robeco capital growth funds - inversis
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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 Capital Growth Funds 3
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'.
Robeco Capital Growth Funds 4
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
Grand Duchy of Luxembourg
Independent Auditor
Ernst & Young S.A.
7, Rue Gabriel Lippmann,
Parc d’Activité Syrdall 2
L-5365 Munsbach
Grand Duchy of Luxembourg
Independent Auditor of the Mauritian Subsidiary
Ernst & Young
9th Floor Nexteracom Tower 1
Cybercity Ebene
Mauritius
Robeco Capital Growth Funds 5
Depositary, Domiciliary and Paying Agent
RBC Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Grand Duchy of Luxembourg
Administration Agent and Registrar
Robeco Luxembourg S.A.
Delegated to:
RBC Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Grand Duchy of Luxembourg
Investment Adviser
Robeco Luxembourg S.A.
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.
Robeco Capital Growth Funds 6
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 Capital Growth Funds 7
Activation of share classes
Sub-fund Share class Effective
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
Sub-fund Share class Effective
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
Robeco Capital Growth Funds 8
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
Robeco Capital Growth Funds 9
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.
Robeco Capital Growth Funds 10
Global Equity sub-funds Investment results
Price in currency x 1 30/06/2013
Price in currency x 1 31/12/2012
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
MSCI Emerging Markets Index (net return, in EUR)
–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
MSCI Emerging Markets Index (net return, in USD)
–9.6
–2.8 6
Robeco Capital Growth Funds 11
Investment results
Price in currency x 1 30/06/2013
Price in currency x 1 31/12/2012
Investment result reporting period
in %
Investment result 3 years
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
MSCI Emerging Markets Index (net return, in EUR)
–8.3
–5.1 6
I USD shares
94.52
104.33
–9.4
–4.4 6
MSCI Emerging Markets Index (net return, in USD)
–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.
5 21 January 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.
Robeco Capital Growth Funds 12
Robeco Global Stars Equities
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.
Robeco Capital Growth Funds 13
Regional & Country Equity sub-funds
Investment results
Price in currency x 1 30/06/2013
Price in currency x 1 31/12/2012
Investment result reporting period
in %
Investment result 3 years
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
Robeco Capital Growth Funds 14
Investment results
Price in currency x 1 30/06/2013
Price in currency x 1 31/12/2012
Investment result reporting period
in %
Investment result 3 years
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
1 Assuming reinvestment of the distributed dividend. See Notes on page 67.
2 21 January 2013 until 30 June 2013.
3 27 March 2013 until 30 June 2013.
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
Robeco Capital Growth Funds 15
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.
Robeco Capital Growth Funds 16
Theme Equity sub-funds Investment results
Price in currency x 1 30/06/2013
Price in currency x 1 31/12/2012
Investment result reporting period
in %
Investment result 3 years
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
1 Assuming reinvestment of the distributed dividend. See Notes on page 67.
2 21 January 2013 until 30 June 2013.
3 3 June 2013 until 30 June 2013.
4 Since inception.
* Reference index.
Robeco Capital Growth Funds 17
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.
Robeco Property Equities
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.
Robeco Global Consumer Trends Equities
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 Equities
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
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.
Robeco Capital Growth Funds 18
Global Bond sub-funds Investment results
Price in currency x 1 30/06/2013
Price in currency x 1 31/12/2012
Investment result reporting period
in %
Investment result 3 years
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
Robeco Capital Growth Funds 19
Investment results
Price in currency x 1 30/06/2013
Price in currency x 1 31/12/2012
Investment result reporting period
in %
Investment result 3 years
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
1 Assuming reinvestment of the distributed dividend. See Notes on page 67.
2 21 January 2013 until 30 June 2013.
3 27 March 2013 until 30 June 2013.
4 17 June 2013 until 30 June 2013.
5 Since inception/until deactivation.
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.
Robeco Investment Grade Corporate Bonds
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
integrated ESG factors into its investment processes.
Robeco Emerging Debt
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.
Robeco Capital Growth Funds 20
Regional Bond sub-funds Investment results
Price in currency x 1 30/06/2013
Price in currency x 1 31/12/2012
Investment result reporting
period in %
Investment result 3 years
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
1 Assuming reinvestment of the distributed dividend. See Notes on page 67.
2 Since inception/until deactivation.
Robeco Capital Growth Funds 21
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.
Robeco All Strategy Euro Bonds
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.
Robeco Euro Sustainable Credits
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
integrated ESG factors into its investment processes.
Robeco Covered Bonds
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.
Robeco Capital Growth Funds 22
Asset Allocation sub-funds Investment results
Price in currency x 1 30/06/2013
Price in currency x 1 31/12/2012
Investment result reporting
period in %
Investment result 3 years
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.
Robeco Capital Growth Funds 23
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.
Robeco Capital Growth Funds 24
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 Capital Growth Funds 25
Statement of net assets In EUR x thousand
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 – – –
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 Capital Growth Funds 26
Statement of net assets In EUR x thousand
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
Investment portfolio at market value
188,711
144,232
1,659,868 1,086,188 28,803 26,803 814,963 770,735
Deposits and other cash 3,5,10
5,503
9,072
15,871 34,208 240 241 20,091 20,578
Unrealized gains on open forward exchange transactions 4
–
126
– – – – 394 1,280
Unrealized gains on financial futures 5
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
– –
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 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).
4 This class of shares is denominated in US-dollars (USD). The reference currency of the sub-fund is the euro (EUR).
Robeco Capital Growth Funds 27
Statement of net assets In EUR x thousand
RobecoSAM
Robeco Robeco Robeco
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
Investment portfolio at market value
423,008
444,512
273,134 217,611 7,286,124 5,013,139
403,346 616,694
Deposits and other cash 3,5,10
7,233
16,387
4,572 2,748 131,655 255,097
8,255 2,597
Unrealized gains on open forward exchange transactions 4
–
211
82 1 372 8,344
– –
Unrealized gains on financial futures 5
–
–
– – – –
– –
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
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
Unrealized losses on open forward exchange transactions 4
–
54
12 32 10,183 70
– –
Unrealized losses on financial futures 5
–
–
16 6 – –
– –
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
–
–
– – 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
Net asset value per B EUR share
–
–
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 – –
Net asset value per I USD share
–
–
– – 169.93 142.64
97.76 2 103.23
2
Net asset value per M USD share – – – – 144.29 121.96 – –
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 In USD x thousand.
2 This class of shares is denominated in US-dollars (USD). The reference currency of the sub-fund is the euro (EUR).
3 This class of shares is denominated in euro (EUR). The reference currency of the sub-fund is the US-dollars (USD).
4 This class of shares is denominated in British pound (GBP). The reference currency of the sub-fund is the US-dollars (USD).
Robeco Capital Growth Funds 28
Statement of net assets In EUR x thousand
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
Investment portfolio at market value
14,614 16,694 78,285 10,148 1,350,898 710,078
457,334 166,482
Deposits and other cash 3,5,10
569 419 2,547 1,047 67,623 21,775
6,777 5,396
Unrealized gains on open forward exchange transactions 4
– – – – – –
– 36
Unrealized gains on financial futures 5
– – – – – –
– –
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
– – – 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
– – – – – –
– –
Unrealized losses on open forward exchange transactions 4
– – – – 3,945 351
69 –
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
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
Net asset value per M USD share
– – – – 105.68 – 103.88 –
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 In USD x thousand.
2 This class of shares is denominated in US-dollars (USD). The reference currency of the sub-fund is the euro (EUR).
3 This class of shares is denominated in euro (EUR). The reference currency of the sub-fund is the US-dollars (USD).
4 This class of shares is denominated in British pound (GBP). The reference currency of the sub-fund is the US-dollars (USD).
Robeco Capital Growth Funds 29
Statement of net assets In EUR x thousand
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
Investment portfolio at market value
164,785 130,505 371,012 358,979
619,892 423,713 79,176 97,801
Deposits and other cash 3,5,10
3,942 5,247 8,788 4,762
23,284 21,698 2,897 894
Unrealized gains on open forward exchange transactions 4
445 38 292 42 – – 53 206
Unrealized gains on financial futures 5
– – – – – – – –
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
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
Unrealized losses on open forward exchange transactions 4
61 198 305 323
– – 76 133
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
– 42 – –
– – – –
Written options at market value 3
– – – –
– – – –
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
Net asset value per B EUR share
– – 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 – –
Net asset value per I USD share
– – – –
99.97 1 – – –
Net asset value per M USD share
– – 120.38 1 121.93
1
129.80 1 114.03
1 86.43
1 99.46
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 Capital Growth Funds 30
Statement of net assets In EUR x thousand
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
Investment portfolio at market value
102,340 112,539 124,200 176,255
3,139,747 2,726,523 1,192,455
1,214,164
Deposits and other cash 3,5,10
5,535 7,705 7,886 1,015
148,242 383,622 8,035
42,335
Unrealized gains on open forward exchange transactions 4
– – – –
21,210 4,932 –
–
Unrealized gains on financial futures 5
– – – –
– – 200
124
Unrealized gains on interest rate swaps 6
– – – –
3,051 4,040 5,126
4,214
Unrealized gains on inflation-linked swaps 7
– – – –
– – –
29
Unrealized gains on credit default swaps 8
– – – –
24,365 20,548 –
–
Unrealized gains on contracts for difference 9
– – – –
– – –
–
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
Unrealized losses on open forward exchange transactions 4
– 170 – –
31,908 8,156 –
–
Unrealized losses on financial futures 5
– – – –
– – 125
22
Unrealized losses on interest rate swaps 6
– – – –
13,310 15,155 9
991
Unrealized losses on inflation-linked swaps 7
– – – –
– – 73
70
Unrealized losses on credit default swaps 8
– – – –
9,442 17,094 –
–
Unrealized losses on contracts for difference 9
– – – –
– – –
–
Written options at market value 3
– – – –
– – –
–
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).
Robeco Capital Growth Funds 31
Statement of net assets
In EUR x thousand
Robeco
Robeco Robeco 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
Investment portfolio at market value
133,697 181,397
20,283 9,477 763,308 624,815 396,905 642,175
Deposits and other cash 3,5,10
11,501 12,212
1,413 393 28,383 9,335 59,547 9,059
Unrealized gains on open forward exchange transactions 4
398 1,670
10 3 – – 2 –
Unrealized gains on financial futures 5
407 47
6 3 298 – 50 14
Unrealized gains on interest rate swaps 6
122 423
25 – – – – 955
Unrealized gains on inflation-linked swaps 7
– –
– – – 1 – –
Unrealized gains on credit default swaps 8
57 116
– – – – 907 894
Unrealized gains on contracts for difference 9
– –
– – – – – –
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
Unrealized losses on open forward exchange transactions 4
3,631 185
20 – – – 3 –
Unrealized losses on financial futures 5
2 44
– – 493 126 14 678
Unrealized losses on interest rate swaps 6
473 38
210 5 – – 873 –
Unrealized losses on inflation-linked swaps 7
– –
– – 46 2 – –
Unrealized losses on credit default swaps 8
– 104
– – – – 750 1,356
Unrealized losses on contracts for difference 9
– –
– – – – – –
Written options at market value 3
– –
– – – – – –
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
Net asset value per B EUR share
– –
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 – – – –
Net asset value per I USD share
98.70 108.27
90.61 100.31 – – – –
Net asset value per Z USD share
95.53
104.38
–
–
–
– – –
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 In USD x thousand.
2 This class of shares is denominated in euro (EUR). The reference currency of the sub-fund is the US-dollars (USD).
Robeco Capital Growth Funds 32
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
Investment portfolio at market value
1,333,872 1,797,894
187,501
87,764
83,116
50,855
167,825
106,119
Deposits and other cash 3,5,10
9,151 7,141
22,242
19,458
5,314
426
11,695
4,025
Unrealized gains on open forward exchange transactions 4
8 –
104
–
–
–
50
–
Unrealized gains on financial futures 5
240 1,521
–
–
27
2
145
35
Unrealized gains on interest rate swaps 6
1,282 3,530
–
–
128
181
365
75
Unrealized gains on inflation-linked swaps 7
– 14
–
–
–
–
–
–
Unrealized gains on credit default swaps 8
– 24
24
–
–
–
–
606
Unrealized gains on contracts for difference 9
– –
–
–
–
–
–
–
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
Unrealized losses on open forward exchange transactions 4
111 –
211
34
–
–
235
67
Unrealized losses on financial futures 5
932 544
–
–
18
1
66
8
Unrealized losses on interest rate swaps 6
5,374 5,808
–
–
151
–
480
63
Unrealized losses on inflation-linked swaps 7
475 241
–
–
–
–
–
–
Unrealized losses on credit default swaps 8
317 645
544
269
–
–
–
–
Unrealized losses on contracts for difference 9
– –
–
–
–
–
–
–
Written options at market value 3
– –
–
–
–
–
–
–
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
–
–
–
–
Net asset value per 10DH EUR share
121.47 122.89
–
–
–
–
–
–
Net asset value per 40DH EUR share
190.28 212.14
–
–
–
–
–
–
Net asset value per 40IH EUR share
133.77 148.79
–
–
–
–
–
–
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.
Robeco Capital Growth Funds 33
Statement of net assets In EUR x thousand
Robeco
Robeco
Covered
GTAA
Bonds
Fund
Notes 30/06/2013
31/12/2012
30/06/2013
31/12/2012
Investment portfolio at market value
12,188 12,710
4,149
4,227
Deposits and other cash 3,5,10
989 84
15,282
37,439
Unrealized gains on open forward exchange transactions 4
1 –
136
233
Unrealized gains on financial futures 5
17 1
460
1,114
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
171 186
775
702
Total assets
13,366 12,981
20,802
43,715
Bank overdrafts 10
– –
–
691
Unrealized losses on open forward exchange transactions 4
– –
276
56
Unrealized losses on financial futures 5
6 9
9
44
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
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
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.
Robeco Capital Growth Funds 34
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
Robeco Capital Growth Funds 35
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
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
Regional & Country Equity sub-funds
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
Robeco Capital Growth Funds 36
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
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
Robeco Capital Growth Funds 37
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 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
Robeco Capital Growth Funds 38
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
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
Robeco Capital Growth Funds 39
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.
Robeco Capital Growth Funds 40
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
Robeco Capital Growth Funds 41
− 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.
Robeco Capital Growth Funds 42
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
Global Equity sub-funds
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.
Robeco Capital Growth Funds 43
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.
Robeco Capital Growth Funds 44
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.
Robeco Capital Growth Funds 45
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
Robeco Capital Growth Funds 46
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
Regional & Country Equity sub-funds
Robeco US Premium Equities
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
Global Equity sub-funds
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
Robeco Capital Growth Funds 47
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
JPY 151,920,000 EUR 1,173,581 Deutsche Bank AG 24/07/2013 3,011
JPY 380,000,000 EUR 2,940,084 Deutsche Bank AG 24/07/2013 2,943
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
USD 1,560,000 EUR 1,192,683 Rabobank Nederland 24/07/2013 7,362
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 7,870,598 CHF 9,704,447 Deutsche Bank AG 24/07/2013 –20,516
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
Regional & Country Equity sub-funds
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
Total unrealized gains 394,194
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
Total unrealized losses –225,321
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
Total unrealized gains 81,879
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
Total unrealized losses –12,074
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
Total unrealized gains 372,282
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
Robeco Capital Growth Funds 48
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 US Premium Equities, Class IH EUR EUR 39,010,000 USD 50,998,163 Rabobank Nederland 03/07/2013 –290,638
EUR 161,131,932 USD 210,821,797 Deutsche Bank AG 03/07/2013 –1,372,896
EUR 254,495,327 USD 332,671,710 Rabobank Nederland 03/07/2013 –1,863,501
–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
EUR 21,047,824 USD 27,513,337 Rabobank Nederland 03/07/2013 –154,119
EUR 33,308,673 USD 43,580,401 Deutsche Bank AG 03/07/2013 –283,801
–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
EUR 73,685,106 USD 97,418,489 Deutsche Bank AG 10/07/2013 –1,636,201
EUR 56,755,497 USD 75,035,989 Rabobank Nederland 10/07/2013 –1,260,274
Total unrealized losses –3,944,872
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 3,449,927 USD 4,509,683 Rabobank Nederland 03/07/2013 –25,262
EUR 51,878 USD 69,000 Rabobank Nederland 03/07/2013 –1,566
Total unrealized losses –69,432
Theme Equity sub-funds
Robeco New World Financial Equities AUD 16,705,089 EUR 11,597,656 Deutsche Bank AG 24/07/2013 144,299
EUR 4,654,064 GBP 3,974,571 Deutsche Bank AG 24/07/2013 17,444
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
USD 18,833,720 EUR 14,257,223 Deutsche Bank AG 24/07/2013 230,791
Total unrealized gains 444,703
Robeco New World Financial Equities CAD 14,828,504 EUR 10,838,440 Deutsche Bank AG 24/07/2013 –32,033
EUR 4,288,536 CHF 5,287,765 Deutsche Bank AG 24/07/2013 –11,179
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
Total unrealized losses –60,776
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
JPY 769,003,925 EUR 5,940,548 Deutsche Bank AG 24/07/2013 15,239
EUR 1,483,580 GBP 1,266,978 Deutsche Bank AG 24/07/2013 5,561
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
Robeco Capital Growth Funds 49
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 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
Total unrealized gains 291,733
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
EUR 2,408,473 USD 3,182,074 Rabobank Nederland 24/07/2013 –39,367
JPY 6,650,000 EUR 52,447 Deutsche Bank AG 24/07/2013 –944
–59,718
Total unrealized losses –304,677
Robeco Natural Resources Equities EUR 9,556,892 CAD 13,075,166 Deutsche Bank AG 24/07/2013 28,245
USD 2,052,036 EUR 1,553,402 Deutsche Bank AG 24/07/2013 25,146
Total unrealized gains 53,391
Robeco Natural Resources Equities EUR 6,137,248 AUD 8,840,000 Deutsche Bank AG 24/07/2013 –76,360
Total unrealized losses –76,360
Global Bond sub-funds
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 12,050,000 EUR 9,215,568 Rabobank Nederland 24/07/2013 54,011
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
USD 800,000 EUR 610,182 Rabobank Nederland 24/07/2013 5,226
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
Robeco Capital Growth Funds 50
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 High Yield Bonds, Class BxH USD EUR 290,000 USD 376,986 Rabobank Nederland 24/07/2013 –
USD 14,254,310 EUR 10,788,911 Rabobank Nederland 24/07/2013 176,348
176,348
Robeco High Yield Bonds, Class DH USD EUR 890,000 USD 1,156,956 Rabobank Nederland 24/07/2013 1
USD 39,594,739 EUR 29,968,770 Rabobank Nederland 24/07/2013 489,850
USD 940,000 EUR 713,383 Rabobank Nederland 24/07/2013 9,721
USD 343,455 EUR 260,000 Rabobank Nederland 24/07/2013 4,206
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
USD 73,018,695 EUR 55,266,951 Rabobank Nederland 24/07/2013 903,357
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 512,000 EUR 387,526 Rabobank Nederland 24/07/2013 6,334
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
USD 635,799 EUR 481,228 Rabobank Nederland 24/07/2013 7,866
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 6,298,321 USD 8,210,000 Rabobank Nederland 24/07/2013 –17,302
EUR 16,020,922 USD 20,890,000 Rabobank Nederland 24/07/2013 –48,916
EUR 3,780,118 USD 5,000,000 Rabobank Nederland 24/07/2013 –66,178
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 286,763,705 USD 378,813,421 Deutsche Bank AG 24/07/2013 –4,642,032
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
EUR 198,530 USD 260,000 Rabobank Nederland 24/07/2013 –1,477
EUR 149,188 USD 200,000 Rabobank Nederland 24/07/2013 –4,664
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
Total unrealized losses –31,908,135
Robeco Emerging Debt HUF 381,452,250 EUR 1,285,000 ING Bank N.V. 19/07/2013 9,876
Robeco Capital Growth Funds 51
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
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 1,773,075 EUR 1,324,982 Rabobank Nederland 19/07/2013 50,692
USD 2,248,451 EUR 1,715,000 Deutsche Bank AG 19/07/2013 19,077
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
USD 4,240,000 EUR 3,222,999 Deutsche Bank AG 19/07/2013 50,337
USD 600,000 EUR 457,652 Rabobank Nederland 19/07/2013 5,086
USD 118,588 EUR 90,000 Rabobank Nederland 19/07/2013 1,594
118,255
Total unrealized gains 398,384
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
EUR 595,000 USD 796,222 Rabobank Nederland 19/07/2013 –22,764
EUR 3,421,954 USD 4,579,218 Rabobank Nederland 19/07/2013 –130,920
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
EUR 34,556,681 USD 46,243,336 Rabobank Nederland 19/07/2013 –1,322,097
EUR 46,461,814 USD 62,197,594 Deutsche Bank AG 19/07/2013 –1,800,523
–3,122,632
Total unrealized losses –3,631,163
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
Total unrealized gains 9,897
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
Robeco Capital Growth Funds 52
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
THB 5,438,850 USD 176,157 Deutsche Bank AG 19/07/2013 –1,004
Total unrealized losses –20,366
Regional Bond sub-funds
Robeco Euro Credit Bonds, Class DH CHF CHF 828,996 EUR 672,341 Rabobank Nederland 24/07/2013 1,753
Total unrealized gains 1,753
Robeco Euro Credit Bonds EUR 1,800,000 USD 2,343,420 Deutsche Bank AG 24/07/2013 –2,699
Total unrealized losses –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
Total unrealized gains 8,096
Robeco All Strategies Euro Bonds EUR 42,729,389 CHF 52,685,337 Deutsche Bank AG 24/07/2013 –111,384
Total unrealized losses –111,384
Robeco European High Yield Bonds EUR 24,713,858 GBP 21,095,749 Rabobank Nederland 24/07/2013 104,160
Total unrealized gains 104,160
Robeco European High Yield Bonds EUR 5,233,784 CHF 6,453,256 Rabobank Nederland 24/07/2013 –13,643
EUR 12,065,235 USD 15,940,588 Rabobank Nederland 24/07/2013 –197,210
GBP 180,000 EUR 210,135 Barclays Bank 24/07/2013 –152
Total unrealized losses –211,005
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
Total unrealized gains 50,044
Robeco Financial Institutions Bonds EUR 1,514,352 USD 2,000,000 ING Bank N.V. 24/07/2013 –24,167
EUR 1,567,640 USD 2,070,845 Deutsche Bank AG 24/07/2013 –25,376
EUR 11,319,101 USD 14,954,796 Rabobank Nederland 24/07/2013 –185,015
Total unrealized losses –234,558
Robeco Covered Bonds EUR 146,439 GBP 125,000 Rabobank Nederland 24/07/2013 621
Total unrealized gains 621
Asset Allocation sub-funds
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
USD 6,565,358 EUR 4,969,239 Rabobank Nederland 24/07/2013 81,224
Total unrealized gains 136,415
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 321,811 USD 420,000 Rabobank Nederland 24/07/2013 –1,278
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
Total unrealized losses –276,248
Robeco Capital Growth Funds 53
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
Global Equity sub-funds
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
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities 208
Robeco European Conservative Equities 385
Global Bond sub-funds
Robeco Invenstment Grade Corporate Bonds 784
Robeco Emerging Debt 25
Robeco Quant Emerging Debt Local Currency 48
Regional Bond sub-funds
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 Covered Bonds 40
Asset Allocation sub-funds
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
Global Equity sub-funds
Robeco Global Conservative Equities
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
Robeco Emerging Markets Equities
Purchase 500 KOSPI2 INX FUT KRW 09/2013 40,754,633
–1,465,146
Total unrealized losses
–1,465,146
Robeco Active Quant Emerging Markets Equities
Purchase 93 Mini MSCI Emerging Markets USD 09/2013 3,340,158
173,829
Total unrealized gains
173,829
Robeco Quant Emerging Markets Equities
Purchase 45 Mini MSCI Emerging Markets USD 09/2013 2,100,825
106,531
Total unrealized gains
106,531
Robeco Capital Growth Funds 54
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
Robeco Emerging Conservative Equities
Purchase 645 Mini MSCI Emerging Markets USD 09/2013 30,111,825
3,413
Total unrealized gains
3,413
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
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
Total unrealized gains
208,939
Robeco European Conservative Equities
Purchase 103 EURO STOXX 50 EUR 09/2013 2,675,940
–16,480
Total unrealized losses
–16,480
Global Bond sub-funds
Robeco Investment Grade Corporate Bonds
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
Total unrealized gains
199,788
Purchase 873 EURO-SCHATZ FUT EUR 09/2013 96,339,915
–125,297
Total unrealized losses
–125,297
Robeco Emerging Debt
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
Total unrealized gains
407,098
Purchase 4 US 5YR NOTE USD 09/2013 484,188
–1,797
Total unrealized losses
–1,797
Robeco Quant Emerging Debt Local Currency
Purchase 44 KOREA 3YR BND FUT KRW 09/2013 4,069,244
6,164
Total unrealized gains
6,164
Regional Bond sub-funds
Robeco Euro Government Bonds
Purchase 204 EURO-BUND FUTURE EUR 09/2013 28,870,080
297,880
Total unrealized gains
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
Total unrealized losses
–492,784
Robeco Euro Credit Bonds
Purchase
33
EURO BUXL 30Y BND
EUR
09/2013
4,241,820
31,080
Purchase 238 EURO-SCHATZ FUT EUR 09/2013 26,264,490
19,125
Total unrealized gains
50,205
Robeco Capital Growth Funds 55
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
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
Total unrealized losses
–14,090
Robeco All Strategy Euro Bonds
Purchase 1404 US 5YR NOTE USD 09/2013 130,745,711
240,461
Total unrealized gains
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
Total unrealized losses
–931,651
Robeco Euro Sustainable Credits
Purchase
30
EURO-BOBL FUTURE
EUR
09/2013
3,756,000
26,200
Purchase 26 EURO-SCHATZ FUT EUR 09/2013 2,869,230
780
Total unrealized gains
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
Total unrealized losses
–17,828
Robeco Financial Institutions Bonds
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
Purchase 39 US 5YR NOTE USD 09/2013 3,631,825
45,514
Total unrealized gains
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
Purchase 16 US 10YR NOTE USD 09/2013 1,557,872
–34,259
Total unrealized losses
–66,038
Robeco Covered Bonds
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
Total unrealized gains
17,359
Purchase 32 EURO-SCHATZ FUT EUR 09/2013 3,531,360
–5,572
Total unrealized losses
–5,572
Asset Allocation sub-funds
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
Total unrealized gains
460,316
Purchase
79
EURO-BUND FUTURE
EUR
09/2013
11,180,080
–6,320
Purchase 229 US 10YR NOTE USD 09/2013 22,297,044
–2,753
Total unrealized losses
–9,073
Robeco Capital Growth Funds 56
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
Global Bond sub-funds
Robeco High Yield Bonds
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
IRS EUR Pay 1.6875% Receive EURIBOR EUR 3M
Barclays Bank
12/06/2023
EUR
4,000,000
67,524
IRS EUR Pay 1.2650% Receive EURIBOR EUR 3M
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
IRS USD Pay 2.9500% Receive LIBOR, BBA USD
Credit Suisse
13/06/2028
USD
8,450,000
172,598
IRS USD Pay 1.7320% Receive LIBOR, BBA USD
Credit Suisse
07/06/2020
USD
12,200,000
245,068
IRS USD Pay 1.8900% Receive LIBOR, BBA USD
Credit Suisse
13/06/2020
USD
30,350,000
371,966
IRS USD Pay 2.4400% Receive LIBOR, BBA USD
Credit Suisse
13/06/2023
USD
22,050,000
375,626
IRS USD Pay 1.3600% Receive LIBOR, BBA USD
Credit Suisse
13/06/2018
USD
67,000,000
470,221
1,949,064
Total unrealized losses
3,050,527
Robeco High Yield Bonds
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
IRS EUR Pay 1.7017% Receive EURIBOR EUR 6M
Barclays Bank
27/06/2020
EUR
5,850,000
–47,409
IRS USD Pay 2.2662% Receive LIBOR, BBA USD
Barclays Bank
27/06/2020
USD
7,800,000
–51,622
IRS USD Pay 2.8162% Receive LIBOR, BBA USD
Barclays Bank
27/06/2023
USD
7,700,000
–69,654
–168,685
Total unrealized losses
–13,309,533
Robeco Investment Grade Corporate Bonds
IRS EUR Pay 1.0872% Receive EURIBOR EUR 3M
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
IRS Pay 3M IBOR EUR Receive 1.8398%
Credit Suisse
09/09/2016
EUR
28,450,000
1,044,783
IRS EUR Pay 1.3645% Receive EURIBOR EUR 3M
JP Morgan
25/04/2023
EUR
47,150,000
2,121,211
Total unrealized losses
5,125,929
Robeco Investment Grade Corporate Bonds
IRS Pay 3M IBOR EUR Receive 0.8813%
Barclays Bank
17/08/2017
EUR
32,000,000
–9,056
Total unrealized losses
–9,056
Robeco Emerging Debt
IRS MYR Pay 3.3200% Receive Klibor Interbank
Barclays Bank
13/05/2018
MYR
29,500,000
122,287
Total unrealized losses
122,287
Robeco Capital Growth Funds 57
Interest rate swaps At 30 June 2013
Denomination
Counterparty
Maturity date
Currency
Nominal value
Unrealized gains/losses base
currency x 1
Robeco Emerging Debt
IRS MXN Pay Mexico Interban Receive 4.5800%
HSBC
01/05/2018
MXN
120,000,000
–473,001
Total unrealized losses
–473,001
Robeco Quant Emerging Debt Local Currency
IRS MYR Pay 3.3200% Receive Klibor Interbank
Barclays Bank
13/05/2018
MYR
3,500,000
14,509
IRS MYR Pay 3.4600% Receive Klibor Interbank
Barclays Bank
30/05/2018
MYR
4,600,000
10,083
Total unrealized losses
24,592
Robeco Quant Emerging Debt Local Currency
IRS ZAR Pay South Africa Jo Receive 5.8300%
HSBC
08/04/2018
ZAR
10,900,000
–57,111
IRS MXN Pay Mexico Interban Receive 4.5800%
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
IRS MXN Pay Mexico Interban Receive 5.0700%
Barclays Bank
24/05/2018
MXN
19,500,000
–45,561
Total unrealized losses
–210,215
Regional Bond sub-funds
Robeco Euro Credit Bonds
IRS Pay 3M IBOR EUR Receive 1.5878%
Barclays Bank
22/11/2022
EUR
13,350,000
–250,606
IRS Pay 3M IBOR EUR Receive 2.0463%
Barclays Bank
22/11/2027
EUR
10,500,000
–270,000
IRS Pay 3M IBOR EUR Receive 0.732%
Morgan Stanley
22/11/2017
EUR
37,700,000
–352,721
Total unrealized losses
–873,327
Robeco All Strategy Euro Bonds
IRS EUR Pay 2.0807% Receive EURIBOR EUR 6M
Barclays Bank
27/05/2028
EUR
33,200,000
1,281,851
Total unrealized losses
1,281,851
Robeco All Strategy Euro Bonds
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
IRS EUR Pay EURIBOR EUR 3M Receive 2.1000%
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
IRS EUR Pay EURIBOR EUR 3M Receive 1.6500%
Barclays Bank
10/06/2023
EUR
11,100,000
–226,165
IRS EUR Pay EURIBOR EUR 3M Receive 2.3300%
Barclays Bank
10/06/2038
EUR
12,400,000
–232,176
IRS EUR Pay EURIBOR EUR 3M Receive 1.2000%
Barclays Bank
10/06/2020
EUR
17,000,000
–275,805
IRS EUR Pay EURIBOR EUR 3M Receive 2.1000%
Barclays Bank
10/06/2028
EUR
38,500,000
–885,943
–1,620,089
Total unrealized losses
–5,373,688
Robeco Euro Sustainable Credits
IRS Pay 3M IBOR EUR Receive 3.5243%
Barclays Bank
14/06/2026
EUR
800,000
127,986
Total unrealized losses
127,986
Robeco Euro Sustainable Credits
IRS Pay 3M IBOR EUR Receive 1.0888%
Morgan Stanley
15/11/2019
EUR
950,000
–15,056
IRS Pay 3M IBOR EUR Receive 0.3388%
Morgan Stanley
15/11/2015
EUR
2,300,000
–10,142
IRS EUR Pay EURIBOR EUR 6M Receive 0.8068%
Deutsche Bank AG
27/05/2018
EUR
6,700,000
–125,435
Total unrealized losses
–150,633
Robeco Financial Institutions Bonds
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
Robeco Capital Growth Funds 58
Interest rate swaps At 30 June 2013
Denomination
Counterparty
Maturity date
Currency
Nominal value
Unrealized gains/losses base
currency x 1
Total unrealized losses
365,380
Robeco Financial Institutions Bonds
IRS EUR Pay EURIBOR EUR 3M Receive 1.7418%
Credit Suisse
11/02/2023
EUR
4,650,000
–37,051
IRS Pay 3M IBOR EUR Receive 1.5388%
Morgan Stanley
15/11/2022
EUR
3,650,000
–83,445
IRS EUR Pay EURIBOR EUR 6M Receive 1.6108%
Credit Suisse
17/05/2023
EUR
3,100,000
–107,051
IRS EUR Pay EURIBOR EUR 6M Receive 0.8168%
Barclays Bank
27/05/2018
EUR
13,850,000
–252,604
Total unrealized losses
–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
Global Bond sub-funds
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
ILS Pay 1.8800% EUR Receive HICPX EU Barclays Bank 12/06/2018 EUR 1,550,000 –15,917
ILS Pay 1.3200% EUR Receive HICPX EU Barclays Bank 12/06/2018 EUR 3,000,000 –20,705
Total unrealized losses
–73,330
Regional Bond sub-funds
Robeco Euro Government Bonds, class IHHI EUR
ILS Pay 1.71% EUR Receive HICPX EU Barclays Bank 04/12/2015 EUR 500,000 –10,007
ILS Pay 2.1475% EUR Receive HICPX EU Barclays Bank 04/12/2027 EUR 200,000 –5,618
ILS Pay 1.9775% EUR Receive HICPX EU Barclays Bank 04/12/2022 EUR 400,000 –10,825
ILS Pay 1.74% EUR Receive HICPX EU Barclays Bank 04/12/2017 EUR 650,000 –15,372
ILS Pay 3.3700% EUR Receive HICPX EU Barclays Bank 12/02/2038 EUR 75,000 –4,103
Total unrealized losses –45,925
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
ILS Pay 1.5650% EUR Receive HICPX EU Morgan Stanley 06/06/2018 EUR 14,850,000 –168,795
ILS Pay 2.2600% EUR Receive HICPX EU Morgan Stanley 06/06/2038 EUR 1,000,000 –26,917
ILS Pay 2.1300% EUR Receive HICPX EU Morgan Stanley 06/06/2028 EUR 2,800,000 –52,706
ILS Pay 1.9375% EUR Receive HICPX EU Morgan Stanley 06/06/2023 EUR 8,050,000 –127,573
Total unrealized losses –474,808
* 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.
Robeco Capital Growth Funds 59
Credit default swaps
At 30 June 2013
Purchase/Sale of risk
Denomination Premium
Expiration date CDS/CDX
Currency Counterparty Nominal value/
commitment
Unrealized gains/losses base
currency x 1
Global Bond sub-funds
Robeco High Yield Bonds
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
Robeco Capital Growth Funds 60
Credit default swaps
At 30 June 2013
Purchase/Sale of risk
Denomination Premium
Expiration date CDS/CDX
Currency Counterparty Nominal value/
commitment
Unrealized gains/losses base
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
Total unrealized gains
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
Total unrealized losses
–9,442,001
Robeco Emerging Debt
Purchase CDX MARKIT CDX.LATAM.19 06 Pay 500 bps 20/06/2018 USD Barclays Bank 1,000,000 57,400
Total unrealized gains 57,400
Regional Bond sub-funds
Robeco Euro Credit Bonds
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
Total unrealized gains 906,664
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
Robeco Capital Growth Funds 61
Credit default swaps
At 30 June 2013
Purchase/Sale of risk
Denomination Premium
Expiration date CDS/CDX
Currency Counterparty Nominal value/
commitment
Unrealized gains/losses base
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
Total unrealized losses –750,253
Robeco All Strategy Euro Bonds
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
Total unrealized losses –316,813
Robeco European High Yield Bonds
Purchase CDS 5.625 FIAT FINANCE NORTH AMERI 12-JUN-2017 Pay 500 bps 20/09/2016 EUR Barclays Bank 500,000 23,692
Total unrealized gains 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
Total unrealized losses –543,536
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
Robeco Global Stars Equities
Long positions
269,500 Henkel AG & Co KGaA EUR Goldman Sachs 10,083,690
6,153,685
Total unrealized gains
6,153,685
Short positions
208,000 Henkel AG & Co KGaA EUR Goldman Sachs 9,139,006
–5,888,994
Total unrealized losses
–5,888,994
Robeco New World Financial Equities
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
Total unrealized gains 664,981
Robeco Capital Growth Funds 62
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.
Robeco Capital Growth Funds 63
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
Global Equity sub-funds
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
Regional & Country Equity sub-funds
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
Theme Equity sub-funds
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
Global Bond sub-funds
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
Regional Bond sub-funds
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.
Robeco Capital Growth Funds 64
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 Equities
Robeco Emerging Markets Smaller Companies, class Z USD
285,000
21,738,138
21,605,493
–132,646
Robeco High Yield Bonds
Robeco European High Yield Bonds, class ZH EUR 973,475 101,737,676
103,383,054
1,645,378
Robeco All Strategy Euro Bonds
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.
Robeco Capital Growth Funds 65
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
Global Equity sub-funds
Robeco BP Global Premium Equities
1.25 1.25
—
—
—
—
—
—
— —
—
—
0.12
—
Robeco Global Conservative Equities
1.00 1.00
0.50
4
—
—
0.60
—
—
— —
—
—
0.12
0.08
Robeco Global Stars Equities 2
—
1.25
4
—
—
—
0.70
—
—
— —
—
—
0.12
0.08
Robeco Emerging Stars Equities 2
—
1.50
0.80
1.75
—
0.80
4
—
—
— —
—
—
0.12
0.08
Robeco Emerging Markets Equities
— 1.50
0.80
—
—
0.80
4
—
2.00
— —
0.80
—
0.12
0.08
Robeco Active Quant Emerging Markets Equities
— 1.25
—
1.75
1.25
0.70
4
—
2.00
— —
—
—
0.12
0.08
Robeco Momentum Equities 2 — — — — — 0.55 — — — — — — — 0.08
Robeco Quant Emerging Markets Equities
—
—
—
—
— 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
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
—
1.50
0.75
4
—
—
0.90
—
—
— —
—
—
0.12
—
RobecoSAM Sustainable European Equities
— 1.25
—
—
—
0.70
—
—
— —
—
—
0.12
0.08
Robeco European Conservative Equities
1.00 1.00
0.50
4
—
—
0.55
4
—
—
— —
—
—
0.12
0.08
Robeco US Premium Equities
— 1.50
0.75
4
—
1.50
0.70
–
2.00
— —
0.70
—
0.12
0.08
Robeco Chinese Equities
— 1.50
—
—
—
0.90
4
—
—
— —
—
—
0.12
0.08
Robeco Capital Growth Funds 66
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
Robeco Indian Equities
— 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
Theme Equity sub-funds
Robeco New World Financial Equities
—
1.50
0.75
4
—
—
—
—
—
— —
—
—
0.12
—
Robeco Property Equities
1.50 1.50
0.75
4
—
—
0.80
4
—
2.00
— —
—
—
0.12
0.08
Robeco Global Consumer Trends Equities
— 1.50
0.75
4
—
—
0.90
—
2.00
— —
—
—
0.12
0.08
Robeco Natural Resources Equities
— 1.50
—
—
—
—
—
2.00
— —
—
—
0.12
—
RobecoSAM Sustainable Agribusiness Equities
— 1.50
—
—
—
0.90
—
—
— —
—
—
0.12
0.08
Robeco Infrastructure Equities — 1.50
—
—
—
0.90
—
—
— —
—
—
0.12
0.08
Global Bond sub-funds
Robeco High Yield Bonds
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
Robeco Investment Grade Corporate Bonds
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
Regional Bond sub-funds
Robeco Euro Government Bonds
—
0.42
4 0.25
—
0.42
4
0.30
0.35
—
— —
—
—
0.12
0.08
Robeco Euro Credit Bonds
0.70 0.70
—
—
—
0.35
—
—
— —
—
—
0.12
0.08
Robeco All Strategy Euro Bonds
0.70 0.70
—
—
—
0.35
0.40
—
0.45 0.40
—
0.75
0.12
0.08
Robeco European High Yield Bonds
— 1.00
—
—
—
0.50
—
—
— —
—
—
0.12
0.08
Robeco Euro Sustainable Credits
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
Asset Allocation sub-funds
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.
Robeco Capital Growth Funds 67
21 Distributed dividends
During the reporting period the following distributions took place:
Distributions
Amount
Currency
Ex-dividend
Payment date
per share
date
Robeco BP Global Premium Equities
B EUR shares
1.08 EUR 08/03/2013 15/03/2013
B EUR shares 1.14 EUR 07/06/2013 14/06/2013
Robeco Global Conservative Equities
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
Robeco Emerging Conservative Equities
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
Robeco European Conservative Equities
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
Robeco Property Equities
B EUR shares
0.19 EUR 08/03/2013 15/03/2013
B EUR shares 0.19 EUR 07/06/2013 14/06/2013
Robeco High Yield Bonds
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
BxH USD shares 0.59 USD 08/02/2013 15/02/2013
BxH USD shares 0.59 USD 08/03/2013 15/03/2013
BxH USD shares 0.59 USD 12/04/2013 19/04/2013
BxH USD shares 0.60 USD 10/05/2013 17/05/2013
BxH USD shares 0.60 USD 07/06/2013 14/06/2013
Robeco Investment Grade Corporate Bonds
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
Robeco Quant Emerging Debt Local Currency
B EUR shares 1.24 EUR 08/03/2013 15/03/2013
B EUR shares 1.18 EUR 07/06/2013 14/06/2013
Robeco Euro Government Bonds
CH EUR shares 1.08 EUR 08/03/2013 15/03/2013
CH EUR shares 1.09 EUR 07/06/2013 14/06/2013
Robeco Euro Credit Bonds
BH EUR shares 1.30 EUR 08/03/2013 15/03/2013
BH EUR shares 1.30 EUR 07/06/2013 14/06/2013
Robeco All Strategy Euro Bonds
BH EUR shares
0.99 EUR 08/03/2013 15/03/2013
BH EUR shares 1.01 EUR 07/06/2013 14/06/2013
Robeco Capital Growth Funds 68
Distributions
Amount
Currency
Ex-dividend
Payment date
per share
date
Robeco Euro Sustainable Credits
BH EUR shares
1.30 EUR 08/03/2013 15/03/2013
BH EUR shares 1.31 EUR 07/06/2013 14/06/2013
Robeco Financial Institutions Bonds
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.
Robeco Capital Growth Funds 69
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
Global Equity sub-funds
Robeco BP Global Premium Equities
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
Robeco Global Conservative Equities
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
Robeco Global Stars Equities
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
Robeco Emerging Stars Equities
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
Robeco Emerging Markets Equities
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
Robeco Active Quant Emerging Markets Equities
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
Robeco Momentum Equities
I EUR 0.60
0.08
0.00
0.19
0.87
0.00
0.00
0.00
0.00
0.00
Robeco Quant Emerging Markets Equities
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
Robeco Emerging Conservative Equities
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
Robeco Capital Growth Funds 70
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
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
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
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
RobecoSAM Sustainable European Equities
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
Robeco European Conservative Equities
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
Robeco US Premium Equities
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
Robeco Chinese Equities
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
Robeco Indian Equities
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
Robeco US Large Cap Equities
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
Robeco Capital Growth Funds 71
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
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
Theme Equity sub-funds
Robeco New World Financial Equities
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
Robeco Property Equities
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
Robeco Global Consumer Trends Equities
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
Robeco Natural Resources Equities
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
RobecoSAM Sustainable Agribusiness Equities
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
Robeco Infrastructure Equities
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
Global Bond sub-funds
Robeco High Yield Bonds
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
Robeco Capital Growth Funds 72
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
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
Robeco Investment Grade Corporate Bonds
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
Robeco Emerging Debt
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
Robeco Quant Emerging Debt Local Currency
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
Regional Bond sub-funds
Robeco Euro Government Bonds
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
Robeco Euro Credit Bonds
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
Robeco All Strategy Euro Bonds
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
Robeco European High Yield Bonds
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
Robeco Capital Growth Funds 73
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
Robeco Euro Sustainable Credits
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
Robeco Financial Institutions Bonds
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
Robeco Covered Bonds
IH EUR 0.35
0.08
0.00
0.02
0.45
0.00
0.00
0.00
0.00
0.00
Asset Allocation sub-funds
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
Global Equity sub-funds
Robeco BP Global Premium Equities –
–
Robeco Global Conservative Equities –
–
Robeco Global Stars Equities 16
21
Robeco Emerging Stars Equities 5
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 – –
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
4
55
RobecoSAM Sustainable European Equities
–
–
Robeco European Conservative Equities
–
3
Robeco US Premium Equities
–
–
Robeco Chinese Equities
28
110
Robeco Indian Equities
–
–
Robeco Asia Stars Equities
2
–
Robeco US Large Cap Equities
–
–
Robeco US Select Opportunities Equities
–
–
Theme Equity sub-funds
Robeco New World Financial Equities
8
35
Robeco Property Equities
21
31
Robeco Consumer Trends Equities
34
140
Robeco Natural Resources Equities
4
159
RobecoSAM Sustainable Agribusiness Equities
13
31
Robeco Infrastructure Equities
8
11
Asset Allocation sub-funds
Robeco GTAA Fund
–
–
There were no hard commissions and soft-dollar arrangements during the reported period.
Robeco Capital Growth Funds 74
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
Global Equity sub-funds
Robeco BP Global Premium Equities
161
219
Robeco Global Conservative Equities
–
–
Robeco Global Stars Equities
34
22
Robeco Emerging Stars Equities
33
34
Robeco Emerging Markets Equities
30
57
Robeco Active Quant Emerging Markets Equities
28
46
Robeco Momentum Equities
107
–
Robeco Quant Emerging Markets Equities
68
45
Robeco Emerging Conservative Equities
7
11
Robeco Emerging Markets Smaller Companies 30
–
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
–
3
RobecoSAM Sustainable European Equities
37
96
Robeco European Conservative Equities
–
–
Robeco US Premium Equities
32
25
Robeco Chinese Equities
54
66
Robeco Indian Equities
–
93
Robeco Asia Stars Equities
28
41
Robeco US Large Cap Equities
56
48
Robeco US Select Opportunities Equities 49
74
Theme Equity sub-funds
Robeco New World Financial Equities
152
156
Robeco Property Equities
41
17
Robeco Global Consumer Trends Equities
42
36
Robeco Natural Resources Equities
151
211
RobecoSAM Sustainable Agribusiness Equities
71
103
Robeco Infrastructure Equities 4
1
Global Bond sub-funds
Robeco High Yield Bonds
76
21
Robeco Investment Grade Corporate Bonds
119
186
Robeco Emerging Debt
82
19
Robeco Quant Emerging Debt Local Currency –
–
Regional Bond sub-funds
Robeco Euro Government Bonds
297
403
Robeco Euro Credit Bonds
171
182
Robeco All Strategy Euro Bonds
195
267
Robeco European High Yield Bonds
–
–
Robeco Euro Sustainable Credits
83
112
Robeco Financial Institutions Bonds
92
92
Robeco Covered Bonds 18
–
Asset Allocation sub-funds
Robeco GTAA Fund 28
199
Robeco Capital Growth Funds 75
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
Activation of share classes
Sub-fund Share class Effective
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 Capital Growth Funds 76
Activation of share classes
Sub-fund Share class Effective
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
Robeco High Yield Bonds
BxH USD shares 0.58 USD 12/07/2013 19/07/2013
BxH USD shares 0.59 USD 09/08/2013 16/08/2013
Luxembourg, 28 August 2013 The Board of Directors
Paul A.G. van Homelen
Stefan Gordijn
D. Rob van Bommel
Robeco Capital Growth Funds 77
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.
Robeco Capital Growth Funds 78
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Robeco Capital Growth Funds 79
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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 Capital Growth Funds 80
Robeco Global Conservative 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
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Muenchener Rueckversicherungs AG
9,734
1,376,388
0.67
Orion OYJ
31,707
571,360
0.28
Royal Dutch Shell PLC
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
Robeco Capital Growth Funds 81
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Robeco Capital Growth Funds 82
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Axis Capital Holdings Ltd
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
Everest Re Group Ltd
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Robeco Capital Growth Funds 83
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
203,540,337
98.95
Total securities portfolio
203,540,337
98.95
Other assets and liabilities
2,160,728
1.05
Total net assets
205,701,065
100.00
Robeco Capital Growth Funds 84
Robeco Global Stars 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
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
British American Tobacco PLC
179,781
7,064,323
3.71
Reckitt Benckiser Group PLC
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
Vodafone Group PLC/STK/12-06-2013
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Mondelez International Inc
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
180,582,637
94.85
Total securities portfolio
180,582,637
94.85
Other assets and liabilities
9,794,699
5.15
Total net assets
190,377,336
100.00
Robeco Capital Growth Funds 85
Robeco Emerging Stars 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
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
Hyundai Motor Co Pref
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
Samsung Electronics Co Ltd
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
Asustek Computer Inc
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
SK Telecom Co Ltd ADR
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
667,115,788
99.47
Total securities portfolio
667,115,788
99.47
Other assets and liabilities
3,476,144
0.53
Total net assets
670,591,932
100.00
Robeco Capital Growth Funds 86
Robeco Emerging Markets Equities Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Transferable securities and money market instruments admitted to an official stock exchange listing
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
Itausa - Investimentos Itau SA Pref
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
MRV Engenharia e Participacoes SA
2,000,000
4,499,547
0.29
Natura Cosmeticos SA
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
Chaoda Modern Agriculture Holdings Ltd
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
China Construction Bank Corp
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
China Minsheng Banking Corp Ltd
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
China Overseas Land & Investment Ltd
10,000,000
20,184,287
1.30
China Petroleum & Chemical Corp
35,001,297
18,955,087
1.23
China Telecom Corp Ltd
20,000,000
7,339,741
0.47
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Great Wall Motor Co Ltd
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
Bank Rakyat Indonesia Persero Tbk PT
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
HCL Technologies Ltd
1,000,000
10,046,140
0.65
ICICI Bank Ltd
1,500,000
20,792,985
1.34
Mahindra & Mahindra Ltd
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
Hana Financial Group Inc
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
Robeco Capital Growth Funds 87
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
POSCO
70,000
14,075,506
0.91
Samsung Electronics Co Ltd
75,000
67,800,894
4.38
Samsung Electronics Co Ltd Pref
20,000
11,909,784
0.77
Samsung SDI Co Ltd
70,000
6,436,538
0.42
Shinhan Financial Group Co Ltd
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
Golden Agri-Resources Ltd
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
Advanced Info Service PCL NVDR
700,000
4,896,459
0.32
Bangkok Bank PCL NVDR
3,000,000
15,180,510
0.98
PTT Global Chemical PCL Foreign
5,000,000
8,557,641
0.55
PTT Global Chemical PCL NVDR
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
Tupras Turkiye Petrol Rafinerileri AS
300,000
5,633,971
0.36
Turkcell Iletisim Hizmetleri AS
2,000,000
8,931,419
0.59
Turkiye Halk Bankasi AS
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
Asustek Computer Inc
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Telefonica Brasil SA ADR
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
1,508,335,994
97.48
Total securities portfolio
1,529,941,487
98.88
Other assets and liabilities
17,398,794
1.12
Total net assets
1,547,340,281
100.00
Robeco Capital Growth Funds 88
Robeco Active Quant Emerging Markets 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
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
Itausa - Investimentos Itau SA
40,541
118,599
0.02
Itausa - Investimentos Itau SA Pref
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
MRV Engenharia e Participacoes SA
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
Chaoda Modern Agriculture Holdings Ltd
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
China Construction Bank Corp
20,744,040
11,295,740
1.97
China Lumena New Materials Corp
12,592,000
1,810,972
0.31
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
China Merchants Bank Co Ltd
2,697,000
3,466,849
0.60
China Metal Recycling Holdings Ltd
2,352,000
2,199,875
0.38
China Minsheng Banking Corp Ltd
4,308,000
3,243,146
0.56
China Mobile Ltd
1,123,000
9,022,228
1.57
China National Building Material Co Ltd
3,858,000
2,659,476
0.46
China Overseas Land & Investment Ltd
1,096,000
2,212,198
0.38
China Petroleum & Chemical Corp
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
Great Wall Motor Co Ltd
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
Huaneng Power International Inc
4,524,000
3,446,139
0.60
Industrial & Commercial Bank of China
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
Bank Rakyat Indonesia Persero Tbk PT
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
HCL Technologies Ltd
292,541
2,938,908
0.51
Robeco Capital Growth Funds 89
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Hana Financial Group Inc
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
KB Financial Group Inc
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
Samsung Electronics Co Ltd
26,369
23,837,890
4.14
Samsung Electronics Co Ltd Pref
4,364
2,598,715
0.45
Samsung SDI Co Ltd
28,021
2,576,546
0.45
Shinhan Financial Group Co Ltd
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
OHL Mexico SAB de CV
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
British American Tobacco Malaysia Bhd
166,800
2,420,629
0.42
IOI Corp Bhd
1,161,300
1,538,258
0.27
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
KGHM Polska Miedz SA
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
Powszechny Zaklad Ubezpieczen SA
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
Bangkok Bank PCL NVDR
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
Siam Commercial Bank PCL NVDR
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
Tupras Turkiye Petrol Rafinerileri AS
88,674
1,665,289
0.29
Turk Hava Yollari
1,208,254
3,613,200
0.63
Robeco Capital Growth Funds 90
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
Turkcell Iletisim Hizmetleri AS
574,143
2,563,956
0.45
Turkiye Garanti Bankasi AS
386,296
1,296,895
0.23
Turkiye Halk Bankasi AS
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
Asustek Computer Inc
503,476
3,334,295
0.58
Cathay Financial Holding Co Ltd
4,383,000
4,601,510
0.80
Chicony Electronics Co Ltd
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
Delta Electronics Inc
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
Lite-On Technology Corp
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
America Movil SAB de CV ADR
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
Cia de Saneamento Basico do Es ADR
112,161
898,254
0.16
Cia Energetica de Minas Gerais ADR
478,893
3,304,743
0.57
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Itau Unibanco Holding SA ADR
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
Mobile Telesystems OJSC
366,910
2,226,660
0.39
Petroleo Brasileiro SA ADR
311,828
3,219,396
0.56
Petroleo Brasileiro SA ADR PRF
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
SK Telecom Co Ltd ADR
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
MMI Holdings Ltd/South Africa
1,494,259
2,567,264
0.45
MTN Group Ltd
105,132
1,499,104
0.26
Redefine Properties Ltd
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
Standard Bank Group Ltd
259,051
2,238,006
0.39
Steinhoff International Holdings Ltd
809,072
1,537,399
0.27
Tongaat Hulett Ltd
241,098
2,344,857
0.41
24,071,023
4.18
Total transferable securities and money market instruments admitted to an official stock exchange listing
568,609,367
98.08
Total securities portfolio
568,609,367
98.08
Other assets and liabilities
7,552,749
1.92
Total net assets
576,162,116
100.00
Robeco Capital Growth Funds 91
Robeco Momentum 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
AUD
Commonwealth Bank of Australia
315
15,346
0.46
CSL Ltd
468
20,295
0.60
Insurance Australia Group Ltd
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
Muenchener Rueckversicherungs AG
141
19,937
0.59
Orion OYJ
637
11,479
0.34
Sanofi
383
30,494
0.89
Teleperformance
491
18,157
0.54
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
Teleperformance/STK/06-06-2013
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
Associated British Foods PLC
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
Reckitt Benckiser Group PLC
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
Robeco Capital Growth Funds 92
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Sumitomo Mitsui Financial Group Inc
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
DaVita HealthCare Partners Inc
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
Everest Re Group Ltd
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
Robeco Capital Growth Funds 93
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
3,360,471
99.72
Total securities portfolio
3,360,471
99.72
Other assets and liabilities
9,391
0.28
Total net assets
3,369,862
100.00
Robeco Capital Growth Funds 94
Robeco Quant Emerging Markets 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
BRL
Banco Bradesco SA
33,890
469,453
0.25
Banco do Brasil SA
53,200
532,958
0.28
BB Seguridade Participacoes SA
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
Itausa - Investimentos Itau SA
5,606
21,317
0.01
Itausa - Investimentos Itau SA Pref
206,008
773,104
0.39
JBS SA
133,000
389,543
0.20
Klabin SA Pref
44,400
223,103
0.12
Kroton Educacional SA
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
MRV Engenharia e Participacoes SA
114,800
335,717
0.18
Natura Cosmeticos SA
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Agricultural Bank of China Ltd
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
China Communications Services Corp Ltd
558,000
352,511
0.18
China Construction Bank Corp
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
China Merchants Bank Co Ltd
422,000
705,115
0.37
China Minsheng Banking Corp Ltd
635,500
621,870
0.32
China Mobile Ltd
308,000
3,216,459
1.69
China National Building Material Co Ltd
176,000
157,703
0.08
China Overseas Land & Investment Ltd
220,000
577,204
0.30
China Petroleum & Chemical Corp
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
China Resources Power Holdings Co Ltd
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
Great Wall Motor Co Ltd
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
Robeco Capital Growth Funds 95
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
Guangzhou R&F Properties Co Ltd
291,200
421,237
0.22
Hengan International Group Co Ltd
29,000
315,934
0.17
Huaneng Power International Inc
494,000
489,137
0.26
Industrial & Commercial Bank of China Lt 4,571,000
2,881,790
1.52
Jiangsu Expressway Co Ltd
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
Shanghai Industrial Holdings Ltd
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
Tencent Holdings Ltd
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
Yuexiu Property Co Ltd
1,306,000
331,705
0.17
Zhejiang Expressway Co Ltd
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
Bank Mandiri Persero Tbk PT
500,500
453,854
0.24
Bank Negara Indonesia Persero Tbk PT
1,266,500
548,710
0.29
Bank Rakyat Indonesia Persero Tbk PT
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
Semen Indonesia Persero Tbk PT
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
HCL Technologies Ltd
39,312
513,355
0.27
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Mahindra & Mahindra Ltd
16,490
269,334
0.14
Oil & Natural Gas Corp Ltd
83,743
466,593
0.24
Oil India Ltd
43,781
423,296
0.22
Power Grid Corp of India Ltd
85,760
160,624
0.08
Reliance Capital Ltd
54,675
309,925
0.16
Reliance Communications Ltd
223,362
445,596
0.23
Reliance Industries Ltd
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
Sun Pharmaceutical Industries Ltd
14,263
242,789
0.13
Tata Consultancy Services Ltd
5,146
131,467
0.07
United Spirits Ltd
4,684
170,870
0.09
11,241,106
5.87
KRW
BS Financial Group Inc
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
Hana Financial Group Inc
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
Hyundai Motor Co Pref
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
KB Financial Group Inc
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
Robeco Capital Growth Funds 96
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Samsung Electronics Co Ltd
5,939
6,978,799
3.66
Samsung Electronics Co Ltd Pref
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
Shinhan Financial Group Co Ltd
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
Grupo Financiero Banorte SAB de CV
131,100
772,156
0.41
Grupo Mexico SAB de CV
244,300
702,938
0.37
Kimberly-Clark de Mexico SAB de CV
173,300
557,052
0.29
Mexichem SAB de CV
47,600
197,294
0.10
OHL Mexico SAB de CV
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
Berjaya Sports Toto Bhd
397,631
549,972
0.29
British American Tobacco Malaysia Bhd
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Lafarge Malaysia Bhd
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
KGHM Polska Miedz SA
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
Powszechny Zaklad Ubezpieczen SA
3,012
370,426
0.19
Tauron Polska Energia SA
323,336
418,323
0.22
3,381,229
1.77
THB
Advanced Info Service PCL NVDR
47,500
431,888
0.23
Airports of Thailand PCL NVDR
92,300
501,453
0.26
Bangkok Bank PCL NVDR
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
PTT Global Chemical PCL NVDR
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
Siam Commercial Bank PCL NVDR
94,700
525,178
0.27
5,055,999
2.64
Robeco Capital Growth Funds 97
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Ford Otomotiv Sanayi AS
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
Turkcell Iletisim Hizmetleri AS
35,189
204,263
0.11
Turkiye Garanti Bankasi AS
123,890
540,647
0.27
Turkiye Halk Bankasi AS
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
Asustek Computer Inc
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
Cheng Shin Rubber Industry Co Ltd
64,980
205,102
0.11
Chicony Electronics Co Ltd
173,880
452,525
0.24
China Steel Corp
464,720
380,664
0.20
Chunghwa Telecom Co Ltd
57,000
193,988
0.10
Compal Electronics Inc
736,000
413,787
0.22
CTBC Financial Holding Co Ltd
472,587
292,499
0.15
Delta Electronics Inc
142,000
646,725
0.34
Farglory Land Development Co Ltd
160,000
293,617
0.15
Feng Hsin Iron & Steel Co
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
Fubon Financial Holding Co Ltd
508,000
692,396
0.36
Highwealth Construction Corp
173,000
363,652
0.19
Hon Hai Precision Industry Co Ltd
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
Lite-On Technology Corp
329,640
578,528
0.30
MediaTek Inc
65,000
755,814
0.39
Mega Financial Holding Co Ltd
298,410
226,513
0.12
Merida Industry Co Ltd
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Taiwan Mobile Co Ltd
67,000
264,906
0.14
Taiwan Semiconductor Manufacturing Co 1,324,000
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
America Movil SAB de CV ADR
102,233
2,223,568
1.16
Banco Bradesco SA ADR
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
Cia de Saneamento Basico do Es ADR
25,965
270,296
0.14
Cia Energetica de Minas Gerais ADR
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
Grupo Aeroportuario del Pacifi ADR
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
Itau Unibanco Holding SA ADR
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
Mobile Telesystems OJSC
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
Petroleo Brasileiro SA ADR PRF
135,911
1,992,455
1.05
Robeco Capital Growth Funds 98
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Telefonica Brasil SA ADR
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
Growthpoint Properties Ltd
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
Imperial Holdings Ltd
7,161
151,382
0.08
Kumba Iron Ore Ltd
3,194
148,194
0.08
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
Liberty Holdings Ltd
37,289
450,523
0.24
MMI Holdings Ltd/South Africa
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
Redefine Properties Ltd
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
Standard Bank Group Ltd
64,695
726,507
0.38
Steinhoff International Holdings Ltd
133,706
330,251
0.17
Tiger Brands Ltd
6,424
191,480
0.10
Vodacom Group Ltd
14,756
156,104
0.08
Woolworths Holdings Ltd/South Africa
40,830
264,914
0.14
13,463,017
7.03
Total transferable securities and money market instruments admitted to an official stock exchange listing
188,711,040
98.57
Total securities portfolio
188,711,040
98.57
Other assets and liabilities
2,746,417
1.43
Total net assets
191,457,457
100.00
Robeco Capital Growth Funds 99
Robeco Emerging Conservative 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
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
Natura Cosmeticos SA
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
Telefonica Czech Republic AS
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
China Construction Bank Corp
29,346,000
20,771,291
1.23
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
China Mobile Ltd
2,337,000
24,405,402
1.44
China Resources Power Holdings Co Ltd
3,858,000
9,191,924
0.54
Guangdong Investment Ltd
10,238,000
8,870,062
0.52
Hengan International Group Co Ltd
432,000
4,706,333
0.28
Huaneng Power International Inc
10,422,000
10,319,402
0.61
Industrial & Commercial Bank of China Lt 17,773,000
11,204,999
0.66
Jiangsu Expressway Co Ltd
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
Zhejiang Expressway Co Ltd
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
Semen Indonesia Persero Tbk PT
3,014,500
5,193,749
0.31
Telekomunikasi Indonesia Persero Tbk PT 16,069,500
18,214,800
1.07
Unilever Indonesia Tbk PT
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
HCL Technologies Ltd
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
Sun Pharmaceutical Industries Ltd
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
GS Home Shopping Inc
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
Samsung Electronics Co Ltd
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
Robeco Capital Growth Funds 100
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Kimberly-Clark de Mexico SAB de CV
3,809,600
12,245,494
0.73
12,949,636
0.77
MYR
Alliance Financial Group Bhd
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
Berjaya Sports Toto Bhd
2,467,644
3,413,053
0.20
British American Tobacco Malaysia Bhd
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
Lafarge Malaysia Bhd
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
KGHM Polska Miedz SA
259,316
9,418,786
0.56
Polskie Gornictwo Naftowe i Gazownictwo 7,590,010
13,214,496
0.78
Powszechny Zaklad Ubezpieczen SA
101,937
12,536,551
0.74
35,169,833
2.08
SGD
Thai Beverage PCL
22,932,000
10,667,727
0.63
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
THB
Advanced Info Service PCL NVDR
1,275,600
11,598,232
0.68
Airports of Thailand PCL NVDR
2,601,700
14,134,658
0.84
Bangchak Petroleum PCL NVDR
6,847,700
7,617,141
0.45
Bangkok Bank PCL NVDR
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
Ford Otomotiv Sanayi AS
378,374
5,216,373
0.31
Tupras Turkiye Petrol Rafinerileri AS
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
Asustek Computer Inc
1,045,500
9,000,001
0.53
Cheng Shin Rubber Industry Co Ltd
4,595,000
14,503,588
0.86
Chicony Electronics Co Ltd
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
Chunghwa Telecom Co Ltd
6,034,000
20,535,453
1.21
Compal Electronics Inc
2,494,000
1,402,152
0.08
CTCI Corp
2,956,000
5,385,126
0.32
Delta Electronics Inc
3,846,000
17,516,234
1.04
Far EasTone Telecommunications Co Ltd
5,126,000
13,768,077
0.81
Feng Hsin Iron & Steel Co
809,000
1,430,616
0.08
Robeco Capital Growth Funds 101
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Fubon Financial Holding Co Ltd
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
Lite-On Technology Corp
9,539,721
16,742,497
0.99
Makalot Industrial Co Ltd
2,641,000
12,600,949
0.75
Mega Financial Holding Co Ltd
2,153,749
1,634,840
0.10
Merida Industry Co Ltd
1,259,250
7,478,780
0.44
Novatek Microelectronics Corp
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
Taiwan Mobile Co Ltd
3,158,300
12,487,358
0.74
Taiwan Semiconductor Manufacturing Co 9,126,000
33,798,876
2.00
Teco Electric and Machinery Co Ltd
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
Banco Bradesco SA ADR
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
Cia de Saneamento Basico do Es ADR
724,674
7,543,856
0.45
Cia Energetica de Minas Gerais ADR
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
Grupo Aeroportuario del Pacifi ADR
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
Mobile Telesystems OJSC
357,057
2,816,600
0.17
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
Telefonica Brasil SA ADR
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
Growthpoint Properties Ltd
5,066,534
13,468,605
0.80
Imperial Holdings Ltd
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
MMI Holdings Ltd/South Africa
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
Redefine Properties Ltd
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
Standard Bank Group Ltd
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
Woolworths Holdings Ltd/South Africa
1,682,585
10,916,981
0.65
219,615,040
12.98
Total transferable securities and money market instruments admitted to an official stock exchange listing
1,659,868,427
98.16
Total securities portfolio
1,659,868,427
98.16
Other assets and liabilities
31,441,961
1.84
Total net assets
1,691,310,388
100.00
Robeco Capital Growth Funds 102
Robeco Emerging Markets Smaller Companies 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
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
Kroton Educacional SA
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
Geely Automobile Holdings Ltd
675,000
292,405
1.02
Guangdong Investment Ltd
278,000
240,855
0.83
Guangzhou R&F Properties Co Ltd
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
Shanghai Industrial Holdings Ltd
73,000
226,350
0.78
Uni-President China Holdings Ltd
280,000
284,463
0.98
Yuexiu Property Co Ltd
1,064,000
270,240
0.93
Zhejiang Expressway Co Ltd
348,000
283,556
0.98
4,888,971
16.88
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
IDR
Bank Negara Indonesia Persero Tbk PT
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
Zee Entertainment Enterprises Ltd
125,074
496,823
1.72
2,617,452
9.04
KRW
BS Financial Group Inc
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
GS Home Shopping Inc
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
Alliance Financial Group Bhd
238,500
400,077
1.38
Top Glove Corp Bhd
161,900
319,750
1.10
719,827
2.48
PHP
Alliance Global Group Inc
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
Robeco Capital Growth Funds 103
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Airports of Thailand PCL NVDR
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
Chicony Electronics Co Ltd
195,000
507,491
1.75
E.Sun Financial Holding Co Ltd
637,000
388,946
1.34
Lite-On Technology Corp
288,000
505,449
1.75
Merida Industry Co Ltd
88,000
522,639
1.80
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
Novatek Microelectronics Corp
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
Teco Electric and Machinery Co Ltd
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
Imperial Holdings Ltd
17,356
366,903
1.27
Mediclinic International Ltd
65,400
452,328
1.56
MMI Holdings Ltd/South Africa
221,669
495,043
1.71
RMB Holdings Ltd
70,487
279,755
0.97
Steinhoff International Holdings Ltd
105,719
261,123
0.90
1,884,551
6.51
Total transferable securities and money market instruments admitted to an official stock exchange listing
28,802,816
99.46
Total securities portfolio
28,802,816
99.46
Other assets and liabilities
156,310
0.54
Total net assets
28,959,126
100.00
Robeco Capital Growth Funds 104
Robeco Asia-Pacific 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
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
China Construction Bank Corp
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
Beijing Capital International Airport Co
13,282,000
6,665,964
0.81
Central China Real Estate Ltd
26,101,000
5,747,237
0.70
China Communications Services Corp Ltd
18,840,000
9,156,426
1.11
China Construction Bank Corp
25,700,000
13,994,406
1.70
China Galaxy Securities Co Ltd
10,750,000
5,054,007
0.61
China Petroleum & Chemical Corp
27,800,000
15,055,197
1.83
Haier Electronics Group Co Ltd
11,000,000
13,485,286
1.64
Hutchison Whampoa Ltd
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
Aditya Birla Nuvo Ltd
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
Zee Entertainment Enterprises Ltd
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Sumitomo Mitsui Financial Group Inc
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
Hyundai Motor Co Pref
171,000
11,519,079
1.40
KB Financial Group Inc
429,652
9,898,391
1.20
Samsung Electronics Co Ltd
5,800
5,243,269
0.64
Samsung Electronics Co Ltd Pref
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
Robeco Capital Growth Funds 105
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Global Logistic Properties Ltd
5,876,000
9,801,650
1.19
Golden Agri-Resources Ltd
28,313,000
9,617,421
1.17
29,664,880
3.60
THB
Bangkok Bank PCL NVDR
2,575,000
13,029,938
1.58
LPN Development PCL NVDR
4,340,000
2,594,429
0.32
PTT Global Chemical PCL Foreign
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
Compal Electronics Inc
7,374,299
3,189,527
0.39
CTBC Financial Holding Co Ltd
23,796,077
11,330,651
1.37
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
Hon Hai Precision Industry Co Ltd
4,835,000
9,184,040
1.12
HTC Corp
350,000
2,147,195
0.26
Lite-On Technology Corp
3,297,440
4,452,134
0.54
Taiwan Semiconductor Manufacturing Co 2,849,730
8,119,556
0.99
47,154,808
5.73
USD
Advanced Semiconductor Enginee ADR
5,429
16,957
0.01
AsiaInfo-Linkage Inc
865,000
7,679,425
0.93
7,696,382
0.94
Total transferable securities and money market instruments admitted to an official stock exchange listing
814,962,567
99.06
Total securities portfolio
814,962,567
99.06
Other assets and liabilities
7,772,820
0.94
Total net assets
822,735,387
100.00
Robeco Capital Growth Funds 106
RobecoSAM Sustainable European 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
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
British American Tobacco PLC
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
Royal Dutch Shell PLC
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
423,007,674
98.35
Total securities portfolio
423,007,674
98.35
Other assets and liabilities
7,099,851
1.65
Total net assets
430,107,525
100.00
Robeco Capital Growth Funds 107
Robeco European Conservative 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
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
Telefonica Czech Republic AS
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Muenchener Rueckversicherungs AG
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
Royal Dutch Shell PLC
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
Teleperformance/STK/06-06-2013
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
Associated British Foods PLC
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
British American Tobacco PLC
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
Robeco Capital Growth Funds 108
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Reckitt Benckiser Group PLC
71,947
3,902,096
1.40
Reed Elsevier PLC
362,671
3,161,205
1.13
Royal Dutch Shell PLC
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
Vodafone Group PLC/STK/12-06-2013
1,931,384
173,281
0.06
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Ford Otomotiv Sanayi AS
160,587
1,703,195
0.61
Turk Traktor ve Ziraat Makineleri AS
56,251
1,525,147
0.55
Turkcell Iletisim Hizmetleri AS
138,035
616,424
0.22
3,844,766
1.38
Total transferable securities and money market instruments admitted to an official stock exchange listing
273.134.222
97,97
Total securities portfolio
273.134.222
97,97
Other assets and liabilities
5.687.108
2,03
Total net assets
278,821,330
100.00
Robeco Capital Growth Funds 109
Robeco US Premium Equities Investment portfolio
At 30 June 2013
Quantity Market Value in
USD x 1 In % of net
assets
Transferable securities and money market instruments admitted to an official stock exchange listing
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
Axis Capital Holdings Ltd
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
ON Semiconductor Corp
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
Robeco Capital Growth Funds 110
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Seagate Technology PLC
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
Travelers Cos Inc/The
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
USD x 1 In % of net
assets
Validus Holdings Ltd
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
7,286,123,512
98.18
Total securities portfolio
7,286,123,512
98.18
Other assets and liabilities
134,760,466
1.82
Total net assets
7,420,883,978
100.00
Robeco Capital Growth Funds 111
Robeco Chinese 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
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
Agricultural Bank of China Ltd
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
China Construction Bank Corp
69,800,000
38,008,153
9.19
China Everbright International Ltd
16,000,000
9,521,826
2.31
China Galaxy Securities Co Ltd
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
China Merchants Bank Co Ltd
2,000,000
2,570,893
0.62
China Mobile Ltd
3,100,000
24,905,526
6.03
China Overseas Grand Oceans Group Ltd
5,875,500
5,769,378
1.40
China Overseas Land & Investment Ltd
5,000,000
10,092,144
2.44
China Pacific Insurance Group Co Ltd
3,500,000
8,591,960
2.08
China Petroleum & Chemical Corp
11,700,000
6,336,180
1.53
China Railway Group Ltd
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
ENN Energy Holdings Ltd
2,442,000
10,015,443
2.42
Geely Automobile Holdings Ltd
23,000,000
7,665,070
1.86
Great Wall Motor Co Ltd
2,700,000
8,957,955
2.17
Guangshen Railway Co Ltd
6,000,000
1,862,707
0.45
Guangzhou R&F Properties Co Ltd
4,000,000
4,451,454
1.08
Guodian Technology & Environment Grp C 15,000,000
3,511,173
0.85
Haier Electronics Group Co Ltd
8,700,000
10,665,635
2.58
Hengan International Group Co Ltd
500,000
4,190,595
1.01
Huaneng Renewables Corp Ltd
9,500,000
2,647,762
0.64
Industrial & Commercial Bank of China
58,500,000
28,373,553
6.86
Intime Department Store Group Co Ltd
4,300,000
3,228,593
0.78
Kunlun Energy Co Ltd
1,500,000
2,047,193
0.50
Samsonite International SA
2,999,800
5,557,995
1.35
Shanghai Industrial Holdings Ltd
4,100,000
9,780,205
2.37
Sino Biopharmaceutical
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
Tencent Holdings Ltd
1,150,000
34,698,128
8.40
Towngas China Co Ltd
6,500,000
4,977,138
1.20
Zhejiang Expressway Co Ltd
4,500,000
2,820,841
0.68
Zhuzhou CSR Times Electric Co Ltd
1,300,000
2,519,515
0.61
Hollysys Automation Technologies Ltd
700,000
6,683,079
1.62
372,264,100
90.12
Total transferable securities and money market instruments admitted to an official stock exchange listing
403,345,805
97.64
Total securities portfolio
403,345,805
97.64
Other assets and liabilities
9,708,150
2.36
Total net assets
413,053,955
100.00
Robeco Capital Growth Funds 112
Robeco Indian 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
INR
Aditya Birla Nuvo Ltd
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
Mahindra & Mahindra Ltd
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
Oil & Natural Gas Corp Ltd
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
Power Grid Corp of India Ltd
101,500
146,251
0.96
Prestige Estates Projects Ltd
129,931
257,360
1.70
Reliance Industries Ltd
95,625
1,067,870
7.04
Sun Pharmaceutical Industries Ltd
35,400
463,584
3.06
Tata Consultancy Services Ltd
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
Zee Entertainment Enterprises Ltd
125,500
383,518
2.53
14,614,065
96.37
Total transferable securities and money market instruments admitted to an official stock exchange listing
14,614,065
96.37
Total securities portfolio
14,614,065
96.37
Other assets and liabilities
550,267
3.63
Total net assets
15,164,332
100.00
Robeco Capital Growth Funds 113
Robeco Asian Stars 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
HKD
Beijing Capital International Airport Co
2,900,000
1,891,868
2.34
China Construction Bank Corp
3,872,622
2,741,067
3.38
China Galaxy Securities Co Ltd
2,483,000
1,517,390
1.88
China Overseas Grand Oceans Group Ltd
1,100,000
1,404,010
1.74
China Petroleum & Chemical Corp
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
Haier Electronics Group Co Ltd
945,000
1,505,887
1.86
Hutchison Whampoa Ltd
160,000
1,682,233
2.08
Kunlun Energy Co Ltd
798,000
1,415,675
1.75
Sino Biopharmaceutical
2,204,000
1,429,295
1.77
Sun Hung Kai Properties Ltd
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
Aditya Birla Nuvo Ltd
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
Zee Entertainment Enterprises Ltd
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
Hyundai Motor Co Pref
21,000
1,838,799
2.27
KB Financial Group Inc
71,200
2,132,166
2.64
Samsung Electronics Co Ltd Pref
4,720
3,653,500
4.52
SK Telecom Co Ltd
9,600
1,765,247
2.18
14,779,044
18.27
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Alliance Global Group Inc
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
Global Logistic Properties Ltd
900,000
1,951,431
2.42
Golden Agri-Resources Ltd
3,562,000
1,572,751
1.94
5,375,273
6.65
THB
Bangkok Bank PCL NVDR
361,200
2,375,779
2.94
PTT Global Chemical PCL Foreign
750,000
1,668,547
2.06
4,044,326
5.00
TWD
Compal Electronics Inc
2,587,000
1,454,438
1.80
CTBC Financial Holding Co Ltd
2,959,468
1,831,709
2.26
Hon Hai Precision Industry Co Ltd
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
AsiaInfo-Linkage Inc
134,000
1,546,360
1.91
Hollysys Automation Technologies Ltd
140,000
1,737,400
2.15
3,283,760
4.06
Total transferable securities and money market instruments admitted to an official stock exchange listing
78,285,175
96.80
Total securities portfolio
78,285,175
96.80
Other assets and liabilities
2,596,834
3.20
Total net assets
80,882,009
100.00
Robeco Capital Growth Funds 114
Robeco US Large Cap 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
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
American Electric Power Co Inc
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
Axis Capital Holdings Ltd
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
Constellation Brands Inc
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
Discover Financial Services
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
ON Semiconductor Corp
1,143,055
9,235,884
0.66
Parker Hannifin Corp
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
Seagate Technology PLC
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
Travelers Cos Inc/The
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
Validus Holdings Ltd
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
1,350,897,749
96.37
Total securities portfolio
1,350,897,749
96.37
Other assets and liabilities
50,821,948
3.63
Total net assets
1,401,719,697
100.00
Robeco Capital Growth Funds 115
Robeco US Select Opportunities Investment portfolio
At 30 June 2013
Quantity Market Value in
USD x 1 In % of net
assets
Transferable securities and money market instruments admitted to an official stock exchange listing
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
Alliance Data Systems Corp
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
American Electric Power Co Inc
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
Axis Capital Holdings Ltd
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
Cameron International Corp
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
Constellation Brands Inc
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
DaVita HealthCare Partners Inc
7,469
902,255
0.19
Discover Financial Services
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Marathon Petroleum Corp
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
Robeco Capital Growth Funds 116
Investment portfolio
At 30 June 2013
Quantity Market Value in
USD x 1 In % of net
assets
Omnicom Group Inc
48,299
3,036,558
0.65
ON Semiconductor Corp
432,372
3,493,566
0.75
Owens-Illinois Inc
135,005
3,751,789
0.81
Parker Hannifin Corp
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
Reinsurance Group of America Inc
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
Seagate Technology PLC
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
457,334,216
98.58
Total securities portfolio
457,334,216
98.58
Other assets and liabilities
6,591,438
1.42
Total net assets
463,925,654
100.00
Robeco Capital Growth Funds 117
Robeco New World Financial 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
AUD
Insurance Australia Group Ltd
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
BB Seguridade Participacoes SA
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Bank Mandiri Persero Tbk PT
1,650,000
1,151,073
0.67
Bank Negara Indonesia Persero Tbk PT
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
Robeco Capital Growth Funds 118
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Hana Financial Group Inc
35,000
783,937
0.46
MXN
Grupo Financiero Banorte SAB de CV
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
Turkiye Halk Bankasi AS
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
Alliance Data Systems Corp
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
EUR x 1 In % of net
assets
Discover Financial Services
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
Reinsurance Group of America Inc
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
164,784,789
96.48
Total securities portfolio
164,784,789
96.48
Other assets and liabilities
5,989,524
3.52
Total net assets
170,774,313
100.00
Robeco Capital Growth Funds 119
Robeco Property 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
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
Sun Hung Kai Properties Ltd
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Global Logistic Properties Ltd
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
371,012,167
99.96
Total securities portfolio
371,012,167
99.96
Other assets and liabilities
125,545
0.04
Total net assets
371,137,712
100.00
Robeco Capital Growth Funds 120
Robeco Global Consumer Trends 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
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
Hengan International Group Co Ltd
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
Unilever Indonesia Tbk PT
3,500,000
8,342,370
1.31
JPY
Unicharm Corp
200,000
8,689,591
1.37
KRW
Samsung Electronics Co Ltd
9,500
8,588,113
1.35
TWD
MediaTek Inc
1,050,000
9,392,856
1.48
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Mondelez International Inc
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
619,892,099
97.57
Total securities portfolio
619,892,099
97.57
Other assets and liabilities
15,415,784
2.43
Total net assets
635,307,883
100.00
Robeco Capital Growth Funds 121
Robeco Natural Resources 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
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
Royal Dutch Shell PLC
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Marathon Petroleum Corp
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
79,175,658
92.92
Total securities portfolio
79,175,658
92.92
Other assets and liabilities
2,953,164
7.08
Total net assets
82,128,822
100.00
Robeco Capital Growth Funds 122
RobecoSAM Sustainable Agribusiness 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
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
Chaoda Modern Agriculture Holdings Ltd
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Mondelez International Inc
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
102,339,517
94.83
Total securities portfolio
102,339,517
94.83
Other assets and liabilities
5,572,722
5.17
Total net assets
107,912,239
100.00
Robeco Capital Growth Funds 123
Robeco Infrastructure 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
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
Vodafone Group PLC/STK/12-06-2013
700,000
62,803
0.05
7,253,247
5.73
HKD
China Communications Services Corp Ltd
4,100,000
1,992,640
1.58
China Railway Group Ltd
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
Investment portfolio
At 30 June 2013
Quantity Market Value in
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
Cameron International Corp
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
Total transferable securities and money market instruments admitted to an official stock exchange listing
124,199,991
98.13
Total securities portfolio
124,199,991
98.13
Other assets and liabilities
2,371,268
1.87
Total net assets
126,571,259
100.00
Robeco Capital Growth Funds 124
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
Transferable securities and money market instruments admitted to an official stock exchange listing
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
4.6250 ELECTRICIDADE DE PORTUGAL
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
4.7500 ELECTRICIDADE DE PORTUGAL
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
5.7500 ELECTRICIDADE DE PORTUGAL
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
5.8750 ELECTRICIDADE DE PORTUGAL
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
Robeco Capital Growth Funds 125
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
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
6.7500 OI EUROPEAN GROUP
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
6.7500 TELENET FINANCE V LUXEMBOUR
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
7.3750 WIND ACQUISITION FINANCE SA
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
7.7500 SCHAEFFLER FINANCE BV
15/02/2017
9,650,000
10,592,805
0.32
7.7500 SMURFIT KAPPA ACQUISITIONS
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
8.0000 HEIDELBERGCEMENT AG
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
8.5000 HEIDELBERGCEMENT AG
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
8.7500 MOBILE CHALLENGER INTERMEDI
15/03/2019
4,650,000
4,510,500
0.14
8.7500 SCHAEFFLER FINANCE BV
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
9.2500 ARDAGH PACKAGING FINANCE
15/10/2020
4,700,000
4,923,250
0.15
9.2500 R&R ICE CREAM PLC
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
9.5000 BEVERAGE PACKAGING HOLD
15/06/2017
13,300,000
13,499,500
0.41
9.5000 HEIDELBERGCEMENT AG
15/12/2018
13,000,000
16,318,901
0.50
Robeco Capital Growth Funds 126
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
9.5000 INTERXION HOLDING NV
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
15.0000 LBG CAPITAL NO.2 PLC
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
6.6250 ELECTRICIDADE DE PORTUGAL
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
Robeco Capital Growth Funds 127
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
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
4.8750 SMURFIT KAPPA ACQUISITIONS
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
5.2500 CCO HLDGS LLC/CAP CORP
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
5.6250 GESTAMP FUNDING LUXEMBOURG
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
Robeco Capital Growth Funds 128
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
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
6.0000 CONSTELLATION BRANDS INC
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
6.0000 EDP FINANCE BV
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
6.5000 CCO HLDGS LLC/CAP CORP
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
6.5000 CLEAR CHANNEL WORLDWIDE
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
6.5000 PLAINS E&P COMPANY
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
6.5000 SEALED AIR CORP
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
6.6250 CCO HLDGS LLC/CAP CORP
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
6.6250 METROPCS WIRELESS INC
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
Robeco Capital Growth Funds 129
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
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
6.7500 HCA - THE HEALTHCARE CO
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
6.7500 PLAINS E&P COMPANY
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
6.8750 SEALED AIR CORP
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
6.8750 VALEANT PHARMACEUTICALS INT
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
6.9000 LIMITED BRANDS INC
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
7.0000 ARDAGH PACKAGING FINANCE
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
7.0000 CCO HLDGS LLC/CAP CORP
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
7.0000 VALEANT PHARMACEUTICALS INT
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
7.1250 REYNOLDS GRP ISS REYNOLD
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
Robeco Capital Growth Funds 130
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
7.2500 CALPINE CORP
15/10/2017
8,099,000
6,495,524
0.19
7.2500 CONSTELLATION BRANDS INC
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
7.2500 TRW AUTOMOTIVE INC
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
7.3750 CCO HLDGS LLC/CAP CORP
01/06/2020
9,000,000
7,529,715
0.23
7.3750 CONTINENTAL RESOURCES INC
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
7.3750 UNITED RENTALS INC
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
7.6250 CLEAR CHANNEL WORLDWIDE
15/03/2020
36,000,000
28,664,846
0.86
7.6250 CLEAR CHANNEL WORLDWIDE
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
7.6250 UNITED RENTALS INC
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
7.7500 SAPPI PAPPIER HOLDING AG
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
7.7500 WINDSTREAM CORP
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
7.8750 METROPCS WIRELESS INC
01/09/2018
3,000,000
2,457,976
0.07
Robeco Capital Growth Funds 131
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
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
7.8750 REYNOLDS GRP ISS REYNOLD
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
7.8750 WINDSTREAM CORP
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
8.1250 CCO HLDGS LLC/CAP CORP
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
8.1250 LEVEL 3 FINANCING INC
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
8.1250 WINDSTREAM CORP
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
8.2500 CONTINENTAL RESOURCES INC
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
8.3750 SEALED AIR CORP
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
8.5000 ALGECO SCOTSMAN GLOB FIN
15/10/2018
15,000,000
11,482,094
0.34
8.5000 HCA - THE HEALTHCARE CO
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
8.5000 LIMITED BRANDS INC
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
8.7500 GANNETT CO INC
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
8.8750 NARA CABLE FUNDING
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
Robeco Capital Growth Funds 132
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
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
9.3750 GANNETT CO INC
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
10.0000 LEVEL 3 FINANCING INC
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
Other assets and liabilities
193,007,713
5.79
Total net assets
3,332,754,776
100.00
Robeco Capital Growth Funds 133
Robeco Investment Grade Corporate Bonds Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
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
0.7500 GERMANY (FEDERAL REPUBLIC)
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
2.0000 ANHEUSER-BUSCH INBEV NV
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
2.3750 COCA-COLA ENTERPRISES PLC
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
2.6250 DAIMLERCHRYSLER NORTH AMER
02/04/2019
5,800,000
6,033,334 0.49
2.6250 NEDERLANDSE GASUNIE NV
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
2.6250 ROBERT BOSCH INVESTMENT NED
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
Robeco Capital Growth Funds 134
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
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
2.8750 PHILIP MORRIS INTL INC
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
3.0000 FRANCE TELECOM
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
3.1250 GAZ DE FRANCE
21/01/2020
3,400,000
3,606,414 0.29
3.1250 LINDE FINANCE BV
12/12/2018
2,420,000
2,615,221 0.21
3.1250 PHILIP MORRIS INTL INC
03/06/2033
2,860,000
2,717,744 0.22
3.1570 CASINO GUICHARD
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
3.2500 GERMANY (FEDERAL REPUBLIC)
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
3.3110 CASINO GUICHARD
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
3.3750 CARLSBERG BREWERIES A S
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
3.3750 FRANCE TELECOM
16/09/2022
4,800,000
4,990,656 0.41
3.4720 BP CAPITAL MARKETS PLC
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
3.5000 GAZ DE FRANCE
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
3.7500 RCI BANQUE SA
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
3.8750 FRANCE TELECOM
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
4.0000 ANHEUSER-BUSCH INBEV NV
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
4.0000 GERMANY (FEDERAL REPUBLIC)
04/01/2037
2,100,000
2,681,175 0.22
4.0000 GERMANY (FEDERAL REPUBLIC)
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
4.1250 FRANCE TELECOM
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
4.1250 PROCTER & GAMBLE CO
07/12/2020
5,200,000
6,016,868 0.49
Robeco Capital Growth Funds 135
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
4.1540 BP CAPITAL MARKETS PLC
01/06/2020
7,500,000
8,493,900 0.69
4.2500 DEUTSCHE TELEKOM AG
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
4.2500 GERMANY (FEDERAL REPUBLIC)
04/01/2014
2,000
2,043 0.00
4.2500 GERMANY (FEDERAL REPUBLIC)
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
4.2500 TELSTRA CORP LTD
23/03/2020
7,900,000
8,963,418 0.73
4.3750 BRITISH AMERICAN TOBACCO
15/09/2014
500,000
523,010 0.04
4.3750 GAS NATURAL CAPITAL MARKETS
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
4.3750 TELE DANMARK AS
23/02/2018
8,900,000
9,868,587 0.81
4.3790 CASINO GUICHARD
08/02/2017
8,000,000
8,690,880 0.71
4.4500 VEOLIA ENVIRONNEMENT
Perpetual
16,800,000
16,212,000 1.32
4.4810 CASINO GUICHARD
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
4.5000 DEUTSCHE TELEKOM AG
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
4.5000 IMPERIAL TOBACCO FIN PLC
05/07/2018
6,000,000
6,703,260 0.55
4.5000 PROCTER & GAMBLE CO
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
4.5000 TENNET HOLDING BV
09/02/2022
4,070,000
4,695,640 0.38
4.6250 DAIMLERCHRYSLER NORTH AMER
02/09/2014
750,000
784,552 0.06
4.6250 HENKEL CORP
19/03/2014
5,190,000
5,346,634 0.44
4.7500 AMERICA MOVIL SA DE CV
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
4.7500 TELECOM ITALIA SPA
25/05/2018
300,000
308,394 0.03
4.7500 TELEFONICA EMISONES SAU
07/02/2017
7,400,000
7,909,490 0.65
4.7970 TELEFONICA EMISONES SAU
21/02/2018
800,000
858,688 0.07
4.8200 SUEZ ENVIRONNEMENT SA
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
4.8750 ENEL FINANCE INTERNATIONAL
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
5.0250 SCOTTISH & SOUTHERN ENERGY
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
5.1250 NEDERLANDSE GASUNIE NV
31/03/2017
6,350,000
7,258,367 0.59
5.1250 PROCTER & GAMBLE CO
24/10/2017
500,000
582,190 0.05
5.1250 WOLTERS KLUWER NV
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
5.3750 ELECTRICITE DE FRANCE
Perpetual
4,700,000
4,805,750 0.39
5.3750 GAS NATURAL CAPITAL MARKETS
24/05/2019
3,200,000
3,557,344 0.29
5.3750 TELECOM ITALIA SPA
29/01/2019
4,200,000
4,374,594 0.36
5.4310 TELEFONICA EMISONES SAU
03/02/2014
7,000,000
7,170,940 0.59
5.4960 TELEFONICA EMISONES SAU
01/04/2016
800,000
868,248 0.07
Robeco Capital Growth Funds 136
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
5.5000 E.ON AG
19/01/2016
5,400,000
6,012,036 0.49
5.5000 GERMANY (FEDERAL REPUBLIC)
04/01/2031
1,000,000
1,455,030 0.12
5.6250 RCI BANQUE SA
13/03/2015
6,250,000
6,625,187 0.54
5.6250 SCOTTISH & SOUTHERN ENERGY
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
5.7500 DEUTSCHE TELEKOM AG
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
5.7500 ENEL FINANCE INTERNATIONAL
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
5.7500 PHILIP MORRIS INTL INC
24/03/2016
3,000,000
3,377,100 0.28
6.0000 BASF FINANCE EUROPE NV
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
6.2500 ELECTRICITE DE FRANCE
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
6.3750 GAS NATURAL FINANCE BV
09/07/2019
1,700,000
1,971,014 0.16
6.3750 GAZ DE FRANCE
18/01/2021
4,500,000
5,734,980 0.47
6.3750 WOLTERS KLUWER NV
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
6.7500 LINDE FINANCE BV
08/12/2015
1,500,000
1,718,955 0.14
6.7500 VEOLIA ENVIRONNEMENT
24/04/2019
3,550,000
4,419,324 0.36
6.8750 GAZ DE FRANCE
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
7.0000 TELECOM ITALIA SPA
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
7.8750 DAIMLERCHRYSLER NORTH AMER
16/01/2014
3,250,000
3,380,260 0.28
8.1250 FRANCE TELECOM
28/01/2033
3,200,000
4,833,696 0.39
8.2500 TELECOM ITALIA SPA
21/03/2016
600,000
683,310 0.06
8.3750 IMPERIAL TOBACCO FIN PLC
17/02/2016
4,870,000
5,736,325 0.47
8.6250 ANHEUSER-BUSCH INBEV NV
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
9.8750 VOLVO TREASURY AB
27/02/2014
3,100,000
3,281,071 0.27
1,192,455,431
97.43
Total transferable securities and money market instruments admitted to an official stock exchange listing 1,192,455,431
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 Capital Growth Funds 137
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
Transferable securities and money market instruments admitted to an official stock exchange listing
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
9.7620 BRAZIL NOTAS DO TESOURO NAC
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
6.7500 OI EUROPEAN GROUP
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
6.7500 HUNGARY (REPUBLIC OF)
22/08/2014
400,000,000
1,815,478
1.33
7.0000 HUNGARY (REPUBLIC OF)
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
8.2500 INDONESIA (REPUBLIC OF)
15/06/2032
15,000,000,000
1,586,902
1.16
8.3750 INDONESIA (REPUBLIC OF)
15/09/2026
11,000,000,000
1,180,353
0.86
11.5000 INDONESIA (REPUBLIC OF)
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
7.5000 MEXICAN BONOS
03/06/2027
34,700,000
2,993,524
2.20
8.0000 MEXICAN BONOS
19/12/2013
3,000,000
234,710
0.17
8.0000 MEXICAN BONOS
11/06/2020
29,400,000
2,570,959
1.88
8.5000 MEXICAN BONOS
18/11/2038
26,000,000
2,331,640
1.70
10.0000 MEXICAN BONOS
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
4.2620 MALAYSIA (FEDERATION OF)
15/09/2016
9,000,000
2,925,446
2.14
4.3780 MALAYSIA (FEDERATION OF)
29/11/2019
13,700,000
4,526,892
3.31
4.3920 MALAYSIA (FEDERATION OF)
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
Robeco Capital Growth Funds 138
Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in USD x 1
in % of net assets
5.5000 POLAND (REPUBLIC OF)
25/10/2019
2,100,000
685,786
0.50
5.7500 POLAND (REPUBLIC OF)
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
8.1500 FEDERAL LOAN BOND
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
3.6500 THAILAND (KINGDOM OF)
17/12/2021
50,000,000
1,614,935
1.18
3.8500 THAILAND (KINGDOM OF)
12/12/2025
23,000,000
732,134
0.53
4.1250 THAILAND (KINGDOM OF)
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
9.0000 TURKEY (REPUBLIC OF)
05/03/2014
5,000,000
2,617,296
1.92
9.5000 TURKEY (REPUBLIC OF)
12/01/2022
4,500,000
2,476,867
1.81
10.5000 TURKEY (REPUBLIC OF)
15/01/2020
4,500,000
2,593,481
1.90
11.0000 TURKEY (REPUBLIC OF)
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
3.7500 SABMILLER HOLDINGS INC
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
4.5000 STATE BANK INDIA
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
5.0000 AMERICA MOVIL SA DE CV
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
Robeco Capital Growth Funds 139
Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in USD x 1
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
5.4620 TELEFONICA EMISONES SAU
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
8.3750 SAPPI PAPPIER HOLDING AG
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
8.0000 SOUTH AFRICA (REPUBLIC OF)
21/12/2018
34,000,000
3,569,495
2.61
10.5000 SOUTH AFRICA (REPUBLIC OF)
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
Other assets and liabilities 3,180,502
2.32
Total net assets 136,877,049
100.00
Robeco Capital Growth Funds 140
Robeco Quant Emerging Debt Local Currency Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in USD x 1
in % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
BRL
9.7620
BRAZIL NOTAS DO TESOURO NAC
01/01/2017
1,900,000
837,967
3.78
9.7620 BRAZIL NOTAS DO TESOURO NAC
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
7.0000 HUNGARY (REPUBLIC OF)
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
7.0000 INDONESIA (REPUBLIC OF)
15/05/2027
4,600,000,000
439,839
1.98
7.0000 INDONESIA (REPUBLIC OF)
15/05/2022
3,800,000,000
381,914
1.72
8.2500 INDONESIA (REPUBLIC OF)
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
7.2500 MEXICAN BONOS
15/12/2016
8,000,000
663,169
2.99
7.7500 MEXICAN BONOS
13/11/2042
3,500,000
290,453
1.31
10.0000 MEXICAN BONOS
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
3.3140 MALAYSIA (FEDERATION OF)
31/10/2017
1,300,000
410,221
1.85
3.4180 MALAYSIA (FEDERATION OF)
15/08/2022
450,000
139,293
0.63
3.4920 MALAYSIA (FEDERATION OF)
31/03/2020
2,500,000
788,490
3.56
3.8920 MALAYSIA (FEDERATION OF)
15/03/2027
1,350,000
428,349
1.93
4.3780 MALAYSIA (FEDERATION OF)
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
5.0000 POLAND (REPUBLIC OF)
25/04/2016
700,000
219,549
0.99
5.5000 POLAND (REPUBLIC OF)
25/04/2015
700,000
219,308
0.99
5.7500 POLAND (REPUBLIC OF)
25/10/2021
1,470,000
487,596
2.20
5.7500 POLAND (REPUBLIC OF)
23/09/2022
900,000
298,393 1.35
2,290,361
10.34
Robeco Capital Growth Funds 141
Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in USD x 1
in % of net assets
RUB
7.4000
FEDERAL LOAN BOND
14/06/2017
34,000,000
1,059,004
4.78
7.6000 FEDERAL LOAN BOND
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
8.1500 FEDERAL LOAN BOND
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
3.4500 THAILAND (KINGDOM OF)
08/03/2019
6,600,000
212,382
0.96
3.5800 THAILAND (KINGDOM OF)
17/12/2027
8,200,000
253,112
1.14
3.6250 THAILAND (KINGDOM OF)
22/05/2015
4,500,000
147,107
0.66
3.6500 THAILAND (KINGDOM OF)
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
9.0000 TURKEY (REPUBLIC OF)
05/03/2014
800,000
418,767
1.89
9.0000 TURKEY (REPUBLIC OF)
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
6.7500 SOUTH AFRICA (REPUBLIC OF)
31/03/2021
4,000,000
387,736
1.75
8.2500 SOUTH AFRICA (REPUBLIC OF)
15/09/2017
5,900,000
624,151
2.82
10.5000 SOUTH AFRICA (REPUBLIC OF)
21/12/2026
6,700,000
819,380
3.70
13.5000 SOUTH AFRICA (REPUBLIC OF)
15/09/2015
300,000
34,763 0.16
2,190,104
9.89
Total transferable securities and money market instruments admitted to an official stock exchange listing 20,282,910
91.49
Total investment portfolio 20,282,910
91.49
Other assets and liabilities 1,888,810
8.51
Total net assets 22,171,720
100.00
Robeco Capital Growth Funds 142
Robeco Euro Government Bonds Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in EUR x 1
in % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
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
2.2500 FRANCE (REPUBLIC OF)
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
2.5000 NETHERLANDS (KINGDOM OF)
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
3.2500 GERMANY (FEDERAL REPUBLIC)
04/07/2021
12,000,000
13,754,280
1.73
3.5000 BELGIUM (KINGDOM OF)
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
3.5000 FRANCE (REPUBLIC OF)
25/04/2026
13,900,000
15,065,794
1.90
3.5000 GERMANY (FEDERAL REPUBLIC)
04/01/2016
73,900,000
79,904,369
10.05
3.6500 AUSTRIA (REPUBLIC OF)
20/04/2022
6,750,000
7,692,637
0.97
3.7500 FRANCE (REPUBLIC OF)
25/04/2021
36,200,000
41,099,307
5.17
3.7500 FRANCE (REPUBLIC OF)
25/04/2017
19,050,000
21,082,635
2.65
3.7500 GERMANY (FEDERAL REPUBLIC)
04/01/2019
500,000
577,730
0.07
3.7500 NETHERLANDS (KINGDOM OF)
15/01/2023
3,200,000
3,693,184
0.46
3.7500 NETHERLANDS (KINGDOM OF)
15/01/2042
3,600,000
4,399,668
0.55
3.7500 SPAIN (KINGDOM OF)
31/10/2015
15,250,000
15,615,389
1.96
4.0000 BELGIUM (KINGDOM OF)
28/03/2022
10,700,000
12,090,465
1.52
4.0000 BELGIUM (KINGDOM OF)
28/03/2018
9,650,000
10,828,072
1.36
4.0000 BELGIUM (KINGDOM OF)
28/03/2019
7,300,000
8,249,512
1.04
4.0000 FRANCE (REPUBLIC OF)
25/04/2055
1,450,000
1,622,854
0.20
4.0000 FRANCE (REPUBLIC OF)
25/04/2018
24,500,000
27,782,266
3.50
4.0000 FRANCE (REPUBLIC OF)
25/04/2060
1,550,000
1,736,186
0.22
4.0000 GERMANY (FEDERAL REPUBLIC)
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
4.0000 NETHERLANDS (KINGDOM OF)
15/07/2018
4,750,000
5,419,132
0.68
4.1000 SPAIN (KINGDOM OF)
30/07/2018
4,300,000
4,395,202
0.55
4.1500 AUSTRIA (REPUBLIC OF)
15/03/2037
3,500,000
4,327,540
0.54
4.2500 BELGIUM (KINGDOM OF)
28/03/2041
2,050,000
2,331,486
0.29
4.2500 GERMANY (FEDERAL REPUBLIC)
04/01/2014
18,850,000
19,253,012
2.42
4.2500 GERMANY (FEDERAL REPUBLIC)
04/07/2039
5,150,000
6,921,343
0.87
4.2500 ITALY (REPUBLIC OF)
01/02/2015
19,800,000
20,551,014
2.59
4.2500 ITALY (REPUBLIC OF)
01/09/2019
13,550,000
13,923,980
1.75
4.2500 SPAIN (KINGDOM OF)
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
4.5000 FRANCE (REPUBLIC OF)
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
4.5000 ITALY (REPUBLIC OF)
01/02/2018
17,000,000
17,836,739
2.24
4.5000 ITALY (REPUBLIC OF)
01/08/2018
5,000,000
5,242,000
0.66
4.5000 ITALY (REPUBLIC OF)
01/03/2019
3,450,000
3,588,449
0.45
4.5000 ITALY (REPUBLIC OF)
15/07/2015
12,350,000
12,903,033
1.62
4.5000 NETHERLANDS (KINGDOM OF)
15/07/2017
2,700,000
3,092,526
0.39
4.6000 SPAIN (KINGDOM OF)
30/07/2019
6,150,000
6,372,692
0.80
4.6500 SPAIN (KINGDOM OF)
30/07/2025
14,900,000
14,563,558
1.83
Robeco Capital Growth Funds 143
Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in EUR x 1
in % of net assets
4.7000 SPAIN (KINGDOM OF)
30/07/2041
5,350,000
4,936,873
0.62
4.7500 GERMANY (FEDERAL REPUBLIC)
04/07/2034
6,950,000
9,627,835
1.21
4.7500 ITALY (REPUBLIC OF)
01/09/2021
8,400,000
8,764,308
1.10
4.7500 SPAIN (KINGDOM OF)
30/07/2014
11,350,000
11,717,626
1.47
5.0000 BELGIUM (KINGDOM OF)
28/03/2035
750,000
940,560
0.12
5.0000 ITALY (REPUBLIC OF)
01/09/2040
12,900,000
12,895,227
1.62
5.0000 ITALY (REPUBLIC OF)
01/03/2025
20,100,000
20,793,652
2.62
5.2500 ITALY (REPUBLIC OF)
01/08/2017
7,050,000
7,595,247
0.96
5.2500 ITALY (REPUBLIC OF)
01/11/2029
16,050,000
16,738,706
2.11
5.5000 BELGIUM (KINGDOM OF)
28/03/2028
5,900,000
7,598,551
0.96
5.5000 FRANCE (REPUBLIC OF)
25/04/2029
7,750,000
10,271,075
1.29
5.5000 GERMANY (FEDERAL REPUBLIC)
04/01/2031
2,900,000
4,219,587
0.53
5.5000 IRELAND (REPUBLIC OF)
18/10/2017
12,450,000
13,829,086
1.74
5.5000 ITALY (REPUBLIC OF)
01/09/2022
7,650,000
8,237,138
1.04
5.5000 ITALY (REPUBLIC OF)
01/11/2022
15,500,000
16,659,090
2.10
5.5000 NETHERLANDS (KINGDOM OF)
15/01/2028
4,900,000
6,746,075
0.85
5.7500 FRANCE (REPUBLIC OF)
25/10/2032
3,150,000
4,370,940
0.55
5.7500 SPAIN (KINGDOM OF)
30/07/2032
4,350,000
4,664,113
0.59
5.8500 SPAIN (KINGDOM OF)
31/01/2022
9,700,000
10,556,704
1.33
6.2500 AUSTRIA (REPUBLIC OF)
15/07/2027
3,900,000
5,640,102 0.71
763,308,009
96.03
Total transferable securities and money market instruments admitted to an official stock exchange listing 763,308,009
96.03
Total investment portfolio 763,308,009
96.03
Other assets and liabilities 31,479,887
3.97
Total net assets 794,787,896
100.00
Robeco Capital Growth Funds 144
Robeco Euro Credit 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 Covered Bonds Ih Eur
130,000 *
13,054,600
3.22
Total fund shares
13,054,600
3.22
* Quantity
Transferable securities and money market instruments admitted to an official stock exchange listing
EUR
0.3410
LUSI 5 A
15/07/2059
1,100,000
439,173
0.11
0.5000 GERMANY (FEDERAL REPUBLIC)
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
0.7485 ROYAL BANK OF SCOTLAND
Perpetual
5,400,000
3,402,000
0.84
0.7500 GERMANY (FEDERAL REPUBLIC)
24/02/2017
700,000
707,315
0.17
0.8750 NEDERLANDSE GASUNIE NV
30/10/2015
784,000
786,791
0.19
1.0000 DAIMLERCHRYSLER NORTH AMER
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
1.2500 DANONE (GROUPE)
06/06/2018
2,100,000
2,073,435
0.51
1.2500 GE CAPITAL CORP
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
1.5000 GAZ DE FRANCE
01/02/2016
4,148,000
4,204,578
1.04
1.5000 GERMANY (FEDERAL REPUBLIC)
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
1.6250 ROBERT BOSCH INVESTMENT NED
24/05/2021
900,000
879,390
0.22
1.7500 LINDE FINANCE BV
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
1.8750 ENEXIS HOLDING NV
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
1.8750 FRANCE TELECOM
02/10/2019
2,400,000
2,361,480
0.58
1.8750 SABMILLER HOLDINGS INC
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
2.0000 ANHEUSER-BUSCH INBEV NV
16/12/2019
810,000
812,389
0.20
2.0000 COCA-COLA ENTERPRISES PLC
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
2.0000 GE CAPITAL CORP
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
2.0000 MCDONALD'S CORP
01/06/2023
2,300,000
2,196,362
0.54
2.0000 PROCTER & GAMBLE CO
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
2.3750 VOLKSWAGEN AG
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
2.5000 ORIGIN ENERGY FINANCE LTD
23/10/2020
4,560,000
4,393,241
1.09
Robeco Capital Growth Funds 145
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
2.5000 STATKRAFT AS
28/11/2022
1,794,000
1,772,885
0.44
2.5000 TELSTRA CORP LTD
15/09/2023
1,010,000
984,396
0.24
2.6250 CARLSBERG BREWERIES A S
03/07/2019
4,508,000
4,593,697
1.13
2.6250 G4S PLC
06/12/2018
590,000
579,162
0.14
2.6250 ROBERT BOSCH INVESTMENT NED
24/05/2028
800,000
770,024
0.19
2.6250 SVENSKA HANDELSBANKEN
23/08/2022
140,000
141,035
0.03
2.8750 ALLIANDER NV
14/06/2024
2,919,000
2,949,503
0.73
2.8750 G4S INTERNATIONAL FINANCE P
02/05/2017
1,646,000
1,658,049
0.41
2.8750 WOLTERS KLUWER NV
21/03/2023
1,000,000
986,430
0.24
3.0000 FOERENINGSBANKEN AB
05/12/2022
4,622,000
4,658,421
1.15
3.1000 BP CAPITAL MARKETS PLC
07/10/2014
1,931,000
1,993,506
0.49
3.1250 CRH FINANCE LTD
03/04/2023
570,000
557,625
0.14
3.1250 DELHAIZE GROUP
27/02/2020
1,100,000
1,112,584
0.27
3.1250 NATIONWIDE BUILDING SOCIETY
03/04/2017
2,589,000
2,695,900
0.67
3.1250 UNION BANK OF SWITZERLAND
18/01/2016
2,344,000
2,459,138
0.61
3.1570 CASINO GUICHARD
06/08/2019
1,800,000
1,836,468
0.45
3.2500 ELIA SYSTEM OP SA/NV
04/04/2028
1,000,000
993,790
0.25
3.2500 GERMANY (FEDERAL REPUBLIC)
04/07/2042
755,743
880,456
0.22
3.2500 NORDEA BANK
05/07/2022
3,669,000
3,854,431
0.95
3.2500 THAMES WATER UTL CAYMAN
09/11/2016
520,000
551,668
0.14
3.3110 CASINO GUICHARD
25/01/2023
1,800,000
1,759,140
0.43
3.3750 A P MOLLER - MAERSK A/S
28/08/2019
1,600,000
1,634,048
0.40
3.3750 ENEXIS HOLDING NV
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
3.5000 TELE DANMARK AS
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
3.6610 TELEFONICA EMISONES SAU
18/09/2017
50,000
51,428
0.01
3.7500 GERMANY (FEDERAL REPUBLIC)
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
3.8750 UNION ELECTRICA FENOSA SA
11/04/2022
3,200,000
3,157,824
0.78
3.9870 TELEFONICA EMISONES SAU
23/01/2023
1,800,000
1,731,294
0.43
4.0000 AKZO NOBEL NV
17/12/2018
2,780,000
3,062,253
0.76
4.0000 ANHEUSER-BUSCH INBEV NV
02/06/2021
3,210,000
3,595,618
0.89
4.0000 BANK OF AMERICA CORP
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
4.0000 RCI BANQUE SA
11/07/2013
3,588,000
3,590,261
0.89
4.0000 SKANDINAVISKA ENSKILDA BANK
12/09/2022
5,050,000
5,272,048
1.30
4.0000 SOCIETE GENERALE
07/06/2023
6,300,000
5,914,755
1.46
4.1250 FRANCE TELECOM
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
4.1250 NATIONWIDE BUILDING SOCIETY
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
4.1540 BP CAPITAL MARKETS PLC
01/06/2020
2,300,000
2,604,796
0.64
4.2500 ABN AMRO BANK NV
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
Robeco Capital Growth Funds 146
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
4.2500 AQUARIUS AND INV ZURICH
02/10/2043
1,950,000
1,904,916
0.47
4.2500 BANCO BILBAO VIZCAYA SA
18/01/2017
100,000
105,740
0.03
4.2500 BPCE SA
06/02/2023
100,000
110,939
0.03
4.2500 GE CAPITAL CORP
01/03/2017
200,000
219,868
0.05
4.2500 GERMANY (FEDERAL REPUBLIC)
04/07/2017
2,491,000
2,858,099
0.71
4.2500 NGG FINANCE PLC
18/06/2076
3,576,000
3,522,360
0.87
4.2500 RABOBANK
16/01/2017
400,000
440,356
0.11
4.3100 ABN AMRO BANK NV
Perpetual
50,000
44,500
0.01
4.3750 BANCO SANTANDER SA
16/03/2015
6,000,000
6,230,100
1.54
4.3750 BANCO SANTANDER SA
04/09/2014
1,300,000
1,339,078
0.33
4.3750 IMPERIAL TOBACCO FIN PLC
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
4.3750 WPP GROUP PLC
05/12/2013
428,000
434,625
0.11
4.3790 CASINO GUICHARD
08/02/2017
1,600,000
1,738,176
0.43
4.4500 VEOLIA ENVIRONNEMENT
Perpetual
3,900,000
3,763,500
0.93
4.4810 CASINO GUICHARD
12/11/2018
900,000
987,138
0.24
4.5000 GOLDMAN SACHS GROUP INC
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
4.5000 SABMILLER PLC
20/01/2015
1,855,000
1,963,889
0.49
4.5000 TELECOM ITALIA SPA
20/09/2017
1,150,000
1,182,660
0.29
4.5000 TENNET HOLDING BV
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
4.7500 ABN AMRO BANK NV
11/01/2019
1,000,000
1,129,580
0.28
4.7500 BANK OF AMERICA CORP
06/05/2019
739,000
724,220
0.18
4.7500 BANK OF AMERICA CORP
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
4.7500 TELECOM ITALIA SPA
25/05/2018
350,000
359,793
0.09
4.8750 BRITISH AMERICAN TOBACCO
24/02/2021
50,000
58,502
0.01
4.8750 OI EUROPEAN GROUP
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
5.0000 CRH FINANCE BV
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
5.0250 SCOTTISH & SOUTHERN ENERGY
Perpetual
1,242,000
1,282,365
0.32
5.1250 BRITISH AMERICAN TOBACCO
09/07/2013
1,690,000
1,691,301
0.42
5.2500 AXA SA
16/04/2040
50,000
50,804
0.01
5.2500 BARCLAYS BANK PLC
27/05/2014
651,000
678,609
0.17
5.3750 GE CAPITAL CORP
23/01/2020
21,000
24,887
0.01
5.3750 TELECOM ITALIA SPA
29/01/2019
500,000
520,785
0.13
5.5000 GERMANY (FEDERAL REPUBLIC)
04/01/2031
285,000
414,684
0.10
5.6250 ALLIANZ FINANCE BV
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
5.6250 SCOTTISH & SOUTHERN ENERGY
Perpetual
1,555,000
1,617,200
0.40
5.7500 ALLIANZ FINANCE BV
08/07/2041
4,600,000
5,083,046
1.26
5.7500 DEUTSCHE TELEKOM AG
14/04/2015
1,048,000
1,141,691
0.28
5.7500 PHILIP MORRIS INTL INC
24/03/2016
1,700,000
1,913,690
0.47
5.8750 BRITISH AMERICAN TOBACCO
12/03/2015
680,000
738,684
0.18
5.8750 STANDARD CHARTERED PLC
26/09/2017
900,000
1,013,967
0.25
6.0000 BARCLAYS BANK PLC
23/01/2018
1,978,000
2,175,404
0.54
6.0000 DEUTSCHE TELEKOM AG
20/01/2017
756,000
877,807
0.22
Robeco Capital Growth Funds 147
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
6.1250 CREDIT SUISSE FIRST BOSTON
16/05/2014
500,000
524,590
0.13
6.1250 CREDIT SUISSE FIRST BOSTON
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
6.3750 ABN AMRO BANK NV
27/04/2021
3,791,000
4,184,544
1.03
6.3750 WOLTERS KLUWER NV
10/04/2018
2,305,000
2,764,801
0.68
6.5000 ALLIANZ FINANCE BV
13/01/2025
3,000,000
3,195,000
0.79
6.5000 BG ENERGY CAPITAL PLC
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
6.6250 WPP GROUP PLC
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
7.0000 BANK OF AMERICA CORP
15/06/2016
3,000,000
3,484,920
0.86
7.0000 RHODIA SA
15/05/2018
800,000
866,064
0.21
7.1250 ABN AMRO BANK NV
06/07/2022
250,000
283,677
0.07
7.1250 HEINEKEN NV
07/04/2014
3,330,000
3,494,768
0.86
7.3750 CITIGROUP INC
04/09/2019
3,083,000
3,881,990
0.96
7.3750 LINDE FINANCE BV
14/07/2066
36,000
41,130
0.01
7.7500 OLIVETTI INTERNATIONAL BV
24/01/2033
450,000
501,278
0.12
8.2500 TELECOM ITALIA SPA
21/03/2016
350,000
398,597
0.10
8.3750 IMPERIAL TOBACCO FIN PLC
17/02/2016
2,600,000
3,062,514
0.76
8.6250 ANHEUSER-BUSCH INBEV NV
30/01/2017
2,600,000
3,276,936
0.81
8.6250 MICHELIN (C.G.D.E.)
24/04/2014
1,020,000
1,086,790
0.27
8.7500 VERIZON WIRELESS INC
18/12/2015
1,224,000
1,454,345
0.36
10.5000 ROYAL BANK OF SCOTLAND
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
Total transferable securities and money market instruments admitted to an official stock exchange listing 383,850,535
94.81
Total investment portfolio 396,905,135
98.03
Other assets and liabilities 7,962,007
1.97
Total net assets 404,867,142
100.00
Robeco Capital Growth Funds 148
Robeco All Strategy Euro 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
323,132 *
34,316,618
2.51
Total fund shares 34,316,618
2.51
* Quantity
Transferable securities and money market instruments admitted to an official stock exchange listing
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
0.6110 J.P. MORGAN & CO INC
12/10/2015
10,000,000
9,775,000
0.71
0.8671 ABN AMRO BANK NV
08/06/2015
1,483,000
1,431,095
0.10
0.8750 NEDERLANDSE GASUNIE NV
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
1.0000 DAIMLERCHRYSLER NORTH AMER
08/07/2016
2,230,000
2,225,763
0.16
1.0000 GE CAPITAL CORP
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
1.1260 CITIGROUP INC
31/05/2017
5,700,000
5,301,000
0.39
1.2500 ANHEUSER-BUSCH INBEV NV
24/03/2017
1,830,000
1,837,942
0.13
1.2500 DANONE (GROUPE)
06/06/2018
2,000,000
1,974,700
0.14
1.2500 GE CAPITAL CORP
15/10/2015
4,160,000
4,188,039
0.31
1.2500 TOYOTA MOTOR CREDIT CORP
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
1.5000 GERMANY (FEDERAL REPUBLIC)
04/09/2022
21,000,000
20,813,310
1.52
1.5000 SVENSKA HANDELSBANKEN
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
1.6250 ROBERT BOSCH INVESTMENT NED
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
1.7500 PHILIP MORRIS INTL INC
19/03/2020
2,580,000
2,504,819
0.18
1.7500 STANDARD CHARTERED BANK
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
1.8750 ENEXIS HOLDING NV
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
1.8750 FRANCE TELECOM
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
Robeco Capital Growth Funds 149
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
1.8750 SKANDINAVISKA ENSKILDA BANK
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
2.0000 ANHEUSER-BUSCH INBEV NV
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
2.0000 MCDONALD'S CORP
01/06/2023
2,000,000
1,909,880
0.14
2.0000 PROCTER & GAMBLE CO
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
2.3120 RBS Capital Trust
Perpetual
6,135,000
3,798,608
0.28
2.3750 COCA-COLA ENTERPRISES PLC
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
2.3750 VOLKSWAGEN AG
06/09/2022
1,800,000
1,769,508
0.13
2.5000 ELM BV (ELSEVIER FIN)
24/09/2020
100,000
100,675
0.01
2.5000 GERMANY (FEDERAL REPUBLIC)
04/01/2021
12,150,000
13,255,771
0.97
2.5000 ORIGIN ENERGY FINANCE LTD
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
2.6250 CARLSBERG BREWERIES A S
03/07/2019
1,260,000
1,283,953
0.09
2.6250 G4S PLC
06/12/2018
500,000
490,815
0.04
2.6250 NEDERLANDSE GASUNIE NV
13/07/2022
1,466,000
1,494,440
0.11
2.6250 ROBERT BOSCH INVESTMENT NED
24/05/2028
800,000
770,024
0.06
2.6250 WELLS FARGO & CO
16/08/2022
1,773,000
1,774,667
0.13
2.7500 ABN AMRO BANK NV
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
2.7500 DNB NOR BOLIKREDITT
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
2.8750 G4S INTERNATIONAL FINANCE P
02/05/2017
1,805,000
1,818,213
0.13
2.8750 PHILIP MORRIS INTL INC
30/05/2024
3,568,000
3,551,908
0.26
2.8750 SOCIETE GENERALE
14/03/2019
1,900,000
2,034,558
0.15
2.8750 WOLTERS KLUWER NV
21/03/2023
2,600,000
2,564,718
0.19
2.9940 BP CAPITAL MARKETS PLC
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
3.0000 FOERENINGSBANKEN AB
05/12/2022
3,570,000
3,598,131
0.26
3.0000 GERMANY (FEDERAL REPUBLIC)
04/07/2020
2,050,000
2,309,817
0.17
3.1000 BP CAPITAL MARKETS PLC
07/10/2014
5,497,000
5,674,938
0.41
3.1250 BANCO SANTANDER SA
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
3.1250 COCA-COLA ENTERPRISES PLC
29/09/2017
2,089,000
2,232,911
0.16
3.1250 CRH FINANCE LTD
03/04/2023
660,000
645,671
0.05
3.1250 DELHAIZE GROUP
27/02/2020
200,000
202,288
0.01
3.1250 NATIONWIDE BUILDING SOCIETY
03/04/2017
2,222,000
2,313,746
0.17
3.1250 PHILIP MORRIS INTL INC
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
3.1570 CASINO GUICHARD
06/08/2019
3,800,000
3,876,988
0.28
3.2000 AUSTRIA (REPUBLIC OF)
20/02/2017
13,113,000
14,261,306
1.04
3.2500 ELIA SYSTEM OP SA/NV
04/04/2028
3,100,000
3,080,749
0.23
3.2500 FRANCE (REPUBLIC OF)
25/10/2021
29,441,000
32,229,946
2.36
3.2500 THAMES WATER UTL CAYMAN
09/11/2016
34,000
36,071
0.00
Robeco Capital Growth Funds 150
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
3.3110 CASINO GUICHARD
25/01/2023
3,700,000
3,616,010
0.26
3.3750 A P MOLLER - MAERSK A/S
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
3.3750 ENEXIS HOLDING NV
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
3.5000 BANCO BILBAO VIZCAYA SA
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
3.5000 FRANCE (REPUBLIC OF)
25/04/2026
10,831,000
11,739,397
0.86
3.5000 GAZ DE FRANCE
18/10/2022
4,758,000
5,092,202
0.37
3.6000 C. DE REFINANCEMENT HYPO
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
3.6250 BANCO SANTANDER SA
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
3.6500 AUSTRIA (REPUBLIC OF)
20/04/2022
10,831,000
12,343,549
0.90
3.6610 TELEFONICA EMISONES SAU
18/09/2017
1,400,000
1,439,984
0.11
3.7500 BPCE SFH - SOCIETE DE FI
13/09/2021
100,000
111,636
0.01
3.7500 CREDIT FONCIER DE FRANCE
24/01/2017
1,761,000
1,924,509
0.14
3.7500 INSTITUTO CREDITO OFICIAL
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
3.7500 NATIONWIDE BUILDING SOCIETY
20/01/2015
7,322,000
7,613,635
0.56
3.7500 SVENSKA HANDELSBANKEN
24/02/2017
4,070,000
4,417,781
0.32
3.8540 ING BANK
18/03/2016
897,000
854,393
0.06
3.8750 BANCO SANTANDER SA
27/05/2014
4,300,000
4,396,836
0.32
3.8750 BNP PARIBAS COVERED BONDS
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
3.8750 J.P. MORGAN & CO INC
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
3.8750 LA CAIXA DE BARCELONA
17/02/2025
5,400,000
5,145,282
0.38
3.8750 UNION ELECTRICA FENOSA SA
11/04/2022
2,700,000
2,664,414
0.19
4.0000 BELGIUM (KINGDOM OF)
28/03/2022
2,617,040
2,957,124
0.22
4.0000 BELGIUM (KINGDOM OF)
28/03/2018
25,723,000
28,863,264
2.11
4.0000 BELGIUM (KINGDOM OF)
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
4.0000 FRANCE (REPUBLIC OF)
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
4.0000 ITALY (REPUBLIC OF)
01/02/2017
23,000,000
23,802,468
1.75
4.0000 SKANDINAVISKA ENSKILDA BANK
12/09/2022
6,548,000
6,835,915
0.50
4.0000 SOCIETE GENERALE
07/06/2023
8,000,000
7,510,800
0.55
4.0000 SPAIN (KINGDOM OF)
30/07/2015
20,000,000
20,597,400
1.52
4.1250 ABN AMRO BANK NV
28/03/2022
5,203,000
5,698,898
0.42
4.1250 FRANCE TELECOM
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
4.1250 NATIONWIDE BUILDING SOCIETY
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
4.1500 AUSTRIA (REPUBLIC OF)
15/03/2037
4,513,000
5,580,054
0.41
4.1540 BP CAPITAL MARKETS PLC
01/06/2020
2,317,000
2,624,049
0.19
Robeco Capital Growth Funds 151
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
4.2500 ANGLO AMERICAN CAPITAL PLC
30/09/2013
490,000
494,513
0.04
4.2500 AQUARIUS AND INV ZURICH
02/10/2043
2,330,000
2,276,130
0.17
4.2500 BELGIUM (KINGDOM OF)
28/03/2041
4,061,000
4,618,616
0.34
4.2500 CITIGROUP INC
25/02/2030
4,532,000
4,316,730
0.32
4.2500 DEUTSCHE TELEKOM AG
13/07/2022
4,588,000
5,136,771
0.38
4.2500 FRANCE (REPUBLIC OF)
25/04/2019
19,405,000
22,489,813
1.64
4.2500 FRANCE (REPUBLIC OF)
25/10/2023
6,197,000
7,230,784
0.53
4.2500 FRANCE (REPUBLIC OF)
25/10/2018
11,282,000
13,003,858
0.95
4.2500 GERMANY (FEDERAL REPUBLIC)
04/07/2017
49,040,000
56,267,025
4.11
4.2500 ITALY (REPUBLIC OF)
01/07/2014
18,502,000
19,028,012
1.39
4.2500 NGG FINANCE PLC
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
4.2500 UNICREDITO ITALIANO SPA
29/07/2016
3,250,000
3,493,392
0.26
4.3750 BANCO SANTANDER SA
16/03/2015
4,900,000
5,087,915
0.37
4.3750 BANCO SANTANDER SA
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
4.3750 UNICREDITO ITALIANO SPA
11/09/2015
4,711,000
4,922,430
0.36
4.3790 CASINO GUICHARD
08/02/2017
850,000
923,406
0.07
4.4500 VEOLIA ENVIRONNEMENT
Perpetual
800,000
772,000
0.06
4.5000 FRANCE (REPUBLIC OF)
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
4.5000 INSTITUTO CREDITO OFICIAL
08/07/2014
5,144,000
5,270,903
0.39
4.5000 IRELAND (REPUBLIC OF)
18/04/2020
14,000,000
14,680,261
1.08
4.5000 ITALY (REPUBLIC OF)
01/02/2018
3,600,000
3,777,192
0.28
4.5000 ITALY (REPUBLIC OF)
01/03/2019
19,053,000
19,817,597
1.46
4.5000 ITALY (REPUBLIC OF)
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
4.5000 SABMILLER PLC
20/01/2015
6,086,000
6,443,249
0.47
4.5000 TENNET HOLDING BV
09/02/2022
1,697,000
1,957,863
0.14
4.6250 BAYER CAPITAL CORP BV
26/09/2014
7,541,000
7,932,378
0.58
4.6250 ELECTRICITE DE FRANCE
11/09/2024
2,150,000
2,472,844
0.18
4.6500 SPAIN (KINGDOM OF)
30/07/2025
7,000,000
6,841,940
0.50
4.7260 CASINO GUICHARD
26/05/2021
1,100,000
1,206,557
0.09
4.7500 BANCO BILBAO VIZCAYA SA
10/02/2016
6,400,000
6,791,168
0.50
4.7500 BANK OF AMERICA CORP
06/05/2019
2,422,000
2,373,560
0.17
4.7500 BANK OF AMERICA CORP
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
4.7500 FRANCE (REPUBLIC OF)
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
4.7500 ITALY (REPUBLIC OF)
01/08/2023
21,000,000
21,626,012
1.59
4.7500 RABOBANK
06/06/2022
268,000
313,504
0.02
4.7500 TELECOM ITALIA SPA
25/05/2018
250,000
256,995
0.02
4.7970 TELEFONICA EMISONES SAU
21/02/2018
1,600,000
1,717,376
0.13
4.8750 CREDIT FONCIER DE FRANCE
25/05/2021
4,217,000
5,046,948
0.37
4.8750 OI EUROPEAN GROUP
31/03/2021
2,150,000
2,117,750
0.15
4.8750 ROYAL BANK OF SCOTLAND
22/04/2015
2,200,000
2,252,052
0.16
5.0000 BELGIUM (KINGDOM OF)
28/03/2035
3,610,000
4,527,229
0.33
5.0000 C. DE REFINANCEMENT HYPO
08/04/2019
1,946,000
2,306,925
0.17
5.0000 GAS NATURAL CAPITAL MARKETS
13/02/2018
600,000
658,998
0.05
5.0000 INTESA
28/02/2017
300,000
316,302
0.02
5.0000 ITALY (REPUBLIC OF)
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
5.0250 SCOTTISH & SOUTHERN ENERGY
Perpetual
2,000,000
2,065,000
0.15
Robeco Capital Growth Funds 152
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
5.2500 BARCLAYS BANK PLC
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
5.3750 TELECOM ITALIA SPA
29/01/2019
300,000
312,471
0.02
5.5000 BELGIUM (KINGDOM OF)
28/03/2028
5,731,000
7,380,898
0.54
5.5000 FRANCE (REPUBLIC OF)
25/04/2029
3,610,000
4,784,333
0.35
5.5000 GERMANY (FEDERAL REPUBLIC)
04/01/2031
3,950,000
5,747,369
0.42
5.5000 ITALY (REPUBLIC OF)
01/09/2022
26,800,000
28,856,901
2.12
5.6250 ALLIANZ FINANCE BV
17/10/2042
300,000
325,992
0.02
5.6250 GAZ DE FRANCE
18/01/2016
1,529,000
1,706,899
0.12
5.6250 RCI BANQUE SA
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
5.7500 ALLIANZ FINANCE BV
08/07/2041
900,000
994,509
0.07
5.7500 DEUTSCHE TELEKOM AG
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
5.7500 PHILIP MORRIS INTL INC
24/03/2016
50,000
56,285
0.00
5.7500 SPAIN (KINGDOM OF)
30/07/2032
15,000,000
16,083,149
1.19
5.7670 MUNICH RE
Perpetual
2,050,000
2,116,625
0.15
5.8500 SPAIN (KINGDOM OF)
31/01/2022
25,000,000
27,208,000
2.00
5.8750 BRITISH AMERICAN TOBACCO
12/03/2015
1,854,000
2,014,000
0.15
6.0000 DEUTSCHE TELEKOM AG
20/01/2017
29,000
33,672
0.00
6.0000 EUREKO BV
04/04/2043
1,380,000
1,411,050
0.10
6.0000 GE CAPITAL CORP
15/01/2019
150,000
181,353
0.01
6.0000 ITALY (REPUBLIC OF)
01/05/2031
13,087,000
14,736,093
1.09
6.1250 CREDIT SUISSE FIRST BOSTON
16/05/2014
1,431,000
1,501,377
0.11
6.1250 J.P. MORGAN & CO INC
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
6.5000 ALLIANZ FINANCE BV
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
6.6250 BARCLAYS BANK PLC
30/03/2022
869,000
974,531
0.07
6.6250 WPP GROUP PLC
12/05/2016
1,667,000
1,919,367
0.14
6.8750 RABOBANK
19/03/2020
150,000
160,875
0.01
7.0000 BANK OF AMERICA CORP
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
7.3750 LINDE FINANCE BV
14/07/2066
24,000
27,420
0.00
7.7500 OLIVETTI INTERNATIONAL BV
24/01/2033
278,000
309,678
0.02
8.1250 FRANCE TELECOM
28/01/2033
1,529,000
2,309,600
0.17
8.2500 TELECOM ITALIA SPA
21/03/2016
500,000
569,425
0.04
8.3750 IMPERIAL TOBACCO FIN PLC
17/02/2016
1,020,000
1,201,448
0.09
8.6250 ANHEUSER-BUSCH INBEV NV
30/01/2017
4,404,000
5,550,626
0.41
8.6250 MICHELIN (C.G.D.E.)
24/04/2014
4,634,000
4,937,434
0.36
8.7500 VERIZON WIRELESS INC
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
15.0000 LBG CAPITAL NO.2 PLC
21/12/2019
5,615,000
7,832,925 0.57
1,299,555,830
95.02
Total transferable securities and money market instruments admitted to an official stock exchange listing 1,299,555,830
95.02
Total investment portfolio 1,333,872,448
97.53
Other assets and liabilities 33,741,254
2.47
Total net assets 1,367,613,702
100.00
Robeco Capital Growth Funds 153
Robeco European 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
Transferable securities and money market instruments admitted to an official stock exchange listing
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
8.7500 MOBILE CHALLENGER INTERMEDI
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
4.6250 ELECTRICIDADE DE PORTUGAL
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
4.6250 ROYAL BANK OF SCOTLAND
22/09/2021
800,000
724,000
0.35
4.7500 BARCLAYS BANK PLC
Perpetual
500,000
357,500
0.17
4.7500 ELECTRICIDADE DE PORTUGAL
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
5.1250 SMURFIT KAPPA ACQUISITIONS
15/09/2018
2,000,000
2,051,320
1.00
5.1250 UNITYMEDIA HESSEN / NRW
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
5.5000 UNITYMEDIA HESSEN / NRW
15/09/2022
300,000
290,250
0.14
5.6250 SCOTTISH & SOUTHERN ENERGY
Perpetual
760,000
790,400
0.38
5.7500 ALLIANZ FINANCE BV
08/07/2041
400,000
442,004
0.21
5.7500 ELECTRICIDADE DE PORTUGAL
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
5.8750 ELECTRICIDADE DE PORTUGAL
01/02/2016
1,200,000
1,245,000
0.61
5.8750 GESTAMP FUNDING LUXEMBOURG
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
6.0000 INTERXION HOLDING NV
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
6.3750 TRW AUTOMOTIVE INC
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
6.4390 LBG CAPITAL NO.1 PLC
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
6.6250 SAPPI PAPPIER HOLDING AG
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
6.7500 NATIONWIDE BUILDING SOCIETY
22/07/2020
800,000
863,560
0.42
6.7500 OI EUROPEAN GROUP
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
6.7500 TELENET FINANCE V LUXEMBOUR
15/08/2024
1,500,000
1,519,350
0.74
Robeco Capital Growth Funds 154
Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in EUR x 1
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
7.3750 ARDAGH PACKAGING FINANCE
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
7.3750 WIND ACQUISITION FINANCE SA
15/02/2018
4,600,000
4,640,250
2.26
7.3750 WIND ACQUISITION FINANCE SA
15/02/2018
700,000
693,000
0.34
7.5000 HEIDELBERGCEMENT AG
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
7.5000 UNITYMEDIA HESSEN GMBH & CO
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
7.7500 SCHAEFFLER FINANCE BV
15/02/2017
1,600,000
1,756,320
0.85
7.7500 SMURFIT KAPPA ACQUISITIONS
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
8.0000 HEIDELBERGCEMENT AG
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
8.3750 R&R ICE CREAM PLC
15/11/2017
2,500,000
2,628,250
1.28
8.5000 HEIDELBERGCEMENT AG
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
8.7500 MOBILE CHALLENGER INTERMEDI
15/03/2019
350,000
339,500
0.17
8.7500 SCHAEFFLER FINANCE BV
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
8.8750 NARA CABLE FUNDING
01/12/2018
1,800,000
1,881,000
0.91
9.0000 ALGECO SCOTSMAN GLOB FIN
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
9.2500 ARDAGH PACKAGING FINANCE
15/10/2020
1,200,000
1,257,000
0.61
9.2500 R&R ICE CREAM PLC
15/05/2018
500,000
486,250
0.24
9.3750 FAURECIA
15/12/2016
1,860,000
2,111,100
1.03
9.5000 BEVERAGE PACKAGING HOLD
15/06/2017
2,400,000
2,436,000
1.18
9.5000 INTERXION HOLDING NV
12/02/2017
1,500,000
1,638,000
0.80
9.5000 UNITYMEDIA HESSEN GMBH & CO
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
15.0000 LBG CAPITAL NO.2 PLC
21/12/2019
300,000
418,500
0.20
146,708,470
71.34
Robeco Capital Growth Funds 155
Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in EUR x 1
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
6.6250 ELECTRICIDADE DE PORTUGAL
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
7.3750 CREDIT AGRICOLE SA
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
6.0000 EDP FINANCE BV
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
7.2500 TRW AUTOMOTIVE INC
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
7.6250 UNION BANK OF SWITZERLAND
17/08/2022
800,000
675,426
0.33
7.7500 SAPPI PAPPIER HOLDING AG
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
8.8750 NARA CABLE FUNDING
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
Total transferable securities and money market instruments admitted to an official stock exchange listing 187,500,733
91.18
Total investment portfolio 187,500,733
91.18
Other assets and liabilities 18,133,488
8.82
Total net assets 205,634,221
100.00
Robeco Capital Growth Funds 156
Robeco Euro Sustainable Credits Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in EUR x 1
in % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
EUR
0.3750
SIEMENS
10/09/2014
750,000
749,543
0.82
0.5000 GERMANY (FEDERAL REPUBLIC)
23/02/2018
750,000
743,535
0.81
1.0000 BMW AG
18/07/2017
119,000
117,372
0.13
1.0000 GE CAPITAL CORP
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
1.7500 GERMANY (FEDERAL REPUBLIC)
04/07/2022
100,000
101,580
0.11
1.7500 LINDE FINANCE BV
11/06/2019
400,000
401,360
0.44
1.7500 PHILIP MORRIS INTL INC
19/03/2020
400,000
388,344
0.42
1.8750 ENEXIS HOLDING NV
13/11/2020
100,000
98,100
0.11
2.0000 GE CAPITAL CORP
27/02/2015
225,000
229,392
0.25
2.0000 GERMANY (FEDERAL REPUBLIC)
26/02/2016
550,000
575,355
0.63
2.0000 LINDE AG
18/04/2023
650,000
627,120
0.68
2.1250 DEUTSCHE TELEKOM AG
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
2.3750 COCA-COLA ENTERPRISES PLC
07/05/2025
210,000
195,896
0.21
2.5000 ABN AMRO BANK NV
29/11/2023
370,000
350,927
0.38
2.5000 ELM BV (ELSEVIER FIN)
24/09/2020
500,000
503,375
0.55
2.7500 EANDIS
30/11/2022
300,000
300,330
0.33
2.7500 VOLKSWAGEN AG
13/07/2015
1,400,000
1,450,988
1.58
2.8750 AUCHAN SA
15/11/2017
600,000
638,334
0.70
2.8750 PHILIP MORRIS INTL INC
30/05/2024
400,000
398,196
0.43
2.8750 WOLTERS KLUWER NV
21/03/2023
200,000
197,286
0.22
3.0000 DAIMLERCHRYSLER NORTH AMER
19/07/2013
150,000
150,175
0.16
3.1250 COCA-COLA ENTERPRISES PLC
29/09/2017
525,000
561,167
0.61
3.1250 DELHAIZE GROUP
27/02/2020
600,000
606,864
0.66
3.1570 CASINO GUICHARD
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
3.2500 TENNET HOLDING BV
09/02/2015
600,000
623,064
0.68
3.3110 CASINO GUICHARD
25/01/2023
200,000
195,460
0.21
3.3750 A P MOLLER - MAERSK A/S
28/08/2019
675,000
689,364
0.75
3.3750 ENEXIS HOLDING NV
26/01/2022
500,000
536,400
0.59
3.5000 BANCO BILBAO VIZCAYA SA
24/01/2021
200,000
200,580
0.22
3.5000 BANCO BILBAO VIZCAYA SA
05/12/2017
500,000
512,755
0.56
3.5000 NATIONAL AUSTRALIA BANK LTD
23/01/2015
350,000
365,186
0.40
3.6250 ABN AMRO BANK NV
06/10/2017
650,000
697,970
0.76
3.6250 ANZ BANKING GROUP
18/07/2022
750,000
835,237
0.91
3.6250 BRITISH AMERICAN TOBACCO PL
09/11/2021
100,000
108,252
0.12
3.7500 ABN AMRO BANK NV
15/07/2014
150,000
155,099
0.17
3.7500 GERMANY (FEDERAL REPUBLIC)
04/01/2017
440,000
491,203
0.54
3.7500 GERMANY (FEDERAL REPUBLIC)
04/01/2019
700,000
808,822
0.88
3.7500 INTESA
25/09/2019
1,600,000
1,708,336
1.88
3.7500 NATIONWIDE BUILDING SOCIETY
20/01/2015
500,000
519,915
0.57
3.8750 BMW AG
18/01/2017
400,000
436,572
0.48
3.8750 STANDARD CHARTERED BANK
20/10/2016
900,000
964,620
1.05
Robeco Capital Growth Funds 157
Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in EUR x 1
in % of net assets
3.8750 UNION ELECTRICA FENOSA SA
11/04/2022
300,000
296,046
0.32
4.0000 AKZO NOBEL NV
17/12/2018
300,000
330,459
0.36
4.0000 BARCLAYS BANK PLC
20/01/2017
170,000
184,748
0.20
4.0000 BMW AG
17/09/2014
300,000
312,765
0.34
4.0000 GERMANY (FEDERAL REPUBLIC)
04/07/2016
590,000
654,688
0.72
4.0000 GERMANY (FEDERAL REPUBLIC)
04/01/2018
3,630,000
4,173,266
4.57
4.1250 DAIMLERCHRYSLER NORTH AMER
19/01/2017
250,000
274,387
0.30
4.1250 ENEL FINANCE INTERNATIONAL
12/07/2017
1,250,000
1,317,750
1.44
4.1250 NATIONWIDE BUILDING SOCIETY
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
4.2500 ANGLO AMERICAN CAPITAL PLC
30/09/2013
200,000
201,842
0.22
4.2500 CITIGROUP INC
25/02/2030
375,000
357,188
0.39
4.2500 FORTIS BANK
23/03/2021
1,500,000
1,522,140
1.66
4.2500 GERMANY (FEDERAL REPUBLIC)
04/01/2014
142,000
145,036
0.16
4.2500 GERMANY (FEDERAL REPUBLIC)
04/07/2017
214,000
245,537
0.27
4.2500 GERMANY (FEDERAL REPUBLIC)
04/07/2018
100,000
117,170
0.13
4.2500 NGG FINANCE PLC
18/06/2076
250,000
246,250
0.27
4.2500 UNICREDITO ITALIANO SPA
31/07/2018
1,350,000
1,473,997
1.62
4.3750 ALLIANZ FINANCE BV
Perpetual
330,000
330,825
0.36
4.3750 BANCO SANTANDER SA
16/03/2015
300,000
311,505
0.34
4.3750 BANCO SANTANDER SA
04/09/2014
800,000
824,048
0.90
4.3750 GAS NATURAL CAPITAL MARKETS
02/11/2016
450,000
484,087
0.53
4.3750 UNION BANK OF NORWAY
24/02/2021
550,000
626,236
0.68
4.3790 CASINO GUICHARD
08/02/2017
700,000
760,452
0.83
4.4500 VEOLIA ENVIRONNEMENT
Perpetual
100,000
96,500
0.11
4.5000 BARCLAYS BANK PLC
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
4.5000 SABMILLER PLC
20/01/2015
570,000
603,459
0.66
4.5000 TELECOM ITALIA SPA
20/09/2017
250,000
257,100
0.28
4.5000 UNION BANK OF NORWAY
29/05/2014
400,000
414,716
0.45
4.6250 BANCO SANTANDER SA
21/03/2016
100,000
103,729
0.11
4.6250 BAYER CAPITAL CORP BV
26/09/2014
360,000
378,684
0.41
4.6250 ROYAL BANK OF SCOTLAND
22/09/2021
600,000
543,000
0.59
4.6930 TELEFONICA EMISONES SAU
11/11/2019
100,000
105,516
0.12
4.7100 TELEFONICA EMISONES SAU
20/01/2020
100,000
105,042
0.11
4.7500 ABN AMRO BANK NV
11/01/2019
100,000
112,958
0.12
4.7500 CREDIT SUISSE FIRST BOSTON
05/08/2019
750,000
863,025
0.94
4.7500 GERMANY (FEDERAL REPUBLIC)
04/07/2034
94,000
130,218
0.14
4.7500 TELEFONICA EMISONES SAU
07/02/2017
600,000
641,310
0.70
4.8200 SUEZ ENVIRONNEMENT SA
Perpetual
250,000
255,625
0.28
4.8750 BRITISH AMERICAN TOBACCO
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
5.0000 CRH FINANCE BV
25/01/2019
500,000
567,475
0.62
5.0000 VOLVO TREASURY AB
31/05/2017
525,000
588,872
0.64
5.0250 SCOTTISH & SOUTHERN ENERGY
Perpetual
100,000
103,250
0.11
Robeco Capital Growth Funds 158
Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in EUR x 1
in % of net assets
5.1250 LA CAIXA DE BARCELONA
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
5.2500 GAS NATURAL FINANCE BV
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
5.3750 BRITISH AMERICAN TOBACCO
29/06/2017
150,000
173,343
0.19
5.3750 GE CAPITAL CORP
23/01/2020
64,000
75,846
0.08
5.3750 SCHNEIDER SA
08/01/2015
700,000
749,203
0.82
5.3750 TELECOM ITALIA SPA
29/01/2019
100,000
104,157
0.11
5.3750 VOLKSWAGEN
15/11/2013
540,000
549,963
0.60
5.4310 TELEFONICA EMISONES SAU
03/02/2014
700,000
717,094
0.78
5.6250 SCOTTISH & SOUTHERN ENERGY
Perpetual
425,000
442,000
0.48
5.7500 ALLIANZ FINANCE BV
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
5.7500 DEUTSCHE TELEKOM AG
10/01/2014
270,000
277,428
0.30
5.7500 DEUTSCHE TELEKOM AG
14/04/2015
700,000
762,580
0.83
5.7500 DSM NV
17/03/2014
400,000
414,208
0.45
5.7500 ENEL FINANCE INTERNATIONAL
24/10/2018
100,000
112,800
0.12
5.7500 PHILIP MORRIS INTL INC
24/03/2016
300,000
337,710
0.37
5.7670 MUNICH RE
Perpetual
550,000
567,875
0.62
5.8750 ANGLO AMERICAN CAPITAL PLC
17/04/2015
700,000
759,640
0.83
5.8750 ELECTRICIDADE DE PORTUGAL
01/02/2016
250,000
259,375
0.28
5.8750 STANDARD CHARTERED PLC
26/09/2017
300,000
337,989
0.37
6.0000 BARCLAYS BANK PLC
23/01/2018
200,000
219,960
0.24
6.0000 BASF FINANCE EUROPE NV
04/12/2013
550,000
563,161
0.62
6.0000 GAS NATURAL CAPITAL MARKETS
27/01/2020
100,000
113,849
0.12
6.0000 GE CAPITAL CORP
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
6.3750 ABN AMRO BANK NV
27/04/2021
900,000
993,429
1.09
6.3750 GAS NATURAL FINANCE BV
09/07/2019
50,000
57,971
0.06
6.3750 WOLTERS KLUWER NV
10/04/2018
405,000
485,789
0.53
6.3850 LBG CAPITAL NO.2 PLC
12/05/2020
600,000
592,500
0.65
6.5000 BG ENERGY CAPITAL PLC
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
6.6250 TOYOTA MOTOR CREDIT CORP
03/02/2016
1,050,000
1,208,057
1.32
6.7500 LINDE FINANCE BV
08/12/2015
450,000
515,687
0.56
6.7500 NATIONWIDE BUILDING SOCIETY
22/07/2020
500,000
539,725
0.59
6.8750 RABOBANK
19/03/2020
550,000
589,875
0.64
7.2500 AKZO NOBEL NV
27/03/2015
450,000
499,937
0.55
7.3750 CITIGROUP INC
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
7.8750 DAIMLERCHRYSLER NORTH AMER
16/01/2014
350,000
364,028
0.40
8.6250 MICHELIN (C.G.D.E.)
24/04/2014
240,000
255,715
0.28
9.0000 DELTA LLOYD LEVENSVERZEKERI
29/08/2042
550,000
603,625
0.66
Robeco Capital Growth Funds 159
Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in EUR x 1
in % of net assets
9.0000 HOLCIM LTD
26/03/2014
320,000
339,165
0.37
10.5000 ROYAL BANK OF SCOTLAND
16/03/2022
450,000
513,000
0.56
11.8750 LLOYDS TSB BANK PLC
16/12/2021
375,000
455,625 0.50
83,116,290
90.78
Total transferable securities and money market instruments admitted to an official stock exchange listing 83,116,290
90.78
Total investment portfolio 83,116,290
90.78
Other assets and liabilities 8,443,808
9.22
Total net assets 91,560,098
100.00
Robeco Capital Growth Funds 160
Robeco Financial Institutions Bonds Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
EUR
0.2890
AYT CEDULAS CAJAS
30/06/2015
1,300,000
1,218,269
0.69
0.5000 GERMANY (FEDERAL REPUBLIC)
13/10/2017
1,397,000
1,391,859
0.79
0.7485 ROYAL BANK OF SCOTLAND
Perpetual
950,000
598,500
0.34
1.1260 CITIGROUP INC
31/05/2017
400,000
372,000
0.21
1.1630 BANK OF AMERICA CORP
23/05/2017
2,400,000
2,220,000
1.26
1.5000 GERMANY (FEDERAL REPUBLIC)
04/09/2022
553,000
548,084
0.31
1.7500 STANDARD CHARTERED BANK
29/10/2017
520,000
516,656
0.29
2.2500 GERMANY (FEDERAL REPUBLIC)
11/04/2014
343,000
348,783
0.20
2.3120 RBS Capital Trust
Perpetual
900,000
557,253
0.32
2.6250 WELLS FARGO & CO
16/08/2022
320,000
320,301
0.18
2.7500 GERMANY (FEDERAL REPUBLIC)
08/04/2016
716,000
764,631
0.43
2.7500 UNICREDITO ITALIANO SPA
31/01/2020
1,950,000
1,958,073
1.11
3.0000 FOERENINGSBANKEN AB
05/12/2022
2,350,000
2,368,518
1.34
3.0000 GERMANY (FEDERAL REPUBLIC)
04/07/2020
2,450,000
2,760,513
1.57
3.2500 GERMANY (FEDERAL REPUBLIC)
04/07/2021
750,000
859,643
0.49
3.6250 STANDARD CHARTERED BANK
23/11/2022
2,550,000
2,463,631
1.40
3.8750 STANDARD CHARTERED BANK
20/10/2016
300,000
321,540
0.18
4.0000 BANK OF AMERICA CORP
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
4.0000 GERMANY (FEDERAL REPUBLIC)
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
4.0000 SKANDINAVISKA ENSKILDA BANK
12/09/2022
1,400,000
1,461,558
0.83
4.0000 SOCIETE GENERALE
07/06/2023
700,000
657,195
0.37
4.1250 GE CAPITAL CORP
19/09/2035
1,250,000
1,246,587
0.71
4.1250 INTESA
19/09/2016
700,000
721,126
0.41
4.1250 NATIONWIDE BUILDING SOCIETY
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
4.2500 AQUARIUS AND INV ZURICH
02/10/2043
1,650,000
1,611,852
0.92
4.2500 CITIGROUP INC
25/02/2030
4,050,000
3,857,625
2.19
4.3100 ABN AMRO BANK NV
Perpetual
1,100,000
979,000
0.56
4.3750 ALLIANZ FINANCE BV
Perpetual
850,000
852,125
0.48
4.3750 BANCO SANTANDER SA
04/09/2014
800,000
824,048
0.47
4.3750 BNP PARIBAS
22/01/2019
400,000
403,976
0.23
4.3750 GOLDMAN SACHS GROUP INC
16/03/2017
200,000
216,656
0.12
4.3750 J.P. MORGAN & CO INC
12/11/2019
500,000
501,250
0.28
4.3750 J.P. MORGAN & CO INC
30/11/2021
4,450,000
4,594,625
2.61
4.4710 BANQUE FED CRED MUTUEL
Perpetual
600,000
582,000
0.33
4.5000 BANCO SANTANDER SA
30/09/2019
1,300,000
1,118,000
0.63
4.5000 GOLDMAN SACHS GROUP INC
09/05/2016
1,000,000
1,076,170
0.61
4.5000 STATE BANK INDIA
30/11/2015
400,000
413,740
0.23
4.6250 BANCO SANTANDER SA
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
4.7500 BANK OF AMERICA CORP
06/05/2019
450,000
441,000
0.25
4.7500 BARCLAYS BANK PLC
Perpetual
2,000,000
1,430,000
0.81
Robeco Capital Growth Funds 161
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
in % of net assets
4.7500 GOLDMAN SACHS GROUP INC
12/10/2021
1,600,000
1,675,360
0.95
4.7500 UNION BANK OF NORWAY
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
5.1250 GOLDMAN SACHS GROUP INC
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
5.3690 HSBC HOLDING PLC
Perpetual
550,000
552,750
0.31
5.5000 GE CAPITAL CORP
15/09/2067
2,100,000
2,110,500
1.20
5.6250 ALLIANZ FINANCE BV
17/10/2042
1,700,000
1,847,288
1.05
5.7500 ALLIANZ FINANCE BV
08/07/2041
2,200,000
2,431,022
1.38
5.7670 MUNICH RE
Perpetual
2,200,000
2,271,500
1.29
5.8750 STANDARD CHARTERED PLC
26/09/2017
1,500,000
1,689,945
0.96
6.0000 BARCLAYS BANK PLC
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
6.2500 HSBC HOLDING PLC
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
6.3750 ABN AMRO BANK NV
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
6.6250 BARCLAYS BANK PLC
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
6.7500 NATIONWIDE BUILDING SOCIETY
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
6.9340 ROYAL BANK OF SCOTLAND
09/04/2018
1,400,000
1,465,072
0.83
6.9990 SOCIETE GENERALE
Perpetual
700,000
710,500
0.40
7.0920 SKANDINAVISKA ENSKILDA BANK
Perpetual
2,650,000
2,915,000
1.65
7.5000 CLOVERIE PLC
24/07/2039
2,800,000
3,373,188
1.92
7.8750 CREDIT AGRICOLE SA
Perpetual
2,900,000
3,045,000
1.73
9.0000 BPCE SA
Perpetual
1,550,000
1,604,250
0.91
9.0000 DELTA LLOYD LEVENSVERZEKERI
29/08/2042
3,050,000
3,347,375
1.90
9.0000 SRLEV NV
15/04/2041
500,000
485,000
0.28
9.3750 SOCIETE GENERALE
Perpetual
150,000
164,625
0.09
10.1250 ASSICURAZIONI GENERALI SPA
10/07/2042
1,200,000
1,440,000
0.82
10.5000 ROYAL BANK OF SCOTLAND
16/03/2022
2,250,000
2,565,000
1.46
11.8750 LLOYDS TSB BANK PLC
16/12/2021
2,950,000
3,584,250
2.03
15.0000 LBG CAPITAL NO.2 PLC
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
5.3750 SVENSKA HANDELSBANKEN
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
7.2500 UNION BANK OF NORWAY
23/06/2020
900,000
1,142,002
0.65
7.3750 CREDIT AGRICOLE SA
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
Robeco Capital Growth Funds 162
Investment portfolio
At 30 June 2013
Interest rate
Maturity date
Face Value
Market value in EUR x 1
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
6.6250 SOCIETE GENERALE
Perpetual
3,850,000
2,981,222
1.69
7.6250 UNION BANK OF SWITZERLAND
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
Total transferable securities and money market instruments admitted to an official stock exchange listing 167,825,414
95.28
Total investment portfolio 167,825,414
95.28
Other assets and liabilities 8,315,036
4.72
Total net assets 176,140,450
100.00
Robeco Capital Growth Funds 163
Robeco Covered Bonds Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in EUR x 1
in % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
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
1.8750 ABN AMRO BANK NV
31/07/2019
280,000
283,198
2.17
1.8750 DNB NOR BOLIKREDITT
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
2.2500 UNION BANK OF SWITZERLAND
10/01/2017
240,000
250,834
1.92
2.3750 NORDEA BANK
02/09/2016
350,000
366,824
2.81
2.4000 C. DE REFINANCEMENT HYPO
17/01/2025
300,000
292,716
2.24
2.5000 MUENCHNER HYPOTHEKENBANK
11/01/2016
300,000
314,355
2.41
2.6250 SKANDINAVISKA ENSKILDA BANK
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
3.3750 ROYAL BANK OF SCOTLAND
23/11/2016
340,000
366,530
2.81
3.5000 BANCO BILBAO VIZCAYA SA
24/01/2021
400,000
401,160
3.07
3.5000 MADRID (CAJA DE)
13/11/2014
250,000
251,375
1.93
3.6250 ANZ BANKING GROUP
18/07/2022
220,000
245,003
1.88
3.6250 LA CAIXA DE BARCELONA
18/01/2021
350,000
346,332
2.65
3.7500 BNP PARIBAS COVERED BONDS
20/04/2020
350,000
394,502
3.02
3.7500 BPCE SFH - SOCIETE DE FI
13/09/2021
200,000
223,272
1.71
3.7500 INTESA
25/09/2019
300,000
320,313
2.45
4.0000 BARCLAYS BANK PLC
07/10/2019
350,000
400,533
3.07
4.0000 C. DE REFINANCEMENT HYPO
10/01/2022
90,000
102,865
0.79
4.0000 LLOYDS TSB BANK PLC
29/09/2020
330,000
376,157
2.88
4.0000 SOCIETE GENERALE SFH
18/01/2022
100,000
114,116
0.87
4.0000 UNICREDITO ITALIANO SPA
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
4.6250 BANCO SANTANDER SA
04/05/2027
300,000
317,868
2.44
4.6250 NATIONWIDE BUILDING SOCIETY
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
Total transferable securities and money market instruments admitted to an official stock exchange listing 12,188,057
93.36
Total investment portfolio 12,188,057
93.36
Other assets and liabilities 867,040
6.64
Total net assets 13,055,097
100.00
Robeco Capital Growth Funds 164
Robeco GTAA Fund Investment portfolio
At 30 June 2013
Interest rate Maturity date
Face Value
Market value in EUR x 1
in % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
EUR
3.7500
NETHERLANDS (KINGDOM OF)
15/07/2014
4,000,000
4,148,880
22.87
4,148,880
22.87
Total transferable securities and money market instruments admitted to an official stock exchange listing 4,148,880
22.87
Total investment portfolio 4,148,880
22.87
Other assets and liabilities 13,991,975
77.13
Total net assets 18,140,855
100.00