Co nte nt s - Fundsquare

Co nte nt s

General information

Report of the Board of Directors

General introduction

Equity sub-funds

Investment results

Performance analysis

Sector equity sub-funds

Investment results


Bond/absolute-return sub-funds

Investment results


Financial statements

Statement of net assets Statement of operations and changes in net assets

Number of shares outstanding

Notes

General

Financial instruments

Summary of significant accounting principles

Other data

I nd e pend en t Auditor's Rep0 rt

Historical survey

Spread of net assets by country and currency

Investment portfolio:

Equity sub-funds

- Robeco Global Equities

- Robeco Global Growth Equities

- Robeco Global Vahe Equities

- Robeco North American Equities

- Robeco US Premium Equities (EUR)

- Robeco US Premium Equities

- Robeco US Midcap Equities

- Robeco US Value Equities

- Robeco European Equities

- Robeco European MidCap Equities

- Robeco European Oppurtunities

- Robeco Mult iManager Asia-Pacific Equities

- Robeco Emerging Markets Equities

- Robeco Emerging Stars Equities

- Robeco Chinese Equities


- Robeco Financials Equities

- Robeco Food E3 Agri Equities

- Robeco Health Care Equities

- Robeco IT Equities

- Robeco Telecom Services Equities

- Robeco Consumer Goods Equities

- Robeco Industrials Equities

- Robeco Energy Equities

- Robeco Property Equities


- Robeco Global Bonds

- Robeco All Strategy Euro Bonds

- Robeco High Yield Bonds

4 5 5

6

7

- Robeco Euro Credit Bonds

- Robeco Euro Credit Single A Bonds

- Robeco Euro Government Bonds

- Robeco Euro Bonds

- Robeco European Currencies High Yield Bonds

- Robeco Investment Grade ABS - Robeco Divirente VaR2

10 - Robeco Divirente VaR4

10

12

13

15

15 23

32

34 34

36 37 61

62 63 65

72 74

75 76 77

78 80 81

82

83 84 85 89 91

92

92

93 94 95 96

97 98 99

100

101

104

108

113

116

118

119

122

125

126 128

Robeco Capital Growth Funds 3

Cen era I Information

Robeco Capital Growth Funds, SICAV Subscriptions and publications (collective investment undertaking incorporated as a

‘Societe d’investissernent a capital variable‘ (SICAV) under

No subscriptions can be accepted on the basis of

financial reports such as this report. Subscriptions may

Luxembourg law) only be accepted on the basis of the current prospectus,

supplemented by the fund’s latest annual report, and in Register of Companies the event that the fund‘s annual report has been published

RCS Luxembourg B 58 959

Registered Office 69, route d’Esch

more than eight months previously, its latest semiannual

report. Financial reports and the prospectus may be

obtained free of charge from the fund’s registered office,

the Custodian and the designated banks.

L-1470 Luxembourg

Board of Directors

Michael Strating, Chairman, Senior Vice President Robeco,

Rotterdam

Frank A. de Boer, General Manager Robeco Institutional

Asset Management B.V., German office, Frankfurt am Main

Stefan F.A. Richter, General Manager Robeco Direct N.V.,

Belgian office, Brussels

General meeting of shareholders The General Meeting of Shareholders will be held on

29 November 2007 at 15:oo hours at the fund’s offices,

69, route d‘Esch, 1-1470 Luxembourg. Shareholders

wishing to attend and vote at the meeting should inform

the Company through RBC DEXlA Investor Services

Bank S.A., 14, Porte de France, L-4360 Esch-sur Alzette,

Luxembourg in writing, by 2 1 November 2007 at the latest.

This report i s also published in Dutch, French, German,

Management Company

Robeco Luxembourg S.A 287-289, route I’Arlon

L-1150 Luxembourg

Independent Auditor

PricewaterhouseCoopers S.a 1.1.

Reviseur d’entreprises

400, route d’Esch

1-1014 Luxembourg

P.0. BOX 1 4 4 3

Custodian and Paying Agent

Administrat ion and Domicil iary Agent

Registrar and Transfer Agent

RBC DEXIA Investor Services Bank S.A.

14, Porte de France

Luxem bou rg

1-4360 Esch-sur-Alzette

Investment Adviser

Robeco Institutional Asset Management B.V.

Coolsingel 1 2 0

NL-3011 AG Rotterdam

Internet: www.robeco.com

Italian, Spanish and Polish. The original English version

is the solely binding version and will be submitted to the

General Meeting of Shareholders.

Representative and paying agent in Switzerland Robeco (Schweiz) AG, Uraniastrasse 12, CH-8001 Zurich,

is the fund’s appointed representative in Switzerland.

Copies of the prospectus, Articles of Incorporation, (semi)

annual reports and a list of all purchases and sales in the

fund‘s securities portfolio during the reporting period are

available f rom the above address free of charge. UBS AG, Bahnhofstrasse 45, CH-8098 Zurich, is the fund‘s paying

agent in Switzerland.

4 Robeco Capital Growth Funds

Report of the Board of Directors

General

Website

We would like to inform you that up-to-date information

about the sub-funds' investment policies, returns, and

portfolios can be found on www.robeco.com.

Name changes sub-funds/share classes

-Effective 2 October 2006, the currency references 'EUR'

and 'USD'that form part of the sub-funds' names have

been deleted with the exception of the sub-fund Robeco

US Premium Equities (EUR), the name of which will

remain unchanged.

-Effective 2 October 2006, the names of the share classes

'B', 'D', 'E', 'I' and 'M' are changed into '6 EUR', '0 EUR', 'E EUR', 'I EUR ' and 'M EUR', with the exception of the share

classes 0, I and M of Robeco US Premium Equities (EUR).

-Effective 1 November 2006 the name of the sub-fund

Robeco European Bonds was changed into Robeco All

Strategy Euro Bonds.

Robeco High Yield ABS and Robeco European High Yield

Bonds were changed into Robeco High Income Bonds

and Robeco European Currencies High Yield Bonds,

respectively.

-Effective 5 October 2007, the name of the sub-fund

Robeco Mult iManager Asia-Pacific Equities wil l be

changed into Robeco Asia-Pacific Equities.

- Effective 17 December 2007, the name of the sub-fund

Robeco North American Equities wil l be changed into

Robeco 130/30 North American Equities.

-Effective 30 April 2007, the names of the sub-funds

Amalgamations

Effective 28 September 2007:

- t h e Class M EUR Shares of the sub-funds referred to under

items 1 to IO below will amalgamate into Class 0 EUR

Shares of the same sub-fund;

1. Robeco Global Equities - Class M EUR Shares

2 . Robeco Mult iManager Asia-Pacific Equities -

3. Robeco European Equities - Class M EUR Shares

4. Robeco European MidCap Equities - Class M EUR Shares

5. Robeco North American Equities - Class M EUR Shares

6. Robeco Financials Equities - Class M EUR Shares

7. Robeco Telecom Services Equities - Class M EUR Shares

8. Robeco Food E7 Agri Equities - Class M EUR Shares

9. Robeco Health Care Equities - Class M EUR Shares

10. Robeco IT Equities - Class M EUR Shares

-the Class M US0 Shares of the sub-fund Robeco US

Class M EUR Shares

Premium Equities will amalgamate into Class D USD Shares of the same sub-fund;

- the sub-fund Robeco US Premium Equities (EUR) (the

"Absorbed Sub-Fund") will amalgamate into the sub-fund

Robeco US Premium Equities (the "Absorbing Sub-Fund"),

Risk management

Risk management i s integrated into the investment

process Systems are in place to control the main risks

(price risk, credit risk and liquidity risk) on a continuous

basis In addition, checks on risk levels are carried out by an

independent risk-management department with separate

reporting lines to senior management

General introduction

Continued strong growth

This past year has been a very good one for the world

economy. Global economic growth amounted to more

than 5%. The Chinese and Indian economies grew at such a rapid pace that the risk of overheating increased

towards the end of the period under review. Economic

growth in the emerging economies in general was also

brisk, while growth in the euro zone maintained its upward momentum. In order to maintain price stability in

the medium term, the European Central Bank increased

interest rates several times and, by the end of the second

quarter of 2007, these had reached the 4% level. The

Japanese economy continued its recovery, although the

problem of falling prices (deflation) has proved to be a more persistent one than previously expected. Prices

are now falling again, albeit very modestly. The Bank of

Japan has abandoned its zero-interest-rate policy and has

twice hiked interest rates bringing them up t o the still very

low level of 0.5%. US economic growth was moderate

over the past year. As a result of the delayed impact of the step-by-step tightening of monetary policy, f rom an

interest-rate level of 1% up to 5.25%, the housing-market

boom came t o an end. Construction volumes fell and

residential-housing prices also started to decline. The

direct impact on growth was around 1 percentage point.

Growth slowed down from around 3.5% to around 2-2.5%.

Unemployment remained low during the period under

review and household consumption held up well. Inflation

turned out t o be rather persistent, but on balance core

inflation, which excludes food and energy prices, came

down gradually. The Fed (the US central bank) has kept

interest rates on hold at 5.25% since June last year.

Returns o n bonds under pressure The probability of further interest-rate hikes by many

central banks around the world provided a difficult

environment for bond markets. Long-term yields increased,

gradually at first but then at times with some volatility. At

the end of the second quarter, long-term yields increased

sharply. It has to be kept in mind, however, that yields had

been unusually low for some time, and long-term yields

in the United States and Europe had therefore reached a reasonable level by the end of the second quarter of this

year despite this sharp increase. In Japan, however, bond

yields remained very low.


Equity sub-funds

Corporate bonds outperformed government bonds, fuelled

macro-economic environment. Investors’ risk appetite was

high and this was illustrated by a willingness to finance

companies with a weak credit profile.

by strong equity markets and the continuing positive Investment results

Price as at Price as at Return in 96

30/06/2007 30/06/2006 o ~ / o ~ / z o o s -

Outlook for fixed-income markets

Now that long-term yields have reached more sustainable

levels in Europe and the United States, bond markets have

become more attractive than they have been over the past

few years. Yields have become higher and interest-rate

expectations have changed. A further increase in interest

rates can not be completely ruled out, but the probability

of this occurring has diminished, and the likelihood of a

decline in bond yields has increased. In other words, the

probability of lower bond prices has declined, while the

probability of higher bond prices has increased.

The prospects for corporate bonds are mixed. Companies

are putting more debt on their balance sheets, which, in

time, will lead to weaker credit metrics. However, as long

as global economic growth remains strong, this credit

deterioration will only be gradual and spreads can stay

tight for a while.

Good year for equity markets

Favorable global economic developments have provided

a strong stimulus for equity markets worldwide. The

raging mergers and acquisitions boom gave stock prices

an additional boost, particularly in the United States and

Europe. At the end of February/beginning of March there

was a short-lived, but rather sharp correction, triggered by

declines in the local Chinese equity markets. The markets

rebounded quickly and stock prices soon exceeded the

levels seen before the correction.

Outlook for equities

Over the past few years, equity markets have benefited

f rom a combination of low interest rates, very strong profit

growth and a large number of mergers and acquisitions

It is likely that bond yields will move sideways from the

current higher levels and that profit growth wil l decelerate

further, no longer reaching the highs recorded in the recent

past The boom in mergers and acquisitions may also lose momentum Smce most markets’ valuations have become

less favorable after the rate hike, one must be prepared

for stock prices to increase only moderately, while the

possibility of temporary corrections cannot be ruled out

Robeco Global Equities

0 EUR shares

DH EUR shares

M EUR shares

MSCl World Index (net return) ...............................

Robeco Global Growth Equities

0 EUR shares

Citigroup World Growth Primary Market ...............................

Robeco Global Value Equities

B EUR shares

D EUR shares

I EUR shares

M EUR shares

PH PLN shares

MSCl World Value Index (net return) ...............................

Robeco North American Equities

D EURshares

D USD shares

I EUR shares

M EUR shares

MSCl North America Index (net return) ...............................

Robeco US Premium Equities (EUR)

D shares

I shares

M shares Russell 3000 Value Index (hedged into E ...............................

Robeco US Premium Equities

D US0 shares

I USD shares

M USD shares

Russell 3000 Value Index ...............................

Robeco US MidCap Equities

D USD shares

DH EUR shares

I USDshares

Standard 6 Poors 400 Mid Cap Index ...............................


0 EUR shares

DH EUR shares

M EUR shares

MSCl World Index (net return) .......................................


0 EUR shares

Citigroup World Growth Primary Market Index .......................................


B EUR shares

D EUR shares

I EUR shares

M EUR shares

PH PLN shares

MSCl World Value Index (net return) .......................................


D EURshares

D USD shares

I EUR shares

M EUR shares

MSCl North America Index (net return) ................................


D shares

I shares

M shares Russell 3000 Value Index (hedged into EUR) .......................................


D US0 shares

I USD shares

M USD shares

Russell 3000 Value Index .......................................


D USD shares

DH EUR shares

I USDshares

Standard 6 Poors 400 Mid Cap Index

Robeco US Value Equities

D USD shares

I USD Shares

Russell 1000 Value Index

.......................................

........................................


D USD shares

I USD Shares

Russell 1000 Value Index ...............................

.......

Index

.......

. - .

.......

- . . . . 3 0 10 6 / 2 0 0 7

44 59 100 00

44 12

.............

128 86

.............

1 2 1 57 126 51

106 16

100 00

100 00

............

41 49 130 00

114.86

43 57

............

131.25

101 78

100 00

.............

102 a7

103 55 100 00

.............

100 00

100 00

100 00

.............

100.00

100 00

.............


-".-- Performance analysis Investment results


The fund realized an outperformance, mainly due to good

stock selection The fund strives for a stable performance

relative to its benchmark. Over the last year, the fund has

accomplished this mission.

Growth in corporate earnings wil l slow, as companies

have reached peak margins and wil l start to invest more in

capital goods and personnel. The valuation of worldwide

equity markets is still modest. With decent growth, modest

valuations but slowing earnings, equity markets are

expected t o record positive returns in 2007. Risk is building

up, however, and with higher long-term and short-term

interest rates, the valuation case is less compelling than it

has been unti l recently.


Robeco Global Growth Equities had a good year, though

its overall return was held back by the weak US dollar

and Japanese yen. The fund performed in line with its

benchmark. Stock selection was strong in the sectors

energy, health-care and consumer-staples sectors. Its

exposure to emerging markets also helped performance.

Heavy exposure to Japan was a negative factor as

financials, in particular, fell back substantially. Growth

stocks underperformed slightlyfor the seventh consecutive

year, as investors have bid up cyclicals t o what we believe

are excessive levels Health care has become very cheap as a sector, while technology stocks are making a comeback


Shareholders in Robeco Global Value Equities enjoyed

another very good year. The global stock markets had a great run, and value once again beat growth. Materials

was the top-performing sector on the back of the

commodities boom. The strong euro (versus the US dollar

and the Japanese yen) prevented the fund from reporting

an even better return. The same was true for the weak

performance of the financials sector (both banks and

Price as at Price as at Return in %

30/06/2007 30/06/2006 01/07/2006-

30/06/2007

Robeco European Equities D EUR shares

M EUR shares

MSCl Europe Index (net return)

37 68

49 75

..........___.. ........................................

Robeco European MidCap Equities

D EUR shares

M EUR shares

DJ Stoxx Europe Small 200 Index

79.11

84 29

.......................................

Robeco European Opportunities

D EUR shares 100 00

I EUR shares ---._..._._-..- 100 00 ........................................

Robeco MultiManager Aria-Pacific Equities

D EUR shares 76.03

74 19

I EUR shares 140 20

M EUR shares

60% MSCl Asia-Paci f ic ex Japan G 40% T o p i x Japan Index

Robeco Emerging Markets Equities

D EUR shares 96 63

D USD shares 100 00

I EUR shares 164 02

......._..._.._ .______._... . ._..__________._... . . . .___

M EUR shares 75 00

P PLN shares 100.00

IFC Composite Index (net return)

Robeco Emerging Stars Equities

D EUR shares 100 00

........................................ -._....._____..

........................................ .._._..__..-_..

Robeco Chinese Equities

D EUR shares 26 96

MSCl 10/40 World China Index (net return) . - . . - -~ _....._...... _ _ ._.._.. ~ ..... _ " _ . . . -. . . . . . . . - - _ _ _ I ~" ~ ~ _ _ insurance lagged). Stock picking was good, in materials

Assuming reinvenment of :he dividend dmbuted. See me Other Data on page 61

Relates to the pernod 3 Notember 2006 - 30 June 2007

Relates to the perlod 3 September 2006 - 30 June 2007.

Relates to the period 2 Octaber 2006 - 30 June 2007

Relates to the period 16 Omber 2006 - 3G June 2007

Relates to the perrod 16 November 2006 - 30 June 2007.

Relates to the period 3 July 2006 - 30 June 2007

Relates to the perlod 17 Ocober 2006 - 30 June 2G07

Relates to the period 27 Apnl 2007 - 30 June 2007. Relate5 to the pemd 20 November 2006 - 30 June 7007

and technology in particular.


The fund underperformed for the year ending June 2007

Our proprietary stock-selection model provided a modest

positive contribution. The momentum factors and share

buyback factors very modestly helped performance, while

the valuation factors made a strong positive contribution

The technology-sector model made a very modest negative

contribution

Despite a positive contribution f rom the stock selection

model, the specific stocks selected for the portfolio led

to underperformance The stocks making the strongest

positive contribution to performance were Hewlett Packard

Robeco Caoital Growth Funds 7

(HPQ), Alcan (At) and A T b T Inc (T). The stocks hurting

performance the most were Office Depot (ODP), Advanced

Micro Devices (AMD) and Motorola (MOT).

Robeco US Premium Equities (EUR) / Robeco US Premium Equities Robeco US Premium Equities (EUR) / Robeco US

Premium Equities kept pace with a strong US equity

market in the year ending June. The fund's stock

selection outperformed the benchmark in the major i ty

of economic sectors. We have selectively upgraded

port fo l io quality wi thout sacrificing valuation. Our

investments in the insurance, technology and consumer

areas reflect these efforts and helped lead relative

performance. Although our health-care positions'

returns generally underperformed their potential, their

compell ing valuations and profitabil ity characteristics

have helped t o position the port fo l io for favorable

prospective performance.

Robeco US MidCap Equities The fund underperformed its benchmark for the year

ending June 2007. Our proprietary stock selection

model provided a very modest positive contribution.

The momentum factors made a very modest positive

contribution, while the valuation factors made a significant

positive contribution.

Despite a positive contribution f rom the stock selection

model, the specific stocks selected for the portfolio led

to underperformance. The stocks making the strongest

positive contribution t o performance were Precision

Castparts (PCP), MEMC Electric Materials (WFR) and

Cummins (CMI). The stocks hurting performance the most

were Alaska Air Group (ALK), Mentor (MENT) and Ryder

System (R).

Robeco US Value Equities In the two months since the inception of Robeco US Value

Equities, the fund has generated strong relative returns.

The biggest contributor to the positive performance came

from the technology sector, where the fund was helped

not only by a significant overweight relative to the Russell

1000 Value Index but also by very strong stock selection in

this sector. The best performing technology stocks in the

portfolio included International Business Machines, CGI

Croup, Harris and Nokia. The fund's performance was also greatly helped by very modest exposure to the RElT and

uti l i ty sectors, which were the t w o worst performing sectors

in the Russell 1000 Value Index for this period. As we enter

the second half of 2007, we continue to take advantage

of the tremendous compression in valuations that exists in

the US equity marketplace. This allows us to upgrade the

quality characteristics of the portfolio without having to

pay premium valuations.

Robeco European Equities This reporting period has been the fourth consecutive year

wi th double-digit returns for European stocks; this t ime

the MSCl index was up by 25.4%. Robeco CCF European

Equities has not been able to beat the index due t o

unfortunate stock selection among utilities and consumer

stocks.

Having n o positions in Spanish utilities (all rumored to be takeover targets), combined with our position in British

Energy, which had to shut down several nuclear-power

stations for safety reasons was not the right call.

Robeco European MidCap Equities The European economies have done well again in

2006/2007, and the improved economic-growth

forecasts had a significant impact on European midcap

performance, as midcaps have a more domestic bias: more

specifically, we increased our exposure t o Germany and

the Netherlands, as recovering economies lead t o high

earnings growth.

Our overexposure to cyclical stocks, such as industrial and construction-related companies, contributed significantly

t o the performance of the fund. The oil-services sector also

made a positive contribution and is still overrepresented as

i t continues to offer good growth prospects. The fund has

been avoiding interest-rate-sensitive names.

The fund showed very strong returns over the year, even

though i t underperformed its benchmark. Overall, we still

see positive developments ahead, as midcaps still offer

growth potential that provides some long-term support.

Robeco European Opportunities This fund was launched on 20 November 2006 when the

existing investment portfolio o f the Robeco Institutional

European Opportunities Fund was transferred to CCF Robeco European Opportunities.

The construction of this investment portfolio is not based

on an index; only the fund manager's very best 30-55

European equity-investment ideas will be included in the

portfolio. The fund has benefited significantly from investing

in undervalued and undiscovered European stocks.

Robeco MultiManager Asia-Pacific Equities In August 2006, value manager Maple-Brown Abbott

(MBA) was added to the fund to complement the growth-

oriented managers in the Pacific Basin and secure further

asset growth. Despite a relative underweight to China and

a slight underperformance versus the benchmark, the

fund's performance compared favorably with peers. Most

added value, as well as the positioning at fund level, was

derived from stock selection. Japan focused managers such

as JF benefited f rom domestic growth, while Bernstein

performed well with largecap export stocks.



The emerging equity markets have enjoyed a stellar

performance over the last twelve months. The benign

macro economic situation across the globe helped

kindle the appetite for emerging assets. The strong

macroeconomic performance in China and India stood

out in particular and this has been a strong driving force

behind equity prices in the region and in countries such

as Russia and Brazil. These countries are resource-rich and

their exports to Asia skyrocketed. The emphasis in the fund

has been on emerging Asia and Brazil. Countries such as

Mexico and Russia have also had a substantial weight.

Performance lagged the benchmark, mainly because the

fund was underweight in smallcaps and midcaps, while i t

has a largecap bias, and i t was the smallcap and midcap

segment that showed the best performance.


Robeco Emerging Stars Equities was launched in

November. It focuses exclusively on the most attractive

countries and stocks within emerging markets. The

fund invested around 50% in Brazil and Korea, which

both combine attractive valuations wi th solid economic

prospects. Other large positions were in China, Taiwan

and Mexico, complemented by a few stocks f rom other

emerging markets. Performance was very strong due to high returns in Brazil and successful stock selection in

almost all countries.

Robeto Chinese Equities

Robeco Chinese Equities generated a remarkable return

in both absolute and relative terms. The Chinese economy

continued to grow a: more than io% p.a. in the last

quarters. Exports and capital expenditure continued to

grow at the same strong rate, while domestic consumption

also took off. Benefiting f rom this strong economic growth,

many Chinese companies significantly improved their

profitability and investors also reaped the rewards. Many

initiatives of the 11 th five-year program were successfully

implemented and there are more on the way. These

initiatives wil l improve the long-term sustainability of Chinese economic growth.

Robeco Capital Growth Funds q


_" I"-


Robeco Financials Equities

In the 2006/2007 fiscal year, Robeco Financials Equities

underperformed its benchmark. Stock selection had a positive contribution to the performance, but could not

offset the negative impact f rom country and subsector

selection Over the past 12 months, several mergers

and acquisitions have been announced and the MbA cycle remains very strong. This, and the positive market

environment overall, was very beneficial for investment

banks The fund was overweight in this sector. Within the

emerging markets, wealth is increasing at a rapid pace,

which leads to an exponential need for financial products.

The fund's performance benefited f rom being overweight in

Investment results


30/06/2007 30/06/2006 O ~ / O i ' / ~ O O 6 -

3 0 / 0 6 / 2 0 0 7

Robeco Finanrials Equities

D EUR shares 55 02

M EUR shares 110 84

MSCI World Financials Index (net return) ............... ........................................

Robeco Food G Agri Equities

0 EUR shares 49 38 M EUR shares 106 0 1

MSCI 10/40 World Consumer Staples Index

........................................ (net return) .............. emerging-market banks.

Robeco Health Care Equities

D EUR shares

M EUR shares 88.02

MSCI 10/40 World Health Care Index (net return)

Robeco IT Equities

....................................... M EUR shares

Robeco Telecorn Services Equities

Robeco Food 8 Agri Equities

Robeco Food b Agri Equities again showed a strong

outperformance in 2006-2007. As the fund i s driven by

bottom-up stock picking, individual stock selection was

responsible for most of the outperformance. The fund

profited from the stock picks in tobacco, a subsector which

enjoys pricing power and has benefited from Merger

bAcquisitions. Other overweights were the theme emerging-

market consumption growth, and the sub-sectors personal

care (due to its pricing power) and agricultural processors

that benefit from the biofuel boom. The risk budget is

allocated almost entirely to stock selection


During the year, Robeco Health Care Equities outperformed

its benchmark. The outperformance was the result

of subsector allocation, regional allocation and stock

selection. In terms of subsector allocation, the overweight

position in health-care equipment and health-care services,

and the underweight in pharmaceuticals had a positive

effect. The regional allocation benefited mainly f rom the

overweight position in emerging markets. Apart f rom

this, stock selection within subsectors and regions also

49.70

............... .......................................

D EUR shares 3 1 44

............. 34.80

D EUR shares 33 3 1

M EUR shares 47 24

MSCl 10/40 World Telecom Index (net return)

Robeco Consumer Goods Equities

........................................ MSCl World Consumer Discretionary Index (net return)

Robeco Industrials Equities

D EUR shares

MSCI 10/40 World Industrials index (net return)

Robeco Energy Equities

D EUR shares 93 48 contributed positively to the performance. MSCl 10/40 World Energy index (net return)

Robeco Property Equities

0 EUR shares

I EUR shares

....................................... Citigroup World Property Index ............... -. _ _ by strong secular growth, a dominant market position and

After a long period of digesting the excesses of the Internet

bubble, the fund managers believe that the technology

sector is ready for a new period of expansion The coming

years will mark the transition f rom client/server-based

technologies to network-centric computing This will result

in profound changes affecting all companies that are active

in the technology sector.

............... ........................................

D EUR shares 5 1 68

...............

46 42

............. ........................................

.............. ........................................ Robeco IT Equities

The fund's investment policy is aimed at selecting winners

within the different segments of the information-technology

sector. The companies that are selected are characterized

io0 89

97 33

return on invested capital well above the cost of capital I

io Robeco Capital Growth Funds

Technology stocks actually performed very well during

the latter half of 2006 and started to weaken at the end

of January. The correction that followed was quite short-

lived, however. As expectations wi th regard to the outlook

for US economic growth began to rebound, technology

stocks started t o rise again. Most of the performance of

the fund came from our overweight in emerging markets

and our underweight in the Japanese technology names.

Stock selection was positive and most performance was

attributed to selection in the Internet, computer hardware

and networking subsectors.

Robeco Telecom Services Equities

Robeco Telecom Services Equities performed more or less in line with its benchmark. The fund's focus was on telecom

companies with strong top-line growth and stable or improving margins. The fund had an overweight position in mobile operators in emerging markets (where penetration

is very low, but rising rapidly) and in innovative fixed-line

companies ( that benefit f rom lower-cost bases or benign

regulation). The fund had an underweight position in

telecom operators in developed countries which continue

to suffer f rom top-line and margin pressure.


The fund outperformed its benchmark (the MSCl World

Consumer Discretionary Index) by a wide margin (8,5%). The fund realized a strong performance despite strong

macroeconomic headwinds from high oil prices, rising

interest rates and falling consumer confidence in the US. The fund benefited f rom a focused strategy of investing in high-growth areas, including Internet-advertising-driven

media stocks, and in companies benefiting f rom new

product cycles, such as the growth in computer games as a result of the new game-console cycle (Nintendo Wii, Xbox

360 and Sony PS3). The fund also benefited f rom investing

in the fast-growing Chinese consumer-goods companies,

especially in the gaming and media sectors.

Robeco industrials Equities Although the US GDP has decelerated over the last

quarters, the global growth environment remains healthy

and corporate profits remain strong. The industrials sector

benefited f rom solid investment demand in the oil and gas

industry and in mining, infrastructure and construction

companies. As the capital-expenditure boom in emerging

markets continues, earnings growth in this sector is

accompanied by further margin expansion and higher

returns on equity. The fund has significant holdings in Tyco,

SPX and Volvo, and these stocks contributed to procuring a

strong performance for our shareholders.


The fund outperformed its benchmark over the year Oil

prices declined from their summer highs in late 2006, but

rebounded strongly to just over US0 70 in early 2007, as

global oil demand remains strong and supply is coming

in slower than expected Geopolitical tensions also keep

a floor under oil prices As spending to bring new oil and

gas production on stream keeps growing, the fund remains

ti l ted towards service and equipment providers, as well as

contract drillers


Robeco Property Equities showed strong returns over

the reporting period. Real-estate stocks in Singapore,

Hong Kong and Australia performed best, driven by rising

land prices and positive rent revisions. The more mature

markets in Japan, the United States and the United

Kingdom lagged the global property market, because of

their unattractive valuations. During the reporting period,

the fund was overweight in the Asia-Pacific region and

underweight in the united States. Within Europe, the

emphasis has shifted towards the upcoming RElT markets

in Italy and Germany.


Bond/absoIute-return su b-funds

Investment results

Robeto Global Bonds

B EUR shares

D EUR shares

E EUR shares

P PLN shares

Lehrnan Global Aggregate Index Hedged into EUR .......................................

Robeto All Strategy Euro Bonds

0 EUR shares

I EUR shares

Z EUR shares

Lehrnan Euro Aggregate Index

Hedged into EUR .......................................

Robeco High Yield Bonds

0 EUR shares

E EUR shares

I EUR shares

M EUR shares

P PLN shares

Z EUR shares

Lehrnan Brothers US Corporate High Yield G

PanEuro High Yield 2.5% Issuer Cap Index

Hedged into EUR ...................................

Robero Euro Credit Bonds

0 EUR shares

I EUR shares

Lehrnan Euro Corporate Bond Index .......................................

Robero Euro Credit Single A Bonds

0 EUR shares

I EUR shares

Lehman Euro Corporate ex BBBs Index .......................................

Robeco Euro Government Bonds

0 EUR shares

I EUR shares

2 EUR shares

Lehman Euro Aggregate Treasury Index ................................. ......

Robeco Euro Bonds

D EUR shares

E EUR shares

I EUR Shares

Z EUR shares

Lehrnan Euro Aggregate Index ......................................

Price as at Price as at Return in 96 30/06/2007 30/06/2006 01/07/2006-

30/06/2007

...............

96 05

63 48

98 62

100 00

.............

62.07

100 00

100 00

.............

70.39

99 98

101 13

69 57 100 00

100 00

............

99 23 100.13

............

99.50 100 42

............

100 40

101 39

100 00

.............

100 00

100 00

100 00

100 00

..............

12 Robeco Caoital Growth Funds

~ ____ ____

Investment results Performance analysis

Robeco European Currencies High Yield Bonds

D EUR shares

I EUR shares

Z EUR shares

Lehman Euro Aggregate Treasury index .................................

Robeco Investment Grade ABS

D EUR shares

I EUR shares

lehman Euro Floating ?ate ABS Index

Robeco Divirente VaR2

D EUR shares

E EUR shares

I EUR Shares

Z EUR shares

Merrill Lynch Euro Currency Libor Overnight

Index (EONIA)

.................................

.................................


D EUR shares

E EUR shares

I EUR shares

Merrill lynch Euro Currency Libor Overnight

Index (EONIA) .................................


30/06/2007 30 f 06 12006 OX/O7f 2006-

30/06/2001

101.72

102.15

100 00

........

100 00

100 00

........

100 00

100.00

100 00

100 00

........

100 00

100 00

100 00

........

Arrummg reinvestment ofthe d i d e n d See the Other Data on page 61

Relates to the period 2 Ocober 2006 - 30 June 2007.

Relater to the period 25 May 2007. 30 June 2007

Relates to fhe period 4 June 2007 - 30 lune 3007 Relates to the period 20 November 2006 - 30 June 2007

Relater to the perlod 3 November 2006 - 30 June 2007

tehman Pan-European Aggregate Index (hedged into EUR) for the period 1 .uly 2006 31 October 2006 and Lehman Euro Agqre

gate Index (hedged into FUR) for the period 1 Navember 2006 30 June 2007

Robeco Global Bonds The portfolio has been positioned to profit from a rise

in interest rates during most of the reporting period.

While in the last half of 2006 this resulted in some

underperformance, this was more than compensated in

the first half of 2007, as global interest rates increased

significantly. The portfolio also successfully anticipated a decline in the yield differential between the US and the euro

zone as the divergence in growth momentum and monetary

policy between the t w o blocs continued. Unfortunately our

active strategies did not generate enough outperformance

to compensate for fees.

Robeco All Strategy Euro Bonds The portfolio has been positioned t o profit f rom a rise in

interest rates in the euro zone during most of the reporting

period. While in the last half of 2006 this resulted in some

underperformance, this was more than compensated in the first half of 2007, as global interest rates increased

significantly. The portfolio has had less credit exposure than

the benchmark, which added some performance in the

second quarter of 2007. We preferred Tier 1 bonds issued

by banks and insurance companies over non-financial

companies. Unfortunately our active strategies did not

generate enough outperformance to compensate for fees.

Robeco High Yield Bonds The reporting period was very positive for the high-yield

bond market, driven by strong corporate earnings, a benign

macroeconomic environment and low default rates. Only

recently have worries about rising interest rates and the

US mortgage market led to an increase in volatility and

rising spreads. Apart from taking outspoken positions in

specific issuers, the fund employed a range of uncorrelated

strategies. We actively steered overall market exposure

with a bias towards a defensive positioning, we set up a number of long-short strategies in individual issuers using

credit-default swaps, and we invested off-benchmark in

sectors such as European asset-backed securities and project

financing in the Norwegian oil-service sector.

Robeco Euro Credit Bonds The portfolio's risk sensitiveness to the credit market was

actively managed during the reporting period. In the

second half of 2006 we chose a defensive stance towards

the market, followed by an overweight position during most

of 2007. Furthermore, we successfully applied relative-

value trades and implemented outspoken investment views

on specific issuers using credit-default swaps. We kept our

overweight position in subordinated financials. On balance,

the performance versus the benchmark was negative.

Robeco Capital Growth funds 13

Robeco Euro Credit Single A Bonds During the reporting period we scaled back our active credit

overweight as the compensation for credit risk decreased

significantly. Although the economy was performing solidly,

we saw credit risks increasing. Companies increased leverage

with funded share buybacks, mergers and acquisitions.

We added value by benefiting from the performance of

our overweight and preferred bonds issued by banks and

insurance companies over non-financial companies. The

environment of rising interest rates caused by a stronger

economic growth in the Euro-zone was an important

offsetting factor in the total return.


The portfolio has been positioned to profit f rom a rise

in interest rates during most of the reporting period.

While in the last half of 2006 this resulted in some

underperformance, this was compensated to some

extent in the first half of 2007, as interest rates in the

euro zone increased significantly. Furthermore, Robeco

Euro Government Bonds fund held several money-market

positions, anticipating rate hikes by the ECB. These money-

market positions contributed positively to the performance

of the fund.

Robeco Euro Bonds The inception date for this fund was 25 May 2007. The

portfolio has been positioned to profit f rom a rise in

interest rates in the euro zone since then. This resulted in an outperformance against the benchmark, as euro bond

yields increased significantly in June.


The reporting period was very positive for the high-yield

bond market, driven by strong corporate earnings, a

benign macroeconomic environment and low default rates

Only recently have worries about rising interest rates and

the US mortgage market led to an increase in volati l i tyand

rising spreads. Apart f rom taking outspoken positions in

specific issuers, the fund employed a range of uncorrelated

strategies. We actively steered overall market exposure

with a bias towards a defensive positioning, we set up a

number of long-short strategies in individual issuers using

credit-default swaps, and we invested off-benchmark in

sectors like European asset-backed securities and project

financing in the Norwegian oil-service sector.

Robeco Investment Grade ABS We have been overweight on risk sensitiveness to the

ABS market since the inception date (20 November

2006) as a result of our overweight in subordinated

paper (underweight AAA bonds) The resulting positive

carry difference has contributed positively to the relative

performance Recent concerns about the contagiousness

of the US mortgage-market crisis had a slightly negative

effect on our sector overweight in the UK non-conforming

mortgage market, but was mitigated by our underweight

in Spanish mortgages. Issue selection contributed

positively to the performance. On a net basis the overall

performance was slightly lower than the ABS benchmark.

Robeco Divirente VaRz

The inception date for this fund was 25 May 2007.

The sub-fund has pursued a well-diversified range of

active strategies to create performance in excess of

cash. The outperformance since inception came from

duration positions anticipating higher yields in the main

government-bond markets, the country-allocation position

anticipating a decline in the yield difference between the

euro zone and the US, and credit strategies.


The sub-fund has pursued a well-diversified range of

active strategies to create performance in excess of cash.

Positive contributions in the reporting period came from

duration positions anticipating higher yields in the main

government-bond markets, the country-allocation position

anticipating a decline in the yield difference between

the euro zone and the US, the allocation to asset-backed

securities and subordinated financials, currency positions

and credit strategies in individual issuers. Yield-curve

strategies contributed negatively to the performance.

Luxembourg, 26 October 2007

The Board of Directors


Financial Statements

Statement of net assets In EUR x thousand Robeco Capital Robeco Robeco Robeco

Growth Funds Global Global Growth Global Value

investment portfolio at market value Deposits and other cash Unrealized gains on forward exchange transadions Unrealized gains on financial futures Unrealized gains on equity swaps Unrealized gains on interest.rate swaps Unrealized gains on credit-default swaps Options purchased at market value Other assets Total assets ..............................

Bank loans/overdrafts Unrealized losses on forward exchange transactions Unrealized losses on financial futures Unrealized losses on equity swaps Unrealized losses on interest-rate swaps Unrealized losses on credit-default swaps Unrealized losses on forward purchases of mortgaged-backed securities Options sold at market value Other liabilities Total liabilities Total net assets

.................................

.................................

Net asset value per B EUR share Net asset value per D EUR share Net asset value per OH EUR share Net asset value per I EUR share Net asset value per M EUR share Net asset value per PH PLN share

30/06/2007

Consolidated

30/06/2006

7,631,650 161,426

13,027 3,168

467

274 2,769

97,619 7,910,400

41,539 589

99

310

791 603

33,936 77,867

7,a32,s33

Equities

30/06/2006

81,001 761

59 -

468 82,289

256 308

81,981

Equities

30/06/2007 30/06/2006

5,979 125

-

-

-

- - -

107 6,211

- - -

-

- -

-

-

161 161

6,050

- 128.86 -

- - -

30/06/2007

Equities

57.110

121.57 126.51

106.16

-

- -

The accompanying notes set out on page 34 to 60 inclusive form an integral pan of the financial statements set out on pages 15 to 33 inclusive


Investment portfolio a t market value Deposits and other cash Unrealized gains on forward exchange transadions Unrealized gains on financial futures Unrealized gains on equityswaps Unrealized gains on interest-rate swaps Unrealized gains on credit-default swaps Options purchased at market value Other assets Total assets .......................................

Bank loans / overdrafts Unrealized losses on forward exchange transadions Unrealized losses on financial futures Unrealized losses on equity swaps Unrealized losses on interest-rate swaps Unrealized losses on credit-default swaps Unrealized losses on forward purchases of mortgaged-backed securities Options sold at market value Other liabilities Total liabilities Total net assets

.......................................

.......................................

Net asset value per D EUR share Net asset value per D USD share Net asset value per DH EUR share Net asset value per I EUR share Net asset value per I US0 share Net asset value per M EUR share Net asset value per M USD share

1 The refermce currency 8s the US dollar

; 0 share

I share

M snare.


Statement of net assets In EUR x thousand Robeco Robeco Robeco Robeco

US Value European European MidCap European

Equities' Equities Equities Opportunities

30/06/2006 30/06/2007 30/06/2006 30/06/2007 30/06/2006 30/06/2006 30/06/2007

264,023 5,323

-

Investment portfolio at market value Deposits and other cash Unrealized gains on forward exchange transactions Unrealized gains on financial futures Unrealized gains on equity swaps Unrealized gains on interest-rate swaps Unrealized gains on credit-default swaps Options purchased at market value Other assets Total assets - - - . - -~------ ._. . . . ._._._._. ._. 2.927

272,273

Bank loans/ overdrafts Unrealized losses on forward exchange transactions Unrealized losses on financial futures Unrealized losses on equity swaps Unrealized losses on interest-rate swaps Unrealized losses on credit-default swaps Unrealized losses on forward purchases of mortgaged-backed securities Options sold at market value Other liabilities Total liabilities Total net assets

. . . - . . . . . . . . . .

- 797 797

1.634 1.965 .- -

1,184,431 271,476

Net asset value per D EUR share Net asset value per D USD share Net asset value per I EUR share Net asset value per I USD share Net asset value per M EUR share

37.68 - - -

49.75

' The reference currency IS the US dollar

Robeco Capital Growth funds 17

Statement of net assets In EUR x thousand Robeco

Chinese

Eauities

Unrealized losses on equity swaps Unrealized losses on interest-rate swaps Unrealized losses on credit-default swaps Unrealized losses on forward purchases of mortgaged-backed securities Options sold at market value Other liabilities Total liabilities Total net assets

.................................

.................................

Net asset value per D EUR share Net asset value per D USD share Net asset value per I EUR share Net asset value per M EUR share Net asset value per P PLN share

- . . 801,258 36,121

1,555

I

-

12,812 851.746

1,555 117 -

4,608 6,280

845,466

76.03 -

140.20 74.19

-

Robeco MultiManager Robecn Robeco

Asia-Pacific Emerging Markets Emerging Stars

Equities Equities Equities

30/06/z007 30/06/2006 30/06/2007 30/06/2006 30/06/2007 30/06/2006 30/06/2007 30/06/2006

investment portfolio a t market value Deposits and other cash Unrealized gains on forward exchange transadions Unrealized gains on financial futures Unrealized gains on equity swaps Unrealized gains on interest-rate swaps Unrealized gains on credit-default swaps Options purchased at market value Other assets Total assets

Bank loans / overdrafts Unrealized losses on forward exchange transactions Unrealized losses on financial futures

........................................

1,688,008 - - -

3,159 -

- - - -

- -

- -

- -

13,237 1,704,404

36,426 -

-

-

-

-

-

-

5,280 41,706

1,662,698

96.63

164.02 75.00

-

-

12 7,s 9 8 899 206 114

- - - -

1,201 130,318

-

-

-

-

- -

-

-

228 228

130,090

26.96 - - - -


~ ~


Equities Equities Equities Equities

Financial5 Food b Agri Health Care IT

30/06/2007 30/06/2006 30/06/2007 30/06/2006 30/06/2007 30/06/2006 30/06/2007 30/06/2006

Investment portfolio at market value 129,373 47,654 144,968 85,342 Deposits and other rash 203 707 2,087 1,126 Unrealized gains on forward exchange transactions 2 52 Unrealized gains on financial futures Unrealized gains on equity swaps 467 - Unrealized gains on interest-rate swaps - - -

Unrealized gains on credit-default swaps Options purchased at market value 2,769 Other assets 723 167 317 353

86,873 150,610

Bank loans /overdrafts - - - -

Unrealized losses on financial futures - - - - Unrealized losses on equity swaps - - - - Unrealized losses on interest-rate swaps - - - Unrealized losses on credit-default swaps - - - unrealized losses on forward purchases of mortgaged-backed securities - - - -

Options sold at market value - - - - Other liabilities 210 84 1,090 1,419 Total liabilities 260 129 1,090 1,419

- -

- - - -

- - -

- - - -

- - - , ........................................... Total assets 130,299 48,528

Unrealized losses on forward exchange transactions 50 45 - -

-

-

...........................................

........................................... Total net assets 130,039 48,399 149,520 85,454

Net asset value per 0 EUR share 55.02 49.38 49.70 31.44 Net asset value per M EUR share 110.84 106.01 88.02 34.80

In EUR x thousand Robeco Robeco Robeco Robeeo

Telecom Services Consumer Goods Industrials Energy

Equities

30/06/2007 30/06/2006 ~0/06/2007 30/06/2006 30/06/2007 30/06/2006 30/06/2007 30/06/2006

Investment portfolio at market value 48,513 19,475 13,190 152,679 Deposits and other cash 526 157 - - Unrealized gains on forward exchange transadions 44 Unrealized gains on financial futures - - - -

Unrealized gains on equityswaps - - - - Unrealized gains on interest-rate swaps - - - -

Unrealized gains on credit-default swaps - - - -

Options purchased at market value - - - - Other assets 448 39 133 1,542

Equities Equities Equities

- - -

.......................................... Total assets 49,487 19,671 13,323 154,265

Bank loans / overdrafts 10 1

Unrealized losses on forward exchange transadions 1 45 -

- -

-

Unrealized losses on financial futures - - - -

Unrealized losses on equtyswaps - - - - Unrealized losses on interest-rate swaps - - - - Unrealized losses on credit-default swaps - - - -

Unrealized losses on forward purchases of mortgaged-backed securities - - - - Options sold at market value I - - - Other liabilities 96 70 34 250 Total liabilities 97 70 89 251

154,014 Total net assets 49,390 19,601 13,234

..........................................

..........................................

Net asset value per D EUR share 33.31 51.68 46.42 93.48 Net asset value per M EUR share 47.24 - - -


Statement of ne t assets In EUR x thousand

Investment portfolio at market value Deposits and other cash Unrealized gains on forward exchange transadions Unrealized gains on financial futures Unrealized gains on equity swaps Unrealized gains on interest-rate swaps Unrealized gains on credit.default swaps Options purchased at market value Other assets Total assets ................................

Bank loans / overdrafts Unrealized losses on forward exchange transactions Unrealized losses on financial futures Unrealized losses on equityswaps Unrealized losses on interest-rate swaps Unrealized losses on credit-default swaps Unrealized losses on forward purchases of mortgaged-backed securities Options sold at market value Other liabilities Total liabilities Total net assets

...............................

...............................

Net asset value per B EUR share Net asset value per D EUR share Net asset value per E EUR share Net asset value per I EUR share Net asset value per M EUR share Net asset value per 2 EUR share Net asset value per P PLN share

Robeco Robeco Robeco Robeco

Property Global Al l Strategy High Yield

Eouities Bonds Euro Bonds

30/06/2007

........

........

135,908 3.869

78 -

-

-

-

1,007 140,862

-

- 277 277

140,585

- 100.89

97.33

I

- - -

30/06/2007 30/06/2006

706.815 24,916 3,567 1,248

-

35

15,760 752,341

-

106

791

2,899 3,796

748,545

-

96.05 63.48 98.62

-

30/06/2007 30/06/2006

72,732 7,409

41 6 1

30/06/2007

Bonds

30/06/Z006

393,374 351

4,896 - - -

163

10,503 409.287

3,545

25

-

-

-

-

-

- -

1,585 5,155

404,132

- 70.39 99.98

101.13 69.57

- -



Euro Credit Euro Credit Single A Euro Government Euro

Bonds Bonds Bonds

30/06/2006 30/06/2007 30/06/2006 30/06/2006 30/06/2007

Investment portfolio at market value Deposits and other rash Unrealized gains on forward exchange transactions Unrealized gains on financial futures Unrealized gains on equity swaps Unrealized gains on interest-rate swaps Unrealized gains on credit-default swaps Options purchased at market value Other assets Total assets ...........................................

118,428 5,863

-

-

17

72

-

-

99,477 3,522

- - -

-

-

- 2,083

105,082

-

- 22 -

- -

-

-

102 124

104,958

- 99.50

100.42

-

- - -

. . . . . . . - . . . . . . . . . . . . - . . .

3,759 925 128,139 &I37

Bank loans/ overdrafts Unrealized losses on forward exchange transactions Unrealized losses on financial futures Unrealized losses on equity swaps Unrealized losses on interest-rate swaps Unrealized losses on credit-default swaps Unrealized losses on forward purchases of mortgaged-backed securities Options sold at market value Other liabilities Total liabilities Total net assets

.......................................

.......................................

-

-

- -

-

186

- -

1,267 1,453

126,686

Net asset value per 8 EUR share Net asset value per 0 EUR share Net asset value per E EUR share Net asset value per I EUR share Net asset value per M EUR share Net asset value per Z EUR share Net asset value per P PLN share

- 99.23

- 100.13

- - -

Robeco Capital Growth Funds 2 1

Statement of net assets Robeco Robeco Robeco Robeco

European Currencies Investment Divirente Divirente In EUR x thousand

Grade ABS VaR2 VaR4

30/06/2006

High Yield Bonds

30/06/2007 30/06/2006

Investment portfolio at market value 30,255 Deposits and other cash 1,583

7 Unrealized gains on financial futures - Unrealized gains on forward exchange transartions

30/06/2007 30/06/2006 30/06/2007 30/06/2007

Unrealized gains on equityswaps Unrealized gains on interest-rate swaps Unrealized gains on credit-default swaps Ootions ourchased at market value Other assets Total assets ................................... 795 576 ........

36,759 32,423

Bank loans / overdrafts Unrealized losses on forward exchange transactions Unrealized losses on financial futures Unrealized losses on equity swaps Unrealized losses on interest-rate swaps Unrealized losses on credit.default swaps Unrealized losses on forward purchases of mortgaged-backed securities Options sold at market value Other liabilities Total liabilities Total net assets

.......................................

....................................... .... ....

Net asset value per 0 EUR share Net asset value per E EUR share Net asset value per I EUR share Net asset value per 2 EUR share

101.72 -

102.15 -

22 Robero Capital Growth Funds

Statement of operations and changes in net assets Robeco Robeco

Global Global Growth

Eauities Eauities

Robeco

Global Value

Eguities

In EUR x thousand Robeco Capital

Growth Funds

Consolidated

2006/2007 2005/2006 2006/2007 2005/2006 2 0 0 6 12 0 0 7 2005/2006 2006/2007 2005/2006

88,970 5,815 44,688 Net assets at opening date

Exchange adjustments

Bond interest and dividend income

Bank and other interest

Other income

Total income .......................................

1,281

18

130

1,006

3 93

97 4 6

1,429 107 1,102

Management fee

Service fee

Performance fee

Custodian fee

Bank interest

Taxes

Other fees and expenses

Total expenses

Total net income on investments

Net realized and unrealized results on

investments and other financial instruments

Net increase / decrease (-) from operations

.......................................

.......................................

.......................................

633

62 -

23

22

23 -

1,127 108

- 41

5

44 -

113 11 -

11

1,325 140 763

104

9,603

-33

332

339

4.997

9,707 299 5,336

Distributed dividends -1,734

Proceeds from subscriptions

Payments for redemptions

Evolution of the capital

Net assets at closing date

.......................................

.......................................

15,566

-32,262

6,706

-6,770

22,138

-13,318 -16,696 8,820

81,981 6,050 57.110


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

North American US Premium US Premium US MidCap

Eauities (EUR) Eauities' Eguities' Equities

2 0 0 5 / 2 0 0 6 2005/2006 2006/2007 2 0 0 5 12 0 0 6 2005/2006 2 0 0 6 12 0 0 7 2006/2007 2006/2007

624.450 I

191

23

7

-

1,429

210

90

Net assets at opening date



Other income

Total income .................................

9,435

98

1.952

11,485

9,160

880 -

88 113

371 -

221

106

11 - 29 -

3 -

Management fee

Service fee

Performance fee

Custodian fee

Bank interest

Taxes


Total expenses





........................................

........................................

........................................

10,612 149 1,186

873

10.764

72

-506

543

2,876 .. 11,637 4 3 4

-

33,262

-331

3,419

Distributed dividends

289,882

-187,845


Pavrnents for redemotions

206,748

-21,192

185.556 ..................... Evolution of the capital

Net assets at closing date .....................

.....................

..................... 10 2,O 3 7 32,931

32,497 188,975 738,124

1 The !eferente currcnry i j the US doliar


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

US Value

Eauities'

Robeco Robeco Robeco

European European Midcap European

Equities Opportunities Equities

2005/2006 2006/2007 2005/2006 2006/2007

c

2006/2007 2005/2006 2006/2007

292.961

2005/2006

- . .

4,743 126

690

Net assets at opening date 1,087,235



Other income

Total income ............................

23,588

32

5.072 .. 28,692

14,956

1,398 -

198

496

599

2

5,559

4,489

359 -

71 4

146 -

Management fee

Service fee

Performance fee

Custodian fee Bank interest

Taxes


Total expenses




Net increase / decrease (-1 from operations

........................................

........................................

........................................

17,649 5.069

11,043 490

66,399 169,570

180,613 ..

.....................

.....................

66,889



Payments for redemotions 132,952

-216.369

72,660

-161,034

-88.374 ..................... Evolution of the capital

Net assets at closing date ..................... -83.417

1,184,431 271.476

' Tne reference currency 15 the US dollar


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

Asia-Pacific Emerging Markets Emerging Stars Chinese


2006/2007 2005/2006 2006/2007 2005/2006 2006/2007 2005/2006 2006/2007 2005/2006

560,606 876,105 - 66,346

Bond interest and dividend income 17,018 32,268 2,564 - 126 Bank and other interest 1,253 452

Other income 500 5,648 327 38,368 - 3,017 Total income 18,771

20,821 - 1,485

Service fee 936 1,584 119

Performance fee

Custodian fee 418 1,013 53

Bank interest 85 453 9

Taxes 375 724 52

Other fees and expenses 4 134 2

13,639 - 1,297


-

- ..........................................

Management fee 13,393 -

- - - -

- - - -

.......................................... - Total expenses 15,211 24,729 1,720


Net realized and unrealized results on investments and other financial instruments 97,076 260,424


.......................................... 3,560

- 23,911 ..........................................

100,636 274.063 - 25,208

Distributed dividends - - - -

860,533 - 80,719 Proceeds from subscriptions 417,099 - -42,183 Payments for redemptions -232,875 -348,003

Evolution of the capital 184,224 512,530 38,536

1,662,698 - 130,090

.......................................... .....................

845,466

26 Robeco Caoital Growth Funds


Financials Food G Agri Health Care IT


2005/2006 2005/2006 2006/2007 2006/2007 2005/2006

37,672

2006/2007 2005/2006

204,266

2006/2007

Net assets at opening date 91,746

2,438

13

344

102,763


Bank and other interes:

Other income

Total income .........................................

633 a

93

528

23

149

700

1,233

33

459

1,725 2,795

1,595

128 -

35

26

56 -

734

1,625

130 -

63

96

52

3

Management fee

Service fee

Performance fee

Custodian fee

Bank interest

Taxes


Total expenses




Net increase / decrease (-1 from operations

.........................................

.........................................

.........................................

2,814

225 -

60

20

9 1 68

1,840 1,969 3,278

-1.553

744

955 -44

3,968

-1,235

3.730 10,089 13,085

14.040 3,924 8,536 2,495






.........................................

.........................................

58,033

-33,780

25,280

-45,084

23,523 -16,720

6.803

21,345

-84,627

-63,282

149,520

24,253 -19,804

130,039 48,399 85,454


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

Telecom Services Consumer Goods

Eauities Eauities

Robeco

Energy

Equities

2005/2006

Robeco

Industrials

Equities

2005/2006 2006/2007 2005/2006 2006/2007 2005/2006 2 0 0 6 12 0 0 7 2006/2007

Net assets at opening date 56,585

1,248

4

169

8.374

133

5

38

23,313

188

4

11

62,760

1,547

19 177



Other income

Total income ...........................

1,421

816

65 -

18

16

26

1

176

186

15 -

12

6

7

203

217

17 -

24

6

6 -

1,743

1,622

130 -

38 29

58 -

Management fee

Service fee

Performance fee

Custodian fee

Bank interest

Taxes


Total expenses




Net increase /decrease (-1 from operations

....................................

....................................

....................................

1

942 227 270 1,877 479

3.254

-5 1

1,043

-67

2,450

-134

9,995

3,733 992

-

14,448

-4,213

2,383 9,861






....................................

....................................

14.697

-25,625

6,323

-18,785

115,885

-34,492

-10,928 81,393

154,014

-12,462

4,234

10,235

19,601 49,390



Property Global All Strategy High Yield

Equities Bonds Euro Bonds Bonds 2006/2007 2005/2006 2006/2007 2005/2006 2006/2007 2005/2006 2006/2007 2005/2006

Net assets at opening date 107,852 285.368 90.386 332,654

3,759 23,060 3,418 30,051

Bank and other interest 4 1 633 56 240

Other income 338 -85 -20 689

Total income 4,138 23,608 3,454 30,980


..........................................

Management fee 1,869 4,324 778 3,653 Service fee 148 462 62 292 Performance fee - - - -

57 113 20 52 Custodian fee

32 34 1 187 Bank interest

Taxes 64 302 39 164 - - Other fees and expenses 3 1 ..........................................

.......................................... Total expenses 2,170 5,238 900 4,349

Total net income on investments 1,968 18,370 2,554 26,631 Net realized and unrealized results on

13,020 -26,996 -4,106 -15,848 investments and other financial instruments

Net increase / decrease (-) from operations 14,988 -8,626 -1,552 10,783 ..........................................

-15,174 - - -

77,881 534,559 27,426 293,871

....... -60,136 -47,582 -35,128 -233,176

....... 17,745 486,977 -7,702 60,695

140,585 748,545 81,132 404,132






.................................

.................................


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

Euro Credits Euro Credit Euro Government

Bonds Sinqle A Bonds Bonds

Robeco

Euro

Bonds

2 0 0 6 / 2 0 0 7 2005/2006 2005/2006 2006/2007 2005/2006 2006/2007 2005/2006 2006/2007

Net assets at opening date 198,770 359,455

6,725

167

-173

15,717

251

10



Other income

Total income ...........................

5,125

97

5 ... ... 6,719

564

63 -

3 1 -

14 -

5,227

417

47 -

24 -

31 -

15,978

1,194

156 -

64 -

4 1 -

Management fee

Service fee

Performance fee

Custodian fee

Bank interest

Taxes


Total expenses





.......................................

.......................................

.......................................

672 1.455 499

4.728 14,523 6.047

-9,477 -7,442 -21,294

-6.771 -3.430 -2,714

I


81,317

-47,083 Proceeds from subscriptions




......................

......................

3,804

-94.902

4,890

-233,431

-228,541

126,686

....................

.................... -91,098 34,234

104,958 386,918



European Currencies

High Yield Bonds

Investment Divirente

Grade ABS VaR2

2005/2006 2006/2007 2005/2006 2006/2007

Divirente

VaR4

2005/2006 2006/2007 2006/2007 2005/2006

- -~

......


Bond interest and dlvidend income


Other income

Total income ...............................

1,558

42

-14

Management fee

Service fee

Performance fee

Custodian fee Bank interest

Taxes


Total expenses




...................................

................................... 135 1,451

-785 ......................................... Net increase / decrease (-) from operations 666






.........................................

.........................................

31,571

-27

31,544 32,210


Number of shares outstanding Movements over the period 1 July 2006 through 30 June 2007

Share Shares at Shares Shares Shares at

class opening date subscribed redeemed closing date


............................ Robeco Global Growth Equities Robeco Global Value Equities ............................

.......................... Robeco North American Equities

............................ Robeco US Premium Equities (EUR)

............................ Robeco US Premium Equities

............................ Robeco US MidCap Equities

D EUR 1,835,807 114,184 -418,723 1,531,268 M EUR 2,622 20 -821 1,821

DH EUR 0 23,934 -521 23,413 ......................................................................... D EUR 46,952 2,654 -7,810 41,796 B EUR 334,070 451,563 -424.376 361,257

.........................................................................

D EUR 4,541 94,347 -56.779 42,109 I EUR 150,000 - 150,000

M EUR 0 2,938 -500 2,438 PH PLN 0 148,421 -11,527 136,894

D EUR 17,720,154 5,315,834 -8,381,627 14,654,361 I EUR 25,000 - - 25,000

M EUR 1,104 1,104 D USD 0 561 561

D 46,781 1,848,753 -691,195 1,204,339 I 272,753 183,880 -72,754 383,879 M 0 545 545

I US0 923,391 m a 1 2 -250,25 7 1,25 1,946 M US0 0 500 500 D USD 0 1.364 -500 864

DH EUR 0 3,109 -716 2,393 I USD 0 100.000 - 100.000

-

............................................................................

- I

- ............................................................................

- ............................................................................

0 USD 907,585 819,528 -468,111 1,259,002

- ............................................................................

.......................................................................................................... - Robeco USValue Equities D US0 0 500 500

I USD 0 50,000 - 50,000

Robeco European Equities D EUR 31,427,625 4,251,569 -9,393,263 26,285,931 M EUR 2,724 - -241 2,483

..........................................................................................................

.......................................................................................................... Robeco European MidCap Equities D EUR 3,410,669 876,660 -1,436,345 2,850,984

M EUR 19,744 6,874 -15,041 11,577 .......................................................................................................... Robeco European Opportunities D EUR 0 731,501 -57,647 673,854

I EUR 0 230,285 -1,719 228,566 Robeco MultiManager Asia-Pacific Equities D EUR 9,953,409 2,010,034 -2,835,406 9,128,037

M EUR 7,216 385 -3,706 3,895 Robeco Emerging Markets Equities D EUR 16,469,244 5,404,003 -5,476,652 16,396,595

428,444 M EUR 16,594 21,573 -16,790 21.377 P PLN 0 282,903 -41,774 241,129

D USD 0 937 -500 437

Robeco Chinese Equities D EUR 4,824,731 5,035,620 -4,171,741 5,688,610 Robeco Finanrials Equities D EUR 2,359,416 960,628 -1,699,924 1,620,120

M EUR 1,985 217 -816 1,386

M EUR 1,465 146 -946 665 Robeco Health Care Equities D EUR 3,007,175 1,649,886 -1,725,677 2,931,384

M EUR 613 6 -183 436 Robeco IT Equities D EUR 2,716,800 2,708,444 -3,179,132 2,246,112

M EUR 1,206 266 -321 1,151

..........................................................................................................

I EUR 628,633 - -587,738 40,895

..........................................................................................................

427,159 105,377 -1OL,092 I EUR

.......................................................................................................... Robeco Emerging Stars Equities 0 EUR 0 1,179,128 -196,941 982,187 .......................................................................................................... ..........................................................................................................

.......................................................................................................... Robeco Food B Agri Equities D EUR 976,912 694,634 -645,692 1,025,854

..........................................................................................................

..........................................................................................................

.......................................................................................................... Robeco Telecom Services Equities D EUR 1,457,499 1,515,073 -1,566,841 1,405,731

M EUR 17,785 32,196 -15,227 34,754 Robeco Consumer Goods Equities D EUR 379,276 277,041 -293,128 363,189 Robeco Industrials Equities D EUR 285,081 656,901 -126,941 815,041 Robeco Energy Equities D EUR 1,647,495 786,054 -1,320,759 1,112,730

I EUR 500 464,406 -117,720 347,186

..........................................................................................................

..........................................................................................................

..........................................................................................................

.......................................................................................................... Robeco Property Equities D EUR 1,392,996 696,097 -1,218,239 870,854

..........................................................................................................


~

Number of shares outstanding Movements over the period 1 July 2006 through 30 June 2007

Share

class

Robeco Global Bonds B EUR

0 EUR

E EUR

P PLN

D EUR

I EUR

Z EUR

D EUR

E EUR

I EUR

M EUR

P PLN

2 EUR

D EUR

................................................. Robeco All Strategy Euro Bonds

................................................. Robeco High Yield Bonds

................................................. Robeco Euro Credit Bonds

.................................. Robeco Euro Credit Single A Bonds

..................................... Robeco Euro Government Bonds

................................. Robeco Euro Bonds

..................................... Robeco European Currencies High Yield Bonds

..................................... Robeco Investment Grade ABS

.................................. Robeco Divirente VaR2

..................................... Robeco Divirente VaRq

I EUR

D EUR

I EUR

0 EUR

I EUR

2 EUR

D EUR

E EUR

I EUR

Z EUR

D EUR

I EUR

...........

...........

...........

...........

Shares at Shares Shares Shares at

opening date subscribed redeemed closing date

6,705,165 2,294,647 -1,637,735 7,362,077

1,413,710 379,185 -588,696 1,204,199

149.432 67,030 -113,888 102,574

0 8.924 -4,154 4,770

1,307,011 167,742 -657,878 816,875 ........................................................

0 12,402,074 -6,015,438 6,386,636

0 6,032,822 - 6,032,822

3,665,438 1,881,639 -2,136,389 3,410,688

3,735 23,188 -1,024 25,899

1,436,374 3,340,102 -2,374,213 2,402,263

7.195 10,428 -2.857 14,766

0 95,505 -59,459 36,046

........................................................

0 2,762,075 -266,379 2,495,696 ........................................................ 35,604

1,229,885

531

1,044,693

32,888

3,783,468 0

0

0

0

0

501

314,817

...............

...............

...............

...............

71,300

1,841,662

496

469,793

156,980 6,988,860

..........

..........

1,137,376 .......... 500

500

9,081,745

8,578,699

341

15,119

..........

-104.886

-1,230,377

-532 ..............

-1,082,279

-173,390 -5,166,809

..............

Z EUR 0 338,181

D EUR 0 500 ...........................................

-7,881,453

-100,321 ............ -

-300,000

I EUR

D EUR

0 3,049,183 ................ 0 500

E EUR 0 500

I EUR 0 6,604,929

Z EUR 0 6,935,393

D EUR 0 48,968

E EUR 0 93,594

.......................................

2,018

1,841,170

49s

432,207

...........

........... 16,478

1,137,376

5,605.519

........... 500

500

1,200,292

8,478.378

842

29,936

...........

- 338.181 ......................... - 500

-1,663,497 1,385,686

500

500

......................... -

- -6,604,430 499

-179,395 6,755,998

-1,174 47,794

-20,988 72,606

.........................

I EUR 0 3,131,637 -148,001 2,983,636 ..........................................................................................................


Notes

General Robeco Capital Growth Funds, SICAV (the 'Company'),

incorporated to exist for an indefinite period, was created

on 2 May 1997. Its Articles of Incorporation were published

in the 'Memorial, Recueil des Societes et Associations'

of the Grand Duchy of Luxembourg (the 'Memorial')

on 6 June 1997. The Articles of Incorporation were last

amended on 10 January 2007 and such amendments are

published on 28 February 2007 in the Memorial.

Robeco Capital Growth Funds is a 'Societe d'lnvestissement

a Capital Variable' pursuant to the law of 10 August 191s on commercial companies and to part I of the law of 20

December 2002 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

a securities portfolio and other assets and liabilities

corresponding to a different investment policy. 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 t ime establish new sub-funds and/

or may decide upon the issue of Class D, DH, DL, I, IH, IHI,

It, M, P, PH and Z shares (capital growth) and Class B, E, EH, IE and PE shares (distribution) in existing or new sub-

funds. The reference currency of all sub-funds is the euro

except for Robeco US MidCap Equities, Robeco US Premium

Equities and Robeco US Value Equities, which have the US

dollar as reference currency.

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 o f creditors whose claims have arisen in connection

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

For the purpose of the relations between shareholders, each

sub-fund is deemed to be a separate entity.

Share capital

The capital of the Company wil l 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 shares are available t o all investors. Class B, DH,

E, EH, M, P, PE and PH shares wil l be available in certain

countries, subject to the relevant regulatory approval,

through specific distributors, selected by the Board

of Directors. Class DL and It shares are only available

for investors in Peru and Chile, selected by the Board

of Directors. Class Z shares wil l only be available for

Robeco affiliates, selected by the Board of Directors. The

possession, redemption and transfer of Class I, IE, IH , IHI and It shares is l imited to institutional investors as

defined from t ime to t ime by the Luxembourg supervisory

authority. The Company wil l not issue Class I, IE, IH, IHI

and It shares or contribute to the transfer of Class I, IE, IH, IHI and It shares to non-institutional investors. If i t

appears that Class I, IE, IH, IHI or It shares are being held

by non-institutional investors the Company wil l redeem

these shares. Class I, IE, IH, IHI and It shares have a

m in imum subscription amount of (the equivalent of)

EUR 1,000,000. The Board of Directors can waive this

min imum subscription amount at its discretion. Additional

subscriptions must be for a m in imum of ( the equivalent

of) EUR 10,000. Class I, IE, IH, IHI and It shares can only

be placed through a direct account of the shareholders

wi th the Registrar and Transfer Agent.

For the account of Class DH, IH, EH, PH shares (collectively

or individually referred to as 'Hedged Class(es)'), the

Company wil l engage in currency-hedging transactions in

order t o protect, to the extent possible, the value of the

assets of the Hedged Class in the currency of expression

against fluctuations of these currencies, provided that

these currencies have a substantial weight in the portfolio.

For Classes issued by bond sub-funds that already hedge

investments to preserve the value of the sub-fund's assets

in the reference currency of such sub-fund, the Company

wil l engage in currency-hedging transactions in order to protect, to the extent possible, the value of the assets in

the Classes' currency of expression against fluctuations in

the reference currency of the relevant sub-fund.

For the account of Class IHI (collectively or individually

referred to as 'Hedged Inflation Class(es)'), the Company

wil l engage in inflation hedging transactions in order to preserve, to the extent possible, the real return of the

classes instead of the nominal return of the relevant

subfund.

Investors should note tha t the sub-funds of the Company

have several classes of shares, which can have distinctive

reference currencies. As a result, the net asset value of a

class denominated in one currency can move unfavorably

in comparison with another class denominated in another

currency.

At balance-sheet date the share capital comprised forty

two sub-funds, each relating to a separate investment

portfolio consisting of securities, cash and other

instruments. Seven sub-funds were not yet introduced at

balance-sheet date.

The complete list of sub-funds is as follows:

Equity sub-funds - Robeco Global Equities

- Robeco Global Growth Equities

- Robeco Global Value Equities

- Robeco Global Conservative Equity:

- Robeco North American Equities

- Robeco US Premium Equities (EUR)

- Robeco US Premium Equities


- Robeco US MidCap Equities

- Robeco US Value Equities

- Robeco European Equities

- Robeco European MidCap Equities

- Robeco European Opportunities‘

- Robeco European Conservative Equity:

- Robeco 130/30 European Equities

- Robeco Mult iManager Asia-Pacific Equities

- Robeco Emerging Markets Equities

- Robeco Emerging Stars Equities

- Robeco Chinese EGuities

Sector equi ty sub-funds

- Robeco Financials Equities

- Robeco Food E7 Agri Equities

- Robeco Health Care Equities

- Robeco IT Equities

- Robeco Telecom Services Equities

- Robeco Consumer Goods Equities

- Robeco Industrials Equities

- Robeco Energy Equities

- Robeco Property Equities

Bond sub-funds

- Robeco Global Bonds

- Robeco All Strategy Euro Bonds

- Robeco High Yield Bonds

- Robeco Euro Credit Bonds

- Robeco Euro Credit Single A Bonds

- Robeco Euro Government Bonds

- Robeco Euro Bonds 7

- Robeco European Currencies High Yield Bonds E

- Robeco Emerging Debt

- Robeco Investment Grade ABS

- Robeco High Income ABS Absolute return sub+funds

- Robeco Divirente VaRz

- Robeco Divirente VaR4 5

- Robeco Divirente VaR8

Other sub-funds

- Robeco Liberty 40

Not yet introduced at balance-sheet date

introduced on 27 April 2007 Introduced on 20 November 2006 Introduced on 3 November 2006 Effective 1 November 2006 the name changed from Robeco European Bonds into Robeco A11 Strategy Euro Bonds Introduced on 25 May 2007 Effective 30 April2007the name changed from Robeco European High Yield Bonds into Robem European Currencies High Yield Bonds

’ Introduced on 3 July2006

a

Sales commissions

The max imum sales commission is 5% for equity sub-

funds, 3% for bond sub-funds and 4% for other sub-

funds. This commission rate is to be considered as a max imum rate and the sales agent or agents may decide

at their discretion t o waive this sales commission in

whole or in part

Dividend policy

The general policy regarding the appropriation of net

income and capital gains is as follows:

Class D, DH, DL, I, IH, IHI, II, M, P, PH and Z shares (capital

growth)

Income will be automatically reinvested and added t o the

relevant share class and wil l thus contribute to a further

increase in value of the total net assets.

Class B shares (distributing)

After the end of the financial year, the Company can

recommend what distribution wil l be made from the net

investment income and net capital gains attributable

to the Class B shares. The Annual General Meeting of

Shareholders wil l determine the dividend payment. The

Board of Directors of the Company may decide to distribute

interim dividends, in accordance with Luxembourg law.

Class E, EH, IE and PE shares (distributing)

With respect t o Class E, EH, IE and PE shares, the

shareholders are entitled to an appropriation of the annual

distribution of the net proceeds. Net proceeds should be

understood as being all revenues earned in relation to E, EH, IE and PE shares, minus fees, commissions and costs attendant to the said shares. After the end of the financial

year, 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 law, the Company may decide to distribute

dividends with no other l imit than the obligation that any

such dividend distribution does not reduce the net asset

value of the Company below the legal min imum 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 wil l be made in the currency of the

relevant sub-fund to such shareholders at the addresses

they have given to the Registrar and Transfer Agent.

Dividend announcements (including names of paying

agents) and all other financial notices concerning Robeco

Capital Growth Funds shall be published in the d’Wort, and

a leading newspaper circulating in the countries where the

Company’s shares have been sold as determined by the

Board of Directors. Dividends not collected within five years

wil l lapse and accrue for the benefit of the Company in

accordance with Luxembourg law.

Presentation of f inancial statements

The financial statements are presented in accordance with

Luxembourg regulations on investment funds.

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. The Company

reserves the right to refuse any subscription request at any t ime.

Swing pricing

Shares wil l be 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 f rom the latest available price or net asset

value used, as appropriate, in calculating the net asset

value per share due to 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, which is known as dilution.

To migate the effects of dilution, the Directors may, at their

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

relation to the circumstances under which to make such a

dilution adjustment.

Pooling and co-management

For the purpose of efficient management and t o 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 and other Luxembourg UCls of the Robeco Croup

('co-managed units'). In this case, the assets f rom 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 wil l

not constitute distinct legal entities and wil l not be directly

accessible to investors.

Affi l iated parties Robeco Capital Growth Funds is affiliated to the entities

belonging to Robeco Croep N.V. The affiliation with Robeco

Croep 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

Croup. 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,

custody, securities lending, and sale and purchase of i ts own shares, as well as management activities. Transactions

are executed at market rates.

Financial instruments

Risks

Transactions in financial instruments may lead to the

Company being subject to the risks described below.

Price risk

Currency risk is the risk that the value of a financial

instrument wil l fluctuate as a result of changes in exchange

rates. Interest-rate risk is the risk that the value of a

financial instrument will fluctuate as a result of changes

in interest rates. The value of investments in fixed-income

securities depends directly on interest rates. Modif ied

duration is used as the measure for the portfolio's

sensitivity to market interest-rate movements. The

portfolio's sensitivity to fluctuations in market interest rates

can be influenced by changing the portfolio's duration.

Further information on the duration policy can be found in

the report of the Board of Directors. Market risk i s the risk

that the value of a financial instrument will fluctuate as a

result of changes in market prices, caused by factors that

exclusively apply to the individual instrument or its issuer

or by factors that affect all instruments traded in

the market.

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

bench marks is mini mized 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 min imum rating depending on

the sub-fund's investment policy. The risk relative to their

benchmarks is minimized by using quantitative techniques.

Credit risk

Credit risk is the risk that the counterparty of a financial

instrument wil l no longer meet its obligations, as a result

of which the Company will suffer a financial loss. The funds

minimize this risk by trading exclusively with reputable

counterparties and counterparties with a min imum rating.

Wherever it is customary in the market, the funds will

demand and obtain collateral.

Liquidity risk

Liquidity risk is the risk that the Company is not able

to obtain the financial means required to meet the

obligations arising f rom financial instruments and

redemptions. The funds minimize this risk by mainly

investing in financial instruments that are tradable on a daily basis.


insight in to actual risks

The report of the Board of Directors, the statement of

net assets, the notes and the spread of net assets, which

includes the geographic distribution of the investments

and the net currency position, give an insight into the

actual risks at balance-sheet date.

Risk management

Managing risk I S a part of the investment process as a

whole and with the help of advanced systems, the risks

outl ined 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

a 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.

Derivatives

The unrealized results of derivatives 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.

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 the sub-fund. This

annual report covers the period f rom 1 July 2006 through

30 June 2007.

Consolidated figures

The consolidated figures are expressed in euros and are

presented for information purposes only. The exchange rate

used for consolidation is USD 0.7404391.

Foreign currencies

Transactions in Currencies other than the reference

currency are converted into the reference currency at the

exchange rates valid at the time. Assets and liabilities

expressed in other currencies are converted into the

reference currency at the exchange rate prevailing at

balance-sheet date.

investment in securities

The cost price of securities acquired by any sub-fund,

denominated in currencies other than the reference

currency, is based on the exchange rates prevailing at the

t ime of acquisition. The market value of the securities has

been converted into the reference currency at the exchange

rates prevailing at balance-sheet date. Market values of

securities do not necessarily represent the amounts which

might be realized upon disposal of the investments; actual

amounts realized may be higher or lower than the market

values stated. All securities listed on recognized stock

exchanges are valued at the last available price as quoted

at the stock exchange constituting their main market.

Short-term discounted money-market instruments are

valued at net present value using reference interest rates

prevailing at closing date. Other securities are valued in

accordance with valuation principles adopted by the Board

of Directors of Robeco Capital Growth Funds.

Other income

Under this heading are included, among others, the

premiums paid for credit-default swaps. In some cases this

can result in a negative amount under this heading.

Options

As at 30 June 2007 the options on transferable securities

stated on page 41 were outstanding.

Open forward exchange transactions

forward exchange transactions current at balance-sheet date

are valued at the forward rates applicable to the remaining

life of the relevant contracts. The unrealized results of these

transactions have been included in the statements of net

assets under the heading 'Unrealized gains/losses on forward

exchange transactions'. Details of the contracts at balance-

sheet date, all with maturity dates f rom January through

June 2007, are stated on page 42 . Where applicable the

positions are distinguished in those with as purpose the

investment policy on the level of the sub-fund or with the

purpose of hedging certain share classes.

Financial futures

Regulated futures contracts are valued at the exchange-

quoted settlement price. Init ial 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 fund 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 fund

entered into the contract. The unrealized gains/losses on

financial futures are included in the statement of net assets

under the heading 'Unrealized gains/losses on financial

futures'. All margins are included in Deposits and other

cash. Details of open financial futures at balance-sheet

date are stated on page 44.


Forward purchases of mortgage-backed securities

Forward purchases of mortgage-backed securities current

at balance sheet are valued at the last available price as quoted on their main market. The unrealized gains/losses

on these transactions are included in the statement of

net assets under the heading 'Unrealized gains/losses on

forward purchases of mortgage-backed securities'. Forward

purchases of mortgage-backed securities current at

balance-sheet date represent a sum of USD 145.8 mill ion

for Robeco Global Bonds and are stated on page 46.

Interest-rate swaps Interest-rate swaps current at balance sheet date are

valued at the last available price on their main market.

The unrealized gains/losses on interest-rate swaps are

included in the statements of net assets under the heading

Unrealized gains/losses on interest-rate swaps. Interest

paid and received on these contracts is presented under

other income. Details of open interest-rate swaps are

stated on page 46.

Credit-default swaps Credit-default swaps current at balance sheet date are

valued at the last available price on their main market.

The unrealized gains/losses on credit-default swaps are

included in the statements of net assets under the heading

Unrealized gains/losses on credit-default swaps. Interest

paid and received on these contracts is presented under

other income. Details of open credit-default swaps are

stated on page 48

Equity swaps Synthetic equity swaps are customized vehicles that allow

investors to obtain the economic returns of cash investing

without actually holding the underlying equity. There are

various ways to package over the-counter (OTC) equity

exposure e.g. warrants, notes, options combinations and

equity swaps. An equity swap is a customized, negotiated

contract between the investor and a swap dealer that

provides the economic exposure to an underlying equity or equity-related security, basket of securities or index. Under

a swap agreement, t w o parties agree to exchange price

or total-return performance attributable to a single stock.

For example, in a typical long-side swap transaction, the

investor receives any positive performance on the reference

equity and pays any negative performance plus a LIBOR-

based rate of interest. Details of open equity swaps are

stated on page 53.

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 tending B.V. receives a fee of the gross income

resulting f rom these securities-lending transactions. For

the reporting period up t i l l 1 April 2007 this percentage

was 35% for equity sub-fmds and 40% for bond sub-

funds. As f rom I April 2007 on the percentages can vary

for each sub-fund. In the table on page 53 the percentage

for each sub-fund is mentioned. A third party periodically

checks whether the agreement with Robeco Securities

Lending is still in line with market practice. The table on page 53 shows the position of the collateralized securities-

lending agreements with first-class financial institutions as described in the prospectus at balance-sheet date as well

as the income from securities lending over the reported

period for the different sub-funds and the income for

Robeco Securities Lending B.V. At balance-sheet date the total market value of the securities

lent amounted to EUR 2,680.6 mill ion. The received

collateral at balance-sheet date amounted to EUR 2,747.6

mill ion of which EUR 32.3 mill ion concerns cash-collateral.

Taxes Under the legislation and regulations currently prevailing

in Luxembourg, the Company is not subject to any taxes on

income or capital gains, except for the subscription duty

('taxe d'abonnement'). The Company is only subject to a

'taxe d'abonnement' at the rate of 0.05% (0.01% in case

of I, IE, IH, IHI, I t and 2 shares), calculated and payable

quarterly on the relevant net asset value of the Company at

the end of the relevant quarter.

Management company

The Directors of the Company have appointed Robeco

Luxembourg S.A. (the 'Management Company') as the

management company of Robeco Capital Growth Funds

to be responsible on a day-to-day basis, under supervision

of the Board of Directors of the Company, for providing

administration, marketing, investment-management and

investment-advisory services in respect of all sub-funds.

In respect of all sub-funds, the Management Company

has delegated its investment-management and

investment-advisory functions to Robeco Institutional

Asset Management B.V. (the 'Investment Adviser'). The

Management Company has delegated the administration

functions and registrar and transfer functions to RBC Oexia

Investor Services Bank S.A. (acting as 'Administration Agent'

and 'Registrar and Transfer Agent'). The Management

Company was incorporated as a 'Societe anonyme' under

the laws of the Grand Duchy of Luxembourg on 7 July

2005 and its Articles of Association were published in the

MPmorial on 26 July 2005. The Management Company

is approved as management company regulated by

chapter 13 of the Luxembourg law of 20 December 2002

relating to undertakings for collective investment. The

Management Company is part of Robeco Group and also acts as Management Company for Robeco Interest Plus Funds, Robeco lux-0-rente, Robeco liquidity Funds, Robeco

Structured Finance Fund and Robeco Income Funds.


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 wil l manage

the assets of the Company on a day-to-day basis. The

Investment Advisory Agreement between the Management

Company and RlAM was concluded on 29 September

2005, for an indefinite period.

The Investment Adviser has appointed Robeco USA L.L.C. ('Robeco USA') as its Investment Sub-Adviser for the sub-

funds Robeco North American Equities and Robeco US MidCap Equities, Robeco Investment Management Inc. as

Investment Sub-Advisor for the sub-funds Robeco Global

Value Equities, Robeco US Value Equities, Robeco US Premium Equities (EUR) and Robeco US Premium Equities

and Russell Investments Ltd. as Investment Sub-Advisor for

the sub-fund Robeco Mult iManager Asia-Pacific Equities.

Russell Investments Ltd. i s authorized to appoint in its

discretion, one or more companies to invest and reinvest

the assets of the sub-fund ('investment managers'). The

list of the investment managers having acted for Robeco

Mult iManager Asia-Pacific Equities during the reporting

period is given on page 43. The investment Advisor has

appointed Robeco Gestions S.A.S. as i t5 Investment Sub-

Advisor for the sub-fund Robeco European MidCap Equities.

Robeco Cestion S.A.S. has taken over the day-to-day

management for this sub-fund from RlAM effective

30 April 2007.

Management and service fees

The Company or the different sub-funds and categories of

shares wil l incur an annual management fee payable to

the Management Company, which reflects all expenses

related to the management of the Company. Furthermore

the Company or the different sub-funds or categories of

shares wil l incur a fixed 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 and Transfer 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 are paid monthly, are based on net asset value of

the relevant period and are reflected in the share price. The

table on page 54 shows the percentages for the different

sub-funds and categories of shares.

Performance fees

For some sub-funds the Management Company is entitled

to a performance fee, payable annually in arrears after

the end of the financial year. 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. There are two categories of performance fee

namely category A and category B. For category A a performance fee for the relevant Class of

the sub-fund is only due when the relevant Class of the sub- fund outperforms the relevant index since inception or the

last payment of the performance fee. This outperformance

is the basis for the performance fee charge. In order to

outperform the index i t is not always necessary that the net

asset value of the relevant Class of the sub-fund reached a new all-t ime high.

For category B the performance for the relevant Class of the

sub-fund is not only measured as compared to an index,

but also defined percentage (hereafter 'the hurdle rate')

and also a high watermark. A performance fee is due if,

during the financial year, 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 financial year.

If the performance from the high watermark to the net

asset value is less than the outperformance of the relevant

Class of the sub-fund compared to the hurdle rate, the

performance fee will be based on the first.

For the sub-funds Robeco High Income ABS, Robeco

Divirente VaR4 and Robeco Divirente VaR8 the category 6 performance fee is applicable and for the sub-funds Robeco

European Opportunities, Robeco 130/30 European Equities

and Robeco Emerging Stars Equities category A.

More details of the performance fees are stated in the

prospectus.


The Company and its different sub-funds or categories

pay directly the normal commissions on transactions and

banking, brokerage and custody fees relating to the assets

of the Company or expenses incurred thereof, such as proxy

voting and the taxe d'abonnement as described under

Taxes. The costs of establishing the Company and the sub-

funds have been paid entirely. When additional sub-funds

are created in the future, these sub-funds will bear, in

principle, their own formation expenses.


Total expense rat io

The total expense ratio of the sub-funds, as shown on page 55,

expresses the costs charged to the sub-funds during the

mentioned period as a percentage of the average assets

entrusted, calculated on a daily basis, during the reporting

period The total expense ratio as shown does not include

transaction costs. Other costs concern the costs of the

custodian, bank charges, taxe d’abonnement and other

fees and expenses.

Transaction costs

Brokerage costs and exchange fees relating to investment

transactions are discounted in the cost price or the sales

value of the investments. Brokerage costs for the purchase

and sale of bonds are included in the bond price and

cannot be quantified separately. These costs and fees are

charged to the result. The table on page 58 shows the

transaction costs which are quantifiable as well as the

volume of these transactions as a percentage of the total

transaction volume.

Hard commissions, soft-dollar arrangements and

commission-sharing arrangements

Various independent research institutions/third parties

provide services to the Company to support its decision-

making process. Part of the commissions paid to brokers

IS used to pay for these services, so-called commission-

sharing arrangements. The amounts for commission-

sharing agreements for Robeco European Equities

amounted to EUR 80 thousand (EUR 1 4 6 thousand over

the period I July 2005 through 30 June 2006) and for

Robeco Global Equities amounted to EUR 4 thousand (EUR

19 thousand over the period 1 July 2005 through 30 June

2006). There were no hard commissions and soft-dollar

arrangements during the reported period.

Turnover rat io

This shows the turnover of the investments (including

derivatives) against the average assets entrusted and is a

measure of the incurred transaction costs resulting f rom

the portfolio policy 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 less the sum of issuance and

repurchase of own shares. 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 table on page 59 shows the

turnover ratios of the sub-funds.

Changes in the investment port fo l io

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 custodian.

Personnel costs

Robeco Capital Growth Funds does not employ personnel.

Informat ion concerning retrocessions and trailer fees

Trailer fees for the marketing of the Company (Commission

d’Etat) are paid to distributors and assets managers

f rom the flat management fee. No retrocession has been

granted during the reporting period.

Transactions w i t h affi l iated parties

Part of the transaction volume over the reporting period

relates to transactions with affiliated parties. The table on

page 60 shows the various types of transactions per sub-

fund.


Options

As at 30 June 2007

Purchase/ Quantity Denomination

Sale

Exercise price Expiration date Commitment Market value

EUR X 1 EUA x 1


S 228 Amqen Call

S 290 Anadarko Petro Call

S 413 Microsoft Call

S 514 Motorola Call

S 735 Puke Corporation Call

S 484 Syrnantec Call

S 373 Vodafone Croup-SP ADR Call

S 373 Vodafone Croup/ADR Call ................................................................................


P 1,200 Neurochem, put

P 2,400 Sanofi-Aventrs, call

P 1,400 Novartis AC REG SHS, call

P 120 Roche Holding, call ................................................................................

S 2,400 Sanofi-Aventis, call

S 120 Roche Holding, call ................................................


S 300

S 409

S 555

S 899 S 938

S 840

S 544

5 544 _._......~~...__._...._.

Amgen Call

Anadarko Petro Call

Microsoft Call

Motorola Call

PuIte Corporation Call

Symantec Call

Vodafone Croup -SP ADR Call

Vodafone Croup/ADR Call ...__.._....._._._.....

...

50.00

40.00

30.00

17.50

20.00

16.50

30.00

30.00

19-01-2008

18-08-2007

18-01-2008

21-07.2007

17-01-2009

21-07-2007

19-01-2008

19-01-2008

2.5 18-08-2007

0.3 21-09-2007

12 21-12-2007

19.91 21-09-2007 ._.....___._...._._._...

0.02 21-09-2007

1.23 21-09-2007 .._...._._....-.-.-..-..

50.00

40.00

30.00

17.50

20.00

16.50

30.00

30.00

Commitment Market value

US0 x 1 USD x 1

19-01-2008

18-08-2007

18-01-2008

21-07-2007

17-01-2009

21-07-2007

19-01-2008

19-01-2008 _.. .____._.


Forward exchange transactio nsl

As at 30 June 2007


Purchases of AUD 1.1 million, CAD 1.6 million, CBP 2.4 million, JPY 72.9 million, SEK 0.8 million and USD 0.7 million against sales of

CHF 3.7 million, EUR 3.3 million and HKD 9.9 million.

For the purpose of preserving the currency of expression of the hedged share classes:

Purchases of EUR 2 .1 million against sales of AUD 0.1 million, CAD 0.1 million, CHF 0.1 million, CBP 0.2 million, HKD 0.2 million,

JPY 43.5 million, NOK 0.2 million, SEK c.4 million, SGD 0,03 million and USD 1.7 million.


Purchases of AUD 0.2 million, CAD 0.1 million, GBP 0,02 million, HKD 1.2 million and EUR 0.5 million against sales of CHF 0.5 million,

USD 0.4 million and JPY 42 million.


Purchases of AUD 3.8 million, CAD 4.7 million, CHF 2.9 million and JPY 648 million against sales of EUR 6.3 million, GBP 0.7 million and

USD 5.4 million.


Purchase of PLN 12.4 million against sales of EUR 0.8 million, CBP 0.3 million, JPY 61.4 million and USD 2.2 million.


Purchase of EUR 35.3 million against sale of USD 47.6 million.


Purchase of EUR 189 7 million against sale of USD 252.6 million.




Robeco European Equities

Purchases of GBP 123.2 million and NOK 78.5 million against sales of CHF 79.6 million, EUR 117.8 million and SEK 244.8 million.


Purchase of EUR 31.4 million against sales of CHF 2.8 million, GBP 1.7 million, NOK 202.3 million and USD 2.9 million

Robeco MultiManager Asia-Pacific Equities

Purchases of AUD 9.3 million, HKD 38.0 million, JPY 1,880.0 million, KRW 850.0 million, SCD 3.6 million and TWD 77.0 million against

sale of EUR 25.0 million.


Purchases of EUR 454.5 million against sales of USD 605.1 million.


Purchases of PLN 0.4 million against sales of EUR 0.1 million.


Purchase of EUR 23.8 million against sales of USD 31.6 million.

Robeco Chinese Equities


Robero Financials Equities

Purchases of AUD 8.3 million, CAD 0.8 million, JPY 294.5 million and USD 3.4 million against sales of CHF 3.0 million, EUR 2.5 million,

GBP 1.7 million, NOK 10.5 million and SGD 4 .1 million.


Purchases of GPB 1 1 million and USD 3.1 million against sales of EUR 2.9 million and JPY 168.7 million.

Robeco IT Equities



Purchases of CAD 0.6 million, CHF 0.7 million, GBP 0.8 million, JPY 308.1 million and USD 0.5 million against sales of EUR 3.5 million

and SGD 1.6 million.

Robero Industrials Equities

Purchases of AUD 1.6 million, CAD 1.3 million, GBP 1.5 million and USD 1.3 million against sales of CHF 2,2 million, EUR 3 .1 million,

JPY 3 1 8 million and SEK 4.8 million.


Purchases of AUD 3.9 million, CAD 4.3 million, GBP 8.9 million and JPY 136.1 million against sales of EUR 14.8 million,

HKD 17.1 million, NOK 7.2 million and USD 2.9 million.


Forward exchange transact ions’

As at 30 June 2007

Investment ma nag e rs Ro beco Mu It i Ma nager Asia-Pacif ic Equities

The following managers have acted for the sub-fund during the reporting period I


Purchases of AUD 11.5 million, JPY 478.5 million and EUR 2.8 million against sales of SGD 15.7 million, CAD 6.6 million, GBP 0.3 million

and USD 0.2 million.

Robeco Global Bonds

Purchase of EUR 380.6 million against sales of CAD 15.1 million, DKK 3.0 million, CBP 50.6 million, JPY 10,922.0 million,

SEK 15.8 million and US0 300.8 million.


Purchase of PLN 0.5 million against sales of EUR 0.1 million.

Robeco All Strategy Euro Bonds

Purchase of EUR 0.8 million against sales of JPY 136.0 million and USD 0.03 million.


Purchase of EUR 583.1 million against sales of GBP 9.7 million, NOK 37.4 million and USD 750.6 million.


Purchase of PLN 3.8 million against sales of EUR 1.0 million.


Purchases of EUR 3.8 million against sales of GBP 1.9 million, USD 1.2 million and NOK 0.9 million.


Purchase of AUD 13.5 million, BRL4.2 million, CAD 5.8 million, GBP 5.7 million, MXN 23.8 million and TRY 3.0 million against sales of CHF 14.0 million, EUR 0.05 million, JPY 681.9 million, and USD 17.7 million.


Purchase of AUD 11.8 million, BRL4.0 million, CAD 6.1 million, GBP 5.2 million, MXN 23.3 million and TRY 2.8 million against sales of CHF 12.5 million, EUR 0.3 million, JPY 679.5 million and USD 15.9 million.

If no specific explanation IS given, these are positions in forward exchange transactions for the purpose 31 the investment p o i i ~ on the leuel of the sub-fund

Manager

JF Asset Management

Goldman Sachs

Alliance Bernstein

Balanced Equity Management

Lloyd George

Rexiter

Maple Brown Abbot (MBA)7 ...................................... ’

’ As of August 2006 Formerly named JF Morgan Fiemmlng

Role

Japanese growth manager

Japanese market-orientated (quant) manage1

Japanese value manager

Australian value (moderate) manager

Asian CARP (Growth At a Reasonable Price) manager

Asian market-orientated manager

Asian value manager ..................................................................


Financial futures

As at 30 June 2007

Purchase/ Quantity Denomination

Sale

Maturity Commitment

month

EUR x 1

Unrealized

gain/loss

EUR x 1


P 14 NIKKEI 225 INDEX, SINGAPORE (SCX)

P 4 SGP500 INDEX (CME) ........................................................


5 65 IBEX 35 INDEX Madrid (MFM) ...............................................................


P 123 S 6 P ASX 200 INDEX (SFE)

P 60 HANG SENG FUT INDEX (HKC)

P 154 TOKYO STOCK PRICE INDEX (TSE)

P 6 1 KOREA 200 INDEX (KFE)

P 58 MSCI SINGAPORE INDEX (SGX)

P 113 MSCI TAIWAN INDEX (SCX) ...............................................................


P 300 KOREA 200 INDEX (KFE) ..........................................................

Robeco Global Bonds

P 221 LFB 5 YR 6% (LIF)

P 89 EURO-SCHATZ 2 YR 6% (EUX)

P

P

P

5

5

5

S

5 5 ...................

39

685 280

411

JPN 10 YR 6% (TSE)

US 10 YR 6% (CBT)

US 5 YR 6% (CBT)

CAN 10 YR 6% (MSE)

767 1,881

EURO-BOB1 5 YR 6% (EUX)

EURO-BUND 10 YR 6% (EUX)

186 LONG GILT FUTURE (LIF)

179 US 20 YR 6% (CBT)

187 US 2 YR 6% (CBT) .......................................


P 1,609 US i o YR 6% (CBT)

P 3,006 EURO-BOB15 YR 6% (EUX)

S 21 EURO-BUXL 30 YR 4% (EUX)

S 1,972 EURO-BUND 10 YR 6% (EUX)

S 250 LIBOR, BBA (LIF)

5 213 US 2 YR 6% (CBT)

5 955 US 5 YR 6% (CBT)

5 311 US 20 YR 6% (CBT) .......................................................


P 1,589 US 5 YR 6% (CBT)

S 211 EURO-BOB1 5 YR 6% (EUX) ..........................................................

.....

.....

September 2007

September 2007 ..............

JUIY 2007 ...............

September 2007

July 2007

September 2007

September 2007

Ju ly 2007

July 2007 ...............

September 2007 ...............

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007 ...............

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007 ...............

September 2007

September 2007 .............

9,149

592

9,741

47.962

-200,617

58,362 -12,009

-52,714

14.529 -6,694

-199.143

203,322

64,090

-3,115

65,837

-495,313 -131,030

297,525

256,635

1,700,354

558,152

197,828

30,295

2,541,258

-75,925

-1,228,596

27,300

1,252.352

-9,285

54,214

464,047

381,396

865,503

-2,029

70,600

68,571


Financial futures

As at 30 June 2007

Purchase/ Quantity Denomination Maturity Commitment Unrealized

Sale month gain/losr

EUR x 1 EUR x 1

Robeco Euro Credit Bonds

P 4

P 443

P 40

5 2 1 . ._._~..~....~.~......~...

EURO.BUX1 30 YR 4% (EUX)

EURO-BOBL 5 YR 6% (EUX)

EURO-SCHATZ 2 YR 6% (EUX)

EURO-BUND 10 YR 6% (EUX) ...................................

Robeco Euro Credit Single A Bonds

P 16

P 98

P 36

5 4 ._...-..--......---_


S

S 73

221

Robeco Euro Bonds

P 466

5 155

S 439

S 912 ._....._______..-........__


P 7 1

P 1,108

P 571

S 115

5 575

S 621

5 68

S 254

S 83 _._._.....____...-.._....._


P P

P

S

115

150

435 286

S 694

500

148

203

274

63

LFB 5 YR 6% (LIF)



EURO.BUND 10 YR 6% (EUX) ..................................

EURO-BUXL 30 YR 4% (EUX)

EURO-BOB15 YR 6% (EUX)

EURO.SCHATZ 2 YR 6% (EUX)

EURO-BUND 10 YR 6% (EUX) ..................................

EURO.SCHATZ 2 YR 6% (EUX)



EURO-BUND 10 YR 6% (EUX) ..................................


EURO-BOBL 5 YR 6% (EUX)

US 10 YR 6% (CBT)

CAN 10 YR 6% (MSE)



US 2 YR 6% (CBT)

US 5 YR 6% (CBT)

US 20 YR 6% (CBT) ..................................


EURO-BOB15 YR 6% (EUX)

US 10 YR 6% (CBT)

EURIBOR XllFFLO



LIBOR BBA (LIF)

US 2 YR 6% (CBT)

US 5 YR 6% (CBT)

US 20 YR 6% (CBT) ..................................

. ..

. .

. ..

. .

- ..

- ..

September 2007 -6,080



-41,690


.._...._.....

September 2007 2,560 September 2007 -8,219


September 2007 -2,160 .._.._..._._. 1),079

September 2007 -113,880

September 2007 61,613



40,511 .......___._..





964,118 -._.._...-...



September 2007 -244,426

September 2007 38.423



September 2007 7 87 September 2007 61,711


645,877 .__.__._.-....

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007

September 2007 . . . . . - . - . . . . . .

97,216

19,230 -101,139

-3,575

274,506

28,649

3,120

-67,228

18,493 61,918

331,190


Forward purchase of mortgage-backed securities

As at 30 June 2007

% Denomination

Robeco Global Bonds

4.5

5 5

5

5

5

5.5 5.5

5.5 6

6

7

7 .................

FNMA TEA

FHLMC TBA

FHLMC TBA

FNMATBA

FNMATBA

CNMA TBA

FHLMCTBA

FNMA TEA

FNMA TEA

FNMA TEA

CNMA TBA

FHLMC TBA

FNMA TEA ...........

July 07

July 07

July 07

July 07

July 07

July 07

July 07

July 07

July 07

July 07

July 07

July 07

July 07

25.03-2021

15-03-2037

15-10-2021

25-03-2037

25-10-2021

15-07.2036

15-03-2037

25-01-2022

25-03-2037

25-01-2037

15-01-2037

15-08.2036

25-05-2036 ........................

Face value Market value Market value Unrealized gain/loss

USD x 1 USD x 1 EUR x 1 EUR x 1

9,300,000

11,400,000

12,500,000

1~,100,000

11,g00,ooo

15,000,000

4,600,000

6,100,000

25,300,000

12,100,000

9,400,000

6,500,000

11,100,000

-55,521

-124,970

-90,891

-140,643

-74,147

-40,778

-138,598

-33,953

-207,446

-78,666

-63,375

-29,828

-31,655

145,789,313 10?,94%104 -1,110,471

I nterest-rate swaps

As at 30 June 2007

Denomination Expiration date Currency Nominal Market Unrealized

value value gain/loss

EUR x 1 EUR x 1


IRSTDOMLO P 6.6825% AUD R 6M IBOR

IRS DEUTFR P 3M IBOR CAD R 4.8875%

IRS TDOMLO P4.967% CAD R 3M IBOR

IR5 DEUTFR P 4.999% CAD R 3M IBOR

IRS DEUTFR P 6M IBOR CHF R 3.16325%

IRS SLIILO P 4.753% EUR R 3M IBOR

IRS ABNALO P 5.963% CBP R 6M IBOR

IRS JPMSLO P 6M IBOR CBP R 5.7925%

IRS JPMSLO P 6.18% GBP R 6M IBOR

IRS TDOMLO P 5.345% US0 R 3M IBOR

IRS DEUTFR P 5.705% U5D R 3M IBOR

IRS ABNALO P 5.8201% USD R 3M IBOR

IR5 ABNALO P 3M IBOR US0 R 5.6651%

IR5 ABNALO P 3M IBOR USD R 5.845%


IRSTDOMLO P 3M IBOR USD R 5.466% ........................................... ............


IRS SLIILO P 3M IBOR EUR R 4.2065%

IR5 SLllLO P 4.753% EUR R 3M IBOR

IRS ABNALO P 3M IBOR EUR R 4.925% ................................................ .-


IR5 5LllLO P 4 753% EUR R 3M IBOR ................................................................

04-06-2012

01-06-2012

01-06-2017

06-06-2037

05-06-2012

12-06-2012

01-06-2012

08-06-2017

08-06-2009

05-06.2012

08-06-2037

15-06-2014

15-06-2011

12-06-2017

12-06.2009

05-06-2017 .............

30-01-2009

12-06-2012

12-06-2037

12-06-2012 ..................

.........

AUD 124,600,000

CAD 168,600,000

CAD 59,200,000

CAD i i ,goo,ooo

CHF 186,400,000

EUR 294,900,000

GBP 81,900,000

GBP 23,300,000

GBP 94,350,000

USD 59,800,000

US0 12,100,000

USD 60,000,000

USD 96,500,000

USD 45,900,000

USD 184,300,000

USD 56,700,000 .................

EUR 23,800,000

EUR 43,100,000

EUR 2,400,000 .....................

EUR io,ioo,ooo ..........................


Interest-rate swaps*

As at 30 June 2007

Denomination Expiration date Currency Nominal Market Unrealized

value value gain/loss

EUR x 1 EUR x 1


IRSABNALO P 6.915%AUD R 6M IBOR

IRS SLlltO P 4.753% EUR R 3M IBOR

IRS SLlllO P4.83853% EUR R 3M IBOR

IRS ABNALO P 3M IBOR USD R 5.48% ...................................


IRS ABNALO P 6.5125% AUD R 6M IBOR

IRS MSINLO P 3M IBOR CAD R 4.466%

IRS ABNALO P 3M IBOR CAD R 4.4615%

IRS ABNALO P4.6625% CAD R 3M IBOR

IR5 DEUTFR P 4.999% CAD R 3M IBOR



IRS ABNALO P4.258% EUR R 6M IBOR

IRS JPMSLO P 3M IBOR EUR R 4.9525%

IRS SLIILO P 4.803% EUR R 3M IBOR

IRS JPMSLO P4.75% EUR R 3M IBOR

IRS ABNALO P 6M IBOR EUR R 4.308%

IRS SLlltO P 4.753% EUR R 3M IBOR

IRS BARCLO P 6M IBOR GBP R 5.138%

IRS BARCLO P 5.52% GBP R 6M IBOR


IRS CRESLO P 5.635% GBP R 6M IBOR




IRS ABNALO P 5.963% GBP R 6M IBOR


IRS BARCLO P 6M IBOR CBP R 5.1625%

IRS BARCLO P 5.6085%GBP R 6M IBOR


IRS MSINLO P 3M IBOR gSD R 5.1875%

IRS ABNALO P5.07625% USD R 3M IBOR

IRS ABNALO P 3M IBOR US0 R 5.6651%

IRS JPMSLO P 3M IBOR USD R 5.915%

IRS JPMSLO P 5.555% USD R 3M IBOR

IRS ABNALO P 5.8201% US0 R 3M IBOR

IRS DEUTFR P 5.705% USD R 3M IBOR

IRS ABNALO P 3M IBOR USD R 5.15%

IRS ABNALO P 3M IBOR US0 R 5.1825%

IRS MSINLO P 5.07% USD R 3M IBOR

IRS ABNALO P 3M IBOR JSD R 5.0525%

IRS ABNALO P 3M IBOR USD R 5.005%

IRS ABNALO P 4.9825% US0 R 3M IBOR ................................... The unrealized result IS d6rloIed by counterparties

................

28-06-2012

12-06-2012

19-06-2012

29-06-2012 ....................

27-04-2012

02-05-2012

02-05-2012

02-05-2017

06-06-2037

05-06-2012

05-06-2012

04-04-2009

15-06-2017

18-06-2012

15-06-2009

04-04-2017

12-06-2012

04-01-2017

04-01-2009

02-04-2017

03-04-2012

02-04-2012

13-06-2017

13-06-2009

01-06-2012

02-04-2009

06-03-2017

06-03-2009

12-04-2014

04-05-2017

10-05-2009

15-06-2011

15-06-2017

15-06-2009

15-06-2014

08-06-2037

10-05-2017

04-05-2017

04-05-2009

12-04-2011

30-04-2012

03-05-2012 ...............

-

......

......

I__

AU 0

EUR

EUR

USD ......

AUD

CAD

CAD

CAD

CAD

CHF

CHF

EUR

EUR

EUR

EUR

EUR

EUR

GBP

GBP

GBP

CBP

GBP

GBP

GBP

GBP

GBP

CBP

GEP

USD

USD

USD

USD

US0

USD

USD

US0

USD

USD

USD

USD

USD

US0

32,500,000

75,900,000

80,000,000

26,300,000 ............

33,150,000 18,450,000

ia,450,000

10,500,000

2,400,000

23,700,000

23,700,000

44,300,000

5,400,000

68,100,000

23,800,000

10,400,000

63,200,000

1,750,000

7,280,000

3,500,000

8,130,000

8,190,000

4,550,000 i6,150,000

5,000,000

17,360,000

L330,OOO

6,790,000

9,600,000

7,840,000

32,000,000

7,aoo,ooo

5,a00,000

23,100,000

4,800,000

2,450,000

7,800,000

9,800,000

32,060,000

15,600,000

26,350,000

33,880,000 ............


Credit-default swaps

Robeco All Strategy Euro Bonds P S S S S 5 S


CDX CDX EM 7 series 7 125bp. 6 Pay 125bp. COX ITRAXX EUR Xover 230bp. Pay 230bp. CDX ITRAXX EUR Broad 30bp. Pay 30bp. CDX ITRAXX EUR Broad 5obp. Pay 50bp. CDX COX NA HY series 8 5Y 275 Pay 275bp. CDX COX NA IC series 8 5Y 35 Pay 35bp. CDX CDX NA IG series 8 1 O Y 60 Pay 60bp. ..............................................

As a t 30 June 2007

Purchase/ Denomination

Sale

of risk

.......

S S S S S S S S S S S S S S S S S S S S S S S 5 S S S S S S S S 5 S S S S 5 S _.

P P P P P P P P P P P P

CDS BRTELO Pay 64bp. 7.125 British Telecommunications CDS ELECSE Pay 70bp. 6 Electrolux CDS DSMNHE Pay45bp. 6.75 DSM CDS KPNLNL Pay 10lbp. 8 Koninklilke KPN CDS BASELU Pay 247bp. 8.375 Basell CDS GRHODE Pay 512bp. 8.625 Crohe CDS UPCHNL Pay 370bp. 7.75 Upc COS UPCHNL Pay372bp, 7.75 Upc CDS MRELFI Pay33obp. 7.25 M-Real CD5 UPCHNL Pay 376bp. 7.75 Upc CDS MRELFI Pay 340bp. 7.25 M-Real CDS WDACUS Pay 377bp. 8.5 WDAC Subsidiary CDS WDACUS Pay446bp. 8.5 WDAC Subsidiary CDS KABEDE Pay 414bp. 10.75 Kabel Deutschland COS KABEDE Pay 455bp. 10.75 Kabel Deutschland CDS COCNDE Pay443bp. 9.5 Cognis COS MRELFI Pay42ibp. 7.25 M-Real CDS GRHODE Pay 626bp. 8.625 Grohe CDS WDACUS Pay467bp. 8.5 WDAC Subsidiary COS INESGB Pay 375bp. 7.875 Inem COS INESGB Pay 375bp. 7.875 lneos CDS ONFllE Pay 525bp. 8 Ono Finance II CDS BASELU Pay 27Zbp. 8.375 Basell CDS PEAPLO Pay loobp. 7 Pearson CDS DOWCUS Paysibp. 6 Dow Chemical CDS COGNDE Pay423sbp. 9.5 Cognis COS KABEDE Pay428bp. 10.75 Kabel Deutschland CDSVIMEGB Pay 431bp. 8-75 Virgin Media Finance CDS GRHODE Pay 480bp. 8.625 Grohe CDS WDACUS Pay 400bp 8.5 WDAC Subsidiary COS ABCOCA Pay 475bp. 8.375 Abitibi-Consol Co Canada COS ABCOCA Pay 490bp. 8.375 Abitibi-Consol Co Canada CDS SIXFUS Pay 658bp. 9,75 Six Flags CDS BCEICA Pay 177bp. 7.35 BCE CD5 TOYSPA Pay 555bp. 7.375 Toys 'R Us COX iTraxx Xover series 6XOV Pay 280bp. CDX ITRAXX EUR Xover 230bp. Pay 230bp. CDX CDX NA HY series 7 7Y 325 Pay 325bp. CDX C3X NA HY series 8 5 Y 275 Pay 275bp. ...............................................

CDS VNUNNL Pay 275bp. 5.625 VNU CDS BCMIKY Pay4gbp. BCM Ireland Finance CDS GLENLU Pay 30bp 5.375 Clencore Fin. Europe Lux COS CRHODE Pay 75bp. 8.625 Grohe CDS NORDDK Pay 23bp. 8.25 NordicTel Co Holdings CDS RAYAFR Pay 30bp. 9.375 Ray Acquisition CDS INESGB Pay 5oobp. 7.875 lneos Group CDS BASELU Pay 367bp 8.375 Basell CDS FSFUDK Pay 50bp. 8.875 FS Funding CDS GRHODE Pay 547bp. 8.625 Grohe CDS UPCHNL Pay 435bp. 7.75 Upc CDS UPCHNL Pay 435bp. 7.75 Upc

Expiration Expiration

date

reference

bond

..........

15-02-2011 20-03-2008 15-05-2009 01.10-2010 15-08-2015 01.10-2014 15-01.2014 15-01-2014 01-04-2013 15-01-2014 01-04-2013 01-12-2014 01-12-2014 01-07-2014

date

CDS/CDX

01-07-2014 15.05-2014 01-042013 01-10-2014 01-12-2014 15-02-2016 15-02-2016 16-05-2014 15-08.2015 27-10-2014 01-10-2012 15-05.2014 01-07.2014 15-04.2014 01-10.2014 01-12.2014 01.042015 01-04-2015 15-04-2013 30-10-2009 15 10-2018

...............

20-05.2010 15-08-2016 30-09-2011 01-10-2014 01-05.2016 15-03-2015 15-02-2016 15-08-2015 15-05-2016 01-10-2014 15-01 2014 15-01.2014

Currency Nominal

value

USD EUR EUR EUR USD US0 USD

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD USD US0 USD USD E U R EUR USD USD .......

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Market Unrealized

value gain/loss

EUR x 1 EUR x 1

203,901 -121,712 -114,440

-39,620 246,612

50,206 87,814 ...........

-280,560 -48,189 123,719

-218,524 627,158

963 94,014 53,392

256,623 47,357

182,307 129,452 -35,200 231,277

74,100 196,399

30,191 -148,966

-58,796 -25,367 -15.854 -61,350 207,733 -21,593

-2,393 196.834 107,057 166,915

29,429 25,972

247,238 401,223 126,168

3,864 80,357

-808,711 -47,267

64,509 493,223 ...........

124,777 8,275 8,415 1,843

-4,897 4,284

-1,542,678 383

-74,045 -97,824

-163,040

-401,231



As at 30 June 2007


Sale

of risk

P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P

Robeco Eui S S S S S 5 S S 5 S S S S S S S

- - - -__.. .

- - - -__ ._ .

CDS UPCHNL Pay445bp. 7.75 Upc CDS MRELFI Pay390bp. 7.25 M-Real CDS KABEDE Pay 456bp. 10.75 Kabel Deutschland CDS WDACUS Pay417bp. 8.5 WDACSubsidiary CDS WDACUS Pay487bp. 8.5 WDAC Subsidiary CDS KABEDE Pay4g5bp. 10.75 Kabel Deutsrhland CDS MRELFI Pay4OObp. 7.25 M-Real COS COGNDE Pay483bp. 9.5 Cognis COS GRHODE Pay 667bp. 8.625 Grohe CDS MREL-I Pay480bp. 7.25 M-Real CDS WDACUS Pay 505bp. 8.5 WDAC Subsidiary CDS ONFllE Pay565bp. 8 Ono Finance II CDS GFCOPA Pay 130bp. 4.875 Gecina CDS NORDDK Pay 243bp. 8.25 Nordic Tel Co Holdings COS COGNDE Pay 495bp. 9.5 Cognis CDS KABEDE Pay 475bp. 10.75 Kabel Deutschland COS VIMECB Pay 505bp. 8.75 Virgin Media Finance CDS GRHODE Pay 530bp. 8.625 Grohe CDS WDACUS Pay 450bp. 8.5 WDAC Subsidiary CDSVIMEGB Pay34obp. 8.75 Virgin Media Finance CDS NORDDK Pay 255bp. 8.25 Nordic Tel Co Holdings COS GMACDE Pay 50bp. 6.875 General Motors CDS RESIUS Pay 40bp. 6.375 Residential Capital CDS CLCHUS Pay 25bp. 6.875 Clear Channel Communications CDS FMCCUS Pay 65bp. 7 Ford Motor Credit CDS TOYSPA Pay 75bp. 7.375 Toys 'R Us CDS HARRUS Pay 25bp. 5.375 Harrah's Operating CDS ABCOCA Pay 545bp. 8.375 Abitibi-Consol Co Canada CDS ABCOCA Pay 530bp. 8.375 Abitibi4onsol Co Canada COS SIXFUS Pay 705bp. 9.75 Six Flags CDS SLMOJS Pay 176bp. 5.125 SLM CDS WINCUS Pay 98bp. 8.125 Windstream CD5 GEMODE Pay473bp. 7.125 General Motors CDS TOYSPA Pay 610hp. 7.375Toys 'R Us CDS FMCCUS Pay 170bp. 7 Ford Motor Credit COX CDX NA HY series 7 1oY 32 Pay 325bp. .....................................................

io Credit Bonds CDS BRTELO Pay 113.5bp. 7.125 British Telecommunications CDS ELECSE Pay 77bp. 6 Eledrolux AB CDS SYNGLU Pay 22bp. 4.125 Synqenta tux Finance CDS HENKDE Pay 48bp. 4.25 Henkel KGAA CDS TNTPL Pay 53bp. 3.875 TNT CDS NGGFGB Pay41bp. NGG Finance (FRN) CDS CITGUS Pay47bp. 7.75 CITGroup CDS DSMNHE Pay 51bp. 6.75 DSM. COS BATIUS Pay 44bp. 4.875 B A T . Finance CDS CARRFR Pay 27bp. 6.125 Carrefour CDS PEAPLO Pay 100bp. 7 Pearson COS DOWCUS Pay Slbp. 6 Dow Chemical CDS HNSNLO Pay 49bp. 7.875 Hanson CDS AKZOAR Pay 23.5bp. 4.25 Akzo Nobel CDS SAINGB Pay 6gbp. 5.625 Sainsbury J. COX ITRAXX EUR Broad 5obp Pay 5obp. _._. .................................................

COS IMPENL Pay 80bp. 7.125 Imperial Tobacco 0/5 CDS LINDNL Pay46bp. 6.375 Linde Finance COS KAUPIC Pay53bp. Kaupthtng Bank HF (FRN) COS DACHUS Pay 19bp. 6.5 Datmler-Chrysler NA Holdings CDS CDMIF3 Pay32.5bp. 6.75 AXA CDS DEUTAN Pay 27.5bp. 5.375 Deutsche Finance CDS LAISIS Pay 29bp. Landsbanki Islands (FRN)

Expiration Expiration Currency Nominal Market Unrealized

date date value value gain/loss

reference CDS/CDX

bond EUR x 1 EUR x 1

15-01 2014 01-04 2013 01-07-2014 01-12-2014 01-12.2014 01-07-2014 01-04-2013 15-05-2014 01.10-2014 01-04-2013 01-12-2014 16-05.2014 19 02.2010 01-05-2016 15-05-2014 01-07.2014 15-04.2014 01-10.2014 01-12-2014 15-04-2014 01-05-2016 28-08.2012 30-06-2010 15-06-2018 01-10-2013 15.10 2018 15.12-2013 01.042015 01-04-2015 15-04-2013 27-08-2012 01-08-2013 15-07.2013 15-10-2018 01-10-2013

..._._.._.

15-02-2011 20-03-2008 22-04-2015 10-06-2013 01-06-2015 23-08-2011 02-04.2012 15-05-2009 25-02-2009 26-05-2010 27.10 2014 01.10-2012 27-09-2010 14-06-2011 11-07-2008

._..._..__

01-04-2009 14.06-2007 01-12*2009 15-11 2013 15-12-2010

19-10-2010 27-03-2012

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD USD USD US0 USD USD USD USD US0 USD USD US0 USD USD USD . - . - . - .

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR - -_. ._

EUR EUR EUR EUR EUR EUR EUR

-79,831 357,114

-272,605 -182,493

-17,584 -95,997

-257,273 -242.758

148,625 -66,723

43,011 47,028 38,815

-11,143 -244,992 -118,690 -203,822

-32,732

-31,269 -7,332

-29,327 -33,767 -18,896 -19,487 -21,942

-5,890 -343.179 -212,785 -165,307 -187,336 -137,862

-70,182 -112,620

-44,2 25 -240,808

-31,206

..__...-.-.

-50,235 -15,104

-4,740 -23,004 -17.677 -14,591

27,508 7,364

-20,406 -6,293 -3,599

-594 -6,078

3,013 17,626

-11,094 . .__.._.___

3,290 10,650 12,567 1,110

3,591 -4,231

3,677



As at 30 June 2007

Purchase/ Denomination Expiration Expiration Currency Nominal

Sale date date

of risk reference CDS/CDX

bond

30-06-2010 15-01-2012 01-04-2012 18-01-2012

P P P P P P P P P P P


CDS RESIUS Pay 170bp. 6.375 Residential Capital CDS GOLDUS Pay 31.5bp. 6.6 Goldman Sachs Group CDS MSFRFR Pay 31.5bp. 6.6 Morgan Stanley CDS SLHINY Pay 40bp. 6.625 Lehman Brothers Holdings CDS GFCOPA Fay 130bp. 4.875 Cecina COS CHOLUS Pay 65bp. 4 Countrywide Home Loan CDS SLMOUS Pay 175bp. 5.125 SLM COS ICBASG Paysgbp. 5.75 IClCl Bank Ltd Singapore CDS MSFRFR Pay 30bp. 6.6 Morgan Stanley CDS KAUPIC Pay46bp. Kaupthing HF (FRN) COS RECAUS Pay 28bp. 5.75 Reed Elsevier Capital ......................................................

S S S S S S 5 S 5 5 S 5 5 5 S 5 5 5 S ..

P P P P P P P P P P P P P P P P P P P P P P P P P .. ~ . . . . . . .

CDS BRTELO Pay 64bp. 7.125 British Telecommunications CDS ELECSE Pay 70bp. 6 Elertrolux AB CDS DSMNHE Pay 45bp. 6.75 DSM CDS KPNLNL Pay 1olbp. 8 Koninklilke KPN CDS BASELU Pay 247bp. 8.375 Basell AF COS GRHODE Pay 512bp. 8.625 Grohe Holding CDS UPCHNL Pay370bp. 7.75 Upr Holding CDS MRELFI Pay 340bp. 7.25 M-Real CDS WDACUS Pay 377bp. 8.5 WDAC Subsidiary CDS KABEDE Pay 414bp. 10.75 Kabel Deutschland COS INESCB Pay 375bp. 7.875 lneos Group Holdings CDS BASELU Pay 272bp. 8.375 Basell AF CDS PEAPLO Pay 1oobp. 7 Pearson CDS DOWCUS Pay 51bp. 6 Dow Chemical CDS COCNDE Pay423.5bp. 9.5 Cognis CDS VIMECB Pay43ibp. 8.75 Virgin Media Finance CDS BCEICA Pay 177bp. 7.35 BCE COX iTraxx Xover series 6XOV Pay 28Obp. CDX COX NA HY series 8 5Y 275 Pay 275bp. ............................................ _..

...

~ . .

19-02-2010 22-03-2011

16.11.2010 01-04-2012

27-08-2012

01-12-2009 31-07-2008 ....._.__.

15.02-2011 20.03-2008 15-05.2009 01-10.2010 15-08-2015 01-10-2014 15-01-2014 01-04-2013 01-12-2014 01-07-2014 15-02-2016 15-08-2015 27.10-2014 01.10-2012 15-05.2014 15-04-2014 30-10-2009

......_...

CDS VNUNNL Pay 275bp 5.625 VNU COS BCMIKY Pay4gbp. BCM Ireland Finanre (FRN) CDS GLENLU Pay 30bp. 5.375 Glencore Fin. Europe lux COS GRHODE Pay 75bp. 8.625 Grohe Holding COS NORDDK Pay 23bp. 8.25 NordicTel CDS RAYAFR Pay3obp. 9.375 Ray Acquisition C O S INESGB Pay 500bp. 7.875 Inem Group Holdings COS BASELU Pay 367bp. 8.375 Basell AF CDS FSFUDK Pay 50bp. 8.875 FS Funding CDS GRHODE Pay 547bp. 8.625 Grohe Holding CDS UPCHNL Pay435bp. 7.75 Upc Holding CDS KABEDE Pay 456bp. 10.75 Kabel Deutschland CDS WDACUS Pay 417bp. 8.5 WDAC Subsidiary CDS MRELFI Pay 400bp. 7.25 M-Real CDS GFCOPA Pay 130bp. 4.875 Gecina CDS NORDDK Pay 243bp. 8.25 NordicTel CDS COGNDE Pay495bp. 9.5 Cognis CDS VIMEGB Pay 505bp. 8.75 Virgin Media Finance CDS VIMEGB Pay 340bp. 8.75 Virgin Media Finance

20-05-2010 15-08-2016 30.09-2011 01-10.2014 01-05-2016 15-03.2015 15-02-2016 15-08-2015 15-05-2016 01-10.2014 15-01-2014 01-07-2014 01-12-2014 01-04-2013 19-02-2010 01-05-2016 15-05-2014 15-04-2014 15-042014 28.08-2012 30-06-2010

CDS GMACDE Pay 50bp 6 875 General Motors Acceptance CDS RESIUS Pay40bp. 6 375 Residential Capital COS CLCHUS Pay 25bp 6 875 Clear Channel Communications 15-06-2018 CDS FMCCUS Pay 65bp 7 Ford Motor Credit CDS TOYSPA Pay 75bp 7 375 Toys 'R Us CDS HARRUS Pay 25bp 5.375 Harrah's Operating

01-10-2013 15-10-2018 15-12-2013 .................................................... . - .__- - - - -

value

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR . . ~ - - - -

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD

......

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD USD USD USD USD USD ...... l.l.l.".l...

Market Unrealized

value qainlloss

EUR x i

-9,724 62

-728 3,425 5,458

-1,379 -60,177

-5,843 -5,379 -7,135 -2,167

EUR x 1

...._......

-14,028 -2,080

5,540 -9,785 41,811

60 9,401

26,044 12,945 23,128 -3,171 15,979 -1,080

-109 17,894 11,128

193 -64,697

30,826 ._._. "_....

13,864 345 448

77 -258

159 -26,749

-102,845 29

-4,628 -16,304 -27,260 -18,249 -36,753

1,617 -2,786

-22,272 -13,588

-1,563 -1,235 -2,412

-400 -541 -798 -125

. . . . . . . .


~ ~


As at 30 June 2007


Sale

of risk

Robeco Divirente VaR2 S P


CDX ITRAXX EUR Xover 230 bp Pa Pay CDX CDX EM 7 series 7 125 bp .............................................................. .

S S S S S S S S S S S S S S S S 5 S S S S S S S S 5 S S 5 S S S S S S S 5 S S S 5 S S S S S S S S S 5 S

P P P P

CDS HENKDE Pay 2gbp.4.25 Henkel KGAA CDS TNTPNL Pay 48bp.3.875 TNT CDS ELECSE Pay56bp.6 Electrolux CDS KPNLNL Pay 84bp.8 Koninklilke KPN CDS SYNGLU Pay 19bp.4.125 Syngenta Lux Finance COS BRTELO Pay 70bp.5.75 British Telecommunications CDS DSMNHE Pay 41bp.4 DSM CDS BASELU Pay 252bp.8.375 Basell AF CDS INESGB Pay 365bp.7.875 lneos Group Holdings CDS GRHODE Pay512bp.8.625 Grohe Holding CDS UPCHNL Pay 370bp.7.75 Upc Holding CDS MRELFI Pay 330bp.7.25 M-Real CDS WDACUS Pay 377bp.8.5 WDAC Subsidiary COS KABEDE Pay 414bp.10.75 Kabel Deutschland CDS COCNDE Pay443bp.g.5 Cognis CDS MRELFI Pay 421bp.7.25 M-Real CDS GRHODE Pay 626bp.8.625 Grohe Holding CDS WDACUS Pay 467bp.8.5 WDAC Subsidiary COS INESCB Pay 375bp.7.875 lneos Group Holdings COS ONFllE Pay 525bp.8 Ono Finance II CDS BASELU Pay 272bp.8.375 Basell AF CDS HENKDE Pay 29bp.4.25 Henkel KCAA CDS TNTPNL Pay 43bp.3.875 TNT COS KPNLNL Pay 87bp.8 Koninkliike KPN COS BRTELO Pay 70bp.5.75 British Telecommunications CDS ELECSE Pay 67bp.6 Eledrolux AB CDS SYNGLU Pay 42bp.4.125 Syngenta Lux Finance CDS CARRFR Pay 27bp.6.125 Carrefour CDS PEAPLO Pay 100bp.7 Pearson CDS GRHODE Pay 50obp.8.625 Grohe Holding CDS DOWCUS Pay 51bp.6 Dow Chemical CDS HNSNLO Pay4gbp.7.875 Hanson CDS COCNDE Pay 423.5bp.9.5 Cognis CDS KABEDE Pay 428bp.10.75 Kabel Deutschland CDS VlMEGB Pay 431bp.8.75 Virgin Media Finance COS GRHODE Pay480bp.8.625 Crohe Holding CDS UPCHNL Pay 370bp.7.75 Upc Holding CDS WDACUS Pay 4oobp.8.5 WDAC Subsidiary CDS INESGB Pay 437bp.7.875 lneos Croup Holdings CDS ONFIIE Pay415bp.8 Ono Finance II CDS MRELFI Pay405bp.7.25 M-Real CDS AKZOAR Pay 23.5bp4.25 Akzo Nobel COS SAINCB Pay 69bp.5.625 Sainsbury J. CDS ABCOCA Pay 490bp.8.375 Abitibi-Consol Co Canada CDS SIXFUS Pay 658bp.9.75 Six Flags CDS BCEICA Pay 177bp.7.35 BCE CDX ITRAXX EUR Xover 230bp. Pay 230bp. COX ITRAXX EUR Broad 30bp. Pay 30bp. CDX ITRAXX EUR Broad 50bp. Paysobp. CDX CDX NA HY series 8 5Y 275 Pay 275bp. CDX CDX NA IG series 8 5Y 35 Pay 35bp. CDX CDX NA IC series 8 1oY 60 Pay 60bp. ...............................................

CDS IMTOLO Pay 66bp.6.25 Imperial Tobacco Finance CDS LINDN. Pay 29bp.6.375 Linde Finance CDS KAUPIC Pay 5ibp.Kaupthing Bank HF (FRN) CDS DACHUS Pay lgbp.6.5 Dairnler-Chrysler NA Holdings

...

Expiration Expiration Currency Nominal

date date value

reference CDS/CDX

10-06-2013 01-06-2015 20-03-2008 01-10-2010 22-04-2015 07-12-2028 10-11-2015 15-08-2015 15-02-2016 01-10-2014 15-01.2014 01.04-2013 01-12-2014 01-07-2014 15-05-2014 01.04.2013 01-10-2014 01-12-2014 15-02-2016 16-05-2014 15-08-2015 10-06-2013 01-06-2015 01-10-2010 07.12-2028 20-03-2008 22-04 2015 26-05-2010 27.10-2014 01-10-2014 01-10-2012 27-09-2010 15-05-2014 01-07-2014 15-04-2014 01-10-2014 15-01-2014 01-12-2014 15-02-2016 16-05-2014 01-04-2013 14-06-2011 11-07-2008 01-04 2015 15-04-2013 30-10-2009

.-........

04.12-2018 14.06-2007 01.12-2009 15.11-2013

EUR USD . . . . . - .

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR US0 USD USD EUR EUR EUR US0 USD USD ......

EUR EUR EUR EUR

Market value

EUR x 1

-40,177 106,627 .__._._...

-1,928 3,010

2,269 -2,610

-237 -10,224

13,404 39,840 -2,400

60 9,401

28,514 12,945 23,128 39,280

6,038 -29,793 -11,759

-3,171

15,980 -2,787

-20,939 -14,286

-8,481 -2,740

-471 -10,650

-6,118

-12,270

9,952 -782

-8,317 53,682 64,234 44,511

9,810 60,712 51,943 36,715 62,120 50,179

4,520 26,439 60,183 11,470

966 -44,903

-7,396 65,352

9.257 15,807

-28,610

....._.___

-4,082 2,153 4,829

617

Unrealized

gain/loss

EUR x 1


Cred it-default swaps*

As at 30 June 2007


Sale

of risk

P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P

CDS BCMlKY Pay 4gbp.BCM Ireland Finance (FRN) CDS GLENLU Pay 30bp.5.375 Glencore Fin. Europe Lux CDS GRHODE Pay 75bp.8.625 Grohe Holding CDS NORDDK Pay 23bp.8.25 NordicTel Co Holdings COS RAYAFR Pay 30bp.g.375 Ray Acquisition CDS BASELU Pay 375bp.8.375 Basell AF CDS INESGB Pay 510bp.7.875 lneos Group Holdings CDS FSFUDK Pay 50bp.8.875 FS Funding CDS DEUTAN Pay 27.5bp.5.375 Deutsche Finance CDS LAlSlS Pay 29bp.Landsbanki Islands (FRN) COS CRHODE Pay 547bp.8.625 Grohe Holding CDS UPCHNL Pay 435bp.7.75 Upc Holding CDS MRELFI Pay 390bp.7.25 M-Real Corporation CDS KABEDE Pay456bp.lo.75 Kabel Deutschland COS WDACUS Pay 417bp.8.5 WDAC Subsidiary C O S GOLDUS Pay 31.5bp.6.6 Goldman Sachs Group CDS MSFRFR Pay 31.5bp.6.6 Morgan Stanley CDS GMACDE Pay 150bp.6.875 General Motors Acceptance CDS COCNDE Pay 483bp.9.5 Cognis CDS CRHODE Pay 667bp.8.625 Grohe Holding CDS MRELFI Pay 480bp.7.25 M-Real Corporation CDS WDACUS Pay 505bp.8.5 WDAC Subsidiary COS ONFllE Pay565bp.8 Ono Finance I1 CDS LAlSlS Pay 35.5bp.Landsbanki Islands (FRN) CDS MSFRFR Pay 32bp.6.6 Morgan Stanley CDS GFCOPA Pay 122bp.4.875 Gecina COS BARYAM Pay 25.5bp.Deutsche Bank (FRN) CDS KAUPIC Pay 54bp.Kaupthing Bank HF (FRN) CDS GOLDUS Pay 30bp.6.6 Goldman Sachs Group COS IMTOLO Pay 80bp.6.25 Imperial Tobacco Finance CDS CHOLUS Pay 65bp.4 Countrywide Home Loan COS CRHODE Pay 550bp.8.625 Grohe Holding COS NORDDK Pay 243bp.8.25 NordicTel Co Holdings CDS ICBASG Pay 59bp.5.75 IClCl Bank Ltd Singapore CDS COGNDE Pay 495bp.9.5 Cognis CDS KABEDE Pay475bp.10.75 Kabel Deutschland COS VIMEGB Pay 505bp.8.75 Virgin Media Finance CDS GRHODE Pay 53obp.8.625 Grohe Holding CDS UPCHNL Pay44obp.7.75 Upc Holding CDS WDACUS Pay 450bp.8.5 WDAC Subsidiary CDS INESGB Pay 510bp.7.875 lneos Group Holdings CDS ONFllE Pay480bp.8 Ono Finance II COS MRELFI Pay 472bp.7.25 M-Real Corporation CDS RECAUS Pay 28bp.5.75 Reed Elsevier Capital CDS GMACDE Pay 50bp.6.875 General Motors Acceptance CDS RESIUS Pay 40bp.6.375 Residential Capital CDS CLCHUS Pay 25bp.6.875 Clear Channel Communications CDS FMCCUS Pay 65bp.7 Ford Motor Credit COS TOYSPA Pay 75bp.7.375 Toys 'R Us CDS HARRUS Pay 25bp.5.375 Harrah's Operating CDS AGCOCA Pay 545bp.8.375 Abitibi-Consol Co Canada CDS SIXFUS Pay 705bp.9.75 Six Flags CDS CLCHUS Pay 45bp.6.875 Clear Channel Communications CDS SLMOUS Pay 176bp.5.125 SLM CDS WINCUS Pay 98bp.8.125 Windstrearn COS GMACDE Pay 148bp 6.875 General Motors Acceptance CDX iTraxx Broad series 6EU2 Pay 30bp. CDX iTraxx series 6EU4 50b Pay 50bp. CDX iTraxx Xover series 6XOV Pay 280bp.

CDX CDX EM 7 series 7 125bp 6 Pay 125bp. CDX ABX HE 2006-2 EBB. Pay 242bp.

.......................................................

. Ihe unreal#zed resJ ' 5 dirclose3 3y couiterpzrtler


Expiration Expiration Currency Nominal

date date value reference COS/CDX

bond

15-08.2016 EUR 30-09.2011 EUR 01-10-2014 EUR 01-05-2016 EUR 15.03-2015 EUR 15-08-2015 EUR 15-02-2016 EUR 15-05.2016 EUR 27-03-2012 EUR 19-10-2010 EUR 01-10-2014 EUR 15-01-2014 EUR 01.04-2013 EUR 01-07-2014 EUR 01-12-2014 EUR 15-01 2012 EUR 01-04.2012 EUR 28-08-2012 EUR 15-05-2014 EUR 01.10-2014 EUR 01-04-2013 EUR 01-12-2014 EUR 16-05-2014 EUR 19-10-2010 EUR 01-042012 EUR 19-02~2010 EUR 20-09-2016 EUR 01-12-2009 EUR 15.01-2012 EUR 04-12-2018 EUR 22-03-2011 EUR 01-10 2014 EUR 01-05-2016 EUR 16-11-2010 EUR 15-05-2014 EUR 01-07-2014 EUR 15-04.2014 EUR 01-10-2014 EUR 15-01-2014 EUR 01-12-2014 EUR 15-02-2016 EUR 16-05-2014 EUR 0 1 04-2013 EUR 31-07-2008 EUR 28-08-2012 USD 30-06-2010 USD 15-06-2018 USD 01.10-2013 US0 15-10.2018 USD 15-12-2013 USD 01-04-2015 US0 15-04.2013 USD 15-06.2018 USD 27-08-2012 USD 01-08-2013 USD 28-08-2012 USD

EUR EUR EUR USD USD ____....._ -.._..

Market Unrealized

value gainlloss

EUR x 1

575 537 128

EUR x 1

-322 317

-98.199 -20,932

29 -1,693

1,471 -4,628

-16,304 -39,679 -27,260 -18,249

41 -476

-5,139 -48,552

29,725 -13,345

8,602 9,406 5,345

-3,760 1,156

-19,632 11,830 -4,838

-373 -2,333

-11,295 -3,980 -7,381

-66,816 -71,214 -54,353 -10,911 -81,635 -62,412 -47,379 -85,076 -68,417

-3,251 -1,852 -2,412

-721 -1,624 -1,197

-225 -51,477 -i5,028

-760 -46,834 -41,358 -18,439

15,665 6,661

58,227 -552,596

98,677 ...._.__...

Equity swaps

As at 30 June ZOO7

Quantity Name Currency Market value

EUR X 1


Longposition

120,000 Johnson G Johnson USD 5,475,103

300,000 Pfizer US0 5,679,908 .................................................................. ..................................................................

Securities lending ~~

2006/2007 2005/2006 30/06/2007

Market value In % of Income funds Income Income funds Income

As at 30 June 2007

of securities lent investments RSL RSL

EUR x 1,000 EUR x 1 EUR X 1,000 EUR x 1,000 EUR x 1,000

Equity sub-funds Robeco Global Equities Robeco Global Growth Equities Robeco Global Value Equities Robeco North American Equities Robeco US Premium Ecuities (EUR) Robeco US Premium Equities1 Robeco US MidCap Equities 1,2 Robeco USValue Equities 1 ~ 3

Robeco European Equ i t i es

Robeco European MidCap Equities Robeco European Opportunities Robeco MultiManager Asia-Pacific Equities Robeco Emerging Markets Equities 5

Robeco Emerging Stars Equities Robeco Chinese Equities

Sector equity sub-funds Robeco Financials Equities Robeco Food G Agri Equities Robeco Health Care Equities Robeco IT Equities Robeco Telecom Services Equities Robeco Consumer Goods Equities Robeco Industrials Equities Robeco Energy Equities Robeco Property Equities

Bond/abrolute-return sub-funds Robeco Global Bonds Robeco All Strategy Euro Bonds Robeco High Yield Bonds Robeco Euro Credit Bonds Robeco Euro Credit Single A Bonds Robeco Euro Governmeit Bonds Robeco Euro Bonds Robeco European Currencies High Yield Bonds Robeco Investment Grade ABS Robeco Divirente VaR2 Robeco Divirente VaR46

....................................

....................................

A A A B A A A A A C A A B B B ........

A A A A A A A A A

7,592,579 363,591

14,668,402

14,764,623 42,468,238

725,643

152,023,381 24,565,538 21,977,170

111,017,810 369,346,636

8,602,103 79,431,819

93,892,395

-

.............

9.4 5-8

18.4 13.7

8.1 13,5

6.2 -

12.9 8.4

21.1 14.0 16.5

6.6 30.5 ..............

125 7

154 1,656

101

320 -

- 2,946

169 54

545 6,132

36 302 .............

6 1 3

74 892

5 1 163 -

-

1,341 58 24

279 3,382

19 162 ._.__.

130 6

96 1,836

8 90 -

- 2,546

164

581 5,716

96

-

-

_.._._

221 72

252 83

121 8

11

148 275

75 3

54 1,101

4 50 -

-

1,398 93

340 3,478

56

-

- ...........

123 4 1

145 50 7 1 5 6

84 168

......

......

12,590,997 7,596,216 5,912,071 3,818,844 7,486,212 4,927,122 1,596,731

19,491,477 23,245,861 .............

12.5 12.3

3.9 4.6

12.1 21.3

3.5 16.2 16.5 ..................

216 80

157 76

166 34 15

139 201 ..........

106 40 74 38 79 17

7 75

104 ...... ....... . - ................................. .....

C

438,878,696 235,172,880 725,825,226

-

57.9 19.3 98.4 -

166 10

764 2 6

86 -

87 4

478 1

3 45 -

C 5 1 34 C 1 1

B 632 421 C C C 10 7 C

- - - -

- - 261,078,380

- 39.2

-

2,680,584 -

7.5 -

0.8 -

0.4 -

A C C

.. ................................................................................................................................... Durlng the reporting penod the fee which Robeco Seruritaer lendinq 6.V IRSL) received as compenrat#on for its services rhanged The percentages for :he different rub.tunds are as follows A T i l l 1 April 2001 35% from the gross Income. As from 1 April 20Cl this percentage 15 30% B Till 1 April 2007 35% trom the gross Income As from 1 April2007 this percentage remalned 35% C T i l l 1 A w l 2007: 35% from the grorr income AS from 1 April 2001 thl5 pertentage is 20%

Amount5 In US dollar 3 July 2006 through 3U June 2007 27 April2007 through 30 lune 2007. 20 NovemOer 2006 through 30 June 2007 For an amount ot EUR A9 2 million. the securities lending agreements concern total return ruapr g w g :ne subfund ICle performance o!tne underlying securities ihere swaps nave been included In the portfolio The Positions in the porttolio which partly mcluoe r w a ~ s have been marked with an asterix 3 November 2006 through 30 June 2001. 25 May 2001 through 30 Junr 7007


Management and service fee

Service fee’

Share class B D OH DL E EH I IE IH IHI I1 M P PE PH B, D, l,lH, I1

In % Management fee’

Share class

DH,DL IHI,IE

E,EH

M, p,

PE, PH

Equity sub-funds Robeco Global Equities Robeco Global Growth Equities Robeco Global Value Equities Robeco Global Conservative Equity Robeco North American Equities Robeco US Premium Equities (EUR) Robeco US Premium Equities Robeco US MidCap Equities Robeco US Value Equities Robeco European Equities Robeco European MidCap Equities Robeco European Opportunities Robeco European Conservative Equity Robeco 130/30 European Equities Robeco MultiManager Asia-Pacific Equities Robeco Emerging Markets Equities Robeco Emerging Stars Equities a

Robeco Chinese Equities ...............................

- 1.25 1.25 - - 1.25 1.25 -

1.25 1.25 1.25 -

- 1.25 1.25 - - 1.50 - - - 1.50 1.50 -

- 1.50 1.50 -

- 1.25 1.25 -

- 1.25 - -

1.00 1.00 1.00 -

- 1.50 - - - 1.25 - 1.50

- 1-00 - -

- 1.75 - -

- 150 - - - 1.50 - 1.75

1.00 1.00 - -

- 1.50 - - .....................

- 0.70 - 0.70 - 0.70 - 0.60 - 0.70 - 0.70

1.50 0.70 1.50 0.90 1.25 0.70

- 0.70 - 0.90 - 0.70 - 0.60 - 0.70

- - 1.50 - - - 1.50 -

- - 1.50 - - - - - - - 1.50 -

- - 2.00 -

- 2.00 - -

- - - -

- - - -

- - 1.50 -

- - 2.00 -

- 0.70 - - - - - - - - 2.00 -

- - 0.12 0.08 - - - 0.12 0.08 - - 2.00 0.12 0.08 -

- -

1.25 1.00 1.25

- 1.50 1.50 1.25

- -

1.25 1.00

-

1.75 1.50 1.50

- .....

- - - - - - -

1.50 -

- -

- - I -

- -

- -

- - - 0.70 - 0.90 - 0.70

...

-.-

- 0.08 0.05 -

- 0.12 0.08 - - 0.12 0.08 -

- 0.12 0.08 -

- 0.12 0.08 -

- 0.12 0.08 -

- 0.12 0.08 -

- 0.12 0.08 -

- 0.12 0.08 0.08 - 0.08 0.05 -

- 0.12 0.08 -

- 0.90 - 1.10 - 1.10 - 1.10 ............

- - 2.00 -

- - 2.00 2.00 - 1.10 - -

- 2.00 - - .....................

- 0.12 0.08 -

- 0.12 0.08 -

- 0.12 0.08 0.12 - 0.12 0.08 - ................... .. ...

Sector equity sub-funds Roheco Financials Equities Robeco food b Agri Equities Robeco Health Care Equities Roheco IT Equities Robeco Telecom Services Equities Robeco Consumer Goods Equities Robeco Industrials Equities Robeco Energy Equities Robeco Property Equities

Bond sub-funds Robeco Global Bonds Roheco All Strategy Euro Bonds Robeco High Yield Bonds Robeco Euro Credit Bonds Robeco Euro Credit Single A Bonds Roheco Euro Government Bonds Robeco Euro Bonds Robeco European Currencies High Yield Bonds Robeco Emerging Debt Robeco Investment Grade ABS

...........................

- 1.50 -

- 1.50 -

- 1.50 -

- 1.50 -

- 1.50 -

- 1.50 -

- 1.50 -

- 1.50 -

- 1.50 - ................

- - 2.00 -

- - 2.00 -

- - 2.00 -

- 2.00 - - - 2.00 -

- 2.00 -

- - 2.00 -

- - 2.00 -

- - 2.00 -

-

-

.....................

- 0.12 -

- 0.12 -

- 0.12 -

- 0.12 - - 0.12 -

- 0.12 -

- 0.12 -

- 0.12 0.08 - 0.12 0.08 .............. ..

Robeco High Income ABS: - 1.35 - 2.00 1.35 ............................................................

Absolute-return sub-funds Robeco Divirente VaR2 0.48 0.48 - - 0.48 Robeco Divirente VaR4 j 0.80 0 8 0 - 1.00 0.80 Robeco Divirente VaR8 0.80 0.80 - 1.00 0.80 ............................................................

Other sub-funds

...

- 0.08 0.04 - 0.08 0.04 - 0.08 0.04 - 0.08 0.04 - 0.08 0.04 - 0.08 0.04 - 0.08 0.04

0.70 1.00 - - 1.00 -

0.90 1.00 - - 1.00 -

- 1.00 - - 1.00 -

0.70 1.00 -

- 1.00 - 1.00 - 1.00 - 1.00 - 1.00 - 1.00 - 1.00

- 0.30 0.30 - 0.30 0.30 - 0.50 0.50

- 0.35 0.35 - 0.35 0.35 - 0.30 0.30 - 0.35 0.35

- 1.50 - -

- - 0.35 -

- - 1.25 1.75 - - - - - - - -

0.35 - - -

0.40 - - -

- 1.00 -

- 1.20 -

- 0.70 -

- 1.00 - 1.20 - 0.70

- 0.50 0.50 - 0.80 0.80 - 0.25 - - 0.70 - ................

- - 1.25 - - - - - - - - - - 1.50 - - .....................

- 0.08 0.04 - 0.08 0.04 - 0.08 0.04 - 0.08 0.04 ..................

- - 0.80 -

- 0.70 1.10 -

- - 0.08 0.03 - - 0.08 0.03 - - 0.08 0.0’1

- 0.25 0.25 - 0.50 0.50 - 0.50 0.50 ~ .~ ............................................

- - - - - - _ -

- - 0.70 1.10 - - ..........................

- I Robeco Liberty40 - 1.40 - ....................................................................................................... - - 0.08 - - .......................... I All share Llasses are ment#cned except for the class Z share ?e percentage of the management fee and SeNlce fee fcr rhe class Z share 15 0%. Not all share classes were introduced at balance-sheet date The rlarrer which had

been introouced are mentioned on pages 55 tc 57 mclcr VP In the table lotal expense ratio

1’:ne assets of a rub-fund exceed EJR 1 bi!i-o?, the rewire fee for the asset5 above EUR 1 billion of the relevant sub.fund will be reduced by 0 02% and If the arrets of a rub-furia exceed EUR 5 billion, the service fee Iorthe arretr

above EUR 5 billior 3f t9e relevant sub-tund will ne redurpd by ano!ner C.02$ ?ur IUD func is also SJbierl IC a pedormance ~ P C

For 3. c l a n nf share the iervlce tee .I 0 08%

:

3


Total expense ratio

In % 2006/2007 2005/2006

Management Service Performance Other Total Manage- Service Other Total

fee

Equity sub-funds


M EUR shares 1.50

D EUR shares 1.25

DH EUR shares: 0.82 ..................................................

- fee fee costs


0 EUR shares


B EUR shares

D EUR shares

I EUR shares

M EUR shares

P PLN shares


D EUR shares

I EUR shares

M EUR shares

D USD shares;


D shares

I shares

M shares


0 USD shares

I US0 shares

M USD shares


D USD shares

DH EUR shares Io

I USD Shares

...................................

...................................

...................................

...................................

...................................

1.25 .............

1.25

1.25

0.70

1.24

1.49 .............

1.25

0.70

1.50

0.88

..

1.50

0.70

1.20 ..........

1.50

0.70

1.20 .............

1.50

1.04

0.90

0 12 0 09 0 12 0 09

-

-

0.08 - 0.06 .............................

- 0.21 0.12 .............................

- 0.09

0.12 - 0.08

0.08 - 0.05

0.10 - 0.08

0.04 - 0.08

0.12

.............................

0.12 - 0.06

0.08 - 0.02

0.12 - 0.07

0.08 - 0.05 .............................

0.12 - 0.11

0.08 - 0.07 - 0 07 0 07 .............................

0 12 - 0 08

o 08 0 04 -

0.07 - 0.06 .............................

0.12 - 0.18

0.08 0.21 - . .

0.08 - 0.11 ................................................................................. Robeco US Value Equities

D USD shares 0.21

I USD shares 0.12

Robero European Equities

D EUR shares 1.25

I EUR shares l2 - M EUR shares 1.50


0 EUR shares 1.50

M EUR shares 2.00


0 EUR shares I3 0.77

I EURshareslj 0.43 Robeco MultiManager Asia-Pacific Equities

D EUR shares 1.75

...............................................

...............................................

...............................................

................................................

I EUR shares 0.90

M EUR shares 2.00 ................................................

0.02 - 0.01 - ..........................

0.12 - - -

0.12 - ...................... .-

0.12 - 0.12 - ..........................

0.07 3.55 0.05 1.63 .......................

0.12 - 0.08 - 0 12 - ..........................

0.01

0.00 .......

0.07

-

0.07 .......

0.07

0.07 .......

0.11

0.05 ......

0.10

0.06

0.10 ..................

rnent fee fee costs

125 0.12 0 10

1.50 0.12 0.10

.................................

1 2 5 0 12 0 10

1 2 5 0 12 0 10

0 46 0 05 0.01 - - -

- - - ............................

125 0.12 0.06 9.

0 70 0.08 0.03

1 5 0 0 12 0 06 - - -

.................................

0.87 0.07 0.17

0 41 0 05 0 13 - - -

.................................

1.13 0 09 0 11

0.52 0.06 0 05 - - -

- ................


Total expense ratio

In % 2 0 0 6 / 2 0 0 7 2005/2006

Management Service Performance Other Total Manage- Service Other Total

fee fee fee costs ment fee fee costs


D EUR shares 150 0.11 0 13 150 0 12 0 16 -

I EUR shares 110 0 07 - 0.09 110 0 ox 0 11

M EUR shares 2 00 0 11 0.13 2 00 0 12 0 13 P PLN shares 1 4 9 0 09 - 0.12 - - - D USD shares 5 1 0 5 0 08 0 12 - - Robeco Emerging Stars Equities DEURshares- 0 99 0 08 1.25 0 18 - - -

Robeco Chinese Equities D EUR sharer 1 5 0 0 12 - 0 11 150 0 12 0 11

-

- - ................................................................................. .................................

................................................................................. .................................

................................................................................. .................................


Robeco Financials Equities D EUR shares 1 5 0 0 12 - 0 08 150 0.12 0 09

M EUR shares 2 00 0 12 0 33 2 00 0 12 0 09

Robeco Food Lt Agri Equities

D EUR shares 1.50 0.12 0 09 1 5 0 0 12 0 09

M EUR shares 2 00 0.12 0 09 2.00 0 12 0 09

- ................................................................................. .................................

-

- ................................................................................. .................................

0.08 150 0 12 0 08

0 08 2 00 0 12 0 08 ........ .................................


0 EUR shares 1.50 0.12

M EUR sharer 2.00 0 12

Robeco IT Equities

D EUR shares 1.50 0.12

M EUR shares 2.00 0.12



M EUR shares 2.00 0.12









...........................................................

...........................................................

...........................................................

...........................................................

...........................................................

...........................................................

- ..............

0.12 0.11

0.12 0.11

0 10 1.50

0 10 2.00 ........ .............

0 09 150

0 09 2 00 .- ._.._. .............

0.16 150 ........ .............

0 24 150 ........ .............

0.08 1.50

0 07 1.50

I EUR shares I4 0 90 0 08 0.04 0 14

........ .............

- ................................................................................. .............


Robeco Global Bonds - B EUR shares 0 70 0 os 0 07 0 70

0 EUR shares 1 0 0 0 08 - 0 06 1 00

E EUR shares :- 1 0 0 0 08 0 06 0 40

P PLN Shares 1 1 2 0 06 0 14

Robeco A l l Strategy Euro Bonds - 1 0 0 D EUR shares 100 0 08 0 09

I EUR shares A 0 03 - - - -

-

- - ................................................................................. ..............

0.12 0.08

0.12 0.08 ................. -

..............

0.12 0.16 .................

0.12 0.21 .................

0.12 0.09 ...................

0.12 0.10

0.01 0.01 ...................

0.08 0.07

0.08 0.07

0.03 0.04 - -

..................

0.08 0.08

- -

- - ...................

- ...........

2 EUR shares I i .................... -

........ . . . . . . . .

- . . . . . - - . . . . . . . ............................. ................ .....


Total expense ratio

In % 2006/2007 2005/2006

Management Service Performance Mher Total Manage- Setvice Other Total

fee fee fee costs ment fee fee -- costs

0.06

0.03

0.02

0.06 -

- ......

0.07

0.03 _.._._

0.08

0.03 ._.._.

0.06

0.03

- ......

- -

-

- _.__..

0.12

0.03 -

_._.._

-

- ......

-

-

-

- ......

-

-

-


0 EUR shares 1.00

E EUR s h a w l 5 1.00

I EUR shares le 0.50

M EUR shares 1.25

P PLN shares 1.31

2 EUR shares l7


- ................................................

0.08

0.03

0.03

0.08

-

0.08

0.08

0.04

0.08

0.06

- ......

0.08

0.04

1.00

0.40

0.42

1.25 -

-

0 06

0 08

0 02

0 07

0 06 -

......

0 07

0.03 ......

0 07

0 03 ......

0.07

0 02

- ......

0.01

0 01 -

- ......

0 08

0 04

0 0 1 ___.._

0 05

0 02 ._.._.

0 01

0 01

-

- - -_ .__

0 16

0 10

0 03 ......

D EUR shares

I EUR shares


D EUR shares

I EUR shares


D EUR shares

I EUR shares

2 EUR shares

Robeco Euro Bonds

D EUR shares l7

E EUR shares l7

I EUR Shares l6

Z EUR shares I7

...............................

...............................

...............................

...............................

1.00

0.35 ..............

1.00

0.35 ...........

0.08

0.04 ............ -

.......... .....

_.._.

.....

.....

._.-.

.....

.....

..-..

0.08

0.04

1.00

0.35

0.08

0.04

1.00

0.35 - ..........

0.99 0.30

- ..............

0.08

0.08

0.03 -

0.08

0.04 -

1.00

0.30 -

0.08

0.04 -

0.01

0.01 - -


D EUR shares 1.00

I EUR shares 0.50

2 EUR shares l7 - Robeco Investment Grade ABS

0 EUR shares l3 0.43 I EUR shares l3 0.15

................................................

0.08

0.04

0.75

0.37

0.06

0.03 -

.......... -

........... -

............

0.05

0.02 ..........

- -

..........

- -

........... -

............ .................................... Robeco Divirente VaR2

0 EUR shares :7

E EUR shares

I EUR shares l6

2 EUR shares:'


D EUR shares

....................................

E EUR Shares ' I EUR shares .................................... ' 3 NovQmber 2006 through 30 June 2007

3 NovembQr 2005 through 30 June 2006

2 October 2006 through 30 lun? 2007

. 3 September 2006 through 30 lune 2007.

16 October 2006 through 30 lune 2007. 1 December 2005 through 30 June 2006 16 November 2006 throug3 30 June 2007 3 Oaober 2005 through 30 lune 2006 3 July 2006 through 30 June 2007 17 October 2006 through 30 lune 2007 27 ADrll2007 through 30 Jme 2007 1 July 2005 through 19 April 2006 20 November 2006 through 30 lune 2007 i May 2006 rhrough 30 lune 2006 6 Februan, 2006 through 30 June 2006 25 May 2007 through 30 June 2007 4 June 2007 through 30 June 2007 1 Septembe: 2 0 6 through 30 June 2006

' a

' '" ''

'' '*

'' In

I'

- ............

0.04

0.04

0.02

- ............

0.01

0.01 -

- ............

0.52

0.52

0.33 ............

0.05

0.05

0.02 ..........

- I

- ...........

- ..........

- ............


Transaction costs

2006/2007 2005/2006

Transadion type Volume ’ Transaction type Volume I

stocks

Equity sub-funds

Robero Global Equities




Robeco US Premium Equities (EUR)’

Robeco US Premium Equities?


Robeco US Value Equities ’ Robero European Equities






Robeco Chinese Equities ......................................................



Robeco Food G Aqri Equities

Robero Health Care Equities

Robeco IT Equities




Robero Energy Equities

Robeco Property Equities ...................................


Robeco Global Bonds



Robero Euro Credit Bonds



Robeco Euro Bonds e


Robeco Investment Grade ABS E


Rnbeco Divirente VaR4’

EUR x 1,000

Futures

76

4

272

916

165

232

2 1

2

5,071

830

387

1,448

4,712

252

621 ...........

341

71 200

587

247

79

45

148

408 ........................

........................ ..........

EUR x 1,000

% stocks Futures %

........

. . - . - . . - -

.........

-

133

14

145

970

40

234 -

-

5,623

1,613 -

2,307

4,607 -

382 .._._.

325

75

274

848

185

36

24

186

375 ._._..

-

-

-

-

-

-

-

-

- - -

......

4 -

85 7

4

9

5

2 1 -

- -

-

- ...............

1

:

1

If :ne volume of the quantif,able Iransaction ( o m :I less than

1 December 2005 through 30 June 2006 3 Ocobe. 2005 through 30 June 2006

3 July 2006:!1rou~b 30 June 20C7

27 Aprll2007 throuqb 30 Im 2007

13 Novprnber 2006 through 33 Jup.e7OC7 3 November 2306 throupb 30 June 2057

25 May 2337 throuoh 30 June 2007

7% of the total tranrarrlon volume, nu volume perCentage 15 glven

t

’


Turnover rat io

In %

Equity sub-funds

Robeco Global Equlties



Robeco North Amerlcan Equities


Robeco US Premium Equities?

Robeco US MidCap EqLities

Robeco US Value Equitmes ‘ Robeco European Equities


Robeco European Opportunities 3




Robeco Chinese Equities ._.__._._.._..... -_........_._....





Robeco IT Equities





Robeco Property Equities ....-.....________._........._______

Bond/a bsolute-return sub-funds

Robeco Global Bonds






Robeco Euro Bonds



Robeco Divirente VaR2 ’ Robeco Divirente VaR4

-

.................................... 1 December 2005 through 30 June 2006 3 ORnber 2005 through 30 June 2006.

3 July 2006 through 30 Jule 2007 27 Aprfl2007 through 30 lune 2007

20 November 2006 through 30 June 2007 3 November 2006 thfougt 30 June 2007.

29 May 2007 through 30 June 2007

’ ‘

’

63

31

110

167

53 45 -

- 185

156 -

163

10 -

- ....

139 35 49 556

160

180

70

43 61 .._.

128

149

1

226

169

56 -

62 -

-

- ...


Transactions with affiliated parties

Part of the total volume in % 2 0 0 6 / 2 0 0 7 2 0 0 5 / 2 0 0 6

Transaction type Transaction type

Stocks/ Forward Others Stocks/ Forward Others

Bonds’ exchange Bonds exchange

transaction transaction

Equity sub-funds







Robeco US MidCap EquitiesA

Robeco US Value Equities ’

Robero European Equities






Robeco Chinese Equities .............................................................


Robeco Finanrials Equities



Robeco IT Equities





Robeco Property Equities ..............................................................


Robeco Global Bonds

Robero All Strategy Euro Bonds





Robero Euro Bonds

Robeco European CJrrencies High Yield Bonds


Robeco Divirente VaR2’

Robeco Divirente VaR4’ ..............................................................

- 7.4

- 100.0

- 46.0

51.5 - 31.0

-

- -

- -

- - - 19.1

1.4

0.1 50.5

-

- -

- 16.7

48.7 -

- 25.0 .........................

-

1.4

3.2 1.2

0.3

4.7

0.1

4.7

43.8

9.7

4.7 .............. ...

92.2

0.7

-

- - -

15.2 - 91.6 -

17.4

93.7 14.6 -

11.5

-

-

I

................

16.2

95.2 81.7

96.7

42.2

-

20.6

62.9

-

23.2 -

34.7 .........

90.8

24.3 2.1

37.7

97.5 100.0

75.2

73.7

18.5 ............ ..

.. 1

. Stocks tor equity sub-funds d x 5ec3r eaurv sub-funds and bonds for bondlabsolute-rpturn sub-fund!

1 Decerber 20C5:!30ugh 30 JilnP 200E

3 3duber 2005 through 3C lune 2006

3 Ju!y 2006 through 30 June 2007

27 Apri’ 7007 !:roJgh 3C m e 2067

20 Novprnber 2006 throuok, 30 June 2007 3 November 200b ;n‘ough 3G lune iGG7 75 May 2007 throutn 3C , m e 7307

: o n t e ~ s call-”loiev

’

’

‘; :orlieris credr default swaps


Other data

Savings directive information The bond sub-funds of the Company are subject to the EL! savings directive.

Stock-exchange listing

Robeco Capital Growth Funds’ 0 shares are listed on the

Luxembourg Stock Exchange.

Distributions

In the reported period the following distributions took

place:

Distributions

I n E U R x l Amount EX- Pay per share dividend date

date


B EUR shares 1.26 15/09/2006 22/09/2006

1.33 15/12/2006 22/12/2006

1.34 16/03/2007 23/03/2007

1.38 15/06/2007 22/06/2007 ........................ - Total 5.31

Robeto Global Bonds

B EUR shares 0.88 15/09/2006 22/09/2006 0.88 15/12/2006 22/12/2006

0.88 16/03/2007 23/03/2007

0.86 15/06/2007 22/06/2007 .._.___._._..__._._..._ - Total 3.50

Robeco Global Bonds

E EUR shares 1.10 08/12/2006 15/12/2006 _.....__._.~...____.._.


E EUR shares 3.62 08/12/2006 15/12/2006 ...._._.._...._.....__.

Proposed dividends

The Board of Directors proposes the following dividends

over the financial year ended 30 June 2007.

Robeco Global Value Equities B EUR shares

Besides the already distributed interim dividends no final

dividend is proposed.

Robeco Global Bonds B EUR shares

Besides the already distributed interim dividends no final

dividend is proposed.

Robeco High Yield Bonds E shares

A dividend of EUR 3.47 per share IS proposed. The dividend

wil l be payable on 14 December 2007 and the record

date will be 6 December 2007. The shares wil l be quoted

ex-dividend as of 7 December 2007.

Robeco Euro Bonds E EUR shares

A dividend of EUR 0 . 2 9 per share i s proposed. The dividend


date will be 6 December 2007. The shares wil l be quoted


Robeco Divirente VaRz E EUR shares

A dividend of EUR 0.38 per share is proposed. The dividend


date wil l be 6 December 2007. The shares wil l be quoted


Joint interest of directors At 1 July 2006 the members of the Board of Directors held

a joint interest of 4,398 shares of Robeco Capital Growth

Funds and the following joint interests in investments of

the fund: 130 shares Electronic Data Systems and 235 shares Veolia Environment.

As at 30 June 2007 the members of the Board of Directors

held a joint interest of 3,810 shares of Robeco Capital

Growth Funds and no interest in investments of the Fund.


The Board of Directors

M. Strating

F.A. de Boer

S.F.A. Richter

Robeco Global Bonds E EUR shares

A dividend of E U R 8.18 per share is proposed. The dividend


date will be 6 December 2007. The shares will be quoted



I nd epe ndent Auditor’s Report

To the shareholders of Robeco Capital Growth Funds We have audited the accompanying financial statements

of Robeco Capital Growth Funds and of each of i t s sub-

funds, which comprise the statement of net assets and the

investment portfolio as at 30 June 2007 and the statement

of operations and changes in net assets for the year then

ended, and a summary of significant accounting policies

and other explanatory notes to the financial statements

Board of Directors of the SICAV’s responsibility for the f inancial statements

The Board of Directors of the SICAV is responsible for

the preparation and fair presentation of these financial

statements in accordance with Luxembourg legal and

regulatory requirements relating t o the preparation of

the financial statements. This responsibility includes:

designing, implementing and maintaining internal

control relevant to the preparation and fair presentation

of financial statements that are free from material

misstatement, whether due to fraud or error; selecting

and applying appropriate accounting policies; and

making accounting estimates that are reasonable in the

circumstances.

Auditor’s responsibility

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 by the ”lnstitut des Reviseurs

d’Entreprises’’. Those standards require that we comply

with ethical requirements and plan and perform the audit

to obtain reasonable assurance whether the financial

statements are free f rom 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 Auditor’s judgment, including the assessment

of the risks of material misstatement of the financial

statements, whether due t o fraud or error. In making those

risk assessments, the Auditor 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

SICAV, 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, these 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 2007,

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 of the financial statements.

Other matters

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


PricewaterhouseCoopers 5.h 1.1. Reviseur d‘entreprises

Represented by

Christelle Crepin


~

Historical survey

Net asset Net assets Number of

......................... Robeco US Value Equities

............................ Robeco European Equities

............................ Robeco European MidCap Equities

............................ Robeco European Opportunities

............................ Robeco MultiManager Asia-Pacific

Equities

............................ Robeco Emerging Markets Equities

shares outstanding value per share

30/06/07 30106 f 06 30 fob 105 30/06/07 30106 106 30/06/05 30/06/07 30/06/06 30/06/05

Robeco Global Equities D EUR 81,865,548 88,867,161 1,835,807 2,218,110 44 59 40 06

M EUR 115,662 103,141 2,622 2,596 44 12 39 74

- - - - - - ...................................... ...................... ..................... ..................... OH EUR

D EUR 6.050.298 5,814,546 46.952 50,771 12886 11453

Robeco Global Value Equities B EUR 40,612,263 44,312,727 33A.070 385,362 12157 11499

574,444 375.727 4,541 3.268 1 2 6 5 1 11497

...................................... ...................... ..................... ..................... Robeco Global Growth Equities

0 EUR

I EUR 15,923,712 150,000 106 1 6 - - -

M EUR

PH PLN

- - - - - -

- - - - - - ...................................... ...................... ..................... ...................... Robeco North American Equities D EUR 735,204,714 616,216,886 17,720,154 15,262,232 41.49 40 38

I EUR 2,871,490 7,334,793 25.000 71,428 11486 11109

M EUR 48,114 298,162 1,104 7,014 43 57 42 51 - - - - - -

...................................... ...................... ...................... ..................... D USD - 4.736.751 46,781 - 101 25 Robeco US Premium Equities (EUR) 0 -

I 27,760,736 2 7 2,7 5 3 - 101 78 -

Robeco US Premium Equities D US0 93.358.940 907,585 102 87 -

-

- - - - - - ...................................... ...................... .................... ..................... M

- -

- - I USD 95,615,783 923,391 103 55 - - - - - - -

..................................... ..................... ..................... ..................... M USD

Robeco US MidCap Equities 0 US0 - - - - - -

DH EUR

I USD

D US0

I USD

- - - - - - - - - - - -

.......... ...................... ..................... ..................... - - - - - -

- - - - - - .......... ...................... ..................... .....................

0 EUR 1.184.295.824 1,084,407,589 31,427525 33.742.333 37 68 32 14

I EUR - 2,661,146 - 24,194 - 10999

135.534 165,881 2,724 3.900 49 75 42 53 M EUR

D EUR 269,811,484 290,129,678 3.410.669 4,578,420 79 11 63 37

1,664.198 2,831,460 19,744 41.728 84 29 67 86 M EUR

D EUR

I EUR

.......... ...................... ..................... .....................

.......... ...................... ..................... ..................... - - - - - -

- - - - - - .......... ...................... ..................... .....................

D EUR 756,796,125 485,382,426 9,953,409 7,443,373 76 03 65 21

I EUR 88,134,606 75,142,703 628.633 630,634 14020 11915

535.346 80,741 7,216 1,266 74 19 63 80 M EUR

D EUR 1.591.390.737 873,351,512 16,469,244 12,088,290 96 63 72 25

I EUR 70,062,278 2,685.460 427,159 22,000 16402 12207

.......... ...................... ..................... .....................

M EUR 1244,585 68,269 16.594 1,212 75.00 56 35

P PLN

D USD

- - - - - -

- - - - - - ...................................... ...................... ..................... ..................... Robeco Emerging Stars Equities 0 EUR - - - - - -

130,090,088 66,346,093 4.824.731 3,300,489 26 96 20 10

Robeco Finanrials Equities D EUR 129,819,140 91,685,368 2.359.416 1,992,273 55 02 46 02

220,078 60.491 1.985 649 110 84 93 18

Robeco Food b Agri Equities D EUR 48243.542 37,617,841 976.912 839,350 49 38 44 82

...................................... ...................... ..................... .....................

...................................... ...................... ..................... ..................... Robeco Chinese Equities D EUR

...................................... ...................... ...................... ..................... M EUR

155.286 54.609 1.465 565 106 0 1 96 69

Robeco Health Care Equities D EUR 149,466,344 204,199,020 3.007.175 4,209,901 49 70 48 50

53,946 66.889 613 775 88 02 86 33

Robeco IT Equities D EUR 85,412.043 102,721,452 2,716,800 3,296,774 31 A4 3 1 16

41,972 41,807 1,206 1,206 34 80 34 67

...................................... ...................... M EUR ..................... .....................

...................................... ...................... ..................... ..................... M EUR

...................................... ...................... ...................... I. .................... M EUR


Historical survey

Net assets Number of Net asset

Robeco Investment Grade

..................... Robeco Divirente VaR2

................... Robeco Divirente VaR4

ABS

.......

...

~ . .

D EUR

I EUR

0 EUR

E EUR

I EUR

2 EUR

.........

0 EUR

E EUR

I EUR

shares outstanding value per share 30/06/07 30/06/06 30/06/05 30/06/07 30/06/06 30/06/05 30/06/07 30/06/06 30/06/05

RobecoTelecom Services Equities 0 EUR 48,550,233 55,526,718 1.457.499 1.780.691 33 31 31 18

840,202 1,057,939 17,785 23,803 47 24 44 45 ...................................... ...................... ..................... ..................... M EUR

19,600,978 8,374,222 379,276 192,893 51 68 43 4 1 Robero Consumer Goods Equities D EUR

13233,916 23,313,157 285.081 603,109 46 42 38 65 Robeco Industrials Equities D EUR 154,013,562 62,760,060 1.647.495 794,273 93 48 79 02 Robeco Energy Equities 0 EUR

Robeco Property Equities D EUR 140,536,134 107,851,563 1,392,996 1,219,578 100 89 88 43

48,665 500 97 33 -

...................................... ...................... ..................... .....................

...................................... ...................... ..................... .....................

...................................... ...................... ..................... .....................

- - ...................................... ...................... ...................... ..................... I EUR

Robeto Global Bonds B EUR 644,059,467 186,874,243 6,705,165 1,861,105 9605 10041

0 EUR 89,748,978 98,493,713 1,413,710 1,523,559 63 48 64 65

E EUR 14,737,073 149.432 98 62 -

P PLN

- -

- - - - - - ...................................... ...................... .................... Robeco A l l Strategy Euro Bonds D EUR 1,307,011 1,A26,962 62 07 63 34

I EUR

Z EUR

- - - - - -

- - - - - - ..................................... ...................... ...................... ..................... Robeco High Vield Bonds D EUR 258,004,427 330,793,768 3,665,438 4.805.031 70 39 68 84

E EUR 373,451 3.735 99 98 -

I EUR 145,254,051 1,436.374 101 13 -

- -

- -

M EUR 500,550 1,860,731 7,195 27.276 69 57 68 22

P PLN

Z EUR

- - - - - -

- - - - - - ...................................... ...................... ...................... .................... Robeco Euro Credit Bonds D EUR 3,532,831 112,671 35.604 1,101 9923 10233

1,229,885 3,497,268 100 13 10252

Robeco Euro Credit Single A Bonds D EUR 52,834 52,420 531 511 9950 10258

104,905,100 198,717,914 1.044593 1,933,706 100 42 102 77

Robeco Euro Government Bonds 0 EUR 3,302,031 8,233,347 32.888 79,946 100 40 102 99

123,153,554 358.544.774 ...................................... ...................... ..................... ..................... I EUR

..................................... ...................... ...................... ..................... I EUR

I EUR 383,616,530 351,221,780 3.783.468 3,403,619 10139 10319

- - - - - - ...................................... ...................... ...................... ..................... Z EUR

Robeco Euro Bonds D EUR

E EUR

I EUR

Z EUR

- - - - - -

- - - - - -

- - - - - -

- - - - - ...................... ...................... ..................... ......................................

- 501 - 101 72

32.159.130 - 314,817 - 102 15

Robeco European Currencies D EUR 50,961 -

High Yield Bonds I EUR

2 EUR

-

- - - - - - ...................... ...................... ..................... ...................................... - - - - -

- - - - - ........... ...................... .....................

- - - - -

- - - - -

- - - -

- - - - ........... ...................... .....................

- - - - - - - - - - - - - - -

...................... ..................... ..............


Spread of net assets by country and currency*

As at 30 June 2007 Robeco Robeco Robeco Robeco Robeco

Global Global Growth Global Value North American US Premium

Equities Equities Equities Equities Equities (EUR)

Currency Country Currency Country Currency Currency Country Currency Currency Country Country __r__

AMERICA

United States

Canada

Cayman Islands

Brazil .._.__.._._._.....__.__

EUROPE

Euro zone

Belgium

Finland

France

Germany

Greece

Ireland

Italy

Netherlands

Spain

Euro -----_.._...._._.......

Others

Denmark

Hungary

Norway

Sweden

Switzerland

United Kingdom - - - - - - -~~ . - - . . ___ . .__ . .

ASIA

Japan

South Korea

Hong Kong

Singapore

China ---_..__..__....._.____

AUSTRALIA

Australia

New Zealand

USD

CAD

US0

USD

48.4

3.1 -

-

45.5

4 4 -

-

41.7

4.9 -

-

88.1

7.7 -

-

1.9 -

-

1.9 95.8

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR .___ . .____

-

-

98.1 9a.i 16.5

-

0.3 1.2

1.6

2.9 11.7

20.2

- -

1.5

0.1

1.7

9.6

22.6

0.8 -

0.9 -

4-2

10.6

16.5

9.7 -

0.8

- -

DKK

HUF

NOK

SEK

CHF

GBP

17.7

10.1 -

0.9

0.6 -

12.9

11.6 -

3.2 -

-

J PY

KRW

HKD

SGD

CNY

11.6

2.7 -

14.8

2.2 -

10.5

3.0

0.8

Operating capital

Total ~. . . .___.__. .__. . . . .__________. -

100.0 100.0 100.0 100.0 100.0

* If applicable the spreac by country of the equity funds includes the exposure in derivat ves except for forward exchange transactions The spread by currency includes the exposure in forward exchange transactlam



As at 30 June ZOO7 Robeco Robeco Robeco Robeco Robeco

US Premium US MidCap US Value European European MidCap

Equities Equities Equities Equities Equities

Currenw Country Currency Country Currency Country Currency Country Currency Country Currency

AMERICA

United States USD

Bermuda USD

Canada CAD .................................

97.9 -

-

100.0

- -

97.2 -

-

97.9 EUROPE

Euro zone

Austria

Belgium

Finland

France

Germany

Greece

Ireland

Italy

Netherlands

Spain

Euro ............................

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR ..".. 2.8 50.7 70.2

6.9

1.2

4-1

17.6

Others

Norway

Sweden

Switzerland

United Kinqdom

NOK

SEK

CHF

GBP .........................

1.5

3.6

9.6 34.6

49.3

ASIA Japan J PY

South Korea KRW

Taiwan TWO .................................

AUSTRALIA

New Zealand AUD .................................

Operating capital

Total ............................

- 100.0 100.0 100.0 100.0 100.0

- If applicable the spread by country of :he equlty funds incluoes the exposure In derivatives except for forward exchange transactions The S D W d by currency includes the exposure In forward exchanqe transartions



As at 30 June 2007 Robeco Robeco Robeco Robeco Robeco

European MutliManager Emerging Markets Emerging Stars Chinese

Opportunities Asia-Pacific Equities Equities Equities Equities

United States Marshall island Brazil Mexico Bermuda Argentina Peru Panama

EUROPE Euro zone Cyprus France Germany Greece ireland Italy Netherlands Portugal Poland Spain Euro

Others Norway Russian Federation Sweden Switzerland Turkey United Kingdom

ASIA Japan South Korea Taiwan Honq Kong Singapore China India Pakistan Thailand Malaysia Indonesia Philippines Israel

AUSTRALIA Australia

......................

......................

......................

......................

......................

AFRICA South Africa

Operating capital

Total

......................

......................

Currency

USD USD BRL

MXN USD USD USD USD

AMERICA

...........

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR ...........

NOK USD SEK CHF TRY CBP ...........

J PY KRW TWD HKD SGD CNY INR PKR THB MY R IDR

PHP Its ...........

AUD ............

USD .........

............

Country ____11

100.0

Country Currency Country

* If applicable the spreac by country of the equity funds includes the exposure in derivatives except for forward exchange transartions. The spread by currency includes the exposure in forward exchange transactions.



As at 30 June 2007 Robeco

Food B Agri

Euuities

Robeco

IT

Eauities

Robeco

Telecarn Services

Eauities

Robeco

Finantials

Equities

Currencv

Robeco

Health Care

Equities

Currerim Currena Currency

USD BRL

MXN SGD US0 CAD .................

Country Country Country

AMERICA United States Brazil Mexico Netherlands Antilles Bermuda Canada ................

EUROPE Euro zone Belgium Cyprus Finland France Germany Greece I re land Italy Netherlands Portugal Spain Euro

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Others Denmark Norway Poland Sweden Switzerland Turkey United Kingdom .............

ASIA Japan South Korea Taiwan Hong Kong Singapore China India Thailand Malaysia Philippines Israel

AUSTRALIA Australia

.............

DKK NOK PLN SEK CHF TRY GBP .__.

2.3

2.6

0.6

7.7 1.4 -

- 0.9 - - - -

J PY KRW TWD H KD SCD CNY INR THE MY R PHP

Its ..... 13.2

-

-

- 100.0

AU D .................................

AFRICA South Africa ZA R

Operating capital

Total

.................................

............................... 100.0 100.0

" If applicable the spread by Country of t h e equity funds includes the exposure in derivatives except for forward exchange transactions The spread by currency includes the exposure in forward exchange transactions.


~~

Spread of net assets by country a n d currency*

Robeco

Consumer Goods

Eauities

Robeco

Industrials

Equities

Robeco

Energy

Equities

Robeco

Property

Equities

As at 30 June 2007

Currency Country Currency -- 46 1

-

-

-

-

46.1

- -

-

-

-

-

-

-

-

12 5 12.5

-

-

-

-

-

- -

10.8

10.8

25 4 01

4 1 -

-

1.0 -

30.6

-

- 100.0

Currency Currency Currency country .. Country Countly

AMERICA

United States

Bermuda

Brazil

USD

USD

USD

47.0 -

37.3 -

-

13.4 -

Canada CAD

Mexico MXN ................................. 44.8 60.4 38.2

EUROPE

Euro zone

Austria

Finland

France

Germany

Greece

Ireland

Italy

Netherlands

Spain

Euro

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR ~ .~. . . . .________. . .

- 11.5

19.3 11.5 9.2 Others

Denmark

Hungary

Norway

Russian Federation

Sweden

Switzerland

Turkey

United Kingdom --..--....____.._...._..__...

DKK

HUF

NOK

RUB

SEK

CHF

TRY

GBP

2.1 -

- 1.2

3.0 - -

3.8 3.1 -

5.9

- 8.5 21.3

25.5 14.9 8.5 ASIA

Japan

South Korea

Hong Kong

Singapore

China

India

Phillippines - -__.___. .

J PY

KRW HKD

SCD CNY

INR

PHP __..-.

17.6 -

1.3 -

0.7 -

-0.1 -

17.7 -

8.2

2.1 - -

1.2

18.9

2.1

-

0.6

2.0

-

29.2

14.9

-

AUSTRALIA

Australia AUD - .__. .__..__.. . . . . .______________

Operating capital

Total ~~. . . .______. . . ._~. . . . . ._______. .

100.0 100.0 100.0

* If applicable the spreac by tountry of the equityfundr includes the exposure in derivat yes except for forward exchange tranractlons The spread by currency includes the exposure in forward exchange tranradions



As at 30 June 2007 Robero Robeco Robeco Robeco

Global A l l Strategy High Yield Euro Credit

Bonds Euro Bonds Bonds Bonds

Countrv Currencv countw Currencv Countw Currencv Country Currencv --

0.1

--

0 8

- 0.8

98 9

0 2

-

0 1 -

-

-

Long-term investments

North Arnericu

US dollar

Canadian dollar .................... -

0.1 ...

Europe

Euro

British pound

Norwegian krona

Swedish krona

Danish krona

Deutsche Mark

Swiss Franc ..................

99.8 0.1 -

- 100.0

-

-

- 100.0

-- 57.0 100.0

......... 99.8

0.1

0.1

-

99.2

- Asia

Japanese yen ................... -0.1

- Austrulio

Australian Dollar ........................

Operating capital

Total ........................

- 100.0

-- 1oa.o 100.0 100.0


As at 30 June 2007 Robeco

Euro Credit

Sinale A Bonds

Robeco Robeco Robeco

Euro Government Euro European Currencies

Bonds Bonds High Yield Bonds

Country Currency Country Currency Country Currency Country Currency -- long-term investments

North America . . .

US dollar - - ....................................... 0.3

99.2

0.3 -

0.2

Europe Euro

British pound

Deutsche mark

Norwegian Krone ...............................

98 3 -

1 7 -

100.0

- 100.0

100.0

-

100.0

-

99.7

- Operating capital

Total ...........................

100.0 100.0 100.0

'The spread by county IS in fact the spread of the portfolio by currency The spread by Currency is the net currency position including the exposure in forward exchange transactions



As at 30 June 2007 Robeco Investment Robeco Robeco

long-term investments

North America

US dollar

Canadian dollar ...........................

South America

Brazilian Real

Mexican Peso ........................

Europe

Euro

British pound

Dutch guilder

Deutsche mark

Swiss Franc

Turkish lira ......................... ...

Asia

Japanese yen .................................

Australia

Australian dollar .................................

Operating capital

Total .................................

Grade ABS Divirente VaRz C O U ~ ~ N Currencv Country Currency --

-1 9 0 6

-1.3

0 2

0 2

0.4

98 2

1 3

1 2

0 4

-1.3

0 3

100.1

-0.5

1.3

- 100.0

Divirente VaR4 Country Currency --

2.4

- 100.0

.The spread by country IS i i fact the spread ofthe portfolio by currency The spread by Currency IS the net currency position including the exposure in forward exchange transactions.



Invest rnent portfolio Investment portfolio

At 30/06/2007 Quantity Market value In % of

net assets in EUR x 1

Transferable securities admitted to an official stock-exchange listing

At 33/06/2007 Quantity Market value In 96 of


GlaxoSmithKline Manhew Old Mutual Petrofar Rio Tinto Royal Bank of Scotland Test0 Vodafone WPP 2005

40,296 781,197 28,006 253,371 70,000 175,637 14,000 93.382 8,433 479,434 79,971 752,011 83,611 519,813 216,218 538,979

0.94

0.21 0.11 0.58 0.90 0.63 0.65

0.31 AUD BHP Billiton Brambles Industries Macquarie Bank

42,069 925,764 1.12

4,329 231,156 0.28 45,886 351,096 0.42

1,508,016 1.82 CAD CDN Pacific Railway National Bank of Canada Petro-Canada/Varta ble Teck Corninco

7,400 378,950 0.46 5,000 213,587 0.26 10,880 429,778 0.52 13,000 409,007 0.49

1,431,322 1.73

35,345 393,014 5,983,111

0.47 7.21

HKD Esprit Sun Hung Kai Properties Swire Pacific/A

97,500 916,044 45,300 404,156

1.10 0.49

CHF ABB Aderco Cheserex cs Holcim Nestle Novartis Roche Swiss Reinsurance Syngenta (Novartisl UBS/New

41,300 341,675 1,661,875

0.41 2.00 30,800

7,180 11,100 5,362 1,713 18,036 2,986

1,750 8,540

6,268

517,303 411,878

430,204 482,273 751,863 392,192 423,749 252,900

585,781

0.62 0.50 0.71 0.52 0.58 0.91 0.47 0.51 0.30

HUF MOL Magyar Olal - Es Gaztpari 2,146

7,362 13,200 5,400 18,000 5,000 70

60,000 37

20,000 9,000 31,000 12,000 6,300

18,000 1,550 2,000 10,000 12,791 22,500 9,500 95

7,000 9,500

241,923 0.29

JPY Astellas Pharma Denso fanuc Honda Motor Jafco Co Japan Tabacco Kawasaki Heavy Industries KDDl Komatsu Millea Mitsubishi Mttsui Fudosan Nidec Nornura Orix Otsuka Shin-Etsu Chemical Shionogi Shiseido Sony Sumitorno Mitsui Financial T 6 D Tokyo Electric Power Yarnada Denki

236,592 0.28 381,470 0.46

485,652 0.58

255.177 0.31

202,541 0.24 429,292 0.52 273,044 0.33 600,349 0.72 248,941 0.30 273,476 0.33 259,014 0.31 301,569 0.36 140,419 0.17 528,221 0.64 154,149 0.19 354,796 0.43 360,551 0.43 655,030 0.79 349,609 0.42 225,558 0.27

411,833 0.50

170,278 0.21

181,310 0.22

0.46 5 5 8

379,739 4,627,882

EUR Air liquide Allied Irish Banks Axa Bayer BNP Paribas Carrefour Superrnarche CRH Danone Delhaize Deutsche Post Deutsche Telekom E ON Enel H e I I en i r Te I eco rn rn u n i cation ING Ko ni n kli) ke A ho Id Koninklijke KPN National Bank of Greece Nokia/A Reed Elsevier Regie National des Usines Renault Royal Dutch Shell RWE/A Saint-Gobain Sanofi-Synthelabo SAP/Stammaktien SNS R e a d Suez TNT Total Unicredito ltaliano Vinci Vivendi Universal (EUR) Wolters Kluwer

6,782 20,241 18,423 9,500

5,600 5,190 7,758 5,500 10,300 12,350 4,800 38,000 3,662 22,927 25,712 23,000 9,370 33,166 33,753

45,866 3,925 3,600 4,583 4,640 10,304 4,100 11,770 22,912 102,000 7,336

8,189

3,871

13.183

660,838 409,071 589,720 530,195 723,580 291,984 190,006 465,635 400.675 246,582 168,454 593,232 303,050 83,860 751,776 Z 3 9,8 9 3 283,360 397.288 690,184 477,267 461,462

1,384,695 308,152 300,132 275,438 175,670 172,592 174,209 393,471

1,380,677 676,260 407,001 420,670

0.80 0.49 0.71 0.64 0.87 0.35

0.56 0.48 0.30 0.20 0.72 0.37 0.10 0.91 0.29 0.34 0.48 0.83 0.58 0.56 1.67 0.37 0.36 0.33 0.21 0.21 0.21 0.47 1.66 0.82 0.49 0.51

0.23

0.46 9.47

0.38 0.29

4,900 378,401 7,857,272

33,300 318,103 10,300 236,942

NOK DNB Statoil Telenor 27,569 400,047 0.48

955.092 1.15 SEK SKF/B free Skandinaviska Enskilda Bank/A Tele2 AB/B Volvo/B

15,100 235,608 0.28 15,277 366,214 0.44

0.22 15,000 181,812 27,870 412,289 0.50

1,195,923 1.44 SGD Singapore Telecom United Overseas Bank

136,615 224,870 0.27 23,000 244,965 0.30

469,835 0.57 16,443 372,434 0.45

15,399,513 18.57 US0 Adobe Systems Aflac Alltei Altfia Am bev Arndocs American Standard Cos.

9,100 270,531 0.33 11,000 418,644 0.50 4,700 235,078 0.28 8,500 441,442 0.53 7,006 363,126 0.44 9,353 275.767 0.33 8,800 384,306 0.46

GBP BP BT Barclays British American Tobacco Debenhams

50,756 454,666 0.55

55,934 578,327 0.70 20,940 528,205 0.64

37,356 184,519 0.22

129,990 250,556 0.30


Investment portfolio

At 30/06/2007

Amgen Apache Apple Computers Applera.applied Biosys Assurant ATbT/new Avon Produrts Bank of America Bank of New York BJ'S Wholesale Club Blackstone Boeing Bristol Myers Broadcom Bunge Carnival ChevronTexaco Chico's Fas China Medical Tech-Spon Cisco Systems CIT Citigroup Coach Coca-Cola Enterprises ConocoPhillips Cooper Industries/A Corning cvs Data Domain Dell Computers DR. Horton eBay Edison International EMC Exelon Exxon Mobil Fannie Mae Firstenergy FPL Group Genentech General Electric Goldman Sachs Google Hewlett-Packard IAC/lnteractive Intel International Paper In Industries Johnson G Johnson JP Morgan Chase b Co KB Home Kraft Foods/A 1-3 Communications Lilly (Eli) Lincoln National Lowe's Companies MBlA Medtronir Merck Microsoft Mirant Molson Coors Brewing Monsanto Motorola Nabors Industries Newmont Mining News-Class B

. -

Quantity Market value In % of

in EUR x 1 net assets

5,074 6,994 3,800

12,500 4,300

30,252 13,700 22,668 13,300 7,000 2,360 3,300 8,075

12,250 6,134

14,490 20,200 11,800 54,588 13,384 19,350 23,940 19,200

6,272 9,550

20,000 11,300

7,500 8,500

16,500 4,700 7,700

29,200 1,200 7,020

5,400 5,200 4,768

19,989 4,250 1,780

16,700

8,638

12,900

13,200 33,307 11,200

7,704 15,100 23,300

8,400 20,881

5,400 8,600 7,310

4,561 12,900

9,500 27,929

7,200 7,650 9,500

10,400 8,400

10,200 27,890

23,200

207,724 422,525 343,380

187,595 929,590 3 7 2,7 9 3 820,583 408,094 186,746 51,147

234,962 188,699 265,309 383.787 311,609 903,808 364,050 278,017

1,125,672 543,367 734,857 840,040 341,194 364,557 403,694 378,364

127,726 179,623 243,490 111,988 319,962 391,337

64,507 435,998

282,663

304,976

624,010 258,815 218,465 267,111

682,083 689,805 551,741 338,271 585,964 323,838 389,493 688,950 835,871 244,869 545,004 389,401 355,831 384,025 527,199 210,126 495,349 350,302 609,431 227,374 523,727 475,088 136,300 207,613 295,000 473,730

566,568

0.25 0.51 0.41 0.34 0.23 1.12 0.45 0.99 0.49 0.22 0.06 0.28 0.23 0.32 0.46 0.38 1.09 0.44 0.33 1.36 0.65

1.01 0.41 0.44 0.49 0.46 0.37 0.15 0.22 0.29 0.13 0.39 0.47 0.08 0.53 0.75 0.31 0.26 0.32 0.68 0.82 0.83 0.67 0.41 0.71 0.39 0.47 0.83 1.01 0.30 0.66 0.47 0.43 0.46 0.64 0.25 0.60 0.42 0.74 0.27

0.57 0.16 0.25 0.36 0.57

0.89

0.63

Investment portfolio ~~~

At 30/06/2007 Quantity Market value In %of


Oracle Parker-Hanmfin Pfizer Procter b Gamble Prudential Financial Raytheon Schlumberger Sprint-FON ST Jude Medical Symantec Texas Instruments Textron Time Warner Travelers Companies Valero Energy Wea t herford Wellpoint Yahoo! Zimmer

Total transferable securities admitted to an official stock-exchange listing

Transferable securities traded on other regulated markets

EUR Banco Bilbao Vizcaya Argentaria

US0 Orascom Telecom/GDR

65,000 5,250

29,764 9,464 7,400

10,200 10,400 13,300 12,200 16,000 16,300

2,800 44,000 11,200

9,200 10,300 10,860 13,100

6,100

948,614 1.14

563,523 0.68 428,790 0.52

407,003 0.49 654,086 0.79 203,949 0.25 374,794 0.45 239,310 0.29 454,162 0.55

685,469 0.83 443,671 0.54 503,139 0.61 421,289 0.51 641,926 0.77 263,154 0.32 383,421 0.46

38,672,617 46.63

80,004,381 96.46

380,606 0.46

532,747 0.64

228,283 0.28

0.72 32,632 593,902

3,200 153,774 0.19 Samsung Electronics/GDR 1/2 vgt.5 -144A- 1,572 360,249 0.43

514,023 0.62

Total transferable securities traded on other regulated markets

Other transferable securities

1,107,925 1.34

AUD Macquarie Bank/CLM/21-05-2007 5,079 0 0.00

GBP GlaxoSmithKIine/STK/02-05-2007 40,295 7,981 0.01 HSBC (75p)/STK/16-05-2007 48,926 13,729 0.01 Testo/STK/25-04-2007 58,611 6,608 0.01

28,318 0.03

Total other transferable securities 28,318 0.03

Total securities portfolio Operating capital

81,140,624 97.83 1,795,069 2.17

Total net assets 82,935,693 100.00



Investment portfolio Investment portfolio




CAD Canadian Natural Resource Petro-Canada/Variable

CHF Adecco Cheserex Nestle Novartis Roche

EUR

ING Henkel

Metro Philips Electronics Public Power RHJ International Saint-Gobatn Total

GBP 888 Holdings Diageo HSBC Reckitt Benckiser Rio Tinto Royal Dutch Shell Sports Direct International

HKD Sun Hung Kai Properties

JPY Astellas Pharrna Aozora Bank Daikin Industries Fanuc Honda Motor Mitsubishi Mitsui Fudosan Orix Resona Bank Sekisui House Seven b I TGD

NOK Tel en or

USD Accenture Adobe Systems Amdors Arngen Avon Products Glackstone Brunswick Cisco Systems Citigroup ConocoPhillips crocs cvs Du Pont de Nemours Fannie Mae

1,900 93,608 1.51 2,600 102,704 1.65

196,312 3.16

1,400 80,311 1.29 400 112,615 1.81

2,200 91,711 1.48 1,000 131,344 2.11

415,981 6.69

1,902 2,500 1,700 2,400 2,200

4,500 800

3,500

67,236 81,975

104,040 75,744 45,980 65,700 66,696

210,910 718,281

1.08

1.67 1.22 0.74 1.06 1.07

1.32

3.39 11.55

22,000 37,748 0.61 6,000 92,431 1.49 3,000 40,778 0.66 2,455 99,746 1.60 1,700 96,649 1.56 4,650 143,890 2.31

18,000 48,533 0.78 559,775 9.01

9,800 87,433 1.41 87.433 1.41

3,600 12,000 3,000 1,200

4,600 4,400 3,500

250 47

6,000 3,140 2,000

6,200

2,100 3,000 2,700 2,300 3,000

175 2,800 7,500 3,400 2,000 1,600 2,600 1,800 2.500

115,693 32,737 80,762 91,518

124,111 85,211 72,608 48,640 83,130 59,178 66,269 99,888 -

959,745

1.86 0.53 1.30 1.47 2.00 1.37 1.17 0.78 1.34 0.95 1.07 1.61

15.45 -

89,967 1.45

66,691 1.07 89,186 1.44 79,608 1.28 94,159 1.52 81,633 1.31

67,649 1.09 3,793 0.06

154,659 2.49 129,122 2.08 116,249 1.87

50,978 0.82 70,171 1.13 67,759 1.09

120,932 1-95



Intel I shares MSCI Emerging Markets Index Kinetic Concepts Met I ife Microsoft Mirant Monsanto Morgan Stanley Dean Witter G Co Neurocrine Biociences News-Class B Novellus Systems Office Depot Oracle Pfizer Plug Power RSC Sthering-Plough Schlumberger Time Warner Tyco International United Technologies Wellpoint Wveth

4,000 2,800 1,000 1,800 6,000 1,800 1,750 1.500 1,500 3,300 2,100 1,250 8,200 5,200

16,000 1,588 3,000 1,800 6,000 2,700 1,900 1,200 2.100

70,371 1.13

38,481 0.62 85,938 1.38

130,924 2.11 56,844 0.91 87,516 1.41

12,473 0.20 56,053 0.90

272,899 4.39

93,162 1.50

44,113 0.71 28,044 0.45

119,671 1.93 98.452 1.58 35,660 0.57 23,516 0.38

113,208 1.82 93,473 1.51

99,787 1.61 70,931 1.14

67,617 1.09

67,552 1.09

97,651 1.57 3,056,925 49.20

Total transferable securities admitted to an official stock-exchange listing 6,084,419 97.92


EUR Banco Santander Central Hispano 4,200 57,498 0.93 Camesa Corporation Tecnologica 1,500 40,500 0.65

97,998 1.58

US0 Sarnsung Electronics/GDR 1/2 vgts -144A.



Total net assets

132.373 2.13

6,216,792 100.05 -3,338 -0.05

6,213,454 100.00





net assets in EUR x i


CAD Power Corooration of Canada

CHF Nestle

DKK Danske Bank

EUR Aegon Axa Banche Popolari Unite BASF Bayer Beni Stabili BNP Paribas Ciments Francais Continental Corporate Express Credit Agricole DePfa Bank E ON Enel Em France Telecom ING Koninklilke Ahold Koninklilke DSM Legrand Mobistar Royal Dutch Shell Saint-Gobain Thales Total Unilever Vivendi Universal (EUR)

GBP Aviva BP HSBC Kesa Eledricals Land Securities Liberty Internationa Old Mutual Royal Bank of Scotland Vodafone Wimpey WPP 2005

HKD Hongkong Eledrtic

JPY Aiful Honda Motor Nippon Telegraph b Telephone Nissan Motor Softbank Investment Toyota Motor

NOK DNB

23,600

5,771

21,125

48,500 29,400 27,908

7,000 10,900

480,745 12,681 3,600 5,600

57,127 25,250 43,300

9,600 112,294

46,470 40,334 31.605 78,467 17,774 22,404

9,748 72,289

7,259 13,296 28,448 42,140

645,749

1,624,750

641,545

710,040 941,094 526,066 677,950 608,329 520,166

1,120,493 612,828 582,232 650,105 762.298 564,199

1,186,464 895,545

1,250,043 822,814

1,036,328 732,097 649,640 599,755 616,074

2,182,405 605,183 602,575

1,714,276 971,748

26,499 845,583 22,986,330

72,250 798,008 76,464 684,956

111,465 1,515,123 128,858 602,511

22,445 581,173 33,783 574,635

271,407 680,987 131,967 1,240,958 631,666 1,574,590

73,894 552,160 47,627 529,582

9,334,683

166,500 622,890

29,650 629,315 33,300 898,456

229 751,039 88,100 697,780

2,434 571,337 7,000 327,365

3,875,292

68,000 649,580

0.81

2.04

0.80

0.89

0.66

0.76

1.18

0.85

0.65 1.40 0.77 0.73 0.81 0.96 0.71 1.49 1.12 1.57 1.03

0.92

0.75 0.77 2.74 0.76 0.76 2.15 1.22 1.06 28.82

1.30

0.81

1.00 0.86 1.90 0.76 0.73 0.72 0.85

1.97 1.56

0.69 0.66 51.70

0.78

0.79 1.13 0.94 0.87 0.72 0.41 4.86

0.81




NZD Telecom of New Zealand

US0 Alliant Energy Altria Ambac American International Anadarko Petro Arrow Electronics Avis Budget Bank of America Bank of New York Celanese ChevronTexaco Citigroup Comerica Commerce Bancorp Conocophillips Countrywide Financial Coventry Health Care Davita Exxon Mobil Federated Investors Firstenergy Freddie Mac General Electric Genworth Financial Class A IBM Johnson 0 Johnson JP Morgan Chase 6 Co Lennox International Masco MBlA Merrill Lynch Nalco Navistar International Oracle Parker-Hannifin Pfizer PMI PPbL Resources Radian Reliance Steel b Aluminium Royal Carribean Cruises Stanley Works State Street Sunstone Hotel Investors Travelers Companies United Rentals Wellooint

251,626

20,630 15,645

9,595 27,385 20,845 19,285 28,205 16,950 24,555 21,135 16,225 50,800 13,940 23,600 12,560 25,200 13,640 14,800 43,000 19,110 15,310 17,610 54,865 25,090 12,690 12,450 40,865 23,880 30,830 12,830 14,500 29,225 13,200 39,820

8,030 53,650 16,850 20,760 14,025 15,140 19,635 14,080 11,855 28,730 19,990 23,725

659.238

593,444 812,514 619,442

1,419,993 802,437 548.756 593,735 613.591 753,441 606,875

1,012,028 1,929,238

613,833 646,377 730,043 678,257 582,241 590,444

2,670,645 542.361

791,475 1,555,094

639,070 988,947 568,042

1,466,002 605,244 649,906

897,346 594,000 645,071 581,135 582,146

1,015,753 557,321 719.233 560,772 630,689 624,866 632,821 600,409 603,935 791,874

733,787

591,080

571,627

0.83

0.74 1.02 0.78 1.78 1.01 0.69 0.74 0.77 0.95 0.76 1.27 2.42 0.77 0.81 0.92 0.85 0.73 0.74 3.35 0.68 0.92 0.99 1.95 0.80 1.24 0.71 1.84 0.76 0.81 0.74 1.13 0.75 0.81 0.73 0.73 1.28 0.70 0.90 0.70 0.79 0.78 0.79 0.75 0.76 0.99 0.72

9,500 561,538 0.70 37,118,878 46.55



EUR Comrnerzbank Telefbnica


20,000 705,000 0.88 37,048 612,774 0.77

1,317,774 1.65

1,317,774 1.65


Robeco North American E q u it ies

I nvest m ent portfolio

At 30/06/2007 Quantity Market value In%of



GBP

Land Securities/STK/20-06-2007 22,445 12,596 0.02 HSBC (75P)/STK 134,101 37,629 0.04

50,225 0.06

Total other transferable securities


Total net assets

50,225 0.06

79,526,934 99.71 228,650 0.29

79,755,584 100.00




Transferable securities admitted to an official-stock exchange listing

CAD Alcan Aluminium Bank of Montreal EnCana Sun Life Financial

USD Accenture Allstate American Eagle Outfitters American Electric Power Apple Computers Bank of America Carolina CBS/B Chesapeake Energy Chubb CIT Citigroup Computer Sciences ConAgra Foods Coventry Health Care Eaton Edison International Expedia Exxon Mobil Franklin Resources Freeport McMoran Copper/B General Electric General Mills Cenworth Financial Class A Hewlett-Packard Hospira Host Marriott IBM Intel International Paper JP Morgan Chase b Co Kraft Foods/A Kroger Marathon Oil Mattel McDonald’s Merck Metlife Motorola Mylan Laboratories Northrop Crumrnan Office Depot Paccar Parker Hannifin Penny PCbE Procter G Gamble Schering-Plouq h Teradyne Tidewater Transocean Travelers Companies Union Pacific Verizon Communications Wal-Mart Stores Wellpoint Yum Brands

280,700 16,978,965 2.49 195,500 9,307,904 1-37 259,800 11,848,464 1.74 400,300 14,143,478 2.07

52,278,811 7.67

235,250 122,000 391,500 207,400 106,800 706,310

301,800 481,300 317,550 322,800

40,800 179,550 359,000 116,050 168,650 173,300 359,000 368,939 193,000 139,300

67,500 187,250 312,600 906,200 261,500 507,600 198,900 823,100 402,400 698,650

1 456,500 383,000 365,200 411,500 578,100 331,882

1,259,580 569,500 187,300 573,400 147,800 139,300 184,450 239,150 301,850 780,100 468,600 100,700 99,000

188,850 125,350 795,500

94,700 212,900 390,000

126,900

7,470,936 5,556,418 7,438,370 6,916,661 9,650,788

25,568,469 7,260,422 7,445,838

12,330,517 12,729,745 13,105,123

1,549,467 7,863,746 7,139,862 4,953,747

11,613,380 7,2C1,211 7,785,798

22,914,075 18,930,591

8,542,317 1,913,221 8,099,770 7,962,267

29,939,391 7,559,113 8,689,580

15,500,518 14,480,660 11,635,052 25,063,561

26 9,508,234

17,003,947 6,838,627

15,466,099 21,316,782 15,845,212 16,507,768

7,670,360 10,799,342 12,864,403

9,525,387 10,098,747

9,885,225 8,021,543

13,676,059 17,582,647

6,099,728 5,284,970 7,768,702 7,481,008

10,687,537 24,249,924

3,373,453 12,584,359

1.10 0.82 1.09 1.02 1.42 3-75 1.07 1.09 1.81 1.87 1.92 0.23

1.05 0.73 1.70 1.05 1.14 3.36 2.78 1.25 0.28 1.19 1.17 4-39 1.11 1.27 2.28 2.12 1.71 3.68 0.00 1.40 2.49 1.00 2.27 3.13 2.33 2.42 1.12 1.59 1.89 1.40 1.48 1.45 1.18 2.00 2.58 0.90 0.78 1.14 1.10

1.57 3.56 0.50 1.85

1.15

9,448,595 1.39 634,399,298 93.12





net assets in EUR K i



Total net assets

686,678,109 100.79 -5,396,046 -0.79

681,282,063 100.00





USD A 0 N Ace Aeroflex Aq I I ysys Alleghany Allied World Assurance Ambac American International Amqen Anadarko Petro Annaly Capital Management Apache Arena Resources Ashford Hospitality Trust Aspen Insurance Astrazeneca Avery Dennison Avnet Becton Dicktnson Bel Fuse Broadridge Financial CERE Realty Finance Chevrontexaco Citigroup Clear Channel Communications ConocoPhillips Countrywide Financial Danaos Davita Devon Energy Dover Dun b Bradstreet Embarq Expedia Fidelity National Information First American First Data Flagstone Reinsurance Freddie Mac Friedman Billings Rarnsey/A Grainger GSI Croup H anove r Insurance Hasbro Hewlett-Packard IBM lndyrnac Bancorp IPC Holdings LTD Johnson b Johnson Jones Apparel Korea Electric Power Leggett G Platt Lincare Lincoln National Liz Claiborne Loews Luminent Mortgage Capital Makita Spons Marsh G Mctennan Mattel MBlA Mentor Meruelo Maddux Properties Microsoft

41,525

53,355 62,050 21,470 16,360 16,135 45,615 69,225 60,975 116,355 20,345 11,570 55,995 26,455 51,600 18,735

42.750 19,040 58,985

55,970 45.470 31,545 62,455 19,290 2,970 50,190 29,375 46,415

26,425

28,550 16,255 89.580 154,505 90,130 127,595

71,760 56,175 7,740

122,495 73,625 23,400 24,425 90,240 58,200 180,825 35,885 67,035 17,315 57,290 219,055

28,435 58,340 50,115 93,710 29,190 40.670 149,925

161,860

28,685

89,570

29,100

55,182

29,960

45,485

1,310,118 7,492,864 559,802

1,033,746

1,041,658

2,833,994

1,242,338

6,462,223 620,821

2,365,272

2,347,259

1,229,091 497,821 487,580 549,844

2,043,292 922,219 841,934

2,358,206 479,754 835,062 788,558

1,726,820

3,630,164 519,190 69,162

2,002,323 1,702,839 1,757,897 2,218,887 1,239,904 1,196,757 1,147,454 595,774

2,166,953 1,523,829 4,050,862 515,841

2,064,180 520,181

2,029,379 180,Oll

4,047,038 5,737,686 505,407 567,876

4,117,277 1,217,393 2,932,189 585,883

909,629

3,491,106

883,367

1,977,968

8,268,797 1,582,257

339.820 939,868

1,333,930 938,439

4,317,231 879,234 245,727

3,271,474

0.69 3-93 0.29 0.54 3.39 0.33 0.55 1.24 1.49

0.65 0.64 0.26 0.26 0.29 1.07 0.48 0.44 1.24 0.25 0.44 0.41 1.83 0.91 0.46 1.90 0.27 0.04 1.05 0.89 0.92 1.16 0.65 0.63 0.60 0.31 1.14 0.80 2.13 0.27 1.08 0.27 1.06 0.09 2-12 3.01 0.27 0.30 2.16 0.64 1-54 0.31 1.04 0.48 0.83 4.34 0.18 0.49 0.70 0.49 2.27 0.46 0.13 1.72

1.23





Millea Motorola National Atlantic National Presto Industries Natl Health Investors Nike Nokia Omnicom Oxford Industries Pacific Sunwear of California Parker Hannifin Pfizer Pioneer Natural Resources Platinum Underwriters Puke Quantas Capital Radian RAM Rent A Center Royal Dutch Shell Sanofi Aventis Security Capital Assurance SLM Specialty Underwriters’ Alliani Speedway Sybase Syrnantec Travelers Companies Tribune TronoxClass B-W/I Tupperware Brands Tyco International United Technologies UnitedHealth Unumprovident VF Vodafone Wesco Financial White Mountains Insurance Wyeth

:e



USD BankTech Reg Castle Point Castlepoint CBRE Realty Finanr Maiden Nest16 Peoples Choice Quest Resource Solar Capital TAC Acquisition

:e



Total net assets

22,225 138,805

51,440 22,050 48,550 53,120 76,230 23,600 15,050 36,805 13,860

346,085 50,140 37,410 73,500 49,540 46,275 45,740 47,555 15,860 96,095 43,560 35,375 40,250 22,795 48,400 48,400 70,230 18,015

1 110,725 115,340

17,855 31,040

114,991 19,185

148,468 1,585 9,075

47,400

90,985 21,685

1,580 1,685

42,840 27,000

6,480 58,990 70,335


675,365 1,819,147

529,045 1,017,805 1,140,281 2,292,670 1,586,632

924,743 494,108 599,541

1,004,800 6,552,437 1,808,389

962,569 1,221,780

88,035 1,850,246

5 3 3,4 16 923,600 953.561

2,865,310 995,666

1,508,195 235,739 889,656 856,152 723,912

2,782,055 392,167

10 2,356,252 2,885,742

937,733 1,175,362 2,223,105 1,300,924 3,696,996

451,834 4,072,142

0.35 0.95 0.28 0.53 0.60 1.20 0.83 0.49 0.26 0.31 0.53 3.44 0.95 0.51 0.64 0.05 0.97 0.28 0.49 0.50 1.50

0.79 0.12 0.47 0.45 0.38 1.46 0.21 0.00 1.24 1.51 0.49 0.62 1.17 0.68 1.94

0.52

0.24 2.14

2,012,451 1.06 177,631,032 93.20

177,631,032 93.20

538,950 235,869

17,186 14,833

317,203 1,912,220

0 510,165 781,181

0.28 0.12 0.01 0.01 0.17 1.00 0.00 0.27 0.41

3,035 25 0.00 4,327,632 2.27

4,327,632 2.27

181,958,664 95.47 8,626,641 4.53

190,585,305 100.00



in USD x 1 net assets


USD A 0 N Ace Aeroflex Agilysys Alleghany Allied World Assurance Ambac American International Amqen Anadarko Petro Annaly Capital Management Apache Arena Resources Ashford Hospitality Trust Aspen Insurance Astrazeneca Avery Dennison Avnet Becton Dickinson Bel Fuse Broadridge Financial CBRE Realty Finance Chevrontexaco Citigroup Clear Channel Communications ConocoPhillips Countrywide Financial Danaos Davita Devon Energy Dover Dun b Bradstreet Embarq Expedia Fidelity National Information First American First Data Flagstone Reinsurance Freddie Mac Friedman Billings Ramsey/A Grainger GSI Hanover Insurance Hasbro Hewlett.Packard IBM lndymac Bancorp I PC Johnson G Johnson Jones Apparel Korea Electric Power Leggett b Platt Lincare Lincoln National Liz Claiborne Loews Luminent Mortgage Capital Makita-Spons Marsh G Mctennan Mattel MBlA Mentor Meruelo Maddux Properties Microsoft

54,015 192,725 80,265 88,727 27,354 20,915 20,610 57,470 88,055 85,640

180,000 25,360 14,575 70,005 34,575 67,535 23,365 36,545 41,625 24,320 75,015

114,325 69,055 57,750 41,130 78,717 24,435

4,050 63,260 40,840 63,835 39.325 34,575 70,718 36,760 20,783

120,540 185,675 113,510 166,760 38,470 90,620 70,480 11,095

154,260 92,890 30,015 31,295

116,930 73,425

217,425 45,120 84,890 21,515 72,380

319,915 57,280 37,860 75,515 71,620

114,175 36,740 52,525

192,280

2,301,579 12,049,167

1,137,355 1,996,358

11,119,401 1,071,894 1,796.986 4,024,624 4,868,561 4,452,424 2,595,600 2,069,122

846,953 823,259 970,520

3,611,772 1,553,305 1,448,644 3,lCl,063

827,610 1,434,287 1,359,324 5,817,193 2,961,998 1,555,537 6,179,285

888,212 127,373

3,408,449 3,197,364 3,265,160 4,049,689 2,191,018 2,071,330 1,995,333 1,028,759 3,938,042 2,473,191 6,890,057

910.510 3,579,634

887,170 3,438,719

348,494 6,883,081 9,776,673

875,538 982,663

7,205,227 2,074,256 4,761,608

994,896 3,382,867 1,526,489 2,699,774

16,309,267 577,955

1,690,070 2,331,903 1,811,270 7,103,969 1,494,583

428,604 5,666,492

0.73 3.83 0.36 0.63 3.53 0.34 0.57 1.28 1.55 1.41 0.82 0.66

0.26 0.31

0.27

1.15 0.49 0.46 0.99 0.26 0.46 0.43 1.85 0.94 0.49 1.96 0.28 0.04 1.08 1.01 1.04 1.29 0.70 0.66 0.63 0.33 1.25 0.78 2.19 0.29 1.14 0.28 1.09 0.11 2.18

0.28 0.31

0.66 1.51 0.32

0.48 0.86 5.18 0.18 0.54 0.74 0.57 2.25 0.47 0.14 1.80

3.10

2.29

1.07




net assets in US0 x 1


Millea Motorola National Atlantic National Presto Industries Natl Health Investors Ntke Nokia Ornnicom Oxford Industries Pacific Sunwear of California Parker Hannifin Pfizer Pioneer Natural Resources Platinum Underwriters Puke Quantas Capital Radian Rait Financial Trust RAM Rent A Center Royal Dutch Shell Sanofi Aventis Security Capital Assurance SLM Specialty Underwriters' Alliance Speedway Sybase Syrnantec Travelers Companies Tribune Tupperware Brands Tyco International United Technologies UnitedHealth Unurnprovident VF Vodafone Wesco Financial White Mountains Insurance Wyeth

27,970 203,220

64,970 27,740 60,980 66,680 98,880 29,540 1a,955 45,595 17,765

372,635 63,260 47,440 93,800

269,385 57,660

1 58,135 60,125 20,520

124,430 54,125 46,830 50,915 27.740 61,645 84,000 87,865 22,860

135,540 153,970 23,225 39,105

145,742 24,600

198,052 2,890

11,495

1,147,889 3,596.994

902.433 1,729,312

3,886,777 2,779,517 1,563,257

840,465 1,003,090 1,739,371 9,528,277 3,081,395 1,648,540 2,105,810

646,524 3,113,640

26

1,577,079 1,666,224 5,010,796 1,670,839 2,696.471

402,738 1,462,175 1,472,699 1,696,800 4,700,778

672,084 3,895,420 5,202,646 1.647.349 1,999,830 3,805,324 2,252,868 6,660,489 1,112,650 6,966,200

1,934,286

915,626

0.36 1.14

0.55 0.61 1.23 0.88

0.29

0.50 0.27 0.32 0.55

0.98 0.52 0.67 0 .21 0.99 0.00 0.29 0.50 0.53 1-59 0.53 0.86 0.13 0.46 0.47 0.54 1.49 0.21 1.24 1.65 0.52 0.63 1.21 0.71 2.11 0.35 2.21

3.02

60,125 3,447,568 1.09 307,421,766 97.56



US0 Castlepoint Nestle Peoples Choice Finance Quest Resource TAC Acauisition



US0 Bank Tech Reg CBRE Realty Finance Maiden Peoples Choice Solar Capital

52,500 771,225 0.24 34,005 3,252,567 1.04 10,700 0 0.00 72,570 847.618 0.27 55,635 612 0.00

4,872,022 1.55

116,230 929,840 0.29 29,200 347,188 0.11 54,735 547,350 0.17

5,666 0 0.00 96,200 1,443,000 0.46

3,267,378 1.03


net assets

Total other transferable securities 3,267,378 1.03

in US0 x 1


Total net assets

315,561,166 100.14 -450.734 -0.14

315,110,432 100.00





net assets in USD x 1


USD ADC Telecom Aeropostale ALL Resources Alaska Air Alliant Energy Allied Waste Industries American Eagle Outfitters American Financial Apria Healthcare Arrow Electronics Aspen Insurance Avis Budget Avnet Beckman Coulter Biovail (USD) BMC Software Bucyrus International Carolina CBL G Associates Properties Century Tel Entr Charles River Laboratories Charming Shoppes Chesapeake Energy Cimarex Energy ClT CNA Financial Coldwater Creek Commercial Metals Computer Sciences Coventry Health Care Cummins Cummins Engine Darden Restaurants Dollar Tree Stores Donnelley b Sons DST Systems East West Bancorp Eastman Chemical Energizer Ensco International Frontier Oil GFI CoodyearTire b Rubber Harris HCC Insurance Hillenbrand Industries lngram Micro/A Jarden King Pharmaceuticals Lifepoint Hospitals Lubrizol Marvel Entertainment MDU Resources MEMC Electronic Materials Mentor Graphics Nationwide Financial Services NRG Energy Nstar Petsmart Precision Castparts Realty Income Reinsurance of America Rent-A Center Ryder System

4,750 4,620 1,880 4,490 2,900 9,460 4,690 5,935 5,580 3,050 3,490 4.690 6,580 2,650 5,260 4,900 2,500 1,280 1,670 1,800 2,610 9,640 4,330 3,250 3,500 1,720 6,280 3,520 2,820 1,750 2,000

40 2,500 6,870 3,190 1,980 5,430 4,310 1,630 3,060 2,990 3,480 2,970 2,890 2,450 1,760 5,110 3,430 6,730 4,430 4,270 3,960 4,405 2,630 9,120 1,410 2,750 3,520 4,070 2,630 4,850 1,630 4,590 4,390

87,068 192,562 76,102 125,091 112,665 127,332 120,345 202,680 160,537 117,212 97,964 133,337 260,831 171,402 133,709 148,470 176.750 98,906 60,204 88,290 134,728 104,401 149,818 128,083 191,905 82,027 145,884 118,870 166,803 100,888 202,420 4,048

109,975 299,189

156,836 211,113 277,262 162,348 186,691 130,872 252,126 103,237 157,650 81,855 114,400 110,938 147,524 137,696 171,352 275,629 100,901 123.516 160,746 120,110 89,140 114,318 114,224 131,054 319,177 122,172 98,191 120,396 236,182

138,797

0.74 1.64 0.65

0.96 1.08 1.02 1.73 1.37 1.00 0.83

2.22 1.46 1.14 1.26 1.50 0.84 0.51 0.75 1.15 0.89 1.27 1.09 1.63 0.70 1.24 1.01 1.42 0.86

1.06

1.13

1.72 0.03 0.94 2.56 1.18 1.33 1.80 2.36 1.38 1.59 1.11 2.14 0.88 1.34 0.70 0.97 0.94 1.26 1.17 1.46 2.34 0.86

1.37 1.02 0.76 0.97 0.97 1.12 2.72 1.04 0.84 1.02 2.01

1.05

Invest rnent portfolio


in USD x 1 net assets

Seacor Sernpra Energy Snap-On Steel Dynamics Sunstone Hotel Investors 5VB Financial Tidewater Unit United Rentals valeant Pharmaceuticals International Wabtec Wellcare Health Plans Westar Energy Western Digital Whirlpool WR Berkley Xcel Energy



Total net assets

820 76,555 2,800 165,844 3,260 164,663 3,460 145,009 5,900 167,501 2,610 138,617 3,010 213,349

4,070 132,438 7,400 123,432 4,990 182,285 1,410 127,619 3,700 89,836 7,380 142,803 1,470 163,464 4,350 141,549 5,410 110,743

11,667,585

11,667,585

1,350 84,929

11,667,585 85.398

11,752,983

0.65 1.41 1.40 1.23 1.43 1.18 1.82 0.72 1.13 1.05 1.55 1.09 0.76 1.22 1.39 1.20 0.94

99.27

99.27

99.27 0.73

1m.m



Invest rnent portfolio

At 30 /06/2007 Quantity Market value In % of



USD ATbT Accenture Ace Altria Arnbac Arneren American International Arngen Anadarko Petro Arrow Electronics Avis Budget Bank of New York Berkshire Hath/B Broadridge Financial CA Cadence Design Carolina CBS/B CG I Chesapeake Energy ChevronTexaco Citigroup Clear Channel Communications CNA Financial Coca.Cola Commerce Bancorp ConocoPhillips Countrywide Financial Coventry Health Care Davita Dominion Resources Donnelley G Sons DTE Energy Emerson Electric Exxon Mobil Federated Investors First Data Freddie Mac Cenworth Financial Class A Harris HewletGPackard Home Depot Honeywell International ISM ldearc lngrarn Micro/A Johnson b Johnson JP Morgan Chase b Co Ltherty Media. Capital tincare Lincoln National Lockheed Martin Loews MBlA McAfee Medco Health Solutions Merrill lynch MClC Investments Microsoft Molson Coors Brewing Motorola Nationwide Financial Services Nike Nokia

1,295 790

1,065 1,305

270 49 5

1,885 290

1,510 130 960

1.130 35

1,920 1,425 1,175

380 1,160 4,315 1,400 1,270 3,775 1,085

625 770

1,395 2,390 1,365

685 930 430

1,430 515 550

1.835 1,340 2,115 1,515

965 1,335 3,125 1,750 1,010

655 575

1,620 1,025 3,985

380 1,010

550 1,140 1,175 1,415

840 370 570 385

1,265 640

1,840 480

1,060 2,410

53,743 33,883 66,584 91,533 23,541 24,260

132,006 16,034 78,505 4,996

27,293 46,827

126,175 36,710 36,808 25,803 29,363 38,651 48,414 48,440

106,985 193,620 41,035 29,806 40,279 51,601

187,615 49,618 39,490 50,108 37,113 62,219 24,833 25,740

153,920 51,362 69,097 91,961 33,196 72,824

139,438 68,863 56,843 68,939 20,315 35,170 63,161

193,072 44.718 40,249 39,023

107,308 59,902 88,041 29,568 28,856 47,641 21,891 37,280 59,174 32,568 30,346 61,787 67,745

1.05 0.66 1.30 1.79 0.46 0.47 2.58 0.31 1.53 0.10 0.53 0.91 2.46 0.72 0.72

0.57 0.75 0.94 0.94

3.78 0.80 0.58 0.79 1.01 3.66 0.97 0.77 0.98 0.72 1.21 0.48

0.50

2.09

0.50 3.00 1.00 1.35 1-79 0.65 1.42 2.72 1.34 1.11 1-34 0.40 0.69

3.77 0.87 0.78 0.76

1.23

2.09 1.17 1.72 0.58 0.56 0.93 0.43 0.73 1.15 0.64 0.59 1.20 1.32




Omnicom Oracle Pfizer Philips Electronics PPG Industries Proder G Gamble Quest Diagnostics Radian Ross Stores Royal Dutch Shell Sanofi-Aventis State Street Symantec Taiwan Semiconductor Telecom New Zealand Time Warner Total Travelers Companies Tyco International United Technologies Vodafone Windstrearn Wyeth



US0 Sun Microsystems Time Warner Cable



Total net assets

490 2,425 4.370

610 350

1,230 755 785

1,105 535 550 365

2,650 2,561 1,430

675 1.355 1,555 1,495 1,515 2,620

4,480

25,931 0.51 47,797 0.93

111,741 2.18 25,815 0.50

75,264 1.47 38,996 0.76 42,390 0.83 34,034 0.66 43.442 0.85 22,149 0.43 24,966 0.49 53.530 1.04 28,504 0.56 39,926 0.78 94,259 1.84 54,662 1.07

26,639 0.52

72,493 1.41 52,543 1.02

106,039 2.07 50,949 0.99 38,671 0.75

1.065 61,067 1.19 5,015,696 97.81

5,015,696 97.81

2,020 10,624 0.21 945 37,015 0.72

47,639 0.93

47,639 0.93

5,063,335 98.74 64.475 1.26

5,127,810 100.00

Robeco Capital Growth Funds 8 1

Robeco European Equities



net assets

ET 2,800,000 13,830,498 116 Centrica 1,700,000 9,811,335 0.82 GlaxoSmithKline 1,211,642 23,489,457 196 Land Securities 300,000 7,767,957 0.65 legal b General 3,800,000 8,473,297 0.71 Persimmon 394,277 6,782,630 0.57 Rolls-Royce 2,129,532 17,035,623 1.43 Slough Estates 1,191,964 11,067,036 0.93

228,755,323 19.15 NOK

in EUR x 1

Tomra Systems 1,150,900 7,459,277 0.62

At 30/06/2007 Quantity Market value In%of



CHF EFG International Nestle Nova rt is

Roche Swiss Reinsurance Swisscom Namensaktien The Swatch UBS Zurich Financial Services

214,001 120,000 500,000 145,000 250,000 45,000 35,000 616,700 80,000

7,291,963 33,784,437 20,843,403 19,044,828 16,901,281 11,384,576 7,379,773 27,422,136 18,330,111

162,382,508

0.61

1.75 1-59 1.42 0.95 0.62 2.30 1.53

13.60

2.83

SEK Ericsson/B 6,558,000 19,445,379 1.63 Hennes G Mauritz 210,000 9,217,737 0.77 Oriflame Cosmetics 359,100 12,505,170 1.05 Skandinaviska Enskilda Bank/A 591,430 14,177,534 119 Skanska AB/B 476,200 7,584,481 0 64

0.59 SKF/B free 450,000 7,021,418 69,951,719 5.87

Total transferable securities admitted to an official stock-exchange listing L,160.UL709 97.14

EUR Akzo Nobel Allied Irish Banks Alstria Office Banca lntesa BASF Beni Stabili BNP Paribas Business Ob1 CRH ( I E ) Daimler Chrysler Deutsche Bank Deutsche Lufthansa/VA Deutsche Telekom E ON Enel Euler Fiat Hellenic Telecommunication lmmofinanz lmmobilien Anlagen lnfineon Technologies ING Interbrew lntralot Koninklilke DSM/New Koninklilke KPN Man/Stamrnaktien Mediaset Munchener Ruckversicherung Nokia/A OMV Philios Electronics

22,386,000 13,991,120 5,441,573 30,340,345 14,527,500 8,057,822 48,940,572

9,529,000

21,440,000 7,224,000 18,596,776 24,718,000 17,545,000 5,850,047 8,386,600 1,923,600 6,976,882 15,925,000 39,348,000 7,647,900 5,542,914 8,462,348

9,531,000 11,482,500 16,962,500 27,053,000 27,466,950 33,541,968 7,831,244 6,530,000 21,210,000 17,668,676 17,192,567

156,810 12,452,350 8,770,000 32,863,083 11,974,638 18,300,000 6,143.638

7,728,573

24,228,750

17,557,836

1.87 1.17 0.46 2.54 1.22 0.67

0.65 0.80 2.03 1.80 0.60 1.56 2.07 1.47 0.49 0.70 0.16 0.58 1.33 3.29 0.64 0.46

1.47 0.80 0.96

2.27

2.81 0.66 0.55

1.48 1.44 0.01 1.04 0.73 2.75 100 1.53 0.51 1.02

57.90

4.10

0.71

1.42

2.30

1.78

2.15 1.17 1.04 0.70 2.35 2.99

350,000 692,287 360,847

5,486,500 150,000

7,447,155 553,877 264,496 260,000 355,000 200,000 350,000

1,363,400 200,000

2,200,000 55,556 380,000 84,000 645,410

1,300,000 1,200,000 130,000 232,700 231,528

1,425,149 90,000

1,500,000 125,000

1,300,000 555,000

1,062,800


EUR Cornmerz ban k 270,000 9,517,500 0.79 Hochtief 85,461 6,888,157 0.58

16,405,657 1.37 Total transferable securities traded on other regulated markets 16,405,657 1.37


EUR Unipol /CtM/04-06-2007 4,476,500 1,476 0.00

CBP GlaxoSmithKline/STK/02-0~-2007 Land Securities/STK/20-06-2007

1,371,663 271,690 0.02 300,000 168,363 0.02

440,053 0.04

441,529 0.04

1,176,968,895 98.55 17,369,886 1.45


ProSieben Sat 1 Media/Vorzuqsaktien 269,300 Total securities portfolio Operating capital 200,000

1,500,000 225,050 286,066 5,541

673,100 200,000

1,425,112 4,476,500 1,000,000 154,324 380,ooo

Publicis Reed Elsevier RWE/A Sanofi-Synthelabo SBM Offshore Telekom Austria ThyssenKrupp U n i lever Unipol Spa UPM Kymmene Valeo Vivendi Universal (EUR)

1,194,338,781 100.00 Total net assets

12,125,800 691,572,882

. .

i,ooo,ooo 6,217,039 0 52

CBP Anglo American AstraZeneca (GBP) Babcock b Brown Public Partners Berkeley BG EP British Airways

586,728 25,669,078 350,000 13,950,085

7,516,808 12,422,861 315,065 8,335,895

2,300,000 28,068,781 4,000,247 35,833,751






Transferable securities admitted to an official-stock exchange listing

CHF Schindler Swissauote

EUR Amplifon Anglo Irish Bank Ansaldo Sts Spa Arques Industries Banca Popolare dt Milano Beter Bed BinckBank Boewe Systec Bonduelle CGC Cie Generale De Geophysique Commercial Bank of Greece Cosmote DCC Elisa OYJ-A Shares Forthnet Gerry Weber International Grafton Grontmtl Halcor Hellenic Exchanges Hellenic Technodomik lcos Vision Systems lmerys lntralot Irish Life G Permanent Jaakko Poyry KGS Kingspan Koninklilke Boskalis Westminster Manitou Omega Pharma Palfinger Permasteelisa Rheinmetall Stammaktien Rod r i g u ez Sabaf Sligro Food SR Teleperformance Titan Cement Tr tg a no Unit 4 United Drug USG People Versatel Washtec

GBP 2 Way Traffic Admiral Barratt Developments Burren Energy Carphone Warehouse Cattles Dignity Expro International Lonmin Mitie Premier Foods Tullow Oil

138,000 6.794.949 2.28 . .

148,692 5.389.995 1.81 12,104,944

500,000 160,083 450,000

19,068 350,000 160,000 303,000

22,511 40,000

330,000 37,000

150,000 130,000 238,399 200,000 272,786 244,562 492,468 117,716 550,000 100,000 350,000 105,000

55,000 160,000 150,000 271,570

4,265 213,748 210,000

95,195 95,000

120,176 210,195

30,000 80,000

116,115 206,294 130,000 65,000 73,063

283,350 1,059,478

127,500 225,000

3,085,000 2,433,262 4,396,500

608,269 3,962,000 4,009,600 4,257,150

938,484 3,668,000 3,293,400 6,879,780 3,225,000 2,974,400 5,948,055 4,044,000 2,684,214 5,417,048 5,200,462 4,108,288 2,926,000 1,940,000 3,402,000 3,738,000 4,131,050 3,811,200 2,803,500 4,467,327

484,717 4,437,408 6,197,100 4,493,204 6,101,850

4,390,974 2,061,300 3,412,000 3,282,571 6,339,415 4,192,500 2,782,000 3,203,813 5,695,335 4,290,886 4,447,200 4,950,000

4,915,198

220,000 3,454,000 177,483,460 59-64

2,500,000 230,000 350,000 209,898 700,000 600,000 602,525 352,492

65,792 1,609,980 1,100,000

510,000

4,828,047 3,037,510 5,163,039 2,547,525 3,434,227 3,494,021 6,050,760 5,113,399 3,929,048 6,314,116 4,730,744 3,697,244 -

52,339,680

4.09

1.04 0.82 1.48 0.20 1.33 1.35 1.43 0.32 1.23 1.11 2.31 1.08 1.00 2.00 1.36 0.90 1.82 1.75 1.38 0.98 0.65 1.14 1.26 1.39 1.28 0.94 1.50 0.16 1.49 2.09 1.51 2.05 1.65 1.48 0.69 1.15 1.10 2.13 3.41 0.94 1.08 1.91 1.44 1.49

1.16 1.66

1.62 1.02 1.74 0.86 1.15 1.17 2.03 1.72 1.32 2.13 1.59 1.24

17.59 -


At 30/06/2007

- NOK Aker Kvaerner Ekornes Asa Seadrill Subsea 7

SEK Alfa Lava1

Quantity Market value In % of


315,000 5,923,391 1.99 333,855 5,629,227 1.89 234,000 3,732,864 1.25

20,042,999 6.73 300,000 4,757,517 1.60



EUR Curanum Elringklinger Kloeckner taboratorios Almirall Rhoen-Klinikum Vossloh

455,000 3,467,100 1.16

90,000 4,815,000 1.62 257,880 3,777,942 1.27 130,330 5,812,718 1.95

53,974 3,616,258 1.22

50,094 4,351,666 1.46 25,a40,684 8.68

Total transferable securities traded on other regulated markets 25,840,684 8.68


291,350,791 97.89 6,265,880 2.11



Ro beco European Opportunities





CHF Novartis

EUR Arques Industries Bank Of Cyprus Bank of Ireland E ON Forthnet Hellenic Telecommunication ING lntralot tottomatica Marfin Popular Bank Public Michaniki

Symrise Teixeira Duarte-Engenharia Terna Total Unit 4

O w

CBP GlaxoSmithKline Punch Taverns Tanfield

NOK Awilco Offshore Crew Gold Fairmount Heavy Transport Fred Olsen Energy Fred Olsen Production Funcorn MPF Petrolia Drilling Rocksource Scorpion Offshore Songa Offshore Wavefield lnseis

SEK Tanganyika Oil Company

USD Quintana Maritime RCI International

85,000

320,000 170,000 150,000 35,000 100,000 23,500 130,000 175,000 95,000 260,000 266,600 100,000 110,000 500,000 150,000 40,000

3,543,378

10,208,000 2,128,400

4,325,650 984,000 538,150

4,262,700 4,168,500

2,282,800 2,228,776

2,432,100

1,938,000 2,410,400

2,241,000

2,803,450

2,620,000

2,025,000

3.24

9.33 1.95 2.05 3.96 0.90 0.49 3.90 3.81 2.56 2.09 2.04 2.40 2.22 1.85 1.77 2.20

120,000 2,412,000 2.21 50,008,926 45.73

110,000 2,132,511 1.95 140,000 2,558,122 2.34 500,000 1,366,709 1.25

6,057,342 5.54

175,000

275,000 65,000 500,000 291,000 425,000

5,500,000 6,000,000

300,000 380,000

700,000

205,000

1,684,876 1,035,496 1,010,111 2,505,688 1,604,643 1,422,742 1,118,863 2,399,443 1,090,656 1,946,727 2,256,530 2,500,987 -

20,576,762

1.54 0.95 0.92 2.29 1.47 1.30 1.02 2.20 1.00 1.78 2.06

1.26 90.000 1,382,418

110,000 1,210,322 1.11 400,000 3,124,653 2.85

4,334,975 3.96 Total transferable securities admitted to an official stock-exchange listing 85,903,801 78.55


EUR Cintra Concesiones de lnfraestructuras de Transport 270,000 3,186,000 2.93 Cornrnerzbank

NOK Scanarc Seabird Exploration

135,000 4,758,750 4.36 7,944,750 7.27

350,000 1,842,833 1.69 1,350,000 7,277,309 6.65

9,120,142 8.34




USD Afi Development 150,000 1,266,151 1.16



GBP GlaxoSmithKline/STK/02-05-2oo7



Total net assets

18,331,043 16.77

50,292 9,962 0.01

9,962 0.01

104,244,806 95.33 5,110,658 4.67

109,355,464 100.00




At 30/06/2007 Quantity Market value

in EUR x 1


AUD ABCLearningCentres ABCLearningCentres 2 ALL Energy Alinta Alumina Amcor AMP Ansell APN News b Media Asciano Australian b New Zealand Banking Australian Stock Exchange AXA Asia Pacific BHP Billiton BHP Steel Bora1 Brambles Industries CFS Retail Property Trust Coca-Cola Amatil Cochlear Coles Commonwealth Bank of Australia Commonwealth Property Office CSR DE Rreef Trust Downer ED1 Dyno Nobel Fa i rfax Foster’s Goodman Fielder Harvey Norman lluka Resources ING Industrial Fund Insurance Australia lnvesta Property James Hardies Leighton Lend Lease Lion Nathan Macquarie Bank Macquarie Bank Macquarie Communications MacQuarie lnfrastructm Macquarie Office Trust Multiplex National Australia Bank OneSteel Orica Origin Energy Pacific Brands Paperlinx Perpetual Trustees Australia Publishing b Broadcasting Qantas Airways QBE Insurance Rinker Rio Tinto Santos Sonic Healthcare St George Bank Stockland Suncorp.Metway Symbion Health Tabcoro

11,979 64,000

168,700 55,600

1,154,900 297,300 404,700

68,100 58,600 54,919

508,900 400

133,100 695,900 204,998

1,443,900 348,700 587,270 298,465

17,700 260,800 115,700 480,200 285,900 377,570

59,800 52,900

393,401 708,100

86,100 61,500

115,284 128,741 485,400 403,800 303,100

22,800 642,300 141,500

1,500 33,200 15,200

647,400 702,519

65,200 362,200 250,500 148,200 416,900 288,700 102,608

8,400 39,800

2,129,100 136,000 217,300

34,400 99,100 45,700 88,000

179 305,806 146,100 210,347

52,074 281,032

1,607,676 531,603

5,651,708

2,572.833 521,921 215,353

9,267,840 12,237

621,248 15,313,866

1,331,582 7,954,897 2,668,069

793,184 1,788,709

678,267 2,641,013 4,015,721

625,016 466,077 276,488

79,424 1,161,532 2,838,005

131,434 204,375 446,116 189,248

1,738,091 740,708

1,660,352 590,822

7,480,756 824,013

80,322 1,772,780

60,443 1,464,108

737,008 201,536

9,333,445 1,011,851 2,774,357 2,603,252

625,697 239.785 414,288

7,490,002 2,665,578 2,571,808 2,134,859

867,829 432,354

1,958,627

3,874,804 374,462

2,266,200

1,395,126

349,486

505,283

490,046

916

In %of

net assets

0.01 0.03 0.19 0.06 0.67

0.31 0.06 0.03 0.04 1.11 0.00

1.83 0.16 0.95 0.32 0.09 0.21 0.08

0.48 0.06 0.07 0.06 0.03 0.01

0.34 0.02 0.02

0.02 0.21 0.09 0.20 0.07 0.89 0.10 0.01 0.21 0.01 0.17 0.09 0.02 1.11 0.12 0.33 0.31 0.07 0.03 0.05 0.06 0.89 0.32 0.31 0.26 0.10 0.05 0.23 0.00 0.46 0.05 0.27

0.17

0.07

0.31

0.14

0.05




Tattersall’s Telecom of New Zealand Telstra Telstra/lNS/Recp. Toll Transurban Wesfarmers Lim Westfield -Stapled Securit Westpac Banking Woodside Petroleum Woolworths WorleyParsons

HKD Bank of China (HK) Cheung Kong China Construction Bank China Life Insurance China Merchants China Merchants Bank China Mobile (Hong Kong) China Netcom Hongkong China Overseas Land G Investment China Petroleum b Chemical/H China Shipping Development CLP Cosco Pacific Dah Sing Financial Esprit Giordano International Come Electrical Appliances Great Eagle Hang tung Hang Lung Properties Hang Seng Bank Hutchison Whampoa ti b Fung Nine Dragons Paper Petrochina Shanghai Electric Shenzhen Sun Hung Kai Properties Swire PacificlA Television Broadcasts Yanzhou Coal Mining

IDR Astra International Bank Central Asia Kalbe Farma Telkom Indonesia

INR Bharat Forge Bharti Televentures HDFC Bank lnfosys Technologies Maruti Udyog National Thermal Power Oil b Natural Gas Satyam Computer Services Titan Industries

JPY Accordia Golf Aderans Aigan

77,832 593,900

1,825,700 585,846

9,700 120,624

64,268 419,200 516,600 188,417

27,707 78 I

229,802 1,567,726 5,264,292 1,144,568

88,295 606,966

1,846,264 5,256,294 8,327,390 5,415,132

469,949 1,666

1,482,500 486,000

5,777,000 1,174,000

826,000 311

772.500 1,072,600 2,629,000 7,057,000 1,890,000

789,360 1,280,000

182,100 425,500

4,718,000 1,375,000

59,000 736,000 942,000 216,300 596,000 906,000

1,609,000 4,608,000 6,339,000 3,042,600

262,000 253,000 294,000

2,634,000 .

156,887,866

2,608,797 4,718,022 2,938,167 3,124,455 2,957,139

703 6,153,105 2,194,277 3,012,838 5,788,124 3,239,964 3,921,213 2,479,152 1,138,292 3,997,708 1,724,825 1,562,729

153,110 2,460,664 2,404,415 2,163,318 4,383,162 2,424,077 2,776,542 5 , 0 ~ 0 , ~ 3 0 2,113,310 1,705,950 2,337,502 2,093,068 1,531,475

0.03 0.19 0.63 0.14 0 .01 0.07 0.22 0.63 0.99 0.65 0.06 0.00

18.71

0.31 0.56 0.35 0.37 0.35 0.00 0.73 0.26

0.69 0.39 0.47 0.29 0.14 0.48 0.21 0.19 0.02 0.29 0.29

0.52 0.29 0.33 0.60 0.25 0.20 0.28 0.25 0.18

0.36

0.26

2,988,632 0.36 86,104,925 10.27

1.8gg.000 2,630,103 0.31 2,920,500 1,304,412 0.16

30,746,000 3,502,391 0.42 8,241,500 6,652,787 0.79

14,089,693 1.68

282,373 189,119 127,471 133,490 108,407 976,010 153,707 254,923 133,221

1,583,211 2,874,199 2,657,551 4,681,956 1,466,625 2,711,309 2,521,005 2,165,739 3,243,421

23,905,016

0.19 0.34 0.32

0.17 0.32 0.30 0.26

0.56

0.39 2.85

243 173,378 0.02 700 10,891 0.00

9,700 55,134 0.01

Robero Capital Growth Funds 85




A a Insurance Airport Facilities Aisin Seiki Aloka Alps Electronic Amada Aoki International Aoyarna Trading Arcs Aronkasei Asahi Brewery Asahi Chemical Industry Autobacs Seven Bando Chemical Industries BankoftheRyukyus Bank of Yokohama Calsonic Kansei Canon Canon Electronics Canon Sales Capcom Cawachi Central Security Patrols Century Leasing System Chuba Electric Power Chubu Shiryo CJ CCV Coca-Cola West Computer Engineering b Consulting Cosmo Oil CSK DGM Dai Nippon Ink G Chemicals Daicel Chemical Industries Daiichi Sankyo Dainichiseika Color G Chem Daito Trust Construction Daiwa House Daiwa Securities Daiwasystem DC Denso Diamond Lease Duskin East Japan Railway Edion Eighteenth Bank Elpida Memory Full Heavy Industries Fuji Photo Film Fuji ku ra Fuiitsu Fukui Bank Fuyo General Lease Godo Steel Gunze Hankyu Department Stores Harima Chemicals Heiwa Real Estate Hitachi Hitachi Information Systems Hitachi Metals Hitachi Software Engineering Hokkaido Electric Power Hokuetsu Bank Honda Motor lbiden

148,000 700

79,300 9,000

248,700 216,000

2,200 17,200 8,990 7,000 1,000

308,000 17,200 15,000 3,600

188,000 265,000

6,000 48,500 18,900

400 300

9,400 55,900 15,000 19,900 2,600 8,800

237,000 9,900 2,000

834.000 148,000 129,600

1,000 20,700 45.000

205,000 7,600 4,000

56,400 12,000 13,800

829 126,200 34,000 26,300

412,000 25,600 37,000

473,000 37,000 46,100

459,000 284,000

25,000 8,000

64,000 110,000

5,400 62,000 14,700 2,000

38,000 321,200

43,200

213,200

710,778 3,920

2,153,829 76,463

1,837,073 1,995,705

31,064 391,879 105,108

23,167 11,458

1,495,807 400,129

71,679 44,248

973,894 805,552

9,241,988 144,257 732,794 260,633

8,754 2,185

97,164 1,095,972

72,218 448,622

44,662 67,694

966,267 257,611

6,451 2,380,197

712,553 2,540,930

3,843 728,532 475,399

1,613,833 157,207

16,524 1,629,919

398,594 165,481

4,721,913 1,211,408

104,985 856,240

1,457,435 845,729 203,428

2,575,057 84,078

1,138,775 1,601,679 1,226,001

196,659 37,989

346,120 577,086

89,036 502,212 243,258

32,077 74,503

8,666,185 2,061,753

0.09 0.00 0.26 0.01 0.22 0.24 0.00 0.05 0.01 0.00 0 00 0.18 0.05 0.01 0.01 0.12 0.10 1.10 0.02 0.09

0.00 0.00 0.01 0.13 0.01 0.05 0.01 0.01 0.12 0.03 0.00 0.29 0.08 0.30 0.00 0.09 0.06 0.19 0.02 0.00 0.20 0.05 0.02 0.56 0.15 0.01 0.10 0.17 0.10 0.02 0.31 0.01 0.14 0.19 0.15 0.02 0.00 0.04 0.07 0.01 0.06 0.03 0.00 0.01 1.03 0.25

0.03



lnpex Iris0 Electronisc Isuzu Motor ltochu Itochu-Shokuhin ltoki lzumiya Japan Tabacco Jeans Mate JFE Joint Joshin Denki JSP Kanematsu Electronics Kansai Electric Power Kansai Paint Kato Sangyo Kato Works Kawasaki Kisen KDDl Kioritz K i m Brewery Kirindo Kitz Kobe Steel Komatsu KOMERI Kornori Konaka K's Holding Kubota Kyocera Kyushu Electric Power teopalace21 Makino Milling Machine Marubeni Matsushita Electric Industrial Mikuna Coca Cola Bottling Mitsu bishi Mitsubishi Electric Mitsubishi Gas Chem Mitsubishi Heavy Industries Mitsubishi Pencil Mitsubishi Tokyo Financial Mitsui b Co Mitsui Engineer G Shipbuilding Mitsui 0 S K, Lines Mitsui Petrochemical Mitsui Trust Mizuho Financial Mori Seiki Moshi Moshi Hotline Murata Manufacturing Namco Bandai NEC Fielding Neturen New Japan Radio Nichias Nidec Nihon Nohyaku Nintendo Nippon Beet Sugar Manufacturing Nippon Chemi.Con Nippon Express Nippon Konpo Unyu Soko Nippon Mining Nippon Oil

239 18,400

335,000 423,000

4,800 25,000

132,000 851

2,800 113,500 35,700

9,000 17,900

2,000 22,300 73,000

100 104,000 21,000

285 59,000 4,000 2,700

53,000 189,000 57,800

3,000 10

26,400 147,000 27,700 64,200

101,000 53,000 g0,ooo

174,000 26,200

311,900 272,000

98,000 269,000

19,100 1,590

135,000 lgl.000 66,000 12,000

601 26,100 24,600 31,900 82,500

3,000 6,900 3,000

25,000 20,200 12,000

3,200 74,000 79,000

437,000 27,000

808,500 167,000

21,900

381,000

1,647,918

1,341,718 3,621,667

114,254 149,893 711,498

3,102,223 19,592

5,219,527 828,360 44,626

176,546 11,560

389,747 472,263

958 468,288 189,746

1,560,111 134,777 44,200 17,403

341,287 530,332

1,240,654 430,683

51,983 70

544,505 881,368

2,182,303 1,243,304 2,549,432

559,279 547,707

2,550,751 200,915

370,678

6,040,290 1,862,408

662,201 1,275,759

210,255 12,965,101

533,407 1,917,029

370,786 77,273

3,073,714 599,348 811,218

1,774,919 962,580

28,078 56,181 12,213

196,209 876,859

50,004 861,462 144,197 495,449

1,836,705 257,881

5,729,773 1,147,469

5,608, loa

0.20 0 04 0.16 0.43 0.01 0.02 0.08 0.37 0.00 0.62 0.10 0.01 0.02 0.00 0.05 0.06 0.00 0.06 0.02 0.19 0.02 0.01 0.00 0.04 0.06 0.15 0.05 0.01 0.00 0.06 0.11 0.26

0.30 0.15

0.07

0.30 0.07

0.02 0.72 0.22 0.08 0.15 0.03 1.55 0.67 0.06 0.23 0.04 0.01 0.37 0.07 0.10 0.21 0.11 0.00 0.01 0.00 0.02 0.10 0.01 0.10 0.02 0.06 0.22

0.68 0.03

0.14


I nvest rn ent portfolio



Nippon Seisen 1,000 Ntppon Sheet Class 32,000 Nippon Shokubai 48,000 Nippon Steel 915,000 Nippon System Development 400

Nippon Television Netwerk 3,270 Nippon Yusen 532,000 Nipro 2,000 Nishimatsuya Chain 40,400 Nissan Chemical 1ndus:ries 69,000 Nissan Motor 563,600 Nissan Shatai 42,000 Nisshin Seifun 144.500 Nisshinbo 34,000 Nitto Boseki 62,000

Nomura 139,700 Nomura Real Estate 42,500 Nomura Research Instiiute 30,000 NSK 106,000

Nippon Telegraph b Telephone 1,761

NOF 99,000

NTT Mobile Telecommunications DoCoMo 1,204 NTr Urban Development Obayasht Oki Electric Industries Okinawa Cellular Telephone Okuwa Orix Osaka Gas Pacific Golf Group International Pacific Management Pioneer Electronic Rengo Resona Bank Ricoh Ricoh Leasing Sakai Chemical Industry Sakata Inx San A Sa n kyo Sawafuli Electric Second Section S e i p Seiko Seiko Epson Sekisui House Sekisut Jushi Seven G I Sharp Shichie Shimachu Shimadzu Sh imamura Shindengen Electric Manufacturing Shin-Etsu Chemical Shinko Securities Shinko Sholi Shionogi Shoei Showa Showa Denko Showa Shell Sekiya Softbank Investment Sompo Japan Insurance Sony Stanley Electric Sumitomo

513 292,000 694,000

272 2,000 19,300 68,000

290 45

15,100 295,000 1,064

202,000 5,600 73,000 10,000 2,600 12,400 1,000 35,000 11,600 44,000 28,900 112,000 6,000 42,592 274,000

200 3,100 59,000 8,800

118,000 40,400 104,000 8,400

120,000 50,093 42,400 182,000 106,600 2.357

232,000 160,200 36,500 393,400

4,970 108,019 315,134

4,761,905 4,343

5,775,460 329,772

3,607,565 30,398 507,464 599,456

4,463,892 182,317

1,056,116 351,036 175,458 337,744

2,010,238 1,021,817 652,932 810,954

735,115

952,873 539,805 20,026

3,755,017 186,730 196,479 61,516 151,827

1,075,389 1,881,930 3,451,724

93,677

41,071 56,743

1,871 622,204

252,467

1,104,648 35,327 898,898

3,844,203 1,446 61,708

694,350 420,251

2,134,013 397,827 139,256

1,446,163 776.386 417.425

977,248

2,099,023 6,080,035

5,307,094

1,407,670

1,176,500

411,863

385,859

173,180

618,594

458.455

486,683

553,263

586,499

0.00 0.01 0.04 0.57 0.00 0.69 0.04 0.43 0.00 0.06 0.07 0.53 0.02 0.13

0.02 0.04

0.04 0.24 0.12 0.08 0.10 0.17 0.09 0.14 0.11 0.06 0.00 0.45 0.02 0.02 0.01 0.02 0.13 0.22 0.41 0.01 0.05 0.00 0.01 0.05 0.00 0.08 0.02 0.03 0.07 0.13 0.00 0.11 0.46 0.00 0.01 0.05 0.08 0.05 0.25 0.05 0.02 0.17 0.09 0.05 0.06 0.12 0.07

0.73 0.07 0.63

0.25


At 30/06/2007 Puantity Market value In % of


Sumitomo Bakelite Sumitomo Chemical Sumitomo Electric Industries Sumitorno Heavy Industries Sumitomo Metal Industries Sumitomo Metal Mining Sumitomo Mitsui Financial Sumitomo Pipe G Tube Sumitomo Trust G Banking Suzuken Suzuki Motor Sysmex Tachibana Eletech Tatsho Pharmaceutical Takasago Therrninal Engineering Takashirnaya Takata Takeda Chemical Takihyo Tanabe Seiyaku The Juroku Bank The Kita Nippon Bank TKC Tohto Suisan Tokimec Toko Electric Tokyo Broadcasting System Tokyo Electric Power Tokyo Electron Tokyo Star Bank Tokyo Tatemono Tokyu Community Tokyu land Tokyu Store Chain Toppan Forms Toppan Printing Torit Pharmaceutical Toshiba Toshiba Machine Tosoh Totetsu Kogyo Toye Engineering Toyota Boshoku Toyota Motor Toyota Tsusho Trans Cosmos Tsurumi Manufacturing Uchida Yoko Ulvac Uni-Charm Unicharm Petcare U nY Urban u s 5 West Japan Railway Yamada Denki Yamaha Motor Yamanouchi Pharmaceutical Yarnato Kogyo Yamazawa Zensho Zephyr Zuken

KRW CJ CCV Daelim Industrial

48,000 195,000 73,900 102,000 586,000 30,000 1,341 7,000

362,000 2,100 54,500

200 36,000 7,000

144,000 13,500 122,900 50,000

15,800

37,000 1,000 100

9,000 62,000 14,000 3,000 11,800 248,100 2,200

7 104,000

500 147,000 24,000

100 51.000 1,700

336,000 52,000 g0,ooo 3,000

134,000 33,100 289,800 61,400 25,800 1,000 20,000 16.900 5,500 9,500 9,000

151,500 30,860 347

14,430 3,400 26,700 24,500 600

65,900 193

248,366 968,066 813,499 854,351

2,550,787 481,155

9,246,269 39.745

2,550,271 48,475

1,143,680 431,031 1,457

527,742 48,895

1,343,421 348,050

5,865,497 171,777 325,662 4,695 3,268

120,873 111,892 24,175 7.663

266,725 5,830,631 119,770 16,116 958,401 10,762

1,157,236 92,670

892 405,159 20,436

2,165,647 356,984 369,635 13,832 604,978 619,188

13,552,920 1,049,188 365,840 7,435 74,467 448,880 230,505 283,087 78,999

2,039,242 1,452,464 1,194,212 1,114,351 72,980 858,057 718,315 6,036

462,682 299,707

0.03 0.12 0.10 0.10 0.31 0.06 1.10 0.00 0.30 0.01 0.14 0.05 0.00 0.06 0.01 0.16 0.04 0.70 0.02 0.04 0.00 0.00 0.01 0.01 0.00 0.00 0.03 0.70 0.01 0.00 0.11 0.00 0.14 0.01 0.00 0.05 0.00 0.26 0.04 0.04 0.00 0.07 0.07 1.62 0.13 0.04 0.00 0.01 0.05 0.03 0.03 0.01 0.24 0.17 0.14 0.13 0.01 0.10 0.09 0.00 0.06 0.04

10,400 77,944 0.01 289,438,504 34.51

0.17 0.38

105,750 1,432,292 28,760 3,169,246





Daewoo Heavy Ind 0 Mach Daewoo Shipbuilding G Marine Hana Financial H,te Brewery Hyundai Development Company Hyundai Heavy Industries Hyundai Mipo Dockyard Hyundai Motor Hyundai Motor Hyundai Steel Kookmin Bank Korea Electric Power Korea Tobacco G Ginseng LG Dacom LG Philips Lotte Chilsung Beverage Lotte Shopping Orion POSCO Samsung Electronics Samsung Electronits PFD Samsung Fire & Marine Shinhan Financial Shinsegae

MY R Digi.Com Centing I01 BHD Public BK BHD Resorts World Sime Darby Tanaga Nasional Tanjong

PHP Philip tong Distance Telephone Robinsons Land SM Investments SM Prime

SGD Capitaland Comfortdelgro DBS Keppel Keppel Land Raffles Education Sembcorp Industries Singapore Post Singapore Tech. Engineering Singapore Telecom StarHub Thai Beverage

TH B Bangkok Bank Kasi kornban k Kasikornbank PTr /Fo reign Tisco Bank Tisco Bank

M I D Acer Advantech Cathay Financial


133,350 77,290 63,030 24,190

11,840 15,422 48,868 51,156 31,831

135,363 36,570 40,153

143,284 88,630

90 16,119 11,491

9,898 12,271 12,702 35,547

105,060

58,181

3,312,982 3,239,585 2,275,655 2,326,384 3,068,114 3,273,672 3,176,422 2,858,984 1,814,154 1,301,023 8,798,025 1,201,637 2,091,682 2,893,761 2,919,355

85,761 4,650,557 2,541,741 3,518,078 5,566,225 4,402,735 5,070,926 4,731.927

0.40 0.39 0.27 0.28 0.37 0.39 0.38 0.34 0.22 0.16 1.05 0.14 0.25 0.35 0.35 0.01

0.55 0.30 0.42 0.66

0.60 0.56

0.52

10,832 5,226,001 0.62 84,946,924 10.13

758,500 533,800

2,316,300 1,521,800 2,089,100

828,700 869,700 402,500

3,741,421 955,081

2,583,160 3,247,386 1,550,203 1,706,168 2,126,315 1,666,005 17,575,739

0.45 0.11 0.31 0.39 0.19 0.20 0.25 0.20 2.10

65,320 2,771,211 0.33 4,353,700 1,359,160 0.16

166,049 1,129,803 0.13 7,034,750 1,323,317 0.16

6,583,491 0.78

572,000 3,228,000

687,000 444,OO 0 737,000

2,848,000 1,231,360 1,692,700 1,216,000 1,853,850 1,032,560

2,243,029 3,406,778 7,583,075 2,686,871 3,121,974 3,143,610 3,397,924 1,040,729 2,119,287 3,051,457 1,529,644

0.27 0.41 0.90 0.32 0.37 0.38 0.41 0.12

0.36 0.18

0.25

580,000 73,005 0.01

33,397,383 3.98

1,036,000 2,599,568 0.31 1,859,900 3,051,452 0.36

703,200 1,116,005 0.13 914,535 5,295,654 0.63

1,572,700 927,543 0.11 361,200 213,028 0.03

13,203,250 1.57

2,226,440 3,360,687 0.40

3,266,383 5,776,689 0.69 539,000 1,275,030 0.15


At 30/06/2007 ~~~ ..

Quantity Market value

in EUR x 1

China Steel Chinatrust Financial Compal Electronics Hon Hal Precision Industry Lite-on Technology Mediatek Taiwan Cellular Taiwan Semiconductor Manufacturing United Microelectronics

USD Advanced Semiconductor Hon Hal Precision Jardine Matheson Taiwan Semiconductor Total Access Communication 1,822,400 1,740,695

14,924,793 Total transferable securities admitted to an official stock-exchange listing 778,284,357


IPY Atrium 15,600 308,659 Bookoff 31,900 302,769 Mitsubishi Chemical 314,000 2,131,153 Village Vanguard 150 525,223

3,267,804 TWD Far Eastone Telecomm 2,000,200 1,838,552

1,838,552 us0 China Steel/CDR 46.580 825,337 Grasim Industries 17,500 842,249 MCB Bank 94,000 1,670,431 Sarnsung Electronics/GDR 1/2 vgt.s - 1 u A - 16,573 3,797,966

7,135,983 Total transferable securities traded on other regulated markets 12,242,339


AUD Australia E. New Zealand Banking/CLM/ 14.05-07 507,400 CFS Retail Property Trust/CLM/ 25-06-2007 540,970 DE Rreef Trust/CLM/25-06-2007 377,570 ING Industrial Fund/CLM/25.06-2007 128,741 Macquarie Bank/CLM/21-05-2007 39,300 Macquarie Communications Inf/CLM/ 25-06-2007 15,200 Macquarie Office Trust/CLM/25-06-2007 702,519 MacQuarie/CLM/25-06-2007 647,400 National Australia Bank/CLM/ 01-06-2007 388,500 Orica/CLM/08~06-2007 154,900 St George Bank/CLM/13-06-2007 80,900 Stockland/CLM/25-o6-2007 179 Transurban/CLM/z9-06-2oo7 120,624 Westfield -Stapled Security/CLM/ 12-06-2007 36,451 Westpac Bankinq/CLM/i7-05-2007 543,200 0

10.533

1,409,000 8,474,720

901 810,200

2,148,212 306,428

3,761,272 4,231,888

2,192,000

608,800 35,270

244,454 644,533

1,269,735

721 5,183,855 2,049,617 3,534,603

6,007,907

37,226,773

3,078,823

4,307,878

4,887,734

1,987,690

1,892,505

485,744

5,311,653

~

In %of

net assets

0.15 0.58 0.00 0.62 0.24 0.42 0.24 0.72

4.44

0.37 0.06

0.63 0.21 1.78

92.80

0.23

0.51

0.04 0.04

0.06 0.39

0.22 0.22

0.10 0.10 0.20 0.45 0.85

1.46

0.25

0 0.00

0 0.00 0 0.00 0 0.00 0 0.00

0 0.00 0 0.00 0 0.00

0 0.00 0 0.00 0 0.00 0 0.00 0 0.00

10,533 0.00 0.00 0.00





HKD China Merchants International/ClM/

Great Eagle/CLM/i6-05-2007 Shenzhen lnvt/CLM/11-05-2007

17.05-2007

THE True Wto8. F -Warrants 200



Total net assets

826,000 0 0.00 803,000 0 0.00

2,579,200 0 0.00 0 0.00

45,157 0 0.00

10,533 0.00

790,537,229 94.26 4a,132,0a 5.74

838,669,273 100.00

Invest me nt portfolio




BRL AES Tiete 386,897,000 Banco do Brasil 819,000 Cemig 1,372,374 CIA Saneamento Minas Gerais 361,000 Gerdau 1.287.469 Petroleo Brasileiro 145,240 Sabesp 527,011 Usiminas 543,500 Usinas Siderurgicas de Minas Gerais 77,400

GBP Aquarius Platinum 411,900

HKD Aluminum of China Avichina Industry b Tech Bank Of China Chaoda Modern Agriculture China Construction Bank China High Speed Transmission China Mengniu Dairy China Merchants Bank China Mining Resources China Mobile (Honq Kong) China Overseas Land G Investment China Petroleum G Chemical/H China Power International China Shipping Container tines China Yurun Food CNOOC Donqfeng Motor Huanenq Power International Industrial and Comrn, Bank of China Jiangxi Copper Company KWC Property Lianhua Supermarket Lingbao Gold tuen Thai Pacific Basin Shipping Petrochina Shenzhou International Sunny Optical Tech Tack Fat Xiamen International

IDR International Nickel Indonesia

I15 Bank Hapoalim Partner Communications

INR Apollo Hospitals Enterprise Bharat Heavy Electricals Bharti Televentures Dabur India DLF Housing Development Finance lc ic i Bank Indian Bank lnfosys Technologies Ranbaxy Laboratories Satyam Computer Services

6,741,000 42,051,000 15,566,000 34,404,500 51,672,000

290,000 7,031,000 3,579,000

15,094,900 5,087,500

19,983,250 30,110,300 20,028,000 24,628,000 11,529,000 24,420,000 24,007,000 15,991,680 38,238,000

6,400,000 757,000

7,173,000 9,165,600

12,124,000 17,102,700

19,982,000 14,802,000

152,000 8,392,000

34,643,000

1,237,000

1,862,300 500,000

607,300 812,080

2,057,220 3,000,000

217,900 400,000 287,701 109,090 738,276 800,057

1,008,236

11,155,556

21,652,819 4,024,758

24,500,592 2,883,414 8,513,543

22,984,065 3,793,899

108,246,031

9,555,725

8,737,385

8,427,487 8,045,027 5,720,165

19,713,805 26,280,244

196,424 17,946,332

8,084,439 2,687,744

40,522,875 22,900,835 24,696,352 8,080,663

12,455,760 9,543,395

20,491,758 9,458,691

13,464,669 15,717,546 7,364,805

527,217 7,568,082 5,217,173 1,878,981

10,104,817 21,726,045

5,327,259 56,433

1,057,102 10,072,881

345,935,006

5,626,312

6,721,136 5,889,324

12,610,460

5,698,211

31,265,287 5,609,536 2,079,782

4,996,691 252,770

25,893,895 5,162,850 8,565.631

22,710,522

14,789,322

0.50 0.39 0.97 0.18 1.10

0.38 1.04 0.17 4.86

0.43

0.13

0.38 0.36 0.26 0.89 1.18 0.01 0.81 0.36 0.12 1.82

1.11 0.36 0.56 0.43 0.92 0.42 0.60 0.71 0.36 0.02 0.34

1.03

0.23 0.08 0.45 0.98 0.24 0.00 0.05 0.45

15.53

0.25

0.30 0.27 0.57

0.26 1.02 1.41 0.25 0.09 0.67 0.22 0.01 1.17 0.23 0.38





84,254 2,336,400 0.10 500,950 10,466,712 0.47



7,145,709 0.32 14,270,814 0.64

17,129,319 0.77 48,150,052 2.17

26,769,740 1.20

7,054,912 0.32

Powerchip Semiconductor * 15,780,000 Quanta Computer * 12,371,904 Siliconware Precision Industries 17,023,407 Taiwan Cellular 18,890,000 Taiwan Semiconductor Manufacturing 30,144,513 United Microelectronics 15,775,708 Walsin Lihwa 13,000,000

State Bank of India/Local Tata Consultancy Tata Motors 453,000 5,515,848 0.25

145,343,457 6.53 KRW Amore pacific Cheil Communication CJ Hana Financial Hanlin Shipping HankookTire MFG Pynix Semiconductor Hyundai Motor Kookmin Bank KT LG Chemicals LG Construction LC Electronics POSCO Samsung Electronics Samsung Electronics - PFD Sarnsung Heavy Industries Sarnsung SO1 Samsung Techwin Shinhan Financial Shinsegae SkTelecom

20,019 40,000

100,000 500,000 500,000 700,000

400,400 500,206 300,995 50,000

200,000 300,000 120,000 120,000 40,000

700,000 100,000 200,000 700,000

50,000 100.g00

700,100

11,744,048 9,120,247 8,975,990

18,052,159 16,309,054

9,312,590 18,712,002 23,425,091 32,511,282 10,420,952

3,129,575 17,711,552 18,368,723 42,651,982 54,432,969 13,864,699 25,357,172

4,808,566 7,805,906

31,528,166 24,122,974 17,224,044

419~a9.743

0.53 0.41 0.40 0.81 0.73 0.42 0.84

1.46 0.47 0.14 0.80 0.82 1.91 2.44 0.62 1.14 0.22 0.35 1.42 1.08

1.05

5,681,818 0.26 299,589,420 13.45

USD America Movil Banco Bradesco Banco ltau Financeira Buenaventua Cemex Credicorp Gafisa Mobile Telesystems Petroleo Brasileiro ADR Petroleo Brasileiro PREF/ADR Tele Norte teste Telecomunicacoes Tenaris Teva Pharmaceutical Industries Unibanco Vale Do Rio Dote

1,186,413 1,446,528

563,550 730,600 824,587 463,700

12,000 444,463 242,500 604,9 17

1,524,300 330,000 485,000 180,074 335,600

2,193,344

54,403,433 25,823,398 18,543,676 20,264,541 22,529,533 21,002,206

277,220 19,933,452 21,774,814 47,782.419 21,410,515

7,950,983 17,582,170

5,500,020 28,047,219 61,226,218

394,051,817

2.44 1.16 0.83 0 .91 1.01 0.94 0.01 0.89 0.98 2.15 0.96 0.36 0.79 0.25 1.26 2.75

17.69 0.77

18.83 ZAR Anglo American Platinum Ellerine Impala Platinum JD Network Healthcare S a m Standard Bank Steinhoff International Telkom South Africa

13,321,688 3,659,138

26,943,018 5,884,192 5,799,817

20,820,063 12,178,999

6,795,455 18,622,543

114,024,913

0.60 0.16 1.21 0.26 0.26 0.93 0.55 0.31 0.84 5.12 ,

109,000 500,000

1,188,000 789,430

3,828,000 745,460

1,180,000 2,673,300

994.187

MXN America Movil Consorcio Asa Controladora Comm Mexicana Crupo Financiero Banorte Lrupo Mexico Organization Soriana Sare

1,405,719 3,225,186 0.14 5,247,400 6,293,258 0.28 3,840,000 7,279,508 0.33 5,710,000 19,423,728 0.87

2,170,000 5,129,073 0.23 6,121,998 27,705,359 1.25

5,192,900 6,334,782 0.28 75,390,894 3.38


MYR 101 BHD' KLCC Property Public Bank Berhad Starhill Real Estate Investment YTL *

20,000,000 22,304,195 1.00 8,000,000 6,245,175 0.28 3,000,000 6,305,224 0.28

6,000,333 10,616,528 0.48 50,060,639 2.25

580,000 8,480,659 0.38

20,000,000 4,589,517 0.21

2,0~os6,272 90.42


TWD Coretronic 9,166,552 11,771,265 0.53 PLN

Polski Koncern Naftowy USD Evraz-CDR Gazprom Gravity Hindustan Construction-GDR Integra Group Intergroup Financial JSC MMC Norilsk Nickel Lotte Shopping CO-GDR Lukoil Raspadskaya Sberbank

293,121 2,923,417

600,500 1,800,000

269,100 230,000 175,870 500,000 559,018

2,250,000 8,467

8,920,274 90,697,252

2,814,532 3,065,418 3,626,390 2,683,944

28,909,068 7,189,664

31,540,611 4,364,888

24,387,569 208,199,610

0.40 4.07 0.13 0.14 0.16 0.13 1.29 0.32 1.42 0.20 1.09 9.35

SGD China Fishery Croup Golden Agri-Resources

3,550,000 4,434,063 0.20 5,247,000 6,604,473 0.30

11,038,536 0.50 TRY Ford Otomotiv Sanayi 2,085,512 14,542,660

12,073,297 13,456,350 10,813,881 12,121,489 17,400,565 13,162,957 13,412,106 10,246,197 12,964,548 15,919,454 36,104,295

5,711,917

0.65

0.54 0.60 0.49 0.54 0.78 0.59 0.60 0.46 0.58 0.71 1.62 0.26

TWD Acer Asustek Computer - AU Optronics * Chinatrust Financial * Delta Electronics * Evergreen Marine * Far Eastern Textile Formosa Chemicals G Fibre Formosa Plastics Fuban Financial Company * Hon Hal Precision Industry Mitac International

7,998,505 6,607,187 8,571,391

21,017,147 5,964,188

26,862,842 17,691,704

6,000,000 6,900,000

23,554,000 5,642,847 6,080,000



Total net assets

2,234,057,147 100.30 -6,782,469 -0.30

2,227,274,678 100.00

* Part of the position concerns equity swaps

go Robeco Capital Growth funds


~~





BRL Usiminas

GBP Aquarius Platinum

HKD Chaoda Modern Agriculture China High Speed Transmission China Mining Resources Delta Networks Denway Motors KWG Property Pacific Basin Shipping Tack Fat

IDR International Nickel Indonesia

INR DLF

KRW Amore pacific Hyundai Heavy Industries Hyundai Motor Kookmin Bank LG Construction POSCO Shinhan Financial Sk Telecom

MXN Controladora Comm Mexicana/UBC Crupo Financier0 Banorte Grupo Mexico Sare

SGD Golden Agri-Resources

M I D Mitac International

USD Cemig Cia Saneamento Basico Mobile Telesystems Petroleo Brasileiro Silicon Ware Precision Tele Norte teste Telecomunicatoes U ni ba nco Vale Do Rio Doce

132,600 5,607,520 4.23

171,000 3,967,053 2.99

8,080,000 7,000

855,100 210,000

8,230,000 44,000

6,843,000 156,000

4,629,846 4,741

152,256 89,502

2,860,657 30,644

5,703,337 19,651

13,490,634

3.50 0.00 0.11 0.07 2.16 0.02 4.31 0.01

10.18

56,500 256,982 0.19

12,543 119,719 0.09

2,640 15,800 67,270 73,400 46,500 11,610 100,350

15,730

1,548,743 1.17 4,368,582 3.30 3,935,579 2.97 4,770,691 3.60

4,126,579 3.11 4,519,788 3 .41 2,685,175 2.03

30,073,073 22.70

4,117,936 3.11

2,114,600 4,008,659 3.02 1,221,600 4,155,521 3.14

907,400 4,106,477 3.10 3,325,300 4,056,510 3.06

16,327,167 12.32

185,000 232,862 0.18

4,611,000 4,331,850 3.21

250,500 128,250

91,900 66,900

663,200 318,300 203,700

65,150

3,913,628 4,185,895 4,121,568 5,284,433 5,401,651 4,470,883 4,907,925 5,444,803

2.95 3.16 3.11 3.99 4.08 3.38 3.71 4.11

201,100 5,613,617 4.24 43,344,403 32.73






M I D Coretronic

USD Gazprom Integra Group JSC MMC Norilsk Nickel

2.91 3,000,000 3,852,462

3.34 0.05

142,600 4,424,079 4,600 61,990

27,300 4,487,504 3.38 8,973,573 6.77



130,577,298 98.56 1,908,535 1.44



Robeco Chinese Equities Robeco Financials Equities

Investment portfolio Investment portfolio __ At 30/06/2007 Quantity Market value In % of






AUD Centro Shopping America Trust 1,400,000 1,059,775 1.06

HKD Aluminum of China Anhui Tianda Oil Pipe/H Chaoda Modern Agriculture China Communications Const China Construction Bank China High Speed Transmission China Life Insurance China Merchants Bank C’lina Merchants China Direct China Mining Resources China Mobile (Hong Kong) China National Buildings China Overseas Land G Investment China Petroleum 6 Chemical/H China Power International China Resources Power China Shipping Container Lines China Telecom (HK) Cit ic Pacific CNOOC Dongfeng Motor Golden Meditech Huaneng Power International Industrial and Comrn Bank of China Jiangxi Copper Company KWG Property Luen Thai Pacific Basin Shipping Pacific Textiles Petrochina Shanghai Electric Shenzhou International Sunny Optical Tech Xiarnen International

8,605,000 5,620,000

14,657,000 4,066,000

38,045,000 13,000

6,445,000 3,441,000

480,000 1,781,000 2,657,300 8,300,000 9,442,000

14,223,000 8,813,700 4,238,000 7,912,000

21,772,697 2,384,000

23,659,000 7,528,000 7,578,000

10,988,000 21,237,000

7,038,000 87,000

9,618,000 4,019,000

332,000 18,225,868 10,608,000

8,035,000 278,000

31,445,000 -

10,757,829 3,683,344 8,398,472 5,391,322

19,349,587 8,805

17,152,565 7,772,718 1,172,899

317,119 21,165,884 13,505,202 10,820,547 11,665,650 3,556,049 7,505,893 4,001,542 9,444,469 8,884,865

19,853,174 2,966,011 3,229,735 9,251,672 8,729,367 8,758,797

60,592 1,056,678 3,349,658

252,503 19,816,636

3,536,519 2,891,807

103,212

4.08 1.40 3.19 2.05 7.34 0.00 6.51 2.95 0.44 0.12 8.03 5.12 4.10 4.43 1.35 2.85 1.52 3.58 3.37 7.53 1.13 1.23 3.51 3.31 3.32 0.02 0.40 1.27 0.06 7.52 1.34 1.10 0.04

CAD Canadian Apartment Prop. Real Estate 40,000 5L4,043 0.55 Canadian Imp, Bank of Commerce 38,000 2,538,976 2.55 National Bank of Canada 40,400 1,725,784 1.73

4,808,803 4.83 CHF Baloise c5 Swiss Life

7,500 5~8,725 47,700 2,517,276

6,000 1,174,480 4,240,481

0.55 2.53 1.18 4.26

EUR Aegon Allied Irish Banks Alstria Office Babis Vovos International Construction BNP Paribas Capitalia Hellenic Exchanges INC Irish Life G Permanent National Bank of Greece Risanamento 5N5 Reaal Societe GenPrale Unicredito ltaliano

90,000 1,317,600 73,000 1,475,330 35,000 527,800 20,000 478,000

1.32 1.48 0.53 0.48 2.43 1.19 1.36 2.47 1.09

0.44 0.57 2.07 1.86

18.36

1.07

27,400 160,000

70,000 75,000 58,000 25,000 80,000 33,750 15,000

280,000

2,421,064 1,179,200 1,358,000 2,459,250 1,084,020 1,060,000

436,400 565,313

2,062,950 1,856,400

18,281,327 CBP Barclays Clobeop Financial Service Lloyds TSB Man Old Mutual Royal Bank of Scotland Slough Estates Standard Life

250,000 2,584,862 500,000 1,894,080 302,760 2,500,699 174,000 1,574,181 340,000 853,094 315,000 2,962,118

60,000 557,082 274,911 1,348,724

14,274,840

2.60 1.90 2.51 1.58 0.86 2.98 0.56 1.35

14-34

9,143,023 3-47 257,454,145 97.68

2,010,000 2,510,553 0.95 SGD China Fishery

USD Yingli Green Energy

HKD Dah Sing Financial KWG Property Midland Realty

164,000 1,025,150 35,000 24,376

2,194,000 1,022,355 2,071,881

1.03

1.03 0.02

2.08

38,000 407,982 0.15


JPY Daiwa Securities Jafco Kennedy-Wilson Japan Millea Mizuho Financial NDmUra Orix Resona Bank TbD


Total net assets

260,372,680 98.78 3,226,464 1.22

100,000 1g,ooo

320 58,000

180 88,000

5,200 400

24,000

787,235 647,056 441,284

1,759,618 920,580

1,266,292 1,011,714

707,493

0.79 0.65 0.44 1.77 0.93 1.27 1.02 0.71

263,599,144 100.00

1,198,660 8,739,932

1.20 8.78

KRW Pusan Bank 60,000 641,944 0.64

MYR AMMB 800,000 741,186 0.74

NOK DNB Storebrand

0.64 0.65 1.29

67,000 640,027 56,000 646,571

1,286,598


Robeco Food 1 Agri Equities






net assets in EUA x 1

PHP Banco de Oro-EPCI Filinvest Land Security Bank

400,000 445,064 0.45 20,000,000 691,610 0.69

277,700 373,450 0.38 1,510,124 1.52

BRL Cosan Industria Cornercio 1.11 56,782 688,068

SGD Cambridge Industrial Capitaland United Overseas Bank

CHF Nestle 14,856 4,1a2,513 6.74 1,500,000 686,241 0.69

230,000 901,917 0.91 155,000 1,650,852 1.65

3,239,010 3.25 EUR Carrefour Superrnarche Danone Hei ne ken Henkel lrnbev Kesko/B Koninklijke Ahold Pernod-Ricard

31,626 28,892 39,580 51,711 22,550 22,639

197,508 10,806

1,648,980

1,517,893 1,827,984 1,326,617 1,117,008 1,842,750 1,771,644

1,734,098

i2,786,97a

2.66 2.79 2.45 2.94 2.14

2.97 1.80

M I D ESun Financial SinoPac Financial Ta Chonq Bank

1,235,760 528,969 0.53 L500,OOO 530,558 0.53 2,250,000 555,059 0.56

1,614,586 1.62 USD Assurant Bank of America Blackstone CIT Citigroup Conseco Countrywide Financial F a m e Mae Globeop Financial Service Goldrnan Sachs Hanover Insurance Hartford Financial Services JP Morgan Chase b Co Merrill Lynch Nationwide Financial Services Penn Real Estate Invest PNC Bank Prudential Financial Radian Security Capital Assurance Wachovia

29,000 84,000

2,916 32,000

109,000 77,000 30,000 47,000

500,000 11,000 31,000 25,000

120,000 36,500 25,000 14,000 37,000 30,000 32,100 35,000

1,265,173 3,040,806

63,197 1,299,145 4,139,506 1,191,018

807,449 2,273,526 1,894,080 1,765,392 1,119,907 1,823,516 4,304,913 2,258,835 1,170,264

459,531 1,961,023 2,159,787 1,283,477

800,007

1.27 3.06 0.06 1.31 4.16 1.20 0.81 2.28 1.90 1.77 1.13 1.83 4.33 2.27 1.18 0.46 1.97 2.17 1.29 0.80

2.85 20.60

GBP Diageo Imperial Tohacco South African Breweries (GBP) Tesco

73,841 1,137,534 1.83 58,234 1,995,779 3.22 94,165 1,770,971 2.85

6,557,003 10.57 265,837 1,652,719 2.67

INR Balrarnpur Chini Mill 63,801 88.502 0.14

JPY Fancl Shiseido

99,400 1,078,710 1.74 107,780 1,699,549 2.74

2,778,259

1,517,266

304.996

738,832

3,853,325 1,808,530 1,433,586 1,590,028 1,996,016 1,469,375 1,199,140

927,478 1,946,339 1,733,335 1,584,839 1,641,722 1,786,760 1,226,150 3,496,376

4.48

2.44

0.49

1.19

6.21 2.91 2.31

3.22 2.37 1.93 1.49 3.14 2.79 2.55 2.65 2.88 1.98

2.56

5.64

SEK Oriflame Cosmetics 43.570

1,000,000

131,639

74,196 34.893 58,511 58,433 31,902 82,686 24,973 51,590 72,116 59,536 49,800 55,920 68.457 23,711 77,170

SCD Luzhou Bio-Chem Technology

61,000 2,314,798 2.33 37,395,350 37-58 TRY

Coca-Cola lcecek Uretim Total transferable securities admitted to an official stock-exchange listing 98,011,757 98.45


USD Altria Arnbev Archer-Daniels-Midland Avon Products Bunge Coca-Cola Enterprises Colgate-Palmolive Constellation Brands cvs Fernsa/Unit Hansen Natural Herbalife Kraft Foods/A Nutri/System Proder b Gamble Rite Aid

EUR Banco Bilbao Vizcaya Argentaria 160,000 2,912,000 2.93



AUD Centro Shopping America Trust/CLM/ 25-06-2007 800,000 0 0.00

CBP HSBC (75p)/STK

200,000 944,800 1.52 28,637,799 46.15 210,888 59,176 0.06

Total transferable securities admitted to an official stock-exchange listing 58,280,212 93.91 Total other transferable securities 59,176 0.06


Total net assets

100,982,933 101.44 -1,436,843 -1.44

99,546,090 100.00









in EUR x x net assets


BRL Cremer Diagnosticos Da America Profarrna Distribuidora

EUR Altadis Ifr Capital

270.000 2,363.532 215,000 3,521,135

50,000 692,002 6,576,669

1.49

0.44 4.16

2.23 8,691 427,597 0.69 1,000,000 1,025,000 1.65

1,452,597 2.34 CHF Novartis Phonak Roche 5ynthes

USD Supervalu 53.758 1,843,746 2.97 101,000 4,210,367

14,000 930,401 60,845 7,991,604

2.66 0.59 5.06 1.07 9.38

GBP Tesco/STK/25-04-2007 255,837 28,842 0.05 19,000 1,686,261

14,818,633 Total transferable securities traded on other regulated markets


DKK Novo-Nordisk 3,325,185 5.36

61,605,397 99.27 453,578 0.73

29,000 2,338,144 1.48

EUR Sanofi-Synthela bo Tigenix

80,000 4,808,000 92,072 583,736

5,391,736

3.04 0.37

62,058,975 100.00 Total net assets 3.41 GBP AstraZeneca (GBP) ClaxoSrnithKline optos

3.62 6.52

143,600 5,723,521 531,000 10,294,214 435,000 1,633,310

17,651,045 1.03

11.17 INR Opto Circuits India Virnta Labs

139,999 978,130 0.62 408,601 1,009,532 0.64

1,987,662 1.26 J PY Astellas Pharrna Daiichi Sankyo Shionogi Takeda Chemical

72,000 2,313,861 1.46

75,000 903,852 0.57 88,000 1,725,323 1.09

1.36 45,000 2,147,660 7,090,696 4.48

SGD LMA International 895,381

709,337

4,559,809 1,609,418 3,356,988

949,746 536,855

1,109,178 590,633

5,000,807 2,754,964 1,365,962 1,595.646 1,117,212 1,571,406 3,826,620

819,074 380,645

6,159,491 1,216,882 4,551,331 2,561,268 2,136,633 3,993,514 7,227,278

801,007 1,633,409

0.57

0.45

2.89 1.02 2.12 0.60 0.34 0.70 0.37 3.17 1.74 0.86 1.01 0.71 0.99 2.42 0.52 0.24 3.90 0.77 2.88 1.62 1.35 2.53 4.57 0.51 1.03

2,700,000

460,000

115,000

82,000 42,000 85,000 28,000

214,000 64,900 32,000 50,000 35,000 28,050

133,300 20,000 16,000

135,000 21,000

110,000 58,000 37,000

104,000 196,000 30,000 40,000

44,000

52,000

TRY Selcuk Ecza Deposu Ticaret ve Sanoyi

USD Abbott Laboratories Aetna Amgen Applera-applied Biosys Atricure Biogen ldec Boston Scientific Bristol Myers Celqene Coventry Health Care Covidien CYtYC Cenentech Gilead Sciences Hologic IM5 Health Johnson 6 Johnson Laboratory of America Lilly (El i ) Mckesson HBOC Medco Health Solutions Medtronic Merck Ornnicare Pediatrix Medical


Robeco IT Equities


At 30/06/2007 Quantity At 30/06/2007 Quantity Market value In % of



Market value In % of


5,490,578 3.48 1,075,229 0.68 1,354,715 0.86 1,182,333 0.75 1,974,011 1.25 1,685,002 1.07 5,376,977 3.40 3,132,790 1.98 5,498,153 3.48 2,199,956 1.39 90,395,520 57.20

147,854.an 93.56

Pfizer ST. Jude Medical St ry ke r Syneron Medical The Cooper Thermo-Electron UnitedHealth Wellpoint Wyet h Zimrner

290,000

29,000

50,000

35,000

64,000

44,000 142,000 53,000 129,500 35,000

CAD Onex Sandvine

14,000 358,612 0.44 55,000 225,873 0.27

584.485 0.71 EUR Alcatel Cap Gemini (FR) lnfineon Technologies Nokia/A SAPhmmakt ien

80,000 830,400 1.01 16,000 869,920 1.06 30,000 367.500 0.45 185,000 3,849,850 4.69 22,500 851,850 1.04

6,769,520 8.25 Total transferable securities admitted to an official stock-exchange listing

HKD ASM Pacific Technology Foxconn International


EUR Fresenius/Vorzugsaktien Laboratorios Almirall

140,000 751.152 0.91 200,000 422,410 0.51

1,173,562 1.42 INR lnfosys Technologies 22,000 771,616 0.94 19,500 1,098,240 0.69

85,960 1,259,314 0.80 2,357,554 1.49 JPY

Canon Nintendo

18,000 780,280 0.95 Total transferable securities traded on other regulated markets

5,000 1,346,035 1.64 2,126,315 2.59 2,357,554 1.49

KRW Samsung Electronics Other transferable securities 0.55 1,000 453.608

CBP GlaxoSmithKline/STK/02-05-2007


NOK Renewable Energy 20,000 576,669 0.70 584,000 115,675 0.07

SEK Ericsson/B

115.675 0.07 1.59 441,701 1,309,705


150,328,052 95.12 7,708,003 4.88

158,036,055 100.00

TWD D Link Everlight Electronics High Tech Computer Hon Hal Precision Industry lnnolux Display Mediate k Realtek Semiconductor Richtek Technology Siliconware Precision Industries Taiwan Semiconductor Manufacturing

USD Accenture Activiston Adobe Systems Akarnai Amphenol/A Apple Computers Atheros Communications Auto Desk Bigband Networks Blackboard Broadcorn Cadence Design Cerner Chordiant Software CISCO Systems Cognizant Technology Solutions CommScope Corning Data Domain Dell Computers Double Take Software

250,000 150,000 27,000 140,000 150,000 75,000 100,000 70,000 500,000 301,499

439,316 397,074 357,062 895,754 459,592 865,114 367,223 820,056 786,263 481,587

5,869,041

0.53 0.48 0.43 1.09 0.56 1.05 0.45 1.00 0.96 0.59 7.14

1.16 0.50 1.36 0.48 0.96 4.07 0.56 1.57 0.41 0.57 0.33 0.79 0.55 0.51 5.65 0.95 0.53 1.50 0.16 0.90 0.52

Total net assets

30,000 30,000 37,502 11,000 30,000 37,000 20,000 37,000 35,000 15,000 12,500 40,000 11,000 37,000 225,000 14,000 10,000 65,000 7,500 35,000 35,000

952,723 414,720

1,114,883 396,165 791,900

3,343,438 456,703

1,289,815 339,750 467,809 270,723 650,402 451,794 417,245

4,639,776 778,394 432,046

1,229,684 127,726 739.625 425,271







~~ ~



1,072,156 448,706 370,071 434,268

3,875,310 3,138,647 1,558,624 3,694,495

815,297 835,660 447,558 667,728 543,068 713,072 417,497

4,364,148 470,975 532,953 536,818 495,087 713,487 385,843 917,626

2,480,989 398.060 559,876

2,152,553 1,036,563

473,141 430,343 466,847 500,463

2,006,114 574,433 596,053 517,567 489,423 522,010 423,679 469,883

EMC Focus Media Foundry Networks Garnestop Gooqle Hewlett Packard IBM Intel Intersil/A Juniper Networks KLA Tencor Macrovision MEMC Electronic Materials Microchip Technology Micron Technology Microsoft National Semiconductor Navteq Netqear Netlogic Microsystems Network Appliances Nice Systems Nvidia Oracle Polycom Pr i cel I ne Qualcomm Research in Motion Sonus Networks Spreadtrum Communication Sunpower Taleo Corp Class A Texas Instruments Thermo Electron Trimble Navigation Ultra Clean Varian Semiconductor Equipment Ve r ifo n e Verigy Verisiqn Yahoo

80,000 12,000 30,000 15,000 10,000 95,000 20,000

210,000 35,000 45,000 11,000 30,000 12,000 26,000 45,000

200,000 22,500 17,000 20,000 21,000 33,000 15,000 30,000

170,000 16,000 11,000 67,000 7,000

75,000 40,000 10,000 30,000 72,000 15,000

50,000 16,500 20,000 20,000 20,000 20.000

25,000

1.31 0.55 0.45 0.53 4.72 3.82 1.90 4.50 0.99 1.02 0.54 0.81 0.66 0.87 0.51 5.31 0.57 0.65 0.65 0.60

0.47 1.12

0.48 0.68 2.62 1.26 0.58

0.87

3.02

0.52 0.57 0.61 2.44 0.70 0.73 0.63 0.60 0.64

0.57 0.52

CAD BCE Rogers Communications/B

16,700 468,923 0.75 45,400 1,435,331 2.28

1,904,254 3.03 EUR Bouygues Cosmote Deutsche Telekom Elisa OYJ-A Shares Forthnet France Telecom Hellenic Telecommunication Koninklilke KPN Portugal Telecom SGPS REG Telecom ltalia

20,000 10,700

158,720 33.619

112,595 78,432 80,080

245,000 76,000

1,243,800 244,816

2,164,941 679,776

1,1(37,935 1,600,013 1,833,832 3,018,400

777,480

1.98 0.39 3.44 1.08 1.76 2.54 2.91 4.80 1.24

1,603,500 2,634,551 4.19 15,305,544 24.33

GBP BT Cable and Wireless Vodafone

4.79 2.33 8.49

15.61

610,000 3,013,073 508,116 1,468,151

2,142,164 5,339,896 9,821,120

JPY KDDl 252 1,379,467 2.19 NTT Mobile Telecommunications DoCoMo 1,240 1,449,760 2.30 Softbank 21,900 349,274 0.56

3,178,501 5.05 KRW LG Dacom 22,050 445,321 0.71

MYR Telkom (Malaysia) 350,000 773,141 1.23

NOK Tel en or 1.66 71,821 1,042,176

PLN Netia 671,718 794,668 1.26

SEK Telez AB/B Teliasonera

401,762 0.49 61,679,445 75.11 152,900 1,853,268 2.95



200,000 1,090,601 1.73 2,943,869 4.68 81,313,966 99.00

SGD Singapore Telecom StarHub

721,450 1,187,515 1.89 458,333 678,979 1.08

1,866,494 2.97 TH B True -Foreign

USD Fiserv Sun Microsystems

2,667,062 431,853 0.69 11,000 462,626 0.56 100,000 389,471 0.47

852,097 1.03 USD A T b T American Tower China Unicom Embarq Equinix Leap Wireless International NII Sprint-FON Verizon Communications


200,000 30,418 52,200 15,900

5,700 7,200

13,200 150,000 141,000

6,145,644 945,952 665,955 746,054 386,049 450,483 789,136

2,300,174

9.77 1.50 1.06 1.19 0.61 0.72

3.66 6.83

26.59

1.25

852,097 1.03


HKD BY D/CLM/18-06-2007 33,333 0 0.00

0 0.00

82,166,063 100.03

- 2 7,4 3 9 4.03

82,13a,624 100.00

Total other transferable securities 4,298,226 16,727,673


Total net assets

ZAR Telkom South Africa 34,000 636,869 1.01

Total transferable securities admitted to an official stock-exchange listing ss,a71,4a3 88.82



I nvest ment portfolio . .. ___

At 30 /06/2007 Quantity Market value in % of net assets in EUR x 1


EUR Telefonica



GBP Cable and WireIesr/STK/i3-06-2007



Total net assets

370,000 6,119,800 9.73

6,119,800 9.73

508,116 34,806 0.06

34,806 0.06

62,026,089 98.61 901,139 1.39

62,927,228 100.00





EUR Antichi Pellettieri 20,000 215,000 0.92 Continental 3,000 311,910 1.32 Forthnet 115.000 1,131,600 4.80 Gameloft 60,000 362,400 1-54

1.01 lntralot 10,000 ProSieben Sat.1 Media /Vorzugsaktien 10,000 290,800 1.23

238,200

Reed Elsevier

CBP 2 Way Traff I C

Aegis Experian lnforrna Neteller Sports Direct International Taylor Nelson Sofres

HKD Esprit Coldlion Nagacorp Ports Design Rexcapital Financial

INR Wire G Wireless India Zee News Zee Telefilms

J PY Aisin Seiki Aun Consulting Bosch Automotive Systems Capcom Cyber Agent Denso Dwango Leo Honeys Kakaku Corn Macromill Matsushita Electric Industrial Mazda Motor Nippon Television Netwerk Opt Point Sony Square Enix Sumitorno Rubber industries Suzuki Motor Toyota Motor Zenrin

USD Adivision Build-A-Bear Workshop CNET Networks Coach Comcast /A CTRIP.COM International eBay Echostar Communications A shs Focus Media Gamestop

15,000 212,100 0.90 11.72 2,762,010

620,000 1,197,356 490,232 240,000

4 37 14,000 115,947 40,000 104,583 50,000 134,814 70,000 246,453 -

2,2a9,422

5.08 2.08 0.00 0.49 0.44 0.57

9.71 1.05

25,000 234,883 1.00 300,000 54.269 0.23 600,000 123,882 0.53 120,000 250,037 1.06

3,500,000 281,765 1.20 944,836 4.02

0.44 2 2 0.00

90,ooo 103,819

25,000 135,193 0.57 239,014 1.01

4,500 40

15,000 25,000

150 5,000

100

170 5,000

210 190

18,000 30,000

1,800 400

4,000 11,000 20,000 22,000 17,000 13,000 3,000

32,000 6,000

54,000 6,000

20,000 4,000

10,000 3,500

20,000 40,000

122,222 53,002 54,951

344,753 72,308

144,496 78,544

213,027 148,993 385,284 348,590 263,871 126,449 181,526 789,034 175,314 417,481 372,933 194,165

607,964 58,098

5,509,749

356,744

442,368 116,130 327,467 210,536 416,423 232,883 238,273 112,395

1,158,047 747,843

0.52 0.23 0.23 1.46 0.31 0.61 0.33 0.90 0.63 1.64 1.48 1.12 0.54 0.77 3.35 0.75 1.77 1.58 0.82 1.51 2.58 0.25

23.38

1.88 0.49 1.39 0.89 1.77 0.99 1.01 0.48 3.17 4.91








Transferable securities admitted to an official stock-exchange listing Global Sources Heelys Interpublic of Company KB Home tear towe’s Companies Netease Corn - ADR News-Class B Penny Priceline.COM Sina Sirius Sattelite Radio Sohu com Standard Pacific The Childrens Place THE9 Time Warner Toll Brothers Viacom/B Wet Seal Yahoo1

30,000 6,000 45,000 10,000 10,000 11,000 12,000 26,000 4,000 6,000

110,000 11,000 22,000 2,000 20,000 40,000 5,000 14,000 50,000 17,000

8,000

563,067 114,176 379,845 291,511 270,705 249,965 149,006 441,627 214,372 305,387 247,958 245,974 260,553 285.558 76,473 685,052 623,154 92,481 431,543 201,029

2.39 0.48 1.61

115 1.06 0.63 1.87 0.91 1.30 1.05 1.04 1.11 1.21 0.33 2.91 2.65 0.39 1.83 0.85

1.24 CHF ABB Adecco Cheserex

89,328 1,500,313 3.23

2,752,813 5.93 21,834 1,252,500 2.70

DKK A.P. Moeller-Maersk 108 965,089 2.08

EUR Cargotec Corporate Express Deutsche Post Draka Holding European Aeronautic Def an Space Metso Ryanair Saint-Cobain Solarworld TNT Vinci Yit

16,159 85,893 41,696

10,270 12,124

22,483 243,149 9,034 14,800 42,443 16,943 26,050

737.982 977,462 998,202 454,650 247,712 985,205

1,201,156 753,165 504,680

1,418,869 9 3 9,9 9 8 608,268

9,827,349

1.59 2.11 2.15 0.98 0.53 2.12 2.59 1.62 1.09 3.06 2.02 1.31

21.17

341,498 10,473,299

1.45 44.44


CBP Wolseley 24,773 442,355 0.95 22,218,330 94.28


HKD China Communications Const Xiamen International

231,000 306,295 0.66 1,066,000 309,953 0.67

616,248 1.33 JPY Septeni 500 434,688 1.84 JPY

Amada Chiyoda Chemicals Daikin Industries Fanuc Glory ltochu JGC Kawasaki Heavy Industries Komori Obayashi Sumitomo Toto

74,000 23,000 14,800 18,900 17,000 171,000 25,000 399,000 34,000 34,000 49,800 136,000

1.47 0.70 0.86 3.10 0.59 3.15 0.75 2.60 1.27 0.30 1.45

683,714 324,068 398,426

1,441,414 275,203

1,464,078 346,252

1,205,711 589,137 136,990 671,818 870,048

8,406,859

KRW Neowiz Neowiz Games

681 17,083 0.08 217 9,565 0.04

26,648 0.12 USD Time Warner Cable 9,000 261,027 1.11



722,363 3.07

1.87 18.11

SEK Atlas Copco VOlVO

CBP New Media tottery Services The Game Croup

270,000 134,368 0.57 91,500 1,067,061 2.30 78,630 1,163,197 2.51 40,000 99.384 0.42

233.752 0.99 2,230,250

1,000,506 184,193 600,720 722,000 961,534 727,363 699,557 262,370 615,885 648,446 135,106

1,323,059

1,145,471 55,089 613,521

1,550,678 4,137,7 14

1,572,428

4.81

2.16 0.40 1.29 1.55 2.07 1.57 1.51 0.57 1.33

0.29 2.85 3.38 2.47 0.12 1.32 3.34 8.91

1.40

US0 3M Accenture Boeing Cooper Industries/A Danaher Deere Eaton Empresa Bras de Aeronautica Ingersoll-Rand Company I n Industries Oshkosh Truck Parker-Hannifin Raytheon Rockwell Collins RSC Shaw s PX Tyco International

Total other transferable securities 15,569 5,800 8,437 17,080 17,200 8,136 10,159 7,350 15,173 12,826 2,900 18,250 39,407 21,900 3,720 17,900 23,850 165,380

233,752 0.99


23,174,445 98.34 392,120 1.66

23,566,565 100.00 Total net assets









United Technologies 24,843 1,304,738 2 81 Watson Wyatt b Co 13,647 510,089 1.10

18,770,467 40.44 Total transferable securities admitted to an official stock-exchange listing 44,011,438 94.82


CAD Canadian Natural Resource EnCana Nexen Petro-Canada/Variable Vtg. Shs

72,950 3,594,056 60,045 2,738,418 120,000 2,756,412 104,640 4,133,449

13,2 2 2,3 3 5

2.98 2.27 2.29 3.43

10.97 EUR Eni Neste Oil Royal Dutch Shell Total Vallourec

EUR Abertis lnfraestruduras Gamesaoracion Tecnologica



184,443 4,961,517 37,586 1,094,880 248,797 7,511,181 175,252 10,560,686

26,458,911

721,347 6,461,743 297,000 1,208,913 149,702 4,632,389

12,303,045

9,784 2,330,647

4.12 0.91 6.23 8.76 1.93

21.95

35,040 806,971 1.74 42,253 1,140,834 2.46

1,947,805 4.20

1,947,805 4.20 CBP BP Baternan Litwin Royal Dutch Shell

5.36 1.00

45,959,243 99.02 453,438 0.98

3.84 10.20 Total net assets 46,412,681 100.00

HKD China Petroleum G Chernical/H 1,788,000 1,466,511 1.22

HUF MOL Magyar Olal - Es Cazipari 12,608 1,421,328 1.18

NOK Aker Kvaerner Statoil

124,100 2,333,628 87,130 2,004,344

48337,972

1.94 1.66 3.60

USD Apache Cameron Chevrontexaco ConocoPhillips Devon Energy Exxon Mobil Glo balSantaFe Halliburton Helrnertrh G Payne Occidental Petroleum Schlumberger Transocean Valero Energy Weatherford Int Williams Companies

59,894 3,618,342 32,000 1,693,414 100,824 6,288,855 83,723 4,866,355 59,882 3,471,298 123,949 7,698,228 38,299 2,048,871 106,183 2,712,460 70,000 1,835,845 107,014 4,586,258 97,617 6,139,416 34,433 2,702,017 60,859 3,328,308 80,924 3,309,942

3.00 1.40 5.22 4.04 2.88 6.39 1.70 2.25 1.52 3.80 5.09 2.24 2.76 2.74 1.52

46.55 78,363 1,834,688

56,134,297 Total transferable securities admitted to an official stock-exchange listing


115,344,399 95.67

EUR Ternicas Reunidas 47,400 2,377,Xll 1.97

US0 Gazprorn Novatek Microelectronics

40,846 1,267,223 1.05 33,163 1,276,869 1.06

2,544,092 2.11 Total transferable securities traded on other regulated markets 4,921,203 4.08

99.75 298,732 0.25

120,265,602 Total securities portfolio Operating capital









Transferable securities admitted to an official-stock exchange listing Federal Realty trust Hilton Hotels Hongkong Land Host Marriott HRPT Properties Trust Inland Real Estate Lexington Liberty Property Mack-Cali Realty Medical Properties Trust Omega Healthcare Investors Parkway Properties Penn Real Estate Invest Ramco-Cershenson Properties Simon Property Sovran Self Storage Starwood Hotels b Resorts Urstadt Biddle U.Store-lt Trust Vornado Realty Trust


22,400 1,281,422 61,900 1,534,037

856,000 2,852,171 91,826 1,571.965

244,500 1,882,788 58,700 738,015

120,000 1,848,136 58,000 1,886,594 62,400 2,009,386 79,800 781,722

140,000 1,640,961 58,000 2,062,671 66,600 2,186,056 33,000 877,931 64,450 4,439,990 30,900 1,101,880 24,708 1,227,030 55,000 692,718 12,600 152,911 27,550 2,240,637 -

51,269,105

138,669,473 -

0.90 1.08 2.00 1.10 1.32

1.30

1.41

1.15

0.52

1.33

0.55

1-45 1.54 0.62 3.12 0.77 0.86 0.49 0.11

1.57 36.03

97.45

AUD

Challenger Kenedixlapan Trust 2,231,617 Commonwealth Property Office 2,400,000 ING Industrial Fund 1,120,309 Macquarie 2,600,000 Macquarie Office Trust 1,029,373 Reckson New York Property 2,752,000

Centro Shopping America Trust 3,000,000 2,270,943 2,088,833 2,525,364 1,646,841 2,049,816 1,079,909

1.60 1.47 1.77 1.16 1.44 0.76 1.42 9.62

~ 2,014,059

13,675,765 CAD Canadian Apartment Prop Real Estate 148,800 Chartwell Seniors Housing Reit 244,700 lnnvest Real Estate Investment 110,000 Morguard Real Estate 27,400

EUR

Babis Vovos International Construction 91,547 Alstria Office 100,000

2,023,842 2,551,495

937,180

1.42 1.79 0.66 0.19 4.06

266,056 5,7 7 8,s 7 3

1,508,000 2,187,973

1.06 1.54

Beni Stabili lrnrnofinanz lmmobilien Anlagen Risanamento

3,635,000 3,933,070 2.76 100,214 1,083,313 0.76 500,000 2,727,500 1.92

11,439,856 8.04 CBP Brixton Land Securities Slough Estates

Transferable securities traded on other regulated markets 452,000 2,944,396 2.07

152,747 3,955,107 2.78 378,000 3,509,619 2.47

10,409,122 7.32 CBP Grainger Trust


230,000 1,952,685 1.37 HKD Hang tung KWG Property Midland Realty New World Development Sun Hung Kai Properties Swire Pacific/A

937,000 3,132,666 2.20 49,000 34,126 0.02

3,800,000 1,770,714 1.24

512,215 4,569,861 3.21

11,684,335 8.20

800,000 1,482,036 1.04

84,000 694,932 0.49

1,952,685 1.37


AUD Westfield . Stapled Security/CLM/l2-06-2007 11 3 0.00

J PY Japan Single-Residence Reit Kennedy-Wilson Japan Mitsubishi Estate Mitsui Fudosan Nippon Commercial Investment NTT Urban Development Sumitomo Realty b Development

AUD Centro Shopping America Trust/CLM/ 25-06-2007 5,200,000 0 0.00 INC Industrial Fund/CLM/25-06-2007 1,120,309 0 0.00

Macquarie Office Trust/CLM/

650 1,999,266 1.41 1,000 1,379,011 0.97

360,000 7,230,814 5.08 260,000 5,393,732 3.79

350 1,124,793 0.79 2,050 2,937,593 2.06

97,000 2,337,963 1.64 22,403,172 15.74

25-06-2007 1,029,373 0 0.00 0 0.00

GBP Land Securities/STK/20-06-2007 152,747 85,723 0.06 PHP

Filinvest Land 47,920,000 1,657,098 1.16 H KD New World Development/CLM/ 21-06-2007 7,141 9,306 0.01

SGD Cambridge Industrial Capitacommercial Trust Capitaland Fraser Centrepoint Trust Macarthurcook Industrial Reit Suntec Reit

5,400,000 2,470,469 1.74 4 6 0.00

750,000 2,941,034 2.07 2,750,000 2,289,892 1.61 1,200,000 772,657 0.54 2,000,000 1,878,389 1.32

10,352.447 7.28



Total net assets

95,032 0.07

140,717,190 98.89 1 , 5 7 s m 1.11

142,293,013 100.00 USD AMB Cenerali Apartment lnvt b Management Archstone-Smith Trust Associated Estates Realty Avalonbay Communities Benesse Boston Properties Camden Property Trust Developers Divers Realty

31,900 57,500 40,000 80,000 31,000 86,499

25,800 56,000

31,000

1,257,057 2,146,644 1,750,694

923,476 2,728,725 3,644,288 2,344,252 1,279,350 2,185,598

0.88 1.51

0.65 1.92 2.56 1.65 0.90 1.54

1.23

l o o Robeco Capital Growth Funds

Robeco Global Bonds


At 30/06/2007 Expiration date Face value Market value

% in EUR x 1


3.125 3.750 4.000 4.000 4.125 4.176 4.194 4.250 4.375 4.375 4.500 4.750 4.750 4.750 5.000

5.142 5.250 5.250 5.330 5.369 5.500 5.500

6.250 6.500 7.250 7.627 8.126 8.220

5.750

4.250 4.375 5.000 5.000

6.250

0.700 0.900 2.000

4.500

3.375 5.000 6.000 6.250

EUR Credit Suisse GP Finance Belgium Netherlancs Austria Parker-Hannifin ING Bank Svenska Handelsbanken Netherlands Allianz Finance Depfa ACS Bank Germany Germany France Mizuho Finance France Allied Irish Bank Austria Germany Deutsche Capital Trust IVTier I HSBC Capital Funding Belgium Netherlands Be I g i u m ING Fortis NL Tier I France Telecom Halifax Euro Finance Tier I Sanpaolo Tier I KBC Bank Funding Trust IV Tier I

CBP United Kingdom European Investment Bank United Kingdom United Kingdom United Kingdom

JPY Japan Japan Japan

SEK Sweden

US0 Federal Home Loan Banks United States General Electric Capital Freddie Mac

14-09-2012 28-03.2009 15-01-2037 15-07-2009 11-11-2015 08.06.2015 16.12-2015 15.07.2013 17.02-2017 15-01.2015 17-08-2007 04-07-2034 25-04-2035 15-04-2014 25-04-2012 16.06-2016 04-01-2011 04-01-2011 19-09-2013 24-03-2014 28-03-2028 15-07-2010 28-03-2008 21-06-2021 26-09-2011 28-01-2013 09-12-2011 10-11-2010 10-11-2009

07-06-2032 08-07-2015 07-09.2014 07-03-2008 25-11-2010

20-03-2013 20-12-2012 20-12-2024

Total transferable securities admitted to an oHicial stock-exchange listing

12-08-2015

14-09-2007 15-02-2011 15-06-2012 15-07-2032

2,050,000 8,980,000 11,800,000 8,600,000 1,100,000 1,000,000 1,250,000 23,100,000

500,000 200,000

79,200,000 27,200,000 7,600,000 1,500,000 18,810,000 1,250,000 15,100,000 12,250,000 2,800,000 250,000

4,630,000 14,090,000 24,600,000 4,650,000 1,500,000 1,000,000 200,000

2,000,000

750,000

5,200,000 2,500,000 12,200,000 2,200,000 7,050,000

3,760,000,000 3,301,500,000 3,016,g00.000

14,400,000

390,000 1,010,000 400,000

4,750,000

1,884,668 8,872,060 10,425,064 8,518,730 1,024,320 921,360

1,147,163 22,723,701

455.525 194,776

79,220,592 27,346,880 7,597.796 1,498,050 19,171,152 1,203,213 15,436,730 12,526,973 2,806,300

5,079,619 14,470,430 24,845,262 4,858,320 1,577,100 1,101,270 220,160

2,184,400 801,195

278,361,559

248.750

6,982,747 3,349,848 17,477,091 3,253,575 10,622,705 41,685,966

21,493,515 19,146,721 17,576,525 58,216,761

1,556,316

287.556 751.254 301,246

3,818,887 5,158,943

384,979,545

In % of

net assets

0.24 1.13

1.33

0.13 1.08

0.12 0.15 2.89 0.06 0.02 10.07 3.48 0.97 0.19 2.43 0.15 1.96

1.59 0.36 0.03 0.65 1.84 3.16 0.62 0.20 0.14 0.03 0.28 0.10

35.40

0.89 0.43 2.22 0.41 1.35 5.30

2.73 2.43 2.24 7.40

0.20

0.04 0.09 0.04 0.49 0.66

48.96



Expiration date Face value Market value In %of At 30/06/2007

% in EUR x 1 net assets


CAD Canada Canada Canada Canada Canada

01-06-2014 01-06-2012 01-06-2033 01-06-2029 01-06-2008

4,500,000 2,900,000 2,800,000 2,320,000 750.000

3,212,881 2,079,687 2,324,157 1,889,008 528,307

10,034,040

0.41 0.26 0.30 0.24

5.000 5.250 5.750 5.750 6.000

6.000

3.500 3.750 3.750 3.875 3.875 4.028 4.125 4.150 4.250 4.375 4.375 4.375 4.500 4.625 4.625 4.750 4.875 5.317 5.375 5.625 6.467 6.625 6.625 6.750 6.905 7.375

4.750 5.500 5.750 5.902 6.000

0.600

3.125 3.375 3.375 3.500 3.625 3.750 3.875 4.000 4.125 4.125

0.07 1.28

DKK Denmark 15-11-2011 3,000,000 424,696 0.05

EUR Germany Netherlands Belgium HBOS Treasury Services Bradford G Bingley BS Unicredito ltaliano Capital Trust Commerzbank MBNA Credit Card Master Note Unit Uti1 Water Rodarnco Europe Finance JP Morgan Chase Bank American International Fortum Lehrnan Brothers Anglian Water Telstra Societe GenCrale Generali Finance Volkswagen Finance Service Lloyds Bank Upper Tier II Royal Bank of Scotland Tier I North West Water BNP Paribas Capital Trust Tier I Axa Credit Suisse First Bost Tier I Lloyds TSB Capital 1 Tier I

01-04.2016 15-01-2023 28.09-2015 07-02-2020 04-05-2011 27.10-2015 13-09-2011 19-09-2012 24-01-2020 01-10-2014 1411.2016 26-04-2016 20-06-2016 14-03-2014 07-10-2013 15-07-2014 18-12-2014 16-06-2016 25-01-2012 15-07-2009 29-06-2012 08-11-2007 23.10-2011 15-12-2020 07-11-2011 07-02-2012

16,500,000 10,700,000 23,717,000 10,800,000 4,150,000 1,000,000

950,000 100,000 400,000

1,100,000 7,300,000 700,000 650,000

6,750,000 1,150,000 1,400,000 500,000

~ S 5 0 . 0 0 0 1,800,000 1,065,000 450,000 440,000 980,000

6,000,000 850,000

1,700,000

15,287,910 9,578,105 22,319,357 9,726,264 4,019,732 898,900 919,049 98,287 361,060

1,057,067 6,796,665 666,232 621,608

6,438,420 1,124,413 1,356,852 501,310

1,507,220 1,827,180 1,080,666 475,668 443,165

1,037,134 6,342,600 908,905

1,854,530 97,248,299

1.94 1.22 2.84 1.24 0.51 0.11 0.12 0.01 0.05 0.13 0.86 0.08 0.08 0.82 0.14 0.17 0.06 0.19 0.23 0.14 0.06 0.06 0.13 0.81 0.12 0.24

12.36

0.49 1.76 0.09 0.06 1.29

GBP HSBC Bank KFW American International Aviva United Kingdom

2,850,000 9,600,000 500,000 350,000

6,100,000

3,808,327 13,850,726

698,737 472,613

10,159,719 28,990,122

29-09-2015 07-12-2015 15-03-2017 27-07-2020 07-12-2028

3.69

2.93

0.04

0.22 0.53 0.67 0.54 0.03 0.06

0.03 0.21

JPY Japan 3,893,200,000 23,014,030 20-03-2010

USD USTreasury Note United States US Treasury Note United States US Treasury Note US Treasury Note USTreasury Note US Treasury Note US Treasury Note United States

312,483 1,707,063 4,130,968 5,263,190 4,241,456 216,040 461,219 235,730

1,640,048

15-04-2009 15 - 11 - 2 O O 8 15-10-2009 15-11-2009 15.07-2009 15-05-2008 15-05-2010 15-02-2015 15-08-2010 15-08-2008

435,000 2,355,000 5,765,000 7,335,000 5,870,000

295.000 640,000 340,000

2,265,000 495,000 363,149 0.05



At 30/06/2007

%

Expiration date

4.250

4.250 4.250 4.500 4.500 4.500

4.500 4.750 4.875

4.875 4.875

5.000

5.250 5.260 5.350 5.375 5.375 5.375 5.375 5.490 5.625 5.625

5.911 6.000

6.000 6.000 6.110 6.250 6.300 6.500 6.500 6.500 6.625 6.750 6.860 6.875 6.875 6.900 7.250 7.450 7.648 7.750 8.000 8.250 8.622

5.750

United States US Treasury Note US Treasury Note USTreasury Note US Treasury Note federal Home loan Mortgage US Treasury Note US Treasury Note Fannie Mae US Treasury Note United States Fannie Mae Washington Mutual Rabobank Capital Fund II Tier I Goldman Sachs Morgan Stanley Federal Home Loan Banks Wells Fargo G Company United States Bank of America BAC Capital Trust VI Wachovia Goldman Sachs HSBC Finance Cap Trust HBOS Cittgroup United States Merrill Lynch 0 Co United States AIL Sunamerita Global Finance I HSBC United States Hutchison Whamp International Federal Home Loan Mortgage General Electric Capital Barclays Bank Merrill Lynch Verizon Global FDG Aig Sunamer Glob Financial United States Hutchison Wham International Royal Bank of Scotland Verizon Global National Rural Utilities Deutsche Telekom UBS PFD Funding Trust I Tier I

j Total transferable securities traded on other regulated markets


15-11-2014 15 - 10 - 2 0 10 15-08-2015 15-11-2015 15-02.2036 15-01.2013 15-02-2009 15-05-2014 15-04-2009 15-08-2016 15-02-2012 15-03-2016 15-09-2017 31-12-2013 15-0 1-20 16 15-10-2015 18-05-2016 07-02-2035 15-02-2031 15-03-2019 08-03-2035 15-10-2016 01-10.2016 30-11.2015 01-11-2033 31-10-2033 15-08-2009 29-01-2037 15.05-2030 10-05-2011 02-05-2036 15-02-2010 13-02-2013 15-09-2009 15-03-2032 15-06-2032 15.11-2018 15-06-2012 15-03-2032 15-08.2022 24-11-2033 30-09-2031 01-12-2030 01-03-2032 15-06-2030 01-10-2010

Face value Market value

in EUR x 1

11,320,000 7,998,388 31,885,000 23,158,206 29,665,000 20,841,829 6,480,000 4,627,091 225,000 150,992

14,350,000 10,205,283 275,000 202,250

2,950,000 2,157,341 35,300,000 26,010,210

50,000 36,571 6,000,000 4,436,815 7,900,000 5,674,160 1,050,000 717,681 1,800,000 1,277,288 1,750,000 1,239,211 7,900,000 5,583,271 21,000,000 15,471,630

850,000 571,313 4,785,000 3,642,630 4,700,000 3,295,432 1,000,000 660,479 9,100,000 6,573,130 6,000,000 4,339,414 700,000 501,635 550,000 402,145

3,550,000 2,534,969 13,390,000 4,650,000 675,000

1,650,000 1,150,000 2,700,000 1,650,000

5,070,000

10,133,986 3234,259 571,687

1,251,254 874,232

2,076,994 1,257,228 3,864,657

5,300,000 4,253,931 350,000 264,894

1,400,000 1,104,368 570,000 444,136

1,350,000 1,071,164 5,690,000 5,101,430 700,000 572,341

1,200,000 986,682 600,000 499,690

1,400,000 1,283,339 1,450,000 1,284,810 2,050,000 1,648,574

212,660,366

In % of

net assets

1.02 2.94 2.65

0.59 0.02

1.30 0.03 0.27

3.31 0.00 0.56 0.72 0.09

0.16 0.16 0.71 1.97 0.07 0.46 0.42 0.08 0.84

0.55

0.05

0.06

0.32 1.29 0.41 0.07 0.16 0.11 0.26 0.16 0.49 0.54 0.03 0.14 0.06 0.14 0.65 0.07 0.13 0.06 0.16 0.16 0.21

27.03

372,371,553

757,351.09a 29,061,119

47.34

96.30 3.70



Robeco All Strategy Euro Bonds _I


At 30/06/2007 Expiration date Face value Market value In %of


2.750 3.000

3.125 3.250 3.500 3.500 3.750 3.750 4.000 4.000 4.000 4.000 4.000 4.119 4.125 4.125 4.173 4.176 4.194 4.219 4.250 4.250 4.250 4.250

4.279 4.310 4.350 4.375 4.375 4.375 4.375 4.472 4.500 4.500 4.500 4.500

4.250

4.558 4.625 4.750 4.750 4.750 4.750 4.750

4.939 5.000 5.000

4.859

5.000 5.000 5.000 5.125 5.250 5.250 5.250 5.252 5.330 5.369

EUR France Netherlands Dexia Muni Agency Caisse d’Amort Dette France France Air Products G Chemicals Belgium Deutsche Telekom International Finance Belgium Austria European investment Bank Netherlands Magellan Mortgage (FRN) Parker-Hannifin Nationwide Bldg Society Granite Master Issuer (FRN) ING Bank Svenska Handelsbanken German Resid Asset (FRN) Germany France Netherlands Belgium Italy Delphinus (FRN) ABN-AMRO Bank Holmes Master Issuer (FRN) Allianz Finance Depfa ACS Bank Wachovia Bank Veolia Environnement Castellana Finance (FRN) MBNA America European Structure Germany Germany Ireland Holmes Master Issuer (FRN) European Investment Bank Germany Depfa Pfandbriefbank France Depfa Pfandbriefban k Mizuho Finance Delphinus (FRN) HBOS Capital Funding France Germany France France Italy RWE Finance Austria Germany Greece ELM (Swiss Rein) Deutsche Capital Trust IV Tier I HSBC Capital Funding LP



12-03-2008 15-07-2007 15-09-2015 25-04-2013 12-07-2009 12-01-2008 08-11-2013 28-03-2009 19-01-2015 28-03-2022 15-07-2009 15-10-2037 15-01-2037 20-07-2059 11-11-2015 27-02-2012 20-12-2054 08.06.2015 16-12-2015 20-07-2016 04-01-2014 25-042019 15-07-2013 28-09-2013 01-02-2015 28-09-2096 10-03-2016 15-07.2040 17-02-2017 15-01-2015 01-08-2016 11-12-2020 08-10-2049 17-01-2014 17-08-2007 04-01-2013 18-04-2020 15-07-2021 15-04-2020 04-07-2034 16-07-2007 25-04-2035 15-07-2008 15-04-2014 25-09-2096 23-05-2016 25-10-2016 04-01-2012 25-04-2012 25-10-2011 01-02-2012 23-07.2018 04-01-2011 04-01-2011 18-05-2012 25-05-2016 19-09-2013 24-03-2014

2,800,000 13,600,000 2,870,000

3,250,000 3,150,000

200,000 17,040,000

430,000 539,040

23,850,000 7,630,000 34,040,000 3,431,358 1,~0,000

9,540,000 2,240,000 2,130,000 520,113

7,140,000 47,195,000 39,150,000 14,000,000

400,000 10,200,000

14,570,000 810,000

2,070,000 100,000 600,000 100,000

3,000,000 820,000

15,800,000 33,315,000 1,050,000 800,000 750.000

37,070,000

20,350,000

6,200,000

40,000 7,730,000 1,000,000 2,150,000 600,000

13,470,000 2,115,000 2,800,000 30,890,000 1,300,000 33,100,000

80,000 31,100,000 31,280,000

550,000 13,700,000 3,690,000 2,840,000

2,769,872 13,593,608 2,547,469 3,020,713 3,090,812 20,263,513

185,706 16,835,179

397,320 498,073

23,624,618

6,614,981 30,073,659 3,431,998 1,340,928 6,032,786 9,543,323 2,063,846 1,954,765 521,175

7,016,264 45,525,713 38,512,247 13,745,900

389,544 10213,255 13,256,223

809,352 1,885,874

97,388 568.512 88,919

3,000,000 800,722

15,804,108

33,225,716 1,031,321 800,045 738,900

37,270,178 40,008

7,727,758 1,003,080 2,147,205 600,828

12,897,525 2,175,616 2,850,484 31,483,088 1,324,102 33,658,066

81,156 31,793,530 31,987,241

564,201

3,698,303 2,825,800

13,116,928

0.21 1.05 0.20 0.23 0.24

1.57 0.01 1.30 0.03 0.04 1.83 0.51 2.33 0.27 0.10 0.47 0.74 0.16 0.15 0.04 0.54 3.53 2.98 1.07 0.03 0.79 1.03 0.06 0.15 0.01 0.04 0.01 0.23 0.06

1.22 2.58 0.08 0.06

0.06 2.89 0.00 0.60 0.08 0.17 0.05 1.00 0.17 0.22 2.44 0.10 2.61 0.01 2.46 2.48 0.04 1.02 0.29 0.22


At 30/06/2007 Expiration date face value Market value In % of

net assets in EUR x 1 %

5.375 5.375 5.500 5.500 5.500 5.750 5.750 5.750 6.125 6.250 6.375 6.500 6.625 6.875 6.988 7.055 7.250 7.627

8.126 8.125

Germany Citibank Credit Card Master Trust Belgium Germany Netherlands Federal Home Loan Mortgage France Italy RWE INC INC Bank Fortis NL Tier I Deutsche Telekom International Finance KBC Bank Funding Trust II lntesabci Capital Trust Tier I HVB Funding Trust Vll l Tier I France Telecom Halifax Euro Finance Tier I France Telecom Sanpaolo Tier I



2.500 3.000 3.000 3.250 3.375 3.500 3.500

3.500 3.500 3.500 3.750 3.750 3.750 3.750 3.750

3.500

3.750 3.875 3.875 3.875 4.000 4.000 4.000 4.000 4.028 4.035 4.092 4.095 4.098 4.125 4.125 4.125 4.125 4.130

EUR Germany France France Bundesobligation Morgan Stanley France Austria KFW International Finance Bundesobligation Northern Rock Germany Goldman Sachs Hypothekenbank in Essen Morgan Stanley Germany Belgium Italy Bradford G Bingley BS WM Covered Bond Program J P Morgan Chase b Co I NC Verze kering en Allianz Finance II American International Italy Unicredito ltaliano Capital Trust Arran Residential Mortga (FAN) RCL Securitisation (FRN) Storm (FRN) Lusitano Mortgage (FRN) Commerzbank UBS Unicredo ltaliano EA Covered Bond Credit Agricde

04-01-2010 11-04-2011 28-03-2028 04-01-2031 15-07-2010 15-09-2010 25.10-2032 01.02-2033 26-10-2012 21-06-2021 07-05-2027 26-09-2011 11-07-2011 30-06-2009 12-07-2011 28-03-2012 28-01-2013 09-12-2011 28-01-2033 10-11-2010

08.10-2010 12-01-2010 12.01-2011 17-04-2009 20-07-2012 12-01-2009 15-09-2021 17-04-2009 08-04-2011 04-05-2009 01-04-2016 04-02-2013 28-09-2012 01-03-2013 04-01-2017 28-09-2015 01-08~202l 04-05-2011 27-09-2011 15-03-2013 18.09-2013 23.11-2016 20.09-2011 0 1-02-20 17 27-10-2015 12-04-2056 24-12-2014 22-04-2048 15-07-2059 13.09-2011 25-09-2013 20-09-2011 05-04-2012 09-11-2015

10,500,000 200,000

16,000,000 39,230,000 3,040,000 540,000 450.000

24,500,000 80,000

1,920,000 1,670,000 2,500,000 3,840,000 1,380,000

3,070,000 1,660,000 2,670,000 500,000 720,000 900,000

1,450,000 5,700,000 1,980,000 25,450,000

300,000 4,650,000 290,000

1,200,000 2,600,000 28,300,000

4,750,000 8,000,000 1,000,000

5,500,000 1,300,000 26,678,000 28,400,000

500,000 35,400,000

650,000 650,000 600,000 650,000

26,200,000 1,860,000 8,500,000 8,300,000 3,200,000 6,640,233 2,700,000 600,000 600,000 450,000

14,550,000

10,710,945 0.83

17,553,760 1.36 203,456 0.02

43,422,118 3.37 3,122,080 0.24 556,675 0.04 515.493 0.04

27,091,365 2.10 84,502 0.01

2,006,016 0.16 1,811,416 0.14 2,628,500 0.20 4,070,438 0.32 1,427,610 0.11 3,284,286 0.25 1,783,836 0.14 2,940,391 0.23 550,400 0.04 915,480 0.07 982,980 0.08

678,821,191 52.61

678,821,191 52.61

1,363,029 5,498,106 1,882,525 24,923,949

278,691 4,584,528 253,947

1,179,132 2,509,000 27,733.717

7,457,200 953,880

5129.795

25.105.865

484,305 34,156,752

611,716 618,339 555,588 628,284

24,704,504

8,502,036 8,294,091 3,200,828 6,641,031 2,612,034 571,866 580,794 437,036

4,401,065

1,219.855

25,145,644

1,671,954

13,298,700

0.11 0.43 0.15 1.93 0.02 0.36 0.02 0.09 0.19 2.15 0.34 0.58 0.07 0.40 0.09 1.95 1.95 0.04 2.65 0.05 0.05 0.04 0.05 1.91 0.13 0.66 0.64 0.25 0.51 0.20 0.04 0.05 0.03 1.03



At 30/06/2007 Expiration date Face value Market value In % of

net assets % in EUR x 1

4.137 4.146 4.250 4.250 4.250 4.250 4.277 4.290 4.293 4.350 4.350 4.364 4.365 4.375 4.375 4.375 4.375 4.375 4.375 4.386 4.425 4.446 4.448 4.449 4.500 4.500 4.500 4.500 4.500 4.500 4.543 4.544 4.547 4.625 4.625 4.625 4.625 4.642 4.678 4.692 4.700 4.708 4.716 4.730 4.748 4.750 4.750 4.750 4.750 4.750 4.750 4.850 4.875 4.875 4.875 4.875 4.917 5.000 5.000 5.012

5.018

Talisman Finance (FRN) Opera (FRN) Citigroup Unit Uti1 Water Bradford b Bingley Hypothekenbank in Essen Great Hall Mortgages (FRN) Eurosail (FRN) Leek Finance (FRN) Royal Bank of Scotland Holmes Master Issuer (FRN) BBVA Leasing (FRN) Provide Bricks (FRN) Rodarnco Europe Finance US Bank NA Minnesota WM Covered Bond Program BNP Paribas American International New York Life Funding Paragon Mortgages (FRN) Fosse Master Issuer (FRN) Brunel Residential (FRN) Mermaid Secured Finance (FRN) Granite Master Issuer (FRN) HBOS Washington Mutual Leaseplan HBOS Treasury Services Fortum Eurohypo Gracechurch Mortgage Fin (FRN) Financiacion Banesto (FRN) Great Hall Mortgages (FRN) General Electric Capital Hutchinson Whampoa Finance Anglian Water Bank of America Celtic Residential Irish (FRN) Smile Securitisation (FRN) Great Hall Mortgages (FRN) Greece Granite Master Issuer (FRN) Clock Finance (FRN) BNP Paribas Aire Valley Mortgages (FRN) Volkswagen Financial Service Coldman Sachs Teliasonera Citigroup France Telecorn Telstra MUFG Capital Finance HBOS Treasury Services Barclays Bank Societe Generale HSBC Finance Great Hall Mortgages (FRN) American International Belgium Commerzbank Capital Fund Trust Rmac Securities (FRN)

22-10-2016 25-01.2022 25.02-2025 24-01-2020 04-05-2016 06-07-2009 18-03-2039 13-03-2045 21-12.2037 23-01-2017 15-07-2040 26-05-2031 30-01.2040 01-10-2014 28-02-2012 19-05-2014 22-01-2019 26-04-2016 19-01-2017 15-09-2039 18-10-2054 13-01-2039 30-01-2040 20-12-2054 18-03-2025 17-01-2017 08-11-2016 13-07-2021 20-06-2016 21-01-2013 20-11-2056 19-10-2019 18-03-2039 15-09-2016 21-09-2016 07-10-2013 07-02.2017 14-12-2048 20-12-2053 18-06-2039 20-03-2024 20-12-2054 25-02.2015 12-04-2016 20-09-2066 19-07-2011 12-10.2021 07-03-2017 31-05-2012 21-02-2017 15-07-2014 25-07-2016 04-06-2019 31-03-2013 18-12-2014 30-05-2017 18-06-2038 26-06-2017 28-09-2012 12-04-2016 12-06-2044

3,000,000 2,000,000 3,200,000 1,210,000

13,200,000 5,000,000

9,800,000

1,510,000

25,500,000

4,000,000

650,000

7,000,000 4,700,000 1,420,000 4,350,000 6,150,000 550,000

2,750,000 5,500,000 2,280,000 1,060,000 5,300,000 2,000,000 695,000

L990,OOO 550,000

2,250,000 2,700,000 1,040,000 3,800,000 6,850,000 3,500,000 270,000

L990,OOO 1,150,000 1,680,000 2,550,000 1,250,000

2,946,684 5,000,000 12,100,000 5,000,000 goo,ooo

11,450,000 5,800,000 1,640,000 1,540,000 1,090,000 150,000 goo,ooo

1,600,000 13,440,000 3,400,000 600,000

1,180,000 250,000

1,430,000 6,650,000 730,000

11.4~0.000 2,500,000

2,999,505 1,999,654 2,752.512 1,092,207 24,323,685 13,115,520 4,998,365 3,993,926 9,801,307 615,264

1,509,297 6,997,690 4,698,033 1,364,577 4,241,207 5,970236 530,574

2,617,340 5,216,585 2,277,939 1,057,011 5296,766 2,000,000

694,571 1,778,184 506,374

2,186,685 2,571,102 994,573

3,764,850 6,849,885 3,500,000 268,510

1,901,186 1,092,500 1,642,620 2,440,248 1,250,000 2,943,728 5,000,000 11,708,081 5,012,145 900,000

10,873,035 5,774,956 1,626,388 1,392,930 1,044,514 148,055 861,390

1,550,688 12,595,699 3,389,562 598,518

1,183,092 243,463

1,408,750 6,583,633 744,177

10,886,088

2,478,126

0.23 0.15 0.21 0.08 1.89 1.02 0.39 0.31 0.76 0.05 0.12 0.54 0.36 0.11 0.33 0.46 0.04 0.20 0.40 0.18 0.08

0.41 0.15 0.05 0.14 0.04 0.17 0.20 0.08 0.29 0.53 0.27 0.02 0.15 0.08 0.13 0.19 0.10 0.23

0.39 0.91

0.39 0.07 0.84 0.45 0.12 0.11 0.08 0.01 0.07 0.12 0.98 0.26 0.05 0.09 0.02 0.11 0.51

0.84 0 06

0.19


I nve st m e n t p o rtfo I io

At 30/06/2007 .

Expiration date Face value Market value In %of

96 in EUR x 1 net assets

Mituho Capital Invest 30-06-2011 1,g00,000 1,878,891 0.15 5.020

5.125 5.219 5.317 5.375 5.500 5.500 5.625 5.750 5.875 6.000 6.125 6.467 6.500 6.625 6.905

Lehrnan Brothers Anglo Irish Capital General1 Finance Volkswagen Finance Service France Belgium Lloyds Bank Upper Tier II Spain Lloyds Greece Allianz Finance It Royal Bankof Scotland Tier I Greece BNP Paribas Capital Trust Tier I Credit Suisse First Bost Tier I



Total net assets

27-06-2014 29-09-2016 16-06-2016 25-01-2012 25-04-2029 28-09-2037 15-07-2009 30-07-2032 08-07-2014 19-05-2010 31-05-2012 29-06-2012 11.01-2014 23-10-2011 07-11.2011

7,750,000 13,660,000 2,000,000 1,230,000 882,000

6,800,000 2,280,000

1,450,000 450,000

10,300,000 2,730,000 2,250,000 1,027,146 2,070,000 2,010,000

7,685,675 12,920,857 1,944,800 1,248,573 970,712

7,266,548 2,313,539 1,654,697 474,404

10,684,076 2,855,471 2,378,340 1,129,337 2,190,681 2,149,293

536,794,186

0.60 1.00 0.15 0.10 0.08 0.56 0.18 0.13 0.04 0.83 0.22 0.18 0.09 0.17 0.16

41.61

536,794, 186 41.61

1,215,615,377 94.22 74,606,612 5.78

100.00 1,290,221,989


Robeco High Yield Bonds -I_-_

I nvest me nt portfolio


96 in EUR x 1 net assets Transferable securities admitted to an official stock-exchange listing

4.875 5.375 5.816 6.000 6.000 8.000

8.125 8.250 8.375 8.500

9-875 9.968

13.553

EUR Ford Motor Credit General Motors Monastery (FRN) CMAC Canada General Motors Thiel logistik Europcar Hayes Lemmerz Finance General Motors HTM Sport b Freizeit IT Finance Hellas II (FRN) Sta bi I ity

GBP 8.750 British Airways

NOK 9.520 MPU Offshore Li f t (FRN)

0.000

6.300 7.125 7.250 7.250 7.500 8.750 9.625

11.000

USD Africa Offshore Services (FRN) Bombardier Domtar Case Novelis William Lyon Homes Hanover Equip Trust Six Flags Cecon

Total transferable securities admitted to an official stock-enchmge listing


3.750 4.159 5.777 5.977 6.148 6.250 6.375 6.375 6.642

6.750

7.159 7.186 7.229 7.242 7.375 7.395 7.500 7.500 7.664 7.750

6.750

6.875

EUR Valeo Smart Sme AXA Bancala Fondo De Tituliz (FRN) Clondalkin Acquisition ( F R N ) Chesapeake Energy Solvay Finance TRW Automotive Whinston Capital Management (FRN) Owens-Brockway Class Rexam Huntsman International Smart FRN) Bombardier (FRN) Smile 2005 Synthetic (FRN) Stichting Memphis (FRN) Linde Finance Edcon Proprietary (FRN) Fage Dairy Industries Huntsman International (FRN) Skyline (FRN) UPC

15-01-2010 06.06-2011 17-11-2044 23-05-2012 03-07-2008 15-12-2012 15-05-2014 15-06-2013 05-07-2033 01-02-2014 15-11-2012 15-01-2015 0505-2022

23-08.2016

22-12-2011

29-06-2012 01-05-2014 15-08-2015 15-01-2016 15-02-2015 15-02-2014 01-09-2011 01-06-2014 04-05-2012

24-06-2013 27-12-2016 06-07-2016 22-05-2050 15-12-2013 15-01-2017 02-06-2016 15-03-2014 25-01-2055 01-12-2014 29-06-2067 15-11-2013 27.12-2016 15-11-2013 20-01-2015 25-042015 14.07-2066 15-06-2014 15-01-2015 01-01-201s 22-07-2043 15-01-2014

4,600,000 6,900,000 1,900,000 4,800,000 4,600,000 2,300,000 3,750,000 1,000,000 10,000,000 3,000,000 2,300,000 3,300,000 1,900,000

1,750,000

14,500,000

700,000 2,500,000 5,000,000 2,500,000 3,000,000

3,650,000 6,350,000 2,100,000 3,700,000

7,550,000 1,900,000 2,200,000 1,g00,000 7,750,000 7,400,000 2,550,000 1,goo,ooo 3,800,000 1,700,000 1,g00,000 4,600,000 1,900,000 1,000,000 2,567,147 2,900,000 4,400,000 6,650,000 1,250,000 4,450,000 3,800,000 5,000,000

4,390,194 6,617,514 1,900,000 4,650,000 4,599,356 2,369,000 3,928,125 1,002,370 9,475,000 2,880,000

2,489,750 3,397,350 1,g00,000

49,598,659

2,795,996

1,808,671

518,307

3,609,641 1,878,864 2,287,957 2,297,212 4,819,333 1,442,190

21,342,416

1,749,287

2,739,625

0.57 0.86 0.25 0.60 0.60 0.31 0.51 0.13 1.23 0.37 0.32 0.44 0.25 6.44

0.36

0.23

0.07 0.23 0.47 0.24 0.30 0.30 0.63 0.19 0.35 2.78

75,545,742

6,999,907 1,goo,ooo 2,207,128 1,886,320 7,788,750 7,400,000 2,656,896 1,871,500 3,849,020 1,708,500 1,900,513 4,807,000 1,901,520 1,041,500 2,623,624 2,945,279 4,619,780 6,610,965 1,212,500

4,650,250 3,800,000 4,962,500

9.81

0.91 0.25 0.29 0.24 1.01 0.96

0.35

0.50

0.25

i 0.24

0.22

0.62 0.25 0.14 0.34 0.38 0.60 0.86 0.16 0.60 0.49 0.64



At 30/06/2007 Expiration date Face value Market value In 96 of


7.750 8.000

8.250 9.061 9.625

9.836 9.875

10.000 10.375 10.845 11.0oo 11.492 19.055

9.750

8.598 8.625 8.650 9.350

9.750 9.890

5.000 5.000 5.125 5.250 5.350 5.500 5.550 5.625 5.875 5.875 5.950 6.000

6.125 6.125 6.250 6.250 6.250 6.375 6.375 6.375 6.500 6.500

I 6.500 6.500 6.500 6.500 6.625 6.625 6.750 6.750 6.750 6.750 6.750 6.750 6.750 6.750

Peermont Global Savcio SPCM BCM Ireland (FRN) Johnson Diversey Wind Acquisition Clock Finance (FRN) lnvensys Louis No1 IFCO Systems Mars (FRN) Boats Invest Netherlands Stichting Memphis (FRN) Promise (FAN)

CBP Eurosail (FRN) Cable b Wireless International Finance Great Hall Mortgages (FRN) Resloc (FRN)

NOK Petromena Sevan Drilling (FRN)

USD Scholastic Deluxe GMAC American Axle b Manufacturing Potomac Edison Rogers Cable TXU Computer Associates KB Home MCM Mirage Northwest Pipeline Case New Holland Norske Skogsindustrier Grant Prideco Rogers Cable Home Citizens Communications Tenet Health H CA Resident Capital Nova Chemicals Lin Television Chesapeake Energy Electronic Data Systems United Rentals Harrah’s Operating Chesapeake Energy Tesoro Bombardier Ikon Office Solutions Silgan Stat5 Chippac Ainsworth Lumber Vail Resorts Hercules Service

30.04-2014 15-02-2013 15-06-2013 15-08-2016 15-05-2012 01-12-2015 25-02-2015 15-03-2011 0 1-12-20 16 15-10-2010 28.08.2014 31-03-2017 25-04-2015 12-05-2024

13.03.2045 25-03-2019 18-03-2039 15-12-2043

24-05-2012 07-12-2012

15-04.2013 15-12-2012 09-05-2008 11-02-2014 15-11-2014 15-03-2014 15-11-2014 01-12-2014 15-01.2015 27-02-2014 15-04-2017 01-06-2009 15-10-2015 15-08-2015 15-06-2013 15-06-2015 15-01-2013 01-12-2011 15-01-2015 30-06-2010 15-01.2012 15-05-2013 15-08-2017 01-08-2013 15-02-2012 01-06-2016 15-01-2016 01-11-2015 01-05-2012 01-12-2025 15-11-2013 15-11-2011 15-03-2014 15-02-2014 15-10-2029 01-04-2016

4,300,000 5,900,000 4,725,000 2,400,000 3,600,000 4,800,000 1,800,000 2,047,500 4,750,000

900,000 2,400,000 5,750,000

g00.000 1,845,417

2,351,131 2,500,000

900,000 2,575,000

13,000,000

12,000,000

3,000,000 4,575,000 2,975,000 4,700,000 2,300,000 4,000,000 3,000,000 3,000,000

3,250,000 6,300,000 1,000,000

3,800,000 5,500,000 1,500,000 1,000,000

3,250,000 850,000

7,000,000 5,500,000 4,400,000 4,500,000 4,500,000 1,250,000 3,000,000 4,700,000 8,000,000 2,000,000 4,500,000 1,900,000 3,000,000 2,500,000 5,000,000 2,000,000 4,900,000 1,750,000 5,000,000

4,300,000 6,136,000 5,079,375 2,448,000 3,762,000 5,460,000 1,800,000 2,211,300 4,702,500

958,500 2,399,280 5,824,409

913,566 1,817,182

127,155,564

3,459,754 3,881,007 1,309,255 3,306,912

11,956,928

1,711,202 1,560,766 3,271,968

1,951,672 3,048,758 2,182,389 3,027,655 1,650,080 2,851,905 1,885,863 2,072,491 2,093,772 4291.585

717,386 2,799,600 3,665,568 1,049,572

746,259 2,129,495

4,736,033 3,461,553 3,212,901 3,115,397 3,232,017

871,173 2,206,825 3,419,163 4.946.133 1,425,345 3,306,986 1,385,732 1,932,546 1,814,076 3,739,217 L095.850 3,537,448 1,256,895 3,517,086

601,051

0.56 0.80 0.66 0.32 0.49 0.71 0.23 0.29 0.61 0.12

0.31 0.76 0.12

0.24 16.52

0.45 0.50 0.17 0.43 1.55

0.22 0.21 0.43

0.25 0.40 0.28 0.39 0.21 0.37 0.25 0.27 0.27 0.56 0.09 0.36 0.48 0.14 0.10

0.28 0.08 0.62 0.45 0.42 0.40 0.42 0.11 0.29 0.44 0.64 0.19 0.43

0.25 0.18

0.24 0.49 0.14 0.46 0.16 0.46





6.875 6.875 6.875 6.875 6.875 6.875 6.875 6.875 7.000 7.000 7.000 7.000

7.000

7.000 7.000 7.000 7.000

7.125 7.130 7.200 7.200 7.250 7.250 7.250 7.250 7.250 7.250 7.250 7.250 7.250 7.375 7.37s 7.375 7.375 7.375 7.375 7.400 7.450 7.500 7.500 7.500 7.625 7.625 7.625 7.625 7.750 7.750 7.750 7.750 7.750 7.750 7.750 7.750 7.750 7.750 7.750 7.850 7.857 7.875 7.875 7.875 7.875

General Motors Ahold Finance USA R H Donnelley Suburban Propane Partnrs Whouse Air Brake Qwest Capital Funding

W e g y Ch ernt u ra Visteon Hanaro Telecom Southern Cal Edison Mission Energy Belden Plains E 6 P Company Dean Foods Leucadia National Steinway Musical lnstrum Georgia Pacific Williams Cos Dillards Teco Energy Southern Union Interpublic Cascades Texas Industries Eastrnan Kodak TRW Automotive Ainsworth lumber Amerigas Partners Qwest Communications International Sabine Pass NRG Energy Huntsman International Radioshack Caraustar Industries Spectrum Brands Tenet Healthrare Enersis AI bertson’s H CA Rite Aid Cie Generale de Geophys Unumprovident Mosaic William Lyon Homes Mastec Semco Energy Eland Finance Fairfax Financial Edison Mission Energy El Paso Production HCA Valor Telecom Enter Phillips van Heusen AES Elizabeth Arden United Rentals Univision Comm Goodyear Cenveo Williams Cos Eurorhem Finance Rogers Cable

15-09-2011 01-05-2029 15-01-2013 15-12-2013 31-07-2013 15-09-2033 01-042011 01-06-2016 10-03-2014 01-02-2012 15-05-2017 15-03-2017 15-03-2017 01-06-2016 15-08.2013 01-03-2014 15-01.2015 01-09-2011 01-08-2018 01-05-2011 01-11-2011 15-08-2011 15-02-2013 15-07-2013 15-11-2013 15-03-2017 01-10-2012 20-05-2015 15-02-2011 30-11-2013 01-02-2016 01-01-2015 15-05-2011 01-06-2009 01-02-2015 01-02-2013 01-12-2016 01-08-2029 06.11-2033 15-01-201s 15-05-2015 01-03-2011 01-12-2016 15-12-2012 01.02-2017 15-05-2013 15-11-2011 15-06-2017 15-06-2016 01-06-2013 15-07.2036 15-02-2015 15-11-2023 01-03-2014 15-01-2014 15-11-2013 15-07-2011 15-08-2011 01-12-2013 01-09-2021 21-03.2012 01-05-2012

8,350,000 5,450,000 10,000,000 2,000,000 2,500,000 1,300,000 5,000,000 ~,100,000 2,500,000 3,500,000

500,000

4,000,000 4,000,000 3,000,000 3,000,000 3,000,000 2,000,000

9,300,000 3,000,000 ~,000,000

4,000,000 3,000,000 4,000,000 3,500,000 4,000,000 3,000,000 1,500,000 4,000,000 1,500,000 12,500,000 g,ooo,ooo 400,000

2,000,000 3,500,000 2,000,000 600,000

1,500,000 7,000,000 2,900,000

3,000,000 8,800,000

770,000 4,800,000 1,600,000 5,000,000 2,000,000 5,000,000 3,600,000 8,800,000 1,400,000 2,900,000 1,~00,000

2,500,000 3,950,000 6,550,000 4,000,000 1,600,000

3,108,000

3,000,000 800,000

5,500,000 1,450,000

6,074,470 4,149,393 7,015,660 1,436.452 1,832,587 900,004

3,646,662 3,549,665

2,598,016 349,857

2,954,352 2,828,477 2,132,465 2,176,891 2,165,784 1,429,047 7,058,236 2,112,917 3,841,028 2,952,797 2,232,424 2,872,904 2,591,537 2,961,756 2,121,358 855,207

1,118,989 9,162,934 6,613,972 310,984

1,531,717 2,487,875 1,184,703 401,503

1,193,869 5,058,167 1,819,814 6,450,705 2,221,317 600,566

3,678,501 1,012,921 3,720,706 1,497.538 3,706,823 2,598,941 6,483,285 1,092,468 1,836,821 1,178,242 2,393.336 1,869,609 2,946,670

3,050,609 1,208,397 2,176,891 624.931

4,101,215 1,155,791

1,601,200

2,946,948

4,849,876

0.79 0.54 0.91 0.19 0.24 0.12 0.47 0.46 0.21 0.34 0.05 0.38 0.37 0.28 0.28 0.28 0.19 0.92 0.27 0.50

0.38 0.29 0.37 0.34 0.38 0.28 0.11 0.38 0.15 1.19 0.86 0.04 0.20 0.32 0.15 0.05 0.16 0.66 0.24 0.84 0.29 0.08 0.48 0.13 0.48 0.19 0.48 0.34 0.84 0.14 0.24 0.15 0.31 0.24 0.38 0.63 0.40 0.16 0.28

0.08 0.53 0.15


Investment portfolio ~~



7.875 7.875 7.875 7.400 7.950 8.000 8.000 8.000 8.000 8.000 8.000

8.000

8.000

8.000 8.000 8.125 8.125

8.250

8.250

8.200

8.250

8.250 8.250 8.300 8.375 8.375 8.375 8.375 8.375 8.375 8.500 8.500 8.500 8.500

8.500 8.500 8.500 8.500 8.500

8.500

8.625 8.625 8.625 8.750

8.750 8.750

8.750

8.750 8.750 8.750 8.750 8.875 8.875 8.875 8.875 9.000

9.000

9.OOO 9.000

9.000 9.000

9.000

AEP Industries 15-03.2013 Buhrmann US AK Steel Blyth Bowater Canada Finance Sinclair broadcasting Playtex Products Xerox Capital Trust I Carnestop Stone Container AMC Entertainment Unisys Asbury Automotive Charter Communications Georgia Pacific Rite Aid Copano Energy Rock-Tenn Company CEO lntelsat Bermuda Allegheny Energy Supply Toll Brothers Owens-Brockway Glass Mirant Americas Canr Park-Ohio Industries Finlay Fine Jewelry Friendly Ice Cream Enterprise Products Oper Allegheny Technologies Charter Comrn Opt LLC/CAP Ship Finance International Tembec Industries Unisys Buckeye Technologies PSEG Energy Foot Locker Mediacom Accuride Williams Scotsman Yankee Acquisition Norske Skog Canada Sonic Automotive Tenneco Automotive IPSCO tear AES Continental Airlines Arvinrneritor Pathrnark Stores CCO Capital Quebecor World Creif R.H. Donnelley Qwest Communications Intc Georgia Pacific Finance Capital Finance Songa Offshore lntelsat Tech Olympic USA Blockbuster Agile Property PanAmSat

irnational

01-03.2015 15-02-2009 01-10-2009 15-11-2011

01-03-2011 15-03-2012

01-02-2027 01-10-2012 15-03-2017 01-03-2014 15-10-2012 15-03-2014 30-04-2012 15-01-2024 01-05-2010

15-08-2011 01.03-2016

15-07-2013 15-01-2013 15-04-2012 01-12-2011 15-05.2013 01-05-2011 15-11-2014 01-06-2012 15-06-2012 01-08-2016 15-12-2011 30-04-2014 15-12-2013 01-02-2011 15-10.2015 01-10-2013 15-06-2011 15-01-2022 15-10.2015 01-02-2015 01-10-2015 15-02-2015 15-06-2011 15-08-2013 15-11-2014 01-06-2013 01-12.2016 15-06-2008 01-12-2011 01-03-2012 01-02-2012 15-11-2013 15-03-2016 01-08.2012 15-01-2016 15-03-2012 15-05-2031 07-10-2014 08.09-2010 15-06-2016 01-07.2010 01-09-2012 22~09-2013 15-08-2014

3,000,000 3,000,000

3,349,000 2,000,000 3,000,000 2,498,000 3,000,000 5,000,000 4,500,000 7,000,000 2,000,000 2,000,000

500,000

5,650,000 500,000

5,000,000 4,000,000 4,000,000 2,540,000 6,000,000 2,300,000 2,250,000 6,000,000 3,500,000 4,000,000 4,000,000 1,500,000

3,700,000 1,500,000 10,000,000 3,000,000 3,800,000 2,000,000 4,000,000 5,000,000 3,000,000 2,000,000 3,500,000 8,500,000 1,000,000 3,000,000 2,250,000 800,000

3,000,000 5,000,000

750,000 1,000,000

4,400,000 1,700,000 10,000,000 4,500,000 2,390,000 6,600,000 3,100,000 2,350,000 5.300.0~0 2,100,000 6,000,000 4,100,000 1,500,000 2,500,000

6,000,000

2,221,317 2,187,997 2,557,721 1,517,900

1,905,105 2,287,957 3,771,612 3,469,420 5,131,243 1,451,261 1,436,452 373,922

4,225,316 355,411

3.757.728 3,006,183 3,050,609 1,937,137 4,542,594 1,805,190 1,690,978 4,598,127 2,675,762 2,872,904 2,621,154 1,152,308 2,898.797 1,171,745 7,552,479 2,276,850 1,487,727 1,458,665 3,050,609 3,905,816 2,260,190 1,488,283 2,565,621

721,928 2,143,571 1,711,803 610,122

2,351,042 3,535,597 565,742 727,481

3,290,511 1,299,656 7,552,479 3,281,996 1,854,770 5,082,374 2,473,252 1,740,032 4,146,248 1,632,668 4,664,766 2,899,189 1,027,359 1,906,631 4,631,446

2,088,038

6,498,278

0.29 0.28 0.33 0.20 0.27 0.25 0.30 0.49 0.45 0.67 0.19 0.19 0.05 0.55 0.05

0.49 0.39 0.40 0.25 0.59 0.23 0.22 0.60 0.35 0.37 0.34 0.15 0.38 0.15 0.98 0.30 0.19 0.19 0.40 0.51 0.29 0.19 0.33 0.84 0.09 0.28 0.22 0.08 0.31 0.46 0.07 0.09 0.43 0.17 0.98 0.43 0.24 0.66 0.32 0.23 0.54 0.21 0.61 0.38 0.13 0.25 0.60





9.000

9.125 9.250 9.250 9.250 9.250 9.250

9.300 9.500 9.500 9.500 9.500 9.500 9.750 9.750 9.875 9.875

10.000

10.000 10.000

10.000

1o.oso 10.125 10.250 10.250 10.250

9.250

10.250 10.280

10.356 10.500 10.500 10.625 10.625 10.625 10.850 11.000

11.Ooo

11.000

11.355 11.500 11.500 12.000 12.110 12.250 14.875

Goodyear Tire b Rubber Vitro HCA Citizens Communications Allied Waste North America Arnkor Tech Mercer International WCA Waste Ddi Mediacorn Navios Martime Graphic Packaging lnternatic Georgia Pacific AE5 Offshore Rig Services Yankee Acquisition Fedders North America Tenet Healthcare American Cel Aventine Renewable Energy AMR Holdco/Emcar Arncare Young Broadcasting Ddi (FAN) Freescale Semiconductor Tenneco Automotive Bon Ton Dept Store Hines Nurserie Star Cas Partner/Finance Petroiack (FRN) Rubicon Offshore (FRN) Exide Technologies Standard Drilling Equistar Chemicals/Funding FMG Finance Polyone Petroprod Movie Gallary Alliance One International Constar International Petroprod (FRN) Stoneridge Frigstad Discoverer Orion Power MPF (FRN) Ci t i Tire Aquila

mal



USD 0.000 Telligent



01-07.2015 01-02-2017 15-11-2016 15-05-2011 01-09-2012 01-06-2016 15.02-2013 15-06-2014 26-04-2012 15-01-2013 15-12-2014 15-08-2013 01-12-2011 01-06-2009 27-042011 15-02-2017 01-03-2014 01-07-2014 01-08-2011 01-042017 15-02-2015 01-03-2011 15-03-2012 15-12-2016 15-07.2013 15-03-2014 01-10-2011 25-02-2013 30-05-2012 16-04-2012 15-03-2013 10-01-2011 01-05-2011 01-09-2016 15-05-2010 24-05-2013 01-05-2012 15-05-2012 01-12-2012 12-01-2012 01-05-2012 21-02-2012 01-05-2010 20-09-2011

01-07-2012 26-01-2012

01-03-2008

2,435,000 2,000,000 2,000,000 3,200,000 734,000

3,000,000 4,000,000 2,000,000 2,100,000 2,500,000 1,000,000 4,000,000 2,550,000 6,000,000 1,900,000 6,000,000 1,800,000 3,600,000 743,000

4,000,000 1,000,000 2,000,000 2,100,000 7,000,000 3,000,000 3,000,000 3,000,000 1,118,203 2,400,000 2,900,000 1,500,000 2,700,000 3,691,000 5,500,000 1,468,000 2,600,000 2,000,000

3,500,000 1,300,000 600,000

3,500,000 2,600,000 2,000,000 2,400,000 5,000,000 3,000,000

1,938,192 1,517,900 1,577,135 2,558,957 567,939

2,265,744 2,891,415 1,547,518 1,636,555 1,888,120 794,121

3,065418 2,020,288 4,642,553 1,470,142 4,298,249 446,485

2,638,925 576,278

2,902,521 799,674

1,473,474 1,648,217 4,872,089 2,399,023 2,243,530 1,721,521 885,918

1,848,136 2,158,010 1,143,978 1,993,186 2,869,609 4,846,174 1,141,313 1,958,832 992,188

2,844,212 875,939 453,149

2,721,114 1,925.142 1,673,392 1,768,169 3,746,177 2,843,286

519,959,233

0.25 0.20 0.20

0.33

0.29 0.07

0.38 0.20 0.21 0.25 0.10 0.40 0.26 0.60 0.19 0.56 0.06

0.34 0.07 0.38 0.10 0.19 0.21 0.63 0.31 0.29 0.22 0.12 0.24 0.28 0.15 0.26 0.37 0.63 0.15

0.13

0.37 0.11 0.06 0.35 0.25

0.26

0.22 0.23 0.49 0.37

67.55

662,343,693 86.05

700,000 1,555 0.00

1,555 0.00

737,890,990 95.86 3~a36.053 4.14

769,727,043 100.00 Total net assets



Investment portfolio . .. .-.. -

At 33/06/2007 Expiration date Face value Market value In I of

net assets % in EUR x 1


5.525

4.000 4.119 4.125 4.125 4.125 4.173 4.176 4.194 4.219 4.279 4.310 4-350 4.375 4.375 4.500 4.500 4.750 4.750 4.939 5.252 5.330 5.375 5.767 6.250 6.375 6.500 6.625 6.875 6.988 7.055 7.250 7.250 7.627 7.750 8.125 8.126

DEM MBNA America European Structure

EUR Deutsche Telekom International Finance Magellan Mortgage (FRN) Parker-Hannifin Lanxess Finance Nationwide Bldg Society Granite Master Issuer (FRN) ING Bank Svenska Handelsbanken German Resid Asset (FRN) Delphinus (FRN) ABN-AMRO Bank Holmes Master Issuer (FRN) Allianz Finance Daimler-Chrysler MBNA America European Structure Bouygues Mituho Finance Koninklijke KPN HBOS Capital Funding ELM (Swiss Rein) Deutsche capital trust IVTier I Citibank Credit Card Master Trust Munich Re Finance ING INC Bank Fortis NLTier I Deutsche Telekom International Finance KBC Bank Funding Trust II lntesabci Capital Trust Tier I HVB Fundinglrust VI11 Tier I France Telecom Olivetti International Finance Halifax Euro Finance Tier I Olivetti International Finance France Telecom Sanaaolo Tier I



5.875

3.250

3.750 3.500

3.875 3.875 3.875 3.875 4.028 4-035

OEM Batavia

EUR HBOS Treasury Services Banco Santander Central Hispan Vale0 Mol Magyar 01 Gati WM Covered Bond Program Bradford G Bingley Lehman Bros Cap Fund 1 1 1 Untcredito ltaliano Capital Trust Arran Residential Mortgage (FRN)

19-04-2008

19.01.2015 20-07-2059 11-11-2015 21-06-2012 27-02.2012 20-12-2054 08-06-2015 16-12-2015 20-07-2016 28-09-2096 10-03-2016 15-07-2040 17-02-2017 21-03-2013 17-01.2014 24-05-2013 15-04-2014 17-01-2017 23.05-2016 25-05-2016 19-09-2013 11-04-2011 29-06-2049 21-06-2021 07-05-2027 26-09-2011 11-07-2011 29-06-2049 12-07.2011 28-03-2012 28-01-2013 24-04-2012 09-12-2011 24-01-2033 28-01-2033 10-11-2010

16-03-2009

25.01-2013 06-02-2014 24-06.2013 05-10-2015 27-09-2011 04-05-2011 22-02-2011 27-10-2015 12-04-2056

150,000

350,000 1,762,049 1,090,000 920,000

4,600,000 2,310,000 1,760,000 1,680,000 4,019,055 2,500,000 1,620,000 1g0.000

1,620,000 1,1g0,000 600,000

1,350,000 1,680,000 850,000

1,550,000 1,600,000 2,910,000

50,000 2,000,000 1,510,000 1,310,000 1,g00,000 2,850,000 1,090,000 2,410,000 1,300,000 1,980,000

2,750,000

730,000 560,000 800,000

400,000

150,000

3,900,000 2,600,000 790,000 920,000

6,000,000 9,200,000 1,700,000 1,450,000 2,130,000

76,990

323,400

1,015,008 875,748

4,475,938 2,310,805 1,621,594 1,541,786 4,027,258 2,503,249 1,473,925 189,848

1,475,901 1,148,041 585,894

1,313,874 1,677,816 805,919

1,484,125 1,531,904 2,916,548

50,864 1,961,600

1,577,648 1,420,931 1,997,660 3,021,029 1,127,605 2,578.218 1,396,980 2,180,515 2,985,868 440,320 842,427 712,040 873,760

58,228,424

1,762.37a

58,305,414

77,884

3,612,453 2,404,740 732,441 819,536

5,789,280 8,911,212 1,620,542 1,303,405 2,130,510

0.04

0.17 0.94 0.54 0.47 2.39 1.23 0.86 0.82 2.15

1.34 0.79 0.10 0.79 0.61 0.31 0.70 0.89 0.43 0.79 0.82 1.56 0.03 1.05 0.84 0.76 1.07 1.61 0.60 1.38

0.75 1.16

1.59 0.23

0.45 0.38 0.47 31.07

31.11

0.01

1.93 1.28 0.39 0.44 3.09 4.75 0.86 0.70 1.14


Investment portfolio ~

At 30/06/2007 Expiration date Face value Market value In %of

net assets % inEURxi 4.066

4.092 4.095 4.098 4.125 4.125 4.130 4.245 4.250 4.250 4.293 4.350 4.365 4.375 4.375 4.375 4.375 4.386 4.425 4.446 4.500 4.500 4.500 4.543 4.547 4.625 4.625 4.625 4.625 4.642 4.650 4.678 4.716 4.748 4.750 4.750 4.750 4.750 4.793 4.799 4.805

4.875 4.917 5.000 5.000

5.000 5.018 5.020 5.1z5 5.125 5.125 5.219 5.317 5.375 5.375 5.375 5.543 5.625 5.750 5.777

4.850

Celtic Res (FRN) Irish RCL Securitisation (FRN) Storm (FRN) Lusitano Mortgage (FRN) National Grid Commerzbank Credit Agricole Permanent Financing (FRN) Citigroup Unit Uti1 Water Leek Finance (FRN) Holmes Master Issuer (FRN) Provide Bricks (FRN) Thyssen Krupp Rodarnco Europe Finance WM-Covered Bond Program American International Paragon Mortgages (FRN) Fosse Master Issuer (FRN) Brunel Residential (FRN) HBOS Adecco Financial Service Fortum Gracechurch Mortgage Finance (FRN) Great Hall Mortgages ( F R N ) General Electric Capital Anqlian Water Hutchinson Whampoa Finance Bank of America Celtic Residential Irish (FRN) Citigroup Smile Securitisation (FRN)

Clock Finance (FRN) Aire Valley Mortgages (FRN) Volkswagen Financial Service France Telecom Coldman Sachs Telstra Teliasonera BBVA Bancomer Promise (FRN) MUFC Capital Finance Societe GenCrale Great Hall Mortgages (FRN) Lafarqe Volvo Treasury Repsol Inter Fina Rmac Securities (FRN) Mituho Capital Invest Stora Enso Wolters Kluwer BAT International Finance Anglo Irish Capital Cenerali Finance Volkswagen Finance Service Vodafone Bat International Finance BCP Finance Bank Lloyds Bank UpperTier II ASML AXA

10-04.2048 24-12-2014 22.04-2048 15.07-2059 21-03-2013 13.09-2011 09-11-2015 10-06.2042 25-02-2025 24-01-2020 21-12-2037 15-07-2040 30-01-2040 18-03.2015 01-10-2014 19-05-2014 26-04-2016 15-09-2039 18-10-2054 13-01.2039 18-03-2025 25-04-2013 20-06-2016 20-11-2056 18-03-2039 15-09-2016 07-10-2013 21-09-2016 07-02-2017 14-12-2048 19-09-2016 20-12-2053 25-02-2015 20-09-2066 19-07-2011 21-02-2017 12-10-2021 15-07-2014 07-03-2017 17-05-2012 12-05-2024 25-07-2016 18-12-2014 18-06-2038 16-07-2014 31-05-2017 22-07-2013 12-06-2044 30-06-2011 23-06-2014 27-01-2014 09-07-2013 29-09-2016 16-06-2016 25-01-2012 06-06-2022 29-06-2017 09-06-2014 15-07-2009 13-06-2017 06-07-2016

1,250,000 900,000

2,000,000 2,020,940 1,850,000 1,600,000 1,800,000 1,730,000 2,310,000 900,000

1,200,000 290,000 550,000

1,600,000 1,110,000 4,900,000 2,150,000 670,000

1,120,000

1,250,000

1,430,000

1,560,000

770,000 1,450,000 230,000

1,560,000 1,240,000 900,000

1,600,000

2,600,000 649,434 100,000

1,100,000

1,700,000

1,240,000 710,000

1,210,000 1,150,000 850,000

2,000,000 3,395,000 1,210,000 920,000

1,930,000 520,000 950,000 880,000

1,450,000 l,!jOO,OOO 850,000

2,650,000 ~.fi90,000 1,550,000 920,000

1,goo,ooo 2,000,000 2,150,000 1,800,000 800,000

1,~00,000

790,000

1,250,773 899,359

2,000,518 2,021,183

1,762,514 1,547,872

1,730,804 1,986,970 812,385

1,200,160 289,865 549,770

1,506,080

1,066,677 4,756,773 2,046,284 669,394

1,425,967 1,119,317 1,393,954 1,207,888 736,366

1,449,976 228,730

1,490,377 1,212,410

855,000 1,531,136 1,700,000 2,414,100

100,000

1,095,250 1,229,708 679,541

1,094,445 1,114,557 814,530

1,958,580 3,394,383 1,133.988 922,410

1,901,320 511,862 929,129 872,054

1,437,313 1,483,335 828,172

2,643,375 1,503,965 1,507,220

1,645,200

648,782

782,566

933,892 1,a34,507 1,985,140 2,150,710 1,826,478 784,000

1,504,860

0.67 0.48 1.07 1.08 0.94 0.83 0.88 0.92 1.06 0.43 0.64 0.15 0.29 0.80 0.57 2.54 1.09 0.36 0.76 0.60

0.74 0.64 0.39 0.77 0.12 0.80 0.65 0.46 0.82 0.91 1.29 0.35 0.05 0.58 0.66 0.36 0.58 0.59 0.43 1.05 1.81 0.61 0.49 1.01 0.27 0.50

0.47 0.77 0.79 0.44 0.42 1.41 0.80 0.80 0.50 0.98 1.06 1.15 0.98 0.42 0.80





6.125 Allianz Finance II 31-05-2012 2,150,000 2,248,814 1.20 6.156 Banca Pop Verona Novara 6.467 6.625

Royal Bank of Scotland Tier I BNP Paribas Capital Trust Tier I

21-06-2017 500,000 504,420 29-06-2012 1,770,000 1,870,961 23-10-2011 1,630,000 1,725,029

0.27 1.00 0.92

6.756 Banca Pop Verona Novara 21.06-2017 500,000 510,970 0.27 6.905 Credit Suisse First Bost Tier I 8.160 Standard Chartered BankTier I



Total net assets

07-11-2011 1,590,000 1,700,187 0.91 23-03-2010 1,390,000 1,497,608 0.80

121,495,982 64.83

121,573,866 64.87

179.m.2ao 95.98 7,540,334 4.02

187,419,614 100.00







5.125

3.250 3.750 4.100 4.119 4.125 4.125 4.173 4.194 4.279 4.375 4.375 4.392 4.500 4.750 4.875 4.939 5.125 5.142 5.252 5.330 5.369 5.375 6.125 6.250

6.375 6.500 6.625 6.625 6.821 6.988 7.250 7.627 8.125 8.126 8.220


EUR Dexia Municipal Agency Air Products b Chemicals Danske Bank Magellan Mortgage (FRN) Parker-Hannifin Nationwide Bldg Society Granite Master Issuer (FRN) Svenska Handelsbanken Delphinus (FRN) JP Morgan Chase Allianz Finance Stichting Memphis (FRN) MBNA America European Structure Mizuho Finance Veolia Environnement HBOS Capital Funding RWE Finance Allied Irish Bank ELM (Swiss Rein) Deutsche Capital Trust IV Tier I HSBC Capital Funding LP Citibank Credit Card Master Trust RWE INC INC Bank Fortis N L Tier I Deutsche Telekom International Finance Deutsche Telekom Dexia lntesabci CapitalTrust Tier I France Telecom Halifax Euro Finance Tier I France Telecom Sanpaolo Tier I KBC Bank Funding Trust IVTier I



5.875

3.500 3.500 3.750 3.750 3.875 3.875 3.875 3.875 3-875 3.875

DEM Batavia

EUR KFW International Finance Northern Rock Bayerische Landesbank Goldman Sachs HBOS Treasury Services Bradford G Bingley Northern Rock Depfa Pfandbriefbank WM Covered Bond Program Lehman Bros Cap Fund 1 1 1

19-04-2008 710,000 364,418 0.83

12.07-2008 08-11-2013 16-03-2015 20-07-2059 11-11.2015 27-02.2012 20-12-2054 16-12-2015 28-09-2096 12-11-2019 17.02-2017 25-04-2015 17-01-2014 15-04-2014 28-05-2013 23-05-2016 23-07.2018 16-06-2016 25-05-2016 19 ~ 0 9 - 2 0 13 24-03-2014 11 -042 0 11 26-10-2012 21-06-2021 07-05-2027 26-09-2011 11-07-2011 29-03-2018 06-07-2049 12-07-2011 28-01-2013 09-12-2011 28-01-2033 10-11-2010 10-11.2009

16-03-2009

17-04-2009 04.05-2009 23-05-2011 04-02-2013 07-02-2020

18-10-2011 04-05-2011

15-07-2013 27-09-2011 22-02-2011

110,000 740,000 530,000 185,479 370,000

1,200,000 450,000 500,000 500,000 850,000 420,000 500,000 730,000 850,000 280,000 370,000 220,000 370,000 400,000 710,000 500,000 100,000 260,000 640,000 590,000 600,000 400,000 600,000 190,000 360,000 760,000 170,000 270,000 600,000 320,000

730,000

1,610,000 1,150,000

990,000 600,000 250,000 550,000

1,500,000 530,000 400,000

160,000

108,668 687,112 494,877 185,513 344,544

1,167,636 450,157 458,865 500,650 809,294 382,641 500,406 712,838 848,895 277,225 354,275 223,179 356,151 382,976 711.598 497,500 101,728 274,633 668,672 639.961 630,840 424,004 660,660 202,009 385,128 836,965 187,136 343,305 655,320 341,843

16,807,204

17,171,622

379,036

1,582,002 1,126,989 154,979 922,829 540,348 242,153 530,981

1,431,135 511,386 381,304

0.25 1.56 1.12 0.42 0.78 2.65 1.02 1.04 1.13 1.83 0.87 1.13 1.62 1.92 0.63 0.80 0.51 0.81 0.87 1.61 1.13 0.23 0.62 1.52 1.45 1.43 0.96 1.50 0.46 0.87 1.90 0.42 0.78 1.49 0.78

38.11

38.94

0.86

3.59 2.56 0.35 2.09 1.23 0.55 1.20 3.24 1.16 0.86





4.000 4.028 4.035 4.092 4.095

4.125 4.125 4.130 4.245 4.250 4.250 4.293 4.375 4.375 4.375 4.37s 4.500 4.500 4.500 4.500 4.500 4.625 4-875 5.000

5.000

4.098

5.125 5.125 5-317 5.375 5.543 5.625 6.467 6.625 6.905 7.375 7.875

WM Covered Bond Program Unicredito ltaliano Capital Trust Arran Residential Mortga (FRN) RCL Securitisation (FRN) Storm (FRN) Lusitano Mortgage (FRN) National Grid Cornmerzbank Credit Agricole Permanent Financing (FAN) Citigroup Unit Uti1 Water Leek Finance (FRN) Rodamco Europe Finance Nationwide Bldg Society American International Santander Zurich Finance (USA) HBOS Eurohypo Procter G Gamble Fortum Anglian Water HBOS Treasury Services Munchener Hypothekenbank Volvo Treasury Danske Bank Upper Tier II General Electric Capital Cenerali Finance Volkswagen Finance Service BCP Finance Bank Lloyds Bank Upper Tier II Royal Bankof Scotland Tier I BNP Paribas Capital Trust Tier I Credit Suisse First Bost Tier I Lloyds TSB Capital I Tier I Societe GenPrale Tier I



Total net assets

27-09-2016 27.10-2015 12-04.2056 24-12-2014 22-04-2048 15-07-2059 21-03-2013 13-09-2011 09-11-2015 10-06.2042 25-02-2025 24.01.2020 21-12-2037 01-10-2014 28-02-2022 26-04-2016 10-12-2014 17-09-2014 18-03-2025 21-01-2013 12-05-2014 20-06-2016 07-10-2013 04-06-2019 16-01-2005 31-05-2017 12-11.2012 04.03-2009 16-06-2016 25-01-2012 09-06-2014 15.07-2009 29-06-2012 23-10-2011 07-11-2011 07-02-2012 22-02-2010

2,450,000 330,000 500,000 200,000

1,000,000 192,471 290,000 600,000 600,000 450,000 630,000 150,000 300,000 250,000 400,000 400,000 830,000 350,000 420,000

1,410,000 350,000 200,000 290,000 100,000 100,000 230,000 360,000 590,000 350.000 370,000 500,000 570,000 340,000 550,000 600,000 240,000 470,000

2,280,803 296,637 500,120

199.858 1,000,259 192,494 276,286

580,452 548,400 450,209 541,901 135,398 300,040 240,243 373,840 380,704 783,171 338,986 375,295

1,396,952

191,264 283.548 99.693 101,186 224,947 362,110 594,089 340,340 375,587 500,165 578.385 359,394 582,065 641,580 261,816 503,182

24,956,342

340,837

5.17 0.67 1.13

2.27 0.45

0.44 0.63 1.32 1.24 1.02 1.23 0.31 0.68 0.55 0.85 0.86 1.78 0.77 0.85 3.17 0.77 0.43 0.64 0.23 0.23 0.51 0.82

1.35 0.77 0.85 1.14 1.31 0.81 1.32

1.45 0.59 1.14

56.58

42,507,000 LS97.426

57.44

96.38 3.62

44,104A26 100.00



Investment portfolio ~~ ~~


% in EUR x 1 net assets Transferable securities admitted to an official stock-exchange listing

EUR 3.250 Netherlands 3.500 France 3.750 Belgium 3.750 Netherlands 4.000 Netherlands 4.000 France 4.000 Austria 4.250 Italy 4.250 Belgium 4.250 Netherlands 4.250 France 4.500 Germany 4.750 Germany 4.750 France 5.000 Germany 5.000 France 5.000 Italy 5.000 France 5.250 Germany 5.250 Germany 5.250 Austria 5.375 Germany 5.500 Net her lands 5.500 Germany 5.500 Netherlands 5.500 Belgium 5.750 Italy 6.000 Germany 8.250 Netherlands



3.000 3.000 3.250 3.750 3.750 3.750 3.900 4.000 4.700 4.750 5.000 5.000 5.500 5.750 6.000

EUR France Italy Bundesobligation Italy Belgium Germany Australia Italy Greece Spain Belgium Ireland Belgium Spain Greece



Total net assets

15-07-2015 12-01-2008 28-03.2009 15-07-2009 15-01.2037 25-04-2014 15-07-2009 01-02-2015 28-09-2013 15-07-2013 25-04-2019 04-01-2013 04-07-2034 25-04-2035 04-07-2011 25-04-2012 01-02-2012 25-10-2011 0401-2008 04-01-2011 04-01-2011 04-01-2010 15-01-2028 04-01-2031 15-07-2010 28-03-2028 01-02-2033 04-07-2007 15-09-2007

12-01-2010 01-02-2009 17-04-2009 01-08-2021 28-09-2015 04-01-2017 15-07-2020 01.02-2017 20-03-2024 30-07-2014 28-09-2012 18-04-2013 28-09-2017 30-07-2032 19-05-2010

7,450,000 9,150,000 26,200,000 4,350,000 18,400,000 3 7,000,000 5,800,000 6,800,000 8,800,000 11,350,000 26,350,000 14,250,000 27,650,000 14,550,000 2,141,000 14,840,000 33,250,000 2,155,000 1,750,000 14,150,000 25,050,000

31,753,000 2,600,000 12,450,000

1,950,000 11,030,000 24,600,000 7,300,000 2,007,132

17,150,000 32,800,000 44,800,000 28,000,000 34,851,000 5,800,000 2,600,000 17,200,000 13,800,000 6,070,000 8,850,000 6,300,000 13,300,000 7,500,000 26,050,000

6,789,930 9,111,113 25,885,076 4,289,144 16,256,032 35,788,620 5,745,190 6,622,248 8,640,280 11,165,109 25,418,001 14,211.8 10 27,799,310 14,545,781 2,176,198 15,124,928 33,810,595 2,194,954 1,758,225 14,469,932 25,608,615 32,390,918 1,854,306 13,780,407 2,002,650 12,101,123 27,201,942 7,299,854 2,021,985

407,064,276

407,064,276

16,542,547 32,077,416 43,873,984 24,791,480 32,797,231 5,442,430 2,404,220

13,353,018 6,141,019 9,021,867 6,431,607 14,212,513 8,558,775

16,218,224

27,021,401 ~5a,aa7.732

25a,a87,732

0.99 1.33 3.78 0.63 2.38 5.23 0.84 0 97 1.26 1.63 3.72 2.08 4.06 2.13 0.32 2.21 4.94 0.32 0.26 2.11

3.74 4.73 0.42 2.01 0.29 1.77 3.98 1.07 0.30

59.50

59.50

4.69 6.41 3.62 4.79 0.80 0.35 2.37 1.95

1.32 i

0.94 2.08 1.25

0.90 I

3.95 37.84

37.84

97.34 2.66

1w.00


Robeco Euro Bonds


Market value In 96 of Expiration date Face value At 30/06/2007



0.000

0.000

3.000 3.125 3.250 3.250 3.500 3.750 3.750 4.000 4.000 4.000 4.000

4.119 4.125 4.125

4.176 4.194 4.219

4.173

4.250 4.250 4.250 4.250 4.250 4.279 4.310 4.375 4.375 4.500 4.500 4.500 4.695

4.750 4.750 4.939 5.000

5.000

5.000

4.750

5.000 5.000 5.000

5.250 5.250 5.250 5.252 5.330 5.369 5.375 5.500 5.500 5.500 5.500 5.750 6.000 6.250 6.375

EUR Netherlands Germany Netherlands Dexia Muni Agency Netherlands Caisse d’Amort Dette France Belgium Netherlands Deutsche felekom International Finance Austria European Investment Bank France Magellan Mortgage (FRN) Par ker-Ha nnif in Nationwide Bldg Society Granite Master Issuer (FRN) ING Bank Svenska Handelsbanken German Resid Asset (FRN) Germany Italy Belgium France Netherlands Delphinus (FRN) ABN-AMRO Bank Allianz Finance Wachovia Bank HBOS Treasury Services MBNA America European Structure Germany Robeco CSO I l l (FRN) Germany Miruho Finance France HBOS Capital Funding Germany France France Italy Netherlands Netherlands Netherlands Germany Austria ELM (Swiss Rein) Deutsche Capital Trust IV Tier I HSBC Capital Funding LP Germany Netherlands Germany Belgium Netherlands Italy Germany ING ING Bank

15-01-2023 04-07-2027 15-07-2007 15-09-2015 15-07-2015 25-04-2013 12-01-2008 28-03-2009 15-07.2009 19-01-2015 15-07-2009 15-10-2037 25-04-2014 20-07-2059 11-11-2015 27-02-2012 20-12-2054 08-06-2015 16-12-2015 20-07-2016 04-01-2014 01-02.2015 28-09-2013 25-04-2019 15-07-2013 28-09-2096 10-03-2016 17-02-2017 01-08-2016 23-10.2013 17-01-2014 04-01-2013 15-09-2010 04-07-2034 15-04-2014 25-04-2035 23-05-2016 04-07-2011 25-04-2012 25-10-2011 01-02-2012 15-07-2011 15-07-2012 15-07-2008 04-01-2011 04-01-2011 25-05-2016 19-09-2013 24-03-2014 04-01-2010 15-01-2028 04-01-2031 28-03-2028 15-07-2010 01-02-2033 04-07-2007 21-06-2021 07-05-2027

381 7,889,618 3,450,000 16,070,000 6,850,000 11,550,000 5,600,000 17,300,000 4,000,000 320,000

20,200,000

3,700,000 463,697 990,000

17,890,000

32,650,000 1,600,000 1,430,000 1,410,000 1,134,792 490,000

6,300,000 ~ , ~ O O , O O O

31,680,000 21,410,000 1,900,000 1,460,000 1,510,000 3,000,000 15,500,000

480,000 11,900,000 18,000,000 7,350,000 1,630,000 13,700,000 1,450,000 1,950,000 4,050,000 2,000,000 30,750,000 2,400,000 2,000,000

1,475,000 33,300,000 34,550,000 1,500,000

2,620,000 2,090,000 37,350,000 2,890,000 53,040,000 6,570,000 31,950,000 22,900,000 6,700,000 1,270,000 1,070,000

185 3,100,902 3.448.379 14,264,053 6,243,090 10,735,148 5,576,200 17,092,054 3,944,040 295,680

20,009,110

15,510,093 3,578,862 463,784

31,769,430 1,600,557 1,317,545 1,293,999 1,137,108 481,508

6,135,318 7,658,430 30,559,478 21,061,231

1,902,469 1,328,352 1,375,686 2,842,560 15,254,635

468,715 11,868,108

18,043,920 7,389,690 1,627,881 13,696,027 1,388,375 1,982,058 4,127,760 2,037,080 31,268,445 2,439,840 2,038,340 1,486,962 34,052,913 35,320,465 1,436,160 2.625895 2,079,550 38,100,362

3.172.671 58,707,854 7,208,013 32,812,650 25,322,133 6,699,866 1,326,896 1,160,608

921,888

0.00

0.32 0.36 1.48 0.65 1-11 0.58 1.77 0.41 0.03 2.07

0.37 0.05 0.10 3.29 0.17 0.14 0.13 0.12

1.61

0.05 0.64 0.79 3.17 2.18 0.20 0.14 0.14 0.29 1.58 0.05 1.23 1.87 0.77 0.17 1.42 0.14 0.21

0.43 0.21 3.24 0.25 0.21 0.15

3.53 3.66 0.15 0.27 0.22 3-95 0.33 6.08

0.75 3.40 2.62 0.69 0.14 0.12



6.500 6.625

6.875 6.988

7.055 7.250 7.627 8.125 8.126 8.250



Fortis NLTier I 26.09.2011 1,800,000 1,892,520 0.20 Deutsche Telekorn International Finance KBC Bank Funding Trust I I lntesabri Capital Trust Tier I HVB Funding Trust Vl l l Tier I France Telecorn Halifax Euro Finance Tier I France Telecom Sanpaolo Tier I Netherlands

Total transferable securities admitted to an official stockexchange listing


3.250 3.500 3.625 3.750 3.750 3.750 3.750 3.750 3.875 3.875 3.875 3.900 4.000 4.000 4.000 4.028 4.035 4.066 4.092 4.095 4.098 4.125 4.125 4.125 4.130 4.245 4.250 4.250 4.250 4.250 4.293 4.350 4.365 4-375 4.375 4.375 4.375 4.375 4.375 4.386 4.425 4.446 4.500 4.500

EUR Bundesobligation KFW International Finance Caisse Arnor Dette Coldman Sachs Morgan Stanley Germany Italy Belgium J P Morgan Chase b Co WM Covered Bond Program Northern Rock Australia European Investment Bank WM Covered Bond Program Italy Unicredito ltaliano Capital Trust Arran Residential Mortgage (FRN) Celtic Res (FRN) Irish RCL Securitisation (FRN) Storm (FRN) Lusitano Mortgage (FRN) National Grid Comrnerzbank Caisse d'Amortissement de la 0 Credit Agricole Permanent Financing (FRN) Belgium Cittgroup Bradford G Bingley Unit Uti1 Water Leek Finance (FRN) Royal Bank of Scotland Provide Bricks (FRN) Santander American International Rodarnco Europe Finance WM-Covered Bond Program US Bank NA Minnesota New York Life Funding Paragon Mortgages (FRN) Fosse Master Issuer (FRN) Brunel Residential (FRN) HBOS Forturn

11-07-2011 30-06-2009 12-07-2011 28-03-2012 28-01-2013 09-12-2011 28-01-2033 10-11-2010 15-09-2007

17-04.2009 17-04-2009 25-04-2016 04-02-2013 01-03-2013 04-01-2017 01-08.2021 28-09-2015 15-03-2013 27-09-2011 16-11-2020 15-07-2020 15-042009 27-09-2016 01-02-2017 27-10-2015 12-04-2056 10-042048 24-12-2014 22-042048 15-07.2059 21-03-2013 13-09-2011 25-042017 09-11-2015 10-06-2042 28-09-2014 25-02-2025 04-05.2016 2401-2020 21-12-2037 23-01-2017 30-01.2040 10-12-2014 26-04.2016 01-10-2014 19-05-2014 28-02-2012 19-01-2017 15-09-2039 18-10-2054 13-01-2039 18-03-2025 20-06-2016

2,720,000 970,000

2,190,000 1,070,000 1,850,000 300,000 520,000 550,000

1,850,000

17,650,000 23,280,000 16,300,000 6,500,000 4,500,000 8,700,000 24,000,000 18,678,000 2,900,000 26,500,000 15,000,000 2,400,000 25,370,000

500,000 14,300,000 1,190,000 1,670,000 1,050,000

1,500,000

5 7 7,4 12 2,100,000

700,000

1,500,000 2,400,000 1,450,000 1,370,000 300,000

2,050,000 1,550,000 710,000 800,000

1,400,000 50,000

1,600,000 2,050,000 920,000

10,000,000 1,750,000 4,500,000

50,000 110,000 80,000

1,250,000 750.000

2,883,227 1,003,465 2,342,862 1,149,822 2,037,350 330,240 661,180 600,710

1,863,690 595,556,077

0.30 0.10 0.24 0.12 0.21 0.03 0.07 0.06 0.19 61.72

595,556077 61.72

17,285.175 22,875,161 15,062,504 6,058,975 4,197,105 8,163,645 21,249,840 17,577,305 2,733,656 25,569,320 13,387,800 2,219,280 25,180,740

465,470 13,483,756 1,069,691 1,670,400 1,050,650 699,502

1,500,388 577,481

2,000,691 1,451,130 2,287,032 1,325,300 1,370,637 293,556

1,763,328 1,478,499 640,882 800,107

1,325,184 49,979

1,509,728 1,951,108 884,092

9,707,700 1,706,233 4,268,115

49,955 109,630 79,951

1,116,950 717,240

1.79 2.37 1.56 0.63 0.43 0.85 2.20 1.82 0.28 2.65

1.39 0.23 2.61 0.05 1.40 0.11 0.17 0.11 0.07 0.16 0.06 0.21 0.15 0.24 0.14 0.14 0.03 0.18 0.15 I

0.07 0.08 '

0.14 0.01 0.16 0.20 0.09 1.01 0.18 0.44 0.01 0.01 0.01 0.12 0.07

i




% in EUR x 1

4.500 4.500 4.500 4.543 4.625 4.625 4.625 4.625 4.642 4.650 4.678 4.700 4.748 4.750 4.750 4.750 4.750 4.750 4.750 4.805 4.850 4.875 4.917 5.000

5.000 5.000 5.000 5.018 5.020

5.125 5.219 5.317 5.375 5.625 5.750 6.000 6.125 6.467 6.625

6.905

Procter b Gamble Eurohypo Leaseplan Gracechurch Mortgage Finance (FRN) General Electric Capital Anglian Water Bank of America Hutchinson Whampoa Finance Celtic Residential Irish (FRN) Citigroup Smile Securitisation (FRN) Greece Aire Valley Mortgages (FRN) Volkswagen Financial Service Telstra Goldman Sachs Tellasonera Spain France Telecorn Promise (FRN) MUFG Capi:al Finance Societe GCnCrale Great Hall Mortgages (FRN) Austria Belgium American International Ireland Rmac Securities (FRN) Mituho Capital Invest Lehman Brothers Anglo Irish Capital Generali Finance Volkswagen Finance Service Lloyds Bank Upper Tier I1 Spain Greece Allianz Finance II Royal Bank of Scotland Tier I BNP Paribas Capital Trust Tier I Credit Suisse First Bost Tier I



1 Total net assets

12.05-2014 2 1-01.20 13 08-11-2016 20-11-2056 15-09-2016 07-10-2013 07-02-2017 21-09-2016 14-12-2048 19-09-2016 20-12-2053 20-03-2024 20-09-2066 19-07-2011 15-07-2014 12-10-2021 07-03-2017 30-07-2014 21-02-2017 12-05-2024 25-07-2016 18-12-2014 18-06-2038 15.01-2008 28-03-2035 26-06-2017 18-04-2013 12-06-2044 30.06-2011 27-06-2014 29-09-2016 16-06-2016 25-01-2012 15-07-2009 30-07-2032 19-05-2010 31-05-2012 29-06-2012 23-10-2011 07-11-2011

goo,ooo 26,080,000 1,100,000 3,200,000 1,600,000 980,000

1,500,000 750,000 150,000

2,600,000 48,465

7,100,000 100,000

1,290,000 1,100,000 1,100,000 760,000

5,650,000 640,000 970,000

1,100,000 810,000 140,000

1,970,000 765,000

5,150,000

1,190,000 1,250,000 6,100,000 1,450,000 1,450,000

1,510,000 5,300,000 11,200,000 1,930,000 1,630,000 1,660,000

5,800,000

720,000

876,438 25,838,760 1,069,046 Ll99.980 1,528,592 958.195

1,435,440 712,500 150,000

2,414,100

6,870,031 99,568

1,279,293 1,066,098 994,950 728,285

5,716,105 612,544

1,030,898 812,122 137,920

1,977,191 788,868

5,098,603 5,921,162 1,179,588 1,236,113 6,049,370 1,371,541 1,409,980 730,872

1,532,212

11,617,648

1,722,975 1,756,778

48,417

969,824

6,048,201

2,018,703

1,450,000 1.550.479 347,524,321

347,524,321

943,080,398 21,792,611

964,873,009

in 96 of

net assets

0.09 2.68 0.11 0.12 0.16 0.10 0.15 0.07 0.02 0.25 0.01 0.71 0.01 0.13 0.11 0.10 0.08

0.59 0.06 0.10 0.11 0.08 0.01

0.20

0.08 0.53 0.61 0.12 0.13 0.63 0.14 0.15 0.08 0.16 0.63 1.20 0.21 0.18 0.18 0.16

36.02

36.02

97.74 2.26



I nvest me nt portfolio


96 in EUR x 1 net assets Transferable securities admitted to an official stock-exchange listing

4.750

5.375 5.816 6.000 6.000 6.375 7.625 8.125 8.375 8.500 8.500 8.750 8.875 9.000 9.000 9.625 9.750

9.968 13.553

4.875

9.875

EUR IS5 Global Ford Motor Credit General Motors Monastery (FRN) Scandinavian Airlines CMAC Canada Alcatel Rockwood Spec Europcar General Motors HTM Sport 0 Freizeit SGL Carbon Luxembourg lesy Repository Ardag Glass Finance Telenet Comm Mecachrome International Safilo Capital Durr IT Finance Hellas II (FRN) Stability

CBP 8.750 British Airways

NOK 9.520 MPU Offshore Lift (FRN)

USD 11.000 Cecon



3.750 4.159 4.625 5.000

5.125 5.125 5.125 5.625 5.625 5.625 5.750 5.750 5.777 5.875 5.875 5.977 6.125 6.148 6.250 6.250 6.375 6.375

EUR Valeo Smart Sme Clo Banca Popolare ltaliana Bayer TU1 Kazkornmertsbank International Degussa Peri Royal Carribean Cruises SC Parex Banka Ford Motor Credit Thornson AXA Stena Koninklilke Ahold Bancala Fondo De Tituliz (FRN) Hornbach Baum Clondalkin Acquisition (FRN) Crown Euro Chesapeake Energy Solvay Finance TRW Automotive

18-09-2010 15-01.2010 06-06-2011 17-11-2044 20-06-2008 23-05-2012 07-04-2014 15-11.2014 15-05-2014 15-07-2033 01-02-2014 01-02-2012 15-02-2015 01-07-2013 15-12-2013 15-05-2014 15-05-2013 15-07-2011 15-11-2012 15-01-2015 05-02-2022

23-08-2016

22-12-2011

04-05-2012

24-06-2013 27-12-2016 23-03-2015 29-07-2015 10-12-2012 23-03-2011 10-12-2013 15.12-2011 27-01-2014 05-os-2011 12-01-2009 25.09-2015 06-07-2016 01-02-2019 14-03-2012 22-05-2050 15-11-2014 15-12-2013 01-09-2011 15-01-2017 02-06-2016 15-03-2014

650,000 200,000

1,000,000 100,000 300,000 200,000

200,000 200,000 930,000 100,000 100,000 100,000 100,000 373,500 100,000 97,500 100,000 100,000 200,000 100,000

450,000

630,500 190,878 959,060 100,000

303,000 193,750 464,427 209,000

209,500 881,175 96,000 105,951 100.500 104,000

403,380 104,500 104,56 9 108,375 108,250 205,900 100,000

5,682,715

1.73 0.52 2.62 0.27 0.83 0.53 1.27 0.57 0.57 2.41 0.26 0.29 0.28 0.28 1.10 0.29 0.29 0.30 0.30 0.56 0.27 15.54

150,000 239,657 0.66

500,000 62,368 0.17

200,000 148,088 0.41

350,000 100,000 150,000

1,000,000 ~ 0 0 , 0 0 0

150,000

600,000

~ 0 0 , 0 0 0

150,000

250,000 100,000 200,000 850,000 100,000 150,000

250,000 500,000

350,000 100,000

450,000

700,000

450,000

6,132,828 16.78

324,499 100,000 142,341 926,370 284,250 143,453 584,700 450,000 492,415 147,141 696,668 217,813 100,324 187,000 868,700 99,280 153,000 452,250 255,250

364,672 98,500

600,000

0.89 0.27 0.39 2.54 0.78 0.39 1.60 1.23

1.35 0.40 1.91 0.60 0.27

2.38 0.27

I

0.51

0.42 1.24 0.70 1.64 1.00 0.27



At 30 /06/2007 Expiration date Face value

%

6.500 6.500 6.625 6.642 6.718

6.742 6.750 6.750 6.875 6.875 7.000 7.125 7.159 7.186 7.229 7.242 7.250 7.250 7.375 7.395 7.500 7.500 7.500 7.500 7.500 7.664 7.750 7.750 7.875 7.875 7.875 7.875 8.000 8.000 8.000

8.000

8.250 8.250 8.250 8.250 8.500 8.500 8.625 8.625 8.625 8.750 8.750 9.000

9.000 9.061 9.125 9.250 9.375 9.500 9.513 9.625

I 9.000

9.750 9.750 9.750 9.750

Kronos Wienerberger FKI Whinston Capital Management Rhodia (FRN) Banca Popolare Lodi Owens-Brockway Class Rexarn Aqco Huntsman International Chesapeake E l Paso Smart (FRN) Bombardier (FRN) Smile 2005 Synthetic (FRN) Stichtinq Memphis (FRN) Bombardier General Motors Linde finance Edcon Proprietary (FRN) Escada Faqe Dairy Industries Etab Econ Casino Guich Huntsman International (FRN) Corus Skyline (FRN) u PC Peermont Global Jenoptik lneos Gerresheimer Victoria Ac 111 Lighthouse International Savcio Clondalkin Industries Central Eur Distribution Codere Finance Luxembourg Central Euro Media Center Lottomatica Spa SPCM HellasTelecom Ill WDAC Subsidiary Crohe Levis Strauss Emi Cirsa Finance Luxembourg Polypore Nalco Momentive Performance Satka BCM Ireland (FRN) Mauser Beteilig Vac Finanzierung Klockner Pentaplast TVN Finance Nordic (FRN) Johnson Diversey Noma Luxembourg FMC Finance Gilderneister Wind Acquisition

15-04-2013 28-02-2049 22-02.2010 25-01-2055 15-10-2013 30-06-2015 01-12-2014 29-06-2067 23-04-2014 15-11-2013 15-12-2014 06-05-2009 27-12-2016 15-11-2013 20-01-2015 25-04-2015 15-11-2066 03-07-2013 14-07-2016 15-06-2014 01-042012 15-01-2015 20-01-2010 01-01-2015 01-10-2011 22-07-2043 15-01-2014 30-04-2014 15-11-2010 15-02-2016 01-03-2015 01-10-2014 30-04-2014 15-02.2013 15-03-2014 25-07-2012 15-06-2015 15-05-2012 31-03-2016 15-06.2013 15-10-2013 01-12-2014 01-10-2014 01-04-2013 15-10-2013 15-05-2014 15-05-2012 15-11.2013 01-12-2014 12-07.2021 15-08-2016 15-02-2013 15-04-2016 15-02-2012 15-12-2013 01-05-2016 15-05-2012 15-07-2011 01-09-2013 19-07-2011 01-12-2015

200,000 250,000 300,000 200,000 200.000 600,000 300,000 500,000 200,000 300,000 100,000

100,000 200,000

85.572 100,000 200,000 100,000

1,000,000

350,000 100,000 200,000 300,000 400,000 500,000 200,000 650,000 200,000 100,000 447,000 60,000 150,000 300,000 400,000 100,000

300,000 100,000 400,000 275,000 200,000 200,000 200,000 100,000

550,000 200,000 100,000 200,000 150,000 100,000 100,000 100,000 100,000 100,000 100,000 150,000 250,000 100,000 150,000 100,000 800,000

250,000

80,000

Market value In 96 of


1g1.000

244,138 307.500 202,580

204,350 631,800 301,500 500,135 207,500 313,500 94,000 258,125 100,080 208,300 87,454 101,561

208,750 97,100

1,049,950 347,946 105,000

194,000 258,600 418,000 527,500 200,000

645,125 200,000 105,000 419,063 63,300 163,500 317,250 416,000 101,000 85,400 313,500 107,825 430,500 295,625 216,000 209,000 206,000 106,250 592,625 201,500 101,500 212,000 150,000 110,000 102,000 110,000 107,000 104,600 108,750 153,844 261,250 109,250 171,000

108,750 910,000

0.52 0.67 0.84 0.55 0.56 1.73 0.83

1.37 0.57 0.86 0.26 0.71 0.27 0.57 0.24 0.28 0.57 0.27 2.87 0.95 0.29 0.53 0.71 1.14 1.44 0.55 1.76 0.55 0.29 1.14 0.17 0.45 0.87 1.14 0.28 0.23 0.86 0.30 1.18 0.81 0.59 0.57 0.56 0.29 1.62 0.55 0.28 0.58 0.41 0.30 0.28 0.30 0.29 0.29 0.30 0.42 0.71 0.30 0.47 0.30 2.49


I nvest m en t po rtfo I io


96 inEURxl

Clock Finance (FRN) 25-02-2015 9.836 9.875

10.000

10.000 10.125

10.375 10.500

10.845 10.875 11.000

11.000

11.492 19.055

6.625 7.000

7.250 8.125 8.598

8.750 9.350 9.375

11.750 12.000

8.750

9.750 9.890

9.000 9.300 9.750

10.080 10.280 10.356 10.515 10.850 11.355 11.500 12.110

I nve nsys Piaggio Finance louis No1 Eco-Bat Finance IFCO Systems Ono Finance Mars (FRN) Travel port Treofan Germany Boats Invest Netherlands Stichtinq Memphis (FRN) Promise (FRN)

CBP Allied Domecq British Energy Iron Mountain Warner Music Eurosail (FRN) Cable And Wireless H CA Resloc (FRN) Focus Diy Finance GI Crossing UK Finance Brake Bros Finance

NOK Petromena Sevan Drilling (FRN)

USD Songa Offshore Ddi Offshore Rig Services Ddi (FRN) Petrojack (FRN) Rubicon Offshore (FRN) Standard Drilling Petroprod Petroprod ( F R N ) Frigstad Discoverer MPF (FRN)



15-03-2011 30-04-2012 01-12-2016 31-01-2013 15-10-2010 15.05-2014 28-08-2014 01-09-2016 01-08-2013 31-03-2017 25-042015 12-05-2024

18-04-2011 31-03-2022 15-04-2014 15-042014 13-03-2045 06-08-2012 01-11-2010 15-12-2043 03-03-2015 15-12-2014 15-12-2011

24-05-2012 07-12-2012

08-09-2010 26-042012 27-04.2011 15-03-2012 30-05-2012 16-04-2012 10-01-2011 24-05-2013 12-01-2012 21-02-2012 20-09-2011

100,000 292,500 100,000

550,000 100,000

100,000 200,000 100,000 100,000 100,000 250,000 100,000

97,000

450,000

286,395 125,000

50,000

110,641 200,000 200,000 125,000 50,000

50,000

100,000

100,000 315,900 112,750 544,500 107,250 106,500

220,500 99,970

111,500 99,500

253,235 101,507

95,516 25332.030

669,702 427,583 181,052

72,049 162,812 308,995 305,281 159,365 37,139 81,334

159,103 2,564,415

500,000 65,815 500,000 65,032

40.847

100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000

100,000 100,000

77,746 77,931 77,376

77,006 74,414 74,044 75,340 75,525 74,044

78,487

73,674 835,587

28,862,879

34,995,707 1,547,282

36,542,989

In %of

net assets

0.27 0.86 0.31

0.29 0.29 0.60 0.27 0.31

1.49

0.27 0.69 0.28 0.26

69.32

1.83 1.17 0.50 0.20 0.45 0.84

0.84 0.44 0.10

0.22 0.43 7.02

0.18 0.18

0.36

0.21 0.21 0.21 0.22 0.21 0.21 0.20 0.21 0.21 0.20 0.20 2.29

78.99

1 95.77 4.23

Total net assets 100.00

124 Robeco Capita Growth Funds






EUA 4.119 Smile 2005 Synthetic (FRN) 20-01-2015 5,564,869 5,565,638 3.92 4.219 German Resid Asset (FRN) 20-07-2016 4,653,593 4,663,091 3.29 4.253 Chaves Funding (FRN) 20-11-2034 5,468,000 5,466,360 3.85 4.304 Stichting DFM Vehicle Lo (FRN) 18-08-2018 3,000,000 3,003,000 2 12 4.472 Castellana Finance (FRN) 0&10-2049 5,000,000 5,000,000 3.53 4.699 German Residential Asset (FRN) 20-07-2016 2,585,434 2,546,717 1.83 4.859 Delphinus (FRN) 25-09-2096 4,000,000 4,005,522 2.82 5.153 Dovedale Finance No 1 (FRN) 21-12-2038 3,424,896 3,432,602 2.42

33,732,930 23.78

33,732.930 23.78 Total transferable securities admitted to an official stock-exchange listing


4.066 4.092 4.098 4.118 4.120 4.129 4.137 4.138 4.149 4.185 4.187 4.285 4.293 4.293 4.298

4.368

4.385

4.445 4.449 4.543 4.605 4.642 4.678 4.716 4.745

4.748 4.772 4.848 5.018

4.365

4.385

4.388

4.748

EUR Celtic Res (FAN) Irish RCL Securitisation (FRN) Lusitano Mortgage (FRN) AM Genova Hipotecario (FRN) Bankinter Fondo De Titul (FRN) Fta Santander Finance (FRN) Talisman Finance (FRN) Caja Laboral (FRN) Shield (FRN) Taurus CMBS (FRN) Candide Financing (FRN) French Residential Asset (FRN) Leek Finance (FRN) Ludgate Funding (FRN) Locat Securitisation Veh (FRN) Provide Bricks (FRN) Holmes Financing (FRN) Eurosail (FRN) Arran Residential Mortga (FRN) Rmac Securities (FRN) Clavis Securities (FRN) Granite Master Issuer (FRN) Gracechurch Mortgage Finance (FRN) FTPYME Bancaja (FRN) Celtic Residential Irish (FRN) Smile Securitisation (FRN) Clock Finance (FRN) Mars (FRN) Aire Valley Mortgages (FRN) Farms Securitisation (FRN) Pyme TDA Cam (FRN) Aire Valley Mortgages (FRN) Rmac Securities (FRN)

10-04-2048 24-12-2014 15-07-2059 15-07-2039 17-07-2049 20-07-203s 22-10-2016 24-10-2049 20-01-2014 22-04-2015 20-11.2051 15-12-2043 21~12.2037 01-12-2060 12-09-2028 30-01-2040 16.07-2040 10-06-2044 12-04-2056 12-06-2044 15-12-2039 20-12-2054 20-11-2056 14-02-2039 14-12-2048 20-12-2053 25-02-2015 28-08-2014 20-09-2066 20-12-2062 28-09-2045 20-09-2066 12-06-2044

3,700,000 2,500,000 2,405,882 4,350,000 3,200,000

3,300,000 4,000,000

6,689,585 1,100,000

3;845,157 1,000,000 6,000,000 6,300,000 4,350,000

1,900,000

1,367,000 3,828,000 2,759,000 4,370,000 5,470,000 4,062,000 1,650,000 1,600,000 1,g00,000 1,007,107 500,000

3,000,000 2,500,000

5,500,000 2,200,000 2,000,000

5,000,000

4,060,000

3,702,289 2,498,220 2,406,171 4,342,133 3,194,088 3,300,178 3,999,340 6,678,588 1,102,772 3,846,012 1,000,650 6,002,220 6,300,840 4.349.565 5,002,356 1,899,205 1,366,557

2,755,150 4,359,997 5,456,635 4,059,493 1.649.972 1,599,957 1,900,000 1,006,096 500,000

2,999,400 2,489,205 5,535,149 2,199,936 1,975,994 4,024.477

107,319,102

3,816,457

2.61 1.76 1.70 3.06 2.25

2.33 2.82 4.71 0.78 2.71 0.71 4.23 4.44 3.07 3.53 1.34 0.96 2.69 1.94 3.07 3.85 2.86 1.16 1.13 1.34 0.71 0.35 2.11 1.75 3.90 1.55 1.39 2.84

75.65



107,319,102

141,051,032 811,219

75.65

99.43 0.57








5.125

3.000

3.250 4.079 4.119 4.119 4.124 4.125 4.168

4.173 4.236 4.279 4.500 4.655 4.695 4.750 5.375 6.250 6.500 6.625 6.988 7.627 7.664 8.126 8.220

5.250 5.375 6.000 6.250


EUR Netherlands Dexia Municipal Agency INC Verzekeringen (FRN) Smile 2005 Synthetic (FRN) Magellan Mortgage (FRN) Caisse Centrale Du Credit (FRN) Nationwide Bldg Society Anglo Irish Bank (FRN) Granite Master Issuer (FRN) AIL Sunamerica (FRN) Delphinus (FRN) Germany Ludgate Funding (FRN) Robeco CSO 1 1 1 (FRN) Mizuho Finance Citibank Credit Card Master Trust ING Fortis NL Tier I Deutsche Telekom International Finance lntesabci Capital Trust Tier I Halifax Euro FinanceTier I Skyline (FRN) SanpaoloTier I KBC Bank Funding Trust IVTier I

NLG European Mortgage Secs International Ned Bank ABN-AMRO Bank ABN.AMR0 Bank



OEM 5.750 Credit Suisse (Londen) Sobord 5.875 Batavia

2.250 3.000

3.500 3.500 3.750 3.875 3.875 4.035 4.042 4.044 4.046 4.059 4.078 4.085

EUR Bundesschatzanweisungen DNB Nordbank Asa KFW International Finance Northern Rock Bayerische Landesbank lehman Bror Cap Fund 1 1 1 Bradford b Bingley BS Arran Residential Mortga (FRN)

ONE Nordbank Asa ( F R N ) HSBC Bank U5A (FRN) Cred Agricole (FRN) BMW (UK) Capital (FRN) BCP Finance Bank (FRN) General Electric Capital EUR (FRN)

19-04-2008

15-07-2007 12-07-2008 20-10-2010 20-01-2015 20-07-2059 27-01-2010 27-02-2012 10-02-2010 20-12-2054 25-11-2008 28-09-2096 17-08-2007 01-01-2061 15-09-2010 15-04-2014 11-04-2011 21-06-2021 26-09-2011 11-07-2011 12-07-2011 09-12-2011 22-07-2043 10-11-2010 10-11-2009

13-05-2008 10-03-2008 28-11-2007 14-01-2009

11-05-2010 16-03-2009

14-09-2007 30-07-2009 17-04-2009 0405-2009 23-05-2011 22-02-2011 04-05-2011

25-01-2010 12-04-2056

09-07-2008 11-07-2007 20-10-2008 20-10-2009 21.10-2009

1,640,000

60,000,000 3,440,000 5,000,000 7,658,077 370,958

3,864,000 2,950,000 4,000,000 1,100,000 10,000,000 1,000,000 65,700,000 4,000,000 16,000,000 2,050,000 300,000

1,370,000 1,400,000 1,150,000 950,000 530,000

4,000,000 1,640,000 800,000

4,000,000 5,510,000 4,855,000 3.230.000

841,753

59,971,800 3,398,342 4,999,924 7,659,136 371,027

3,867,168 2,870,439 4,001,240 1,100,383 9,994,500 1,001,299 65,717,082 4,000,000 16,039,040 2,047,335 305,184

1,431,376 1,471,960 1,219,012 1,016,310 583,424

4,000,000 1,791,208 854,608

199,711,797

1,824,196 2,513,146

1,496,710 8,050,374

2,216,322

0.12

8.84 0.50

0.74 1.13 0.05 0.57 0.42 0.59 0.16 1.47 0.15

9.69 0.59 2.36 0.30 0.04 0.21 0.22 0.18 0.15 0.09 0.59 0.26 0.13

29.43

0.27

0.37 0.33 0.22 1.19

208,603,924

2,309,000 1,206,932 1,670,000 867,111

2.074.043

65,000,000

3,500,000 4,400,000 4,400,000 470,000

1,050,000 1,150,000 1,200,000 4,000,000 4,100,000 10,000,000 3,200,000

3,500,000 g,ooo,ooo

64,764,167 3,389,400 4,323,484 4,311,956 455,251

1,000,923 1,113,902 1,200,287 3,943,760 4,103,116 10,000,645

3,199,806 3,496,605 9,003,060

30.74

0.18 0.13 0.31

9.55 0.50 0.64 0.64 0.07 0.15 0.16 0.18 0.59 0.60

1.47 0.47 0.52 1.33





4.097 4.095 4.098 4.113 4.117 4.125 4.132 4.143 4.186 4.192 4.208

4.218 4.209

4.229 4.236 4.245 4.246 4.254 4.259 4.264 4.268 4.288 4.293 4.295 4.323 4.398 4.495 4-505 4.530 4.547 4.594 4.750 5.000 5.000 5.125 5.125 5.362 5.375 5.625 6.625 6.905 7.375 7.875

~ RCL Securitisation (FRN) 2412-2014 Storm (FRN) Lusitano Mortgage (FRN)

Wachovia (FRN) BCP Finance Bank (FRN) Commerzbank Rodamco Europe Finance (FRN) Citigroup (FRN) Key Bank (FRN) Bank of America (FRN) Eelgacom (FAN) DNB Nordbank Asa (FRN) Banque PSA Finance (FRN) Bear Stearns Cos (FRN) Merrill Lynch (FRN) Permanent Financing (FRN) Goldman Sachs (FRN) Royal Bankof Scotland (FRN) Westlb (FRN) Allied Irish Bank (FRN) EFC Hellas (FRN) J.P. Morgan Chase (FRN) leek Finance (FRN) SLM (FRN) Lehman Brothers Smile Securitisation (FRN) Morgan Stanley (FRN) Citigroup Countrywide Home Loan (FRN) Great Hall Mortgages (FRN) GC FTPYME Sabadell (FRN) France Munchener Hypothekenbank Buoni Polienali Del Tes General Electric Capital Danske Bank Upper Tier I1 Great Hall Mortgages (FRN) Volkswagen Finance Service Lloyds Bank Upper Tier II BNP Paribas Capital Trust Tier I Credit Suisse First Bost Tier 1 Lloyds TSB Capital 1 Tier I Societe Generate Tier I



EUR 0.OOO Robeco Manetaire Quantiplus 0.000 Robeco Short Term


Total securities portfolio Operating capital Total net assets

22-04-2048 15-07-2059 01-08-2011 03-02-2011 13-09-2011 01-10-2007 10-11-2008 05-11-2009 18-05-2010 23-11-2009 27-09~2010 16-07-2007 20-10-2009 08-02-2010 10-06-2042 11-05-2011 29-03.2011 25-09-2008 29-09-2008 19 - 0 9 - 2 0 0 8 01-06-2010 21-12-2037 15-06-2009 21-05-2009 20-12-2053 29-05-2008 13-05-2009 24-11-2008 18-03-2039 30-09-2039 12.07-2007 16-01-2012 15-10-2007 04-03-2009 12-11-2012 18-06-2039 25-01-2012 15-07-2009 23-10.2011 07-11-2011 07-02-2012 22-02-2010

500,000 1,100,000 481,176

5,500,000 5,000,000 1,600,000 3,000,000 7,000,000 3,500,000 5,000,000 2,900,000 1,749,000 3,159,000 3,500,000 10,000,000

900,000 8,000,000 4,000,000 8,000,000 10,000,000 2,300,000 6,500,000 600,000

2,500,000 3,500,000 484,652

8,750,000

3,000,000 1,000,000 3,900,000 65,000,000

650,000

2,232,000

50,000,000

930,000 5,700,000 500,000

1,640,000 1,480,000 1,550,000

980,000

600,000

499,644 1,100,285 481,234

5,491,090

1,547,872 3,000,486 7,003,500 3,500,035 4,995,900 2,901,645 1,746,289 3,159,436 3,489,780 10,015,600

900,418 8,010,080

3,999,840 8,010,137 10,005,600 2,300,092 6,501,885 600,080

2,446,250 3,505,740 484.391

5,001,600

8,776,863 2,241,174 3,003,150 994,480

3,900,000 65,005,850

657,709 50,105,750

986,791 935,450

5,700,000 507,550

1,664,124 1,566,284 1,657,415 654,540

0.07 0.16 0.07 0.81 0.74 0.23

1.03 0.52

0.44

0.74 0.43 0.26 0.47 0.51 1.48 0.13 1.18 0.59 1.18 1.47 0.34 0.96 0.09

0.36 0.52 0.07 1.29 0.33 0.44 0.14 0.57 9.58 0.10 7.38 0.15 0.14

0.07

0.23

0.84

0.25

0.24 0.10

1,230,000 1,316,838 0.19 364,729,239 53.76

366,803,282 54.07

1,583 15.535

5,015,005 0.74 60,165,191 8.87

65,180,196 9.61

37,845,047 5 . 9 678,432,449 100.00




At 30fQ6f2QO7 Expiration date Face value Market value In %of



3.500 4.119 4.219 4.253 4.304 4.350 4.543 4.558 4.609 4.655 4.699 4.859 4.859 5.153 6.250 6.500 6.625 6.988 7.664 7.627 8.126

EUR Bank of Tokyo Mitsubishi Smile 2005 Synthetic (FRN) German Resid Asset (FRN) Chaves Funding (FRN) Stichting DFM Vehicle (FRN) Holmes Master Issuer (FRN) Stability (FRN) Holmes Master Issuer ERN) Stichtinq Eleven Cities (FRN) ludqate Funding (FRN) German Residential Asset (FRN) Delphinus (FRN) Stichting Eleven Cities (FRN) Dovedale Finance No 1 (FRN) INC Fortis NlTier I BE5 Finance lntesabci Capital Trust Tier I Skyline (FRN) Halifax Euro FinanceTier I Sanpaolo Tier I

16-12-2015 20-01-2015 20-07-2016 20-11-2034 18-08-2018 15-07-2040 05-05-2022 15-07-2021 20-05-2078 01-01-2061 20-07-2016 25-09-2096 20-05-2078 21-12-2038 21-06-2021 26-09-2011 01-03-2010 12-07-2011 22-07-2043 09-12-2011 10-11-2010

3,000,000

4,645,900 3,857,347 4,532,000 2,500,000 400,000

1,000,000 1,700,000

750,000 2,000,000 2,142,866 5,100,000 600,000

2,758,944 3,600,000 5,800,000 2,700,000 5,650,000 2,000,000 5,600,000

5,650,000

2,863,650 4,646,542 3,865,220 4,530,640 2,502,500 399,680

1,000,000

1,700,095 750,000

2,000,000 2,152,217 5,107,040 600,000

2,765,152 3,761,280 6,098,120 2,811,105 6,044,370 2,000,000 6,164,480 6,170,930

67,933,021

0.89

1.45 1.21 1.41 0.78 0.13 0.31 0 53 0.23 0.62 0.67

1.59 0.19 0.86 1.17 1.90 0.88 1.89 0.63 1.92

1.93 21.19



3.750 3.875 4.092 4.098 4.118 4.120 4.125 4.125 4.129 4.138 4.149 4.185 4.187 4.200 4.250 4.285 4.293 4.293 4.350 4.365 4.368 4.375 4.385 4.385 4.386 4.388 4.425 4.445 4.446 4.449

EUR Valeo Lehman Bros Cap Fund Ill RCL Securitisatton (FRN) Lusitano Mortgage (FRN) AYT Genova Hipotecario (FRN) Bankinter Fondo DeTitul (FRN) Cornrnertbank Rodamco Europe Finance Fta Santander Financiaci (FRN) Cala Laboral FAN) Shield (FRN) Taurus CMBS (FRN) Candide Financing (FRN) Merrill Lynch HSBC Bank French Residential Asset (FRN) leek Finance (FRN) Ludgate Funding (FRN) Holmes Master Issuer (FRN) Provide Bricks (FRN) Holmes Financing (FRN) Glitnir Banki Eurosail (FRN) Arran Residential Mortgage (FRN) Paragon MDrtQaQeS (FRN) Rmac Securities (FRN) Fosse Master Issuer (FRN) Claws Securities (FRN) Brunel Residential (FRN) Granite Master Issuer (FRN)

24-06-2013 22.02-2011 24-12-2014 15-07-2059 15-07-2039 17-07-2049 13-09-2011 21-04-2011 20-07-2035 24-10-204g 20-01-2014 22-042015 20-11-2051 31-10-2011 18-03-2011 15-12-2043 21-12-2037 01-12.2060 15-07-2040 30-01-2040 16-07-2040 05-02-2010 10-06-2044 12-04-2056 15-09-2039 12-06-2044 18-10-2054 15-12.2039 13-01-2039 20-12-2054

2,000,000 6,650,000 2,100,000 2,020,940 3,650,000 3,500,000 4,850,000 4,950,000 2,800,000 7,645,240 1,000,000 3,185,987 2,300,000

2,900,000 5,000,000 5,200,000

3,650,000 700,000

4,300,000 1,133,000 5,800,000 3,172,000

1,500,000 3,630,000

goo,ooo 4,530,000 2,000,000 5,243,000

4,800,000

2,241,000

1,854,280 6,339,179 2,098,505 2,021,183 3,643,399 3,493,533 4,691,987 4,804,569 2,800,151

7,632,672

3,186,695 2,301,494 4,661,712 2,834,199 5,001,850 5,200,694 3,649,635 699,674

4,298,201 1,132,633 5,730,452 3,162,435 2,237,873 1,498,644 3,621,691

4,518,932

5,239,764

1,002,520

897,462

1,998,780

0.58 1.98 0.65 0.63 1.14 1.09 1.46 1.50 0.87 2.38 0.31 0.99 0.72 1.45 0.88 1.56 1.62 1.14 0.22 1.34 0.35 1.79 0.99 0.70 0.47 1.13 0.28 1.41 0.62 1.64





4.450 4.500 4.518 4.543 4.594 4.605 4.635 4.642 4.678 4.716 4.745 4.748 4.748 4.750 4.772 4.799 4.805 4.805 4 . w 5.000 5.018 5.020 5.063 5.362 5.625

6.250 6.625 6.750 6.905 7.125 7.400 7.500 7.500

5.750

7.875 8.048 8.160

Bankinter Fondo DeTitul (FRN) 17-07-2049 Leaseplan ltalfinance Securitisati (FRN) Gracechurch Mortgage Finance (FRN) GC FTPYME Sabadell (FRN) FTPYME Bancala (FRN) Permanent Financing (FRN) Celtic Residential Irish ( F R N ) Smile Securitisation (FRN) Clock Finance (FRN) Mars (FRN) Aire Valley Mortgages (FRN) Farms Securitisation (FRN) Citigroup Pyme TDA Cam (FRN) BBVA Bancomer Promise (FRN) Promise (FRN) Aire Valley Mortgages (FRN) Kredietbank Int Fin Upper Tier II Rmac Securities (FRN) Mizuho Capital Invest Generali Finance Great Hall Mortgages (FRN) Lloyds Bank Upper Tier II Aviva (ANN) BCP Finance Bank BNP Paribas Capital Trust Tier I Axa Credit Suisse First Bost Tier I Abbey National Bank of Ireland Barclays Tier I Allied Irish BankTier I Societe CCnerale Tier I Unicredito ltaliano Capital Trust Tier I Standard Chartered BankTier I

CD, CP, discount notes 0.000 Mane Funding



Total net assets

08-11-2016 14-01-2026 20-11-2056 30-09-2039 14-02-2039 10-06-2042 14.12-2048 20-12-2053 25.02-2015 28-08-2014 20-09-2066 20-12-2062 31.05.2012 28-09-2045 17.05-2012 20-03-2017 12-05-2024 20-09-2066 11-05-2009 12-06-2044 30-06-2011 28-05-2019 18-06.2039 15-07-2009 14-11-2021 29-03-2011 23-10-2011 15-12-2020 07-11-2011 28-09-2010 07-03-2011 15-12-2010 28-02-2011 22-02-2010 05-10-1010 23-03-2010

29-08-2007

1,400,000 5,750,000

600,000 1,350,000 1,900,000 1,400,000 1,000,000

2,600,000 1,454,925 1,300,000 2,500,000 3,000,000 4,500,000 4,900,000 3,300,000 2,500,000 1,400,000 1,358,000 3,000,000 4,750,000 5,300,000 6,200,000 3,050,000

3,950,000

4,550,000 5,200,000 2,600,000 5,800,000 2,600,000 5,800,000

3,700,000 5,200,000 4,000,000 2,450,000 2,700,000

2,600,000

4,100,000

2,000,000

1,388,162 5,588,195

599.610 1,349,977 1,900,000 1,399,963

2,600,001 1,453,466 1,300,000 2,499,500 2,987,046 4,528,758 4,836,447 3299.903 2,448,225 1.399.859 1,357,753 2,963,991 4,756,545 5,253,628 6,131,118 3,064,640 2,600,000 4,008,105 4,217,998

5,503,160

6,201,940 2,767,102 6,242,540 3,988,970 5,613,764 4,282,400 2,669,030 2,909,034

214,853,143

i,000,a67

4 , ~ a . m

2,748,460

1,981,2a

0.43 1.74 0.19 0.42 0.59 0.44 0.31 0.81 0.45 0.41 0.78 0.93 1.41 1.51 1.03 0.76 0.44 0.42 0.92 1.49 1.64 1.91 0.96 0.81 1.25 1.32 1.48 1.72 0.86 1.94

1.95 1.25 1.75 1.35 0.83 0.91

70.17

0.87

0.62

226,834,367

294,767,388 15,691,847

70.79

91.98 8.02

320,459,235 100.00


Co nte nt s - Fundsquare

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