Annual report

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o

9

Annual report 2008–2009

Robeco Capital Growth Funds

1 July 2008 – 30 June 2009

Incorporated under Luxembourg Law

Société d’Investissement à Capital Variable

RCS B 58 959

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Contents

General information 4

Report of the Board of Directors 5

General 5

General introduction 6

Global Equity sub-funds 8

Investment results 8

Performance analysis 8

Regional & Country Equity sub-funds 10

Sector Equity sub-funds 13

Global Bond sub-funds 17

Regional Bond sub-funds 18

Absolute Return sub-funds 20

Financial statements 21

Statement of net assets 21

Statement of operations and changes in net assets 33 Number of shares outstanding 46

Notes to the financial statements 49

General 49

Financial instruments 54

Summary of significant accounting principles 55

Valuation of investments 55

Other data 116

Independent auditor’s report 118

Historical review 119

Spread of net assets by country and currency 122 Investment portfolios:

Global Equity sub-funds

Robeco Global Equities 130

Robeco Global Value Equities 132 Robeco Global Stars Equities 133 Robeco Emerging Stars Equities 134 Robeco Emerging Markets Equities 135 Robeco 130/30 Emerging Markets Equities 137

Regional & Country Equity sub-funds

Robeco Asia-Pacific Equities 139 Robeco European Equities 141 Robeco European Opportunities 143 Robeco European Conservative Equities 144

Robeco European MidCap Equities 146 Robeco 130/30 European Equities 147 Robeco US Premium Equities 149 Robeco 130/30 North American Equities 150 Robeco Chinese Equities 152 Robeco European Dividend Extension 153

Sector Equity sub-funds

Robeco Financials Equities 154 Robeco Food & Agri Equities 155 Robeco Health Care Equities 156

Robeco IT Equities 157

Robeco Telecom Services Equities 159 Robeco Property Equities 160 Robeco Consumer Goods Equities 161 Robeco Industrials Equities 162

Robeco Energy Equities 163

Robeco Materials Equities 164 Robeco Utilities Equities 165 Robeco Agribusiness Equities 166 Robeco Infrastructure Equities 167

Global Bond sub-funds

Robeco Global Bonds 169

Robeco High Yield Bonds 173

Robeco Investment Grade Corporate Bonds 181

Regional Bond sub-funds

Robeco Euro Bonds 184

Robeco Euro Government Bonds 188 Robeco Euro Credit Bonds 190 Robeco All Strategy Euro Bonds 194 Robeco European Currencies High Yield Bonds 200 Robeco Strategic Income Fund 204

Absolute Return sub-funds

Robeco Euro Medium Term Bonds 205

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General Information

Robeco Capital Growth Funds

(hereafter “the Company”)

(Undertaking for collective investment incorporated as a ‘Société d’Investissement à Capital Variable’ (SICAV) under Luxembourg law). Register of Companies RCS Luxembourg B 58 959 Registered Office 69, route d’Esch L-1470 Luxembourg Grand Duchy of Luxembourg

Board of Directors

Arjen J.W. Jongma, Chairman, Head of Robeco Equity Operations and Trading, Rotterdam, the Netherlands (from 27 November 2008)

Michael Strating, Chairman, Senior Vice President Robeco, Rotterdam, the Netherlands (until 27 November 2008) Francesco O. Baici, Vice President Robeco (Schweiz) A.G., Zürich, Switzerland

Ali Ould Rouis, Board member Banque Robeco S.A. and Robeco Gestions S.A.S., Paris, France

Management Company

Robeco Luxembourg S.A. 6-12, Place d’Armes L-1136 Luxembourg Grand Duchy of Luxembourg

Independent Auditor

Ernst & Young S.A. 7, Parc d’Activité Syrdall L-5365 Munsbach

Grand Duchy of Luxembourg

Custodian, Domiciliary and Paying Agent

RBC Dexia Investor Services Bank S.A. 14, Porte de France

L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg

Administration and Registrar Agent

Robeco Luxembourg S.A. Delegated to:

RBC Dexia Investor Services Bank S.A. 14, Porte de France

L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg

Investment Adviser

Robeco Luxembourg S.A. Delegated to:

Robeco Institutional Asset Management B.V. Coolsingel 120

NL-3011 AG Rotterdam The Netherlands

Internet: www.robeco.com

General meeting of shareholders

The Annual General Meeting of Shareholders will be held on 26 November 2009 at 3 p.m. at the Company’s offices, 69, route d’Esch, L-1470 Luxembourg. Shareholders wishing to attend and vote at the meeting should inform the Company through RBC Dexia Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur Alzette, Luxembourg in writing, by 19 November 2009 at the latest. This report is also published in Dutch, French, German, Italian, Spanish and Polish. Only the original English edition is binding and will be submitted to the Annual General Meeting of Shareholders.

Subscriptions and publications

No subscriptions can be accepted on the basis of financial reports such as this report. Subscriptions may only be accepted on the basis of the current prospectus, supplemented by the Company’s latest annual report, and in the event that the Company’s annual report has been published more than eight months previously, its latest semiannual report. Financial reports and the prospectus may be obtained free of charge at the Company’s registered office and the Custodian.

Representative and paying agent in Switzerland

Robeco (Schweiz) AG, Josefstrasse 218, CH-8005 Zurich, is the Company’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 Company’s investment portfolio during the reporting period are available at the above address free of charge. UBS AG, Bahnhofstrasse 45, CH-8098 Zurich, is the Company’s paying agent in Switzerland.

Paying agent and information service in Germany

Copies of the Articles of Incorporation, the simplified and full prospectus and the annual and semiannual reports may be obtained free of charge from the offices of the paying agent/information service in Germany: Deutsche Bank AG, Taunusanlage 12, D-60325 Frankfurt am Main. The prices at which shares are issued and repurchased are published in the Stock Exchange Gazette. A list of all purchases and sales in the Company’s securities portfolio during the reporting period is available at the paying agent/information service in Germany free of charge.

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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, performance and investment portfolios can be found on www.robeco.com.

Name changes of sub-funds

Effective 1 January 2009, the name of the sub-fund Robeco Divirente VaR2 was changed to Robeco Euro Medium Term Bonds.

Launch of sub-funds/classes of shares

The following sub-funds/share classes were launched during the financial year:

– Robeco Capital Growth Funds – Robeco Euro Bonds – class 40D EUR shares on 4 July 2008

– Robeco Capital Growth Funds – Robeco Chinese Equities – class D USD shares on 11 July 2008

– Robeco Capital Growth Funds – Robeco Infrastructure Equities – class D EUR and class I EUR shares on 28 July 2008

– Robeco Capital Growth Funds – Robeco 130/30 European Equities – class DL EUR shares on 6 August 2008

– Robeco Capital Growth Funds – Robeco Agribusiness Equities – class D EUR and class I EUR shares on 29 August 2008

– Robeco Capital Growth Funds – Robeco Global Bonds – class Z EUR shares on 26 September 2008

– Robeco Capital Growth Funds – Robeco All Weather Global Equities – class I EUR shares on 30 September 2008 – Robeco Capital Growth Funds – Robeco Global Stars

Equities – class D EUR and class I EUR shares on 10 November 2008

– Robeco Capital Growth Funds – Robeco All Weather Global Equities – class D EUR shares on 14 November 2008 – Robeco Capital Growth Funds – Robeco Strategic Income

Fund – class D EUR and class I EUR shares on 14 November 2008

– Robeco Capital Growth Funds – Robeco High Yield Bonds – class I USD shares on 12 January 2009

– Robeco Capital Growth Funds – Robeco Investment Grade Corporate Bonds – class B EUR and class I EUR on 27 March 2009 and class IE EUR shares on 27 April 2009 – Robeco Capital Growth Funds – Robeco Euro Bonds –

class 10D EUR shares on 5 May 2009

– Robeco Capital Growth Funds – Robeco Investment Grade Corporate Bonds – class D EUR shares on 11 May 2009 – Robeco Capital Growth Funds – Robeco US Premium

Equities – class IE GBP and class EH GBP shares on 1 June 2009.

Deactivation of share classes

The following share classes were deactivated during the financial year:

– Robeco Divirente VaR2 – class I YEN, E EUR and I EUR shares effective 1 July 2008

– Robeco Divirente VaR4 – class I YEN shares effective 1 July 2008

– Robeco Euro Bonds – class E EUR shares effective 1 July 2008

– Robeco Divirente VaR2 – class D EUR shares effective 24 October 2008

– Robeco European Opportunities – Class DL shares effective 19 December 2008

– Robeco Investment Grade ABS – class D EUR share effective 4 November 2008

– Robeco Global Opportunities Equity – class I EUR share effective 30 November 2008

– Robeco Investment Grade ABS - class I EUR share effective 19 December 2008

– Robeco Global Opportunities Equities – class I EUR share effective 24 December 2008

– Robeco Divirente VaR4 – class Z EUR shares effective 27 January 2009

– Robeco 130/30 European Equities – class Z EUR shares effective 9 March 2009

– Robeco European Currencies High Yield Bonds – class Z EUR shares effective 9 March 2009 – Robeco Divirente VaR4 – class D, E and I EUR share

effective 10 June 2009.

Amalgamation of share classes

The assets of the following share classes have fallen below the level the Board of Directors considers to be the minimum level required for the existence of the share classes in the best interests of the shareholders. Effective 27 February 2009, the amalgamation took place with class D EUR shares of the same sub-fund for the share classes mentioned under items I to V and with class M EUR shares of the same sub-fund for the share class mentioned under item V.

I Robeco Capital Growth Funds – Robeco Global Value Equities – class M EUR shares

II Robeco Capital Growth Funds – Robeco Global Value Equities – class PH PLN shares

III Robeco Capital Growth Funds – Robeco High Yield Bonds – class M EUR shares

IV Robeco Capital Growth Funds – Robeco High Yield Bonds – class P PLN shares

V Robeco Capital Growth Funds – Robeco Global Bonds – class P PLN shares

VI Robeco Capital Growth Funds – Robeco Emerging Markets Equities – class P PLN shares.

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Closing of sub-funds

The assets of the sub-funds Robeco US MidCap Equities, Robeco Euro Credit Single A Bonds, Robeco US Value Equities, Robeco Global Growth Equities and Robeco Divirente VaR4 (“the sub-funds”) have fallen below the level the Board of Directors considers to be the minimum level required for the sub-funds to continue to exist and to be managed in the best interests of the shareholders. The Board of Directors has therefore initially decided to close these sub-funds. Robeco US MidCap Equities and Robeco Euro Credit Single A Bonds were closed on 17 October 2008. Due to the lack of liquidity in the markets, the distribution of the net assets of the sub-fund Robeco Euro Credit Single A Bonds was postponed until 12 November 2008. Robeco US Value Equities and Robeco Global Growth Equities were closed on 15 December 2008. The sub-fund Robeco Divirente VaR4 was closed on 10 June 2009. The sub-funds Robeco Investment Grade ABS and Robeco Global Opportunities Equities were closed on 24 December 2008, as the only shareholder had redeemed its shares.

Risk management

Risk management is an integral part of the investment process. Systems continually monitor the most important risks, including price risk and liquidiy risk. In addition, an independent risk-management department that reports directly to senior management carries out control checks. The financial crisis that engulfed the global markets in the summer of 2007 persisted in full force throughout 2008. Many investment banks and private banks experienced financing problems, and a number of markets for financial instruments were effectively closed temporarily, in the sense that virtually no trading occurred. This concerned mainly the markets for asset-backed securities, money-market instruments and corporate bonds. Particularly in the final months of 2008, the banking sector saw a number of unprecedented events including bankruptcies, takeovers, different degrees of nationalization, and the effective disappearance of Wall Street’s commercial banks. In the last quarter of 2008, the effects of the crisis, as it spread to the real economy, became more apparent and many industrialized countries landed in a recession. Overall, financial markets were characterized by plummeting stock prices and sharply widening credit spreads in anticipation of more defaults. The volatility of virtually all markets increased significantly. In mid-2009 first cautious signs of a recovery could be detected in the equity markets.

The portfolios managed by Robeco Group invest in equities, bonds and other financial instruments. Independent risk-management and compliance officers supervise the portfolio managers to ensure that they invest within the limits of predetermined risk-appetite values. Despite cautious portfolio composition and careful monitoring, many of the portfolios managed by the Robeco Group

were troubled by sharp price declines as a result of direct investments in instruments whose value had deteriorated over the previous year. In addition to monitoring such direct exposures, the Robeco Group also focused much of its attention on controlling the indirect risks accruing from maintaining cash reserves with banks and from entering into derivatives contracts with counterparties. The extra measures mainly related to reallocation of cash reserves, withdrawing placements in banks whose solvency was in serious doubt, and demanding additional security as collateral for various types of placements.

During the credit crisis, risk management also proved its merits where securities lending is concerned. Securities lending can take place only subject to sufficient security being provided in the form of collateral. Before the fall of Lehman, additional collateral was demanded and received. Immediately after the fall of Lehman, the collateral was successfully sold off and the securities were bought back, leaving the Company unharmed.

The call for more regulation from different parties became increasingly stronger. More stringent regulation has already been announced in some areas, and in others this can be expected in the short term. Robeco Luxembourg S.A. is in close contact with local regulators and will always meet the requirements expected to be met by portfolio management.

General introduction

Worst recession since The Great Depression

In the second half of 2008 the world glided into what has become the worst recession since The Great Depression of the thirties. Real economic growth in OECD countries slowed down in 2008 from 2.5% to 0.6%. For 2009 the World Bank expects a decline of 4.2%. Unemployment has risen sharply. In 2008 it amounted to 5.9% of the labour force in the OECD, for 2009 8.5% is expected and it will continue to rise in 2010.

The unexpected bankruptcy of US brokerage firm Lehman Brothers (September 2008) triggered a flight to quality, resulting in Treasury yields falling by more than 2% in the main bond markets. Interbank markets came to a standstill, which was reflected in a sharp rise of credit spreads. This triggered a severe worldwide economic contraction. Since September 2008, the MSCI World Index in euros declined 40% to a low in March 2009.

The policy response has in general been very aggressive. Central banks have reduced policy interest rates to unprecedented low levels, they have loosened their collateral requirements and are using unconventional monetary instruments. Governments have supported the financial system in numerous ways e.g. by capital injections, insurance schemes and guarantees of liabilities. To mitigate the downturn they have launched as well a host of economic stimulus packages. As a consequence economic

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conditions started to stabilize, reflected in a normalization in the financial sector. Risk aversion –on the rise during the whole of 2008– is coming off since March 2009, albeit it is still high compared to the pre-financial crisis years. The equity markets have shown a rapid and smooth recovery since March, and credit spreads declined, after reaching historical wide levels in the first quarter of 2009. In the US, where the policy reaction has been the most aggressive, shrinkage in 2009 is expected to amount to 3%. Japan is especially hard hit due to its dependence on exports of consumer and capital goods. A contraction of almost 7% is to be expected. The Euro area will shrink by 4.5%. The European Central Bank has been less aggressive than other central banks. The repo rate is still 1% and the ECB has only reluctantly agreed to experiment with some quantitative easing. Also on the fiscal side policy reaction has been more muted than in the US, but of course automatic stabilizers are more important and amounting to a sizeable stimulus. The Chinese and Indian authorities have also implemented stimulation programmes to support their economies. Especially the Chinese program is proving successful and an economic growth of 6.5% is expected for this country in 2009.

The unavoidable deterioration of government finances is leading towards a sharp increase in government debt ratios. In the baseline scenario of the IMF, the government debt ratio (debt in percent of GDP) of the US will rise to 107% in 2014, of Japan to 234%, of Germany to 91%. The severe recession has led to a collapse in the price of oil in the second half of 2008. This has been an important factor to bring down headline inflation. In July 2008 headline inflation in the US amounted to 5.6%. Since then it has come down markedly. Since March we have seen mild deflation. The underlying picture in the US is more stable. Core inflation has come down from a level of 2.5% in July 2008 to 1.8% in May 2009. In the Euro area we have seen a similar pattern, with core inflation slowing towards 1.5% and headline inflation moving to the brink of deflation. Japan is an exception: core inflation has changed into mild deflation.

Equity markets outlook

The first signs of stabilization in the US economy are becoming apparent. A number of confidence indicators have started picking up again and consumer spending is better than expected. The financial system has been rescued from disaster by government support on a massive scale and the feeling now is that the worst is behind us. The current recovery is primarily the result of the

replenishing of inventories which had fallen to a minimum. The next step in this process should be a recovery in consumer spending. This transition will, however, create a period of uncertainty which will have an impact on the equity markets in the short term. Recovery is expected to start really taking shape in 2010. Assuming that growth

and margins will return to normal levels, many companies still have low equity valuations but, although the real panic is over, expectations are still not high and there remains much cause for concern. Following a period of consolidation in the summer, the equity market is expected to continue to rise – but we are still climbing the traditional wall of worry.

Bond markets outlook

Inflation will probably continue to dominate how bond yields move in the period to come. Actual inflation growth will be moderate in the short term. It is important to establish whether this is also true for inflation expectations. Much depends on the way in which monetary and fiscal policies are normalized following the recent massive stimulus measures.

The prospects for corporate bonds are favorable. Particularly companies with strong balance sheets will be capable of weathering the difficult period ahead without developing financing problems. However, smaller and less solvent companies may encounter problems refinancing their outstanding debt. This will lead to more bankruptcies.

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Global Equity sub-funds

Investment results

Price as at Price as at Investment results reporting 30/06/2009 30/06/2008 period in % Robeco Global Equities

D EUR shares 30.89 39.91 –22.6

MSCI World Index (net return) –20.8

DH EUR shares 68.19 97.54 –30.1

MSCI World Index (net return) (partly hedged into EUR)

–27.6 Robeco Global Growth Equities

D EUR Shares 77.38 113.73 –32.01

Robeco Global Value Equities

B EUR shares 69.91 89.41 –18.72

D EUR shares 82.02 100.89 –18.7

M EUR shares 54.29 76.14 –28.73

MSCI World Value Index (net return, in EUR) –19.2

PH PLN shares 48.42 81.52 –40.63

MSCI World Value Index (net return, hedged into PLN) –40.23 Robeco Global Stars Equities

D EUR shares 95.34 100.00 –4.74

I EUR shares 95.42 100.00 –4.64

MSCI World Index (net return, in EUR) –0.74

Robeco Emerging Stars Equities

D EUR shares 96.66 132.79 –27.2

DL EUR shares 66.55 91.66 –27.4

I EUR shares 67.33 92.55 –27.3

MSCI Emerging Markets Index (net return, in EUR) –19.2

D USD shares 64.21 99.55 –35.5

MSCI Emerging Markets Index (net return, in USD) –28.1

Robeco Emerging Markets Equities

D EUR shares 92.88 125.47 –26.0

I EUR shares 159.91 215.00 –25.6

M EUR shares 71.02 96.43 –26.4

Z EUR shares 74.73 99.31 –24.8

D USD shares 97.93 148.85 –34.2

MSCI Emerging Markets Index (net return, in USD) –28.1

P PLN shares 75.27 104.09 –27.73

MSCI Emerging Markets Index (net return, in PLN) –19.33

Robeco 130/30 Emerging Markets Equities

D EUR shares 79.31 96.79 –18.1

I EUR shares 79.91 96.84 –17.5

Robeco Global Opportunities Equities

I EUR Shares 14.13 84.24 –83.25

Robeco All Weather Global Equities

D EUR shares 84.36 100.00 –15.66

I EUR shares 86.39 100.00 –13.67

Merrill Lynch EUR LIBOR Overnight Index (EONIA) 0.8

1 _{1 July 2008 until 15 December 2008.}

2 _{Assuming reinvestment of the dividend distributed.} See Notes, page 61.

3 _{1 July 2008 until 27 February 2009}

4 _{10 November 2008 until 30 June 2009.} 5 _{1 July 2008 until 30 November 2008.} 6 _{14 November 2008 until 30 June 2009.} 7 _{30 September 2008 until 30 June 2009}

Performance analysis

Robeco Global Equities

The sub-fund lagged the performance of the benchmark, which was mainly due to stock selection. The difference in performance with the benchmark has been moderate in a very difficult equity environment and strict risk controls. It has been a year of two faces. The latter half of 2008 showed a severe decline in world equity markets. In the first half of 2009 the equity markets have recovered and so did the performance of the sub-fund relative to the benchmark. The general economic climate remains subdued. It will take more than one year to reduce the excess financial leverage of financials institutions, governments and consumers alike. In the mean time we focus on companies that are able to successfully manage their activities through the cycle.

Robeco Global Growth Equities

A proprietary quantitative stock-selection model constituted the sub-fund’s sole performance driver. This model selects stocks based on their valuation, price momentum, earnings revisions and management-policy characteristics. This model is applied to the universe of growth stocks, and implemented in such a way that a strong bias towards growth stocks in the portfolio is ensured. On paper the model was not successful in the period under review as top-ranked stocks underperformed the market average. The portfolio’s tilt towards the valuation factor contributed negatively as this factor underperformed and its tilts towards the price-momentum and earnings-revisions factors contributed neutrally to relative performance. The tilt of the portfolio towards the management-policy factor, however, contributed positively. The sub-fund was closed on 15 December 2008.

Robeco Global Value Equities

The sub-fund outperformed the benchmark. Our focus on valuation defensively positioned the sub-fund heading into the market’s downturn. Our avoidance of businesses with distressed business models generally helped relative performance for the period, except for the short outburst among financial and cyclical stocks that had been teetering on extinction. We have focused elsewhere, finding value in sounder businesses in diverse industries including technology, healthcare, insurance, business services and consumer durables.

Robeco Global Stars Equities

The portfolio underwent several changes during the period; positions in several expensive stocks that were approaching their price target were reduced in favor of shares that had been low-priced for a sustained period, such as Bare Escentuals. This producer and distributor of natural cosmetics has made an important contribution to

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the sub-fund’s performance by tripling in value since it hit a low in March.

The key question that of course remains is: when will economic recovery take place and when will investors look beyond the poor economic data and earnings figures? Low levels of capacity utilization in the corporate sector of around 60% give little incentive for further capital investment, which normally occurs above the 80% level. Moreover, consumers in various countries such as the US, UK and Spain are being confronted with high debts, falling house prices and rising unemployment. This is bound to lead to higher savings ratios as people attempt to bring their personal finances back into balance with, as a result, lower consumer spending (which makes up two thirds of US GDP) and a period of slow economic growth likely to follow.

Robeco Emerging Stars Equities

The sub-fund experienced a sharp decline during the second half of 2008, followed by a strong rebound in the first half of 2009. Still, over the whole reporting period the sub-fund declined more than the MSCI EM index, mostly due to relatively large positions in Russia and United Arab Emirates, two countries that were hurt significantly by the fall in oil prices. On the other hand, the sub-fund benefited from a relatively large position in Brazil and from stock selection in Taiwanese tech companies. During the report period, the sub-fund reduced positions in Russia and Taiwan, while increasing positions in Turkey and India.

Robeco Emerging Markets Equities

The sub-fund experienced a sharp decline during the second half of 2008, followed by a strong rebound in the first half of 2009. Still, over the whole reporting period the sub-fund declined more than the MSCI EM index, mostly due to an overweight position in Russia and the United Arab Emirates and stock selection in several markets. On the other hand, the sub-fund benefited from the positions in Brazil and Taiwan, and from the underweight position in Central Europe. During the report period, the sub-fund reduced positions in Russia, Taiwan and Brazil, and increased positions in China, Turkey and India.

Robeco 130/30 Emerging Markets Equities

The investment objective of the sub-fund is to outperform the benchmark by implementing a quantitative stock selection model. In addition to 130% long positions the sub-fund has 30% short positions by which it can benefit from negative outlooks as well. The sub-fund outperformed the benchmark in the period under review. The sub-fund profited primarily from the performance of the valuation factor in the stock selection model.

Robeco Global Opportunities Equities

This report concerns the period 1 July 2008 to liquidation date 24 December 2008.

While performance was in line with the benchmark in July and August the sub-fund underperformed from September onwards due to its weightings in emerging markets (27%), and smallcap stocks (58%). A put option hedge strategy that was implemented to protect the sub-fund on the downside was not as effective as intended, while subsequent hedging was affected by the ban on short selling. Following a decision from the sole investor to redeem all of its investment, the sub-fund was closed on 24 December 2008.

Robeco All Weather Global Equities

The sub-fund was launched on 14 November 2008. The investment objective of the sub-fund is to seek capital appreciation primarily through taking long and short positions in listed companies worldwide, through investing and trading in related instruments. The sub-fund’s quantitative investment strategy yields positive returns if the long portfolio outperforms the short portfolio. The sub-fund was invested globally in all major mature equity markets and in all sectors. It had only very small net exposures to regions, sectors, countries, (non-base) currencies and beta. The sub-fund performed negatively in the period under review, especially during the sudden and sharp reversal in global equity markets since March 2009. During the reversal the trending variables of the stock selection model performed negatively.

The future return of the investment strategy will depend largely on the efficacy of the quantitative stock-selection model which is used to rank all the stocks in the investable universe and on the efficiency of the portfolio-construction strategy. A continuous effort by the investment adviser and quantitative researchers is required to enhance the strategy.

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Regional & Country Equity sub-funds

Performance analysis

Robeco Asia-Pacific Equities

The sub-fund has experienced an extremely volatile 12 months as the global credit crisis rocked equity markets in the second half of 2008, while unprecedented government led interventions helped to repair confidence and markets – especially in Asia – recovered strongly in first half of 2009. Early in the financial year the sub-fund started to build an overweight in Japan given low valuations and defensive characteristics. As markets proved to be highly correlated this position caused underperformance in 2008, but that was mostly recouped in the first half of 2009 when value and cyclical stocks staged a remarkable come back.

Robeco European Equities

It has been another ‘annus horribilis’ for European equities as the MSCI Europe index dropped 26.5%, having been down almost 45% over the period until 9 March 2009. This turned out to be the low point as the combined impact of fiscal and monetary stimulus packages around the globe finally started to have some impact. The alpha sub-portfolio had a difficult start to the year but made-up a lot of ground thereafter, while the reverse was true for the beta sub-portfolio.

Robeco European Opportunities

For investors in Robeco European Opportunities, the period until March 2009 was very disappointing as the sub-fund almost lost 60% in that period. Especially in the fall of 2008, many of the smaller cap holdings in the portfolio collapsed, primarily due to forced sellers and the absence of buyers. Later in 2009 this reversed, although only partly. From the middle of March 2009 the sub-fund gained about 50%. On balance the sub-fund lost almost 40% in the reporting period.

Robeco European Conservative Equities

Robeco European Conservative Equities makes use of an innovative quantitative investment approach that seeks to maximize the Sharpe ratio. The sub-fund typically invests in stocks with low beta and low volatility and aims to produce equity-like returns with lower volatility. Although investment results can only be appraised properly after a longer investment period, the sub-fund was able to limit investment losses significantly during the worst months of the financial crisis (September and October 2008, and January and February 2009).

Robeco European MidCap Equities

After a difficult start of the year, the rally, specifically for small-mid caps, surprised by its intensity and sustainability as profits upgrades added to recovering macro-indicators. In this context, the sub-fund generated high relative returns thanks to its active stockpicking based on stronger

Price as at Price as at Investment results reporting 30/06/2009 30/06/2008 period in % Robeco Asia-Pacific Equities

D EUR shares 60.04 70.03 –14.3

MSCI AC Asia Pacific ex Japan and MSCI

Japan Index (net return) –11.8

Robeco European Equities

D EUR shares 23.76 34.20 –30.5

MSCI Europe Index (net return) –26.5

Robeco European Opportunities

D EUR shares 50.27 83.96 –40.1

DL EUR shares 41.31 90.30 –54.31

I EUR shares 51.09 84.81 –39.7

Robeco European Conservative Equities

B EUR shares 65.50 82.00 –16.92

D EUR shares 77.80 93.58 –16.9

I EUR shares 70.95 84.94 –16.5

Robeco European MidCap Equities

D EUR shares 55.92 71.10 –21.4

DJ Stoxx Europe Small 200 Index –25.1

Robeco 130/30 European Equities

D EUR shares 60.64 85.92 –29.4

DL EUR shares 72.66 100.00 –27.33

I EUR shares 61.22 86.25 –29.0

Z EUR shares 51.22 88.40 –42.14

Robeco US Premium Equities

DH EUR shares 80.49 102.00 –21.1

IH EUR shares 83.07 104.35 –20.4

MH EUR shares 77.88 99.30 –21.6

Russell 3000 Value Index (hedged into EUR) –31.1

D USD shares 87.34 106.11 –17.7

I USD shares 90.26 108.69 –17.0

M USD shares 81.00 98.91 –18.1

Russell 3000 Value Index –28.7

EH GBP shares 98.00 100.00 –2.05

IE GBP shares 97.60 100.00 –2.45

Russell 3000 Value Index (hedged into GBP) –0.75

1 _{1 July 2008 until 19 December 2008.}

2 _{Assuming reinvestment of the dividend distributed. See Notes, page 61.} 3 _{6 August 2008 until 30 June 2009.}

4 _{1 July 2008 until 9 March 2009.} 5 _{1 June 2009 until 30 June 2009.}

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and higher quality earning’s outlook combined with attractive valuations.

As a result, mainly, IT, retail and insurance were overweight as basic-resources, financial services, media stayed underweight. In terms of regional exposure, the main overweights are Netherlands, France, Germany and underweights are UK and Sweden.

On a selective basis, prospects for small-mid caps remain favourable as investor risk appetite improves.

Robeco 130/30 European Equities

The investment objective of the sub-fund is to outperform the benchmark by implementing a quantitative stock selection model. In addition to 130% long positions the sub-fund has 30% short positions by which it can benefit from negative outlooks as well. The sub-fund lagged its benchmark in the period under review, especially during the sudden and sharp reversal in global equity markets since March 2009. During the reversal the trending variables of the stock selection model performed negatively.

Robeco US Premium Equities

The sub-fund outperformed the benchmark by

approximately 11 percent for the financial year. The sub-fund’s risk-averse discipline enabled it to beat the index during the market’s downturn in the second half of 2008 as well as provide a positive return in a negative market for the first half of 2009. The sub-fund’s larger active positions – Insurance, Health Care, and Finance – led relative performance for the period.

Robeco 130/30 North American Equities

2009 proved a difficult year for quantitative based strategies. The large cap quantitative stock selection model provided negative guidance last year, particularly the price momentum factor, which was a strong negative predictor of stock returns over the last 12-months. Stocks that contributed the most to underperformance include chemical companies Celanese (CE) and Mosaic (MOS) which suffered after commodity prices collapsed in mid 2008 and industrial companies Caterpillar (CAT) and Foster Wheeler (FWLT) which were impacted by reduced global demand for construction and engineering equipment and services.

Robeco US Value Equities

A diverse mix of positions supported the sub-fund’s relative outperformance for the second half of 2008. The sub-fund’s position in financials was the leading contributor to relative performance due mainly to favorably placed positions in the financial services and insurance segment and the fact that we avoided the more problematic areas of the market. Well-diversified portfolio construction, our focus on a company’s business risk and an effective sell discipline served the sub-fund well in a turbulent market. The sub-fund was closed on 15 December 2008.

Price as at Price as at Investment results reporting 30/06/2009 30/06/2008 period in % Robeco 130/30 North American Equities

D EUR shares 23.03 36.42 –36.8

S&P 500 Index (net return, hedged into EUR) –28.9

D USD shares 69.37 106.93 –35.1

S&P 500 Index (net return) –26.8

Robeco US Value Equities

D USD shares 58.38 83.18 –29.81

I USD shares 58.99 83.80 –29.61

Russell 3000 Value Index –26.51

Robeco US MidCap Equities

DH EUR shares 59.88 99.11 –39.62

S&P 400 MidCap Index (hedged into EUR) –32.72

D USD shares 59.40 96.99 –38.82

I USD Shares 60.42 98.29 –38.52

S&P 400 MidCap Index –27.72

Robeco Chinese Equities

D EUR shares 41.98 38.95 7.8

MSCI UCITS 10/40 World China Index

(net return) (in EUR) 5.3

D USD shares 94.76 100.00 –5.23

MSCI UCITS 10/40 World China Index

(net return) (in USD) –8.63

Robeco European Dividend Extension

B EUR shares 64.53 86.10 –21.44

MSCI Europe High Dividend –22.5

1 _{1 July 2008 until 15 December 2008.} 2 _{1 July 2008 until 17 October 2008.} 3 _{11 July 2008 until 30 June 2009.}

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Robeco US MidCap Equities

The strong underperformance of momentum-based stock-selection factors in our proprietary largecap stock-stock-selection model led to underperformance in the sub-fund. Long positions and underweight benchmark names both made negative contributions. At sector level, technology and finance stocks made the most positive contributions, while materials and consumer discretionary made the most negative contributions. At stock level, SVB Financial Group (SIVB) and OSI Pharmaceuticals (OSIP) made the most positive contributions to relative performance, while Steel Dynamics Inc (STLD) and CF Industrial Holdings (CF) made the most negative contributions.

The sub-fund was closed on 17 October 2008.

Robeco Chinese Equities

Robeco Chinese Equities went through a year of very volatile environment due to many internal and external shocks. China’s GDP growth decelerated substantially, mainly driven by decline in export and investment, but partially offset by the strength in consumption. The financial crisis in the US dampened the global equity markets in the fourth quarter of 2008, and dragged down the Chinese markets. In response to deteriorating global and local macro environment, the Chinese government initiated the unprecedented USD 600 billion fiscal stimulus program and adopted very loose monetary policies. Since then Robeco Chinese Equities recovered strongly and recouped all the loss. The Chinese currency remained flat against the USD for the financial period.

Robeco European Dividend Extension

The objective of the sub-fund is to select European companies with high dividend yields in order to outperform the European equity market with a lower portfolio volatility. The selection is focused on attractive high dividend’s stocks with larger yields than the European average of the all caps universe. But the high dividend stock selection is firstly concentrated on sustainable pay out and strong and stable cash flows generation as well. To enhance this defensive profile, we are also selecting company names eligible to a call overwriting strategy. This means that regularly, listed ‘out the money’ call options are sold on existing names in order to increase the portfolio return.

The sub-fund has strongly outperformed the MSCI Europe High Dividend over the last 12 Month period (–21.4% versus –22.5%).

The performance contribution is coming from the stock selection but also from the sector allocation, arising from the sub-fund’s bottom up investment philosophy. At 30 June 2009, the largest over weighted sectors are Financial Services, Construction, Media, Healthcare and Insurance. The largest under weightings are Banks and Energy. The regional allocation is the result of bottom-up stock selection. The investments are mostly concentrated in the

UK and French markets.

Over the long term, combining high dividend and good quality companies’ selection with a systematic call options strategy should produce out performances with a lower volatility

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Sector Equity sub-funds

Robeco Financials Equities

Over the financial year the Financials sector has gone through periods of strong pessimism as well as periods of much stronger optimism. Two very important data points have been the bankruptcy of Lehman Brothers in September 2008 and the strong recovery in the sector from a low on 9 March 2009. After the bankruptcy of Lehman Brothers financial markets grinded to a virtual hold with credit spreads widening dramatically,

liquidity drying up almost completely and volatility in equity markets increasing rapidly. The US government soon came into action and put together a set of rescue measures which was unprecedented in the history of financial markets. Governments around the world quickly joined, trying to help the financial system back to life. Trillions of dollars, yens, euros and more have been spent and are still spent to restore capital, liquidity and the overall trust of the global financial system. But it took until the sector reached the lows of 9 March before volatility went down, liquidity truly improved and the Financials index rallied to levels of pre-Lehman bankruptcy. As of the end of June, the confidence and liquidity crisis seems to be over, but we still have to go through a credit cycle. With improved capital bases, a better environment for capital markets and larger margins for most lending areas, however, this should be manageable for most financials.

During the reporting period Robeco Financials Equities was positioned with relatively low tracking error until markets reached the low on 9 March. Since then we increased active positions while we are still focused on managing overall portfolio risk given elevated levels of volatility. Since the beginning of May we have seen volatility drop considerably, but we remain cautious as the global economic recovery is still fragile. Over the reporting period the sub-fund beat its benchmark.

We are rather optimistic on the prospects for the sector, as it is valued in line with current fundamentals and stock picking is rewarded once again with superior performance. Nevertheless, we closely monitor macro-economic fundamentals as these strongly impact the health and prospects of the sector.

Robeco Food & Agri Equities

Robeco Food & Agri Equities was severly impacted by the financial crisis. We overweighted the agricultural sector in the beginning of the financial year. When Lehman collapsed in September 2008, the stocks markets really took a dive. Several hedge funds and other investors were forced to unwind positions as they needed to reduce leverage, and were facing redemptions. By November the soft commodity prices stabilized as did the porfolio. The second half of the financial year 2008/2009 stock market volatility was high due to high uncertainty regarding the

Price as at Price as at Investment results reporting 30/06/2009 30/06/2008 period in % Robeco Financials Equities

D EUR shares 25.64 34.56 –25.8

Z EUR shares 64.67 85.74 –24.6

MSCI World Financials Index (net return) –28.0

Robeco Food & Agri Equities

D EUR shares 41.70 48.21 –13.5

Z EUR shares 79.09 89.96 –12.1

MSCI UCITS 10/40 World Consumer Staples

Index (net return) –3.2

Robeco Health Care Equities

D EUR shares 33.84 41.00 –17.5

Z EUR shares 81.25 96.83 –16.1

MSCI UCITS 10/40 World Health Care Index (net return) –4.2 Robeco IT Equities

D EUR shares 22.11 28.48 –22.4

Z EUR shares 73.41 93.00 –21.1

MSCI UCITS 10/40 World IT Index (net return) –12.4

Robeco Telecom Services Equities

D EUR shares 27.17 32.49 –16.4

Z EUR shares 78.47 92.31 –15.0

MSCI UCITS 10/40 World Telecom Index (net return) –13.6

Robeco Property Equities

D EUR shares 57.06 78.68 –27.5

I EUR shares 56.19 76.96 –27.0

Citygroup BMI Real Estate World Index (net return) –27.5 Robeco Consumer Goods Equities

D EUR shares 42.82 47.11 –9.1

Z EUR shares 82.10 88.85 –7.6

MSCI World Consumer Discretionary Index (net return) –11.9 Robeco Industrials Equities

D EUR shares 33.29 42.60 –21.9

Z EUR shares 70.88 89.19 –20.5

MSCI UCITS 10/40 World Industrials Index (net return) –25.4 Robeco Energy Equities

D EUR shares 71.59 111.26 –35.7

Z EUR shares 63.93 97.72 –34.6

MSCI UCITS 10/40 World Energy Index (net return) –33.3

Robeco Materials Equities

D EUR shares 64.10 106.71 –39.9

Z EUR shares 65.61 107.54 –39.0

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state of the financial sector. Governments and central banks around the world were successful in fending off a total financial meltdown. Since early March the equity markets recovered significantly. The sub-fund’s portfolio has lagged the overall stock market rebound due to its defensive characteristics.

Robeco Health Care Equities

The financial crisis had a big impact on the health care sector. During the second half of 2008, investors avoided the cyclical sectors and rotated towards pharmaceutical stocks, which offered good near term earnings visibility. Long term problems for the pharmaceutical companies, like patent expirations, were ignored. The sub-fund focused on health care companies with better long term prospects, e.g. service providers and manufacturers of medical equipment, but they underperformed the pharmaceutical stocks. This resulted in underperformance for the sub-fund. During the first half of 2009, investors rotated out of the health care sector, due to concerns about health care reform in the US and preference for more cyclical stocks.

Robeco IT Equities

The investment policy of the sub-fund is aimed at selecting winners within the different segments of the information technology sector. The companies that are selected are characterized by strong secular growth, a dominant market position and return on invested capital well above the cost of capital. After a long period of digesting the excesses of the Internet bubble, we believe that the technology sector is ready for a new period of expansion. The coming years will mark the transition from client-server based technologies towards network centric computing. This will have profound changes for all companies that are active in the technology sector.

Technology stocks were heavily impacted by the global credit crisis and weakened significantly in the second half of 2008, as the impact of the collapse of the mortgage backed security market became clear and negatively impacted global economic growth. As the expectations with regards to the outlook for global economic growth started to decline, technology stocks plummeted. During the first months of 2009, the fundamental situation for most companies started to stabilize and the equity market recovered from the lows set in March. Most of the underperformance of the sub-fund was due to stock selection, as the sub-fund tends to be overweight in small and mid-cap technology names and underweight in the large technology heavyweights that have more defensive characteristics.

Robeco Telecom Services Equities

After a strong relative performance in the second half of 2008 given the defensive nature of the sector, the telecom sector underperformed the global indices in the first half of

Investment results

Price as at Price as at Investment results reporting 30/06/2009 30/06/2008 period in % Robeco Utilities Equities

D EUR shares 67.61 92.32 –26.8

Z EUR shares 69.27 93.03 –25.5

MSCI World Utilities Index (net return) –25.5

Robeco Agribusiness Equities

D EUR shares 73.69 100.00 –26.31

I EUR shares 74.12 100.00 –25.91

Robeco Infrastructure Equities

D EUR shares 80.13 100.00 –19.92

I EUR shares 80.65 100.00 –19.32

MSCI World (net return) –14.92

1 _{29 August 2008 until 30 June 2009}

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2009 as investors rotated out of defensive sectors in more cyclically geared sectors. Telecom companies are trying to convince investors they have the ability to rigorously reduce their capital expenses and by doing so maintaining the current high level of free cash flow generation which underpins their high dividend yield. The investment adviser of the sub-fund invested mainly in larger and more defensive telecom carriers.

Robeco Property Equities

During the reporting period Robeco Property Equities outperformed its benchmark. During March property stock rallied alongside a recovery in the financials sector. Several measures undertaken by central banks including the Fed resulted in a stabilization of capital markets and credit spreads to tighten. Property sector bounded from its lows and finished the first half year positive. Although the physical property market will see further price declines, real estate stocks now trade at discounts to historic valuation multiples.

Robeco Consumer Goods Equities

The past year can be split into two very different periods. From the second half of 2008 up until March 2009 the credit crisis was very much the dominant factor on investor’s minds and equity markets (including consumer cyclical stocks) performed very poorly. However, since then improved sentiment on the financial sector has fuelled a big rally and the consumer discretionary sector with its cyclical exposure has been one of the main beneficiaries. Emerging markets, which were the worst performers in 2008, were now once again leading the pack as the slowdown seems to not have altered the longer term secular bull case for the region. Robeco Consumer Goods Equities lost relative performance in the second half of 2008 but more than made up for the losses with strong outperformance in the first half of 2009.

Robeco Industrials Equities

Industrial companies’ share prices suffered the worst decline in decades as a consequence of the credit crunch. It proved virtually impossible for companies to obtain finance even for their day-to-day business operations, thus forcing an unusually deep global contraction in economic activity. Industrial companies got hit particularly hard, because inventory de-stocking in the production chain exacerbated the volume declines in end markets. When it became clear that economic conditions were stabilizing, the sector staged a tremendous recovery in anticipation of better times ahead. Robeco Industrials Equities managed to outperform its benchmark by a comfortable margin.

Robeco Energy Equities

As the global economy deteriorated, oil prices went from USD 45/barrel at the end of 2008 to as low as USD 34 in

February 2009. The lower price deck caused serious cash constraints to producers, who slashed development capital spending immediately. The big integrated oil companies with strong cash flows, healthy balance sheets and secure dividends performed well in the early part of the year. Then massive fiscal stimulus packages and bottoming demand, especially in Asia, in combination with an outlook of little supply additions saw the oil price rise towards USD 73 mid-year and exploration & production and oilfield services stocks performed well.

Robeco Materials Equities

After the collapse in growth and commodity prices in the fourth quarter of 2008, we positioned the portfolio for the first quarter of 2009 to benefit from a recovery in risk appetite, macro aggregates and an end to the de-stocking of the previous quarter. Within the materials universe, the portfolio was tilted towards early cyclicals as well as the most attractive supply-demand areas such as copper, while it avoided illiquid, low-quality stocks. As high-beta stocks outperformed, this caused the sub-fund to underperform the benchmark during the second quarter of 2009.

Robeco Utilities Equities

Market conditions were very volatile so far this year. At the start of the year, the utility sector did relatively well in a declining market thanks to the defensive characteristics of the utilities. After mid-March, investors became more optimistic and preferred cyclical sectors. The sub-fund had a large exposure to regulated utilities, but in the second quarter shifted to power producers which benefit from higher oil and electricity prices. The sub-fund continues to focus on those utilities that combine good profit growth and attractive valuation.

Robeco Agribusiness Equities

Robeco Agribusiness Equities was launched on 29 August 2008. The global financial crisis has had its impact on the global stock markets, but really started to hit when Lehman Brothers went bankrupt in September 2008. Obviously, the agricultural sector was severely hit as well. Soft commodity prices collapsed. Due to the steep declines in the stock market, hedge funds and other investors were forced to liquidate positions, most of them were overweight in this sector at the time. However, the long term positive factors like population growth, and the wealth effect in emerging markets which causes demand for meat to rise, still apply. By late November soft commodity prices stabilized, as did the agricultural related stocks. The recovery started. Soft commodity prices and the oil price are strong indicators for the agricultural sector. Both have started to rise from really depressed levels towards the end of 2008. The credit crisis has, in a way, a positive impact on the sector. Farmers find it more difficult to obtain credit, which means they will spend less on fertilizers and high quality seeds.

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Fertilizer applications will be down significantly in 2009. As yields are likely to shrink, soft commodity prices will start to rise again. The outlook for 2010 therefore is very positive. Farmers can not afford to skip another year of fertilizer applications and they will need order again by the end of 2009. At the same time, governments around the world have not refrained from their initiatives to invest in alternative energy sources, which should be supportive for grain prices going forward.

Robeco Infrastructure Equities

Robeco Infrastructure Equities was launched on 28 July 2008. The current economic crisis is a major boom for the infrastructure investment theme. The giant stimulus packages that have been announced by governments all over the world to combat the recession virtually all contain significant allocations for infrastructure spending. While companies exposed to infrastructure spending suffered severe share price declines in the immediate wake of the credit crunch, they were among the first to recover as economic stimulus packages were being announced. Robeco Infrastructure Equities managed to benefit nicely from the recovery of equity markets since March 2009.

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Global Bond sub-funds

Robeco Global Bonds

The duration of the sub-fund has been higher than that of the benchmark for most of the reporting period. This resulted in a relative outperformance, as interest rates declined globally, helped by interest rates cuts by Central Banks worldwide and risk aversion. The sub-fund was overweighted in (subordinated) financials, which had a negative contribution to the performance. The exposure to financials has been reduced in the first half of 2009, in a switch to attractively priced new issues of non-financial companies.

Robeco High Yield Bonds

In the second half of 2008, the average risk premium of high-yield bonds rose to a historically unprecedented level of 20% as a result of the Lehman bankruptcy and the sharp decline in global credit provision. Huge quantities of government funds have, however, managed to prevent the collapse of the banking system. At around the beginning of 2009, investors began to realize that the financial system would be kept intact irrespective of the cost, and, since then, high yield has seen a continual inflow of new money, causing the market to recover almost completely to mid-2008 levels.

At the beginning of the financial year, our positioning was defensive. The sub-fund took an underweight position immediately after the bankruptcy of Lehman. Since January, this underweight has been gradually reduced and is now almost neutral. Looking ahead, we expect that the fundamental picture will remain weak for the time being, but we still feel that the valuation for high-yield investments of a better quality is attractive.

Robeco Investment Grade Corporate Bonds

The sub-fund was launched at the end of March and saw strong inflows throughout the second quarter. The beta was below target for most of the period. The underweight beta was a negative for performance as credits rallied. Several cyclical names performed well, while the sub-fund was cautious in cyclicals. New issues did very well as they were priced at attractive spreads. More than half of the sub-fund was invested in recent issues. This was an important positive performance driver.

Price as at Price as at Investment results reporting 30/06/2009 30/06/2008 period in % Robeco Global Bonds

B EUR shares 93.40 93.91 3.61

D EUR shares 68.77 66.60 3.3

E EUR shares 88.42 94.23 3.31

Z EUR shares 105.27 100.00 5.32

Barclays Global Aggregate Index

(hedged into EUR) 7.2

P PLN shares 108.51 104.03 4.33

Barclays Global Aggregate Index

(hedged into PLN) 6.33

Robeco High Yield Bonds

D EUR shares 67.81 72.65 –6.7

E EUR shares 81.00 96.23 –6.41

I EUR shares 99.12 105.58 –6.1

M EUR shares 54.39 71.44 –23.93

Z EUR shares 89.00 94.29 –5.6

Barclays US High Yield & Pan Euro High Yield 2.5%

Issuer Cap Index (hedged into EUR) –6.5

I USD shares 114.30 100.00 14.34

Issuer Cap Index (hedged into USD) 20.44

P PLN shares 76.60 100.49 –23.83

Issuer Cap Index (hedged into PLN) –23.83

Robeco Investment Grade Corporate Bonds

B EUR shares 103.67 100.00 5.01,5

D EUR shares 101.85 100.00 1.96

I EUR shares 105.13 100.00 5.15

IE EUR shares 102.90 100.00 2.97

Barclays Euro Aggregate Corporate, ex financials,

2% Issuer Cap Index 3.5

1 _{Assuming reinvestment of the dividend distributed. See Notes, page 61.} 2 _{26 September 2008 until 30 June 2009.}

3 _{1 July 2008 until 27 February 2009.} 4 _{12 January 2009 until 30 June 2009.} 5 _{27 March 2009 until 30 June 2009.} 6 _{11 May 2009 until 30 June 2009.} 7 _{27 April 2009 until 30 June 2009.}

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Regional Bond sub-funds

Robeco Euro Bonds

The relative performance of the sub-fund versus its benchmark was negatively impacted by its positioning in credits. The sub-fund was overweighted in (subordinated) financials, which had a negative contribution to the performance. The exposure to financials has been reduced in the first half of 2009, in a switch to attractively priced new issues of non-financial companies. The global financial crisis resulted in lower government-bond yields in the euro area. The yield of the German 10-year benchmark bond hit an all time low of 2.9%, as central banks intervened to prevent the financial system from collapsing. This contributed positively to the relative performance as the sub-fund had a duration overweight position. Furthermore, the sub-fund profited from a steepening position, as the difference between the 2-year and the 10-year benchmark yields increased significantly.

Robeco Euro Government Bonds

The global financial crisis resulted in lower government-bond yields in the euro area. The yield of the German 10-year benchmark bond hit an all time low of 2.9%, as Central Banks intervened to prevent the financial system from collapsing. This contributed positively to the relative performance as the sub-fund had a duration overweight position. Furthermore, the sub-fund profited from a steepening position, as the difference between the 2-year and the 10-year benchmark yields increased significantly.

Robeco Euro Credit Bonds

The performance of the sub-fund was negative, driven by the very weak markets in the first three quarters. The overweight beta position and overweight in (subordinated) financials and ABS contributed negatively during this period. In the last quarter we have seen a strong improvement of the performance. We have added to our positions via new issues, which all performed very well. Our beta overweight and our overweight in subordinated financials is now paying off.

Robeco Euro Credit Single A Bonds

The performance of the sub-fund was negatively impacted by the overweight beta position. The overweight in (subordinated) financials and ABS had a negative contribution too, especially after the Lehman default in September. Governments did step in to help the sector and they will do anything to prevent another large bank failure. Non-financials also experienced spread widening. We benefitted from an underweight position in cyclical corporates. The sub-fund was closed on 12 November 2008.

Price as at Price as at Investment results reporting 30/06/2009 30/06/2008 period in % Robeco Euro Bonds

D EUR shares 105.98 98.82 7.2

10D EUR shares 99.32 100.00 –0.71

40D EUR shares 139.96 100.00 40.02

DHI EUR shares 99.42 99.47 –0.1

E EUR shares – 98.54 0.03

I EUR shares 107.22 99.55 7.7

Z EUR shares 108.13 100.01 8.1

Barclays Euro Aggregate Index 9.9

Robeco Euro Government Bonds

D EUR shares 112.08 100.35 11.7

I EUR shares 115.56 102.70 12.5

Z EUR shares 114.20 101.15 12.9

Barclays Euro Aggregate Treasury Index 11.7

Robeco Euro Credit Bonds

D EUR shares 87.59 95.09 –7.9

I EUR shares 90.29 97.33 –7.2

Z EUR shares 92.63 99.47 –6.9

Barclays Euro Corporate Index 4.5

Robeco Euro Credit Single A Bonds

I EUR shares 90.22 99.80 –9.64

Barclays Brothers Euro Corporate ex BBB Index –0.44

Robeco All Strategy Euro Bonds

D EUR shares 64.46 60.82 6.0

I EUR shares 105.47 98.75 6.8

Z EUR shares 106.23 99.14 7.2

Barclays Euro Aggregate Index 9.9

Robeco European Currencies High Yield Bonds

D EUR shares 97.67 100.72 –3.0

I EUR shares 100.04 102.47 –2.4

Z EUR shares 68.20 91.25 –25.35

Barclays – European High Yield Corporate

2.5% Issuer Constraint Index (hedged into EUR) –4.9

Robeco Investment Grade ABS

D EUR shares 87.54 96.72 –9.56

I EUR shares 81.11 97.40 –16.77

Robeco Strategic Income Fund

D EUR shares 102.29 100.00 2.38

I EUR shares 102.51 100.00 2.58

1 _{5 May 2009 until 30 June 2009.} 2 _{4 July 2008 until 30 June 2009.} 3 _{Liquidated on 1 July 2008.} 4 _{1 July 2008 until 12 November 2008.}

5 _{1 July 2008 until 9 March 2009.} 6 _{1 July 2008 until 4 November 2008.} 7 _{1 July 2008 until 19 December 2008.}

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Robeco All Strategy Euro Bonds

The duration of the sub-fund has been higher than that of the benchmark for most of the reporting period. This resulted in a relative outperformance, as interest rates declined globally, helped by interest rates cuts by Central Banks worldwide and risk aversion. The sub-fund was overweight in (subordinated) financials and European asset-backed securities, which had a negative contribution to the performance. The exposure to financials has been reduced in the first half of 2009, in a switch to attractively priced new issues of non-financial companies.

Robeco European Currencies High Yield Bonds

High yield spreads rose in the second half of 2008 on the back of the Lehman default and the subsequent financial markets crisis. The sub-fund benefited from its defensive positioning in that period: we were heavily underweight in the most risky names. Early 2009, the markets regained confidence from the almost unlimited government interventions in the financial system. With high yield spreads at all-time wides, money started flowing into the asset class, on the back of which the market almost fully recovered from the losses experienced in the second half of 2008. We reduced our underweight early in 2009, and managed to keep up with the rallying market.

Robeco Investment Grade ABS

The second half of 2008 showed a continuation of negative sentiment and the supply/demand imbalance in the European ABS market, resulting in the largest price declines ever seen and therefore a severe underperformance versus cash. The supply overhang of existing paper remained. New issuance was retained or used as repurchase collateral with central banks. The sub-fund held approximately 55% in AAA ABS, with all holdings exposed to Europe only. The sub-fund had no exposure to the CBO market. The sub-fund was closed on 24 December 2008.

Robeco Strategic Income Fund

Robeco Strategic Income Fund was launched on

14 November 2008. The performance of the portfolio was positively impacted by the allocations toward the different fixed income asset classes. Main contributors where the positive allocations towards US prime Mortgages Backed Securities and the being long the Euro money market curve. The mortgage position benefited from the Fed purchase program and the money market position contributed positively as the ECB lowered interest rates more than market expectation. Also the positioning in long credit and short emerging market debt had a positive impact.

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Absolute Return sub-funds

Robeco Euro Medium Term Bonds

(formerly named Robeco Divirente VaR2) The sub-fund has been invested in short-dated (subordinated) financials and European asset-backed securities. Both asset categories experienced severe price pressures, especially after the default of Lehman Brothers in September. Interbank markets came to a halt and hedge funds and banks were forced to reduce their balance sheets, trying to sell holdings at any price. Banks reported huge losses and governments injected capital to preserve further bank failures. The performance lagged that of the benchmark as a result, only recovering somewhat in the second quarter of 2009, when credit spreads started to decline. The duration of the sub-fund was higher than that of the benchmark for a large part of the reporting period. This had a positive effect on the relative return, as interest rates declined globally, helped by interest rates cuts by Central Banks worldwide. Other strategies, like country allocation, yield curve and currencies, had a small positive effect on the relative performance of the sub-fund.

Robeco Divirente VaR4

The sub-fund was invested in short-dated (subordinated) financials and European asset-backed securities. Both asset categories experienced severe price pressure, especially after the Lehman default in September 2008. The performance lagged that of the benchmark as a result. The duration of the sub-fund was higher than that of the benchmark for a large part of the reporting period. This had a positive effect on relative return, as interest rates declined globally, helped by interest-rate cuts by central banks worldwide. The sub-fund was closed on 10 June 2009. Luxembourg, 22 October 2009

The Board of Directors

The information given in this report is historical and not necessarily indicative of future performance.

Investment results

Price as at Price as at Investment results reporting 30/06/2009 30/06/2008 period in % Robeco Euro Medium Term Bonds

D EUR shares 94.48 98.85 –4.41

E EUR shares – 98.47 0.02

I EUR shares – 99.35 0.02

Z EUR shares 91.23 99.49 –8.3

Merril Lynch EUR LIBOR Overnight Index (EONIA) 2.5

I JPY shares – 9,670.09 0.02

Robeco Divirente VaR4

D EUR shares 69.76 95.73 –27.13

E EUR shares 65.51 92.51 –27.13,4

I EUR shares 70.41 96.35 –26.93

Z EUR shares 72.99 93.62 –22.05

Merril Lynch EUR LIBOR Overnight Index (EONIA) 2.5

I JPY shares – 9,373.30 0.02

1 _{1 July 2008 until 24 October 2008.} 2 _{Liquidated on 1 July 2008.} 3 _{1 July 2008 until 10 June 2009.}

4 _{Assuming reinvestment of the dividend distributed. See Notes, page 61.} 5 _{1 July 2008 until 27 January 2009.}

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Financial statements

Statement of net assets

In EUR x thousand Robeco Capital

Growth Funds Combined Robeco Global Equities Robeco Global Growth Equities1 Robeco Global Value Equities Notes 30/06/2009 30/06/2008 30/06/2009 30/06/2008 30/06/2009 30/06/2008 30/06/2009 30/06/2008 Investment portfolio at market value 5 10,720,853 11,666,298 48,274 77,721 – 2,666 22,160 27,470

Deposits and other cash 364,439 354,606 3,785 895 – – 461 –

Unrealized gains on forward exchange transactions 8 9,980 19,844 61 4 – – – 3

Unrealized gains on financial futures 9 1,223 1,929 33 – – – – –

Unrealized gains on interest rate swaps 11 19,538 11,084 – – – – – –

Unrealized gains on inflation-linked swaps 13 28 56 – – – – – –

Unrealized gains on credit default swaps 12 57,974 36,673 – – – – – –

Unrealized gains on forward purchases of

mortgage-backed securities 10 129 2 – – – – – –

Unrealized gains on contracts for differences 15 4,772 18,838 – – – – – –

Other assets 6 339,668 242,541 339 742 – 54 193 317

Total assets 11,518,604 12,351,873 52,492 79,362 – 2,720 22,814 27,790

Bank overdrafts 17,162 64,786 – – – 27 41 124

Unrealized losses on forward exchange transactions 8 2,636 3,182 137 88 – – – 33

Unrealized losses on financial futures 9 4,513 5,804 – 78 – – – –

Unrealized losses on equity swaps 14 – 141 – – – – – –

Unrealized losses on interest rate swaps 11 18,161 17,171 – – – – – –

Unrealized losses on inflation-linked swaps 13 403 – – – – – – –

Unrealized losses on credit default swaps 12 71,866 36,706 – – – – – –

Unrealized losses on forward purchases of

mortgage-backed securities 10 11 – – – – – – –

Unrealized losses on contracts for differences 15 8,313 25,467 – – – – – –

Options sold at market value 7 3,993 495 – – – – – –

Other liabilities 6 232,522 75,889 372 220 – 4 59 88

Total liabilities 359,580 229,642 509 386 – 31 100 245

Total net assets 11,159,024 12,122,231 51,983 78,976 – 2,689 22,714 27,545

Net asset value per B EUR share – – – – 69.91 89.41

Net ass