Robeco Global Total Return
Bond Fund
Société d’Investissement à Capital Variable
Incorporated under Luxembourg law
RCS B 177719
Semi-Annual Report
1 January – 30 June 2016
Contents
General information
3
Report of the Board of Directors
General
General introduction
Investment results
Performance analysis
Sustainability investing
5
5
6
8
8
9
Financial statements
Statement of net assets
Number of shares outstanding
11
11
12
Notes to the financial statements
13
Other data
25
Exchange rates
26
Investment Portfolio
27
Robeco Global Total Return Bond Fund 2
General information
Robeco Global Total Return Bond Fund
(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 177 719
Registered Office
Centre Etoile
11/13, Boulevard de la Foire
L-1528 Luxembourg
Grand Duchy of Luxembourg
Board of Directors
Edith J. Siermann, Managing Director, Robeco Group, Rotterdam, the Netherlands
Stefan Gordijn, Executive Director, Robeco Group, Rotterdam, the Netherlands
D. Rob van Bommel, Managing Director, Robeco Group, Rotterdam, the Netherlands.
Management Company
Robeco Luxembourg S.A.
Airport center
5, rue Heienhaff (2nd floor)
L-1736 Senningerberg
Grand Duchy of Luxembourg
Cabinet de révision agréé (independent auditor)
KPMG Luxembourg, Société coopérative
39, Avenue John F. Kennedy
L-1855 Luxembourg
Grand Duchy of Luxembourg
Depositary, Domiciliary and Paying Agent
RBC Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Grand Duchy of Luxembourg
Administration Agent and Registrar
Robeco Luxembourg S.A.
Delegated to:
RBC Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Grand Duchy of Luxembourg
Investment Adviser
Robeco Luxembourg S.A.
Delegated to:
Robeco Institutional Asset Management B.V. (“RIAM”)
Weena 850, NL-3014 DA Rotterdam, the Netherlands
Fund Manager
Appointed by RIAM:
Kommer van Trigt
Robeco Global Total Return Bond Fund 3
Subscriptions and publications
No subscription can be accepted on the basis of financial reports such as this report. Subscriptions may only be accepted on the basis of the
current prospectus, supplemented by the Company’s latest annual report, and in the event that the Company’s annual report has been
published more than eight months previously, its latest semi-annual report. Financial reports, the prospectus and the Key Investor Information
Document are available through the website www.robeco.com and may be obtained free of charge at the Company’s registered office.
Representative and paying agent in Switzerland
RobecoSAM A.G., Josefstrasse 218, CH-8005 Zurich, is the Company’s appointed representative in Switzerland. Copies of the Key Investor
Information Document and prospectus, Articles of incorporation, (semi) annual reports and a list of all purchases and sales in the investment
portfolio during the reporting period are available from the above address free of charge. UBS A.G., Bahnhofstrasse 45, CH-8001 Zurich is the
Company’s paying agent in Switzerland.
Information service in Germany
Copies of the articles of incorporation, Key Investor Information Document and prospectus and the annual and semiannual reports may be
obtained free of charge from the offices of the information service in Germany: Robeco Deutschland, Taunusanlage 17, D-60325 Frankfurt am
Main. The prices at which shares are issued and repurchased are published on www.robeco.de A list of all purchases and sales in the Company’s
investment portfolio during the reporting period is available at the paying agent/information service in Germany free of charge.
Language versions
This report is also published in German. Only the English edition is binding.
Robeco Global Total Return Bond Fund 4
Report of the Board of Directors
General
Website
Up-to-date information about the fund’s investment policy, performance and investment portfolio can be found on
www.robeco.com/luxembourg.
Changes in the structure of Robeco Groep N.V. and Robeco Institutional Asset Management B.V.
In May 2016, Robeco Groep N.V. announced its intention to split the activities of Robeco Institutional Asset Management B.V. (“RIAM”) off from
those of the Robeco Group. To this end, Robeco Groep N.V. is to be changed into a financial holding. By means of this new governance
structure, the activities at holding level are to be clearly separated from the asset management activities of subsidiary companies Boston
Partners, Harbor Capital Advisors, Transtrend, RobecoSAM, Canara Robeco Asset Management Company and RIAM (including Corestone).
RIAM now has its own supervisory board, composed of Jeroen Kremers (chairman), Gihan Ismail, Masaaki Kawano and Jan Nooitgedagt. In a
transitional period, the new governance structure is to be further elaborated under the leadership of Leni Boeren, chairman of the board of
Robeco Groep N.V. and RIAM.
New share classes
Activation of share classes
Share class name
Class FH GBP shares
Effective
10/05/2016
Robeco Global Total Return Bond Fund 5
General introduction
Economy
The headwind that the world economy experienced in the first half of 2016 prevented it from reaching the 3% multi-year growth rate. A
combination of low growth and low inflation continued to characterize the macro-economic climate. The central banks adopted an easy
monetary policy, but the effectiveness of this unconventional policy was increasingly being doubted in light of its negative consequences for the
banking sector. Increased geopolitical instability, moderate wage growth, volatile financial markets and the poor investment appetite of
companies depressed sentiment on a broader scale among producers and consumers. This heightened uncertainty was also reflected in the
further increase in the savings quota in the private sector, causing the capital market rate to drop further. Governments did not respond to the
waning effectiveness of the central banks by providing fiscal stimuli. Expanding activity in the services sector was offset by a decrease in the
traditional industries.
The employment market in the United States continued to show encouraging recovery, with unemployment falling from 5% to 4.7%.
Nevertheless, the Q1 figures for the US disappointed, with GDP growth amounting to only 0.8%. The energy sector in the US showed a major
drop in production, and companies in the sector increasingly encountered payment problems as a result of the strong decline in the price of oil
in the past years. Partly because of this price drop, the global oil supply surplus is gradually shrinking and the oil market is balancing out. In
anticipation of this new state of equilibrium, the oil price has risen 35% since the beginning of the year. Partly as a result of the deteriorating
external environment, the Fed decided against following up its first +0.25% interest-rate move in nine years in December 2015 with a second
hike.
In the first half of 2016, the euro zone surprised with an annualized quarterly growth rate of 1.7%. Producer and consumer confidence there
rose steadily, boosted by the low oil prices, an improvement in its international competitive position and falling unemployment. Despite the
strong rally in oil prices, inflation in the euro zone continued to fluctuate around the zero line. In March, the continuing disinflationary trend in
the euro zone obliged the European Central Bank to decrease its deposit rate further to minus 0.40% for assets of commercial banks held at the
ECB. Moreover, it was decided to expand the purchasing program to include high-grade corporate bonds. The ECB will therefore now perform
support purchases of EUR 80 billion every month until at least March 2017. The political constellation in Europe appears fragile following the
British referendum of 23 June of this year that ushered in Great Britain’s departure from the EU (Brexit).
Economic growth in Japan rebounded somewhat after a weak fourth quarter in 2015. Unemployment reached its lowest level there in 20 years.
Yet the economic reform program that Japan’s Prime Minister Abe introduced has still not proven successful in stimulating investor appetite and
raising salaries for employees, with the result that the deflationary climate persists. At the same time, the strong appreciation of the yen fanned
this deflationary trend and put new pressure on the profitability of Japanese companies. The Japanese central bank appears to be diffident
about expanding its quantitative easing any further.
Uncertainty about a devaluation of the renminbi has receded now that Chinese policymakers have become more transparent about their
decisions. They are continuing to maintain the delicate balance between controlled damping of the overheated sectors and pursuing a relatively
high growth target of 6.5% for the years ahead. The strong monetary impulse and robust investments in the infrastructure around the
beginning of the year have led to an increase in real economic activity. Although overcapacity in the traditional industries is still high, producer
price stabilization is proof that no further increase is taking place.
Moreover, Russia and Brazil are showing early signs of recovery, aided in part by commodity market stabilization. Lagging growth in world
trade, low productivity growth, political uncertainty and high debt in dollar terms are still tempering the outlook for strong recovery in emerging
markets.
Outlook for the bond markets
The first six months of 2016 saw positive bond market quotes right down the line. This was the result of steadily falling capital market rates all
over the world. For the coming period, too, new record-breaking low rates cannot be excluded. Long-dated bonds, in particular, still have further
upward potential. The world economy is still being characterized by slow growth and low inflation. This environment, in conjunction with central
banks that have turned on the liquidity faucet full throttle, is keeping demand for bonds high, despite historically low yields. The US Fed, in an
exceptional position, made an attempt to start normalizing its monetary policy. Owing to the prevailing international challenges such as growth
deceleration in China and the outcome of the British referendum, this attempt has so far remained limited to one interest rate hike. Now that
concerns regarding the American domestic economy are also darkening the horizon, a second move may be longer coming.
Corporate bonds also had a tail wind in the first six months. The recovery in the price of oil was an important stimulus for US high yield bonds in
particular. The market in European corporate loans benefited from the ECB's decision to extend its purchasing program to include corporate
bonds. Both developments will also give the market a substantial boost for the near future. However, we wonder whether, in the longer term,
Robeco Global Total Return Bond Fund 6
today's valuations will sufficiently make up for the increased risks. The renewed increase in the debt position of American companies in
particular gives us cause for concern.
Subordinated bank loans are a segment where valuations look attractive. Concerns about the earnings model of banks when rates are negative,
the capital position of Italian banks and the consequences of a Brexit for the British financial institutions have led to lagging returns, making the
valuation of this asset class more attractive.
Emerging market bonds are enjoying a comeback this year. We expect this to be ongoing. Important in this context is that the Fed appears to be
taking a breather before raising rates again. Many of these countries are experiencing only minor inflationary pressure and can reduce their
official short-term interest rate further. In addition, the capital market rates are often high in relative terms. Nevertheless, fundamental
developments in some countries clearly call for a selective investment policy.
Robeco Global Total Return Bond Fund 7
Investment results
Investment results
Price in
currency x 1
30/06/2016
Price in Investment result
Investment result
currency x 1 reporting period in
3 years average
31/12/2015
%
Share classes
CH EUR 1,2
100.28
98.16
4.2
4.4
59.70
57.37
4.1
3.8
EH EUR 1,3
102.00
98.92
4.0
2.8
FH EUR 4
112.51
107.96
4.2
4.1
IH EUR 4
112.78
108.18
4.3
4.1
5.4
4.8
DH EUR
Barclays Multiverse Index (hedged into EUR) 11
DH CHF 5
105.63
101.78
3.8
2.6
IH CHF 6
108.21
104.03
4.0
3.4
5.1
3.9
Barclays Multiverse Index (hedged into CHF) 7, 11
FH GBP
101.74
100.00
10,435.31
10,018.96
Barclays Multiverse Index (hedged into GBP) 8, 11
IH JPY 2
1.7
2.0
Barclays Multiverse Index (hedged into JPY) 9, 11
4.2
4.4
5.3
5.6
DH USD 8
105.93
101.23
4.6
3.5
IH USD 9
114.37
109.09
4.8
4.8
MH USD 10
104.44
100.09
4.4
2.5
6.0
5.4
Barclays Multiverse Index (hedged into USD) 10,11
1
Assuming reinvestment of the distributed dividend. See Notes on page 24.
2
Investment result 3 years average over the period 27 August 2015 until 30 June 2016.
3
Investment result 3 years average over the period 18 December 2014 until 30 June 2016
4
Investment result 3 years average over the period 15 July 2013 until 30 June 2016
5
Investment result 3 years average over the period 22 May 2014 until 30 June 2016
6
Investment result 3 years average over the period 27 February 2014 until 30 June 2016
7
Period 9 May 2016 until 30 June 2016.
8
Investment result 3 years average over the period 23 October 2014 until 30 June 2016
9
Investment result 3 years average over the period 19 August 2013 until 30 June 2016
10
Investment result 3 years average over the period 8 October 2014 until 30 June 2016
11
Reference index
Performance analysis
The Global Total Return Bond Fund can invest in all the different segments of the fixed income market (e.g. government bonds, credits and
emerging debt). The fund had a positive first half of the year in term of overall returns underpinned by yet again further declines in bond yields.
Government bonds
The overall duration of the fund – a measure of the interest rate sensitivity – moved in a range between roughly 4 and 6.5 years. At the start of
the year it became increasingly likely that most central banks considered another round of monetary stimulus. In reaction, the duration was
increased in steps to 6.5 years around the middle of February to benefit from further bond yield declines. This proved to be the peak in the
duration of the fund over the first half of 2016. Around the same time the Bank of Japan (BoJ) surprised market participants by cutting deposit
rates into negative territory. Early March the ECB announced it would start buying corporate bonds in addition to its existing purchase program
in order to combat deflationary pressures.
Throughout the reporting period the fund expressed a clear preference for longer dated bonds both in the US and the Eurozone. The
expectation for a further flattening of the yield curve was founded on the belief that in a low growth, low inflation world, long dated bonds
represented most value.
Government bond holdings were concentrated in the US, the Eurozone and to a lesser extent in Canadian government bonds. There was no
exposure to the Japanese government bond market which resulted in opportunity losses as the surprise rate cut by the BoJ triggered a big rally
in this market. Within the Eurozone the fund sold all holdings of peripheral government bonds early in the year as the spreads of these bonds
Robeco Global Total Return Bond Fund 8
had decreased, fundamental improvements were stalling and political risks in Europe were rising. Peripheral country spreads indeed widened.
At the end of June, after the surprise outcome of the EU referendum (‘Brexit’), it was decided to increase exposure to UK Gilts. The Bank of
England will most likely ease monetary policy further in order to address the deteriorating economic outlook.
Credits
After spreads widened substantially in January and February due to the very weak commodity markets, spreads started to compress in March
after commodity markets bottomed. The announcement of the Federal Reserve to postpone further rate hikes and the introduction of the CSPP
program by the ECB resulted in further spread tightening, especially in European corporates.
The exposure of the fund to corporate bonds was mainly concentrated in subordinated financials. This category actually lagged in performance
over the reporting period. The excess return over government bonds was negative. Positions in UK bank debt contributed negatively as the
probability of a Brexit increased.
Emerging debt
During the first quarter the fund gradually increased its exposure to emerging local debt to around 5% in total. Yield levels for the universe as a
whole were judged as attractive, especially when compared to developed markets. In addition after years of disappointing returns, the asset
class had gotten under-owned by the investor community. Some countries also showed progress from a fundamental point of view, Indonesia
being a good example where a benign inflation outlook enabled the central bank to cut official target rates. Worries about the China growth
outlook, prominent at the start of the year, abated as Chinese policy makers took further stimulative measures. As chances for an aggressive Fed
tightening path diminished over the course of the reporting period, local currencies found further support. The asset class ended the first six
months of the year as one of the star performers.
Foreign exchange
Aside from the exposure to emerging currencies (see text above) positions in developed bond markets were fully hedged to the base currency of
the fund. Of all G10 countries, the Japanese yen was the strongest currency whereas the British pound depreciated the most over the first six
month of the year.
Asset allocation
Throughout the reporting period the exposure to developed and emerging (local) sovereign bonds was increased at the expense of investment
grade credits. The exposure to high yield corporate credits was held at a minimum. Within the credit portfolio, European credits were dominant
with a focus on subordinated bonds issued by financial institutions.
Sustainability investing
The sustainability investing carried out by funds at Robeco is implemented with minimum restrictions to the investment universe, and consists of
a combination of effective measures:
•
Exercising voting rights
•
Engagement
•
Exclusions
•
Integrating ESG factors1 into the investment processes.
Exercising voting rights
The manager aims to exercise voting rights on shares held by the fund throughout the world. The manager is convinced that effective corporate
governance will be beneficial to shareholder value in the longer term. The corporate-governance policy of the manager is based on the
internationally accepted principles of the International Corporate Governance Network (ICGN). The manager is of the opinion that local
legislation and codes for corporate governance, such as the Corporate Governance Code in the Netherlands, should be guiding principles for
corporate-governance practice and voting behavior. This approach is in line with the ICGN Global Corporate Governance Principles.
The ICGN Global Corporate Governance Principles are guidelines for shareholders and listed companies on different corporate governance
topics, such as the composition of the board of listed companies, independent supervision of the day-to-day management, an effective
remuneration policy, rights for shareholders and the company's management board. The aim of Robeco's voting policy is to improve the
corporate governance of its investments. Common agenda items at shareholder meetings concern the appointment of new management or
supervisory board members, approval for share issues and the approval of the remuneration policy.
1
ESG stands for environmental, social and governance.
Robeco Global Total Return Bond Fund 9
Some proposals such as those made by shareholders or about mergers and takeovers can differ greatly in form and content. The way in which
Robeco votes on such agenda items is different for each specific proposal. International basic principles from the Principles for Responsible
Investing and the International Corporate Governance Network, for example, also offer support for such specific analyses. The manager puts the
wider interests of the investors first. Given the type of investments of the fund, exercising of voting rights is not applicable.
Engagement
Engagement means making active use of the rights of investors to influence how companies are managed. Robeco enters into active dialogue
with companies about good corporate governance and a socially responsible corporate policy. In our opinion this will increase shareholder value
for the investors in the longer term. We use an integral approach, which combines the expertise of our investment analysts, our sustainability
investing research analysts and our engagement specialists. By using financially material information as the basis for our talks, we strive to
ensure that our dialogue introduces added value and improves the risk/return profile of the company's stock. This enables us to generate value
for both the investors and the company.
Robeco uses two forms of engagement that differ in approach: The first is 'value engagement', which is aimed at improving the sustainability
profile of companies and thus also the quality of investments in those companies. Different sustainability themes are discussed with companies
based on the conviction that opportunities can be better used and risks better mitigated by companies that pursue a sound sustainability policy.
In 2015 constructive dialogues were initiated on behalf of the RIAM-managed funds with listed companies on topics such as environmental
challenges for European electricity companies, ESG risks and opportunities in the biopharmaceutical industry, and on corporate governance in
Japan.
The second form of engagement is 'enhanced engagement', which focuses on companies that breach the UN Global Compact. The UN Global
Compact defines several universal principles with which organizations must comply. These principles are of a general nature and focus on
respecting human rights, good working conditions, combating corruption and exercising due care for the environment. If a company structurally
breaches one or more of these principles, Robeco starts a dialogue with it. If after three years' of dialogue, a company has made insufficient
progress in eliminating or mitigating the breach, Robeco may decide to exclude the company from its investment universe.
Exclusions
Robeco's exclusion policy is based on three main exclusion criteria. Firstly, it excludes companies that are involved in the production of
controversial weapons or essential components for such weapons, or that derive income from the sale or transport of these weapons. We base
our policy of not investing in such companies on a legislative amendment in the Netherlands governing investments in cluster-munition
companies effective since 1 January 2013. Secondly, there is a policy for excluding countries. Robeco considers any country that systematically
violates the human rights of its citizens to be controversial. These exclusions relate to investment-related sanctions that are imposed by the UN,
US or EU. Thirdly, an unsuccessful dialogue may in time lead to a company's exclusion from the investment universe. In such cases a dialogue
with a company concerns serious and systematic violations of widely accepted international directives on good corporate governance. Robeco
focuses in particular on the United Nations Global Compact. The Executive Committees of RIAM and RobecoSAM have the final authority to
exclude companies and countries.
Integrating ESG factors into the investment processes
ESG factors play an important role in the investment process for the fund both in the country analysis and credit analysis. For investments in
sovereigns the Country Sustainability Ranking and underlying research is used as input for assessment of the structural outlook for a country. For
credits the ESG analysis is part of the fundamental scoring by the sector analyst. We are convinced that integrating ESG factors into the
investment process leads to better informed investment decisions. In our opinion ESG is under-researched, while ESG information will help in
identifying both investment risks and opportunities.
Luxembourg, 30 August 2016
The Board of Directors
Past performance is no indication of current or future performance. These performance data do not take account of the commissions and costs incurred on the issue and redemption of
units.
Robeco Global Total Return Bond Fund 10
Financial statements
Statement of net assets
In EUR x thousand
Investment portfolio at market value
Deposits and other cash
Notes
30/06/2016
31/12/2015
2
1,951,231
1,718,263
4.7
27,743
50,799
Unrealized gains on forward exchange transactions
3
3,507
3,695
Unrealized gains on financial futures
4
3,465
2,961
Unrealized gains on interest rate swaps
5
711
539
Unrealized gains on credit default swaps
6
300
275
Other assets
7
101,793
25,185
2,088,750
1,801,717
Total assets
Bank overdrafts
7
Collateral due to brokers
219
-
-
270
Unrealized losses on forward exchange transactions
3
10,028
10,118
Unrealized losses on financial futures
4
6,597
282
Unrealized losses on interest rate swaps
5
2,866
410
Unrealized losses on credit default swaps
6
2,762
3,759
Other liabilities
70,793
3,013
Total liabilities
93,265
17,852
1,995,485
1,783,865
100.28
98.16
Net asset value class DH EUR share
59.70
57.37
Net asset value class EH EUR share
102.00
98.92
Net asset value class FH EUR share
112.51
107.96
Net asset value class IH EUR share
112.78
108.18
Net asset value class DH CHF share 1
105.63
101.78
Net asset value class IH CHF share 1
108.21
104.03
Total net assets
Net asset value class CH EUR share
Net asset value class FH GBP
share 2
Net asset value class IH JPY share 3
Net asset value class DH USD share 4
Net asset value class IH USD
share 4
Net asset value class MH USD share 4
101.74
-
10,435.31
10,018.96
105.93
101.23
114.37
109.09
104.44
100.09
1 This
class of shares is denominated in Swiss francs (CHF). The reference currency of the Company is the euro (EUR).
2 This
class of shares is denominated in British pound (GBP). The reference currency of the Company is the euro (EUR).
3 This
class of shares is denominated in Japanese yen (JPY). The reference currency of the Company is the euro (EUR).
4 This
class of shares is denominated in US dollars (USD). The reference currency of the Company is the euro (EUR).
The accompanying notes set out on pages 13 to 24 inclusive form an integral part of the financial statements.
Robeco Global Total Return Bond Fund 11
Number of shares outstanding
Movement in the reporting period 01/01/2016 through 30/06/2016
Shares at the
beginning of the Shares subscribed Shares redeemed
period
Shares at the
end of the
period
Class of shares
CH EUR
513,598
314,014
32,617
794,995
DH EUR
12,632,222
1,786,981
2,422,698
11,996,505
EH EUR
22,542
349,668
79,663
292,547
FH EUR
7,716,926
429,292
496,805
7,649,413
IH EUR
1,142,822
1,308,404
179,014
2,272,212
DH CHF
18,285
2,682
370
20,597
IH CHF
305,717
70,603
44,542
331,778
3,900
FH GBP
-
3,900
-
6,850
-
-
6,850
DH USD
38,573
21,418
15,764
44,227
IH USD
138,105
9,062
34,218
112,949
7,744
-
-
7,744
IH JPY
MH USD
Robeco Global Total Return Bond Fund 12
Notes to the financial statements
1 General
Robeco Global Total Return Bond Fund, (‘the Company’), was initially incorporated under the laws of the Netherlands Antilles by notarial deed
executed on 26 April 1974 under the form of a public limited liability company. Its registered office was transferred to Luxembourg and it was
converted into a société anonyme (S.A.), organised as a "société d'investissement à capital variable" (SICAV) on 4 June 2013. Its Articles of
Incorporation were published in the ‘Mémorial, Recueil des Sociétés et Associations’, of the Grand Duchy of Luxembourg (the ’Mémorial’) on 12
June 2013. Robeco Global Total Return Bond Fund is a ‘Société d’Investissement à Capital Variable’ (Investment Company with variable capital)
pursuant to the law of 10 August 1915, as amended, on commercial companies and to part I of the law of 17 December 2010 on undertakings
for collective investment of the Grand Duchy of Luxembourg. The Board of Directors has the authority to issue different classes of shares in the
Company. Details on the characteristics of such share classes offered by the Company will be determined by the Board of Directors. The Board of
Directors of the Company may decide upon the issue of class D, DH, DHHi, 0DH, 2DH, 10DH, 20DH, 30DH, 40DH, M, MH, F, FH, FHHi, 0FH, 2FH,
10FH, 20FH, 30FH, 40FH, I, IH, IHHi, 0IH, 2IH, 10IH, 20IH, 30IH, 40IH, Z and ZH shares (accumulating) and Class B, BH, BHHi, Bx, BxH, 0BxH, E,
EH, 0EH, 2EH,C, CH, CHHi, G, GH, ZB, ZBH, IExH, IE and IEH shares (distribution). The reference currency of the classes of shares may be the euro
(EUR), the US dollar (USD), the British pound (GBP), the Swiss franc (CHF), the Japanese yen (JPY), the Canadian dollar (CAD), the Mexican peso
(MXN), the Hong Kong dollar (HKD), the Singapore dollar (SGD), the Swedish crown (SEK), the Norwegian crown (NOK), the Chinese renminbi
(RMB), the Danish crown (DKK) or the Australian dollar (AUD). Only the shares mentioned in the paragraph ‘Share Capital’ are active at the
reporting date.
Share capital
The capital of the Company will automatically be adjusted in case additional shares are issued or outstanding shares are redeemed without
special announcements or measure of publicity being necessary in relation thereto.
Class CH, FH and MH shares are available in certain countries, subject to the relevant regulatory approval, through specific distributors, selected
by the Board of Directors. Class DH and EH shares are available to all investors. Class IH shares are available to institutional investors within the
meaning of article 174 (2) of the law of 17 December 2010 on collective investment undertakings and may only be subscribed directly with the
Registrar.
Class IH shares have a minimum subscription amount of EUR 500,000. The Board of Directors can waive this minimum subscription amount at
its discretion. Additional subscriptions must be for a minimum of EUR 10,000.
The Company, for the account of classes of shares for which the currency of expression is USD, JPY or CHF (collectively or individually ‘hedged
class(es)’), engages in currency hedging transactions to preserve, to the extent possible, the value of the assets attributable to the Hedged
classes. The attention of the investors is drawn to the fact that the Company has several classes of shares which distinguish themselves by, inter
alia, their reference currency and that they are exposed to the risk that the net asset value of a class denominated in one currency can move
unfavorable vis-à-vis another class denominated in another currency.
Sales commissions
The maximum sales commission is 3%, except for shares that are only available to institutional Investors for which the maximum sales
commission is 0.50%. The percentages represent a percentage of the total subscription amount. This commission rate has to be considered as a
maximum rate and the sales agents may decide at their discretion to waive this sales commission in whole or in part. The Company reserves the
right to refuse any subscription request at any time. Sales commissions are not booked in the fund.
Dividend policy
The general policy regarding the appropriation of net income and capital gains is as follows:
Class DH, FH, IH and MH shares
Income is automatically reinvested and added to the relevant class and will thus contribute to a further increase
in value of the total net assets.
Robeco Global Total Return Bond Fund 13
Class CH shares
After the end of the reporting period, the Company proposes what distribution shall be made from the net investment income and net capital
gains attributable to the relevant class. The annual general meeting of shareholders will determine the dividend payment.
Class EH shares
The shareholders are entitled to an annual distribution of the net proceeds, which compounds to all revenues of the shareclass minus fees and
costs of the share class.
The Board of Directors of the Company may decide to distribute interim dividends in accordance with Luxembourg law.
Open-ended fund
Robeco Global Total Return Bond Fund is an open-ended investment Company, meaning that, barring exceptional circumstances, Robeco Global
Total Return Bond Fund issues and purchases its shares on a daily basis at prices at net asset value per share. The Company reserves the right to
refuse any subscription request at any time.
Swing pricing
Shares are issued and redeemed on the basis of the net asset value per share. However, the actual costs of purchasing or selling assets and
investments for a sub-fund may deviate from the latest available prices, as appropriate, in calculating the net asset value per share. This
deviation can be caused by duties and charges and spread from buying and selling prices of the underlying investments (“spreads”). These costs
have an adverse effect on the value of a sub-fund and its underlying share classes and are known as dilution. To mitigate the effects of dilution,
the Directors may, at their discretion, make a dilution adjustment to the net asset value per share. The Directors will retain the discretion in
relation to the circumstances under which to make such a dilution adjustment. At the end of the reporting period, no swing adjustment was
made.
Pooling and co-management
For the purpose of efficient management and to reduce administrative costs and if the investment policies of the sub-funds allow such, the
Board of Directors may decide to co-manage some or all of the assets of the Company and other Luxembourg UCIs of the Robeco Group (‘comanaged units’). In this case, the assets from different co-managed units will be jointly managed using the technique of pooling. Assets that are
co-managed will be referred to using the term ‘pool’. Such pools will only be used for the purposes of internal management. They will not
constitute distinct legal entities and will not be directly accessible to investors. Each co-managed unit will have its own assets allocated to it.
During the reporting period no pooling or co-management took place.
Affiliated parties
Robeco Global Total Return Bond Fund is affiliated to the entities belonging to Robeco Groep N.V.. The affiliation with Robeco Groep N.V. is the
result of the possibility of having decisive control or a substantial influence on the Company’s business policy. ORIX Corporation owns just over
90% of the shares of Robeco Groep N.V. The management structure of Robeco Groep N.V., in which significant authority is allocated to its
independent supervisory board, is such that ORIX Corporation does not have any meaningful say in or influence on the Company’s business
policy. Robeco Groep N.V. pursues an independent investment policy on behalf of its affiliated investment companies, taking into account the
interest of the investors involved. Besides services of other market parties, Robeco Global Total Return Bond Fund also utilizes the services of one
or more of these affiliated entities including transactions relating to securities, treasury, derivatives, securities lending, and subscriptions and
redemptions of its own shares, as well as management activities. Transactions are executed at market rates.
Financial instruments
Risks
Transactions in financial instruments may lead the Company to be subject to the risks described below or to the Company transferring these risks
to another party.
General investment risk
The value of your investments may fluctuate. Past performance is no guarantee of future results. The net asset value of the Company is affected
by developments in the financial markets and may both rise and fall. Shareholders run the risk that their investments may end up being worth
less than the amount invested or even worth nothing.
Bonds or other debt securities involve credit risk to the issuer which may be evidenced by the issuer's credit rating. Securities which are
subordinated and/or have a lower credit rating are generally considered to have a higher credit risk and a greater possibility of default than
more highly rated securities. In the event that any issuer of bonds or other debt securities experiences financial or economic difficulties, this may
Robeco Global Total Return Bond Fund 14
affect the value of the relevant securities and any amounts paid on such securities. This may in turn affect the NAV per share. General
investment risk can be broken down into market risk, concentration risk and currency risk.
Market risk
The net asset value of the Company is sensitive to market movements. In addition, investors should be aware of the possibility that the value of
investments may vary as a result of changes in political, economic or market circumstances. No assurance can, therefore, be given that the Subfund’s investment objective will be achieved. It cannot be guaranteed either that the value of a Share in a Sub-fund will not fall below its value
at the time of acquisition.
Concentration risk
Based on its investment policy, the Company may invest in financial instruments from issuing institutions that (mainly) operate within the same
sector or region, or in the same market. If this is the case, the concentration of the investment portfolio of the Company may cause events that
have an effect on these issuing institutions to have a greater effect on the Company assets than would occur with a less concentrated
investment portfolio.
Currency risk
All or part of the Company’s investments may be invested in currencies other than the euro. As a result, fluctuations in exchange rates may have
both a negative and a positive effect on the investment result of the Company.
The Company limits the general investment risk by investing in bonds and other marketable debt securities and instruments (which may include
certificates of deposit, money-market instruments and commercial papers) of issuers from any member state of the OECD or supranational
issuers guaranteed by one or more member states of the OECD and with a minimum rating of ’A’ in the Standard & Poor’s or other recognized
credit rating agencies lists.
Counterparty risk
A counterparty of a sub-fund may fail to fulfil its obligations towards that sub-fund. In case of hedging transactions in classes of shares, the
relevant sub-fund carries the counterparty risk. This risk is limited as much as possible by taking every possible care in the selection of
counterparties. Wherever it is customary in the market, the Company will demand and obtain collateral. The Company minimizes this risk by
trading exclusively with reputable counterparties with a minimum rating of A in the Standard & Poors or other recognized credit rating agencies
lists.
Risk of lending financial instruments
In the case of financial-instrument lending transactions, the Company runs the risk that the borrower cannot comply with its obligation to return
the financial instruments on the agreed date or furnish the requested collateral. The lending policy of the Company is designed to control these
risks as much as possible.
The lending policy of the Fund is designed to control these risks as much as possible. The credit worthiness of counterparties in securities-lending
transactions is assessed on the basis of how independent rating agencies regard their short-term credit worthiness and on the basis of their net
assets. Guarantees given by parent companies are also taken into account. The fund only accepts collateral from OECD countries in the form of:
– government bonds with a minimum credit rating of BBB;
– the bonds of supranational bodies with a minimum credit rating of BBB–;
– stocks listed on the main indexes of stock markets in OECD countries;
– cash (CAD, CHF, EUR, GBP, JPY of USD) .
As of balance-sheet date, the fund had received collateral ensuing from securities-lending transactions. More information can be found under
Note 9 on page 23.
Liquidity risk
The actual buying and selling prices of financial instruments in which the Company invests partly depend upon the liquidity of the financial
instruments in question. It is possible that a position taken on behalf of the Company cannot be quickly liquidated in good time and at a
reasonable price due to a lack of liquidity in the market in terms of supply and demand. The Company minimizes this risk by mainly investing in
financial instruments that are tradable on a daily basis.
Euro currency risk
All or part of the assets of the Company may be invested in securities denominated in Euro. In the event of any adjustments, including a full
break-up, an exit of individual countries or other circumstances that may result in the emergence or re-introduction of national currencies, the
Company runs the risks that value of its investments is reduced and/or the liquidity of its investments is (temporarily) reduced, regardless of the
measures the Company may seek to reduce this risk.
Robeco Global Total Return Bond Fund 15
Operational risk
The operational risk is the non inherent risk remaining after determining the risks as detailed above (general investment risk, counterparty,
liquidity or risk of lending financial instruments). It mainly includes risks resulting from breakdowns in internal procedures, people and systems.
Insight into actual risks
The report of the Board of Directors, the statement of net assets, the Notes to the financial statements and the
Investments portfolio, which include currency classification of the investments, give an insight into the actual risks at the end of the reporting
period.
Risk management
Managing risk is a part of the investment process as a whole and with the help of advanced systems, the risks outlined above are limited,
measured and monitored on the basis of fixed risk measures.
Policy regarding the use of derivatives
Investing implies that positions are taken. As it is possible to use various instruments, including derivative instruments, to construct an identical
position, the selection of derivatives is subordinate to the positioning of an investment portfolio. In our published information, attention is given
primarily to the overall position, and secondarily to the nature and volume of the financial instruments employed.
Derivative instruments
The unrealized results of derivative instruments are reported in the statement of net assets and are disclosed by contract. Commitments to
derivatives are not included in the statement of net assets. They are, however, explained in the Notes. The unrealized results presented in the
Statement of net assets are disclosed by contract.
The derivatives instruments listed in the Notes are transacted through third party brokers. Those brokers hold collateral described under the note
of the instrument involved. The company is exposed to counterparty risk in respect of all amounts including collateral due to it from such
brokers.
Robeco Global Total Return Bond Fund 16
2 Summary of significant accounting principles
General
Unless stated otherwise, the items shown in the financial statements are included at their nominal value and expressed in the reference
currency of the Company. The reference currency of the Company is the euro. This annual report covers the period from 1 January 2016 through
30 June 2016.
Preparation and presentation of financial statements
The financial statements are prepared and presented in accordance with Luxembourg generally accepted accounting principles for investment
funds.
Foreign currencies
Transactions in currencies other than the reference currency of the Company are converted into the reference currency at the exchange rates
prevailing at the time of the transaction. The market value of the investments, assets and liabilities expressed in currencies other than the
reference currency of the Company are converted into the Company’s reference currency at the exchange rates prevailing at the end of the
reporting period. Any positive or negative exchange differences arising are accounted for in the Statement of operations and changes in net
assets under the heading ‘Net realized and changes in unrealized results on investments and other financial instruments´. The table on page 26
shows the exchange rates as at 30 June 2016.
Valuation of investments
Transferable securities, money market instruments and/or financial derivative instruments listed on an official stock exchange listing
These instruments are valued at their last available price; in the event that there should be several such markets, on the basis of the last
available price of the main market for the relevant security or asset. Should the last available market price for a given transferable security
money market instruments and/or financial derivative instruments not truly reflects its fair market value, then that transferable security money
market instruments and/or financial derivative instruments is valued on the basis of the probable sales price which the Board of Directors deems
prudent to assume. Fixed income securities not traded on such markets are generally valued at the last available price or yield equivalents
obtained from one or more dealers or pricing services approved by the Board of Directors, or any other price deemed appropriate by the Board
of Directors.
Transferable securities and/or money market instruments dealt in on another regulated market
These instruments are valued on the basis of their last available market price. Should the last available market price for a given transferable
security and/or money market instrument not truly reflect its fair market value, then that transferable security and/or money market instrument
is valued by the Board of Directors on the basis of the probable sales price which the Board of Directors deems prudent to assume.
Transferable securities and/or money market instruments not listed or dealt in on any stock exchange or on any regulated market
In the event that any assets are not listed or dealt in on any stock exchange or on any regulated market, or if, with respect to assets listed or
dealt in on any stock exchange, or on any regulated market as aforesaid, the above valuation methods are inappropriate or misleading, the
Board of Directors may adopt any other appropriate valuation principles for the assets of the Company.
Investments of the Company primarily invested in markets which are closed for business at the time the Company is valued are normally valued
using the prices at the previous close of business.
Market volatility may result in the latest available prices not accurately reflecting the fair value of the Company’s investments. This situation
could be exploited by investors who are aware of the direction of market movements, and who might deal to exploit the difference between the
next published Net Asset Value and the fair value of the Company’s investments. By these investors paying less than the fair value for shares on
issue, or receiving more than the fair value for shares on redemption, other shareholders may suffer a dilution in the value of their investment.
To prevent this, the Company may, during periods of market volatility, adjust the Net Asset Value per Share prior to publication to reflect more
accurately the fair value of the Company’s investments. Adjustment will be made provided that such change exceeds the threshold as
determined by the Board of Directors. If an adjustment is made, it will be applied consistently to all classes of shares. At the end of the reporting
period, no such adjustments were made.
Investment transactions and investment income
Securities are initially recorded at cost, and where applicable on the basis of exchange rates prevailing on the date they are purchased. Results
on sales of securities are determined on the basis of the average cost method (for futures first in first out method). Investment transactions are
accounted for on the trade date. Interest income is recorded on an accrual basis. Discounts/Premiums on zero coupon bonds are accreted as
adjustments to interest income. Interest and capital gains on securities may be subject to withholding or capital gains taxes in certain countries.
Robeco Global Total Return Bond Fund 17
3 Open forward exchange transactions
Open forward exchange transactions are valued with market practice valuation models using forwards rates based on exchange and interest
rates applicable at 30 June 2016. The unrealized results of these transactions have been recorded gross in the Statement of net assets under
the heading ’Unrealized gains/losses on open forward exchange transactions’. The contracts outstanding as at 30 June 2016 are disclosed in
the following table. Information on the collateral received or paid on these positions is stated in the table on page 22. The paid collateral is
restricted cash and is included in the Statement of net assets under the heading ‘Other assets’. The received collateral are margin overdrafts
which are included in the Statement of net assets under the heading ‘Collateral due to brokers’.
Open forward exchange transactions
Purchases
Currency
bought
Sales
Amount Currency
bought sold
Amount Counterparty
sold
Maturity
Unrealized
date
gains/losses
EUR x 1
Robeco Global Total Return Bond Fund
AUD
2,893,897 EUR
1,898,336 Rabobank Nederland
15/07/2016
39,413
CHF
1,145,000 EUR
1,058,113 Barclays Bank
15/07/2016
196
EUR
495,322 CAD
713,718 HSBC
15/07/2016
820
EUR
104,760,629 CAD
150,951,330 HSBC
15/07/2016
173,418
EUR
2,900,867 DKK
21,569,649 HSBC
15/07/2016
1,612
EUR
35,534,376 GBP
29,540,000 HSBC
15/07/2016
2,913
EUR
60,979,198 GBP
50,470,000 Barclays Bank
15/07/2016
272,644
EUR
8,427,888 GBP
6,677,474 Rabobank Nederland
15/07/2016
396,118
EUR
24,856,371 GBP
19,689,905 Rabobank Nederland
15/07/2016
1,173,049
EUR
2,338,447 SEK
21,749,259 HSBC
15/07/2016
27,532
EUR
315,484 USD
350,000 HSBC
15/07/2016
568
EUR
284,688 USD
315,000 Barclays Bank
15/07/2016
1,264
EUR
1,141,888 USD
1,265,000 Rabobank Nederland
15/07/2016
3,694
EUR
3,300,000 USD
3,662,884 Rabobank Nederland
15/07/2016
4,291
EUR
699,980 USD
770,000 Citigroup
15/07/2016
7,167
EUR
1,472,297 USD
1,620,000 Citigroup
15/07/2016
14,691
TRY
3,244,838 EUR
990,248 Citigroup
15/07/2016
21,010
TRY
5,000,000 EUR
1,526,381 Citigroup
15/07/2016
31,876
TRY
5,000,000 EUR
1,525,345 Barclays Bank
15/07/2016
32,913
TRY
10,000,000 EUR
3,052,761 HSBC
15/07/2016
63,753
TRY
10,000,000 EUR
3,049,305 Citigroup
15/07/2016
67,210
USD
710,000 EUR
631,707 Citigroup
15/07/2016
7,122
USD
620,000 EUR
550,284 HSBC
15/07/2016
7,567
USD
1,650,000 EUR
1,468,222 Citigroup
15/07/2016
16,381
USD
2,565,000 EUR
2,291,481 Citigroup
15/07/2016
16,401
USD
1,210,000 EUR
1,070,642 Rabobank Nederland
15/07/2016
18,068
USD
5,160,000 EUR
4,577,028 HSBC
15/07/2016
65,734
USD
40,520,000 EUR
36,051,807 Citigroup
15/07/2016
406,457
ZAR
25,000,000 USD
1,628,679 Citigroup
15/07/2016
65,782
ZAR
32,225,700 USD
2,094,112 Citigroup
15/07/2016
89,565
ZAR
50,000,000 USD
3,259,484 Citigroup
15/07/2016
129,652
ZAR
50,000,000 USD
3,253,741 Citigroup
15/07/2016
134,820
3,293,701
Robeco Global Total Return Bond Fund
DH CHF shares
CHF
8,000 EUR
CHF
2,162,952 EUR
EUR
6,477 CHF
7,378 HSBC
1,998,818 Barclays Bank
7,000 Rabobank Nederland
15/07/2016
16
15/07/2016
370
15/07/2016
7
393
Robeco Global Total Return Bond Fund IH
CHF shares
Robeco Global Total Return Bond Fund 18
CHF
150,000 EUR
138,616 ING Bank
15/07/2016
27
CHF
120,000 EUR
110,725 Citigroup
15/07/2016
190
Open forward exchange transactions
Purchases
Currency
bought
Sales
Amount Currency
bought sold
Amount Counterparty
sold
Maturity
Unrealized
date
gains/losses
EUR x 1
CHF
35,470,071 EUR
EUR
111,026 CHF
32,778,452 Barclays Bank
120,000 Rabobank Nederland
15/07/2016
15/07/2016
6,072
112
6,401
Robeco Global Total Return Bond Fund FH
GBP shares
EUR
2,470 GBP
2,000 HSBC
15/07/2016
GBP
1,000 EUR
1,203 J.P. Morgan Securities
15/07/2016
65
0
65
Robeco Global Total Return Bond Fund IH
JPY shares
JPY
300,000 EUR
2,626 Rabobank Nederland
15/07/2016
6
JPY
200,000 EUR
1,707 Rabobank Nederland
15/07/2016
48
JPY
70,700,000 EUR
594,237 Rabobank Nederland
15/07/2016
26,063
26,117
Robeco Global Total Return Bond Fund
DH USD shares
USD
17,000 EUR
15,090 Rabobank Nederland
15/07/2016
206
USD
4,673,895 EUR
4,161,420 Rabobank Nederland
15/07/2016
43,961
USD
40,000 EUR
35,506 Rabobank Nederland
15/07/2016
484
USD
13,606,018 EUR
12,114,171 Rabobank Nederland
15/07/2016
127,975
USD
3,000 EUR
USD
800,164 EUR
44,167
Robeco Global Total Return Bond Fund IH
USD shares
128,459
Robeco Global Total Return Bond Fund
MH USD shares
2,673 HSBC
712,429 Rabobank Nederland
15/07/2016
15/07/2016
27
7,526
7,553
Total unrealized gains
Robeco Global Total Return Bond Fund
3,506,856
EUR
116,586 JPY
13,870,937 Rabobank Nederland
15/07/2016
–5,113
EUR
3,823,194 NOK
35,750,000 Rabobank Nederland
15/07/2016
–20,352
33,244,838 HSBC
EUR
10,046,119 TRY
15/07/2016
–314,698
EUR
142,729,508 USD
160,290,903 Rabobank Nederland
15/07/2016
–1,493,774
EUR
120,623,771 USD
135,478,456 Rabobank Nederland
15/07/2016
–1,274,274
EUR
111,698,047 USD
125,412,545 Rabobank Nederland
15/07/2016
–1,143,092
EUR
108,087,563 USD
121,254,541 Rabobank Nederland
15/07/2016
–1,012,357
EUR
102,789,917 USD
115,256,412 Rabobank Nederland
15/07/2016
–913,121
EUR
102,376,718 USD
114,784,541 Rabobank Nederland
15/07/2016
–901,748
EUR
98,217,265 USD
110,124,547 Citigroup
15/07/2016
–868,328
EUR
87,807,147 USD
98,454,124 Citigroup
15/07/2016
–777,874
EUR
75,209,421 USD
84,318,463 Rabobank Nederland
15/07/2016
–656,905
EUR
9,900,000 USD
11,061,708 Citigroup
15/07/2016
–52,869
EUR
900,000 USD
15/07/2016
–19,820
EUR
229,028 USD
EUR
9,123,659 ZAR
USD
2,099,957 EUR
USD
830,000 EUR
754,178 Barclays Bank
USD
670,000 EUR
604,730 Citigroup
CHF
10,000 EUR
9,309 Rabobank Nederland
15/07/2016
–66
EUR
4,591 CHF
5,000 Rabobank Nederland
15/07/2016
–30
CHF
190,000 EUR
176,871 Rabobank Nederland
15/07/2016
–1,257
CHF
130,000 EUR
120,258 HSBC
15/07/2016
–100
1,022,293 HSBC
260,000 Barclays Bank
157,225,700 HSBC
1,900,000 Citigroup
15/07/2016
–4,910
15/07/2016
–506,113
15/07/2016
–10,548
15/07/2016
–7,380
15/07/2016
–1,893
–9,985,169
Robeco Global Total Return Bond Fund
DH CHF shares
–96
Robeco Global Total Return Bond Fund IH
CHF shares
Robeco Global Total Return Bond Fund 19
Open forward exchange transactions
Purchases
Currency
Sales
Amount Currency
bought
bought sold
EUR
55,094 CHF
EUR
267,800 CHF
Amount Counterparty
sold
Maturity
Unrealized
date
gains/losses
EUR x 1
60,000 Rabobank Nederland
290,000 Citigroup
15/07/2016
15/07/2016
–364
–243
–1,964
Robeco Global Total Return Bond Fund FH
GBP shares
GBP
393,000 EUR
GBP
3,000 EUR
GBP
2,000 EUR
496,120 Rabobank Nederland
15/07/2016
–23,413
3,618 J.P. Morgan Securities
15/07/2016
–10
2,414 J.P. Morgan Securities
15/07/2016
–8
–23,431
Robeco Global Total Return Bond Fund IH
JPY shares
EUR
843 JPY
100,000 Barclays Bank
15/07/2016
–34
EUR
2,610 JPY
300,000 Barclays Bank
15/07/2016
–22
JPY
400,000 EUR
3,553 Rabobank Nederland
15/07/2016
–44
JPY
300,000 EUR
2,651 Rabobank Nederland
15/07/2016
–19
–119
Robeco Global Total Return Bond Fund
DH USD shares
EUR
10,126 USD
11,500 Rabobank Nederland
15/07/2016
–221
EUR
12,412 USD
14,000 HSBC
15/07/2016
–185
USD
20,000 EUR
17,996 Citigroup
15/07/2016
–1
EUR
677,812 USD
15/07/2016
–15,005
EUR
26,415 USD
30,000 Rabobank Nederland
15/07/2016
–578
EUR
35,651 USD
40,000 Rabobank Nederland
15/07/2016
–340
EUR
62,699 USD
70,000 HSBC
15/07/2016
–284
USD
90,000 EUR
81,436 Citigroup
15/07/2016
–458
USD
40,000 EUR
36,108 Rabobank Nederland
15/07/2016
–117
USD
50,000 EUR
44,990 Citigroup
15/07/2016
–407
Robeco Global Total Return Bond Fund IH
USD shares
770,000 HSBC
–2
–16,784
Robeco Global Total Return Bond Fund
MH USD shares
EUR
1,321 USD
1,500 Rabobank Nederland
15/07/2016
–29
EUR
3,583 USD
4,000 HSBC
15/07/2016
–16
USD
5,000 EUR
4,524 Citigroup
15/07/2016
–25
USD
3,000 EUR
2,708 Rabobank Nederland
15/07/2016
–9
USD
3,000 EUR
2,699 Citigroup
15/07/2016
0
–79
Total unrealized losses
Robeco Global Total Return Bond Fund 20
–10,028,049
4 Financial futures
Regulated futures contracts are valued at their exchange quoted settlement price. Initial margin deposits are made upon entering into futures
contracts. All open futures contracts are marked to market with changes in market value recognized as unrealized gains or losses. Variation
margin payments are made or received, depending on whether unrealized losses or gains are incurred. When the contract is closed, the
Company records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and price at
which the Company entered into the contract. The unrealized gains/losses on financial futures are recorded gross in the Statement of net assets
under the heading ‘Unrealized gains/losses on financial futures’. All margin deposits are included in the Statement of net assets under the
heading ‘Deposits and other cash’ and amounted to EUR 9 million at the end of the reporting period. The contracts outstanding as at 30 June
2016 are disclosed in the following table.
Financial futures
Purchase/
Quantity Currency
Denomination
sale
Maturity
Commitment
Unrealized
date
EUR x 1
gains/losses
EUR x 1
Purchase
29 EUR
EURO-SCHATZ FUT XEUR
SEP-2016
3,249,885
Purchase
33 EUR
EURO-SCHATZ FUT XEUR
SEP-2016
3,698,145
6,019
Purchase
1 EUR
EURO BUXL 30Y BND XEUR
SEP-2016
196,160
14,626
Purchase
50 EUR
EURO-BOBL FUTURE XEUR
SEP-2016
6,680,000
46,080
Purchase
50 GBP
LONG GILT FUTURE IFLL
SEP-2016
7,730,581
350,761
Purchase
83 GBP
LONG GILT FUTURE IFLL
SEP-2016
12,832,765
582,263
Purchase
70 USD
US 2YR NOTE (CBT) XCBT
SEP-2016
13,819,675
65,897
Purchase
38 USD
US ULTRA BOND CBT XCBT
SEP-2016
6,374,949
415,421
Purchase
603 USD
US 10YR NOTE (CBT XCBT
SEP-2016
72,181,086
500,374
Purchase
169 USD
US LONG BOND(CBT) XCBT
SEP-2016
26,217,285
1,478,454
Total unrealized gains
5,417
3,465,312
Sale
19 CAD
CAN 10YR BOND FUT XMOD
SEP-2016
1,949,514
–48,725
Sale
740 EUR
EURO-BUND FUTURE XEUR
SEP-2016
123,668,800
–969,010
Sale
394 EUR
Euro-BTP Future XEUR
SEP-2016
56,188,340
–760,278
Sale
68 EUR
EURO-BOBL FUTURE XEUR
SEP-2016
9,084,800
–61,890
Sale
26 EUR
EURO-BUND FUTURE XEUR
SEP-2016
4,345,120
–52,432
Sale
2433 USD
US 5YR NOTE (CBT) XCBT
SEP-2016
267,541,442
–3,310,148
Sale
137 USD
US LONG BOND(CBT) XCBT
SEP-2016
21,253,066
–1,203,865
Sale
90 USD
US 5YR NOTE (CBT) XCBT
SEP-2016
9,896,724
–176,781
Sale
19 USD
US 10YR NOTE (CBT XCBT
SEP-2016
2,274,362
–13,643
Total unrealized losses
–6,596,772
5 Interest rate swaps
Interest rate swaps are valued with market practice valuation models using exchange and interest rates applicable at 30 June 2016. The
unrealized gains/losses on interest rate swaps are recorded gross in the Statement of net assets under the heading ‘Unrealized gains/losses on
interest rate swaps’. Fees paid to the central clearing member are recorded in the Statement of operations and changes in net assets under the
heading ‘Transaction costs’. The contracts outstanding as at 30 June 2016 are disclosed in the table below. Information on the collateral on
these positions is stated in the table on page 22. The paid collateral is restricted cash and is included in the Statement of net assets under the
heading ‘Other assets’. The received collateral are margin overdrafts which are included in the Statement of net assets under the heading
‘Collateral due to brokers’.
Interest rate swaps
At 30 June 2016
Denomination
Counterparty
Maturity date
IRS CAD Pay Canada Bankers Rec 2.7850%
Deutsche Bank
30/04/2024
Currency
Nominal value
Unrealized
gains/losses
EUR x 1
CAD
8,000,000
711,016
Total unrealized gains
711,016
IRS USD Pay 2.5172% Rec ICE LIBOR USD 3
Citigroup
03/11/2040
USD
6,050,000
–850,290
IRS USD Pay 2.3152% Rec LIBOR, BBA USD
Citigroup
23/12/2024
USD
25,950,000
–2,015,895
Total unrealized losses
Robeco Global Total Return Bond Fund 21
–2,866,185
6 Credit default swaps
Credit default swaps are valued at fair value under procedures approved by the Board of Directors. The unrealized gains/losses on credit default
swaps are recorded gross in the Statement of net assets under the heading ‘Unrealized gains/losses on credit default swaps’. The contracts
outstanding as at 30 June 2016 are disclosed in the table below. Information on the collateral on this positions is stated in the table on page
22. The paid collateral is restricted cash and is included in the Statement of net assets under the heading ‘Other assets’. The received collateral
are margin overdrafts which are included in the Statement of net assets under the heading ‘Collateral due to brokers’.
Credit default swaps
As at 30 June 2016
Nominal
value/
commitment
Unrealized
gains/losses
EUR x 1
HSBC
14,250,000
246,830
HSBC
2,400,000
41,571
HSBC
6,800,000
Purchase/
Sale of risk
Denomination
Premium
Maturity date
CDS/CDX
Currency
Counterparty
Sale
CDX MARKIT ITRX ASIAXJ IG 06/21
Pay 100 bps
20/06/2021
USD
Sale
CDX MARKIT ITRX ASIAXJ IG 06/21
Pay 100 bps
20/06/2021
USD
Sale
CDS 7.500 CHINA GOVT INTL BOND 28-OCT-2027
Pay 100 bps
20/09/2020
USD
11,419
299,820
Purchase
CDS 5.375 VOLKSWAGEN INTL FIN NV 22-MAY-2018
Receive 100 bps
20/12/2020
EUR
Bank of America
1,050,000
–9,619
Sale
CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019
Pay 100 bps
20/12/2016
EUR
Goldman Sachs
4,200,000
–13,675
Sale
CDX MARKIT ITRX EUR XOVER 06/21
Pay 500 bps
20/06/2021
EUR
JP Morgan
4,950,000
–289,452
Sale
CDX MARKIT ITRX EUR XOVER 06/21
Pay 500 bps
20/06/2021
EUR
JP Morgan
5,750,000
–336,232
Sale
CDX MARKIT ITRX EUROPE 06/21
Pay 100 bps
20/06/2021
EUR
BNP Paribas
100,000,000
–789,180
Purchase
CDS 8.250 VALE OVERSEAS LIMITED 17-JAN-2034
Receive 100 bps
20/12/2016
USD
Barclays Bank
3,500,000
–15,271
Sale
CDS 7.625 HUTCH WHAM INT 09 LTD 09-APR-2019
Pay 100 bps
20/12/2016
USD
HSBC
5,400,000
–15,766
Sale
CDS 4.875 EXPORT-IMPORT BANK CHINA 21-JUL-2015
Pay 100 bps
20/09/2019
USD
JP Morgan
5,350,000
–29,858
Sale
CDS 2.000 JAPAN (20 YEAR ISSUE) 21-MAR-2022
Pay 100 bps
20/09/2020
USD
JP Morgan
2,200,000
–54,938
Sale
CDS 2.000 JAPAN (20 YEAR ISSUE) 21-MAR-2022
Pay 100 bps
20/09/2020
USD
Barclays Bank
2,350,000
–58,684
Sale
CDS 4.750 CHINA DEVELOPMENT BANK 08-OCT-2014
Pay 100 bps
20/06/2018
USD
Citigroup
7,250,000
–62,178
Sale
CDS 2.000 JAPAN (20 YEAR ISSUE) 21-MAR-2022
Pay 100 bps
20/06/2025
USD
JP Morgan
8,000,000
–181,068
Sale
CDX MARKIT CDX.NA.IG.26 06/21
Pay 100 bps
20/06/2021
USD
BNP Paribas
100,000,000
–906,262
–2,762,183
7 Collateral and overdraft
Robeco Global Total Return Bond Fund received or paid collateral to cover the unrealized results on derivative instruments, except financial
futures. Collaterals are calculated and settled on a daily basis per counterparty. The collateral is primarily cash held at the broker in the name of
the sub-fund. The paid collateral is restricted cash and is included in the Statement of net assets under the heading ‘Other assets’. The received
collateral and the margin overdrafts are included in the Statement of net assets under the heading ‘Collateral due to broker’. The amounts per
sub-fund and counterparty are shown in the table below.
Collateral
In EUR x thousand
Counterparty
Paid/Received
Rabobank
Paid
30/06/2016
8,680
Barclays Bank
Paid
3,809
Citigroup
Paid
2,160
BNP Paribas
Paid
930
JP Morgan Plc
Paid
660
Goldman Sachs
Paid
20
The Company has access to an overdraft facility (the "Facility"), established with the Depositary, intended to provide for short-term/temporary
financing if necessary, subject to certain restrictions, in connection with abnormal redemption activity. Each portfolio of the Company is limited
to borrowing 10% of its respective net assets. Borrowings pursuant to the facility are subject to interest at a mutually agreed upon rate and
security by the underlying assets of each portfolio. The number of days to refund in case of a temporary overdraft is set at 30 days.
Robeco Global Total Return Bond Fund 22
8 Investment portfolio
The investment portfolio is included at the end of this report.
9 Securities lending
Robeco Institutional Asset Management B.V. (RIAM) is the lending agent for all Robeco Global Total Return Bond Fund’s securities lending
transactions. RIAM receives a fee of maximum 35% of the gross income resulting from these securities lending transactions as compensation for
its services. An independent third party checks periodically whether the agreement with Robeco Securities Lending B.V. is still in line with normal
market practices. The net income from securities lending for the Company was EUR 339 thousand (EUR 132 thousand over the period 1 January
through 30 June 2015) and for RIAM EUR 85 thousand (EUR 31 thousand over the period 1 January through 30 June 2015). The net income
from securities lending is included in the Statement of operations and changes in net assets under the heading ‘Other income’.
At 30 June 2016 the outstanding fully collateralized securities lending agreements with financial institutions involved an amount of EUR 723
million being 37.0% of the investment portfolio at market value. The received collateral amounted to EUR 804 million. Collateral received in the
frame of the lending activity, primarily securities, is held in the name of the fund on an escrow account with external agents. In exceptional
cases, the collateral is received in cash, which is not subject to reinvestment. More information on the quality of the collateral received, can be
found in the description of the risk of lending financial instruments on page 15.
10 Taxes
The classes of shares of the Company are liable in Luxembourg to an annual duty (‘taxe d’abonnement’/’subscription tax’) at the rate of 0.05%
of their net assets calculated and payable at the end of each quarter. This rate is 0.01% per annum for institutional classes of shares such as
class IH shares. To the extent that the assets of the Company are invested in investment funds which are established in Luxembourg, no such tax
is payable, provided that the relevant investment funds have been subject to this tax. The Company will receive income from its investments
after deduction of applicable withholding taxes in the country of origin. There are no Luxembourg income, withholding, capital gains, estate or
inheritance taxes payable by the Company.
11 Management company
The Directors of the Company have appointed Robeco Luxembourg S.A. (the ‘Management Company’) as the Management Company of Robeco
Global Total Return Bond Fund to be responsible on a day-to-day basis, under supervision of the Board of Directors of the Company, for
providing administration, marketing and investment management services. The Management Company has delegated its investment
management services to Robeco Institutional Asset Management B.V. (the ‘Investment Adviser’). The Management Company has delegated the
administration and registrar agent functions to RBC Investor Services Bank S.A. (acting as ‘Administration Agent’ and ‘Registrar Agent’). The
Management Company was incorporated as a ‘Société anonyme’ under the laws of the Grand Duchy of Luxembourg on 7 July 2005 and its
Articles of Association were published in the Mémorial on 26 July 2005. The Management Company is approved as Management Company
regulated by chapter 15 of the Luxembourg law of 17 December 2010, relating to undertakings for collective investment. The Management
Company is part of Robeco Groep N.V. and also acts as Management Company for Robeco Capital Growth Funds, Robeco Interest Plus Funds,
Robeco Lux-o-rente and Robeco All Strategies Funds.
12 Management and service fees
The classes of shares 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 classes of shares incur an annual service fee payable to the
Management Company reflecting all remaining expenses such as the fees of the Administration Agent, the Registrar Agent, auditors and legal
advisers, the costs of preparing, printing and distributing all prospectuses, memoranda, reports and other necessary documents concerning the
Company, any fees and expenses involved in the registration of the Company with any governmental agency and stock exchange, the costs of
publishing prices and operational expenses, and the cost of holding shareholders’ meetings.
The annual charges, both management fee and service fee, are expressed as a percentage of the net asset value. The charges paid monthly, are
based on net asset value of the relevant period and are reflected in the share price. The following table shows the maximum percentages for the
different outstanding classes of shares.
Robeco Global Total Return Bond Fund is not subject to a performance fee.
Management and service fee
In %
CH shares
DH shares
EH shares
FH shares
IH shares
MH shares
Management fee
0.35
0.70
0.70
0.35
0.35
1.30
Service fee 1
0.12
0.12
0.12
0.12
0.08
0.12
Robeco Global Total Return Bond Fund 23
1
If the net asset value exceeds EUR 1 billion the service fee will be reduced by 0.02% for the portion above EUR 1 billion. If the net asset value exceeds EUR 5 billion, the service fee will
be reduced by a further 0.02% for the portion above EUR 5 billion.
13 Investments in third party funds
If the sub-funds invest in UCITS/UCI’s that are not part of the Robeco Group, all costs at the level of these UCITS/UCI’s (including the non
recoverable management fees, service fees, performance fees and/or transactions costs) shall be borne by the sub-funds ultimately and
therefore by the shareholders. During the reporting period, the Company only invested in the Z shares of Robeco funds which don’t charge
management or service fees.
14 Depositary fee
The depositary bank is remunerated in accordance with the agreement between RBC Investor Services Bank S.A., acting as the depositary, and
the Company.
15 Other fees and expenses
The Company and its classes of shares pay directly banking fees relating to the assets of the Company or expenses incurred thereof, such as
proxy voting. The costs of establishing the Company have been paid entirely. If additional sub-funds are created in the future, these sub-funds
will bear, in principle, their own formation expenses.
16 Distributed dividends
During the reporting period the following distributions took place.
Distributed dividend
Currency
Amount
per share
Ex-dividend
date
Payment date
CH EUR shares
EUR
1.00
18/03/2016
24/03/2016
CH EUR shares
EUR
0.99
17/06/2016
24/06/2016
EH EUR shares
EUR
0.89
22/04/2016
29/04/2016
17 Transaction costs
The Company and its classes of shares pay directly commissions, brokerage fees and taxes resulting from financial transactions. These costs are
recorded in the Statement of operations and changes in net assets under the heading ‘Transactions costs’.
Robeco Global Total Return Bond Fund 24
18 Ongoing charges
The ongoing charges express the operational costs (e.g. management fee, service fee, taxe d’abonnement, depositary fee and bank charges)
charged to the Company. They are represented as a percentage of the average assets entrusted, calculated on a daily basis, during the reporting
period. The ongoing charges as shown below do not include transaction costs. The other costs concern mainly bank charges, depositary fee and
taxe d’abonnement. Ongoing charges are annualized for periods less than one year.
Ongoing charges
Management fee
Service fee
Other costs
01/07/2015 30/06/2016
Total
Management fee
Service fee
Other costs
01/07/2014 30/06/2015
Total
Class DH EUR
0.70
0.12
0.06
0.88
0.70
0.12
Class CH EUR
0.35
0.12
0.06
0.53
0.06
0.88
Class EH EUR
0.70
0.12
0.06
0.88
0.70
0.12
0.06
0.88
Class FH EUR
0.35
0.12
0.06
0.53
0.35
0.12
0.06
0.53
Class IH EUR
0.35
0.08
0.02
0.45
0.35
0.08
0.02
0.45
Class DH CHF
0.70
0.08
0.06
0.84
0.70
0.08
0.06
0.84
Class IH CHF
0.35
0.08
0.02
0.45
0.35
0.08
0.02
0.45
Class FH GBP
0.35
0.12
0.06
0.53
Class IH JPY
0.35
0.08
0.02
0.45
Class DH USD
0.70
0.08
0.06
0.84
0.70
0.08
0.06
0.84
Class IH USD
0.35
0.08
0.02
0.45
0.35
0.08
0.02
0.45
Class MH USD
1.30
0.12
0.06
1.48
1.30
0.12
0.06
1.48
19 Turnover ratio
This is the turnover ratio of the investments, including derivative instruments, against the average assets entrusted and this is a measure of the
incurred transaction costs resulting from the investment 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, including derivative instruments,
less the sum of issuance and repurchase of own shares, divided by the daily average of the net assets. The turnover ratio is determined by
expressing the amount of turnover as a percentage of the average assets entrusted. The turnover ratio over the reporting period was 277%
(versus 388% over the period 1 July 2014 through 30 June 2015).
20 Changes in the investment portfolio
The statement of changes in the investment portfolio during the period from 1 January 2016 to 30 June 2016 inclusive may be obtained free of
charge at the offices of the Company, the Depositary, or any Nominee.
21 Retrocessions and trailer fees
Trailer fees for the marketing of the Company (Commission d’Encours) are paid to distributors and assets managers from the management fee.
No retrocession has been granted during the reporting period.
22 Personnel costs
Robeco Global Total Return Bond Fund does not employ personnel.
Luxembourg, 30 August 2016
The Board of Directors
Edith J. Siermann
Stefan Gordijn
D. Rob van Bommel
Other data
Savings directive information
Robeco Global Total Return Bond Fund is subject to the EU savings directive.
Robeco Global Total Return Bond Fund 25
Stock-exchange listing
Robeco Global Total Return Bond Fund class DH shares are listed on Euronext Amsterdam, Euronext Fund Service and Luxemburg Stock
Exchange. In addition, the fund has a stock exchange quotation in Berlin, Düsseldorf, Frankfurt, Hamburg, Munich, Paris, Vienna and Zürich.
Auditors
No external audit has been conducted.
Exchange rates
Number of units
Foreign currency
30/06/2016
Against EUR
31/12/2015
Against EUR
AUD
1
0.6702
0.6698
CAD
1
0.6931
0.6627
CHF
1
0.9240
0.9196
DKK
1
0.1344
0.1340
GBP
1
1.2033
1.3568
JPY
100
0.0088
0.7652
MYR
1
0.2233
0.2144
NOK
1
0.1076
0.1040
SEK
1
0.1062
0.1092
SGD
1
0.6688
0.6489
THB
1
0.0256
0.0256
USD
1
0.9001
0.9206
Robeco Global Total Return Bond Fund 26
Investment Portfolio
At 30 June 2016
Interest rate
Maturity date
Face Value
Market value in
EUR x 1
in % of net
assets
1,024,128
80,495,843
4.03
80,495,843
4.03
Fund shares
USD
Robeco Emerging Debt Z USD
Total fund shares
Transferable securities and money market instruments admitted to an official stock exchange listing
CAD
0.7500 CANADIAN GOVERNMENT
01/03/2021
50,000,000
34,942,476
1.75
0.7500 CANADIAN GOVERNMENT
01/09/2020
50,000,000
35,040,546
1.76
1.5000 CANADIAN GOVERNMENT
01/03/2020
50,000,000
35,840,379
1.80
105,823,401
5.31
2,977,416
0.15
2,977,416
0.15
DKK
4.5000 KINGDOM OF DENMARK
15/11/2039
11,700,000
EUR
0.0000 AIREM 2007-1X (FRN)
20/09/2066
3,100,000
1,857,021
0.09
0.0000 AYTGH IX (FRN)
15/07/2039
4,350,000
2,229,498
0.11
0.0000 BFTH 13 (FRN)
17/07/2049
6,400,000
2,714,965
0.14
0.0000 DRIFR 2 (FRN)
21/03/2022
1,400,000
659,226
0.03
0.0000 GERMANY (FEDERAL REPUBLIC)
17/04/2020
1,300,000
1,331,486
0.07
0.0000 GERMANY (FEDERAL REPUBLIC)
16/09/2016
2,300,000
2,303,082
0.12
0.0000 GERMANY (FEDERAL REPUBLIC)
16/12/2016
4,100,000
4,112,095
0.21
0.0000 SCGA 2016-1 (FRN)
13/12/2025
1,400,000
1,360,958
0.07
0.0120 BILK 6 (FRN)
25/07/2029
3,200,000
1,204,139
0.06
0.0360 AIREM 2006-1X (FRN)
20/09/2066
4,500,000
2,440,604
0.12
0.0623 ARENA 2016-1NHG (FRN)
17/06/2048
900,000
901,053
0.05
0.0920 STORM 2014-3 (FRN)
22/02/2053
1,700,000
1,703,801
0.09
0.0960 AIREM 2005-1X (FRN)
20/09/2066
2,100,000
977,708
0.05
0.1490 ESAIL 2007-NL1X (FRN)
17/04/2040
10,700,000
3,215,615
0.16
0.1920 LAN 2015-1X (FRN)
22/12/2054
2,000,000
1,967,997
0.10
0.1980 ABEST 10 (FRN)
10/12/2028
1,300,000
621,633
0.03
0.2370 PARGN 22 (FRN)
15/09/2042
900,000
814,749
0.04
0.2500 Federal Republic of Germany
11/10/2019
20,000,000
20,598,399
1.03
0.2640 VCL 22 (FRN)
21/08/2021
1,600,000
1,185,140
0.06
0.2970 STORM 2016-GRN (FRN)
22/10/2052
1,300,000
1,301,183
0.07
0.3980 ABEST 9 (FRN)
10/12/2028
940,000
202,061
0.01
0.5000 BUNDESOBLIGATION
12/04/2019
44,850,000
46,308,077
2.32
0.5000 FEDEX CORP
09/04/2020
220,000
221,705
0.01
0.5000 GERMANY (FEDERAL REPUBLIC)
15/02/2026
250,000
265,345
0.01
0.7500 Daimler AG
11/05/2023
830,000
852,949
0.04
0.7500 WPP FINANCE 2013
18/11/2019
220,000
223,355
0.01
1.0000 KELLOGG CO
17/05/2024
1,690,000
1,690,845
0.08
1.0000 LeasePlan Corp NV
08/04/2020
1,000,000
1,011,390
0.05
1.0000 NN GROUP NV
18/03/2022
370,000
380,127
0.02
1.0000 ORANGE SA
12/05/2025
100,000
102,550
0.01
1.0000 SOUTHERN POWER CO
20/06/2022
370,000
374,200
0.02
1.1250 Akzo Nobel NV
08/04/2026
260,000
266,604
0.01
1.2500 CARREFOUR SA
03/06/2025
10,000
10,363
0.00
Robeco Global Total Return Bond Fund 27
Investment Portfolio
At 30 June 2016
Interest rate
Maturity date
Face Value
108,000,000
Market value in
EUR x 1
108,572,406
in % of net
assets
5.44
1.2500 GERMANY (FEDERAL REPUBLIC)
14/10/2016
1.2500 GOVERNOR & CO OF THE BAN
09/04/2020
10,000
10,172
0.00
1.2500 MOLSON COORS BREWING CO
15/07/2024
1,460,000
1,468,176
0.07
1.3750 RCI BANQUE SA
17/11/2020
130,000
135,200
0.01
1.3750 TESCO CORP TREASURY SERV
01/07/2019
450,000
444,308
0.02
1.5000 GERMANY (FEDERAL REPUBLIC)
04/09/2022
13,700,000
15,413,595
0.77
1.5000 PERNOD RICARD SA
18/05/2026
900,000
938,520
0.05
1.6250 Solvay SA
02/12/2022
400,000
422,860
0.02
1.7500 TDC A/S
27/02/2027
1,150,000
1,100,953
0.06
1.8500 SOUTHERN POWER CO
20/06/2026
640,000
655,744
0.03
1.8750 KBC GROUP NV
11/03/2022
400,000
389,080
0.02
1.8750 LYB INTERNATIONAL FINANC
02/03/2022
550,000
576,537
0.03
2.0000 BNP PARIBAS FORTIS SA
Perpetual
2,000,000
1,283,580
0.06
2.0000 COMMONWEALTH BANK AUST
22/04/2022
1,650,000
1,582,416
0.08
2.0000 FCA CAPITAL IRELAND PLC
23/10/2019
160,000
164,904
0.01
2.0000 NATIONAL AUSTRALIA BANK
12/11/2019
1,290,000
1,295,947
0.06
2.1500 PRICELINE GROUP INC/THE
25/11/2022
590,000
622,126
0.03
2.1500 THERMO FISHER SCIENTIFIC
21/07/2022
310,000
332,646
0.02
2.2500 GERMANY (FEDERAL REPUBLIC)
04/09/2020
13,350,000
14,986,043
0.75
2.2500 GERMANY (FEDERAL REPUBLIC)
04/09/2021
21,350,000
24,508,305
1.23
2.2500 KINDER MORGAN INC/DELAWA
16/03/2027
170,000
155,831
0.01
2.2500 NETHERLANDS (KINGDOM OF)
15/07/2022
2,000,000
2,323,340
0.12
2.3750 BANQUE FED CRED MUTUEL
24/03/2026
400,000
396,760
0.02
2.3750 KBC GROUP NV
25/11/2019
1,700,000
1,725,874
0.09
2.3750 PRICELINE GROUP INC/THE
23/09/2024
1,000,000
1,049,900
0.05
2.3750 SSE PLC
Perpetual
600,000
559,680
0.03
2.5000 COVENTRY BLDG SOCIETY
18/11/2020
410,000
431,480
0.02
2.5000 GERMANY (FEDERAL REPUBLIC)
15/08/2046
4,500,000
7,244,595
0.36
2.5000 GERMANY (FEDERAL REPUBLIC)
04/01/2021
17,450,000
19,932,261
1.00
2.5000 GERMANY (FEDERAL REPUBLIC)
04/07/2044
26,400,000
41,698,010
2.09
2.5000 RABOBANK
26/05/2021
2,800,000
2,846,872
0.14
2.5000 SANTANDER ISSUANCES
18/03/2025
1,500,000
1,400,835
0.07
2.5000 SKANDINAVISKA ENSKILDA
28/05/2021
1,850,000
1,888,499
0.09
2.5000 SOCIETE GENERALE
16/09/2021
1,100,000
1,103,377
0.06
2.5000 VOLKSWAGEN INTL FIN NV
Perpetual
710,000
671,873
0.03
2.6000 ELM BV (SWISS REIN CO)
Perpetual
750,000
682,500
0.03
2.6250 BARCLAYS PLC
11/11/2020
3,460,000
3,256,276
0.16
2.6250 CREDIT AGRICOLE SA
17/03/2027
500,000
499,340
0.03
2.6250 FCA CAPITAL IRELAND PLC
17/04/2019
100,000
104,770
0.01
2.6250 SOCIETE GENERALE
27/02/2025
500,000
499,440
0.03
2.7500 BPCE SA
30/11/2022
2,700,000
2,732,535
0.14
2.7500 LA BANQUE POSTALE
19/11/2022
1,000,000
1,013,760
0.05
2.7500 NYKREDIT REALKREDIT AS
17/11/2022
2,470,000
2,432,703
0.12
2.8750 ABN AMRO BANK NV
30/06/2020
450,000
459,225
0.02
2.8750 BNP PARIBAS
20/03/2021
2,450,000
2,506,693
0.13
3.0000 BANQUE FED CRED MUTUEL
11/09/2025
400,000
422,884
0.02
3.0000 GERMANY (FEDERAL REPUBLIC)
04/07/2020
20,000,000
22,939,598
1.15
3.0000 ING BANK NV
11/04/2023
1,600,000
1,626,544
0.08
Robeco Global Total Return Bond Fund 28
Investment Portfolio
At 30 June 2016
Interest rate
Maturity date
Face Value
in % of net
assets
0.02
3.0000 LA BANQUE POSTALE
09/06/2028
3.1000 Lloyds Banking Group PLC
06/06/2020
320,000
323,354
0.02
3.1250 BELFIUS BANK SA/NV
11/05/2026
2,500,000
2,533,050
0.13
3.2500 FRANCE (REPUBLIC OF)
25/05/2045
1,900,000
3,017,257
0.15
3.2500 FRANCE (REPUBLIC OF)
25/10/2021
10,500,000
12,520,410
0.63
3.2500 GERMANY (FEDERAL REPUBLIC)
04/07/2021
6,500,000
7,761,585
0.39
3.2500 GERMANY (FEDERAL REPUBLIC)
04/07/2042
39,300,000
68,249,557
3.42
3.3750 AVIVA PLC
04/12/2025
790,000
732,259
0.04
3.3750 HSBC HOLDINGS PLC
10/01/2019
1,729,000
1,783,342
0.09
3.5000 AG INSURANCE SA/NV
30/06/2027
800,000
723,000
0.04
3.5000 BALL CORP
15/12/2020
1,450,000
1,559,185
0.08
3.5000 BBVA SUB CAPITAL UNIPERS
11/04/2019
2,600,000
2,643,966
0.13
3.6250 ING BANK NV
25/02/2021
830,000
885,436
0.04
3.6250 ROYAL BK SCOTLND GRP PLC
25/03/2019
450,000
437,792
0.02
3.7500 PETROLEOS MEXICANOS
15/03/2019
1,180,000
1,231,625
0.06
3.7500 SNS BANK NV
05/11/2020
3,937,000
3,843,496
0.19
3.8750 ARGENTA SPAARBANK
24/05/2026
3,300,000
3,338,643
0.17
3.9410 AXA SA
Perpetual
2,720,000
2,686,000
0.13
3.9610 TELEFONICA EMISIONES SAU
26/03/2021
300,000
347,679
0.02
4.0000 AEGON NV
25/04/2024
3,100,000
2,821,000
0.14
4.0000 BANKIA SA (FRN)
22/05/2019
1,000,000
940,000
0.05
4.0000 CNP ASSURANCES
Perpetual
1,400,000
1,302,000
0.07
4.0000 FRANCE (REPUBLIC OF)
25/10/2038
3,500,000
5,835,340
0.29
4.0000 GERMANY (FEDERAL REPUBLIC)
04/01/2037
12,000,000
21,181,681
1.05
4.0000 GERMANY (FEDERAL REPUBLIC)
04/07/2016
24,500,000
24,500,000
1.22
4.0000 NETHERLANDS (KINGDOM OF)
15/07/2018
3,000,000
3,282,480
0.16
4.0000 SOCIETE GENERALE
07/06/2023
1,100,000
1,226,104
0.06
4.0000 STANDARD CHARTERED PLC
21/10/2020
600,000
588,132
0.03
4.1250 ALLIED IRISH BANKS PLC
26/11/2020
3,975,000
3,676,875
0.18
4.1250 TEREOS FINANCE GROUPE I
16/06/2023
900,000
893,700
0.04
4.1990 SOLVAY FINANCE
Perpetual
150,000
151,718
0.01
4.2500 ACHMEA BV
Perpetual
430,000
375,713
0.02
4.2500 AQUA + INV (ZURICH INS)
02/10/2023
800,000
869,744
0.04
4.2500 CNP ASSURANCES
05/06/2025
900,000
852,750
0.04
4.2500 FRANCE (REPUBLIC OF)
25/10/2018
14,000,000
15,558,901
0.78
4.2500 GOVERNOR & CO OF THE BAN
11/06/2019
1,000,000
965,000
0.05
4.3750 DELTA LLOYD NV
Perpetual
300,000
223,500
0.01
4.3750 DEMETER (SWISS LIFE)
Perpetual
1,850,000
1,766,750
0.09
4.5000 CNP ASSURANCES
10/06/2027
600,000
568,500
0.03
4.5000 HBOS PLC
18/03/2025
1,530,000
1,648,575
0.08
4.5000 NN GROUP NV
Perpetual
1,450,000
1,381,125
0.07
4.5000 REPSOL INTL FINANCE
25/03/2025
1,200,000
1,018,920
0.05
4.6250 NN GROUP NV
08/04/2024
2,000,000
2,020,000
0.10
4.6250 ROYAL BK OF SCOTLAND PLC
22/09/2016
100,000
98,500
0.00
4.6250 VOLKSWAGEN INTL FIN NV
Perpetual
180,000
184,635
0.01
4.7500 Allianz SE
Perpetual
2,400,000
2,559,000
0.13
4.7500 AMERICA MOVIL SAB DE CV
28/06/2022
800,000
975,736
0.05
4.7500 GERMANY (FEDERAL REPUBLIC)
04/07/2028
3,000,000
4,771,980
0.24
Robeco Global Total Return Bond Fund 29
300,000
Market value in
EUR x 1
305,697
Investment Portfolio
At 30 June 2016
Interest rate
Maturity date
Face Value
Market value in
EUR x 1
693,540
in % of net
assets
0.03
4.7500 Goldman Sachs Group Inc/The
12/10/2021
600,000
4.7500 UBS AG
12/02/2021
1,125,000
1,178,438
0.06
5.0000 ASR NEDERLAND NV
Perpetual
2,200,000
2,167,000
0.11
5.0000 CAIXABANK SA
14/11/2018
1,000,000
1,033,300
0.05
5.1250 ASR NEDERLAND NV
29/09/2025
750,000
757,500
0.04
5.1250 Tesco PLC
10/04/2047
549,000
524,789
0.03
5.2500 AXA SA
16/04/2020
1,100,000
1,213,872
0.06
5.3740 HBOS PLC
30/06/2021
1,000,000
1,138,910
0.06
5.3750 ENERGIAS DE PORTUGAL SA
16/03/2021
500,000
496,225
0.02
5.5000 Assicurazioni Generali SpA
27/10/2027
800,000
822,000
0.04
5.5000 NETHERLANDS (KINGDOM OF)
15/01/2028
1,000,000
1,624,200
0.08
5.6250 BANCO DE SABADELL SA
06/05/2026
900,000
886,500
0.04
5.7500 ABN AMRO BANK NV
Perpetual
1,500,000
1,391,250
0.07
5.7500 CREDIT SUISSE
18/09/2020
1,160,000
1,226,700
0.06
6.0000 ACHMEA BV
04/04/2023
3,000,000
3,120,000
0.16
6.0000 CNP ASSURANCES
14/09/2020
2,800,000
3,024,000
0.15
6.0000 FRANCE (REPUBLIC OF)
25/10/2025
7,000,000
10,861,760
0.54
6.0000 Munich Re
26/05/2021
700,000
818,580
0.04
6.1250 AVIVA PLC
05/07/2023
1,920,000
2,121,600
0.11
6.1250 BNP PARIBAS
Perpetual
530,000
506,150
0.03
6.2500 Munich Re
26/05/2022
1,300,000
1,567,670
0.08
6.3750 Lloyds Banking Group PLC
Perpetual
1,900,000
1,776,500
0.09
6.5000 GERMANY (FEDERAL REPUBLIC)
04/07/2027
21,500,000
37,490,842
1.88
6.5000 LLOYDS BANK PLC
24/03/2020
270,000
310,784
0.02
6.6250 CLOVERIE PLC SWISS REINS
01/09/2022
800,000
997,752
0.05
6.6250 RABOBANK
Perpetual
1,000,000
1,005,000
0.05
6.7500 Banco Bilbao Vizcaya Argentari
Perpetual
1,000,000
855,000
0.04
6.7500 NATIONAL AUSTRALIA BANK
26/06/2018
400,000
445,828
0.02
6.8750 LINCOLN FINANCE LTD
15/04/2021
2,400,000
2,562,720
0.13
6.8750 RABOBANK
19/03/2020
1,050,000
1,227,188
0.06
6.9340 ROYAL BK OF SCOTLAND PLC
09/04/2018
1,400,000
1,511,468
0.08
7.0920 SKANDINAVISKA ENSKILDA
Perpetual
700,000
752,178
0.04
7.1250 ABN AMRO BANK NV
06/07/2022
1,723,000
2,162,555
0.11
7.1250 ERSTE GROUP BANK AG
10/10/2022
930,000
1,116,000
0.06
7.3750 ALLIED IRISH BANKS PLC
Perpetual
1,050,000
916,125
0.05
7.3750 GOVERNOR & CO OF THE BAN
Perpetual
500,000
460,000
0.02
7.5000 CLOVERIE PLC ZURICH INS
24/07/2019
950,000
1,102,238
0.06
7.7500 Assicurazioni Generali SpA
12/12/2022
1,600,000
1,856,000
0.09
7.8750 CREDIT AGRICOLE SA
Perpetual
450,000
523,125
0.03
8.0000 BARCLAYS PLC
Perpetual
1,550,000
1,441,500
0.07
8.8750 Banco Bilbao Vizcaya Argentari
Perpetual
400,000
394,500
0.02
8.8750 ERSTE GROUP BANK AG
Perpetual
3,000,000
2,921,250
0.15
9.0000 DELTA LLOYD LEVENSVERZEK
29/08/2022
1,640,000
1,845,000
0.09
10.0000 GOVERNOR & CO OF THE BAN
12/02/2020
350,000
414,750
0.02
10.0000 GOVERNOR & CO OF THE BAN
19/12/2022
1,158,000
1,459,080
0.07
10.3750 LLOYDS BANK PLC
12/02/2019
450,000
Robeco Global Total Return Bond Fund 30
541,454
0.03
723,343,411
36.25
Investment Portfolio
At 30 June 2016
Interest rate
Market value in
EUR x 1
in % of net
assets
2,000,000
2,390,903
0.12
8,450,000
10,618,195
0.53
510,000
768,654
0.04
Maturity date
Face Value
1.2375 SMI 2016-1X (FRN)
21/01/2070
1.5000 UNITED KINGDOM
22/07/2026
23/07/2021
GBP
10.0000 Legal & General Group PLC
11.3750 PRUDENTIAL PLC
29/05/2019
530,000
780,418
0.04
2.0000 UNITED KINGDOM
07/09/2025
44,500,000
58,696,839
2.94
2.6250 AMERICAN HONDA FINANCE
14/10/2022
850,000
1,084,498
0.05
4.0730 VERIZON COMMUNICATIONS
18/06/2024
550,000
751,754
0.04
4.5000 MONDELEZ INTERNATIONAL
03/12/2035
520,000
695,200
0.03
5.0000 UNITED KINGDOM
07/03/2025
29,800,000
48,447,006
2.43
5.3750 Legal & General Group PLC
27/10/2025
660,000
786,338
0.04
5.6250 VODAFONE GROUP PLC
04/12/2025
900,000
1,341,298
0.07
6.8750 NATIONWIDE BLDG SOCIETY
Perpetual
1,550,000
1,739,215
0.09
9.2500 DIRECT LINE INSURANCE GR
27/04/2022
825,000
1,189,378
0.06
129,289,696
6.48
IDR
8.2500 INDONESIA GOVERNMENT
15/07/2021
140,000,000,000
9,927,855
0.50
8.3750 INDONESIA GOVERNMENT
15/09/2026
140,000,000,000
10,179,319
0.51
20,107,174
1.01
3,848,493
0.19
3,848,493
0.19
NOK
3.7500 NORWEGIAN GOVERNMENT
25/05/2021
31,100,000
SEK
3.5000 SWEDISH GOVERNMENT
01/06/2022
18,450,000
2,401,523
0.12
2,401,523
0.12
USD
0.6250 TSY INFL IX N/B
15/01/2024
100,000
96,700
0,00
0.7500 US TREASURY NOTES
15/04/2018
7,700,000
6,950,966
0.35
1.1250 US TREASURY NOTES
28/02/2021
13,000,000
11,784,312
0.59
1.2500 US TREASURY NOTES
31/03/2021
70,150,000
63,884,204
3.20
1.2500 US TREASURY NOTES
31/10/2019
73,100,000
66,854,306
3.35
1.3750 PHILIP MORRIS INTL INC
25/02/2019
340,000
307,954
0.02
1.3750 US TREASURY NOTES
30/04/2020
93,200,000
85,480,241
4.28
1.5000 BMW US CAPITAL LLC
11/04/2019
580,000
524,554
0.03
1.5000 DAIMLER FINANCE NA LLC
05/07/2019
1,400,000
1,399,608
0.07
1.5000 PepsiCo Inc
22/02/2019
200,000
181,871
0.01
1.6250 US TREASURY NOTES
15/02/2026
40,000,000
36,398,759
1.82
1.6500 WESTPAC BANKING CORP
13/05/2019
1,270,000
1,145,228
0.06
1.6760 BP CAPITAL MARKETS PLC
03/05/2019
200,000
181,227
0.01
1.9000 ANHEUSER-BUSCH INBEV FIN
01/02/2019
2,200,000
2,013,145
0.10
2.0000 BANQUE FED CRED MUTUEL
12/04/2019
1,400,000
1,272,619
0.06
2.0000 US TREASURY NOTES
15/02/2025
131,000,000
123,322,418
6.18
2.0000 US TREASURY NOTES
31/05/2021
49,150,000
46,331,825
2.32
2.0210 FORD MOTOR CREDIT CO LLC
03/05/2019
330,000
299,218
0.01
2.1250 DAIMLER FINANCE NA LLC
06/04/2020
2,350,000
2,132,758
0.11
2.1250 PHILIP MORRIS INTL INC
10/05/2023
1,080,000
973,830
0.05
2.2000 BERKSHIRE HATHAWAY INC
15/03/2021
280,000
259,943
0.01
2.2000 General Electric Co
09/01/2020
309,000
285,918
0.01
Robeco Global Total Return Bond Fund 31
Investment Portfolio
At 30 June 2016
2.2500 AMERICAN EXPRESS CREDIT
05/05/2021
880,000
Market value in
EUR x 1
802,321
2.2500 SHELL INTERNATIONAL FIN
10/11/2020
1,700,000
1,565,747
0.08
2.2500 UNION PACIFIC CORP
19/06/2020
520,000
482,788
0.02
2.2500 US TREASURY NOTES
15/11/2025
21,000,000
20,159,396
1.01
2.3750 MIDEA INVST DEVELOPMENT
03/06/2019
910,000
825,425
0.04
2.3750 NATIONAL GRID NA INC
30/09/2020
1,650,000
1,491,022
0.07
2.3750 US TREASURY NOTES
15/08/2024
129,300,000
125,240,437
6.28
2.4500 AT&T INC
30/06/2020
220,000
202,007
0.01
2.4500 BANK OF NOVA SCOTIA
22/03/2021
1,450,000
1,338,958
0.07
2.4500 VOLKSWAGEN GROUP AMERICA
20/11/2019
600,000
545,598
0.03
2.5000 PHILIP MORRIS INTL INC
22/08/2022
1,053,000
972,601
0.05
2.6000 AMERICAN EXPRESS CREDIT
14/09/2020
1,000,000
926,966
0.05
2.6000 Goldman Sachs Group Inc/The
23/04/2020
840,000
768,913
0.04
2.6000 HYUNDAI CAPITAL AMERICA
19/03/2020
1,376,000
1,261,159
0.06
2.6250 AT&T INC
01/12/2022
1,637,000
1,470,047
0.07
2.6250 KIA MOTORS CORP
21/04/2021
850,000
784,252
0.04
2.6500 ANHEUSER-BUSCH INBEV FIN
01/02/2021
1,260,000
1,175,410
0.06
2.6500 CITIGROUP INC
26/10/2020
622,000
569,621
0.03
2.7500 Goldman Sachs Group Inc/The
15/09/2020
310,000
284,889
0.01
2.7500 MERCK & CO INC
10/02/2025
680,000
639,367
0.03
2.8750 IBM CORP
09/11/2022
450,000
426,233
0.02
2.9430 FORD MOTOR CREDIT CO LLC
08/01/2019
540,000
499,632
0.03
2.9500 HSBC HOLDINGS PLC
25/05/2021
1,100,000
998,471
0.05
2.9500 KROGER CO/THE
01/11/2021
550,000
518,778
0.03
2.9500 UBS GROUP FUNDING
24/09/2020
1,150,000
1,053,094
0.05
2.9500 VODAFONE GROUP PLC
19/02/2023
1,150,000
1,044,827
0.05
3.0000 Banco Bilbao Vizcaya Argentari
20/10/2020
1,060,000
976,802
0.05
3.0000 BERKSHIRE HATHAWAY INC
11/02/2023
1,150,000
1,084,899
0.05
3.0000 KRAFT HEINZ FOODS CO
01/06/2026
1,060,000
964,197
0.05
3.0000 MOLSON COORS BREWING CO
15/07/2026
1,900,000
1,711,079
0.09
3.0000 NOVARTIS CAPITAL CORP
20/11/2025
1,000,000
956,040
0.05
3.0000 SCHLUMBERGER HLDGS CORP
21/12/2020
1,350,000
1,265,223
0.06
3.0000 THERMO FISHER SCIENTIFIC
15/04/2023
200,000
183,312
0.01
3.1000 GENERAL MOTORS FINL CO
15/01/2019
1,050,000
962,382
0.05
3.1250 CRED SUIS GP FUN LTD
10/12/2020
1,700,000
1,714,797
0.09
3.1610 BP CAPITAL MARKETS PLC
17/03/2021
2,240,000
2,097,529
0.11
3.2000 ABBVIE INC
06/11/2022
1,320,000
1,226,233
0.06
3.2500 BAT INTL FINANCE PLC
07/06/2022
475,000
451,305
0.02
3.2500 FEDEX CORP
01/04/2026
2,180,000
2,041,417
0.10
3.2500 KELLOGG CO
01/04/2026
280,000
258,945
0.01
3.2500 MCDONALD'S CORP
10/06/2024
1,100,000
1,058,480
0.05
3.2500 PERNOD RICARD SA
08/06/2026
2,350,000
2,176,682
0.11
3.2500 SIEMENS FINANCIERINGSMAT
27/05/2025
550,000
535,469
0.03
3.3000 Wells Fargo & Co
09/09/2024
1,387,000
1,308,371
0.07
3.3750 JPMorgan Chase & Co
01/05/2023
1,700,000
1,561,188
0.08
3.4000 AT&T INC
15/05/2025
850,000
780,367
0.04
3.4000 HSBC HOLDINGS PLC
08/03/2021
1,310,000
1,214,461
0.06
3.4000 SOLVAY FINANCE (AMERICA)
03/12/2020
1,050,000
983,270
0.05
3.4500 CRED SUIS GP FUN LTD
16/04/2021
2,350,000
2,137,159
0.11
Interest rate
Maturity date
Robeco Global Total Return Bond Fund 32
Face Value
in % of net
assets
0.04
Investment Portfolio
At 30 June 2016
1,200,000
Market value in
EUR x 1
1,106,210
in % of net
assets
0.06
250,000
223,966
0.01
746,000
732,272
0.04
22/03/2022
1,695,000
1,775,479
0.09
3.5000 US TREASURY NOTES
15/02/2039
14,650,000
16,613,926
0.83
3.5790 CHARTER COMM OPT LLC/CAP
23/07/2020
3,350,000
3,151,314
0.16
3.6000 EASTMAN CHEMICAL CO
15/08/2022
970,000
909,993
0.05
3.6000 GEORGIA-PACIFIC LLC
01/03/2025
1,823,000
1,747,093
0.09
3.6000 METLIFE INC
10/04/2024
782,000
739,747
0.04
3.6000 METLIFE INC
13/11/2025
1,650,000
1,558,946
0.08
3.6000 PRICELINE GROUP INC/THE
01/06/2026
440,000
408,663
0.02
3.6000 TIME WARNER INC
15/07/2025
450,000
428,722
0.02
3.6000 WILLIAMS PARTNERS LP
15/03/2022
950,000
797,403
0.04
3.6250 US TREASURY NOTES
15/02/2044
35,350,000
40,949,298
2.05
3.6500 BARCLAYS PLC
16/03/2025
450,000
389,954
0.02
3.6500 PACKAGING CORP OF AMERIC
15/09/2024
1,100,000
1,021,615
0.05
3.6640 FORD MOTOR CREDIT CO LLC
08/09/2024
2,100,000
1,957,864
0.10
3.7000 GENERAL MOTORS FINL CO
24/11/2020
1,650,000
1,526,077
0.08
3.7000 MCDONALD'S CORP
30/01/2026
320,000
310,566
0.02
3.7500 AP MOELLER-MAERSK A/S
22/09/2024
417,000
370,257
0.02
3.7500 IMPERIAL BRANDS FINANCE
21/07/2022
1,100,000
1,043,377
0.05
3.8000 EASTMAN CHEMICAL CO
15/03/2025
1,900,000
1,805,950
0.09
3.8000 HALLIBURTON CO
15/11/2025
1,150,000
1,076,107
0.05
3.8000 INTERNATIONAL PAPER CO
15/01/2026
1,700,000
1,613,056
0.08
3.8750 TIME WARNER INC
15/01/2026
650,000
630,545
0.03
3.8750 US TREASURY NOTES
15/08/2040
42,100,000
50,211,531
2.52
4.0000 SCHLUMBERGER HLDGS CORP
21/12/2025
1,150,000
1,114,199
0.06
4.1250 AT&T INC
17/02/2026
1,100,000
1,062,648
0.05
4.1250 ING BANK NV
21/11/2018
2,369,000
2,167,210
0.11
4.1250 PROVEN HONOUR CAPITAL
06/05/2026
1,620,000
1,508,170
0.07
4.1500 KINDER MORGAN ENER PART
01/02/2024
550,000
498,369
0.02
4.1500 THERMO FISHER SCIENTIFIC
01/02/2024
1,500,000
1,470,825
0.07
4.2000 CAPITAL ONE FINANCIAL CO
29/10/2025
360,000
330,405
0.02
4.2500 BANK OF AMERICA CORP
22/10/2026
1,050,000
977,474
0.05
4.2500 DOW CHEMICAL CO/THE
15/11/2020
456,000
446,916
0.02
4.2500 WILLOW NO.2 FOR ZURICH I
01/10/2045
1,300,000
1,111,661
0.06
4.2720 VERIZON COMMUNICATIONS
15/01/2036
989,000
912,475
0.04
4.3000 CITIGROUP INC
20/11/2026
497,000
462,732
0.02
4.3000 GENERAL MOTORS FINL CO
13/07/2025
600,000
554,236
0.03
4.3000 KINDER MORGAN ENER PART
01/05/2024
1,650,000
1,504,948
0.08
4.3750 RABOBANK
04/08/2025
250,000
234,116
0.01
4.3750 US TREASURY NOTES
15/05/2040
13,050,000
16,689,012
0.84
4.3890 FORD MOTOR CREDIT CO LLC
08/01/2026
850,000
828,517
0.04
4.4180 GE CAPITAL INTL FUNDING
15/11/2035
917,000
919,922
0.05
4.4500 SOLVAY FINANCE (AMERICA)
03/12/2025
400,000
382,502
0.02
4.5000 BANK OF NOVA SCOTIA
16/12/2025
850,000
793,495
0.04
4.5000 PACKAGING CORP OF AMERIC
01/11/2023
1,050,000
1,025,932
0.05
Interest rate
Maturity date
Face Value
3.4800 DIAMOND 1 FIN/DIAMOND 2
01/06/2019
3.5000 KINDER MORGAN ENER PART
01/03/2021
3.5000 MEDTRONIC INC
15/03/2025
3.5000 RIO TINTO FIN USA PLC
4.5000 WILLIAMS PARTNERS LP
15/11/2023
750,000
649,429
0.03
4.6250 GRUPO TELEVISA SAB
30/01/2026
1,100,000
1,054,503
0.05
4.6250 MEDTRONIC INC
15/03/2045
1,050,000
1,101,661
0.06
Robeco Global Total Return Bond Fund 33
Investment Portfolio
At 30 June 2016
1,180,000
Market value in
EUR x 1
1,163,705
in % of net
assets
0.06
1,314,000
1,192,667
0.06
1,320,000
1,248,534
0.06
15/01/2021
1,780,000
1,787,194
0.09
4.7500 INTERNATIONAL PAPER CO
15/02/2022
1,064,000
1,064,685
0.05
4.7500 SANTANDER UK GROUP HLDGS
15/09/2025
330,000
291,719
0.01
4.7500 UBS AG
22/05/2018
2,519,000
2,315,543
0.12
Interest rate
Maturity date
Face Value
4.6500 CITIGROUP INC
30/07/2045
4.6720 VERIZON COMMUNICATIONS
15/03/2055
4.7000 ABBVIE INC
14/05/2045
4.7000 TIME WARNER INC
4.8000 ROYAL BK SCOTLND GRP PLC
05/04/2026
710,000
646,788
0.03
4.8750 TransCanada PipeLines Ltd
15/01/2026
1,500,000
1,537,203
0.08
5.0000 LyondellBasell Industries NV
15/04/2019
1,250,000
1,215,435
0.06
5.1500 BPCE SA
21/07/2024
500,000
468,271
0.02
5.2500 US TREASURY NOTES
15/11/2028
12,700,000
16,082,971
0.81
5.3750 US TREASURY NOTES
15/02/2031
4,050,000
5,402,929
0.27
5.4000 ALCOA INC
15/04/2021
1,220,000
1,162,676
0.06
5.5000 CITIGROUP INC
13/09/2025
1,160,000
1,176,991
0.06
5.5000 CITIGROUP INC
13/09/2025
1,240,000
1,258,163
0.06
5.5000 ERSTE GROUP BANK AG
26/05/2020
2,200,000
1,970,940
0.10
5.5000 PULTEGROUP INC
01/03/2026
2,250,000
2,078,458
0.10
5.6250 ELECTRICITE DE FRANCE SA
Perpetual
600,000
510,374
0.02
5.6250 TRANSCANADA PIPELINES LTD
20/05/2025
520,000
436,558
0.02
5.8750 BANK OF AMERICA CORP
07/02/2042
496,000
561,832
0.03
5.8750 VALE OVERSEAS LIMITED
10/06/2021
300,000
270,377
0.01
6.0000 EDP FINANCE BV
02/02/2018
1,400,000
1,316,891
0.07
6.0000 ING GROEP NV
Perpetual
825,000
692,199
0.03
6.0000 MILLICOM INTL CELLULAR
15/03/2025
1,250,000
1,090,002
0.05
6.2500 ABN AMRO BANK NV
27/04/2022
1,950,000
1,957,548
0.10
6.3750 AQUA + INV(SWISS RE)
01/09/2019
2,050,000
1,922,953
0.10
6.4840 CHARTER COMM OPT LLC/CAP
23/10/2045
550,000
590,674
0.03
6.5000 ING GROEP NV
Perpetual
600,000
492,287
0.02
6.8750 General Electric Co
10/01/2039
258,000
348,213
0.02
7.5000 ROYAL BK SCOTLND GRP PLC
Perpetual
520,000
427,271
0.02
8.0000 KBC BANK NV
25/01/2018
3,000,000
2,855,637
0.14
8.0000 ROYAL BK SCOTLND GRP PLC
Perpetual
2,530,000
2,124,567
0.11
8.1250 CREDIT AGRICOLE SA
Perpetual
654,000
586,472
0.03
8.1250 CREDIT AGRICOLE SA
19/09/2018
1,946,000
1,881,417
0.10
8.2500 SOCIETE GENERALE
Perpetual
850,000
758,898
0.04
8.3750 PETROBRAS GLOBAL FINANCE
23/05/2021
1,300,000
1,206,503
0.06
8.7500 DEUTSCHE TELEKOM INT FIN
15/06/2030
750,000
1,016,013
0.05
9.0000 Banco Bilbao Vizcaya Argentari
Perpetual
1,800,000
1,616,184
0.08
9.0000 ORANGE SA
01/03/2031
1,100,000
1,536,190
0.08
882,944,390
44.25
Total transferable securities and money market instruments admitted to an official stock exchange listing
1,870,735,504
93.76
Total investment portfolio
1,951,231,347
97.79
Other assets and liabilities
44,253,839
2.21
1,995,485,186
100.00
Total net assets
Robeco Global Total Return Bond Fund 34