Walt Disney Co/The

1,140,390

72,015,629

0.97

WellPoint Inc

578,185

47,318,660

0.64

Wells Fargo & Co

2,897,490

119,579,412

1.61

WEX Inc

406,910

31,209,997

0.42

White Mountains Insurance Group Ltd

100,347

57,693,504

0.78

7,286,123,512

98.18


7,286,123,512

98.18


7,286,123,512

98.18


134,760,466

1.82

Total net assets

7,420,883,978

100.00


Robeco Chinese Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


CNY

China CYTS Tours Holding Co Ltd

3,224,859

5,283,175

1.28

China Vanke Co Ltd

3,499,899

4,321,161

1.05

GD Midea Holding Co Ltd

2,499,934

3,891,875

0.94

Hangzhou Hikvision Digital Technology Co 1,729,432

7,660,881

1.85

Zhengzhou Yutong Bus Co Ltd

4,319,589

9,924,613

2.40

31,081,705

7.52

HKD


25,000,000

7,934,855

1.92

Bank of China Ltd

75,400,000

23,856,736

5.77

Brilliance China Automotive Holdings Ltd

1,900,000

1,639,539

0.40

China Communications Construction Co Ltd 2,000,000

1,204,114

0.29


69,800,000

38,008,153

9.19

China Everbright International Ltd

16,000,000

9,521,826

2.31


4,000,000

1,880,561

0.46

China Longyuan Power Group Corp

4,500,000

3,588,538

0.87

China Medical System Holdings Ltd

9,000,000

6,177,284

1.50


2,000,000

2,570,893

0.62

China Mobile Ltd

3,100,000

24,905,526

6.03


5,875,500

5,769,378

1.40


5,000,000

10,092,144

2.44

China Pacific Insurance Group Co Ltd

3,500,000

8,591,960

2.08


11,700,000

6,336,180

1.53


6,000,000

2,130,509

0.52

China Resources Land Ltd

5,700,000

11,985,598

2.90

China State Construction International H

3,000,000

3,594,489

0.87

CIMC Enric Holdings Ltd

10,000,000

11,961,794

2.90

CNOOC Ltd

9,800,000

12,791,779

3.10


At 30 June 2013


EUR x 1 In % of net

assets

ENN Energy Holdings Ltd

2,442,000

10,015,443

2.42


23,000,000

7,665,070

1.86


2,700,000

8,957,955

2.17

Guangshen Railway Co Ltd

6,000,000

1,862,707

0.45


4,000,000

4,451,454

1.08

Guodian Technology & Environment Grp C 15,000,000

3,511,173

0.85


8,700,000

10,665,635

2.58


500,000

4,190,595

1.01

Huaneng Renewables Corp Ltd

9,500,000

2,647,762

0.64


58,500,000

28,373,553

6.86

Intime Department Store Group Co Ltd

4,300,000

3,228,593

0.78


1,500,000

2,047,193

0.50

Samsonite International SA

2,999,800

5,557,995

1.35


4,100,000

9,780,205

2.37


26,000,000

12,971,504

3.14

Sinopec Kantons Holdings Ltd

9,200,000

6,597,435

1.60

Skyworth Digital Holdings Ltd

9,000,000

3,499,271

0.85


1,150,000

34,698,128

8.40

Towngas China Co Ltd

6,500,000

4,977,138

1.20


4,500,000

2,820,841

0.68

Zhuzhou CSR Times Electric Co Ltd

1,300,000

2,519,515

0.61


700,000

6,683,079

1.62

372,264,100

90.12


403,345,805

97.64


403,345,805

97.64


9,708,150

2.36

Total net assets

413,053,955

100.00


Robeco Indian Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


INR


27,000

372,526

2.46

Axis Bank Ltd

11,900

204,158

1.35

Bank of Baroda

25,000

185,824

1.23

Bharti Airtel Ltd

64,800

244,750

1.61

Century Textiles & Industries Ltd

38,000

129,727

0.86

Chambal Fertilizers & Chemicals Ltd

106,808

50,055

0.33

Coal India Ltd

29,300

114,763

0.76

Coromandel International Ltd

72,757

172,465

1.14

Divi's Laboratories Ltd

12,300

157,819

1.04

Dr Reddy's Laboratories Ltd

8,100

232,675

1.53

GAIL India Ltd

16,000

64,896

0.43

Glenmark Pharmaceuticals Ltd

43,300

307,329

2.03

Gujarat Pipavav Port Ltd

209,000

127,169

0.84

HDFC Bank Ltd

103,810

899,761

5.93

Hero Motocorp Ltd

7,200

155,016

1.02

Housing Development Finance Corp

72,900

829,619

5.47

ICICI Bank Ltd

63,500

880,236

5.80

Idea Cellular Ltd

129,500

237,227

1.56

IDFC Ltd

120,000

199,084

1.31

IndusInd Bank Ltd

38,700

234,198

1.54

Infosys Ltd

35,000

1,132,259

7.46

ING Vysya Bank Ltd

10,000

78,473

0.52

ITC Ltd

65,000

272,938

1.80

Jubilant Life Sciences Ltd

102,684

174,145

1.15

KPIT Cummins Infosystems Ltd

122,000

192,689

1.27

Larsen & Toubro Ltd

24,000

437,442

2.88

Lupin Ltd

27,000

273,151

1.80


At 30 June 2013


EUR x 1 In % of net

assets


36,000

452,356

2.98

MAX India Ltd

25,500

66,025

0.44

Nestle India Ltd

5,550

348,763

2.30

Neyveli Lignite Corp Ltd

67,506

49,377

0.33

NMDC Ltd

89,500

122,182

0.81

NTPC Ltd

165,000

307,064

2.02


52,000

222,895

1.47

Oil India Ltd

13,900

103,390

0.68

Persistent Systems Ltd

6,925

44,987

0.30

Power Finance Corp Ltd

107,000

199,611

1.32


101,500

146,251

0.96

Prestige Estates Projects Ltd

129,931

257,360

1.70


95,625

1,067,870

7.04


35,400

463,584

3.06


40,300

792,058

5.22

Tata Global Beverages Ltd

194,840

339,012

2.24

Tata Motors Ltd

40,000

145,669

0.96

Tech Mahindra Ltd

13,000

178,363

1.18

Ultratech Cement Ltd

9,100

221,128

1.46

Wipro Ltd

59,886

270,575

1.78

Yes Bank Ltd

12,000

71,633

0.47


125,500

383,518

2.53

14,614,065

96.37


14,614,065

96.37


14,614,065

96.37


550,267

3.63

Total net assets

15,164,332

100.00


Robeco Asian Stars Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


HKD


2,900,000

1,891,868

2.34


3,872,622

2,741,067

3.38


2,483,000

1,517,390

1.88


1,100,000

1,404,010

1.74


3,289,500

2,315,607

2.86

CIMC Enric Holdings Ltd

1,012,000

1,573,512

1.95

CNOOC Ltd

736,000

1,248,751

1.54

Dongyue Group

4,130,000

1,650,646

2.04


945,000

1,505,887

1.86


160,000

1,682,233

2.08


798,000

1,415,675

1.75


2,204,000

1,429,295

1.77


131,410

1,695,918

2.10

Yingde Gases Group Co Ltd

1,706,500

1,575,294

1.95

23,647,153

29.24

IDR

Lippo Karawaci Tbk PT

7,008,000

1,073,266

1.33

INR


160,400

2,876,673

3.55

Sobha Developers Ltd

270,000

1,595,010

1.97

State Bank of India

85,000

2,794,665

3.46


610,000

2,423,062

3.00

9,689,410

11.98

KRW

GSretail Co Ltd

110,000

2,822,118

3.49

Hyosung Corp

49,693

2,567,214

3.17


21,000

1,838,799

2.27


71,200

2,132,166

2.64


4,720

3,653,500

4.52

SK Telecom Co Ltd

9,600

1,765,247

2.18

14,779,044

18.27


At 30 June 2013


EUR x 1 In % of net

assets

MYR

Gamuda Bhd

1,900,000

2,850,434

3.52

RHB Capital Bhd

750,723

2,050,547

2.54

4,900,981

6.06

PHP


2,801,800

1,517,642

1.88

PKR

MCB Bank Ltd

149,171

363,692

0.45

SGD

DBS Group Holdings Ltd

149,844

1,831,256

2.27

DBS Group Holdings Ltd/STK/13-05-2013 89,844

19,835

0.02


900,000

1,951,431

2.42


3,562,000

1,572,751

1.94

5,375,273

6.65

THB


361,200

2,375,779

2.94


750,000

1,668,547

2.06

4,044,326

5.00

TWD


2,587,000

1,454,438

1.80


2,959,468

1,831,709

2.26


1,360,000

3,357,913

4.15

Taiwan Semiconductor Manufacturing Co 801,000

2,966,568

3.67

9,610,628

11.88

USD


134,000

1,546,360

1.91


140,000

1,737,400

2.15

3,283,760

4.06


78,285,175

96.80


78,285,175

96.80


2,596,834

3.20

Total net assets

80,882,009

100.00


Robeco US Large Cap Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


USD

AbbVie Inc

190,670

7,882,298

0.56

ACE Ltd

190,625

17,057,125

1.22

AES Corp/VA

938,585

11,253,634

0.80

AGCO Corp

202,357

10,156,298

0.72


163,870

7,338,099

0.52

AmerisourceBergen Corp

129,755

7,244,222

0.52

Amgen Inc

192,762

19,017,899

1.36


133,204

6,098,079

0.44

Bank of America Corp

2,062,235

26,520,342

1.89

BB&T Corp

432,645

14,658,013

1.05

Bed Bath & Beyond Inc

147,320

10,444,988

0.75

Berkshire Hathaway Inc

496,865

55,609,131

3.97

Brocade Communications Systems Inc

20,680

119,117

0.01

Capital One Financial Corp

399,890

25,117,091

1.79

CareFusion Corp

261,385

9,632,037

0.69

CBS Corp

218,595

10,682,738

0.76

Charles Schwab Corp/The

491,205

10,428,282

0.74

Cigna Corp

301,645

21,866,246

1.56

Cisco Systems Inc

1,385,825

33,689,406

2.40

Citigroup Inc

976,082

46,822,654

3.34

Comcast Corp

668,909

28,013,909

2.00


87,690

4,570,403

0.33

Covidien PLC

232,580

14,615,327

1.04

Crown Holdings Inc

103,023

4,237,336

0.30

CVS Caremark Corp

306,710

17,537,678

1.25


278,068

13,247,160

0.95

Dover Corp

159,851

12,414,029

0.89

eBay Inc

180,301

9,325,168

0.67

EOG Resources Inc

123,762

16,296,980

1.16

Equity Residential

196,350

11,400,081

0.81

Express Scripts Holding Co

287,170

17,715,517

1.26

Exxon Mobil Corp

522,484

47,206,429

3.37

Fifth Third Bancorp

987,535

17,825,007

1.27

Gannett Co Inc

380,290

9,301,893

0.66

General Electric Co

798,010

18,505,852

1.32

Goldman Sachs Group Inc/The

87,370

13,214,713

0.94

Halliburton Co

511,405

21,335,817

1.52

Honeywell International Inc

114,896

9,115,849

0.65

Humana Inc

152,180

12,840,948

0.92

IAC/InterActiveCorp

359,915

17,117,557

1.22

International Paper Co

197,325

8,743,471

0.62

Johnson & Johnson

420,881

36,136,843

2.58

JPMorgan Chase & Co

871,811

46,022,903

3.28

Lear Corp

247,885

14,987,127

1.07

Liberty Global Plc

141,680

9,618,655

0.69


At 30 June 2013


EUR x 1 In % of net

assets

Liberty Media Corp

149,681

18,973,564

1.35

LSI Corp

503,120

3,592,277

0.26

Macy's Inc

150,360

7,217,280

0.51

Marathon Oil Corp

286,810

9,917,890

0.71

Marsh & McLennan Cos Inc

166,360

6,641,091

0.47

McKesson Corp

225,003

25,762,844

1.84

MetLife Inc

143,175

6,551,688

0.47

Microsoft Corp

858,369

29,639,482

2.11

NetApp Inc

193,115

7,295,885

0.52

Norfolk Southern Corp

101,846

7,399,112

0.53

NVIDIA Corp

482,600

6,770,878

0.48

Occidental Petroleum Corp

406,127

36,238,712

2.59

Omnicare Inc

320,930

15,311,570

1.09

Omnicom Group Inc

199,049

12,514,211

0.89


1,143,055

9,235,884

0.66


105,585

10,072,809

0.72

Pfizer Inc

1,707,640

47,830,996

3.41

Phillips 66

305,510

17,997,594

1.28

QUALCOMM Inc

164,765

10,063,846

0.72

Raytheon Co

202,885

13,414,756

0.96

Reinsurance Group of America Inc

97,755

6,755,848

0.48

Rock Tenn Co

119,175

11,903,199

0.85

Royal Dutch Shell PLC ADR

291,074

18,570,521

1.32

Royal Dutch Shell PLC ADR/STK/150513

282,059

253,853

0.02

Sanofi ADR

303,870

15,652,344

1.12

Schlumberger Ltd

183,566

13,154,340

0.94


128,265

5,750,120

0.41

Staples Inc

311,740

4,944,196

0.35

State Street Corp

213,210

13,903,424

0.99

SunTrust Banks Inc

226,060

7,136,714

0.51

Symantec Corp

346,045

7,775,631

0.55

TE Connectivity Ltd

189,483

8,629,056

0.62

Time Warner Cable Inc

96,455

10,849,258

0.77

Time Warner Inc

320,538

18,533,507

1.32


80,585

6,440,353

0.46

Tyco International Ltd

214,336

7,062,371

0.50

Tyson Foods Inc

274,860

7,058,405

0.50

United Parcel Service Inc

54,970

4,753,806

0.34

UnitedHealth Group Inc

380,190

24,894,841

1.78


239,962

8,667,427

0.62

Weatherford International Switzerland

600,505

8,226,919

0.59

Wells Fargo & Co

1,321,902

54,554,896

3.90

1,350,897,749

96.37


1,350,897,749

96.37


1,350,897,749

96.37


50,821,948

3.63

Total net assets

1,401,719,697

100.00


Robeco US Select Opportunities Investment portfolio

At 30 June 2013


USD x 1 In % of net

assets


USD

AES Corp/VA

154,112

1,847,803

0.40

AGCO Corp

46,990

2,358,428

0.51

Alleghany Corp

12,369

4,741,161

1.02


1,940

351,198

0.08

Alliant Energy Corp

73,756

3,718,778

0.80

Amdocs Ltd

115,430

4,281,299

0.92

Ameren Corp

71,264

2,454,332

0.53

American Assets Trust Inc

48,802

1,506,030

0.32


84,422

3,780,417

0.81

AmerisourceBergen Corp

118,070

6,591,848

1.42

Analog Devices Inc

106,129

4,782,173

1.03

Arch Capital Group Ltd

35,428

1,821,353

0.39

Arrow Electronics Inc

115,588

4,606,182

0.99

Avnet Inc

129,240

4,342,464

0.94


86,899

3,978,236

0.86

Ball Corp

17,793

739,121

0.16

BB&T Corp

179,407

6,078,309

1.31

Boston Properties Inc

26,525

2,797,592

0.60

BRE Properties Inc

46,874

2,344,637

0.51

Brocade Communications Systems Inc

47,862

275,685

0.06

Brunswick Corp/DE

99,696

3,185,287

0.69

CA Inc

105,245

3,013,164

0.65


47,957

2,933,050

0.63

CareFusion Corp

214,123

7,890,433

1.70

CBS Corp

170,572

8,335,854

1.80

Charles Schwab Corp/The

168,791

3,583,433

0.77

Chemed Corp

5,630

407,781

0.09

Cigna Corp

97,842

7,092,567

1.53

Coach Inc

38,405

2,192,541

0.47

Coca-Cola Enterprises Inc

52,576

1,848,572

0.40

Comerica Inc

129,755

5,168,142

1.11


56,141

2,926,069

0.63

Crown Holdings Inc

156,020

6,417,103

1.38

Curtiss-Wright Corp

120,806

4,477,070

0.97


7,469

902,255

0.19


53,018

2,525,778

0.54

Dover Corp

66,569

5,169,749

1.11

Dr Pepper Snapple Group Inc

41,831

1,921,298

0.41

East West Bancorp Inc

198,117

5,448,218

1.17

Edison International

110,470

5,320,235

1.15

Energen Corp

44,174

2,308,533

0.50

Ensco PLC

85,129

4,947,697

1.07


At 30 June 2013


USD x 1 In % of net

assets

EQT Corp

43,511

3,453,468

0.74

Equifax Inc

59,190

3,488,067

0.75

Equity Residential

67,787

3,935,713

0.85

Fifth Third Bancorp

280,084

5,055,516

1.09

Flextronics International Ltd

586,178

4,537,018

0.98

Flowserve Corp

74,733

4,036,329

0.87

Fluor Corp

57,031

3,382,509

0.73

Foot Locker Inc

84,186

2,957,454

0.64

Foster Wheeler AG

121,665

2,641,347

0.57

FTI Consulting Inc

82,936

2,727,765

0.59

Graphic Packaging Holding Co

663,204

5,133,199

1.11

Great Plains Energy Inc

86,452

1,948,628

0.42

Harman International Industries Inc

52,737

2,858,345

0.62

Harris Corp

42,631

2,099,577

0.45

HB Fuller Co

83,287

3,149,081

0.68

Hologic Inc

113,593

2,192,345

0.47

Hubbell Inc

31,662

3,134,538

0.68

Humana Inc

36,598

3,088,139

0.67

Huntington Bancshares Inc/OH

493,163

3,886,124

0.84

Huntington Ingalls Industries Inc

87,758

4,956,572

1.07

IAC/InterActiveCorp

60,287

2,867,250

0.62

ICON PLC

78,704

2,788,483

0.60

International Paper Co

105,747

4,685,650

1.01

Kimco Realty Corp

121,530

2,604,388

0.56

Kosmos Energy Ltd

168,326

1,710,192

0.37

Lear Corp

138,496

8,373,468

1.80

Lender Processing Services Inc

79,156

2,560,697

0.55

Loews Corp

72,692

3,227,525

0.70

Lorillard Inc

54,342

2,373,659

0.51

LSI Corp

610,394

4,358,213

0.94

Macy's Inc

145,782

6,997,536

1.51

Manpowergroup Inc

80,286

4,399,673

0.95

Marathon Oil Corp

83,981

2,904,063

0.63


37,454

2,661,481

0.57

Marsh & McLennan Cos Inc

160,438

6,404,685

1.38

Masco Corp

157,147

3,062,795

0.66

McGraw Hill Financial Inc

25,171

1,338,845

0.29

McKesson Corp

69,561

7,964,735

1.72

Minerals Technologies Inc

44,893

1,855,877

0.40

Moody's Corp

27,771

1,692,087

0.36

Newell Rubbermaid Inc

178,188

4,677,435

1.01

Noble Energy Inc

57,166

3,432,247

0.74

Nordstrom Inc

53,834

3,226,810

0.70

NV Energy Inc

197,729

4,638,722

1.00

Omnicare Inc

176,881

8,438,993

1.82



At 30 June 2013


USD x 1 In % of net

assets

Omnicom Group Inc

48,299

3,036,558

0.65


432,372

3,493,566

0.75

Owens-Illinois Inc

135,005

3,751,789

0.81


53,236

5,078,714

1.09

Raymond James Financial Inc

139,762

6,006,971

1.29

Regency Centers Corp

71,177

3,616,503

0.78


78,439

5,420,919

1.17

Robert Half International Inc

157,432

5,231,465

1.13

Rock Tenn Co

22,051

2,202,454

0.47

Rosetta Resources Inc

53,759

2,285,833

0.49


75,401

3,380,227

0.73

SEI Investments Co

104,120

2,960,132

0.64

SLM Corp

68,154

1,558,000

0.34

SM Energy Co

52,876

3,171,502

0.68

Southwestern Energy Co

100,849

3,684,014

0.79

Stanley Black & Decker Inc

35,124

2,715,085

0.59

Staples Inc

217,846

3,455,038

0.74

State Street Corp

48,249

3,146,317

0.68

SunTrust Banks Inc

133,065

4,200,862

0.91

Symantec Corp

234,478

5,268,721

1.14

Symetra Financial Corp

179,412

2,868,798

0.62

Taubman Centers Inc

49,352

3,708,803

0.80

TD Ameritrade Holding Corp

302,167

7,339,636

1.58


At 30 June 2013


USD x 1 In % of net

assets

TE Connectivity Ltd

59,540

2,711,452

0.58

Tesoro Corp

35,647

1,865,051

0.40

Timken Co

34,435

1,938,002

0.42

Torchmark Corp

123,162

8,022,773

1.73

Towers Watson & Co

89,583

7,340,431

1.58

TRW Automotive Holdings Corp

35,669

2,369,848

0.51

Tyson Foods Inc

79,198

2,033,805

0.44

Ventas Inc

23,166

1,609,110

0.35

Vornado Realty Trust

47,756

3,956,585

0.85

Weatherford International Switzerland

140,130

1,919,781

0.41

WESCO International Inc

92,152

6,262,650

1.35

Westar Energy Inc

72,049

2,302,686

0.50

Western Digital Corp

87,240

5,416,732

1.17

Williams-Sonoma Inc

48,028

2,684,285

0.58

457,334,216

98.58


457,334,216

98.58


457,334,216

98.58


6,591,438

1.42

Total net assets

463,925,654

100.00


Robeco New World Financial Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


AUD


300,000

1,149,255

0.67

Macquarie Group Ltd

40,000

1,179,395

0.69

2,328,650

1.36

BRL

Banco do Brasil SA

135,000

1,040,451

0.61


250,000

1,532,354

0.89

BR Malls Participacoes SA

150,000

1,043,742

0.61

BR Properties SA

100,000

661,698

0.39

Cielo SA

42,000

819,113

0.48

5,097,358

2.98

CAD

IGM Financial Inc

25,000

822,030

0.48

CHF

Credit Suisse Group AG

145,000

2,953,289

1.73

EFG International AG

140,000

1,309,050

0.77

GAM Holding AG

85,000

1,002,114

0.59

Julius Baer Group Ltd

35,000

1,049,801

0.61

Partners Group Holding AG

9,000

1,871,494

1.10

Temenos Group AG

95,000

1,784,291

1.04

VZ Holding AG

3,500

375,640

0.22

10,345,679

6.06

DKK

Jyske Bank A/S

25,000

723,982

0.42

SimCorp A/S

35,000

797,721

0.47

1,521,703

0.89

EGP

Commercial International Bank Egypt SAE

200,000

654,750

0.38

EUR

Aegon NV

225,000

1,156,275

0.68

AXA SA

175,000

2,641,625

1.55

Azimut Holding SpA

100,000

1,399,000

0.82

Banco Bilbao Vizcaya Argentaria SA

450,000

2,900,250

1.70

BinckBank NV

650,000

4,202,900

2.46

BNP Paribas SA

30,000

1,259,254

0.74

Delta Lloyd NV

333,501

5,134,248

3.00

Deutsche Bank AG

65,000

2,090,075

1.22

Erste Group Bank AG

50,000

1,025,250

0.60

Euler Hermes SA

10,000

774,500

0.45

FBD Holdings PLC

95,000

1,382,250

0.81

KBC Groep NV

35,000

1,001,175

0.59


At 30 June 2013


EUR x 1 In % of net

assets

UniCredit SpA

450,000

1,619,100

0.95

Wirecard AG

60,000

1,254,600

0.73

27,840,502

16.30

GBP

3i Group PLC

350,000

1,378,763

0.81

3i Group PLC/STK/19-06-2013

350,000

24,504

0.01

Ashmore Group PLC

170,000

681,785

0.40

Countrywide PLC

250,000

1,473,162

0.86

esure Group PLC

200,000

758,226

0.44

Experian PLC

50,000

666,861

0.39

Experian PLC/STK/19-06-2013

50,000

8,957

0.01

Hargreaves Lansdown PLC

90,000

932,555

0.55

Intermediate Capital Group PLC

300,000

1,522,404

0.89

International Personal Finance PLC

150,000

873,396

0.51

Monitise PLC

3,000,000

1,207,701

0.71

Origo Partners PLC

5,750,000

469,662

0.28

Partnership Assurance Group plc

250,000

1,420,653

0.83

Phoenix Group Holdings

350,000

2,597,433

1.51

Prudential PLC

135,000

1,693,407

0.99

Resolution Ltd

850,000

2,826,721

1.66

St James's Place PLC

140,000

882,147

0.52

19,418,337

11.37

HKD

AIA Group Ltd

725,000

2,362,231

1.38

CITIC Securities Co Ltd

500,000

683,389

0.40

3,045,620

1.78

HUF

OTP Bank PLC

50,000

807,205

0.47

IDR

Alam Sutera Realty Tbk PT

5,000,000

290,675

0.17


1,650,000

1,151,073

0.67


2,000,000

666,614

0.39

Summarecon Agung Tbk PT

14,000,000

1,399,890

0.82

3,508,252

2.05

INR

ICICI Bank Ltd

60,000

831,719

0.49

IDFC Ltd

475,000

788,043

0.46

Phoenix Mills Ltd

350,000

1,167,670

0.69

Yes Bank Ltd

150,000

895,414

0.52

3,682,846

2.16

JPY

77 Bank Ltd/The

250,000

911,942

0.53

AEON Financial Service Co Ltd

50,000

1,087,748

0.64

Dai-ichi Life Insurance Co Ltd/The

2,750

3,049,876

1.80



At 30 June 2013


EUR x 1 In % of net

assets

Japan Securities Finance Co Ltd

200,000

1,118,340

0.65

Keiyo Bank Ltd/The

200,000

774,473

0.45

Monex Group Inc

4,250

1,180,007

0.69

ORIX Corp

240,000

2,518,587

1.47

Sumitomo Mitsui Trust Holdings Inc

400,000

1,434,325

0.84

Suruga Bank Ltd

100,000

1,395,601

0.82

Tokai Tokyo Financial Holdings Inc

225,000

1,177,974

0.69

14,648,873

8.58

KRW


35,000

783,937

0.46

MXN


170,000

770,297

0.45

NOK

Storebrand ASA

350,000

1,292,058

0.76

QAR

Qatar National Bank SAQ

70,000

2,328,353

1.36

SEK

Skandinaviska Enskilda Banken AB

145,000

1,059,414

0.62

TRY

Anadolu Hayat Emeklilik AS

466,668

792,666

0.46

Sinpas Gayrimenkul Yatirim Ortakligi AS

4,000,000

1,834,131

1.08


125,000

814,892

0.48

Turkiye Sinai Kalkinma Bankasi AS

1,750,000

1,332,735

0.78

4,774,424

2.80

USD


6,500

905,254

0.53

American Capital Ltd

70,000

682,310

0.40

Ameriprise Financial Inc

27,500

1,711,121

1.00

Apollo Global Management LLC

120,000

2,224,872

1.30

Bank of New York Mellon Corp/The

50,000

1,078,971

0.63

Blackstone Group LP

80,000

1,296,150

0.76

Carlyle Group LP/The

85,000

1,680,579

0.98

Citigroup Inc

160,000

5,904,681

3.46

CME Group Inc/IL

25,000

1,461,322

0.86


At 30 June 2013


EUR x 1 In % of net

assets


51,000

1,869,170

1.09

eBay Inc

17,500

696,311

0.41

EVERTEC Inc

50,000

845,098

0.49

Fidelity National Information Services I

50,000

1,647,882

0.96

Financial Engines Inc

30,000

1,052,198

0.62

Fiserv Inc

12,000

806,955

0.47

Greenhill & Co Inc

20,000

703,774

0.41

Guaranty Trust Bank PLC GDR

375,000

1,935,800

1.13

IntercontinentalExchange Inc

20,000

2,735,085

1.61

KKR & Co LP

145,000

2,193,099

1.28

Lazard Ltd

27,500

680,175

0.40

Lincoln National Corp

105,000

2,945,994

1.74

Mastercard Inc

2,750

1,215,429

0.71

Morgan Stanley

120,000

2,255,337

1.32

Moscow Exchange MICEX-RTS OAO

850,000

1,080,420

0.63

Och-Ziff Capital Management Group LLC

100,000

803,170

0.47

Primerica Inc

28,500

820,895

0.48

Principal Financial Group Inc

70,000

2,016,771

1.18

Prudential Financial Inc

45,000

2,528,253

1.49


25,000

1,329,192

0.78

Sberbank of Russia

900,000

1,971,279

1.15

State Street Corp

50,000

2,508,366

1.48

Stifel Financial Corp

35,000

960,457

0.56

TD Ameritrade Holding Corp

55,000

1,027,772

0.60

Tetragon Financial Group Ltd

225,000

1,886,756

1.10

Visa Inc

15,000

2,108,897

1.23

WisdomTree Investments Inc

100,000

890,103

0.52

Xoom Corp

50,000

881,640

0.52

59,341,538

34.75

ZAR

Sanlam Ltd

200,000

712,963

0.42


164,784,789

96.48


164,784,789

96.48


5,989,524

3.52

Total net assets

170,774,313

100.00


Robeco Property Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


AUD

Goodman Group

1,600,000

5,498,398

1.48

GPT Group

1,900,000

5,137,847

1.38

Investa Office Fund

2,000,000

4,098,447

1.10

Mirvac Group

3,500,000

3,955,847

1.07

Westfield Group

1,500,000

12,084,082

3.26

30,774,621

8.29

BRL

BR Malls Participacoes SA

740,000

5,149,126

1.39

BR Properties SA

330,000

2,183,604

0.59

7,332,730

1.98

CAD

Allied Properties Real Estate Investment

170,000

3,968,278

1.07

H&R Real Estate Investment Trust

180,000

2,893,021

0.78

RioCan Real Estate Investment Trust

210,000

3,869,832

1.04

10,731,131

2.89

EUR

Alstria Office REIT-AG

332,385

2,792,366

0.75

Corio NV

85,000

2,598,025

0.70

Eurocommercial Properties NV

90,000

2,538,000

0.68

Unibail-Rodamco SE

50,000

8,950,000

2.42

16,878,391

4.55

GBP

Big Yellow Group PLC

500,000

2,243,874

0.60

Great Portland Estates PLC

450,000

2,790,840

0.75

Hammerson PLC

980,000

5,572,392

1.50

Land Securities Group PLC

600,000

6,189,032

1.68

16,796,138

4.53

HKD

Hang Lung Group Ltd

1,000,000

4,136,043

1.11

K Wah International Holdings Ltd

4,500,000

1,593,418

0.43

Link REIT/The

2,100,000

7,946,261

2.14

Sino Land Co Ltd

4,332,862

4,692,956

1.26


1,649,937

16,381,378

4.42

34,750,056

9.36

IDR

Summarecon Agung Tbk PT

18,000,000

1,799,859

0.48

JPY

Advance Residence Investment Corp

1,600

2,660,471

0.72

Daito Trust Construction Co Ltd

60,000

4,344,796

1.17

Daiwa House Industry Co Ltd

380,000

5,447,491

1.47

Japan Real Estate Investment Corp

790

6,773,002

1.82

Mitsubishi Estate Co Ltd

870,000

17,794,842

4.79

Mitsui Fudosan Co Ltd

640,000

14,458,488

3.90

51,479,090

13.87


At 30 June 2013


EUR x 1 In % of net

assets

NOK

Norwegian Property ASA

3,000,000

2,910,438

0.78

SEK

Castellum AB

320,000

3,319,180

0.89

Hufvudstaden AB

320,000

2,925,256

0.79

Castellum AB

440,000

6,244,436

1.68

SGD

CapitaCommercial Trust

3,500,000

3,110,215

0.84

CapitaLand Ltd

2,300,000

4,296,979

1.16

CapitaMall Trust

3,700,000

4,477,435

1.21

CapitaMalls Asia Ltd

2,600,000

2,878,200

0.78

Frasers Centrepoint Trust

1,900,000

2,155,162

0.58


2,850,000

4,754,034

1.27

21,672,025

5.84

USD

Alexandria Real Estate Equities Inc

105,000

5,308,766

1.43

American Campus Communities Inc

155,000

4,848,483

1.31

Apartment Investment & Management Co 140,000

3,235,450

0.87

AvalonBay Communities Inc

85,000

8,822,056

2.38

BioMed Realty Trust Inc

210,000

3,268,300

0.88

Boston Properties Inc

155,000

12,576,720

3.38

CBL & Associates Properties Inc

400,000

6,591,530

1.78

CBRE Group Inc

270,000

4,852,252

1.31

Coresite Realty Corp

120,000

2,936,647

0.79

DDR Corp

350,000

4,483,210

1.21

Digital Realty Trust Inc

105,000

4,927,492

1.33

Equity Residential

190,000

8,486,672

2.29

Federal Realty Investment Trust

75,000

5,982,229

1.61

Liberty Property Trust

160,000

4,549,448

1.23

Macerich Co/The

190,000

8,912,028

2.40

Prologis Inc

425,000

12,332,962

3.32

Public Storage

90,000

10,616,379

2.86

Simon Property Group Inc

219,000

26,606,516

7.16

SL Green Realty Corp

110,000

7,463,092

2.01

Starwood Hotels & Resorts Worldwide Inc 80,000

3,889,064

1.05

Tanger Factory Outlet Centers

290,000

7,465,015

2.01

Ventas Inc

215,000

11,488,941

3.10

169,643,252

45.71


371,012,167

99.96


371,012,167

99.96


125,545

0.04

Total net assets

371,137,712

100.00


Robeco Global Consumer Trends Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


BRL

Lojas Renner SA

315,000

7,015,480

1.10

CHF

Cie Financiere Richemont SA

175,000

11,888,162

1.87

Swatch Group AG/The

23,000

9,668,266

1.52

21,556,428

3.39

CNY

Kweichow Moutai Co Ltd

234,981

5,666,029

0.89

Shanghai Jahwa United Co Ltd

1,199,867

6,766,402

1.07

12,432,431

1.96

EUR

Adidas AG

157,500

13,094,550

2.06

Inditex SA

112,500

10,669,500

1.68

Remy Cointreau SA

120,000

9,782,400

1.54

Salvatore Ferragamo Italia SpA

475,000

11,366,750

1.79

Sky Deutschland AG

2,000,000

10,700,000

1.68

Telenet Group Holding NV

210,000

7,404,600

1.17

Ziggo NV

450,000

13,837,500

2.18

76,855,300

12.10

GBP

ASOS PLC

275,000

12,979,872

2.04

Rightmove PLC

350,000

8,511,085

1.34

21,490,957

3.38

HKD


1,150,000

9,638,369

1.52

Prada SpA

1,475,000

10,299,442

1.62

Sands China Ltd

2,524,800

9,152,998

1.44

Want Want China Holdings Ltd

7,500,000

8,123,308

1.28

37,214,117

5.86

IDR


3,500,000

8,342,370

1.31

JPY

Unicharm Corp

200,000

8,689,591

1.37

KRW


9,500

8,588,113

1.35

TWD

MediaTek Inc

1,050,000

9,392,856

1.48


At 30 June 2013


EUR x 1 In % of net

assets

USD

Amazon.com Inc

55,000

11,749,779

1.85

Charter Communications Inc

131,000

12,481,709

1.96

Coca-Cola Co/The

400,000

12,342,963

1.94

Colgate-Palmolive Co

230,000

10,137,093

1.60

DIRECTV

265,000

12,562,450

1.98

Discovery Communications Inc

200,000

11,879,832

1.87

Dollar General Corp

265,000

10,281,148

1.62

eBay Inc

315,000

12,533,600

1.97

Estee Lauder Cos Inc/The

210,000

10,625,611

1.67

Facebook Inc

525,000

10,040,774

1.58

Fresh Market Inc/The

350,000

13,387,699

2.11

Google Inc

29,500

19,979,932

3.14

L Brands Inc

325,000

12,313,921

1.94

Liberty Global Plc

250,000

14,247,798

2.24

LinkedIn Corp

110,000

15,088,664

2.38

Lululemon Athletica Inc

285,000

14,365,658

2.26

Magnit OJSC GDR

250,000

11,001,269

1.73

Mastercard Inc

42,000

18,562,911

2.92

Mead Johnson Nutrition Co

155,000

9,447,744

1.49

MercadoLibre Inc

125,000

10,362,734

1.63

Michael Kors Holdings Ltd

250,000

11,928,299

1.88


475,000

10,425,626

1.64

Monster Beverage Corp

225,000

10,519,098

1.66

NIKE Inc

275,000

13,472,324

2.12

priceline.com Inc

21,000

13,362,873

2.10

QUALCOMM Inc

210,000

9,867,908

1.55

Starbucks Corp

245,000

12,343,770

1.94

Time Warner Cable Inc

115,000

9,951,302

1.57

TripAdvisor Inc

300,000

14,048,544

2.21

Visa Inc

90,000

12,653,383

1.99

Walt Disney Co/The

237,000

11,514,059

1.81

Whole Foods Market Inc

340,000

13,465,554

2.13

Yelp Inc

425,000

11,368,427

1.79

408,314,456

64.27


619,892,099

97.57


619,892,099

97.57


15,415,784

2.43

Total net assets

635,307,883

100.00


Robeco Natural Resources Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


AUD

BHP Billiton Ltd

140,000

3,092,708

3.77

Lynas Corp Ltd

3,000,000

792,226

0.96

Rio Tinto Ltd

100,000

3,687,898

4.49

7,572,832

9.22

CAD

Barrick Gold Corp

130,000

1,573,689

1.92

Enbridge Inc

80,000

2,579,158

3.14

First Quantum Minerals Ltd

125,000

1,422,008

1.73

Goldcorp Inc

100,000

1,904,762

2.32

Great Western Minerals Group Ltd

3,752,300

314,675

0.38

TransCanada Corp

80,000

2,641,581

3.22

10,435,873

12.71

EUR

ArcelorMittal

350,000

3,000,900

3.65

Eni SpA

330,000

5,207,400

6.34

Galp Energia SGPS SA

200,000

2,275,000

2.77


172,215

4,227,017

5.15

Total SA

90,000

3,375,450

4.11

18,085,767

22.02

GBP

Bateman Litwin BV

220,000

7,445

0.01

Glencore Xstrata PLC

900,000

2,858,051

3.48

2,865,496

3.49


At 30 June 2013


EUR x 1 In % of net

assets

NOK

Petroleum Geo-Services ASA

150,000

1,398,522

1.70

Seadrill Ltd

55,000

1,699,141

2.07

Statoil ASA

110,000

1,736,561

2.12

4,834,224

5.89

USD

Anadarko Petroleum Corp

40,000

2,644,305

3.22

Apache Corp

40,000

2,579,682

3.14

Chevron Corp

80,000

7,283,302

8.88

Cobalt International Energy Inc

240,000

4,905,797

5.97

Exxon Mobil Corp

55,000

3,822,941

4.65

Freeport-McMoRan Copper & Gold Inc

100,000

2,124,091

2.59

Marathon Oil Corp

130,000

3,458,399

4.21


30,000

1,640,035

2.00

National Oilwell Varco Inc

34,000

1,802,208

2.19

Spectra Energy Corp

70,000

1,855,753

2.26

Transocean Ltd

45,000

1,659,999

2.02

Valero Energy Corp

60,000

1,604,954

1.95

35,381,466

43.08


79,175,658

92.92


79,175,658

92.92


2,953,164

7.08

Total net assets

82,128,822

100.00


RobecoSAM Sustainable Agribusiness Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


BRL

SLC Agricola SA

185,000

1,218,987

1.13

CAD

Agrium Inc

44,000

2,925,633

2.71

BioExx SPL 11-15.07.14 CWBIO

325,000

24

0.00

Canadian National Railway Co

19,600

1,463,604

1.36

Canadian Pacific Railway Ltd

16,000

1,487,990

1.38

Migao Corp

328,300

263,349

0.24

Potash Corp of Saskatchewan Inc

113,003

3,306,119

3.06

9,446,719

8.75

CHF

Syngenta AG

11,000

3,305,635

3.06

EUR

Bayer AG

32,500

2,662,725

2.47

K+S AG

75,000

2,130,375

1.97

Koninklijke DSM NV

55,000

2,753,300

2.55

Nutreco NV

17,364

566,935

0.53

Suedzucker AG

80,000

1,903,600

1.76

10,016,935

9.28

HKD


8,500,000

320,488

0.30

China Mengniu Dairy Co Ltd

500,000

1,376,201

1.28

China Modern Dairy Holdings Ltd

1,000,000

220,192

0.20

1,916,881

1.78

JPY

Komatsu Ltd

60,000

1,065,520

0.99

NOK

Marine Harvest ASA

2,500,000

1,940,292

1.80

Yara International ASA

82,500

2,517,529

2.33

4,457,821

4.13

SGD

Olam International Ltd

1,500,000

1,492,175

1.38

Wilmar International Ltd

1,500,000

2,866,068

2.66

4,358,243

4.04

USD

Adecoagro SA

360,000

1,730,969

1.60

AGCO Corp

79,500

3,069,666

2.84


At 30 June 2013


EUR x 1 In % of net

assets

American Vanguard Corp

100,000

1,802,516

1.67

Archer-Daniels-Midland Co

73,000

1,904,397

1.76

Boulder Brands Inc

150,000

1,390,545

1.29

Bunge Ltd

60,250

3,280,296

3.04

Caterpillar Inc

47,000

2,982,675

2.76

CF Industries Holdings Inc

34,250

4,518,887

4.19

Coca-Cola Co/The

49,000

1,512,013

1.40

Cosan Ltd

100,000

1,243,220

1.15

Dean Foods Co

150,000

1,156,287

1.07

Deere & Co

47,000

2,937,839

2.73

Diamond Foods Inc

32,750

522,801

0.48

Dollar General Corp

27,500

1,066,912

0.99

Dollar Tree Inc

30,000

1,173,366

1.09

FMC Corp

38,500

1,808,524

1.68

Green Mountain Coffee Roasters Inc

20,000

1,154,902

1.07

Ingredion Inc

50,000

2,524,137

2.35

Innophos Holdings Inc

37,500

1,360,830

1.26

Kellogg Co

29,000

1,432,988

1.33

Kraft Foods Group Inc

24,917

1,070,980

0.99

Mead Johnson Nutrition Co

27,706

1,688,769

1.56


75,000

1,646,151

1.53

Monster Beverage Corp

49,500

2,314,202

2.14

Mosaic Co/The

71,000

2,939,193

2.72

PepsiCo Inc

21,000

1,321,376

1.22

Sociedad Quimica y Minera de C ADR

35,000

1,087,818

1.01

SunOpta Inc

200,000

1,167,827

1.08

Titan International Inc

170,000

2,206,332

2.04

Titan Machinery Inc

128,500

1,940,574

1.80

TreeHouse Foods Inc

36,500

1,840,374

1.71

Trimble Navigation Ltd

112,000

2,241,120

2.08

Trinity Industries Inc

55,000

1,626,495

1.51

Union Pacific Corp

12,500

1,483,633

1.37

WhiteWave Foods Co

54,570

638,123

0.59

WhiteWave Foods Co

175,816

2,197,954

2.04

Zoetis Inc

23,905

568,085

0.53

66,552,776

61.67


102,339,517

94.83


102,339,517

94.83


5,572,722

5.17

Total net assets

107,912,239

100.00


Robeco Infrastructure Equities Investment portfolio

At 30 June 2013


EUR x 1 In % of net

assets


CAD

Enbridge Inc

45,000

1,450,777

1.15

CHF

ABB Ltd

180,500

3,010,046

2.38

Holcim Ltd

57,500

3,078,604

2.43

6,088,650

4.81

DKK

Vestas Wind Systems A/S

122,500

1,336,886

1.06

EUR

Abertis Infraestructuras SA

90,000

1,206,000

0.95

ArcelorMittal

295,000

2,529,330

2.00

CRH PLC

90,000

1,399,500

1.11

Gas Natural SDG SA

95,000

1,471,550

1.16

HeidelbergCement AG

47,000

2,428,490

1.92

Kingspan Group PLC

195,000

1,994,850

1.58

Koninklijke BAM Groep NV

480,000

1,756,320

1.39

Koninklijke Boskalis Westminster NV

51,500

1,442,773

1.14

Lafarge SA

52,000

2,456,480

1.94

Prysmian SpA

210,000

3,013,500

2.38

SBM Offshore NV

160,000

2,068,000

1.63

Siemens AG

37,500

2,911,875

2.30

ThyssenKrupp AG

130,000

1,962,350

1.55

26,641,018

21.05

GBP

Aggreko PLC

77,500

1,484,889

1.17

APR Energy PLC

115,000

1,348,600

1.07

Balfour Beatty PLC

475,000

1,321,354

1.04

Balfour Beatty PLC/STK/ 24-04-2013

663,968

73,171

0.06

Telecity Group PLC

142,000

1,680,140

1.33

Vodafone Group PLC

585,000

1,282,290

1.01


700,000

62,803

0.05

7,253,247

5.73

HKD


4,100,000

1,992,640

1.58


3,000,000

1,065,254

0.84

3,057,894

2.42

JPY

Hitachi Construction Machinery Co Ltd

100,000

1,552,819

1.23

JGC Corp

92,000

2,543,680

2.01

Komatsu Ltd

143,000

2,539,490

2.00


At 30 June 2013


EUR x 1 In % of net

assets

Taisei Corp

755,000

2,099,171

1.66

8,735,160

6.90

SEK

Telefonaktiebolaget LM Ericsson

436,000

3,774,451

2.98

SGD

Hyflux Ltd

1,750,000

1,326,883

1.05

Keppel Corp Ltd

285,000

1,797,889

1.42

SembCorp Industries Ltd

535,000

1,606,363

1.27

4,731,135

3.74

USD

AECOM Technology Corp

100,000

2,445,667

1.93

AES Corp/VA

260,000

2,398,277

1.89

American Tower Corp

24,000

1,350,987

1.07


38,500

1,811,486

1.43

Caterpillar Inc

37,500

2,379,794

1.88

Chicago Bridge & Iron Co NV

74,500

3,419,371

2.70

Cisco Systems Inc

250,000

4,675,539

3.69

Eaton Corp PLC

40,000

2,025,157

1.60

Fluor Corp

67,000

3,057,099

2.42

FMC Technologies Inc

44,000

1,884,771

1.49

Foster Wheeler AG

131,250

2,192,128

1.73

General Electric Co

255,000

4,549,333

3.59

Granite Construction Inc

60,000

1,373,697

1.09

Halliburton Co

100,000

3,209,601

2.54

KBR Inc

137,000

3,425,395

2.71

MasTec Inc

75,000

1,898,296

1.50

McDermott International Inc

220,000

1,384,467

1.09

Mostotrest

499,360

1,672,799

1.32

National Oilwell Varco Inc

55,000

2,915,336

2.30

Nucor Corp

81,000

2,699,481

2.13

Quanta Services Inc

95,000

1,933,839

1.53

Republic Services Inc

50,000

1,305,535

1.03

Steel Dynamics Inc

170,000

1,949,994

1.54

Terex Corp

92,000

1,861,446

1.47

United Rentals Inc

35,500

1,363,084

1.08

Xylem Inc/NY

94,000

1,948,194

1.54

61,130,773

48.29


124,199,991

98.13


124,199,991

98.13


2,371,268

1.87

Total net assets

126,571,259

100.00


Robeco High Yield Bonds Investment portfolio

At 30 June 2013

Interest rate

Maturity date

Face Value

Market value in EUR x 1

in % of net assets

Fund shares

EUR

Robeco European High Yield Bonds Zh Eur

973,475 *

103,383,054

3.10

Total fund shares

103,383,054

3.10

* Quantity


CHF

5.6250

SUNRISE COMMUNICATIONS INTE

31/12/2017

17,860,000

14,668,173

0.44

6.7500 UPC HOLDING BV

15/03/2023

3,400,000

2,681,795

0.08

8.7500 MOBILE CHALLENGER INTERMEDI

15/03/2019

14,150,000

11,159,850

0.33

28,509,818

0.85

EUR

0.1471

CALCIPAR SA

01/07/2014

1,000,000

990,000

0.03

0.4700 AIREM 2007-1X 2A2

20/09/2066

800,000

673,331

0.02

0.5100 AIREM 2006-1X 2A1

20/09/2066

1,200,000

909,934

0.03

0.5700 AIREM 2005-1X 2A2

20/09/2066

500,000

331,276

0.01

0.5800 Jubilee CDO BV (FRN) 30-07-20

30/07/2024

5,000,000

4,808,640

0.14

0.5990 GLSPE 2007-1X A1

15/08/2023

5,000,000

4,271,141

0.13

3.2500 ELECTRICIDADE DE PORTUGAL

16/03/2015

6,000,000

5,985,000

0.18

4.2500 SCHAEFFLER FINANCE BV

15/05/2018

10,000,000

9,800,000

0.29

4.2500 TEREOS FINANCE GROUP I

04/03/2020

20,200,000

19,341,500

0.58

4.4630 CASINO GUICHARD

Perpetual

650,000

428,006

0.01


13/06/2016

7,692,000

7,788,151

0.23

4.6250 OTE PLC

20/05/2016

1,800,000

1,692,000

0.05

4.6250 RENAULT

18/09/2017

8,950,000

9,259,133

0.28

4.6250 ROYAL BANK OF SCOTLAND

22/09/2021

5,000,000

4,525,000

0.14


26/09/2016

400,000

407,000

0.01

4.7500 LAFARGE SA

23/03/2020

5,450,000

5,627,125

0.17

4.8750 OI EUROPEAN GROUP

31/03/2021

10,000,000

9,850,000

0.30

5.0000 TRIONISTA HOLDCO GMBH

30/04/2020

3,750,000

3,712,500

0.11

5.1250 REXEL SA

15/06/2020

16,800,000

16,758,000

0.50

5.1250 UNITYMEDIA HESSEN / NRW

21/01/2023

9,800,000

9,232,580

0.28

5.3750 HENKEL CORP

25/11/2104

7,000,000

7,367,500

0.22

5.6250 ROYAL CARIBBEAN CRUISES LTD

27/01/2014

5,250,000

5,355,000

0.16

5.6250 SCOTTISH & SOUTHERN ENERGY

Perpetual

9,720,000

10,108,800

0.30

5.7500 ALLIANZ FINANCE BV

08/07/2041

4,600,000

5,083,046

0.15


21/09/2017

8,600,000

9,008,500

0.27

5.7500 FLASH DUTCH 2 BV AND US COA

01/02/2021

11,500,000

11,500,000

0.35


01/02/2016

1,100,000

1,141,250

0.03

5.8750 GESTAMP FUNDING LUXEMBOURG

31/05/2020

17,194,000

16,423,708

0.49

6.0000 AVIS BUDGET FINANCE PLC

01/03/2021

24,000,000

24,096,002

0.73

6.0000 INTERXION HOLDING NV

15/07/2020

18,800,000

18,843,991

0.57

6.0000 NOVALIS SAS

15/06/2018

14,100,000

14,176,141

0.43

6.1250 ROYAL KPN NV

Perpetual

19,450,000

19,255,500

0.58

6.2500 FIAT INDUSTRIAL FIN EUR

09/03/2018

2,900,000

3,132,000

0.09

6.2500 TELENET FINANCE V LUXEMBOUR

15/08/2022

10,000,000

10,050,000

0.30

6.3750 TELENET FINANCE LUX

15/11/2020

250,000

255,750

0.01

6.4390 LBG CAPITAL NO.1 PLC

23/05/2020

6,300,000

6,221,250

0.19



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

6.5000 WEPA HYGIENEPRODUKTE GMBH

15/05/2020

17,525,000

17,971,888

0.54

6.6250 LAFARGE SA

29/11/2018

4,100,000

4,530,500

0.14

6.7500 CEGEDIM SA

01/04/2020

10,000,000

9,687,500

0.29

6.7500 GATEGROUP FINANCE LUX SA

01/03/2019

7,000,000

6,930,000

0.21

6.7500 LAFARGE SA

16/12/2019

2,500,000

2,771,250

0.08

6.7500 NATIONWIDE BUILDING SOCIETY

22/07/2020

14,600,000

15,759,970

0.47


15/09/2020

10,525,000

11,637,071

0.35

6.7500 REXAM PLC

29/06/2067

13,850,000

14,127,000

0.42


15/08/2024

9,150,000

9,268,035

0.28

6.8750 TRIONISTA TOPCO GMBH

30/04/2021

8,050,000

7,969,500

0.24

7.1250 CROWN EURO HOLDINGS SA

15/08/2018

17,900,000

18,973,999

0.57

7.2500 GRUPO EMPRESARIAL ENHOL SL

15/02/2020

4,000,000

4,080,000

0.12

7.2500 OTE PLC

12/02/2015

2,700,000

2,733,750

0.08

7.2500 OTE PLC

08/04/2014

1,850,000

1,889,313

0.06

7.2500 SMURFIT KAPPA ACQUISITIONS

15/11/2017

3,000,000

3,127,740

0.09

7.3750 ARDAGH PACKAGING FINANCE

15/10/2017

14,150,000

14,857,499

0.45

7.3750 REFRESCO GROUP BV

15/05/2018

23,000,000

23,575,000

0.72

7.3750 WIND ACQUISITION FINANCE SA

15/02/2018

9,700,000

9,784,875

0.29


15/02/2018

27,300,000

27,027,000

0.81

7.5000 HEIDELBERGCEMENT AG

03/04/2020

3,550,000

4,144,625

0.12

7.5000 JARDEN CORP

15/01/2020

10,042,000

10,594,309

0.32

7.5000 ONTEX IV SA

15/04/2018

15,300,000

15,736,050

0.47

7.7500 FIAT FINANCE & TRADE LTD

17/10/2016

7,900,000

8,512,250

0.26


15/02/2017

9,650,000

10,592,805

0.32


15/11/2019

3,725,000

3,995,063

0.12

7.8750 OTE PLC

07/02/2018

18,200,000

18,473,000

0.55

7.8750 ZOBELE HOLDING SPA

01/02/2018

11,900,000

11,929,751

0.36

8.0000 ALBA GROUP PLC & CO KG

15/05/2018

7,400,000

7,400,000

0.22

8.0000 BEVERAGE PACKAGING HOLD

15/12/2016

10,000,000

9,930,000

0.30


31/01/2017

3,800,000

4,379,500

0.13

8.0000 ZIGGO BOND CO

15/05/2018

3,650,000

3,873,563

0.12

8.2500 CAMPOFRIO FOOD SA

31/10/2016

18,200,000

19,109,999

0.58

8.2500 LOTTOMATICA SPA

31/03/2066

3,000,000

3,097,500

0.09

8.3750 R&R ICE CREAM PLC

15/11/2017

2,000,000

2,102,600

0.06


31/10/2019

4,200,000

5,145,000

0.15

8.5000 HERTZ HOLDGS NETHERLANDS

31/07/2015

16,925,000

17,644,313

0.53

8.5000 RAIN CII CARBON LLC / CII C

15/01/2021

4,700,000

4,700,000

0.14

8.7500 FAURECIA

15/06/2019

7,925,000

8,450,427

0.25

8.7500 KM GERMANY HOLDINGS GMBH

15/12/2020

5,500,000

5,643,000

0.17

8.7500 KUKA AG

15/11/2017

6,000,000

6,724,500

0.20


15/03/2019

4,650,000

4,510,500

0.14


15/02/2019

11,600,000

12,762,320

0.38

8.8750 BOARDRIDERS SA

15/12/2017

6,850,000

6,747,250

0.20

8.8750 MARK IV USA/EURO LUX SCA

15/12/2017

15,980,000

13,487,119

0.40

9.0000 ALGECO SCOTSMAN GLOB FIN

15/10/2018

10,300,000

10,379,310

0.31

9.0000 ONTEX IV SA

15/04/2019

12,343,000

12,386,200

0.37


15/10/2020

4,700,000

4,923,250

0.15


15/05/2018

13,500,000

13,128,750

0.39

9.3750 FAURECIA

15/12/2016

10,945,000

12,422,575

0.37

9.3750 SOCIETE GENERALE

Perpetual

5,000,000

5,487,500

0.16


15/06/2017

13,300,000

13,499,500

0.41


15/12/2018

13,000,000

16,318,901

0.50



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets


12/02/2017

12,200,000

13,322,400

0.40

9.5000 UNITYMEDIA HESSEN GMBH & CO

15/03/2021

15,000,000

16,650,000

0.50

9.6250 UPC GERMANY GMBH

01/12/2019

5,000,000

5,475,000

0.16

10.0000 KINOVE GERMAN BONDCO GMBH

15/06/2018

5,750,000

5,653,688

0.17

11.0000 STORK TECHNICAL SERVICES HO

15/08/2017

17,650,000

16,979,299

0.51

11.1250 ONO FINANCE II PLC

15/07/2019

2,900,000

3,016,000

0.09


21/12/2019

2,600,000

3,627,000

0.11

858,065,462

25.75

GBP

4.2500

WILLIAM HILL PLC

05/06/2020

8,000,000

9,078,180

0.27

5.1250 FCE BANK PLC

16/11/2015

8,000,000

9,918,692

0.30

5.3750 GKN HOLDINGS PLC

19/09/2022

1,080,000

1,258,597

0.04

5.3750 HEATHROW FINANCE PLC

02/09/2019

6,300,000

7,443,116

0.22

5.7500 DAILY MAIL & GENERAL TRUST

07/12/2018

826,000

1,035,536

0.03

5.8750 ENW FINANCE PLC

21/06/2021

16,800,000

19,652,277

0.59

6.0000 LYNX I CORP

15/04/2021

12,300,000

14,230,971

0.43


09/08/2017

3,900,000

4,846,558

0.15

6.7500 GKN PLC

28/10/2019

21,300,000

27,473,523

0.82

6.8750 PENDRAGON PLC

01/05/2020

9,000,000

10,396,733

0.31

6.8750 ROYAL KPN NV

14/03/2073

6,550,000

7,260,793

0.22

7.0000 CROWN NEWCO 3 PLC

15/02/2018

12,700,000

14,967,328

0.45

7.1250 WILLIAM HILL PLC

11/11/2016

7,500,000

9,626,604

0.29

7.3750 CREDIT AGRICOLE SA

18/12/2023

2,600,000

3,432,728

0.10

7.3750 ITV PLC

05/01/2017

4,850,000

6,350,218

0.19

7.5000 INTERGEN NV

30/06/2021

18,500,000

21,263,127

0.64

7.6250 LADBROKES GROUP FIN PLC

05/03/2017

1,810,000

2,346,453

0.07

7.7500 THAMES WATER KEMBLE FINA

01/04/2019

22,200,000

28,067,329

0.84

8.5000 SOUTHERN WATER GREENSAND

15/04/2019

16,800,000

21,073,514

0.64

8.7500 DIXONS GROUP PLC

15/09/2017

10,000,000

13,098,015

0.39

8.8750 HOUSE OF FRASER LTD

15/08/2018

13,150,000

15,915,797

0.48

9.7500 CARE UK HEALTH

01/08/2017

3,890,000

4,607,176

0.14

9.8750 BOPARAN HOLDINGS LTD

30/04/2018

1,450,000

1,823,075

0.05

255,166,340

7.66

USD

Bankruptcy claim Telligent Inc

700,000 *

0

0.00

0.6733 (FRN) PETRU 1A A2

27/12/2017

8,000,000

177,196

0.01

3.3303 SOUTHERN UNION CO

01/11/2050

11,000,000

7,438,551

0.22

3.5000 MALLINCKRODT INTL FIN

15/04/2018

3,000,000

2,281,556

0.07

3.7500 CONSTELLATION BRANDS INC

01/05/2021

4,000,000

2,881,102

0.09

4.1250 CORRECTIONS CORP OF AMERICA

01/04/2020

2,000,000

1,504,020

0.05

4.2500 HERTZ CORP

01/04/2018

5,000,000

3,750,433

0.11

4.2500 TESORO PETROLEUM CORP

01/10/2017

6,500,000

5,125,591

0.15

4.3750 D.R. HORTON INC

15/09/2022

28,000,000

20,463,900

0.61

4.5000 CLEARWATER PAPER CORP

01/02/2023

10,000,000

7,308,536

0.22

4.5000 CONTINENTAL AG

15/09/2019

3,720,000

2,946,795

0.09

4.5000 CROWN AMERICAS LLC

15/01/2023

3,000,000

2,175,251

0.07

4.5000 NEUSTAR INC

15/01/2023

8,000,000

5,816,056

0.17

4.5000 PVH CORP

15/12/2022

5,000,000

3,692,734

0.11

4.5000 SERVICE CORP INTL

15/11/2020

3,000,000

2,215,640

0.07

4.5000 TRW AUTOMOTIVE INC

01/03/2021

10,000,000

7,673,962

0.23

4.6250 DENBURY RESOURCES INC

15/07/2023

36,000,000

25,549,102

0.77

4.6250 FLEXTRONICS INTL LTD

15/02/2020

5,000,000

3,731,200

0.11



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

4.6250 NCR CORP

15/02/2021

3,000,000

2,204,100

0.07

4.6250 ROCKWOOD SPECIALTIES GROUP

15/10/2020

5,000,000

3,865,831

0.12

4.7500 D.R. HORTON INC

15/02/2023

17,500,000

12,958,226

0.39

4.7500 HCA INC

01/05/2023

20,000,000

14,732,469

0.44

4.7500 HOST HOTELS & RESORTS LP

01/03/2023

2,000,000

1,540,792

0.05

4.7500 LEAR CORP

15/01/2023

3,000,000

2,192,561

0.07

4.7500 LKQ CORP

15/05/2023

2,650,000

1,946,955

0.06

4.8750 AVIS BUDGET CAR RENTAL

15/11/2017

3,940,000

3,046,275

0.09

4.8750 CINEMARK USA INC

01/06/2023

2,000,000

1,477,094

0.04

4.8750 COGECO CABLE INC

01/05/2020

1,000,000

748,163

0.02


15/09/2018

38,100,000

28,431,742

0.85

5.0000 CONTINENTAL RESOURCES INC

15/09/2022

500,000

391,391

0.01

5.0000 DELPHI CORP

15/02/2023

5,000,000

3,952,379

0.12

5.0000 LAMAR MEDIA CORP

01/05/2023

2,160,000

1,595,261

0.05

5.0000 SILGAN HOLDINGS INC

01/04/2020

7,000,000

5,331,384

0.16

5.1250 CINEMARK INC

15/12/2022

4,000,000

2,969,573

0.09

5.1250 COMMUNITY HEALTH SYSTEMS

15/08/2018

29,000,000

22,644,921

0.68

5.1250 DELUXE CORP-GLOBAL

01/10/2014

5,000,000

3,933,146

0.12

5.1250 GEO GROUP INC

01/04/2023

3,000,000

2,204,100

0.07

5.1250 OIL STATES INTERNATIONAL INC

15/01/2023

4,000,000

3,223,449

0.10

5.1500 TOLL BROTHERS INC-GLOBAL

15/05/2015

5,000,000

4,000,462

0.12

5.2500 CCO HLDGS LLC/CAP CORP

30/09/2022

10,500,000

7,673,962

0.23


15/03/2021

7,000,000

5,304,458

0.16

5.2500 METHANEX CORP

01/03/2022

5,000,000

4,028,723

0.12

5.2500 NEENAH PAPER INC

15/05/2021

5,000,000

3,750,433

0.11

5.2500 ROYAL CARIBBEAN

15/11/2022

10,000,000

7,539,331

0.23

5.2500 SEALED AIR CORP

01/04/2023

11,000,000

8,229,796

0.25

5.2500 SIRIUS SATELLITE RADIO INC

15/08/2022

4,000,000

2,984,960

0.09

5.2500 SOTHEBY'S HOLDING INC

01/10/2022

5,000,000

3,731,200

0.11

5.2500 STEEL DYNAMICS INC

15/04/2023

2,000,000

1,507,866

0.05

5.3750 ETHAN ALLEN GLOBAL INC

01/10/2015

8,000,000

6,369,966

0.19

5.3750 GLATFELTER PH

15/10/2020

6,000,000

4,569,758

0.14

5.5000 BARRY CALLEBAUT AG

15/06/2023

3,000,000

2,342,578

0.07

5.5000 DUFRY FINANCE SCA

15/10/2020

7,000,000

5,399,454

0.16

5.5000 OLIN CORP

15/08/2022

8,000,000

6,216,102

0.19

5.6250 CENTURY LINK

01/04/2020

10,000,000

7,770,127

0.23

5.6250 FRESENIUS MED CARE II

31/07/2019

5,000,000

4,000,462

0.12


31/05/2020

8,000,000

5,846,828

0.18

5.6250 SABINE PASS LIQUEFACTION LL

01/02/2021

10,000,000

7,462,400

0.22

5.6250 SBA COMMUNICATIONS CORP

01/10/2019

4,000,000

3,046,505

0.09

5.7000 CHOICE HOTELS INTL INC

28/08/2020

8,000,000

6,523,829

0.20

5.7500 ARAMARK CORP

15/03/2020

15,000,000

11,799,438

0.35

5.7500 FRESENIUS MED CARE US

15/02/2021

2,000,000

1,615,571

0.05

5.7500 GENERAL CABLE CORP

01/10/2022

4,000,000

3,046,505

0.09

5.7500 HCA - THE HEALTHCARE CO

15/03/2014

3,000,000

2,354,118

0.07

5.7500 INGLES MARKETS INC

15/06/2023

14,000,000

10,635,843

0.32

5.7500 REGAL ENTERTAINMENT GROUP

01/02/2025

1,000,000

730,854

0.02

5.7500 REYNOLDS GROUP

15/10/2020

4,000,000

3,100,358

0.09

5.7500 SALLY HOLDINGS LLC

01/06/2022

5,000,000

3,904,297

0.12

5.7500 SBA TELECOMMUNICATIONS INC

15/07/2020

8,000,000

6,169,943

0.19

5.7500 UNITED RENTALS INC

15/07/2018

1,000,000

807,785

0.02

5.8750 CHESAPEAKE MIDSTREAM PARTNE

15/04/2021

7,000,000

5,466,015

0.16



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

5.8750 CIMAREX ENERGY CO

01/05/2022

2,000,000

1,592,491

0.05

5.8750 DELPHI CORP

15/05/2019

8,000,000

6,539,216

0.20

5.8750 FRESENIUS MED CARE II

31/01/2022

4,000,000

3,238,835

0.10

5.8750 HCA INC

15/03/2022

3,000,000

2,368,543

0.07

5.8750 HERTZ CORP

15/10/2020

20,000,000

15,847,982

0.48

5.8750 RESOLUTE FOREST PRODUCTS

15/05/2023

20,000,000

13,732,354

0.41


01/05/2022

4,000,000

3,300,381

0.10

6.0000 EDP FINANCE BV

02/02/2018

18,000,000

14,263,184

0.43


02/02/2018

17,400,000

13,854,676

0.42

6.1250 CHESAPEAKE MIDSTREAM PARTNE

15/07/2022

3,500,000

2,726,276

0.08

6.1250 ELDORADO GOLD CORP

15/12/2020

7,000,000

5,196,753

0.16

6.1250 HANSON PLC

15/08/2016

5,000,000

4,163,942

0.12

6.1250 JARDEN CORP

15/11/2022

4,000,000

3,227,296

0.10

6.1250 PLAINS E&P COMPANY

15/06/2019

15,000,000

12,203,331

0.37

6.1250 REXEL SA

15/12/2019

4,200,000

3,295,765

0.10

6.1250 STEEL DYNAMICS INC

15/08/2019

2,000,000

1,627,111

0.05

6.2500 GIBRALTAR INDUSTRIES INC

01/02/2021

1,000,000

796,246

0.02

6.2500 HDTFS INC

15/10/2022

1,000,000

802,977

0.02

6.2500 NEW GOLD INC

15/11/2022

6,000,000

4,419,741

0.13

6.2500 UNISYS CORP

15/08/2017

2,000,000

1,630,957

0.05

6.2500 WESTERN REFINING INC

01/04/2021

8,000,000

6,016,079

0.18

6.3750 CONSOL ENERGY INC

01/03/2021

2,700,000

2,066,777

0.06

6.3750 DENBURY RESOURCES INC

15/08/2021

8,000,000

6,462,284

0.19

6.3750 GULFMARK OFFSHORE INC

15/03/2022

1,000,000

763,550

0.02

6.3750 PENNEY J C

15/10/2036

5,200,000

3,120,360

0.09

6.3750 SELECT MEDICAL CORP

01/06/2021

12,000,000

8,770,243

0.26

6.3750 TEMPLE-INLAND INC.

15/01/2016

2,500,000

2,123,424

0.06

6.4040 STORA ENSO OYJ

15/04/2016

5,000,000

4,038,927

0.12


30/04/2021

5,000,000

4,010,078

0.12

6.5000 CLEAR CHANNEL WORLDWIDE

15/11/2022

7,700,000

6,071,854

0.18


15/11/2022

7,300,000

5,784,514

0.17

6.5000 CVR REFINING LLC

01/11/2022

10,000,000

7,539,331

0.23

6.5000 DANA HOLDING CORP

15/02/2019

11,000,000

9,002,000

0.27

6.5000 FERRELLGAS PARTNERS LP

01/05/2021

2,750,000

2,120,918

0.06

6.5000 HCA INC

15/02/2020

7,000,000

5,826,181

0.17

6.5000 HOLLY ENERGY PARTNERS LP

01/03/2020

2,000,000

1,550,179

0.05


15/11/2020

20,000,000

16,309,573

0.49

6.5000 SABINE PASS LNG LP

01/11/2020

21,250,000

16,511,521

0.50


01/12/2020

1,529,000

1,240,985

0.04

6.5000 VAIL RESORTS INC

01/05/2019

10,000,000

8,058,622

0.24

6.5000 VIRGIN MEDIA SECURED FIN

15/01/2018

3,000,000

2,371,427

0.07

6.5000 WHITING PETROLEUM CORP

01/10/2018

3,000,000

2,440,666

0.07


31/01/2022

9,000,000

7,218,141

0.22

6.6250 DAVITA INC

01/11/2020

10,000,000

8,154,786

0.24

6.6250 DILLARD DEPARTMENT STORES

15/01/2018

2,000,000

1,680,963

0.05

6.6250 LIMITED BRANDS INC

01/04/2021

7,500,000

6,267,550

0.19

6.6250 METROPCS WIRELESS INC

15/11/2020

5,000,000

3,990,845

0.12


01/04/2023

8,000,000

6,262,262

0.19

6.6250 PRECISION DRILLING CORP

15/11/2020

5,445,000

4,251,779

0.13

6.6250 RENT-A-CENTER INC

15/11/2020

5,000,000

4,029,311

0.12

6.6250 SM ENERGY CO

15/02/2019

4,000,000

3,223,449

0.10

6.6250 UNIT CORP

15/05/2021

10,000,000

7,847,059

0.24



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

6.6250 UPCB FINANCE III LTD

01/07/2020

2,000,000

1,592,491

0.05

6.6250 VALASSIS COMMUNICATIONS INC

01/02/2021

8,000,000

6,031,465

0.18


15/07/2013

4,000,000

3,077,278

0.09

6.7500 HERTZ CORP

15/04/2019

3,000,000

2,440,666

0.07

6.7500 HOST MARRIOTT LP

01/06/2016

1,770,000

1,378,717

0.04

6.7500 IAMGOLD CORP

01/10/2020

8,000,000

5,200,600

0.16


01/02/2022

5,000,000

4,072,585

0.12

6.7500 RANGE RESOURCES CORP

01/08/2020

16,759,000

13,827,771

0.41

6.7500 SPEEDWAY MOTORSPORTS INC

01/02/2019

200,000

160,788

0.00

6.7500 VALEANT PHARMACEUTICALS INT

15/08/2021

3,685,000

2,838,486

0.09

6.7500 VISTEON CORP/NEW

15/04/2019

5,400,000

4,372,428

0.13

6.7500 VPII ESCROW CORP

15/08/2018

5,000,000

3,947,571

0.12

6.8750 CALCIPAR SA

01/05/2018

19,884,000

15,679,578

0.47

6.8750 HUNTINGTON INGALLS INDUS

15/03/2018

3,400,000

2,795,515

0.08

6.8750 JONES APPAREL GROUP INC

15/03/2019

1,623,000

1,254,849

0.04

6.8750 LEVI STRAUSS & CO

01/05/2022

14,000,000

11,685,964

0.35

6.8750 PENNEY J C

15/10/2015

10,000,000

7,673,962

0.23

6.8750 REYNOLDS GRP ISS REYNOLD

15/02/2021

750,000

605,839

0.02

6.8750 RHODIA SA

15/09/2020

2,500,000

2,125,245

0.06

6.8750 SEAGATE HDD CAYMAN

01/05/2020

4,200,000

3,425,010

0.10


15/07/2033

4,000,000

2,923,414

0.09

6.8750 SPRINT CAPITAL CORP

15/11/2028

10,000,000

7,385,468

0.22

6.8750 UPCB FINANCE VI LTD

15/01/2022

2,000,000

1,592,491

0.05


01/12/2018

4,851,000

3,825,268

0.11

6.8750 WEYERHAEUSER CO

15/12/2033

2,000,000

1,736,978

0.05


15/07/2017

2,000,000

1,711,736

0.05

6.9000 SPRINT CAPITAL CORP - GLOBAL

01/05/2019

10,000,000

8,000,923

0.24

6.9500 LIMITED BRANDS INC-GLOBAL

01/03/2033

6,000,000

4,592,838

0.14

6.9740 PUGET SOUND ENERGY INC

01/06/2067

10,000,000

7,962,457

0.24

6.9838 SAECURE BV

02/05/2036

1,000,000

72

0.00


15/11/2020

3,000,000

2,224,295

0.07

7.0000 BOART LONGYEAR MANAGEMEN

01/04/2021

6,000,000

4,350,502

0.13


15/01/2019

26,000,000

21,202,445

0.64

7.0000 DEAN FOODS CO

01/06/2016

10,000,000

8,366,350

0.25

7.0000 EL PASO CORP

15/06/2017

11,244,000

9,404,182

0.28

7.0000 EQUINIX INC

15/07/2021

10,000,000

8,347,117

0.25

7.0000 H&E EQUIPMENT SERVICES INC

01/09/2022

8,000,000

6,416,125

0.19

7.0000 KONINKLIJKE KPN NV

28/03/2073

2,000,000

1,454,014

0.04

7.0000 KONINKLIJKE KPN NV

28/03/2073

3,000,000

2,181,021

0.07

7.0000 LEVEL 3 FINANCING INC

01/06/2020

5,000,000

3,836,981

0.12

7.0000 SEAGATE HDD CAYMAN

01/11/2021

4,000,000

3,292,688

0.10

7.0000 SPRINT CORP

15/08/2020

5,000,000

4,038,927

0.12


01/10/2020

3,309,000

2,596,592

0.08

7.1250 CROWN CASTLE INTL CORP

01/11/2019

5,000,000

4,106,243

0.12

7.1250 DOMTAR CORP

15/08/2015

751,000

622,863

0.02

7.1250 DYCOM INDUSTRIES INC

15/01/2021

6,500,000

5,300,611

0.16

7.1250 GANNETT CO INC

01/09/2018

5,000,000

4,077,393

0.12

7.1250 HUNTINGTON INGALLS INDUS

15/03/2021

3,000,000

2,481,056

0.07

7.1250 NORTHERN TIER ENERGY LLC

15/11/2020

8,500,000

6,604,608

0.20


15/04/2019

5,000,000

4,062,969

0.12

7.1300 DILLARD DEPARTMENT STORES

01/08/2018

8,000,000

6,970,036

0.21

7.2500 BELO (A.H.) CORP

15/09/2027

8,000,000

6,293,034

0.19



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

7.2500 CALPINE CORP

15/10/2017

8,099,000

6,495,524

0.19


15/05/2017

27,000,000

23,627,728

0.71

7.2500 EL PASO CORP

01/06/2018

7,182,000

6,120,433

0.18

7.2500 FIRST QUANTUM MINERALS LTD

15/10/2019

7,000,000

5,062,123

0.15


15/03/2017

12,322,000

10,735,597

0.32

7.3750 AES CORP

01/07/2021

20,585,000

17,380,496

0.52


01/06/2020

9,000,000

7,529,715

0.23


01/10/2020

600,000

512,367

0.02

7.3750 INMARSAT FINANCE PLC

01/12/2017

3,500,000

2,800,323

0.08

7.3750 ITT CORP (NEW)

15/11/2015

8,000,000

6,956,648

0.21

7.3750 PETROLEUM GEO-SERVICES ASA

15/12/2018

3,300,000

2,760,895

0.08

7.3750 PHILLIPS-VAN HEUSEN

15/05/2020

6,000,000

5,008,270

0.15

7.3750 POLYONE CORP

15/09/2020

8,000,000

6,646,921

0.20


15/05/2020

7,000,000

5,748,740

0.17

7.3750 US COAT ACQ/FLASH DUTCH2

01/05/2021

6,000,000

4,708,236

0.14

7.4500 UPM-KYMMENE CORP

26/11/2027

15,700,000

12,259,491

0.37

7.5000 CALPINE CORP

15/02/2021

10,800,000

8,869,485

0.27

7.5000 COLUMBIA/HCA HEALTHCARE

15/11/2095

5,000,000

3,577,336

0.11

7.5000 INMET MINING CORP

01/06/2021

500,000

368,312

0.01

7.5000 JARDEN CORP

15/01/2020

3,000,000

2,469,516

0.07

7.5000 LOUISIANA PACIFIC CORP

01/06/2020

10,000,000

8,385,583

0.25

7.5000 SABINE PASS LNG LP

30/11/2016

23,923,000

19,807,768

0.59

7.5000 SANDRIDGE ENERGY INC

15/03/2021

11,000,000

8,081,702

0.24

7.5000 SAPPI PAPPIER HOLDING AG

15/06/2032

10,000,000

6,077,624

0.18

7.5000 WINDSTREAM CORP

01/06/2022

10,000,000

7,847,059

0.24


15/03/2020

36,000,000

28,664,846

0.86


15/03/2020

7,000,000

5,546,794

0.17

7.6250 HEADWATERS INC

01/04/2019

3,500,000

2,813,786

0.08

7.6250 PENNEY J C

01/03/2097

8,895,000

5,063,892

0.15

7.6250 PULTE HOMES INC

15/10/2017

2,500,000

2,158,903

0.06

7.6250 UNION BANK OF SWITZERLAND

17/08/2022

9,600,000

8,105,108

0.24


15/04/2022

28,824,000

24,004,293

0.72

7.6250 XM SATELLITE RADIO INC

01/11/2018

9,000,000

7,547,025

0.23

7.7500 ALPHABET HOLDING CO INC

01/11/2017

19,000,000

14,982,498

0.45

7.7500 CASE NEW HOLLAND INC

01/09/2013

8,000,000

6,193,022

0.19

7.7500 GULFPORT ENERGY CORP

01/11/2020

7,000,000

5,452,553

0.16

7.7500 HEALTHSOUTH REHABILITATION

15/09/2022

10,000,000

8,193,254

0.25

7.7500 PHILLIPS-VAN HEUSEN

15/11/2023

2,608,000

2,314,666

0.07


15/07/2017

10,100,000

8,197,484

0.25

7.7500 TENNECO AUTOMOTIVE INC

15/08/2018

5,000,000

4,115,860

0.12

7.7500 TRANSDIGM INC

15/12/2018

12,100,000

9,797,477

0.29

7.7500 WARNER CHILCOTT CO LLC

15/09/2018

5,000,000

4,154,326

0.12


01/10/2021

20,000,000

15,924,914

0.48

7.7500 WYNN LAS VEGAS LLC/CORP

15/08/2020

10,486,000

8,957,690

0.27

7.8750 CALPINE CORP

31/07/2020

6,300,000

5,258,684

0.16

7.8750 CALPINE CORP

15/01/2023

8,100,000

6,698,850

0.20

7.8750 CSG GUERNSEY I LTD

24/02/2041

15,000,000

12,059,084

0.36

7.8750 FERRO CORP

15/08/2018

6,000,000

4,777,474

0.14

7.8750 GRAPHIC PACKAGING INTL

01/10/2018

4,000,000

3,323,461

0.10

7.8750 HCA INC

15/02/2020

18,500,000

15,326,599

0.46

7.8750 LEAR CORP

15/03/2018

3,759,000

3,087,074

0.09


01/09/2018

3,000,000

2,457,976

0.07



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

7.8750 OMNOVA SOLUTIONS INC

01/11/2018

5,000,000

4,000,462

0.12

7.8750 PERRY ELLIS INTL INC

01/04/2019

9,000,000

7,287,379

0.22


15/08/2019

8,000,000

6,708,466

0.20

7.8750 STONEMOR PARTNERS LP / CORN

01/06/2021

12,000,000

9,047,198

0.27

7.8750 TARGA RESOURCES PARTNERS LP

15/10/2018

10,000,000

8,193,254

0.25


01/11/2017

8,000,000

6,754,626

0.20

7.8750 WYNN LAS VEGAS LLC/CORP

01/05/2020

3,981,000

3,361,271

0.10

8.0000 AES CORP

15/10/2017

17,000,000

14,713,236

0.44

8.0000 BOISE PAPER HOLDINGS LLC

01/04/2020

7,000,000

5,735,278

0.17

8.0000 CHRYSLER GROUP LLC

15/06/2019

22,500,000

18,889,197

0.57

8.0000 COMMUNITY HEALTH SYSTEMS

15/11/2019

23,000,000

18,822,364

0.56

8.0000 COOPER TIRE & RUBBER CO

15/12/2019

1,900,000

1,527,484

0.05

8.0000 GEORGIA PACIFIC

15/01/2024

2,000,000

1,974,469

0.06

8.0000 J2 GLOBAL INC

01/08/2020

5,000,000

4,019,694

0.12


30/04/2020

4,000,000

3,361,926

0.10

8.1250 COTT BEVERAGES INC

01/09/2018

500,000

414,471

0.01

8.1250 FORD MOTOR CREDIT

15/01/2020

10,000,000

9,266,800

0.28

8.1250 FRONTIER COMMUNICATIONS

01/10/2018

28,000,000

23,641,189

0.71

8.1250 HEALTHSOUTH REHABILITATION

15/02/2020

6,000,000

4,996,730

0.15

8.1250 LEAR CORP

15/03/2020

1,777,000

1,496,954

0.04


01/07/2019

6,000,000

4,846,713

0.15

8.1250 SANDRIDGE ENERGY INC

15/10/2022

3,000,000

2,284,879

0.07


01/09/2018

5,000,000

4,096,627

0.12

8.2500 AVIS BUDGET CAR RENTAL

15/01/2019

5,000,000

4,183,175

0.13

8.2500 CARDTRONICS INC

01/09/2018

5,000,000

4,077,393

0.12

8.2500 CHRYSLER GROUP LLC

15/06/2021

26,000,000

22,077,547

0.66

8.2500 CONSOL ENERGY INC

01/04/2020

12,000,000

9,670,347

0.29


01/10/2019

8,000,000

6,739,239

0.20

8.2500 GOODYEAR TIRE & RUBBER

15/08/2020

5,298,000

4,463,061

0.13

8.2500 KAISER ALUMINUM CORP

01/06/2020

1,000,000

852,021

0.03

8.2500 LIBERTY MEDIA GROUP

01/02/2030

10,000,000

8,231,720

0.25

8.2500 RENTAL SERVICES CORP

01/02/2021

4,500,000

3,790,822

0.11

8.3750 QWEST CORPORATION

01/05/2016

10,000,000

8,830,830

0.26


15/09/2021

4,000,000

3,477,324

0.10

8.3750 SPRINT NEXTEL CORP

15/08/2017

10,000,000

8,635,611

0.26


15/10/2018

15,000,000

11,482,094

0.34


15/04/2019

18,000,000

14,860,299

0.45

8.5000 LEGRAND SA

15/02/2025

14,550,000

14,013,976

0.42


15/06/2019

6,000,000

5,354,464

0.16

8.5000 RBS GLOBAL & REXNORD CORP

01/05/2018

15,755,000

12,878,169

0.39

8.5000 STUDIO CITY FINANCE LTD

01/12/2020

12,000,000

9,624,187

0.29

8.6250 BREITBURN ENERGY PARTNER

15/10/2020

7,000,000

5,708,351

0.17

8.6250 PETROBAKKEN ENERGY LTD

01/02/2020

10,000,000

7,308,536

0.22

8.7500 DJO FIN LLC DJO FIN CORP

15/03/2018

5,000,000

4,154,326

0.12


15/11/2014

1,500,000

1,249,183

0.04

8.7500 INMET MINING CORP

01/06/2020

8,000,000

6,293,034

0.19

8.7500 SIRIUS SATELLITE RADIO INC

01/04/2015

3,000,000

2,538,754

0.08

8.8750 CROSSTEX ENERGY LP

15/02/2018

8,000,000

6,523,829

0.20

8.8750 NARA CABLE FUNDING

01/12/2018

7,500,000

6,000,692

0.18


01/12/2018

15,500,000

12,222,564

0.37

9.0000 BOISE PAPER HOLDINGS LLC

01/11/2017

2,000,000

1,623,264

0.05

9.0000 FRESENIUS US FINANCE II INC

15/07/2015

15,700,000

13,346,540

0.40



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

9.0000 NBTY INC

01/10/2018

33,369,000

27,917,673

0.85

9.0000 TOMKINS LLC

01/10/2018

5,660,000

4,746,240

0.14

9.1000 KB HOME

15/09/2017

6,000,000

5,169,827

0.16

9.1250 CEDAR FAIR LP

01/08/2018

5,000,000

4,192,791

0.13

9.1250 SPRINT NEXTEL CORP

01/03/2017

5,000,000

4,423,587

0.13

9.2500 ENERGY XXI GULF COAST INC

15/12/2017

6,800,000

5,741,432

0.17


15/11/2017

4,000,000

3,269,608

0.10

9.5000 DINEEQUITY INC

30/10/2018

6,000,000

5,123,668

0.15

9.5000 HUDBAY MINERALS INC

01/10/2020

7,388,000

5,541,639

0.17

9.6250 CALUMET SPECIALITY PROD

01/08/2020

13,845,000

11,583,212

0.35

9.6250 GLOBE LUXEMBOURG SCA

01/05/2018

7,000,000

5,253,837

0.16

9.7500 DJO FIN LLC DJO FIN CORP

15/10/2017

14,000,000

10,985,883

0.33

9.7500 OFFICE DEPOT INC

15/03/2019

7,000,000

6,509,405

0.20

9.7500 TESORO PETROLEUM CORP

01/06/2019

2,250,000

1,912,721

0.06

9.8750 AURORA USA OIL & GAS INC

15/02/2017

8,000,000

6,400,739

0.19


01/02/2018

10,000,000

8,289,418

0.25

10.0000 VISANT CORP

01/10/2017

21,300,000

15,116,552

0.45

10.5000 FIFTH & PACIFIC CO INC

15/04/2019

7,000,000

5,883,371

0.18

10.5000 GLOBAL GEOPHYSICAL SERVICES

01/05/2017

9,840,000

6,585,991

0.20

10.7500 DOMTAR INC

01/06/2017

5,000,000

4,781,321

0.14

11.0000 RABOBANK NEDERLAND

29/12/2049

8,600,000

8,472,110

0.25

14.0000 CLEAR CHANNEL COMM

01/02/2021

18,415,000

11,900,296

0.36

1,894,622,389

56.85

Total transferable securities and money market instruments admitted to an official stock exchange listing 3,036,364,009

91.11

Total investment portfolio

3,139,747,063

94.21


193,007,713

5.79

Total net assets

3,332,754,776

100.00


Robeco Investment Grade Corporate Bonds Investment portfolio

At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets


EUR

0.5000

GERMANY (FEDERAL REPUBLIC)

13/10/2017

6,800,000

6,774,976 0.55

0.5000 GERMANY (FEDERAL REPUBLIC)

23/02/2018

3,950,000

3,915,951 0.32


24/02/2017

6,550,000

6,618,447 0.54

0.8750 NEDERLANDSE GASUNIE NV

30/10/2015

9,010,000

9,042,076 0.74

1.0000 BMW AG

18/07/2017

4,789,000

4,723,487 0.38

1.0000 DAIMLERCHRYSLER NORTH AMER

08/07/2016

7,030,000

7,016,643 0.56

1.0000 MAN AG

21/09/2015

2,900,000

2,916,588 0.24

1.1250 VOLKSWAGEN BANK AG

08/02/2018

9,040,000

8,893,461 0.73

1.2500 ANHEUSER-BUSCH INBEV NV

24/03/2017

2,800,000

2,812,152 0.23

1.2500 DANONE (GROUPE)

06/06/2018

6,200,000

6,121,570 0.50

1.2500 NESTLE

04/05/2020

6,500,000

6,295,640 0.51

1.2500 TOYOTA MOTOR CREDIT CORP

01/08/2017

13,550,000

13,584,417 1.11

1.5000 BMW AG

05/06/2018

18,410,000

18,399,322 1.50

1.5000 GAZ DE FRANCE

01/02/2016

3,650,000

3,699,786 0.30

1.5000 SIEMENS

10/03/2020

6,150,000

6,007,443 0.49

1.6250 ROBERT BOSCH INVESTMENT NED

24/05/2021

3,300,000

3,224,430 0.26

1.7500 FCE BANK PLC

21/05/2018

1,320,000

1,284,584 0.10

1.7500 LINDE FINANCE BV

11/06/2019

21,100,000

21,171,739 1.73

1.7500 PHILIP MORRIS INTL INC

19/03/2020

2,440,000

2,368,898 0.19

1.8750 FCE BANK PLC

12/05/2016

3,800,000

3,822,002 0.31

1.8750 FRANCE TELECOM

02/10/2019

8,500,000

8,363,575 0.68

1.8750 SABMILLER HOLDINGS INC

20/01/2020

1,400,000

1,373,960 0.11

1.8750 SBC COMMUNICATIONS INC

04/12/2020

12,030,000

11,662,844 0.95


16/12/2019

2,260,000

2,266,667 0.19

2.0000 COCA-COLA ENTERPRISES PLC

05/12/2019

7,900,000

7,838,538 0.64

2.0000 LINDE AG

18/04/2023

4,500,000

4,341,600 0.34

2.0000 MCDONALD'S CORP

01/06/2023

6,400,000

6,111,616 0.50

2.0000 PROCTER & GAMBLE CO

16/08/2022

13,110,000

12,796,278 1.05

2.0000 VOLKSWAGEN

14/01/2020

6,900,000

6,857,289 0.56

2.1250 DEUTSCHE TELEKOM AG

18/01/2021

2,850,000

2,800,040 0.23

2.1250 VOLKSWAGEN

19/01/2015

9,600,000

9,801,312 0.80


07/05/2025

4,500,000

4,197,780 0.34

2.3750 VOLVO TREASURY AB

26/11/2019

5,200,000

5,164,640 0.42

2.5000 ELM BV (ELSEVIER FIN)

24/09/2020

11,700,000

11,778,974 0.96

2.5000 HEINEKEN NV

19/03/2019

3,670,000

3,772,063 0.31

2.5000 ORIGIN ENERGY FINANCE LTD

23/10/2020

12,350,000

11,898,361 0.97

2.5000 STATKRAFT AS

28/11/2022

11,750,000

11,611,702 0.95

2.5000 TELSTRA CORP LTD

15/09/2023

4,140,000

4,035,051 0.33

2.6250 AKZO NOBEL SWEDEN FINANCE

27/07/2022

6,100,000

5,990,200 0.49

2.6250 CARLSBERG BREWERIES A S

03/07/2019

11,980,000

12,207,741 1.00


02/04/2019

5,800,000

6,033,334 0.49


13/07/2022

6,800,000

6,931,920 0.57

2.6250 REPSOL SA

28/05/2020

16,800,000

15,969,240 1.30


24/05/2028

3,000,000

2,887,590 0.24

2.7360 TELEFONICA EMISONES SAU

29/05/2019

5,000,000

4,814,800 0.39

2.7500 EANDIS

30/11/2022

900,000

900,990 0.07

2.8750 ALSTOM

05/10/2015

1,400,000

1,456,994 0.12



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

2.8750 AUCHAN SA

15/11/2017

9,900,000

10,532,511 0.86

2.8750 G4S INTERNATIONAL FINANCE P

02/05/2017

8,400,000

8,461,488 0.69


30/05/2024

20,270,000

20,178,583 1.65

2.8750 WOLTERS KLUWER NV

21/03/2023

1,800,000

1,775,574 0.15

2.9940 BP CAPITAL MARKETS PLC

18/02/2019

1,700,000

1,806,794 0.15

3.0000 AMERICA MOVIL SA DE CV

12/07/2021

15,000,000

15,111,001 1.23

3.0000 AUCHAN SA

02/12/2016

3,400,000

3,607,060 0.29


15/06/2022

1,000,000

1,005,830 0.08

3.1250 CRH FINANCE LTD

03/04/2023

3,580,000

3,502,278 0.29

3.1250 DELHAIZE GROUP

27/02/2020

11,000,000

11,125,839 0.91


21/01/2020

3,400,000

3,606,414 0.29


12/12/2018

2,420,000

2,615,221 0.21


03/06/2033

2,860,000

2,717,744 0.22


06/08/2019

5,000,000

5,101,300 0.42

3.2500 ELIA SYSTEM OP SA/NV

04/04/2028

7,700,000

7,652,183 0.63


04/07/2042

5,487,009

6,392,475 0.52

3.2500 RCI BANQUE SA

17/01/2014

12,050,000

12,172,910 0.99

3.2500 ROYAL KPN NV

01/02/2021

10,750,000

10,677,222 0.87

3.2500 TENNET HOLDING BV

09/02/2015

3,860,000

4,008,378 0.33

3.2500 THAMES WATER UTL CAYMAN

09/11/2016

8,650,000

9,176,785 0.75

3.2500 VOLKSWAGEN AG

10/05/2018

8,300,000

8,925,321 0.73


25/01/2023

5,000,000

4,886,500 0.40

3.3750 A P MOLLER - MAERSK A/S

28/08/2019

11,250,000

11,489,399 0.94


13/10/2017

2,000,000

2,133,980 0.17

3.3750 ENEXIS HOLDING NV

26/01/2022

19,400,000

20,812,321 1.70


16/09/2022

4,800,000

4,990,656 0.41


01/06/2016

5,000,000

5,340,250 0.44

3.5000 COMPAGNIE DE ST GOBAIN

30/09/2015

3,500,000

3,684,100 0.30


18/10/2022

14,050,000

15,036,872 1.23

3.5000 HEINEKEN NV

19/03/2024

15,400,000

16,145,359 1.32

3.5500 AT&T INC

17/12/2032

4,540,000

4,450,017 0.36


07/07/2014

7,250,000

7,411,168 0.61

3.7500 ROYAL KPN NV

21/09/2020

8,550,000

8,849,849 0.72

3.7500 TELE DANMARK AS

02/03/2022

7,200,000

7,689,168 0.63


14/01/2021

900,000

974,502 0.08

3.8750 UNION ELECTRICA FENOSA SA

11/04/2022

2,100,000

2,072,322 0.17

4.0000 AKZO NOBEL NV

17/12/2018

9,000,000

9,913,769 0.81

4.0000 ALSTOM

23/09/2014

1,000,000

1,036,840 0.08

4.0000 ALTADIS SA

11/12/2015

2,500,000

2,674,775 0.22


02/06/2021

10,400,000

11,649,353 0.95

4.0000 ANHEUSER-BUSCH INBEV WORLDW

26/04/2018

2,800,000

3,116,820 0.25

4.0000 BRITISH AMERICAN TOBACCO

07/07/2020

3,000,000

3,335,700 0.27


04/01/2037

2,100,000

2,681,175 0.22


11/10/2013

6,900,000

6,975,072 0.57

4.0000 ST GOBAIN NEDERLAND BV

08/10/2018

5,400,000

5,851,386 0.48

4.0780 SUEZ ENVIRONNEMENT SA

17/05/2021

10,000,000

11,203,700 0.92

4.1250 ALSTOM

01/02/2017

7,250,000

7,789,401 0.64

4.1250 ENEL FINANCE INTERNATIONAL

12/07/2017

11,250,000

11,859,749 0.97

4.1250 EUTELSAT SA

27/03/2017

3,450,000

3,756,050 0.31


23/01/2019

15,800,000

17,435,142 1.42

4.1250 GAS NATURAL CAPITAL MARKETS

26/01/2018

50,000

53,012 0.00


07/12/2020

5,200,000

6,016,868 0.49



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets


01/06/2020

7,500,000

8,493,900 0.69


13/07/2022

10,800,000

12,091,788 0.99

4.2500 ELECTRICITE DE FRANCE

Perpetual

4,800,000

4,824,000 0.39


04/01/2014

2,000

2,043 0.00


04/07/2017

3,471,000

3,982,521 0.33

4.2500 IBERDROLA

11/10/2018

4,000,000

4,261,160 0.35

4.2500 NGG FINANCE PLC

18/06/2076

21,450,000

21,128,250 1.73


23/03/2020

7,900,000

8,963,418 0.73


15/09/2014

500,000

523,010 0.04


02/11/2016

5,350,000

5,755,262 0.47

4.3750 IMPERIAL TOBACCO FIN PLC

22/11/2013

5,650,000

5,731,303 0.47

4.3750 STATOIL

11/03/2015

1,800,000

1,912,428 0.16


23/02/2018

8,900,000

9,868,587 0.81


08/02/2017

8,000,000

8,690,880 0.71

4.4500 VEOLIA ENVIRONNEMENT

Perpetual

16,800,000

16,212,000 1.32


12/11/2018

4,950,000

5,429,259 0.44

4.5000 COMPAGNIE DE ST GOBAIN

30/09/2019

3,000,000

3,305,730 0.27


28/10/2030

1,450,000

1,595,217 0.13

4.5000 EANDIS

08/11/2021

19,100,000

21,954,686 1.79


05/07/2018

6,000,000

6,703,260 0.55


12/05/2014

2,000,000

2,072,360 0.17

4.5000 ROYAL KPN NV

04/10/2021

350,000

374,048 0.03

4.5000 SABMILLER PLC

20/01/2015

11,290,000

11,952,724 0.98

4.5000 TELECOM ITALIA SPA

20/09/2017

5,750,000

5,913,300 0.48


09/02/2022

4,070,000

4,695,640 0.38


02/09/2014

750,000

784,552 0.06

4.6250 HENKEL CORP

19/03/2014

5,190,000

5,346,634 0.44


28/06/2022

3,300,000

3,716,130 0.30

4.7500 FCE BANK PLC

19/01/2015

7,000,000

7,370,650 0.60

4.7500 HUTCH WHAMPOA FINANCE 09

14/11/2016

150,000

165,684 0.01


25/05/2018

300,000

308,394 0.03


07/02/2017

7,400,000

7,909,490 0.65


21/02/2018

800,000

858,688 0.07


Perpetual

7,000,000

7,157,500 0.58

4.8750 ALLIANDER NV

Perpetual

2,900,000

3,045,000 0.25

4.8750 DEUTSCHE TELEKOM INT FIN

22/04/2025

3,850,000

4,486,905 0.37


11/03/2020

2,700,000

2,885,814 0.24

4.8750 ST GOBAIN NEDERLAND BV

31/05/2016

1,950,000

2,138,760 0.17

4.8750 TERNA SPA

03/10/2019

4,200,000

4,743,732 0.39

5.0000 CRH FINANCE BV

25/01/2019

10,100,000

11,462,995 0.95

5.0000 RWE AG

10/02/2015

5,950,000

6,357,694 0.52


Perpetual

2,500,000

2,581,250 0.21

5.1250 BASF FINANCE EUROPE NV

09/06/2015

1,500,000

1,629,195 0.13


31/03/2017

6,350,000

7,258,367 0.59


24/10/2017

500,000

582,190 0.05


27/01/2014

4,500,000

4,601,250 0.38

5.2500 GAS NATURAL FINANCE BV

09/07/2014

6,000,000

6,246,600 0.51


Perpetual

4,700,000

4,805,750 0.39


24/05/2019

3,200,000

3,557,344 0.29


29/01/2019

4,200,000

4,374,594 0.36


03/02/2014

7,000,000

7,170,940 0.59


01/04/2016

800,000

868,248 0.07



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

5.5000 E.ON AG

19/01/2016

5,400,000

6,012,036 0.49


04/01/2031

1,000,000

1,455,030 0.12


13/03/2015

6,250,000

6,625,187 0.54


Perpetual

11,650,000

12,116,000 1.00

5.6250 STATOIL

11/03/2021

1,000,000

1,261,610 0.10

5.7500 ASML HOLDING NV

13/06/2017

5,410,000

6,218,416 0.51


14/04/2015

12,000,000

13,072,800 1.08

5.7500 E.ON AG

07/05/2020

2,500,000

3,088,125 0.25


24/10/2018

8,250,000

9,306,000 0.76

5.7500 HIT FINANCE BV

09/03/2018

6,100,000

6,821,020 0.56


24/03/2016

3,000,000

3,377,100 0.28


04/12/2013

4,750,000

4,863,667 0.40

6.0000 CARLSBERG FINANCE A/S

28/05/2014

5,450,000

5,710,238 0.47


25/01/2021

1,500,000

1,893,825 0.15

6.2500 KRAFT FOODS INC

20/03/2015

6,050,000

6,583,973 0.54

6.2500 ROYAL KPN NV

04/02/2014

6,350,000

6,548,184 0.54

6.2500 VINCI SA

Perpetual

6,000,000

6,315,000 0.52

6.2500 VODAFONE GROUP PLC

15/01/2016

3,700,000

4,180,704 0.34


09/07/2019

1,700,000

1,971,014 0.16


18/01/2021

4,500,000

5,734,980 0.47


10/04/2018

9,300,000

11,155,163 0.92

6.5000 BG ENERGY CAPITAL PLC

30/11/2072

2,600,000

2,873,000 0.23

6.6250 DIAGEO FINANCE PLC

05/12/2014

6,350,000

6,878,701 0.56

6.6250 WPP GROUP PLC

12/05/2016

8,000,000

9,211,119 0.76


08/12/2015

1,500,000

1,718,955 0.14


24/04/2019

3,550,000

4,419,324 0.36


24/01/2019

6,240,000

7,861,027 0.64

7.0000 RHODIA SA

15/05/2018

2,900,000

3,139,482 0.26


20/01/2017

3,200,000

3,565,600 0.29

7.3750 ASF

20/03/2019

2,000,000

2,549,700 0.21

7.5000 ROYAL KPN NV

04/02/2019

1,000,000

1,242,330 0.10

7.7500 OLIVETTI INTERNATIONAL BV

24/01/2033

400,000

445,580 0.04


16/01/2014

3,250,000

3,380,260 0.28


28/01/2033

3,200,000

4,833,696 0.39


21/03/2016

600,000

683,310 0.06


17/02/2016

4,870,000

5,736,325 0.47


30/01/2017

5,350,000

6,742,926 0.55

8.6250 MICHELIN (C.G.D.E.)

24/04/2014

6,980,000

7,437,050 0.61

8.7500 VERIZON WIRELESS INC

18/12/2015

7,800,000

9,267,882 0.77


27/02/2014

3,100,000

3,281,071 0.27

1,192,455,431

97.43


97.43

Total investment portfolio 1,192,455,431

97.43

Other assets and liabilities 31,404,608

2.57

Total net assets 1,223,860,039

100.00


Robeco Emerging Debt Investment portfolio

At 30 June 2013

Interest rate Maturity date

Face Value

Market value in USD x 1

in % of net assets


BRL

9.7620

BRAZIL NOTAS DO TESOURO NAC

01/01/2017

8,400,000

3,704,696

2.70

9.7620 BRAZIL NOTAS DO TESOURO NAC

01/01/2014

2,100,000

953,602

0.70


01/01/2021

6,300,000

2,704,635

1.98

10.0000 BRAZIL LETRAS TESOURO NACIO

01/01/2017

15,000,000

4,695,309

3.43

12,058,242

8.81

EUR 3.7500

HUTCHISON WHAMPOA EUROPE FI

Perpetual

150,000

183,279

0.13

6.7500 LAFARGE SA

16/12/2019

325,000

468,287

0.34


15/09/2020

225,000

323,368

0.24

8.8750 CEMEX SA

12/05/2017

300,000

413,762

0.30

1,388,696

1.01

HUF

5.5000

HUNGARY (REPUBLIC OF)

20/12/2018

350,000,000

1,552,662

1.13

6.7500 HUNGARY (REPUBLIC OF)

24/11/2017

470,000,000

2,190,290

1.60


22/08/2014

400,000,000

1,815,478

1.33


24/06/2022

340,000,000

1,598,067

1.17

7,156,497

5.23

IDR

6.6250

INDONESIA (REPUBLIC OF)

15/05/2033

22,930,000,000

2,050,416

1.50

7.0000 INDONESIA (REPUBLIC OF)

15/05/2027

22,000,000,000

2,103,577

1.54


15/06/2032

15,000,000,000

1,586,902

1.16


15/09/2026

11,000,000,000

1,180,353

0.86


15/09/2019

6,800,000,000

839,514

0.61

7,760,762

5.67

MXN

6.0000

MEXICAN BONOS

18/06/2015

17,000,000

1,346,050

0.98

7.2500 MEXICAN BONOS

15/12/2016

5,000,000

414,481

0.30


03/06/2027

34,700,000

2,993,524

2.20


19/12/2013

3,000,000

234,710

0.17


11/06/2020

29,400,000

2,570,959

1.88


18/11/2038

26,000,000

2,331,640

1.70


05/12/2024

5,000,000

519,515

0.38

10,410,879

7.61

MYR

3.4180

MALAYSIA (FEDERATION OF)

15/08/2022

10,000,000

3,095,408

2.25

4.1270 MALAYSIA (FEDERATION OF)

15/04/2032

1,600,000

514,256

0.38


15/09/2016

9,000,000

2,925,446

2.14


29/11/2019

13,700,000

4,526,892

3.31


15/04/2026

3,700,000

1,240,157

0.91

12,302,159

8.99

NGN 16.0000

NIGERIA GOVERNMENT BOND

29/06/2019

360,000,000

2,409,273

1.76

PHP

6.2500

PHILIPPINES REPUBLIC OF

14/01/2036

25,000,000

640,915

0.47

PLN

4.7500

POLAND (REPUBLIC OF)

25/10/2016

21,000,000

6,574,820

4.80

5.0000 POLAND (REPUBLIC OF)

25/04/2016

3,000,000

940,926

0.69



At 30 June 2013


Face Value


in % of net assets


25/10/2019

2,100,000

685,786

0.50


25/10/2021

13,600,000

4,511,090

3.30

12,712,622

9.29

RUB

7.4000

FEDERAL LOAN BOND

14/06/2017

70,000,000

2,180,302

1.59

7.6000 FEDERAL LOAN BOND

14/04/2021

197,524,000

6,167,357

4.52

7.8500 RUSSIA FOREIGN BOND

10/03/2018

25,000,000

796,195

0.57


03/02/2027

35,000,000

1,098,147

0.80

10,242,001

7.48

THB

3.5800

THAILAND (KINGDOM OF)

17/12/2027

12,000,000

370,407

0.28

3.6250 THAILAND (KINGDOM OF)

22/05/2015

45,000,000

1,471,066

1.07


17/12/2021

50,000,000

1,614,935

1.18


12/12/2025

23,000,000

732,134

0.53


18/11/2016

10,000,000

332,883

0.24

4,521,425

3.30

TRY

7.1000

TURKEY (REPUBLIC OF)

08/03/2023

3,200,000

1,525,821

1.11

9.0000 TURKEY (REPUBLIC OF)

27/01/2016

4,000,000

2,135,320

1.56


05/03/2014

5,000,000

2,617,296

1.92


12/01/2022

4,500,000

2,476,867

1.81


15/01/2020

4,500,000

2,593,481

1.90


06/08/2014

1,700,000

910,154

0.66

12,258,939

8.96

USD

1.8750

SINOPEC CAPITAL

24/04/2018

200,000

192,074

0.14

2.1250 HYUNDAI CAPITAL AMERICA

02/10/2017

600,000

582,144

0.43

2.2500 CHILE REPUBLIC OF - GLOBAL

30/10/2022

250,000

222,500

0.16

2.8750 FOMENTO ECONOMICO MEXICANO

10/05/2023

200,000

181,246

0.13

3.1250 SINOPEC CAPITAL

24/04/2023

300,000

269,691

0.20

3.5000 RIO TINTO FINANCE USA LTD

22/03/2022

680,000

649,766

0.47

3.6250 UNITED MEX STATES-GLOBAL

15/03/2022

250,000

246,000

0.18


15/01/2022

500,000

503,963

0.37

3.7810 SANTANDER US DEBT SA UNIVER

07/10/2015

400,000

405,976

0.30

3.8750 BANCO DO BRASIL SA

23/01/2017

500,000

505,000

0.37

3.8750 CNOOC FINANCE 2012 LTD

02/05/2022

450,000

437,531

0.32

3.8750 KOREA DEVELOPMENT BANK-GLOBAL

04/05/2017

450,000

463,868

0.34

3.8750 QTEL INTERNATIONAL FIN

31/01/2028

500,000

427,500

0.31

4.0000 EXPORT-IMPORT BANK OF KOREA

29/01/2021

450,000

446,186

0.33

4.0000 HSBC HOLDING PLC

11/05/2016

500,000

501,445

0.37

4.1250 BANCO SANTANDER SA

09/11/2022

400,000

376,000

0.27

4.1250 STATE BANK INDIA

01/08/2017

200,000

198,154

0.14

4.1250 TAQA ABU DHABI NATIONAL

13/03/2017

450,000

473,625

0.35

4.3000 TEMASEK FINANCIAL I LTD

25/10/2019

700,000

754,215

0.55

4.3750 FOMENTO ECONOMICO MEXICANO

10/05/2043

400,000

349,676

0.26

4.3750 VALE OVERSEAS LTD-GLOBAL

11/01/2022

550,000

521,334

0.38

4.5000 GRUPO BIMBO SAB DE CV

25/01/2022

700,000

695,674

0.51

4.5000 SINGTEL GROUP TREASURY P

08/09/2021

700,000

731,430

0.53


27/07/2015

250,000

259,250

0.19

4.7500 KOREA HYDRO & NUCLEAR POWER

13/07/2021

375,000

386,246

0.28

4.7500 QTEL INTERNATIONAL FIN

16/02/2021

200,000

208,000

0.15


30/03/2020

600,000

644,178

0.47

5.0000 IPIC GMTN LTD

15/11/2020

400,000

423,500

0.31

5.1250 BHARTI AIRTEL

11/03/2023

700,000

635,250

0.46



At 30 June 2013


Face Value


in % of net assets

5.2500 AES GENER SA

15/08/2021

175,000

177,625

0.13

5.2500 PETRONAS CAPITAL LTD

12/08/2019

600,000

655,068

0.48

5.4000 RELIANCE HOLDINGS USA

14/02/2022

650,000

665,509

0.49

5.4000 SBERBANK

24/03/2017

475,000

496,375

0.36


16/02/2021

325,000

335,005

0.24

5.5000 PETROLEOS MEXICANOS

21/01/2021

450,000

482,625

0.35

5.5000 TELEMAR NORTE LESTE SA

23/10/2020

200,000

185,500

0.14

5.6920 PTTEP CANADA INTL FIN

05/04/2021

600,000

642,120

0.46

5.7500 BRASKEM FINANCE LTD

15/04/2021

350,000

337,313

0.25

5.7500 ICICI BANK LTD

16/11/2020

300,000

306,219

0.22

5.8750 BRF - BRASIL FOODS SA

06/06/2022

400,000

412,000

0.30

5.8750 STANDARD CHARTERED BANK HK

24/06/2020

400,000

424,492

0.31

5.8750 TAQA ABU DHABI NATIONAL

13/12/2021

200,000

220,000

0.16

5.8750 WOORI BANK

13/04/2021

450,000

478,067

0.34

5.9990 GAZ CAPITAL SA

23/01/2021

575,000

598,000

0.44

6.0000 DIGICEL LIMITED

15/04/2021

200,000

188,500

0.14

6.0000 HOLCIM LTD

30/12/2019

290,000

326,099

0.24

6.0000 HUTCHISON WHAMPOA INTL 12

Perpetual

300,000

312,000

0.23

6.0080 BBVA BANCOMER SA

17/05/2022

200,000

201,000

0.15

6.1250 AMERICA MOVIL SA DE CV-GLOBAL

15/11/2037

300,000

322,659

0.24

6.2120 GAZPROM

22/11/2016

100,000

108,125

0.08

6.2500 TURKIYE GARANTI BANKASI AS

20/04/2021

600,000

624,000

0.46

6.5000 AKBANK TAS

09/03/2018

575,000

615,250

0.45

6.5510 VTB CAPITAL SA

13/10/2020

200,000

205,750

0.15

6.8500 DP WORLD LTD

02/07/2037

600,000

621,000

0.45

6.8750 FMG FINANCE PTY LTD

01/02/2018

250,000

246,875

0.18

6.8750 VALE OVERSEAS LTD-GLOBAL

21/11/2036

150,000

152,885

0.11

7.2500 BBVA BANCOMER SA

22/04/2020

525,000

568,313

0.42

7.2500 LUKOIL INTL FINANCE

05/11/2019

450,000

506,250

0.37

7.3750 DUBAI ELECTRICITY & WATER

21/10/2020

400,000

448,000

0.33

7.5000 SOUTHERN PERU COPPER CORP-GLOB

27/07/2035

500,000

534,895

0.39

7.6250 ECOPETROL SA

23/07/2019

350,000

413,875

0.30

7.6250 HUTCHINSON WHAMPOA

09/04/2019

200,000

243,618

0.18

7.8750 CASE NEW HOLLAND INC

01/12/2017

325,000

368,063

0.27

7.8750 PETROBRAS INTL FINANCE-GLOBAL

15/03/2019

500,000

577,585

0.42

7.8750 PETRONAS CAPITAL LTD

22/05/2022

150,000

189,218

0.14


15/06/2019

550,000

580,250

0.42

9.1250 VIMPELCOM BV

30/04/2018

300,000

340,500

0.25

27,802,050

20.31

ZAR

6.2500

SOUTH AFRICA (REPUBLIC OF)

31/03/2036

29,000,000

2,237,653

1.63

6.7500 SOUTH AFRICA (REPUBLIC OF)

31/03/2021

27,000,000

2,617,221

1.91


21/12/2018

34,000,000

3,569,495

2.61


21/12/2026

29,500,000

3,607,718 2.64

12,032,087

8.79

Total transferable securities and money market instruments admitted to an official stock exchange listing 133,696,547

97.68

Total investment portfolio 133,696,547

97.68


2.32

Total net assets 136,877,049

100.00


Robeco Quant Emerging Debt Local Currency Investment portfolio

At 30 June 2013


Face Value


in % of net assets


BRL

9.7620

BRAZIL NOTAS DO TESOURO NAC

01/01/2017

1,900,000

837,967

3.78


01/01/2023

1,180,000

500,201

2.26

10.0000 BRAZIL LETRAS TESOURO NACIO

01/01/2015

600,000

234,986

1.06

12.5000 BRAZIL (FED REP OF)

05/01/2016

500,000

242,188 1.09

1,815,342

8.19

COP

7.7500

COLOMBIA (REP OF)

14/04/2021

1,010,000,000

587,623

2.65

HUF

6.7500

HUNGARY (REPUBLIC OF)

24/11/2017

172,000,000

801,553

3.62


24/06/2022

55,000,000

258,511 1.17

1,060,064

4.79

IDR

6.2500

INDONESIA (REPUBLIC OF)

15/04/2017

3,300,000,000

328,670

1.48


15/05/2027

4,600,000,000

439,839

1.98


15/05/2022

3,800,000,000

381,914

1.72


15/06/2032

6,500,000,000

687,658 3.10

1,838,081

8.28

MXN

6.5000

MEXICAN BONOS

09/06/2022

6,600,000

533,228

2.40


15/12/2016

8,000,000

663,169

2.99


13/11/2042

3,500,000

290,453

1.31


05/12/2024

6,000,000

623,418 2.81

2,110,268

9.51

MYR

3.1970

MALAYSIA (FEDERATION OF)

15/10/2015

600,000

189,561

0.85


31/10/2017

1,300,000

410,221

1.85


15/08/2022

450,000

139,293

0.63


31/03/2020

2,500,000

788,490

3.56


15/03/2027

1,350,000

428,349

1.93


29/11/2019

250,000

82,608 0.37

2,038,522

9.19

NGN

16.0000

NIGERIA GOVERNMENT BOND

29/06/2019

56,000,000

374,776

1.69

PEN

7.8400

REPUBLIC OF PERU

12/08/2020

900,000

372,476

1.68

PHP

4.9500

PHILIPPINES REPUBLIC OF

15/01/2021

5,000,000

119,213

0.54

PLN

4.7500

POLAND (REPUBLIC OF)

25/04/2017

3,400,000

1,065,515

4.81


25/04/2016

700,000

219,549

0.99


25/04/2015

700,000

219,308

0.99


25/10/2021

1,470,000

487,596

2.20


23/09/2022

900,000

298,393 1.35

2,290,361

10.34



At 30 June 2013


Face Value


in % of net assets

RUB

7.4000

FEDERAL LOAN BOND

14/06/2017

34,000,000

1,059,004

4.78


20/07/2022

15,000,000

462,867

2.09

7.8500 RUSSIA FOREIGN BOND

10/03/2018

5,000,000

159,239

0.72


03/02/2027

10,500,000

329,444 1.49

2,010,554

9.08

THB

3.2500

THAILAND (KINGDOM OF)

16/06/2017

14,600,000

471,148

2.12


08/03/2019

6,600,000

212,382

0.96


17/12/2027

8,200,000

253,112

1.14


22/05/2015

4,500,000

147,107

0.66


17/12/2021

9,500,000

306,838 1.38

1,390,587

6.26

TRY

8.5000

TURKEY (REPUBLIC OF)

14/09/2022

1,500,000

783,642

3.53


05/03/2014

800,000

418,767

1.89


08/03/2017

1,650,000

882,530 3.98

2,084,939

9.40

ZAR

6.2500

SOUTH AFRICA (REPUBLIC OF)

31/03/2036

4,200,000

324,074

1.46


31/03/2021

4,000,000

387,736

1.75


15/09/2017

5,900,000

624,151

2.82


21/12/2026

6,700,000

819,380

3.70


15/09/2015

300,000

34,763 0.16

2,190,104

9.89


91.49


91.49


8.51


100.00


Robeco Euro Government Bonds Investment portfolio

At 30 June 2013


Face Value


in % of net assets


EUR

1.7500

GERMANY (FEDERAL REPUBLIC)

04/07/2022

26,500,000

26,918,701

3.39

2.0000 FRANCE (REPUBLIC OF)

12/07/2015

26,250,000

27,124,126

3.41


25/10/2022

7,150,000

7,145,281

0.90

2.2500 NETHERLANDS (KINGDOM OF)

15/07/2022

9,350,000

9,606,938

1.21


15/01/2033

2,100,000

2,068,332

0.26

2.7500 BELGIUM (KINGDOM OF)

28/03/2016

1,050,000

1,109,094

0.14

3.1500 SPAIN (KINGDOM OF)

31/01/2016

3,350,000

3,382,931

0.43

3.2000 AUSTRIA (REPUBLIC OF)

20/02/2017

11,150,000

12,126,406

1.53


04/07/2021

12,000,000

13,754,280

1.73


28/03/2015

5,450,000

5,744,355

0.72

3.5000 FINLAND (REPUBLIC OF)

15/04/2021

5,150,000

5,847,156

0.74


25/04/2026

13,900,000

15,065,794

1.90


04/01/2016

73,900,000

79,904,369

10.05


20/04/2022

6,750,000

7,692,637

0.97


25/04/2021

36,200,000

41,099,307

5.17


25/04/2017

19,050,000

21,082,635

2.65


04/01/2019

500,000

577,730

0.07


15/01/2023

3,200,000

3,693,184

0.46


15/01/2042

3,600,000

4,399,668

0.55


31/10/2015

15,250,000

15,615,389

1.96


28/03/2022

10,700,000

12,090,465

1.52


28/03/2018

9,650,000

10,828,072

1.36


28/03/2019

7,300,000

8,249,512

1.04


25/04/2055

1,450,000

1,622,854

0.20


25/04/2018

24,500,000

27,782,266

3.50


25/04/2060

1,550,000

1,736,186

0.22


04/01/2018

21,150,000

24,315,308

3.06

4.0000 ITALY (REPUBLIC OF)

01/02/2017

7,300,000

7,554,696

0.95


15/07/2018

4,750,000

5,419,132

0.68


30/07/2018

4,300,000

4,395,202

0.55


15/03/2037

3,500,000

4,327,540

0.54


28/03/2041

2,050,000

2,331,486

0.29


04/01/2014

18,850,000

19,253,012

2.42


04/07/2039

5,150,000

6,921,343

0.87


01/02/2015

19,800,000

20,551,014

2.59


01/09/2019

13,550,000

13,923,980

1.75


31/10/2016

13,450,000

13,923,440

1.75

4.3750 FINLAND (REPUBLIC OF)

04/07/2019

3,100,000

3,658,465

0.46


25/04/2041

11,850,000

14,454,274

1.82

4.5000 IRELAND (REPUBLIC OF)

18/04/2020

5,350,000

5,609,957

0.71


01/02/2018

17,000,000

17,836,739

2.24


01/08/2018

5,000,000

5,242,000

0.66


01/03/2019

3,450,000

3,588,449

0.45


15/07/2015

12,350,000

12,903,033

1.62


15/07/2017

2,700,000

3,092,526

0.39


30/07/2019

6,150,000

6,372,692

0.80


30/07/2025

14,900,000

14,563,558

1.83



At 30 June 2013


Face Value


in % of net assets


30/07/2041

5,350,000

4,936,873

0.62


04/07/2034

6,950,000

9,627,835

1.21


01/09/2021

8,400,000

8,764,308

1.10


30/07/2014

11,350,000

11,717,626

1.47


28/03/2035

750,000

940,560

0.12


01/09/2040

12,900,000

12,895,227

1.62


01/03/2025

20,100,000

20,793,652

2.62


01/08/2017

7,050,000

7,595,247

0.96


01/11/2029

16,050,000

16,738,706

2.11


28/03/2028

5,900,000

7,598,551

0.96


25/04/2029

7,750,000

10,271,075

1.29


04/01/2031

2,900,000

4,219,587

0.53


18/10/2017

12,450,000

13,829,086

1.74


01/09/2022

7,650,000

8,237,138

1.04


01/11/2022

15,500,000

16,659,090

2.10


15/01/2028

4,900,000

6,746,075

0.85


25/10/2032

3,150,000

4,370,940

0.55


30/07/2032

4,350,000

4,664,113

0.59


31/01/2022

9,700,000

10,556,704

1.33


15/07/2027

3,900,000

5,640,102 0.71

763,308,009

96.03


96.03


96.03


3.97


100.00


Robeco Euro Credit Bonds Investment portfolio

At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

Fund shares

EUR

Robeco Covered Bonds Ih Eur

130,000 *

13,054,600

3.22

Total fund shares

13,054,600

3.22

* Quantity


EUR

0.3410

LUSI 5 A

15/07/2059

1,100,000

439,173

0.11


23/02/2018

183,000

181,423

0.04

0.6110 J.P. MORGAN & CO INC

12/10/2015

10,000,000

9,775,000

2.41


Perpetual

5,400,000

3,402,000

0.84


24/02/2017

700,000

707,315

0.17


30/10/2015

784,000

786,791

0.19


08/07/2016

1,849,000

1,845,487

0.46

1.0000 GE CAPITAL CORP

02/05/2017

3,850,000

3,782,856

0.93

1.0000 MAN AG

21/09/2015

1,288,000

1,295,367

0.32

1.1250 VOLKSWAGEN BANK AG

08/02/2018

1,100,000

1,082,169

0.27

1.1260 CITIGROUP INC

31/05/2017

1,564,000

1,454,520

0.36

1.1570 DUTCH 2013-18 A2

02/02/2045

6,800,000

6,800,000

1.68

1.1630 BANK OF AMERICA CORP

23/05/2017

4,250,000

3,931,250

0.97


06/06/2018

2,100,000

2,073,435

0.51


15/10/2015

1,364,000

1,373,194

0.34

1.5000 BMW AG

05/06/2018

4,186,000

4,183,572

1.03

1.5000 BNP PARIBAS

12/03/2018

3,134,000

3,084,953

0.76


01/02/2016

4,148,000

4,204,578

1.04


04/09/2022

14,668,737

14,538,332

3.59

1.5000 SVENSKA HANDELSBANKEN

06/07/2015

3,010,000

3,049,280

0.75


24/05/2021

900,000

879,390

0.22


11/06/2019

1,564,000

1,569,318

0.39

1.7500 STANDARD CHARTERED BANK

29/10/2017

2,870,000

2,851,546

0.70


13/11/2020

800,000

784,800

0.19

1.8750 FCE BANK PLC

12/05/2016

1,050,000

1,056,080

0.26


02/10/2019

2,400,000

2,361,480

0.58


20/01/2020

1,426,000

1,399,476

0.35

1.8750 SKANDINAVISKA ENSKILDA BANK

14/11/2019

3,309,000

3,270,715

0.81


16/12/2019

810,000

812,389

0.20


05/12/2019

2,254,000

2,236,464

0.55

2.0000 EXPORT-IMPORT BANK OF KOREA

30/04/2020

2,090,000

2,025,816

0.50


27/02/2015

4,462,000

4,549,098

1.12

2.0000 LINDE AG

18/04/2023

4,707,000

4,541,314

1.12


01/06/2023

2,300,000

2,196,362

0.54


16/08/2022

2,705,000

2,640,269

0.65

2.1250 VOLKSWAGEN

19/01/2015

1,564,000

1,596,797

0.39

2.3120 RBS Capital Trust

Perpetual

704,000

435,896

0.11

2.3750 FOERENINGSBANKEN AB

04/04/2016

4,713,000

4,863,957

1.20


06/09/2022

1,200,000

1,179,672

0.29

2.5000 ABN AMRO BANK NV

29/11/2023

2,500,000

2,371,125

0.59


23/10/2020

4,560,000

4,393,241

1.09



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

2.5000 STATKRAFT AS

28/11/2022

1,794,000

1,772,885

0.44


15/09/2023

1,010,000

984,396

0.24


03/07/2019

4,508,000

4,593,697

1.13

2.6250 G4S PLC

06/12/2018

590,000

579,162

0.14


24/05/2028

800,000

770,024

0.19


23/08/2022

140,000

141,035

0.03

2.8750 ALLIANDER NV

14/06/2024

2,919,000

2,949,503

0.73


02/05/2017

1,646,000

1,658,049

0.41


21/03/2023

1,000,000

986,430

0.24


05/12/2022

4,622,000

4,658,421

1.15


07/10/2014

1,931,000

1,993,506

0.49


03/04/2023

570,000

557,625

0.14


27/02/2020

1,100,000

1,112,584

0.27


03/04/2017

2,589,000

2,695,900

0.67


18/01/2016

2,344,000

2,459,138

0.61


06/08/2019

1,800,000

1,836,468

0.45


04/04/2028

1,000,000

993,790

0.25


04/07/2042

755,743

880,456

0.22

3.2500 NORDEA BANK

05/07/2022

3,669,000

3,854,431

0.95


09/11/2016

520,000

551,668

0.14


25/01/2023

1,800,000

1,759,140

0.43


28/08/2019

1,600,000

1,634,048

0.40


26/01/2022

2,861,000

3,069,281

0.76

3.5000 HEINEKEN NV

19/03/2024

2,392,000

2,507,773

0.62


23/02/2015

2,554,000

2,665,201

0.66

3.6250 BANCO BILBAO VIZCAYA SA

03/10/2014

2,900,000

2,965,076

0.73

3.6250 BRITISH AMERICAN TOBACCO PL

09/11/2021

628,000

679,823

0.17


18/09/2017

50,000

51,428

0.01


04/01/2019

7,500,000

8,665,950

2.14

3.7500 GROUPE BPCE

21/07/2017

2,350,000

2,519,012

0.62

3.7500 ROYAL KPN NV

21/09/2020

2,500,000

2,587,675

0.64

3.8540 ING BANK

18/03/2016

920,000

876,300

0.22

3.8740 KBC BANK

14/12/2015

4,700,000

4,500,250

1.11

3.8750 KBC BANK

31/03/2015

3,584,000

3,757,251

0.93


11/04/2022

3,200,000

3,157,824

0.78


23/01/2023

1,800,000

1,731,294

0.43


17/12/2018

2,780,000

3,062,253

0.76


02/06/2021

3,210,000

3,595,618

0.89


23/03/2015

2,500,000

2,624,550

0.65

4.0000 GOLDMAN SACHS GROUP INC

02/02/2015

2,600,000

2,713,984

0.67


11/07/2013

3,588,000

3,590,261

0.89


12/09/2022

5,050,000

5,272,048

1.30


07/06/2023

6,300,000

5,914,755

1.46


23/01/2019

4,200,000

4,634,658

1.14

4.1250 ING GROEP

23/03/2015

6,254,000

6,562,760

1.62


20/03/2023

4,556,000

4,310,341

1.06

4.1250 RABOBANK

14/09/2022

2,761,000

2,815,806

0.70

4.1250 TERNA SPA

17/02/2017

500,000

536,550

0.13

4.1250 VINCI SA

20/02/2017

800,000

874,832

0.22


01/06/2020

2,300,000

2,604,796

0.64


11/04/2016

3,100,000

3,341,614

0.83

4.2500 ANGLO AMERICAN CAPITAL PLC

30/09/2013

1,113,000

1,123,251

0.28



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

4.2500 AQUARIUS AND INV ZURICH

02/10/2043

1,950,000

1,904,916

0.47


18/01/2017

100,000

105,740

0.03

4.2500 BPCE SA

06/02/2023

100,000

110,939

0.03


01/03/2017

200,000

219,868

0.05


04/07/2017

2,491,000

2,858,099

0.71


18/06/2076

3,576,000

3,522,360

0.87

4.2500 RABOBANK

16/01/2017

400,000

440,356

0.11


Perpetual

50,000

44,500

0.01


16/03/2015

6,000,000

6,230,100

1.54


04/09/2014

1,300,000

1,339,078

0.33


22/11/2013

1,250,000

1,267,987

0.31

4.3750 UNICREDITO ITALIANO SPA

11/09/2015

1,165,000

1,217,285

0.30


05/12/2013

428,000

434,625

0.11


08/02/2017

1,600,000

1,738,176

0.43


Perpetual

3,900,000

3,763,500

0.93


12/11/2018

900,000

987,138

0.24


09/05/2016

770,000

828,651

0.20

4.5000 ING BANK

21/02/2022

2,576,000

2,885,764

0.71

4.5000 INSTITUTO CREDITO OFICIAL

08/07/2014

3,300,000

3,381,411

0.84


20/01/2015

1,855,000

1,963,889

0.49


20/09/2017

1,150,000

1,182,660

0.29


09/02/2022

150,000

173,058

0.04

4.6250 BAYER CAPITAL CORP BV

26/09/2014

1,848,000

1,943,911

0.48


11/01/2019

1,000,000

1,129,580

0.28


06/05/2019

739,000

724,220

0.18


03/04/2017

3,450,000

3,818,046

0.94

4.7500 BARCLAYS BANK PLC

Perpetual

2,000,000

1,430,000

0.35

4.7500 FCE BANK PLC

19/01/2015

2,917,000

3,071,455

0.76

4.7500 RABOBANK

06/06/2022

806,000

942,851

0.23


25/05/2018

350,000

359,793

0.09


24/02/2021

50,000

58,502

0.01


31/03/2021

1,850,000

1,822,250

0.45

4.9670 TELEFONICA DE ESPANA SA

03/02/2016

1,000,000

1,069,700

0.26


25/01/2019

1,200,000

1,361,940

0.34

5.0000 KBC BANK

16/03/2016

1,450,000

1,590,824

0.39


Perpetual

1,242,000

1,282,365

0.32


09/07/2013

1,690,000

1,691,301

0.42

5.2500 AXA SA

16/04/2040

50,000

50,804

0.01


27/05/2014

651,000

678,609

0.17


23/01/2020

21,000

24,887

0.01


29/01/2019

500,000

520,785

0.13


04/01/2031

285,000

414,684

0.10


17/10/2042

1,400,000

1,521,296

0.38

5.6250 ROYAL KPN NV

30/09/2024

840,000

959,885

0.24


Perpetual

1,555,000

1,617,200

0.40


08/07/2041

4,600,000

5,083,046

1.26


14/04/2015

1,048,000

1,141,691

0.28


24/03/2016

1,700,000

1,913,690

0.47


12/03/2015

680,000

738,684

0.18

5.8750 STANDARD CHARTERED PLC

26/09/2017

900,000

1,013,967

0.25


23/01/2018

1,978,000

2,175,404

0.54


20/01/2017

756,000

877,807

0.22



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

6.1250 CREDIT SUISSE FIRST BOSTON

16/05/2014

500,000

524,590

0.13


05/08/2013

50,000

50,350

0.01

6.1250 ING BANK

29/05/2023

100,000

108,217

0.03

6.1250 ROYAL KPN NV

Perpetual

3,550,000

3,514,500

0.87

6.2500 DONG A/S

Perpetual

931

954

0.00


27/04/2021

3,791,000

4,184,544

1.03


10/04/2018

2,305,000

2,764,801

0.68


13/01/2025

3,000,000

3,195,000

0.79


30/11/2072

1,334,000

1,474,070

0.36

6.5000 REPSOL SA

27/03/2014

2,600,000

2,698,982

0.67

6.6250 INTESA

08/05/2018

150,000

155,250

0.04


12/05/2016

2,630,000

3,028,155

0.75

6.8750 RABOBANK

19/03/2020

2,950,000

3,163,875

0.78


15/06/2016

3,000,000

3,484,920

0.86

7.0000 RHODIA SA

15/05/2018

800,000

866,064

0.21


06/07/2022

250,000

283,677

0.07

7.1250 HEINEKEN NV

07/04/2014

3,330,000

3,494,768

0.86


04/09/2019

3,083,000

3,881,990

0.96


14/07/2066

36,000

41,130

0.01


24/01/2033

450,000

501,278

0.12


21/03/2016

350,000

398,597

0.10


17/02/2016

2,600,000

3,062,514

0.76


30/01/2017

2,600,000

3,276,936

0.81


24/04/2014

1,020,000

1,086,790

0.27


18/12/2015

1,224,000

1,454,345

0.36


16/03/2022

4,372,000

4,984,080

1.23

11.8750 LLOYDS TSB BANK PLC

16/12/2021

4,774,000

5,800,410 1.43

383,850,535

94.81


94.81


98.03


1.97


100.00


Robeco All Strategy Euro Bonds Investment portfolio

At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

Fund shares

EUR

Robeco European High Yield Bonds Zh Eur

323,132 *

34,316,618

2.51

Total fund shares 34,316,618

2.51

* Quantity


EUR

0.2890

AYT CEDULAS CAJAS

30/06/2015

5,000,000

4,685,650

0.34

0.3220 GRANM 2006-1X A6

20/12/2054

10,890,000

3,163,670

0.23

0.3390 GHM 2007-1 A2B

18/03/2039

4,800,000

2,852,406

0.21

0.3550 ESAIL 2007-2X A3A

13/03/2045

3,850,000

3,491,369

0.26

0.3670 OPERA GER3 A

25/01/2022

1,900,000

1,507,526

0.11

0.3720 HERME 8 A

18/05/2038

12,500,000

3,725,271

0.27

0.3910 TMAN 6 A

22/10/2016

2,900,000

1,934,830

0.14

0.4500 CRSM 10 A2

10/04/2048

1,250,000

731,576

0.05

0.4700 AIREM 2007-1X 2A2

20/09/2066

1,500,000

1,262,496

0.09

0.5700 AIREM 2005-1X 2A2

20/09/2066

1,100,000

728,808

0.05

0.6100 ESAIL 2007-NL1X A

17/04/2040

5,200,000

1,981,007

0.14


12/10/2015

10,000,000

9,775,000

0.71


08/06/2015

1,483,000

1,431,095

0.10


30/10/2015

5,930,000

5,951,111

0.44

1.0000 BMW AG

18/07/2017

1,023,000

1,009,005

0.07


08/07/2016

2,230,000

2,225,763

0.16


02/05/2017

7,600,000

7,467,456

0.55

1.0000 MAN AG

21/09/2015

1,400,000

1,408,008

0.10

1.1250 KBC BANK

11/12/2017

4,300,000

4,273,641

0.31

1.1250 SPINTAB AB

07/05/2020

5,000,000

4,817,500

0.35


31/05/2017

5,700,000

5,301,000

0.39


24/03/2017

1,830,000

1,837,942

0.13


06/06/2018

2,000,000

1,974,700

0.14


15/10/2015

4,160,000

4,188,039

0.31


01/08/2017

3,600,000

3,609,144

0.26

1.4500 HEADI 2011-1 A1B

11/03/2051

3,750,000

239,658

0.02

1.4580 STORM 2011-3 A2

22/04/2053

4,500,000

4,572,533

0.33

1.5000 BNP PARIBAS

12/03/2018

3,540,000

3,484,599

0.25


04/09/2022

21,000,000

20,813,310

1.52


06/07/2015

4,263,000

4,318,632

0.32

1.5490 SAEC 10 A2

25/02/2094

3,500,000

3,563,029

0.26

1.5570 DMPL VIII A2

25/07/2047

1,200,000

1,219,679

0.09

1.6250 EFSF

15/09/2017

6,387,000

6,520,106

0.48


24/05/2021

900,000

879,390

0.06

1.6520 ARRMF 2011-1X A2B

19/11/2047

4,350,000

4,409,348

0.32


19/03/2020

2,580,000

2,504,819

0.18


29/10/2017

2,728,000

2,710,459

0.20

1.8490 CLARF 2011-1 A2

28/11/2060

4,300,000

3,485,790

0.25


13/11/2020

2,700,000

2,648,700

0.19

1.8750 FCE BANK PLC

12/05/2016

2,440,000

2,454,128

0.18


02/10/2019

3,000,000

2,951,850

0.22

1.8750 ING BANK

27/02/2018

2,550,000

2,524,984

0.18



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets


14/11/2019

4,130,000

4,082,216

0.30

1.9720 BERCR 9 A2

31/12/2054

4,300,000

3,803,697

0.28


16/12/2019

1,480,000

1,484,366

0.11

2.0000 HSBC SFH FRANCE SA

16/10/2023

6,300,000

6,087,816

0.45

2.0000 LINDE AG

18/04/2023

5,750,000

5,547,600

0.41


01/06/2023

2,000,000

1,909,880

0.14


16/08/2022

26,000

25,378

0.00

2.1250 VOLKSWAGEN

19/01/2015

44,000

44,923

0.00

2.2500 BK NEDERLANDSCHE GEMEENTEN

30/08/2022

18,154,000

18,287,795

1.34

2.2500 NEDERLANDSE WATERSCHAPSBANK

17/01/2017

15,716,000

16,463,768

1.20

2.2500 WELLS FARGO & CO

02/05/2023

1,600,000

1,540,192

0.11


Perpetual

6,135,000

3,798,608

0.28


07/05/2025

2,830,000

2,639,937

0.19

2.3750 DNB NOR BOLIKREDITT

31/08/2017

7,381,000

7,749,459

0.57


06/09/2022

1,800,000

1,769,508

0.13


24/09/2020

100,000

100,675

0.01


04/01/2021

12,150,000

13,255,771

0.97


23/10/2020

2,210,000

2,129,180

0.16

2.6250 AKZO NOBEL SWEDEN FINANCE

27/07/2022

1,100,000

1,080,200

0.08


03/07/2019

1,260,000

1,283,953

0.09

2.6250 G4S PLC

06/12/2018

500,000

490,815

0.04


13/07/2022

1,466,000

1,494,440

0.11


24/05/2028

800,000

770,024

0.06


16/08/2022

1,773,000

1,774,667

0.13


29/10/2013

2,317,000

2,335,049

0.17

2.7500 BPCE SFH - SOCIETE DE FI

16/02/2017

11,500,000

12,172,636

0.89


21/03/2022

10,427,000

10,967,119

0.80

2.7500 EANDIS

30/11/2022

1,400,000

1,401,540

0.10

2.7500 GCE COVERED BONDS

14/01/2015

1,200,000

1,239,336

0.09

2.8750 ALLIANDER NV

14/06/2024

1,908,000

1,927,939

0.14

2.8750 EUROPEAN ECONOMIC COMMUNITY

04/04/2028

6,538,000

6,733,094

0.49


02/05/2017

1,805,000

1,818,213

0.13


30/05/2024

3,568,000

3,551,908

0.26


14/03/2019

1,900,000

2,034,558

0.15


21/03/2023

2,600,000

2,564,718

0.19


18/02/2019

1,881,000

1,999,164

0.15

3.0000 EUROPEAN INVESTMENT BANK

28/09/2022

20,622,000

22,129,880

1.62


05/12/2022

3,570,000

3,598,131

0.26


04/07/2020

2,050,000

2,309,817

0.17


07/10/2014

5,497,000

5,674,938

0.41


28/09/2015

700,000

714,049

0.05

3.1250 BNP PARIBAS COVERED BONDS

22/03/2022

3,600,000

3,865,032

0.28


29/09/2017

2,089,000

2,232,911

0.16


03/04/2023

660,000

645,671

0.05


27/02/2020

200,000

202,288

0.01


03/04/2017

2,222,000

2,313,746

0.17


03/06/2033

1,750,000

1,662,955

0.12

3.1250 SFEF

30/06/2014

3,887,000

3,997,740

0.29


06/08/2019

3,800,000

3,876,988

0.28


20/02/2017

13,113,000

14,261,306

1.04


04/04/2028

3,100,000

3,080,749

0.23


25/10/2021

29,441,000

32,229,946

2.36


09/11/2016

34,000

36,071

0.00



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets


25/01/2023

3,700,000

3,616,010

0.26


28/08/2019

8,139,000

8,312,197

0.61

3.3750 ABBEY NATIONAL PLC

08/06/2015

2,850,000

2,993,098

0.22


26/01/2022

1,054,000

1,130,731

0.08

3.3750 EUROPEAN ECONOMIC COMMUNITY

04/04/2032

10,427,000

11,372,625

0.83

3.3750 WILLOW NO.2 IRELAND PLC FOR

27/06/2022

2,246,000

2,354,347

0.17


05/12/2017

10,400,000

10,665,305

0.78

3.5000 C. DE REFINANCEMENT HYPO

25/04/2017

8,583,000

9,346,887

0.68

3.5000 CREDIT FONCIER DE FRANCE

05/11/2020

5,484,000

6,037,500

0.44


25/04/2026

10,831,000

11,739,397

0.86


18/10/2022

4,758,000

5,092,202

0.37


08/03/2024

10,565,000

11,687,002

0.85

3.6250 ANZ BANKING GROUP

18/07/2022

4,293,000

4,780,899

0.35


06/04/2017

3,500,000

3,616,060

0.26

3.6250 ENEL FINANCE INTL NV

17/04/2018

935,000

965,584

0.07

3.6250 INTESA

05/12/2022

1,000,000

1,029,370

0.08

3.6251 EUROPEAN INVESTMENT BANK

15/01/2021

10,495,000

11,825,347

0.86


20/04/2022

10,831,000

12,343,549

0.90


18/09/2017

1,400,000

1,439,984

0.11


13/09/2021

100,000

111,636

0.01


24/01/2017

1,761,000

1,924,509

0.14


28/07/2015

9,697,000

9,894,237

0.72

3.7500 INTESA

25/09/2019

100,000

106,771

0.01

3.7500 LA CAIXA DE BARCELONA

26/05/2014

2,350,000

2,389,268

0.17


20/01/2015

7,322,000

7,613,635

0.56


24/02/2017

4,070,000

4,417,781

0.32

3.8540 ING BANK

18/03/2016

897,000

854,393

0.06


27/05/2014

4,300,000

4,396,836

0.32


12/07/2021

1,800,000

2,044,962

0.15

3.8750 HBOS PLC

07/02/2020

2,000,000

2,263,120

0.17


31/03/2018

2,900,000

2,779,853

0.20

3.8750 KBC BANK

31/03/2015

4,727,000

4,955,503

0.36


17/02/2025

5,400,000

5,145,282

0.38


11/04/2022

2,700,000

2,664,414

0.19


28/03/2022

2,617,040

2,957,124

0.22


28/03/2018

25,723,000

28,863,264

2.11


28/03/2019

2,347,000

2,652,275

0.19

4.0000 FORTIS BANK NEDERLAND

03/02/2015

2,086,000

2,186,107

0.16


25/04/2055

3,159,000

3,535,584

0.26

4.0000 INTESA

09/11/2017

2,457,000

2,482,258

0.18


01/02/2017

23,000,000

23,802,468

1.75


12/09/2022

6,548,000

6,835,915

0.50


07/06/2023

8,000,000

7,510,800

0.55


30/07/2015

20,000,000

20,597,400

1.52


28/03/2022

5,203,000

5,698,898

0.42


23/01/2019

4,300,000

4,745,007

0.35

4.1250 ING GROEP

23/03/2015

3,469,000

3,640,264

0.27


20/03/2023

3,450,000

3,263,976

0.24

4.1250 RTE EDF TRANSPORT S.A

03/02/2021

100,000

111,970

0.01

4.1250 TERNA SPA

17/02/2017

1,529,000

1,640,770

0.12

4.1250 VINCI SA

20/02/2017

2,900,000

3,171,266

0.23


15/03/2037

4,513,000

5,580,054

0.41


01/06/2020

2,317,000

2,624,049

0.19



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets


30/09/2013

490,000

494,513

0.04


02/10/2043

2,330,000

2,276,130

0.17


28/03/2041

4,061,000

4,618,616

0.34


25/02/2030

4,532,000

4,316,730

0.32


13/07/2022

4,588,000

5,136,771

0.38


25/04/2019

19,405,000

22,489,813

1.64


25/10/2023

6,197,000

7,230,784

0.53


25/10/2018

11,282,000

13,003,858

0.95


04/07/2017

49,040,000

56,267,025

4.11


01/07/2014

18,502,000

19,028,012

1.39


18/06/2076

2,650,000

2,610,250

0.19

4.2500 SOCIETE GENERALE SCF

03/02/2023

2,600,000

3,029,104

0.22


29/07/2016

3,250,000

3,493,392

0.26


16/03/2015

4,900,000

5,087,915

0.37


04/09/2014

4,500,000

4,635,270

0.34

4.3750 RABOBANK

22/01/2014

2,039,000

2,084,286

0.15


11/09/2015

4,711,000

4,922,430

0.36


08/02/2017

850,000

923,406

0.07


Perpetual

800,000

772,000

0.06


25/04/2041

9,477,000

11,559,760

0.85

4.5000 ING BANK

21/02/2022

6,256,000

7,008,284

0.51


08/07/2014

5,144,000

5,270,903

0.39


18/04/2020

14,000,000

14,680,261

1.08


01/02/2018

3,600,000

3,777,192

0.28


01/03/2019

19,053,000

19,817,597

1.46


15/07/2015

31,600,000

33,015,049

2.42

4.5000 KBC BANK

17/09/2014

8,860,000

9,249,574

0.68


20/01/2015

6,086,000

6,443,249

0.47


09/02/2022

1,697,000

1,957,863

0.14


26/09/2014

7,541,000

7,932,378

0.58


11/09/2024

2,150,000

2,472,844

0.18


30/07/2025

7,000,000

6,841,940

0.50


26/05/2021

1,100,000

1,206,557

0.09


10/02/2016

6,400,000

6,791,168

0.50


06/05/2019

2,422,000

2,373,560

0.17


03/04/2017

7,600,000

8,410,769

0.61

4.7500 FCE BANK PLC

19/01/2015

3,565,000

3,753,767

0.27


25/04/2035

13,990,000

17,400,202

1.27

4.7500 ING BANK

27/05/2019

4,078,000

4,783,943

0.35


01/08/2023

21,000,000

21,626,012

1.59

4.7500 RABOBANK

06/06/2022

268,000

313,504

0.02


25/05/2018

250,000

256,995

0.02


21/02/2018

1,600,000

1,717,376

0.13


25/05/2021

4,217,000

5,046,948

0.37


31/03/2021

2,150,000

2,117,750

0.15


22/04/2015

2,200,000

2,252,052

0.16


28/03/2035

3,610,000

4,527,229

0.33


08/04/2019

1,946,000

2,306,925

0.17


13/02/2018

600,000

658,998

0.05

5.0000 INTESA

28/02/2017

300,000

316,302

0.02


01/09/2040

18,954,000

18,946,986

1.40

5.0000 VATTENFALL TREASURY AB

18/06/2018

20,000

23,290

0.00


Perpetual

2,000,000

2,065,000

0.15



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets


27/05/2014

1,720,000

1,792,945

0.13

5.2500 SUDZUCKER INTL FINANCE BV

Perpetual

4,412,000

4,566,420

0.33


29/01/2019

300,000

312,471

0.02


28/03/2028

5,731,000

7,380,898

0.54


25/04/2029

3,610,000

4,784,333

0.35


04/01/2031

3,950,000

5,747,369

0.42


01/09/2022

26,800,000

28,856,901

2.12


17/10/2042

300,000

325,992

0.02


18/01/2016

1,529,000

1,706,899

0.12


13/03/2015

4,727,000

5,010,762

0.37

5.6250 ROYAL KPN NV

30/09/2024

1,390,000

1,588,381

0.12


08/07/2041

900,000

994,509

0.07


14/04/2015

4,634,000

5,048,280

0.37

5.7500 HIT FINANCE BV

09/03/2018

1,400,000

1,565,480

0.11


24/03/2016

50,000

56,285

0.00


30/07/2032

15,000,000

16,083,149

1.19

5.7670 MUNICH RE

Perpetual

2,050,000

2,116,625

0.15


31/01/2022

25,000,000

27,208,000

2.00


12/03/2015

1,854,000

2,014,000

0.15


20/01/2017

29,000

33,672

0.00

6.0000 EUREKO BV

04/04/2043

1,380,000

1,411,050

0.10


15/01/2019

150,000

181,353

0.01


01/05/2031

13,087,000

14,736,093

1.09


16/05/2014

1,431,000

1,501,377

0.11


01/04/2014

5,350,000

5,572,346

0.41

6.1250 ROYAL KPN NV

Perpetual

750,000

742,500

0.05

6.1250 SBC COMMUNICATIONS INC

02/04/2015

100,000

109,502

0.01


13/01/2025

3,600,000

3,834,000

0.28

6.5000 REPSOL SA

27/03/2014

576,000

597,928

0.04

6.5000 ROYAL KPN NV

15/01/2016

5,640,000

6,348,046

0.46


30/03/2022

869,000

974,531

0.07


12/05/2016

1,667,000

1,919,367

0.14

6.8750 RABOBANK

19/03/2020

150,000

160,875

0.01


15/06/2016

4,400,000

5,111,216

0.37

7.1250 HEINEKEN NV

07/04/2014

6,575,000

6,900,331

0.50


14/07/2066

24,000

27,420

0.00


24/01/2033

278,000

309,678

0.02


28/01/2033

1,529,000

2,309,600

0.17


21/03/2016

500,000

569,425

0.04


17/02/2016

1,020,000

1,201,448

0.09


30/01/2017

4,404,000

5,550,626

0.41


24/04/2014

4,634,000

4,937,434

0.36


18/12/2015

2,534,000

3,010,873

0.22

9.0000 DELTA LLOYD LEVENSVERZEKERI

29/08/2042

3,219,000

3,532,853

0.26


21/12/2019

5,615,000

7,832,925 0.57

1,299,555,830

95.02


95.02

Total investment portfolio 1,333,872,448

97.53


2.47

Total net assets 1,367,613,702

100.00


Robeco European High Yield Bonds Investment portfolio

At 30 June 2013


Face Value


in % of net assets


CHF

5.6250

SUNRISE COMMUNICATIONS INTE

31/12/2017

3,900,000

3,203,017

1.56

6.7500 UPC HOLDING BV

15/03/2023

1,600,000

1,262,021

0.61


15/03/2019

850,000

670,380

0.33

5,135,418

2.50

EUR

4.0000

HEIDELBERGER ZEMENT BV

08/03/2016

100,000

103,250

0.05

4.2500 BANQUE PSA FINANCE

25/02/2016

1,000,000

1,006,000

0.49

4.2500 TEREOS FINANCE GROUP I

04/03/2020

2,800,000

2,681,000

1.30


13/06/2016

2,950,000

2,986,875

1.45

4.6250 OTE PLC

20/05/2016

1,700,000

1,598,000

0.78

4.6250 RENAULT

18/09/2017

4,400,000

4,551,976

2.21


22/09/2021

800,000

724,000

0.35


Perpetual

500,000

357,500

0.17


26/09/2016

1,000,000

1,017,500

0.49

4.7500 LAFARGE SA

23/03/2020

400,000

413,000

0.20

5.0000 TRIONISTA HOLDCO GMBH

30/04/2020

250,000

247,500

0.12

5.1250 REXEL SA

15/06/2020

1,200,000

1,197,000

0.58


15/09/2018

2,000,000

2,051,320

1.00


21/01/2023

2,200,000

2,072,620

1.01

5.2500 SUDZUCKER INTL FINANCE BV

Perpetual

1,125,000

1,164,375

0.57


15/09/2022

300,000

290,250

0.14


Perpetual

760,000

790,400

0.38


08/07/2041

400,000

442,004

0.21


21/09/2017

400,000

419,000

0.20

5.7500 FLASH DUTCH 2 BV AND US COA

01/02/2021

2,700,000

2,700,000

1.31


01/02/2016

1,200,000

1,245,000

0.61


31/05/2020

1,450,000

1,385,040

0.67

6.0000 AVIS BUDGET FINANCE PLC

01/03/2021

2,000,000

2,008,000

0.98


15/07/2020

1,200,000

1,202,808

0.58

6.0000 NOVALIS SAS

15/06/2018

900,000

904,860

0.44

6.1250 LAFARGE SA

28/05/2015

350,000

373,625

0.18

6.1250 ROYAL KPN NV

Perpetual

2,850,000

2,821,500

1.37

6.2500 FIAT INDUSTRIAL FIN EUR

09/03/2018

4,200,000

4,536,000

2.21

6.3750 TELENET FINANCE LUX

15/11/2020

1,500,000

1,534,500

0.75


15/03/2014

900,000

920,250

0.45

6.3750 UPCB FINANCE II LTD

01/07/2020

2,150,000

2,190,312

1.07


23/05/2020

200,000

197,500

0.10

6.5000 KABEL DEUTSCHLAND GMBH

29/06/2018

3,220,000

3,413,200

1.66

6.5000 WEPA HYGIENEPRODUKTE GMBH

15/05/2020

1,475,000

1,512,613

0.74

6.6250 LAFARGE SA

29/11/2018

1,300,000

1,436,500

0.70


15/04/2018

550,000

554,235

0.27

6.7500 GOODYEAR DUNLOP TIRES

15/04/2019

1,150,000

1,213,078

0.59

6.7500 LAFARGE SA

16/12/2019

800,000

886,800

0.43


22/07/2020

800,000

863,560

0.42


15/09/2020

2,200,000

2,432,452

1.18

6.7500 REXAM PLC

29/06/2067

1,800,000

1,836,000

0.89


15/08/2024

1,500,000

1,519,350

0.74



At 30 June 2013


Face Value


in % of net assets

6.8750 PEUGEOT SA

30/03/2016

795,000

818,850

0.40

6.8750 RABOBANK

19/03/2020

300,000

321,750

0.16

6.8750 TRIONISTA TOPCO GMBH

30/04/2021

1,450,000

1,435,500

0.70

7.1250 CONTI GUMMI FINANCE B V

15/10/2018

2,650,000

2,764,904

1.34

7.1250 CROWN EURO HOLDINGS SA

15/08/2018

2,600,000

2,756,000

1.34

7.2500 OTE PLC

12/02/2015

100,000

101,250

0.05


15/10/2017

2,800,000

2,940,000

1.42

7.3750 REFRESCO GROUP BV

15/05/2018

2,300,000

2,357,500

1.15


15/02/2018

4,600,000

4,640,250

2.26


15/02/2018

700,000

693,000

0.34


03/04/2020

2,000,000

2,335,000

1.15

7.5000 JARDEN CORP

15/01/2020

2,280,000

2,405,400

1.17

7.5000 ONTEX IV SA

15/04/2018

1,500,000

1,542,750

0.75


15/03/2019

350,000

370,125

0.18

7.6250 UPCB FINANCE LTD

15/01/2020

450,000

474,750

0.23

7.7500 FIAT FINANCE & TRADE LTD

17/10/2016

2,300,000

2,478,250

1.21

7.7500 LEVI STRAUSS & CO

15/05/2018

2,600,000

2,743,000

1.33


15/02/2017

1,600,000

1,756,320

0.85


15/11/2019

2,050,000

2,198,625

1.07

7.7810 BNP PARIBAS SA

Perpetual

350,000

381,500

0.19

7.8750 OTE PLC

07/02/2018

2,350,000

2,385,250

1.16

7.8750 ZOBELE HOLDING SPA

01/02/2018

1,100,000

1,102,750

0.54

8.0000 ALBA GROUP PLC & CO KG

15/05/2018

800,000

800,000

0.39


31/01/2017

1,800,000

2,074,500

1.01

8.0000 ZIGGO BOND CO

15/05/2018

2,600,000

2,759,250

1.33

8.1250 UPC GERMANY GMBH

01/12/2017

347,505

366,618

0.18

8.2500 CAMPOFRIO FOOD SA

31/10/2016

2,400,000

2,520,000

1.23

8.2500 SANTOS FINANCE LIMITED

22/09/2070

1,100,000

1,248,500

0.61


15/11/2017

2,500,000

2,628,250

1.28


31/10/2019

600,000

735,000

0.36

8.5000 HERTZ HOLDGS NETHERLANDS

31/07/2015

1,400,000

1,459,500

0.71

8.5000 RAIN CII CARBON LLC / CII C

15/01/2021

1,300,000

1,300,000

0.63

8.7500 FAURECIA

15/06/2019

800,000

853,040

0.41

8.7500 KM GERMANY HOLDINGS GMBH

15/12/2020

800,000

820,800

0.40


15/03/2019

350,000

339,500

0.17


15/02/2019

3,100,000

3,410,620

1.66

8.8750 MARK IV USA/EURO LUX SCA

15/12/2017

1,600,000

1,350,400

0.66


01/12/2018

1,800,000

1,881,000

0.91


15/10/2018

1,700,000

1,713,090

0.83

9.0000 ONTEX IV SA

15/04/2019

1,700,000

1,705,950

0.83


15/10/2020

1,200,000

1,257,000

0.61


15/05/2018

500,000

486,250

0.24

9.3750 FAURECIA

15/12/2016

1,860,000

2,111,100

1.03


15/06/2017

2,400,000

2,436,000

1.18


12/02/2017

1,500,000

1,638,000

0.80


15/03/2021

2,800,000

3,108,000

1.50

9.7500 EC FINANCE PLC

01/08/2017

3,190,000

3,413,300

1.65

10.0000 KINOVE GERMAN BONDCO GMBH

15/06/2018

500,000

491,625

0.24

11.0000 STORK TECHNICAL SERVICES HO

15/08/2017

1,600,000

1,539,200

0.75

11.1250 ONO FINANCE II PLC

15/07/2019

1,000,000

1,040,000

0.51


21/12/2019

300,000

418,500

0.20

146,708,470

71.34



At 30 June 2013


Face Value


in % of net assets

GBP

5.3750

GKN HOLDINGS PLC

19/09/2022

640,000

745,835

0.36

5.3750 HEATHROW FINANCE PLC

02/09/2019

1,000,000

1,181,447

0.57

5.3750 ITV PLC

19/10/2015

500,000

617,264

0.30

5.8750 ENW FINANCE PLC

21/06/2021

2,200,000

2,573,512

1.25

6.0000 LYNX I CORP

15/04/2021

3,600,000

4,165,162

2.04


09/08/2017

100,000

124,271

0.06

6.7500 GKN PLC

28/10/2019

1,200,000

1,547,804

0.75

6.8750 ROYAL KPN NV

14/03/2073

450,000

498,833

0.24

7.0000 CROWN NEWCO 3 PLC

15/02/2018

1,700,000

2,003,501

0.97


18/12/2023

400,000

528,112

0.26

7.3750 ITV PLC

05/01/2017

400,000

523,729

0.25

7.5000 INTERGEN NV

30/06/2021

1,500,000

1,724,037

0.84

7.7500 THAMES WATER KEMBLE FINA

01/04/2019

2,050,000

2,591,803

1.26

8.5000 SOUTHERN WATER GREENSAND

15/04/2019

1,500,000

1,881,564

0.92

8.8750 HOUSE OF FRASER LTD

15/08/2018

1,100,000

1,331,359

0.65

9.7500 CARE UK HEALTH

01/08/2017

370,000

438,215

0.21

9.8750 BOPARAN HOLDINGS LTD

30/04/2018

900,000

1,131,564

0.55

23,608,012

11.48

USD

4.5000

CONTINENTAL AG

15/09/2019

3,800,000

3,010,167

1.45


02/02/2018

1,800,000

1,433,242

0.70

6.1250 REXEL SA

15/12/2019

800,000

627,765

0.31

6.8750 RHODIA SA

15/09/2020

500,000

425,049

0.21


15/03/2017

1,100,000

958,380

0.47

7.4500 UPM-KYMMENE CORP

26/11/2027

1,000,000

780,859

0.38


17/08/2022

800,000

675,426

0.33


15/07/2017

700,000

568,142

0.28

8.2500 GOODYEAR TIRE & RUBBER

15/08/2020

1,500,000

1,263,607

0.61


01/12/2018

700,000

551,987

0.27

9.0000 FRESENIUS US FINANCE II INC

15/07/2015

1,600,000

1,360,157

0.66

11.0000 RABOBANK NEDERLAND

29/12/2049

400,000

394,052 0.19

12,048,833

5.86


91.18


91.18


8.82


100.00


Robeco Euro Sustainable Credits Investment portfolio

At 30 June 2013


Face Value


in % of net assets


EUR

0.3750

SIEMENS

10/09/2014

750,000

749,543

0.82


23/02/2018

750,000

743,535

0.81

1.0000 BMW AG

18/07/2017

119,000

117,372

0.13


02/05/2017

900,000

884,304

0.97

1.0000 MAN AG

21/09/2015

1,000,000

1,005,720

1.10

1.5000 BNP PARIBAS

12/03/2018

540,000

531,549

0.58


04/07/2022

100,000

101,580

0.11


11/06/2019

400,000

401,360

0.44


19/03/2020

400,000

388,344

0.42


13/11/2020

100,000

98,100

0.11


27/02/2015

225,000

229,392

0.25


26/02/2016

550,000

575,355

0.63

2.0000 LINDE AG

18/04/2023

650,000

627,120

0.68


18/01/2021

220,000

216,143

0.24

2.1250 HEINEKEN NV

04/08/2020

600,000

591,792

0.65

2.1250 VOLKSWAGEN

19/01/2015

450,000

459,437

0.50


07/05/2025

210,000

195,896

0.21


29/11/2023

370,000

350,927

0.38


24/09/2020

500,000

503,375

0.55

2.7500 EANDIS

30/11/2022

300,000

300,330

0.33


13/07/2015

1,400,000

1,450,988

1.58

2.8750 AUCHAN SA

15/11/2017

600,000

638,334

0.70


30/05/2024

400,000

398,196

0.43


21/03/2023

200,000

197,286

0.22


19/07/2013

150,000

150,175

0.16


29/09/2017

525,000

561,167

0.61


27/02/2020

600,000

606,864

0.66


06/08/2019

200,000

204,052

0.22

3.2500 BMW AG

28/01/2016

1,325,000

1,403,665

1.54

3.2500 NORDEA BANK

05/07/2022

1,125,000

1,181,858

1.29


09/02/2015

600,000

623,064

0.68


25/01/2023

200,000

195,460

0.21


28/08/2019

675,000

689,364

0.75


26/01/2022

500,000

536,400

0.59


24/01/2021

200,000

200,580

0.22


05/12/2017

500,000

512,755

0.56

3.5000 NATIONAL AUSTRALIA BANK LTD

23/01/2015

350,000

365,186

0.40


06/10/2017

650,000

697,970

0.76


18/07/2022

750,000

835,237

0.91

3.6250 BRITISH AMERICAN TOBACCO PL

09/11/2021

100,000

108,252

0.12


15/07/2014

150,000

155,099

0.17


04/01/2017

440,000

491,203

0.54


04/01/2019

700,000

808,822

0.88

3.7500 INTESA

25/09/2019

1,600,000

1,708,336

1.88


20/01/2015

500,000

519,915

0.57

3.8750 BMW AG

18/01/2017

400,000

436,572

0.48


20/10/2016

900,000

964,620

1.05



At 30 June 2013


Face Value


in % of net assets


11/04/2022

300,000

296,046

0.32


17/12/2018

300,000

330,459

0.36


20/01/2017

170,000

184,748

0.20

4.0000 BMW AG

17/09/2014

300,000

312,765

0.34


04/07/2016

590,000

654,688

0.72


04/01/2018

3,630,000

4,173,266

4.57


19/01/2017

250,000

274,387

0.30


12/07/2017

1,250,000

1,317,750

1.44


20/03/2023

360,000

340,589

0.37

4.1250 RABOBANK

14/01/2020

1,070,000

1,193,179

1.30

4.1250 RABOBANK

12/01/2021

150,000

167,495

0.18

4.1250 RABOBANK

14/09/2022

750,000

764,888

0.84

4.1250 TERNA SPA

17/02/2017

675,000

724,342

0.79

4.1250 VINCI SA

20/02/2017

600,000

656,124

0.72


30/09/2013

200,000

201,842

0.22


25/02/2030

375,000

357,188

0.39

4.2500 FORTIS BANK

23/03/2021

1,500,000

1,522,140

1.66


04/01/2014

142,000

145,036

0.16


04/07/2017

214,000

245,537

0.27


04/07/2018

100,000

117,170

0.13


18/06/2076

250,000

246,250

0.27


31/07/2018

1,350,000

1,473,997

1.62


Perpetual

330,000

330,825

0.36


16/03/2015

300,000

311,505

0.34


04/09/2014

800,000

824,048

0.90


02/11/2016

450,000

484,087

0.53

4.3750 UNION BANK OF NORWAY

24/02/2021

550,000

626,236

0.68


08/02/2017

700,000

760,452

0.83


Perpetual

100,000

96,500

0.11


04/03/2019

900,000

891,000

0.97

4.5000 EANDIS

08/11/2021

900,000

1,034,514

1.13

4.5000 MORGAN STANLEY DEAN WITTER

29/10/2014

750,000

781,830

0.85

4.5000 ROYAL KPN NV

04/10/2021

100,000

106,871

0.12


20/01/2015

570,000

603,459

0.66


20/09/2017

250,000

257,100

0.28


29/05/2014

400,000

414,716

0.45


21/03/2016

100,000

103,729

0.11


26/09/2014

360,000

378,684

0.41


22/09/2021

600,000

543,000

0.59


11/11/2019

100,000

105,516

0.12


20/01/2020

100,000

105,042

0.11


11/01/2019

100,000

112,958

0.12


05/08/2019

750,000

863,025

0.94


04/07/2034

94,000

130,218

0.14


07/02/2017

600,000

641,310

0.70


Perpetual

250,000

255,625

0.28


24/02/2021

200,000

234,006

0.26

4.8750 DEUTSCHE TELEKOM INT FIN

22/04/2025

350,000

407,900

0.45

4.8750 TERNA SPA

03/10/2019

150,000

169,419

0.19


25/01/2019

500,000

567,475

0.62


31/05/2017

525,000

588,872

0.64


Perpetual

100,000

103,250

0.11



At 30 June 2013


Face Value


in % of net assets


27/04/2016

600,000

641,340

0.70

5.1250 SIEMENS

20/02/2017

300,000

342,873

0.37

5.2500 DSM NV

17/10/2017

200,000

232,854

0.25


09/07/2014

300,000

312,330

0.34

5.2500 SIEMENS

14/09/2066

150,000

163,500

0.18

5.2500 WPP FINANCE SA

30/01/2015

375,000

400,283

0.44

5.2520 SWISS REINSURANCE CO

Perpetual

300,000

303,750

0.33


29/06/2017

150,000

173,343

0.19


23/01/2020

64,000

75,846

0.08

5.3750 SCHNEIDER SA

08/01/2015

700,000

749,203

0.82


29/01/2019

100,000

104,157

0.11

5.3750 VOLKSWAGEN

15/11/2013

540,000

549,963

0.60


03/02/2014

700,000

717,094

0.78


Perpetual

425,000

442,000

0.48


08/07/2041

1,400,000

1,547,014

1.69

5.7500 ASML HOLDING NV

13/06/2017

225,000

258,622

0.28


10/01/2014

270,000

277,428

0.30


14/04/2015

700,000

762,580

0.83

5.7500 DSM NV

17/03/2014

400,000

414,208

0.45


24/10/2018

100,000

112,800

0.12


24/03/2016

300,000

337,710

0.37

5.7670 MUNICH RE

Perpetual

550,000

567,875

0.62


17/04/2015

700,000

759,640

0.83


01/02/2016

250,000

259,375

0.28


26/09/2017

300,000

337,989

0.37


23/01/2018

200,000

219,960

0.24


04/12/2013

550,000

563,161

0.62


27/01/2020

100,000

113,849

0.12


15/01/2019

1,250,000

1,511,275

1.65

6.0000 MUNICH RE

26/05/2041

500,000

567,225

0.62

6.1250 ROYAL KPN NV

Perpetual

400,000

396,000

0.43

6.2500 VODAFONE GROUP PLC

15/01/2016

450,000

508,464

0.56


27/04/2021

900,000

993,429

1.09


09/07/2019

50,000

57,971

0.06


10/04/2018

405,000

485,789

0.53


12/05/2020

600,000

592,500

0.65


30/11/2072

400,000

442,000

0.48

6.5000 BRITISH TELECOMMUNICATIONS

07/07/2015

800,000

890,424

0.97

6.5000 REPSOL SA

27/03/2014

675,000

700,697

0.77

6.5000 ROYAL KPN NV

15/01/2016

650,000

731,601

0.80

6.6250 CLOVERIE PLC FOR SWISS REIN

01/09/2042

1,150,000

1,342,878

1.47

6.6250 DIAGEO FINANCE PLC

05/12/2014

360,000

389,974

0.43


03/02/2016

1,050,000

1,208,057

1.32


08/12/2015

450,000

515,687

0.56


22/07/2020

500,000

539,725

0.59

6.8750 RABOBANK

19/03/2020

550,000

589,875

0.64


27/03/2015

450,000

499,937

0.55


04/09/2019

1,200,000

1,510,992

1.65

7.5000 ROYAL KPN NV

04/02/2019

100,000

124,233

0.14


16/01/2014

350,000

364,028

0.40


24/04/2014

240,000

255,715

0.28


29/08/2042

550,000

603,625

0.66



At 30 June 2013


Face Value


in % of net assets

9.0000 HOLCIM LTD

26/03/2014

320,000

339,165

0.37


16/03/2022

450,000

513,000

0.56


16/12/2021

375,000

455,625 0.50

83,116,290

90.78


90.78


90.78


9.22


100.00


Robeco Financial Institutions Bonds Investment portfolio

At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets


EUR

0.2890

AYT CEDULAS CAJAS

30/06/2015

1,300,000

1,218,269

0.69


13/10/2017

1,397,000

1,391,859

0.79


Perpetual

950,000

598,500

0.34


31/05/2017

400,000

372,000

0.21


23/05/2017

2,400,000

2,220,000

1.26


04/09/2022

553,000

548,084

0.31


29/10/2017

520,000

516,656

0.29


11/04/2014

343,000

348,783

0.20


Perpetual

900,000

557,253

0.32


16/08/2022

320,000

320,301

0.18


08/04/2016

716,000

764,631

0.43


31/01/2020

1,950,000

1,958,073

1.11


05/12/2022

2,350,000

2,368,518

1.34


04/07/2020

2,450,000

2,760,513

1.57


04/07/2021

750,000

859,643

0.49


23/11/2022

2,550,000

2,463,631

1.40


20/10/2016

300,000

321,540

0.18


28/03/2018

1,900,000

1,757,500

1.00

4.0000 BANQUE FED CRED MUTUEL

22/10/2020

1,200,000

1,247,400

0.71


04/01/2018

2,250,000

2,586,735

1.47

4.0000 INTESA

09/11/2017

756,000

763,772

0.43

4.0000 LEGAL & GENERAL FINANCE PLC

08/06/2025

2,700,000

2,713,500

1.54


12/09/2022

1,400,000

1,461,558

0.83


07/06/2023

700,000

657,195

0.37


19/09/2035

1,250,000

1,246,587

0.71

4.1250 INTESA

19/09/2016

700,000

721,126

0.41


20/03/2023

2,650,000

2,507,112

1.42

4.1250 RABOBANK

14/09/2022

1,650,000

1,682,753

0.96


02/10/2043

1,650,000

1,611,852

0.92


25/02/2030

4,050,000

3,857,625

2.19


Perpetual

1,100,000

979,000

0.56


Perpetual

850,000

852,125

0.48


04/09/2014

800,000

824,048

0.47

4.3750 BNP PARIBAS

22/01/2019

400,000

403,976

0.23


16/03/2017

200,000

216,656

0.12


12/11/2019

500,000

501,250

0.28


30/11/2021

4,450,000

4,594,625

2.61

4.4710 BANQUE FED CRED MUTUEL

Perpetual

600,000

582,000

0.33


30/09/2019

1,300,000

1,118,000

0.63


09/05/2016

1,000,000

1,076,170

0.61


30/11/2015

400,000

413,740

0.23


21/03/2016

800,000

829,832

0.47

4.6250 FORTIS BANK

Perpetual

700,000

682,500

0.39

4.6250 GE CAPITAL TRUST IV

15/09/2066

200,000

196,000

0.11

4.6250 NORDEA BANK

15/02/2022

3,400,000

3,632,186

2.06


06/05/2019

450,000

441,000

0.25


Perpetual

2,000,000

1,430,000

0.81



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets


12/10/2021

1,600,000

1,675,360

0.95


08/03/2022

1,000,000

1,071,850

0.61

5.0000 DEUTSCHE BANK AG

24/06/2020

1,600,000

1,737,008

0.99


23/10/2019

450,000

514,687

0.29

5.2500 AXA SA

16/04/2040

3,100,000

3,149,817

1.79

5.2520 SWISS REINSURANCE CO

Perpetual

3,550,000

3,594,375

2.04


Perpetual

550,000

552,750

0.31


15/09/2067

2,100,000

2,110,500

1.20


17/10/2042

1,700,000

1,847,288

1.05


08/07/2041

2,200,000

2,431,022

1.38

5.7670 MUNICH RE

Perpetual

2,200,000

2,271,500

1.29


26/09/2017

1,500,000

1,689,945

0.96


14/01/2021

400,000

433,108

0.25

6.0000 EUREKO BV

04/04/2043

4,000,000

4,090,000

2.33

6.0000 MUNICH RE

26/05/2041

400,000

453,780

0.26

6.1250 ING BANK

29/05/2023

3,000,000

3,246,510

1.84

6.2110 AXA SA

Perpetual

2,000,000

1,995,000

1.13


19/03/2018

3,600,000

4,151,988

2.37

6.2500 MUNICH RE

26/05/2042

1,800,000

2,068,470

1.17


27/04/2021

3,950,000

4,360,049

2.49

6.3750 ING BANK

07/05/2027

1,150,000

1,164,375

0.66


30/03/2022

3,000,000

3,364,320

1.91

6.6250 CLOVERIE PLC FOR SWISS REIN

01/09/2042

1,350,000

1,576,422

0.89


22/07/2020

2,300,000

2,482,735

1.41

6.8750 AVIVA PLC

22/05/2038

2,450,000

2,664,375

1.51

6.8750 RABOBANK

19/03/2020

1,300,000

1,394,250

0.79


09/04/2018

1,400,000

1,465,072

0.83


Perpetual

700,000

710,500

0.40


Perpetual

2,650,000

2,915,000

1.65

7.5000 CLOVERIE PLC

24/07/2039

2,800,000

3,373,188

1.92


Perpetual

2,900,000

3,045,000

1.73

9.0000 BPCE SA

Perpetual

1,550,000

1,604,250

0.91


29/08/2042

3,050,000

3,347,375

1.90

9.0000 SRLEV NV

15/04/2041

500,000

485,000

0.28


Perpetual

150,000

164,625

0.09

10.1250 ASSICURAZIONI GENERALI SPA

10/07/2042

1,200,000

1,440,000

0.82


16/03/2022

2,250,000

2,565,000

1.46


16/12/2021

2,950,000

3,584,250

2.03


21/12/2019

1,100,000

1,534,500

0.87

143,501,321

81.47

GBP

4.7500

CO-OPERATIVE BANK PLC

11/11/2021

700,000

839,355

0.48

5.2500 WACHOVIA BANK

01/08/2023

1,350,000

1,703,678

0.97


Perpetual

100,000

116,686

0.07

6.1250 PRUDENTIAL CORP PLC

19/12/2031

500,000

623,086

0.35

6.2140 ASSICURAZIONI GENERALI SPA

Perpetual

2,700,000

2,811,844

1.59

6.8750 ING BANK

29/05/2023

500,000

632,456

0.36


23/06/2020

900,000

1,142,002

0.65


18/12/2023

800,000

1,056,224

0.60

9.2500 DIRECT LINE INSURANCE PLC

27/04/2042

1,100,000

1,513,469

0.86

11.3750 PRUDENTIAL CORP PLC

29/05/2039

950,000

1,495,247

0.85

11,934,047

6.78



At 30 June 2013

Interest rate

Maturity date

Face Value


in % of net assets

USD

4.7500

UNION BANK OF SWITZERLAND

22/05/2023

2,000,000

1,456,937

0.83

5.0000 ICICI BANK LTD

15/01/2016

600,000

478,906

0.27

6.2500 TURKIYE GARANTI BANKASI AS

20/04/2021

600,000

480,055

0.27


Perpetual

3,850,000

2,981,222

1.69


17/08/2022

4,100,000

3,461,556

1.96

7.8750 CSG GUERNSEY I LTD

24/02/2041

450,000

361,773

0.21

8.0000 KBC BANK

25/01/2023

2,000,000

1,530,946

0.87

8.4000 RABOBANK

Perpetual

2,000,000

1,638,651 0.93

12,390,046

7.03


95.28


95.28


4.72


100.00


Robeco Covered Bonds Investment portfolio

At 30 June 2013


Face Value


in % of net assets


EUR

1.1250

KBC BANK

11/12/2017

200,000

198,774

1.52

1.1250 SPINTAB AB

07/05/2020

200,000

192,700

1.48

1.1570 DUTCH 2013-18 A2

02/02/2045

200,000

200,000

1.53

1.3560 SAEC 12 A2

30/07/2092

370,000

374,039

2.87

1.3750 LANDESBANK BADEN WUERTTEMB

01/06/2018

310,000

313,271

2.40

1.6600 ARENA 2011-1 A2

17/12/2042

400,000

407,855

3.12

1.7580 STORM 2011-4 A2

22/10/2053

400,000

409,878

3.14


31/07/2019

280,000

283,198

2.17


18/06/2019

360,000

366,113

2.80

1.8750 ING BANK

22/05/2023

150,000

143,421

1.10

2.0000 HSBC SFH FRANCE SA

16/10/2023

200,000

193,264

1.48

2.0000 ING BANK

28/08/2020

310,000

312,182

2.39

2.1250 CREDIT SUISSE GUERNSEY LTD

18/01/2017

240,000

249,689

1.91

2.1250 SNS BANK NEDERLAND

30/08/2017

250,000

255,375

1.96

2.1250 WESTPAC BANKING CORP

09/07/2019

240,000

245,822

1.88


10/01/2017

240,000

250,834

1.92

2.3750 NORDEA BANK

02/09/2016

350,000

366,824

2.81


17/01/2025

300,000

292,716

2.24

2.5000 MUENCHNER HYPOTHEKENBANK

11/01/2016

300,000

314,355

2.41


16/10/2017

175,000

186,230

1.43

2.7500 STADSHYPOTEK AB

30/04/2015

350,000

363,825

2.79

2.8750 CREDIT AG HOME LOAN SFH

09/09/2016

400,000

424,316

3.25

3.3750 BANCO ESPIRITO SANTO SA

17/02/2015

150,000

152,064

1.16


23/11/2016

340,000

366,530

2.81


24/01/2021

400,000

401,160

3.07

3.5000 MADRID (CAJA DE)

13/11/2014

250,000

251,375

1.93


18/07/2022

220,000

245,003

1.88


18/01/2021

350,000

346,332

2.65


20/04/2020

350,000

394,502

3.02


13/09/2021

200,000

223,272

1.71

3.7500 INTESA

25/09/2019

300,000

320,313

2.45


07/10/2019

350,000

400,533

3.07


10/01/2022

90,000

102,865

0.79


29/09/2020

330,000

376,157

2.88

4.0000 SOCIETE GENERALE SFH

18/01/2022

100,000

114,116

0.87


31/01/2018

350,000

377,468

2.89

4.0000 WM COVERED BOND

27/09/2016

260,000

283,530

2.17

4.2500 AYT CEDULAS CAJAS GLOBAL

25/10/2023

300,000

257,481

1.97

4.2500 BA COVERED BOND

05/04/2017

240,000

264,720

2.03

4.2500 CEDULAS TDA 1

28/03/2027

200,000

155,756

1.19


04/05/2027

300,000

317,868

2.44


08/02/2021

300,000

360,432

2.77

4.7500 CO-OPERATIVE BANK PLC

11/11/2021

110,000

131,899 1.01

12,188,057

93.36


93.36


93.36

Other assets and liabilities 867,040

6.64


100.00


Robeco GTAA Fund Investment portfolio

At 30 June 2013


Face Value


in % of net assets


EUR

3.7500

NETHERLANDS (KINGDOM OF)

15/07/2014

4,000,000

4,148,880

22.87

4,148,880

22.87


22.87


22.87


77.13


100.00

robeco capital growth funds - inversis

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