Robeco N.V.

Investment company with variable capital, incorporated under Dutch law

Undertaking for Collective Investment in Transferable Securities

Chamber of Commerce registration number 24041906

Semiannual report June 2014

Robeco N.V. 2

Table of contents

General information 4

Key figures per share class 6

Report of the management board 7

General introduction 7

Investment results 9

Investment policy 10

Sustainability investing 11

Semiannual figures 14

Balance sheet 14

Profit and loss account 15

Cash-flow summary 15

Notes 16

General 16

Risks relating to financial instruments 16

Accounting principles 17

Notes to the balance sheet 18

Notes to the profit and loss account 21

Spread of net assets 23

Currency table 24

List of securities 25

Other data 27

Special controlling rights in accordance with the Articles of Association 27

Events after balance sheet date 27

Directors’ interests 27

Auditors 27

Robeco N.V. 3

Robeco N.V.

(investment company with variable capital, having its registered office in Rotterdam, the Netherlands)

Contact details

Mr. D.H. Cross (company secretary)

Coolsingel 120

Postbus 973

NL-3000 AZ Rotterdam

Tel. +31- 10 - 224 12 24

Fax +31 - 10 - 411 52 88

Internet: www.robeco.com

Management Board (and Manager)

Robeco Institutional Asset Management B.V.

Management Board members:

L.M.T. Boeren

H.W.D.G. Borrie

R.M.S.M. Munsters

H.A.A. Rademaker

J.B.J. Stegmann

Fund managers

M.R. Glazener

B.P. de Haan

Paying agent

ABN AMRO Bank N.V.

Gustav Mahlerlaan 10

NL-1082 PP Amsterdam

Fund agent

Rabobank International

Europalaan 44

NL-3526 KS Utrecht

Auditors

Ernst & Young Accountants LLP (up to 1 January 2014)

Antonio Vivaldistraat 150

NL-1083 HP Amsterdam

KPMG Accountants N.V. (from 1 January 2014)

Laan van Langerhuize 1

NL-1186 DS Amstelveen

Robeco N.V. 4

General information

Legal aspects Robeco N.V. (the 'fund') is an investment company with variable capital established in the Netherlands. The fund is an

Undertaking for Collective Investment in Transferable Securities (UCITS) within the meaning of the Council Directive for

Investment Institutions dated 13 July 2009 (Directive 2009/65/EG). UCITS have to comply with certain restrictions to

their investment policy in order to protect investors.

Introduction of share classes The amendment resolution on the Financial Markets 2014 stipulates that distributors for investment institutions in the

Netherlands will now only be permitted to charge commission/distribution fees subject to stringent conditions. In

relation to this, the fund has introduced a share class with a lower management fee (without distribution fee).

Ordinary shares are divided into two series, both of which are open. Each series is designated as a share class of shares.

The series include the following share classes:

Share class A: Robeco

Share class B: Robeco – EUR G.

Various Dutch distributors have made use of the option to swap shares with a distribution fee (Robeco) for shares

without a distribution fee (Robeco – EUR G). This exchange did not take place at any one fixed time and thus varies

from one distributor to another.

Allocation of share classes The fund is managed in such a way that the allocation of results to the different share classes occurs proportionately on

a daily basis. Issuing and repurchasing proprietary shares are registered per share class. The differences between the

various share classes are given in notes 11 to 12 in the semiannual report.

Tax features On the basis of Article 28 of the Dutch Corporate Income Tax Act, the fund has the status of a fiscal investment

institution. This means that no corporate-income tax is due, providing that, after the deduction of costs, the fund

makes its profit available for distribution to shareholders in the form of dividend within eight months of the close of the

financial year and satisfies any other relevant regulations.

Liquidity of ordinary shares The fund is an open-end investment company, meaning that, barring exceptional circumstances, it issues and

repurchases ordinary shares on a daily basis at prices approximating net asset value, augmented or reduced by a

limited surcharge or discount. The only purpose of this surcharge or discount is to cover the costs made by the fund

related to the entry and exit of investors. The maximum current surcharge or discount is 0.35%. Any surplus or deficit

accrues or is charged to the fund.

The Robeco share class is listed on Euronext Amsterdam1, Euronext Fund Service segment. In addition, the fund has a

stock exchange quotation in Berlin, Dusseldorf, Frankfurt, Hamburg, Luxembourg, Munich, Paris, Vienna and Zurich.

The Robeco - EUR G share class is listed on Euronext Amsterdam1, Euronext Fund Service segment.

Key investor information and prospectus A prospectus and a key-investor-information document with information on the product and its associated costs and

risks are available for Robeco N.V. Both documents are available free of charge at the fund’s offices and at

www.robeco.com.

1 Depending on the distributor, investments can be made in Robeco or Robeco - EUR G.

Robeco N.V. 5

REPRESENTATIVE AND PAYING AGENT IN SWITZERLAND RobecoSAM AG, Josefstrasse 218, CH-8005 Zurich, is the fund’s appointed representative in Switzerland. Copies of the

prospectus, Articles of Association, annual and semiannual reports and a list of all purchases and sales in the fund's

securities portfolio during the reporting period are available from the above address free of charge. UBS AG,

Bahnhofstrasse 45, CH-8001 Zurich, is the fund’s paying agent in Switzerland.

REPRESENTATIVE AND PAYING AGENT IN GERMANY State Street Bank GmbH - Frankfurt Branch (Agent Fund Trading), Solmsstrasse 83, D-60486 Frankfurt am Main is

assigned as paying agent in Germany. The information address for Germany is Robeco Deutschland, Taunusanlage 17,

D-60325 Frankfurt am Main. The prospectus, the articles of association and the annual/semi-annual reports may be

obtained free of charge from the information address. The prices at which shares are bought and sold are published in

on www.robeco.de .

Financial services in Belgium CACEIS Belgium N.V., Havenstraat 86C Bus 320, 1000 Brussels, has been appointed as financial-services provider in

Belgium.

Translations This report is also published in Dutch and German. Only the original Dutch edition is binding.

Robeco N.V. 6

Key figures per share class

Overview 2010 – 2014

Robeco 2014 1 2013

2012

2011

2010 Average 7

Performance in % based on:

- Market price 2, 3

6.1

21.3

13.9

-7.1

19.8

14.7

- Net asset value 2,3

5.4

20.3

15.5

-6.7

19.6

14.7

- MSCI World Index 4

7.2

21.9

14.7

-1.8

20.1

16.2

Dividend in euros 5

–

0.80

0.80

0.60

0.60

Total net assets 6

2.3

3.3

4.1

3.9

4.4

Overview 2013 - 2014

Robeco – EUR G 2014 1 2013 8 Average 9

Performance in % based on:

- Market price 2, 3

6.4 16.7

16.3

- Net asset value 2,3

5.6 17.4

16.2

- MSCI World Index 4

7.2 18.5

18.2

Dividend in euros 5

–

0.80

Total net assets 6

1.3

0.4

1 Concerns the period from 1 January through 30 June 2014.

2 Possible differences between the performance based on market price and on net asset value are caused by the fact that the last market price of the reporting period and the net asset value are determined at different times. The last market price of the reporting period is the price on the last market day of the reporting period and uses the price data at 06:00h. The net asset value is based on the valuation figures from the close of trading on that same day.

3 In the case of dividend payments in any year, reinvestment of the dividend distributed is assumed.

4 Currencies have been converted at rates supplied by World Market Reuters.

5 The dividend relates to the reporting year mentioned and is distributed in the following year.

6 EUR x billion.

7 This is a five-year average.

8 Concerns the period from 28 January through 31 December 2013.

9 Concerns the average for the period 28 January 2013 through 30 June 2014.

Robeco N.V. 7

Report of the management board

General introduction

Economy

Global economic recovery stood still in the first quarter of 2014. The gross domestic product (GDP) of the biggest

economy in the world, the United States, fell by almost 3% annualized. However, there was no question of stagnation,

since the decline was caused mainly by the extremely cold winter and companies' reduced inventory building. Private

consumption (about 70% of GDP in the US) actually remained constant. In the first months of the year, China, the

second largest economy, also showed evidence of decreasing expansion. Although these figures were somewhat

distorted by the traditional Chinese New Year effect, it became clear that the more restrictive policy of the Chinese

Central Bank was curbing credit growth in the industrial sector (and thus economic activity). In the second quarter,

China's policy-makers expressed concern about deceleration being too rapid, and announced stimulus measures to

secure the targeted growth rate of 7.5% in 2014.

The first half of this year also showed persisting divergences between the more developed countries and emerging

markets. While the US, Europe and Japan showed clear signs of acceleration in the first half of the year, emerging-

market growth rates continued to lag. Countries such as Brazil, Turkey, South Africa and India have been struggling

with problems on the supply side of the economy, which are opening the door to inflation. The monetary authorities in

the emerging markets tightened their monetary policy on balance, with the higher interest rates exercising a negative

effect on domestic economic activity. The policy rate increase in countries with a deficit in their current trade balance

account was partly the result of the goals set: to limit capital outflow and deter speculators. 2014 is an important

election year for emerging markets, but so far any negative consequences for the financial markets have been only

minor. In India, the presidential elections were won by the reform-minded nationalist Modi, while the elections in

Turkey and South Africa helped strengthen the position of the parties in office. The euro-zone periphery showed clear

signs of recovery after stringent austerity measures and structural reforms were imposed by the Troika (European

Central Bank [ECB], International Monetary Fund [IMF] and the European Commission [EC]).

The central banks again appeared to have a key role in the present macro-economic constellation, with the financial

markets focusing mainly on the ECB. The central bank for the euro zone faced a further decline in inflation. In May, the

consumer price index in the euro zone fell back to 0.5% annualized, far below the official policy target of "close to, but

below 2%". The ECB's diagnosis was that this steady drop in inflation after 2011 was caused mainly by the strong euro

and the decline in the price of commodities. In June, the ECB decided to reduce interest rates by a conventional 0.1%.

In addition, it introduced a novelty in the form of temporary negative deposit rates to deter banks from placing their

surplus liquidity with the central bank, thus boosting credit lending. It also announced targeted long-term refinancing

operations (TLTRO) which, in the coming four years, will enable banks to borrow money cheaply from the central bank

at previously fixed conditions. Japan's central bank was less prominently represented this spring than in 2013, when it

successfully applied quantitative easing in a drive to weaken the yen. The inflation figures in Japan have risen

significantly, partly as a result of an increase in VAT in April: the most recent consumer price index rose by 3.7%

annualized. However, there are doubts as to the success of the new Japanese economic policy, also referred to as

'Abenomics'. Focus points in this context are the decline in real wages; the slow structural reforms in the employment

market; and the lack of export growth. The new president of the Fed, Janet Yellen, has not changed course

significantly. The policy rate in the US will remain low for some time to come, she said, in light of the very moderate

rate of inflation and the patchy recovery in the employment market. She also indicated that if any asset price bubbles

formed, she would not use the interest rate weapon.

Surprisingly enough, the upward movement of the yield rate in the US in 2013 did not continue into the spring of

2014. A 10-year government bond in the US delivered returns within a limited bandwidth of 2.6 - 2.8%. Various

contributory factors put downward pressure on yields. For instance, the extremely cold winter in the US cast doubts in

the minds of investors as to the sustainability of the global recovery. Less government debt was actually issued in the

United States as a result of a better-than-expected budget deficit. In addition, new geopolitical risks surfaced last

spring, resulting in the continued quest for safe havens. Finally, the central banks made it clear that they intend to

Robeco N.V. 8

continue taking an accommodative stance. Some divergence in monetary policy is visible, however: the ECB decided

this spring to take unconventional measures in the form of the TLTRO and a negative deposit rate, while in contrast, the

Fed will be ending its unconventional measures in the autumn of 2014.

De-escalation of the conflict between the Russian Federation and Ukraine is in the line of expectations. At the same

time, the illegal annexation of the Crimea by the Russian Federation is hampering full normalization of relations with

the West. However, the impact of this conflict on the global economy and the financial markets remains limited.

Equity market outlook

In the first half of 2014, global equity markets realized total returns of 7.2% for the MSCI World Index (in euro terms).

In contrast to 2013, emerging markets realized sound earnings growth. The favorable valuation of equities from

emerging markets, which based on P/E ratios are almost 30% cheaper than those of developed markets, secured

renewed interest from investors in the quest for returns. Sentiment also improved as a result of the positive outcome of

national elections for financial markets. At the same time, volatility in emerging markets decreased as a result of the

accommodating stance taken by the central banks in more developed markets, thereby improving risk/return

perspectives. Equities in the more developed markets realized more modest returns, particularly as a result of high

price/earnings ratios. Sentiment on equities remained positive because the financial markets still have confidence in

the central banks which have indicated that surplus liquidity will remain in the financial system for some time. As a

result (and due to relatively minor surprises from the economic numbers), the volatility of equities dropped to

historically low levels.

We expect that while the equity markets are set to continue their advance in the second half of 2014, returns at year-

end will not outperform those realized in strong 2013. For one thing, the opportunity costs of investing in equities are

low because of ample liquidity in the system and the continuing quest for extra returns. Second, we do not expect the

interest-rate market in the second half of 2014 to be a repeat of the first six months. The expected moderate rise in

yields in more developed markets that Robeco describes in its view for the end of 2014, make bonds and interest-rate

sensitive securities relatively unattractive. We expect a rise in the real interest rates, in particular, as a result of

economic growth recovery in an environment of moderate inflation. The accelerated growth rate of the global

economy also implies earnings growth for companies. Given that we expect growth recovery in the second half of

2014, especially in the US, the high valuation in more developed markets is not excessive. The underlying earnings

growth will tend to move sideways though, in our estimation. Any further expansion of the historically high profit

margins is no more likely than a return to the historical average, although sales growth will partly compensate for this.

The global economy's labor market is still flexible and does not offer employees enough negotiating power to drive

wage costs significantly higher. Despite the expected increase in interest rates, companies' interest burdens remain

limited for now, due to less leveraged financing and restricted refinancing risks.

In our opinion, our base scenario of global growth recovery and a continuing relaxed monetary policy will remain

positive for risky assets. Alternative scenarios that could change this preference for risky assets in the autumn of 2014

could manifest themselves in different ways, however. They could, for instance, be the result of synchronous economic

recovery in the G3 countries in the second half of 2014; a sustained deflationary trend in Europe; rapidly slowing

growth in China; and/or a recession in Japan.

Robeco N.V. 9

Investment results

Investment result per share class

Share Class

Price in EUR x 1 30/06/2014

Price in EUR x 1 31/12/2013

Dividend paid in April 2014 1

Investment result in reporting periods in

%2

Robeco

0.80

- Market price

28.76

27.90

6.1

- Net asset value

28.78

28.12

5.4

Robeco – EUR G

0.80

- Market price

29.86

28.87

6.4

- Net asset value

29.88

29.09

5.6

1 Ex date.

2 In the case of dividend payments in any year, reinvestment of the dividend distributed is assumed.

The portfolio of the Robeco fund realized a slightly negative result of -1.2% compared to its benchmark in terms of net

asset value (before deduction of costs). Of the -1.2% mentioned above, -0.9% was attributable to stock selection, and -

0.2% to regional allocation.

In selecting the stocks for the portfolio, the fund takes advantage of the best that the Robeco group has to offer:

fundamental research focusing on the longer term, a policy-supporting model based on the most recent quantitative

techniques and sustainability analysis in cooperation with RobecoSAM. RobecoSAM is a leader in the field of

sustainability investing.

The best performers in portfolio were: Weatherford (+48.4%), a supplier to the energy industry, where our patience

was rewarded after the company sorted out its problems relating to operations and finances, and Allergan (+52%), a

company specialized in health care with products such as Botox, that was the fortunate recipient of a takeover bid.

Anadarko Petroleum (+38%) also booked a solid performance, a company that carries out oil and gas exploration and

that, after a long period, concluded an agreement relating to an environmental violation made by a company that

Anadarko took over years ago.

Stocks that made a negative contribution were: Sumitomo Mitsui Financial Group (-20.5%) because international

investors retreated from Japan due to skepticism about the success of Abenomics, and Société Générale (-7.3%). We

bought Société Generale for the portfolio with the proceeds of the sale of BNP Paribas, but this was a transaction that

moved us out of the frying pan and into the fire: Société Générale's stock price fell in line with that of BNP Paribas,

which received a fine from the US authorities for illegal transactions with countries such as Iran and Sudan. Citigroup (-

9%) made a negative contribution because the Fed rejected the company's capital plan due to weaknesses in its risk

organization.

While the investment result is important, so is portfolio risk management. The ex-post (so realized) portfolio tracking

error over the first half of the year was on average 2.0%. A tracking error of 2.0% means that there is a probability of

66% that future portfolio performance will not deviate by more than 2% from the benchmark (up or down).

Robeco N.V. is an actively managed fund. The active part of the portfolio averaged 79.4% in the first half of 2014. The

active part is the part that has no overlap with the benchmark of the fund. For instance, if the benchmark weighting for

Royal Dutch Shell is 1% and we have 2.5% in portfolio, then this position contributes 1.5% to the active part of the

fund. It is important to make this distinction, as there are also inactive funds that invest 100% according to the

benchmark and thus have an active part of 0%. These funds are also known as ETFs or index trackers.

On average, the portfolio's beta was above 1 (i.e. at an average of 1.05). Generally speaking, if a portfolio has a beta

above 1, and the market goes up, then the portfolio will rise more than the market. The level of beta is not a target in

itself, but a result of portfolio stock selection. The fund has an investment horizon of 3 to 5 years. We buy stocks that we

expect to be able to hold in portfolio for an average of 3 - 5 years. In the first half of 2014, the fund realized revenues

Robeco N.V. 10

of 22% on its portfolio. This is in accordance with an investment horizon of 3 years and is thus at the bottom of the

envisaged horizon. Many stocks reached their price target in this first half of the year and so alternatives for these were

sought and found. The strict selling discipline also contributed to the revenue.

Investment policy

We will now discuss the various sectors in the portfolio, indicating the relative weight of the sector, the policy pursued,

and which stocks were sold or purchased.

We have a neutral position in the energy sector, where the emphasis lies on equipment and service companies and on

European integrated companies. We sold Valero Energy, active in refinery in North America, when it reached its price

target. We bought Nabors, a North American company that provides oil- and gas-drilling related services. Demand for

drilling platforms is increasing as a result of increasing shale-gas production.

Our position in the materials sector is neutral. We are still focusing on chemicals, particularly the agrochemical

segment (Syngenta, Agrium and, to a certain extent, DSM). We added no new name to the portfolio and sold no

positions. We increased our holdings in Boliden (Swedish mining company) and DSM ( after disappointing quarterly

results.

We have an underweight position in the industrials and services sector. We sold our holdings in ADT (alarm systems)

due to increasing competition from various quarters including Google and certain cable companies, and our positions

in 3M and General Electric. These last two are both attractive companies, but they had reached our target price. We

purchased a position in EnerSys, a producer and distributer of industrial batteries. We also bought AP Moller Maersk,

because we think that the new management will focus further on core activities such as container traffic. We think that

the tariffs for container traffic have bottomed out, and now the costs per container are shrinking as a result of the

mega ships that AP Moller Maersk is using. In addition, we bought railway company Norfolk Southern Corp in the US,

and Applus, a Spanish company in the measurement and inspection-service business. These three companies benefit

from the pick-up in economic growth.

We have a market-weight position in the consumer-discretionary sector. We focus in this sector on media and cable

companies and the Internet, with names such as Comcast, Walt Disney and 21st Century Fox. Most of the buying and

selling activity occurred in the Internet segment. We exchanged our holding in Expedia for one in Priceline (both

Internet travel agencies) and we sold TripAdvisor. We also bought Yum Brands (Pizza Hut, Kentucky Fried Chicken and

Taco Bell), after the stock had underperformed significantly as a result of an incident with food at Kentucky Fried

Chicken (KFC) in China. The purchase of Yum Brands was financed by the sale of our position in McDonalds, whose

share price had remained unaffected by this incident. We also sold part of our holdings in the luxury-goods industry

(Richemont and Prada). We still see the luxury-goods industry as a long-term growth sector, but the declining sales in

China are a clear headwind in the short term.

We have a neutral position in consumer staples. In this sector we focus on tobacco (BAT, Japan Tobacco and Imperial

Tobacco) and household articles (Reckitt Benckiser, Henkel). We sold L'Oréal and Colgate-Palmolive because they had

hit our target price. We replaced these with positions in Pernod Ricard and Imperial Tobacco. Both purchases were

based on analyses carried out by our quantitative policy-supporting model.

We have an overweight position in the health-care sector. The costs of health care are becoming excessive. The

Affordable Care Act (also known as Obamacare) has now been introduced. This act had two main objectives: to make

health care accessible to all Americans and to make the costs of health care affordable. We are capitalizing on this

development with stakes in Mednax (medical agency staff), Hospital Corporation of America (HCA, hospital

management), Cardinal Health (distributor - particularly of generic drugs) and Davita Healthcare Partners (kidney

dialysis) In the first instance, both companies stand to benefit from rising volumes (more Americans obtain access to

medical services). Secondly, these companies will contribute to keeping the costs of health care under control. Both

companies are preparing for these future developments. Within the pharmaceutical sector, we focus our portfolio on

companies that develop and produce truly innovative medicines (such as Roche, AbbVie and Celgene). The portfolio

benefited from its position in takeover candidate Allergan.

Robeco N.V. 11

We have an underweight position in the financials sector. Within the sector, we capitalize on a number of long-term

trends such as population aging, increasing welfare and the rise of the middle classes in emerging markets. We achieve

this by holding positions in insurance companies (Dai-ichi Life Insurance, Metlife), in banks (Citigroup, JP Morgan and

HSBC) and an asset manager (BlackRock). We sold Deutsche Bank (too little capital base), Hartford Financial Services

Group, Aegon and Swedbank (price targets reached). We bought Société Générale (to replace BNP Paribas) and Bank

of Scotland (restructuring).

We have an overweight position in the information-technology sector. The principal trends in technology are cloud

computing (increasing use of data centers and the Internet), Internet mobility (increasing use of mobile Internet

services: digital paying options, e-commerce), processing of large quantities of data and the protection of this data.

Our main focus is on software and on companies with strong links to the Internet, such as Google, Facebook, Baidu,

Yahoo and Apple.

We also think that the trend towards lower prices and smaller and smaller semiconductors (the end of Moore's Law) is

coming to an end. This is one of the reasons we bought Applied Materials: more capital goods are required to produce

semiconductors. At the same time we think that Applied Materials will merge with Tokyo Electron and that this will offer

economies of scale. We sold eBay because it reached its target price and we purchased Apple. Apple concluded a

contract with China Mobile and expectations are that a new iPhone and the long-awaited iWatch will come onto the

market in the second half of 2014.

We have a market-weight position in the telecom sector. This sector is facing increasing competition from cable and

Internet services (the 'Whats App' application is replacing SMS messaging services). We have an overweight position in

both cable and Internet sectors. We sold our position in Verizon Communications after it reached our target price. We

purchased Telecom Italia with a view to the expected consolidation in the Italian mobile telephony segment and the

probable sale of its activities in Brazil.

Sustainability investing

The sustainability investing carried out by funds at Robeco is implemented with minimum restrictions to the investment

universe, and consists of a combination of effective instruments:

• exercising voting rights

• engagement

• exclusions

• Integrating ESG factors1 into the investment processes.

Exercising voting rights

The Manager aspires to exercise voting rights on shares held by the fund throughout the world. The Manager is

convinced that effective corporate governance will be beneficial to shareholder value in the longer term. The corporate-

governance policy of the Manager is based on the internationally accepted principles of the International Corporate

Governance Network (ICGN). The Manager is of the opinion that local legislation and codes for corporate governance,

such as the Corporate Governance Code in the Netherlands, should be guiding principles for corporate-governance

practice and voting behavior. This approach is in line with principles 7 and 9 of the ICGN Global Corporate Governance

Principles, which focus on transparency and the responsibilities of shareholders.

Engagement

Engagement means making active use of the rights of investors to influence how companies are managed. Robeco

enters into active dialogue with companies about corporate social responsibility. In our opinion, this will increase

shareholder value for our clients in the longer term. We use an integral approach, which combines the expertise of our

investment analysts, our sustainability-investing research analysts and our engagement specialists. By using financially

material information as the basis for our talks, we strive to ensure that our dialogue introduces added value and

1 ESG stands for Environmental, Social and Governance.

Robeco N.V. 12

improves the risk/return profile of the company's stock. This way we generate value for our clients as well as the

company.

Exclusions

Robeco's exclusion policy is based on two main exclusion criteria. Firstly, it excludes 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. We base our policy of not investing in such companies on a legislative

amendment in the Netherlands governing investments in cluster-munition companies effective since 1 January 2013.

Besides the exclusion policy for companies, Robeco also has an exclusion policy for countries. Robeco considers any

country that systematically violates the human rights of its own citizens as controversial. These exclusions apply to

country-related investments (such as government bonds). Secondly, an unsuccessful dialogue may in time lead to a

company's exclusion from the investment universe. Such a dialogue with a company concerns serious and systematic

violations of widely accepted international directives on good corporate governance. Robeco focuses in particular on

the United Nations Global Compact. Robeco Group’s Management Board has the final authority to exclude companies

and countries. Robeco Institutional Asset Management B.V. will apply this exclusion list in its capacity as manager.

Integration of ESG factors in investment processes

We believe that sustainability investing improves the risk-return profile of a portfolio. Taking environmental, social and

corporate governance information into account provides a better understanding of the issues, which helps make well-

founded investment decisions. The investment philosophy adopted by the Robeco Fund rests on three pillars, one of

which is ESG integration. Companies that take the environment, society and good corporate governance into account

will in the long term come out as winners. Ignoring ESG factors leads to reputation and financial risk.

The investment philosophy used by Robeco N.V. is based on the idea that short-term investors underestimate the

capacity of companies to create value for the long term. As a rule, the market is not prepared to look beyond the short

term and the Robeco Fund capitalizes on this. Sustainability, in particular, is oriented towards the long term and is

therefore highly suited to a long-term investment horizon. The sustainability criteria of subsidiary RobecoSAM and the

score of companies on these criteria provide important input for the analysis of potential investments. Each year,

RobecoSAM sends some 2500 companies a comprehensive questionnaire covering general and sector-specific ESG

issues. RobecoSAM's sector analysts translate the results obtained, adding publicly available information, into scores

for these companies relative to various environmental, social and economic criteria. The stocks of companies with a

good RobecoSAM score have a greater chance of being included in the portfolio. Stocks with a poor rating from

RobecoSAM are only included in the portfolio if they have a very good valuation and the potential to improve the

RobecoSAM score.

Not all ESG data are relevant for investors. RobecoSAM's analysts and the Robeco Global Equity team first established

which information is 'material'. A factor is considered material if it can have an effect on the financial performance of a

company. Reducing energy consumption in a production process is material because it can help save costs. Actually,

this can go further than just achieving cost savings. It can even give companies a competitive edge because they can

help their clients think about the ESG challenges (e.g. chemicals producers that offer innovative ESG solutions to clients

who have to contend with higher commodity prices and regulatory pressure). The above advantages are relevant for

investors because they have a direct influence on the financial performance of a company. Another example is our

portfolio position in DSM, which gives high priority to sustainability. Their sustainability profile contributes to a high

degree of employee satisfaction and this has strengthened the position of DSM in the employment market. Our

strategy focuses on long-term trends such as the economic shift to the East, scarcity of commodities, climate and health

& wellness. DSM adds value by seeking solutions to these challenges and linking these to products. In order to be

better prepared than the competition, DSM works together with various different parties such as the World Food

Program, as a result of which, client contact is greatly improved. This helps ensure that problems are better

understood, which can also result in better solutions being found. The results underpin this: returns on DSM's invested

assets continue to rise and the company has for many consecutive years been at the top of the Dow Jones Sustainability

Index. Investors who acknowledge this form of competitive advantage by integrating ESG data into their investment

process can generate outperformance by doing so.

Robeco N.V. 13

The Robeco fund is managed by a team of portfolio managers and analysts. The analysts write investment cases on

companies considered to be of interest for the portfolio. A section is also dedicated to a company’s ESG score based on

the data available from RobecoSAM in Switzerland, a Robeco Group subsidiary. Cooperation with RobecoSAM has been

further intensified. To establish this score, RobecoSAM uses a ‘best-in-class’ method to compare companies within one

sector. This enables us to see how a company's ESG performance compares to that of its competitors. Stocks that are

included in the portfolio, such as Royal Dutch Shell, Total, Akzo Nobel, Syngenta, DSM, Linde, Rio Tinto, United

Technologies, ABB, Toyota, BMW, Siemens, Nestlé, British American Tobacco, Henkel, Reckitt Benckiser, AbbVie,

AstraZeneca, Citigroup, BBVA, Société Générale, Royal Bank of Scotland, Axa and Vodafone score well on ESG factors.

The average ESG score for the stocks in portfolio is higher than that of the benchmark.

Rotterdam, 26 August 2014

The Management Board

Robeco N.V. 14

Semiannual figures

Balance sheet EUR x thousand

30 June 2014

31 December 2013

Investments

Financial investments

Equities 1

3,594,136

3,733,527

Derivatives 2

6,933

8,685

Total investments

3,601,069

3,742,212

Accounts receivable 3

21,669

44,304

Other assets

Cash and cash equivalents 4

30,667

16,023

Accounts payable

Liabilities arising from derivative instruments 2,589

11,889

Payable to credit institutions 5

2,537

10,358

Payable on collateral received 6

1,410

–

Other liabilities 7

9,544

21,580

16,080

43,827

Accounts receivable and other assets less accounts payable

36,256

16,500

Shareholders’ equity 3,637,325

3,758,712

Composition of shareholders’ equity

Issued capital 8

124,658

133,174

Other reserves 8

3,326,005

2,909,005

Net result 8

186,662

716,533

3,637,325

3,758,712

Net asset value Robeco per share 9

28.78

28.12

Net asset value Robeco - EUR G per share 9 29.88 29.09

The numbers of the items in the financial statements refer to the numbers in the Notes.

Robeco N.V. 15

Profit and loss account EUR x thousand

1 Jan - 1 Jan -

30 June 2014 30 June 2013

Investment income 47,360

62,201

Changes in value 156,166

315,052

203,526

377,253

Costs 11

Management costs 12

14,555

20,191

Service fee 12

1,964

2,118

Other costs 14

345

331

16,864

22,640

Net result

186,662

354,613

Cash-flow summary Indirect method, EUR x thousand 1 Jan - 1 Jan -

30 June 2014 30 June 2013

Cash flow from investment activities

335,002

825,047

Cash flow from financing activities -316,608

-737,045

Net cash flow

18,394

88,002

Currency and cash revaluation 4,071

-1,241

Increase (+)/decrease (-) cash* 4.5

22,465

86,761

* Cash and accounts payable to credit institutions.

The numbers of the items in the financial statements refer to the numbers in the Notes.

Robeco N.V. 16

Notes

General

The semiannual financial statements have been drawn up in conformity with Part 9, Book 2 of the Dutch Civil Code and

the Wft of 28 September 2006. The fund’s financial year is the same as the calendar year. The notes referring to fund

shares concern ordinary shares outstanding.

Ordinary shares are divided into two series, both of which are open. Each series is designated as a share class. The

series include the following share classes:

Share class A: Robeco

Share class B: Robeco – EUR G.

Risks relating to financial instruments

Transactions in financial instruments may lead to the fund being subject to the risks described below or to the fund

transferring these risks to another party. For more information about the risks of this fund, please refer to the

prospectus.

General investment risk

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

fund depends on developments in the financial markets and can therefore either rise or fall. Shareholders run the risk

that their investments may end up being worth less than the amount invested, or even worth nothing. General

investment risk can be broken down into market risk, concentration risk and currency risk.

Market risk

The net asset value of the fund 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,

as well as changes in an individual business situation.

Concentration risk

Based on its investment policy, the 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 the fund may cause events that have an effect on these issuing institutions to have a greater effect on the

fund assets than would occur with a less concentrated investment portfolio. For further quantitative information about

the concentration risk, please refer to the spread across countries and sectors in the Spread of net assets, which is part

of the Notes section.

Currency risk

All or part of the securities portfolio of the fund may be invested in currencies, or financial instruments denominated in

currencies other than the euro. As a result, fluctuations in exchange rates may have both a negative and a positive

effect on the investment result of the fund. Currency risks may be hedged with currency forward transactions and

currency options. For further quantitative information about the currency risk, please refer to the spread across

currencies in the Spread of net assets, which is part of the Notes section.

Counterparty risk

A counterparty of the fund may fail to fulfill its financial obligations arising from financial instruments towards the fund.

This so-called credit 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 fund will demand and obtain collateral. The amount that best represents

the total credit risk as at 30 June 2014 is EUR 59 million (EUR 69 million at 31 December 2013). In the calculation of

the total credit risk any collateral received is not taken into account. There are no counterparties with an exposure of

more than 5% of the fund's total assets.

Robeco N.V. 17

Risk of lending financial instruments

In the case of securities-lending transactions, the fund runs 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 fund

is designed to control these risks as much as possible.

The credit worthiness of counter parties in securities-lending transactions is assessed on the basis of how independent

rating agencies regard their short-term credit worthiness and on the basis of their net assets. Guarantees given by

parent companies are also taken into account. The fund only accepts collateral from OECD countries in the form of:

– government bonds with a minimum credit rating of BBB-;

– the bonds of supranational bodies with a minimum credit rating of BBB-;

– stocks listed on the main indexes of stock markets in OECD countries;

and to a limited extent in the form of

– index trackers;

– stocks issued by financial institutions;

– cash.

As of balance-sheet date, the fund had received collateral ensuing from securities-lending transactions. More

information can be found in the Notes to the balance sheet.

Liquidity risk

The actual buying and selling prices of financial instruments in which the fund invests partly depend upon the liquidity

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

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

minimizes this risk by mainly investing in financial instruments that are tradable on a daily basis.

Manager

Robeco Institutional Asset Management B.V. ('RIAM') manages the fund. In this capacity RIAM handles asset

management, administration, marketing and distribution of the fund. Up to 22 July 2014, RIAM was licensed by the

AFM as referred to in Article 2:67, Paragraph 2 and Article 2:96. As of 22 July 2014 a license was obtained legally

(article 2:65 WFT new). Besides that, RIAM has been licensed since 22 July 2014 under the Wft as referred to in Article

2:69b. RIAM is supervised by the AFM. RIAM has listed the fund with AFM. RIAM is a 100% subsidiary of Robeco Groep

N.V. As of 1 July 2013, Robeco Group N.V, has formed part of ORIX Corporation.

Affiliated companies

The fund and the manager may utilize the services of and carry out transactions with parties affiliated to the fund as

referred to in the Bgfo, including Robeco Securities Lending B.V., Robeco Direct N.V., Robeco Nederland B.V., the

Rabobank Group up to 1 July 2013, and after 1 July 2013, ORIX Corporation. The services entail the execution of tasks

that have been outsourced to these companies such as (1) securities lending, (2) hiring temporary staff and (3)

issuance and repurchase of the fund’s shares. Transactions that can be carried out with affiliated parties include the

following: treasury management, derivatives transactions, custody of financial instruments, lending of financial

instruments, credit extension, purchase and sale of financial instruments on regulated markets or through multilateral

trading facilities. All these services and transactions are executed at market rates.

Accounting principles

General

The accounting principles for the valuation of assets and liabilities and determination of the result are unchanged, and

as such are in accordance with the most recent annual financial statements. Unless stated otherwise, items shown in

the semiannual financial statements are included at nominal value and expressed in thousands of euros.

Attribution to share classes

The administration of the fund is such that attribution of the results to the different share classes takes place on a daily

basis and pro rata. Issue and repurchase of own shares are registered per share class.

Robeco N.V. 18

Notes to the balance sheet

1 Equities The section List of securities contains a breakdown of this portfolio and the distribution of the assets to countries and

currencies is given under the heading Spread of net assets; both are part of the Notes section. At balance-sheet date,

shares to the amount of EUR 182 million (EUR 65 million as at 31 December 2013) had been lent. To cover the risk of

non-restitution, sufficient collateral with a value of EUR 202 million (EUR 70 million as at 31 December 2013) was

requested and obtained; this collateral is not included in the balance sheet.

2 Derivatives

The presentation of derivatives in the Balance sheet is based on the liabilities and receivables per contract.

Presentation of derivatives in the Balance sheet

EUR x thousand

Under financial investments

Under accounts payable

30 June 2014

31 December 2013

30 June 2014

31 December 2013

Type of derivative

Forward exchange contracts

3,138

911

1,830

4,896

Futures

3,795

7,774

759

6,993

Total

6,933

8,685

2,589

11,889

3 Accounts receivable These are dividends receivable, income receivable from securities-lending transactions, income from tax withheld at

source, income receivable from securities transactions and from the issuance of own shares.

4 Cash and cash equivalents Includes balances in current accounts at banks and call money, if any.

5 Payable to credit institutions These are advances on the current account.

6 Payable on collateral received

These are debts relating to collateral received

7 Other liabilities These are debts relating to management fees and service fees, debts from securities lending transactions, costs

payable, redeemable dividends, debts to brokers and debts resulting from purchasing own shares.

8 Shareholders’ equity

Composition of and movements in shareholders’ equity

EUR x thousand 1 Jan - 1 Jan -

30 June 2014

30 June 2013

Issued capital

Situation at opening date

133,174

168,578

Received on shares issued

36,433

3,820

Paid for shares repurchased

-44,949

-32,216

Situation at 30 June

124,658

140,182

Other reserves

Situation at opening date

2,909,005

3,297,106

Received on shares issued

1,017,125

96,536

Paid for shares repurchased

-1,216,769

-787,150

Net result from previous financial year

716,533

36,433

Dividend payments

-99,889

-44,949

Situation at 30 June

3,326,005

2,597,976

Net result

186,662

354,613

Shareholders’ equity

3,637,325

3,092,771

Robeco N.V. 19

The company’s authorized share capital amounts to EUR 600 million, divided into 599,999,990 ordinary shares and 10

priority shares with a nominal value of EUR 1 each. The priority shares have already been issued. The shares are

subdivided into 500,000,000 Robeco shares, and 99,999,990 Robeco - EUR G. Fees are not included in the share

premium reserve.

9 Assets, shares outstanding and net asset value per share

Assets, outstanding shares, net asset value per share and dividend paid out per share.

Robeco

Robeco – EUR G

Per share class

30 June 2014 30 June 2013 30 June 2014 30 June 2013

Assets in EUR x thousand

2,283,803

3,570,196

1,353,522 73

Status of number of shares issued as at the beginning of the financial year

118,491,206

168,578,034

14,683,060 –

Shares issued in financial year

3,446,771

3,817,985

32,985,757 2,785

Shares repurchased in financial year

-42,576,057

-32,216,467

-2,372,416 –

Number of shares outstanding

79,361,920

140,179,553

45,296,401 2,785

Net asset value per share in EUR x 1

28.78

25.47

29.88 26.30

Dividend paid per share during financial year

0.80

0.80 0.80 –

10 Assets and liabilities not shown by the balance sheet

Forward exchange contracts

Details of the contracts open at balance-sheet date are given in the table below.

Forward exchange contracts

Purchases Sales

Expiration

Unrealized

date

result

Currency

Amount Currency

Amount

EUR x 1

CAD

193,928,306 EUR

131,845,359

16 July 2014

1,074,864

EUR

21,734,577 HKD

227,873,300

16 July 2014

260,975

EUR

40,583,829 NOK

329,616,748

16 July 2014

1,376,094

EUR

17,215,387 USD

23,288,080

16 July 2014

207,080

EUR

19,000,000 USD

25,715,214

16 July 2014

219,051

Total

3,138,064

AUD

172,063,552

EUR

119,250,156

16 July 2014

-778,221

EUR

39,290,869 CHF

47,860,310

16 July 2014

-130,144

EUR

115,824,028 GBP

93,118,697

16 July 2014

-452,102

JPY 1,694,627,447

EUR

12,281,928

16 July 2014

-63,915

SEK

181,747,667 EUR

20,042,516

16 July 2014

-192,295

SGD

38,433,350 EUR

22,728,515

16 July 2014

-213,396

Total

-1,830,073

Robeco N.V. 20

Futures

Details of the futures contracts purchased at closing date are listed below.

Futures

Purchases/

Quantity Currency

Type

Exposure

Unrealized

Sale of contracts

EUR x 1

result

EUR x 1

Sale

1,015 GBP

FTSE 100 IDX FUT XLIF 19/09/2014

-85,071,375

395,117

Purchase

1,225 JPY

TOPIX INDX FUTR XOSE 11/09/2014

111,502,739

3,400,282

Total

3,795,399

Purchase

10

EUR

EURO STOXX 50 XEUR 19/09/2014

35,261,120

-480,040

Sale

329 USD

S&P500 EMINI FUT XCME 19/09/2014

-23,458,807

-279,343

Total

-759,383

Forward exchange contracts and futures contracts are included in the Spread of net assets, which is part of the Notes

section. The unrealized profit or loss on assets and liabilities not shown on the balance sheet at balance-sheet date has

been included in the profit and loss account.

Robeco N.V. 21

Notes to the profit and loss account

Costs

11 Ongoing charges

Ongoing charges Robeco Robeco – EUR G

in %

1 July 2013

1 July 2012 1 July 2013

28 Jan -

30 June 2014

30 June 2013 30 June 2014

30 June 2013

1

Cost item

Management costs

1.00

1.00 0.50

0.55

Service fee

0.11

0.10 0.12

0.12

Other costs

0.01

0.01 0.01

–

Total

1.12

1.11 0.63

0.67

1 The percentages are annualized.

The percentage of ongoing charges is based on the average total assets per share class. The ongoing charges include

all costs charged to the share classes in the reporting period, excluding the costs of transactions in financial instruments

and interest charges. Costs relating to issuance and repurchasing of own shares are not included in the ongoing

charges either. That part of the securities-lending income due to Robeco Securities Lending B.V., as specified in Note

19, is included in the ongoing charges. The management costs cover all costs resulting from the management and

marketing of the fund. If the manager outsources its operations to third parties, any costs associated with this will be

paid from the management fee. The management costs for the Robeco share class also include the costs related to

registering participants in this share class. The service fee covers the administration, the costs of the external auditor,

other external advisers, regulators, costs relating to reports required by law, such as the annual and semiannual

reports, and the costs relating to the meetings of shareholders. The costs for the external auditor incurred by the fund

are charged to RIAM together with the costs accruing from other investment institutions managed by RIAM. A

breakdown of these costs per investment institution is therefore not available. Other costs relate to bank charges and

the custody fee charged by third parties for the custody of the fund’s securities portfolio. The custody fee is EUR 88

thousand (in the period 1 January through 30 June 2013 this was EUR 117 thousand).

12 Management costs and service fee

The management fee and service fee are charged by the manager. The fees are calculated daily on the basis of the fund

assets.

Management and service fees

in % Robeco Robeco – EUR G

Management fee 1.00 0.50

Service fee1 0.12 0.12

1 For the share classes, the service fee is 0.12% per year on assets up to EUR 1 billion, 0.10% on assets above EUR 1 billion, and 0.08% on assets above EUR 5 billion.

13 Performance fee

Robeco N.V. is not subject to a performance fee.

14 Other costs This includes custody costs, bank costs and costs related to issue and repurchase of company shares.

Robeco N.V. 22

15 Transaction costs Brokerage costs and exchange fees relating to investment transactions are discounted in the cost price or the sales

value of the investment transactions. These costs and fees are charged to the result ensuing from changes in value. The

quantifiable transaction costs are shown below.

Transaction costs

EUR x thousand

1 Jan -

1 Jan -

30 June 2014

30 June 2013

Transaction type

Equities

1,972

2,243

Futures

101

164

16 Commission-sharing arrangements

In the reporting period, commission-sharing agreements represented an amount of EUR 171 thousand (over the period

1 January through 30 June 2013 this was EUR 143 thousand). This amount forms part of the transaction costs, as

defined in the notes under Transaction Costs.

17 Turnover ratio The turnover ratio (portfolio turnover rate) over the reporting period was 44% (over the period 1 January through 30

June 2010 this was 41%). This ratio shows the rate at which the fund's portfolio is turned over and is a measure of the

incurred transaction costs resulting from the portfolio policy pursued and the ensuing investment transactions. The

turnover ratio is determined by expressing the amount of the turnover as a percentage of the average fund assets. The

amount of the turnover is determined by the sum of the purchases and sales of investments less the sum of issuance

and repurchase of own shares.

18 Transactions with affiliated parties No transactions were carried out in the reporting period with affiliated companies. Of the equity transactions carried

out in the period 1 January through 30 June 2013, 0.1% of the transaction volume was carried out with affiliated

companies. For forward exchange contracts this was 28.9%.

19 Securities lending Robeco Securities Lending B.V. (‘RSL’) is the intermediary for all of the fund’s securities-lending transactions. RSL is a

100% subsidiary of RIAM. As compensation for its services RSL receives a fee of 30% of the gross return on these

securities-lending transactions. An external agency periodically assesses whether the agreements between the fund

and Robeco Securities Lending B.V. are still in line with the market. The return for the fund over the reporting period

was EUR 37 thousand (EUR 110 thousand in the period 1 January through 30 June 2013) and for RSL EUR 16 thousand

(EUR 47 thousand in the period 1 January through 30 June 2013).

20 Personnel costs The fund does not employ any personnel. Robeco Nederland B.V. is the employer of Robeco N.V.’s management board

and personnel in the Netherlands. The remuneration is paid out of the management fees received. Robeco Nederland

B.V.’s remuneration policy for fund managers consists of both fixed and variable income. The variable income is

maximized relative to the fixed income. The secondary conditions of employment are in line with what is common

practice in the financial-services industry. The variable income offers the fund manager remuneration for his long-term

outperformance. The system is related to the outperformance relative to a preset target. The track record over a period

of 1 year, 3 years and 5 years is taken into account when determining the variable remuneration. The individual

performance and the performance of the team are also taken into account as well as the fund manager’s contribution

to the organization’s targets. Good performance means that variable remuneration may be higher than the fixed

threshold. If this is the case, variable remuneration will be paid out in phases, spread over four or five years. The

deferred amounts will move in line with future operating results. In accordance with the Banking Code and the

Regulations for Controlled Remuneration Policies Regeling Beheerst Beloningsbeleid variable remuneration is to be

approved by the Robeco Supervisory Board.

Robeco N.V. 23

Spread of net assets Across countries and currencies

Across

countries Across

currencies

Equities

Equities + derivatives 1

30 June 2014

30 June 2014

31 December

2013 30 June 2014

31 December

2013 30 June 2014

31 December

2013

By country 2

EUR x thousand

in %

in %

in % in %

in %

in %

America (56.1%)

United States

2,025,327

55.7

55.8

55.00

56.4

55.3

54.7

Canada

15,950

0.4

0.4

0.4

0.4

4.1

4.0

Europe (34.6%)

United Kingdom

467,991

12.9

11.9

10.9

8.8

8.4

9.6

Switzerland

168,861

4.6

5.7

4.9

5.3

3.6

3.6

France

165,552

4.6

4.7

4.7

4.4

–

–

The Netherlands

133,092

3.7

4.1

3.7

4.1

–

–

Germany

126,987

3.4

4.4

3.6

4.0

–

–

Norway

53,872

1.4

1.6

1.5

1.6

–

–

Spain

43,270

1.2

0.9

1.3

0.7

–

–

Denmark

31,324

0.9

–

0.9

–

0.9

0.5

Sweden

29,434

0.8

1.0

0.8

1.0

1.3

1.3

Italy

25,985

0.7

–

0.7

–

–

–

Ireland

14,023

0.4

0.4

0.4

0.4

–

–

Euro

–

–

–

–

–

13.8

12.2

Asia (8.1%)

Japan

274,817

7.6

6.4

10.6

10.6

7.9

8.4

Hong Kong

–

–

0.8

–

0.8

0.8

1.3

Singapore

–

–

–

–

–

0.6

0.6

South Korea

17,651

0.5

0.8

0.5

0.8

–

0.8

China

–

–

0.4

–

0.4

–

–

Australia (0.0%)

Australia

–

–

–

–

–

3.3

3.0

Other assets and liabilities (1.2%)

43,189

1.2

0.7

0.1

0.3

–

–

Total

3,637,325

100.0

100.0

100.0

100.0

100.0

100.0

1 In addition to investments in equities, the portfolio may include positions in derivatives. The sum of equity and derivative investments reflects both the exposure on a country basis and the total exposure. At 30 June 2014, the portfolio contained derivatives, in this case index futures, as was also the case on 31 December 2013. These derivatives have been included in this spread of net assets across countries, and the forward exchange transactions in the spread across currencies. The positions in index futures are positions in the euro-zone countries, Japan, the United States and the United Kingdom. 2 The percentages given after the regions include positions in derivatives.

Robeco N.V. 24

Currency table

Exchange rates

30 June 2014

31 December 2013

EUR 1

AUD 1.4506 1.5402

CAD 1.4584 1.4641

CHF 1.2142 1.2255

DKK 7.4554 7.4604

GBP 0.8007 0.8320

HKD 10.6114 10.6843

JPY 138.7018 144.8300

KRW 1,385.3060 1,454.2196

NOK 8.4015 8.3599

SEK 9.1533 8.8500

SGD 1.7069 1.7398

USD 1.3692 1.3780

By sector

in %

30 June 2014

31 December 2013

Financials

17.8

20.3

Information technology

15.3

13.7

Consumer discretionary

11.7

12.2

Consumer staples

11.0

10.4

Health care & Farmacy

10.8

11.8

Industrials

10.4

10.2

Energy

9.8

9.5

Materials

5.6

5.4

Telecom services

3.9

4.0

Utilities

1.9

1.8

Health care technology

0.6

–

Other assets and liabilities

1.2

0.7

Total

100.0

100.0

Robeco N.V. 25

List of securities As of 30 June 2014

Market value

Market value

America (56.1%)

EUR

USD

United States (55.7%)

49,579,767

67,882,138 AbbVie Inc

34,208,592

46,836,693 AES Corp/VA

23,539,039

32,228,475 Allegion PLC

38,536,574

52,762,351 Anadarko Petroleum Corp

90,185,302

123,477,206 Apple Inc

29,560,948

40,473,371 Applied Materials Inc

19,335,232

26,472,833 Aramark

28,798,197

39,429,052 BlackRock Inc

32,758,505

44,851,307 Cameron International Corp

45,144,913

61,810,158 Capital One Financial Corp

32,717,464

44,795,116 Cardinal Health Inc

16,348,721

22,383,851 Carlyle Group LP/The

40,542,084

55,508,194 Celgene Corp

22,603,805

30,948,000 Cerner Corp

29,408,357

40,264,452 Check Point Software Technologies Ltd

24,825,212

33,989,439 Chubb Corp/The

30,155,756

41,287,753 Cisco Systems Inc

50,999,755

69,826,315 Citigroup Inc

53,135,300

72,750,196 Comcast Corp

39,421,348

53,973,738 CVS Caremark Corp

32,943,354

45,104,393 DaVita HealthCare Partners Inc

33,072,901

45,281,762 Dollar General Corp

15,086,170

20,655,229 EnerSys

46,558,006

63,744,894 Facebook Inc

67,020,438

91,761,033 Google Inc

41,843,913

57,290,593 HCA Holdings Inc

28,283,486

38,724,335 Hess Corp

25,851,833

35,395,037 Ingersoll-Rand PLC

60,696,924

83,103,194 JPMorgan Chase & Co

18,275,818

25,022,336 McGraw Hill Financial Inc

22,632,652

30,987,495 MEDNAX Inc

38,132,831

52,209,565 MetLife Inc

52,686,518

72,135,746 Microsoft Corp

36,882,220

50,497,292 Mondelez International Inc

27,907,603

38,209,694 Nabors Industries Ltd

36,277,314

49,669,084 NextEra Energy Inc

36,271,015

49,660,460 Norfolk Southern Corp

25,530,162

34,954,622 NXP Semiconductor NV

32,146,686

44,013,635 Oracle Corp

25,330,304

34,680,986 Parker Hannifin Corp

36,948,375

50,587,868 Pfizer Inc

30,795,710

42,163,947 Priceline Group Inc/The

Market value

Market value

24,277,159

33,239,073 Sealed Air Corp

33,120,570

45,347,028 State Street Corp

16,363,630

22,404,264 Synopsys Inc

21,563,369

29,523,486 Terex Corp

24,209,987

33,147,104 TJX Cos Inc/The

30,085,761

41,191,919 TripAdvisor Inc

36,362,119

49,785,195 Twenty-First Century Fox Inc

26,233,014

35,916,931 Tyco International Ltd

39,568,113

54,174,682 United Technologies Corp

40,193,785

55,031,321 UnitedHealth Group Inc

42,633,398

58,371,516 Visa Inc

31,652,483

43,336,997 VMware Inc

40,996,514

56,130,377 Walt Disney Co/The

43,321,524

59,313,665 Weatherford International plc

25,355,585

34,715,599 Western Digital Corp

17,218,691

23,574,970 Yahoo! Inc

29,192,027

39,968,264 Yum! Brands Inc

EUR

CAD

Canada (0.4%)

15,950,069

23,260,786 Agrium Inc

Europe (34.6%)

EUR

GBP United Kingdom (12.9%)

35,186,022

28,173,448 AstraZeneca PLC

53,163,534

42,568,042 BG Group PLC

57,738,058

46,230,863 British American Tobacco PLC

24,382,135

19,522,776 Burberry Group PLC

27,296,096

21,855,984 Imperial Tobacco Group PLC

20,176,096

16,155,000 Kingfisher PLC

28,437,976

22,770,287 Prudential PLC

29,625,223

23,720,916 Reckitt Benckiser Group PLC

49,901,538

39,956,162 Rio Tinto PLC

16,360,435

13,099,800 Royal Bank of Scotland Group PLC

38,003,188

30,429,153 SABMiller PLC

37,532,746

30,052,470 Vodafone Group PLC

EUR

HKD

50,187,738

532,562,160 HSBC Holdings PLC

EUR

CHF

Switzerland (4.6%)

33,960,723

41,233,412 ABB Ltd

56,863,162

69,040,409 Nestle SA

60,414,880

73,352,727 Roche Holding AG

17,622,348

21,396,173 Syngenta AG

Robeco N.V. 26

Market value

Market value

EUR

EUR

France (4.6%)

32,017,322

32,017,322 AXA SA

21,301,030

21,301,030 BNP Paribas SA

26,072,245

26,072,245 Pernod Ricard SA

23,187,581

23,187,581 Societe Generale SA

62,973,401

62,973,401 Total SA

EUR

EUR

Netherlands (3.7%)

24,151,922

24,151,922 Akzo Nobel NV

23,975,233

23,975,233 Koninklijke DSM NV

69,355,773

69,355,773 Royal Dutch Shell PLC

15,609,507

15,609,507 Ziggo NV

EUR

EUR Germany (3.4%)

28,244,006

28,244,006 Bayerische Motoren Werke AG

19,938,335

19,938,335 Deutsche Post AG

17,256,310

17,256,310 Henkel AG & Co KGaA Pref

19,594,046

19,594,046 Linde AG

41,954,689

41,954,689 Siemens AG

EUR

NOK

Norway (1.4%)

24,075,036

202,266,418 DNB ASA

29,797,096

250,340,305 Telenor ASA

EUR

EUR

Spain (1.2%)

11,536,400

11,536,400 Applus Services SA

31,733,776

31,733,776 Banco Bilbao Vizcaya Argentaria SA

Market value

Market value

EUR

DKK

Denmark (0.9%)

31,323,519

233,527,800 AP Moeller - Maersk A/S

EUR

SEK Sweden (0.8%)

29,434,299

269,419,493 Boliden AB

EUR

EUR Italy (0.7%)

25,984,946

25,984,946 Telecom Italia SpA

EUR

EUR Ireland (0.4%)

14,023,209

14,023,209 Ryanair Holdings PLC

Far East (8.1%)

EUR

JPY Japan (7.6%)

29,085,146 4,034,160,600

Dai-ichi Life Insurance Co Ltd/The

40,113,941 5,563,873,800 Japan Tobacco Inc

13,092,985 1,816,020,000 JGC Corp

33,540,810 4,652,169,100 KDDI Corp

32,377,703 4,490,844,000 Resona Holdings Inc

38,957,409 5,403,460,800

Sumitomo Mitsui Financial Group Inc

56,645,843 7,856,877,600 Toyota Motor Corp

31,002,890 4,300,155,100 Unicharm Corp

EUR

USD

South Korea (0.5%)

17,650,724

24,166,489 Baidu Inc ADR

Rotterdam, 26 August 2014

The Management Board

Robeco Institutional Asset Management B.V.

L.M.T. Boeren

H.W.D.G. Borrie

R.M.S.M. Munsters

H.A.A. Rademaker

J.B.J. Stegmann

Robeco N.V. 27

Other data

Special controlling rights in accordance with the Articles of Association The ten priority shares in the company’s share capital are held by Robeco Groep N.V. According to the company’s

Articles of Association, the rights and privileges of the priority shares include the appointment of managing directors

and the amendment to the Articles of Association. The Management Board of Robeco Groep N.V. determines how the

voting rights are exercised:

R.M.S.M. Munsters, chairman

L.M.T. Boeren

H.W.D.G. Borrie

H.A.A. Rademaker

J.B.J. Stegmann

Events after balance sheet date

Merger of RIAM, Robeco Securities Lending B.V. and Robeco Direct N.V.

On 2 July 2014, Robeco Institutional Asset Management B.V. (RIAM) was merged with Robeco Securities Lending B.V.

(RSL) and Robeco Direct N.V. (RD). RIAM will continue with the activities of both RSL and RD. These two

aforementioned companies ceased to exist on the same date.

Directors’ interests On 1 January 2013 and 31 December 2013, the directors did not have personal interests in the fund's investments.

Auditors No external audit has been conducted.