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Robeco Capital Growth Funds
Société d’Investissement à Capital Variable
Incorporated under Luxembourg law
RCS B58 959
Annual Report 1 July 2011 – 30 June 2012
Robeco Capital Growth Funds 2
Contents
General Information 4
Report of the Board of Directors 6
General 6
General introduction 8
Risk management 9
Sustainability Investing 9
Report on supervisory function 10
Global Equity sub-funds 11
Regional & Country Equity sub-funds 14
Theme Equity sub-funds 17
Global Bond sub-funds 19
Regional Bond sub-funds 21
Asset Allocation sub-funds 23
Financial statements 24
Statement of net assets 24
Statement of operations and changes in net assets 33
Number of shares outstanding 45
Notes to the financial statements 49
Other data 87
Independent auditor’s report 89
Historical review 90
Investment portfolio 100
Robeco Global Value Equities 100
Robeco Global Conservative Equities 102
Robeco Global Stars Equities 105
Robeco Emerging Stars Equities 106
Robeco Emerging Markets Equities 107
Robeco Active Quant Emerging Markets Equities 110
Robeco Emerging Enhanced Index Equities 113
Robeco Emerging Conservative Equities 117
Robeco Asia–Pacific Equities 120
SAM Sustainable European Equities 122
Robeco European Conservative Equities 123
Robeco US Premium Equities 125
Robeco Chinese Equities 127
Robeco Indian Equities 128
Robeco Asian Stars Equities 129
Robeco US Large Cap Equities 130
Robeco US Select Opportunities Equities 131
Robeco New World Financial Equities 133
Robeco Property Equities 135
Robeco Global Consumer Trends Equities 136
Robeco Natural Resources Equities 137
SAM Sustainable Agribusiness Equities 138
Robeco Capital Growth Funds 3
Robeco Infrastructure Equities 139
Robeco High Yield Bonds 140
Robeco Investment Grade Corporate Bonds 148
Robeco Global Government Bonds 153
Robeco Emerging Debt 155
Robeco Euro Government Bonds 159
Robeco Euro Credit Bonds 161
Robeco All Strategy Euro Bonds 166
Robeco European High Yield Bonds 172
Robeco Euro Sustainable Credits 175
Robeco Financial Institutions Bonds 178
Note: In this report the abbreviated names of the sub-funds will be used, i.e. without the prefix 'Robeco Capital Growth Funds'.
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, Vice President, SAM Sustainable Asset Management A.G., Zurich, Switzerland
Ali Ould Rouis, Director, Robeco Gestions S.A. Paris, France (until 13 July 2012)
D. Rob van Bommel, Executive Vice President, Robeco Nederland B.V., Rotterdam, The Netherlands (from 13 July 2012).
Board of Directors of the Mauritian Subsidiary: Robeco Indian Equities (Mauritius) Ltd.
Paul A.G. van Homelen, Chairman, Senior Vice President Equity Investments, Robeco Group, Rotterdam, the Netherlands
Stefan Gordijn, Vice President, SAM Sustainable Asset Management A.G., Zurich, Switzerland
Ali Ould Rouis, Director, Robeco Gestions S.A. Paris, France (until 13 July 2012)
D. Rob van Bommel, Head Equity Investment Specialists, Robeco Nederland B.V., Rotterdam, The Netherlands (from 13
July 2012).
Shahed Hoolash, Head of Transaction Management Group, Deutsche International Trust Corporation (Mauritius) Limited
Anil Sharma, Head of Corporate Services, Deutsche International Trust Corporation (Mauritius) Limited
Management Company
Robeco Luxembourg S.A.
6-12, Place d’Armes
L-1136 Luxembourg
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 semiannual report. Financial
reports and the prospectus are available in through the website www.robeco.com and may be obtained free of charge at
the Company’s registered office.
Representative and paying agent in Switzerland SAM Sustainable Asset Management A.G., Josefstrasse 218, CH-8005 Zurich, is the Company’s appointed representative
in Switzerland. Copies of the simplified and full prospectus, articles of incorporation, annual and semiannual reports and a
list of all purchases and sales in the investment portfolio during the reporting period are available from the above address
free of charge. UBS A.G., Bahnhofstrasse 45, CH-8098 Zurich is the Company’s paying agent in Switzerland.
Information service in Germany Copies of the articles of incorporation, the simplified and full prospectus and the annual and semiannual reports
may be obtained free of charge from the office of the information service in Germany: Robeco Deutschland,
Taunusanlage 17, D 60325 Frankfurt am Main. The prices at which shares are issued and repurchased are published in
the Stock Exchange Gazette. A list of all purchases and sales in the Company’s investment portfolio during the reporting
period is available at the information service in Germany free of charge.
Representative in Hong Kong RBC Investor Services Trust Hong Kong Ltd, 51st Floor Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
Representative in Taiwan Shin Kong Investment Trust Co Ltd - 12F, No. 123, Nanking East Road, Sec. 2, Taipei, Taiwan, R.O.C.
Language versions This report is also published in French and German. Only the English edition is binding and will be submitted to the
general meeting of shareholders.
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.
New sub-funds
Robeco US Select Opportunities Equities was launched on 20 September 2011.
Robeco Global Conservative Equities was launched on 14 December 2011.
Robeco Emerging Enhanced Index Equities was launched on 28 March 2012.
New share classes
During the reporting period, the following share classes were introduced.
Activation of share classes
Sub-fund Share class Effective
Robeco All Strategy Euro Bonds class 40FH EUR shares 07/09/2011
Robeco All Strategy Euro Bonds class FHHI EUR shares 07/09/2011
Robeco US Select Opportunities Equities class D USD shares 20/09/2011
Robeco US Select Opportunities Equities class DH EUR shares 20/09/2011
Robeco US Select Opportunities Equities class I USD shares 20/09/2011
Robeco US Select Opportunities Equities class IH EUR shares 20/09/2011
Robeco All Strategy Euro Bonds class 40IH EUR shares 02/11/2011
Robeco All Strategy Euro Bonds class IHHI EUR shares 02/11/2011
Robeco Investment Grade Corporate Bonds class 0DH EUR shares 02/11/2011
Robeco Investment Grade Corporate Bonds class 0IH EUR shares 02/11/2011
Robeco Natural Resources Equities class M USD shares 02/11/2011
Robeco Property Equities class M USD shares 02/11/2011
Robeco US Large Cap Equities class IE GBP shares 02/11/2011
Robeco Global Consumer Trends Equities class M USD shares 04/11/2011
Robeco Global Conservative Equities class B EUR shares 14/12/2011
Robeco Global Conservative Equities class D EUR shares 14/12/2011
Robeco Global Conservative Equities class I EUR shares 14/12/2011
Robeco Global Conservative Equities class I USD shares 14/12/2011
Robeco Global Consumer Trends Equities class I EUR shares 14/12/2011
Robeco High Yield Bonds class IEH USD shares 27/01/2012
Robeco High Yield Bonds class DH CHF shares 16/02/2012
Robeco Emerging Enhanced Index Equities class I USD shares 28/03/2012
Robeco Euro Credit Bonds class BH EUR shares 04/04/2012
Robeco Emerging Conservative Equities class Z EUR shares 12/04/2012
Robeco Euro Government Bonds class EH EUR shares 12/04/2012
Robeco European Conservative Equities class Z EUR shares 12/04/2012
Robeco Global Conservative Equities class Z EUR shares 12/04/2012
Robeco Investment Grade Corporate Bonds class ZH EUR shares 12/04/2012
Robeco High Yield Bonds class IEH EUR shares 14/05/2012
Robeco Capital Growth Funds 7
Deactivation of share classes
During the reporting period, the following share classes were deactivated.
Deactivation of share classes
Sub-fund Share class Effective
Robeco Natural Resources Equities class D USD shares 02/11/2011
Robeco Property Equities class D USD shares 02/11/2011
Robeco All Strategy Euro Bonds class FHHI EUR shares 02/11/2011
Robeco All Strategy Euro Bonds class 40FH EUR shares 02/11/2011
Robeco Global Stars Equities Class I EUR shares 21/03/2012
Robeco Global Government Bonds class I USD shares 19/04/2012
Robeco Investment Grade Corporate Bonds class 0DH EUR shares 13/06/2012
Robeco Investment Grade Corporate Bonds class 0IH EUR shares 13/06/2012
Changes to the prospectus
Some changes (effective September 2011) have been made to the Company's prospectus. A letter to shareholders
detailing these changes is available at the Company’s registered office.
Robeco Capital Growth Funds 8
General introduction The global economy is currently confronted with a variety of structural problems that are obstructing the traditional
process of economic recovery. In the western world in particular, governments, banks and individuals have accumulated
excessive amounts of debt, so that long-term cost-cutting measures have become necessary. In addition, Europe is facing
unrest within the Monetary Union because an absence of stringent fiscal and political agreements has caused the
differences between its member countries to become too great. As a result, the financial markets are no longer
automatically prepared to finance mounting government debt in southern Europe.
Solving structural problems will be easier once the global economy picks up. In the first months of 2012, US economic
figures in particular were surprisingly strong, partly as a result of the mild winter. Unemployment figures fell gradually
and the FED (the American central banking system) announced that interest rates would be kept low until 2014 to
support economic growth. The situation in the US housing market appears to be improving somewhat now that slightly
more houses are being sold.
In Europe, worries receded in the first quarter when the European Central Bank (ECB) made three-year loans available to
the European banks in December 2011 and February 2012 at a very low interest rate, allowing them to refinance at low
cost. Some of the funds were used to buy high-yield government bonds. In the second quarter, political unrest increased
again as a result of the elections in Greece and France. The possibility of Greece leaving the euro caused a great deal of
agitation. Spain needed extra funds from Europe to resolve the major problems in its banking sector. The northern
European countries are only prepared to show solidarity if the southern European countries demonstrate greater financial
discipline. Germany in particular is advocating a transfer of political sovereignty to Brussels with centralized bank
regulation in Frankfurt.
In Asia, the Japanese central bank took measures to make the Japanese yen less expensive in relation to other currencies.
In June, for the first time since the end of 2008, the Chinese central bank reduced rates in order to stem any further
deceleration in the Chinese economy.
Equity market outlook
The current mood in the equity markets can best be described as volatile. Investors are nervous about three complex
issues: the future of the European Monetary Union, the imminent austerity measures in the United States, and the
slowdown in growth in China.
Following in the wake of small countries like Greece, Portugal and Ireland, much larger Spain is now also having
difficulties.
The future US president will immediately be presented with a difficult portfolio: how to reduce government spending
drastically. In the event that it is not possible to rein in government spending immediately, a package of measures will
automatically be implemented and the army, pensioners and health care in particular will be dealt heavy blows.
In China, too, investors are waiting to hear the official announcement of who is to be the new leader. In view of the fact
that growth in China is slower than in previous years, this new leader can be expected to immediately introduce a
package of growth-promoting measures. China has set itself the goal of making future growth less dependent on export
and domestic investments and to concentrate more on its domestic consumers and high-value industry.
All in all, these are three very worrying issues for investors, but at least the definitive outcome for all three will be known
by the end of 2012. And in general terms, increased certainty is positive for the equity markets. It seems unlikely that all
three will have a negative outcome. Moreover, much of the bad news already seems to have been discounted in stock
prices. For this reason we are moderately positive in the long term, while still prepared for a certain amount of volatility in
the shorter term.
Bond-market outlook
The investment advisor expects the period of low capital-market rates to continue for a while. Global economic growth
will remain moderate. Governments are struggling to keep their finances under control. Consumer spending is under
pressure as a result of uncertainty in the housing and employment market, and producers are cautious about taking
investment decisions.
The investment advisor considers the risk of inflation in the period ahead to be small. High unemployment in both the
United States and the euro zone is making any sharp wage rises unlikely. In addition, the moderate economic growth is
having a damping effect on commodity price movements.
The absence of inflationary tendencies is allowing central banks worldwide to maintain their accommodative policy. The
investment advisor considers it more likely that additional stimulus measures will be taken than that monetary authorities
will start to normalize the policies of recent years.
Robeco Capital Growth Funds 9
Against this backdrop the investment advisor expects global capital-market rates to remain low and, possibly, to drop
even further. Investors continue to be on the lookout for safe havens, and capital preservation is in many cases considered
more important than achieving the best possible returns. The investment advisor therefore expects US and German
government bonds to produce positive returns over 2012.
In Europe the debt crisis will continue to dominate the news. There is no rapid solution to these problems. The investment
advisor expects interest-rate differentials between the euro-zone countries to remain highly volatile. A return to a period
of low and stable interest-rate differentials is unlikely, given the considerable uncertainty about the future of the
European Monetary Union.
The investment advisor remains positive about bonds from emerging markets, as for many countries in this universe the
government deficits and debts are low. Moreover, economic growth there continues to stand out positively against that in
the western world. Capital-market rates may fall further, as inflation is showing a tendency to fall in these countries too.
The outlook for companies remains reasonably favorable. Although revenues will come under pressure as a result of the
weak economic growth, the investment advisor notes that balance-sheet positions overall are very healthy. Many
companies have reduced their debts or have rolled them over to longer maturities. Cash positions are generally healthy,
even for high-yield companies, and the uncertain economic climate will make them hesitant to take on new debt. This is
good news for investors in bonds.
Risk management Over the last financial year, the Robeco Group has paid considerable attention to the possible direct and indirect effects of
the recent problems in the euro zone. We considered the direct fund investments in the debt paper issued by these
governments, the additional effects on the creditworthiness of banks and the liquidity effects. This has led to a reduction
in direct and indirect exposure to the peripheral euro-zone countries. Attention has also been focused on a scenario plan
and the establishment of a euro crisis scenario book to ensure that we are as well prepared as possible for any
consequences that may result from a further deepening of the crisis. In addition, operational risks relating to the crisis are
constantly being analyzed and where necessary supplementary control measures are taken.
Extra measures have been implemented to cover counterparty risk in order to minimize possible losses. Cash exposure to
parties with a lower credit-worthiness has been reduced and we have stopped offering credit facilities to some
counterparties who no longer meet the standards set by Robeco. The lists of permitted collateral for securities-lending
activities have been made more stringent and the levels of required collateral raised. In addition, further steps have been
taken to permanently reduce counterparty risk, for example, by central clearing. In the field of market risk, the
functionality of the market-risk systems have been further enhanced, also taking account of the consequences of changing
market circumstances.
Attention has also been paid to the liquidity risk of the sub-funds, for instance by ensuring that they retain sufficient
amounts of cash. Moreover, steps have been taken to improve the valuation policy for less liquid funds and various forms
of action will be taken to protect the interests of both incumbent and entering or exiting investors from being harmed,
even in periods of low liquidity.
Sustainability Investing Sustainability investing in Robeco investment funds means making the right choice while still retaining considerable
flexibility in terms of the investment universe. Sustainability investing consists of a combination of effective tools:
• Exercising voting rights
• Engagement
• Exclusions
• Integrating ESG1 factors into the investment processes
1ESG stands for Environmental, Social and Governance.
Exercising of voting rights
When exercising voting rights, Robeco complies with internationally accepted principles such as those of the International
Corporate Governance Network (ICGN). The exercise of voting rights is structured in an efficient manner.
Robeco Capital Growth Funds 10
Engagement
Robeco attaches great importance to influencing companies which, in our view, do not maintain an optimal balance
between the legitimate objective of making profit and ESG factors. Engagement means that we engage in dialogues with
companies to make them aware of their broader social responsibility. We think that this will increase shareholder value
for our clients in the longer term. We have opted for a theme-driven approach. This enables us to make a thorough
assessment of the subjects we choose. Our own experience confirms that this makes dialogues with companies much
more effective.
Exclusions
Robeco's exclusion policy is based on two main exclusion criteria. Firstly, companies that are involved in the production of
controversial weapons or essential components for such weapons, or that gain significant revenues from the sale or
transport of these weapons are excluded. The second criterion that may eventually lead to a company’s exclusion from
the investment universe is failure to engage in successful dialogue. These dialogues concern companies’ serious and
structural violations of international and generally accepted guidelines for corporate social responsibility, such as the
guidelines of the United Nations Global Compact. Besides the exclusion policy for companies, Robeco also has an
exclusion policy for countries. These exclusions apply to country-related investments (such as government bonds).
Robeco’s Management Board has the final authority to exclude companies and countries.
Transparency and reporting on policy and its execution
The website will be the first medium for reporting on sustainability investing. Both the policy and the reports relating to
the exercise of voting rights, engagement and exclusions can be found on www.robeco.com/ri.
Report on supervisory function A number of committees have been created by the Supervisory Board of Robeco Groep N.V., including the Audit &
Compliance Committee, the Investment Committee and the Nomination, Remuneration & Corporate Governance
Committee. These committees consist mainly of independent members.
The Audit & Risk Committee consists of Messrs. G. Izeboud (chairman), A. Bruggink, A.C. Dorland (as of 3 April 2012), S.E.
Eisma and D.P.M. Verbeek. It convened six times during the period under review. The meetings of the Audit & Risk
Committee were also attended by the heads of department of Group Internal Audit, Group Compliance and Group Risk
Management and by representatives from Ernst & Young Accountants LLP (Ernst & Young The Hague). Issues relating to
compliance, audit and risk management were discussed within the Audit & Risk Committee. Robeco has its own
‘Principles on Fund Governance' and compliance with these is monitored by the Group Compliance department. Robeco's
Group Internal Audit department has conducted an audit on the monitoring by Group Compliance of the implementation
and compliance with those principles.
The outcome of these audits was "adequate".
The Investment Committee consists of Messrs. Ph. Lambert (chairman), A. Bruggink, A.C. Dorland (as of 3 April 2012), G.
Izeboud and D.P.M. Verbeek. It convened four times during the period under review. These meetings were also attended
by representatives of the investment departments as well as by the management of several foreign entities of the Robeco
Group. Topics that were discussed include the Robeco Group product range, capability / profitability analysis, the
investment policy and developments relating to performance. Comparisons between the performance and the set
performance targets and ratings such as Morningstar’s were also made during these discussions.
The Nomination, Remuneration & Corporate Governance Committee consists of Messrs. S.E. Eisma, Ph. Lambert, P.J.A.
van Schijndel and D.P.M. Verbeek. It convened four times during the period under review. These meetings were also
attended by the head of the Group Human Resources department. Topics discussed in these meetings include succession
and continuity planning and the remuneration policy for senior management. In particular, the implementation of the
Dutch Principles for Controlled Remuneration (issued by the Dutch supervisory authorities) was discussed frequently.
These principles are in line with the CSSF Circular on Guidelines concerning the remuneration policies in the financial
sector.
Robeco Capital Growth Funds 11
Global Equity sub-funds
Investment results
Price in currency x 1 30/06/2012
Price in currency x 1 30/06/2011
Investment result reporting
period in %
Investment result 3 years
average
Robeco Global value Equities
B EUR shares 1
96.93
92.00
9.7
16.1
D EUR shares
128.35
117.02
9.7
16.1
MSCI World Value IMI Index (net return, in EUR) *
5.8
13.7
Robeco Global Conservative Equities
B EUR shares 1, 2
110.86
100.00
13.1
13.1 6
D EUR shares 2
113.09
100.00
13.1
13.1 6
I EUR shares 2
113.39
100.00
13.4
13.4 6
Z EUR shares 3
105.92
100.00
5.9
5.9 6
I USD shares 2
109.95
100.00
10.0
10.0 6
Robeco Global Stars Equities
D EUR shares
134.62
122.92
9.5
12.2
I EUR shares 4
143.01
126.97
12.6
16.0 6
Z EUR shares
99.65
89.76
11.0
–0.4 6
MSCI World Index (net return, in EUR) *
8.6
14.7
Robeco Emerging Stars Equities
D EUR shares
141.68
149.85
–5.5
13.6
DL EUR shares
96.84
102.64
–5.7
13.3
I EUR shares
100.32
105.48
–4.9
14.2
MSCI Emerging Markets Index (net return, in EUR) *
–4.0
13.5
D USD shares
85.57
103.30
–17.2
10.0
MSCI Emerging Markets Index (net return, in USD) *
–16.0
9.8
Robeco Emerging Markets Equities
D EUR shares
130.18
140.27
–7.2
11.9
I EUR shares
227.30
243.83
–6.8
12.4
M EUR shares
98.13
106.26
–7.7
11.4
Z EUR shares
110.09
116.65
–5.6
13.8
MSCI Emerging Markets Index (net return, in EUR)
–4.0
13.5
D USD shares
124.27
152.29
–18.4
8.3
I USD Shares
92.44
112.74
–18.0
–3.2 6
J USD Shares
95.13
115.67
–17.8
–1.9 6
MSCI Emerging Markets Index (net return, in USD)
–16.0
9.8
Robeco Active Quant Emerging Markets Equities
D EUR shares
124.26
130.08
–4.5
16.1
I EUR shares
127.86
132.87
–3.8
16.9
Z EUR shares
98.06
101.22
–3.1
–1.6 6
MSCI Emerging Markets Index (net return, in EUR)
–4.0
13.5
D USD shares
92.96
111.17
–16.4
–4.5 6
MSCI Emerging Markets Index (net return, in USD)
–16.0
–5.9 6
Robeco Emerging Enhanced Index Equities
I USD shares 5 91.17 100.00 –8.8 –8.8 6
MSCI Emerging Markets Index (Net Return, in USD)5 –9.1 –9.1 6
Robeco Capital Growth Funds 12
Investment results
Price in currency x 1 30/06/2012
Price in currency x 1 30/06/2011
Investment result reporting
period in %
Investment result 3 years
average
Robeco Emerging Conservative Equities
B EUR shares 1
106.54
100.82
11.6
10.6 6
D EUR shares
114.73
102.69
11.7
10.5 6
I EUR shares
115.43
102.88
12.2
11.0 6
Z EUR shares 3
101.73
100.00
1.7
1.7 6
1 Assuming reinvestment of the distributed dividend. See Notes on page 76.
2 14 December 2011 until 30 June 2012.
3 12 April 2012 until 30 June 2012.
4 1 July 2011 until 21 March 2012.
5 28 March 2012 until 30 June 2012.
6 Since inception/until deactivation.
* Reference index.
Performance analysis
Robeco Global Value Equities
The sub-fund continued outperforming the global market during an exceptionally volatile period. US companies posted
record earnings results as European woes and macroeconomic concerns continue. We took advantage of stock-specific
opportunities across various sectors and regions as valuation and fundamental dislocations appeared.
Europe remains an underweight. We remain significantly overweight technology, where managements have effectively
managed and grown businesses through the current unsettled (or volatile) markets. Technology stocks represent high
return businesses trading at attractive valuations. With respect to sustainability investing, the sub-fund has integrated ESG
factors into its investment process.
Robeco Global Conservative Equities
Robeco Global Conservative Equities was launched on 14 December 2011. In the period since the start the sub-fund has
shown that it is able to preserve its capital in declining markets and generate positive returns in side way moving or up
markets. The sub-fund does not make use of a benchmark, but instead employs a quantitative stock selection model that
seeks to maximize the absolute return per unit of risk. The sub-fund typically invests in stocks with low expected downside
risk and aims to produce equity-like returns with lower volatility in the long term. In the period under review the sub-fund
succeeded in capturing positive alpha contained in low beta and low volatility stocks in this period. With respect to
sustainability investing, the sub-fund has integrated ESG factors into its investment processes since its introduction in
2011.
Robeco Global Stars Equities
The sub-fund outperformed the benchmark over the reporting period. The major drivers for this were the technology
sector with names such as Ebay and the cable sector with large weightings in Comcast, Virgin Media and Ziggo. The highly
uncertain macro and political environment with both the European sovereign debt crisis, the Chinese slow down and the
treat of the US fiscal cliff towards the end of 2012 make investors look for visible strong cash flow generating businesses
such as the mentioned sectors. We increased the exposure to financials the first time in 3 years as valuations seem very
compelling if the situation normalizes. We maintain a large exposure to the technology sector as valuations for Large Cap
are very attractive. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment
process.
Robeco Emerging Stars Equities
The sub-fund had a negative return over the reporting period, lagging the MSCI Emerging Markets index. The position in
Panama and stock selection in Brazil, China and Thailand were the main positive contributors, while stock selection in
Colombia and Korea, and the absence of a position in South Africa and Mexico contributed negatively. During the
reporting period, the positions in Turkey, India and Taiwan were reduced, while positions in Thailand and Indonesia were
added to the portfolio. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment
process.
Robeco Capital Growth Funds 13
Robeco Emerging Markets Equities
The sub-fund had a negative return over the reporting period, lagging the MSCI Emerging Markets index. Stock selection
in Malaysia and South Africa were the main positive contributors, while stock selection in China, Mexico and Brazil, and
the underweight positions in Mexico, Malaysia and the Philippines contributed negatively. During the reporting period,
the positions in Brazil, Thailand and Indonesia were increased, while positions in Taiwan, Mexico, Malaysia and Poland
were reduced. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment process.
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 performed in line with the
benchmark (net of fees). The quantitative stock-selection model contributed positively to performance. The factor
Momentum contributed negatively to performance. The valuation oriented factors and the earnings revisions factors
contributed positively.
Robeco Emerging Enhanced Index 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. Since inception date 28th March, the sub-fund showed a positive
relative performance. The quantitative stock-selection model contributed positively to performance. The valuation
oriented factors contributed negatively . The momentum and earnings revisions factors contributed positively to
performance. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment
processes since its introduction in 2012.
Robeco Emerging Conservative Equities
In the challenging market climate of the reporting period in which sharp declines were interspersed by strong recoveries,
the sub-fund showed excellent performance due to preserving its capital in downward markets. This confirms the sub-
fund’s characteristic of being able to capture alpha especially in volatile markets. The sub-fund does not make use of a
benchmark, but instead employs a quantitative stock selection model that seeks to maximize the absolute return per unit
of risk. The sub-fund typically invests in stocks with low expected downside risk and aims to produce equity-like returns
with lower volatility in the long term. With respect to sustainability investing, the sub-fund has integrated ESG factors into
its investment processes since its introduction in 2011.
Robeco Capital Growth Funds 14
Regional & Country Equity sub-funds
Investment results
Price in currency x 1 30/06/2012
Price in currency x 1 30/06/2011
Investment result reporting
period in %
Investment result 3 years
average
Robeco Asia-Pacific Equities
D EUR shares
88.64
84.29
5.2
13.8
MSCI AC Asia Pacific (Net Return, EUR)
2.0
10.6
D USD shares
113.58
123.38
–7.9
5.5 5
MSCI AC Asia Pacific (Net Return, USD)
–10.7
2.4 5
SAM Sustainable European Equities
D EUR shares
30.55
34.05
–10.3
8.8
I EUR Shares
111.95
123.99
–9.7
4.5 5
MSCI Europe Index (net return)
–4.6
9.9
Robeco European Conservative Equities
B EUR shares 1
78.47
82.53
–1.0
10.6
D EUR shares
105.09
106.16
–1.0
10.5
I EUR shares
97.25
97.76
–0.5
11.1
Z EUR shares 2
103.79
100.00
3.8
3.8 5
Robeco US Premium Equities
D EUR shares
163.72
145.07
12.9
18.1 5
I EUR shares
140.29
123.23
13.8
14.2 5
Russell 3000 Value Index (in EUR) *
17,3
22.1 5
DH EUR shares
112.81
115.29
–2.2
11.9
IH EUR shares
119.46
121.11
–1.4
12.9
MH EUR shares
107.77
110.69
–2.6
11.4
Russell 3000 Value Index (hedged into EUR) *
1.3
14.7
D USD shares
125.23
126.77
–1.2
12.8
I USD shares
132.88
133.35
–0.4
13.8
M USD shares
114.40
116.38
–1.7
12.2
Russell 3000 Value Index (in USD) *
2.6
15.9
EH GBP shares
132.79
141.38
–1.9
12.3
IE GBP shares
143.62
144.05
2.0
15.3
Russell 3000 Value Index (hedged into GBP)
2.0
15.6
Robeco Chinese Equities
D EUR shares
49.55
52.43
–5.5
5.7
I EUR shares
87.96
92.66
–5.1
–9.9 5
MSCI China standard 6 (net return, in EUR)
–4.0
5.2
D USD shares
101.24
122.40
–17.3
2.2
I USD shares
88.97
107.07
–16.9
–4.6 5
MSCI China standard 6 (net return, in USD)
–16.0
1.8
Robeco Indian Equities
D EUR shares
82.18
91.08
–9.8
–10.0 5
I EUR shares
82.96
91.48
–9.3
–9.6 5
MSCI India standard 7 (net return, in EUR)
–14.9
–12.6 5
D USD shares
80.39
101.81
–21.0
–14.0 5
MSCI India standard 7 (net return, in USD)
–25.5
–18.1 5
Robeco Capital Growth Funds 15
Investment results
Price in currency x 1 30/06/2012
Price in currency x 1 30/06/2011
Investment result reporting
period in %
Investment result 3 years
average
Robeco Asian Stars Equities
D EUR shares
107.23
102.45
4.7
5.6 5
MSCI AC Asia ex Japan (Net Return,in EUR) *
–1.6
2.8 5
Robeco US Large Cap Equities
D EUR shares
134.22
114.86
16.9
12.6 5
Russell 1000 Value Index (in EUR) *
17.7
14.7 5
DH EUR shares
33.10
32.67
1.3
9.3 5
Russell 1000 Value Index (hedged into EUR)* 3
1.7
9.5 5
IE GBP shares 3
116.22
100.00
16.2
16.2 5
Russell 1000 Value Index (in GBP) * 3
15.8
15.8 5
D USD shares
102.39
100.10
2.3
10.0 5
I USD Shares
121.47
117.95
3.0
8.1 5
Russell 1000 Value Index (in USD) *
3.0
10.7 5
Robeco US Select Oppportunities Equities
DH EUR shares 4
113.51
100.00
13.5
13.5 5
IH EUR shares 4
113.88
100.00
13.9
13.9 5
Russell Midcap Value (hedged into EUR) * 4
12.2
12.2 5
D USD shares 4
114.22
100.00
14.2
14.2 5
I USD Shares 4
115.03
100.00
15.0
15.0 5
Russell Midcap Value (in USD) * 4
13.5
13.5 5
1 Assuming reinvestment of the distributed dividend. See Notes on page 76.
2 12 April 2012 until 30 June 2012.
3 2 November 2011 until 30 June 2012.
4 20 September 2011 until 30 June 2012.
5 Since inception.
6 Until 31 December 2011: MSCI UCITS 10/40 World China Index.
7 Until 31 December 2011: MSCI UCITS 10/40 World India Index.
* Reference index.
Performance analysis
Robeco Asia-Pacific Equities
Worries over the Chinese economy and the European debt crisis fallout resulted in a weak year for Asian equities. Cyclical
sectors were hardest hit while defensive sectors held up quite well. The China market, where the sub-fund has been
underweight, dropped on fears over the sustainability of its growth. Our long-term bullish call for Thailand was vindicated
as the market rallied further, notwithstanding the floods. Solid stock picking contributed more than 3% to performance.
Japan, China, Thailand and Indonesia all contributed positively as well. The sub-fund’s active currency positions also
added about 1% to performance. The euro share class of the sub-fund rose by 5% over the period. With respect to
sustainability investing, the sub-fund has integrated ESG factors into its investment processes.
SAM Sustainable European Equities
The year was characterized by high macro economic uncertainties around the European debt crisis and a resulting
recession in Europe and a reduced global growth outlook. On a sector level, banks have been the most volatile stocks,
with their performances largely explained by decisions in the political landscape. The sub-fund benefited from a careful
positioning within the financial sector. However, overall the performance was lagging the benchmark as fundamental
characteristics played a minor role in a macroeconomic volatile environment. The sub-fund was managed in accordance
with SAM’s proprietary sustainability methodology.
Robeco European Conservative Equities
In the challenging market climate of the reporting period in which sharp declines were interspersed by strong recoveries,
the sub-fund offered downside protection due to its low risk profile. This confirms the sub-fund’s characteristic of being
Robeco Capital Growth Funds 16
able to capture alpha especially in volatile markets. Robeco European Conservative Equities does not make use of a
formal benchmark, but instead employs a quantitative stock selection model that seeks to maximize the absolute return
per unit of risk. The sub-fund typically invests in stocks with low expected downside risk and aims to produce equity-like
returns with lower volatility in the long term.
Robeco US Premium Equities
Unsettled market conditions due to macro-based worries have created opportunities to own premium businesses at
discounted prices. We have taken advantage of this stock-by-stock across the market capitalization spectrum, including
mega caps. As a result the sub-fund has a very attractive valuation and quality advantage over the market. For the
reporting period the sub-fund underperformed the benchmark as this advantage did not perform to its potential.
However, it has put stronger results in store as markets revert to heeding fundamental factors. With respect to
sustainability investing, the sub-fund has integrated ESG factors into its investment processes.
Robeco Chinese Equities
Robeco Chinese Equities delivered a negative return for the year. The disappointing performance was due to both internal
and external factors. Firstly, China’s GDP has continued to decelerate from 9.1% in the third quarter of 2011 to 8.1% in
the first quarter of 2012, driven by slowdown in both domestic and external demand. Secondly, the sovereign debt crisis
in the US and Europe dragged down the global equities markets including China. Fortunately, inflation peaked in
November 2011 and the central bank in China immediately started the monetary loosening cycle; where after sentiment
improved. The Chinese yen appreciated 1.7% against the US dollar during the financial year. With respect to
sustainability investing, the sub-fund has integrated ESG factors into its investment processes, with the main focus lying
on corporate governance.
Robeco Indian Equities
The sub-fund delivered a negative return of almost 10% over the period and outperformed its benchmark by more than
5%. The outperformance was largely driven by stock picking. The portfolio was defensively positioned for most of this
period. Indian stocks corrected heavily in 2011 due to high inflation levels, rising interest rates, their impact on corporate
earnings growth and depreciating currency. The equity markets however rallied in the first quarter of 2012 as some of
these concern areas showed signs of abating and also as global cues remained supportive for risky assets. With respect to
sustainability investing, the sub-fund has integrated ESG factors into its investment processes, with the main focus lying
on corporate governance.
Robeco Asian Stars Equities
It was a financial year of 2 different halves for Asian equity markets. Stocks fell sharply in the second half of 2011 on the
back of euro debt worries and a Chinese economic slowdown. India and China were the weakest markets, down 23% and
13% respectively. The smaller, more domestic led ASEAN markets bucked the trend and were actually up 3 to 6%. The
second half of the reporting period was much better for equity investors and the losses of the first half were recouped.
India regained some of the earlier losses, but remained mired by a weak currency. Asian Stars performed well in both
market environments, outperforming in up and down markets. The sub-fund gained 4.7% over the reporting period,
outperforming its reference index by more than 6%. With respect to sustainability investing, the sub-fund has integrated
ESG factors into its investment processes, with the main focus lying on corporate governance.
Robeco US Large Cap Equities
The sub-fund's performance was driven in line with the benchmark with market-beating stock selection across numerous
economic sectors combined with some underperformance. Unsettled market sentiment due to macro-based worry has
created opportunities to own premium businesses at discounted prices. We have been taking advantage of this stock-by-
stock. The sub-fund's valuation/profitability profile is very attractive, which has positioned the sub-fund for favorable
returns over time with less downside risk. With respect to sustainability investing, the sub-fund has integrated ESG factors
into its investment processes.
Robeco US Select Opportunities Equities
Launched in September 2011, the sub-fund invests in businesses that meet our intersecting criteria of attractive
valuations, strong fundamentals and catalysts for unlocking value. Given unsettled market sentiment, we are finding
sound businesses at attractive prices that have been positioning themselves for growth. The sub-fund's attractive
investment characteristics put solid results in store as valuations heed fundamental factors. With respect to sustainability
investing, the sub-fund has integrated ESG factors into its investment processes since its introduction in 2011.
Robeco Capital Growth Funds 17
Theme Equity sub-funds
Investment results
Price in currency x 1 30/06/2012
Price in currency x 1 30/06/2011
Investment result reporting
period in %
Investment result 3 years
average
Robeco New World Financial Equities
D EUR shares
30.22
32.31
–6.5
5.6
Z EUR shares
80.16
84.28
–4.9
7.4
MSCI World Financials Index
0.3
8.0
Robeco Property Equities
B EUR Shares 1
14.53
13.35
14.5
19.0 7
D EUR shares
104.79
91.50
14.5
22.5
I EUR shares
105.34
91.35
15.3
23.3
S&P Developed Property Index (EUR)
16.0
22.8
D USD shares 2
93.54
104.24
–10.3
–6.5 7
M USD shares 3
111.80
100.00
11.8
11.8 7
S&P Developed Property Index (USD) 3
15.5
15.5 7
Robeco Global Consumer Trends Equities
D EUR shares
86.39
78.80
9.6
26.4
I EUR shares 4
120.00
100.00
20.0
20.0 7
M EUR shares
118.80
108.89
9.1
11.2 7
Z EUR shares
174.15
156.23
11.5
28.5
MSCI AC World 8 (net return, in EUR) *
8.3
14.5
D USD shares
110.93
115.58
–4.0
6.6 7
M USD shares 5
105.47
100.00
5.5
5.5 7
MSCI AC World 8 (net return, in USD)* 5
–5.2
2.1 7
Robeco Natural Resources Equities
D EUR shares
82.76
100.03
–17.3
5.0
Z EUR shares
77.69
92.37
–15.9
6.7
MSCI World Commodity Producers excl Agriculture Index (net return, in EUR)
–6.1
8.3
D USD shares 2
76.49
99.58
–23.2
–23.5 7
M USD shares 3
94.13
100.00
–5.9
–5.9 7
MSCI World Commodity Producers excl Agriculture Index (net return, in USD) 3
–6.0
–6.0 7
SAM Sustainable Agribusiness Equities
D EUR shares
107.32
108.97
–1.5
13.3
I EUR shares
110.17
111.10
–0.8
14.1
D USD shares 87.91 102.11 –13.9 –9.1 7
MSCI AC World 8 (net return, in EUR) * 8.3 14.5
Robeco Infrastructure Equities
D EUR shares
107.43
121.48
–11.6
10.3
I EUR shares
110.36
123.94
–11.0
11.0
MSCI AC World 8 (net return) *
8.3
14.5
1 Assuming reinvestment of the distributed dividend. See Notes on page 76.
2 1 July 2011 until 2 November 2011.
3 2 November 2011 until 30 June 2012.
4 14 December 2011 until 30 June 2012.
5 4 November 2011 until 30 June 2012.
6 15 November 2011 until 30 June 2012.
7 Since inception/until deactivation.
8 Until 31 December 2011 MSCI World Index.
* Reference index.
Robeco Capital Growth Funds 18
Performance analysis
Robeco New World Financial Equities
The sub-fund underperformed its benchmark during the reporting period. Thanks to LTRO (Long-term refinancing
operations) in November 2011 there was a period of positive sentiment. But in March 2012 that changed and worries
about Greece (Grexit), Spain (Spanish banks) and a slowing global economy made markets very nervous. Investors fled
European financials. Without Europe having a credible plan for fiscal union, markets remained very volatile. Credible
solutions are necessary to prevent further economic slowdown worldwide, which is why Germany is under increasing
pressure from many different global leaders to act. With respect to sustainability investing, the sub-fund has integrated
ESG factors into its investment processes.
Robeco Property Equities
The sub-fund underperformed its benchmark during the reporting period while returning a double digit absolute return.
Despite global macro uncertainty and crisis in the euro-zone, fundamentals especially in the prime real estate segments
continue to improve. As limited supply of commercial real estate will come to the market, vacancies in particular this part
are expected to stay low. Large-cap companies still have good access to capital markets. The broader real estate market
felt the pressure from a slower macro environment and increased risk of obsolescence of lower quality assets. With
respect to sustainability investing, the sub-fund has integrated ESG factors into its investment processes.
Robeco Global Consumer Trends Equities
Robeco Global Consumer Trends outperformed the market over the reporting period. Relative performance was
satisfactory even as emerging markets underperformed developed markets and the European debt crisis was at the
forefront of investors minds. Our investment with emerging markets exposure performed relatively well as consumer
spending on luxury goods and discretionary items continues to grow strongly. Our investments in the cable and satellite
sector continue to throw off huge cash flows that can be used for both buybacks and returning cash to shareholders.
Finally, our positioning in market leaders in internet subsectors like e-commerce, social media and online travel, has also
worked well as these companies continue to gain market share. With respect to sustainability investing, the sub-fund has
integrated ESG factors into its investment processes.
Robeco Natural Resources Equities
The second half of 2011 proved to be one of the more difficult periods on record for the resources sector. Robeco Natural
Resources underperformed its reference index due to an underweight in integrated oil names. After a strong start to 2012
stocks fell substantially as the Eurozone crisis deepened. Robeco Natural Resources strongly outperformed both its
reference index during this period on the back of a positive stock selection and an overweight in gold stocks. As we are
nearing the best period of the year for gold and Spain is inching closer towards a default the fund is well positioned for
the second half of the financial year. With respect to sustainability investing, the sub-fund has integrated ESG factors into
its investment processes.
SAM Sustainable Agribusiness Equities
The financial year was characterized by two distinctly different investment periods: September and the remainder. As the
materials sectors represented in the sub-fund through upstream exposure in the production factor cluster, underwent a
notable correction during September, agricultural equities tended to underperform over the reporting
period.Performance over the rest of the financial year was good, but insufficient to make up for that month’s
performance differential to world equities. The sub-fund is managed in accordance with SAM’s proprietary methodology
pertaining to sustainable agribusiness equities investments. The sub-fund makes no use of a benchmark. With respect to
sustainability investing, the sub-fund has integrated ESG factors into its investment processes.
Robeco Infrastructure Equities
During the reporting period, Robeco Infrastructure Equities continued to pursue its long-term strategy of investing in
companies and industries that are expected to benefit from an acceleration in global spending on infrastructure over the
coming five to ten years. This high-beta strategy paid off handsomely during the ‘risk on’ market environment from
October 2011 – March 2012, but delivered disappointing results during the ‘risk off’ market environment of July –
September 2011 and April – June 2012. On balance the portfolio lagged the MSCI AC World reference index over the
reporting period. We expect our strategy to significantly outperform this index on a three- to five-year horizon. With
respect to sustainability investing, the sub-fund has integrated ESG factors into its investment processes.
Robeco Capital Growth Funds 19
Global Bond sub-funds
Investment results
Price in currency x 1 30/06/2012
Price in currency x 1 30/06/2011
Investment result reporting
period in %
Investment result 3 years
average
Robeco High Yield Bonds
BH EUR shares 1
24.07
24.21
5.6
10.1 9
DH EUR shares
103.44
97.97
5.6
15.1
EH EUR shares 1
100.72
101.76
5.6
15.1
IH EUR shares
153.84
144.85
6.2
15.8
IEH EUR shares 2
100.18
100.00
0.2
0.2 9
ZH EUR shares
140.50
131.52
6.8
16.4
0DH EUR shares
108.46
106.77
1.6
4.8 9
0EH EUR shares 1
100.51 100.28 1.9
1.7 9
0IH EUR shares
104.63 102.40 2.2
3.0 9
BarCap US Corporate HY + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into EUR)
6.2
14.8
DH CHF shares 3
102.29
100.00
2.3
2.3 9
BarCap US Corporate HY + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into CHF)3
2.6
2.6 9
DH USD shares
106.45
100.85
5.6
4.9 9
0DH USD shares
100.84
99.14
1.7
0.8 9
IH USD shares
178.78
168.15
6.3
16.1
IEH USD shares 4
104.06
100.00
4.1
4.1 9
0IH USD shares
102.49
100.14
2.3
1.7 9
BarCap US Corporate HY + Pan Euro HY ex Financials 2.5% Issuer Cap (hedged into USD)
6.9
15.2
Robeco Investment Grade Corporate Bonds
BH EUR shares 1
106.37
105.57
5.9
6.1
DH EUR shares
121.53
114.69
6.0
6.1
0DH EUR shares 5 101.12 100.00 1.1 1.1 9
IH EUR shares
127.27
119.51
6.5
6.6 9
0IH EUR shares 5 101.33 100.00 1.3 1.3 9
IEH EUR shares 1
112.10
110.74
6.5
6.6
IHHI EUR shares
111.68
107.38
4.0
4.4
ZH EUR shares 7
100.02
100.00
0.0
0.0 9
Barclays Euro Aggregate Corporate, ex financials, 2% Issuer Cap Index
6.9
6.4
Robeco Global Government Bonds
IH EUR shares
110.22
102.91
7.1
3.3 9
JP Morgan Government Global (hedged into EUR)
7.6
4.9 9
I USD shares 8
112.75
109.59
2.9
4.4 9
JP Morgan Government Global unhedged (USD)
2.6
5.8 9
Robeco Emerging Debt
D EUR shares
97.59
98.93
–1.4
–2.3 9
JPM GBI-EM Global Diversified (hedged into EUR)
–2.8
–2.8 9
I USD shares
98.67
98.99
–0.3
–1.3 9
JPM GBI-EM Global Diversified (in USD)
–1.7
–1.7 9
1 Assuming reinvestment of the distributed dividend. See Notes on page 76.
2 14 May 2012 until 30 June 2012.
316 February 2012 until 30 June 2012.
427 January 2012 until 30 June 2012.
52 November 2011 until 13 June 2012.
712 April 2012 until 30 June 2012.
8 1 July 2011 until 19 April 2012.
9 Since inception/until deactivation.
Robeco Capital Growth Funds 20
Performance analysis
Robeco High Yield Bonds
High yield bonds experienced very volatile times, mainly driven by the peripheral-European debt crisis. Spreads widened
sharply to close to 1,000 basispoints in October, not seen since 2009. Unsurprisingly, especially European high yield was
hit hard. It took several European summits until finally the ECB’s LTRO (Long-term refinancing operations) program eased
fears of a eurozone break-up and a collapse of its banking system. Subsequently, spreads rallied from December to March
and European high yield outperformed. However, in the second quarter of 2012 spreads rose again. Global economic
data were weak and raised fears of a concerted slowdown, while European worries intensified again with Greece
struggling to form a pro-European government. Meanwhile, high yield companies continue to operate extremely
cautiously, focusing entirely on cash generation and debt reduction. With ‘risk-free’ government yields so close to zero,
the spread pick-up in corporates attracted large inflows into credit, underpinning high yield performance. With respect to
sustainability investing, the sub-fund has integrated ESG factors into its investment processes.
Robeco Investment Grade Corporate Bonds
The performance of credit markets was driven to a large extent by the developments in the European sovereign debt
crisis. Market sentiment moved between hope and fear and in this environment there were periods that corporate bonds
from the Southern part of Europe strongly outperformed, followed by periods of underperformance. Our positioning in
credit from the periphery was underweight and this was one of the reasons for the positive performance contribution
from issuer selection. Our fundamental research capacity enabled us to add some attractive new names to the portfolio.
We also gained from being slightly overweight credit beta. With respect to sustainability investing, the sub-fund has
integrated ESG factors into its investment processes.
Robeco Global Government Bonds
The positioning in triple-A rated non-euro sovereign bonds had a positive impact on the performance of the sub-fund. The
sub-fund was positioned in Australia and Sweden. The positioning in currencies from higher growth countries negatively
contributed to the performance. Currencies such as the Malaysian ringgit and the Mexican peso started the year strong,
but depreciated in the second quarter as risk sentiment deteriorated. The total return of the sub-fund was positive, as
German Bunds and US Treasuries posted a strong performance. With respect to sustainability investing, the sub-fund has
integrated ESG factors into its investment processes.
Robeco Emerging Debt
In the second half of 2011, emerging market debt and currencies suffered from risk aversion due to the sovereign debt
crisis in the eurozone, but recovered strongly at the beginning of 2012. An allocation to dollar-denominated emerging
market corporate bonds was the main performance driver over the last twelve months. The sub-fund benefited from
underweight positions in Eastern-European currencies, mainly Hungarian forint and Polish zloty, and favored exposure to
Latin-American and Asian markets for most of the reporting period. With respect to sustainability investing, the sub-fund
has integrated ESG factors into its investment processes.
Robeco Capital Growth Funds 21
Regional Bond sub-funds
Investment results
Price in currency x 1 30/06/2012
Price in currency x 1 30/06/2011
Investment result reporting
period in %
Investment result 3 years
average
Robeco Euro Government Bonds
CH EUR shares 1
104.97
100.71
7.9
7.4 6
DH EUR shares
125.28
116.38
7.6
3.8
EH EUR shares 1, 2
100.05
100.00
0.0
–0.3 6
IH EUR shares
130.77
121.08
8.0
4.2
ZH EUR shares
130.64
120.50
8.4
4.6
Barclays Euro Aggregate Treasury Index
7.4
3.8
Robeco Euro Credit Bonds
BH EUR shares 1, 3
98.84
100.00
0.1
0.1
DH EUR shares
113.79
107.46
5.9
9.1
IH EUR shares
118.78
111.70
6.3
9.6
ZH EUR shares
123.38
115.52
6.8
10.0
Barclays Euro Corporate Index
5.7
6.7
Robeco All Strategy Euro Bonds
BH EUR shares 1
94.90
92.79
6.4
1.0 6
DH EUR shares
73.71
69.25
6.4
4.5
DHHI EUR shares
104.29
101.29
3.0
3.1
FHHI EUR shares 4
99.89
100.00
–0.1
–0.1 6
IHHI EUR shares 5
104.77
100.00
4.8
4.8 6
10DH EUR shares
113.62
99.05
14.7
9.9 6
40DH EUR shares
176.87
97.18
82.0
52.0 6
40FH EUR shares 4
108.32
100.00
8.3
8.3 6
40IH EUR shares 5
123.78
100.00
23.8
23.8 6
IH EUR shares
122.84
114.90
6.9
5.2
ZH EUR shares
125.16
116.56
7.4
5.6
Barclays Euro Aggregate Index
7.1
4.6
Robeco European High Yield Bonds
DH EUR shares
145.78
138.64
5.2
14.3
IH EUR shares
151.93
143.64
5.8
14.9
BarCap Pan-European HY Corporate ex Financials 2.5% Issuer Constraint (hedged into EUR)
4.9
14.7
Robeco Euro Sustainable Credits
BH EUR shares 1
99.64
99.31
5.4
3.4
DH EUR shares
107.42
101.82
5.5
3.4
IH EUR shares
108.43
102.33
6.0
3.9
Barclays Capital Euro-Aggregate Corporates (in EUR)
5.7
3.8 6
Robeco Financial Institutions Bonds
BH EUR shares 1
93.13
98.64
0.3
–1.0 6
DH EUR shares
98.92
98.65
0.3
–1.0 6
IH EUR shares
99.40
98.70
0.7
–0.5 6
Barclays Capital Euro Corporates – Sub financials (in EUR)
–1.3
–1.8 6
1 Assuming reinvestment of the distributed dividend. See Notes on page 76.
2 12 April 2012 until 30 June 2012.
3 4 April 2012 until 30 June 2012.
4 7 September 2011 through 2 November 2011.
5 2 November 2011 through 30 June 2012.
6 Since inception/until deactivation.
Robeco Capital Growth Funds 22
Performance analysis
Robeco Euro Government Bonds
Country allocation was the main performance driver. The sub-fund held no bonds from Greece, Portugal and Ireland. The
sub-fund benefited from a large underweight in Italian bonds in the second half of 2011 and a large overweight in Italy in
the first months of 2012. From March onwards, the position in Italian bonds has been reduced again and all Spanish
bonds have been sold. The absolute return was attractive, while German yields fell to new lows. With respect to
sustainability investing, the sub-fund has integrated ESG factors into its investment processes.
Robeco Euro Credit Bonds
The performance of credit markets was driven to a large extent by the developments in the European sovereign debt
crisis. Market sentiment moved between hope and fear and in this environment there were periods that corporate bonds
from the Southern part of Europe strongly outperformed, followed by periods of underperformance. Our positioning in
credit from the periphery was underweight and this was one of the reasons for the positive performance contribution
from issuer selection. We also gained from being overweight credit beta, we actively managed the size of this overweight
positioning. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment processes.
Robeco All Strategy Euro Bonds
An overweigth position in corporate bonds and asset backed securities versus governments bonds, contributed negatively
to the relative performance over the last twelve months. The sub-fund benefited from a large underweight in Italian
bonds in the second half of 2011 and a large overweight in Italy in the first months of 2012. From March onwards, the
position in Italian bonds was reduced again and all Spanish bonds were sold. The absolute return was attractive, while
German yields fell to new lows. With respect to sustainability investing, the sub-fund has integrated ESG factors into its
investment processes.
Robeco European High Yield Bonds
High yield experienced very volatile times, mainly driven by the peripheral-European debt crisis. Spreads widened sharply
to close to 1,000 basispoints in October, not seen since 2009. Unsurprisingly, especially European high yield was hit hard.
It took several European summits until finally the ECB’s LTRO (Long-term refinancing operations) program eased fears of a
eurozone break-up and a collapse of its banking system. Subsequently, spreads rallied from December to March and
European high yield outperformed. However, in the second quarter of 2012 spreads rose again. Global economic data
were weak and raised fears of a concerted slowdown, while European worries intensified again with Greece struggling to
form a pro-European government. Meanwhile, high yield companies continue to operate extremely cautiously, focusing
entirely on cash generation and debt reduction. With ‘risk-free’ government yields so close to zero, the spread pick-up in
corporates attracted large inflows into credit, underpinning high yield performance. With respect to sustainability
investing, the sub-fund has integrated ESG factors into its investment processes.
Robeco Euro Sustainable Credits
The performance of credit markets was driven to a large extent by the developments in the European sovereign debt
crisis. Market sentiment moved between hope and fear and in this environment there were periods that corporate bonds
from the Southern part of Europe strongly outperformed, followed by periods of underperformance. Our positioning in
credit from the periphery was underweight and this was one of the reasons for the positive performance contribution
from issuer selection. We also gained from being overweight credit beta, we actively managed the size of this overweight
positioning. With respect to sustainability investing, the sub-fund has integrated ESG factors into its investment processes.
Robeco Financial Institutions Bonds
The performance of credit markets was driven to a large extent by the developments in the European sovereign debt
crisis. Market sentiment moved between hope and fear and in this environment there were periods that corporate bonds
from the Southern part of Europe strongly outperformed, followed by periods of underperformance. Our positioning in
credit from the periphery was underweight and this was one of the reasons for the positive performance contribution
from issuer selection. Another positive stimulus was given by bond tenders that were being announced by several issuers.
We also gained from being overweight credit beta. With respect to sustainability investing, the sub-fund has integrated
ESG factors into its investment processes.
Robeco Capital Growth Funds 23
Asset Allocation sub-funds
Investment results
Price in currency x 1 30/06/2012
Price in currency x 1 30/06/2011
Investment result reporting
period in %
Investment result 3 years
average
Robeco GTAA Fund
D EUR shares
98.51
93.17
5.7
–0.6 1
I EUR shares
101.22
95.09
6.4
0.6 1
Z EUR shares
103.31
96.10
7.5
1.5 1
Merrill Lynch EUR LIBOR Overnight Index (EONIA)
0.6
0.6 1
1 Since inception.
Performance analysis
Robeco GTAA Fund
The positive performance can be mainly attributed to long positions in US Treasury futures and Euro Bund futures. Long
positions in the EURO STOXX 50 futures and Nikkei 225 futures resulted in a negative contribution. With respect to
sustainability investing, the investment universe and type of investment securities of the sub-fund is such that it is not
feasible at this moment to implement the ESG factors into the investment processes.
Luxembourg, 24 October 2012
The Board of Directors
Past performance is no indication of current or future performance. These performance data do not take account of the commissions and costs incurred on
the issue and redemption of units.
Robeco Capital Growth Funds 24
Financial statements
Statement of net assets In EUR x thousand
Robeco Capital
Robeco
Robeco
Robeco
Growth Funds
Global Value
Global Conservative
Global Stars
Combined
Equities
Equities
Equities
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
Investment portfolio at market value 18,760,377
19,179,138
30,436
42,458
8,082
–
236,432
225,056
Deposits and other cash 3,5,10
868,146
402,646
123
119
1,398
–
33,622
21,817
Unrealized gains on forward exchange transactions 4
22,502
75,834
–
–
–
–
137
252
Unrealized gains on financial futures 5
3,519
1,358
–
–
–
–
–
–
Unrealized gains on interest rate swaps 6
8,975
6,612
–
–
–
–
–
–
Unrealized gains on inflation-linked swaps 7
64
206
–
–
–
–
–
–
Unrealized gains on credit default swaps 8
12,256
20,401
–
–
–
–
–
–
Unrealized gains on contracts for difference 9
2,029
632
–
–
–
–
1,732
625
Other assets 10
569,358
752,500
724
1,165
274
–
314
3,201
Total assets 20,247,226
20,439,327
31,283
43,742
9,754
–
272,237
250,951
Bank overdrafts 10
52,932
102,018
–
710
–
–
880
1,255
Unrealized losses on forward exchange transactions 4
3,105
38,753
–
–
–
–
233
1,757
Unrealized losses on financial futures 5
7,406
7,665
–
–
–
–
–
–
Unrealized losses on interest rate swaps 6
13,386
11,929
–
–
–
–
–
–
Unrealized losses on inflation-linked swaps 7
853
83
–
–
–
–
–
–
Unrealized losses on credit default swaps 8
42,140
22,979
–
–
–
–
–
–
Unrealized losses on contracts for difference 9
2,490
1,086
–
–
–
–
1,754
818
Written options at market value 3
14,935
2,938
–
–
–
–
–
823
Other liabilities
352,613
607,680
1,034
1,231
1,512
–
125
786
Total liabilities
489,860
795,131
1,034
1,941
1,512
–
2,992
5,439
Total net assets 19,757,366
19,644,196
30,249
41,801
8,242
–
269,245
245,512
Net asset value per B EUR share
96.93
92.00
110.86
–
–
–
Net asset value per D EUR share
128.35
117.02
113.09
–
134.62
122.92
Net asset value per I EUR share
–
–
113.39
–
–
126.97
Net asset value per Z EUR share
–
–
105.92
–
99.65
89.76
Net asset value per I USD share
–
–
109.95 1
–
–
–
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
1 This class of shares is denominated in US-dollars (USD). The reference currency of the sub-fund is the euro (EUR).
Robeco Capital Growth Funds 25
Statement of net assets In EUR x thousand
Robeco Robeco
Robeco Robeco
Emerging Stars
Emerging Markets
Active Quant Emerging
Emerging Enhanced Index
Equities Equities
Markets Equities Equities
1
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
Investment portfolio at market value 820,007
954,153
2,403,460
3,107,388
293,577
80,619
125,133
–
Deposits and other cash 3,5,10 3,719
4,752
24,056
62,807
1,848
3,038
7,679
–
Unrealized gains on forward exchange transactions 4 –
1,172
–
5,542
–
–
127
–
Unrealized gains on financial futures 5 –
–
–
–
132
79
216
–
Unrealized gains on interest rate swaps 6 –
–
–
–
–
–
–
–
Unrealized gains on inflation-linked swaps 7 –
–
–
–
–
–
–
–
Unrealized gains on credit default swaps 8 –
–
–
–
–
–
–
–
Unrealized gains on contracts for difference 9 –
–
–
–
–
–
–
–
Other assets 10 12,842
18,057
34,497
61,121
132,475
615
2,388
–
Total assets 836,568
978,134
2,462,013
3,236,858
428,032
84,351
135,543
–
Bank overdrafts 10 5,448
5,230
18,294
66,939
–
409
61
–
Unrealized losses on forward exchange transactions 4 –
–
–
–
–
–
–
–
Unrealized losses on financial futures 5 –
–
541
453
2
3
–
–
Unrealized losses on interest rate swaps 6 –
–
–
–
–
–
–
–
Unrealized losses on inflation-linked swaps 7 –
–
–
–
–
–
–
–
Unrealized losses on credit default swaps 8 –
–
–
–
–
–
–
–
Unrealized losses on contracts for difference 9 –
–
–
–
–
–
–
–
Written options at market value 3 –
–
–
–
–
–
–
–
Other liabilities 3,023
9,766
9,285
61,019
118,369
88
1,784
–
Total liabilities 8,471
14,996
28,120
128,411
118,371
500
1,845
–
Total net assets 828,097
963,138
2,433,893
3,108,447
309,661
83,851
133,698
–
Net asset value per D EUR share 141.68
149.85
130.18
140.27
124.26
130.08
–
–
Net asset value per DL EUR share 96.84 102.64 – – – – – –
Net asset value per I EUR share 100.32
105.48
227.30
243.83
127.86
132.87
–
–
Net asset value per M EUR share –
–
98.13
106.26
–
–
–
–
Net asset value per Z EUR share –
–
110.09
116.65
98.06
101.22
–
–
Net asset value per D USD share 85.57 2
103.30 2
124.27 2
152.29 2
92.96 2
111.17 2
–
–
Net asset value per I USD share –
–
92.44 2
112.74 2
–
–
91.17
–
Net asset value per J USD share –
–
95.13 2
115.67 2
–
–
–
–
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
1 In USD x thousand.
2This class of shares is denominated in US-dollars (USD). The reference currency of the sub-fund is the euro (EUR).
Robeco Capital Growth Funds 26
Statement of net assets In EUR x thousand
Robeco Robeco SAM Robeco
Emerging Conservative
Asia-Pacific Sustainable European
European Conservative
Equities1 Equities Equities Equities
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
Investment portfolio at market value
518,724
50,484
755,511 698,729 407,741 535,183 114,714 65,181
Deposits and other cash 3,5,10
22,300
5,032
19,936 7,953 4,127 19,466 1,511 3,030
Unrealized gains on forward exchange transactions 4
–
–
96 1,485 – – – 319
Unrealized gains on financial futures 5
88
53
205 152 – – 53 21
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
9,569
2,878
3,325 5,039 19,622 10,877 1,306 2,762
Total assets
550,681
58,447
779,073 713,358 431,490 565,526 117,584 71,313
Bank overdrafts 10
4,742
1,007
487 485 49 3,174 – –
Unrealized losses on forward exchange transactions 4
–
84
293 1,638 108 801 – 38
Unrealized losses on financial futures 5
–
–
– – – – 1 –
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
18,095
3,854
3,094 2,471 10,800 6,864 247 3,944
Total liabilities
22,837
4,945
3,874 4,594 10,957 10,839 248 3,982
Total net assets
527,844
53,502
775,199 708,764 420,533 554,687 117,336 67,331
Net asset value per B EUR share
106.54 2
100.82 2
– – – – 78.47 82.53
Net asset value per D EUR share
114.73 2
102.69 2
88.64 84.29 30.55 34.05 105.09 106.16
Net asset value per I EUR share
115.43 2
102.88 2
– – 111.95 123.99 97.25 97.76
Net asset value per Z EUR share
101.73 2
–
– – – – 103.79 –
Net asset value per D USD share
–
–
113.58 3
123.38 3
–
–
–
–
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
1 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).
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 27
Statement of net assets In EUR x thousand
Robeco
Robeco Robeco Robeco
US Premium
Chinese Indian Asian Stars
Equities
1
Equities Equities Equities1
Notes 30/06/2012
30/06/2011
30/06/2012 30/06/2011 30/06/2012 30/06/2011
30/06/2012
30/06/2011
Investment portfolio at market value
5,134,929
5,891,036
525,600 606,678 15,214 15,313
7,663 14,554
Deposits and other cash 3,5,10
131,927
176,469
4,423 5,695 422 718
151 1,254
Unrealized gains on forward exchange transactions 4
21,428
9,498
2 27 – –
– –
Unrealized gains on financial futures 5
–
–
– – – –
– 8
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
–
–
– – – –
29 –
Other assets 10
23,137
171,864
8,790 36,872 130 212
661 59
Total assets
5,311,421
6,248,867
538,815 649,272 15,766 16,243
8,504 15,875
Bank overdrafts 10
1,396
41
– 15,058 – 105
58 38
Unrealized losses on forward exchange transactions 4
245
3,335
– – – –
– –
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
18,953
3,066
– – – –
– –
Other liabilities
17,271
155,602
3,584 12,684 117 98
130 306
Total liabilities
37,865
162,044
3,584 27,742 117 203
188 344
Total net assets
5,273,556
6,086,823
535,231 621,530 15,649 16,040
8,316 15,531
Net asset value per D EUR share
163.72 2
145.07 2
49.55 52.43 82.18 91.08
107.23 2 102.45
2
Net asset value per DH EUR share 112.81 2 115.29
2 – – – – – –
Net asset value per I EUR share 140.29 2 123.23
2 87.96 92.66 82.96 91.48 – –
Net asset value per IH EUR share 119.46 2 121.11
2 – – – – – –
Net asset value per MH EUR share 107.77 2 110.69
2 – – – – – –
Net asset value per D USD share 125.23 126.77 101.24 4 122.40
4 80.39
4 101.81
4 – –
Net asset value per I USD share 132.88 133.35 88.97 4 107.07
4 – – – –
Net asset value per M USD share 114.40 116.38 – – – – – –
Net asset value per EH GBP share 132.79 3 141.38
3 – – – – – –
Net asset value per IE GBP share
143.62 3
144.05 3
– – – –
– –
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
1 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).
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 28
Statement of net assets In EUR x thousand
Robeco Robeco Robeco
Robeco
US Large Cap US Select Opportunities New World Financial
Property
Equities
1 Equities
1 Equities
Equities
Notes 30/06/2012 30/06/2011 30/06/2012 30/06/2011 30/06/2012 30/06/2011
30/06/2012 30/06/2011
Investment portfolio at market value
515,138 494,431 48,801 – 94,836 175,752
364,894 395,356
Deposits and other cash 3,5,10
14,039 2,188 704 – 2,354 7,773
14,323 2,273
Unrealized gains on forward exchange transactions 4
2,100 8,167 139 – 83 334
25 310
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
– – – – 274 7
– –
Other assets 10
3,139 22,743 788 – 4,826 3,748
8,438 5,643
Total assets
534,416 527,529 50,432 – 102,373 187,614
387,680 403,582
Bank overdrafts 10
264 – 15 – 2,198 –
120 873
Unrealized losses on forward exchange transactions 4
– 1,290 6 – 12 675
26 503
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
– – – – 736 268
– –
Written options at market value 3
– – – – – –
– –
Other liabilities
1,246 12,310 918 – 1,956 2,514
15,680 3,277
Total liabilities
1,510 13,600 939 – 4,902 3,457
15,826 4,653
Total net assets
532,906 513,929 49,493 – 97,471 184,157
371,854 398,929
Net asset value per B EUR share
– – – – – –
14.53 13.35
Net asset value per D EUR share
134.22 2 114.86
2 – – 30.22 32.31
104.79 91.50
Net asset value per DH EUR share
33.10 2 32.67
2 113.51
2 – – –
– –
Net asset value per I EUR share
– – – – – –
105.34 91.35
Net asset value per IH EUR share
– – 113.88 2 – – –
– –
Net asset value per Z EUR share
– – – – 80.16 84.28
– –
Net asset value per IE GBP share 116.22 3 – – – – – – –
Net asset value per D USD share 102.39 100.10 114.22 – – – – 104.24 4
Net asset value per I USD share 121.47 117.95 115.03 – – – – –
Net asset value per M USD share – – – – – – 111.80 4 –
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
1 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).
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 29
Statement of net assets In EUR x thousand
Robeco
Robeco
SAM Robeco
Global Consumer Trends
Natural Resources
Sustainable Agribusiness Infrastructure
Equities
Equities
Equities Equities
Notes 30/06/2012 30/06/2011 30/06/2012 30/06/2011
30/06/2012 30/06/2011 30/06/2012 30/06/2011
Investment portfolio at market value
525,177 371,975 128,466 276,233
114,715 133,893 165,429 224,929
Deposits and other cash 3,5,10
26,710 4,019 9,600 7,306
7,518 10,916 3,920 4,927
Unrealized gains on forward exchange transactions 4
– 36 14 1,449
– – – –
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 10
3,423 1,245 171 2,375
2,389 7,373 525 1,493
Total assets
555,310 377,275 138,251 287,363
124,622 152,182 169,874 231,349
Bank overdrafts 10
940 3,511 – –
– – – –
Unrealized losses on forward exchange transactions 4
– – 225 3,370
– – – –
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
2,236 831 139 1,471
4,432 9,812 266 1,682
Total liabilities
3,176 4,342 364 4,841
4,432 9,812 266 1,682
Total net assets
552,134 372,933 137,887 282,522
120,190 142,370 169,608 229,667
Net asset value per D EUR share
86.39 78.80 82.76 100.03
107.32 108.97 107.43 121.48
Net asset value per I EUR share
120.00 – – –
110.17 111.10 110.36 123.94
Net asset value per M EUR share
118.80 108.89 – –
– – – –
Net asset value per Z EUR share
174.15 156.23 77.69 92.37
– – – –
Net asset value per D USD share
110.93 1 115.58
1 – 99.58
1
87.91 1 102.11
1 – –
Net asset value per M USD share
105.47 1 – 94.13
1 –
– – – –
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
1 This class of shares is denominated in US-dollars (USD). The reference currency of the sub-fund is the euro (EUR).
Robeco Capital Growth Funds 30
Statement of net assets In EUR x thousand
Robeco Robeco
Robeco Robeco
High Yield Investment Grade
Global Government Emerging
Bonds Corporate Bonds
Bonds Debt
1
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
Investment portfolio at market value
2,114,667 2,433,584 1,367,137 832,766
26,395 24,870 120,044
60,586
Deposits and other cash 3,5,10
365,133 346 90,351 26,802
666 448 2,502
9,536
Unrealized gains on forward exchange transactions 4
1,832 48,545 – –
99 514 1,475
1,898
Unrealized gains on financial futures 5
– – 1,556 76
45 7 61
9
Unrealized gains on interest rate swaps 6
560 184 3,882 223
– 40 99
–
Unrealized gains on inflation-linked swaps 7
– – 30 86
– – –
–
Unrealized gains on credit default swaps 8
10,848 19,011 – –
– – 86
–
Unrealized gains on contracts for difference 9
– – – –
– – –
–
Other assets 10
110,863 267,374 87,128 54,371
499 369 3,501
2,340
Total assets
2,603,903 2,769,044 1,550,084 914,324
27,704 26,248 127,768
74,369
Bank overdrafts 10
3,760 2,386 9,941 –
– – –
–
Unrealized losses on forward exchange transactions 4
1,813 24,812 – –
76 96 111
86
Unrealized losses on financial futures 5
– – 1,003 439
63 26 21
18
Unrealized losses on interest rate swaps 6
8,576 5,168 – 920
– 45 –
–
Unrealized losses on inflation-linked swaps 7
– 156 4
– – –
–
Unrealized losses on credit default swaps 8
36,326 16,014 – –
– – 85
–
Unrealized losses on contracts for difference 9
– – – –
– – –
–
Written options at market value 3
– – – –
– – –
–
Other liabilities
34,876 248,354 61,529 31,979
9 301 1,503
2,486
Total liabilities
85,351 296,734 72,629 33,342
148 468 1,720
2,590
Total net assets
2,518,552 2,472,310 1,477,455 880,982
27,556 25,780 126,048
71,779
Net asset value per BH EUR share
24.07 24.21 106.37 105.57
– – –
–
Net asset value per D EUR share
– – – –
– – 97.59 4
98.93 4
Net asset value per DH EUR share
103.44 97.97 121.53 114.69
– – –
–
Net asset value per EH EUR share
100.72 101.76 – –
– – –
–
Net asset value per IH EUR share
153.84 144.85 127.27 119.51
110.22 102.91 –
–
Net asset value per IEH EUR share 100.18 – 112.10 110.74 – – – –
Net asset value per IHHI EUR share – – 111.68 107.38 – – – –
Net asset value per ZH EUR share
140.50 131.52 100.02 –
– – –
–
Net asset value per 0DH EUR share 108.46 106.77 – – – – – –
Net asset value per 0EH EUR share 100.51 100.28 – – – – – –
Net asset value per 0IH EUR share
104.63 102.40 – –
– – –
–
Net asset value per DH CHF share 102.29 2 – – – – – – –
Net asset value per DH USD share
106.45 3 100.85
3 – –
– – –
–
Net asset value per 0DH USD share 100.84 3 99.14
3 – – – – – –
Net asset value per I USD share – – – – – 109.59 3 98.67 98.99
Net asset value per IH USD share 178.78 3 168.15
3 – – – – – –
Net asset value per IEH USD share
104.06 3 – – –
– – –
–
Net asset value per 0IH USD share 102.49 3 100.14
3 – – – – – –
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
1 In USD x thousand.
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).
4This class of shares is denominated in euro (EUR). The reference currency of the sub-fund is the US-dollars (USD).
Robeco Capital Growth Funds 31
Statement of net assets
In EUR x thousand
Robeco
Robeco Robeco Robeco
Euro Government
Euro Credit All Strategy Euro European
Bonds
Bonds Bonds High Yield Bonds
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011 30/06/2012 30/06/2011
Investment portfolio at market value
558,282 611,937
496,563 504,697 1,944,485 2,266,543 53,009 50,616
Deposits and other cash 3,5,10
4,121 27,678
24,318 1,899 33,770 15,448 3,384 9
Unrealized gains on forward exchange transactions 4
– –
– – 38 1,509 10 314
Unrealized gains on financial futures 5
– 19
520 34 - 250 – –
Unrealized gains on interest rate swaps 6
– –
2,373 235 1,922 5,874 – –
Unrealized gains on inflation-linked swaps 7
– –
– – 34 120 – –
Unrealized gains on credit default swaps 8
– –
815 420 129 940 236 30
Unrealized gains on contracts for difference 9
– –
– – - – – –
Other assets 10
10,834 11,918
17,753 18,453 68,739 89,909 1,730 1,771
Total assets
573,237 651,552
542,342 525,738 2,049,117 2,380,593 58,369 52,740
Bank overdrafts 10
– –
5,328 – 150 1,101 – 33
Unrealized losses on forward exchange transactions 4
– –
– – 7 1,481 2 –
Unrealized losses on financial futures 5
473 42
492 69 3,601 5,998 – –
Unrealized losses on interest rate swaps 6
– –
– 740 4,810 4,963 – –
Unrealized losses on inflation-linked swaps 7
– –
– – 697 79 – –
Unrealized losses on credit default swaps 8
– –
2,587 2,839 2,447 4,015 713 111
Unrealized losses on contracts for difference 9
– –
– – - – – –
Written options at market value 3
– –
– – - – – –
Other liabilities
260 18,274
11,563 8,264 33,775 57,783 55 868
Total liabilities
733 18,316
19,970 11,912 45,487 75,420 770 1,012
Total net assets
572,504 633,236
522,372 513,826 2,003,630 2,305,173 57,599 51,728
Net asset value per BH EUR share
– –
98.84 – 94.90 92.79 – –
Net asset value per CH EUR share
104.97 100.71
– – – – – –
Net asset value per DH EUR share
125.28 116.38
113.79 107.46 73.71 69.25 145.78 138.64
Net asset value per EH EUR share 100.05 – – – – – – –
Net asset value per DHHI EUR share – – – – 104.29 101.29 – –
Net asset value per IHHI EUR share – – – – 104.77 – – –
Net asset value per IH EUR share 130.77 121.08 118.78 111.70 122.84 114.90 151.93 143.64
Net asset value per ZH EUR share 130.64 120.50 123.38 115.52 125.16 116.56 – –
Net asset value per 10DH EUR share
– –
– – 113.62 99.05 – –
Net asset value per 40DH EUR share
– –
– – 176.87 97.18 – –
Net asset value per 40IH EUR share
–
–
–
–
123.78
– – –
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
Robeco Capital Growth Funds 32
Statement of net assets
In EUR x thousand
Robeco
Robeco
Robeco
Euro Sustainable
Financial Institutions
GTAA
Credits
Bonds
Fund
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
Investment portfolio at market value
29,297 30,545
67,608
21,374
–
2,438
Deposits and other cash 3,5,10
2,024 319
4,870
797
38,609
28,154
Unrealized gains on forward exchange transactions 4
– –
9
55
245
478
Unrealized gains on financial futures 5
65 7
–
9
656
655
Unrealized gains on interest rate swaps 6
160 56
–
–
–
–
Unrealized gains on inflation-linked swaps 7
– –
–
–
–
–
Unrealized gains on credit default swaps 8
– –
160
–
–
–
Unrealized gains on contracts for difference 9
– –
–
–
–
–
Other assets 10
1,575 922
2,137
2,602
1
5,148
Total assets
33,121 31,849
74,784
24,837
39,511
36,873
Bank overdrafts 10
183 –
–
–
3
–
Unrealized losses on forward exchange transactions 4
– –
–
–
25
275
Unrealized losses on financial futures 5
8 1
74
32
1,131
590
Unrealized losses on interest rate swaps 6
– 93
–
–
–
–
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
2,261 272
120
2,317
1
332
Total liabilities
2,452 366
194
2,349
1,160
1,197
Total net assets
30,669 31,483
74,590
22,488
38,351
35,676
Net asset value per BH EUR share
99.64 99.31
93.13
98.64
–
–
Net asset value per D EUR share
– –
–
–
98.51
93.17
Net asset value per DH EUR share
107.42 101.82
98.92
98.65
–
–
Net asset value per I EUR share
– –
–
–
101.22
95.09
Net asset value per IH EUR share
108.43 102.33
99.40
98.70
–
–
Net asset value per Z EUR share
– –
–
–
103.31
96.10
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
Robeco Capital Growth Funds 33
Statement of operations and changes in net assets In EUR x thousand
Robeco Capital
Robeco
Robeco
Robeco
Growth Funds
Global
Global Value
Global Conservative
Combined
Equities Equities
Equities
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
14/12/2011
01/07/2010
Notes 30/06/2012
30/06/2011
30/06/2012
18/02/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
Net assets at beginning of the reporting period
19,644,196 17,660,926
–
55,179
41,801
40,637
–
–
Bond interest and dividend income
625,859
596,390
–
485
706
817
139
–
Bank and other interest
26,401
19,797
–
13
1
5
1
–
Other income
37,558
28,895
–
19
5
22
–
–
Total
689,818
645,082
–
517
712
844
140
–
Management fee 17
180,746
176,695
–
444
443
605
26
–
Service fee 17
17,752
15,745
–
42
43
58
3
–
Performance fee 17
84
–
–
–
–
–
–
–
Depositary fee 18
4,619
4,382
–
16
68
40
7
–
Interest on bank overdrafts and payments on derivative
instruments
41,036
26,133
–
–
5
1
–
–
Taxes 13 6,238 6,329 – 18 18 23 1 –
Other fees and expenses 19
3,388
5,414
–
11
1
7
–
–
Transaction costs 21
18,202
19,042
–
101
219
212
9
–
Total expenses
272,065
253,740
–
632
797
946
46
–
Total net income on investments
417,753
391,342
–
–115
–85
–102
94
–
Net realized and changes in unrealized results on
investments and other financial instruments
-574,076
1,221,244
–
11,610
2,839
6,249
754
–
Net increase (+)/ decrease (-) from operations
-156,323
1,612,586
–
11,495
2,754
6,147
848
–
Distributed dividends 20
-121,911
–108,703
–
–
–1,235
–1,807
–17
–
Subscriptions, redemptions (net)
-271,053
925,963
–
–66,674
–13,071
–3,176
7,411
–
Currency translation
662,457
–446,576
Net assets at end of the reporting period
19,757,366 19,644,196
–
–
30,249
41,801
8,242
–
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
Robeco Capital Growth Funds 34
Statement of operations and changes in net assets
In EUR x thousand
Robeco
Robeco
Robeco
Robeco
Global Stars
Emerging Stars
Emerging Markets
Active Quant Emerging
Equities
Equities
Equities
Markets Equities
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
Net assets at beginning of the reporting period
245,512
178,602
963,138
892,417
3,108,447
2,894,103
83,851
11,667
Bond interest and dividend income
4,124
5,137
27,950
22,528
83,901
78,142
6,181
1,242
Bank and other interest
90
9
6
25
24
53
5
3
Other income
243
371
90 2
1,922
1,730
4,329
272
17
Total
4,457
5,517
28,046
24,475
85,655
82,524
6,458
1,262
Management fee 17
801
1,198
11,937
13,767
34,964
44,316
1,188
234
Service fee 17
80
129
930
1,072
2,629
3,254
127
24
Performance fee 17
–
–
–
–
–
–
–
–
Depositary fee 18
34
33
499
565
1,231
1,364
127
50
Interest on bank overdrafts and payments on derivative
instruments
87
6
37
38
443
182
23
9
Taxes 13 53 39 316 391 928 1,251 47 12
Other fees and expenses 19
13
152
250
446
1,262
1,928
104
90
Transaction costs 21
412
263
1,887
1,281
4,114
3,126
509
151
Total expenses
1,480
1,820
15,856
17,560
45,571
55,421
2,125
570
Total net income on investments
2,977
3,697
12,190
6,915
40,084
27,103
4,333
692
Net realized and changes in unrealized results on
investments and other financial instruments
24,215
–9,878
–73,206
40,693
–264,350
112,808
–10,129
1,076
Net increase (+)/ decrease (-) from operations
27,192
–6,181
–61,016
47,608
–224,266
139,911
–5,796
1,768
Distributed dividends 20
–
–
–
–
–
–
–
–
Subscriptions, redemptions (net)
–3,459
73,091
–74,025
23,113
–450,288
74,433
231,606
70,416
Net assets at end of the reporting period
269,245
245,512
828,097
963,138
2,433,893
3,108,447
309,661
83,851
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
2 Performance fees accrued, but not payable to the management company at the end of the reporting period or the change in accrued performance fees are recorded under 'Other fees and
expenses' or 'Other income'. For more information see page 74 until page 75.
Robeco Capital Growth Funds 35
Statement of operations and changes in net assets
In EUR x thousand
Robeco
Robeco
Robeco Robeco
Emerging Enhanced
Emerging Conservative
All Weather Asia-Pacific
Equities
1
Equities1
Global Equities Equities
28/03/2011
01/07/2010
01/07/2011
14/02/2011
01/07/2011
01/07/2010
01/07/2011
01/07/2010
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
08/09/2010
30/06/2012
30/06/2011
Net assets at beginning of the reporting period
–
–
53,502
–
– 6,205 708,764 660,497
Bond interest and dividend income
1,780
–
11,194
530
– 41 20,925 17,216
Bank and other interest
3
–
10
1
– 5 38 107
Other income
–
–
161
–
– – 897 306
Total
1,783
–
11,365
531
– 46 21,860 17,629
Management fee 17
207
–
3,002
113
– 10 11,244 10,958
Service fee 17
28
–
281
11
– 1 899 876
Performance fee 17
–
–
–
–
– – – –
Depositary fee 18
67
–
159
3
– – 229 204
Interest on bank overdrafts and payments on derivative
instruments 1 – 29 2 – 56 15 19
Taxes 13
6
–
111
7
– – 372 372
Other fees and expenses 19
2
–
304
93
– 5 462 455
Transaction costs 21
149
–
749
62
– – 667 660
Total expenses
460
–
4.635
291
– 72 13,888 13,544
Total net income on investments
1,323
–
6.730
240
– –26 7,972 4,085
Net realized and changes in unrealized results on
investments and other financial instruments
–14,338
–
2.869
1,042
– –70 25,542 46,920
Net increase (+)/ decrease (-) from operations
–13,015
–
9.599
1,282
– –96 33,514 51,005
Distributed dividends 20
–
–
–9,302
–727
– – – –
Subscriptions, redemptions (net)
146,713
–
474,045
52,947
– –6,109 32,921 –2,738
Net assets at end of the reporting period
133,698
–
527,844
53,502
– – 775,199 708,764
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
1 In USD x thousand.
Robeco Capital Growth Funds 36
Statement of operations and changes in net assets
In EUR x thousand
SAM
Robeco
Robeco
Robeco
Sustainable European
European
European Conservative
European MidCap
Equities Stars Equities
Equities Equities
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
Notes 30/06/2012
30/06/2011
30/06/2012
18/02/2011
30/06/2012
30/06/2011
30/06/2012
18/02/2011
Net assets at beginning of the reporting period
554,687
419,780
–
23,794
67,331
46,150
–
142,663
Bond interest and dividend income
14,511
14,608
–
278
4,232
2,281
–
707
Bank and other interest
48
60
–
2
12
9
–
14
Other income
578
1,527
–
13
176
189
–
80
Total
15,137
16,195
–
293
4,420
2,479
–
801
Management fee 17
5,567
6,218
–
190
900
548
–
1,479
Service fee 17
537
599
–
18
109
66
–
118
Performance fee 17
–
–
–
–
–
–
–
–
Depositary fee 18
68
106
–
13
22
10
–
36
Interest on bank overdrafts and payments on derivative
instruments 2 2 – – 2 – – 1
Taxes 13
215
245
–
6
46
28
–
50
Other fees and expenses 19
42
146
–
12
6
1
–
46
Transaction costs 21
699
1,818
–
44
149
28
–
503
Total expenses
7,130
9,134
–
283
1,234
681
–
2,233
Total net income on investments
8,007
7,061
–
10
3,186
1,798
–
–1,432
Net realized and changes in unrealized results on
investments and other financial instruments
–66,719
62,545
–
5,722
–655
5,519
–
40,142
Net increase (+)/ decrease (-) from operations
–58,712
69,606
–
5,732
2,531
7,317
–
38,710
Distributed dividends 20
–
–
–
–
–3,058
–2,174
–
–
Subscriptions, redemptions (net)
–75,442
65,301
–
–29,526
50,532
16,038
–
–181,373
Net assets at end of the reporting period
420,533
554,687
–
–
117,336
67,331
–
–
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
Robeco Capital Growth Funds 37
Statement of operations and changes in net assets
In EUR x thousand
Robeco
Robeco
Robeco
Robeco
Active Quant European
US Premium
Chinese
Indian
Equities Equities 1
Equities Equities
01/07/2011 01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
23/08/2010
Notes 30/06/2012
08/09/2010
30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
Net assets at beginning of the reporting period
–
5,579
6,086,823
3,311,623
621,530
537,184
16,040
–
Bond interest and dividend income
–
9
81,488
55,220
14,507
10,532
208
–
Bank and other interest
–
–
88
140
50
15
1
–
Other income
–
1
932
278
1,443
358
–
152
Total
–
10
82,508
55,638
16,000
10,905
209
152
Management fee 17
–
6
63,848
54,092
8,770
7,667
217
167
Service fee 17
–
1
5,341
4,440
697
609
25
19
Performance fee 17
–
–
–
–
–
–
–
–
Depositary fee 18
–
–
569
456
246
203
62
1
Interest on bank overdrafts and payments on derivative
instruments
–
8
15
2
27
117
1
–
Taxes 13 – – 1,815 1,594 264 238 5 5
Other fees and expenses 19
–
8
430
1,750
35
56
14
51
Transaction costs 21
–
–
3,529
4,268
2,791
3,211
95
39
Total expenses
–
23
75,547
66,602
12,830
12,101
419
282
Total net income on investments
–
–13
6,961
–10,964
3,170
–1,196
–210
–130
Net realized and changes in unrealized results on
investments and other financial instruments
–
216
–326,269
1,071,620
–41,448
–5,345
–2,020
–1,214
Net increase (+)/ decrease (-) from operations
–
203
–319,308
1,060,656
–38,278
–6,541
–2,230
–1,344
Distributed dividends 20
–
–
–7,730
–1,778
–
–
–
–
Subscriptions, redemptions (net)
–
–5,782
–486,229
1,716,322
–48,021
90,887
1,839
17,384
Net assets at end of the reporting period
–
–
5,273,556 6,086,823
535,231
621,530
15,649
16,040
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
1 In USD x thousand.
Robeco Capital Growth Funds 38
Statement of operations and changes in net assets
In EUR x thousand
Robeco
Robeco
Robeco
Robeco
Asian Stars
US Large Cap
US Select Opportunities
European Dividend
Equities
1 Equities
1
Equities 1 Extension
01/07/2011
18/03/2011
01/07/2011
01/07/2010
20/09/2011
01/07/2010
01/07/2011
01/07/2010
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
08/09/2010
Net assets at beginning of the reporting period
15,531
–
513,929
213,944
–
–
–
3,726
Bond interest and dividend income
358
124
6,983
5,385
271
–
–
20
Bank and other interest
1
1
7
8
1
–
–
–
Other income
–
–
6
38
1
–
–
2
Total
359
125
6,996
5,431
273
–
–
22
Management fee 17
216
67
4,579
4,788
220
–
–
10
Service fee 17
17
5
466
472
21
–
–
1
Performance fee 17
107 2
–
–
–
–
–
–
–
Depositary fee 18
24
2
95
95
72
–
–
–
Interest on bank overdrafts and payments on derivative
instruments
1
–
19
33
2
–
–
–
Taxes 13
11
–
156
178
7
–
–
–
Other fees and expenses 19
5
13
18
6
–
–
–
5
Transaction costs 21
51
37
391
321
35
–
–
–
Total expenses
432
124
5,724
5,893
357
–
–
16
Total net income on investments
–73
1
1,272
–462
–84
–
–
6
Net realized and changes in unrealized results on
investments and other financial instruments
–1.775
831
–27,779
120,263
98
–
–
197
Net increase (+)/ decrease (-) from operations
–1,848
832
–26,507
119,801
14
–
–
203
Distributed dividends 20
–
–
–
–
–
–
–
–
Subscriptions, redemptions (net)
–5,367
14,699
45,484
180,184
49,479
–
–
–3,929
Net assets at end of the reporting period
8,316
15,531
532,906
513,929
49,493
–
–
–
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
1 In USD x thousand.
2 Performance fees accrued, but not payable to the management company at the end of the reporting period or the change in accrued performance fees are recorded under 'Other fees and
expenses' or 'Other income'. For more information see page 74 untilpage 75.
Robeco Capital Growth Funds 39
Statement of operations and changes in net assets
In EUR x thousand
Robeco
Robeco
Robeco
Robeco
New World Financials
Health & Wellness
Property
Global Consumer Trends
Equities Equities
Equities Equities
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
Notes 30/06/2012
30/06/2011
30/06/2012
17/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
Net assets at beginning of the reporting period
184,157
125,619
–
159,204
398,929
241,791
372,933
235,701
Bond interest and dividend income
2,221
3,551
–
1,178
9,504
9,050
3,482
3,280
Bank and other interest
19
32
–
17
21
20
39
26
Other income
211
164
–
41
434
418
566
272
Total
2,451
3,747
–
1,236
9,959
9,488
4,087
3,578
Management fee 17
989
1,282
–
950
5,054
4,867
4,307
3,096
Service fee 17
79
103
–
76
409
394
344
247
Performance fee 17
–
–
–
–
–
–
–
–
Depositary fee 18
76
84
–
30
81
89
85
55
Interest on bank overdrafts and payments on derivative
instruments 37 56 – 2 6 3 12 2
Taxes 13
37
52
–
33
154
160
162
121
Other fees and expenses 19
62
46
–
23
21
42
21
16
Transaction costs 21
406
837
–
185
372
377
776
899
Total expenses
1,686
2,460
–
1,299
6,097
5,932
5,707
4,436
Total net income on investments
765
1,287
–
–63
3,862
3,556
–1,620
–858
Net realized and changes in unrealized results on
investments and other financial instruments
–22,663
–3,019
–
5,905
38,467
29,556
50,918
57,747
Net increase (+)/ decrease (-) from operations
–21,898
–1,732
–
5,842
42,329
33,112
49,298
56,889
Distributed dividends 20
–
–
–
–
–2,236
–1,313
–
–
Subscriptions, redemptions (net)
–64,788
60,270
–
–165,046
–67,168
125,339
129,903
80,343
Net assets at end of the reporting period
97,471
184,157
–
–
371,854
398,929
552,134
372,933
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
Robeco Capital Growth Funds 40
Statement of operations and changes in net assets
In EUR x thousand
Robeco
SAM
Robeco
Robeco
Natural Resources
Sustainable Agribusiness
Infrastructure
Global
Equities Equities
Equities Bonds
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
18/02/2011
Net assets at beginning of the reporting period
282,522
275,869
142,370
158,984
229,667
178,496
–
506,593
Bond interest and dividend income
2,570
2,770
1,593
2,051
2,343
3,575
–
10,237
Bank and other interest
71
34
30
23
13
14
–
521
Other income
204
196
195
169
212
253
–
60
Total
2,845
3,000
1,818
2,243
2,568
3,842
–
10,818
Management fee 17
927
1,485
1,405
1,848
1,959
2,208
–
2,214
Service fee 17
75
119
119
157
168
189
–
253
Performance fee 17
–
–
–
–
–
–
–
–
Depositary fee 18 35 46 36 51 29 39 – 39
Interest on bank overdrafts and payments on derivative
instruments
34
24
1
17
2
4
–
662
Taxes 13
40
70
30
37
35
41
–
148
Other fees and expenses 19
8
29
11
18
19
13
–
26
Transaction costs 21
623
956
198
397
157
472
–
11
Total expenses
1,742
2,729
1,800
2,525
2,369
2,966
–
3,353
Total net income on investments
1,103
271
18
–282
199
876
–
7,465
Net realized and changes in unrealized results on
investments and other financial instruments
–42,112
62,506
–3,074
33,700
–27,106
34,657
–
–8,032
Net increase (+)/ decrease (-) from operations
–41,009
62,777
–3,056
33,418
–26,907
35,533
–
–567
Distributed dividends 20
–
–
–
–
–
–
–
–8,850
Subscriptions, redemptions (net)
–103,626
–56,124
–19,124
–50,032
–33,152
15,638
–
–497,176
Net assets at end of the reporting period
137,887
282,522
120,190
142,370
169,608
229,667
–
–
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
Robeco Capital Growth Funds 41
Statement of operations and changes in net assets
In EUR x thousand
Robeco
Robeco
Robeco
Robeco
High Yield
Investment Grade
Global Government
Emerging
Bonds Corporate Bonds
Bonds Debt
1
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
07/06/2011
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
Net assets at beginning of the reporting period
2,472,310
1,878,757
880,982
735,545
25,780
26,115
71,779
–
Bond interest and dividend income
154,946
159,661
51,835
41,446
839
809
4,780
267
Bank and other interest
11,359
2,167
4,827
2,020
3
69
87
–
Other income
24,932
13,146
374
73
1
1
51
21
Total
191,237
174,974
57,036
43,539
843
879
4,918
288
Management fee 17
14,562
14,820
6,108
4,664
81
78
970
56
Service fee 17
2,050
1,567
1,198
696
21
14
97
6
Performance fee 17
–
–
–
–
–
–
–
–
Depositary fee 18
263
267
177
132
8
6
27
–
Interest on bank overdrafts and payments on derivative
instruments
25,001
2,807
4,243
2,696
–
64
125
–
Taxes 13 546 571 395 293 3 3 46 2
Other fees and expenses 19
228
92
7
105
–
–
212
226
Transaction costs 21
12
–
25
9
–
2
2
1
Total expenses
42,662
20,124
12,153
8,595
113
167
1,479
291
Total net income on investments
148,575
154,850
44,883
34,944
730
712
3,439
–3
Net realized and changes in unrealized results on
investments and other financial instruments
20,492
25,037
25,783
–19,091
1,105
–1,047
–17,577
–1,294
Net increase (+)/ decrease (-) from operations
169,067
179,887
70,666
15,853
1,835
–335
–14,138
–1,297
Distributed dividends 20
–25,542
–25,391
–31,087
–30,424
–
–
–
–
Subscriptions, redemptions (net)
–97,283
439,057
556,894
160,008
–59
–
68,407
73,076
Net assets at end of the reporting period
2,518,552
2,472,310
1,477,455
880,982
27,556
25,780
126,048
71,779
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
1 In USD x thousand.
Robeco Capital Growth Funds 42
Statement of operations and changes in net assets
In EUR x thousand
Robeco
Robeco
Robeco
Robeco
Strategic Income
Euro
Euro Government
Euro Credit
Fund Bonds
Bonds Bonds
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
Notes 30/06/2012
08/09/2010
30/06/2012
18/02/2011
30/06/2012
30/06/2011
30/06/2012
30/06/2011
Net assets at beginning of the reporting period
–
123,303
–
735,328
633,236
752,189
513,826
442,742
Bond interest and dividend income
–
133
–
18,321
20,436
26,489
21,334
20,574
Bank and other interest
–
11
–
2,614
63
56
3,330
2,010
Other income
–
183
–
167
812
434
678
927
Total
–
327
–
21,102
21,311
26,979
25,342
23,511
Management fee 17
–
4
–
2,772
945
882
1,027
1,008
Service fee 17
–
1
–
330
320
152
197
151
Performance fee 17
–
–
–
–
–
–
–
–
Depositary fee 18
–
4
–
58
59
68
76
77
Interest on bank overdrafts and payments on derivative
instruments
–
96
–
2,665
6
–
3,479
2,290
Taxes 13 – – – 185 136 75 84 86
Other fees and expenses 19
–
12
–
31
20
43
4
2
Transaction costs 21
–
–
–
7
11
15
9
9
Total expenses
–
117
–
6,048
1,497
1,235
4,876
3,623
Total net income on investments
–
210
–
15,054
19,814
25,744
20,466
19,888
Net realized and changes in unrealized results on
investments and other financial instruments
–
814
–
–21,116
22,255
–35,151
9,035
66
Net increase (+)/ decrease (-) from operations
–
1,024
–
–6,062
42,069
–9,407
29,501
19,954
Distributed dividends 20
–
–
–
–11,532
–6,427
–
–6
–
Subscriptions, redemptions (net)
–
–124,327
–
–717,734
–96,374
–109,546
–20,949
51,130
Net assets at end of the reporting period
–
–
–
–
572,504
633,236
522,372
513,826
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
Robeco Capital Growth Funds 43
Statement of operations and changes in net assets
In EUR x thousand
Robeco
Robeco
Robeco
Robeco
All Strategy Euro
European
Euro Medium Term
Euro Sustainable
Bonds High Yield Bonds
Bonds Credits
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
01/07/2011
01/07/2010
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
30/06/2012
18/02/2011
30/06/2012
30/06/2011
Net assets at beginning of the reporting period
2,305,173
1,920,952
51,728
42,301
–
294,534
31,483
9,963
Bond interest and dividend income
84,777
87,027
3,816
3,398
–
5,055
1,449
1,215
Bank and other interest
5,717
9,220
11
12
–
259
318
90
Other income
2,229
2,608
151
115
–
128
–
Total
92,723
98,855
3,978
3,525
–
5,442
1,767
1,305
Management fee 17
8,985
4,705
312
260
–
859
116
92
Service fee 17
1,634
809
47
30
–
149
26
16
Performance fee 17
–
–
–
–
–
–
–
–
Depositary fee 18 275 272 9 9 – 23 5 5
Interest on bank overdrafts and payments on derivative
instruments
7,095
13,319
27
72
–
778
292
106
Taxes 13
609
446
10
6
–
88
4
3
Other fees and expenses 19
28
48
1
–
–
7
–
2
Transaction costs 21
96
147
–
–
–
6
2
–
Total expenses
18,722
19,746
406
377
–
1,910
445
224
Total net income on investments
74,001
79,109
3,572
3,148
–
3,532
1,322
1,081
Net realized and changes in unrealized results on
investments and other financial instruments
60,492
–83,605
–925
2,195
–
149
418
–974
Net increase (+)/ decrease (-) from operations
134,493
–4,496
2,647
5,343
–
3,681
1,740
107
Distributed dividends 20
–35,773
–21,222
–
–
–
–4,257
–32
–6
Subscriptions, redemptions (net)
–400,263
409,939
3,224
4,084
–
–293,958
–2,522
21,419
Net assets at end of the reporting period
2,003,630
2,305,173
57,599
51,728
–
–
30,669
31,483
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
Robeco Capital Growth Funds 44
Statement of operations and changes in net assets
In EUR x thousand
Robeco
Robeco
Financial Institutions
GTAA
Bonds Fund
01/07/2011
16/05/2011
01/07/2011
01/07/2010
Notes 30/06/2012
30/06/2011
30/06/2012
30/06/2011
Net assets at beginning of the reporting period
22,488
–
35,676
20,508
Bond interest and dividend income
3,099
70
29
20
Bank and other interest
6
–
142
157
Other income
185
–
33
Total
3,290
70
204
177
Management fee 17
354
8
2
2
Service fee 17
61
2
–
–
Performance fee 17
–
–
–
–
Depositary fee 18
11
–
3
3
Interest on bank overdrafts and payments on derivative
instruments
2
–
5
6
Taxes 13 28 1 4 4
Other fees and expenses 19
–
–
3
–
Transaction costs 21
2
–
96
41
Total expenses
458
11
113
56
Total net income on investments
2,832
59
91
121
Net realized and changes in unrealized results on
investments and other financial instruments
–1,371
–297
2,584
1,580
Net increase (+)/ decrease (-) from operations
1,461
–238
2,675
1,701
Distributed dividends 20
–3,077
–
–
–
Subscriptions, redemptions (net)
53,718
22,726
–
13,467
Net assets at end of the reporting period
74,590
22,488
38,351
35,676
The accompanying notes set out on pages 49 to 77 inclusive form an integral part of the financial statements set out on page 24 to 44.
Robeco Capital Growth Funds 45
Number of shares outstanding Movement in the reporting period 01/07/2011 through 30/06/2012
Class of shares Shares at the beginning of the period
Shares subscribed
Shares redeemed
Shares at the end of the
period
Global Equity sub-funds
Robeco Global Value Equities B EUR 444,434
39,364
203,947
279,851
D EUR 7,795
180,624
164,090
24,329
Robeco Global Conservative Equities
B EUR –
16,891
4,139
12,752
D EUR –
9,695
–
9,695
I EUR –
58,794
18,007
40,787
Z EUR –
5,483
433
5,050
I USD –
6,600
–
6,600
Robeco Global Stars Equities
D EUR 557,338
288,773
378,706
467,405
I EUR 360
–
360
–
Z EUR 1,971,552
115,549
16,682
2,070,419
Robeco Emerging Stars Equities
D EUR 4,223,441
988,155
1,809,565
3,402,031
DL EUR 204,224
100,263
53,719
250,768
I EUR 2,551,650
468,644
645,471
2,374,823
D USD 563,606
1,059,674
383,881
1,239,399
Robeco Emerging Markets Equities
D EUR 13,810,222
2,008,449
4,214,552
11,604,119
I EUR 2,697,079
691,092
1,428,239
1,959,932
M EUR 308,162
101,427
233,740
175,849
Z EUR 850,743
4,341
1,266
853,818
D USD 792,682
629,982
513,230
909,434
I USD 2,204,404
128,133
361,616
1,970,921
J USD 1,591,377
202,754
8,041
1,786,090
Robeco Active Quant Emerging Markets Equities
D EUR 255,498
351,970
262,849
344,619
I EUR 110,176
1,379,621
43,546
1,446,251
Z EUR 315,000
139,420
–
454,420
D USD 53,372
681,222
224,495
510,099
Robeco Emerging Enhanced Index Equities I USD –
1,466,495
–
1,466,495
Robeco Emerging Conservative Equities
B EUR 324,912
2,383,453
135,395
2,572,970
D EUR 11,307
125,058
64,475
71,890
I EUR 29,000
1,171,850
45,207
1,155,643
Z EUR –
1,740
–
1,740
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
D EUR 8,395,769
3,203,082
2,873,124
8,725,727
D USD 12,914
19,141
12,168
19,887
SAM Sustainable European Equities
D EUR 15,860,284
890,315
4,667,329
12,083,270
I EUR 118,174
505,363
164,575
458,962
Robeco European Conservative Equities
B EUR 750,342
747,690
436,839
1,061,193
D EUR 39,513
150,778
142,919
47,372
I EUR 12,351
295,991
13,831
294,511
Z EUR –
4,642
354
4,288
Robeco Capital Growth Funds 46
Number of shares outstanding Movement in the reporting period 01/07/2011 through 30/06/2012
Class of shares Shares at the beginning of the period
Shares subscribed
Shares redeemed
Shares at the end of the
period
Robeco US Premium Equities D EUR 2,797,242
706,652
1,870,780
1,633,114
I EUR 439,987
266,538
28,923
677,602
DH EUR 3,571,909
2,145,327
2,276,209
3,441,027
IH EUR 2,867,430
442,735
783,787
2,526,378
MH EUR 613,489
1,071,115
1,230,604
454,000
D USD 16,633,511
9,171,400
8,621,932
17,182,979
I USD 12,093,287
5,135,390
7,212,802
10,015,875
M USD 2,130,685
356,205
1,736,517
750,373
EH GBP 414,991
156,299
71,218
500,072
IE GBP 680,975
396,295
175,416
901,854
Robeco Chinese Equities
D EUR 9,538,598
4,551,370
4,790,199
9,299,769
I EUR 668,976
171,917
670,033
170,860
D USD 319,849
200,934
143,706
377,077
I USD 438,960
330,471
351,232
418,199
Robeco Indian Equities
D EUR 100,377
113,174
103,868
109,683
I EUR 75,016
–
–
75,016
D USD 500
6,300
300
6,500
Robeco Asian Stars Equities D EUR 104,565
26,092
69,547
61,110
Robeco US Large Cap Equities
D EUR 277,480
256,144
151,987
381,637
DH EUR 6,107,583
468,334
2,326,977
4,248,940
IE GBP –
20,275
589
19,686
D USD 169,622
805,268
195,273
779,617
I USD 1,368,912
1,796,636
1,469,551
1,695,997
Robeco US Select Opportunities Equities
DH EUR –
58,075
26,474
31,601
IH EUR –
14,670
–
14,670
D USD –
137,858
23,672
114,186
I USD –
322,877
64,009
258,868
Theme Equity sub-funds
Robeco New World Financial Equities
D EUR 2,569,384
1,065,341
1,735,960
1,898,765
Z EUR 1,200,000
–
700,000
500,000
Robeco Property Equities
B EUR 3,370,544
628,895
710,181
3,289,258
D EUR 3,304,756
981,146
1,925,731
2,360,171
I EUR 563,757
240,336
76,120
727,973
D USD 500
–
500
–
M USD –
466
–
466
Robeco Global Consumer Trends Equities
D EUR 3,102,793
3,271,814
2,683,433
3,691,174
I EUR –
228,141
61,319
166,822
M EUR 25,841
33,793
50,869
8,765
Z EUR 790,000
410,356
120,000
1,080,356
D USD 27,570
823,204
576,147
274,627
M USD –
500
–
500
Robeco Capital Growth Funds 47
Number of shares outstanding Movement in the reporting period 01/07/2011 through 30/06/2012
Class of shares Shares at the beginning of the period
Shares subscribed
Shares redeemed
Shares at the end of the
period
Robeco Natural Resources Equities D EUR 899,153
220,756
615,544
504,365
Z EUR 2,084,445
202,524
1,049,703
1,237,266
D USD 500
–
500
–
M USD –
382
–
382
SAM Sustainable Agribusiness Equities
D EUR 462,814
93,473
147,658
408,629
I EUR 821,487
108
133,985
687,610
D USD 9,592
8,310
9,482
8,420
Robeco Infrastructure Equities
D EUR 486,076
151,773
371,092
266,757
I EUR 1,376,593
229,430
328,772
1,277,251
Global Bond sub-funds
Robeco High Yield Bonds
BH EUR 15,674,396
5,638,879
4,138,381
17,174,894
DH EUR 3,476,955
2,113,063
2,296,821
3,293,197
EH EUR 336,753
117,140
24,862
429,031
IH EUR 3,697,875
1,534,030
1,023,427
4,208,478
IEH EUR –
251,565
–
251,565
ZH EUR 504,221
191,191
200,703
494,709
0DH EUR 1,461,818
344,627
1,480,962
325,483
0EH EUR 1,423,564
30,308
1,421,207
32,665
0IH EUR 432,941
359,120
460,197
331,864
DH CHF –
258,265
37,340
220,925
DH USD 40,199
189,969
70,599
159,569
0DH USD 604,649
289,175
611,570
282,254
IH USD 6,251,951
2,389,295
4,415,918
4,225,328
IEH USD –
177,864
20,512
157,352
0IH USD 52,752
2,994,884
38,990
3,008,646
Robeco Investment Grade Corporate Bonds
BH EUR 4,505,741
2,291,816
728,368
6,069,189
DH EUR 65,551
1,327,168
192,123
1,200,596
0DH EUR –
500
500
–
IH EUR 2,519,995
2,902,032
1,733,407
3,688,620
0IH EUR –
266,500
266,500
–
IEH EUR 822,449
390,422
808,476
404,395
IHHI EUR 51,800
49,716
9,153
92,363
ZH EUR –
1,607,988
–
1,607,988
Robeco Global Government Bonds
IH EUR 250,000
1
–
250,001
I USD 696
–
696
–
Robeco Emerging Debt
D EUR 500,077
523,213
5,930
1,017,360
I USD 500
–
–
500
Regional Bond sub-funds
Robeco Euro Government Bonds
CH EUR 77,920
2,020,224
277,940
1,820,204
DH EUR 253,731
924,615
910,903
267,443
EH EUR –
163,038
766
162,272
IH EUR 1,763,924
681,259
1,317,015
1,128,168
ZH EUR 3,172,614
1,300,345
3,063,244
1,409,715
Robeco Capital Growth Funds 48
Number of shares outstanding Movement in the reporting period 01/07/2011 through 30/06/2012
Class of shares Shares at the beginning of the period
Shares subscribed
Shares redeemed
Shares at the end of the
period
Robeco Euro Credit Bonds BH EUR –
36,161
–
36,161
DH EUR 1,032,140
673,682
637,148
1,068,674
IH EUR 1,169,419
285,798
559,753
895,464
ZH EUR 2,357,007
3,073
2,784
2,357,296
Robeco All Strategy Euro Bonds
BH EUR 10,881,713
530,512
2,944,745
8,467,480
DH EUR 1,056,126
1,400,736
1,902,628
554,234
DHHI EUR 69,065
17,643
57,005
29,703
FHHI EUR –
513
513
–
IHHI EUR –
373,880
11,401
362,479
10DH EUR 323,732
159,480
40,647
442,565
40DH EUR 89,181
17,235
105,315
1,101
40FH EUR –
500
500
–
40IH EUR –
215,791
8,518
207,273
IH EUR 4,489,243
781,807
1,145,267
4,125,783
ZH EUR 5,651,491
3,446,168
4,821,412
4,276,247
Robeco European High Yield Bonds
DH EUR 30,576
167,172
146,202
51,546
IH EUR 330,616
1,404
2,362
329,658
Robeco Euro Sustainable Credits
BH EUR 2,970
11,419
313
14,076
DH EUR 7,814
18,370
1,847
24,337
IH EUR 297,000
13,800
65,000
245,800
Robeco Financial Institutions Bonds
BH EUR 178,454
607,351
45,184
740,621
DH EUR 500
2,000
2,000
500
IH EUR 49,000
55,500
48,500
56,000
Asset Allocation sub-funds
Robeco GTAA Fund
D EUR 936
49
50
935
I EUR 500
–
–
500
Z EUR 369,847
–
–
369,847
Robeco Capital Growth Funds 49
Notes to the financial statements
1 General Robeco Capital Growth Funds (the ‘Company’) was incorporated on 2 May 1997 for an undetermined period of time as an
open ended investment company based in Luxembourg, issuing and redeeming its shares on demand at prices based on
the respective Net Asset Values per share. Its Articles of Incorporation were published in the ‘Mémorial, Recueil des
Sociétés et Associations’ of the Grand Duchy of Luxembourg (the’Mémorial’) on 6 June 1997. The Articles of Incorporation
were last amended on 15 April 2010 and such amendments were published on 14 May 2010 in the Mémorial. Robeco
Capital Growth Funds is a ‘Société d’Investissement à Capital Variable’ (SICAV) pursuant to the law of 10 August 1915, as
amended, on commercial companies and to part I of the law of 17 December 2010, on undertakings for collective
investment of the Grand Duchy of Luxembourg. The Company takes the form of an umbrella fund. It is made up of several
sub-funds each representing an investment portfolio and other assets and liabilities corresponding to a different
investment policy. Each sub-fund is therefore represented by different types of shares with one or more classes of shares.
The Board of Directors has authority to issue different categories of shares within each of the sub-funds. The Directors of
the Company may at any time establish new sub-funds and/or may decide upon the issue of class 0D, 0DH, 10DH, 20DH,
30DH, 40DH, D, DH, DHHI, DHL, DL, 0F, 0FH, 10FH, 20FH, 30FH, 40FH, F, FH, FHHI, FL, FHL, 0I, 0IH, 10IH, 20IH, 30IH,
40IH, I, IH, IHI, IHHI, IHL, IL, J, M, MH, Z and ZH shares (capital growth) and class B, BH, BHHI, C, CH, CHHI, G, GH, 0EH, E,
EH, 0IEH, IE and IEH shares (distribution) in existing or new sub-funds. The reference currency of the classes of shares may
be the euro (EUR), the US dollar (USD), the Swiss franc (CHF), the Japanese yen (JPY), the British pound (GBP), the
Australian dollar (AUD) or the Swedish crown (SEK). Only the shares mentioned in the paragraph ‘Share Capital’ are active
at the reporting date.
Legal entity
The Company as a whole constitutes a single legal entity but the assets of any one sub-fund will only be available to satisfy
the rights of investors in relation to that sub-fund and the rights of creditors whose claims have arisen in connection with
the creation, operation or liquidation of the sub-fund.
For the purpose of the relations as between shareholders, each sub-fund is deemed to be a separate entity.
Share capital
The capital of the Company will automatically be adjusted in case additional shares are issued or outstanding shares are
redeemed without special announcements or measure of publicity being necessary in relation thereto. Classes of shares:
Class D, DH, 0DH, 10DH and 40DH shares are available to all investors.
Class B, BH, DHHI, 0EH, EH, M and MH shares are available in certain countries, subject to the relevant regulatory
approval, through specific distributors, selected by the Board of Directors.
Class DL shares are only available for investors in Peru, Chile and Asian countries, selected by the Board of Directors.
Class CH, 40FH and FHHI shares (advisory shares) are available in certain countries, subject to the relevant regulatory
approval, through specific distributors, selected by the Board of Directors.
Class J shares are only available for investors in Japan, subject to relevant regulatory approval, through specific
distributors, selected by the Board of Directors. The class J USD shares have a minimum initial subscription amount of
USD 1,000,000. The Board of Directors can waive this minimum subscription amount at its discretion.
Class Z and ZH shares are only available for Institutional Investors:
– who are (in)directly wholly or partly owned by Robeco Groep N.V. (‘Members of the Robeco Group’)
– which consist of Investment fund(s) and/or investment structure(s) which are (co-)managed and/or (sub) advised by
members of the Robeco Group
– who are institutional clients of Members of the Robeco Group and are as such subject to separate (management,
advisory or other) fees payable to such Members of the Robeco Group.
The ultimate decision whether an institutional investor qualifies for class Z class is at the discretion of the Board of
Directors of the Company. The possession, redemption and transfer of class I, IH, 0IH, 40IH, IE, IEH and IHHI shares is
limited to institutional investors as defined from time to time by the Luxembourg supervisory authority. The Company will
not issue class I, IH, 0IH, 40IH, IE, IEH and IHHI shares or contribute to the transfer of class I, IH, 0IH, 40IH, IE, IEH and
IHHI shares to non-institutional investors. If it appears that those shares classes are being held by non-institutional
investors the Company will redeem these shares.
Robeco Capital Growth Funds 50
Class I, 0IH, 40IH, IH, IE, IEH and IHHI shares have a minimum subscription amount of (the equivalent of) EUR 500,000.
The Board of Directors can waive this minimum subscription amount at its discretion. Class I, 0IH, 40IH, IH, IE, IEH, IHHI
and J shares can only be placed through a direct account of the shareholders with the Registrar Agent.
The Company, for the account of class BH, CH, DH,IH, IEH, EH, MH and ZH classes (collectively or individually ‘Hedged
Class(es)’), engages in currency hedging transactions to preserve, to the extent possible, the currency of expression value
of the Hedged Class assets against the fluctuations of the currencies, with a substantial weight, in which the assets of the
sub-fund allocable to the Hedged Class are denominated.
The Company, for the account of class DHHI, FHHI and IHHI (collectively or individually 'Hedged Inflation Classes'),
engages in inflation hedging transactions to preserve, to the extent possible, the real return of the classes instead of the
nominal return of the relevant sub-fund.
The Company, for the account of 0DH, 0EH, 0IH, 40FH, 40IH, 10DH and 40DH classes (collectively or individually 'Hedged
Duration Classes'), engages in duration hedging transactions, to the extent possible, to bring the duration to the desired
level in order to help investors to manage their interest rate risk.
The attention of the investors is drawn to the fact that the sub-funds of the Company have several classes of shares which
distinguish themselves by, inter alia, their reference currency and that they are exposed to the risk that the net asset value
of a class denominated in one currency can move unfavorable vis-à-vis another class denominated in another currency.
At the end of the reporting period the share capital comprised thirty-four active sub-funds (3 new sub-funds were
launched), each relating to a separate investment portfolio consisting of securities, cash and other instruments. Twenty-
one sub-funds were not yet introduced at the end of the reporting period. The complete list of sub-funds is as follows:
Global Equity Sub-funds
− Robeco Global Value Equities
− Robeco Global Conservative Equities
− Robeco Global Stars Equities
− Robeco Emerging Stars Equities
− Robeco Emerging Markets Equities
− Robeco Active Quant Global Equities 1
− Robeco Active Quant Emerging Markets Equities
− Robeco Frontier Markets Equities 1
− Robeco Flexible Markets 1
− Robeco Global Aggressive Equities 1
− Robeco High Dividend Equity 1
− Robeco Global Connectivity Equities 1
− Robeco Global Enhanced Index Equities 1
− Robeco Developed Enhanced Index Equities 1
− Robeco Emerging Enhanced Index Equities
− Robeco Emerging Conservative Equities
Regional & Country Equity Sub-funds
− Robeco Asia-Pacific Equities
− SAM Sustainable European Equities
− Robeco European Conservative Equities
− Robeco US Premium Equities
− Robeco Chinese Equities
− Robeco African Equities 1
− Robeco Indian Equities
− Robeco Emerging Latin-American Equities 1
− Robeco Asian Stars Equities
− Robeco US Stars Equities 1
− Robeco US Large Cap Equities
− Robeco US Select Opportunities Equities
Theme Equity Sub-funds
− Robeco New World Financial Equities
− Robeco Property Equities
− Robeco Global Consumer Trends Equities
− Robeco Natural Resources Equities
− SAM Sustainable Agribusiness Equities
Robeco Capital Growth Funds 51
− Robeco Infrastructure Equities
− Robeco Future Technology Equities 1
Global Bond Sub-funds
− Robeco High Yield Bonds
− Robeco Emerging Credits 1
− Robeco Investment Grade Corporate Bonds
− Robeco Total Return Bonds 1
− Robeco Global Government Bonds
− Robeco Emerging Debt
− Robeco Global Sustainable Credits 1
− Robeco Global Inflation Linked Bonds1
− Robeco Emerging Inflation Linked Bonds1
Regional Bond Sub-funds
− Robeco Euro Core Government Bonds1
− Robeco Euro Government Bonds
− Robeco Euro Credit Bonds
− Robeco All Strategy Euro Bonds
− Robeco European High Yield Bonds
− Robeco Euro Sustainable Credits
− Robeco Financial Institutions Bonds
− Robeco European Inflation Linked Bonds1
Absolute Return Sub-funds
− Robeco Absolute Return Bonds 1
Asset Allocation Sub-funds
− Robeco Allocation Opportunities 1
− Robeco GTAA Fund 1 Sub-fund not yet introduced.
Sales commissions
The maximum sales commission is 5% for Equity and Asset Allocation sub-funds, 3% for Bond sub-funds, except for shares
that are only available to institutional Investors for which the maximum sales commission is 0.50%. For Z shares, no sales
commission is applicable. The percentage represents a percentage of the total subscription amount. This commission rate
is to be considered as a maximum rate and the sales agents may decide at their discretion to waive this sales commission
in whole or in part. The Company reserves the right to refuse any subscription request at any time.
Dividend policy
The general policy regarding the appropriation of net income and capital gains is as follows: Class D, 0DH, 10DH, 40DH, DH, DHHI, DL, I,40FH, FHHI, 0IH, 40IH, IH, IHHI, J, M, MH, Z and ZH shares (capital growth)
Income is reinvested and added to the relevant sub-fund and contributes to a further increase in value of the total net
assets. Class B, BH, CH, EH, IE, IEH and OEH shares (distributing)
After the end of the reporting period, the Company can recommend what distribution shall be made from the net
investment income and net capital gains attributable to the Class B, BH,CH, EH, IE, IEH and OEH shares. The Annual
General Meeting of Shareholders will determine the dividend payment. The Board of Directors of the Company may
decide to distribute interim dividends, in accordance with Luxembourg law. General remarks
As provided by the 2010 law, the Company may decide to distribute dividends with no other limit than the obligation that
any such dividend distribution does not reduce the net asset value of the Company below the legal minimum amount.
Similarly, the Company may distribute interim dividends and may decide to pay dividends in shares. If dividends are
distributed, payments of cash dividends to registered shareholders will be made in the currency of the relevant share class
to such shareholders at the addresses they have given to the Registrar Agent. Dividend announcements (including names
of paying agents) and all other financial notices concerning Robeco Capital Growth Funds shall be published on
www.robeco.com/luxembourg and published in those newspapers as the Board of Directors shall determine from time to
time. Dividends not collected within five years will lapse and accrue for the benefit of the Company in accordance with
Luxembourg law.
Robeco Capital Growth Funds 52
Open-end fund
Robeco Capital Growth Funds is an open-end investment company meaning that, barring exceptional circumstances,
Robeco Capital Growth Funds issues and purchases its shares on a daily basis at net asset value per share. The Company
reserves the right to refuse any subscription request at any time.
Swing pricing
Shares are issued and redeemed on the basis of the net asset value per share. However, the actual costs of purchasing or
selling assets and investments for a sub-fund may deviate from the latest available prices, as appropriate, in calculating
the net asset value per share. This deviation can be caused by duties and charges and spread from buying and selling
prices of the underlying investments (spreads). These costs have an adverse effect on the value of a sub-fund and its
underlying share classes and are known as dilution. To mitigate the effects of dilution, the Directors may, at their
discretion, make a dilution adjustment to the net asset value per share. The Directors will retain the discretion in relation
to the circumstances under which to make such a dilution adjustment.
Swing pricing
As at 30 June 2012 Unswung NAV
Swung NAV
Global Equity sub-funds
Robeco Global Value Equities B EUR shares 96.93
96.72 1
Robeco Global Value Equities D EUR shares 128.35
128.08 1
Robeco Emerging Conservative Equities B EUR shares 106.54 106.81 1
Robeco Emerging Conservative Equities D EUR shares 114.73 115.03 1
Robeco Emerging Conservative Equities I EUR shares 115.43 115.73 1
Robeco Emerging Conservative Equities Z EUR shares 101.73 101.99 1
Regional & Country Equity sub-funds
Robeco Asian Stars Equities D EUR shares 107.23 106.65 1
Robeco US Large Cap Equities D EUR shares 134.22 134.42
Robeco US Large Cap Equities DH EUR shares 33.10 33.15
Robeco US Large Cap Equities IE GBP shares 116.22 116.39
Robeco US Large Cap Equities D USD shares 102.39 102.55
Robeco US Large Cap Equities I USD shares 121.47 121.66
Robeco US Select Opportunities Equities DH EUR shares 113.51 113.28
Robeco US Select Opportunities Equities IH EUR shares 113.88 113.66
Robeco US Select Opportunities Equities D USD shares 114.22 114.00
Robeco US Select Opportunities Equities I USD shares 115.03 114.80
Theme Equity sub-funds
Robeco Property Equities B EUR shares 14.53
14.62
Robeco Property Equities D EUR shares 104.79
105.41
Robeco Property Equities I EUR shares 105.34
105.95
Robeco Property Equities M USD shares 111.80
112.46
SAM Sustainable Agribusiness Equities D EUR shares 107.32 107.06
SAM Sustainable Agribusiness Equities I EUR shares 110.17 109.89
SAM Sustainable Agribusiness Equities D USD shares 87.91 87.69
Regional Bond sub-funds
Robeco Investment Grade Corporate Bonds BH EUR shares 106.37 106.85
Robeco Investment Grade Corporate Bonds DH EUR shares 121.53 122.07
Robeco Investment Grade Corporate Bonds IH EUR shares 127.27 127.84
Robeco Investment Grade Corporate Bonds IEH EUR shares 112.10 112.60
Robeco Investment Grade Corporate Bonds ZH EUR shares 100.02 100.47
Robeco Investment Grade Corporate Bonds IHHI EUR shares 111.68 111.62
Robeco European High Yield Bonds DH EUR shares 145.78 147.95
Robeco European High Yield Bonds IH EUR shares 151.93 154.18
Robeco Euro Sustainable Credits BH EUR shares 99.64 100.28
Robeco Euro Sustainable Credits DH EUR shares 107.42 108.11
Robeco Euro Sustainable Credits IH EUR shares 108.43 109.12 1 The unswung NAV of this class of shares is based on closing prices, the swung NAV is however based on the latest available prices. Due to this difference,
the deviation between the unswung NAV and the swung NAV may be bigger than the actual swing level. The swung NAV is based on the available prices in order to guarantee forward pricing.
Robeco Capital Growth Funds 53
Pooling and co-management
For the purpose of efficient management and to reduce administrative costs and if the investment policies of the sub-
funds allow such, the Board of Directors may decide to co-manage some or all of the assets of certain sub-funds with
assets of other Luxembourg UCIs of the Robeco Group (co-managed units). In this case, the assets from different co-
managed units will be jointly managed using the technique of pooling. Assets that are co-managed will be referred to
using the term pool. Such pools will only be used for the purposes of internal management. They will not constitute
distinct legal entities and will not be directly accessible to investors. Each co-managed unit will have its own assets
allocated to it. During the reporting period no pooling or co-management took place.
Affiliated parties
Robeco Capital Growth Funds is affiliated to the entities belonging to Robeco Groep N.V.. The affiliation with Robeco
Groep N.V. is the result of the possibility of having decisive control or a substantial influence on the Company’s business
policy. Robeco Groep N.V. belongs to Rabobank Group. The management structure of Robeco Groep N.V., in which
significant authorities are allocated to its independent supervisory board, is such that Rabobank does not have a
meaningful say in or influence on the Company’s business policy. Robeco Groep N.V. pursues an independent investment
policy on behalf of its affiliated investment companies, taking into account the interest of the investors involved. Besides
services of other market parties, Robeco Capital Growth Funds also uses the services of one or more of these affiliated
entities including transactions relating to securities, treasury, derivatives, securities lending and sale and purchase of its
own shares, as well as management activities. Transactions are executed at market rates.
Financial instruments
Risks
Transactions in financial instruments may lead the sub-funds to be subject to the risks described below or to the sub-funds
transferring these risks to another party.
General investment risk
The value of your investments may fluctuate. Past performance is no guarantee of future results. The net asset value of
the sub-funds is affected by developments in the financial markets and may both rise and fall. Shareholders run the risk
that their investments may end up being worth less than the amount invested or even worth nothing. Bonds or other debt
securities involve credit risk to the issuer which may be evidenced by the issuer's credit rating. Securities which are
subordinated and/or have a lower credit rating are generally considered to have a higher credit risk and a greater
possibility of default than more highly rated securities. In the event that any issuer of bonds or other debt securities
experiences financial or economic difficulties, this may affect the value of the relevant securities and any amounts paid on
such securities. This may in turn affect the NAV per share. General investment risk can be broken down into market risk,
concentration risk and currency risk:
Market risk
The net asset value of the sub-funds is sensitive to market movements. In addition, investors should be aware of the
possibility that the value of investments may vary as a result of changes in political, economic or market circumstances.
Concentration risk
Based on its investment policies, each sub-fund may invest in financial instruments from issuing institutions that (mainly)
operate within the same sector or region, or in the same market. If this is the case, the concentration of the investment
portfolio of a sub-fund may cause events that have an effect on these issuing institutions to have a greater effect on the
sub-funds assets than would occur with a less concentrated investment portfolio.
Currency risk
AII or part of the investment portfolio of a sub-fund may be invested in currencies, or financial instruments denominated
in currencies other than its reference currency. As a result, fluctuations in exchange rates may have both a negative and a
positive effect on the investment result of this sub-fund. The Equity sub-funds minimize the risks by investing mainly in
well-known companies and by making a balanced selection with regard to distribution across regions, sectors, individual
stocks and currencies. The risk relative to their benchmarks is minimized by using quantitative techniques. The Bond sub-
funds minimize the risks by making a balanced selection with regard to distribution across regions, sectors, individual
bonds and currencies and by investing in bonds with a minimum rating depending on the sub-funds investment policy.
The risk relative to their benchmarks is minimized by using quantitative techniques.
Robeco Capital Growth Funds 54
Counterparty risk
A counterparty of a sub-fund may fail to fulfil its obligations towards that sub-fund. In case of hedging transactions in
classes of shares, the relevant sub-fund carries the counterparty risk. This risk is limited as much as possible by taking
every possible care in the selection of counterparties. Wherever it is customary in the market, the sub-funds will demand
and obtain collateral. The sub-funds minimize this risk by trading exclusively with reputable counterparties with a
minimum rating of A in the Standard & Poors or other recognized credit rating agencies lists.
Risk of lending financial instruments
In the case of financial instrument lending transactions, the Company and its respective sub-funds concerned run the risk
that the borrower cannot comply with its obligation to return the financial instruments on the agreed date or furnish the
requested collateral. The lending policy of the Company is designed to control these risks as much as possible.
Liquidity risk
The actual buying and selling prices of financial instruments in which the sub-funds invest partly depend upon the liquidity
of the financial instruments in question. It is possible that a position taken on behalf of a sub-fund cannot be quickly
liquidated in a good time at a reasonable price due to a lack of liquidity in the market in terms of supply and demand. The
sub-funds minimize this risk by mainly investing in financial instruments that are tradable on a daily basis.
Euro currency risk
All or part of the assets of a sub-fund may be invested in securities denominated in Euro. In the event of any adjustments,
including a full break-up, an exit of individual countries or other circumstances that may result in the emergence or
reintroduction of national currencies, a sub-fund runs the risks that the value of its investments is reduced and/or the
liquidity of its investments is (temporary) reduced, regardless of the measures the Company may seek to reduce this risk.
Operational risk
The operational risk is the non inherent risk remaining after determining the risks as detailed above (general investment
risk, counterparty, liquidity, Euro currency or risk of lending financial instruments). It mainly includes risks resulting
from breakdowns in internal procedures, people and systems.
Insight into actual risks
The report of the Board of Directors, the Statement of net assets, the Notes to the financial statements and the
Investment portfolios, which include currency classification of the investments, give an insight into the actual risks at the
end of the reporting period.
Risk management
Managing risk is a part of the investment process as a whole and with the help of advanced systems, the risks outlined
above are limited, measured and monitored on the basis of fixed risk measures.
Policy regarding the use of derivatives
Investing implies that positions are taken. As it is possible to use various instruments, including derivative instruments, to
construct an identical position, the selection of derivatives is subordinate to the positioning of an investment portfolio. In
our published information, attention is given primarily to the overall position, and secondarily to the nature and volume
of the financial instruments employed.
Derivative instruments
The unrealized results of derivative instruments are reported in the Statement of net assets. Commitments to derivatives
are not included in the Statement of net assets. They are, however, explained in the Notes. The unrealized results
presented in the Statement of net assets are disclosed by contract.
The derivative instruments listed in the Notes are transacted through third party brokers. Those brokers hold/paid
collateral as described on page 72. The Company is exposed to counterparty risk in respect of all amounts including
collateral due to it from such brokers.
Robeco Capital Growth Funds 55
2 Summary of significant accounting principles
General
Unless stated otherwise, the items shown in the financial statements are included at their nominal value and expressed in
the reference currency of each sub-fund. This annual report covers the reporting period from 1 July 2011 until 30 June
2012.
Preparation and presentation of financial statements
The financial statements are prepared and presented in accordance with Luxembourg generally accepted accounting
principles for investment funds.
Combined figures
The combined figures are expressed in euro and are presented for information purposes only. The exchange rate used for
combining is USD 1 against EUR 0.7880.
Foreign currencies
Transactions in currencies other than the reference currency of the relevant sub-fund are converted into the reference
currency at the exchange rates prevailing at the time of the transaction. The market value of the investments, assets and
liabilities expressed in currencies other than the reference currency of the sub-funds are converted into the sub-funds
reference currency at the exchange rates prevailing at the end of the reporting period. Any positive or negative exchange
differences arising are accounted for in the Statement of operations and changes in net assets under the heading ‘Net
realized and changes in unrealized results on investments and other financial instruments´. The table on page 87 shows
the exchange rates as at 30 June 2012.
Valuation of investments
Transferable securities, money market instruments and financial derivative instruments listed on an official stock
exchange listing
These instruments are valued at their last available price; in the event that there should be several such markets, on the
basis of the last available price of the main market for the relevant security or asset. Should the last available market price
for a given transferable security, money market instrument or financial derivative instrument not truly reflects its fair
market value, then that transferable security, money market instrument or financial derivative instrument is valued on the
basis of the probable sales price which the Board of Directors deems is prudent to assume. Fixed income securities not
traded on such markets are generally valued at the last available price or yield equivalents obtained from one or more
dealers or pricing services approved by the Board of Directors or any other price deemed appropriate by the Board of
Directors.
Transferable securities and/or money market instruments dealt in on another regulated market
These instruments are valued on the basis of their last available market price. Should the last available market price for a
given transferable security and/or money market instrument not truly reflects its fair market value, then that transferable
security and/or money market instrument is valued by the Board of Directors on the basis of the probable sales price
which the Board of Directors deems is prudent to assume.
Transferable securities and/or money market instruments not listed or dealt in on any stock exchange or on any
regulated market
In the event that any assets are not listed or dealt in on any stock exchange or on any regulated market, or if, with
respect to assets listed or dealt in on any stock exchange, or on any regulated market as aforesaid, where the above
valuation methods are inappropriate or misleading, the Board of Directors may adopt any other appropriate valuation
principles for the assets of the Company.
Shares or units in underlying open-ended investment funds
These shares or units are valued at their latest available net asset value per share. In the event that such valuation
method is inappropriate or misleading, the Board of Directors may adopt any other appropriate valuation principles for
the assets of the Company.
Robeco Capital Growth Funds 56
Sub-funds primarily invested in markets which are closed for business at the time the sub-fund is valued are normally
valued using the prices at the previous close of business.
Market volatility may result in the latest available prices not accurately reflecting the fair value of the sub-funds’
investments. This situation could be exploited by investors who are aware of the direction of market movements, and
who might deal to exploit the difference between the next published Net Asset Value and the fair value of the sub-funds’
investments. By these Investors paying less than the fair value for shares on issue, or receiving more than the fair value for
shares on redemption, other Shareholders may suffer a dilution in the value of their investment. To prevent this, the
Company may, during periods of market volatility, adjust the Net Asset Value per Share prior to publication to reflect
more accurately the fair value of the sub-funds investments. Adjustment will be made provided that such change exceeds
the threshold as determined by the Board of Directors for the relevant sub-fund. If an adjustment is made, it will be
applied consistently to all classes of shares in the same sub-fund. At the end of the reporting period, no such adjustments
were made.
Investment transactions and investment income
Securities are recorded at cost, and where applicable on the basis of exchange rates prevailing on the date they are
purchased.
Results on sales of securities are determined on the basis of the average cost method (for futures and Contracts for
difference first in first out method). Investment transactions are accounted for on the trade date. Dividends are accounted
for on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts/Premiums on zero coupon bonds
are accreted as adjustments to interest income.
Interest and capital gains on securities may be subject to withholding or capital gains taxes in certain countries.
3 Options
Options are valued at market price. The margin deposits in relation to the outstanding options are included in the
Statement of net assets under the heading ‘Deposits and other cash’. The amounts per sub-fund are stated in the table
below:
Option margin deposits
As at 30 June 2012
Amount base currency x 1,000
Regional & Country Equity sub-funds
Robeco US Premium Equities
25,104
As at 30 June 2012 the options on transferable securities stated in the table below were outstanding
Options
As at 30 June 2012
Purchased/ Written
Number of contracts
Description Currency
Exercise price base
currency x 1 Maturity date
Commitment base
currency x 1
Market value base
currency x 1
Robeco US Premium Equities
Written
18,559 Citigroup Inc
USD
40.00
19/01/2013
50,870,219
–501,093
Written
10,568 Electronic Arts Inc
USD
25.00
19/01/2013
13,051,480
–31,704
Written 10,568 Electronic Arts Inc USD 30.00 19/01/2013 13,051,480 –31,704
Written 10,128 eBay Inc USD 45.00 20/10/2012 42,547,728 –1,863,552
Written 9,765 Expedia Inc USD 39.00 20/10/2012 46,940,355 –10,106,775
Written 998 Google Inc USD 600.00 19/01/2013 57,890,986 –3,742,500
Written 4,870 Occidental Petroleum Corp USD 115.00 18/08/2012 41,769,990 –14,610
Written
13,213 Seagate Technology PLC
USD
36.00
22/09/2012
32,675,749
–79,278
Written 5,435 Wyndham Worldwide Corp USD
49.00
18/08/2012
28,664,190
–2,581,625
Total market value
–18,952,841
4 Open forward exchange transactions
Open forward exchange transactions are valued with market practice valuation models using forwards rates based on
exchange and interest rates applicable at 30 June 2012. The unrealized results of these contracts have been recorded
gross in the Statement of net assets under the heading ’Unrealized gains/losses on forward exchange transactions’ and
changes in unrealized results are recorded in the Statement of operations and changes in net assets under the heading
‘Net realized and changes in unrealized results on investments and other financial instruments’. The contracts outstanding
Robeco Capital Growth Funds 57
as at 30 June 2012 are disclosed in the following table. Information on the collateral received or paid on these positions
is stated in the table on page 72.
Open forward exchange transactions
As at 30 June 2012 Currency Amount Currency Amount Counterparty Maturity Unrealized
bought
bought
sold
sold
date
gains/losses
base currency x 1
Global Equity sub-funds Robeco Global Stars Equities
AUD
11,856,814
EUR
9,484,692
ING Bank
20/07/2012
73,441
CAD
16,647,248
EUR
12,851,445
ING Bank
20/07/2012
10,120
EUR
6,140,624
CHF
7,374,276
ING Bank
20/07/2012
232
EUR
11,964,669
GBP
9,667,872
ING Bank
20/07/2012
17,054
SEK
32,547,339
EUR
3,680,868
ING Bank
20/07/2012
31,662
SGD
3,281,405
EUR
2,036,546
ING Bank
20/07/2012
4,604
Total unrealized gains
137,113
Robeco Global Stars Equities
DKK
8,535,021
EUR
1,148,724 ING Bank
20/07/2012
–544
HKD
32,797,903
EUR
3,337,343
ING Bank
20/07/2012
–5,329
JPY
1,511,577,901
EUR
14,988,378
ING Bank
20/07/2012
–57,669
NOK
3,450,487
EUR
459,685
ING Bank
20/07/2012
–2,619
USD
2,009,904
EUR
1,600,000
Rabobank Nederland
20/07/2012
–16,182
USD
46,966,046
EUR
37,077,189
ING Bank
20/07/2012
–67,677
USD
6,900,000
EUR
5,519,982
ING Bank
20/07/2012
–82,729
Total unrealized losses
–232,749
Robeco Emerging Enhanced Index Equities
INR
478,014,000
USD
8,371,524
HSBC
30/07/2012
126,682
Total unrealized gains
126,682
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
SGD
6,664,000
USD
5,243,074 JP Morgan Chase
20/07/2012
13,672
USD
47,247,708
JPY
3,760,917,550
JP Morgan Chase
20/07/2012
82,755
Total unrealized gains
96,427
Robeco Asia-Pacific Equities
KRW
5,300,000,000
USD
4,691,096
HSBC
12/07/2012
–53,184
USD
29,023,276
AUD
28,622,560
JP Morgan Chase
20/07/2012
–203,001
USD
27,593,440
EUR
21,780,282
JP Morgan Chase
20/07/2012
–36,495
Total unrealized losses
–292,680
SAM Sustainable European Equities
GBP
28,264,009
EUR
35,036,579
Rabobank Nederland
20/07/2012
–107,732
Total unrealized losses
–107,732
Robeco US Premium Equities, Class DH EUR
EUR
384,517,014
USD
477,791,229
Rabobank Nederland
5/07/2012
10,176,963
EUR
7,634,663
USD
9,594,000
Rabobank Nederland
5/07/2012
94,711
10,271,674
Robeco US Premium Equities, Class IH EUR
EUR
281,028,877
USD
349,199,456 Rabobank Nederland
5/07/2012
7,437,955
EUR
7,745,276
USD
9,733,000
Rabobank Nederland
5/07/2012
96,084
EUR
4,680,000
USD
5,849,836
Rabobank Nederland
5/07/2012
89,281
USD
52,805,244
EUR
41,610,058
Rabobank Nederland
5/07/2012
293
7,623,613
Robeco US Premium Equities, Class MH EUR
EUR
47,456,644
USD
58,968,439 Rabobank Nederland
5/07/2012
1,256,029
EUR
760,000
USD
949,848
Rabobank Nederland
5/07/2012
14,624
EUR
945,380
USD
1,188,000
Rabobank Nederland
5/07/2012
11,728
1,282,381
Robeco US Premium Equities, Class EH GBP
GBP
62,836,363
USD
96,328,145 Rabobank Nederland
5/07/2012
2,225,264
GBP
1,702,098
USD
2,649,000
Rabobank Nederland
5/07/2012
20,595
GBP
1,270,369
USD
1,988,000
Rabobank Nederland
5/07/2012
4,465
2,250,324
Total unrealized gains
21,427,992
Robeco US Premium Equities, Class DH EUR
USD
15,101,984
EUR
12,070,000
Rabobank Nederland
5/07/2012
–215,356
–215,356
Robeco US Premium Equities, Class MH EUR
USD
1,085,799
EUR
870,000 Rabobank Nederland
5/07/2012
–18,267
–18,267
Robeco Capital Growth Funds 58
Open forward exchange transactions
As at 30 June 2012 Currency
Amount
Currency
Amount
Counterparty
Maturity
Unrealized
bought bought sold sold date gains/losses
base currency x 1
Robeco US Premium Equities, Class EH GBP
USD
1,249,000
GBP
803,551 Rabobank Nederland
5/07/2012
–11,302
–11,302
Total unrealized losses
–244,925
Robeco Chinese Equities
EUR
1,090,308
USD
1,381,650
Rabobank Nederland
20/07/2012
1,561
Total unrealized gains
1,561
Robeco US Large Cap Equities, Class DH EUR
EUR
60,000,000
USD
75,233,400
Citibank London
11/07/2012
908,315
EUR
60,000,000
USD
75,233,400
JP Morgan Chase
11/07/2012
908,315
EUR
18,632,364
USD
23,361,259
Rabobank Nederland
11/07/2012
283,744
Total unrealized gains
2,100,374
Robeco US Select Opportunities Equities, Class DH EUR
EUR
3,598,438
USD
4,471,329
Rabobank Nederland
5/07/2012
95,239
EUR
96,289
USD
121,000
Rabobank Nederland
5/07/2012
1,195
EUR
50,000
USD
63,033
Rabobank Nederland
5/07/2012
419
96,853
Robeco US Select Opportunities Equities, Class IH EUR
EUR
1,570,545
USD
1,951,519 Rabobank Nederland
5/07/2012
41,567
EUR
46,951
USD
59,000
Rabobank Nederland
5/07/2012
582
42,149
Total unrealized gains
139,002
Robeco US Select Opportunities Equities, Class DH EUR
USD
336,569
EUR
270,000
Rabobank Nederland
5/07/2012
–6,073
Total unrealized losses
–6,073
Theme Equity sub-funds
Robeco New World Financial Equities
AUD
9,205,089
EUR
7,363,070 Citibank London
20/07/2012
57,429
CAD
6,828,504
EUR
5,269,477
Citibank London
20/07/2012
6,185
EUR
239,644
CHF
287,765
Citibank London
20/07/2012
29
EUR
1,783,311
GBP
1,441,665
Citibank London
20/07/2012
1,694
EUR
865,978
GBP
700,000
Deutsche Bank
20/07/2012
913
EUR
508,415
HKD
5,000,000
Deutsche Bank
20/07/2012
454
EUR
758,836
NOK
5,697,719
Citibank London
20/07/2012
4,093
EUR
311,420
SGD
500,000
Deutsche Bank
20/07/2012
402
EUR
1,577,455
USD
2,000,000
Deutsche Bank
20/07/2012
1,444
SEK
6,800,000
EUR
768,892
Citibank London
20/07/2012
6,754
SGD
2,405,500
EUR
1,492,987
Citibank London
20/07/2012
3,320
Total unrealized gains
82,717
Robeco New World Financial Equities
EUR
402,901
AUD
500,000 Deutsche Bank
20/07/2012
–165
HKD
14,091,750
EUR
1,432,016
Citibank London
20/07/2012
–403
JPY
238,106,600
EUR
2,357,491
Citibank London
20/07/2012
–5,578
USD
11,371,398
EUR
8,966,494
Citibank London
20/07/2012
–5,770
Total unrealized losses
–11,916
Robeco Property Equities
EUR
1,567,227
GBP
1,266,978
Citibank London
20/07/2012
1,488
EUR
1,997,736
NOK
15,000,000
Citibank London
20/07/2012
10,775
NZD
1,000,000
EUR
629,010
Citibank London
20/07/2012
3,567
SEK
9,000,000
EUR
1,017,651
Citibank London
20/07/2012
8,939
Total unrealized gains
24,769
Robeco Property Equities
CHF
5,460,756
EUR
4,547,598
Citibank London
20/07/2012
–550
EUR
548,267
AUD
685,426
Citibank London
20/07/2012
–4,276
EUR
285,741
CAD
370,281
Citibank London
20/07/2012
–335
EUR
2,278,865
SEK
20,000,000
Rabobank Nederland
20/07/2012
–2,450
EUR
438,803
SGD
707,000
Citibank London
20/07/2012
–976
HKD
11,048,450
EUR
1,122,753
Citibank London
20/07/2012
–316
JPY
369,003,925
EUR
3,653,504
Citibank London
20/07/2012
–8,645
USD
3,553,748
EUR
2,802,176
Citibank London
20/07/2012
–1,803
Robeco Capital Growth Funds 59
Open forward exchange transactions
As at 30 June 2012 Currency
Amount
Currency
Amount
Counterparty
Maturity
Unrealized
bought bought sold sold date gains/losses
base currency x 1
USD
7,000,000
EUR
5,522,290
Deutsche Bank
20/07/2012
–6,251
Total unrealized losses
–25,602
Robeco Natural Resources Equities
EUR
1,027,299
HKD
10,109,133 Citibank London
20/07/2012
289
EUR
3,013,475
JPY
304,360,980
Citibank London
20/07/2012
7,131
EUR
1,240,214
NOK
9,312,147
Citibank London
20/07/2012
6,689
Total unrealized gains
14,109
Robeco Natural Resources Equities
EUR
15,873,058
AUD
19,844,021
Citibank London
20/07/2012
–123,803
EUR
3,432,289
CAD
4,447,766
Citibank London
20/07/2012
–4,028
EUR
7,482,231
ZAR
78,425,000
Citibank London
20/07/2012
–50,183
GBP
654,735
EUR
809,895
Citibank London
20/07/2012
–769
USD
91,646,090
EUR
72,264,128
Citibank London
20/07/2012
–46,503
Total unrealized losses
–225,286
Global Bond sub-funds
Robeco High Yield Bonds
EUR
185,129,049
GBP
149,625,000 HSBC
20/07/2012
221,561
EUR
868,048,705
USD
1,100,000,000
Rabobank Nederland
20/07/2012
1,242,497
EUR
59,208,501
USD
75,000,000
ING Bank
20/07/2012
108,073
EUR
59,199,621
USD
75,000,000
JP Morgan Chase
20/07/2012
99,195
EUR
118,277,688
USD
150,000,000
Barclays
20/07/2012
76,859
EUR
94,621,553
USD
120,000,000
Citibank London
20/07/2012
60,890
EUR
65,058,824
USD
82,540,000
Deutsche Bank
20/07/2012
16,853
USD
2,940,000
EUR
2,314,050
Rabobank Nederland
20/07/2012
2,686
1,828,614
Robeco High Yield Bonds, Class DH USD
USD
210,000
EUR
165,455 Rabobank Nederland
20/07/2012
26
26
Robeco High Yield Bonds, Class IH USD
USD
15,900,000
EUR
12,527,330 Rabobank Nederland
20/07/2012
1,956
1,956
Robeco High Yield Bonds, Class 0DH USD
USD
200,000
EUR
157,428 Rabobank Nederland
20/07/2012
173
USD
280,000
EUR
220,607
Rabobank Nederland
20/07/2012
34
207
Robeco High Yield Bonds, Class 0IH USD
USD
3,800,000
EUR
2,993,953 Rabobank Nederland
20/07/2012
468
468
Robeco High Yield Bonds, Class 0D
EUR
781,662
GBP
631,759 Rabobank Nederland
20/07/2012
931
931
Total unrealized gains
1,832,202
Robeco High Yield Bonds
EUR
30,200,000
USD
38,330,595
Rabobank Nederland
20/07/2012
–4,716
GBP
7,600,000
EUR
9,427,409
Rabobank Nederland
20/07/2012
–35,278
GBP
3,100,000
EUR
3,873,741
ING Bank
20/07/2012
–42,735
USD
5,300,000
EUR
4,177,208
Rabobank Nederland
20/07/2012
–779
USD
3,650,000
EUR
2,920,918
Deutsche Bank
20/07/2012
–44,690
USD
6,600,000
EUR
5,279,970
ING Bank
20/07/2012
–79,119
USD
7,100,000
EUR
5,687,211
Rabobank Nederland
20/07/2012
–92,355
USD
9,700,000
EUR
7,793,168
ING Bank
20/07/2012
–149,486
–449,158
Robeco High Yield Bonds, Class DH CHF
CHF
540,000
EUR
449,691 Rabobank Nederland
20/07/2012
–45
CHF
360,000
EUR
299,831
Rabobank Nederland
20/07/2012
–67
CHF
21,627,680
EUR
18,014,060
Rabobank Nederland
20/07/2012
–5,180
–5,292
Robeco High Yield Bonds, Class DH USD
EUR
62,971
USD
80,000 Rabobank Nederland
20/07/2012
–69
USD
120,000
EUR
94,648
Rabobank Nederland
20/07/2012
–88
USD
110,000
EUR
87,248
Rabobank Nederland
20/07/2012
–568
USD
130,000
EUR
104,346
Rabobank Nederland
20/07/2012
–1,905
USD
220,000
EUR
175,478
Rabobank Nederland
20/07/2012
–2,116
Robeco Capital Growth Funds 60
Open forward exchange transactions
As at 30 June 2012 Currency
Amount
Currency
Amount
Counterparty
Maturity
Unrealized
bought bought sold sold date gains/losses
base currency x 1
USD
390,000
EUR
312,688
Rabobank Nederland
20/07/2012
–5,365
USD
14,287,243
EUR
11,274,566
Rabobank Nederland
20/07/2012
–16,138
USD
1,550,000
EUR
1,241,788
Rabobank Nederland
20/07/2012
–20,376
–46,625
Robeco High Yield Bonds, Class IH USD
USD
4,430,000
EUR
3,564,560 Rabobank Nederland
20/07/2012
–73,682
USD
734,817,677
EUR
579,870,485
Rabobank Nederland
20/07/2012
–830,008
–903,690
Robeco High Yield Bonds, Class IEH USD
USD
16,143,604
EUR
12,739,486 Rabobank Nederland
20/07/2012
–18,235
–18,235
Robeco High Yield Bonds, Class 0DH USD
USD
280,000
EUR
224,521 Rabobank Nederland
20/07/2012
–3,879
USD
850,000
EUR
674,191
Rabobank Nederland
20/07/2012
–4,386
USD
350,000
EUR
281,624
Rabobank Nederland
20/07/2012
–5,821
USD
26,447,864
EUR
20,870,940
Rabobank Nederland
20/07/2012
–29,874
–43,960
Robeco High Yield Bonds, Class 0IH USD
USD
304,945,920
EUR
240,643,556 Rabobank Nederland
20/07/2012
–344,449
–344,449
Robeco High Yield Bonds, Class 0D
USD
1,620,415
EUR
1,278,726 Rabobank Nederland
20/07/2012
–1,830
–1,830
Total unrealized losses
–1,813,239
Robeco Global Government Bonds
AUD
296,176
EUR
236,718
Rabobank Nederland
20/07/2012
2,038
CLP
699,700,000
USD
1,367,136
Citibank London
13/07/2012
18,374
EUR
40,377
DKK
300,000
Rabobank Nederland
20/07/2012
19
EUR
402,576
GBP
325,372
Rabobank Nederland
20/07/2012
479
EUR
271,463
JPY
27,146,336
Rabobank Nederland
13/07/2012
3,337
EUR
101,748
USD
128,059
Rabobank Nederland
13/07/2012
837
KRW
790,000,000
USD
671,483
HSBC
13/07/2012
13,905
MXN
9,755,064
EUR
559,783
Rabobank Nederland
20/07/2012
11,652
MYR
2,247,150
USD
706,318
ING Bank
13/07/2012
514
51,155
Robeco Global Government Bonds, Class IH EUR
EUR
1,108
CHF
1,330 Rabobank Nederland
20/07/2012
–
EUR
170,437
DKK
1,266,344
Rabobank Nederland
20/07/2012
81
EUR
1,948,913
GBP
1,575,160
Rabobank Nederland
20/07/2012
2,320
EUR
8,685,824
JPY
876,139,107
Rabobank Nederland
20/07/2012
31,704
EUR
9,419,467
USD
11,936,443
Rabobank Nederland
20/07/2012
13,483
47,588
Total unrealized gains
98,743
Robeco Global Government Bonds
CAD
165,000
EUR
127,907
Rabobank Nederland
13/07/2012
–406
EUR
371,916
CAD
481,972
Rabobank Nederland
20/07/2012
–452
EUR
2,339,477
SEK
20,850,000
Rabobank Nederland
13/07/2012
–39,508
JPY
139,525,386
EUR
1,383,220
Rabobank Nederland
20/07/2012
–5,049
JPY
160,000,000
EUR
1,604,814
Rabobank Nederland
20/07/2012
–24,401
USD
1,902,073
EUR
1,500,992
Rabobank Nederland
20/07/2012
–2,148
–71,964
Robeco Global Government Bonds, Class IH EUR
EUR
259,959
AUD
325,254 Rabobank Nederland
20/07/2012
–2,238
EUR
457,104
CAD
592,368
Rabobank Nederland
20/07/2012
–556
EUR
108,204
SEK
956,737
Rabobank Nederland
20/07/2012
–926
–3,720
Total unrealized losses
–75,684
Robeco Emerging Debt
BRL
6,114,000
USD
3,000,000
Barclays
13/07/2012
20,749
COP
2,029,780,000
USD
1,131,616
Barclays
13/07/2012
2,902
KRW
3,740,760,000
USD
3,179,567
HSBC
13/07/2012
83,554
MXN
91,727,966
USD
6,575,010
Rabobank Nederland
13/07/2012
248,432
MXN
3,260,000
USD
236,222
Rabobank Nederland
13/07/2012
6,283
MXN
20,265,750
USD
1,500,000
Rabobank Nederland
13/07/2012
7,530
Robeco Capital Growth Funds 61
Open forward exchange transactions
As at 30 June 2012 Currency
Amount
Currency
Amount
Counterparty
Maturity
Unrealized
bought bought sold sold date gains/losses
base currency x 1
MYR
3,185,500
USD
1,000,000
HSBC
13/07/2012
2,182
MYR
8,596,620
USD
2,702,065
ING Bank
13/07/2012
2,495
PLN
4,806,176
USD
1,405,171
ING Bank
13/07/2012
32,620
RUB
79,872,735
USD
2,417,090
ING Bank
13/07/2012
39,600
ZAR
3,945,011
USD
471,035
Rabobank Nederland
13/07/2012
10,331
456,678
Robeco Emerging Debt, Class D EUR
EUR
96,346,885
USD
121,260,744 Rabobank Nederland
13/07/2012
1,006,063
EUR
610,000
USD
772,672
Rabobank Nederland
13/07/2012
1,435
EUR
780,000
USD
979,072
Rabobank Nederland
13/07/2012
10,769
1,018,267
Total unrealized gains
1,474,945
Robeco Emerging Debt
COP
2,157,600,000
USD
1,200,000
Deutsche Bank
20/09/2012
–6,214
THB
87,642,300
USD
2,772,964
HSBC
13/07/2012
–16,103
THB
23,733,750
USD
750,000
HSBC
13/07/2012
–3,435
USD
192,516
EUR
152,962
Rabobank Nederland
13/07/2012
–1,597
USD
4,788,893
EUR
3,804,982
Rabobank Nederland
13/07/2012
–39,732
USD
839,659
HUF
198,083,948
ING Bank
13/07/2012
–38,545
USD
623,319
TRY
1,141,671
ING Bank
13/07/2012
–5,612
Total unrealized losses
–111,238
Regional Bond sub-funds
Robeco All Strategy Euro Bonds
EUR
24,410,053
USD
30,957,073
Citibank London
20/07/2012
15,708
CAD
24,930,000
EUR
19,238,189
Citibank London
20/07/2012
22,579
Total unrealized gains 38,287
Robeco All Strategy Euro Bonds
JPY
285,199,950
EUR
2,823,762 Citibank London
20/07/2012
–6,682
Total unrealized losses
–6,682
Robeco European High Yield Bonds
EUR
7,061,699
GBP
5,707,442
Rabobank Nederland
20/07/2012
8,408
EUR
1,127,251
USD
1,428,463
Rabobank Nederland
20/07/2012
1,614
Total unrealized gains 10,022
Robeco European High Yield Bonds
GBP
110,000
EUR
137,500 Rabobank Nederland
20/07/2012
–1,561
Total unrealized losses
–1,561
Robeco Financial Institutions Bonds
EUR
3,541,093
GBP
2,862,000
Rabobank Nederland
20/07/2012
4,216
EUR
3,673,188
USD
4,654,700
Rabobank Nederland
20/07/2012
5,258
Total unrealized gains
9,474
Asset Allocation sub-funds
Robeco GTAA Fund
EUR
351,053
JPY
35,000,000
Rabobank Nederland
20/07/2012
5,338
EUR
9,373,496
JPY
925,000,000
Rabobank Nederland
20/07/2012
236,709
JPY
240,000,000
EUR
2,367,681
Rabobank Nederland
20/07/2012
2,932
Total unrealized gains
244,979
Robeco GTAA Fund
JPY
678,550,465
EUR
6,726,980
Rabobank Nederland
20/07/2012
–24,554
Total unrealized losses
–24,554
5 Financial futures
Regulated futures contracts are valued at their exchange quoted settlement price. Initial margin deposits are made upon
entering into futures contracts. All open futures contracts are marked to market with changes in market value recognized
as unrealized gains or losses. Variation margin payments are made or received, depending on whether unrealized losses
or gains are incurred. When the contract is closed, the Company records a realized gain or loss equal to the difference
between the proceeds from (or cost of) the closing transaction and price at which the Company entered into the contract.
The unrealized gains/losses on financial futures are recorded gross in the Statement of net assets under the heading
‘Unrealized gains/losses on financial futures’and changes in unrealized results are recorded in the Statement of
Robeco Capital Growth Funds 62
operations and changes in net assets under the heading ‘Net realized and changes in unrealized results on investments
and other financial instruments’. All margin deposits are included in the Statement of net assets under the heading
‘Deposits and other cash’. The amounts per sub-fund are stated in the following table:
Future margin deposits
As at 30 June 2012 Amount base
currency x 1,000
Global Equity sub-funds
Robeco Global Conservative Equities 9
Robeco Emerging Markets Equities 7,675
Robeco Active Quant Emerging Markets Equities 194
Robeco Emerging Enhanced Index Equities 558
Robeco Emerging Conservative Equities 250
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities 726
Robeco European Conservative Equities 114
Global Bond sub-funds
Robeco Investment Grade Corporate Bonds 1,403
Robeco Global Government Bonds 122
Robeco Emerging Debt 422
Regional Bond sub-funds
Robeco Euro Government Bonds 1,073
Robeco Euro Credit Bonds 615
Robeco All Strategy Euro Bonds 6,569
Robeco Euro Sustainable Credits 71
Robeco Financial Institutions Bonds 320
Asset Allocation sub-funds
Robeco GTAA Fund 4,107
The contracts outstanding as at 30 June 2012 are disclosed in the following table.
Financial futures
As at 30 June 2012
Purchase/Sale Quantity
Denomination
Currency
Maturitymonth
Commitment base currency x 1
Unrealized gains/ losses
base currency x 1
Global Equity sub-funds
Robeco Global Conservative Equities
Purchase 3 EURO STOXX 50 EUR 09/2012 67,650 90
Purchase 1 S&P500 EMINI USD 09/2012 53,442 144
Total unrealized gains 234
Robeco Emerging Markets Equities
Purchase 500 KOSPI200 INDEX KRW 09/2012
42,259,872
–541,023
Total unrealized losses
–541,023
Robeco Active Quant Emerging Markets Equities
Purchase
201
MSCI TAIWAN INDEX
USD
07/2012
4,013,506
12,442
Purchase 80 E-Mini MSCI Emerging Markets USD 09/2012
2,977,660
119,256
Total unrealized gains
131,698
Purchase 48 KOSPI200 INDEX KRW 09/2012
4,056,948
-1,651
Total unrealized losses
–1,651
Robeco Emerging Enhanced Index Equities
Purchase 775 SGX S&P CNX NIFTY USD 07/2012 8,206,475 216,225
Total unrealized gains 216,225
Robeco Emerging Conservative Equities
Purchase 129 E-Mini MSCI Emerging Markets USD 09/2012
6,093,315 87,551
Total unrealized gains
87,551
Robeco Capital Growth Funds 63
Financial futures
As at 30 June 2012
Purchase/Sale Quantity
Denomination
Currency
Maturitymonth
Commitment base currency x 1
Unrealized gains/ losses
base currency x 1
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
Purchase 130 H-SHARES INDEX HKD 07/2012 6,297,416 87,725
Purchase 20 TOPIX INDEX JPY 09/2012 1,518,937 117,130
Total unrealized gains
204,855
Robeco European Conservative Equities
Purchase
52
EURO STOXX 50
EUR
09/2012
1,172,600
52,760
Total unrealized gains 52,760
Purchase 20 STOXX 50 EUR 09/2012
473,200
–640
Total unrealized losses
–640
Global Bond sub-funds
Robeco Investment Grade Corporate Bonds
Sale
469
EURO-BUND FUTURE
EUR
09/2012
66,082,100
1,549,280
Sale 198 EURO-SCHATZ FUTURE EUR 09/2012
21,878,010
6,930
Total unrealized gains
1,556,210
Purchase
837
EURO-BOBL FUTURE
EUR
09/2012
105,369,930
–1,002,792
Total unrealized losses
–1,002,792
Robeco Global Government Bonds
Purchase
2
US 5YR NOTE
USD
09/2012
195,373
222
Purchase
6 US LONG BOND
USD
09/2012
699,588
2,881
Sale 26 EURO-BOBL FUTURE EUR 09/2012
3,273,140
42,380
Total unrealized gains
45,483
Purchase
2
EURO-SCHATZ FUT
EUR
09/2012
220,990
–582
Purchase
2 EURO-BUND FUTURE
EUR
09/2012
281,800
–7,845
Purchase
4 EURO BUXL 30Y BUND
EUR
09/2012
523,760
–53,680
Purchase 6 US 2YR NOTE USD 09/2012
1,041,035
–443
Total unrealized losses
–62,550
Robeco Emerging Debt
Purchase 49 US 5YR NOTE USD 09/2012 6,074,469 4,359
Purchase 4 US LONG BOND USD 09/2012 591,875 2,438
Sale 8 EURO-SCHATZ FUTURE EUR 09/2012 1,121,789 2,944
Sale 12 EURO-BOBL FUTURE EUR 09/2012 1,917,128 24,823
Sale 5 EURO-BUND FUTURE EUR 09/2012
894,046
25,508
Sale
12 US 2YR NOTE
USD
09/2012
2,642,250
516
Total unrealized gains
60,588
Purchase 80 KOREA 3YR BOND FUTURE KRW 09/2012 7,311,651 –1,397
Sale 57 US 10YR NOTE USD 09/2012 7,602,375 –19,180
Total unrealized losses
–20,577
Regional Bond sub-funds
Robeco Euro Government Bonds
Purchase 153 EURO-SCHATZ FUTURE EUR 09/2012 16,905,735 –44,560
Purchase
120 EURO-BOBL FUTURE
EUR 09/2012
15,106,800
–197,228
Purchase 59 EURO-BUND FUTURE EUR 09/2012
8,313,100
–231,418
Total unrealized losses
–473,206
Robeco Euro Credit Bonds
Sale 19 EURO BUXL 30Y BUND EUR 09/2012 2,487,860 152,300
Robeco Capital Growth Funds 64
Financial futures
As at 30 June 2012
Purchase/Sale Quantity
Denomination
Currency
Maturitymonth
Commitment base currency x 1
Unrealized gains/ losses
base currency x 1
Sale 154 EURO-BUND FUTURE EUR 09/2012 21,698,600 368,049
Total unrealized gains
520,349
Purchase
636
EURO-SCHATZ FUTURE
EUR
09/2012
70,274,820
–115,389
Purchase 266 EURO-BOBL FUTURE EUR 09/2012
33,486,740
–376,675
Total unrealized losses
–492,064
Robeco All Strategy Euro Bonds
Purchase 460 EURO-BOBL FUTURE EUR 09/2012 57,909,400 –478,342
Purchase
1,756 EURO-SCHATZ FUTURE
EUR 09/2012
194,029,220
–511,417
Purchase 746 EURO-BUND FUTURE EUR 09/2012
105,111,400
–2,611,678
Total unrealized losses
–3,601,437
Robeco Euro Sustainable Credits
Purchase 5 EURO-BOBL FUTURE EUR 09/2012 629,450 200
Sale 7 EURO-BUND FUTURE EUR 09/2012 986,300 25,020
Sale 3 EURO BUXL 30Y BUND EUR 09/2012 392,820 40,260
Total unrealized gains
65,480
Purchase 30 EURO-SCHATZ FUTURE EUR 09/2012
3,314,850
–7,924
Total unrealized losses
–7,924
Robeco Financial Institutions Bonds
Purchase 15 EURO-BUND FUTURE EUR 09/2012 2,113,500 –17,712
Purchase 46 EURO-BOBL FUTURE EUR 09/2012 5,790,940 –15,629
Purchase
1 EURO BUXL 30Y BUND
EUR
09/2012
130,940
–13,420
Purchase
31 EURO-SCHATZ FUTURE
EUR
09/2012
3,425,345
–9,028
Sale 14 LONG GILT FUTURE GBP 07/2012 2,060,981 –10,728
Sale 11 US 10YR NOTE USD 09/2012
1,156,081
–4,131
Sale 27 US 5YR NOTE USD 09/2012
2,637,529
–3,158
Total unrealized losses
–73,806
Asset Allocation sub-funds
Robeco GTAA Fund
Purchase
215
EURO STOXX 50
EUR
09/2012
4,848,250
229,983
Purchase
390 10YR MINI Japan
JPY
09/2012
55,348,378
17,058
Purchase 217 NIKKEI 225 JPY 09/2012
9,617,179
242,742
Purchase 180 US 10YR NOTE USD 09/2012 18,917,694 68,703
Purchase 89 S&P500 EMINI FUTURE USD 09/2012 4,756,298 97,981
Total unrealized gains
656,467
Purchase 403 EURO-BUND FUTURE
EUR
09/2012
56,782,700
–1,130,573
Total unrealized losses
–1,130,573
6 Interest rate swaps
Interest rate swaps are valued with market practice valuation models using exchange and interest rates applicable at 30
June 2012. The unrealized gains/losses on interest rate swaps are recorded gross in the Statement of net assets under the
heading ‘Unrealized gains/losses on interest rate swaps’ and changes in unrealized results are recorded in the Statement
of operations and changes in net assets under the heading ‘Net realized and changes in unrealized results on investments
and other financial instruments’. The contracts outstanding as at 30 June 2012 are disclosed in the table below.
Information on the collateral on this positions is stated in the table on page 72.
Robeco Capital Growth Funds 65
Interest rate swaps
As at 30 June 2012
Denomination
Counterparty
Maturity date
Currency
Nominal value
Unrealized gains/losses
base currency x 1
Global Bond sub-funds
Robeco High Yield Bonds, class 0DH EUR, class 0EH EUR, class 0IH EUR, class 0DH USD and class 0IH USD
IRS Pay 3M Euribor EUR Receive 2.2048% Deutsche Bank
11/10/2018
EUR
7,000,000
373,804
IRS Pay 6M Libor GBP Receive 1.55% Credit Suisse
11/04/2017
GBP
10,550,000
186,114
Total unrealized gains
559,917
Robeco High Yield Bonds
IRS Pay 1.55% GBP Receive 6M Libor Morgan Stanley
26/01/2017
GBP
88,500,000
–1,708,188
IRS Pay 1.55% GBP Receive 6M Libor Credit Suisse
11/04/2017
GBP
98,200,000
–1,732,357
-3,440,545
Robeco High Yield Bonds, class 0DH EUR, class 0EH EUR, class 0IH EUR, class 0DH USD and class 0IH USD
IRS Pay 2.16% EUR Receive 3M Euribor Barclays
27/02/2022
EUR
5,700,000
-186,985
IRS Pay 2.5672% EUR Receive 3M IBOR Credit Suisse
05/04/2014
EUR
6,450,000
–229,486
IRS Pay 3.5542% EUR Receive 3M IBOR Deutsche Bank
05/04/2021
EUR
2,000,000
–310,809
IRS Pay 1.394% EUR Receive 3M IBOR Barclays
27/02/2017
EUR
19,500,000
–332,098
IRS Pay 1.777% EUR Receive 3M IBOR Morgan Stanley
27/02/2019
EUR
16,800,000
–406,663
IRS Pay 2.79% EUR Receive 3M IBOR Morgan Stanley
17/05/2016
EUR
7,750,000
–573,971
IRS Pay 3.2707% EUR Receive 3M IBOR Deutsche Bank
05/04/2018
EUR
10,150,000
–1,164,701
IRS Pay 2.42% GBP Receive 6M Libor Morgan Stanley
06/02/2022
GBP
1,400,000
–57,332
IRS Pay 1.6% GBP Receive 6M Libor Morgan Stanley
06/02/2017
GBP
4,550,000
–98,849
IRS Pay 1.57% USD Receive 3M Libor Deutsche Bank
01/03/2019
USD
5,800,000
–85,089
IRS Pay 2.03% USD Receive 3M Libor Deutsche Bank
01/03/2022
USD
4,250,000
–94,211
IRS Pay 0.73125% USD Receive 3M Libor Morgan Stanley
27/02/2015
USD
40,700,000
–103,857
IRS Pay 1.125% USD Receive 3M Libor Deutsche Bank
01/03/2017
USD
15,750,000
–125,843
IRS Pay 2.54% USD Receive 3M Libor Morgan Stanley
15/02/2027
USD
4,700,000
–186,451
IRS Pay 1.1775% USD Receive 3M Libor Morgan Stanley
27/02/2017
USD
22,600,000
–222,763
IRS Pay 2.1225% USD Receive 3M Libor Morgan Stanley
27/02/2022
USD
8,400,000
–241,864
IRS Pay 2.56% USD Receive 3M Libor Morgan Stanley
27/02/2027
USD
6,700,000
–278,988
IRS Pay 1.6475% USD Receive 3M Libor Barclays
27/02/2019
USD
23,400,000
–435,031
–5,134,991
Total unrealized losses
–8,575,535
Robeco Investment Grade Corporate Bonds
IRS Pay 3M Euribor EUR Receive 2.075%
Morgan Stanley
26/07/2014
EUR
76,650,000
2,367,177
IRS Pay 3M Euribor EUR Receive 1.8398% Credit Suisse
09/09/2016
EUR
28,450,000
1,080,401
IRS Pay 3M Euribor EUR Receive 2.2458% Credit Suisse
26/09/2021
EUR
10,000,000
434,679
Total unrealized gains
3,882,257
Robeco Emerging Debt
IRS Pay 1M EURO MXN Receive 5.32%
Barclays
07/06/2017
MXN
100,000,000
21,816
IRS Pay 3M KLIBOR MYR Receive 3.24% Barclays
25/06/2017
MYR
22,000,000
7,884
IRS Pay 6M WIBOR PLN Receive 4.785% HSBC
14/06/2017
PLN
30,000,000
68,824
Total unrealized gains
98,523
Regional Bond sub-funds
Robeco Euro Credit Bonds
IRS Pay 3M Euribor EUR Receive 1.3555%
JP Morgan Chase
14/06/2013
EUR
39,800,000
306,856
IRS Pay 3M Euribor EUR Receive 2.485% Morgan Stanley
27/07/2016
EUR
28,500,000
1,823,557
IRS Pay 3M Euribor EUR Receive 1.645% Morgan Stanley
26/03/2013
EUR
29,600,000
242,129
Total unrealized gains
2,372,543
Robeco All Strategy Euro Bonds, class 10DH EUR
IRS Pay 3M Euribor EUR Receive 2.4918%
Barclays
10/04/2027
EUR
11,400,000
491,978
IRS Pay 3M Euribor EUR Receive 2.815% JP Morgan Chase
07/12/2036
EUR
3,800,000
446,466
938,443
Robeco All Strategy Euro Bonds, class 40DH EUR and class 40IH EUR
IRS Pay 3M Euribor EUR Receive 1.7388% Morgan Stanley
10/04/2019
EUR
14,450,000
306,102
IRS Pay 3M Euribor EUR Receive 2.6% JP Morgan Chase
05/12/2021
EUR
3,800,000
280,080
IRS Pay 3M Euribor EUR Receive 2.561% Barclays
05/01/2037
EUR
2,600,000
177,537
Robeco Capital Growth Funds 66
Interest rate swaps
As at 30 June 2012
Denomination
Counterparty
Maturity date
Currency
Nominal value
Unrealized gains/losses
base currency x 1
IRS Pay 3M Euribor EUR Receive 2.253% Barclays
05/01/2022
EUR
3,350,000
142,385
IRS Pay 3M Euribor EUR Receive 2.1358% JP Morgan Chase
10/04/2022
EUR
1,800,000
54,260
IRS Pay 3M Euribor EUR Receive 2.608% Barclays
08/12/2021
EUR
300,000
23,363
983,727
Total unrealized gains
1,922,170
Robeco All Strategy Euro Bonds, class 40DH EUR and class 40IH EUR
IRS Pay 3M Euribor EUR Receive 2.195% JP Morgan Chase
17/05/2037
EUR
6,800,000
–24,127
IRS Pay 3M Euribor EUR Receive 1.5778% Credit Suisse
04/06/2022
EUR
3,000,000
–69,993
IRS Pay 3M Euribor EUR Receive 1.8588% Deutsche Bank
04/06/2037
EUR
1,400,000
–98,250
IRS Pay 3M Euribor EUR Receive 1.8523% Barclays
04/06/2027
EUR
4,300,000
–180,982
IRS Pay 3M Euribor EUR Receive 1.85% JP Morgan Chase
01/06/2027
EUR
33,300,000
–1,410,367
–1,783,719
Robeco All Strategy Euro Bonds
IRS Pay 2.302% EUR Receive 3M IBOR Barclays
27/01/2022
EUR
65,300,000
–3,025,987
–3,025,987
Total unrealized losses
–4,809,706
Robeco Euro Sustainable Credits
IRS Pay 3M Euribor EUR Receive 3.5243%
Barclays
14/06/2026
EUR
800,000
139,611
IRS Pay 3M Euribor EUR Receive 1.512% Credit Suisse
19/11/2012
EUR
6,300,000
20,418
Total unrealized gains
160,029
7 Inflation-linked swaps
Inflation-linked swaps are valued at fair value under procedures approved by the Board of Directors. The unrealized
gains/losses on inflation-linked swaps are recorded gross in the Statement of net assets under the heading ‘Unrealized
gains/losses on inflation-linked swaps’ and changes in unrealized results are recorded in the Statement of operations and
changes in net assets under the heading ‘Net realized and changes in unrealized results on investments and other
financial instruments’. The contracts outstanding as at 30 June 2012 are in the table below. Information on the collateral
on this positions is stated in the table on page 72.
Inflation-linked swaps
As at 30 June 2012
Denomination Counterparty
Maturity date
Currency
Nominal value
Unrealized gains/losses
base currency x 1
Global Bond sub-funds
Robeco Investment Grade Corporate Bonds, class IHHI EUR
ILS Pay 1.625% EUR Receive HICPX EU * Credit Suisse
03/12/2012
EUR
800,000
14,439
ILS Pay 1.645% EUR Receive HICPX EU * Credit Suisse
03/12/2015
EUR
1,100,000
9,880
ILS Pay 1.515% EUR Receive HICPX EU * Credit Suisse
23/09/2012
EUR
300,000
5,763
Total unrealized gains
30,082
ILS Pay 2.4725% EUR Receive HICPX EU * Credit Suisse 07/12/2029 EUR 50,000 –3,966
ILS Pay 1.945% EUR Receive HICPX EU * Barclays 20/03/2017 EUR 300,000 –6,488
ILS Pay 2.1825% EUR Receive HICPX EU * Barclays 20/03/2022 EUR 250,000 –8,417
ILS Pay 1.93% EUR Receive HICPX EU * Barclays 10/02/2015 EUR 750,000 –10,070
ILS Pay 2.2475% EUR Receive HICPX EU * Morgan Stanley 28/04/2014 EUR 950,000 –10,241
ILS Pay 1.935% EUR Receive HICPX EU * Barclays 19/03/2015 EUR 750,000 –10,547
ILS Pay 2.14% EUR Receive HICPX EU * Barclays
11/04/2022
EUR
400,000
–11,174
ILS Pay 1.935% EUR Receive HICPX EU * Morgan Stanley 21/03/2017 EUR 650,000 –13,725
ILS Pay 1.95% EUR Receive HICPX EU * Barclays 11/04/2015 EUR 1,000,000 –13,955
ILS Pay 2.37% EUR Receive HICPX EU * Morgan Stanley 07/12/2019 EUR 350,000 –19,979
ILS Pay 1.93% EUR Receive HICPX EU * Morgan Stanley
19/03/2017
EUR
1,000,000
–20,863
ILS Pay 2.2425% EUR Receive HICPX * Credit Suisse 28/04/2016 EUR 950,000 –26,351
Total unrealized losses
–155,776
Robeco Capital Growth Funds 67
Inflation-linked swaps
As at 30 June 2012
Denomination Counterparty
Maturity date
Currency
Nominal value
Unrealized gains/losses
base currency x 1
Regional Bond sub-funds
Robeco All Strategy Euro Bonds, class DHHI EUR and class IHHI EUR
ILS Pay 1.635% EUR Receive HICPX EU * Credit Suisse
03/12/2012
EUR
1.000.000
17.847
ILS Pay 1.38% EUR Receive HICPX * Barclays
15/07/2012
EUR
600.000
16.067
Total unrealized gains
33,914
ILS Pay 1.79% EUR Receive HICPX EU *
Morgan Stanley
29/06/2014
EUR
750,000
–1,814
ILS Pay 1.91% EUR Receive HICPX EU * Morgan Stanley 29/06/2016 EUR 350,000 –5,373
ILS Pay 1.865% EUR Receive HICPX EU * Barclays 16/12/2014 EUR 650,000 –6,396
ILS Pay 2.11% EUR Receive HICPX EU * Morgan Stanley 29/06/2021 EUR 300,000 –8,021
ILS Pay 2.3125% EUR Receive HICPX EU * Barclays 11/03/2026 EUR 200,000 –8,393
ILS Pay 1.8375% EUR Receive HICPX EU * Barclays 09/03/2015 EUR 900,000 –10,433
ILS Pay 2.52% EUR Receive HICPX EU * Morgan Stanley 14/12/2039 EUR 100,000 –10,647
ILS Pay 2.1275% EUR Receive HICPX EU * Barclays 09/03/2022 EUR 450,000 –12,942
ILS Pay 2.32% EUR Receive HICPX EU * Barclays
26/04/2037
EUR
300,000
–13,735
ILS Pay 2.185% EUR Receive HICPX EU * Credit Suisse 02/03/2016 EUR 600,000 –14,691
ILS Pay 2.0175% EUR Receive HICPX EU * Barclays 09/02/2016 EUR 1,350,000 –16,479
ILS Pay 1.87% EUR Receive HICPX EU * Credit Suisse 09/03/2017 EUR 1,000,000 –18,300
ILS Pay 2.09% EUR Receive HICPX EU * Morgan Stanley 16/12/2021 EUR 850,000 –20,548
ILS Pay 2.62% EUR Receive HICPX EU * Barclays 23/09/2028 EUR 150,000 –21,574
ILS Pay 2.42% EUR Receive HICPX EU * Barclays 06/01/2037 EUR 350,000 –26,783
ILS Pay 2.2375% EUR Receive HICPX EU * Barclays 26/04/2027 EUR 950,000 –30,359
ILS Pay 2.28% EUR Receive HICPX EU * Barclays 06/01/2027 EUR 900,000 –37,635
ILS Pay 1.9% EUR Receive HICPX EU * Morgan Stanley 06/01/2015 EUR 4,350,000 –51,873
ILS Pay 1.89% EUR Receive HICPX EU * Barclays 26/04/2015 EUR 4,600,000 –55,786
ILS Pay 2.115% EUR Receive HICPX EU * Barclays
26/04/2022
EUR
2,400,000
–60,996
ILS Pay 2.1625% EUR Receive HICPX EU * Morgan Stanley 06/01/2022 EUR 2,400,000 –78,289
ILS Pay 1.865% EUR Receive HICPX EU * Barclays 26/04/2017 EUR 4,900,000 –81,784
ILS Pay 1.96% EUR Receive HICPX EU * Barclays 06/01/2017 EUR 4,700,000 –103,650
Total unrealized losses
–696,501
* HICPX EU is an abbreviation for Euro-Zone Harmonised Index of Consumer Prices excluding Tobacco. 8 Credit default swaps
Credit default swaps are valued at fair value under procedures approved by the Board of Directors. The unrealized
gains/losses on credit default swaps are recorded gross in the Statement of net assets under the heading ‘Unrealized
gains/losses on credit default swaps’ and changes in unrealized results are recorded in the Statement of operations and
changes in net assets under the heading ‘Net realized and changes in unrealized results on investments and other
financial instruments’. The contracts outstanding as at 30 June 2012 are disclosed in the table below. Information on the
collateral on this positions is stated in the table on page 72.
Credit default swaps
As at 30 June 2012
Purchase/Sale of risk
Denomination Premium Expiration date CDS/CDX
Currency Counterparty Nominal value/
commitment
Unrealized gains/losses base
currency x 1
Global Bond sub-funds
Robeco High Yield Bonds
Sale CDS 6.375 JC PENNEY CORP INC 15-OCT-2036
Receive 100 bps
20/12/2018
USD
Deutsche Bank
5,000,000
1,205,105
Sale CDS 6.375 JC PENNEY CORP INC 15-OCT-2036
Receive 100 bps
20/12/2018
USD
Deutsche Bank
5,000,000
1,205,105
Purchase CDS 6.875 EL PASO CORP 15-JUN-2014
Pay 500 bps
20/12/2014
USD
Bank of America
8,000,000
613,225
Purchase CDS 5.750 ASML HOLDING NV 13-JUN-2017
Pay 700 bps
20/06/2014
EUR
Deutsche Bank
5,000,000
545,108
Purchase CDS 7.250 CONSTELLATION BRANDS INC 01-SEP-2016
Pay 500 bps
20/09/2015
USD
JP Morgan Chase
5,000,000
420,870
Purchase CDS 7.250 CONSTELLATION BRANDS INC 01-SEP-2016
Pay 500 bps
20/09/2015
USD
Barclays
5,000,000
420,870
Purchase CDS 7.125 HOST HOTELS & RESORTS LP 01-NOV-2013
Pay 500 bps
20/09/2015
USD
Goldman Sachs
5,000,000
420,419
Purchase CDS 9.500 VIRGIN MEDIA FINANCE PLC 15-AUG-2016
Pay 500 bps
20/06/2017
EUR
Citigroup
7,500,000
404,410
Purchase CDS 4.625 PERNOD-RICARD SA 06-DEC-2013
Pay 640 bps
20/06/2014
EUR
Credit Suisse
3,500,000
399,830
Purchase CDS 10.75 Kabel Deutschland GMBH 01-07-2014
Pay 500 bps
20/06/2015
EUR
Bank of America
5,000,000
399,253
Robeco Capital Growth Funds 68
Credit default swaps
As at 30 June 2012
Purchase/Sale of risk
Denomination Premium Expiration date CDS/CDX
Currency Counterparty Nominal value/
commitment
Unrealized gains/losses base
currency x 1
Purchase CDS 10.75 Kabel Deutschland GMBH 01-07-2014
Pay 500 bps
20/06/2015
EUR
Goldman Sachs
5,000,000
399,253
Purchase CDS 7.125 HOST HOTELS & RESORTS LP 01-NOV-2013
Pay 500 bps
20/12/2014
USD
Credit Suisse
5,000,000
360,974
Purchase CDS 7.125 HOST HOTELS & RESORTS LP 01-NOV-2013
Pay 500 bps
20/09/2014
USD
Goldman Sachs
5,000,000
340,663
Purchase CDS 7.125 HOST HOTELS & RESORTS LP 01-NOV-2013
Pay 500 bps
20/09/2014
USD
Barclays
5,000,000
340,663
Sale CDS 6.750 GKN HOLDINGS PLC 28-OCT-2019
Receive 100 bps
20/12/2016
EUR
Barclays
5,000,000
337,104
Purchase CDS 8.875 CHS/COMMUNITY HEALTH SYS 15-JUL-2015
Pay 500 bps
20/09/2015
USD
JP Morgan Chase
10,000,000
280,243
Purchase CDS 9.500 VIRGIN MEDIA FINANCE PLC 15-AUG-2016
Pay 500 bps
20/06/2017
EUR
Citigroup
5,000,000
269,607
Purchase CDS 9.500 VIRGIN MEDIA FINANCE PLC 15-AUG-2016
Pay 500 bps
20/06/2017
EUR
Deutsche Bank
5,000,000
269,607
Purchase CDS 9.500 VIRGIN MEDIA FINANCE PLC 15-AUG-2016
Pay 500 bps
20/06/2017
EUR
Barclays
4,000,000
215,685
Purchase CDS 9.500 VIRGIN MEDIA FINANCE PLC 15-AUG-2016
Pay 500 bps
20/06/2017
EUR
Deutsche Bank
4,000,000
215,685
Sale CDS 6.000 ROYAL BK OF SCOTLAND PLC 10-MAY-2013
Receive 153 bps
20/03/2013
EUR
Goldman Sachs
10,000,000
214,368
Purchase CDS 10.750 KABEL DEUTSCHLAND GMBH 01-JUL-2014
Pay 475 bps
20/06/2017
EUR
Bank of America
4,000,000
207,100
Purchase CDS 4.625 PERNOD-RICARD SA 06-DEC-2013
Pay 275 bps
20/09/2013
EUR
Morgan Stanley
6,000,000
176,677
Sale CDS 4.875 HBOS PLC 20-MAR-2015
Receive 160 bps
20/03/2013
EUR
Goldman Sachs
10,000,000
173,402
Purchase CDS 7.125 HOST HOTELS & RESORTS LP 01-NOV-2013
Pay 500 bps
20/09/2014
USD
Barclays
2,000,000
136,265
Purchase CDS 8.875 CHS/COMMUNITY HEALTH SYS 15-JUL-2015
Pay 500 bps
20/06/2013
USD
Bank of America
4,200,000
116,153
Purchase CDS 8.750 UNITYMEDIA GMBH 15-FEB-2015
Pay 500 bps
20/03/2016
EUR
Bank of America
5,000,000
105,054
Purchase CDS 8.750 UNITYMEDIA GMBH 15-FEB-2015
Pay 500 bps
20/03/2016
EUR
Morgan Stanley
5,000,000
105,054
Purchase CDS 7.750 AMKOR TECHNOLOGIES INC 15-MAY-2013
Pay 500 bps
20/06/2015
USD
Deutsche Bank
5,000,000
102,076
Sale CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014
Receive 512 bps
20/03/2015
EUR
JP Morgan Chase
9,000,000
86,161
Purchase CDS 6.250 FIAT INDUSTRIAL FIN EUR 09-MAR-2018
Pay 500 bps
20/12/2016
EUR
Goldman Sachs
5,000,000
44,145
Purchase CDS 6.250 FIAT INDUSTRIAL FIN EUR 09-MAR-2018
Pay 500 bps
20/12/2016
EUR
Goldman Sachs
5,000,000
44,145
Purchase CDS 6.250 FIAT INDUSTRIAL FIN EUR 09-MAR-2018
Pay 500 bps
20/12/2016
EUR
Barclays
5,000,000
44,145
Purchase CDS 8.875 Levis Strauss 01-04-2016
Pay 500 bps
20/03/2016
USD
Barclays
5,000,000
38,494
Purchase CDS 8.875 Levis Strauss 01-04-2016
Pay 500 bps
20/03/2016
USD
Goldman Sachs
5,000,000
38,494
Purchase CDS 8.875 Levis Strauss 01-04-2016
Pay 500 bps
20/03/2016
USD
Bank of America
5,000,000
38,494
Purchase CDS 7.500 HERTZ CORP 15-OCT-2018
Pay 500 bps
20/12/2016
USD
Credit Suisse
5,000,000
32,215
Purchase CDS 7.875 EL PASO CORPORATION 15-JUN-2012
Pay 185 bps
20/09/2012
USD
JP Morgan Chase
7,500,000
19,465
Sale CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014
Receive 500 bps
20/06/2015
EUR
Barclays
1,000,000
18,790
Purchase CDS 8.875 CHS/COMMUNITY HEALTH SYS 15-JUL-2015
Pay 500 bps
20/12/2016
USD
Barclays
7,000,000
13,898
Purchase CDS 8.875 CHS/COMMUNITY HEALTH SYS 15-JUL-2015
Pay 500 bps
20/12/2016
USD
Bank of America
5,000,000
9,927
Purchase CDS 8.875 CHS/COMMUNITY HEALTH SYS 15-JUL-2015
Pay 500 bps
20/12/2016
USD
Barclays
5,000,000
9,927
Purchase CDS 6.250 FIAT INDUSTRIAL FIN EUR 09-MAR-2018
Pay 500 bps
20/03/2017
EUR
Deutsche Bank
2,000,000
6,502
Sale CDS 7.25 M-Real Corporation 01-04-2013
Receive 330 bps
20/03/2014
EUR
Credit Suisse
5,000,000
2,407
Sale CDS 8.875 CHS/COMMUNITY HEALTH SYS 15-JUL-2015
Receive 100 bps
20/06/2013
USD
Bank of America
200,000
606
Total unrealized gains
10.847.643
Sale
CDS 7.25 M-Real Corporation 01-04-2013
Receive 340 bps
20/03/2014
EUR
Credit Suisse
4,000,000
–4,754
Sale CDS 8.375 ALLEGHENY TECHNOLOGIES 15-DEC-2011
Receive 145 bps
20/03/2013
USD
Bank of America
1,500,000
–7,939
Sale CDS 7.75 Upc Holding BV 20-08-2010
Receive 370 bps
20/06/2014
EUR
Bank of America
2,500,000
–9,164
Purchase CDS 8.875 Levis Strauss 01-04-2016
Pay 500 bps
20/09/2016
USD
Citigroup
10,000,000
–15,321
Purchase CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014
Pay 667 bps
20/03/2017
EUR
Goldman Sachs
3,000,000
–16,104
Sale CDS 7.25 M-Real Corporation 01-04-2013
Receive 405 bps
20/06/2014
EUR
Bank of America
2,000,000
–16,505
Sale CDS 7.375 MOSAIC GLOBAL HOLDINGS 01-AUG-2018 Receive 91.13 bps 20/03/2013 USD Goldman Sachs 4,800,000 –21,407
Sale CDS 7.75 Upc Holding BV 20-08-2010 Receive 372 bps 20/03/2014 EUR Barclays 3,000,000 –25,096
Sale CDS 7.75 Upc Holding BV 20-08-2010 Receive 376 bps 20/03/2014 EUR Credit Suisse 3,000,000 –27,102
Sale CDS 7.25 M-Real Corporation 01-04-2013 Receive 421 bps 20/03/2014 EUR Goldman Sachs 3,000,000 –44,147
Sale CDS 7.75 Upc Holding BV 20-08-2010 Receive 370 bps 20/03/2014 EUR Goldman Sachs 6,000,000 –48,185
Sale CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014 Receive 626 bps 20/03/2015 EUR Goldman Sachs 3,000,000 –55,822
Purchase CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014 Pay 550 bps 20/06/2017 EUR Barclays 1,000,000 –55,825
Purchase CDS 8.875 Levis Strauss 01-04-2016 Pay 500 bps 20/06/2017 USD UBS 5,000,000 –88,230
Purchase CDS 7.750 AVIS BUDGET CAR RENTAL 15-MAY-2016 Pay 500 bps 20/06/2017 USD Citigroup 3,000,000 –99,383
Purchase CDS 8.750 UNITYMEDIA GMBH 15-FEB-2015 Pay 500 bps 20/03/2016 EUR Bank of America 5,000,000 –105,054
Purchase CDS 7.25 M-Real Corporation 01-04-2013 Pay 472 bps 20/06/2017 EUR Bank of America 2,000,000 –105,358
Sale CDX North America High Yield series 7 10Y Receive 325 bps 20/12/2013 USD iTraxx 10,000,000 –110,244
Purchase CDS 7.25 M-Real Corporation 01-04-2013 Pay 480 bps 20/03/2017 EUR Goldman Sachs 3,000,000 –129,646
Purchase CDS 6.375 HCA INC 15-JAN-2015 Pay 500 bps 20/03/2021 USD Barclays 8,000,000 –154,930
Sale CDS 5.125 STORA ENSO OYJ 23-JUN-2014 Receive 420 bps 20/06/2016 EUR Barclays 3,600,000 –168,831
Robeco Capital Growth Funds 69
Credit default swaps
As at 30 June 2012
Purchase/Sale of risk
Denomination Premium Expiration date CDS/CDX
Currency Counterparty Nominal value/
commitment
Unrealized gains/losses base
currency x 1
Purchase CDS 7.000 GOODYEAR TIRE & RUBBER 15-MAR-2028 Pay 500 bps 20/03/2016 USD Morgan Stanley 10,000,000 –176,010
Purchase CDX North America High Yield series 7 10Y Pay 325 bps 20/12/2016 USD iTraxx 10,000,000 –193,489
Purchase CDS 8.5 Sunrise Communications Interna 31-12-2018 Pay 500 bps 20/12/2016 EUR Credit Suisse 5,000,000 –194,835
Purchase CDS 8.5 Sunrise Communications Interna 31-12-2018 Pay 500 bps 20/12/2016 EUR BNP Paribas 5,000,000 –194,835
Purchase CDS 7.75 Upc Holding BV 20-08-2010 Pay 440 bps 20/06/2017 EUR Bank of America 2,500,000 –211,034
Sale CDS 6.875 ROYAL CARIBBEAN CRUISES 01-DEC-2013 Receive 500 bps 20/03/2014 EUR Bank of America 5,000,000 –213,740
Purchase CDS 7.75 Upc Holding BV 20-08-2010 Pay 445 bps 20/03/2017 EUR Credit Suisse 3,000,000 –219,256
Purchase CDS 7.75 Upc Holding BV 20-08-2010 Pay 435 bps 20/03/2017 EUR Barclays 3,000,000 –230,899
Purchase CDS 7.750 AVIS BUDGET CAR RENTAL 15-MAY-2016 Pay 500 bps 20/06/2017 USD Deutsche Bank 7,000,000 –231,894
Sale CDS 5.150 TOLL BROS FINANCE CORP 15-MAY-2015
Receive 325 bps
20/06/2015
USD
Bank of America
5,000,000
–253,537
Purchase CDS 7.25 M-Real Corporation 01-04-2013
Pay 400 bps
20/03/2017
EUR
Credit Suisse
4,000,000
–297,446
Purchase CDS 7.000 GOODYEAR TIRE & RUBBER 15-MAR-2028
Pay 500 bps
20/03/2017
USD
Deutsche Bank
7,000,000
–317,531
Purchase CDS 7.750 AVIS BUDGET CAR RENTAL 15-MAY-2016
Pay 500 bps
20/06/2017
USD
Deutsche Bank
10,000,000
–331,277
Sale CDS 6.125 UPM-KYMMENE CORP 23-JAN-2012
Receive 405 bps
20/06/2014
EUR
Deutsche Bank
6,750,000
–346,866
Purchase CDS 7.25 M-Real Corporation 01-04-2013
Pay 390 bps
20/03/2017
EUR
Credit Suisse
5,000,000
–391,274
Purchase CDS 7.000 GOODYEAR TIRE & RUBBER 15-MAR-2028
Pay 500 bps
20/03/2017
USD
Citigroup
10,000,000
–453,616
Purchase CDS 8.625 GROHE HOLDING GMBH 01-OCT-2014
Pay 547 bps
20/03/2017
EUR
JP Morgan Chase
9,000,000
–455,662
Purchase CDS 7.75 Upc Holding BV 20-08-2010
Pay 435 bps
20/03/2017
EUR
Goldman Sachs
6,000,000
–461,798
Purchase CDS Renault S.A. (FRN) 04-08-2014
Pay 100 bps
20/09/2016
EUR
Deutsche Bank
4,000,000
–468,948
Purchase CDS 8.000 SUPERVALU INC 01-MAY-2016
Pay 500 bps
20/12/2016
USD
Barclays
5,000,000
–480,051
Purchase CDS 8.000 SUPERVALU INC 01-MAY-2016
Pay 500 bps
20/12/2016
USD
Barclays
5,000,000
–480,051
Purchase CDS 8.000 SUPERVALU INC 01-MAY-2016
Pay 500 bps
20/12/2016
USD
Goldman Sachs
5,000,000
–480,051
Purchase CDS 6.625 Fiat Finance & Trade 15-02-2013
Pay 500 bps
20/09/2016
EUR
JP Morgan Chase
5,000,000
–482,034
Purchase CDS 6.625 Fiat Finance & Trade 15-02-2013
Pay 500 bps
20/09/2016
EUR
HSBC
5,000,000
–482,034
Purchase CDS 6.500 LEVEL 3 COMMUNICATIONS 01-OCT-2016
Pay 500 bps
20/06/2017
USD
Bank of America
10,000,000
–490,109
Purchase CDS 7.625 MGM RESORTS INTL 15-JAN-2017
Pay 500 bps
20/12/2016
USD
Goldman Sachs
10,000,000
–504,608
Purchase CDS 7.375 TOYS R US INC 15-OCT-2018
Pay 500 bps
20/12/2016
USD
Barclays
5,000,000
–559,439
Purchase CDS 7.375 TOYS R US INC 15-OCT-2018
Pay 500 bps
20/12/2016
USD
Goldman Sachs
5,000,000
–559,439
Purchase CDS Renault S.A. (FRN) 04-08-2014
Pay 100 bps
20/09/2016
EUR
Credit Suisse
5,000,000
–586,185
Purchase CDS Renault S.A. (FRN) 04-08-2014
Pay 100 bps
20/09/2016
EUR
JP Morgan Chase
5,000,000
–586,185
Purchase CDS 8.000 ONO FINANCE II PLC 16-MAY-2014
Pay 480 bps
20/06/2017
EUR
Bank of America
2,000,000
–605,976
Purchase CDS 7.000 GOODYEAR TIRE & RUBBER 15-MAR-2028
Pay 500 bps
20/12/2017
USD
Bank of America
10,000,000
–614,104
Purchase CDS 8.000 SUPERVALU INC 01-MAY-2016
Pay 500 bps
20/03/2017
USD
JP Morgan Chase
10,000,000
–1,037,787
Purchase CDS Renault S.A. (FRN) 04-08-2014
Pay 100 bps
20/09/2016
EUR
Barclays
9,400,000
–1,102,028
Purchase CDS 6.125 ARCELORMITTAL 01-JUN-2018
Pay 100 bps
20/09/2016
EUR
Barclays
10,000,000
–1,373,900
Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014
Pay 100 bps
20/06/2016
EUR
UBS
7,500,000
–1,375,848
Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014
Pay 100 bps
20/06/2016
EUR
Barclays
7,500,000
–1,375,848
Purchase CDS 11.125 ONO FINANCE II PLC 15-JUL-2019
Pay 500 bps
20/12/2016
EUR
Deutsche Bank
5,000,000
–1,377,053
Purchase CDS 11.125 ONO FINANCE II PLC 15-JUL-2019
Pay 500 bps
20/12/2016
EUR
Morgan Stanley
5,000,000
–1,377,053
Purchase CDX North America High Yield
Pay 500 bps
20/06/2017
USD
iTraxx
50,000,000
–1,382,286
Purchase CDX North America High Yield
Pay 500 bps
20/06/2017
USD
iTraxx
50,000,000
–1,382,286
Purchase CDX North America High Yield
Pay 500 bps
20/06/2017
USD
iTraxx
50,000,000
–1,382,286
Purchase CDX North America High Yield
Pay 500 bps
20/06/2017
USD
iTraxx
50,000,000
–1,382,286
Purchase CDS 8.000 ONO FINANCE II PLC 16-MAY-2014
Pay 565 bps
20/03/2017
EUR
Goldman Sachs
6,000,000
–1,603,373
Purchase CDS 4.875 HBOS PLC 20-MAR-2015
Pay 160 bps
20/03/2018
EUR
Goldman Sachs
10,000,000
–1,614,285
Purchase CDS 6.000 ROYAL BK OF SCOTLAND PLC 10-MAY-2013
Pay 153 bps
20/03/2018
EUR
Goldman Sachs
10,000,000
–1,999,544
Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014
Pay 100 bps
20/06/2016
EUR
Royal Bank of Scotland 14,700,000
–2,696,662
Total unrealized losses
–36.325.785
Robeco Emerging Debt
Purchase CDX MARKIT EMERGING DEBT Pay 500 bps 20/06/2017 USD iTraxx 400,000 38,824
Purchase CDX MARKIT EMERGING DEBT Pay 500 bps 20/06/2017 USD iTraxx 400,000 38,824
Sale CDS 4.250 PEOPLE'S REP OF CHINA 28-OCT-2014 Receive 100 bps 20/03/2017 USD Barclays 2,000,000 8,474
Total unrealized gains 86,122
Purchase CDX MARKIT ITRAXX ASIA EX Japan Pay 100 bps 20/06/2017 USD iTraxx 1,000,000 –34,109
Purchase CDX MARKIT ITRAXX ASIA EX Japan Pay 100 bps 20/06/2017 USD iTraxx 1,500,000 –51,163
Total unrealized losses –85,272
Robeco Capital Growth Funds 70
Credit default swaps
As at 30 June 2012
Purchase/Sale of risk
Denomination Premium Expiration date CDS/CDX
Currency Counterparty Nominal value/
commitment
Unrealized gains/losses base
currency x 1
Regional Bond sub-funds
Robeco Euro Credit Bonds
Sale CDS 2.5 Russian Federation 31-03-2030
Receive 100 bps
20/12/2021
USD
JP Morgan Chase
5,800,000
605,332
Sale CDS 4.750 PEOPLE'S REP OF CHINA 29-OCT-2013
Receive 100 bps
20/06/2020
USD
JP Morgan Chase
4,900,000
135,238
Sale CDS 4.250 PEOPLE'S REP OF CHINA 28-OCT-2014
Receive 100 bps
20/06/2017
USD
HSBC
6,500,000
37,246
Sale CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019
Receive 100 bps
20/12/2016
EUR
Goldman Sachs
2,500,000
12,307
Sale CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019
Receive 100 bps
20/12/2016
USD
HSBC
3,300,000
9,366
Sale CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019
Receive 100 bps
20/12/2016
USD
Barclays
2,600,000
7,380
Sale CDS 4.250 PEOPLE'S REP OF CHINA 28-OCT-2014
Receive 100 bps
20/12/2016
USD
JP Morgan Chase
4,800,000
4,635
Sale CDS 4.250 PEOPLE'S REP OF CHINA 28-OCT-2014
Receive 100 bps
20/12/2016
USD
UBS
3,200,000
3,090
Total unrealized gains
814,594
Purchase
CDS 4.250 RABOBANK NEDERLAND 25-APR-2013
Pay 32 bps
20/12/2012
EUR
Deutsche Bank
4,350,000
–4,833
Purchase CDS 7.250 MAN SE 20-MAY-2016
Pay 300 bps
20/09/2012
EUR
Deutsche Bank
1,700,000
–9,808
Purchase CDS 5.625 FRANCE TELECOM 22-MAY-2018
Pay 100 bps
20/06/2017
EUR
Barclays
4,200,000
–93,047
Purchase CDS 4.000 ALSTOM 23-SEP-2014
Pay 100 bps
20/03/2017
EUR
Citigroup
1,300,000
–93,519
Sale CDS 6.004 KBC Ifima NV 07-02-2025 Receive 640 bps 20/03/2014 EUR Credit Suisse 4,250,000 –101,899
Sale CDS 5.000 MERRILL LYNCH & CO 15-JAN-2015 Receive 405 bps 20/12/2013 EUR Deutsche Bank 4,800,000 –154,408
Purchase CDS 4.000 ALSTOM 23-SEP-2014
Pay 100 bps
20/03/2017
EUR
Barclays
2,700,000
–194,231
Purchase CDS 4.875 BBVA SENIOR FINANCE SA 23-JAN-2014
Pay 300 bps
20/03/2017
EUR
Bank of America
5,000,000
–277,257
Purchase CDS 4.25 BNP Paribas SA 16-01-2014
Pay 100 bps
20/03/2017
EUR
Bank of America
5,000,000
–309,309
Purchase CDS 5.065 CREDIT AGRICOLE (LONDON) 10-AUG-2022
Pay 100 bps
20/03/2017
EUR
UBS
5,000,000
–422,858
Purchase CDS 4.375 TELEFONICA EMISIONES SAU 02-FEB-2016
Pay 100 bps
20/06/2017
EUR
BNP Paribas
2,650,000
–433,501
Purchase CDS 5.250 ENEL-SOCIETA PER AZIONI 20-JUN-2017
Pay 100 bps
20/06/2017
EUR
HSBC
3,150,000
–492,706
Total unrealized losses
–2.587.376
Robeco All Strategy Euro Bonds
Purchase
CDS Banca Popolare Italiana (FRN) 29-04-2015
Pay 50 bps
20/12/2012
EUR
Goldman Sachs
3,150,000
91,670
Sale CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019
Receive 100 bps
20/12/2016
EUR
Goldman Sachs
3,300,000
16,245
Sale CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019
Receive 100 bps
20/12/2016
USD
HSBC
4,300,000
12,205
Sale CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019
Receive 100 bps
20/12/2016
USD
Barclays
3,300,000
9,366
Total unrealized gains
129,486
Purchase
CDS 7.250 MAN SE 20-MAY-2016
Pay 300 bps
20/09/2012
EUR
Deutsche Bank
4,300,000
–24,809
Sale CDS 5.000 MERRILL LYNCH & CO 15-JAN-2015
Receive 405 bps
20/12/2013
EUR
Deutsche Bank
4,300,000
–138,324
Purchase CDS 4.000 ALSTOM 23-SEP-2014
Pay 100 bps
20/03/2017
EUR
Citigroup
2,700,000
–194,231
Purchase CDS 4.000 ALSTOM 23-SEP-2014
Pay 100 bps
20/03/2017
EUR
Barclays
5,300,000
–381,268
Purchase CDX MARKIT ITRAXX EUR SNR FIN
Pay 100 bps
20/06/2017
EUR
iTraxx
24,000,000
–1,708,740
Total unrealized losses
–2,447,372
-
Robeco European High Yield Bonds
Sale CDX MARKIT ITRAXX EUR XOVER Receive 500 bps 20/06/2017 EUR iTraxx 3,000,000 182,438
Purchase CDS 9.500 VIRGIN MEDIA FINANCE PLC 15-AUG-2016 Pay 500 bps 20/06/2017 EUR Deutsche Bank 1,000,000 53,921
Total unrealized gains 236,359
Sale CDS 6.125 UPM-KYMMENE CORP 23-JAN-2012 Receive 405 bps 20/06/2014 EUR Deutsche Bank 250,000 –12,847
Purchase CDS 6.625 Fiat Finance & Trade 15-02-2013 Pay 500 bps 20/09/2016 EUR Barclays 500,000 –52,083
Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR Royal Bank of Scotland 300,000 –55,034
Purchase CDS Renault S.A. (FRN) 04-08-2014 Pay 100 bps 20/09/2016 EUR Barclays 600,000 –70,342
Purchase CDS Renault S.A. (FRN) 04-08-2014 Pay 100 bps 20/09/2016 EUR Deutsche Bank 1,000,000 –117,237
Purchase CDS 6.625 Fiat Finance & Trade 15-02-2013 Pay 500 bps 20/06/2017 EUR Morgan Stanley 1,000,000 –130,266
Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR UBS 750,000 –137,585
Purchase CDS 8.375 PEUGEOT SA 15-JUL-2014 Pay 100 bps 20/06/2016 EUR Barclays 750,000 –137,585
Total unrealized losses –712.979
Robeco Financial Institutions Bonds
Purchase CDX MARKIT ITRAXX EUR SUB FIN Pay 500 bps 20/06/2017 EUR iTraxx 1,000,000 26,693
Purchase CDX MARKIT ITRAXX EUR SUB FIN Pay 500 bps 20/06/2017 EUR iTraxx 5,000,000 133,464
Total unrealized gains 160.157
Robeco Capital Growth Funds 71
9 Contracts for differences
Contracts for difference are agreements between the sub-funds and third parties which allow the sub-funds to acquire an
exposure to the price movement of specific securities without actually purchasing the securities. Upon entering into a
contract for difference, the sub-funds are required to deposit with a broker an initial cash margin equal to a certain
percentage of the contract amount. Variation margin payments are made or received by the sub-funds depending upon
the fluctuation in the value of the underlying securities. Contracts for difference are valued as the difference between the
quoted price of the underlying on the valuation date and the opening contract price. The changes in contract values are
recorded as unrealized gains or losses and the sub-funds recognize a realised gain or loss when the contract is closed. The
unrealized gains/losses on contracts for differences are recorded gross in the Statement of net assets under the heading
‘Unrealized gains/losses on contracts for differences’ and the changes in unrealized results are recorded in the Statement
of operations and changes in net assets under the heading ‘Net realized and changes in unrealized results on investments
and other financial instruments’. The contracts outstanding as at 30 June 2012 are disclosed in the following table. No
commitments are disclosed for positions not acquired by the sub-funds but obtained from corporate actions. Information
on the collateral on this positions is stated in the table on page 72.
Contracts for differences
As at 30 June 2012
Number Name underlying share Counterparty Commitment EUR x 1
Unrealized gains/losses
base currency x 1
Robeco Global Stars Equities
Long positons
EUR
260,000 Henkel AG & Co KGaA Goldman Sachs 11,382,800
1,731,574
Total unrealized gains
1,731,574
Short positions
EUR
208,000 Henkel AG & Co KGaA Goldman Sachs 10,892,960
–1,753,954
Total unrealized losses
–1,753,954
Robeco Asian Stars Equities
Long positons
USD
5,200 State Bank of India Goldman Sachs 201,071 11,272
85,000 Zee Entertainment Enterprises Goldman Sachs 223,480 7,761
30,000 Sobha Developers Goldman Sachs 182,627 9,776
Total unrealized gains 28,809
Robeco New World Financial Equities
Long positons
USD
175,000 Bank of America Corp Goldman Sachs 1,431,500
274,464
Total unrealized gains
274,464
USD
50,000
Citigroup Inc/New
Goldman Sachs
1,370,500
–736,358
Total unrealized losses
–736,358
Robeco Capital Growth Funds 72
10 Collateral
Several sub-funds received or paid collateral to cover the unrealized results on derivative instruments. Collaterals are
calculated and settled on a daily basis per counterparty. The collateral is primarily cash held at the broker in the name of
the sub-fund. The paid collateral is restricted cash and is included in the Statement of net assets under the heading ‘Other
assets’. The received collateral are margin overdrafts which are included in the Statement of net assets under the heading
‘Deposits and other cash’. The amounts per sub-fund and counterparty are shown in the table below.
Collateral
In EUR x thousand Counterparty
Paid/Received
30/06/2012
Robeco Global Stars Equities Rabobank
Received
880
Robeco Asia-Pacific Equities JP Morgan Chase
Received
307
Robeco US Premium Equities Rabobank
Received
1,100
Robeco New World Financial Equities Citibank London
Received
370
Robeco New World Financial Equities Goldman Sachs
Paid
670
Robeco Property Equities Citibank London
Received
120
Robeco High Yield Bonds BNP Paribas
Received
3,760
Robeco High Yield Bonds Barclays
Paid
14,084
Robeco High Yield Bonds Bank of America
Paid
4,770
Robeco High Yield Bonds Barclays Bank
Paid
8,090
Robeco High Yield Bonds Citibank London
Paid
2,050
Robeco High Yield Bonds Credit Suisse
Paid
840
Robeco High Yield Bonds Deutsche Bank
Paid
2,840
Robeco High Yield Bonds Goldman Sachs
Paid
6,360
Robeco High Yield Bonds HSBC
Paid
1,230
Robeco High Yield Bonds JP Morgan Chase
Paid
3,379
Robeco High Yield Bonds Morgan Stanley
Paid
530
Robeco High Yield Bonds RBS
Paid
2,100
Robeco High Yield Bonds Rabobank
Paid
800
Robeco High Yield Bonds UBS
Paid
1,220
Robeco Investment Grade Corporate Bonds Barclays
Received
5,269
Robeco Investment Grade Corporate Bonds Morgan Stanley
Received
10
Robeco Global Government Bonds Rabobank
Paid
180
Robeco Euro Credit Bonds Barclays
Received
2,869
Robeco Euro Credit Bonds BNP Paribas
Paid
520
Robeco Euro Credit Bonds Bank of America
Paid
520
Robeco Euro Credit Bonds Credit Suisse
Paid
110
Robeco Euro Credit Bonds Deutsche Bank
Paid
950
Robeco All Strategy Euro Bonds Deutsche Bank
Received
150
Robeco All Strategy Euro Bonds Barclays
Paid
5,400
Robeco All Strategy Euro Bonds Barclays
Paid
200
Robeco All Strategy Euro Bonds Citibank London
Paid
430
Robeco All Strategy Euro Bonds Goldman Sachs
Paid
300
Robeco All Strategy Euro Bonds JP Morgan Chase
Paid
1,867
Robeco All Strategy Euro Bonds Morgan Stanley
Paid
240
Robeco European High Yield Bonds Barclays
Paid
380
Robeco Euro Sustainable Credits Barclays
Received
183
11 Investment portfolios
The investment portfolios of the sub-funds are included at the end of this report. 12 Securities lending
Robeco Securities Lending B.V. is the intermediary for all Robeco Capital Growth Funds securities lending transactions. As
compensation for its services Robeco Securities Lending B.V. receives a fee of the gross income resulting from these
securities lending transactions. The percentages can vary for each sub-fund. A third party periodically checks whether the
agreement with Robeco Securities Lending is still in line with market practices. The following table shows the position of
the collateralized securities lending transactions with first-class financial institutions as described in the prospectus at the
end of the reporting period as well as the income from securities lending over the reporting period for the different sub-
funds and the income for Robeco Securities Lending B.V.. Income on securities lending transactions is recorded under the
heading 'Other income' in the Statement of operations and changes in net assets. Collateral received in the frame of the
lending activity, primarily securities, is held in the name of the fund on an escrow account with external agents. In
exceptional cases, the collateral is received in cash, which is not subject to reinvestment.
Robeco Capital Growth Funds 73
Securities lending
30/06/2012
01/07/2011-30/06/2012
01/07/2010-30/06/2011 30/06/2012
Market value of
In % of
Income sub-
Income RSL
Income fund
Income RSL
Market value
securities lent
investments
fund EUR
EUR
EUR
EUR
Collateral received
EUR x 1
x 1,000
x 1,000
x 1,000
x 1,000
EUR x 1
Global Equity sub-funds
Robeco Global Value Equities –
–
9
4
23
10
–
Robeco Global Stars Equities 25,758,764
10.9
248
102
360
154
27,399,891
Robeco Emerging Stars Equities 1 145,119,998 15.8 899 622 900 484 158,303,748
Robeco Emerging Markets Equities 1 604,858,990
27.6
4,045
2,294
4,507
2,427
681,918,310
Robeco Active Quant Emerging Markets Equities 24,759,453
9.2
233
123
18
10
28,847,410
Robeco Emerging Conservative Equities 23,208,391
4.5
92
49
–
–
24,687,029
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities 1 66,174,918
8.3
898
449
369
158
70,436,321
SAM Sustainable European Equities 52,196,075
13.0
856
269
1,116
478
56,667,377
Robeco European Conservative Equities 15,037,381
13.1
176
81
190
72
15,995,434
Robeco US Premium Equities 144,990,210
2.8
659
270
128
55
154,227,740
Robeco Chinese Equities 142,177,006
28.5
1,443
769
369
199
159,475,434
Robeco US Large Cap Equities –
–
6
3
10
4
–
Theme Equity sub-funds
Robeco New World Financial Equities 9,331,351
9.8
180
37
100
43
9,925,865
Robeco Property Equities 29,897,317
8.4
314
124
300
129
31,802,118
Robeco Global Consumer Trends Equities 75,488,754
14.6
414
164
245
105
81,297,956
Robeco Natural Resources Equities 13,545,687
10.5
204
94
223
96
14,408,701
SAM Sustainable Agribusiness Equities 16,656,094
14.7
198
83
165
71
17,842,516
Robeco Infrastructure Equities 23,528,411
14.2
189
84
273
117
25,027,440
Global Bond sub-funds
Robeco High Yield Bonds 183,910,542
8.7
616
321
424
229
196,702,090
Robeco Investment Grade Corporate Bonds 96,051,651
7.2
272
68
73
18
104,790,266
Robeco Global Government Bonds
1
–
1
–
Regional Bond sub-funds
Robeco Euro Government Bonds 109,579,526
19.6
812
200
415
104
116,560,992
Robeco Euro Credit Bonds 41,017,136
8.8
105
26
35
9
45,760,211
Robeco All Strategy Euro Bonds 249,348,580
12.9
1,432
361
629
157
266,983,138
Robeco European High Yield Bonds 4,294,687
8.1
19
8
10
4
4,568,307
Total 2,095,930,922
2,293,628,294
Robeco Securities Lending B.V. (RSL) is the intermediary for all Robeco Capital Growth Funds securities lending transactions. The sub-funds receive collateral for the total market value of the securities lent out. Robeco Securities Lending B.V. monitors whether the received collateral agrees to the conditions set out in the collateralized securities lending agreements. 1 For the purpose of securities lending five equity swaps were outstanding at the end of the reporting period. These swaps are:
Sub-fund Description Buy/sell Currency Amount EUR x 1,000 Collateral EUR x 1,000
Robeco Asia-Pacific Equities Equity Basket Goldman Sachs Buy TWD 3,594 3,202
Robeco Emerging Stars Equities Equity Basket Goldman Sachs Buy TWD 4,295 4,368
Robeco Emerging Stars Equities Equity Basket Bank of America Merrill Lynch Buy BRL 14,886 14,941
Robeco Emerging Markets Equities Equity Basket Credit Suisse First Boston(Europe) Buy TWD 208,778 225,042
Robeco Emerging Markets Equities Equity Basket Bank of America Merrill Lynch Buy BRL 11,476 11,518
13 Taxes
The classes of shares of the Company are liable in Luxembourg to an annual duty (taxe d’abonnement/subscription tax)
at the rate of 0.05% of their net assets calculated and payable at the end of each quarter. This rate is 0.01% for class I,
0IH, 40IH, IH, IE, IEH, IHHI, Z and ZH shares. To the extent that the assets of the Company are invested in investment
funds which are established in Luxembourg, no such tax is payable, provided that the relevant investment funds have
been subject to this tax. The Company will receive income from its investments after deduction of applicable withholding
taxes in the country of origin. There are no Luxembourg income, withholding, capital gains, estate or inheritance taxes
payable by the Company. Robeco Indian Equities (Mauritius) Ltd., the Mauritian Subsidiary, is subject to the fiscal law and
practice in India and Mauritius. The Mauritian subsidiary is not subject to capital gains tax in Mauritius.
Robeco Capital Growth Funds 74
14 Management company
The Directors of the Company have appointed Robeco Luxembourg S.A.(the Management Company) as the management
company to be responsible on a day-to-day basis, under supervision of the Board of Directors of the Company, for
providing administration, marketing and investment management services in respect of all sub-funds. In respect of all
sub-funds, the Management Company has delegated its investment management services to Robeco Institutional Asset
Management B.V. (the Investment Adviser). The Management Company has delegated the administration and registrar
agent functions to RBC Investor Services Bank S.A. (acting as Administration Agent and Registrar Agent). The
Management Company was incorporated as a Société anonyme under the laws of the Grand Duchy of Luxembourg on 7
July 2005 and its Articles of Association were published in the Mémorial on 26 July 2005. The
Management Company is approved as management company regulated by chapter 15 of the Luxembourg law of 17
December 2010 relating to undertakings for collective investment. The Management Company is part of Robeco Groep
N.V. and also acts as Management Company for Robeco Interest Plus Funds, Robeco Lux-o-rente and Robeco All
Strategies Funds. 15 Investment Adviser and investment sub-advisers
Robeco Institutional Asset Management B.V. (RIAM), an investment management company forming part of the Robeco
Group in Rotterdam, the Netherlands, manages the assets of the sub-funds on a day-to-day basis. The Investment
Advisory Agreement between the Management Company and RIAM was concluded on 29 September 2005 for an
undetermined period.
The Investment Adviser has appointed Robeco Investment Management Inc. as its Investment Sub-Adviser for the
sub-funds Robeco Global Value Equities, Robeco US Premium Equities and Robeco US Large Cap Equities.
The Investment Adviser has appointed Robeco Gestions S.A. as its Investment Sub-Adviser for the sub-fund Robeco GTAA
Fund (until 30 June 2012).
The Investment Sub-adviser for the sub-funds Robeco Asia-Pacific Equities, Robeco Chinese Equities, Robeco Indian
Equities and Robeco Asian Stars Equities is Robeco Hong Kong Ltd.
The Investment Sub-adviser for the sub-funds SAM Sustainable European Equities and SAM Sustainable Agribusiness
Equities is SAM Sustainable Asset Management AG. 16 Investment through Mauritian Subsidiary
It is not the intention to hold directly investments in India made for the Sub-fund Robeco Indian Equities. Instead, the Sub-
fund will hold investments through Robeco Indian Equities (Mauritius) Ltd., a wholly-owned subsidiary of the Company.
The Mauritian Subsidiary will hold all of Robeco Indian Equities’ investments in India. The custodian of the Mauritian
Subsidiary holds the assets for the Mauritian Subsidiary on behalf of Robeco Indian Equities.
Robeco Indian Equities (Mauritius) Ltd. was incorporated as a limited liability company under the Companies Act 2001
and is registered as a Category 1 Global Business Licence Company under the Financial Services Act 2007. The accounts of
Robeco Indian Equities and Robeco Indian Equities (Mauritius) Ltd. have been consolidated.
The Mauritian Subsidiary has appointed Deutsche Bank International Trust Corporation (Mauritius) Limited to act as
administrator, secretary and registrar agent of the Mauritian Subsidiary. Deutsche Bank is incorporated in Mauritius and is
licensed by the Financial Commission of Mauritius to provide, inter alia, company management services to offshore
companies. 17 Management, service and performance fees
The different sub-funds and Classes of shares incur an annual management fee payable to the Management Company,
which reflects all expenses related to the management of the sub-funds. Furthermore the Company or the different sub-
funds or classes of shares incur an annual service fee payable to the Management Company reflecting all remaining
expenses such as the fees of the Domiciliary and Listing Agent, the Administration Agent, the Registrar Agent, auditors
and legal advisers, the costs of preparing, printing and distributing all prospectuses, memorandums, reports and other
necessary documents concerning the Company, any fees and expenses involved in the registration of the Company with
any governmental agency and stock exchange, the costs of publishing prices and operational expenses, and the cost of
holding shareholders meetings.
The annual charges, both management fee and service fee, are expressed as a percentage of the net asset value. The
charges, paid monthly, are based on the net asset value of the relevant period and are reflected in the share price. The
following table shows the percentages for the different sub-funds and classes of shares. For some sub-funds the
Management Company is entitled to a performance fee, payable annually in arrears after the end of the reporting period.
There are two categories of performance fee, namely Category A and Category B. For Category A, a performance
fee for the relevant class of shares of the sub-fund is only due when the relevant class of shares of the sub-fund
outperforms the relevant index since inception or the last payment (i.e. the ‘last reset’) of the performance fee. This
Robeco Capital Growth Funds 75
outperformance is the basis for the performance fee charge. In order to outperform the index it is not always necessary
that the net asset value of the relevant class of shares of the sub-fund reached a new all time high. If the overall
performance of the relevant class of shares did not outperform the relevant index over the period since inception or last
reset, the basis for the performance fee calculation for the next financial year will not be reset meaning that the
cumulative daily performance fee accrual will not become payable to the Management Company and therefore will not
be reset to zero.In case the accrued performance fee is not payable at the end of the financial year, the change in accrued
performance fee is recorded in the Statement of operations and changes in net assets under the heading 'Other fees and
expenses' or 'Other income'. For Category B, the performance for the relevant class of shares of the sub-fund is not only
measured as compared to an index and the defined percentage (hereafter the hurdle rate), but also compared to a high
watermark. A performance fee is due when, during the reporting period, the relevant Class of the sub-fund outperforms
the relevant hurdle rate and a new all time high net asset value is reached. This all time high net asset value will be the
high watermark for the next reporting period. If the performance from the high watermark to the net asset value is less
than the outperformance of the relevant Class compared to the hurdle rate, the performance fee will be based on the
first. Category A is applicable for the sub-funds Robeco Global Stars Equities, Robeco Emerging Stars Equities and Robeco
Asian Stars Equities. Category B is applicable for the sub-fund Robeco GTAA Fund. The performance fee will be calculated
on a net asset value calculation that is corresponding to the valuation moment of the index and regardless of dilution
adjustments as mentioned under swing pricing. More details of the performance fees are stated in the prospectus.
Management and service fee1
Management fee
Service fee
3
In %
Class of share
Class of share
B
D
CH
DL
E
I
IHHI
M
0IH 40IH
IE
DHHI, 0DH
All
I, IH
BH
DH
FHHI
EH
IH
MH
40FH
IEH
0EH, 10DH
other
IE, IEH, IHHI
J
40DH Classes
0IH, 40IH
Global Equity sub-funds
Robeco Global Value Equities
1.25 1.25
—
—
—
—
—
—
— —
—
—
0.12
—
Robeco Global Conservative Equities
1.00 1.00
—
—
—
0.60
—
—
— —
—
—
0.12
0.08
Robeco Global Stars Equities 2
—
1.20
—
—
—
0.70
—
—
— —
—
—
0.12
0.08
Robeco Emerging Stars Equities 2
—
1.50
—
1.75
—
1.10
—
—
— —
—
—
0.12
0.08
Robeco Emerging Markets Equities
— 1.50
—
—
—
1.10
—
2.00
— —
0.80
—
0.12
0.08
Robeco Active Quant Emerging Markets Equities
— 1.25
—
–
—
0.60
—
—
— —
—
—
0.12
0.08
Robeco Emerging Enhanced Index Equities
—
—
—
—
— 0.60
—
—
— —
—
—
—
0.08
Robeco Emerging Conservative Equities 1.25 1.25
—
—
—
0.90
—
—
— —
—
—
0.12
0.08
Regional & Country sub-funds
Robeco Asia-Pacific Equities
—
1.50
—
—
—
—
—
—
— —
—
—
0.12
—
SAM Sustainable European Equities
— 1.25
—
—
—
0.70
—
—
— —
—
—
0.12
0.08
Robeco European Conservative Equities
1.00 1.00
—
—
—
0.60
—
—
— —
—
—
0.12
0.08
Robeco US Premium Equities
— 1.50
—
—
1.50
0.70
–
2.00
— —
0.70
—
0.12
0.08
Robeco Chinese Equities
— 1.50
—
—
—
1.10
—
—
— —
—
—
0.12
0.08
Robeco Indian Equities
— 1.50
—
—
—
1.10
—
—
— —
—
—
0.18
0.12
Robeco Asian Stars Equities 2
—
1.50
—
—
—
—
—
—
— —
—
—
0.12
—
Robeco US Large Cap Equities
— 1.25
—
—
—
0.65
—
—
— —
0.65
—
0.12
0.08
Robeco US Select Opportunities Equities — 1.50
—
—
—
0.70
—
—
— —
—
—
0.12
0.08
Theme Equity sub-funds
Robeco New World Financial Equities
—
1.50
—
—
—
—
—
—
— —
—
—
0.12
—
Robeco Property Equities
1.50 1.50
—
—
—
0.90
—
2.00
— —
—
—
0.12
0.08
Robeco Global Consumer Trends Equities
— 1.50
—
—
—
0.90
—
2.00
— —
—
—
0.12
0.08
Robeco Natural Resources Equities
— 1.50
—
—
—
—
—
2.00
— —
—
—
0.12
—
SAM 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
0.90
1.00
—
—
1.00
0.50
—
—
0.50 —
0.50
1.00
0.12
0.08
Robeco Investment Grade Corporate Bonds
0.70 0.70
—
—
—
0.30
0.35
—
0.30 —
0.30
0.70
0.12
0.08
Robeco Global Government Bonds
—
—
—
—
— 0.30
—
—
— —
—
—
—
0.08
Robeco Emerging Debt — 1.50 4
—
—
— 1.10 4
—
—
— —
—
—
0.12
0.08
Regional Bond sub-funds
Robeco Euro Government Bonds
—
0.60 0.30
4
— 0.60
0.30
—
—
— —
—
—
0.12
0.08
Robeco Capital Growth Funds 76
Management and service fee1
Management fee
Service fee
3
In %
Class of share
Class of share
B
D
CH
DL
E
I
IHHI
M
0IH 40IH
IE
DHHI, 0DH
All
I, IH
BH
DH
FHHI
EH
IH
MH
40FH
IEH
0EH, 10DH
other
IE, IEH, IHHI
J
40DH Classes
0IH, 40IH
Robeco Euro Credit Bonds
0.70 0.70
—
—
—
0.35
—
—
— —
—
—
0.12
0.08
Robeco All Strategy Euro Bonds
0.70 0.70
—
0.40
—
0.35
0.40
—
0.35 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
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 The Board of Directors decided to lower the fee actually charged to the sub-fund.
18 Depositary fee
The Depositary bank is remunerated in accordance with the agreement between RBC Investor Services Bank S.A., acting
as the depositary and the Company. 19 Other fees and expenses
The Company and its different sub-funds or classes of shares pay directly the normal commissions on transactions,
banking and brokerage fees relating to the assets of the Company or expenses incurred thereof, such as proxy voting and
the taxe d’abonnement as described above under Taxes. The costs of establishing the Company and the sub-funds have
been paid entirely. If additional sub-funds are created in the future, these sub-funds will bear, in principle, their own
formation expenses. 20 Distributed dividends
During the reporting period the following distributions took place:
Distributions
Amount
Currency
Ex-dividend
Payment
per share
date
date
Robeco Global Value Equities
B EUR shares
0.85
EUR
09/09/2011
16/09/2011
B EUR shares
0.89
EUR
09/12/2011
16/12/2011
B EUR shares
0.98
EUR
09/03/2012
16/03/2012
B EUR shares 0.96
EUR
08/06/2012
15/06/2012
Robeco Global Conservative Equities
B EUR shares
1.05
EUR
09/03/2012
16/03/2012
B EUR shares 1.10
EUR
08/06/2012
15/06/2012
Robeco Emerging Conservative Equities
B EUR shares
1.77
EUR
09/09/2011
16/09/2011
B EUR shares
1.21
EUR
09/12/2011
16/12/2011
B EUR shares
1.36
EUR
09/03/2012
16/03/2012
B EUR shares 1.31
EUR
08/06/2012
15/06/2012
Robeco European Conservative Equities
B EUR shares
0.75
EUR
09/09/2011
16/09/2011
B EUR shares
0.75
EUR
09/12/2011
16/12/2011
B EUR shares
0.79
EUR
09/03/2012
16/03/2012
B EUR shares 0.76
EUR
08/06/2012
15/06/2012
Robeco US Premium Equities
EH GBP shares
5.49
GBP
02/12/2011
09/12/2011
IE GBP shares 3.07
GBP
02/12/2011
09/12/2011
Robeco Capital Growth Funds 77
Distributions
Amount
Currency
Ex-dividend
Payment
per share
date
date
Robeco Property Equities
B EUR shares
0.16
EUR
09/09/2011
16/09/2011
B EUR shares
0.16
EUR
09/12/2011
16/12/2011
B EUR shares
0.17
EUR
09/03/2012
16/03/2012
B EUR shares 0.18
EUR
08/06/2012
15/06/2012
Robeco High Yield Bonds BH EUR shares
0.35
EUR
09/09/2011
16/09/2011
BH EUR shares
0.34
EUR
09/12/2011
16/12/2011
BH EUR shares
0.38
EUR
09/03/2012
16/03/2012
BH EUR shares
0.36
EUR
08/06/2012
15/06/2012
EH EUR shares
6.11
EUR
02/12/2011
09/12/2011
0EH EUR shares 1.50
EUR
02/12/2011
09/12/2011
Robeco Investment Grade Corporate Bonds
BH EUR shares
1.33
EUR
09/09/2011
16/09/2011
BH EUR shares
1.32
EUR
09/12/2011
16/12/2011
BH EUR shares
1.36
EUR
09/03/2012
16/03/2012
BH EUR shares
1.37
EUR
08/06/2012
15/06/2012
IEH EUR shares 5.53
EUR
02/12/2011
9/12/2011
Robeco Euro Government Bonds
CH EUR shares
1.54
EUR
09/12/2011
16/12/2011
CH EUR shares
1.09
EUR
09/03/2012
16/03/2012
CH EUR shares 1.08
EUR
08/06/2012
15/06/2012
Robeco Euro Credit Bonds
BH EUR shares 1.25
EUR
08/06/2012
15/06/2012
Robeco All Strategy Euro Bonds
BH EUR shares
0.94
EUR
09/09/2011
16/09/2011
BH EUR shares
0.91
EUR
09/12/2011
16/12/2011
BH EUR shares
0.98
EUR
09/03/2012
16/03/2012
BH EUR shares 0.97
EUR
08/06/2012
15/06/2012
Robeco Euro Sustainable Credits
BH EUR shares 1.24 EUR 09/09/2011 16/09/2011
BH EUR shares 1.20 EUR 09/12/2011 16/12/2011
BH EUR shares 1.27 EUR 09/03/2012 16/03/2012
BH EUR shares 1.26 EUR 08/06/2012 15/06/2012
Robeco Financial Institutions Bonds
BH EUR shares
1.41
EUR
09/09/2011
16/09/2011
BH EUR shares
1.28
EUR
09/12/2011
16/12/2011
BH EUR shares
1.49
EUR
09/03/2012
16/03/2012
BH EUR shares 1.38
EUR
08/06/2012
15/06/2012
21 Transaction costs
The Company and its classes of shares pay directly commissions, brokerage fees and taxes resulting from financial
transactions. These costs are recorded in the statement of operations and changes in net assets under the heading
‘Transactions costs’. In the annual report over the period 1 July 2010 through 30 June 2011, these expenses were part of
the cost price and were included in the statement of operations and changes in net assets under the heading ‘Net realized
and changes in unrealized results on investments and other financial instruments’. In the current annual report, the
figures over the period 1 July 2010 through 30 June 2011 have been, if applicable, amended to respect the
corresponding figures principles.
Robeco Capital Growth Funds 78
22 Total expense ratio
The total expense ratio expresses the operational costs (e.g. management fee, service fee, performance fee, taxe
d’abonnement, depositary fee and bankcharges) charged to the sub-funds as a percentage of the average assets
entrusted, calculated on a daily basis, during the reporting period. The total expense ratio as shown in the table below
does not include transaction costs. The other costs concern mainly bank charges, taxe d’abonnement, other expenses,
and if applicable, liquidation expenses. The total expense ratio is annualized for periods less than one year. Comparative
figures are only disclosed for the sub-funds and share classes outstanding at the beginning of the reporting period.
Total expense ratio
In % 01/07/2011-30/06/2012
01/07/2010-30/06/2011
Manage-ment fee
Service fee
Perfor-mance fee
Other costs
Total Manage-ment fee
Service fee
Perfor-mance fee
Other costs
Total
Global Equity sub-funds
Robeco Global Value Equities
B EUR 1.25 0.12 0.00
0.24
1.61
1.25
0.12
0.00
0.15
1.52
D EUR 1.25 0.12 0.00
0.26
1.63
1.25
0.12
0.00
0.13
1.50
Robeco Global Conservative Equities
B EUR 1.00 0.12 0.00
0.23
1.35
0.00
0.00
0.00
0.00
0.00
D EUR 1.00 0.12 0.00
0.23
1.35
0.00
0.00
0.00
0.00
0.00
I EUR 0.60 0.08 0.00
0.19
0.87
0.00
0.00
0.00
0.00
0.00
Z EUR 0.00 0.00 0.00
0.18
0.18
0.00
0.00
0.00
0.00
0.00
I USD 0.60 0.08 0.00
0.18
0.86
0.00
0.00
0.00
0.00
0.00
Robeco Global Stars Equities
D EUR 1.20 0.12 0.00
0.07
1.39
1.20
0.12
0.00
0.06
1.38
I EUR 0.70 0.08 0.00
0.03
0.81
0.70
0.08
0.12
0.02
0.92
Z EUR 0.00 0.00 0.00
0.03
0.03
0.00
0.00
0.00
0.05
0.05
Robeco Emerging Stars Equities
D EUR 1.50 0.12 0.00
0.13
1.75
1.50
0.12
0.00
0.13
1.75
DL EUR 1.75 0.12 0.00
0.13
2.00
1.75
0.12
0.00
0.14
2.01
I EUR 1.10 0.08 0.00
0.09
1.27
1.10
0.08
0.00
0.10
1.28
D USD 1.50 0.12 0.00
0.14
1.76
1.50
0.12
0.00
0.13
1.75
Robeco Emerging Markets Equities
D EUR 1.50 0.11 0.00
0.14
1.75
1.50
0.11
0.00
0.13
1.74
I EUR 1.10 0.08 0.00
0.10
1.28
1.10
0.08
0.00
0.09
1.27
M EUR 2.00 0.12 0.00
0.14
2.26
2.00
0.12
0.00
0.10
2.22
Z EUR 0.00 0.00 0.00
0.10
0.10
0.00
0.00
0.00
0.09
0.09
D USD 1.50 0.12 0.00
0.14
1.76
1.50
0.12
0.00
0.14
1.76
I USD 1.10 0.08 0.00
0.10
1.28
1.10
0.08
0.00
0.09
1.27
J USD 0.80 0.08 0.00
0.10
0.98
0.80
0.08
0.00
0.09
0.97
Robeco Active Quant Emerging Markets Equities
D EUR 1.25 0.12 0.00
0.15
1.52
1.25
0.12
0.00
0.21
1.58
DL EUR 0.00 0.00 0.00
0.00
0.00
1.75
0.12
0.00
0.29
2.16
I EUR 0.60 0.08 0.00
0.11
0.79
0.60
0.08
0.00
0.16
0.84
Z EUR 0.00 0.00 0.00
0.11
0.11
0.00
0.00
0.00
0.26
0.26
D USD 1.25 0.12 0.00
0.17
1.54
1.25
0.12
0.00
0.34
1.71
Robeco Emerging Enhanced Index Equities
I USD 0.60 0.08 0.00
0.22
0.90
0.00
0.00
0.00
0.00
0.00
Robeco Emerging Conservative Equities
B EUR 1.25 0.12 0.00
0.20
1.57
1.25
0.12
0.00
0.11
1.48
D EUR 1.25 0.12 0.00
0.19
1.56
1.25
0.12
0.00
0.12
1.49
I EUR 0.90 0.08 0.00
0.15
1.13
0.90
0.08
0.00
0.04
1.02
Z EUR 0.00 0.00 0.00
0.14
0.14
0.00
0.00
0.00
0.00
0.00
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
D EUR 1.50 0.12 0.00
0.09
1.71
1.50
0.12
0.00
0.14
1.76
D USD 1.50 0.12 0.00
0.13
1.75
1.50
0.12
0.00
0.13
1.75
SAM Sustainable European Equities
D EUR 1.25 0.12 0.00
0.07
1.44
1.25
0.12
0.00
0.10
1.47
I EUR 0.70 0.08 0.00
0.03
0.81
0.70
0.08
0.00
0.06
0.84
Robeco Capital Growth Funds 79
Total expense ratio
In % 01/07/2011-30/06/2012
01/07/2010-30/06/2011
Manage-ment fee
Service fee
Perfor-mance fee
Other costs
Total Manage-ment fee
Service fee
Perfor-mance fee
Other costs
Total
Robeco European Conservative Equities
B EUR 1.00 0.12 0.00
0.08
1.20
1.00
0.12
0.00
0.06
1.18
D EUR 1.00 0.12 0.00
0.08
1.20
1.00
0.13
0.00
0.15
1.28
I EUR 0.60 0.08 0.00
0.04
0.72
0.60
0.08
0.00
0.02
0.70
Z EUR 0.00 0.00 0.00
0.04
0.04
0.00
0.00
0.00
0.00
0.00
Robeco US Premium Equities
DH EUR 1.50 0.12 0.00
0.07
1.69
1.50
0.12
0.00
0.07
1.69
IH EUR 0.70 0.08 0.00
0.03
0.81
0.70
0.08
0.00
0.03
0.81
MH EUR 2.00 0.12 0.00
0.07
2.19
2.00
0.12
0.00
0.07
2.19
D EUR 1.50 0.11 0.00
0.07
1.68
1.50
0.12
0.00
0.08
1.70
I EUR 0.70 0.08 0.00
0.03
0.81
0.70
0.08
0.00
0.03
0.81
D USD 1.50 0.12 0.00
0.07
1.69
1.50
0.12
0.00
0.08
1.70
I USD 0.70 0.08 0.00
0.03
0.81
0.70
0.08
0.00
0.03
0.81
M USD 2.00 0.12 0.00
0.06
2.18
2.00
0.12
0.00
0.08
2.20
EH GBP 1.50 0.12 0.00
0.06
1.66
1.50
0.12
0.00
0.06
1.68
IE GBP 0.70 0.08 0.00
0.03
0.81
0.70
0.08
0.00
0.03
0.81
Robeco Chinese Equities
D EUR 1.50 0.12 0.00
0.09
1.71
1.50
0.12
0.00
0.10
1.72
I EUR 1.10 0.08 0.00
0.06
1.24
1.10
0.08
0.00
0.06
1.24
D USD 1.50 0.12 0.00
0.09
1.71
1.50
0.12
0.00
0.10
1.72
I USD 1.10 0.08 0.00
0.06
1.24
1.10
0.08
0.00
0.06
1.24
Robeco Indian Equities
D EUR 1.50 0.18 0.00
0.48
2.16
1.50
0.18
0.00
0.13
1.81
I EUR 1.10 0.12 0.00
0.45
1.67
1.10
0.12
0.00
0.08
1.30
D USD 1.50 0.18 0.00
0.49
2.17
1.50
0.18
0.00
0.18
1.86
Robeco Asian Stars Equities
D EUR 1.50 0.12 0.75
0.25
2.62
1.50
0.12
0.00
0.35
1.97
Robeco US Large Cap Equities
D EUR 1.25 0.12 0.00
0.08
1.45
1.25
0.12
0.00
0.07
1.44
DH EUR 1.25 0.12 0.00
0.07
1.44
1.25
0.12
0.00
0.08
1.45
IE GBP 0.65 0.08 0.00
0.03
0.76
0.00
0.00
0.00
0.00
0.00
D USD 1.25 0.12 0.00
0.07
1.44
1.25
0.12
0.00
0.06
1.43
I USD 0.65 0.08 0.00
0.04
0.77
0.65
0.08
0.00
0.04
0.77
Robeco US Select Opportunities Equities
DH EUR 1.50 0.12 0.00
0.39
2.01
0.00
0.00
0.00
0.00
0.00
IH EUR 0.70 0.08 0.00
0.33
1.11
0.00
0.00
0.00
0.00
0.00
D USD 1.50 0.12 0.00
0.39
2.01
0.00
0.00
0.00
0.00
0.00
I USD 0.70 0.08 0.00
0.33
1.11
0.00
0.00
0.00
0.00
0.00
Theme Equity sub-funds
Robeco New World Financial Equities
D EUR 1.50 0.12 0.00
0.13
1.75
1.50
0.12
0.00
0.12
1.74
Z EUR 0.00 0.00 0.00
0.08
0.08
0.00
0.00
0.00
0.08
0.08
Robeco Property Equities
B EUR 1.50 0.12 0.00
0.07
1.69
1.50
0.12
0.00
0.10
1.72
D EUR 1.50 0.12 0.00
0.07
1.69
1.50
0.12
0.00
0.09
1.71
I EUR 0.90 0.08 0.00
0.04
1.02
0.90
0.08
0.00
0.05
1.03
D USD 1.50 0.12 0.00
0.12
1.74
1.50
0.12
0.00
0.11
1.73
M USD 2.00 0.12 0.00
0.09
2.21
0.00
0.00
0.00
0.00
0.00
Robeco Global Consumer Trends Equities
D EUR 1.50 0.12 0.00
0.08
1.70
1.50
0.12
0.00
0.08
1.70
I EUR 0.90 0.08 0.00
0.06
1.04
0.00
0.00
0.00
0.00
0.00
M EUR 2.00 0.12 0.00
0.06
2.18
2.00
0.12
0.00
0.16
2.28
Z EUR 0.00 0.00 0.00
0.03
0.03
0.00
0.00
0.00
0.04
0.04
D USD 1.50 0.12 0.00
0.08
1.70
1.50
0.12
0.00
0.09
1.71
M USD 2.00 0.12 0.00
0.09
2.21
0.00
0.00
0.00
0.00
0.00
Robeco Capital Growth Funds 80
Total expense ratio
In % 01/07/2011-30/06/2012
01/07/2010-30/06/2011
Manage-ment fee
Service fee
Perfor-mance fee
Other costs
Total Manage-ment fee
Service fee
Perfor-mance fee
Other costs
Total
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
0.04
0.04
0.00
0.00
0.00
0.03
0.03
D USD 1.50 0.12 0.00
0.08
1.70
1.50
0.12
0.00
0.11
1.73
M USD 2.00 0.12 0.00
0.04
2.16
0.00
0.00
0.00
0.00
0.00
SAM 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
0.08
1.70
1.50
0.12
0.00
0.17
1.79
Robeco Infrastructure Equities
D EUR 1.50 0.12 0.00
0.07
1.69
1.50
0.12
0.00
0.07
1.69
I EUR 0.90 0.08 0.00
0.04
1.02
0.90
0.08
0.00
0.03
1.01
Global Bond sub-funds
Robeco High Yield Bonds
BH EUR 0.90 0.12 0.00
0.06
1.08
0.90
0.10
0.00
0.06
1.06
DH EUR 1.00 0.12 0.00
0.06
1.18
1.00
0.10
0.00
0.06
1.16
EH EUR 1.00 0.12 0.00
0.06
1.18
1.00
0.10
0.00
0.07
1.17
IH EUR 0.50 0.08 0.00
0.02
0.60
0.50
0.05
0.00
0.02
0.57
IEH EUR 0.50 0.08 0.00
0.11
0.69
0.00
0.00
0.00
0.00
0.00
ZH EUR 0.00 0.00 0.00
0.02
0.02
0.00
0.00
0.00
0.06
0.06
0DH EUR 1.00 0.12 0.00
0.04
1.16
1.00
0.12
0.00
0.06
1.18
0EH EUR 1.00 0.12 0.00
0.01
1.13
1.00
0.12
0.00
0.05
1.17
0IH EUR 0.50 0.08 0.00
0.01
0.59
0.50
0.08
0.00
0.02
0.60
DH CHF 1.00 0.12 0.00
0.13
1.25
0.00
0.00
0.00
0.00
0.00
DH USD 1.00 0.12 0.00
0.08
1.20
1.00
0.12
0.00
0.13
1.25
0DH USD 1.00 0.12 0.00
0.04
1.16
1.00
0.12
0.00
0.11
1.23
IH USD 0.50 0.08 0.00
0.02
0.60
0.50
0.05
0.00
0.02
0.57
IEH USD 0.50 0.08 0.00
0.05
0.63
0.00
0.00
0.00
0.00
0.00
0IH USD 0.50 0.08 0.00
0.01
0.59
0.50
0.08
0.00
0.02
0.60
Robeco Investment Grade Corporate Bonds
BH EUR 0.70 0.12 0.00
0.07
0.89
0.70
0.10
0.00
0.06
0.86
DH EUR 0.70 0.12 0.00
0.07
0.89
0.70
0.10
0.00
0.06
0.86
IH EUR 0.30 0.08 0.00
0.02
0.40
0.30
0.06
0.00
0.03
0.39
IEH EUR 0.30 0.08 0.00
0.03
0.41
0.30
0.06
0.00
0.03
0.39
ZH EUR 0.00 0.00 0.00
0.02
0.02
0.00
0.00
0.00
0.00
0.00
0DH EUR 0.70 0.12 0.00
0.06
0.88
0.00
0.00
0.00
0.00
0.00
0IH EUR 0.30 0.08 0.00
0.03
0.41
0.00
0.00
0.00
0.00
0.00
IHHI EUR 0.35 0.08 0.00
0.03
0.46
0.35
0.06
0.00
0.03
0.44
Robeco Global Government Bonds
IH EUR 0.30 0.08 0.00
0.05
0.43
0.30
0.06
0.00
0.04
0.40
I USD 0.30 0.08 0.00
0.04
0.42
0.30
0.06
0.00
0.04
0.40
Robeco Emerging Debt
DH EUR 1.20 0.12 0.00
0.10
1.42
1.20
0.12
0.00
0.07
1.39
IH USD 0.80 0.08 0.00
0.05
0.93
0.80
0.08
0.00
0.03
0.91
Regional Bond sub-funds
Robeco Euro Government Bonds
CH EUR 0.25 0.12 0.00
0.07
0.44
0.25
0.12
0.00
0.19
0.56
DH EUR 0.60 0.12 0.00
0.06
0.78
0.68
0.09
0.00
0.07
0.84
EH EUR 0.60 0.12 0.00
0.06
0.78
0.00
0.00
0.00
0.00
0.00
IH EUR 0.30 0.08 0.00
0.02
0.40
0.30
0.05
0.00
0.03
0.38
ZH EUR 0.00 0.00 0.00
0.02
0.02
0.00
0.00
0.00
0.03
0.03
Robeco Euro Credit Bonds
BH EUR 0.70 0.12 0.00
0.07
0.89
0.00
0.00
0.00
0.00
0.00
DH EUR 0.70 0.12 0.00
0.07
0.89
0.70
0.10
0.00
0.07
0.87
Robeco Capital Growth Funds 81
Total expense ratio
In % 01/07/2011-30/06/2012
01/07/2010-30/06/2011
Manage-ment fee
Service fee
Perfor-mance fee
Other costs
Total Manage-ment fee
Service fee
Perfor-mance fee
Other costs
Total
IH EUR 0.35 0.08 0.00
0.03
0.46
0.35
0.06
0.00
0.03
0.44
ZH EUR 0.00 0.00 0.00
0.03
0.03
0.00
0.00
0.00
0.03
0.03
Robeco All Strategy Euro Bonds
DH EUR 0.70 0.12 0.00
0.07
0.89
0.81
0.10
0.00
0.07
0.98
IH EUR 0.35 0.08 0.00
0.03
0.46
0.32
0.05
0.00
0.02
0.39
BH EUR 0.70 0.12 0.00
0.06
0.88
0.70
0.12
0.00
0.08
0.90
10DH EUR 0.75 0.12 0.00
0.05
0.92
0.75
0.12
0.00
0.11
0.98
40DH EUR 0.75 0.12 0.00
0.05
0.92
0.75
0.12
0.00
0.12
0.99
40FH EUR 0.40 0.12 0.00
0.02
0.54
0.00
0.00
0.00
0.00
0.00
40IH EUR 0.40 0.08 0.00
0.01
0.49
0.00
0.00
0.00
0.00
0.00
DHHI EUR 0.75 0.12 0.00
0.05
0.92
0.75
0.12
0.00
0.07
0.94
FHHI EUR 0.40 0.12 0.00
0.02
0.54
0.00
0.00
0.00
0.00
0.00
IHHI EUR 0.40 0.08 0.00
0.01
0.49
0.00
0.00
0.00
0.00
0.00
ZH EUR 0.00 0.00 0.00
0.03
0.03
0.00
0.00
0.00
0.02
0.02
Robeco European High Yield Bonds
DH EUR 1.00 0.12 0.00
0.09
1.21
1.00
0.12
0.00
0.14
1.26
IH EUR 0.50 0.08 0.00
0.03
0.61
0.50
0.06
0.00
0.01
0.57
Robeco Euro Sustainable Credits
BH EUR 0.70 0.12 0.00
0.08
0.90
0.70
0.11
0.00
0.08
0.89
DH EUR 0.70 0.12 0.00
0.07
0.89
0.70
0.11
0.00
0.09
0.90
IH EUR 0.35 0.08 0.00
0.03
0.46
0.35
0.06
0.00
0.03
0.44
Robeco Financial Institutions Bonds
BH EUR 0.70 0.12 0.00
0.08
0.90
0.70
0.12
0.00
0.12
0.94
DH EUR 0.70 0.12 0.00
0.05
0.87
0.70
0.12
0.00
0.06
0.88
IH EUR 0.35 0.08 0.00
0.04
0.47
0.35
0.08
0.00
0.02
0.45
Asset Allocation sub-funds
Robeco GTAA Fund
D EUR 1.50 0.12 0.00
0.06
1.68
1.50
0.11
0.00
0.05
1.66
I EUR 0.90 0.08 0.00
0.03
1.01
0.90
0.06
0.00
0.04
1.00
Z EUR 0.00 0.00 0.00
0.02
0.02
0.00
0.00
0.00
0.02
0.02
23 Hard commissions, soft-dollar arrangements and commission-sharing arrangements
Various independent research institutions/third parties provide services to the Company to support its decisionmaking
process. Part of the commissions paid to brokers is used to pay for these services, so-called commission-sharing
arrangements.
Commission-sharing arrangements
In EUR x thousand 01/07/2011-30/06/2012
01/07/2010-30/06/2011
Global Equity sub-funds
Robeco Global Value Equities
–
–
Robeco Global Conservative Equities
–
–
Robeco Global Stars Equities
29
4
Robeco Emerging Stars Equities
93
22
Robeco Emerging Markets Equities
148
18
Robeco Active Quant Emerging Markets Equities
–
–
Robeco Emerging Enhanced Equities
–
–
Robeco Emerging Conservative Equities 4
–
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
55
13
SAM Sustainable European Equities
–
42
Robeco European Conservative Equities
2
–
Robeco US Premium Equities
–
–
Robeco Chinese Equities
283
7
Robeco Capital Growth Funds 82
Commission-sharing arrangements
In EUR x thousand 01/07/2011-30/06/2012
01/07/2010-30/06/2011
Robeco Indian Equities
–
–
Robeco Asian Stars Equities
1
–
Robeco US Large Cap Equities
–
–
Robeco US Select Opportunities Equities –
–
Theme Equity sub-funds
Robeco New World Financial Equities
26
34
Robeco Property Equities
52
7
Robeco Global Consumer Trends Equities
69
21
Robeco Natural Resources Equities
67
31
SAM Sustainable Agribusiness Equities
28
3
Robeco Infrastructure Equities 13
–
Asset Allocation sub-funds
Robeco GTAA Fund 2
–
There were no hard commissions and soft-dollar arrangements during the reported period. 24 Turnover ratio
This shows the turnover of the investments, including derivative instruments, against the average assets entrusted and is
a measure of the incurred transaction costs resulting from the investment portfolio policies pursued and the ensuing
investment transactions. In the calculation method that is used the amount of turnover is determined by the sum of
purchases and sales of investments, including derivative instruments, less the sum of issuance and repurchase of own
shares divided by the daily average of the net assets. If the outcome is negative, the turnover ratio is zero. The turnover
ratio is determined by expressing the amount of turnover as a percentage of the average assets entrusted. The following
table shows the turnover ratios of the sub-funds.
Turnover ratio
In % 01/07/2011-30/06/2012
01/07/2010-30/06/2011
Global Equity sub-funds
Robeco Global Value Equities
251
286
Robeco Global Conservative Equities
4
–
Robeco Global Stars Equities
64
83
Robeco Emerging Stars Equities
45
50
Robeco Emerging Markets Equities
35
45
Robeco Active Quant Emerging Markets Equities
52
124
Robeco Emerging Enhanced Index Equities
10
–
Robeco Emerging Conservative Equities 7
–
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
–
54
SAM Sustainable European Equities
99
240
Robeco European Conservative Equities
–
–
Robeco US Premium Equities
32
32
Robeco Chinese Equities
114
230
Robeco Indian Equities
–
–
Robeco Asian Stars Equities
65
9
Robeco US Large Cap Equities
54
74
Robeco US Select Opportunities Equities 62
–
Theme Equity sub-funds
Robeco New World Financial Equities
239
230
Robeco Property Equities
26
27
Robeco Global Consumer Trends Equities
23
64
Robeco Natural Resources Equities
273
238
SAM Sustainable Agribusiness Equities
140
91
Robeco Infrastructure Equities 7
26
Robeco Capital Growth Funds 83
Turnover ratio
In % 01/07/2011-30/06/2012
01/07/2010-30/06/2011
Global Bond sub-funds
Robeco High Yield Bonds
–
76
Robeco Investment Grade Corporate Bonds
199
154
Robeco Global Government Bonds
286
172
Robeco Emerging Debt 267
–
Regional Bond sub-funds
Robeco Euro Government Bonds
401
145
Robeco Euro Credit Bonds
227
239
Robeco All Strategy Euro Bonds
300
219
Robeco European High Yield Bonds
107
107
Robeco Euro Sustainable Credits
149
208
Robeco Financial Institutions Bonds 149
26
Asset Allocation sub-funds
Robeco GTAA Fund 231
219
25 Commissions paid to affiliated parties
The table below shows the commissions paid to affiliated parties during the reporting period.
Commissions paid to affiliated parties 01-07-2011 – 30-06-2012
Stocks/Bonds
Forward exchange transactions
Other
Total
%
Total
%
Total
%
Amount in EUR X thousand
Volume commission
commission
Volume
commission
commission
Volume
commission
commission
Global Equity sub-funds
Robeco Global Value Equities
–
–
–
–
–
–
27,000
–
–
Robeco Global Conservative Equities
–
–
–
–
–
–
6,200
–
–
Robeco Global Stars Equities
9,457
14
0.15
922,954
–
–
5,339,968
–
–
Robeco Emerging Stars Equities
–
–
–
273,300
–
–
1,124,440
–
–
Robeco Emerging Markets Equities
–
–
–
946,000
–
– 10,412,818
–
–
Robeco Active Quant Emerging Markets Equities
–
–
–
–
–
–
588,148
–
–
Robeco Emerging Enhanced Index Equities
–
–
–
–
–
–
372,902
–
–
Robeco Emerging Conservative Equities –
–
–
60,931
–
–
2,420,400
–
–
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
10,340
–
–
75,837
–
–
2,198,231
–
–
SAM Sustainable European Equities
–
–
–
600,971
–
–
1,814,601
–
–
Robeco European Conservative Equities
1,637
2
0.13
1,291,796
–
–
464,310
–
–
Robeco US Premium Equities
–
–
–
23,243,261
–
– 30,142,702
–
–
Robeco Chinese Equities
–
–
–
27,046
–
–
1,573,357
–
–
Robeco Indian Equities
–
–
–
–
–
–
5,900
–
–
Robeco Asian Stars Equities
–
–
–
–
–
–
84,701
–
–
Robeco US Large Cap Equities
–
–
–
1,995,577
–
–
2,653,571
–
–
Robeco US Select Opportunities Equities –
–
–
105,397
–
–
67,033
–
–
Sector Equity sub-funds
Robeco New World Financial Equities
66,224 *
11
0.02 *
87,865
–
–
652,355
–
–
Robeco Property Equities
2,946
4
0.15
32,130
–
–
1,111,701
–
–
Robeco Global Consumer Trends Equities
3,138
5
0.15
35,715
–
–
3,271,743
–
–
Robeco Natural Resources Equities
165,242 *
3
0.00 *
111,698
–
–
3,743,114
–
–
SAM Sustainable Agribusiness Equities
3,621
5
0.15
–
–
–
2,029,129
–
–
Robeco Infrastructure Equities 1,113
2
0.15
–
–
–
557,112
–
–
* Part of the volume contains shares in Money Market Funds. Commission % excluding the Money Market Fund transactions is 0.15%.
Global Bond sub-funds
Robeco High Yield Bonds
582,473
–
–
50,070,727
–
–
38,734,847
–
–
Robeco Investment Grade Corporate Bonds
803,388
–
–
–
–
–
5,049,102
–
–
Robeco Capital Growth Funds 84
Commissions paid to affiliated parties 01-07-2011 – 30-06-2012
Stocks/Bonds
Forward exchange transactions
Other
Total
%
Total
%
Total
%
Amount in EUR X thousand
Volume commission
commission
Volume
commission
commission
Volume
commission
commission
Robeco Global Government Bonds
1,342
–
–
691,796
–
–
69,721
–
–
Robeco Emerging Debt
–
–
–
1,823,384
–
–
740,832
–
–
Regional Bond sub-funds
Robeco Euro Government Bonds
261,598
–
–
–
–
–
3,494,312
–
–
Robeco Euro Credit Bonds
288,816
–
–
–
–
–
1,907,503
–
–
Robeco All Strategy Euro Bonds
1,280,069
–
–
145,564
–
–
3,866,824
–
–
Robeco European High Yield Bonds
34,260
–
–
261,143
–
–
548,305
–
–
Robeco Euro Sustainable Credits
676
–
–
–
–
–
211,138
–
–
Robeco Financial Institutions Bonds 48,720
–
–
151,420
–
–
213,401
–
–
Asset Allocation sub-funds
Robeco GTAA Fund 16,353
–
–
580,143
–
–
1,152,732
–
–
26 Changes in the investment portfolio
The statement of changes in the investment portfolios during the reporting period may be obtained free of charge at the
offices of the Company and the depositary.
27 Retrocessions and trailer fees
Trailer fees for the marketing of the sub-funds (Commission d’Encours) are paid to distributors and assets managers from
the management fee. No retrocession has been granted during the reporting period.
28 Subsequent events
Change of accounting year
The accounting year has been changed to a calender year and will now begin on 1 January of each year and shall
terminate on 31 December of such year. The accounting year started on 1 July 2012 will terminate on 31 December 2012
and the accounting year 2013 will run from 1 January 2013 to 31 December 2013.
Changes in management fees
Effective from 1 August 2012 and 1 September 2012 several management fee percentages have been changed.
Class of shares
Old fee New fee
Effective from
Robeco Chinese Equities, class I EUR shares
1.10%
0.90%
01/08/2012
Robeco Chinese Equities, class I USD shares
1.10%
0.90%
01/08/2012
Robeco Emerging Conservative Equities, class I EUR shares
0.90%
0.70%
01/08/2012
Robeco Emerging Debt, class D EUR shares
1.50%
1.20%
01/08/2012
Robeco Emerging Debt, class I USD shares
1.10%
0.70%
01/08/2012
Robeco Euro Government Bonds, class CH EUR shares
0.30%
0.25%
01/08/2012
Robeco Euro Government Bonds, class DH EUR shares
0.60%
0.42%
01/08/2012
Robeco Euro Government Bonds, class EH EUR shares
0.60%
0.42%
01/08/2012
Robeco Global Government Bonds, class IH EUR shares
0.30%
0.25%
01/08/2012
Robeco Indian Equities, class I EUR shares
1.10%
0.90%
01/08/2012
Robeco Active Quant Emerging Markets Equities, class I EUR shares
0.60%
0.70%
03/09/2012
Robeco High Yield Bonds, class BH EUR shares
0.90%
1.00%
03/09/2012
Robeco European Conservative Equities, class I EUR shares 0.60% 0.55% 03/09/2012
Robeco European Conservative Equities, class IH EUR shares 0.60% 0.55% 03/09/2012
Robeco Emerging Stars Equities, class I EUR shares 1.10% 0.80% 03/09/2012
Robeco Emerging Markets Equities, class I EUR shares 1.10% 0.80% 03/09/2012
Robeco Emerging Markets Equities, class I USD shares 1.10% 0.80% 03/09/2012
Robeco US Premium Equities, class F USD shares 0.70% 0.80% 03/09/2012
Robeco Property Equities, class I EUR shares 0.90% 0.80% 03/09/2012
Robeco High Yield Bonds, class 0FH EUR shares 0.50% 0.55% 03/09/2012
Robeco High Yield Bonds, class FH EUR shares 0.50% 0.55% 03/09/2012
Robeco Capital Growth Funds 85
Sub-fund name changes
The following sub-fund names have been changed.
Robeco Global Value Equities has been changed into Robeco BP Global Premium Equities (effective 27 July 2012).
Robeco Emerging Enhanced Index Equities has been changed into Robeco Quant Emerging Markets Equities (effective 27
July 2012).
Robeco Global Government Bonds has been changed into Robeco Sovereign Return Bonds (effective 1 September 2012). New Sub-funds
Robeco Global Aggressive Equities was launched on 22 August 2012. Liquidation of Sub-funds
Effective 11 October 2012, the sub-fund Robeco Sovereign Return Bonds and its single share class, class IH EUR shares,
was liquidated. New share classes
Activation of share classes
Sub-fund Share class Effective
Robeco Emerging Stars Equities class F EUR shares 04/07/2012
Robeco Emerging Markets Equities class F EUR shares 04/07/2012
Robeco Emerging Conservative Equities class C EUR shares 04/07/2012
Robeco European Conservative Equities class C EUR shares 04/07/2012
Robeco US Premium Equities class F USD shares 04/07/2012
Robeco New World Financial Equities class F EUR shares 04/07/2012
Robeco Property Equities class F EUR shares 04/07/2012
Robeco High Yield Bonds class FH EUR shares 04/07/2012
Robeco High Yield Bonds class 0FH EUR shares 04/07/2012
Robeco European Conservative Equities class IH EUR shares 03/08/2012
Robeco Euro Credit Bonds class DH CHF shares 03/08/2012
Robeco Global Aggressive Equities class I EUR shares 22/08/2012
Robeco High Yield Bonds class IH CHF shares 30/08/2012
Robeco High Yield Bonds class BxH USD shares 30/08/2012
Robeco Emerging Conservative Equities class I USD shares 30/08/2012
Robeco US Premium Equities class FH EUR shares 01/10/2012
Robeco US Premium Equities class F EUR shares 01/10/2012
Robeco US Premium Equities class GH GBP shares 01/10/2012
Robeco Euro Government Bonds class FH EUR shares 01/10/2012
Robeco US Premium Equities class Z EUR shares 10/10/2012
Robeco Asia-Pacific Equities class Z EUR shares 10/10/2012
Robeco Property Equities class Z EUR shares 10/10/2012
Robeco Emerging Debt class Z USD shares 10/10/2012
Robeco European High Yield Bonds class ZH EUR shares 10/10/2012
Robeco Emerging Stars Equities class Z EUR shares 10/10/2012
Deactivation of share classes
Deactivation of share classes
Sub-fund Share class Effective
Robeco US Select Opportunities Equities class IH EUR shares 12/09/2012
Robeco Sovereign Return Bonds class IH EUR shares 11/10/2012
Distributions
Amount
Currency
Ex-dividend
Payment date
per share
date
Robeco Global Value Equities
B EUR shares
1.03 EUR 07/09/2012 14/09/2012
Robeco Global Conservative Equities
B EUR shares 1.17 EUR 07/09/2012 14/09/2012
Robeco Capital Growth Funds 86
Distributions
Amount
Currency
Ex-dividend
Payment date
per share
date
Robeco Emerging Conservative Equities
B EUR shares
1.39 EUR 07/09/2012 14/09/2012
C EUR shares 1.28 EUR 07/09/2012 14/09/2012
Robeco European Conservative Equities
B EUR shares
0.83 EUR 07/09/2012 14/09/2012
C EUR shares 1.04 EUR 07/09/2012 14/09/2012
Robeco Property Equities
B EUR shares
0.19 EUR 07/09/2012 14/09/2012
Robeco High Yield Bonds
BH EUR shares
0.38 EUR 07/09/2012 14/09/2012
BxH USD shares 0.58 USD 05/10/2012 12/10/2012
Robeco Investment Grade Corporate Bonds
BH EUR shares
1.37 EUR 07/09/2012 14/09/2012
Robeco Euro Government Bonds
CH EUR shares 1.07 EUR 07/09/2012 14/09/2012
Robeco Euro Credit Bonds
BH EUR shares 1.28 EUR 07/09/2012 14/09/2012
Robeco All Strategy Euro Bonds
BH EUR shares
0.98 EUR 07/09/2012 14/09/2012
Robeco Euro Sustainable Credits
BH EUR shares
1.29 EUR 07/09/2012 14/09/2012
Robeco Financial Institutions Bonds
BH EUR shares
1.48 EUR 07/09/2012 14/09/2012
Proposed dividends
Amount
Currency
Ex-dividend
Payment date
per share
date
Robeco US Premium Equities
EH GBP shares
4.65 GBP 07/12/2012 14/12/2012
IE GBP shares
5.03 GBP 07/12/2012 14/12/2012
Robeco US Large Cap Equities
IE GBP shares 4.07 GBP 07/12/2012 14/12/2012
Robeco Investment Grade Corporate Bonds
IEH EUR shares
5.61 EUR 07/12/2012 14/12/2012
Robeco High Yield Bonds
EH EUR shares
6.04 EUR 07/12/2012 14/12/2012
IEH EUR shares 6.01 EUR 07/12/2012 14/12/2012
IEH USD shares 6.24 USD 07/12/2012 14/12/2012
0EH EUR shares
5.02 EUR 07/12/2012 14/12/2012
Robeco Euro Government Bonds
EH EUR shares 3.50 EUR 07/12/2012 14/12/2012
Changes to the prospectus
Some changes (effective 27 July 2012 and 1 September 2012) have been made to the Company's prospectus. A letter to
shareholders detailing these changes is available at the Company’s registered office.
Luxembourg, 24 October 2012
The Board of Directors
Paul A.G. van Homelen
Stefan Gordijn
D. Rob van Bommel
Robeco Capital Growth Funds 87
Other data Exchange rates
Exchange rates
30/06/2012 Against EUR x 1
30/06/2011
Against EUR x 1
AED
1 0.2145
1
0.1878
AUD
1 0.8077
1
0.7384
BRL
1 0.3904
1
0.4415
CAD
1 0.7729
1
0.7147
CHF
1 0.8325
1
0.8191
CLP
100 0.1569
100
0.1472
CNY
1 0.1240
1
0.1067
COP
100 0.0442
100
0.0389
CZK
1 0.0392
1
0.0411
DKK
1 0.1345
1
0.1341
EGP
1 0.1301
1
0.1156
GBP
1 1.2359
1
1.1074
HKD
1 0.1016
1
0.0886
HUF
100 0.3500
100
0.3766
IDR
1,000 0.0839
1,000
0.0804
ILS
1 0.2017
1
0.2027
INR
1 0.0141
1
0.0154
JPY
100 0.9876
100
0.8540
KRW
1,000 0.6880
1,000
0.6460
Exchange rates
30/06/2012 Against EUR x 1
30/06/2011
Against EUR x 1
KZT
100 0.5271
100
0.4727
MAD
1 0.0904
1
0.0881
MXN
1 0.0587
1
0.0588
MYR
1 0.2481
1
0.2284
NOK
1 0.1326
1
0.1285
NZD
1 0.6334
1
0.5696
PEN
1 0.2957
1
0.2508
PHP
1 0.0187
1
0.0159
PKR
100 0.8337
100
0.8023
PLN
1 0.2361
1
0.2512
QAR 1 0.2164 1 0.1894
RUB
1 0.0243
1
0.0247
SEK
1 0.1142
1
0.1093
SGD
1 0.6220
1
0.5619
THB
1 0.0248
1
0.0224
TRY
1 0.4357
1
0.4247
TWD
1 0.0264
1
0.0240
USD
1 0.7880
1
0.6897
ZAR
1 0.0963
1
0.1017
Savings directive information The bond sub-funds of the Company are subject to the EU savings directive.
Stock exchange listing Robeco Capital Growth Funds D and DH shares are listed on the Luxembourg Stock Exchange. Global exposure The table below presents an overview of the method used to calculate the global exposure and the highest, lowest and
average level of leverage during the period of 1 July 2011 through 30 June 2012.
Global exposure
Method used to calculate the global exposure
Expected level of leverage
Lowest level of leverage
Highest level of leverage
Average level of leverage
Lowest level of VaR
Highest level of VaR
Average level of VaR
Global Equity sub-funds
Robeco Global Value Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Global Conservative Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Global Stars Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Emerging Stars Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Emerging Markets Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Active Quant Emerging Markets Equities Commitment approach
Not applicable
Not applicable Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Emerging Enhanced Index Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Emerging Conservative Equities Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
SAM Sustainable European Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco European Conservative Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco US Premium Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Chinese Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Indian Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Asian Stars Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Capital Growth Funds 88
Global exposure
Method used to calculate the global exposure
Expected level of leverage
Lowest level of leverage
Highest level of leverage
Average level of leverage
Lowest level of VaR
Highest level of VaR
Average level of VaR
Robeco US Large Cap Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco US Select Opportunities Equities Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
Sector Equity sub-funds
Robeco New World Financial Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Property Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Global Consumer Trends Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Natural Resources Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
SAM Sustainable Agribusiness Equities Commitment approach
Not applicable
Not applicable
Not applicable
Not applicable Not applicable Not applicable Not applicable
Robeco Infrastructure Equities Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
Global Bond sub-funds
Robeco High Yield Bonds Absolute VaR
100%
20%
135%
103% 2.07% 5.85% 3.26%
Robeco Investment Grade Corporate Bonds Absolute VaR
25%
12%
29%
21% 1.67% 2.40% 1.86%
Robeco Global Government Bonds Absolute VaR
150%
27%
94%
64% 5.06% 8.62% 6.49%
Robeco Emerging Debt Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
Regional Bond sub-funds
Robeco Euro Government Bonds Absolute VaR
75%
4%
27%
14% 2.40% 4.97% 3.17%
Robeco Euro Credit Bonds Absolute VaR
50%
35%
55%
48% 1.58% 2.05% 1.82%
Robeco All Strategy Euro Bonds Absolute VaR
100%
28%
80%
48% 1.76% 3.51% 2.45%
Robeco European High Yield Bonds Absolute VaR
25%
3%
38%
31% 1.69% 4.17% 2.73%
Robeco Euro Sustainable Credits Absolute VaR
50%
33%
53%
44% 1.69% 2.19% 1.96%
Robeco Financial Institutions Bonds Absolute VaR 50% 35% 55% 44% 2.27% 4.47% 3.25%
Asset Allocation sub-funds
Robeco GTAA Fund Absolute VaR 325% 279% 1,029% 436% 3.54% 17.56% 9.00%
The VaR used is based on weekly data using Parametric Modeling (using 3 years equally weighted data). The interval is
scaled up to a monthly (20 days) VaR and 99% confidence interval is applied.
Joint interest of directors At 1 July 2011 and at 30 June 2012 the members of the Board of Directors held no interests in investments of the
Company.
Robeco Capital Growth Funds 89
Independent auditor’s report
To the Shareholders of Robeco Capital Growth Funds
69, route d’Esch, L-1470 Luxembourg, Grand Duchy of Luxembourg
We have audited the accompanying financial statements of Robeco Capital Growth Funds and of each of its sub-funds, which comprise
the Statement of net assets and the investment portfolio as at 30 June 2012 and the Statement of operations and changes in net assets
for the year then ended, and the Notes to the financial Statements.
Responsibility of the Board of Directors of the Company for the financial statements
The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in
accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements
and for such internal control as the Board of Directors of the Company determines is necessary to enable the preparation and
presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the “réviseur d’entreprises agréé”
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
International Standards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those
standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the judgement of the “réviseur d’entreprises agréé”, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “réviseur d’entreprises
agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of Robeco Capital Growth Funds and of each of
its sub-funds as of 30 June 2012, and of the results of their operations and changes in their net assets for the year then ended in
accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial
statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to
specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such
information. However, we have no observation to make concerning such information in the context of the financial statements taken as
a whole.
ERNST & YOUNG
Société Anonyme
Cabinet de révision agréé
M. Ferguson
Luxembourg, 24 October 2012
Robeco Capital Growth Funds 90
Historical review
Historical review
Net assets
Number of outstanding shares
Net asset value per share
30/06/12
30/06/11
30/06/10
30/06/12
30/06/11
30/06/10 30/06/12
30/06/11
30/06/10
Global Equity sub-funds
Robeco Global Equities
D EUR
–
–
38,993,179
–
–
1,012,548
–
–
38.51
DH EUR –
–
16,185,609
–
–
216,604
–
–
74.72
Robeco Global Value Equities
B EUR
27,126,124
40,888,731
36,672,359
279,851
444,434
440,394
96.93
92.00
83.27
D EUR 3,122,711
912,116
3,964,897
24,329
7,795
38,999
128.35
117.02
101.67
Robeco Global Conservative Equities B EUR 1,413,715
–
–
12,752
–
–
110.86
–
–
D EUR
1,096,457
–
–
9,695
–
–
113.09
–
–
I EUR
4,624,881
–
–
40,787
–
–
113.39
–
–
Z EUR
534,890
–
–
5,050
–
–
105.92
–
–
I USD 725,709
–
–
6,600
–
–
109.95
–
–
Robeco Global Stars Equities D EUR 62,923,039
68,507,358
24,994,195
467,405
557,338
204,956
134.62
122.92
121.95
I EUR
–
45,711
153,607,619
–
360
1,245,462
–
126.97
123.33
Z EUR 206,321,963
176,958,967
–
2,070,419
1,971,552
–
99.65
89.76
–
Robeco Emerging Stars Equities
D EUR
482,011,805
632,880,711
582,850,902
3,402,031
4,223,441
4,089,993
141.68
149.85
142.51
DL EUR
24,284,129
20,962,133
14,425,159
250,768
204,224
147,397
96.84
102.64
97.87
I EUR
238,231,082
269,137,023
256,665,342
2,374,823
2,551,650
2,582,565
100.32
105.48
99.38
D USD 106,054,409
58,221,736
47,128,378
1,239,399
563,606
571,164
85.57
103.30
82.51
Robeco Emerging Markets Equities
D EUR
1,510,664,172 1,937,194,381
2,010,679,628
11,604,119
13,810,222
15,022,440
130.18
140.27
133.85
I EUR
445,487,347
657,627,287
578,049,940
1,959,932
2,697,079
2,496,358
227.30
243.83
231.56
M EUR
17,256,574
32,744,380
39,508,387
175,849
308,162
387,921
98.13
106.26
101.85
Z EUR
93,994,095
99,242,332
72,850,903
853,818
850,743
665,361
110.09
116.65
109.49
D USD 113,006,042
120,714,951
84,424,776
909,434
792,682
685,600
124.27
152.29
123.14
I USD
182,186,648
248,528,744
128,524,776
1,970,921
2,204,404
1,416,110
92.44
112.74
90.76
J USD
169,902,003
184,075,229
23,473,822
1,786,090
1,591,377
252,466
95.13
115.67
92.98
Robeco Active Quant Emerging Markets D EUR 42,823,101
33,235,460
5,210,948
344,619
255,498
45,723
124.26
130.08
113.97
Equities
DL EUR
–
–
60,455
–
–
500
–
–
120.91
I EUR
184,912,880
14,639,276
6,395,604
1,446,251
110,176
55,345
127.86
132.87
115.56
Z EUR
44,561,855
31,883,337
–
454,420
315,000
–
98.06
101.22
–
D USD 47,415,386
5,933,506
–
510,099
53,372
–
92.96
111.17
–
Robeco Emerging Enhanced Index Equities I USD 133,697,956
–
–
1,466,495
–
–
91.17
–
–
Robeco Emerging Conservative Equities
B EUR
274,112,497
32,757,441
–
2,572,970
324,912
–
106.54
100.82
–
D EUR
8,248,076
1,161,138
–
71,890
11,307
–
114.73
102.69
–
I EUR
133,399,014
2,983,432
–
1,155,643
29,000
–
115.43
102.88
–
Z EUR 176,998
–
–
1,740
–
–
101.73
–
–
Robeco All Weather Global Equities D EUR –
–
2,036,891
–
–
25,190
–
–
80.86
I EUR –
–
4,167,821
–
–
50,000
–
–
83.36
Regional & Country Equity sub-funds
Robeco Asia-Pacific Equities
D EUR
773,418,615
707,665,339
660,026,019
8,725,727
8,395,769
8,436,934
88.64
84.29
78.23
D USD 2,258,765
1,593,318
575,376
19,887
12,914
5,956
113.58
123.38
96.60
SAM Sustainable European Equities D EUR 369,150,593
540,035,008
409,981,253
12,083,270 15,860,284
14,398,865
30.55
34.05
28.47
I EUR 51,382,636
14,652,262
9,798,928
458,962
118,174
95,104
111.95
123.99
103.03
Robeco European Stars Equities D EUR –
–
23,793,981
–
–
387,638
–
–
61.38
Robeco European Conservative Equities
B EUR
83,272,392
61,929,097
45,110,774
1,061,193
750,342
605,180
78.47
82.53
74.54
D EUR
4,978,380
4,194,494
63,677
47,372
39,513
691
105.09
106.16
92.11
I EUR
28,639,886
1,207,444
975,751
294,511
12,351
11,560
97.25
97.76
84.41
Z EUR 445,060
–
–
4,288
–
–
103.79
–
–
Robeco European MidCap Equities D EUR –
–
142,662,766
–
–
2,098,156
–
–
67.99
Robeco Active Quant European Equities
D EUR
–
–
1,723,924
–
–
22,969
–
–
75.05
DL EUR
–
–
44,853
–
–
500
–
–
89.71
I EUR
–
–
3,810,315
–
–
50,000
–
–
76.21
Robeco US Premium Equities D EUR 267,377,285
405,803,790
297,876,670
1,633,114
2,797,242
2,198,828
163.72
145.07
135.47
DH EUR
388,186,970
411,814,901
341,628,023
3,441,027
3,571,909
3,724,591
112.81
115.29
91.72
I EUR
95,062,254
54,218,745
30,215,864
677,602
439,987
264,647
140.29
123.23
114.17
IH EUR
301,796,182
347,273,590
250,794,516
2,526,378
2,867,430
2,628,439
119.46
121.11
95.42
MH EUR
48,927,617
67,908,551
147,903,467
454,000
613,489
1,672,779
107.77
110.69
88.42
D USD
2,151,785,879
2,108,611,602
877,342,365
17,182,979
16,633,511
8,774,374
125.23
126.77
99.99
Robeco Capital Growth Funds 91
Historical review
Net assets
Number of outstanding shares
Net asset value per share
30/06/12
30/06/11
30/06/10
30/06/12
30/06/11
30/06/10 30/06/12
30/06/11
30/06/10
I USD
1,330,959,337
1,612,584,969
973,365,263
10,015,875
12,093,287
9,335,589
132.88
133.35
104.26
M USD
85,841,973
247,972,871
60,350,030
750,373
2,130,685
654,118
114.40
116.38
92.26
EH GBP
66,403,747
58,670,968
11,479,434
500,072
414,991
102,217
132.79
141.38
112.30
IE GBP 129,519,915
98,094,729
49,921,735
901,854
680,975
405,813
143.62
144.05
123.02
Robeco Chinese Equities
D EUR
460,797,299
500,122,610
467,356,162
9,299,769
9,538,598
8,919,403
49.55
52.43
52.40
I EUR
15,029,438
61,988,782
2,345,396
170,860
668,976
20,279
87.96
92.66
115.65
D USD
38,176,203
39,149,395
50,079,244
377,077
319,849
484,591
101.24
122.40
103.34
I USD 37,210,289
46,998,450
32,579,960
418,199
438,960
362,095
88.97
107.07
89.98
Robeco Indian Equities
D EUR
9,013,909
9,142,153
–
109,683
100,377
–
82.18
91.08
–
I EUR
6,223,067
6,862,247
–
75,016
75,016
–
82.96
91.48
–
D USD 522,590
50,905
–
6,500
500
–
80.39
101.81
–
Robeco Asian Stars Equities D EUR 6,553,012
10,712,864
–
61,110
104,565
–
107.23
102.45
–
Robeco European Dividend Extension B EUR –
–
3,725,838
–
–
54,213
–
–
68.73
Robeco US Large Cap Equities
D EUR
51,221,987
31,870,641
224,539
381,637
277,480
2,079
134.22
114.86
108.02
DH EUR
140,630,481
199,514,410
174,125,945
4,248,940
6,107,583
6,766,555
33.10
32.67
25.73
IE GBP
2,287,876
–
–
19,686
–
–
116.22
–
–
D USD
79,827,031
16,978,499
336,053
779,617
169,622
4,274
102.39
100.10
78.63
I USD 206,020,114
161,456,327
46,037
1,695,997
1,368,912
500
121.47
117.95
92.07
Robeco US Select Opportunities Equities DH EUR 3,586,934
–
–
31,601
–
–
113.51
–
–
IH EUR
1,670,682
–
–
14,670
–
–
113.88
–
–
D USD
13,042,835
–
–
114,186
–
–
114.22
–
–
I USD 29,777,739
–
–
258,868
–
–
115.03
–
–
Theme Equity sub-funds
Robeco New World Financial Equities
D EUR
57,389,720
83,020,944
57,394,646
1,898,765
2,569,384
1,806,346
30.22
32.31
31.77
Z EUR 40,081,187
101,136,024
68,223,932
500,000
1,200,000
837,000
80.16
84.28
81.51
Robeco Health & Wellness Equities
D EUR
–
–
83,646,275
–
–
1,931,572
–
–
43.30
Z EUR
–
–
75,518,642
–
–
714,176
–
–
105.74
D USD –
–
48,114
–
–
515
–
–
93.39
Robeco Property Equities
B EUR
47,806,387
45,000,248
12,940,196
3,289,258
3,370,544
1,038,528
14.53
13.35
12.46
D EUR
247,323,923
302,392,681
175,893,091
2,360,171
3,304,756
2,165,152
104.79
91.50
81.24
I EUR
76,682,184
51,499,897
52,958,025
727,973
563,757
657,419
105.34
91.35
80.55
D USD
–
52,121
–
–
500
–
–
104.24
–
M USD 52,074
–
–
466
–
–
111.80
–
–
Robeco Global Consumer Trends Equities
D EUR
318,879,935
244,498,252
110,946,398
3,691,174
3,102,793
1,721,137
86.39
78.80
64.46
I EUR
20,019,435
–
–
166,822
–
–
120.00
–
–
M EUR
1,041,295
2,813,824
–
8,765
25,841
–
118.80
108.89
–
Z EUR
188,146,781
123,423,339
124,754,639
1,080,356
790,000
992,500
174.15
156.23
125.70
D USD
30,463,660
3,186,606
–
274,627
27,570
–
110.93
115.58
–
M USD 52,738
–
–
500
–
–
105.47
–
–
Robeco Natural Resources Equities
D EUR
41,740,931
89,943,362
89,419,079
504,365
899,153
1,076,675
82.76
100.03
83.05
Z EUR
96,117,515
192,544,644
186,450,035
1,237,266
2,084,445
2,471,687
77.69
92.37
75.43
D USD
–
49,789
–
–
500
–
–
99.58
–
M USD 35,921
–
–
382
–
–
94.13
–
–
SAM Sustainable Agribusiness Equities
D EUR
43,854,721
50,430,987
41,038,702
408,629
462,814
460,994
107.32
108.97
89.02
I EUR
75,752,320
91,263,546
117,945,669
687,610
821,487
1,308,315
110.17
111.10
90.15
D USD 740,121
979,430
–
8,420
9,592
–
87.91
102.11
–
Robeco Infrastructure Equities
D EUR
28,656,710
59,046,829
40,962,188
266,757
486,076
404,253
107.43
121.48
101.33
I EUR 140,951,137
170,619,806
137,533,497
1,277,251
1,376,593
1,339,314
110.36
123.94
102.69
Global Bond sub-funds
Robeco Global Bonds
BH EUR
–
–
461,343,234
–
–
4,860,583
–
–
94.92
DH EUR
–
–
42,170,643
–
–
581,478
–
–
72.52
EH EUR
–
–
3,078,877
–
–
33,023
–
–
93.24
Robeco High Yield Bonds BH EUR 413,449,735
379,432,283
227,344,711
17,174,894 15,674,396
10,143,295
24.07
24.21
22.41
DH EUR
340,656,704
340,624,384
233,795,928
3,293,197
3,476,955
2,735,309
103.44
97.97
85.47
EH EUR
43,213,137
34,267,290
4,330,656
429,031
336,753
42,412
100.72
101.76
102.11
IH EUR
647,437,543
535,652,187
633,501,358
4,208,478
3,697,875
5,043,337
153.84
144.85
125.61
IEH EUR
25,202,386
–
–
251,565
–
–
100.18
–
–
ZH EUR
69,508,737
66,316,768
110,796,481
494,709
504,221
976,500
140.50
131.52
113.46
0DH EUR
35,301,233
156,073,630
–
325,483
1,461,818
–
108.46
106.77
–
0EH EUR
3,283,052
142,748,735
–
32,665
1,423,564
–
100.51
100.28
–
0IH EUR
34,721,879
44,332,174
–
331,864
432,941
–
104.63
102.40
–
Robeco Capital Growth Funds 92
Historical review
Net assets
Number of outstanding shares
Net asset value per share
30/06/12
30/06/11
30/06/10
30/06/12
30/06/11
30/06/10 30/06/12
30/06/11
30/06/10
DH CHF
22,598,877
–
–
220,925
–
–
102.29
–
–
DH USD
16,985,835
4,053,936
–
159,569
40,199
–
106.45
100.85
–
0DH USD
28,460,448
59,948,637
–
282,254
604,649
–
100.84
99.14
–
IH USD
755,432,762
1,051,242,908
819,443,476
4,225,328
6,251,951
5,645,310
178.78
168.15
145.15
IEH USD
16,374,478
–
–
157,352
–
–
104.06
–
–
0IH USD
308,337,788
5,282,610
–
3,008,646
52,752
–
102.49
100.14
–
Robeco Investment Grade Corporate Bonds BH EUR 645,601,255
475,662,010
526,017,638
6,069,189
4,505,741
4,829,502
106.37
105.57
108.92
DH EUR
145,907,645
7,517,748
8,384,609
1,200,596
65,551
74,510
121.53
114.69
112.53
IH EUR
469,464,161
301,162,386
163,450,267
3,688,620
2,519,995
1,400,363
127.27
119.51
116.72
IEH EUR
45,333,951
91,077,919
34,941,361
404,395
822,449
307,392
112.10
110.74
113.67
IHHI EUR
10,314,839
5,562,134
2,751,215
92,363
51,800
27,000
111.68
107.38
101.90
ZH EUR
160,833,019
–
–
1,607,988
–
–
100.02
–
–
Robeco Global Government Bonds IH EUR 27,555,759
25,727,422
26,057,090
250,001
250,000
250,000
110.22
102.91
104.23
I USD –
76,275
71,154
–
696
696
–
109.59
102.23
Robeco Emerging Debt
D EUR
99,285,761
49,471,356
–
1,017,360
500,077
–
97.59
98.93
–
I USD 49,333
49,492
–
500
500
–
98.67
98.99
–
Robeco Strategic Income Fund
D EUR
–
–
5,906,104
–
–
58,709
–
–
100.60
I EUR
–
–
700,411
–
–
6,911
–
–
101.35
Z EUR –
–
116,696,707
–
–
1,176,761
–
–
99.17
Regional Bond sub-funds
Robeco Euro Bonds
BH EUR
–
–
619,052,932
–
–
26,242,770
–
–
23.59
DH EUR
–
–
11,088,023
–
–
97,697
–
–
113.49
DHHI EUR
–
–
6,295,263
–
–
60,170
–
–
104.62
IH EUR
–
–
67,505,247
–
–
585,365
–
–
115.32
10DH EUR
–
–
17,414,002
–
–
156,840
–
–
111.03
40DH EUR –
–
13,972,672
–
–
65,936
–
–
211.91
Robeco Euro Government Bonds
CH EUR
191,062,735
7,847,591
–
1,820,204
77,920
–
104.97
100.71
–
DH EUR
33,505,402
29,528,710
30,860,170
267,443
253,731
260,962
125.28
116.38
118.26
EH EUR
16,235,812
–
–
162,272
–
–
100.05
–
–
IH EUR
147,527,805
213,570,527
332,955,792
1,128,168
1,763,924
2,717,552
130.77
121.08
122.52
ZH EUR 184,171,760
382,289,141
388,372,870
1,409,715
3,172,614
3,196,535
130.64
120.50
121.50
Robeco Euro Credit Bonds
BH EUR
3,574,181
–
–
36,161
–
–
98.84
–
–
DH EUR
121,601,086
110,914,085
62,978,287
1,068,674
1,032,140
610,767
113.79
107.46
103.11
IH EUR
106,361,356
130,620,946
82,904,064
895,464
1,169,419
776,799
118.78
111.70
106.73
ZH EUR 290,835,018
272,291,157
296,860,144
2,357,296
2,357,007
2,700,599
123.38
115.52
109.92
Robeco All Strategy Euro Bonds
BH EUR
803,551,758 1,009,753,336
–
8,467,480
10,881,713
–
94.90
92.79
–
DH EUR
40,852,691
73,131,652
25,722,133
554,234
1,056,126
368,731
73.71
69.25
69.76
DHHI EUR
3,097,813
6,995,552
–
29,703
69,065
–
104.29
101.29
–
IHHI EUR
37,975,966
–
–
362,479
–
–
104.77
–
–
10DH EUR
50,283,563
32,065,458
–
442,565
323,732
–
113.62
99.05
–
40DH EUR
194,723
8,666,961
–
1,101
89,181
–
176.87
97.18
–
40IH EUR
25,656,740
–
–
207,273
–
–
123.78
–
–
IH EUR
506,813,014
515,808,817
496,000,154
4,125,783
4,489,243
4,311,382
122.84
114.90
115.04
ZH EUR 535,203,419
658,752,191
1,399,229,847
4,276,247
5,651,491
12,033,907
125.16
116.56
116.27
Robeco European High Yield Bonds
DH EUR
7,514,556
4,239,266
471,806
51,546
30,576
3,821
145.78
138.64
123.49
IH EUR 50,084,582
47,488,916
41,829,356
329,658
330,616
328,852
151.93
143.64
127.20
Robeco Euro Medium Term Bonds
BH EUR
–
–
294,533,501
–
–
15,846,512
–
–
18.59
Robeco Euro Sustainable Credits BH EUR 1,402,641
294,951
49,768
14,076
2,970
500
99.64
99.31
99.54
DH EUR
2,614,371
795,643
53,216
24,337
7,814
535
107.42
101.82
99.54
IH EUR 26,651,713
30,391,996
9,859,543
245,800
297,000
99,000
108.43
102.33
99.59
Robeco Financial Institutions Bonds
BH EUR
68,974,138
17,602,562
–
740,621
178,454
–
93.13
98.64
–
DH EUR
49,460
49,324
–
500
500
–
98.92
98.65
–
IH EUR 5,566,434
4,836,486
–
56,000
49,000
–
99.40
98.70
–
Asset Allocation sub-funds
Robeco GTAA Fund
D EUR
92,127
87,216
44,743
935
936
500
98.51
93.17
89.49
I EUR
50,610
47,543
44,809
500
500
500
101.22
95.09
89.62
Z EUR 38,208,680
35,541,319
20,418,381
369,847
369,847
227,380
103.31
96.10
89.80
Robeco Capital Growth Funds 93
Spread of net assets by country and currency *
As at 30 June 2012
Robeco
Robeco
Robeco
Robeco
Robeco
Global Value
Global Conservative
Global Stars
Emerging Stars
Emerging Markets
Equities
Equities
Equities
Equities
Equities
Country
Currency
Country
Currency
Country
Currency
Country
Currency
Country
Currency
America
Brazil BRL
–
–
5.8
3.5
–
–
10.6
6.5
13.2
5.5
Canada CAD
0.6
0.6
7.3
9.0
–
4.8
0.9
1.0
0.2
0.2
Colombia COP
–
–
0.6
–
–
–
–
–
–
–
Mexico MXN
–
–
0.5
0.5
–
–
–
–
2.9
0.1
Panama USD
–
–
–
–
–
–
2.9
–
0.4
–
Peru PEN
–
–
–
–
–
–
–
–
0.6
–
United States of America USD
58.3
59.1
40.6
43.9
38.2
54.6
–
22.9
–
21.6
58.9
59.7
54.8
56.9
38.2
59.4
14.4
30.4
17.3
27.4
Europe
Euro zone
Belgium EUR
–
–
0.3
–
1.7
–
–
–
–
–
Finland EUR
–
–
0.5
–
–
–
–
–
–
–
France EUR
3.0
–
1.0
–
6.7
–
–
–
–
–
Germany EUR
4.9
–
0.8
–
5.4
–
–
–
–
–
Ireland EUR
1.6
–
–
–
5.5
–
–
–
–
–
Italy EUR
–
–
0.7
–
–
–
–
–
–
–
Netherlands EUR
0.3
–
–
–
7.5
–
–
–
–
–
Spain EUR
–
–
0.5
–
–
–
–
–
–
–
Euro-countries EUR
–
8.7
–
–3.5
–
11.4
–
–0.1
–
–0.2
9.8
8.7
3.8
–3.5
26.8
11.4
–
–0.1
–
–0.2
Others
Czech Republic EUR
–
–
0.3
0.3
–
–
–
–
–
–
Denmark DKK
–
–
0.3
0.3
–
–
–
–
–
–
Kazakhstan KZT
–
–
–
–
–
1.3
–
–
0.2
–
Norway NOK
–
0.1
0.4
0.4
–
0.2
–
–
–
–
Russian Federation RUB
–
–
–
–
–
–
11.7
–
8.1
0.2
Sweden SEK
–
–
0.4
0.5
–
0.4
–
–
–
–
Switzerland CHF
3.9
4.0
1.5
1.5
5.9
3.6
–
–
–
–
Turkey TRY
–
–
–
–
–
–
3.9
3.9
2.9
2.9
United Kingdom GBP
17.0
17.0
6.5
9.2
14.1
9.7
–
–
0.2
0.2
20.9
21.1
9.4
12.2
20.0
15.2
15.6
3.9
11.4
3.3
Asia
China CNY
0.6
–
–
–
–
–
19.6
–
20.2
0.8
Hong Kong HKD
2.7
3.3
2.0
2.2
–
1.2
0.1
18.9
0.7
19.6
India INR
–
–
–
–
–
–
3.1
2.2
5.6
4.9
Indonesia IDR
–
–
–
–
–
–
2.1
2.1
2.8
2.8
Japan JPY
4.0
4.1
6.1
7.2
2.9
8.4
–
–
–
–
Malaysia MYR
–
–
3.8
3.8
–
–
–
–
1.6
1.6
Singapore SGD
0.7
0.7
0.6
0.6
–
0.8
2.2
2.2
1.1
1.3
South Korea KRW
0.7
–
0.5
0.5
–
–
27.5
25.7
19.7
18.1
Taiwan TWD
0.8
0.8
3.0
3.0
–
–
8.9
9.2
10.2
10.6
Thailand THB
–
–
1.6
1.5
–
–
5.5
5.5
3.5
3.4
9.5
8.9
17.6
18.8
2.9
10.4
69.0
65.8
65.4
63.1
Australia
Australia AUD
1.5
1.6
6.7
7.8
–
3.6
–
–
–
–
New Zealand NZD
–
–
0.6
0.6
–
–
–
–
–
–
1.5
1.6
7.3
8.4
–
3.6
–
–
–
–
Africa
South Africa ZAR
–
–
6.6
7.2
–
–
–
–
6.4
6.4
–
–
6.6
7.2
–
–
–
–
6.4
6.4
Other assets and liabilities
–0.6
–
0.5
–
12.1
–
1.0
–
–0.5
–
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
* If applicable the spread by country of the equity funds includes the exposure in derivatives except for forward exchange transactions. The spread by currency includes the exposure in forward exchange transactions.
Robeco Capital Growth Funds 94
Spread of net assets by country and currency*
As at 30 June 2012
Robeco
Robeco
Robeco
Robeco
SAM
Active Quant Emerging
Emerging Enhanced Index
Emerging Conservative
Asia-Pacific
Sustainable European
Markets Equities
Equities
Equities
Equities
Equities
Currency
Country
Currency
Country
Currency
Country
Currency
Country
Currency
Country
Currency
America
Brazil BRL
15.1
4.5
13.2
3.7
17.1
11.7
–
–
–
–
Chili CLP
0.2
–
2.1
1.3
1.5
1.0
–
–
–
–
Colombia COP
0.9
–
1.3
0.4
1.7
0.2
–
–
–
–
Mexico MXN
3.2
0.4
4.9
2.0
2.7
1.3
–
–
–
–
Peru PEN
–
–
0.8
–
–
–
–
–
–
–
United States of America USD
1.0
33.5
–
20.6
–
11.8
–
12.2
–
–
20.4
38.4
22.3
28.0
23.0
26.0
–
12.2
–
–
Europe
Euro zone
France EUR
–
–
–
–
–
–
–
–
14.5
–
Germany EUR
–
–
–
–
–
–
–
–
20.2
–
Italy EUR
–
–
–
–
–
–
–
–
11.1
–
Netherlands EUR
–
–
–
–
–
–
–
–
3.9
–
Spain EUR
–
–
–
–
–
–
–
–
0.9
–
Euro-countries EUR
–
–
–
–0.1
–
0.4
–
–3.1
44.9
–
–
–
–0.1
–
0.4
–
–3.1
50.6
44.9
Others
Chech Republic CZK
0.4
0.4
0.2
0.2
1.3
1.2
–
–
–
–
Norway NOK
–
–
–
–
–
–
–
–
3.5
3.5
Poland PLN
1.0
1.0
1.5
1.8
1.1
1.2
–
–
–
–
Hungary HUF
0.4
0.4
0.3
0.3
0.5
0.5
–
–
–
–
Russian Federation RUB
6.1
–
5.7
–
–
–
–
–
–
–
Switzerland CHF
–
–
–
–
–
–
–
–
14.9
14.9
Turkey TRY
1.5
1.0
1.8
1.8
1.1
1.2
–
–
–
–
United Kingdom GBP
–
–
–
–
–
–
1.3
1.3
26.3
34.8
9.4
2.8
9.5
4.1
4.0
4.1
1.3
1.3
44.7
53.2
Asia
China CNY
19.6
–
17.9
–
8.3
–
10.6
0.6
–
–
Hong Kong HKD
–
14.5
–
18.1
–
7.3
4.7
13.0
–
–
India INR
5.9
5.2
6.3
6.4
2.3
2.2
1.7
1.7
–
–
Indonesia IDR
1.2
1.2
2.8
2.8
2.8
2.8
1.4
1.4
–
–
Israel ILS
–
–
–
–
–
–
–
–
1.9
1.9
Japan JPY
–
–
–
–
–
–
40.0
35.3
–
–
Malaysia MYR
2.6
2.6
3.8
3.8
8.6
8.6
1.3
1.3
–
–
Pakistan PKR
0.2
0.2
–
–
1.3
1.3
0.7
0.7
–
–
Philippines PHP
–
–
0.7
0.7
1.0
1.0
–
–
–
–
Republic of Korea KRW
14.9
13.6
15.0
15.0
5.4
5.4
10.3
10.8
–
–
Singapore SGD
–
–
–
–
–
–
3.7
4.3
–
–
Taiwan TWD
10.0
8.6
10.8
11.1
15.1
15.4
6.8
7.5
–
–
Thailand THB
4.1
3.7
2.0
2.0
9.0
9.0
2.5
2.5
–
–
United Arab Emirates AED
0.5
0.5
–
–
0.2
0.3
–
–
–
–
59.0
50.1
59.3
59.9
54.0
53.3
83.7
79.1
1.9
1.9
Australia
Australia AUD
–
–
–
–
–
–
11.7
8.7
–
–
New Zealand NZD
–
–
–
–
–
–
1.8
1.8
–
–
–
–
–
–
–
–
13.5
10.5
–
–
Africa
Egypt EGP
0.3
–
0.3
0.2
0.2
0.1
–
–
–
–
Morocco MAD
–
–
–
–
0.2
0.2
–
–
–
–
South Africa ZAR
9.3
8.7
8.3
7.9
16.9
15.9
–
–
–
–
9.6
8.7
8.6
8.1
17.3
16.2
–
–
–
–
Other assets and liabilities
1.6
–
0.3
–
1.7
–
1.5
–
2.8
–
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
* If applicable the spread by country of the equity funds includes the exposure in derivatives except for forward exchange transactions. The spread by currency includes the exposure in forward exchange transactions.
Robeco Capital Growth Funds 95
Spread of net assets by country and currency*
As at 30 June 2012
Robeco
Robeco
Robeco
Robeco
Robeco
European Conservative
US Premium
Chinese
Indian
Asian Stars
Equities
Equities
Equities
Equities
Equities
Currency
Country
Currency
Country
Currency
Country
Currency
Country
Currency
Country
Currency
America
Canada CAD
– –
0.3
–
–
–
–
–
–
–
United States of America USD
– –
93.2
98.1
–
1.7
–
0.2
–
10.9
– –
93.5
98.1
–
1.7
–
0.2
–
10.9
Europe
Euro zone
Austria EUR
1.4 –
–
–
–
–
–
–
–
–
Belgium EUR
4.4 –
–
–
–
–
–
–
–
–
Finland EUR
2.5 –
–
–
–
–
–
–
–
–
France EUR
9.5 –
0.5
–
–
–
–
–
–
–
Germany EUR
6.0 –
–
–
–
–
–
–
–
–
Italy EUR
4.0 –
–
–
–
–
–
–
–
–
Netherlands EUR
4.7 –
1.4
–
–
–
–
–
–
–
Portugal EUR
0.9 –
–
–
–
–
–
–
–
–
Spain EUR
2.8 –
–
–
–
–
–
–
–
–
Euro-countries EUR
– 36.4
–
1.9
–
0.1
–
–0.4
–
1.2
36.2 36.4
1.9
1.9
–
0.1
–
–0.4
–
1.2
Others
Chech Republic
CZK
1.3 1.4
–
–
–
–
–
–
–
–
Denmark DKK
4.0 4.0
–
–
–
–
–
–
–
–
Hungary HUF
0.2 0.2
–
–
–
–
–
–
–
–
Norway NOK
2.9 2.9
–
–
–
–
–
–
–
–
Poland PLN
1.0 1.1
–
–
–
–
–
–
–
–
Sweden SEK
4.9 5.0
0.5
–
–
–
–
–
–
–
Switzerland CHF
8.4 8.4
–
–
–
–
–
–
–
–
Turkey TRY
1.1 1.1
–
–
–
–
–
–
–
–
United Kingdom GBP
39.2 39.5
1.5
–
–
–
–
–
–
–
63.0 63.6
2.0
–
–
–
–
–
–
–
Asia
China CNY
– –
–
–
95.1
6.4
–
–
26.5
–
Hong Kong HKD
– –
–
–
3.1
91.8
–
–
5.4
29.2
India INR
– –
–
–
–
–
98.0
100.2
2.8
–
Indonesia IDR
– –
–
–
–
–
–
–
2.2
2.2
Malaysia MYR
– –
–
–
–
–
–
–
2.3
2.3
Pakistan PKR
– –
–
–
–
–
–
–
2.2
2.2
Philippines PHP
– –
–
–
–
–
–
–
2.1
2.1
Republic of Korea KRW
– –
–
–
–
–
–
–
20.3
20.3
Singapore SGD
– –
–
–
–
–
–
–
9.7
10.6
Taiwan TWD
– –
–
–
–
–
–
–
12.9
12.9
Thailand THB
– –
–
–
–
–
–
–
6.1
6.1
– –
–
–
98.2
98.2
98.0
100.2
92.5
87.9
Other assets and liabilities
0.8 – 2.6
–
1.8
–
2.0
–
7.5
–
100.0 100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
* If applicable the spread by country of the equity funds includes the exposure in derivatives except for forward exchange transactions. The spread by currency includes the exposure in forward exchange transactions.
Robeco Capital Growth Funds 96
Spread of net assets by country and currency*
As at 30 June 2012
Robeco
Robeco
Robeco
Robeco
Robeco
US Large Cap
US Select Opportunities
New World Financial
Property
Global Consumer Trends
Equities
Equities
Equities
Equities
Equities
Currency
Country
Currency
Country
Currency
Country
Currency
Country
Currency
Country
Currency
America
Brazil BRL
–
–
–
–
0.6
1.2
2.0
2.0
–
–
Canada CAD
–
–
0.9
–
3.3
8.0
2.8
2.7
–
–
United States of America USD
92.4
96.6
96.5
99.4
26.9
35.8
43.9
47.3
56.0
57.3
92.4
96.6
97.4
99.4
30.8
45.0
48.7
52.0
56.0
57.3
Europe
Euro zone
Belgium EUR
0.9
–
–
–
1.4
–
–
–
1.8
–
France EUR
1.0
–
–
–
3.2
–
4.0
–
2.8
–
Germany EUR
–
–
–
–
2.2
–
0.6
–
4.8
–
Ireland EUR
–
–
0.6
–
0.7
–
–
–
–
–
Italy EUR
–
–
–
–
3.4
–
0.3
–
1.4
–
Netherlands EUR
1.5
–
–
–
8.4
–
1.4
–
1.7
–
Portugal EUR
–
–
–
–
–
–
–
–
1.5
–
Spain EUR
–
–
–
–
3.9
–
–
–
1.9
–
Euro-countries EUR
–
3.4
–
0.6
–
0.8
–
7.1
–
20.8
3.4
3.4
0.6
0.6
23.2
0.8
6.3
7.1
15.9
20.8
Others
Norway NOK
–
–
–
–
1.1
0.3
1.0
0.5
–
–
Russian Federation RUB
–
–
–
–
1.5
–
–
–
–
–
Sweden SEK
–
–
–
–
0.9
1.6
1.3
1.0
–
–
Switzerland CHF
–
–
–
–
3.0
2.5
–
1.2
4.1
4.1
Turkey TRY
–
–
–
–
5.4
5.0
–
–
–
–
United Kingdom GBP
1.1
–
–
–
10.9
7.3
4.7
4.1
8.2
8.2
1.1
–
–
–
22.8
16.7
7.0
6.8
12.3
12.3
Asia
China
CNY
–
–
–
–
2.9
–
–
–
5.9
–
Hong Kong HKD
–
–
–
–
1.4
3.7
8.8
9.1
1.4
5.9
India IND
–
–
–
–
1.9
1.8
–
–
–
–
Indonesia IDR
–
–
–
–
1.4
1.3
0.7
0.7
–
–
Japan JPY
–
–
–
–
5.9
7.6
10.4
11.4
–
–
Republic of Korea KRW
–
–
–
–
0.7
0.6
–
–
3.7
3.7
Singapore SGD
–
–
–
–
0.7
1.8
5.8
4.4
–
–
Taiwan TWD
–
–
–
–
0.5
0.4
–
–
–
–
Thailand THB
–
–
–
–
0.5
0.4
–
–
–
–
United Arab Emirates AED
–
–
–
–
0.7
0.6
–
–
–
–
–
–
–
–
16.6
18.2
25.7
25.6
11.0
9.6
Australia
Australia AUD
–
–
–
–
1.5
7.9
8.3
8.3
–
–
New Zealand NZD
–
–
–
–
–
–
–
0.2
–
–
–
–
–
–
1.5
7.9
8.3
8.5
–
–
Africa
Nigeria USD
–
–
–
–
1.4
–
–
–
–
–
Qatar QAR
–
–
–
–
0.5
11.4
–
–
–
–
–
–
–
–
1.9
11.4
–
–
–
–
Other assets and liabilities
3.1
–
2.0
–
3.2
–
4.0
–
4.8
–
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
* If applicable the spread by country of the equity funds includes the exposure in derivatives except for forward exchange transactions. The spread by currency includes the exposure in forward exchange transactions.
Robeco Capital Growth Funds 97
Spread of net assets by country and currency*
As at 30 June 2012
Robeco
SAM Sustainable
Robeco
Robeco
Natural Resources
Agribusiness
Infrastructure
GTAA
Equities
Equities
Equities
Fund
Currency
Country
Currency
Country
Currency
Country
Currency
Country
Currency
America
Brazil BRL
–
–
5.0
1.3
–
–
–
–
Canada CAD
41.7
39.3
12.9
11.3
–
–
–
–
Chile CLP
–
–
0.9
–
–
–
–
–
United States of America USD
32.5
84.9
45.0
53.1
41.5
42.5
61.7
1.5
74.2
124.2
63.8
65.7
41.5
42.5
61.7
1.5
Europe
Euro zone
Finland EUR
–
–
–
–
0.6
–
–
–
France EUR
3.9
–
–
–
4.8
–
–
–
Germany EUR
–
–
7.0
–
4.6
–
160.7
–
Ireland EUR
–
–
–
–
3.0
–
–
–
Italy EUR
–
–
–
–
1.7
–
–
–
Luxembourg EUR
–
–
2.8
–
–
–
–
–
Netherlands EUR
8.8
–
3.2
–
4.7
–
–
–
Euro-countries EUR
–
–10.2
–
17.1
–
21.5
–
97.5
12.7
–10.2
13.0
17.1
19.4
21.5
160.7
97.5
Others
Denmark DKK
–
–
–
–
0.5
0.5
–
–
Norway NOK
–
–0.9
7.0
7.0
–
–
–
–
Russian Federation RUB
–
–
–
–
0.9
–
–
–
Sweden SEK
–
–
–
–
3.2
3.2
–
–
Switzerland CHF
–
–
3.4
2.7
4.2
4.3
–
–
United Kingdom GBP
1.8
2.4
–
–
9.8
9.9
–
–
1.8
1.5
10.4
9.7
18.6
17.9
–
–
Asia
China CNY
–
–
2.7
–
3.1
–
–
–
Hong Kong HKD
–
–0.7
0.5
3.2
–
3.1
–
–
Japan JPY
–
–2.2
2.0
2.0
9.1
9.2
25.1
1.0
Singapore SGD
–
–
2.3
2.3
5.8
5.8
144.3
–
–
–2.9
7.5
7.5
18.0
18.1
169.4
1.0
Australia
Australia AUD
4.5
–7.1
–
–
–
–
–
–
4.5
–7.1
–
–
–
–
–
–
Africa
South Africa ZAR
–
–5.5
–
–
–
–
–
–
–
–5.5
–
–
–
–
–
–
Other assets and liabilities
6.8
–
5.3
–
2.5
–
–291.8
–
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
* If applicable the spread by country of the equity funds includes the exposure in derivatives except for forward exchange transactions. The spread by currency includes the exposure in forward exchange transactions.
Robeco Capital Growth Funds 98
Spread of net assets by country and currency*
As at 30 June 2012
Robeco
Robeco
Robeco
Robeco
High Yield
Investment Grade
Global Government
Emerging
Bonds
Corporate Bonds
Bonds
Debt
Country
Currency
Country
Currency
Country
Currency
Country
Currency
Long term investments
America
US dollar
50.2
0.9
–
–
22.8
20.5
26.6
16.8
Canadian dollar
–
–
–
–
6.6
5.7
–
–
Mexican Peso
–
–
–
–
–
2.1
5.8
11.8
Chilean Peso
–
–
–
–
–
4.0
–
–
Brazilian Real
–
–
–
–
–
–
6.9
15.5
Colombian Peso
–
–
–
–
–
–
2.5
4.1
50.2
0.9
–
–
29.4
32.3
41.8
48.2
Europe
Euro
27.1
99.0
92.4
100.0
27.0
23.1
2.8
–6.5
British pound
6.7
0.1
–
–
8.1
6.8
–
–
Polish Zloty
–
–
–
–
–
–
6.0
6.9
Turkish Lira
–
–
–
–
–
–
8.3
7.8
Hungarian Forint
–
–
–
–
–
–
4.1
3.3
Russian Ruble
–
–
–
–
–
–
4.9
6.4
Swedish Krona
–
–
–
–
8.8
0.5
–
–
Danish krone
–
–
–
–
0.8
0.7
–
–
33.8
99.1
92.4
100.0
44.7
31.1
26.1
17.9
Asia
Malaysian Ringgit
–
–
–
–
–
2.0
7.2
9.5
Indonesian Rupiah
–
–
–
–
–
–
7.4
7.0
Thai Baht
–
–
–
–
–
–
5.3
7.5
Japanese Yen
–
–
–
–
21.7
31.7
–
–
Korean Won
–
–
–
–
–
2.0
–
2.5
–
–
–
–
21.7
35.7
19.9
26.5
Australia
Australian dollar
–
–
–
–
–
0.9
–
–
–
–
–
–
–
0.9
–
–
Africa
South African Rand –
–
–
–
–
–
7.4
7.4
–
–
–
–
–
–
7.4
7.4
Operating capital
16.0
–
7.6
–
4.2
–
4.8
–
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
* The spread by country is in fact the spread of the portfolio by currency. The spread by currency is the net currency position including the exposure in forward exchange transactions.
Robeco Capital Growth Funds 99
Spread of net assets by country and currency*
As at 30 June 2012
Robeco
Robeco
Robeco
Robeco
Euro Government
Euro Credit
All Strategy Euro
European
Bonds
Bonds
Bonds
High Yield Bonds
Country
Currency
Country
Currency
Country
Currency
Country
Currency
Long term investments
North America
US dollar
–
–
–
–
–
–1.2
1.9
–
Canadian dollar
–
–
–
–
–
1.0
–
–
–
–
–
–
–
–0.2
1.9
–
Europe
Euro
97.5
100.0
94.1
100.0
97.0
100.1
78.5
99.9
British pound
–
–
–
–
–
–
11.7
0.1
97.5
100.0
94.1
100.0
97.0
100.1
90.2
100.0
Asia
Japanese yen
–
–
–
–
–
0.1
–
–
–
–
–
–
–
0.1
–
–
Operating capital
2.5
–
5.9
–
3.0
–
7.9
–
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Spread of net assets by country and currency*
As at 30 June 2012
Robeco
Robeco
Euro Sustainable Financial Institutions
Credits Bonds
Country
Currency Country
Currency
Long term investments
North America
US dollar
–
– 4.8
0.1
–
– 4.8
0.1
Europe
Euro
95.0
100.0 81.2
99.8
British pound
–
– 4.6
0.2
95.0
100.0 85.8
100.0
Operating capital
5.0
– 9.4
–
100.0
100.0 100.0
100.0
* The spread by country is in fact the spread of the portfolio by currency. The spread by currency is the net currency position including the exposure in forward exchange transactions.
Robeco Capital Growth Funds 100
Investment portfolio
Robeco Global Value Equities Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
AUD
Australia & New Zealand Banking Group
16,755
298,140
0.99
St Barbara Ltd
108,120
154,576
0.51
452,716
1.50
CAD
Barrick Gold Corp
6,130
181,709
0.60
CHF
Roche Holding AG
3,259
443,885
1.47
Swatch Group AG/The
740
230,104
0.76
Swiss Re AG
5,340
264,744
0.88
Zurich Insurance Group AG
1,437
255,421
0.84
1,194,154
3.95
EUR
AtoS
4,438
209,119
0.69
AtoS/STK/06–06–2012
4,398
2,199
0.01
Bayer AG
5,952
337,955
1.12
Brenntag AG
2,471
215,422
0.71
Cegedim SA
18
425
–
DE Master Blenders 1753 NV
10,185
90,748
0.30
Fresenius SE & Co KGaA
2,580
210,992
0.70
Henkel AG & Co KGaA
8,794
385,001
1.27
ICON PLC
9,878
172,596
0.57
Kerry Group PLC
9,208
318,597
1.05
LISI
2,728
127,398
0.42
Pernod–Ricard SA
2,245
189,164
0.63
Rheinmetall AG
5,220
202,014
0.67
Sanofi
4,091
244,396
0.81
SAP AG
3,095
144,057
0.48
Teleperformance SA
7,440
129,382
0.43
2,979,465
9.86
GBP
Beazley PLC
179,160
304,911
1.01
BHP Billiton PLC
12,315
274,884
0.91
BP PLC
45,475
237,155
0.78
Catlin Group Ltd
57,160
300,600
0.99
Daily Mail & General Trust PLC
29,540
154,436
0.51
Filtrona PLC
31,795
188,035
0.62
Howden Joinery Group PLC
184,980
291,496
0.96
HSBC Holdings PLC
42,671
295,918
0.98
HSBC Holdings PLC/STK/16–05–2012
49,621
6,133
0.02
Imperial Tobacco Group PLC
15,260
463,024
1.53
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Inchcape PLC
54,455
222,504
0.74
Kingfisher PLC
44,540
158,210
0.52
Meggitt PLC
57,299
272,863
0.90
Rexam PLC
45,480
236,647
0.78
Royal Dutch Shell PLC
26,702
708,720
2.34
Serco Group PLC
33,455
221,627
0.73
Standard Chartered PLC
14,115
241,530
0.80
Vodafone Group PLC
74,983
166,119
0.55
Vodafone Group PLC /STK/06–06–2012
74,433
6,613
0.02
WPP PLC
40,360
385,592
1.27
5,137,017
16.96
HKD
Cheung Kong Holdings Ltd
32,000
307,524
1.02
Dah Chong Hong Holdings Ltd
241,000
168,929
0.56
Hutchison Whampoa Ltd
40,000
270,221
0.89
Stella International Holdings Ltd
122,000
236,718
0.78
983,392
3.25
JPY
Autobacs Seven Co Ltd
5,600
215,970
0.71
FCC Co Ltd
10,200
133,979
0.44
Inpex Corp
39
171,206
0.57
ITOCHU Corp
25,500
209,530
0.69
Softbank Corp
10,670
311,180
1.03
Unipres Corp
8,500
173,182
0.57
1,215,047
4.01
KRW
Samsung Electronics Co Ltd
250
206,569
0.68
SGD
United Overseas Bank Ltd
18,000
208,926
0.69
TWD
Delta Electronics Inc
96,000
230,093
0.76
USD
AmerisourceBergen Corp
10,025
310,850
1.03
Amgen Inc
4,256
244,954
0.81
Apple Inc
2,731
1,256,770
4.15
Axis Capital Holdings Ltd
8,385
215,068
0.71
Bank of America Corp
38,020
245,068
0.81
CA Inc
18,420
393,206
1.30
CACI International Inc
4,130
179,057
0.59
Capital One Financial Corp
11,568
498,252
1.65
CareFusion Corp
11,005
222,693
0.74
Robeco Capital Growth Funds 101
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
CBS Corp
17,807
459,961
1.52
Chevron Corp
2,961
246,157
0.81
Cisco Systems Inc
30,105
407,315
1.35
Covidien PLC
11,260
474,694
1.57
Crown Holdings Inc
5,645
153,419
0.51
CVS Caremark Corp
13,205
486,245
1.61
DIRECTV
11,480
441,632
1.46
Dover Corp
6,545
276,488
0.91
EOG Resources Inc
3,309
234,958
0.78
EQT Corp
6,460
272,999
0.90
Exxon Mobil Corp
10,969
739,622
2.45
Fifth Third Bancorp
42,530
449,078
1.48
Fluor Corp
9,075
352,831
1.17
Graphic Packaging Holding Co
65,905
285,629
0.94
Hillshire Brands Co
2,037
47,865
0.16
Honeywell International Inc
8,644
380,348
1.26
Illinois Tool Works Inc
8,710
363,005
1.20
Johnson & Johnson
5,705
303,715
1.00
Lear Corp
4,440
132,005
0.44
Macy's Inc
16,645
450,538
1.49
McKesson Corp
8,970
662,651
2.19
Microsoft Corp
35,709
860,753
2.85
Newmont Mining Corp
6,585
251,715
0.83
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Nordstrom Inc
3,990
156,230
0.52
Occidental Petroleum Corp
2,306
155,853
0.52
Oracle Corp
12,674
296,614
0.98
Pfizer Inc
16,265
294,784
0.97
Philip Morris International Inc
11,328
778,914
2.58
SM Energy Co
5,145
199,102
0.66
St Jude Medical Inc
8,455
265,899
0.88
SunTrust Banks Inc
27,560
526,204
1.74
Target Corp
9,829
450,691
1.49
Time Warner Cable Inc
2,320
150,090
0.50
Tyco International Ltd
5,454
227,134
0.75
United Technologies Corp
6,277
373,588
1.24
UnitedHealth Group Inc
5,895
271,745
0.90
Validus Holdings Ltd
8,915
225,009
0.74
Wells Fargo & Co
19,682
518,629
1.71
Western Union Co/The
34,435
456,944
1.51
17,646,971
58.36
Total transferable securities and money market instruments admitted to an official stock exchange listing
30,436,059
100.62
Total securities portfolio
30,436,059
100.62
Other assets and liabilities
–187,224
–0.62
Total net assets
30,248,835
100.00
Robeco Capital Growth Funds 102
Robeco Global Conservative Equities Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
AUD
Amcor Ltd/Australia
8,402
48,116
0.58
Coca–Cola Amatil Ltd
3,000
32,422
0.39
Commonwealth Property Office Fund
53,667
43,998
0.53
Crown Ltd
6,770
46,426
0.56
GPT Group
18,544
49,279
0.60
Metcash Ltd
8,443
22,982
0.28
Sonic Healthcare Ltd
2,955
30,313
0.37
Spark Infrastructure Group
41,775
51,457
0.62
Sydney Airport
12,475
29,221
0.35
Tatts Group Ltd
23,957
50,699
0.62
Telstra Corp Ltd
17,701
52,758
0.64
Transurban Group
9,825
45,155
0.55
Westfield Group
5,923
45,449
0.55
548,275
6.64
BRL
AES Tiete SA Pref
5,100
56,923
0.69
Cia de Transmissao de Energia Pref
1,500
37,537
0.46
Cielo SA
2,560
59,045
0.72
Redecard SA
2,700
34,626
0.42
Souza Cruz SA
3,700
42,583
0.52
Tractebel Energia SA
3,800
55,112
0.67
285,826
3.48
CAD
AltaGas Ltd
1,100
24,614
0.30
BCE Inc
1,700
55,162
0.67
Bell Aliant Inc
1,700
33,547
0.41
Calloway Real Estate Investment Trust
1,700
36,792
0.45
Canadian Real Estate Investment Trust
1,500
47,142
0.57
Canadian Utilities Ltd
600
30,817
0.37
CI Financial Corp
2,700
46,080
0.56
Cineplex Inc
2,200
52,069
0.63
Crescent Point Energy Corp
1,400
41,121
0.50
Dundee Real Estate Investment Trust
1,500
44,278
0.54
Enbridge Inc
1,100
34,571
0.42
Metro Inc
700
28,206
0.34
Pembina Pipeline Corp
2,000
40,224
0.49
RioCan Real Estate Investment Trust
900
19,270
0.23
TELUS Corp
700
33,081
0.40
TransCanada Corp
1,000
32,982
0.40
599,956
7.28
CHF
Nestle SA
1,409
66,336
0.80
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Swisscom AG
175
55,538
0.67
121,874
1.47
CZK
Telefonica Czech Republic AS
1,835
27,670
0.34
DKK
TDC A/S
4,294
23,566
0.29
EUR
Belgacom SA
1,134
25,464
0.31
Orion OYJ
2,637
39,450
0.48
SES SA
1,489
27,755
0.34
Societe BIC SA
721
58,689
0.71
Terna Rete Elettrica Nazionale SpA
20,961
59,613
0.72
Viscofan SA
1,332
45,195
0.55
256,166
3.11
GBP
AstraZeneca PLC
1,678
59,169
0.72
British American Tobacco PLC
1,761
70,551
0.86
Diageo PLC
3,089
62,689
0.76
GlaxoSmithKline PLC
4,584
81,981
0.99
National Grid PLC
6,743
56,296
0.68
National Grid PLC/STK/30–05–2012
6,743
2,347
0.03
Next PLC
868
34,319
0.42
United Utilities Group PLC
6,107
50,948
0.62
Vodafone Group PLC
30,742
68,107
0.83
Vodafone Group PLC /STK/06–06–2012
30,742
2,731
0.03
WH Smith PLC
7,386
49,706
0.60
538,844
6.54
HKD
CLP Holdings Ltd
8,500
56,774
0.69
Link REIT/The
15,500
49,836
0.60
Power Assets Holdings Ltd
5,000
29,511
0.36
Television Broadcasts Ltd
6,000
32,762
0.40
168,883
2.05
JPY
Astellas Pharma Inc
1,700
58,175
0.71
Daito Trust Construction Co Ltd
400
29,826
0.36
Eisai Co Ltd
1,800
62,041
0.75
FamilyMart Co Ltd
900
32,443
0.39
Itochu Techno–Solutions Corp
800
30,379
0.37
Kewpie Corp
2,500
29,875
0.36
Lawson Inc
900
49,598
0.60
Ono Pharmaceutical Co Ltd
1,200
59,256
0.72
Oriental Land Co Ltd/Japan
300
27,021
0.33
Robeco Capital Growth Funds 103
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Seven & I Holdings Co Ltd
2,600
61,550
0.75
USS Co Ltd
400
33,934
0.41
West Japan Railway Co
800
25,915
0.31
500,013
6.06
KRW
KT&G Corp
736
41,117
0.50
MXN
Grupo Modelo SAB de CV
5,500
38,078
0.46
MYR
DiGi.Com Bhd
42,700
45,033
0.55
Malayan Banking Bhd
13,700
29,577
0.36
Maxis Bhd
35,500
56,291
0.68
Public Bank Bhd
8,800
30,091
0.37
Sime Darby Bhd
18,400
45,157
0.55
Telekom Malaysia Bhd
40,400
56,642
0.68
UMW Holdings Bhd
21,400
48,484
0.59
311,275
3.78
NOK
Seadrill Ltd
1,068
29,886
0.36
NZD
Telecom Corp of New Zealand Ltd
30,795
46,615
0.57
SEK
Swedish Match AB
1,082
34,426
0.42
SGD
Singapore Press Holdings Ltd
12,000
29,111
0.35
StarHub Ltd
11,000
23,401
0.28
52,512
0.63
THB
Advanced Info Service PCL NVDR
10,900
49,896
0.61
Charoen Pokphand Foods PCL NVDR
33,300
31,809
0.39
Thai Union Frozen Products PCL NVDR
25,920
46,142
0.56
127,847
1.56
TWD
Asustek Computer Inc
7,000
50,111
0.61
Chunghwa Telecom Co Ltd
15,000
37,178
0.45
Far EasTone Telecommunications Co Ltd
28,000
47,767
0.58
Taiwan Mobile Co Ltd
18,000
46,749
0.57
Taiwan Semiconductor Manufacturing
29,000
62,167
0.75
243,972
2.96
USD
Abbott Laboratories
1,500
76,203
0.92
Allied World Assurance Co Holdings AG
600
37,573
0.46
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Altria Group Inc
2,600
70,785
0.86
Ameren Corp
1,800
47,573
0.58
American Capital Agency Corp
2,100
55,617
0.67
American Electric Power Co Inc
900
28,297
0.34
Amgen Inc
800
46,044
0.56
Annaly Capital Management Inc
4,600
60,823
0.74
Arthur J Gallagher & Co
1,400
38,689
0.47
AT&T Inc
4,000
112,399
1.35
AutoZone Inc
100
28,933
0.35
Bristol–Myers Squibb Co
1,900
53,824
0.65
Campbell Soup Co
1,100
28,933
0.35
Capitol Federal Financial Inc
4,100
38,381
0.47
CenturyLink Inc
1,900
59,124
0.72
Chubb Corp/The
500
28,691
0.35
Cia de Bebidas das Americas ADR
2,200
66,448
0.81
Cia de Saneamento Basico do Es ADR
800
47,822
0.58
Cia Energetica de Minas Gerais ADR
3,375
48,987
0.59
Cincinnati Financial Corp
1,600
47,998
0.58
Comtech Telecommunications Corp
1,350
30,403
0.37
ConAgra Foods Inc
1,400
28,606
0.35
Consolidated Edison Inc
900
44,105
0.54
Dollar Tree Inc
1,200
50,873
0.62
Dominion Resources Inc/VA
800
34,041
0.41
DTE Energy Co
1,100
51,427
0.62
Duke Energy Corp
3,100
56,330
0.68
Ecopetrol SA ADR
1,200
52,754
0.64
Eli Lilly & Co
1,800
60,863
0.74
Everest Re Group Ltd
400
32,620
0.40
Family Dollar Stores Inc
600
31,431
0.38
Foot Locker Inc
2,200
53,013
0.64
General Mills Inc
1,000
30,369
0.37
Genuine Parts Co
600
28,486
0.35
Hershey Co/The
1,000
56,759
0.69
Home Depot Inc/The
1,700
70,985
0.86
Hormel Foods Corp
2,400
57,530
0.70
Intel Corp
3,700
77,700
0.94
International Business Machines Corp
500
77,058
0.93
Johnson & Johnson
600
31,942
0.39
Kimberly–Clark Corp
900
59,409
0.72
Kinder Morgan Management LLC
609
35,233
0.43
Kraft Foods Inc
1,300
39,562
0.48
McCormick & Co Inc/MD
1,100
52,571
0.64
Merck & Co Inc
1,700
55,928
0.68
Mercury General Corp
800
26,268
0.32
National Health Investors Inc
1,000
40,125
0.49
National Retail Properties Inc
2,600
57,960
0.70
NiSource Inc
1,600
31,204
0.38
O'Reilly Automotive Inc
600
39,606
0.48
Robeco Capital Growth Funds 104
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Oritani Financial Corp
2,800
31,750
0.39
Pfizer Inc
4,300
77,932
0.94
Philip Morris International Inc
1,100
75,636
0.92
Pinnacle West Capital Corp
800
32,617
0.40
Prospect Capital Corp
6,400
57,441
0.70
Raytheon Co
1,300
57,970
0.70
Realty Income Corp
1,400
46,080
0.56
Regal Entertainment Group
2,300
24,938
0.30
Reynolds American Inc
1,400
49,500
0.60
Ross Stores Inc
1,000
49,226
0.60
Sherwin–Williams Co/The
500
52,145
0.63
Southern Co/The
1,900
69,320
0.84
Telefonica Brasil SA ADR
1,700
33,141
0.40
TJX Cos Inc
1,800
60,891
0.74
Travelers Cos Inc/The
1,100
55,336
0.67
Validus Holdings Ltd
1,200
30,287
0.37
Valspar Corp
1,200
49,634
0.60
Vector Group Ltd
3,500
46,941
0.57
Verizon Communications Inc
2,400
84,044
1.01
Wal–Mart Stores Inc
1,300
71,420
0.87
Wisconsin Energy Corp
1,100
34,299
0.42
Xcel Energy Inc
1,400
31,342
0.38
3,540,195
42.95
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
ZAR
AVI Ltd
8,203
39,517
0.48
FirstRand Ltd
19,051
48,440
0.59
Growthpoint Properties Ltd
23,162
51,328
0.62
Life Healthcare Group Holdings Ltd
14,296
42,879
0.52
MMI Holdings Ltd/South Africa
20,450
35,466
0.43
Nedbank Group Ltd
2,876
48,185
0.58
Pretoria Portland Cement Co Ltd
10,715
27,616
0.34
Redefine Properties Ltd
53,667
44,313
0.54
Remgro Ltd
3,871
49,041
0.60
RMB Holdings Ltd
12,747
42,838
0.52
Sanlam Ltd
14,742
50,778
0.61
Vodacom Group Ltd
3,232
28,929
0.35
Woolworths Holdings Ltd/South Africa
7,298
35,326
0.43
544,656
6.61
Total transferable securities and money market instruments admitted to an official stock exchange listing
8,081,652
98.06
Total securities portfolio
8,081,652
98.06
Other assets and liabilities
160,142
1.94
Total net assets
8,241,794
100.00
Robeco Capital Growth Funds 105
Robeco Global Stars Equities Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
CHF
Cie Financiere Richemont SA
112,000
4,834,700
1.80
Roche Holding AG
81,000
11,032,427
4.09
15,867,127
5.89
EUR
BNP Paribas SA
120,000
3,640,200
1.35
Henkel AG & Co KGaA
200,200
8,764,756
3.26
Koninklijke DSM NV
61,000
2,366,800
0.88
Koninklijke Philips Electronics NV
400,000
6,228,000
2.31
Ryanair Holdings PLC
1,679,000
6,716,000
2.49
Sanofi
135,000
8,064,900
3.00
Siemens AG
34,067
2,253,191
0.84
Source Markets PLC – Euro Stoxx Banks
190,000
8,016,100
2.98
ThyssenKrupp AG
275,000
3,529,625
1.31
TNT Express NV
292,748
2,704,699
1.00
Total SA
177,889
6,315,060
2.35
Umicore SA
125,000
4,546,250
1.69
Ziggo NV
358,100
9,018,749
3.34
72,164,330
26.80
GBP
BG Group PLC
300,000
4,820,171
1.79
British American Tobacco PLC
265,000
10,616,704
3.94
Chariot Oil & Gas Ltd
1,250,000
1,583,550
0.59
ICAP PLC
600,856
2,506,352
0.93
Reckitt Benckiser Group PLC
100,000
4,158,942
1.54
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Rio Tinto PLC
175,000
6,529,786
2.43
Vodafone Group PLC
3,300,000
7,310,901
2.72
Vodafone Group PLC /STK/06–06–2012
3,300,000
293,207
0.11
37,819,613
14.05
JPY
Japan Tobacco Inc
331,000
7,718,048
2.87
USD
Apache Corp
133,710
9,260,291
3.44
Apple Inc
17,000
7,823,175
2.91
Comcast Corp
610,000
15,367,164
5.70
DaVita Inc
44,000
3,405,098
1.26
Dollar General Corp
165,000
7,071,707
2.63
eBay Inc
160,000
5,296,560
1.97
F5 Networks Inc
49,500
3,883,393
1.44
Google Inc
11,300
5,165,116
1.92
McGraw–Hill Cos Inc/The
340,000
12,056,263
4.48
Oracle Corp
658,800
15,418,116
5.72
Virgin Media Inc
620,000
11,915,843
4.43
Weatherford International /Switzerland
623,000
6,200,299
2.30
102,863,025
38.20
Total transferable securities and money market instruments admitted to an official stock exchange listing
236,432,143
87.81
Total securities portfolio
236,432,143
87.81
Other assets and liabilities
32,812,860
12.19
Total net assets
269,245,003
100.00
Robeco Capital Growth Funds 106
Robeco Emerging Stars Equities Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
BRL
Banco do Brasil SA
2,663,353
20,306,572
2.45
MRV Engenharia e Participacoes SA
4,124,400
14,974,398
1.81
Vale SA Pref
1,195,000
18,269,061
2.21
53,550,031
6.47
CAD
Petrominerales Ltd
880,031
7,822,498
0.94
HKD
Chaoda Modern Agriculture Holdings Ltd
18,597,706
1,172,526
0.14
China Communications Construction Co
28,000,000
19,256,791
2.33
China Construction Bank Corp
37,288,000
20,038,351
2.42
China Minsheng Banking Corp Ltd
44,681,000
31,182,924
3.77
China Mobile Ltd
4,004,000
34,472,358
4.16
China Petroleum & Chemical Corp
40,300,000
28,166,359
3.40
Dongfeng Motor Group Co Ltd
15,422,000
18,643,390
2.25
152,932,699
18.47
IDR
Bank Rakyat Indonesia Persero Tbk PT
32,300,000
17,207,438
2.08
INR
Grasim Industries Ltd
208,002
7,752,366
0.94
Tata Motors Ltd
5,720,000
10,688,058
1.29
18,440,424
2.23
KRW
E–Mart Co Ltd
115,000
19,779,753
2.39
Hana Financial Group Inc
1,007,000
25,079,626
3.03
Hyundai Department Store Co Ltd
224,000
21,883,631
2.64
Hyundai Mobis
92,100
17,393,421
2.10
Hyundai Motor Co Pref
282,000
12,863,100
1.55
Hyundai Motor Co Pref
414,800
21,260,724
2.57
KT Corp
70,000
1,461,638
0.18
LG Chem Ltd Pref
108,756
6,606,888
0.80
LG Electronics Inc Pref
325,500
3,907,774
0.47
LG Uplus Corp
3,823,300
14,572,403
1.76
Samsung Electronics Co Ltd
9,200
7,601,755
0.92
Samsung Electronics Co Ltd Pref
76,000
39,163,224
4.72
Shinhan Financial Group Co Ltd
776,107
21,198,012
2.56
212,771,949
25.69
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
MYR
Felda Global Ventures Holdings Bhd
170,000
224,425
0.03
SGD
Golden Agri–Resources Ltd
43,900,000
18,295,649
2.21
THB
Advanced Info Service PCL NVDR
4,600,000
21,056,915
2.54
Bangkok Bank PCL NVDR
5,220,000
24,801,607
3.00
45,858,522
5.54
TRY
Tupras Turkiye Petrol Rafinerileri AS
1,052,400
17,743,647
2.14
Turkiye Halk Bankasi AS
2,294,100
14,142,294
1.71
31,885,941
3.85
TWD
Asustek Computer Inc
2,625,000
18,791,751
2.27
Chinatrust Financial Holding Co Ltd
17,685,169
7,927,317
0.96
Quanta Computer Inc
11,043,026
23,119,408
2.79
Taiwan Semiconductor Manufacturing
11,090,000
23,773,340
2.87
73,611,816
8.89
USD
Cia de Saneamento Basico do Es ADR
304,350
18,193,130
2.20
Cia Energetica de Minas Gerais ADR
1,121,250
16,274,713
1.97
Copa Holdings SA
371,800
24,164,583
2.92
Gazprom OAO ADR
3,510,600
26,086,410
3.15
KT Corp ADR
1,430,000
14,851,582
1.79
Lukoil OAO ADR
631,790
27,754,850
3.35
Rosneft Oil Co GDR
3,160,000
15,587,723
1.88
Sberbank of Russia
12,890,000
27,018,163
3.26
Spreadtrum Communications Inc ADR
765,000
10,639,652
1.28
Tata Motors Ltd ADR
395,000
6,835,192
0.83
187,405,998
22.63
Total transferable securities and money market instruments admitted to an official stock exchange listing
820,007,390
99.03
Total securities portfolio
820,007,390
99.03
Other assets and liabilities
8,089,547
0.97
Total net assets
828,096,937
100.00
Robeco Capital Growth Funds 107
Robeco Emerging Markets Equities Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
BRL
Banco do Brasil SA
3,000,000
22,873,316
0.94
Banco do Estado do Rio Grande Pref
1,000,000
5,543,627
0.23
BR Properties SA
1,000,000
9,252,391
0.38
CCR SA
2,500,000
15,937,927
0.65
Cia Energetica de Minas Gerais Pref
1,250,000
18,314,464
0.75
Cosan SA Industria e Comercio
1,000,000
12,098,380
0.50
EDP – Energias do Brasil SA
1,200,000
6,038,649
0.25
Itausa – Investimentos Itau SA Pref
3,040,045
10,087,988
0.41
Localiza Rent a Car SA
1,000,000
11,848,526
0.49
Metalurgica Gerdau SA Pref
600,000
5,186,024
0.21
MRV Engenharia e Participacoes SA
1,700,000
6,172,165
0.25
QGEP Participacoes SA
982,000
2,810,096
0.12
126,163,553
5.18
CAD
Petrominerales Ltd
500,004
4,444,480
0.18
Sino–Forest Corp
627,100
48
0.00
4,444,528
0.18
CNY
Gree Electric Appliances Inc
2,317,500
5,992,308
0.25
Ping An Insurance Group Co
1,769,930
10,039,696
0.41
16,032,004
0.66
GBP
Petropavlovsk PLC
700,000
3,941,664
0.16
HKD
Air China Ltd
10,000,000
4,612,040
0.19
Anta Sports Products Ltd
7,000,000
3,327,983
0.14
BBMG Corp
10,000,000
5,455,210
0.22
Chaoda Modern Agriculture Holdings Ltd
27,500,000
1,733,787
0.07
China Agri–Industries Holdings Ltd
12,716,000
5,464,219
0.22
China Communications Construction Co
20,000,000
13,754,851
0.57
China Communications Services Corp Ltd
20,000,000
7,761,230
0.32
China Construction Bank Corp
100,000,000
53,739,410
2.21
China Dongxiang Group Co
25,000,000
1,777,769
0.07
China Merchants Bank Co Ltd
10,000,000
14,689,449
0.60
China Minsheng Banking Corp Ltd
30,000,000
20,937,037
0.86
China Mobile Ltd
7,000,000
60,266,361
2.48
China National Building Material Co Ltd
10,000,000
8,421,545
0.35
China Overseas Land & Investment Ltd
10,000,000
18,265,304
0.75
China Petroleum & Chemical Corp
40,000,000
27,956,683
1.15
China Pharmaceutical Group Ltd
6,644,000
1,309,389
0.05
China Telecom Corp Ltd
30,000,000
10,270,424
0.42
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
CITIC Securities Co Ltd
5,000,000
8,259,006
0.34
CNOOC Ltd
30,000,000
46,933,095
1.93
Dongfeng Motor Group Co Ltd
14,000,000
16,924,358
0.70
Glorious Property Holdings Ltd
20,000,400
2,742,898
0.11
Great Wall Motor Co Ltd
5,000,000
7,812,024
0.32
Guangzhou Automobile Group Co Ltd
10,000,000
6,542,189
0.27
Harbin Electric Co Ltd
10,000,000
6,328,857
0.26
Industrial & Commercial Bank of China
100,000,000
43,580,731
1.79
Lonking Holdings Ltd
15,000,000
2,803,795
0.12
Pacific Basin Shipping Ltd
15,000,000
5,028,546
0.21
PetroChina Co Ltd
10,000,000
10,107,885
0.42
PICC Property & Casualty Co Ltd
15,000,000
13,211,361
0.54
Shenzhou International Group Holdings
5,000,000
6,806,315
0.28
Shimao Property Holdings Ltd
10,000,000
12,027,875
0.49
Skyworth Digital Holdings Ltd
15,000,000
5,211,402
0.21
Yanzhou Coal Mining Co Ltd
6,000,000
7,302,058
0.30
Yue Yuen Industrial Holdings Ltd
2,000,000
4,916,800
0.20
466,281,886
19.16
IDR
Astra International Tbk PT
40,000,000
22,987,435
0.94
Bank Mandiri Persero Tbk PT
30,000,000
18,121,482
0.74
Bank Rakyat Indonesia Persero Tbk PT
30,000,000
15,982,140
0.66
Semen Gresik Persero Tbk PT
12,000,000
11,376,264
0.47
68,467,321
2.81
INR
Apollo Hospitals Enterprise Ltd
700,000
6,098,304
0.25
Bank of India
1,500,472
7,349,110
0.30
Dabur India Ltd
4,500,000
7,274,822
0.30
Grasim Industries Ltd
200,000
7,454,126
0.31
Hero Motocorp Ltd
300,000
9,100,249
0.37
Mahindra & Mahindra Ltd
1,000,000
9,981,315
0.41
Rural Electrification Corp Ltd
3,000,005
8,120,549
0.33
Sesa Goa Ltd
3,000,000
8,114,184
0.33
State Bank of India
500,000
15,234,824
0.63
Sun Pharmaceutical Industries Ltd
1,200,000
10,767,542
0.44
Tata Consultancy Services Ltd
1,000,000
18,028,463
0.74
Tata Steel Ltd
2,000,000
12,460,237
0.51
119,983,725
4.92
KRW
Cheil Worldwide Inc
500,000
6,260,722
0.26
CJ CheilJedang Corp
50,000
11,197,060
0.46
E–Mart Co Ltd
100,000
17,199,785
0.71
GS Engineering & Construction Corp
200,000
10,498,749
0.43
Hana Financial Group Inc
1,000,000
24,905,289
1.02
Hyundai Department Store Co Ltd
100,000
9,769,478
0.40
Robeco Capital Growth Funds 108
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Hyundai Heavy Industries Co Ltd
100,000
17,715,779
0.73
Hyundai Mobis
200,000
37,770,729
1.55
Hyundai Motor Co
300,000
47,987,402
1.97
KB Financial Group Inc
700,002
17,770,869
0.73
KT Corp
300,000
6,264,162
0.26
KT&G Corp
300,000
16,759,471
0.69
LG Chem Ltd
80,000
16,071,480
0.66
LG Electronics Inc
200,000
8,393,495
0.34
LG Uplus Corp
2,000,000
7,622,945
0.31
POSCO
120,000
30,010,186
1.23
Samsung Electronics Co Ltd
120,000
99,153,323
4.08
Samsung Electronics Co Ltd Pref
40,000
20,612,223
0.85
Shinhan Financial Group Co Ltd
700,002
19,119,336
0.79
SK Telecom Co Ltd
100,000
8,599,893
0.35
433,682,376
17.82
MXN
Corp GEO SAB de CV
3,004,500
2,659,201
0.11
MYR
Felda Global Ventures Holdings Bhd
513,000
677,236
0.03
KLCC Property Holdings Bhd
5,000,000
5,769,446
0.24
Public Bank Bhd
5,000,000
17,072,596
0.70
Starhill Real Estate Investment Trust
15,527,400
3,930,158
0.16
YTL Corp Bhd
21,333,333
10,693,533
0.44
38,142,969
1.57
RUB
Mobile Telesystems OJSC
860,000
4,909,218
0.20
SGD
China Fishery Group Ltd
3,500,000
1,904,954
0.08
Golden Agri–Resources Ltd
50,000,000
20,837,869
0.86
Lippo Malls Indonesia Retail Trust
20,000,000
4,976,208
0.20
STX Pan Ocean Co Ltd
999,300
3,219,839
0.13
30,938,870
1.27
THB
Advanced Info Service PCL NVDR
3,500,000
16,021,566
0.66
Bangkok Bank PCL NVDR
4,000,000
19,005,063
0.78
Esso Thailand PCL Foreign
15,000,000
3,758,834
0.15
PTT Global Chemical PCL Foreign
5,000,000
6,884,993
0.28
PTT PCL NVDR
2,500,000
20,034,710
0.82
Siam Commercial Bank PCL NVDR
5,000,000
18,235,928
0.75
83,941,094
3.44
TRY
Ford Otomotiv Sanayi AS
700,000
5,001,416
0.21
Haci Omer Sabanci Holding AS
3,000,000
9,933,126
0.41
KOC Holding AS
3,000,000
9,018,233
0.37
Tupras Turkiye Petrol Rafinerileri AS
500,000
8,430,087
0.35
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Turkiye Halk Bankasi AS
2,000,000
12,329,274
0.51
Turkiye Is Bankasi
7,000,000
14,638,290
0.60
Turkiye Vakiflar Bankasi Tao
7,000,000
11,466,661
0.47
70,817,087
2.92
TWD
Asustek Computer Inc
3,000,000
21,476,287
0.88
Catcher Technology Co Ltd
1,500,000
7,850,908
0.32
Cheng Shin Rubber Industry Co Ltd
5,000,000
9,887,793
0.41
Chinatrust Financial Holding Co Ltd
30,000,000
13,447,399
0.55
Compal Electronics Inc
15,000,000
10,817,246
0.44
Coretronic Corp
8,000,000
5,853,574
0.24
Giant Manufacturing Co Ltd
2,000,000
7,251,048
0.30
Hon Hai Precision Industry Co Ltd
15,000,000
35,358,749
1.45
Mega Financial Holding Co Ltd
20,000,000
11,522,575
0.47
Merida Industry Co Ltd
1,000,000
2,847,684
0.12
Quanta Computer Inc
8,000,004
16,748,612
0.69
Taiwan Semiconductor Manufacturing
35,000,000
75,028,576
3.08
TSRC Corp
4,000,000
7,730,936
0.32
United Microelectronics Corp
35,000,000
11,904,903
0.49
Wistron Corp
10,000,000
9,624,119
0.40
247,350,409
10.16
USD
America Movil SAB de CV ADR
2,300,026
47,231,139
1.95
AsiaInfo–Linkage Inc
700,000
6,503,290
0.27
Cemex SAB de CV ADR
3,000,000
15,909,539
0.65
Cia de Saneamento Basico do Es ADR
250,000
14,944,250
0.61
Cia Energetica de Minas Gerais ADR
750,000
10,886,096
0.45
Copa Holdings SA
150,000
9,749,025
0.40
Credicorp Ltd
150,000
14,880,028
0.61
Desarrolladora Homex SAB de CV ADR
400,000
4,854,025
0.20
Diamond Bank PLC GDR
525,580
547,095
0.02
Focus Media Holding Ltd ADR
400,000
7,400,812
0.30
Gazprom OAO ADR
7,000,000
52,015,287
2.15
Gerdau SA ADR
2,500,000
17,257,003
0.71
Gravity Co Ltd ADR
600,500
828,080
0.03
Itau Unibanco Holding SA ADR
3,000,000
32,906,505
1.35
KazMunaiGas Exploration Produc GDR
500,000
6,658,524
0.27
Lukoil OAO ADR
750,000
32,947,874
1.35
Mobile Telesystems OJSC ADR
598,300
8,109,026
0.33
NovaTek OAO GDR
200,000
16,705,410
0.69
Oi SA ADR
188,069
689,115
0.03
Oi SA ADR PRF
642,643
6,248,938
0.26
Perfect World Co Ltd ADR
300,500
2,372,649
0.10
Petroleo Brasileiro SA ADR
500,000
7,395,296
0.30
Petroleo Brasileiro SA ADR PRF
2,000,000
28,588,314
1.17
Raspadskaya OAO
1,522,364
2,759,365
0.11
Rosneft Oil Co GDR
4,000,000
19,731,295
0.81
Sberbank of Russia
15,000,000
31,440,842
1.29
Robeco Capital Growth Funds 109
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Sistema JSFC GDR
1,000,000
14,703,912
0.60
Sohu.com Inc
200,000
7,035,184
0.29
Tata Motors Ltd ADR
1,000,000
17,304,283
0.71
Telefonica Brasil SA ADR
700,000
13,646,428
0.56
Uralkali OJSC GDR
500,000
15,082,148
0.62
Vale SA ADR
4,000,000
61,494,819
2.54
528,825,596
21.73
ZAR
ABSA Group Ltd
700,000
9,523,121
0.39
Barloworld Ltd
1,000,000
7,804,258
0.32
Exxaro Resources Ltd
500,000
9,156,514
0.38
Foschini Group Ltd/The
1,000,000
12,333,618
0.51
Imperial Holdings Ltd
700,000
11,600,403
0.48
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Kumba Iron Ore Ltd
200,000
10,571,012
0.43
Mr Price Group Ltd
800,000
8,626,692
0.35
Sasol Ltd
1,000,000
32,989,850
1.36
Standard Bank Group Ltd/South Africa
2,000,000
21,300,806
0.88
Steinhoff International Holdings Ltd
4,000,000
9,499,998
0.39
Vodacom Group Ltd
1,000,000
8,950,809
0.37
Woolworths Holdings Ltd/South Africa
3,000,000
14,521,700
0.60
156,878,781
6.46
Total transferable securities and money market instruments admitted to an official stock exchange listing
2,403,460,282
98.75
Total securities portfolio
2,403,460,282
98.75
Other assets and liabilities
30,432,347
1.25
Total net assets
2,433,892,629
100.00
Robeco Capital Growth Funds 110
Robeco Active Quant Emerging Markets Equities Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
AED
Dubai Islamic Bank PJSC
995,793
399,496
0.13
Emaar Properties PJSC
1,851,237
1,131,903
0.37
1,531,399
0.50
BRL
Banco do Brasil SA
150,035
1,143,933
0.37
Banco do Estado do Rio Grande Pref
94,300
522,764
0.17
BM&FBovespa SA
483,900
1,936,356
0.63
Bradespar SA Pref
147,600
1,898,085
0.61
Cia de Saneamento de Minas Gerais–COPA 68,200
1,158,189
0.37
Cia de Transmissao de Energia Pref
43,800
1,096,069
0.35
Cielo SA
101,000
2,329,526
0.75
Cyrela Brazil Realty Empreendimentos
91,300
527,519
0.17
Eletropaulo Metropolitana Elet Pref
73,780
729,879
0.24
Itausa – Investimentos Itau SA Pref
221,760
735,881
0.24
JBS SA
297,200
699,635
0.23
Klabin SA Pref
178,400
633,785
0.20
Redecard SA
31,400
402,690
0.13
13,814,311
4.46
CZK
CEZ AS
40,735
1,111,847
0.36
HKD
Agricultural Bank of China Ltd
2,482,000
779,108
0.25
Bank of China Ltd
13,788,130
4,118,034
1.33
Bank of Communications Co Ltd
3,744,000
1,973,969
0.64
Chaoda Modern Agriculture Holdings Ltd
568,480
35,841
0.01
China Citic Bank Corp Ltd
4,672,200
1,874,803
0.61
China Coal Energy Co Ltd
1,055,000
679,484
0.22
China Communications Construction Co
2,683,000
1,845,213
0.60
China Construction Bank Corp
8,331,040
4,477,052
1.45
China International Marine Containers
477,017
477,802
0.15
China Lumena New Materials Corp
8,246,000
1,080,613
0.35
China Merchants Bank Co Ltd
258,500
379,722
0.12
China Minsheng Banking Corp Ltd
2,746,500
1,916,786
0.62
China Mobile Ltd
696,500
5,996,503
1.94
China Overseas Land & Investment Ltd
460,000
840,204
0.27
China Petroleum & Chemical Corp
3,047,000
2,129,600
0.69
China Zhongwang Holdings Ltd
3,185,600
957,900
0.31
Citic Pacific Ltd
720,000
855,767
0.28
CNOOC Ltd
2,066,000
3,232,126
1.04
Datang International Power Generation
4,614,000
1,424,913
0.46
Fosun International Ltd
2,639,000
1,077,712
0.35
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Guangshen Railway Co Ltd
3,200,000
750,930
0.24
Guangzhou R&F Properties Co Ltd
1,047,200
1,082,966
0.35
Harbin Electric Co Ltd
836,000
529,092
0.17
Huaneng Power International Inc
2,932,000
1,733,501
0.56
Industrial & Commercial Bank of China
10,974,575
4,782,800
1.54
Lenovo Group Ltd
2,284,000
1,517,438
0.49
PetroChina Co Ltd
2,440,000
2,466,324
0.80
Shandong Chenming Paper Holdings Ltd
1,166,179
401,608
0.13
Shanghai Industrial Holdings Ltd
537,000
1,112,863
0.36
Shenzhen Investment Ltd
4,408,000
814,986
0.26
Shui On Land Ltd
4,057,000
1,294,112
0.42
Sino–Ocean Land Holdings Ltd
1,768,000
687,889
0.22
Soho China Ltd
629,500
377,298
0.12
Tencent Holdings Ltd
32,500
746,155
0.24
Tianneng Power International Ltd
2,000,000
828,948
0.27
Uni–President China Holdings Ltd
1,921,000
1,405,067
0.45
Weiqiao Textile Co
2,159,500
627,417
0.20
Zijin Mining Group Co Ltd
2,860,000
755,399
0.24
58,067,945
18.75
HUF
Richter Gedeon Nyrt
9,287
1,208,995
0.39
IDR
AKR Corporindo Tbk PT
3,896,500
1,135,977
0.37
Aneka Tambang Persero Tbk PT
7,000,000
786,942
0.25
Bakrie Sumatera Plantations Tbk PT
49,163,000
750,671
0.24
Perusahaan Perkebunan London Sumatra 4,286,000
961,869
0.31
3,635,459
1.17
INR
Aditya Birla Nuvo Ltd
74,275
845,871
0.27
Allahabad Bank
409,745
865,377
0.28
Amtek Auto Ltd
376,868
565,376
0.18
Grasim Industries Ltd
32,497
1,211,184
0.39
Great Eastern Shipping Co Ltd/The
277,901
975,984
0.32
Hindustan Unilever Ltd
208,558
1,337,752
0.43
Housing Development & Infrastructure
1,082,505
1,328,355
0.43
IDBI Bank Ltd
724,176
954,566
0.31
India Cements Ltd
1,027,535
1,260,901
0.41
Indian Bank
351,050
867,996
0.28
Indian Oil Corp Ltd
79,905
288,406
0.09
Indian Overseas Bank
221,467
260,357
0.08
Power Grid Corp of India Ltd
867,411
1,390,039
0.45
Reliance Infrastructure Ltd
211,485
1,666,185
0.54
Rolta India Ltd
370,543
419,138
0.14
Sesa Goa Ltd
438,911
1,187,135
0.38
Robeco Capital Growth Funds 111
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Tata Chemicals Ltd
183,606
805,865
0.26
16,230,487
5.24
KRW
BS Financial Group Inc
48,740
424,189
0.14
Daeduck Electronics Co
44,710
367,583
0.12
Daelim Industrial Co Ltd
15,367
953,627
0.31
GS Holdings
23,200
829,993
0.27
Hana Financial Group Inc
88,600
2,206,609
0.71
Hyundai Heavy Industries Co Ltd
3,708
656,901
0.21
Hyundai Marine & Fire Insurance Co Ltd
25,600
521,332
0.17
Hyundai Motor Co
13,304
2,128,081
0.69
Hyundai Securities Co Ltd
197,560
1,153,957
0.37
KB Financial Group Inc
42,400
1,076,404
0.35
KCC Corp
8,288
1,585,176
0.51
Korea Exchange Bank
297,380
1,667,448
0.54
Korea Investment Holdings Co Ltd
19,750
516,338
0.17
KT Corp
29,920
624,746
0.20
LIG Insurance Co Ltd
46,470
752,916
0.24
Lotte Samkang Co Ltd
1,684
614,046
0.20
POSCO
3,273
818,528
0.26
Samsung Electronics Co Ltd
12,772
10,553,219
3.41
Samsung Electronics Co Ltd Pref
5,470
2,818,721
0.91
Samsung Heavy Industries Co Ltd
79,570
2,041,932
0.66
Samsung Techwin Co Ltd
32,637
1,731,202
0.56
Shinhan Financial Group Co Ltd
49,400
1,349,275
0.44
SK Holdings Co Ltd
20,003
1,823,451
0.59
SK Innovation Co Ltd
10,507
997,564
0.32
SK Telecom Co Ltd
14,034
1,206,909
0.39
Taekwang Industrial Co Ltd
1,262
726,721
0.23
Woori Finance Holdings Co Ltd
231,020
1,978,800
0.64
42,125,668
13.61
MXN
Grupo Financiero Banorte SAB de CV
214,300
869,745
0.28
Grupo Modelo SAB de CV
205,300
1,421,351
0.46
OHL Mexico SAB de CV
504,200
482,060
0.16
2,773,156
0.90
MYR
Alliance Financial Group Bhd
879,100
907,492
0.29
DiGi.Com Bhd
1,619,600
1,708,078
0.55
DRB–Hicom Bhd
1,216,500
760,718
0.25
Malayan Banking Bhd
395,900
854,704
0.28
Sime Darby Bhd
724,800
1,778,794
0.57
Tenaga Nasional Bhd
1,214,200
2,030,772
0.66
8,040,558
2.60
PKR
National Bank Of Pakistan
1,997,935
725,216
0.23
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
PLN
KGHM Polska Miedz SA
43,759
1,498,171
0.48
PGE SA
173,112
794,602
0.26
Polskie Gornictwo Naftowe i Gazownictwo 769,220
753,746
0.24
3,046,519
0.98
SGD
Thai Beverage PCL
6,228,000
1,317,152
0.43
THB
Advanced Info Service PCL NVDR
388,500
1,778,394
0.57
Airports of Thailand PCL NVDR
981,100
1,454,426
0.47
Esso Thailand PCL NVDR
2,823,000
707,413
0.23
Kasikornbank PCL NVDR
158,500
637,067
0.21
Land and Houses PCL NVDR
7,443,500
1,440,497
0.47
PTT PCL NVDR
77,400
620,275
0.20
Ratchaburi Electricity Generat NVDR
692,100
751,255
0.24
Siam Commercial Bank PCL NVDR
313,600
1,143,757
0.37
Thai Union Frozen Products PCL NVDR
764,400
1,360,765
0.44
Total Access Communication PCL NVDR
519,500
953,801
0.31
TPI Polene PCL NVDR
2,298,100
661,405
0.21
11,509,055
3.72
TRY
Ford Otomotiv Sanayi AS
106,817
763,195
0.25
Kardemir Karabuk Demir Celik Sanayi ve
2,000,000
871,327
0.28
KOC Holding AS
278,107
836,011
0.27
Koza Anadolu Metal Madencilik Isletmeler 893,267
1,506,064
0.49
Tupras Turkiye Petrol Rafinerileri AS
36,156
609,596
0.20
4,586,193
1.49
TWD
Asustek Computer Inc
231,476
1,657,082
0.54
Chicony Electronics Co Ltd
833,000
1,203,632
0.39
China Development Financial Holding
1,949,036
361,793
0.12
Chinatrust Financial Holding Co Ltd
750,727
336,511
0.11
Chong Hong Construction Co
681,000
1,161,768
0.38
Compal Electronics Inc
1,650,000
1,189,897
0.38
Far EasTone Telecommunications Co Ltd
611,000
1,042,350
0.34
Farglory Land Development Co Ltd
679,000
941,724
0.30
Hon Hai Precision Industry Co Ltd
1,182,000
2,786,269
0.90
HTC Corp
64,000
657,288
0.21
Huaku Development Co Ltd
643,000
1,225,794
0.40
King Yuan Electronics Co Ltd
887,000
328,600
0.11
Lite–On Technology Corp
1,538,000
1,512,632
0.49
MStar Semiconductor Inc
132,000
692,620
0.22
Pegatron Corp
1,207,000
1,238,012
0.40
Quanta Computer Inc
340,000
711,816
0.23
Shin Kong Financial Holding Co Ltd
1,709,000
386,632
0.12
Taishin Financial Holding Co Ltd
1,293,630
388,851
0.13
Robeco Capital Growth Funds 112
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Taiwan Semiconductor Manufacturing
2,734,266
5,861,374
1.88
United Microelectronics Corp
4,505,000
1,532,331
0.49
Wistron Corp
1,250,000
1,203,015
0.39
26,419,991
8.53
USD
America Movil SAB de CV ADR
226,100
4,642,974
1.50
Banco Bradesco SA ADR
219,180
2,568,226
0.83
Banco Santander Brasil SA/Braz ADR
342,200
2,089,792
0.67
Centrais Eletricas Brasileiras ADR
232,080
1,751,961
0.57
Cia de Bebidas das Americas ADR
86,700
2,618,660
0.85
Cia de Saneamento Basico do Es ADR
31,900
1,906,886
0.62
Cia Energetica de Minas Gerais ADR
125,000
1,814,349
0.59
Cia Paranaense de Energia ADR
28,100
480,050
0.16
Cia Siderurgica Nacional SA ADR
178,700
798,415
0.26
Credicorp Ltd
6,000
595,201
0.19
Desarrolladora Homex SAB de CV ADR
75,500
916,197
0.30
Ecopetrol SA ADR
62,800
2,760,815
0.89
Fomento Economico Mexicano SAB ADR
13,100
921,299
0.30
Gazprom Neft JSC ADR
85,850
1,552,545
0.50
Gazprom OAO ADR
618,131
4,593,180
1.48
Gerdau SA ADR
82,800
571,552
0.18
Giant Interactive Group Inc ADR
325,300
1,238,091
0.40
Grupo Aeroportuario del Surest ADR
13,800
848,955
0.27
Itau Unibanco Holding SA ADR
200,154
2,195,456
0.71
Lukoil OAO ADR
94,050
4,131,663
1.33
Netease Inc ADR
31,700
1,470,033
0.47
Orascom Construction Industrie GDR
29,330
936,027
0.30
Petroleo Brasileiro SA ADR
171,230
2,532,593
0.82
Petroleo Brasileiro SA ADR PRF
354,100
5,061,561
1.63
Rosneft Oil Co GDR
116,126
572,829
0.18
Sberbank of Russia
276,484
579,526
0.19
Sberbank of Russia ADR
290,052
2,457,002
0.79
Silicon Motion Technology Corp ADR
39,564
439,894
0.14
Surgutneftegas OJSC ADR
375,894
2,449,583
0.79
Tata Motors Ltd ADR
122,800
2,124,966
0.69
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Tatneft ADR
84,623
2,237,187
0.72
Telefonica Brasil SA ADR
26,717
520,845
0.17
Ultrapar Participacoes SA ADR
28,200
503,980
0.16
Vale SA ADR
151,190
2,364,857
0.76
Vale SA ADR
333,670
5,129,744
1.66
VimpelCom Ltd ADR
52,700
336,785
0.11
68,713,679
22.18
ZAR
African Bank Investments Ltd
370,392
1,295,789
0.42
AVI Ltd
328,880
1,584,361
0.51
Barloworld Ltd
159,909
1,247,971
0.40
FirstRand Ltd
650,000
1,652,720
0.53
Foschini Group Ltd/The
81,739
1,008,138
0.33
Growthpoint Properties Ltd
785,942
1,741,666
0.56
Imperial Holdings Ltd
112,309
1,861,185
0.60
Investec Ltd
93,897
434,340
0.14
MMI Holdings Ltd/South Africa
517,236
897,032
0.29
MTN Group Ltd
195,981
2,660,928
0.86
Pretoria Portland Cement Co Ltd
204,576
527,260
0.17
Redefine Properties Ltd
2,133,934
1,762,010
0.57
Remgro Ltd
67,220
851,604
0.28
RMB Holdings Ltd
421,805
1,417,538
0.46
Sanlam Ltd
650,575
2,240,887
0.72
Sasol Ltd
84,442
2,785,729
0.90
Standard Bank Group Ltd/South Africa
137,809
1,467,721
0.47
Steinhoff International Holdings Ltd
782,343
1,858,064
0.60
Vodacom Group Ltd
159,105
1,424,118
0.46
28,719,061
9.27
Total transferable securities and money market instruments admitted to an official stock exchange listing
293,576,691
94.81
Total securities portfolio
293,576,691
94.81
Other assets and liabilities
16,084,047
5.19
Total net assets
309,660,738
100.00
Robeco Capital Growth Funds 113
Robeco Emerging Enhanced Index Equities Investment portfolio
At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
BRL
Banco do Brasil
42,800
414,124
0.31
BM&FBovespa SA
123,000
624,616
0.47
BR Malls Participacoes SA
16,000
182,319
0.14
Bradespar SA Pref
25,000
407,989
0.31
Cia de Transmissao de Energia Pref
10,300
327,099
0.24
Cielo SA
22,560
660,334
0.49
Cyrela Brazil Realty Empreendimentos
42,500
311,627
0.23
Eletropaulo Metropolitana Elet Pref
17,800
223,466
0.17
Itausa – Investimentos Itau SA Pref
100,980
425,244
0.32
JBS SA
30,500
91,117
0.07
Klabin SA Pref
82,300
371,044
0.28
Metalurgica Gerdau SA Pref
10,800
118,464
0.09
Natura Cosmeticos SA
7,000
162,997
0.12
PDG Realty SA Empreendimentos e Partici 44,500
77,384
0.06
Redecard SA
12,600
205,064
0.15
Souza Cruz SA
15,200
222,001
0.17
Usinas Siderurgicas de Minas G Pref
29,700
92,995
0.07
4,917,884
3.69
CLP
AES Gener SA
589,257
338,608
0.25
Aguas Andinas SA
397,014
244,997
0.18
Cencosud SA
35,924
197,621
0.15
Cencosud SA/CLM/18–06–2012
3,855
1,257
–
Corpbanca
30,885,351
388,726
0.29
Empresas CMPC SA
44,166
175,626
0.13
Empresas COPEC SA
18,046
265,495
0.20
Vina Concha y Toro SA
57,375
111,900
0.08
1,724,230
1.28
COP
Almacenes Exito SA
22,969
380,156
0.28
Grupo de Inversiones Suramericana SA
9,304
161,079
0.12
541,235
0.40
CZK
CEZ AS
6,402
221,754
0.17
EGP
Telecom Egypt Co
143,077
314,091
0.23
HKD
Agricultural Bank of China Ltd
731,000
291,200
0.22
Anhui Conch Cement Co Ltd
50,000
135,042
0.10
Bank of China Ltd
3,413,000
1,293,599
0.97
Investment portfolio
At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Bank of Communications Co Ltd
290,000
194,036
0.15
Bosideng International Holdings Ltd
1,070,000
274,507
0.21
China Citic Bank Corp Ltd
798,000
406,365
0.30
China Coal Energy Co Ltd
163,000
133,227
0.10
China Communications Construction Co
517,000
451,227
0.34
China Communications Services Corp Ltd
726,000
357,533
0.27
China Construction Bank Corp
2,835,000
1,933,413
1.45
China Everbright Ltd
230,000
323,792
0.24
China Life Insurance Co Ltd
122,000
313,933
0.23
China Merchants Bank Co Ltd
154,500
288,013
0.22
China Merchants Holdings International
48,000
145,111
0.11
China Minsheng Banking Corp Ltd
475,500
421,137
0.31
China Mobile Ltd
239,500
2,616,744
1.96
China National Building Material Co Ltd
114,000
121,836
0.09
China Overseas Land & Investment Ltd
162,000
375,509
0.28
China Petroleum & Chemical Corp
932,000
826,647
0.62
China Resources Land Ltd
76,000
154,806
0.12
China Shenhua Energy Co Ltd
134,500
469,035
0.35
China Zhongwang Holdings Ltd
873,600
333,365
0.25
CNOOC Ltd
710,000
1,409,597
1.05
Datang International Power Generation
974,000
381,723
0.29
Dongfeng Motor Group Co Ltd
106,000
162,618
0.12
Dongyue Group
376,000
174,020
0.13
Franshion Properties China Ltd
1,036,000
311,194
0.23
Geely Automobile Holdings Ltd
915,000
318,494
0.24
Great Wall Motor Co Ltd
205,000
406,468
0.30
Guangdong Investment Ltd
454,000
326,592
0.24
Guangzhou R&F Properties Co Ltd
296,000
388,468
0.29
Hengan International Group Co Ltd
16,500
159,431
0.12
Huaneng Power International Inc
494,000
370,652
0.28
Industrial & Commercial Bank of China
2,574,000
1,423,580
1.06
Lee & Man Paper Manufacturing Ltd
284,400
113,293
0.08
Lenovo Group Ltd
250,000
210,782
0.16
Metallurgical Corp of China Ltd
1,373,000
292,059
0.22
Minmetals Resources Ltd
396,000
164,897
0.12
PetroChina Co Ltd
836,000
1,072,372
0.80
Ping An Insurance Group Co
67,500
536,914
0.40
Shanghai Industrial Holdings Ltd
118,000
310,333
0.23
Shougang Fushan Resources Group Ltd
954,000
244,747
0.18
Shui On Land Ltd
843,500
341,453
0.26
Sino–Ocean Land Holdings Ltd
787,500
388,835
0.29
Sinopec Shanghai Petrochemical Co Ltd
340,000
99,061
0.07
Soho China Ltd
510,000
387,916
0.29
Sun Art Retail Group Ltd
75,500
82,636
0.06
Tencent Holdings Ltd
24,000
699,255
0.52
Robeco Capital Growth Funds 114
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Uni–President China Holdings Ltd
335,000
310,952
0.23
Want Want China Holdings Ltd
235,000
287,811
0.22
Yanzhou Coal Mining Co Ltd
88,000
135,911
0.10
Yuexiu Property Co Ltd
1,306,000
316,532
0.24
Zhejiang Expressway Co Ltd
498,000
328,070
0.25
24,016,743
17.96
HUF
Magyar Telekom Telecommunications
126,101
248,649
0.19
OTP Bank PLC
9,439
149,651
0.11
398,300
0.30
IDR
Astra International Tbk PT
805,000
587,091
0.44
Bank Mandiri Persero Tbk PT
345,000
264,466
0.20
Bank Rakyat Indonesia Persero Tbk PT
435,500
294,429
0.22
Bumi Resources Tbk PT
618,000
73,035
0.05
Indo Tambangraya Megah Tbk PT
71,500
273,668
0.20
Indocement Tunggal Prakarsa Tbk PT
196,500
362,978
0.27
Perusahaan Gas Negara Persero Tbk PT
433,000
162,505
0.12
Semen Gresik Persero Tbk PT
348,000
418,674
0.31
Telekomunikasi Indonesia Persero Tbk
793,000
688,097
0.51
Unilever Indonesia Tbk PT
60,500
147,506
0.11
United Tractors Tbk PT
67,000
152,297
0.11
Vale Indonesia Tbk PT
940,000
267,714
0.20
3,692,460
2.74
KRW
BS Financial Group Inc
32,720
361,381
0.27
Cheil Industries Inc
1,474
128,566
0.10
CJ Corp
1,636
114,128
0.09
Daelim Industrial Co Ltd
3,836
302,097
0.23
DGB Financial Group Inc
27,480
332,298
0.25
Dongbu Insurance Co Ltd
8,690
318,283
0.24
Doosan Corp
2,758
311,836
0.23
E–Mart Co Ltd
828
180,731
0.14
Hana Financial Group Inc
16,450
519,920
0.39
Hankook Tire Co Ltd
3,020
119,445
0.09
Hyundai Engineering & Construction Co Lt
2,651
150,447
0.11
Hyundai Heavy Industries Co Ltd
1,656
372,305
0.28
Hyundai Marine & Fire Insurance Co Ltd
12,700
328,214
0.25
Hyundai Mipo Dockyard
2,836
292,180
0.22
Hyundai Mobis
847
202,996
0.15
Hyundai Motor Co
6,116
1,241,516
0.93
Hyundai Motor Co Pref
1,330
86,511
0.06
Hyundai Securities Co Ltd
35,740
264,926
0.20
Hyundai Steel Co
2,198
161,201
0.12
Industrial Bank of Korea
10,780
120,003
0.09
KB Financial Group Inc
18,412
593,184
0.44
KCC Corp
1,263
306,556
0.23
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Kia Motors Corp
4,338
282,925
0.21
Korea Exchange Bank
49,550
352,584
0.26
Korea Gas Corp
6,140
217,113
0.16
Korea Investment Holdings Co Ltd
9,250
306,893
0.23
KT Corp
11,850
314,007
0.23
KT&G Corp
9,090
644,439
0.48
LG Corp
8,280
397,608
0.30
LG Display Co Ltd
9,230
172,053
0.13
LG Electronics Inc
8,145
433,793
0.32
NHN Corp
1,623
354,259
0.26
POSCO
2,595
823,576
0.62
Samsung C&T Corp
3,198
182,607
0.14
Samsung Electro–Mechanics Co Ltd
2,370
219,339
0.16
Samsung Electronics Co Ltd
4,654
4,880,127
3.65
Samsung Electronics Co Ltd Pref
817
534,276
0.40
Samsung Heavy Industries Co Ltd
14,400
468,957
0.35
Samsung Life Insurance Co Ltd
1,983
161,189
0.12
Samsung SDI Co Ltd
1,355
179,231
0.13
Samsung Techwin Co Ltd
5,136
345,733
0.26
Shinhan Financial Group Co Ltd
16,950
587,519
0.44
SK Hynix Inc
8,100
168,669
0.13
SK Innovation Co Ltd
2,385
287,362
0.21
SK Telecom Co Ltd
3,174
346,401
0.26
S–Oil Corp
1,785
141,510
0.11
Woori Finance Holdings Co Ltd
40,740
442,845
0.33
20,053,739
15.00
MXN
Grupo Bimbo SAB de CV
65,300
159,287
0.12
Grupo Financiero Banorte SAB de CV
64,500
332,207
0.25
Grupo Financiero Inbursa SAB de CV
74,800
168,978
0.13
Grupo Mexico SAB de CV
244,300
720,386
0.54
Grupo Modelo SAB de CV
56,800
499,045
0.37
Industrias Penoles SAB de CV
5,500
235,335
0.18
Wal–Mart de Mexico SAB de CV
211,500
563,174
0.42
2,678,412
2.01
MYR
Alliance Financial Group Bhd
278,500
364,845
0.27
British American Tobacco Malaysia Bhd
21,800
384,445
0.29
CIMB Group Holdings Bhd
87,900
209,544
0.16
DiGi.Com Bhd
123,800
165,691
0.12
Gamuda Bhd
323,800
356,890
0.27
Genting Malaysia BHD
117,500
133,208
0.10
Genting Plantations Bhd
109,800
321,570
0.24
IOI Corp Bhd
127,300
208,059
0.16
Kuala Lumpur Kepong Bhd
19,000
137,258
0.10
Malayan Banking Bhd
133,500
365,755
0.27
Maxis Bhd
244,800
492,609
0.37
Petronas Gas BHD
27,500
155,882
0.12
Robeco Capital Growth Funds 115
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Public Bank Bhd
39,400
170,976
0.13
Sime Darby Bhd
203,000
632,240
0.47
Telekom Malaysia Bhd
221,100
393,393
0.29
Tenaga Nasional Bhd
139,500
296,090
0.22
UMW Holdings Bhd
115,200
331,217
0.25
5,119,672
3.83
PHP
Bank of the Philippine Islands
103,700
183,601
0.14
Globe Telecom Inc
12,840
339,779
0.25
Philippine Long Distance Telephone Co
6,560
412,578
0.31
935,958
0.70
PLN
Asseco Poland SA
21,546
315,059
0.24
Enea SA
60,010
285,368
0.21
KGHM Polska Miedz SA
11,945
518,990
0.39
PGE SA
29,669
172,824
0.13
Polski Koncern Naftowy Orlen S.A.
12,723
142,621
0.11
Powszechna Kasa Oszczednosci Bank Polski 12,517
129,772
0.10
Powszechny Zaklad Ubezpieczen SA
2,227
222,880
0.17
Synthos SA
161,011
286,098
0.21
2,073,612
1.56
THB
Advanced Info Service PCL NVDR
86,500
502,495
0.38
Bangkok Bank PCL NVDR
54,800
330,422
0.25
CP ALL PCL NVDR
174,600
195,160
0.15
Kasikornbank PCL NVDR
70,600
360,113
0.27
PTT Exploration & Production P NVDR
46,000
243,325
0.18
PTT Global Chemical PCL NVDR
66,000
115,334
0.09
PTT PCL NVDR
33,800
343,747
0.26
Siam Commercial Bank PCL NVDR
61,800
286,039
0.21
Thai Oil PCL NVDR
163,500
296,009
0.22
2,672,644
2.01
TRY
Enka Insaat ve Sanayi AS
49,347
132,322
0.10
Eregli Demir ve Celik Fabrikalari TAS
224,691
249,696
0.19
Ford Otomotiv Sanayi AS
36,000
326,420
0.24
Haci Omer Sabanci Holding AS
91,288
383,581
0.29
Turkiye Garanti Bankasi AS
83,300
326,989
0.24
Turkiye Halk Bankasi AS
55,366
433,141
0.32
Turkiye Is Bankasi
62,478
165,805
0.12
Turkiye Vakiflar Bankasi Tao
176,914
367,773
0.28
2,385,727
1.78
TWD
Asustek Computer Inc
60,000
545,090
0.41
AU Optronics Corp
297,000
119,754
0.09
Catcher Technology Co Ltd
22,000
146,127
0.11
Cheng Shin Rubber Industry Co Ltd
57,000
143,048
0.11
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Chicony Electronics Co Ltd
168,000
308,061
0.23
China Steel Corp
448,000
419,742
0.31
Chinatrust Financial Holding Co Ltd
400,000
227,539
0.17
Chunghwa Telecom Co Ltd
37,000
116,379
0.09
Compal Electronics Inc
428,000
391,695
0.29
Delta Electronics Inc
72,000
219,000
0.16
Far Eastern New Century Corp
110,000
115,944
0.09
Far EasTone Telecommunications Co Ltd
213,000
461,138
0.34
Farglory Land Development Co Ltd
160,000
281,613
0.21
Feng Hsin Iron & Steel Co
190,000
317,885
0.24
Formosa Chemicals & Fibre Corp
113,000
296,443
0.22
Formosa Taffeta Co Ltd
342,000
306,696
0.23
Giant Manufacturing Co Ltd
63,000
289,861
0.22
Hon Hai Precision Industry Co Ltd
385,000
1,151,715
0.86
Hotai Motor Co Ltd
22,000
142,078
0.11
HTC Corp
30,000
390,999
0.29
Inventec Corp
675,000
217,509
0.16
Lite–On Technology Corp
328,000
409,383
0.31
Macronix International
910,000
285,317
0.21
MediaTek Inc
20,000
182,700
0.14
Mega Financial Holding Co Ltd
294,000
214,954
0.16
MStar Semiconductor Inc
47,000
312,966
0.23
Nan Ya Plastics Corp
188,000
335,928
0.25
Novatek Microelectronics Corp
118,000
360,890
0.27
Pegatron Corp
267,000
347,542
0.26
Pou Chen Corp
244,000
207,790
0.16
Quanta Computer Inc
98,000
260,371
0.19
Realtek Semiconductor Corp
173,000
313,177
0.23
Siliconware Precision Industries Co
111,000
115,884
0.09
Taiwan Cement Corp
132,000
156,139
0.12
Taiwan Semiconductor Manufacturing
976,000
2,655,139
1.99
Uni–President Enterprises Corp
319,000
508,094
0.38
United Microelectronics Corp
1,095,000
472,662
0.35
Walsin Lihwa Corp
1,027,000
283,512
0.21
Wistron Corp
272,000
332,207
0.25
Yuanta Financial Holding Co Ltd
318,000
144,183
0.11
14,507,154
10.85
USD
America Movil SAB de CV ADR
78,700
2,050,922
1.54
Banco Bradesco SA ADR
50,700
753,909
0.56
Banco de Chile ADR
4,279
361,576
0.27
Banco Santander Brasil SA/Braz ADR
30,200
234,050
0.18
BanColombia SA ADR
5,500
340,120
0.25
BRF – Brasil Foods SA ADR
17,100
259,749
0.19
Cemex SAB de CV ADR
40,300
271,219
0.20
Centrais Eletricas Brasileiras ADR
10,700
75,221
0.06
Centrais Eletricas Brasileiras ADR
31,300
299,854
0.22
Cia Brasileira de Distribuicao ADR
4,000
159,960
0.12
Robeco Capital Growth Funds 116
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Cia de Bebidas das Americas ADR
29,600
1,134,568
0.85
Cia de Minas Buenaventura SA ADR
7,700
292,446
0.22
Cia de Saneamento Basico do Es ADR
6,200
470,332
0.35
Cia Energetica de Minas Gerais ADR
35,000
644,700
0.48
Cia Siderurgica Nacional SA ADR
76,900
436,023
0.33
Coca–Cola Femsa SAB de CV ADR
3,600
471,168
0.35
Credicorp Ltd
2,700
339,903
0.25
Ecopetrol SA ADR
14,700
820,113
0.61
Embraer SA ADR
5,500
145,915
0.11
Empresa Nacional de Electricid ADR
9,800
500,094
0.37
Enersis SA ADR
10,300
192,610
0.14
Federal Hydrogenerating Co JSC ADR
45,874
109,593
0.08
Fomento Economico Mexicano SAB ADR
7,700
687,225
0.51
Gazprom OAO ADR
235,845
2,224,018
1.67
Gerdau SA ADR
65,300
572,028
0.43
Grupo Aeroportuario del Pacifi ADR
9,700
382,762
0.29
Itau Unibanco Holding SA ADR
90,300
1,256,976
0.94
Lukoil OAO ADR
25,047
1,396,370
1.04
MMC Norilsk Nickel OJSC ADR
18,992
313,748
0.23
Mobile Telesystems OJSC ADR
11,200
192,640
0.14
NovaTek OAO GDR
1,450
153,700
0.11
Oi SA ADR PRF
13,220
163,135
0.12
Orascom Construction Industrie GDR
3,659
148,190
0.11
Petroleo Brasileiro SA ADR
59,200
1,111,184
0.83
Petroleo Brasileiro SA ADR PRF
83,700
1,518,318
1.15
Rosneft Oil Co GDR
105,057
657,657
0.49
Rostelecom OJSC ADR
10,000
219,300
0.16
Sberbank of Russia ADR
93,147
1,001,330
0.75
Southern Copper Corp
13,200
415,932
0.31
Surgutneftegas OJSC ADR
75,805
626,907
0.47
Tata Motors Ltd ADR
11,300
248,148
0.19
Tatneft ADR
16,436
551,428
0.41
Telefonica Brasil SA ADR
11,800
291,932
0.22
Ultrapar Participacoes SA ADR
12,800
290,304
0.22
Vale SA ADR
51,700
1,026,245
0.77
Vale SA ADR
93,000
1,814,430
1.37
VTB Bank OJSC GDR
51,933
183,323
0.14
27,811,275
20.80
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
ZAR
ABSA Group Ltd
11,395
196,732
0.15
African Bank Investments Ltd
87,946
390,452
0.29
AngloGold Ashanti Ltd
3,601
122,844
0.09
Aspen Pharmacare Holdings Ltd
11,247
173,067
0.13
Barloworld Ltd
33,022
327,050
0.24
Bidvest Group Ltd
12,345
274,718
0.21
Discovery Holdings Ltd
57,707
366,908
0.27
FirstRand Ltd
208,842
673,880
0.50
Foschini Group Ltd/The
27,253
426,563
0.32
Gold Fields Ltd
28,716
364,633
0.27
Growthpoint Properties Ltd
157,342
442,484
0.33
Harmony Gold Mining Co Ltd
15,370
143,767
0.11
Imperial Holdings Ltd
22,427
471,656
0.35
Kumba Iron Ore Ltd
3,194
214,240
0.16
Liberty Holdings Ltd
30,661
325,035
0.24
Life Healthcare Group Holdings Ltd
34,950
133,031
0.10
MTN Group Ltd
65,877
1,135,094
0.85
Naspers Ltd
7,214
383,690
0.29
Nedbank Group Ltd
8,052
171,200
0.13
Pretoria Portland Cement Co Ltd
92,749
303,360
0.23
Remgro Ltd
17,174
276,115
0.21
RMB Holdings Ltd
102,071
435,316
0.33
Sanlam Ltd
70,807
309,512
0.23
Sasol Ltd
22,634
947,590
0.71
Shoprite Holdings Ltd
16,168
297,857
0.22
Standard Bank Group Ltd/South Africa
47,259
638,748
0.48
Steinhoff International Holdings Ltd
129,289
389,676
0.29
Tiger Brands Ltd
6,424
192,433
0.14
Truworths International Ltd
17,336
189,755
0.14
Vodacom Group Ltd
14,756
167,614
0.13
Woolworths Holdings Ltd/South Africa
29,824
183,206
0.14
11,068,226
8.28
Total transferable securities and money market instruments admitted to an official stock exchange listing
125,133,116
93.59
Total securities portfolio
125,133,116
93.59
Other assets and liabilities
8,564,840
6.41
Total net assets
133,697,956
100.00
Robeco Capital Growth Funds 117
Robeco Emerging Conservative Equities Investment portfolio
At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
AED
Air Arabia PJSC
690,531
111,110
0.02
Dubai Islamic Bank PJSC
2,368,022
1,205,614
0.23
1,316,724
0.25
BRL
AES Tiete SA Pref
272,000
3,852,720
0.73
Alpargatas SA Pref
270,930
1,798,648
0.34
CCR SA
665,300
5,382,550
1.02
Cia de Saneamento de Minas Gerais–COPASA
112,500
2,424,522
0.46
Cia de Transmissao de Energia Pref
139,700
4,436,483
0.84
Cielo SA
197,400
5,777,926
1.09
EDP – Energias do Brasil SA
599,200
3,826,565
0.72
Eletropaulo Metropolitana Elet Pref
247,000
3,100,901
0.59
Iochpe–Maxion SA
197,900
2,294,278
0.43
Klabin SA Pref
997,000
4,494,909
0.85
Light SA
102,500
1,259,389
0.24
M Dias Branco SA
117,100
3,422,893
0.65
Marcopolo SA Pref
91,000
408,013
0.08
Natura Cosmeticos SA
202,700
4,719,935
0.89
Redecard SA
134,200
2,184,099
0.41
Souza Cruz SA
303,100
4,426,880
0.84
Sul America SA
34,488
266,549
0.05
Tractebel Energia SA
202,600
3,728,916
0.71
Valid Solucoes e Servicos de Seguranca
271,300
4,032,324
0.76
61,838,500
11.70
CLP
Aguas Andinas SA
6,573,065
4,056,240
0.77
ENTEL Chile SA
76,163
1,419,923
0.27
5,476,163
1.04
COP
Cementos Argos SA
142,107
557,344
0.11
Corp Financiera Colombiana SA
19,029
323,049
0.06
Inversiones Argos SA Pref
44,053
394,916
0.07
1,275,309
0.24
CZK
CEZ AS
70,137
2,429,422
0.46
Telefonica Czech Republic AS
236,449
4,524,636
0.86
6,954,058
1.32
EGP
Telecom Egypt Co
138,411
303,848
0.06
HKD
Beijing Enterprises Holdings Ltd
414,500
2,484,811
0.47
Investment portfolio
At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Bosideng International Holdings Ltd
8,326,000
2,136,021
0.40
China Mobile Ltd
888,000
9,702,164
1.84
China Petroleum & Chemical Corp
4,078,000
3,617,026
0.69
China Zhongwang Holdings Ltd
2,136,800
815,402
0.15
Digital China Holdings Ltd
1,744,000
3,039,759
0.58
Guangdong Investment Ltd
5,698,000
4,098,950
0.78
Hengan International Group Co Ltd
432,000
4,174,182
0.79
Huaneng Power International Inc
7,088,000
5,318,175
1.01
Jiangsu Expressway Co Ltd
346,000
322,947
0.06
Yantai Changyu Pioneer Wine Co Ltd
152,100
1,025,526
0.19
Zhejiang Expressway Co Ltd
2,292,000
1,509,911
0.29
38,244,874
7.25
HUF
Magyar Telekom Telecommunications
1,320,701
2,604,188
0.49
IDR
Bank Central Asia Tbk PT
3,395,500
2,639,036
0.50
Semen Gresik Persero Tbk PT
3,014,500
3,626,707
0.69
Telekomunikasi Indonesia Persero Tbk
6,390,000
5,544,689
1.05
Unilever Indonesia Tbk PT
1,250,000
3,047,644
0.58
14,858,076
2.82
INR
Cipla Ltd/India
350,540
1,987,346
0.38
Hero Motocorp Ltd
46,174
1,777,494
0.34
Hindustan Unilever Ltd
384,257
3,127,874
0.59
ITC Ltd
386,002
1,789,844
0.34
Nestle India Ltd
3,816
309,999
0.06
Sun Pharmaceutical Industries Ltd
238,935
2,720,782
0.52
11,713,339
2.23
KRW
Daishin Securities Co Ltd
106,970
783,584
0.15
Handsome Co Ltd
34,930
782,254
0.15
Hotel Shilla Co Ltd
72,350
3,512,166
0.67
Kangwon Land Inc
63,790
1,356,167
0.26
Korea Exchange Bank
284,080
2,021,436
0.38
KT&G Corp
66,518
4,715,817
0.89
LG Uplus Corp
176,490
853,673
0.16
Orion Corp/Republic of South Korea
5,180
4,287,458
0.81
Samsung Electronics Co Ltd Pref
10,840
7,088,802
1.34
SK Telecom Co Ltd
19,108
2,085,389
0.40
S–Oil Corp
14,948
1,185,034
0.22
28,671,780
5.43
MAD
Maroc Telecom SA
80,190
1,019,858
0.19
Robeco Capital Growth Funds 118
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
MXN
Alfa SAB de CV
39,700
630,574
0.12
Arca Continental SAB de CV
92,395
533,618
0.10
Grupo Modelo SAB de CV
644,700
5,664,332
1.07
6,828,524
1.29
MYR
Alliance Financial Group Bhd
2,054,900
2,691,993
0.51
British American Tobacco Malaysia Bhd
122,800
2,165,590
0.41
DiGi.Com Bhd
3,012,700
4,032,131
0.76
Hong Leong Bank Bhd
248,280
972,640
0.18
IOI Corp Bhd
109,600
179,130
0.03
Kuala Lumpur Kepong Bhd
299,800
2,165,783
0.41
Malayan Banking Bhd
2,010,900
5,509,340
1.04
Maxis Bhd
1,804,400
3,630,977
0.69
Petronas Dagangan BHD
537,300
3,570,172
0.68
Petronas Gas BHD
705,200
3,997,373
0.76
Public Bank Bhd
953,200
4,136,405
0.78
Sime Darby Bhd
1,386,400
4,317,921
0.82
Telekom Malaysia Bhd
1,931,200
3,436,098
0.65
Tenaga Nasional Bhd
121,000
256,824
0.05
UMW Holdings Bhd
1,424,000
4,094,215
0.78
45,156,592
8.55
PHP
Aboitiz Power Corp
491,000
397,950
0.08
Bank of the Philippine Islands
1,333,100
2,360,252
0.45
Philippine Long Distance Telephone Co
41,190
2,590,565
0.49
5,348,767
1.02
PKR
Fauji Fertilizer Co Ltd
2,117,363
2,487,654
0.47
Oil & Gas Development Co Ltd
670,062
1,137,375
0.22
Pakistan Petroleum Ltd
1,518,104
3,024,161
0.57
6,649,190
1.26
PLN
Polskie Gornictwo Naftowe i Gazownictwo
1,302,235
1,619,356
0.31
Telekomunikacja Polska SA
945,169
4,409,638
0.84
6,028,994
1.15
THB
Advanced Info Service PCL NVDR
670,900
3,897,386
0.74
Bangkok Bank PCL NVDR
819,600
4,941,855
0.94
Bangkok Dusit Medical Services NVDR
1,122,700
3,446,574
0.65
BEC World PCL NVDR
1,507,800
2,397,477
0.45
Charoen Pokphand Foods PCL NVDR
2,845,600
3,449,482
0.65
CP ALL PCL NVDR
4,264,800
4,767,013
0.90
Electricity Generating PCL NVDR
740,500
2,681,280
0.51
Glow Energy PCL NVDR
526,800
1,028,387
0.19
Home Product Center PCL NVDR
7,515,000
2,981,390
0.56
Ratchaburi Electricity Generat NVDR
1,238,600
1,706,194
0.32
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Siam Cement PCL NVDR
158,800
1,579,999
0.30
Siam Makro PCL NVDR
368,900
4,135,023
0.78
Supalai PCL NVDR
5,396,700
2,905,652
0.55
Thai Oil PCL NVDR
276,700
500,952
0.09
Thai Union Frozen Products PCL NVDR
1,397,880
3,157,992
0.60
Tisco Financial Group PCL NVDR
1,202,600
1,457,811
0.28
Total Access Communication PCL NVDR
1,042,500
2,428,997
0.46
47,463,464
8.97
TRY
Aygaz AS
50,366
211,075
0.04
Ford Otomotiv Sanayi AS
208,606
1,891,474
0.36
Tupras Turkiye Petrol Rafinerileri AS
93,489
2,000,328
0.38
Turk Telekomunikasyon AS
481,359
1,964,062
0.37
6,066,939
1.15
TWD
Acer Inc
2,821,000
2,907,372
0.55
Advantech Co Ltd
568,100
1,874,341
0.36
Asia Cement Corp
1,357,640
1,701,309
0.32
Asustek Computer Inc
461,500
4,192,648
0.79
Chicony Electronics Co Ltd
1,974,000
3,619,716
0.69
China Bills Finance Corp
8,770,000
3,697,575
0.70
China Steel Chemical Corp
347,000
1,573,315
0.30
China Steel Corp
1,558,000
1,459,729
0.28
Chunghwa Telecom Co Ltd
1,209,000
3,802,778
0.72
Compal Electronics Inc
2,494,000
2,282,447
0.43
CSBC Corp Taiwan
563,000
439,888
0.08
CTCI Corp
1,746,000
3,248,373
0.62
Dynapack International Technology Corp
157,000
851,063
0.16
Far EasTone Telecommunications Co Ltd
1,708,000
3,697,762
0.70
Feng Hsin Iron & Steel Co
809,000
1,353,522
0.26
Formosa Chemicals & Fibre Corp
111,000
291,196
0.06
Formosa Petrochemical Corp
285,000
771,508
0.15
Formosa Plastics Corp
598,000
1,596,801
0.30
Formosa Taffeta Co Ltd
1,301,000
1,166,699
0.22
Gigabyte Technology Co Ltd
793,000
754,922
0.14
International Games System Co Ltd
342,000
1,659,361
0.31
LITE–ON IT Corp
856,000
829,219
0.16
Lite–On Technology Corp
2,906,190
3,627,268
0.69
Mega Financial Holding Co Ltd
2,121,920
1,551,413
0.29
Merida Industry Co Ltd
1,095,000
3,957,170
0.75
Nan Ya Plastics Corp
118,000
210,848
0.04
Pou Chen Corp
385,000
327,865
0.06
President Chain Store Corp
274,000
1,453,204
0.28
Quanta Computer Inc
413,000
1,097,280
0.21
Standard Foods Corp
570,000
1,630,752
0.31
Taiwan Mobile Co Ltd
1,336,300
4,404,403
0.83
Taiwan Semiconductor Manufacturing
3,797,000
10,329,469
1.96
Transcend Information Inc
114,000
314,706
0.06
Robeco Capital Growth Funds 119
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
TSRC Corp
656,200
1,609,485
0.30
U–Ming Marine Transport Corp
892,000
1,417,768
0.27
United Microelectronics Corp
9,041,000
3,902,591
0.74
79,605,766
15.09
USD
Banco de Chile ADR
26,085
2,204,183
0.42
BanColombia SA ADR
23,700
1,465,608
0.28
Centrais Eletricas Brasileiras ADR
169,600
1,624,768
0.31
Cia de Bebidas das Americas ADR
195,100
7,478,183
1.42
Cia de Saneamento Basico do Es ADR
55,500
4,210,230
0.80
Cia Energetica de Minas Gerais ADR
294,275
5,420,546
1.03
Coca–Cola Femsa SAB de CV ADR
16,900
2,211,872
0.42
CPFL Energia SA ADR
173,100
4,325,769
0.82
Dr Reddy's Laboratories Ltd ADR
9,000
267,120
0.05
Ecopetrol SA ADR
113,100
6,309,849
1.20
Giant Interactive Group Inc ADR
399,200
1,928,136
0.37
Grupo Aeroportuario del Pacifi ADR
47,100
1,858,566
0.35
Grupo Aeroportuario del Surest ADR
40,900
3,193,063
0.60
Netease Inc ADR
57,300
3,372,105
0.64
Orascom Construction Industrie GDR
15,836
641,358
0.12
Telefonica Brasil SA ADR
218,338
5,401,682
1.02
51,913,038
9.85
ZAR
ABSA Group Ltd
143,372
2,475,280
0.47
African Bank Investments Ltd
605,878
2,689,904
0.51
AVI Ltd
589,076
3,601,361
0.68
Bidvest Group Ltd
26,051
579,724
0.11
Brait SE
478,519
1,520,070
0.29
Discovery Holdings Ltd
28,147
178,962
0.03
FirstRand Ltd
1,531,125
4,940,551
0.94
Foschini Group Ltd/The
158,338
2,478,303
0.47
Growthpoint Properties Ltd
1,769,211
4,975,455
0.94
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Impala Platinum Holdings Ltd
15,921
263,289
0.05
Imperial Holdings Ltd
225,334
4,738,932
0.90
Investec Ltd
253,923
1,490,593
0.28
Lewis Group Ltd
70,503
606,022
0.11
Liberty Holdings Ltd
155,075
1,643,941
0.31
Life Healthcare Group Holdings Ltd
1,253,513
4,771,262
0.90
MMI Holdings Ltd/South Africa
1,087,421
2,393,291
0.45
Mondi Ltd
73,834
627,883
0.12
Mr Price Group Ltd
201,177
2,753,033
0.52
Nedbank Group Ltd
202,820
4,312,317
0.82
Pick n Pay Stores Ltd
44,237
237,452
0.04
Pretoria Portland Cement Co Ltd
906,908
2,966,281
0.56
Redefine Properties Ltd
3,890,369
4,076,589
0.77
Remgro Ltd
308,203
4,955,128
0.94
Reunert Ltd
320,328
2,663,355
0.50
RMB Holdings Ltd
1,063,666
4,536,355
0.86
Sanlam Ltd
1,105,115
4,830,687
0.92
Sasol Ltd
7,295
305,411
0.06
Shoprite Holdings Ltd
116,413
2,144,636
0.41
Spar Group Ltd/The
136,469
1,896,228
0.36
Standard Bank Group Ltd/South Africa
325,761
4,402,952
0.83
Tiger Brands Ltd
95,041
2,846,982
0.54
Vodacom Group Ltd
311,258
3,535,587
0.67
Woolworths Holdings Ltd/South Africa
479,852
2,947,693
0.56
89,385,509
16.92
Total transferable securities and money market instruments admitted to an official stock exchange listing
518,723,500
98.27
Total securities portfolio
518,723,500
98.27
Other assets and liabilities
9,120,823
1.73
Total net assets
527,844,323
100.00
Robeco Capital Growth Funds 120
Robeco Asia–Pacific Equities
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
AUD
Australia & New Zealand Banking Group
721,048
12,830,409
1.66
Crown Ltd
2,000,000
13,715,117
1.77
Incitec Pivot Ltd
4,105,604
9,451,130
1.22
Ivanhoe Australia Ltd
4,000,000
1,938,532
0.25
Lend Lease Group
1,834,953
10,671,347
1.38
Primary Health Care Ltd
3,297,273
7,856,674
1.01
Qantas Airways Ltd
3,500,000
3,039,053
0.39
Suncorp Group Ltd
1,202,050
7,854,759
1.01
Transpacific Industries Group Ltd
10,121,429
5,927,092
0.76
Treasury Wine Estates Ltd
2,900,000
10,189,411
1.31
WorleyParsons Ltd
340,000
6,893,098
0.89
90,366,622
11.65
CNY
Huayu Automotive Systems Co Ltd
4,034,892
4,488,412
0.58
GBP
Rio Tinto PLC
267,389
9,977,103
1.29
HKD
Bosideng International Holdings Ltd
31,000,000
6,266,889
0.81
Central China Real Estate Ltd
26,101,000
5,276,518
0.68
China Communications Services Corp Ltd
13,000,000
5,044,800
0.65
China Construction Bank Corp
29,000,000
15,584,429
2.01
China Petroleum & Chemical Corp
20,800,000
14,537,475
1.88
Haier Electronics Group Co Ltd
13,100,000
12,296,471
1.59
Hutchison Whampoa Ltd
1,900,000
12,835,490
1.66
Kunlun Energy Co Ltd
8,400,000
10,530,080
1.36
Sun Hung Kai Properties Ltd
1,312,253
12,150,984
1.57
Zoomlion Heavy Industry Science Tech
5,000,000
4,972,673
0.64
99,495,809
12.85
IDR
Lippo Karawaci Tbk PT
156,473,500
10,501,969
1.35
INR
State Bank of India
258,500
7,876,404
1.02
Tata Steel Ltd
850,000
5,295,601
0.68
13,172,005
1.70
JPY
Accordia Golf Co Ltd
14,000
7,314,207
0.94
Advance Residence Investment Corp
7,000
10,708,607
1.38
Aisin Seiki Co Ltd
400,000
10,393,561
1.34
Asics Corp
1,150,000
11,436,966
1.48
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Astellas Pharma Inc
500,000
17,110,266
2.21
Bridgestone Corp
550,000
9,858,772
1.27
Canon Inc
220,000
6,876,697
0.89
Chiyoda Corp
400,000
3,827,959
0.49
Fuji Media Holdings Inc
9,500
12,816,157
1.65
Fujitsu Ltd
2,700,000
10,106,168
1.30
Inpex Corp
3,200
14,047,701
1.81
Japan Airport Terminal Co Ltd
350,000
3,346,008
0.43
Japan Retail Fund Investment Corp
8,000
9,994,568
1.29
JX Holdings Inc
2,900,000
11,685,349
1.51
KDDI Corp
950
4,813,096
0.62
Mitsubishi Corp
900,000
14,185,966
1.83
Mizuho Financial Group Inc
9,000,000
11,910,523
1.54
Murata Manufacturing Co Ltd
240,000
9,848,403
1.27
Nintendo Co Ltd
41,000
3,745,494
0.48
Nippon Telegraph & Telephone Corp
500,000
18,270,703
2.36
Nissan Motor Co Ltd
2,100,000
15,513,308
2.00
ORIX Corp
210,000
15,285,171
1.97
Seven & I Holdings Co Ltd
592,992
14,037,843
1.81
Softbank Corp
500,000
14,581,996
1.88
Sony Corp
640,000
7,098,119
0.92
Sumitomo Corp
1,450,000
15,866,871
2.05
Sumitomo Mitsui Financial Group Inc
580,000
14,961,829
1.93
T&D Holdings Inc
1,000,000
8,325,515
1.07
307,967,823
39.72
KRW
GS Retail Co Ltd
540,000
8,879,217
1.15
Hyosung Corp
190,000
7,150,295
0.92
Hyundai Development Co
560,000
9,304,396
1.20
Hyundai Motor Co Pref
185,000
9,482,242
1.22
KB Financial Group Inc
354,652
9,003,509
1.16
Samsung Electronics Co Ltd
11,500
9,502,193
1.23
Samsung Electronics Co Ltd Pref
35,000
18,035,695
2.33
SK Telecom Co Ltd
100,000
8,599,893
1.11
79,957,440
10.32
MYR
RHB Capital Bhd
5,459,879
10,025,957
1.29
NZD
Chorus Ltd
2,000,000
3,977,453
0.51
Telecom Corp of New Zealand Ltd
6,508,899
9,852,599
1.27
13,830,052
1.78
PKR
MCB Bank Ltd
3,828,012
5,305,254
0.68
Robeco Capital Growth Funds 121
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
SGD
DBS Group Holdings Ltd
1,313,302
11,330,513
1.46
DBS Group Holdings /STK/09–05–2012
1,313,302
228,734
0.03
Golden Agri–Resources Ltd
32,500,000
13,544,615
1.75
Raffles Education Corp Ltd
7,666,665
1,836,013
0.24
Saizen REIT
22,002,000
1,984,443
0.26
28,924,318
3.74
THB
Bangkok Bank PCL NVDR
2,500,000
11,878,164
1.53
LPN Development PCL NVDR
13,000,000
5,547,692
0.72
PTT PCL Foreign
299,935
2,403,644
0.31
19,829,500
2.56
TWD
China Development Financial Holding
26,400,000
4,900,549
0.63
Chinatrust Financial Holding Co Ltd
22,172,488
9,938,743
1.28
Compal Electronics Inc
9,124,299
6,579,986
0.85
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
CTCI Corp
4,600,000
6,743,739
0.87
HTC Corp
350,000
3,594,542
0.46
Lite–On Technology Corp
5,287,006
5,199,801
0.67
MStar Semiconductor Inc
1,050,000
5,509,478
0.71
Taiwan Semiconductor Manufacturing
5,049,729
10,824,971
1.40
53,291,809
6.87
USD
Advanced Semiconductor Enginee ADR
4,763
15,276
–
AsiaInfo–Linkage Inc
900,000
8,361,373
1.08
8,376,649
1.08
Total transferable securities and money market instruments admitted to an official stock exchange listing
755,510,722
97.46
Total securities portfolio
755,510,722
97.46
Other assets and liabilities
19,687,780
2.54
Total net assets
775,198,502
100.00
Robeco Capital Growth Funds 122
SAM Sustainable European Equities Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
CHF
Geberit AG
30,000
4,663,031
1.11
Nestle SA
270,000
12,711,568
3.02
Novartis AG
500,000
22,020,564
5.24
Roche Holding AG
115,000
15,663,323
3.72
Swiss Re AG
150,000
7,436,623
1.77
62,495,109
14.86
EUR
Adidas AG
190,000
10,727,400
2.55
Allianz SE
146,000
11,550,060
2.75
AXA SA
655,000
6,864,400
1.63
BASF SE
120,000
6,564,000
1.56
Bayerische Motoren Werke AG
170,000
9,678,100
2.30
Casino Guichard Perrachon SA
188,340
13,053,845
3.10
Cie de St–Gobain
240,000
6,984,000
1.66
Enagas SA
270,000
3,879,900
0.92
Enel Green Power SpA
4,800,000
5,990,400
1.42
ENI SpA
880,000
14,766,400
3.52
Fiat Industrial SpA
865,016
6,695,224
1.59
Fresenius SE & Co KGaA
164,100
13,420,098
3.19
Henkel AG & Co KGaA Pref
115,000
6,022,550
1.43
Koninklijke DSM NV
260,000
10,088,000
2.40
Koninklijke KPN NV
700,000
5.289.200
1.26
Linde AG
55,000
6,745,750
1.60
Sanofi
180,000
10,753,200
2.56
SAP AG
130,000
6,050,850
1.44
Siemens AG
212,500
14,054,750
3.34
Snam SpA
3,700,000
13,024,000
3.10
Suez Environnement Co
360,000
3,047,400
0.72
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Telecom Italia SpA RSP
9,700,000
6,174,050
1.47
Total SA
570,000
20,235,000
4.82
211,658,577
50.33
GBP
Barclays PLC
4,800,000
9,661,105
2.30
BHP Billiton PLC
490,000
10,937,338
2.60
BT Group PLC
5,100,000
13,325,176
3.17
Legal & General Group PLC
4,689,916
7,378,894
1.75
Old Mutual PLC
7,349,999
13,753,428
3.27
Reed Elsevier PLC
2,100,000
13,275,862
3.16
Rio Tinto PLC
230,000
8,582,005
2.04
TESCO PLC
450,000
1,724,416
0.41
Travis Perkins PLC
440,267
5,280,919
1.26
Vodafone Group PLC
6,650,000
14,732,573
3.50
Vodafone Group PLC /STK/06–06–2012
6,650,000
590,856
0.14
WM Morrison Supermarkets PLC
3,500,000
11,510,938
2.74
110,753,510
26.34
ILS
Teva Pharmaceutical Industries Ltd
260,000
8,054,292
1.92
NOK
DNB ASA
1,723,467
13,467,799
3.20
Statoil ASA
70,000
1,312,071
0.31
14,779,870
3.51
Total transferable securities and money market instruments admitted to an official stock exchange listing
407,741,358
96.96
Total securities portfolio
407,741,358
96.96
Other assets and liabilities
12,791,870
3.04
Total net assets
420,533,228
100.00
Robeco Capital Growth Funds 123
Robeco European Conservative Equities Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
CHF
Banque Cantonale Vaudoise
1,374
574,812
0.49
EMS–Chemie Holding AG
6,060
872,309
0.74
Geberit AG
3,715
577,439
0.49
Lindt & Spruengli AG
37
1,071,819
0.91
Nestle SA
47,859
2,253,196
1.92
Novartis AG
25,920
1,141,546
0.97
PSP Swiss Property AG
9,985
695,371
0.59
Swisscom AG
3,132
993,979
0.85
Syngenta AG
2,629
707,618
0.60
Valiant Holding
4,282
378,594
0.32
Zurich Insurance Group AG
3,390
602,560
0.51
9,869,243
8.39
CZK
CEZ AS
24,223
661,158
0.56
Telefonica Czech Republic AS
59,527
897,597
0.76
1,558,755
1.32
DKK
Coloplast A/S
7,701
1,091,804
0.93
Novo Nordisk A/S
17,506
1,998,001
1.70
TDC A/S
185,359
1,017,257
0.87
Topdanmark A/S
4,519
610,286
0.52
4,717,348
4.02
EUR
Anheuser–Busch InBev NV
34,816
2,134,221
1.82
ASML Holding NV
30,175
1,208,961
1.03
Befimmo SCA Sicafi
9,723
436,660
0.37
Beiersdorf AG
19,526
998,755
0.85
Belgacom SA
41,245
926,156
0.79
Cie Generale d'Optique Essilor Internati
18,456
1,352,825
1.15
Delta Lloyd NV
29,797
325,979
0.28
Deutsche Telekom AG
104,523
904,542
0.77
E.ON AG
17,739
301,563
0.26
EDP – Energias de Portugal SA
408,509
761,461
0.65
Elisa OYJ
54,587
866,842
0.74
Enel SpA
189,748
482,339
0.41
ENI SpA
44,000
738,320
0.63
Fortum OYJ
32,745
490,193
0.42
France Telecom SA
72,126
748,307
0.64
Fresenius Medical Care AG & Co KGaA
12,203
681,293
0.58
Gas Natural SDG SA
45,337
458,130
0.39
Gas Natural SDG/ New
2,266
22,898
0.02
Gimv NV
12,626
453,905
0.39
Henkel AG & Co KGaA
13,428
587,878
0.50
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Hermes International
2,936
711,246
0.61
Inditex SA
14,357
1,170,526
1.00
Kone OYJ
13,898
661,962
0.56
Koninklijke Ahold NV
98,794
965,613
0.82
Koninklijke KPN NV
95,203
719,354
0.61
Linde AG
4,874
597,796
0.51
MARR SpA
70,000
515,900
0.44
Muenchener Rueckversicherungs AG
1,748
194,290
0.17
Nexity SA
16,249
305,481
0.26
Oesterreichische Post AG
31,947
846,596
0.72
Orion OYJ
55,554
831,088
0.71
Portugal Telecom SGPS SA
85,446
295,216
0.25
Publicis Groupe SA
24,460
881,783
0.75
Recordati SpA
140,094
787,328
0.67
Red Electrica Corp SA
16,104
554,139
0.47
RWE AG
16,733
538,384
0.46
Sanofi
18,839
1,125,442
0.96
SAP AG
13,716
638,411
0.54
SES SA
54,043
1,007,362
0.86
Snam SpA
291,649
1,026,604
0.87
Societe BIC SA
13,268
1,080,015
0.92
Sodexo
17,383
1,067,316
0.91
Telefonica SA
73,142
758,483
0.65
Telekom Austria AG
105,290
816,945
0.70
Terna Rete Elettrica Nazionale SpA
386,345
1,098,765
0.94
Total SA
59,608
2,116,084
1.80
UCB SA
28,709
1,143,767
0.97
Unilever NV
73,937
1,950,828
1.66
Viscofan SA
10,182
345,475
0.29
Vivendi SA
51,308
750,636
0.64
Wereldhave NV
7,105
359,300
0.31
40,743,363
34.72
GBP
Associated British Foods PLC
75,500
1,196,280
1.02
Associated British Foods STK/0606–2012
75,500
8,813
0.01
AstraZeneca PLC
55,261
1,948,580
1.66
BAE Systems PLC
288,676
1,029,686
0.88
Beazley PLC
317,891
541,016
0.46
British American Tobacco PLC
59,413
2,380,265
2.02
BT Group PLC
514,404
1,344,024
1.15
Bunzl PLC
78,791
1,015,684
0.87
Capita PLC
97,719
792,284
0.68
Catlin Group Ltd
138,490
728,309
0.62
Centrica PLC
262,523
1,031,792
0.88
Compass Group PLC
158,424
1,309,920
1.12
Croda International PLC
12,048
336,975
0.29
Robeco Capital Growth Funds 124
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
De La Rue PLC
76,131
954,107
0.81
Diageo PLC
103,742
2,105,356
1.79
Drax Group PLC
146,941
1,017,926
0.87
Experian PLC
65,434
728,258
0.62
GlaxoSmithKline PLC
132,091
2,362,325
2.01
Greggs PLC
84,000
523,248
0.45
Hiscox Ltd
65,703
346,989
0.30
Imperial Tobacco Group PLC
52,585
1,595,553
1.36
Jardine Lloyd Thompson Group PLC
38,376
332,013
0.28
Lancashire Holdings Ltd
81,682
804,100
0.69
Marks & Spencer Group PLC
117,636
472,521
0.40
National Grid PLC
192,058
1,603,450
1.37
National Grid PLC/STK/30–05–2012
192,058
66,860
0.06
Next PLC
28,207
1,115,242
0.95
Pearson PLC
67,761
1,060,257
0.90
Provident Financial PLC
68,487
1,028,448
0.88
Reckitt Benckiser Group PLC
19,477
810,037
0.69
Reed Elsevier PLC
127,783
807,824
0.69
Rexam PLC
202,268
1,052,464
0.90
Royal Dutch Shell PLC
69,786
1,919,093
1.64
RSA Insurance Group PLC
737,452
985,275
0.84
Sage Group PLC/The
270,202
926,054
0.79
Severn Trent PLC
51,055
1,043,059
0.89
SSE PLC
77,637
1,334,731
1.14
Tate & Lyle PLC
121,270
970,490
0.83
Tate & Lyle PLC/STK/27–06–2012
121,270
29,643
0.03
United Utilities Group PLC
127,094
1,060,295
0.90
Vodafone Group PLC
1,070,011
2,370,529
2.02
Vodafone Group PLC /STK/06–06–2012
1,070,011
95,071
0.08
WH Smith PLC
147,487
992,543
0.85
William Hill PLC
265,375
927,550
0.79
WM Morrison Supermarkets PLC
254,435
836,796
0.71
45,941,735
39.19
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
HUF
Magyar Telekom Telecommunications
163,524
254,080
0.22
NOK
Gjensidige Forsikring ASA
112,702
1,033,079
0.88
Seadrill Ltd
38,413
1,074,920
0.92
Statoil ASA
33,400
626,045
0.53
Telenor ASA
48,400
634,529
0.54
3,368,573
2.87
PLN
Powszechny Zaklad Ubezpieczen SA
6,382
503,303
0.43
Telekomunikacja Polska SA
189,021
694,904
0.59
1,198,207
1.02
SEK
Assa Abloy AB
45,251
994,959
0.85
Axfood AB
21,468
538,691
0.46
Securitas AB
20,648
126,347
0.11
Skanska AB
35,892
433,105
0.37
Svenska Cellulosa AB
69,015
815,464
0.69
Svenska Handelsbanken AB
20,362
526,978
0.45
Swedish Match AB
39,254
1,248,940
1.06
Tele2 AB
46,981
572,815
0.49
TeliaSonera AB
92,808
467,457
0.40
5,724,756 4.88
TRY
Ford Otomotiv Sanayi AS
122,371
874,326
0.75
Turk Telekomunikasyon AS
144,134
463,419
0.39
1,337,745
1.14
Total transferable securities and money market instruments admitted to an official stock exchange listing
114,713,805
97.77
Total securities portfolio
114,713,805
97.77
Other assets and liabilities
2,621,913
2.23
Total net assets
117,335,718
100.00
Robeco Capital Growth Funds 125
Robeco US Premium Equities Investment portfolio At 30 June 2012
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
14 Mbia Insurance Co 15–01–2033
1,363,000
729,205
0.01
ACE Ltd
751,670
55,721,297
1.06
Actuant Corp
804,039
21,837,699
0.41
AGCO Corp
347,660
15,898,492
0.30
Alleghany Corp
141,564
48,096,369
0.91
Amdocs Ltd
1,158,350
34,426,162
0.65
AmerisourceBergen Corp
911,960
35,885,626
0.68
Amgen Inc
1,872,045
136,734,167
2.59
Arrow Electronics Inc
697,800
22,894,818
0.43
Ashford Hospitality Trust Inc
1,579,760
13,317,377
0.25
Avnet Inc
869,480
26,832,153
0.51
Axis Capital Holdings Ltd
1,141,005
37,139,713
0.70
Banctec Inc
119,371
473,903
0.01
BB&T Corp
2,284,705
70,483,149
1.34
Brunswick Corp/DE
1,474,630
32,766,279
0.62
CA Inc
2,371,260
64,237,433
1.22
Canadian Natural Resources Ltd
657,760
17,660,856
0.33
Capital One Financial Corp
2,005,885
109,641,674
2.08
Cardinal Health Inc
825,305
34,662,810
0.66
CareFusion Corp
995,366
25,560,999
0.48
CBS Corp
2,250,340
73,766,145
1.40
CEC Entertainment Inc
286,354
10,414,695
0.20
Chevron Corp
596,020
62,880,110
1.19
Cisco Systems Inc
5,325,410
91,437,290
1.73
Citigroup Inc
2,835,124
77,710,749
1.47
Colony Financial Inc
1,058,315
18,308,850
0.35
Covidien PLC
1,319,245
70,579,608
1.34
Dover Corp
971,755
52,095,786
0.99
eBay Inc
1,976,845
83,047,258
1.57
Electronic Arts Inc
3,400,370
41,994,570
0.80
EOG Resources Inc
1,034,845
93,249,883
1.77
EQT Corp
354,165
18,993,869
0.36
Equifax Inc
755,870
35,223,542
0.67
Expedia Inc
976,500
46,940,355
0.89
Exxon Mobil Corp
970,310
83,029,427
1.57
Federated Investors Inc
1,225,910
26,786,134
0.51
Fifth Third Bancorp
3,004,870
40,265,258
0.76
Flagstone Reinsurance Holdings SA
658,324
5,273,175
0.10
Flextronics International Ltd
10,070,116
62,434,719
1.18
Georgia Gulf Corp
504,350
12,946,665
0.25
Google Inc
99,875
57,934,491
1.10
Hanover Insurance Group Inc/The
550,845
21,554,565
0.41
Hercules Technology Growth Capital Inc
947,202
10,741,271
0.20
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Hologic Inc
383,790
6,923,572
0.13
HSN Inc
425,835
17,182,442
0.33
Humana Inc
758,375
58,728,560
1.11
Huntington Bancshares Inc/OH
5,912,945
37,842,848
0.72
IAC/InterActiveCorp
546,425
24,916,980
0.47
Illinois Tool Works Inc
862,297
45,606,888
0.86
Ingram Micro Inc
1,481,455
25,881,019
0.49
International Business Machines Corp
266,032
52,030,539
0.99
Interpublic Group of Cos Inc/The
3,445,085
37,379,172
0.71
Johnson & Johnson
1,432,839
96,802,603
1.84
Jones Group Inc/The
1,849,345
17,679,738
0.34
JPMorgan Chase & Co
4,663,060
166,611,134
3.16
Kohl's Corp
1,672,353
76,075,338
1.44
Korn/Ferry International
802,330
11,513,436
0.22
Lear Corp
1,179,977
44,520,532
0.84
Lexmark International Inc
753,340
20,023,777
0.38
Loews Corp
1,930,925
78,994,142
1.50
Maiden Holdings Ltd
725,125
6,294,085
0.12
Manpower Inc
1,444,990
52,958,884
1.00
Masco Corp
2,230,170
30,932,458
0.59
Mattel Inc
1,284,545
41,670,640
0.79
Matthews International Corp
352,689
11,458,866
0.22
McKesson Corp
765,915
71,804,531
1.36
Medtronic Inc
695,352
26,930,983
0.51
Men's Wearhouse Inc/The
495,865
13,953,641
0.26
MetLife Inc
1,943,470
59,956,050
1.14
Microsemi Corp
769,457
14,227,260
0.27
Microsoft Corp
3,791,250
115,974,338
2.20
Monster Worldwide Inc
1,052,845
8,949,183
0.17
Occidental Petroleum Corp
944,440
81,004,619
1.54
Omnicom Group Inc
1,652,310
80,302,266
1.52
Pantry Inc/The
509,075
7,483,403
0.14
Parker Hannifin Corp
650,452
50,006,750
0.95
PepsiCo Inc
770,395
54,436,111
1.03
Pfizer Inc
8,883,005
204,309,115
3.88
Raymond James Financial Inc
824,750
28,239,440
0.54
Regis Corp
2,402,437
43,147,769
0.82
Rent–A–Center Inc/TX
1,345,594
45,400,342
0.86
Royal Dutch Shell PLC ADR
1,135,368
76,557,864
1.45
Sanofi ADR
704,185
26,604,109
0.50
Seagate Technology PLC
1,611,805
39,859,938
0.76
SLM Corp
3,415,300
53,654,363
1.02
Stanley Black & Decker Inc
393,935
25,353,657
0.48
Staples Inc
1,062,878
13,870,558
0.26
State Street Corp
1,572,167
70,181,535
1.33
Target Corp
1,638,120
95,322,203
1.81
Robeco Capital Growth Funds 126
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
TE Connectivity Ltd
2,491,017
79,488,352
1.51
Terreno Realty Corp
571,425
8,634,232
0.16
Texas Instruments Inc
843,485
24,199,585
0.46
THL Credit Inc
760,170
10,239,490
0.19
Thor Industries Inc
461,440
12,648,070
0.24
Thornburg Mortgage Inc
1,397,272
4,192
–
Torchmark Corp
612,986
30,986,442
0.59
Tower International Inc
616,913
6,477,587
0.12
Towers Watson & Co
640,125
38,343,488
0.73
Travelers Cos Inc/The
868,300
55,432,272
1.05
TRW Automotive Holdings Corp
404,870
14,883,021
0.28
Tyco International Ltd
654,500
34,590,325
0.66
UnitedHealth Group Inc
819,255
47,926,418
0.91
Unum Group
1,212,023
23,186,000
0.44
Validus Holdings Ltd
1,596,214
51,126,734
0.97
Viacom Inc
1,082,980
50,921,720
0.97
Vishay Intertechnology Inc
2,651,800
25,006,474
0.47
Vodafone Group PLC ADR
2,741,747
77,262,430
1.47
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Volvo AB ADR
2,158,430
24,606,102
0.47
Wal–Mart Stores Inc
244,130
17,020,744
0.32
Walt Disney Co/The
1,260,045
61,112,183
1.16
WellPoint Inc
521,825
33,287,217
0.63
Wells Fargo & Co
2,615,080
87,448,275
1.66
Western Union Co/The
2,805,200
47,239,568
0.90
White Mountains Insurance Group Ltd
54,202
28,279,894
0.54
Wright Express Corp
610,280
37,666,482
0.71
Wyndham Worldwide Corp
658,815
34,745,903
0.66
5,134,929,477
97.37
Total transferable securities and money market instruments admitted to an official stock exchange listing
5,134,929,477
97.37
Total securities portfolio
5,134,929,477
97.37
Other assets and liabilities
138,626,913
2.63
Total net assets
5,273,556,390
100.00
Robeco Capital Growth Funds 127
Robeco Chinese Equities Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
CNY
China CYTS Tours Holding Co Ltd
4,724,859
10,535,299
1.97
China International Travel Service Corp
1,499,837
5,248,913
0.98
China Railway Tielong Container Logistic
1,436,521
1,510,693
0.28
Shandong Oriental Ocean Sci–Tech Co
1,999,937
2,872,058
0.54
Yantai Moon Co Ltd
3,499,716
3,762,879
0.70
Zhejiang Dragon Pipe Manufacturing Co
2,583,863
3,899,675
0.73
Zhengzhou Yutong Bus Co Ltd
1,099,944
3,063,717
0.57
Zhuzhou Times Nw Material Technology
1,999,952
3,112,660
0.58
34,005,894
6.35
HKD
Agile Property Holdings Ltd
8,100,000
8,170,930
1.53
Agricultural Bank of China Ltd
16,600,000
5,210,793
0.97
Bank of China Ltd
48,000,000
14,335,927
2.68
Beijing Capital International Airport Co
12,400,000
5,920,478
1.11
Brilliance China Automotive Holdings Ltd
4,000,000
2,738,780
0.51
China BlueChemical Ltd
5,100,000
2,279,607
0.43
China Communications Construction Co Ltd
16,600,000
11,416,526
2.13
China Construction Bank Corp
55,800,000
29,986,591
5.60
China Everbright International Ltd
19,500,000
7,190,821
1.34
China Life Insurance Co Ltd
5,900,000
11,963,266
2.24
China Mengniu Dairy Co Ltd
1,900,000
3,927,853
0.73
China Merchants Bank Co Ltd
8,800,000
12,926,715
2.42
China Minsheng Banking Corp Ltd
9,900,000
6,909,222
1.29
China Mobile Ltd
5,300,000
45,630,244
8.53
China National Building Material Co Ltd
8,000,000
6,737,236
1.26
China Overseas Grand Oceans Group Ltd
16,375,500
11,495,023
2.15
China Overseas Land & Investment Ltd
8,000,000
14,612,243
2.73
China Petroleum & Chemical Corp
16,000,000
11,182,673
2.09
China Shenhua Energy Co Ltd
1,600,000
4,396,676
0.82
China State Construction International H
16,000,000
11,784,067
2.20
Citic Telecom International Holdings Ltd
10,500,000
1,493,326
0.28
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
CNOOC Ltd
21,500,000
33,635,385
6.27
Daphne International Holdings Ltd
8,200,000
6,514,151
1.22
Dongyue Group
14,000,000
5,105,752
0.95
ENN Energy Holdings Ltd
1,742,000
4,795,729
0.90
Far East Horizon Ltd
4,500,000
2,491,416
0.47
First Tractor Co Ltd
3,000,000
1,889,514
0.35
Geely Automobile Holdings Ltd
16,500,000
4,525,691
0.85
Great Wall Motor Co Ltd
3,000,000
4,687,214
0.88
Guangzhou R&F Properties Co Ltd
9,500,000
9,824,458
1.84
Haier Electronics Group Co Ltd
5,200,000
4,881,042
0.91
Harbin Electric Co Ltd
6,900,000
4,366,911
0.82
Hengan International Group Co Ltd
1,300,000
9,898,108
1.85
Industrial & Commercial Bank of China
62,700,000
27,325,118
5.10
Kunlun Energy Co Ltd
11,000,000
13,789,390
2.58
Longfor Properties Co Ltd
8,000,000
9,801,093
1.83
PetroChina Co Ltd
20,600,000
20,822,243
3.89
Ping An Insurance Group Co
2,400,000
15,042,971
2.81
Shanghai Industrial Holdings Ltd
3,200,000
6,631,585
1.24
Shenguan Holdings Group Ltd
10,000,000
4,500,295
0.84
Sinopec Kantons Holdings Ltd
6,000,000
3,401,126
0.64
Tencent Holdings Ltd
1,150,000
26,402,406
4.92
Tingyi Cayman Islands Holding Corp
1,300,000
2,617,485
0.49
Zhuzhou CSR Times Electric Co Ltd
5,000,000
10,641,216
1.99
Zijin Mining Group Co Ltd
17,500,000
4,622,199
0.86
Zoomlion Heavy Industry Science Tech
15,000,000
14,918,019
2.79
483,439,514
90.33
USD
Baidu Inc ADR
90,000
8,154,289
1.52
Total transferable securities and money market instruments admitted to an official stock exchange listing
525,599,697
98.20
Total securities portfolio
525,599,697
98.20
Other assets and liabilities
9,630,918
1.80
Total net assets
535,230,615
100.00
Robeco Capital Growth Funds 128
Robeco Indian Equities Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
INR
Aditya Birla Nuvo Ltd
12,500
142,355
0.91
Ambuja Cements Ltd
36,300
89,165
0.57
Associated Cement Companies (Nationa
9,000
161,062
1.03
Axis Bank Limited
17,300
247,998
1.58
Bajaj Auto Ltd.
28,847
317,895
2.03
Bajaj Holdings and investment Ltd
9,420
209,100
1.34
Bharat Petroleum Corp Ltd
23,700
248,832
1.59
Bharti Airtel Limited
120,500
518,768
3.32
Chambal Fertilizers & Chem
195,000
201,309
1.29
Coal India Ltd
48,000
234,928
1.50
Coromandel International Ltd
81,000
295,216
1.89
Divi's Laboratories Ltd/New
22,000
318,291
2.03
DQ Entertainment Intl Ltd/INR
75,655
25,198
0.16
Dr. Reddy's Lab
12,600
293,077
1.87
GAIL India Ltd
31,000
154,043
0.98
Gujarat Pipavav Port Ltd
209,000
171,961
1.10
HDFC Bank
132,510
1,053,891
6.73
Hindalco Industries Limited
42,000
71,070
0.45
Hindustan Unilever Limited
39,500
253,365
1.62
Housing Development Finance Corp
110,000
1,014,037
6.48
Icici Bank LTD
45,000
571,253
3.65
IndusInd Bank Ltd
50,200
241,055
1.54
Infosys Technologies Limited
22,300
789,687
5.05
ITC Ltd
193,125
705,643
4.51
Jindal Steel & Power Ltd/DS
39,400
261,536
1.67
Jubilant Life Sciences Ltd
120,784
302,142
1.93
Larsen & Toubro Limited
8,000
157,816
1.01
LIC Housing Finance/New
65,000
247,681
1.58
Lupin Shs
39,000
295,648
1.89
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Mahindra Holidays & Resorts
15,350
65,217
0.42
MAX India Limited
96,000
260,264
1.66
Nestle India Ltd
1,700
108,823
0.70
NMDC Ltd
11,517
30,330
0.19
Oil & Natural Gas Corp Ltd/ New
38,500
154,772
0.99
Oil India LTD
28,500
200,867
1.28
Oracle Financial Services Software
5,400
193,358
1.24
Petronet LNG Ltd
96,000
193,877
1.24
Phoenix Mills LTD
101,594
254,568
1.63
Power Finance Corp
32,000
80,748
0.52
Power Grid Corp of India LTD
175,000
280,440
1.79
Rallis India Ltd
118,000
231,229
1.48
Reliance Industries Limited/L
88,525
921,826
5.89
Sobha Developers
63,098
302,678
1.93
State Bank of India/Local
2,900
88,362
0.56
Tata Consultancy Svs Ltd
38,300
690,490
4.41
Tata Global Beverages Ltd
110,000
180,002
1.15
Tata Iron & Steel
25,000
155,753
1.00
Tata Motors Ltd
38,000
130,023
0.83
Ultra Tech Cement Ltd
8,900
190,479
1.22
Union Bank Of India
20,000
59,020
0.38
United Phosphorus Ltd
175,000
310,941
1.99
VA Tech Wabag Ltd/New
29,250
208,733
1.33
Wipro limited
13,500
76,190
0.49
Zee Entertainment Enterprises
121,000
250,684
1.60
15,213,696
97.22
Total transferable securities and money market instruments admitted to an official stock exchange listing
15,213,696
97.22
Total securities portfolio
15,213,696
97.22
Other assets and liabilities
435,075
2.78
Total net assets
15,648,771
100.00
Robeco Capital Growth Funds 129
Robeco Asian Stars Equities Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
HKD
Agricultural Bank of China Ltd
165,000
65,729
0.79
Beijing Capital International Airport Co
270,000
163,598
1.97
Bosideng International Holdings Ltd
690,000
177,018
2.13
China Construction Bank Corp
290,000
197,774
2.38
China Petroleum & Chemical Corp
275,000
243,914
2.93
CNOOC Ltd
104,000
206,476
2.48
Dongyue Group
270,000
124,961
1.50
Haier Electronics Group Co Ltd
60,000
71,473
0.86
Harbin Electric Co Ltd
220,000
176,696
2.12
Hutchison Whampoa Ltd
34,000
291,485
3.51
Kunlun Energy Co Ltd
160,000
254,537
3.06
Sun Hung Kai Properties Ltd
13,410
157,580
1.89
Yingde Gases
250,000
227,542
2.74
Zoomlion Heavy Industry Science Tech
30,000
37,863
0.46
2,396,646
28.82
IDR
Lippo Karawaci Tbk PT
2,100,000
178,866
2.15
KRW
GS Retail Co Ltd
13,000
271,271
3.26
Hyosung Corp
4,700
224,464
2.70
Hyundai Motor Co Pref
4,300
279,696
3.36
KB Financial Group Inc
8,800
283,512
3.41
Samsung Electronics Co Ltd Pref
700
457,764
5.50
SK Telecom Co Ltd
1,600
174,619
2.10
1,691,326
20.33
MYR
RHB Capital Bhd
81,136
189,075
2.27
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
PHP
Alliance Global Group Inc
650,000
178,023
2.14
PKR
MCB Bank Ltd
103,165
181,445
2.18
SGD
DBS Group Holdings Ltd
23,474
257,010
3.09
DBS Group Holdings /STK/09–05–2012
42,474
9,388
0.11
Golden Agri–Resources Ltd
480,000
253,865
3.05
SembCorp Industries Ltd
70,000
283,467
3.41
803,730
9.66
THB
Bangkok Bank PCL NVDR
55,000
331,628
3.99
LPN Development PCL NVDR
320,000
173,300
2.08
504,928
6.07
TWD
Chinatrust Financial Holding Co Ltd
303,995
172,927
2.08
Compal Electronics Inc
175,000
160,156
1.93
CTCI Corp
60,000
111,628
1.34
Far EasTone Telecommunications Co Ltd
40,000
86,599
1.04
MStar Semiconductor Inc
28,000
186,448
2.24
Taiwan Semiconductor Manufacturing
130,000
353,656
4.25
1,071,414
12.88
USD
AsiaInfo–Linkage Inc
22,000
259,380
3.12
Dr Reddy's Laboratories Ltd ADR
7,000
207,760
2.50
467,140
5.62
Total transferable securities and money market instruments admitted to an official stock exchange listing
7,662,593
92.12
Total securities portfolio
7,662,593
92.12
Other assets and liabilities
653,506
7.88
Total net assets
8,316,099
100.00
Robeco Capital Growth Funds 130
Robeco US Large Cap Equities Investment portfolio At 30 June 2012
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
American Electric Power Co Inc
104,215
4,158,179
0.78
AmerisourceBergen Corp
92,295
3,631,808
0.68
Amgen Inc
112,437
8,212,398
1.54
Anheuser–Busch InBev NV ADR
63,673
5,071,554
0.95
Apple Inc
12,360
7,218,240
1.35
Autoliv Inc
54,726
2,991,323
0.56
Baxter International Inc
51,405
2,732,176
0.51
Berkshire Hathaway Inc
239,655
19,970,451
3.76
CA Inc
112,440
3,046,000
0.57
Capital One Financial Corp
117,130
6,402,326
1.20
CareFusion Corp
145,495
3,736,312
0.70
CBS Corp
324,315
10,631,046
1.99
Cigna Corp
119,825
5,272,300
0.99
Cisco Systems Inc
630,410
10,824,140
2.03
Citigroup Inc
327,572
8,978,749
1.68
Comcast Corp
360,774
11,533,945
2.16
Covidien PLC
131,885
7,055,848
1.32
CVS Caremark Corp
147,930
6,912,769
1.30
DaVita Inc
34,605
3,398,557
0.64
Discover Financial Services
103,163
3,567,377
0.67
eBay Inc
172,916
7,264,201
1.36
Edison International
93,552
4,322,102
0.81
Electronic Arts Inc
252,045
3,112,756
0.58
EOG Resources Inc
59,877
5,395,516
1.01
EQT Corp
83,499
4,478,051
0.84
Exxon Mobil Corp
190,534
16,303,994
3.06
Fifth Third Bancorp
364,405
4,883,027
0.92
General Electric Co
904,630
18,852,489
3.55
Harris Corp
140,498
5,879,841
1.10
Honeywell International Inc
109,706
6,125,983
1.15
Humana Inc
70,500
5,459,520
1.02
Ingram Micro Inc
144,698
2,527,874
0.47
Johnson & Johnson
202,991
13,714,072
2.57
JPMorgan Chase & Co
420,491
15,024,143
2.82
Kohl's Corp
134,540
6,120,225
1.15
Lear Corp
157,740
5,951,530
1.12
Liberty Media Corp – Liberty Capital
51,011
4,484,377
0.84
Marsh & McLennan Cos Inc
80,230
2,585,813
0.49
McGraw–Hill Cos Inc/The
142,320
6,404,400
1.20
McKesson Corp
89,863
8,424,656
1.58
MeadWestvaco Corp
85,765
2,465,744
0.46
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
MetLife Inc
263,345
8,124,193
1.52
Microsoft Corp
419,984
12,847,311
2.41
Northrop Grumman Corp
63,345
4,040,778
0.76
Occidental Petroleum Corp
116,032
9,952,065
1.87
Omnicom Group Inc
122,931
5,974,447
1.12
Oracle Corp
192,024
5,703,113
1.07
Parker Hannifin Corp
62,295
4,789,240
0.90
Pfizer Inc
823,640
18,943,720
3.56
PNC Financial Services Group Inc
83,045
5,074,880
0.95
Raytheon Co
105,620
5,977,036
1.12
Reinsurance Group of America Inc
47,155
2,509,118
0.47
Rock–Tenn Co
57,475
3,135,261
0.59
Royal Dutch Shell PLC ADR
115,129
7,763,148
1.46
Sanofi ADR
146,570
5,537,415
1.04
Seagate Technology PLC
192,030
4,748,902
0.89
Sirius XM Radio Inc
1,766,430
3,267,896
0.61
SLM Corp
418,635
6,576,756
1.23
SM Energy Co
41,010
2,014,001
0.38
St Jude Medical Inc
66,950
2,671,975
0.50
Staples Inc
353,615
4,614,676
0.87
SunTrust Banks Inc
119,875
2,904,571
0.55
Target Corp
124,350
7,235,927
1.36
TE Connectivity Ltd
176,883
5,644,337
1.06
Time Warner Cable Inc
32,680
2,683,028
0.50
Time Warner Inc
154,598
5,952,023
1.12
Travelers Cos Inc/The
49,730
3,174,763
0.60
Tyco International Ltd
145,531
7,691,313
1.44
United Parcel Service Inc
55,070
4,337,313
0.81
UnitedHealth Group Inc
118,760
6,947,460
1.30
US Bancorp
350,590
11,274,974
2.12
Validus Holdings Ltd
115,747
3,707,376
0.70
Viacom Inc
53,199
2,501,417
0.47
Vodafone Group PLC ADR
207,221
5,839,488
1.10
Wells Fargo & Co
713,317
23,853,320
4.49
Western Union Co/The
257,765
4,340,763
0.81
Xerox Corp
336,920
2,651,560
0.50
Xylem Inc/NY
198,930
5,007,068
0.94
515,138,441
96.67
Total transferable securities and money market instruments admitted to an official stock exchange listing
515,138,441
96.67
Total securities portfolio
515,138,441
96.67
Other assets and liabilities
17,767,546
3.33
Total net assets
532,905,986
100.00
Robeco Capital Growth Funds 131
Robeco US Select Opportunities Equities Investment portfolio At 30 June 2012
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/The
24,367
312,629
0.63
AGCO Corp
8,374
382,943
0.77
Alleghany Corp
1,689
573,838
1.16
Alliance Data Systems Corp
1,715
231,525
0.47
Alliant Energy Corp
8,087
368,525
0.74
Amdocs Ltd
12,679
376,820
0.76
Ameren Corp
11,996
402,346
0.81
American Assets Trust Inc
7,698
186,677
0.38
American Electric Power Co Inc
9,223
367,998
0.74
AmerisourceBergen Corp
17,747
698,344
1.41
Analog Devices Inc
7,965
300,042
0.61
Arch Capital Group Ltd
7,254
287,911
0.58
Arrow Electronics Inc
8,084
265,236
0.54
Ashland Inc
7,797
540,410
1.09
AuRico Gold Inc
17,618
141,120
0.29
Avnet Inc
12,007
370,536
0.75
Ball Corp
9,189
377,208
0.76
Brunswick Corp/DE
19,201
426,646
0.86
CA Inc
13,045
353,389
0.71
Capital One Financial Corp
10,109
552,558
1.12
CareFusion Corp
28,912
742,460
1.50
CBS Corp
32,202
1,055,582
2.13
CGI Group Inc
13,562
325,352
0.66
Chemed Corp
4,977
300,810
0.61
Cigna Corp
8,908
391,952
0.79
Coca–Cola Enterprises Inc
14,066
394,411
0.80
Comerica Inc
14,179
435,437
0.88
Crown Holdings Inc
13,240
456,648
0.92
Curtiss–Wright Corp
16,933
525,770
1.06
Cytec Industries Inc
11,115
651,784
1.32
DaVita Inc
4,987
489,773
0.99
Discover Financial Services
24,688
853,711
1.72
Dr Pepper Snapple Group Inc
4,571
199,981
0.40
Duke Realty Corp
14,673
214,813
0.43
East West Bancorp Inc
25,511
598,488
1.21
Edison International
13,257
612,473
1.24
Electronic Arts Inc
26,067
321,927
0.65
Ensco PLC 3,758 176,513 0.36
EQT Corp
9,546
511,952
1.03
Equifax Inc
18,188
847,561
1.71
Equity Residential
6,446
401,973
0.81
Expedia Inc
7,313
351,536
0.71
Fifth Third Bancorp
40,354
540,744
1.09
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Flextronics International Ltd
74,881
464,262
0.94
Flowserve Corp
5,355
614,486
1.24
FTI Consulting Inc
19,006
546,423
1.10
Gentex Corp/MI
18,264
381,170
0.77
Graphic Packaging Holding Co
47,277
260,024
0.53
Great Plains Energy Inc
13,607
291,326
0.59
Guess? Inc
5,399
163,968
0.33
Hanover Insurance Group Inc/The
9,234
361,326
0.73
Harris Corp
13,049
546,101
1.10
Hologic Inc
27,879
502,937
1.02
Hubbell Inc
1,127
87,838
0.18
Humana Inc
4,565
353,514
0.71
Huntington Bancshares Inc/OH
53,888
344,883
0.70
ICON PLC ADR
12,481
281,197
0.57
Ingram Micro Inc
27,595
482,085
0.97
Johnson Controls Inc
11,909
329,998
0.67
Kellogg Co
10,161
501,242
1.01
Kennametal Inc
6,445
213,652
0.43
Kimco Realty Corp
29,004
551,946
1.12
Kohl's Corp
8,479
385,710
0.78
Lear Corp
16,532
623,752
1.26
Loews Corp
7,944
324,989
0.66
Lorillard Inc
2,056
271,289
0.55
M&T Bank Corp
3,713
306,582
0.62
Macy's Inc
15,929
547,161
1.11
Manpower Inc
8,773
321,530
0.65
Marsh & McLennan Cos Inc
19,103
615,690
1.24
Masco Corp
17,172
238,176
0.48
McGraw–Hill Cos Inc/The
14,749
663,705
1.34
McKesson Corp
8,429
790,219
1.60
Minerals Technologies Inc
5,085
324,321
0.66
Moody's Corp
20,859
762,396
1.54
Noble Energy Inc
7,486
634,963
1.28
Nordstrom Inc
5,883
292,326
0.59
NV Energy Inc
30,499
536,172
1.08
Omnicare Inc
20,013
625,006
1.26
Omnicom Group Inc
10,548
512,633
1.04
PAREXEL International Corp
9,627
271,770
0.55
Parker Hannifin Corp
7,036
540,928
1.09
PG&E Corp
7,439
336,764
0.68
Quest Diagnostics Inc
4,302
257,690
0.52
Raymond James Financial Inc
16,616
568,932
1.15
Regency Centers Corp
6,847
325,712
0.66
Reinsurance Group of America Inc
8,571
456,063
0.92
Robert Half International Inc
28,539
815,359
1.65
Rock–Tenn Co
8,333
454,565
0.92
Robeco Capital Growth Funds 132
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Rosetta Resources Inc
12,934
473,902
0.96
Seagate Technology PLC
12,851
317,805
0.64
SEI Investments Co
11,377
226,289
0.46
SLM Corp
29,900
469,729
0.95
SM Energy Co
9,439
463,549
0.94
Stanley Black & Decker Inc
7,554
486,175
0.98
Staples Inc
21,651
282,546
0.57
SunTrust Banks Inc
17,553
425,309
0.86
Symetra Financial Corp
26,536
334,884
0.68
Taubman Centers Inc
3,877
299,149
0.60
TD Ameritrade Holding Corp
35,990
611,830
1.24
TE Connectivity Ltd
15,992
510,305
1.03
Torchmark Corp
11,833
598,158
1.21
Towers Watson & Co
8,876
531,672
1.07
Ventas Inc
4,294
271,037
0.55
VF Corp
2,135
284,916
0.58
Investment portfolio At 30 June 2012
Quantity Market Value in USD x 1
In % of net assets
Vornado Realty Trust
4,357
365,901
0.74
WESCO International Inc
13,257
762,940
1.54
Westar Energy Inc
10,641
318,698
0.64
Western Digital Corp
12,585
383,591
0.78
Western Union Co/The
22,890
385,468
0.78
Williams–Sonoma Inc
9,831
343,790
0.69
Willis Group Holdings PLC
8,109
295,897
0.60
Xerox Corp
45,231
355,968
0.72
48,800,639
98.60
Total transferable securities and money market instruments admitted to an official stock exchange listing
48,800,639
98.60
Total securities portfolio
48,800,639
98.60
Other assets and liabilities
692,113
1.40
Total net assets
49,492,752
100.00
Robeco Capital Growth Funds 133
Robeco New World Financial Equities Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
AED
Islamic Arab Insurance Co
5,000,000
670,428
0.69
AUD
Challenger Ltd/AU
180,000
472,517
0.48
Westfield Group
130,000
997,536
1.02
1,470,053
1.50
BRL
BR Malls Participacoes SA
60,000
538,747
0.55
CAD
Bank of Nova Scotia
30,000
1,222,957
1.25
Intact Financial Corp
24,000
1,175,930
1.21
Manulife Financial Corp
100,000
857,198
0.88
3,256,085
3.34
CHF
EFG International AG
90,000
395,621
0.41
GAM Holding AG
90,000
790,492
0.81
Julius Baer Group Ltd
47,500
1,354,827
1.39
Partners Group Holding AG
2,500
350,914
0.36
2,891,854
2.97
EUR
Aegon NV
300,000
1,093,200
1.12
AXA SA
70,000
733,600
0.75
Azimut Holding SpA
195,000
1,575,600
1.62
Banco Bilbao Vizcaya Argentaria SA
400,000
2,251,600
2.31
Banco Santander SA
300,000
1,566,300
1.61
BinckBank NV
475,000
3,040,000
3.12
BNP Paribas SA
41,951
1,272,587
1.31
Delta Lloyd NV
238,889
2,613,446
2.68
Deutsche Bank AG
75,000
2,137,500
2.19
Euler Hermes SA
10,000
510,000
0.52
FBD Holdings PLC
85,000
684,250
0.70
Irish Bank Resolution Corp Ltd
600,000
–
–
KBC Groep NV
80,000
1,333,200
1.37
Societe Generale SA
33,000
607,530
0.62
UniCredit SpA
575,000
1,713,500
1.76
21,132,313
21.68
GBP
3i Group PLC
225,000
548,109
0.56
Aviva PLC
275,000
926,523
0.95
Barclays PLC
600,000
1,207,638
1.24
HSBC Holdings PLC
450
3,121
–
HSBC Holdings PLC/STK/16–05–2012
450
56
–
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
ICAP PLC
225,000
938,543
0.96
Intermediate Capital Group PLC
280,000
935,064
0.96
International Personal Finance PLC
300,000
886,541
0.91
Monitise PLC
3,500,000
1,427,512
1.46
Origo Partners PLC
3,850,000
1,106,322
1.14
Phoenix Group Holdings
119,068
706,226
0.72
Prudential PLC
125,000
1,140,156
1.17
Resolution Ltd
400,000
968,484
0.99
Standard Chartered PLC
58,000
992,473
1.02
11,786,768
12.08
HKD
AIA Group Ltd
490,000
1,319,104
1.35
CITIC Securities Co Ltd
450,000
743,311
0.76
Ping An Insurance Group Co
150,000
940,186
0.96
3,002,601
3.07
IDR
Alam Sutera Realty Tbk PT
6,500,000
267,208
0.27
Summarecon Agung Tbk PT
8,000,000
1,087,289
1.12
1,354,497
1.39
INR
Housing Development Finance Corp
75,000
691,389
0.71
ICICI Bank Ltd
60,000
761,671
0.78
Yes Bank Ltd
100,000
478,990
0.49
1,932,050
1.98
JPY
Aeon Credit Service Co Ltd
55,000
799,565
0.82
Dai–ichi Life Insurance Co Ltd/The
1,400
1,260,975
1.29
Japan Securities Finance Co Ltd
200,000
799,961
0.82
ORIX Corp
19,000
1,382,944
1.42
Sony Financial Holdings Inc
60,000
766,777
0.79
Suruga Bank Ltd
95,000
763,715
0.78
5,773,937
5.92
KRW
Shinhan Financial Group Co Ltd
25,000
682,831
0.70
NOK
Storebrand ASA
345,000
1,060,546
1.09
QAR
Qatar National Bank SAQ
17,500
503,652
0.52
SEK
Svenska Handelsbanken AB
35,000
905,817
0.93
SGD
DBS Group Holdings Ltd
80,000
690,200
0.71
Robeco Capital Growth Funds 134
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
DBS Group Holdings /STK/09–05–2012
90,000
15,675
0.02
705,875
0.73
THB
Bangkok Bank PCL NVDR
100,000
475,127
0.49
TRY
Anadolu Hayat Emeklilik AS
650,000
1,175,202
1.21
Sinpas Gayrimenkul Yatirim Ortakligi AS
2,500,000
1,350,557
1.39
Torunlar Gayrimenkul Yatirim Ortakligi A
200,000
482,715
0.50
Turkiye Halk Bankasi AS
75,000
462,348
0.47
Turkiye Is Bankasi
500,000
1,045,592
1.07
Turkiye Sinai Kalkinma Bankasi AS
900,000
721,459
0.74
5,237,873
5.38
TWD
Chinatrust Financial Holding Co Ltd
1,000,000
448,247
0.46
USD
Alliance Data Systems Corp
7,500
797,841
0.82
American International Group Inc
45,000
1,137,898
1.17
Ameriprise Financial Inc
25,000
1,029,510
1.06
Apollo Global Management LLC
120,000
1,172,531
1.20
Bank of America Corp
160,000
1,031,323
1.06
BGC Partners Inc
150,000
693,826
0.71
Carlyle Group LP/The
140,000
2,472,243
2.54
CBRE Group Inc
65,000
837,950
0.86
Citigroup Inc
81,000
1,749,506
1.79
Investment portfolio At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Discover Financial Services
50,000
1,362,436
1.40
eBay Inc
12,500
413,794
0.42
Financial Engines Inc
35,000
591,584
0.61
Goldman Sachs Group Inc/The
16,500
1,246,358
1.28
Guaranty Trust Bank PLC GDR
327,700
1,420,236
1.46
IntercontinentalExchange Inc
6,500
696,482
0.71
KKR & Co LP
285,000
2,894,803
2.97
Lazard Ltd
25,000
511,997
0.53
Lincoln National Corp
75,000
1,292,502
1.33
Mastercard Inc
2,800
948,984
0.97
MetLife Inc
45,000
1,093,929
1.12
Primerica Inc
25,000
526,575
0.54
Prudential Financial Inc
32,500
1,240,278
1.27
Sberbank of Russia
700,000
1,467,239
1.51
Stifel Financial Corp
20,000
486,978
0.50
TD Ameritrade Holding Corp
55,000
736,772
0.76
Tetragon Financial Group Ltd
250,000
1,451,873
1.49
Visa Inc
8,000
779,355
0.80
WisdomTree Investments Inc
178,000
921,524
0.95
31,006,327
31.83
Total transferable securities and money market instruments admitted to an official stock exchange listing
94,835,628
97.30
Total securities portfolio
94,835,628
97.30
Other assets and liabilities
2,635,279
2.70
Total net assets
97,470,907
100.00
Robeco Capital Growth Funds 135
Robeco Property Equities Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
AUD
CFS Retail Property Trust Group
2,250,000
3,525,706
0.95
Commonwealth Property Office Fund
3,300,000
2,705,464
0.73
Goodman Group
1,350,000
4,001,858
1.08
GPT Group
1,550,000
4,118,977
1.11
Mirvac Group
3,500,000
3,604,459
0.97
Westfield Group
1,680,000
12,891,240
3.47
30,847,704
8.31
BRL
BR Malls Participacoes SA
900,000
8,081,202
2.17
CAD
Brookfield Office Properties Inc
380,000
5,234,087
1.41
RioCan Real Estate Investment Trust
270,000
5,780,870
1.55
11,014,957
2.96
EUR
Alstria Office REIT–AG
250,000
2,087,500
0.56
Beni Stabili SpA
3,305,182
1,130,372
0.31
Corio NV
95,000
3,289,850
0.89
Eurocommercial Properties NV
70,000
1,907,500
0.51
Realia Business SA
406,756
201,344
0.05
Unibail–Rodamco SE
102,000
14,800,200
3.98
23,416,766
6.30
GBP
Great Portland Estates PLC
770,000
3,743,888
1.01
Hammerson PLC
1,300,000
7,116,178
1.91
Land Securities Group PLC
730,000
6,663,021
1.79
Land Securities Group /STK/20–06–2012
650,000
59,449
0.02
17,582,536
4.73
HKD
Cheung Kong Holdings Ltd
350,000
3,363,538
0.90
Hang Lung Group Ltd
1,600,000
7,728,723
2.08
Hysan Development Co Ltd
1,020,138
3,036,433
0.82
Kerry Properties Ltd
1,000,000
3,357,443
0.90
Sino Land Co Ltd
3,400,000
4,013,491
1.08
Sun Hung Kai Properties Ltd
1,200,000
11,111,563
2.99
32,611,191
8.77
IDR
Summarecon Agung Tbk PT
19,000,000
2,582,311
0.69
JPY
Advance Residence Investment Corp
1,700
2,600,662
0.70
Daito Trust Construction Co Ltd
50,000
3,728,211
1.00
Japan Real Estate Investment Corp
620
4,476,026
1.20
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Mitsubishi Estate Co Ltd
1,100,000
15,404,671
4.14
Mitsui Fudosan Co Ltd
830,000
12,541,603
3.37
38,751,173
10.41
NOK
Norwegian Property ASA
3,500,000
3,771,972
1.01
SEK
Castellum AB
500,000
4,766,254
1.28
SGD
CapitaCommercial Trust
3,300,000
2,596,647
0.70
CapitaMall Trust
4,400,000
5,227,506
1.41
CapitaMalls Asia Ltd
2,700,000
2,628,371
0.71
Frasers Centrepoint Trust
2,300,000
2,382,048
0.64
Global Logistic Properties Ltd
3,200,000
4,160,109
1.12
16,994,681
4.58
USD
Alexandria Real Estate Equities Inc
95,000
5,443,757
1.46
American Campus Communities Inc
160,000
5,671,014
1.53
AvalonBay Communities Inc
90,000
10,033,647
2.70
BioMed Realty Trust Inc
190,000
2,796,738
0.75
Boston Properties Inc
145,000
12,382,215
3.34
CBRE Group Inc
280,000
3,609,629
0.97
Coresite Realty Corp
75,000
1,525,945
0.41
DDR Corp
330,000
3,806,942
1.02
Digital Realty Trust Inc
160,000
9,464,718
2.55
Equity Residential
245,000
12,039,085
3.24
Federal Realty Investment Trust
85,000
6,971,869
1.87
Hongkong Land Holdings Ltd
1,000,000
4,499,429
1.21
Host Hotels & Resorts Inc
630,000
7,853,591
2.11
Liberty Property Trust
140,000
4,064,143
1.09
Macerich Co/The
200,000
9,306,174
2.50
Prologis Inc
290,000
7,593,633
2.04
Public Storage
105,000
11,948,347
3.21
Simon Property Group Inc
205,000
25,145,029
6.77
SL Green Realty Corp
100,000
6,322,840
1.70
Starwood Hotels & Resorts Worldwide
75,000
3,134,628
0.84
Tanger Factory Outlet Centers
245,000
6,187,503
1.66
Ventas Inc
295,000
14,672,708
3.95
174,473,584
46.92
Total transferable securities and money market instruments admitted to an official stock exchange listing
364,894,331
98.13
Total securities portfolio
364,894,331
98.13
Other assets and liabilities
6,959,196
1,87
Total net assets
371,853,526
100.00
Robeco Capital Growth Funds 136
Robeco Global Consumer Trends Equities Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
CHF
Cie Financiere Richemont SA
170,000
7,338,384
1.33
Dufry AG
80,000
7,626,025
1.38
Swatch Group AG/The
25,000
7,773,800
1.41
22,738,209
4.12
EUR
Bayerische Motoren Werke AG
130,000
7,400,900
1.34
Edenred
385,000
8,602,825
1.56
Inditex SA
125,000
10,191,250
1.85
Jeronimo Martins SGPS SA
600,000
7,995,000
1.45
Kabel Deutschland Holding AG
210,000
10,316,250
1.87
Remy Cointreau SA
80,000
6,926,400
1.25
Sky Deutschland AG
3,050,000
8,732,150
1.58
Telenet Group Holding NV
285,000
9,832,500
1.78
Yoox SpA
690,000
7,852,200
1.42
Ziggo NV
375,000
9,444,375
1.71
87,293,850
15.81
GBP
ARM Holdings PLC
1,400,000
8,746,756
1.58
ASOS PLC
400,000
8,775,182
1.59
Burberry Group PLC
500,000
8,188,110
1.48
Imagination Technologies Group PLC
1,250,000
7,208,627
1.31
Ocado Group PLC
3,265,429
3,135,877
0.57
Rightmove PLC
475,000
9,346,187
1.69
45,400,739
8.22
HKD
Golden Eagle Retail Group Ltd
4,500,000
7,195,392
1.30
Hengan International Group Co Ltd
1,150,000
8,756,019
1.59
Peace Mark Holdings Ltd
1,600,000
–
–
Sands China Ltd
3,000,000
7,466,629
1.35
Want Want China Holdings Ltd
9,000,000
8,685,670
1.57
32,103,710
5.81
KRW
Hyundai Motor Co
62,000
9,917,396
1.80
Samsung Electronics Co Ltd
13,000
10,741,610
1.95
20,659,006
3.75
USD
Activision Blizzard Inc
850,000
8,030,810
1.45
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Amazon.com Inc
60,000
10,796,265
1.96
Apple Inc
30,000
13,805,603
2.49
Baidu Inc ADR
85,000
7,701,273
1.39
Bazaarvoice Inc
550,000
7,887,790
1.43
Bed Bath & Beyond Inc
175,000
8,522,123
1.54
BJ's Restaurants Inc
250,000
7,485,915
1.36
Charter Communications Inc
190,000
10,610,535
1.92
Coach Inc
160,000
7,373,074
1.34
Colgate–Palmolive Co
130,000
10,663,882
1.93
DIRECTV
260,000
10,002,128
1.81
Discovery Communications Inc
250,000
10,637,879
1.93
Dollar General Corp
300,000
12,857,649
2.33
eBay Inc
325,000
10,758,638
1.95
Facebook Inc
250,000
6,130,570
1.11
Fresh Market Inc/The
225,000
9,508,491
1.72
Google Inc
24,000
10,970,159
1.99
Intuit Inc
175,000
8,184,272
1.48
LinkedIn Corp
160,000
13,398,369
2.43
Lululemon Athletica Inc
200,000
9,397,581
1.70
Mastercard Inc
35,000
11,862,299
2.15
McDonald's Corp
125,000
8,720,106
1.58
Mead Johnson Nutrition Co
150,000
9,516,174
1.72
MercadoLibre Inc
150,000
8,959,458
1.62
Nielsen Holdings NV
400,000
8,264,450
1.50
NIKE Inc
100,000
6,916,985
1.25
priceline.com Inc
20,000
10,472,716
1.90
QUALCOMM Inc
210,000
9,213,821
1.67
Starbucks Corp
225,000
9,453,528
1.71
Time Warner Cable Inc
150,000
9,704,109
1.76
VeriSign Inc
265,000
9,098,184
1.65
Walt Disney Co/The
260,000
9,936,567
1.80
Whole Foods Market Inc
135,000
10,140,026
1.84
316,981,429
57.41
Total transferable securities and money market instruments admitted to an official stock exchange listing
525,176,943
95.12
Total securities portfolio
525,176,943
95.12
Other assets and liabilities
26,957,150
4.88
Total net assets
552,134,093
100.00
Robeco Capital Growth Funds 137
Robeco Natural Resources Equities Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
AUD
Iluka Resources Ltd
250,000
2,285,853
1.66
Lynas Corp Ltd
4,000,000
2,730,100
1.98
Medusa Mining Ltd
300,000
1,170,389
0.85
6,186,342
4.49
CAD
Agnico–Eagle Mines Ltd
150,000
4,781,449
3.47
Barrick Gold Corp
300,000
8,892,754
6.45
Detour Gold Corp
340,000
5,390,068
3.91
Eldorado Gold Corp
550,000
5,331,014
3.87
Enbridge Inc
105,000
3,299,942
2.39
Franco–Nevada Corp
65,000
2,313,121
1.68
Goldcorp Inc
200,000
5,925,411
4.30
Great Western Minerals Group Ltd
4,500,000
1,356,522
0.98
IAMGOLD Corp
425,000
3,955,169
2.87
Kinross Gold Corp
850,000
5,459,710
3.96
Osisko Mining Corp
650,000
3,516,908
2.55
Rubicon Minerals Corp
500,000
1,201,932
0.87
TransCanada Corp
185,000
6,101,604
4.43
57,525,604
41.73
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
EUR
Royal Dutch Shell PLC
455,902
12,129,273
8.80
Total SA
150,000
5,325,000
3.86
17,454,273
12.66
GBP
Bateman Litwin BV
220,000
7,885
0.01
BP PLC
470,000
2,451,075
1.78
2,458,960
1.79
USD
Chevron Corp
120,000
9,975,966
7.23
Cobalt International Energy Inc
500,000
9,258,894
6.71
Exxon Mobil Corp
190,000
12,811,394
9.29
Molycorp Inc
100,000
1,698,121
1.23
Newmont Mining Corp
165,000
6,307,198
4.57
Spectra Energy Corp
105,000
2,404,397
1.74
Williams Cos Inc/The
105,000
2,384,540
1.73
44,840,510
32.50
Total transferable securities and money market instruments admitted to an official stock exchange listing
128,465,689
93.17
Total securities portfolio
128,465,689
93.17
Other assets and liabilities
9,421,063
6.83
Total net assets
137,886,752
100.00
Robeco Capital Growth Funds 138
SAM Sustainable Agribusiness Equities Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
BRL
SLC Agricola SA
196,800
1,535,831
1.28
CAD
Agrium Inc
70,000
4,882,010
4.06
BioExx SPL 11–15.07.14 CWBIO
325,000
25
–
Canadian National Railway Co
56,500
3,760,116
3.13
Migao Corp
375,800
685,517
0.57
Potash Corp of Saskatchewan Inc
122,500
4,213,527
3.51
13,541,195
11.27
CHF
Barry Callebaut AG
850
609,291
0.51
Syngenta AG
13,000
3,499,063
2.91
4,108,354
3.42
EUR
Bayer AG
85,250
4,840,495
4.03
K+S AG
50,000
1,800,000
1.50
Nutreco NV
70,851
3,891,845
3.24
Suedzucker AG
65,000
1,816,100
1.51
12,348,440
10.28
HKD
Chaoda Modern Agriculture Holdings Ltd
8,500,000
535,898
0.45
China Mengniu Dairy Co Ltd
1,575,000
3,255,983
2.71
3,791,881
3.16
JPY
Komatsu Ltd
127,500
2,364,772
1.97
NOK
Cermaq ASA
169,300
1,756,108
1.46
Marine Harvest ASA
7,000,000
3,912,087
3.25
Yara International ASA
80,000
2,744,505
2.28
8,412,700
6.99
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
SGD
Wilmar International Ltd
1,210,000
2,717,072
2.26
USD
Adecoagro SA
470,000
3,396,162
2.83
AGCO Corp
44,000
1,585,532
1.32
Archer–Daniels–Midland Co
113,500
2,640,180
2.20
Bunge Ltd
80,250
3,967,444
3.30
Caterpillar Inc
48,500
3,245,053
2.70
CF Industries Holdings Inc
30,000
4,579,961
3.81
Cosan Ltd
450,000
4,499,823
3.74
Deere & Co
78,000
4,970,537
4.13
Diamond Foods Inc
35,000
492,022
0.41
Dole Food Co Inc
200,000
1,383,712
1.15
EI du Pont de Nemours & Co
125,000
4,981,088
4.14
Green Mountain Coffee Roasters Inc
125,240
2,149,425
1.79
Ingredion Inc
100,000
3,902,132
3.25
Kellogg Co
75,500
2,934,806
2.44
Mead Johnson Nutrition Co
34,000
2,156,999
1.79
Mosaic Co/The
107,500
4,638,667
3.86
Ralcorp Holdings Inc
50,000
2,629,526
2.19
Sociedad Quimica y Minera de C ADR
24,000
1,052,819
0.88
SunOpta Inc
441,310
1,950,868
1.62
Titan International Inc
262,390
5,071,846
4.21
Union Pacific Corp
39,000
3,666,593
3.05
65,895,196
54.81
Total transferable securities and money market instruments admitted to an official stock exchange listing
114,715,441
95,44
Total securities portfolio
114,715,441
95,44
Other assets and liabilities
5,474,809
4.56
Total net assets
120,190,249
100.00
Robeco Capital Growth Funds 139
Robeco Infrastructure Equities Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
CHF
ABB Ltd
300,000
3,858,802
2.28
Holcim Ltd
75,000
3,268,742
1.93
7,127,544
4.21
DKK
Vestas Wind Systems A/S
200,000
872,168
0.51
EUR
ArcelorMittal
225,000
2,724,750
1.61
Bauer AG
50,000
938,750
0.55
CRH PLC
194,571
2,939,968
1.73
Fugro NV
56,833
2,712,639
1.60
HeidelbergCement AG
65,000
2,454,725
1.45
Kingspan Group PLC
325,000
2,080,000
1.23
Koninklijke BAM Groep NV
721,248
1,594,679
0.94
Koninklijke Boskalis Westminster NV
73,683
1,913,548
1.13
Lafarge SA
70,000
2,460,850
1.45
Prysmian SpA
240,000
2,817,600
1.66
SBM Offshore NV
160,000
1,741,600
1.03
Siemens AG
35,000
2,314,900
1.36
ThyssenKrupp AG
165,250
2,120,984
1.25
Uponor OYJ
150,000
1,059,750
0.62
Vallourec SA
22,500
723,825
0.43
Vallourec SA/STK/05–06–2012
22,500
29,250
0.02
Vinci SA
60,000
2,207,100
1.30
32,834,918
19.36
GBP
Aggreko PLC
110,000
2,816,957
1.66
Balfour Beatty PLC
650,000
2,394,018
1.41
Carillion PLC
600,000
2,048,202
1.21
Invensys PLC
500,000
1,376,220
0.81
Invensys PLC/STK/20–06–2012
500,000
18,883
0.01
Vodafone Group PLC
1,400,000
3,101,594
1.83
Vodafone Group PLC /STK/06–06–2012
1,400,000
124,391
0.07
Wolseley PLC
95,000
2,790,941
1.65
WS Atkins PLC
240,000
2,046,719
1.21
16,717,925
9.86
HKD
China Communications Services Corp Ltd
9,500,000
3,686,584
2.17
China Railway Group Ltd
5,000,000
1,635,547
0.96
5,322,131
3.13
JPY
Hitachi Construction Machinery Co Ltd
150,000
2,198,410
1.30
Japan Steel Works Ltd/The
350,000
1,510,543
0.89
Investment portfolio
At 30 June 2012
Quantity Market Value in EUR x 1
In % of net assets
JGC Corp
190,000
4,306,454
2.54
Komatsu Ltd
210,000
3,894,919
2.30
Taisei Corp
1,700,000
3,576,120
2.11
15,486,446
9.14
SEK
Telefonaktiebolaget LM Ericsson
750,000
5,398,425
3.18
SGD
Hyflux Ltd
2,500,000
2,091,562
1.23
Keppel Corp Ltd
475,000
3,037,353
1.79
SembCorp Industries Ltd
900,000
2,871,894
1.69
Sound Global Ltd
5,000,000
1,772,774
1.05
9,773,583
5.76
USD
AECOM Technology Corp
195,000
2,527,678
1.49
AES Corp/The
400,000
4,043,970
2.38
American Tower Corp
40,000
2,203,538
1.30
Caterpillar Inc
40,000
2,676,333
1.58
Chicago Bridge & Iron Co NV
115,000
3,439,896
2.03
Cisco Systems Inc
375,000
5,073,677
2.99
Eaton Corp
80,000
2,498,247
1.47
Fluor Corp
65,000
2,527,166
1.49
FMC Technologies Inc
50,000
1,545,644
0.91
Foster Wheeler AG
185,000
2,526,339
1.49
General Electric Co
500,000
8,210,866
4.85
Granite Construction Inc
115,000
2,366,061
1.40
Halliburton Co
140,000
3,131,949
1.85
KBR Inc
165,000
3,212,758
1.89
MasTec Inc
120,000
1,422,166
0.84
McDermott International Inc
310,000
2,721,248
1.60
Mostotrest
360,000
1,517,671
0.89
National Oilwell Varco Inc
65,000
3,300,579
1.95
Nucor Corp
115,000
3,434,459
2.02
Quanta Services Inc
175,000
3,319,215
1.96
Steel Dynamics Inc
240,000
2,222,135
1.31
Terex Corp
200,000
2,809,976
1.66
Weatherford International Switzerlan
220,000
2,189,512
1.29
Xylem Inc/NY
150,000
2,975,060
1.75
71,896,143
42.39
Total transferable securities and money market instruments admitted to an official stock exchange listing
165,429,283
97.54
Total securities portfolio
165,429,283
97.54
Other assets and liabilities
4,178,564
2.46
Total net assets
169,607,847
100.00
Robeco Capital Growth Funds 140
Robeco High Yield Bonds Investment portfolio At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
EUR
0.9000
Saecure BV (Frn)
25/02/2086
1,400,000
1,390,819
0.06
0.9190 Aire Valley Mortgages (Frn)
20/09/2066
800,000
659,590
0.03
0.9590 Aire Valley Mortgages (Frn)
20/09/2066
1,200,000
884,082
0.04
0.9850 Mars BV (FRN)
28/08/2014
2,100,000
2,040,150
0.08
1.0190 Aire Valley Mortgages (Frn)
20/09/2066
500,000
319,943
0.01
1.1870 Holland Euro-Denominated (Frn)
18/05/2039
2,300,000
2,131,122
0.08
1.3630 Herme 12 (FRN)
18/12/2038
7,000,000
1,873,710
0.07
1.5890 Gillespie Clo Plc (Frn)
15/08/2023
5,000,000
4,096,809
0.16
1.6490 Jubilee Cdo Bv (Frn)
30/07/2024
5,000,000
4,516,500
0.18
1.8530 Calcipar SA (FRN)
01/07/2014
1,000,000
955,000
0.04
2.5070 ING Verzekeringen
21/06/2021
9,850,000
9,135,875
0.36
2.5840 Bancaja Fondo De Tituliz (Frn)
22/05/2050
1,900,000
238,817
0.01
2.6620 Clondalkin Acquisition (Frn)
15/12/2013
4,200,000
3,780,000
0.15
3.2270 Casino Guichard Perrachon (FRN)
20/01/2049
650,000
333,119
0.01
3.2500 Electricidade de Portugal
16/03/2015
6,000,000
5,400,000
0.21
3.3810 Whinston Capital Managem (Frn)
25/01/2055
3,800,000
2,403,500
0.10
3.6530 Smart Sme Clo Ltd (Frn)
27/12/2016
2,000,000
998,300
0.04
3.9810 Stichting Memphis (Frn)
25/04/2015
3,000,000
2,839,519
0.11
4.1250 ING Bank
23/03/2015
1,740,000
1,810,922
0.07
4.2370 Skyline Bv (Frn)
22/07/2043
4,000,000
3,840,000
0.15
4.2500 Citigroup Inc
25/02/2030
12,000,000
9,120,000
0.36
4.3100 ABN AMRO
28/02/2049
9,750,000
6,483,750
0.26
4.6250 Ote Plc
20/05/2016
17,000,000
10,200,000
0.41
4.6250 Electricidade de Portugal
13/06/2016
5,000,000
4,337,500
0.17
4.7500 Electricidade de Portugal
26/09/2016
400,000
346,000
0.01
4.7500 Lafarge SA
23/03/2020
5,850,000
5,652,680
0.22
5.0000 Ote Plc
05/08/2013
7,300,000
5,767,000
0.23
5.2500 AXA SA
16/04/2040
4,900,000
3,921,323
0.16
5.3750 Henkel Corp
25/11/2015
7,000,000
7,297,500
0.29
5.4190 Societe Generale
10/11/2013
5,700,000
4,389,000
0.17
5.6250 Royal Carribean Cruises (FRN)
27/01/2014
5,250,000
5,374,688
0.21
5.7500 Hit Finance BV
09/03/2018
9,800,000
9,408,000
0.37
5.7500 Allianz Finance
08/07/2041
4,800,000
4,344,144
0.17
5.7770 AXA SA
06/07/2016
2,200,000
1,650,000
0.07
5.8750 Electricidade de Portugal
01/02/2016
1,100,000
1,017,500
0.04
6.1250 Ziggo Finance BV
15/11/2017
5,000,000
5,337,500
0.21
6.2110 AXA SA
29/10/2049
2,200,000
1,639,000
0.07
6.2500 Fiat Industrial Fin Eur
09/03/2018
5,000,000
5,045,001
0.20
6.2500 Elster Finance BV
15/04/2018
14,500,000
15,877,500
0.63
6.3750 Telenet Finance Lux
15/11/2020
1,000,000
995,000
0.04
6.4800 Clock Finance Bv (Frn)
25/02/2015
1,800,000
1,676,039
0.07
6.5000 Kronos International
15/04/2013
10,000,000
8,080,000
0.32
Robeco Capital Growth Funds 141
Investment portfolio At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
6.6250 Lafarge SA
29/11/2018
4,750,000
4,868,750
0.19
6.7500 Gategroup Finance Lux
01/03/2019
6,800,000
6,750,360
0.27
6.7500 Lafarge SA
16/12/2019
2,900,000
2,921,750
0.12
6.7500 Nationwide Building Society
22/07/2020
15,000,000
14,008,500
0.56
6.7500 Oi European Grp
15/09/2020
11,625,000
12,293,438
0.49
6.7500 REXAM PLC
29/06/2067
9,750,000
9,262,500
0.37
6.8750 Owens-Brockway Glass Con
31/03/2017
6,375,000
6,582,188
0.26
6.8750 Aviva PLC
22/05/2038
4,850,000
4,219,500
0.17
7.0000 Rexel SA
17/12/2018
9,700,000
10,185,000
0.40
7.1250 Crown Euro Holdings
15/08/2018
14,000,000
15,120,000
0.61
7.2500 Ote Plc
08/04/2014
5,600,000
3,976,000
0.16
7.2500 Ote Plc
12/02/2015
5,700,000
3,591,000
0.14
7.2500 Int Power Finance 2010
11/05/2017
15,650,000
18,913,808
0.75
7.2500 Smurfit Kappa Aquisitions
15/11/2017
3,000,000
3,180,000
0.13
7.3750 New World Rescources BV
15/05/2015
7,100,000
6,816,000
0.27
7.3750 Ardagh Packaging Finance Plc
15/10/2017
15,550,000
16,366,375
0.66
7.3750 Wind Acquisition
15/02/2018
11,875,000
10,331,250
0.41
7.3750 Wind Acquisition
15/02/2018
12,000,000
10,200,000
0.40
7.3750 Refresco Group BV
15/05/2018
10,050,000
9,421,875
0.37
7.4250 Mars BV (FRN)
28/08/2014
2,400,000
2,376,000
0.09
7.5000 Ontex IV SA
15/04/2018
6,800,000
6,664,000
0.26
7.5000 Jarden Corp
15/01/2020
2,075,000
2,113,595
0.08
7.5000 Heidelberg Cement
03/04/2020
2,925,000
3,129,750
0.12
7.7500 Reynolds Group Escrow
15/10/2016
3,750,000
3,890,625
0.15
7.7500 Schaeffler Finance BV
15/02/2017
9,750,000
10,165,350
0.40
7.7500 Smurfit Kappa Aquisitions
15/11/2019
3,800,000
4,075,500
0.16
7.8750 Ineos Group Holdings
15/02/2016
9,600,000
8,160,000
0.32
8.0000 Beverage Packaging Holding
15/12/2016
5,400,000
5,076,000
0.20
8.0000 Heidelberg Cement
31/01/2017
4,700,000
5,369,750
0.21
8.0000 Alba Group Plc & Co
15/05/2018
4,350,000
4,371,750
0.17
8.0000 Ziggo Finance BV
15/05/2018
13,735,000
14,902,475
0.59
8.2310 Stichting Memphis (Frn)
25/04/2015
1,000,000
995,500
0.04
8.2500 Campofrio Alimentacion
31/10/2016
19,450,000
19,109,625
0.77
8.2500 Santos Finance Ltd
22/09/2070
500,000
480,000
0.02
8.3750 R&R ICE CREAM PLC
15/11/2017
11,800,000
11,652,500
0.46
8.3750 Intesa
29/10/2049
6,250,000
4,781,250
0.19
8.5000 Hertz Holdings Netherlands
31/07/2015
17,400,000
18,687,600
0.75
8.5000 Heidelberg Cement
31/10/2019
4,500,000
5,062,500
0.20
8.7500 KUKA AG
15/11/2017
6,000,000
6,420,000
0.25
8.7500 Schaeffler Finance BV
15/02/2019
12,750,000
13,515,000
0.54
8.7500 Faurecia SA
15/06/2019
13,525,000
13,119,250
0.52
8.8750 Boardriders SA
15/12/2017
9,750,000
9,603,750
0.38
8.8750 Mark Iv Euro/Usa Lux Sca
15/12/2017
15,900,000
14,453,100
0.57
8.8750 Nara Cable Funding
01/12/2018
4,800,000
4,176,000
0.17
8.8750 Lecta SA
15/05/2019
3,900,000
3,685,500
0.15
9.0000 BPCE SA (Frn)
17/03/2015
4,000,000
3,540,000
0.14
9.0000 Ontex IV SA
15/04/2019
7,350,000
6,247,500
0.25
Robeco Capital Growth Funds 142
Investment portfolio At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
9.2500 Ardagh Packaging Finance Plc
15/10/2020
5,600,000
5,628,000
0.22
9.3750 Faurecia SA
15/12/2016
11,875,000
13,032,813
0.52
9.3750 Societe Generale
04/09/2049
5,000,000
4,600,000
0.18
9.5000 Interxion Holding
12/02/2017
12,950,000
14,212,625
0.56
9.5000 Beverage Packaging Holding
15/06/2017
5,500,000
5,073,750
0.20
9.5000 Heidelberg Cement
15/12/2018
15,300,000
18,054,000
0.72
9.5000 Unity Media Hessen
15/03/2021
17,100,000
18,553,500
0.75
9.6250 Unity Media GMBH
01/12/2019
5,000,000
5,425,000
0.22
9.7500 EC Finance Plc
01/08/2017
9,500,000
9,120,000
0.36
9.7500 UPC Holding
15/04/2018
4,900,000
5,243,000
0.21
10.0000 Kinove cosi Bondco GMBH
15/06/2018
5,400,000
5,467,500
0.22
10.2000 Stability GMBH (Frn)
05/05/2022
2,000,000
400,000
0.02
10.5030 Smart Sme Clo Ltd (Frn)
27/12/2016
2,000,000
570,000
0.02
10.6250 Kerling Plc
01/02/2017
13,700,000
12,056,000
0.48
11.0000 Boats Invest Netherlands
31/03/2017
4,650,000
4,559,002
0.18
11.1250 Ono Finance II Plc
15/07/2019
3,400,000
2,652,000
0.11
11.7500 Wind Acquisition
15/07/2017
13,700,000
11,028,500
0.44
15.0000 LBG Capital No.2 Plc
21/12/2019
2,750,000
3,286,250
0.13
681,401,006
27.06
GBP
4.4509
Resloc Uk Plc (Frn)
15/12/2043
2,575,000
1,087,592
0.04
5.1250 FCE BANK Plc
16/11/2015
8,000,000
10,381,906
0.41
6.6250 Electricidade de Portugal
09/08/2017
3,950,000
4,320,541
0.17
6.7500 GKN Holdings Plc
28/10/2019
21,900,000
29,630,367
1.19
7.0000 Priory Group Ltd
15/02/2018
11,400,000
13,596,589
0.54
7.1250 William Hill Plc
11/11/2016
7,100,000
9,433,321
0.37
7.3750 ITV Plc
05/01/2017
14,900,000
19,934,804
0.79
7.3750 Credit Agricole SA
18/12/2023
2,800,000
3,012,275
0.12
7.7500 Thames Water Kemble Fina
01/04/2019
15,950,000
19,910,394
0.79
8.5000 Southern Water Greensand
15/04/2019
19,550,000
22,833,704
0.91
8.7500 Dixons Retail Plc
03/08/2015
2,000,000
2,447,164
0.10
8.7500 British Airways
23/08/2016
5,905,000
7,389,461
0.29
8.8750 House Of Fraser Plc
15/08/2018
8,900,000
9,652,392
0.38
9.5000 Intergen NV
30/06/2017
1,180,000
1,458,411
0.06
9.7500 Care Uk Health
01/08/2017
10,700,000
13,555,185
0.54
15.0000 LBG Capital No.2 Plc
22/01/2029
516,000
771,672
0.03
169,415,778
6.73
USD
Bankruptcy claim Fedders North America
1,800,000*
142
0.00
Bankruptcy claim Telligent Inc
700,000*
55
0.00
Stage Stores Inc
63*
909
0.00
0.8679 Petrusse European Clo Sa (Frn)
27/12/2017
8,000,000
1,148,813
0.05
2.4679 Clondalkin Acquisition (Frn)
15/12/2013
13,000,000
9,321,934
0.37
3.4834 Southern Union Co (Frn)
01/11/2066
11,000,000
7,064,339
0.28
Robeco Capital Growth Funds 143
Investment portfolio At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
3.7179 Qwest Corp (Frn)
15/06/2013
6,200,000
4,890,136
0.19
5.0000 Silgan Holdings
01/04/2020
7,000,000
5,640,046
0.22
5.0000 Fidelity National Inform
15/03/2022
12,000,000
9,621,370
0.38
5.0000 Continental Resources Inc
15/09/2022
500,000
399,905
0.02
5.1500 Toll Bros Finance Corp
15/05/2015
5,000,000
4,164,414
0.17
5.2500 Methanex Corp
01/03/2022
5,000,000
4,087,743
0.16
5.3750 Ethan Allen Global Inc
01/10/2015
8,000,000
6,381,908
0.25
5.3750 QEP Resources Inc
01/10/2022
2,500,000
1,974,903
0.08
5.6250 Fresenius Med Care II
31/07/2019
5,000,000
4,107,403
0.16
5.7500 HCA Inc
15/03/2014
3,000,000
2,473,307
0.10
5.7500 UR Financing Escrow Corp
15/07/2018
1,000,000
819,511
0.03
5.7500 Fresenius Med Care US
15/02/2021
2,000,000
1,640,991
0.07
5.7500 Bombardier Inc
15/03/2022
15,000,000
11,775,541
0.47
5.8750 Chesapeake Midstream Pt
15/04/2021
7,000,000
5,350,459
0.21
5.8750 Fresenius Med Care II
31/01/2022
4,000,000
3,281,983
0.13
5.8750 Cimarex Energy Co
01/05/2022
2,000,000
1,637,051
0.06
6.0000 Wyndham Worldwide Corp
01/12/2016
35,000
30,580
0.00
6.0000 EDP Finance BV
02/02/2018
18,000,000
12,304,480
0.49
6.1250 Norske Skogsindustrier
15/10/2015
3,121,000
1,696,931
0.07
6.1250 Hanson Ltd
15/08/2016
5,000,000
4,196,052
0.17
6.1250 Plains Exploration & Pro
15/06/2019
15,000,000
11,878,965
0.48
6.1250 Rexel SA
15/12/2019
5,000,000
3,969,505
0.16
6.1250 Chesapeake Midstream Pt
15/07/2022
3,500,000
2,702,809
0.11
6.3750 Temple-Inland Inc
15/01/2016
2,500,000
2,247,212
0.09
6.3750 Denbury Resources Inc
15/08/2021
5,000,000
4,097,553
0.16
6.3750 Gulfmark Offshore Inc
15/03/2022
1,000,000
795,871
0.03
6.3750 Penny (Jc) Co Inc
15/10/2036
15,200,000
9,042,985
0.36
6.4040 Stora Enso Oyj
15/04/2016
5,000,000
3,999,054
0.16
6.5000 Tesoro Petroleum corp
01/06/2017
10,335,000
8,367,844
0.33
6.5000 Virgin Media Finance Plc
15/01/2018
3,000,000
2,576,731
0.10
6.5000 Whiting Petroleum Corp
01/10/2018
3,000,000
2,517,631
0.10
6.5000 Dana Holding Corp
15/02/2019
11,000,000
9,209,645
0.37
6.5000 Vail Resorts Inc
01/05/2019
8,000,000
6,619,125
0.26
6.5000 Holly Energy Partners Lp
01/03/2020
2,000,000
1,587,802
0.06
6.5000 El Paso Pipeline Part Op
01/04/2020
3,000,000
2,743,835
0.11
6.5000 CCO Holdings
30/04/2021
5,000,000
4,196,052
0.17
6.6250 Citizens Communications
15/03/2015
3,000,000
2,505,811
0.10
6.6250 Tesoro Petroleum corp
01/11/2015
1,500,000
1,205,626
0.05
6.6250 Dillards Inc
15/01/2018
2,000,000
1,596,627
0.06
6.6250 SM Energy Corp
15/02/2019
4,000,000
3,230,763
0.13
6.6250 UPCB Finance III Ltd
01/07/2020
2,000,000
1,599,622
0.06
6.6250 Rent-A-Center Inc
15/11/2020
5,000,000
4,196,052
0.17
6.6250 Valassis Communication
01/02/2021
8,000,000
6,114,810
0.24
6.6250 Limited Brands
01/04/2021
7,500,000
6,456,601
0.26
6.6250 Unit Corp
15/05/2021
2,000,000
1,568,102
0.06
6.6250 Amkor Technologies
01/06/2021
5,000,000
3,930,105
0.16
6.6250 CCO Holdings
31/01/2022
9,000,000
7,588,353
0.30
Robeco Capital Growth Funds 144
Investment portfolio At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
6.7500 HCA Inc
15/07/2013
4,000,000
3,285,923
0.13
6.7500 Host Marriott
01/06/2016
4,000,000
3,238,643
0.13
6.7500 Starwood Hotels & Resorts
15/05/2018
12,000,000
10,975,927
0.45
6.7500 Visteon Corp
15/04/2019
6,000,000
4,597,928
0.18
6.7500 Hertz Corp
15/04/2019
3,000,000
2,458,532
0.10
6.7500 Spectrum Brands Holdings
15/03/2020
2,000,000
1,627,201
0.06
6.7500 Mead Products Llc
30/04/2020
3,500,000
2,909,657
0.12
6.7500 Spirit Aerosystems Inc
15/12/2020
11,000,000
9,448,012
0.38
6.7500 Plains Exploration & Pro
01/02/2022
5,000,000
4,018,754
0.16
6.8750 SPX Corp
01/09/2017
10,000,000
8,589,102
0.34
6.8750 Calcipar SA
01/05/2018
14,375,000
11,157,460
0.44
6.8750 CF Industries Inc
01/05/2018
3,300,000
3,082,261
0.12
6.8750 Rhodia SA
15/09/2020
3,000,000
2,600,370
0.10
6.8750 Reynolds Grp
15/02/2021
750,000
614,633
0.02
6.8750 UPCB Finance VI Ltd
15/01/2022
2,000,000
1,607,502
0.06
6.8750 Sprint Capital Corp
15/11/2028
15,000,000
9,514,992
0.38
6.8750 Weyerhaeuser Company
15/12/2033
2,000,000
1,661,243
0.07
6.9000 Limited Brands
15/07/2017
2,000,000
1,749,340
0.07
6.9500 Limited Brands
01/03/2033
6,000,000
4,586,108
0.18
6.9740 Puget Sound Energy Inc
01/06/2067
10,000,000
7,919,310
0.31
7.0000 Dean Foods Co
01/06/2016
10,000,000
8,372,405
0.33
7.0000 El Paso Corporation
15/06/2017
11,244,000
10,050,624
0.40
7.0000 Cco Hldgs Llc/Cap Corp
15/01/2019
6,000,000
5,106,182
0.20
7.0000 Windstream Corp
15/03/2019
10,000,000
8,076,908
0.32
7.0000 Boart Longyear Management
01/04/2021
6,000,000
4,834,325
0.19
7.0000 Equinix Inc
15/07/2021
10,000,000
8,667,901
0.34
7.0000 Seagate Hdd Cayman
01/11/2021
4,000,000
3,396,241
0.13
7.1250 Domtar Corp
15/08/2015
751,000
662,795
0.03
7.1250 P.H. Glatfelter Co
01/05/2016
3,000,000
2,417,162
0.10
7.1250 Gannett Co Inc
01/09/2018
5,000,000
4,215,752
0.17
7.1250 Reynolds Grp
15/04/2019
5,000,000
4,127,103
0.16
7.1250 Crown Castle Int'L Corp
01/11/2019
5,000,000
4,225,602
0.17
7.1250 CF Industries Inc
01/05/2020
2,000,000
1,906,486
0.08
7.1250 Dycom Investments Inc
15/01/2021
2,000,000
1,615,382
0.06
7.1300 Dillards Inc
01/08/2018
3,000,000
2,520,586
0.10
7.2500 Constellation Brands Inc
15/05/2017
8,000,000
7,210,118
0.29
7.2500 Calpine Corporation
15/10/2017
19,000,000
16,094,717
0.65
7.2500 Cco Hldgs Llc/Cap Corp
30/10/2017
15,000,000
12,883,653
0.52
7.2500 El Paso Natural Gas
01/06/2018
7,182,000
6,528,288
0.26
7.2500 BELO (A.H.) CORP
15/09/2027
8,000,000
6,004,492
0.24
7.3750 Neenah Paper Inc
15/11/2014
1,329,000
1,062,949
0.04
7.3750 Starwood Hotels & Resorts
15/11/2015
8,000,000
7,224,604
0.29
7.3750 Toys R Us Delaware Inc
01/09/2016
4,000,000
3,120,444
0.12
7.3750 Inmarsat Finance Plc
01/12/2017
3,500,000
2,944,131
0.12
7.3750 Great Lakes Dredge&Dock
01/02/2019
7,500,000
5,909,933
0.23
7.3750 Wyndham Worldwide Corp
01/03/2020
2,000,000
1,876,897
0.07
7.3750 Suburban Propane Partnrs
15/03/2020
8,000,000
6,556,085
0.26
Robeco Capital Growth Funds 145
Investment portfolio At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
7.3750 UR Financing Escrow Corp
15/05/2020
1,000,000
823,451
0.03
7.3750 CCO Holdings
01/06/2020
9,000,000
7,792,246
0.31
7.3750 Polyone Corp
15/09/2020
8,000,000
6,697,924
0.27
7.3750 Continental Resources Inc
01/10/2020
600,000
527,166
0.02
7.3750 Elizabeth Arden Inc
15/03/2021
1,000,000
864,820
0.03
7.3750 AES Corporation
01/07/2021
7,300,000
6,399,472
0.25
7.4500 Upm-Kymmene Corp
26/11/2027
16,200,000
11,744,218
0.47
7.5000 Polypore International
15/11/2017
3,000,000
2,508,766
0.10
7.5000 Bombardier Inc
15/03/2018
10,000,000
8,638,352
0.34
7.5000 Bombardier Inc
15/03/2018
1,500,000
1,297,230
0.05
7.5000 Pioneer Natural Resource
15/01/2020
13,000,000
12,651,196
0.50
7.5000 Jarden Corp
15/01/2020
3,000,000
2,582,641
0.10
7.5000 Ineos Finance Plc
01/05/2020
2,000,000
1,587,802
0.06
7.5000 Calpine Corporation
15/02/2021
8,000,000
6,808,242
0.27
7.5000 Windstream Corp
01/06/2022
10,000,000
8,116,307
0.32
7.5000 Sappie Papier Holding
15/06/2032
10,000,000
6,303,928
0.25
7.5000 HCA Inc
15/11/2095
5,000,000
3,151,964
0.13
7.6250 Clean Harbors Inc
15/08/2016
5,000,000
4,112,328
0.16
7.6250 Crown Americas
15/05/2017
4,500,000
3,829,636
0.15
7.6250 XM Satellite Radio Inc
01/11/2018
9,000,000
7,623,813
0.30
7.6250 Clear Channel Worldwide
15/03/2020
18,000,000
13,864,702
0.55
7.6250 UR Financing Escrow Corp
15/04/2022
10,000,000
8,254,206
0.33
7.6250 Penny (Jc) Co Inc
01/03/2097
8,895,000
5,107,940
0.20
7.7500 Case New Holland Inc
01/09/2013
8,000,000
6,697,924
0.27
7.7500 AES Corporation
15/10/2015
5,000,000
4,422,600
0.18
7.7500 Jabil Circuit Inc
15/07/2016
8,000,000
7,186,478
0.29
7.7500 Sappie Papier Holding
15/07/2017
10,800,000
8,531,580
0.34
7.7500 Tenneco Automotive Inc
15/08/2018
5,000,000
4,274,851
0.17
7.7500 Transdigm Inc
15/12/2018
12,100,000
10,464,324
0.42
7.7500 Crestwood Midstream Part
01/04/2019
5,000,000
3,910,405
0.16
7.7500 Taseko Mines Ltd
15/04/2019
5,500,000
4,138,923
0.16
7.7500 Bombardier Inc
15/03/2020
3,000,000
2,629,920
0.10
7.7500 Advanced Micro Devices
01/08/2020
1,000,000
866,790
0.03
7.7500 Wynn Las Vegas Llc/Corp
15/08/2020
14,500,000
12,654,151
0.50
7.7500 Windstream Corp
15/10/2020
5,500,000
4,593,988
0.18
7.7500 Windstream Corp
01/10/2021
10,000,000
8,352,705
0.33
7.7500 Phillips Van-Heusen
15/11/2023
2,608,000
2,386,565
0.09
7.8750 Windstream Corp
01/11/2017
8,000,000
6,871,282
0.27
7.8750 Lear Corp
15/03/2018
4,700,000
4,087,802
0.16
7.8750 Cco Hldgs Llc/Cap Corp
30/04/2018
3,500,000
2,999,291
0.12
7.8750 Ferro Corp
15/08/2018
6,000,000
4,609,747
0.18
7.8750 Graphic Packaging Intl
01/10/2018
1,000,000
866,790
0.03
7.8750 Targa Resources Partners
15/10/2018
10,000,000
8,510,303
0.34
7.8750 Perry Ellis Intl Inc
01/04/2019
9,000,000
7,145,109
0.28
7.8750 Reynolds Grp
15/08/2019
8,000,000
6,824,002
0.27
7.8750 HCA Inc
15/02/2020
18,500,000
16,181,396
0.65
7.8750 Calpine Corporation
31/07/2020
2,000,000
1,737,520
0.07
Robeco Capital Growth Funds 146
Investment portfolio At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
7.8750 Calpine Corporation
15/01/2023
9,000,000
7,730,192
0.31
7.8750 CSG Guernsey I Ltd
24/02/2041
8,000,000
5,988,732
0.24
8.0000 Jarden Corp
01/05/2016
2,000,000
1,717,820
0.07
8.0000 Calpine Corporation
01/06/2016
4,000,000
3,404,121
0.14
8.0000 Hornbeck Offshore Serv
01/09/2017
2,500,000
2,115,263
0.08
8.0000 AES Corporation
15/10/2017
12,000,000
10,756,077
0.43
8.0000 Chrysler group
15/06/2019
22,500,000
18,217,367
0.73
8.0000 Boise Paper Holdings
01/04/2020
7,000,000
6,095,111
0.24
8.0000 Georgia Pacific
15/01/2024
2,000,000
2,100,094
0.08
8.1250 Unity Media Hessen
01/12/2017
4,000,000
3,388,361
0.13
8.1250 Advanced Micro Devices
15/12/2017
8,000,000
6,839,762
0.27
8.1250 Windstream Corp
01/09/2018
5,000,000
4,235,452
0.17
8.1250 Level 3 Financing
01/07/2019
6,000,000
4,852,055
0.19
8.1250 Ford Motor Credit Co
15/01/2020
10,000,000
9,652,890
0.38
8.1250 Cco Hldgs Llc/Cap Corp
30/04/2020
4,000,000
3,514,440
0.14
8.2500 Frontier Communications
15/04/2017
5,000,000
4,235,452
0.17
8.2500 Texas Petrochemical Corp
01/10/2017
11,000,000
9,166,306
0.36
8.2500 Cardtronics Inc
01/09/2018
5,000,000
4,333,951
0.17
8.2500 Continental Resources Inc
01/10/2019
8,000,000
7,044,640
0.28
8.2500 Chrysler group
15/06/2021
13,000,000
10,525,590
0.42
8.3750 Qwest Corp
01/05/2016
10,000,000
9,123,360
0.36
8.3750 Virgin Media Finance Plc
15/10/2019
2,900,000
2,567,964
0.10
8.5000 TOYS R US Property Co II
01/12/2017
18,000,000
14,768,922
0.60
8.5000 RBS Global & Rexnord Cor
01/05/2018
5,000,000
4,274,851
0.17
8.5000 HCA Inc
15/04/2019
18,000,000
15,885,899
0.64
8.5000 Limited Brands
15/06/2019
6,000,000
5,555,337
0.22
8.5000 Frontier Communications
15/04/2020
3,000,000
2,505,811
0.10
8.5000 Legrand SA
15/02/2025
14,550,000
14,515,157
0.58
8.6250 Breitburn Ener/Breit Fin
15/10/2020
7,000,000
5,833,104
0.23
8.7500 Gannett Co Inc
15/11/2014
1,500,000
1,332,690
0.05
8.7500 Sirius Xm Radio Inc
01/04/2015
3,000,000
2,659,470
0.11
8.7500 Atlas Pipeline Partners
15/06/2018
7,000,000
5,888,263
0.23
8.7500 Frontier Communications
15/04/2022
7,000,000
5,791,734
0.23
8.8750 Crosstex Energy
15/02/2018
8,000,000
6,658,524
0.26
8.8750 Nara Cable Funding
01/12/2018
4,000,000
2,710,689
0.11
8.8750 Nara Cable Funding
01/12/2018
4,000,000
2,679,169
0.11
9.0000 Fresenius US Finance II Inc
15/07/2015
11,500,000
10,409,854
0.41
9.0000 Ashtead Capital Inc
15/08/2016
6,000,000
4,899,334
0.19
9.0000 Host Hotels & Resorts
15/05/2017
1,000,000
872,700
0.03
9.0000 Intergen NV
30/06/2017
37,663,000
29,084,544
1.16
9.0000 Boise Paper Holdings
01/11/2017
2,000,000
1,741,460
0.07
9.0000 NBTY Inc
01/10/2018
16,000,000
13,931,681
0.55
9.0000 Tomkins Inc
01/10/2018
15,700,000
13,763,248
0.55
9.0000 MGM Mirage Inc
15/03/2020
7,000,000
6,122,690
0.24
9.1250 Ashland Inc
01/06/2017
2,000,000
1,733,580
0.07
9.1250 Parker Drilling
01/04/2018
8,000,000
6,666,404
0.26
9.1250 Parker Drilling
01/04/2018
1,000,000
833,301
0.03
Robeco Capital Growth Funds 147
Investment portfolio At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
9.1250 Cedar Fair Lp
01/08/2018
5,000,000
4,373,350
0.17
9.1250 Quicksilver Resources Inc
15/08/2019
5,000,000
3,427,761
0.14
9.2500 Energy XXI Gulf Coast Inc
15/12/2017
6,800,000
5,733,423
0.23
9.3750 Gannett Co Inc
15/11/2017
4,000,000
3,514,440
0.14
9.3750 Calumet Specialty Prod
01/05/2019
5,000,000
3,949,805
0.16
9.5000 Delta Air Lines Inc
15/09/2014
3,163,000
2,632,614
0.10
9.5000 Virgin Media Finance Plc
15/08/2016
414,000
363,745
0.01
9.5000 Dineequity Inc
30/10/2018
6,000,000
5,177,101
0.21
9.6250 Calumet Specialty Prod
01/08/2020
4,000,000
3,199,244
0.13
9.7500 AES Corporation
15/04/2016
8,000,000
7,470,155
0.30
9.7500 Djo Fin Llc/Djo Fin Corp
15/10/2017
14,000,000
7,887,790
0.31
9.7500 Office Depot Inc
15/03/2019
7,000,000
5,364,249
0.21
9.7500 Tesoro Petroleum corp
01/06/2019
2,250,000
2,003,467
0.08
10.0000 Seagate Technology
01/05/2014
8,697,000
7,607,005
0.30
10.0000 Interpublic Group Cos
15/07/2017
4,000,000
3,530,200
0.14
10.0000 Visant Corporation
01/10/2017
12,000,000
9,384,973
0.37
10.0000 Level 3 Financing
01/02/2018
10,000,000
8,530,003
0.34
10.2500 Lions Gate Entertainment
01/11/2016
10,825,000
9,340,353
0.37
10.2500 Stonemor/Cornerstn/Osir
01/12/2017
10,000,000
7,702,612
0.31
10.3750 MGM Mirage Inc
15/05/2014
8,500,000
7,551,909
0.30
10.5000 Global Geophysical Svc Inc
01/05/2017
9,840,000
7,385,525
0.29
10.5000 Fifth & Pacific Co Inc
15/04/2019
7,000,000
6,136,480
0.24
10.5500 First Data Corp
24/09/2015
4,325
3,485
0.00
10.7500 Domtar Corp
01/06/2017
5,000,000
5,082,542
0.20
10.7500 TOYS R US Property Co II
15/07/2017
7,000,000
6,026,161
0.24
10.8750 Coffeyville Resource/Fin
01/04/2017
7,000,000
6,150,270
0.24
11.0000 Rabobank Nederland
30/06/2019
9,000,000
8,903,337
0.35
11.1250 MGM Mirage Inc
15/11/2017
12,500,000
11,056,499
0.45
11.2500 Western Refining
15/06/2017
10,000,000
8,845,199
0.35
11.3750 Oxford Industries Inc
15/07/2015
5,000,000
4,183,739
0.17
11.8750 Level 3 Communications
01/02/2019
12,000,000
10,472,401
0.42
12.2500 Wind Acquisition Holding
15/07/2017
5,631,257
3,039,605
0.12
12.5000 Unisys Corp
15/01/2016
736,000
614,759
0.02
12.7500 Unisys Corp
15/10/2014
3,589,000
3,082,629
0.12
13.0000 MGM Mirage Inc
15/11/2013
7,000,000
6,288,168
0.25
13.2500 Cengage Learning Acquisitions
15/07/2015
7,500,000
4,255,151
0.17
13.7500 Cengage Learning Holdco
15/07/2015
13,893,750
8,813,261
0.35
1,263,850,282
50.18
Total transferable securities and money market instruments admitted to an official stock exchange listing
2,114,667,066
83.97
Total investment portfolio
2,114,667,066
83.97
Other assets and liabilities
403,884,602
16.03
Total net assets
2,518,551,668
100.00
Robeco Capital Growth Funds 148
Robeco Investment Grade Corporate Bonds Investment portfolio
At 30 June 2012
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
1.5000
GDF-Suez
01/02/2016
3,650,000
3,655,293
0.25
1.7500 Daimler AG
21/05/2015
9,330,000
9,443,919
0.64
1.7500 Germany
09/10/2015
2,500,000
2,620,050
0.18
1.7500 Linde Finance BV
11/06/2019
7,100,000
7,037,307
0.48
2.1250 Volkswagen Int Finance
19/01/2015
9,600,000
9,769,344
0.66
2.2500 Germany
04/09/2020
23,130,000
24,861,512
1.68
2.3750 Volkswagen Bank
28/06/2013
13,450,000
13,627,244
0.92
2.5000 Heineken NV
19/03/2019
3,670,000
3,716,315
0.25
2.5000 Germany
04/01/2021
3,550,000
3,884,481
0.26
2.6250 Carlsberg Breweries AS
03/07/2019
8,880,000
8,891,455
0.60
2.8750 Alstom
05/10/2015
1,400,000
1,429,218
0.10
2.8750 G4S Intl Finance
02/05/2017
11,450,000
11,751,250
0.80
2.8750 Groupe Auchan SA
15/11/2017
9,900,000
10,313,721
0.70
2.8750 Philip Morris International
30/05/2024
6,450,000
6,300,489
0.43
2.9940 BP Capital Markets Plc
18/02/2019
1,700,000
1,759,415
0.12
3.0000 Shell Finance Netherland
14/05/2013
11,150,000
11,387,495
0.77
3.0000 Groupe Auchan SA
02/12/2016
3,400,000
3,564,628
0.24
3.0000 France Telecom
15/06/2022
3,600,000
3,584,448
0.24
3.1000 BP Capital Markets Plc
07/10/2014
20,600,000
21,425,648
1.45
3.1250 COCA-COLA Enterprices Plc
29/09/2017
4,400,000
4,611,596
0.31
3.1250 Linde Finance BV
12/12/2018
2,420,000
2,597,289
0.18
3.1250 GDF-Suez
21/01/2020
3,400,000
3,483,368
0.24
3.2500 Rci Banque SA
17/01/2014
13,750,000
13,881,176
0.94
3.2500 Tennet Holding BV
09/02/2015
3,860,000
4,041,690
0.27
3.2500 National Grid USA
03/06/2015
3,400,000
3,570,918
0.24
3.2500 Germany
04/07/2015
2,200,000
2,398,660
0.16
3.2500 Netherlands
15/07/2015
2,600,000
2,808,676
0.19
3.2500 Thames Water Util
09/11/2016
8,650,000
9,188,722
0.62
3.2500 Germany
04/01/2020
8,600,000
9,885,012
0.67
3.2500 Netherlands
15/07/2021
630,000
696,824
0.05
3.3750 Carlsberg Breweries AS
13/10/2017
2,000,000
2,111,280
0.14
3.3750 Enexis Holding
26/01/2022
19,400,000
20,231,678
1.37
3.4720 BP Capital Markets Plc
01/06/2016
5,000,000
5,316,800
0.36
3.5000 Banque PSA Finance
17/01/2014
11,250,000
11,244,600
0.76
3.5000 Total SA
27/02/2014
7,000,000
7,287,980
0.49
3.5000 Tele Danmark AS
23/02/2015
1,800,000
1,893,762
0.13
3.5000 Vivendi SA
13/07/2015
6,400,000
6,585,152
0.45
3.5000 Compagnie De Saint-Gobain
30/09/2015
3,500,000
3,637,725
0.25
3.5000 Germany
04/01/2016
6,610,000
7,344,041
0.50
3.5000 Germany
04/07/2019
7,350,000
8,549,079
0.58
3.5000 GDF-Suez
18/10/2022
14,550,000
15,272,553
1.03
3.5000 Heineken NV
19/03/2024
17,400,000
18,045,540
1.22
3.6250 Banque PSA Finance
17/09/2013
2,100,000
2,117,367
0.14
3.6250 British American Tobacco
09/11/2021
850,000
897,558
0.06
Robeco Capital Growth Funds 149
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
3.6410 Bouygues SA
29/10/2019
5,700,000
5,795,760
0.39
3.6610 Telefonica Emisiones Sau
18/09/2017
4,650,000
3,982,586
0.27
3.7500 Robert Bosch GMBH
12/06/2013
2,400,000
2,465,779
0.17
3.7500 Rci Banque SA
07/07/2014
3,450,000
3,511,134
0.24
3.7500 Germany
04/01/2017
2,700,000
3,085,560
0.21
3.7500 Germany
04/01/2019
8,300,000
9,748,516
0.66
3.7500 Koninklijke KPN
21/09/2020
5,900,000
6,001,716
0.41
3.7500 Tele Danmark AS
02/03/2022
4,400,000
4,577,188
0.31
3.8750 Banque PSA Finance
18/01/2013
2,450,000
2,473,422
0.17
3.8750 Iberdrola Finanzas
10/02/2014
9,800,000
9,580,578
0.65
3.8750 France Telecom
09/04/2020
6,500,000
6,962,865
0.47
3.8750 France Telecom
14/01/2021
900,000
960,966
0.07
3.8750 Electricite De France
18/01/2022
8,600,000
9,036,622
0.61
3.9940 Casino Guichard Perrachon
09/03/2020
7,200,000
7,030,584
0.48
4.0000 ALADIS EMISIONES 11/05/2015 2,500,000 2,647,950 0.18
4.0000 Rci Banque SA
11/07/2013
2,600,000
2,646,384
0.18
4.0000 BMW AG
17/09/2014
3,800,000
4,028,304
0.27
4.0000 Alstom
23/09/2014
1,000,000
1,041,250
0.07
4.0000 Germany
04/01/2018
9,150,000
10,749,146
0.73
4.0000 Anheuser-Busch Inbev
26/04/2018
2,800,000
3,113,740
0.21
4.0000 Compagnie De Saint-Gobain
08/10/2018
5,400,000
5,646,186
0.38
4.0000 AKZO Nobel
17/12/2018
15,800,000
17,240,328
1.17
4.0000 Carrefour SA
09/04/2020
3,000,000
2,978,130
0.20
4.0000 ENI SPA
29/06/2020
3,500,000
3,462,865
0.23
4.0000 British American Tobacco
07/07/2020
3,000,000
3,280,020
0.22
4.0000 Anheuser-Busch Inbev
02/06/2021
10,400,000
11,606,088
0.79
4.0780 Suez Environnement
17/05/2021
10,000,000
10,991,500
0.74
4.1250 Siemens
20/02/2013
5,450,000
5,567,230
0.38
4.1250 National Grid Co Plc
21/03/2013
1,038,000
1,060,182
0.07
4.1250 E.ON AG
26/03/2013
5,450,000
5,578,729
0.38
4.1250 Alstom
01/02/2017
14,450,000
15,013,984
1.02
4.1250 Terna SPA
17/02/2017
1,900,000
1,891,279
0.13
4.1250 Eutelsat SA
27/03/2017
3,450,000
3,657,069
0.25
4.1250 Enel Finance Intl
12/07/2017
11,250,000
10,730,138
0.73
4.1250 Vivendi SA
18/07/2017
15,600,000
16,135,080
1.09
4.1250 Gas Natural Finance
26/01/2018
2,400,000
2,075,160
0.14
4.1250 France Telecom
23/01/2019
13,100,000
14,250,835
0.96
4.1540 BP Capital Markets Plc
01/06/2020
7,500,000
8,329,575
0.56
4.2470 Veolia Environnement
06/01/2021
2,200,000
2,320,692
0.16
4.2500 Anglo American Capital
30/09/2013
2,450,000
2,537,955
0.17
4.2500 Banque PSA Finance
25/02/2016
9,200,000
9,058,136
0.61
4.2500 Germany
04/07/2018
2,750,000
3,294,858
0.22
4.2500 Iberdrola Finanzas
11/10/2018
4,000,000
3,456,200
0.23
4.2500 Deutsche Telekom AG
13/07/2022
6,200,000
6,897,004
0.47
4.3750 AT&T
15/03/2013
2,000,000
2,049,340
0.14
4.3750 Imperial Tobacco Finance
22/11/2013
5,650,000
5,863,627
0.40
4.3750 Wpp Group Plc
05/12/2013
4,700,000
4,899,280
0.33
4.3750 Deutsche Telekom AG
02/06/2014
9,950,000
10,529,886
0.71
Robeco Capital Growth Funds 150
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
4.3750 British American Tobacco
15/09/2014
500,000
532,795
0.04
4.3750 Statoil
11/03/2015
1,800,000
1,957,014
0.13
4.3750 Tele Danmark AS
23/02/2018
8,900,000
9,814,386
0.66
4.3750 Areva Sa
06/11/2019
800,000
756,000
0.05
4.3790 Casino Guichard Perrachon
08/02/2017
3,500,000
3,646,090
0.25
4.4810 Casino Guichard Perrachon
12/11/2018
4,950,000
5,079,443
0.34
4.5000 Bouygues SA
24/05/2013
5,500,000
5,658,840
0.38
4.5000 Procter & Gamble Company
12/05/2014
2,000,000
2,138,260
0.14
4.5000 Sab Miller Plc
20/01/2015
7,740,000
8,335,361
0.56
4.5000 Netherlands
15/07/2017
3,000,000
3,478,890
0.24
4.5000 Imperial Tobacco Finance
05/07/2018
6,000,000
6,520,320
0.44
4.5000 Compagnie De Saint-Gobain
30/09/2019
3,000,000
3,183,720
0.22
4.5000 Gas Natural Finance
27/01/2020
4,550,000
3,768,037
0.26
4.5000 Koninklijke KPN
04/10/2021
350,000
371,256
0.03
4.5000 Eandis
08/11/2021
19,100,000
20,972,564
1.42
4.5000 Tennet Holding BV
09/02/2022
4,070,000
4,572,360
0.31
4.5000 Deutsche Telekom AG
28/10/2030
1,450,000
1,544,294
0.10
4.6250 Henkel Corp
19/03/2014
5,190,000
5,515,517
0.37
4.6250 Daimler AG
02/09/2014
750,000
803,850
0.05
4.6250 Bayer Capital Corp
26/09/2014
8,800,000
9,493,968
0.64
4.6250 Iberdrola Finanzas
07/04/2017
9,900,000
9,079,884
0.61
4.6250 BASF AG
07/07/2017
4,170,000
4,754,843
0.32
4.6250 Veolia Environnement
30/03/2027
2,900,000
2,985,927
0.20
4.6930 Telefonica Emisiones Sau
11/11/2019
3,700,000
3,159,615
0.21
4.7500 FCE BANK Plc
19/01/2015
12,500,000
13,218,750
0.89
4.7500 Iberdrola Finanzas
25/01/2016
800,000
756,240
0.05
4.7500 Hutchison Whampoa
14/11/2016
9,150,000
10,086,960
0.68
4.7500 Telefonica Emisiones Sau
07/02/2017
14,300,000
13,101,517
0.89
4.7500 Telecom Italia Spa
25/05/2018
300,000
277,611
0.02
4.7500 Terna SPA
15/03/2021
11,550,000
11,253,281
0.76
4.7500 Vivendi SA
13/07/2021
700,000
725,816
0.05
4.7970 Telefonica Emisiones Sau
21/02/2018
800,000
714,800
0.05
4.8750 Volkswagen Leasing
18/10/2012
2,150,000
2,175,478
0.15
4.8750 E.ON AG
28/01/2014
6,700,000
7,090,409
0.48
4.8750 Iberdrola Finanzas
04/03/2014
8,000,000
7,938,320
0.54
4.8750 Alliander
11/11/2015
4,850,000
4,951,850
0.34
4.8750 Pernod-Ricard SA
18/03/2016
3,350,000
3,621,752
0.25
4.8750 IPIC GMTN Ltd
14/05/2016
6,100,000
6,618,500
0.45
4.8750 Compagnie De Saint-Gobain
31/05/2016
1,950,000
2,119,611
0.14
4.8750 Valeo SA
11/05/2018
12,900,000
13,254,234
0.90
4.8750 Vivendi SA
02/12/2019
2,050,000
2,183,558
0.15
4.8750 Deutsche Telekom AG
22/04/2025
3,850,000
4,449,099
0.30
5.0000 Koninklijke KPN
13/11/2012
1,800,000
1,825,560
0.12
5.0000 Groupe Auchan SA
29/04/2013
750,000
774,900
0.05
5.0000 France Telecom
22/01/2014
9,500,000
10,058,315
0.68
5.0000 RWE AG
10/02/2015
13,250,000
14,510,208
0.98
5.0000 Eutelsat SA
14/01/2019
2,500,000
2,747,725
0.19
5.0000 CRH Finance BV
25/01/2019
13,800,000
14,938,362
1.01
Robeco Capital Growth Funds 151
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
5.0000 Enel Finance Intl
14/09/2022
9,897,000
8,999,342
0.61
5.1250 E.ON AG
07/05/2013
10,075,000
10,423,998
0.71
5.1250 National Grid Co Plc
14/05/2013
600,000
619,806
0.04
5.1250 British American Tobacco
09/07/2013
4,500,000
4,681,125
0.32
5.1250 Wolters Kluwer N.V.
27/01/2014
4,500,000
4,752,135
0.32
5.1250 BASF Finance Europe
09/06/2015
1,500,000
1,671,765
0.11
5.1250 Gasunie
31/03/2017
6,350,000
7,281,291
0.49
5.1250 Procter & Gamble Company
24/10/2017
500,000
589,960
0.04
5.1250 Gas Natural Finance
02/11/2021
5,000,000
4,170,000
0.28
5.1250 Veolia Environnement
24/05/2022
11,000,000
12,185,910
0.82
5.2500 British Telecommunications
22/01/2013
3,329,000
3,406,532
0.23
5.2500 Veolia Environnement
24/04/2014
634,000
678,374
0.05
5.2500 Gas Natural Finance
09/07/2014
9,600,000
9,502,176
0.64
5.2500 Telecom Italia Spa
10/02/2022
5,700,000
5,049,345
0.34
5.3750 International Endesa
21/02/2013
5,700,000
5,774,613
0.39
5.3750 Volkswagen Int Finance
15/11/2013
4,400,000
4,658,236
0.32
5.3750 Siemens
11/06/2014
2,700,000
2,922,561
0.20
5.3750 Telecom Italia Spa
29/01/2019
6,700,000
6,265,840
0.42
5.3750 Henkel Corp
25/11/2015
9,000,000
9,382,500
0.64
5.4310 Telefonica Emisiones Sau
03/02/2014
7,000,000
6,979,700
0.47
5.4960 Telefonica Emisiones Sau
01/04/2016
800,000
769,792
0.05
5.5000 Diageo
01/07/2013
7,100,000
7,410,341
0.50
5.5000 Casino Guichard Perrachon
30/01/2015
1,850,000
1,995,503
0.14
5.5000 Alliander NV
20/04/2016
5,000,000
5,736,350
0.39
5.5000 Suez Environnement
22/07/2024
1,700,000
2,075,411
0.14
5.6250 Rci Banque SA
13/03/2015
6,250,000
6,562,688
0.44
5.6250 Statoil
11/03/2021
1,000,000
1,271,250
0.09
5.6250 Autoroutes Du Sud De La France
04/07/2022
6,500,000
7,504,250
0.51
5.6250 Koninklijke KPN
30/09/2024
2,550,000
2,903,583
0.20
5.7500 Deutsche Telekom AG
10/01/2014
1,300,000
1,388,556
0.09
5.7500 Deutsche Telekom AG
14/04/2015
12,000,000
13,372,800
0.91
5.7500 Philip Morris International
24/03/2016
3,000,000
3,450,840
0.23
5.7500 Valeo SA
19/01/2017
400,000
428,256
0.03
5.7500 ASML Holding
13/06/2017
11,410,000
12,838,532
0.87
5.7500 Hit Finance BV
09/03/2018
10,700,000
10,272,000
0.70
5.7500 Enel Finance Intl
24/10/2018
12,400,000
12,360,568
0.84
5.7500 E.ON AG
07/05/2020
2,500,000
3,111,600
0.21
5.8750 British American Tobacco
12/03/2015
7,800,000
8,689,200
0.59
6.0000 BASF Finance Europe
04/12/2013
4,750,000
5,084,400
0.34
6.0000 Carlsberg Breweries AS
28/05/2014
5,450,000
5,916,302
0.40
6.1250 Bouygues SA
03/07/2015
7,200,000
8,083,296
0.55
6.1250 Ziggo Finance BV
15/11/2017
14,600,000
15,585,500
1.05
6.1250 HSE Netz AG
23/04/2041
8,220,000
9,326,905
0.63
6.2500 Koninklijke KPN
04/02/2014
6,350,000
6,819,710
0.46
6.2500 Kraft Foods Inc
20/03/2015
3,050,000
3,426,248
0.23
6.2500 Vinci SA
13/11/2015
10,800,000
10,746,000
0.73
6.2500 Vodafone Group
15/01/2016
3,700,000
4,304,321
0.29
6.2500 Suez Environnement
08/04/2019
5,700,000
7,109,040
0.48
Robeco Capital Growth Funds 152
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
6.2500 Electricite De France
25/01/2021
1,500,000
1,841,985
0.12
6.3750 BMW Us Capital Corp
23/07/2012
2,000,000
2,005,740
0.14
6.3750 Casino Guichard Perrachon
04/04/2013
3,850,000
3,988,023
0.27
6.3750 Wolters Kluwer N.V.
10/04/2018
8,650,000
10,335,193
0.70
6.3750 Gas Natural Finance
09/07/2019
5,500,000
5,164,500
0.35
6.3750 GDF-Suez
18/01/2021
4,500,000
5,720,355
0.39
6.5000 ELM BV (ELSEVIER FIN)
02/04/2013
5,450,000
5,655,956
0.38
6.5000 National Grid Co Plc
22/04/2014
2,700,000
2,953,017
0.20
6.5000 Koninklijke KPN
15/01/2016
2,500,000
2,858,500
0.19
6.5000 BG Energy Capital Plc
30/11/2072
2,000,000
2,055,000
0.14
6.6250 National Grid Co Plc
28/01/2014
1,850,000
2,007,824
0.14
6.6250 Diageo Finance
05/12/2014
6,350,000
7,171,944
0.49
6.6250 Wpp Group Plc
12/05/2016
8,000,000
9,275,120
0.63
6.6550 Tennet Holding BV
12/02/2049
6,400,000
6,512,000
0.44
6.7500 Linde Finance BV
08/12/2015
1,500,000
1,775,235
0.12
6.7500 Veolia Environnement
24/04/2019
3,550,000
4,317,688
0.29
6.8750 GDF-Suez
24/01/2019
6,240,000
7,848,110
0.53
7.0000 Telecom Italia Spa
20/01/2017
8,930,000
9,260,678
0.63
7.0000 RHODIA SA
15/05/2018
2,900,000
3,240,750
0.22
7.1250 Ford Motor Cred
15/01/2013
2,650,000
2,728,334
0.18
7.2500 France Telecom
28/01/2013
2,000,000
2,073,100
0.14
7.3750 Anheuser-Busch Inbev
30/01/2013
6,000,000
6,221,880
0.42
7.3750 Autoroutes Du Sud De La France
20/03/2019
2,000,000
2,512,420
0.17
7.3750 Linde Finance BV
14/07/2066
7,050,000
7,896,000
0.53
7.5000 Iberdrola Finanzas
25/11/2015
6,000,000
6,178,320
0.42
7.7500 Olivetti Intl Finance
24/01/2033
400,000
394,536
0.03
7.8750 Volvo Treasury AB
01/10/2012
2,200,000
2,236,366
0.15
7.8750 Daimler Int Finance
16/01/2014
3,250,000
3,575,975
0.24
7.8750 Telecom Italia Spa
22/01/2014
7,150,000
7,528,307
0.51
8.1250 France Telecom
28/01/2033
3,200,000
4,586,592
0.31
8.2500 Telecom Italia Spa
21/03/2016
600,000
651,540
0.04
8.3750 Imperial Tobacco Finance
17/02/2016
11,170,000
13,457,616
0.91
8.6250 Michelin Luxembourg Scs
24/04/2014
6,980,000
7,895,567
0.53
8.6250 Anheuser-Busch Inbev
30/01/2017
5,350,000
6,971,318
0.47
8.7500 Verizon Wireless Capital
18/12/2015
7,800,000
9,702,654
0.66
9.0000 Holcim Finance Luxembourg
26/03/2014
7,850,000
8,800,478
0.60
9.3750 Arcelor Mittal
03/06/2016
3,100,000
3,599,906
0.24
9.8750 Volvo Treasury AB
27/02/2014
3,100,000
3,519,430
0.24
1,367,136,272
92.53
Total transferable securities and money market instruments admitted to an official stock exchange listing
1,367,136,272
92.53
Total investment portfolio
1,367,136,272
92.53
Other assets and liabilities
110,318,857
7.47
Total net assets
1,477,455,039
100.00
Robeco Capital Growth Funds 153
Robeco Global Government Bonds Investment portfolio
At 30 June 2012
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
CAD
2.2500
Canada
01/08/2014
750,000
594,203
2.16
2.5000 Canada
01/06/2015
320,000
257,159
0.93
3.5000 Canada
01/06/2020
300,000
265,402
0.96
4.0000 Canada
01/06/2017
200,000
174,492
0.63
4.2500 Canada
01/06/2018
100,000
89,874
0.33
4.5000 Canada
01/06/2015
200,000
169,585
0.62
5.7500 Canada
01/06/2029
220,000
255,713
0.93
1,806,428
6.56
DKK
4.0000 Denmark
15/11/2015
600,000
90,911
0.33
4.0000 Denmark
15/11/2017
500,000
78,978
0.29
4.5000 Denmark
15/11/2039
250,000
49,349
0.18
219,238
0.80
EUR
3.5000 Belgium
28/03/2015
186,000
197,655
0.72
3.5000 Germany
04/01/2016
220,000
244,431
0.89
3.7500 Italy
01/08/2016
609,000
590,371
2.14
3.7500 France
25/04/2017
269,000
297,675
1.08
3.8750 Finland
15/09/2017
940,000
1,069,758
3.88
4.0000 France
25/04/2014
119,000
126,772
0.46
4.0000 Belgium
28/03/2022
87,000
93,667
0.34
4.2500 Belgium
28/09/2013
313,000
327,304
1.19
4.2500 Italy
01/08/2014
587,000
593,316
2.15
4.2500 Germany
04/07/2018
196,000
234,833
0.85
4.2500 France
25/04/2019
314,000
357,768
1.30
4.2500 Germany
04/07/2039
37,000
51,280
0.19
4.5000 Germany
04/01/2013
1,435,000
1,467,445
5.32
4.7500 Italy
01/09/2021
862,000
815,323
2.96
4.7500 France
25/04/2035
127,000
151,727
0.55
5.0000 Belgium
28/03/2035
65,000
76,559
0.28
6.2500 Germany
04/01/2024
300,000
439,950
1.60
6.5000 Germany
04/07/2027
185,000
289,503
1.05
7,425,337
26.95
GBP
4.2500
United Kingdom
07/12/2027
780,000
1,198,333
4.35
4.7500 United Kingdom
07/03/2020
120,000
184,795
0.67
5.0000 United Kingdom
07/09/2014
350,000
477,014
1.73
5.0000 United Kingdom
07/03/2018
250,000
378,399
1.37
2,238,541
8.12
Robeco Capital Growth Funds 154
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
JPY
1.5000
Japan
20/03/2014
178,000,000
1,800,005
6.53
1.7000 Japan
20/06/2033
56,450,000
557,503
2.02
1.8000 Japan
20/12/2023
17,750,000
190,705
0.69
2.1000 Japan
20/06/2028
103,550,000
1,120,453
4.07
2.3000 Japan
20/03/2026
93,000,000
1,042,338
3.78
2.5000 Japan
20/03/2020
112,100,000
1,271,998
4.62
5,983,002
21.71
SEK
3.7500 Sweden
12/08/2017
18,450,000
2,366,748
8.59
4.5000 Sweden
12/08/2015
500,000
63,013
0.23
2,429,761
8.82
USD
2.2500
US Treasury Notes
31/05/2014
1,280,000
1,045,433
3.79
2.6250 US Treasury Notes
15/11/2020
1,370,000
1,186,509
4.31
3.2500 US Treasury Notes
31/05/2016
940,000
817,323
2.97
3.5000 US Treasury Notes
15/02/2018
1,840,000
1,658,922
6.02
4.6250 US Treasury Notes
15/02/2017
170,000
157,831
0.57
5.3750 US Treasury Bonds
15/02/2031
270,000
309,943
1.12
6.2500 US Treasury Bonds
15/08/2023
400,000
457,772
1.66
6.2500 US Treasury Bonds
15/05/2030
480,000
596,943
2.17
6.7500 US Treasury Bonds
15/08/2026
50,000
61,799
0.22
6,292,475
22.83
Total transferable securities and money market instruments admitted to an official stock exchange listing
26,394,782
95.79
Total investment portfolio
26,394,782
95.79
Other assets and liabilities
1,160,977
4.21
Total net assets
27,555,759
100.00
Robeco Capital Growth Funds 155
Robeco Emerging Debt Investment portfolio
At 30 June 2012
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
BRL
8.5000
Brazil
05/01/2024
3,500,000
1,907,415
1.51
10.0000 Brazil Notas do Tesouro
01/01/2014
2,100,000
1,066,838
0.85
10.0000 Brazil Notas do Tesouro
01/01/2017
4,900,000
2,488,642
1.98
10.0000 Brazil Notas do Tesouro
01/01/2021
4,800,000
2,388,389
1.89
12.5000 Brazil
05/01/2022
1,300,000
895,246
0.71
8,746,530
6.94
COP
7.7500
Colombia
14/04/2021
4,600,000,000
3,204,659
2.54
EUR
3.3750 Gas Natural Capital Markets
27/01/2015
200,000
238,683
0.19
3.3750 Carlsberg Breweries AS
13/10/2017
250,000
334,915
0.27
3.6250 Alstom
05/10/2018
200,000
254,082
0.20
4.5000 Gas Natural Capital Markets
27/01/2020
300,000
315,285
0.25
4.8750 Valeo SA
11/05/2018
200,000
260,780
0.21
6.1250 Fiat Finance & Trade
08/07/2014
200,000
253,810
0.20
6.3750 Tereos Europe
15/04/2014
550,000
727,642
0.57
6.3750 Petroleos Mexicanos
05/08/2016
300,000
432,302
0.34
8.2500 Santos Finance Ltd
22/09/2070
200,000
243,658
0.19
8.5000 Heidelberg Cement
31/10/2019
200,000
285,536
0.23
9.5000 Heidelberg Cement
15/12/2018
150,000
224,622
0.18
3,571,315
2.83
HUF
6.7500
Hungary
22/08/2014
400,000,000
1,762,632
1.40
6.7500 Hungary
24/11/2017
500,000,000
2,131,645
1.69
7.0000 Hungary
24/06/2022
290,000,000
1,222,387
0.97
5,116,664
4.06
IDR
6.2500
Indonesia
15/04/2017
23,000,000,000
2,540,590
2.02
7.0000 Indonesia
15/05/2022
12,000,000,000
1,368,645
1.09
8.2500 Indonesia
15/06/2032
15,000,000,000
1,846,553
1.46
8.3750 Indonesia
15/09/2026
21,000,000,000
2,587,969
2.05
11.5000 Indonesia
15/09/2019
6,800,000,000
957,466
0.76
9,301,223
7.38
MXN
6.0000
Mexican Bonos
18/06/2015
17,000,000
1,312,275
1.04
7.2500 Mexican Bonos
15/12/2016
5,000,000
408,962
0.32
7.5000 Mexican Bonos
03/06/2027
55,700,000
4,730,445
3.75
8.0000 Mexican Bonos
19/12/2013
3,000,000
234,297
0.19
8.0000 Mexican Bonos
11/06/2020
7,200,000
637,003
0.51
7,322,982
5.81
MYR
Robeco Capital Growth Funds 156
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
3.2100 Malaysia
31/05/2013
6,000,000
1,893,403
1.50
3.8350 Malaysia
12/08/2015
6,000,000
1,931,705
1.53
4.2620 Malaysia
15/09/2016
9,000,000
2,957,642
2.35
4.3780 Malaysia
29/11/2019
2,900,000
966,899
0.77
4.3920 Malaysia
15/04/2026
3,700,000
1,239,165
0.98
8,988,814
7.13
PLN
4.7500
Poland
25/10/2016
16,000,000
4,802,925
3.81
5.0000 Poland
25/04/2016
4,000,000
1,212,477
0.96
5.5000 Poland
25/10/2019
2,100,000
650,992
0.52
5.7500 Poland
25/10/2021
3,100,000
969,627
0.77
7,636,021
6.06
RUB
7.8500
Russian Federation
10/03/2018
190,000,000
6,173,848
4.90
THB
3.2500
Thailand
16/06/2017
45,000,000
1,411,979
1.12
3.6250 Thailand
22/05/2015
45,000,000
1,432,535
1.14
3.6500 Thailand
17/12/2021
35,000,000
1,116,489
0.89
3.8500 Thailand
12/12/2025
23,000,000
730,196
0.58
4.1250 Thailand
18/11/2016
60,000,000
1,947,173
1.54
6,638,372
5.27
TRY
9.0000
Turkey
05/03/2014
5,000,000
2,792,037
2.22
9.0000 Turkey
27/01/2016
4,000,000
2,248,005
1.78
10.0000 Turkey
09/01/2013
4,700,000
2,607,573
2.07
10.5000 Turkey
15/01/2020
2,100,000
1,277,150
1.01
11.0000 Turkey
06/08/2014
2,700,000
1,563,679
1.24
10,488,444
8.32
USD
2.8750
Petrobras Intl Fin
06/02/2015
200,000
202,859
0.16
3.0000 Sabic Capital I
02/11/2015
750,000
770,625
0.61
3.1250 Korea Hydro & Nuclear Power Co
16/09/2015
550,000
561,968
0.45
3.5000 Hyundai Capital Services
13/09/2017
600,000
609,420
0.48
3.5000 Rio Tinto Fin Usa
22/03/2022
230,000
241,990
0.19
3.7500 Rio Tinto Fin Usa
20/09/2021
250,000
268,517
0.21
3.7810 Santander Issuances
07/10/2015
400,000
373,464
0.30
3.8750 Korea Development Bank
04/05/2017
350,000
371,644
0.29
3.8750 CNOOC FINANCE 2012
02/05/2022
500,000
520,600
0.41
4.0000 HSBC
11/05/2016
850,000
866,150
0.69
4.1250 Taqa Abu Dhabi Natl Ener
13/03/2017
575,000
603,750
0.48
4.2500 PCCW CAPITAL NO 4
24/02/2016
670,000
695,795
0.55
4.3000 Temasek Financial I Ltd
25/10/2019
350,000
390,544
0.31
4.3750 Vale Overseas Limited
11/01/2022
300,000
307,428
0.24
4.4500 Anglo American Capital
27/09/2020
250,000
263,910
0.21
Robeco Capital Growth Funds 157
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
4.5000 Hyundai Motor Manufactur
15/04/2015
420,000
441,592
0.35
4.5000 Hyundai Motor Manufactur
15/04/2015
150,000
157,950
0.13
4.5000 State Bank India
27/07/2015
550,000
562,430
0.45
4.5000 Singtel Group Treasury
08/09/2021
740,000
823,546
0.65
4.5000 Grupo Bimbo Sab De Cv
25/01/2022
400,000
425,272
0.34
4.6250 Hutchison Whampoa
11/09/2015
375,000
400,838
0.32
4.7500 Woori Bank
20/01/2016
150,000
160,215
0.13
4.7500 Woori Bank
20/01/2016
225,000
239,688
0.19
4.7500 Qtel International Fin
16/02/2021
200,000
211,500
0.17
4.7500 Qtel International Fin
16/02/2021
400,000
426,000
0.34
4.7500 Korea Hydro & Nuclear Power Co
13/07/2021
375,000
411,675
0.33
4.8750 Petroleos Mexicanos
24/01/2022
260,000
281,044
0.22
4.9000 EDP Finance
01/10/2019
620,000
497,550
0.39
4.9490 Telefonica Emisiones
15/01/2015
200,000
189,000
0.15
5.0000 America Movil Sab De Cv
30/03/2020
600,000
680,586
0.54
5.0000 Ipic Gmtn
15/11/2020
1,050,000
1,120,875
0.88
5.0100 Ind & Con Bank
29/09/2015
200,000
192,500
0.15
5.1250 Akbank Tas
22/07/2015
200,000
202,000
0.16
5.2500 AES Gener
15/08/2021
375,000
398,438
0.32
5.4000 Sberbank
24/03/2017
350,000
362,250
0.29
5.4000 Reliance Holdings USA
14/02/2022
650,000
653,445
0.52
5.4620 Telefonica Emisiones
16/02/2021
375,000
328,125
0.26
5.5000 ICICI Bank
25/03/2015
450,000
460,080
0.37
5.5000 Telemar Norte Leste
23/10/2020
375,000
382,500
0.30
5.5000 Arcelormittal
01/03/2021
300,000
282,961
0.22
5.7500 ICICI Bank
16/11/2020
400,000
393,520
0.31
5.7500 Braskem Finance Ltd
15/04/2021
350,000
357,000
0.28
5.8750 Standard Chartered Plc
24/06/2020
925,000
1,005,525
0.80
5.8750 Woori Bank
13/04/2021
450,000
500,355
0.40
5.8750 Taqa Abu Dhabi Natl Ener
13/12/2021
200,000
222,500
0.18
5.9990 Gazprom
23/01/2021
775,000
826,344
0.66
6.0000 Hyundai Capital Services
05/05/2015
150,000
163,350
0.13
6.0000 Hutchison Whampoa
28/10/2015
570,000
580,688
0.46
6.0000 Holcim Finance Luxembourg
30/12/2019
290,000
304,048
0.24
6.1250 Arcelormittal
01/06/2018
200,000
201,910
0.16
6.1250 Sberbank
07/02/2022
425,000
445,188
0.35
6.1250 America Movil Sab De Cv
15/11/2037
300,000
362,772
0.29
6.1250 America Movil Sab De Cv
30/03/2040
300,000
366,216
0.29
6.2120 Gazprom
22/11/2016
100,000
108,875
0.09
6.2500 Turkiye Garanti Bankasi
20/04/2021
225,000
228,375
0.18
6.3750 Fmg Resources
01/02/2016
460,000
465,750
0.37
6.3750 Dubai Electricity & Water
21/10/2016
100,000
108,720
0.09
6.4650 VTB Capital
04/03/2015
120,000
125,550
0.10
6.5000 Akbank Tas
09/03/2018
375,000
388,125
0.31
6.5510 VTB Capital
13/10/2020
470,000
471,175
0.37
6.8500 Dp World
02/07/2037
650,000
637,000
0.51
6.8750 Vale Overseas Limited
21/11/2036
500,000
583,935
0.46
Robeco Capital Growth Funds 158
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
7.2500 Lukoil Intl Finance
05/11/2019
450,000
508,500
0.40
7.2500 Banco Bilbao Vizcaya Argentari
22/04/2020
825,000
843,563
0.67
7.3430 Gazprom
11/04/2013
175,000
180,908
0.14
7.3750 Dubai Electricity & Water
21/10/2020
250,000
273,073
0.22
7.3750 AES Corporation
01/07/2021
400,000
445,000
0.35
7.3750 Braskem Finance Ltd
31/12/2049
250,000
250,313
0.20
7.5000 Southern Peru Copper Corp
27/07/2035
725,000
835,534
0.66
7.5043 Vimpelcom
01/03/2022
200,000
187,500
0.15
7.6250 Hutchison Whampoa
09/04/2019
200,000
247,794
0.20
7.7500 Sable Intl Finance
15/02/2017
220,000
227,700
0.18
7.7500 Sappie Papier Holding
15/07/2017
200,000
200,500
0.16
7.8750 Petrobras Intl Fin
15/03/2019
675,000
824,681
0.65
7.8750 Qtel International Fin
10/06/2019
250,000
309,688
0.25
8.2500 Digicel Limited
01/09/2017
500,000
506,250
0.40
8.3750 Sappie Papier Holding
15/06/2019
350,000
350,000
0.28
8.5000 Banco Do Brasil
20/10/2020
675,000
775,406
0.62
9.1250 Vimpelcom
30/04/2018
300,000
318,000
0.25
33,472,055
26.56
ZAR
6.7500
Republic of South Africa
31/03/2021
11,000,000
1,304,692
1.04
7.2500 Republic of South Africa
15/01/2020
8,900,000
1,097,674
0.87
10.5000 Republic of South Africa
21/12/2026
23,500,000
3,504,841
2.77
13.5000 Republic of South Africa
15/09/2015
23,400,000
3,475,660
2.76
9,382,867
7.44
Total transferable securities and money market instruments admitted to an official stock exchange listing
120,043,794
95.24
Total investment portfolio
120,043,794
95.24
Other assets and liabilities
6,004,134
4.76
Total net assets
126,047,928
100.00
Robeco Capital Growth Funds 159
Robeco Euro Government Bonds Investment portfolio
At 30 June 2012
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
Netherlands
15/01/2013
17,950,000
18,109,396
3.16
2.0000 France
12/07/2015
29,300,000
30,336,927
5.30
2.7500 Belgium
28/03/2016
4,850,000
5,060,539
0.88
2.7500 Germany
08/04/2016
11,950,000
13,008,651
2.27
3.1250 Finland
15/09/2014
5,500,000
5,843,695
1.02
3.2500 Netherlands
15/07/2015
8,550,000
9,236,223
1.61
3.2500 Germany
04/07/2021
16,150,000
18,658,095
3.26
3.2500 Germany
04/07/2042
2,500,000
3,008,625
0.53
3.5000 Belgium
28/03/2015
5,450,000
5,791,497
1.01
3.5000 Germany
04/01/2016
28,700,000
31,887,135
5.57
3.5000 Germany
04/07/2019
3,380,000
3,931,413
0.69
3.5000 France
25/04/2026
11,350,000
11,787,997
2.06
3.7500 Netherlands
15/07/2014
43,000,000
46,019,890
8.04
3.7500 Germany
04/01/2015
6,550,000
7,136,553
1.25
3.7500 Germany
04/01/2017
5,650,000
6,456,820
1.13
3.7500 Germany
04/01/2019
18,600,000
21,846,072
3.82
3.7500 France
25/04/2021
25,550,000
28,048,790
4.90
4.0000 Belgium
28/03/2013
4,700,000
4,822,200
0.84
4.0000 France
25/10/2014
18,700,000
20,189,642
3.53
4.0000 Italy
01/02/2017
18,700,000
18,137,691
3.17
4.0000 Belgium
28/03/2018
3,550,000
3,879,192
0.68
4.0000 France
25/04/2018
21,100,000
23,693,823
4.14
4.0000 Belgium
28/03/2019
7,300,000
7,959,263
1.39
4.0000 Belgium
28/03/2022
3,750,000
4,037,363
0.71
4.0000 Germany
04/01/2037
11,850,000
15,590,690
2.72
4.0000 France
25/04/2055
1,450,000
1,569,553
0.27
4.2500 Italy
01/02/2015
19,800,000
19,955,230
3.49
4.2500 Germany
04/07/2039
10,950,000
15,176,043
2.65
4.2500 Belgium
28/03/2041
2,050,000
2,194,115
0.38
4.3750 Finland
04/07/2019
3,100,000
3,670,307
0.64
4.5000 Germany
04/01/2013
800,000
818,088
0.14
4.5000 Italy
01/08/2018
550,000
531,047
0.09
4.5000 Italy
01/03/2019
4,250,000
4,059,898
0.71
4.5000 France
25/04/2041
11,350,000
13,276,663
2.32
4.7500 Italy
01/09/2021
50,700,000
47,954,595
8.38
4.7500 Germany
04/07/2034
3,600,000
5,114,160
0.89
5.0000 Italy
01/03/2025
6,800,000
6,254,844
1.09
5.0000 Belgium
28/03/2035
750,000
883,373
0.15
5.0000 Italy
01/09/2040
12,400,000
10,487,672
1.83
5.2500 Italy
01/11/2029
5,750,000
5,264,068
0.92
5.3750 Finland
04/07/2013
8,850,000
9,317,015
1.63
5.5000 Belgium
28/03/2028
3,650,000
4,457,344
0.78
Robeco Capital Growth Funds 160
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
5.5000 France
25/04/2029
3,450,000
4,404,788
0.77
5.5000 Germany
04/01/2031
8,350,000
12,384,386
2.16
6.2500 Germany
04/01/2024
17,750,000
26,030,375
4.55
558,281,746
97.52
Total transferable securities and money market instruments admitted to an official stock exchange listing
558,281,746
97.52
Total investment portfolio
558,281,746
97.52
Other assets and liabilities
14,221,768
2.48
Total net assets
572,503,514
100.00
Robeco Capital Growth Funds 161
Robeco Euro Credit Bonds Investment portfolio
At 30 June 2012
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
0.6270 Lusitano Mortgages Plc (Frn) 15/07/2059 1,100,000 332,811 0.06
0.8470 Storm BV (Frn)
22/04/2048
1,100,000
892,537
0.17
0.9520 HSBC
30/09/2020
4,150,000
3,672,750
0.70
0.9850 Mars BV (FRN)
28/08/2014
2,200,000
2,137,300
0.41
1.1160 Citigroup Inc (Frn)
31/05/2017
2,350,000
1,927,000
0.37
1.1480 Bank Of America Corp (Frn)
23/05/2017
4,600,000
3,751,668
0.72
1.1890 Smile Securitisation Co (Frn)
20/12/2053
670,000
270,173
0.05
1.3380 ING Bank
18/03/2016
920,000
815,120
0.16
1.3610 KBC Bank
14/12/2015
6,400,000
4,872,000
0.93
1.4310 Stichting Memphis (Frn)
25/04/2015
3,000,000
2,895,000
0.55
1.5000 GDF-Suez
01/02/2016
2,600,000
2,603,770
0.50
1.7500 Linde Finance BV
11/06/2019
1,700,000
1,684,989
0.32
1.8750 Bank Nederlandse Gemeenten
06/06/2019
3,470,000
3,434,433
0.66
2.0000 GE Capital Corp
27/02/2015
4,850,000
4,878,082
0.93
2.1250 Volkswagen Int Finance
19/01/2015
1,700,000
1,729,988
0.33
2.2500 Germany
04/09/2020
3,050,000
3,278,323
0.63
2.3750 Volkswagen Bank
28/06/2013
4,800,000
4,863,255
0.93
2.3750 Swedbank AB
04/04/2016
6,970,000
7,052,246
1.35
2.5000 La Caixa De Barcelona
29/04/2013
3,700,000
3,629,441
0.69
2.5000 Banco Bilbao Vizcaya Argentari
07/10/2013
2,000,000
1,925,240
0.37
2.5000 Germany
04/01/2021
1,700,000
1,860,174
0.36
2.5070 ING Verzekeringen
21/06/2021
2,500,000
2,318,750
0.44
2.6250 Carlsberg Breweries AS
03/07/2019
750,000
750,968
0.14
2.8750 Alstom
05/10/2015
2,000,000
2,041,740
0.39
2.8750 G4S Intl Finance
02/05/2017
2,550,000
2,617,091
0.50
2.8750 Philip Morris International
30/05/2024
2,300,000
2,246,686
0.43
2.8750 Alliander
14/06/2024
2,230,000
2,201,032
0.42
2.8750 European Union
04/04/2028
5,250,000
5,214,195
1.00
2.9940 BP Capital Markets Plc
18/02/2019
1,200,000
1,241,940
0.24
3.0000 Germany
04/07/2020
4,700,000
5,326,369
1.02
3.0000 France Telecom
15/06/2022
1,000,000
995,680
0.19
3.1000 BP Capital Markets Plc
07/10/2014
2,790,000
2,901,823
0.56
3.1250 Swedbank AB
04/03/2013
150,000
152,094
0.03
3.1250 UBS
18/01/2016
4,350,000
4,524,653
0.87
3.1250 Nationwide Building Society
03/04/2017
3,000,000
3,040,920
0.58
3.1250 COCA-COLA Enterprices Plc
29/09/2017
1,300,000
1,362,517
0.26
3.1250 GDF-Suez
21/01/2020
1,400,000
1,434,328
0.27
3.2500 Nordea 05/12/2012 5,250,000 5,227,058 1.00
3.2500 Intesa
01/02/2013
5,100,000
5,080,722
0.97
3.2500 Rci Banque SA
17/01/2014
1,550,000
1,564,787
0.30
3.2500 Germany
04/07/2015
4,000,000
4,361,200
0.83
3.2500 Thames Water Util
09/11/2016
670,000
711,728
0.14
Robeco Capital Growth Funds 162
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
3.3750 Morgan Stanley
20/07/2012
450,000
450,158
0.09
3.3750 Rci Banque SA
23/01/2013
1,820,000
1,836,780
0.35
3.3750 Enexis Holding
26/01/2022
4,850,000
5,057,920
0.97
3.5000 Banque PSA Finance
17/01/2014
750,000
749,640
0.14
3.5000 Tele Danmark AS
23/02/2015
2,760,000
2,903,768
0.56
3.5000 Vivendi SA
13/07/2015
1,700,000
1,749,181
0.33
3.5000 Germany
04/01/2016
5,700,000
6,332,985
1.21
3.5000 Germany
04/07/2019
3,650,000
4,245,461
0.81
3.5000 ING Bank
16/09/2020
2,650,000
2,226,212
0.43
3.5000 Areva Sa
22/03/2021
1,750,000
1,487,500
0.28
3.5000 GDF-Suez
18/10/2022
3,590,000
3,768,279
0.72
3.5000 Heineken NV
19/03/2024
2,500,000
2,592,750
0.50
3.6250 Royal Bank Of Scotland
17/05/2013
1,450,000
1,467,342
0.28
3.6250 Banque PSA Finance
17/09/2013
1,250,000
1,260,338
0.24
3.6250 British American Tobacco
09/11/2021
550,000
580,773
0.11
3.6410 Bouygues SA
29/10/2019
2,100,000
2,135,280
0.41
3.6610 Telefonica Emisiones Sau
18/09/2017
1,500,000
1,284,705
0.25
3.7500 Santander Issuances
28/02/2013
3,100,000
3,070,891
0.59
3.7500 Morgan Stanley
01/03/2013
2,500,000
2,516,775
0.48
3.7500 Nationwide Building Society
20/01/2015
3,730,000
3,868,383
0.74
3.7500 Germany
04/01/2017
3,750,000
4,285,500
0.82
3.7500 Svenska Handelsbanken
24/02/2017
2,630,000
2,834,141
0.54
3.7500 BPCE SA
21/07/2017
2,450,000
2,541,312
0.49
3.8750 KBC Bank
31/03/2015
5,910,000
5,944,396
1.14
3.8750 Electricite De France
18/01/2022
3,400,000
3,572,618
0.68
4.0000 Banco Bilbao Vizcaya Argentari
22/04/2013
3,800,000
3,761,620
0.72
4.0000 Rci Banque SA
11/07/2013
3,800,000
3,867,792
0.74
4.0000 Goldman Sachs Group Inc
02/02/2015
2,550,000
2,601,867
0.50
4.0000 Germany
04/01/2018
1,600,000
1,879,632
0.36
4.0000 AKZO Nobel
17/12/2018
4,000,000
4,364,640
0.84
4.0000 Anheuser-Busch Inbev
02/06/2021
4,250,000
4,742,873
0.91
4.0000 Rabobank Int
11/01/2022
4,050,000
4,267,485
0.82
4.1250 National Grid Co Plc
21/03/2013
946,000
966,216
0.18
4.1250 ING Bank
23/03/2015
6,798,000
7,075,086
1.35
4.1250 Terna SPA
17/02/2017
700,000
696,787
0.13
4.1250 Vinci SA
20/02/2017
3,600,000
3,843,648
0.74
4.1250 Vivendi SA
18/07/2017
600,000
620,580
0.12
4.1250 Gas Natural Finance
26/01/2018
1,800,000
1,556,370
0.30
4.1250 UBS Jersey Branch
25/09/2018
1,800,000
1,738,926
0.33
4.1250 Intesa
14/04/2020
1,600,000
1,407,632
0.27
4.1250 ABN AMRO
28/03/2022
3,450,000
3,554,397
0.68
4.1540 BP Capital Markets Plc
01/06/2020
2,500,000
2,776,525
0.53
4.2500 Enel-Societa Per Azioni
12/06/2013
3,840,000
3,889,144
0.74
4.2500 Anglo American Capital
30/09/2013
1,210,000
1,253,439
0.24
4.2500 ABN AMRO
11/04/2016
3,000,000
3,209,400
0.61
4.2500 La Caixa De Barcelona
26/01/2017
1,650,000
1,519,716
0.29
4.2500 GE Capital Corp
01/03/2017
200,000
216,086
0.04
Robeco Capital Growth Funds 163
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
4.2500 Germany
04/07/2017
2,800,000
3,295,992
0.63
4.2500 Iberdrola Finanzas
11/10/2018
1,400,000
1,209,670
0.23
4.2500 Deutsche Telekom AG
13/07/2022
4,500,000
5,005,890
0.96
4.3750 Imperial Tobacco Finance
22/11/2013
1,250,000
1,297,263
0.25
4.3750 Wpp Group Plc
05/12/2013
1,770,000
1,845,048
0.35
4.3750 Allianz Finance
17/02/2017
2,040,000
1,723,800
0.33
4.3750 Goldman Sachs Group Inc
16/03/2017
2,300,000
2,333,005
0.45
4.3750 Tele Danmark AS
23/02/2018
450,000
496,233
0.09
4.3750 Banco Bilbao Vizcaya Argentari
20/10/2019
3,600,000
2,394,000
0.46
4.4810 Casino Guichard Perrachon
12/11/2018
900,000
923,535
0.18
4.5000 BP Capital Markets Plc
08/11/2012
1,820,000
1,845,207
0.35
4.5000 Institut Credito Oficial
08/07/2014
4,500,000
4,450,455
0.85
4.5000 Lloyds TSB Bank Plc
15/09/2014
1,100,000
1,156,397
0.22
4.5000 Sab Miller Plc
20/01/2015
2,810,000
3,026,145
0.58
4.5000 Goldman Sachs Group Inc
09/05/2016
2,200,000
2,271,368
0.43
4.5000 Barclays Bank Plc
04/03/2019
3,500,000
3,263,750
0.62
4.5000 Compagnie De Saint-Gobain
30/09/2019
2,000,000
2,122,480
0.41
4.5000 Eandis
08/11/2021
3,100,000
3,403,924
0.65
4.5000 Tennet Holding BV
09/02/2022
150,000
168,515
0.03
4.5000 ING Bank
21/02/2022
2,800,000
2,944,620
0.56
4.6250 UBS
06/07/2012
400,000
399,984
0.08
4.6250 Bayer Capital Corp
26/09/2014
2,770,000
2,988,442
0.57
4.6250 Royal Bank Of Scotland
22/09/2021
3,130,000
2,254,852
0.43
4.6250 Nordea Bank
15/02/2022
1,270,000
1,255,700
0.24
4.6250 Veolia Environnement
30/03/2027
4,100,000
4,221,483
0.81
4.6930 Telefonica Emisiones Sau
11/11/2019
1,400,000
1,195,530
0.23
4.7500 FCE BANK Plc
19/01/2015
3,800,000
4,018,500
0.77
4.7500 Iberdrola Finanzas
25/01/2016
300,000
283,590
0.05
4.7500 Koninklijke KPN
17/01/2017
720,000
790,243
0.15
4.7500 Telefonica Emisiones Sau
07/02/2017
1,100,000
1,007,809
0.19
4.7500 Bank Of America Corp
03/04/2017
4,600,000
4,759,850
0.91
4.7500 Compagnie De Saint-Gobain
11/04/2017
1,880,000
2,045,609
0.39
4.7500 Telecom Italia Spa
25/05/2018
350,000
323,880
0.06
4.7500 ABN AMRO
11/01/2019
3,300,000
3,593,106
0.69
4.7500 Barclays Bank Plc
15/03/2020
2,000,000
1,040,000
0.20
4.7970 Telefonica Emisiones Sau
21/02/2018
400,000
357,400
0.07
4.8750 Volkswagen Leasing
18/10/2012
1,250,000
1,264,813
0.24
4.8750 Iberdrola Finanzas
18/02/2013
5,500,000
5,555,000
1.06
4.8750 Iberdrola Finanzas
04/03/2014
2,150,000
2,133,424
0.41
4.8750 Banque PSA Finance
25/09/2015
3,450,000
3,467,940
0.66
4.8750 Valeo SA
11/05/2018
3,900,000
4,007,094
0.77
5.0000 Koninklijke KPN
13/11/2012
2,280,000
2,312,376
0.44
5.0000 KBC Bank
16/03/2016
1,550,000
1,591,680
0.30
5.0000 Intesa
28/02/2017
900,000
883,755
0.17
5.0000 Pernod-Ricard SA
15/03/2017
1,000,000
1,095,340
0.21
5.0000 Eutelsat SA
14/01/2019
1,100,000
1,208,999
0.23
5.0000 CRH Finance BV
25/01/2019
4,400,000
4,762,956
0.91
Robeco Capital Growth Funds 164
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
5.1250 Telefonica Emisiones Sau
14/02/2013
3,700,000
3,743,734
0.72
5.1250 Goldman Sachs Group Inc
24/04/2013
2,450,000
2,506,571
0.48
5.1250 National Grid Co Plc
14/05/2013
1,750,000
1,807,768
0.35
5.1250 British American Tobacco
09/07/2013
1,690,000
1,758,023
0.34
5.1250 Generali Finance
16/09/2024
1,950,000
1,815,216
0.35
5.2500 British Telecommunications
22/01/2013
1,050,000
1,074,455
0.21
5.2500 JP Morgan Chase Bank
08/05/2013
2,450,000
2,535,432
0.49
5.2500 Gas Natural Finance
09/07/2014
1,850,000
1,831,149
0.35
5.2500 Telecom Italia Spa
10/02/2022
550,000
487,218
0.09
5.2500 AXA SA
16/04/2040
3,150,000
2,520,851
0.48
5.2500 Suedzucker Int Finance
30/06/2049
2,170,000
2,170,000
0.42
5.3750 Telecom Italia Spa
29/01/2019
1,300,000
1,215,760
0.23
5.3750 Gas Natural Finance
24/05/2019
3,000,000
2,678,520
0.51
5.5000 Suez Environnement
22/07/2024
400,000
488,332
0.09
5.6250 Bank Of Scotland
23/05/2013
550,000
569,168
0.11
5.6250 Lloyds TSB Bank Plc
05/03/2018
4,600,000
3,852,500
0.74
5.6250 Autoroutes Du Sud De La France
04/07/2022
1,800,000
2,078,100
0.40
5.6250 Koninklijke KPN
30/09/2024
840,000
956,474
0.18
5.7500 Deutsche Telekom AG
14/04/2015
1,900,000
2,117,360
0.41
5.7500 Philip Morris International
24/03/2016
1,600,000
1,840,448
0.35
5.7500 ASML Holding
13/06/2017
1,390,000
1,564,028
0.30
5.7500 Unicredito Italiano
26/09/2017
1,000,000
916,480
0.18
5.7500 Hit Finance BV
09/03/2018
1,800,000
1,728,000
0.33
5.7500 Intesa
28/05/2018
1,400,000
1,174,250
0.22
5.7500 Enel Finance Intl
24/10/2018
1,675,000
1,669,674
0.32
5.7500 Allianz Finance
08/07/2041
2,700,000
2,443,581
0.47
5.8750 British American Tobacco
12/03/2015
1,390,000
1,548,460
0.30
6.0000 GE Capital Corp
15/01/2019
1,050,000
1,240,649
0.24
6.1250 RWE AG
26/10/2012
3,550,000
3,610,315
0.69
6.1250 JP Morgan Chase Bank
01/04/2014
2,400,000
2,587,008
0.50
6.1250 Credit Suisse
16/05/2014
700,000
758,373
0.15
6.1250 AT&T
02/04/2015
100,000
113,329
0.02
6.1250 Ziggo Finance BV
15/11/2017
4,450,000
4,750,375
0.91
6.1250 Unicredito Italiano
19/04/2021
3,300,000
2,831,994
0.54
6.1250 HSE Netz AG
23/04/2041
2,200,000
2,496,252
0.48
6.2110 AXA SA
29/10/2049
1,000,000
745,000
0.14
6.2500 Suez Environnement
08/04/2019
1,750,000
2,182,600
0.42
6.3750 BMW Us Capital Corp
23/07/2012
150,000
150,431
0.03
6.3750 Casino Guichard Perrachon
04/04/2013
550,000
569,718
0.11
6.3750 Wolters Kluwer N.V.
10/04/2018
3,660,000
4,373,041
0.84
6.3750 GDF-Suez
18/01/2021
930,000
1,182,207
0.23
6.3750 ABN AMRO
27/04/2021
2,500,000
2,503,125
0.48
6.4670 Rbs Trust Bank
30/06/2012
940,000
486,450
0.09
6.5000 Elm BV (Elsevier Fin)
02/04/2013
2,300,000
2,386,917
0.46
6.5000 National Grid Co Plc
22/04/2014
1,250,000
1,367,138
0.26
6.5000 Koninklijke KPN
15/01/2016
500,000
571,700
0.11
6.6250 Wpp Group Plc
12/05/2016
1,990,000
2,307,186
0.44
Robeco Capital Growth Funds 165
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
6.6250 Intesa
08/05/2018
3,000,000
2,760,840
0.53
6.6250 Barclays Bank Plc
30/03/2022
3,950,000
3,761,743
0.72
6.6550 Tennet Holding BV
12/02/2049
2,870,000
2,920,225
0.56
6.7500 Merrill Lynch Capital Services
21/05/2013
3,400,000
3,520,156
0.67
6.7500 Nationwide Building Society
22/07/2020
3,350,000
3,128,565
0.60
6.8750 GDF-Suez
24/01/2019
750,000
943,283
0.18
6.8750 Aviva PLC
22/05/2038
2,400,000
2,088,000
0.40
7.0000 Bank Of America Corp
15/06/2016
3,250,000
3,642,373
0.70
7.0000 Telecom Italia Spa
20/01/2017
2,020,000
2,094,801
0.40
7.0000 Rhodia SA
15/05/2018
800,000
894,000
0.17
7.1250 FCE BANK Plc
15/01/2013
500,000
514,780
0.10
7.1250 Heineken NV
07/04/2014
3,330,000
3,661,601
0.70
7.2500 France Telecom
28/01/2013
6,327,000
6,558,252
1.26
7.7500 Olivetti Intl Finance
24/01/2033
450,000
443,853
0.08
7.8750 Volvo Treasury AB
01/10/2012
2,500,000
2,541,325
0.49
8.2500 Telecom Italia Spa
21/03/2016
350,000
380,065
0.07
8.2500 Santos Finance Ltd
22/09/2070
3,300,000
3,168,000
0.61
8.3750 Imperial Tobacco Finance
17/02/2016
1,650,000
1,987,920
0.38
8.6250 Michelin Luxembourg Scs
24/04/2014
1,450,000
1,640,197
0.31
8.6250 Anheuser-Busch Inbev
30/01/2017
2,500,000
3,257,625
0.62
8.7500 Verizon Wireless Capital
18/12/2015
1,820,000
2,263,953
0.43
9.0000 BPCE SA (Frn)
17/03/2015
1,350,000
1,194,750
0.23
9.3750 Arcelor Mittal
03/06/2016
100,000
116,126
0.02
9.8750 Volvo Treasury AB
27/02/2014
1,200,000
1,362,360
0.26
10.5000 Royal Bank Of Scotland
16/03/2022
5,170,000
5,454,350
1.04
11.8750 Lloyds TSB Bank Plc
16/12/2021
3,287,001
3,566,396
0.68
496,563,065
95.06
Total transferable securities and money market instruments admitted to an official stock exchange listing
496,563,065
95.06
Total investment portfolio
496,563,065
95.06
Other assets and liabilities
25,808,577
4.94
Total net assets
522,371,642
100.00
Robeco Capital Growth Funds 166
Robeco All Strategy Euro Bonds Investment portfolio
At 30 June 2012
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
0.5810
Granite Master Issuer Pl (Frn)
20/12/2054
10,890,000
3,863,068
0.19
0.6690 Celtic Residential Irish (Frn)
10/04/2048
1,250,000
622,376
0.03
0.7930 Great Hall Mortgages Plc
18/03/2039
4,800,000
2,736,594
0.14
0.7940 Storm BV (Frn)
22/05/2048
4,400,000
3,746,693
0.19
0.8110 Eurosail Plc (Frn)
13/03/2045
3,850,000
2,991,694
0.15
0.8470 Storm BV (Frn)
22/04/2048
19,200,000
15,578,824
0.78
0.8570 Holland Euro-Denominated (Frn)
18/05/2038
12,500,000
4,034,725
0.20
0.8910 Opera (FRN)
25/01/2022
1,900,000
1,426,994
0.07
0.9190 Aire Valley Mortgages (Frn)
20/09/2066
1,500,000
1,236,731
0.06
0.9370 Talisman Finance Plc (Frn)
22/10/2016
2,900,000
2,056,452
0.10
0.9520 HSBC
30/09/2020
4,800,000
4,248,000
0.21
0.9530 Eurosail Plc (Frn)
17/04/2040
5,200,000
1,883,258
0.09
0.9750 Morgan Stanley
29/11/2013
2,650,000
2,548,399
0.13
0.9810 German Residential Asset (Frn)
20/07/2016
2,950,000
2,052,959
0.10
0.9850 Mars BV (FRN)
28/08/2014
1,400,000
1,360,100
0.07
1.0190 Aire Valley Mortgages (Frn)
20/09/2066
1,100,000
703,874
0.04
1.0630 Great Hall Mortgages Plc
18/03/2039
270,000
110,009
0.01
1.1160 Citigroup Inc (Frn)
31/05/2017
6,150,000
5,043,000
0.25
1.1310 Stichting Memphis (Frn)
25/04/2015
3,100,000
2,995,703
0.15
1.1530 Ludgate Funding Plc (Frn)
01/01/2061
3,850,000
1,270,500
0.06
1.1930 Great Hall Mortgages Plc
18/06/2039
4,800,000
1,674,474
0.08
1.3250 Mars BV (FRN)
28/08/2014
1,600,000
1,575,447
0.08
1.3380 ING Bank
18/03/2016
2,080,000
1,842,880
0.09
1.3600 Clock Finance Bv (Frn)
25/02/2015
900,000
868,524
0.04
1.4130 ABN AMRO
08/06/2015
1,600,000
1,330,240
0.07
1.4200 Cosmo Finance (FRN)
29/11/2027
4,600,000
3,611,000
0.18
1.4220 Paragon Mortgages Plc (Frn)
15/09/2039
2,180,000
1,058,841
0.05
1.4330 Great Hall Mortgages Plc
18/06/2038
1,430,000
443,607
0.02
1.4400 Promise Plc (FRN)
12/05/2024
1,850,000
971,273
0.05
1.5000 GDF-Suez
01/02/2016
5,700,000
5,708,265
0.28
1.5430 Rmac Securities Plc (Frn)
12/06/2044
2,500,000
820,079
0.04
1.5470 Skyline Bv (Frn)
22/07/2043
3,900,000
3,873,012
0.19
1.8590 Aire Valley Mortgages (Frn)
20/09/2066
5,800,000
3,552,500
0.18
1.9130 Headingley Rmbs (Frn)
11/03/2051
3,750,000
1,491,727
0.07
1.9870 Storm BV (Frn)
22/04/2053
4,500,000
4,477,048
0.22
2.0000 Germany
04/01/2022
8,500,000
8,878,930
0.44
2.0300 SAEC 10 A2
25/02/2094
3,500,000
3,482,074
0.17
2.1250 Volkswagen Int Finance
19/01/2015
4,100,000
4,172,324
0.21
2.1250 WESTPAC BANKING CORP
16/02/2016
8,800,000
9,018,064
0.45
2.1360 Arran Residential Mortgages (FRN)
19/11/2047
4,350,000
4,359,566
0.22
2.2500 Germany
11/04/2014
14,500,000
15,051,580
0.75
2.2500 Nederlandse Waterschapsbank
17/01/2017
22,000,000
22,706,420
1.13
Robeco Capital Growth Funds 167
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
2.2500 Germany
04/09/2020
9,000,000
9,673,740
0.48
2.3270 Claris Finance (FRN)
28/11/2060
4,300,000
4,154,402
0.21
2.3750 Dnb Nor Bolikreditt
31/08/2017
12,950,000
13,400,401
0.67
2.4020 Berica Residential Mbs Srl (FRN)
31/12/2054
4,300,000
4,056,861
0.20
2.5000 La Caixa De Barcelona
29/04/2013
7,750,000
7,602,208
0.38
2.5070 ING Verzekeringen
21/06/2021
2,200,000
2,040,500
0.10
2.6250 Intesa
04/12/2012
3,700,000
3,687,494
0.18
2.6250 Carlsberg Breweries AS
03/07/2019
1,260,000
1,261,625
0.06
2.7500 ABN AMRO
29/10/2013
2,500,000
2,537,050
0.13
2.7500 BPCE SA
14/01/2015
1,300,000
1,339,819
0.07
2.7500 BPCE Sfh - Societe De Fin
16/02/2017
12,400,000
12,747,200
0.64
2.7500 Dnb Nor Bolikreditt
21/03/2022
11,250,000
11,457,225
0.57
2.8750 Societe Generale
14/03/2019
2,100,000
2,146,683
0.11
2.8750 Philip Morris International
30/05/2024
3,850,000
3,760,757
0.19
2.8750 Alliander
14/06/2024
5,110,000
5,043,621
0.25
2.8750 European Union
04/04/2028
12,000,000
11,918,160
0.59
2.9940 BP Capital Markets Plc
18/02/2019
5,900,000
6,106,205
0.30
3.0000 France
25/10/2015
26,000,000
27,765,400
1.39
3.0000 Germany
04/07/2020
4,050,000
4,589,744
0.23
3.0000 France Telecom
15/06/2022
4,100,000
4,082,288
0.20
3.0000 European Investment Bank
28/09/2022
22,250,000
22,944,200
1.15
3.1000 BP Capital Markets Plc
07/10/2014
7,450,000
7,748,596
0.39
3.1250 Credit Suisse
14/09/2012
3,650,000
3,666,206
0.18
3.1250 Swedbank AB
04/03/2013
3,550,000
3,599,558
0.18
3.1250 SFEF
30/06/2014
5,200,000
5,442,164
0.27
3.1250 Santander Issuances
28/09/2015
800,000
748,544
0.04
3.1250 Nationwide Building Society
03/04/2017
7,260,000
7,359,026
0.37
3.1250 COCA-COLA Enterprices Plc
29/09/2017
5,200,000
5,450,068
0.27
3.1250 GDF-Suez
21/01/2020
1,700,000
1,741,684
0.09
3.1250 BNP Paribas Covered Bond
22/03/2022
3,900,000
4,007,640
0.20
3.2500 Rci Banque SA
17/01/2014
4,050,000
4,088,637
0.20
3.2500 Thames Water Util
09/11/2016
6,650,000
7,064,162
0.35
3.2500 France
25/10/2021
35,500,000
37,468,830
1.87
3.3750 Morgan Stanley
20/07/2012
2,300,000
2,300,805
0.11
3.3750 Abbey National Treasury Service
08/06/2015
4,050,000
4,230,185
0.21
3.3750 Enexis Holding
26/01/2022
4,000,000
4,171,480
0.21
3.3750 Willow 2 Plc Zurich Ins
27/06/2022
3,400,000
3,401,190
0.17
3.3750 European Union
04/04/2032
11,250,000
11,810,588
0.59
3.5000 Banco Bilbao Vizcaya Argentari
26/07/2013
11,000,000
10,781,210
0.54
3.5000 Tele Danmark AS
23/02/2015
1,350,000
1,420,322
0.07
3.5000 Germany
04/01/2016
61,450,000
68,274,023
3.42
3.5000 Csse De Ref De L'Habitat
25/04/2017
18,700,000
20,061,547
1.00
3.5000 Germany
04/07/2019
700,000
814,198
0.04
3.5000 Cif Euromortgage
17/06/2020
6,500,000
6,564,415
0.33
3.5000 Cie Financement Foncier
05/11/2020
10,700,000
10,997,353
0.55
3.5000 Areva Sa
22/03/2021
3,250,000
2,762,500
0.14
3.5000 GDF-Suez
18/10/2022
9,450,000
9,919,287
0.50
Robeco Capital Growth Funds 168
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
3.5000 France
25/04/2026
12,000,000
12,463,080
0.62
3.6000 Caisse Refinance L'Habit
08/03/2024
11,400,000
11,906,274
0.59
3.6250 Santander Issuances
06/04/2017
3,800,000
3,480,762
0.17
3.6250 European Investment Bank
15/01/2021
20,600,000
22,420,422
1.12
3.6250 British American Tobacco
09/11/2021
2,600,000
2,745,470
0.14
3.6250 Aust & Nz Banking Group
18/07/2022
5,550,000
5,994,389
0.30
3.6610 Telefonica Emisiones Sau
18/09/2017
3,550,000
3,040,469
0.15
3.7500 Santander Issuances
28/02/2013
4,600,000
4,556,806
0.23
3.7500 Morgan Stanley
01/03/2013
4,000,000
4,026,840
0.20
3.7500 Bank Nederlandse Gemeenten
16/12/2013
20,850,000
21,784,080
1.09
3.7500 La Caixa De Barcelona
26/05/2014
2,550,000
2,444,124
0.12
3.7500 ABN AMRO
15/07/2014
7,750,000
8,189,503
0.41
3.7500 Nationwide Building Society
20/01/2015
7,900,000
8,193,090
0.41
3.7500 Institiut Credito Oficial
28/07/2015
13,550,000
12,887,134
0.64
3.7500 Cie Financement Foncier
24/01/2017
1,900,000
2,025,324
0.10
3.7500 Svenska Handelsbanken
24/02/2017
8,150,000
8,782,603
0.44
3.7500 Societe Generale
01/03/2017
5,600,000
5,744,648
0.29
3.7500 France
25/04/2017
15,000,000
16,599,000
0.83
3.7500 Germany
04/01/2019
34,300,000
40,286,036
2.02
3.7500 BPCE Sfh - Societe De Fin
13/09/2021
5,600,000
5,934,376
0.30
3.8750 Santander Issuances
27/05/2014
9,600,000
9,324,768
0.47
3.8750 KBC Bank
31/03/2015
5,100,000
5,129,682
0.26
3.8750 Areva Sa
23/09/2016
4,600,000
4,623,000
0.23
3.8750 JP Morgan Chase Bank
31/03/2018
7,400,000
6,697,592
0.33
3.8750 HBOS Plc
07/02/2020
2,150,000
2,313,981
0.12
3.8750 BNP Paribas Covered Bond
12/07/2021
2,000,000
2,195,880
0.11
3.8750 La Caixa De Barcelona
17/02/2025
8,000,000
6,038,240
0.30
4.0000 Fortis Bank
03/02/2015
2,250,000
2,358,518
0.12
4.0000 Germany
04/01/2018
5,750,000
6,754,928
0.34
4.0000 Belgium
28/03/2018
28,500,000
31,142,805
1.55
4.0000 Belgium
28/03/2019
2,600,000
2,834,806
0.14
4.0000 Belgium
28/03/2022
2,900,040
3,122,270
0.16
4.0000 France
25/04/2055
3,500,000
3,788,575
0.19
4.1250 National Grid Co Plc
21/03/2013
3,239,000
3,308,217
0.17
4.1250 ING Bank
23/03/2015
7,592,000
7,901,450
0.39
4.1250 Terna SPA
17/02/2017
1,650,000
1,642,427
0.08
4.1250 Vinci SA
20/02/2017
5,000,000
5,338,400
0.27
4.1250 Vivendi SA
18/07/2017
1,500,000
1,551,450
0.08
4.1250 Institiut Credito Oficial
28/09/2017
5,900,000
5,359,855
0.27
4.1250 Intesa
14/04/2020
3,550,000
3,123,184
0.16
4.1250 Rte Edf Transport S.A.
03/02/2021
1,400,000
1,516,718
0.08
4.1250 ABN AMRO
28/03/2022
8,350,000
8,602,671
0.43
4.1540 BP Capital Markets Plc
01/06/2020
2,500,000
2,776,525
0.14
4.2500 Anglo American Capital
30/09/2013
490,000
507,591
0.03
4.2500 Germany
04/01/2014
500,000
531,540
0.03
4.2500 Italy
01/07/2014
20,500,000
20,742,105
1.04
4.2500 Banco Bilbao Vizcaya Argentari
15/07/2014
22,900,000
22,449,786
1.12
Robeco Capital Growth Funds 169
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
4.2500 Italy
01/08/2014
19,500,000
19,709,820
0.98
4.2500 Italy
01/02/2015
24,000,000
24,188,158
1.21
4.2500 Germany
04/07/2018
31,600,000
37,860,908
1.89
4.2500 France
25/10/2018
12,500,000
14,233,250
0.71
4.2500 France
25/04/2019
21,500,000
24,496,885
1.22
4.2500 Deutsche Telekom AG
13/07/2022
4,950,000
5,506,479
0.27
4.2500 France
25/10/2023
18,500,000
20,999,165
1.05
4.2500 Citigroup Inc
25/02/2030
5,960,000
4,529,600
0.23
4.2500 Germany
04/07/2039
31,500,000
43,657,110
2.19
4.2500 Belgium
28/03/2041
4,500,000
4,816,350
0.24
4.3750 Rabobank Nederland
22/01/2014
2,200,000
2,308,724
0.12
4.3750 Allianz Finance
17/02/2017
3,650,000
3,084,250
0.15
4.5000 Institiut Credito Oficial
08/07/2014
5,550,000
5,488,895
0.27
4.5000 Lloyds TSB Bank Plc
15/09/2014
3,600,000
3,784,572
0.19
4.5000 KBC Bank
17/09/2014
12,050,000
12,357,155
0.62
4.5000 Sab Miller Plc
20/01/2015
9,550,000
10,284,586
0.51
4.5000 Italy
01/03/2019
40,500,000
38,688,435
1.93
4.5000 Eandis
08/11/2021
8,800,000
9,662,752
0.48
4.5000 Tennet Holding BV
09/02/2022
3,600,000
4,044,348
0.20
4.5000 ING Bank
21/02/2022
6,750,000
7,098,638
0.35
4.5000 France
25/04/2041
10,500,000
12,282,375
0.61
4.6250 UBS
06/07/2012
3,250,000
3,249,870
0.16
4.6250 Bayer Capital Corp
26/09/2014
10,600,000
11,435,916
0.57
4.6250 Iberdrola Finanzas
07/04/2017
1,200,000
1,100,592
0.05
4.6250 Nordea Bank
15/02/2022
2,310,000
2,283,989
0.11
4.6250 Electricite De France
11/09/2024
2,350,000
2,589,982
0.13
4.6250 Electricite De France
26/04/2030
4,800,000
5,088,768
0.25
4.7260 Casino Guichard Perrachon
26/05/2021
1,200,000
1,217,676
0.06
4.7500 FCE BANK Plc
19/01/2015
8,850,000
9,358,875
0.47
4.7500 Banco Bilbao Vizcaya Argentari
10/02/2016
11,700,000
11,446,929
0.57
4.7500 Telefonica Emisiones Sau
07/02/2017
4,300,000
3,939,617
0.20
4.7500 Bank Of America Corp
03/04/2017
10,900,000
11,278,775
0.56
4.7500 Compagnie De Saint-Gobain
11/04/2017
3,300,000
3,590,697
0.18
4.7500 Telecom Italia Spa
25/05/2018
250,000
231,343
0.01
4.7500 ING Bank
27/05/2019
4,400,000
5,095,904
0.25
4.7500 Italy
01/09/2021
105,500,000
99,787,175
4.98
4.7500 Rabobank Nederland
06/06/2022
2,900,000
3,243,128
0.16
4.7500 France
25/04/2035
15,500,000
18,517,850
0.92
4.7970 Telefonica Emisiones Sau
21/02/2018
1,800,000
1,608,300
0.08
4.8750 Volkswagen Leasing
18/10/2012
2,550,000
2,580,218
0.13
4.8750 Iberdrola Finanzas
04/03/2014
13,550,000
13,445,530
0.67
4.8750 Banque PSA Finance
25/09/2015
7,850,000
7,890,819
0.39
4.8750 Valeo SA
11/05/2018
5,600,000
5,753,776
0.29
4.8750 Cie Financement Foncier
25/05/2021
4,550,000
5,156,424
0.26
5.0000 France
25/10/2016
21,000,000
24,275,370
1.21
5.0000 Intesa
28/02/2017
2,100,000
2,062,095
0.10
5.0000 Pernod-Ricard SA
15/03/2017
1,500,000
1,643,010
0.08
Robeco Capital Growth Funds 170
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
5.0000 Gas Natural Finance
13/02/2018
700,000
629,055
0.03
5.0000 Vattenfall Treasury AB
18/06/2018
1,600,000
1,864,752
0.09
5.0000 CRH Finance BV
25/01/2019
1,500,000
1,623,735
0.08
5.0000 Csse De Ref De L'Habitat
08/04/2019
2,100,000
2,427,873
0.12
5.0000 Belgium
28/03/2035
4,000,000
4,711,320
0.24
5.0000 Italy
01/09/2040
21,000,000
17,761,380
0.89
5.1250 Generali Finance
16/09/2024
1,450,000
1,349,776
0.07
5.2500 Barclays Bank Plc
27/05/2014
3,800,000
4,053,156
0.20
5.2500 Gas Natural Finance
09/07/2014
2,950,000
2,919,940
0.15
5.2500 Telecom Italia Spa
10/02/2022
5,400,000
4,783,590
0.24
5.2500 AXA SA
16/04/2040
7,000,000
5,601,890
0.28
5.2500 Suedzucker Int Finance
30/06/2049
9,400,000
9,400,000
0.47
5.3750 Goldman Sachs Group Inc
15/02/2013
7,500,000
7,641,975
0.38
5.3750 Intesa
19/12/2013
5,200,000
5,274,360
0.26
5.3750 Telecom Italia Spa
29/01/2019
1,100,000
1,028,720
0.05
5.3750 Gas Natural Finance
24/05/2019
2,500,000
2,232,100
0.11
5.5000 E.ON AG
19/01/2016
3,200,000
3,643,200
0.18
5.5000 Royal Bank Of Scotland
23/03/2020
3,300,000
3,557,070
0.18
5.5000 Belgium
28/03/2028
6,350,000
7,754,557
0.39
5.5000 France
25/04/2029
4,000,000
5,107,000
0.25
5.6250 Rci Banque SA
13/03/2015
5,100,000
5,355,153
0.27
5.6250 GDF-Suez
18/01/2016
1,650,000
1,885,406
0.09
5.6250 Lloyds TSB Bank Plc
05/03/2018
10,350,000
8,668,125
0.43
5.6250 Autoroutes Du Sud De La France
04/07/2022
1,700,000
1,962,650
0.10
5.6250 Koninklijke KPN
30/09/2024
1,500,000
1,707,990
0.09
5.6250 Germany
04/01/2028
38,500,000
55,991,705
2.79
5.7500 Deutsche Telekom AG
14/04/2015
5,000,000
5,572,000
0.28
5.7500 Philip Morris International
24/03/2016
1,350,000
1,552,878
0.08
5.7500 ASML Holding
13/06/2017
5,600,000
6,301,120
0.31
5.7500 Hit Finance BV
09/03/2018
3,200,000
3,072,000
0.15
5.7500 Intesa
28/05/2018
15,100,000
12,665,125
0.63
5.7500 Allianz Finance
08/07/2041
3,600,000
3,258,108
0.16
5.7670 Munich Re Finance
29/06/2049
6,300,000
5,670,000
0.28
5.8750 British American Tobacco
12/03/2015
2,000,000
2,228,000
0.11
5.9000 Fade
17/03/2021
8,100,000
7,562,079
0.38
6.0000 Wachovia Bank
23/05/2013
850,000
887,774
0.04
6.0000 Deutsche Telekom AG
20/01/2017
1,300,000
1,522,950
0.08
6.0000 Ge Capital European Fdg
15/01/2019
1,900,000
2,244,983
0.11
6.0000 Italy
01/05/2031
14,500,000
14,176,360
0.71
6.1250 JP Morgan Chase Bank
01/04/2014
10,550,000
11,372,056
0.57
6.1250 Credit Suisse
16/05/2014
2,500,000
2,708,475
0.14
6.1250 AT&T
02/04/2015
1,900,000
2,153,251
0.11
6.1250 Unicredito Italiano
19/04/2021
1,750,000
1,501,815
0.07
6.1250 HSE Netz AG
23/04/2041
3,630,000
4,118,816
0.21
6.2500 Suez Environnement
08/04/2019
4,050,000
5,051,160
0.25
6.2500 Germany
04/01/2024
23,500,000
34,462,750
1.72
6.3750 BMW Us Capital Corp
23/07/2012
2,500,000
2,507,175
0.13
Robeco Capital Growth Funds 171
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
6.3750 Casino Guichard Perrachon
04/04/2013
1,950,000
2,019,908
0.10
6.3750 Wolters Kluwer N.V.
10/04/2018
9,800,000
11,709,236
0.58
6.3750 Gas Natural Finance
09/07/2019
2,600,000
2,441,400
0.12
6.4670 Rbs Trust Bank
30/06/2012
14,100,000
7,296,750
0.36
6.5000 Elm BV (Elsevier Fin)
02/04/2013
3,850,000
3,995,492
0.20
6.5000 National Grid Co Plc
22/04/2014
2,100,000
2,296,791
0.11
6.5000 Koninklijke KPN
15/01/2016
4,150,000
4,745,110
0.24
6.6250 Diageo Finance
05/12/2014
4,750,000
5,364,840
0.27
6.6250 Wpp Group Plc
12/05/2016
4,450,000
5,159,286
0.26
6.6250 Barclays Bank Plc
30/03/2022
7,400,000
7,047,316
0.35
6.7500 Merrill Lynch Capital Services
21/05/2013
7,350,000
7,609,749
0.38
7.0000 Bank Of America Corp
15/06/2016
4,750,000
5,323,468
0.27
7.0000 Telecom Italia Spa
20/01/2017
1,870,000
1,939,246
0.10
7.1250 Heineken NV
07/04/2014
11,800,000
12,975,044
0.65
7.2500 France Telecom
28/01/2013
1,902,000
1,971,518
0.10
7.3750 Anheuser-Busch Inbev
30/01/2013
4,400,000
4,562,712
0.23
7.3750 Linde Finance BV
14/07/2066
2,400,000
2,688,000
0.13
7.7500 Olivetti Intl Finance
24/01/2033
300,000
295,902
0.01
7.8750 Volvo Treasury AB
01/10/2012
5,600,000
5,692,568
0.28
8.1250 France Telecom
28/01/2033
1,650,000
2,364,962
0.12
8.2500 Telecom Italia Spa
21/03/2016
500,000
542,950
0.03
8.3750 Imperial Tobacco Finance
17/02/2016
1,100,000
1,325,280
0.07
8.6250 Michelin Luxembourg Scs
24/04/2014
5,000,000
5,655,850
0.28
8.6250 Anheuser-Busch Inbev
30/01/2017
6,300,000
8,209,215
0.41
8.7500 Verizon Wireless Capital
18/12/2015
6,200,000
7,712,366
0.38
9.3750 Arcelor Mittal
03/06/2016
970,000
1,126,422
0.06
9.8750 Volvo Treasury AB
27/02/2014
2,200,000
2,497,660
0.12
11.8750 Lloyds TSB Bank Plc
16/12/2021
7,895,001
8,566,076
0.43
1,944,484,576
97.05
Total transferable securities and money market instruments admitted to an official stock exchange listing
1,944,484,576
97.05
Total investment portfolio
1,944,484,576
97.05
Other assets and liabilities
59,145,146
2.95
Total net assets 2,003,629,722
100.00
Robeco Capital Growth Funds 172
Robeco European High Yield Bonds Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
Transferable securities and money market instruments admitted to an official stock exchange listing
2.5070 ING Verzekeringen
21/06/2021
150,000
139,125
0.24
4.1250 ING Bank
23/03/2015
111,000
115,524
0.20
4.3100 ABN AMRO
28/02/2049
250,000
166,250
0.29
4.3750 Portugal Telecom Int Fin
24/03/2017
500,000
427,500
0.74
4.3750 Wendel
09/08/2017
500,000
471,250
0.82
4.5000 Brisa Concessao Rodov Sa
05/12/2016
200,000
167,000
0.29
4.5000 Portugal Telecom Int Fin
16/06/2025
500,000
355,000
0.62
4.6250 Ote Plc
20/05/2016
850,000
510,000
0.89
4.6250 Electricidade de Portugal
13/06/2016
250,000
216,875
0.38
4.7500 Electricidade de Portugal
26/09/2016
900,000
778,500
1.35
4.7500 Lafarge SA
23/03/2020
150,000
144,941
0.25
5.0000 Ote Plc
05/08/2013
400,000
316,000
0.55
5.2500 AXA SA
16/04/2040
100,000
80,027
0.14
5.2500 Suedzucker Int Finance
30/06/2049
750,000
750,000
1.30
5.4190 Societe Generale
10/11/2013
300,000
231,000
0.40
5.6250 Portugal Telecom Int Fin
08/02/2016
500,000
462,500
0.80
5.7500 Hit Finance BV
09/03/2018
200,000
192,000
0.33
5.7500 Allianz Finance
08/07/2041
200,000
181,006
0.31
5.7770 AXA SA
06/07/2016
100,000
75,000
0.13
5.8750 Electricidade de Portugal
01/02/2016
900,000
832,500
1.45
6.1250 Bombardier Inc
15/05/2021
800,000
798,000
1.39
6.2110 AXA SA
29/10/2049
100,000
74,500
0.13
6.2500 Fiat Industrial Fin Eur
09/03/2018
1,350,000
1,362,150
2.36
6.2500 Elster Finance BV
15/04/2018
800,000
876,000
1.52
6.3750 TRW Automotive Inc
15/03/2014
550,000
577,500
1.00
6.3750 UPCB Finance II Ltd
01/07/2020
500,000
492,500
0.86
6.3750 Telenet Finance Lux
15/11/2020
750,000
746,250
1.30
6.5000 Kabel Deutschland
29/06/2018
400,000
429,000
0.74
6.6250 Lafarge SA
29/11/2018
650,000
666,250
1.16
6.7500 Gategroup Finance Lux
01/03/2019
200,000
198,540
0.34
6.7500 Goodyear Dunlop Tires
15/04/2019
650,000
656,500
1.14
6.7500 Lafarge SA
16/12/2019
400,000
403,000
0.70
6.7500 Nationwide Building Society
22/07/2020
400,000
373,560
0.65
6.7500 Oi European Grp
15/09/2020
425,000
449,438
0.78
6.7500 REXAM PLC
29/06/2067
700,000
665,000
1.15
6.8750 Owens-Brockway Glass Con
31/03/2017
600,000
619,500
1.08
6.8750 Aviva PLC
22/05/2038
150,000
130,500
0.23
7.0000 Sunrise Communications Interna
31/12/2017
200,000
214,000
0.37
7.0000 Rhodia SA
15/05/2018
375,000
419,063
0.73
7.0000 Rexel SA
17/12/2018
500,000
525,000
0.91
7.1250 Crown Euro Holdings
15/08/2018
900,000
972,000
1.69
7.1250 Conti-Gummi Finance BV
15/10/2018
2,000,000
2,122,400
3.67
7.2500 Ote Plc
08/04/2014
650,000
461,500
0.80
Robeco Capital Growth Funds 173
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
7.2500 Ote Plc
12/02/2015
100,000
63,000
0.11
7.2500 Smurfit Kappa Aquisitions
15/11/2017
800,000
848,000
1.47
7.3750 Ardagh Packaging Finance Plc
15/10/2017
1,000,000
1,052,500
1.83
7.3750 Wind Acquisition
15/02/2018
725,000
630,750
1.10
7.3750 Refresco Group BV
15/05/2018
450,000
421,875
0.73
7.5000 Ontex IV SA
15/04/2018
200,000
196,000
0.34
7.5000 Unity Media Hessen
15/03/2019
350,000
364,875
0.63
7.5000 Jarden Corp
15/01/2020
425,000
432,905
0.75
7.5000 Heidelberg Cement
03/04/2020
75,000
80,250
0.14
7.6250 UPCB Finance Ltd
15/01/2020
150,000
158,250
0.27
7.7500 Reynolds Group Escrow
15/10/2016
450,000
466,875
0.81
7.7500 Schaeffler Finance BV
15/02/2017
500,000
521,300
0.91
7.7500 Levis Strauss
15/05/2018
700,000
724,500
1.26
7.7500 Smurfit Kappa Aquisitions
15/11/2019
200,000
214,500
0.37
7.8750 Ineos Group Holdings
15/02/2016
900,000
765,000
1.33
8.0000 Heidelberg Cement
31/01/2017
300,000
342,750
0.60
8.0000 Alba Group Plc & Co
15/05/2018
800,000
804,000
1.40
8.0000 Ziggo Finance BV
15/05/2018
1,165,000
1,264,025
2.19
8.1250 Unity Media GMBH
01/12/2017
400,000
428,000
0.74
8.2500 Campofrio Alimentacion
31/10/2016
800,000
786,000
1.36
8.2500 Rexel SA
15/12/2016
600,000
654,000
1.14
8.2500 Santos Finance Ltd
22/09/2070
500,000
480,000
0.83
8.3750 R&R Ice Cream Plc
15/11/2017
700,000
691,250
1.20
8.3750 Intesa
29/10/2049
150,000
114,750
0.20
8.5000 Hertz Holdings Netherlands
31/07/2015
800,000
859,200
1.49
8.5000 Intergen NV
30/06/2017
200,000
200,000
0.35
8.5000 Sunrise Communications Interna
31/12/2018
600,000
636,000
1.10
8.5000 Heidelberg Cement
31/10/2019
300,000
337,500
0.59
8.7500 Schaeffler Finance BV
15/02/2019
600,000
636,000
1.10
8.7500 Faurecia SA
15/06/2019
475,000
460,750
0.80
8.8750 Boardriders SA
15/12/2017
100,000
98,500
0.17
8.8750 Mark Iv Euro/Usa Lux Sca
15/12/2017
600,000
545,400
0.95
8.8750 Nara Cable Funding
01/12/2018
600,000
522,000
0.91
8.8750 Lecta SA
15/05/2019
100,000
94,500
0.16
9.0000 Ontex IV SA
15/04/2019
350,000
297,500
0.52
9.2500 Ardagh Packaging Finance Plc
15/10/2020
400,000
402,000
0.70
9.3750 Faurecia SA
15/12/2016
375,000
411,563
0.71
9.5000 Interxion Holding
12/02/2017
750,000
823,125
1.43
9.5000 Beverage Packaging Hold
15/06/2017
300,000
276,750
0.48
9.5000 Heidelberg Cement
15/12/2018
700,000
826,000
1.43
9.5000 Unity Media Hessen
15/03/2021
900,000
976,500
1.70
9.7500 EC Finance PLC
01/08/2017
750,000
720,000
1.25
9.7500 UPC Holding
15/04/2018
300,000
321,000
0.56
10.0000 Kinove German Bondco GMBH
15/06/2018
225,000
227,813
0.40
10.6250 Kerling Plc
01/02/2017
700,000
616,000
1.07
11.0000 Boats Invest Netherlands
31/03/2017
100,000
98,043
0.17
11.1250 Ono Finance II Plc
15/07/2019
350,000
273,000
0.47
Robeco Capital Growth Funds 174
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
11.7500 Wind Acquisition
15/07/2017
700,000
563,500
0.98
12.2500 Wind Acquisition
15/07/2017
584,477
409,134
0.71
15.0000 LBG Capital No.2 Plc
21/12/2019
150,000
179,250
0.31
45,160,530
78.40
GBP
5.3750
ITV Plc
19/10/2015
500,000
639,612
1.11
6.6250 Electricidade de Portugal
09/08/2017
50,000
54,690
0.09
6.7500 Gkn Holdings
28/10/2019
600,000
811,791
1.41
7.0000 Priory Group Ltd
15/02/2018
800,000
954,147
1.66
7.1250 William Hill Plc
11/11/2016
400,000
531,455
0.92
7.3750 ITV Plc
05/01/2017
200,000
267,581
0.46
7.3750 Credit Agricole SA
18/12/2023
200,000
215,163
0.37
7.7500 Thames Water Kemble Fina
01/04/2019
700,000
873,810
1.52
8.5000 Southern Water Greensand
15/04/2019
550,000
642,380
1.12
8.8750 House Of Fraser Plc
15/08/2018
350,000
379,588
0.66
9.5000 Intergen NV
30/06/2017
550,000
679,768
1.18
9.7500 Care UK Health
01/08/2017
550,000
696,762
1.21
15.0000 LBG Capital No.2 Plc
22/01/2029
10,000
14,955
0.03
6,761,702
11.74
USD
7.4500 Upm-Kymmene Corp
26/11/2027
500,000
362,476
0.63
9.0000 Fresenius US Finance II Inc
15/07/2015
800,000
724,164
1.26
1,086,640
1.89
Total transferable securities and money market instruments admitted to an official stock exchange listing
53,008,872
92.03
Total investment portfolio 53,008,872
92.03
Other assets and liabilities
4,590,266
7.97
Total net assets
57,599,138
100.00
Robeco Capital Growth Funds 175
Robeco Euro Sustainable Credits Investment portfolio
At 30 June 2012
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
2.0000
GE Capital Corp
27/02/2015
150,000
150,869
0.49
2.1250 Volkswagen Int Finance
19/01/2015
100,000
101,764
0.33
2.2500 Barclays Bank Plc
22/02/2017
120,000
122,644
0.40
2.2500 Germany
04/09/2021
100,000
106,757
0.35
2.5000 Germany
04/01/2021
160,000
175,075
0.57
2.6250 BNP Paribas
16/09/2016
450,000
456,674
1.49
2.7500 Banco Bilbao Vizcaya Argentari
10/09/2012
300,000
298,035
0.97
2.7500 Volkswagen Leasing
13/07/2015
50,000
51,674
0.17
2.8750 Alstom
05/10/2015
200,000
204,174
0.67
2.8750 Groupe Auchan SA
15/11/2017
400,000
416,716
1.36
2.8750 Philip Morris International
30/05/2024
150,000
146,523
0.48
3.0000 Daimler AG
19/07/2013
150,000
153,108
0.50
3.0000 Germany
04/07/2020
60,000
67,996
0.22
3.2500 Germany
04/07/2015
130,000
141,739
0.46
3.2500 BMW AG
28/01/2016
75,000
79,365
0.26
3.3750 Tesco Plc
02/11/2018
300,000
315,978
1.03
3.3750 Enexis Holding
26/01/2022
300,000
312,861
1.02
3.5000 Compagnie De Saint-Gobain
30/09/2015
100,000
103,935
0.34
3.5000 Germany
04/01/2016
145,000
161,102
0.53
3.5000 Germany
04/07/2019
150,000
174,471
0.57
3.6250 ABN AMRO
06/10/2017
400,000
414,044
1.35
3.6250 Alstom
05/10/2018
200,000
200,214
0.65
3.6250 British American Tobacco
09/11/2021
100,000
105,595
0.34
3.6250 Aust & Nz Banking Group
18/07/2022
150,000
162,011
0.53
3.7500 Santander Issuances
28/02/2013
300,000
297,183
0.97
3.7500 ABN AMRO
15/07/2014
150,000
158,507
0.52
3.7500 BNPP 25/10/2020 150.000 155,171 0.51
3.7500 Nationwide Building Society
20/01/2015
300,000
311,130
1.01
3.7500 Germany
04/01/2017
240,000
274,272
0.89
3.7500 Svenska Handelsbanken
24/02/2017
600,000
646,572
2.11
3.8750 Standard Chartered Plc
20/10/2016
600,000
642,060
2.09
3.8750 BMW Us Capital Corp
18/01/2017
100,000
108,818
0.35
4.0000 Germany
04/07/2016
600,000
685,026
2.23
4.0000 Germany
04/01/2018
50,000
58,739
0.19
4.0000 Bank Of America Corp
28/03/2018
150,000
124,497
0.41
4.0000 Compagnie De Saint-Gobain
08/10/2018
100,000
104,559
0.34
4.0000 National Australia Bank
13/07/2020
600,000
649,368
2.12
4.1250 Terna SPA
17/02/2017
400,000
398,164
1.30
4.1250 Vinci SA
20/02/2017
400,000
427,072
1.39
4.1250 Enel Finance Intl
12/07/2017
300,000
286,137
0.93
4.1250 Gas Natural Finance
26/01/2018
100,000
86,465
0.28
4.1250 Rabobank Nederland
14/01/2020
670,000
721,650
2.35
Robeco Capital Growth Funds 176
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
4.1250 Intesa
14/04/2020
150,000
131,966
0.43
4.1250 Rabobank Nederland
12/01/2021
150,000
160,785
0.52
4.2500 Anglo American Capital
30/09/2013
200,000
207,180
0.68
4.2500 Germany
04/07/2017
80,000
94,171
0.31
4.2500 Santander Issuances
30/05/2018
100,000
68,000
0.22
4.2500 Unicredito Italiano
31/07/2018
400,000
393,820
1.28
4.3750 Allianz Finance
17/02/2017
330,000
278,850
0.91
4.3750 Banco Bilbao Vizcaya Argentari
20/10/2019
100,000
66,500
0.22
4.3750 Areva Sa
06/11/2019
100,000
94,500
0.31
4.3750 Dnb Nor Bank ASA
24/02/2021
250,000
273,800
0.89
4.3750 JP Morgan Chase Bank
30/11/2021
450,000
418,500
1.36
4.5000 Lloyds TSB Bank Plc
15/09/2014
100,000
105,127
0.34
4.5000 Sab Miller Plc
20/01/2015
270,000
290,768
0.95
4.5000 Barclays Bank Plc
04/03/2019
100,000
93,250
0.30
4.5000 Koninklijke KPN
04/10/2021
100,000
106,073
0.35
4.5000 Eandis
08/11/2021
200,000
219,608
0.72
4.6250 Bayer Capital Corp
26/09/2014
360,000
388,390
1.27
4.6930 Telefonica Emisiones Sau
11/11/2019
100,000
85,395
0.28
4.7500 Telefonica Emisiones Sau
07/02/2017
200,000
183,238
0.60
4.7500 Bank Of America Corp
03/04/2017
450,000
465,638
1.52
4.7500 ABN AMRO
11/01/2019
100,000
108,882
0.36
4.7500 Germany
04/07/2034
61,000
86,657
0.28
4.8200 Suez Environnement
21/09/2015
200,000
189,000
0.62
4.8750 Iberdrola Finanzas
04/03/2014
450,000
446,531
1.46
4.8750 Alliander
11/11/2015
200,000
204,200
0.67
4.8750 Bat Intl Finance Plc
24/02/2021
200,000
229,980
0.75
4.8750 Deutsche Telekom AG
22/04/2025
150,000
173,342
0.57
5.0000 Intesa
28/02/2017
100,000
98,195
0.32
5.0000 Pernod-Ricard SA
15/03/2017
100,000
109,534
0.36
5.0000 Volvo Treasury AB
31/05/2017
100,000
110,040
0.36
5.0000 Enel Finance Intl
14/09/2022
150,000
136,395
0.44
5.2500 British Telecommunications
22/01/2013
300,000
306,987
1.00
5.2500 Gas Natural Finance
09/07/2014
50,000
49,491
0.16
5.2500 Wpp Group Plc
30/01/2015
250,000
271,360
0.88
5.2500 DSM NV
17/10/2017
200,000
234,446
0.76
5.2500 AXA SA
16/04/2040
300,000
240,081
0.78
5.2500 Siemens
14/09/2066
100,000
106,250
0.35
5.2520 Swiss Reinsurance
25/05/2016
300,000
258,750
0.84
5.3750 Volkswagen Int Finance
15/11/2013
540,000
571,693
1.86
5.3750 Telecom Italia Spa
29/01/2019
200,000
187,040
0.61
5.3750 Gas Natural Finance
24/05/2019
100,000
89,284
0.29
5.3750 GE Capital Corp
23/01/2020
64,000
73,912
0.24
5.3750 Henkel Corp
25/11/2015
50,000
52,125
0.17
5.4310 Telefonica Emisiones Sau
03/02/2014
450,000
448,695
1.46
5.6250 Iberdrola Finanzas
09/05/2018
100,000
93,777
0.31
5.6250 France Telecom
22/05/2018
450,000
528,089
1.72
5.7500 Deutsche Telekom AG
10/01/2014
270,000
288,392
0.94
Robeco Capital Growth Funds 177
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
5.7500 DSM NV
17/03/2014
200,000
215,926
0.70
5.7500 Deutsche Telekom AG
14/04/2015
150,000
167,160
0.55
5.7500 Philip Morris International
24/03/2016
300,000
345,084
1.13
5.7500 ASML Holding
13/06/2017
250,000
281,300
0.92
5.7500 Enel Finance Intl
24/10/2018
100,000
99,682
0.33
5.7500 Allianz Finance
08/07/2041
200,000
181,006
0.59
5.7670 Munich Re Finance
29/06/2049
150,000
135,000
0.44
5.8680 BNP Equities France
16/01/2013
200,000
184,000
0.60
5.8750 Electricidade de Portugal
01/02/2016
150,000
138,750
0.45
6.0000 BASF Finance Europe
04/12/2013
550,000
588,720
1.91
6.0000 GE Capital Corp
15/01/2019
500,000
590,785
1.92
6.0000 Barclays Bank Plc
14/01/2021
370,000
341,384
1.11
6.0000 Munich Re Finance
26/05/2041
100,000
98,516
0.32
6.2500 Suez Environnement
08/04/2019
150,000
187,080
0.61
6.3750 Wolters Kluwer N.V.
10/04/2018
270,000
322,601
1.05
6.3750 Gas Natural Finance
09/07/2019
150,000
140,850
0.46
6.3750 ABN AMRO
27/04/2021
150,000
150,188
0.49
6.3850 Lloyds TSB Bank Plc
12/05/2020
150,000
120,000
0.39
6.5000 Elm Bv (Elsevier Fin)
02/04/2013
200,000
207,558
0.68
6.5000 Santander Issuances
27/07/2019
100,000
80,200
0.26
6.6250 Diageo Finance
05/12/2014
360,000
406,598
1.32
6.6250 Toyota Motor Credit Corp
03/02/2016
400,000
474,424
1.54
6.6250 Intesa
08/05/2018
200,000
184,056
0.60
6.6250 Barclays Bank Plc
30/03/2022
100,000
95,234
0.31
6.6550 Tennet Holding BV
12/02/2049
150,000
152,625
0.50
6.7500 Nationwide Building Society
22/07/2020
250,000
233,475
0.76
6.8750 Rabobank Nederland
19/03/2020
100,000
97,356
0.32
7.1250 Centrica Plc
09/12/2013
150,000
162,476
0.53
7.5000 Koninklijke KPN
04/02/2019
100,000
124,720
0.41
7.5000 Cloverie Plc
24/07/2039
200,000
213,592
0.70
7.8750 Daimler Int Finance
16/01/2014
350,000
385,105
1.26
7.8750 Telecom Italia Spa
22/01/2014
200,000
210,582
0.69
8.2500 Arcelor Mittal
03/06/2013
200,000
210,371
0.69
8.6250 Michelin Luxembourg Scs
24/04/2014
240,000
271,481
0.89
9.0000 Holcim Finance Luxembourg
26/03/2014
210,000
235,427
0.77
9.3750 Societe Generale
04/09/2049
200,000
184,000
0.60
9.5000 Intesa
01/06/2049
150,000
123,000
0.40
11.8750 Lloyds TSB Bank Plc
16/12/2021
350,000
379,750
1.24
29,297,457
95.53
Total transferable securities and money market instruments admitted to an official stock exchange listing
29,297,457
95.53
Total investment portfolio
29,297,457
95.53
Other assets and liabilities
1,371,268
4.47
Total net assets
30,668,724
100.00
Robeco Capital Growth Funds 178
Robeco Financial Institutions Bonds Investment portfolio
At 30 June 2012
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
1.1160
Citigroup Inc (Frn)
31/05/2017
750,000
615,000
0.82
1.1480 Bank Of America Corp (Frn)
23/05/2017
1,100,000
897,138
1.20
1.3610 KBC Bank (FRN)
14/12/2015
1,010,000
768,863
1.03
2.2500 Germany
04/09/2021
140,000
149,460
0.20
2.5070 ING Verzekeringen
21/06/2021
420,000
389,550
0.52
3.0000 Germany
04/07/2020
500,000
566,635
0.76
3.7500 La Caixa De Barcelona
26/05/2014
400,000
383,392
0.51
3.8750 Standard Chartered Plc
20/10/2016
300,000
321,030
0.43
4.0000 Bank Of America Corp
28/03/2018
1,050,000
871,479
1.17
4.0000 Banque Federative Du Credit Mutuel
22/10/2020
1,200,000
1,093,212
1.47
4.0000 Legal & General Group Plc
08/06/2025
1,050,000
943,425
1.26
4.1250 UBS Jersey Branch
25/09/2018
550,000
531,339
0.71
4.1250 ABN AMRO
28/03/2022
600,000
618,156
0.83
4.2500 ABN AMRO
11/04/2016
150,000
160,470
0.22
4.2500 Citigroup Inc
25/02/2030
1,800,000
1,368,000
1.83
4.2800 UBS
15/04/2015
1,600,000
1,320,800
1.77
4.3100 ABN AMRO
28/02/2049
500,000
332,500
0.45
4.3750 Goldman Sachs Group Inc
16/03/2017
200,000
202,870
0.27
4.3750 BNP Paribas
22/01/2019
400,000
386,556
0.52
4.3750 Banco Bilbao Vizcaya Argentari
20/10/2019
2,300,000
1,529,500
2.05
4.3750 JP Morgan Chase Bank
12/11/2019
500,000
472,500
0.63
4.3750 JP Morgan Chase Bank
30/11/2021
1,500,000
1,395,000
1.87
4.4710 Banque Federative Du Credit Mutuel
28/10/2049
600,000
430,800
0.58
4.5000 State Bank India
30/11/2015
400,000
397,960
0.53
4.5000 Banco Do Brasil
20/01/2016
200,000
207,380
0.28
4.5000 Goldman Sachs Group Inc
09/05/2016
150,000
154,866
0.21
4.5000 Santander Issuances
30/09/2019
1,200,000
798,000
1.07
4.5000 Nordea Bank
26/03/2020
900,000
890,685
1.19
4.6250 Fortis Bank
27/10/2014
1,400,000
1,001,000
1.34
4.6250 Nordea Bank
15/02/2022
1,400,000
1,384,236
1.86
4.6250 GE Capital Trust IV
15/09/2066
200,000
173,500
0.23
4.7500 Bank Of America Corp
06/05/2019
450,000
380,250
0.51
4.7500 Barclays Bank Plc
15/03/2020
1,850,000
962,000
1.29
4.8500 MUFG CAPTIAL FINANCE
25/07/2016
400,000
408,548
0.55
5.0000 Deutsche Bank AG
24/06/2020
1,600,000
1,604,144
2.15
5.1250 Aust & Nz Banking Group
10/09/2019
500,000
525,710
0.70
5.1250 Goldman Sachs Group Inc
23/10/2019
450,000
464,936
0.62
5.2500 AXA SA
16/04/2040
1,950,000
1,560,527
2.09
5.2520 Swiss Reinsurance
25/05/2016
1,400,000
1,207,500
1.62
5.3687 HSBC
24/03/2014
1,050,000
976,500
1.31
5.4190 Societe Generale
10/11/2013
550,000
423,500
0.57
5.4790 Generali Finance
08/02/2049
2,300,000
1,587,000
2.13
Robeco Capital Growth Funds 179
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
5.5000 GE Capital Corp
15/09/2067
1,700,000
1,538,500
2.06
5.7500 Intesa
28/05/2018
100,000
83,875
0.11
5.7500 Allianz Finance
08/07/2041
2,200,000
1,991,066
2.67
5.7670 Munich Re Finance
29/06/2049
1,050,000
945,000
1.27
5.8750 Standard Chartered Plc
26/09/2017
750,000
806,168
1.08
6.0000 Barclays Bank Plc
14/01/2021
800,000
738,128
0.99
6.0000 Munich Re Finance
26/05/2041
400,000
394,064
0.53
6.1250 Unicredito Italiano
19/04/2021
1,100,000
943,998
1.27
6.1250 ING Bank
29/05/2023
950,000
868,481
1.16
6.2110 AXA SA
29/10/2049
800,000
596,000
0.80
6.2500 HSBC
19/03/2018
600,000
654,708
0.88
6.2500 Munich Re Finance
26/05/2042
400,000
396,944
0.53
6.3750 ABN AMRO
27/04/2021
950,000
951,188
1.28
6.4390 LBG Capital No.1 Plc
23/05/2020
700,000
556,500
0.75
6.5000 Santander Issuances
27/07/2019
400,000
320,800
0.43
6.6250 Intesa
08/05/2018
950,000
874,266
1.17
6.6250 Barclays Bank Plc
30/03/2022
150,000
142,851
0.19
6.7500 Nationwide Building Society
22/07/2020
1,150,000
1,073,985
1.44
6.7500 National Australia Bank
26/06/2023
1,300,000
1,397,760
1.87
6.8750 Rabobank Nederland
19/03/2020
600,000
584,136
0.78
6.8750 Aviva PLC
22/05/2038
2,100,000
1,827,000
2.46
6.9340 Royal Bank Of Scotland
09/04/2018
1,400,000
1,282,008
1.72
6.9990 Societe Generale
31/12/2049
800,000
568,000
0.76
7.3750 Swedbank AB
26/06/2018
500,000
515,050
0.69
7.5000 Cloverie Plc
24/07/2039
1,800,000
1,922,328
2.58
7.7810 BNP Paribas
02/07/2049
1,750,000
1,592,500
2.14
7.8750 Credit Agricole SA
26/10/2019
750,000
562,500
0.75
8.3750 Intesa
29/10/2049
700,000
535,500
0.72
9.0000 BPCE SA (Frn)
17/03/2015
2,250,000
1,991,250
2.68
9.2500 Skandinaviska Enskilda
29/03/2049
1,200,000
1,260,000
1.69
9.3750 Societe Generale
04/09/2049
150,000
138,000
0.19
10.5000 Royal Bank Of Scotland
16/03/2022
430,000
453,650
0.61
11.8750 Lloyds TSB Bank Plc
16/12/2021
1,150,000
1,247,750
1.67
60,609,871
81.27
GBP
5.2500 Wachovia Bank
01/08/2023
450,000
605,289
0.81
5.3750 Svenska Handelsbanken
04/09/2013
100,000
123,594
0.17
6.1250 Prudential Plc
19/12/2031
500,000
643,746
0.86
6.8750 ING Bank
29/05/2023
500,000
614,102
0.82
7.2500 Dnb Nor Bank ASA
23/06/2020
450,000
580,050
0.78
7.3750 Credit Agricole SA
18/12/2023
800,000
860,650
1.15
3,427,431
4.59
USD
1.1662
ABN AMRO
17/01/2017
500,000
339,329
0.45
Robeco Capital Growth Funds 180
Investment portfolio
At 30 June 2012
Interest rate
Maturity date
Face value
Market value in EUR x 1
in % of net assets
4.7500 Woori Bank
20/01/2016
250,000
210,413
0.28
5.0000 ICICI Bank
15/01/2016
600,000
476,893
0.64
6.2500 Turkiye Garanti Bankasi
20/04/2021
600,000
479,887
0.64
7.8750 CSG Guernsey I Ltd
24/02/2041
1,700,000
1,272,605
1.71
8.4000 Rabobank Nederland
31/12/2049
1,000,000
791,474
1.06
3,570,601
4.78
Total transferable securities and money market instruments admitted to an official stock exchange listing
67,607,903
90.64
Total investment portfolio
67,607,903
90.64
Other assets and liabilities
6,982,130
9.36
Total net assets
74,590,033
100.00