Pensioen Opbouw

Fund for joint account

Annual Report 2020

Contents

Report by the manager 4 General information 4 Key figures 6 General introduction 6 Investment policy Sustainable Pension sub-funds 7 Investment result Sustainable Pension sub-funds 8 Investments in Robeco Group funds 8 Risk management 9 Movements in net assets 10 Remuneration policy 11 Sustainable investing 12

Annual financial statements 16 Balance sheet 16 Profit and loss account 18 Cash flow statement 20

Notes 23 General 23 Accounting principles 23 Principles for determining the result 24 Principles for cash flow statement 25 Risk management 25 Risks relating to financial instruments 27 Notes to the balance sheet 33 Notes to the profit and loss account 46 Currency table 52

Additional information on investments in Robeco Group funds 53 Robeco QI Global Developed Enhanced Index Equities Fund 53 RobecoSAM Global SDG Credits 101

Schedule of Investments 132

Auditor’s report by the independent auditor 135

Pensioen Opbouw 2

Pensioen Opbouw

(open-end fund for joint account within the meaning of the Corporate Tax Act of 1969 with the structure of an umbrella fund established at the premises of the manager in Rotterdam, the Netherlands)

Manager Robeco Institutional Asset Management B.V. (‘RIAM’)

Executive Committee (‘ExCo’) of RIAM Policymakers RIAM: G.O.J.M. (Gilbert) Van Hassel * (CEO) K. (Karin) van Baardwijk * (Deputy CEO) A.J.M. (Lia) Belilos-Wessels M.C.W. (Mark) den Hollander * M.F. (Mark) van der Kroft (since 1 September 2020) M.O. (Martin) Nijkamp H-C. (Christoph) von Reiche V. (Victor) Verberk P.J.J. (Peter) Ferket * (until 22 May 2020)

* also statutory director

Supervisory board of RIAM: M.F. (Maarten) Slendebroek (Chair, since 13 August 2020) S. (Sonja) Barendregt-Roojers (Vice Chair) S.H. (Stanley) Koyanagi (since 13 August 2020) J.J.M. (Jeroen) Kremers (until 30 March 2020) M.A.A.C. (Mark) Talbot R.R.L. (Radboud) Vlaar

More information on the ExCo and the Supervisory Board can be found on the website www.robeco.com.

Depositary and Transfer Agent J.P. Morgan Bank Luxembourg S.A., Amsterdam Branch Strawinskylaan 1135, NL-1077 XX Amsterdam

Fund manager Jeroen Blokland

Independent Auditor KPMG Accountants N.V. Papendorpseweg 83 NL- 3528 BJ Utrecht

Address Weena 850 PO Box 973 NL-3000 AZ Rotterdam Telephone +31 (0)10 - 224 12 24 Internet: www.robeco.com E-mail: [email protected]

Pensioen Opbouw 3

Report by the manager

General information

Legal and fiscal aspects Pensioen Opbouw (the “fund”) is an open fund for joint account established in the Netherlands. The fund is formed from the fund assets that are pooled from deposits made by participants, entitling them to a participation in the fund assets. On the basis of Section 28 of the Dutch Corporation Tax Act, the fund has the status of a fiscal investment company. This means that 0% corporation tax is due, providing that, after the deduction of costs, the fund makes its profit available for distribution to participants in the form of dividend within eight months of the close of the financial year and satisfies any other relevant regulations. The Fund is an investment institution as referred to in Section 1:1 of the Dutch Financial Supervision Act (hereinafter: “Wft”) and falls within the scope of the European Directive (2011/61/EU) for Alternative Investment Fund Managers.

Robeco Institutional Asset Management B.V. (‘RIAM’) manages the fund. In this capacity, RIAM handles the asset management, risk management, administration, marketing and distribution of the fund. RIAM holds an AIFMD license as referred to in Section 2:65 Wft, as well as a license to manage UCITS as referred to in Section 2:69b Wft. RIAM is moreover authorized to manage individual assets and give advice with respect to financial instruments. RIAM is subject to supervision by the Dutch Authority for the Financial Markets (the ‘AFM’).

The assets of the fund are held in custody by J.P. Morgan Bank Luxembourg S.A., Amsterdam Branch. J.P. Morgan Bank Luxembourg S.A., Amsterdam Branch is appointed as the depositary of the fund as referred to in Section 4:62n Wft. The depositary is responsible for supervising the fund insofar as required under and in accordance with the applicable legislation. The manager, Stichting Custody Robeco Institutional and J.P. Morgan Bank Luxembourg S.A., Amsterdam Branch have concluded a depositary and custodian agreement.

The fund is subject to statutory supervision by the AFM. The fund is entered in the register as stated in Section 1:107 Wft.

Robeco When ‘Robeco’ is mentioned it means RIAM as well as the activities of other companies that fall within the scope of Robeco’s management.

Supervision by the Supervisory Board of Robeco Institutional Asset Management B.V. The Supervisory Board of Robeco Institutional Asset Management B.V. supervises the general affairs of Robeco and its businesses as managed by the Management Board and Executive Committee, including the funds under management. During the meetings of the Supervisory Board, attention was paid, among other things, to developments in the financial markets and the performance of the funds.

Based on periodic reports, the Supervisory Board discussed the results of the funds with the Management Board and Executive Committee. These discussions focused on the investment results, the development of assets under management as a result of market movements and the net inflow of new money as well as operational matters.

In the meetings of the Audit & Risk Committee of the Supervisory Board, amongst other things the interim financial reports and the reports of the independent auditor were regularly on the agenda. In addition, risk management, incident management, the tax position and quarterly reports from internal audit, compliance, legal affairs and risk management were discussed. Furthermore, the Audit & Risk Committee and Supervisory Board discussed the improvements for Robeco’s processes, following to the measures imposed by the AFM in relation to the Dutch Money Laundering and Terrorist Financing (Prevention) Act and the Dutch Sanctions Act. Attention was also paid to fund governance and compliance with the principles that RIAM has established in order to secure a careful handling of (potential) conflicts of interest between RIAM as a fund manager and the investors in the funds. The following subjects were on the agenda, among others: an annual report of fund governance related monitoring activities prepared by the Compliance department, the Audit Report of KPMG and the annual reports and semi-annual reports of the funds. The Supervisory Board has determined that RIAM's principles for fund governance are applied.

Market Impact Covid-19 Robeco considers the ongoing Covid-19 pandemic as a significant event which may impact the investment funds under management. The impact of the pandemic on people, companies and the economy at large remain uncertain. Pending herd immunity as a result of a substantial vaccination rate, the global economy will, however, still be impacted by opening and closing of (business) operations. Furthermore, a slowdown in the trajectory towards herd immunity as a result of risks relating to vaccine logistics, vaccine side effects, reduced effectiveness, or public resistance to (mandatory) vaccination, may have a negative impact on markets.

Our operational measures for business continuity In response to the ongoing Covid-19 crisis, Robeco is constantly monitoring the latest developments and has taken all measures necessary to manage the situation and to ensure business continuity, while ensuring the health and safety of our clients, our employees and our suppliers. Our operational measures and capabilities are such that Robeco remains fully functional in managing client portfolios and serving clients. Our systems and platforms are designed to enable our staff, most of whom have worked from home throughout the crisis based on their local health and safety measures, to operate as normal. Our approach is one of vigilance and flexibility, allowing us to implement new or revised measures smoothly and as necessary.

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Report by the manager (continued)

General information (continued)

Sustainable Finance Disclosure Regulation In March 2018, the European Commission announced the adoption of the European Union’s Sustainable Finance Action Plan (the ‘Plan’), set out in response to the landmark signing of the Paris Agreement, and the United Nations 2030 Agenda for Sustainable Development. The Plan aims to bring in harmonized rules on sustainability related disclosures and policies, and to make it easier for end investors to ultimately assess the underlying sustainability criteria of an individual investment vehicle. The successful implementation of the EU Sustainable Finance Plan is of strategic importance for Robeco. A project management team of over 30 staff representing all key departments in Robeco are leading the efforts in this process. In 2020, Robeco has been preparing for the implementation of Level 1 of the Regulation on sustainability-related disclosures in the financial services sector (SFDR), that sets out which sustainability related disclosures must be made for an investment product. These disclosures have been made in the prospectus and other key investor documents, on the website and in future annual reports, starting as of the end of 31 December 2021. This means that the 2021 annual report will reflect conformity to the new requirements for sustainability reporting.

Outsourcing of part of the operational activities to J.P. Morgan Early 2018, Robeco announced that it would be outsourcing part of its operations and administration activities to J.P. Morgan. The decision to outsource is part of the Robeco’s strategic plan for the 2017-2021 period, which envisages further international growth in both investment and client servicing activities. In the course of 2018, J.P. Morgan became Robeco’s service provider for fund accounting, operations, custody, depositary and securities lending, in two phases. In April 2019, J.P. Morgan became Robeco’s transfer agent for all funds. In July 2020, J.P. Morgan also became Robeco’s service provider for the middle office services.

Issuance and repurchase of participating units The issuance and repurchasing of participating units is possible exclusively through the fund in accordance with the terms set out in the Terms and Conditions of Management and Custody. For entry into the fund or for an increase in participation or for full or partial redemption of the participation, the manager will charge a fee on the deposit or cancellation value to cover the associated transaction costs. These fees will accrue to the fund. The fee thus determined can be requested from the manager. The maximum current surcharge or discount is 1.00.

Conditions of management and custody and essential investor information The fund's conditions of management and custody and essential investor information can be obtained at the fund address.

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Report by the manager (continued)

Key figures

Overview 2019 - 2020 Sustainable Pension Return EUR X 1 2 2020 2019 Average Performance in % based on: - Net asset value -1.8 7.1 3.9 - Dividend in euros3 2.00 0.60 Total net assets4 1,787,784 1,538,903

Sustainable Pension Return II EUR X 5 6 2020 2019 Average Performance in % based on: - Net asset value -1.0 0.7 -0.3 - Dividend in euros3 0.20 – Total net assets4 50,716 503

Sustainable Pension Income EUR X 1 2 2020 2019 Average Performance in % based on: - Net asset value 3.8 8.7 6.3 - Dividend in euros3 – – Total net assets4 262,484 239,505

1 Concerns the period from 11 April through 31 December 2019. 2 Concerns the period from 11 April through 31 December 2020. 3 The dividend per share relates to the reporting year mentioned and is distributed in the following year. The figure for 2020 is a proposal. Further information on the proposed dividend can be found in the section Proposed profit appropriation on page 51. 4 EUR x thousand. 5 Concerns the period from 17 December through 31 December 2019. 6 Concerns the period from 17 December through 31 December 2020.

General introduction

Financial market environment The end of 2019 saw the global economy in a late phase of economic expansion. The pickup in leading indicators early on in January 2020, spurred by the long awaited Phase 1 trade agreement between the US and China on 15 January, seemed promising. Unfortunately, later that month an exogenous shock emerged as the Covid-19 virus started to spread across the globe. At the end of the first quarter of 2020, the economy plunged into the deepest global recession since the 1930s, peaking around April as a result of a widespread economic and social lockdown. This was the result of governments attempting to contain the spread of the virus, after the WHO declared a pandemic on 11 March. Real GDP declined by 6.8% in China in the first quarter, and 31.4% at an annual rate in the US GDP in the second quarter. As the Covid-19 infection curves started to flatten in response to severe lockdowns, subsequent gradual re-openings led to economic activity picking up in May and June, with an early, lopsided recovery extending into the third quarter of 2020. However, as the virus re-emerged to kick off a second Covid-19 wave in August, the policy pendulum began to swing back and forth between re- openings and lockdowns, leading to economic momentum stalling in the fourth quarter. The IMF estimates that global GDP contracted by 3.5% in 2020 despite the global rebound in activity observed since April, with China already fully recovering lost output by the fourth quarter of 2020. The economic recovery from the Covid-19 pandemic remained uneven and incomplete at the end of 2020.

In the absence of herd immunity, governments continue to face a ‘trilemma’ between solving the health crisis, maintaining economic momentum, and safeguarding personal freedoms. The policy stimulus to mitigate the damage to the real economy from lockdowns has been significant, with central banks lowering interest rates to the effective lower bound, and governments stimulating their economies to such an extent that global sovereign debt to GDP levels for advanced G20 economies is now the highest it has been in 150 years.

In addition to Covid-19, 2020 witnessed a number of other major events. Donald Trump lost the US presidential election in November, and with the run-off Senate elections in Georgia, the Democrats now enjoy a majority in the House of Representatives and effective control of the Senate. On Christmas Eve, British Prime Minister Boris Johnson managed to announce a post-Brexit trade deal. The new trade relations between the EU and the UK will resemble the Canadian model with tariff-free flows of goods between the EU and the UK. However, services are subject to import and export duties.

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Report by the manager (continued) General introduction (continued) Outlook for the equity markets In 2020 financial markets have clearly been rewarding countries that addressed the pandemic quickly and effectively. Though the MSCI World Index only gained 6.3% (unhedged, EUR), countries that managed Covid-19 well such as South Korea (+ 32.5%) and China (+ 29.5%) enjoyed strong outperformances. As they wait for the arrival of vaccines and ensuing herd immunity, the quality of government responses to Covid-19 will remain a pricing determinant in cross-country financial market outcomes. 2020 was a truly historic year for many equity indices, with a massive, tech-led relief rally after the global recession peaked in March. After falling 34%, the S&P500 rallied 47% since the bottom of 23 March. Abundant global liquidity from central banks and swift fiscal stimulus from governments led to strong multiple expansion even as the recession lingered. Looking ahead, the enhanced coordination between monetary-and fiscal policy, with central banks acting as credible fiscal financiers, will be supportive for equity markets. Excess liquidity and increasingly targeted fiscal stimulus will likely sustain equity valuations. Nonetheless, the easy gains have been realized. The onus now is on earnings growth to accelerate in order to boost equity returns. We think earnings growth around the 20% mark in 2021 is a realistic assumption given the early expansion phase of the business cycle. High private savings, increasing optimism among CEOs, positive wealth effects from a resilient housing market, and the continuing low interest rate environment will boost consumption and investments as herd immunity against Covid-19 becomes within reach. Upside risk to our equity outlook is that the global economic recovery is more swift and highly synchronized compared to consensus expectations. In the current environment of abundant excess liquidity and ongoing fiscal stimulus this could catapult market sentiment from rational exuberance into irrational euphoria, stretching valuation levels even further. Downside risks to our equity outlook are an unanticipated slowdown in the trajectory towards herd immunity or an economically unwarranted steep rise in (real) long term interest rates due to a hiccup in central bank forward guidance. Outlook for the bond markets Central bank and fiscal stimulus and the outlook for the economic recovery due to the vaccine roll-out are now at a level where we expect central bank policy interest rates to remain low for several years. The US may at some point be the first to raise rates, but we do not expect this in 2021. The good news is that inflation is not expected to rise in a structural way, as overcapacity in the economy remains significant and digitalization will not be reversed this year. Still, the reopening of the global economy will lead to a temporary cyclical uplift in inflation due to base effects, pent-up demand, and temporary supply bottlenecks. We largely expect most government bond yields to be range bound, especially in Europe and Japan, but we do note that the cyclical inflation outlook can put some upward pressure on longer dated bond yields. We also expect government bond yields to have more upside potential in US and UK as both economies are more inflation sensitive than Europe and Japan. There are, however, still several opportunities for bond investors. Duration risk can generate some performance in emerging markets for example. In many emerging countries, central bank policy rates are positive and central banks still have ample room to lower them. Furthermore, with its new policy framework, the US Federal Reserve will keep interest rates low and set the tone for a relatively weak US dollar, which will support emerging market assets to a certain degree. 2021 sees us taking a conservative approach in corporate bonds as we think risk premia in that asset class are insufficient compensation for the risk since credit spreads are approaching multi-year lows at the time of writing. We think high yield bonds are particularly vulnerable as they might suffer higher default rates than rating agencies are projecting as these companies do not have access to the same government and monetary stimulus that high grade companies have. As coronavirus fears recede in 2021 and 2022, catching up with the goals of the Paris Agreement means an acceleration of re-allocation of financial resources to green initiatives we expect that green and social bond financing will be an opportunity of great interest. Investment policy Sustainable Pension sub-funds

Investment objective Sustainable Pension sub-funds The fund has the objective of investing the fund assets collectively, each subfund separately, in such a way as to spread the risks involved in order to allow the participants to share the returns. Investment policy Sustainable Pension sub-funds The sub-fund’s investment policy is geared towards capital growth in the long term. The leading principle is achieving an optimal return per unit of risk. The sub-funds invest in a diversified mix of high yield bonds and negotiable securities. The sub-funds primarily invest in Robeco investment funds. Besides Robeco funds, other investment funds, derivative instruments, listed equities, bonds and deposits may be included in the Investment Institution’s portfolio. Implementation of the investment policy Sustainable Pension sub-funds The Return component’s aim is to generate sustainable investment return with a better risk/return than an equity portfolio. The diversified portfolio’s allocation to Equity is 55%, 15% to Emerging, 20% to Real Estate and 10% to High Yield. The Income component’s (Credits) aim is to reduce investment risk/return of the lifecycle. Currency risk/currency policy Sustainable Pension sub-funds The fund invests in shares of mutual funds issued by Robeco and Northern Trust which are all denominated in euro. The underlying funds may invest in securities denominated in other currency than the euro. Currency risks may be hedged in the underlying funds. For more detailed quantitative information about the currency risk, please refer to the currency distribution under Spread of net assets, a subheading in the chapter entitled Notes on page 27. Pensioen Opbouw 7

Report by the manager (continued)

Investment result Sustainable Pension sub-funds

In 2020, the net asset value of the participating units in the different Sustainable Pension subfunds showed the following movements:

Net asset value Net asset value Dividend paid Fund Investment result 31/12/20 31/12/19 Sustainable Pension Return 106.11 108.53 0.60 -1.8 Sustainable Pension Return II 99.69 100.67 – -1.0 Sustainable Pension Income 111.11 107.08 – 3.8

Net result per unit* Sustainable Pension Return 11/04/2019- EUR x 1 2020 31/12/2019 Investment income 1.96 1.32 Change in value -2.04 7.93 Management costs, service fee and other costs -0.10 -0.07 Net result -0.18 9.18

Sustainable Pension Return II 17/12/2019- EUR x 1 2020 31/12/2019 Investment income 0.50 0.00 Change in value 19.80 0.67 Management costs, service fee and other costs -1.56 0.00 Net result 18.74 0.67

Sustainable Pension Income 11/04/2019- EUR x 1 2020 31/12/2019 Investment income 0.00 0.00 Change in value 4.16 7.02 Management costs, service fee and other costs -0.15 -0.10 Net result 4.01 6.92

2020 was a challenging year for investors. After a historic drop due to the pandemic, equity markets recouped most off their losses. While most major equity markets managed to end the year with a positive performance some asset classes failed to do so. Within Equities reals estate had an incredibly difficult year. High Yield also ended the year with a loss. Both Developed Market equities and Emerging Market equities delivered positive returns. Both sub-funds ended the year with a loss. Sustainable pension return lost 1.8% and Sustainable pension return II lost 1.0%. The main driver of this negative overall return of the sub-funds was fund selection.

Sustainable Pension Income Sustainable pension Income invests virtually all its assets in RobecoSAM Global SDG Credits Z EUR shares. The investment return of RobecoSAM Global SDG Credits is described below. The sub-fund Sustainable pension Income gained 3.8%.

Return and risk Sustainable Pension sub-funds The investment policy for the Sustainable Pension funds is based on life-cycle investing. This means that portfolio risk is reduced step by step as the retirement age approaches, or as the remaining time to maturity of the fund becomes shorter. Large market movements at the end of the time to maturity therefore have a relatively small effect on the result of the portfolio. Cash flows are used in such a way that portfolio weights are steered towards the strategic weights of the Pensioen Opbouw fund concerned.

Investments in Robeco Group funds

The Pensioen Opbouw funds invest a large proportion of their assets in the Robeco QI Global Developed Enhanced Index Equities Fund, Robeco QI Global Multi-Factor High Yield and RobecoSAM Global SDG Credits. For this reason, the following paragraphs discuss the investment policy and returns of these specific funds in more detail.

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Report by the manager (continued)

Investments in Robeco Group funds (continued)

Robeco QI Global Multi-Factor High Yield This sub-fund offers balanced exposure to the value, momentum, low-risk, quality and size factors in the global high yield corporate bond market by using a highly systematic investment process. Analysts perform a fundamental check on additional downside risks beyond the scope of the quantitative multi-factor model, including ESG risks, using RobecoSAM sustainability data and other sources. The portfolio construction ensures that the portfolio’s RobecoSAM ESG score is better than the index and that the portfolio’s carbon intensity is lower than the index.

In 2020, the sub-fund generated a return of 0.34% (gross, euro-hedged) compared to 4.94% for its index, the Bloomberg Barclays Global High Yield Corporates ex Financials Index (EUR hedged). Part of the underperformance was due to beta allocation, including a negative effect from the bond-CDS basis, while the majority was driven by issue(r) selection. The value factor contributed positively, while the low-risk/quality, momentum, and especially the size factor, detracted strongly. Sector allocation also detracted substantially, in particular the underweight in the energy sector in the second quarter and the underweight in the communications sector in the first quarter. Country allocation also detracted, despite a positive contribution from the underweight in EM. Positive contributions came from the overweight BBs and the underweight Bs. Issuer selection was strongly negative in all market segments.

Robeco QI Global Developed Enhanced Index Equities Fund Investment return The Robeco QI Global Developed Enhanced Index Equities Fund lagged the MSCI World. The Value and Quality factors had a negative contribution to relative performance, Momentum and Analyst Revisions had a postive contribution to relative performance.

Return and risk The fund has an ex-ante tracking error limit of 2% annualized. The ex-ante tracking error was lower than the limit in 2020. The fund aims for a beta of 1, which means that the fund has a comparable sensitivity to generally rising markets as the index. The objective of enhanced indexing is to achieve better returns than the index while maintaining a limited level of active risk. Diversification is essential to keep active risk levels low. This means that small overweight or underweight positions relative to the index weight have to be taken in a large number of stocks. The active share of the strategy has been 30% on average. The volatility of the subfund was in line with the volatility of the index and with a low level of active risk as measured by the tracking error.

RobecoSAM Global SDG Credits The sub-fund posted a gross return of 9.32% hedged in EUR in 2020, outperforming the Bloomberg Barclays Global Aggregate Corporates Index (EUR hedged) by 2.59%. This outperformance was the result of active beta management and issuer selection. The sub- fund started the year cautiously, allowing full benefit from the investment opportunity that arose in March. The risk profile of the sub- fund was increased substantially and, throughout the remainder of the year, slowly reduced again as credit spreads normalized. Initially, risk was added through long-dated high-quality issuers and, later in the year, these were replaced with more cyclical companies that were severely hit by the Covid-19 pandemic, such as the leisure, banking and automotive industries. In its investment process, the sub-fund focuses on issuers that contribute positively to the UN Sustainable Development Goals. This means that companies that contribute negatively to one or more SDGs are excluded from the portfolio.

Risk management

A description of the risk management can be found in the notes to the financial statements on pages 25 through 32.

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Report by the manager (continued)

Movements in net assets

During the reporting period, the fund's collective assets rose by EUR 322.1 million to EUR 2,101.0 million. This increase can be explained by the following items. On balance, units were subscribed to the amount of EUR 322.5 million. Adding the net result increased these assets by EUR 8.8 million. EUR 9.2 was distributed in dividend.

Survey of movements in net assets Pensioen Opbouw Pensioen Opbouw Pensioen Opbouw Vastrentend Kort Vastrentend Lang Rendement 01/01/2019- 01/01/2019- 01/01/2019- 2020 18/07/2019 2020 18/07/2019 2020 18/07/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000

Assets at opening date – 87,974 – 2,484 – 170,299

Participating units issued – 15,645 – 1,217 – 22,748 Participating units purchased – (108,791) – (3,934) – (217,314) Situation on closing date – (5,172) – (233) – (24,267)

Direct investment income – 7 – 2 – 378 Indirect investment income – 5,343 – 236 – 24,233 Cancellation and placement fees – 2 – – – 19 Costs – (180) – (5) – (363) Net result – 5,172 – 233 – 24,267 Assets at closing date – – – – – –

Survey of movements in net assets Sustainable Sustainable Sustainable Pension Return Pension Return II Pension Income 11/04/2019- 17/12/2019- 11/04/2019- 2020 31/12/2019 2020 31/12/2019 2020 31/12/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000

Assets at opening date 1,538,903 – 503 – 239,505 –

Participating units issued 296,620 1,433,899 49,127 500 47,204 227,740 Participating units purchased (35,692) (15,088) (1,572) – (33,204) (2,456) Situation on closing date 1,799,831 1,418,811 48,058 500 253,505 225,284

Direct investment income 30,329 17,399 65 – (5) (2) Indirect investment income (31,630) 103,655 2,606 3 9,318 14,433 Costs (1,528) (962) (13) – (334) (210) Net result (2,829) 120,092 2,658 3 8,979 14,221 Dividend paid (9,218) – – – – – Assets at closing date 1,787,784 1,538,903 50,716 503 262,484 239,505

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Report by the manager (continued)

Movements in net assets (continued)

Survey of movements in net assets Combined 2020 2019 EUR' 000 EUR' 000

Assets at opening date 1,778,911 260,757

Participating units issued 392,951 1,701,749 Participating units purchased (70,468) (347,583) Situation on closing date 2,101,394 1,614,923

Direct investment income 30,389 17,784 Indirect investment income (19,706) 147,903 Cancellation and placement fees – 21 Costs (1,875) (1,720) Net result 8,808 163,988 Dividend paid (9,218) – Assets at closing date 2,100,984 1,778,911

Remuneration policy

The fund itself does not employ any personnel and is managed by RIAM. In the Netherlands, persons performing duties for the fund at management-board level and portfolio managers are employed by Robeco Nederland B.V. The remuneration for these persons comes out of the management fee. RIAM’s remuneration policy, that applies to all staff working under RIAM’s responsibility, is subject to the applicable requirements of the European frameworks of the AIFMD, MiFID, the UCITS Directive, the ESMA guidelines on sound remuneration policies under the UCITS Directive, as well as the Dutch Remuneration Policy (Financial Enterprises) Act (Wet beloningsbeleid financiële ondernemingen). The remuneration policy has the following objectives:

a) To stimulate employees to act in our clients’ interests and avoid taking undesirable risks. b) To promote a healthy corporate culture, with a strong focus on achieving sustainable results in accordance with the long-term objectives of RIAM and its stakeholders. c) To attract and retain good employees and to reward talent and performance fairly.

Responsibility for the remuneration policy The Supervisory Board of RIAM supervises the correct application of the remuneration policy and is responsible for the annual evaluation. Changes in the remuneration policy have to be approved by the Supervisory Board of RIAM. The Nomination & Remuneration Committee of the Supervisory Board of RIAM provides advice to the Supervisory Board of RIAM in the execution of these tasks, with the involvement of the Monitoring Committee. In the application and evaluation of the remuneration policy, RIAM regularly makes use of the services of various external advisers. The remuneration of fund managers consists of a fixed component and a variable component.

Fixed remuneration The fixed salary of each employee is based on his/her role and experience and is in accordance with the RIAM salary ranges, which have also been derived from benchmarks in the investment management sector. The fixed salary is deemed to be adequate remuneration for the employee to properly execute their responsibilities, regardless of whether the employee receives any variable remuneration.

Variable remuneration The available budget/pool for variable remuneration is approved in advance by the Supervisory Board of RIAM based on a proposal made by the Nomination & Remuneration Committee of the Supervisory Board of RIAM. The total budget/pool is based, in principle, on a percentage of RIAM's operating result. In order to ensure that the total variable remuneration accurately reflects the performance of RIAM and the funds that it manages, when determining the budget/pool, a correction is made for risks that may occur in the year concerned and furthermore for multiple-year risks that may affect the risk profile of RIAM.

The variable remuneration component for the fund managers depends on the multi-year performance of the fund. The system is linked to outperformance with regard to risk-adjusted pre-determined annual targets. The calculated outperformance over a one-year, three-year and five-year period is taken into account when determining the variable remuneration. Also important in this determination are behavior, the extent to which team- and individual qualitative and predetermined objectives have been achieved and the extent to which Robeco corporate values are observed. The fund manager’s contribution to the various organizational objectives is also taken into consideration. Poor performance, unethical or non-compliant behavior will be taken into account when determining individual awards and could result in a reduction of variable remuneration. For the senior fund manager, the Identified Staff regime also applies (see below).

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Report by the manager (continued)

Remuneration policy (continued)

Identified Staff RIAM has a specific and more stringent remuneration policy for employees who could have a material impact on the risk profile of the fund. These employees are designated to be 'Identified Staff'. For 2020, in addition to the Management Board, RIAM has designated 96 employees as Identified Staff, including all senior portfolio managers, senior management and the heads of the control functions (HR, Compliance, Risk Management, Business Control, Internal Audit and Legal). Among other things the performance targets of these employees that are used to determine the award of variable pay are subject to additional risk analyses, both prior to the performance year and at the end when the results are evaluated. In addition, in all cases at least 70% of the payment of variable remuneration granted to these employees will be deferred for a period of four years, and 50% will be converted into instruments (‘Robeco Cash Appreciation Rights’) whose value will follow the company's future results.

Risk control RIAM has implemented additional risk management measures with regard to the variable remuneration. For instance, RIAM has the possibility with regard to all employees to reclaim the granted variable remuneration ('claw-back') when this has been based on incorrect assumptions, fraudulent acts, serious improper behavior, serious neglect of duties or behavior that has resulted in a considerable loss for RIAM. After the granting but before the actual payment of the deferred variable remuneration components to Identified Staff, an additional assessment is performed to check whether new information would result in decreasing the previously granted remuneration components (the so-called ‘malus arrangement’). The malus arrangement can be applied because of (i) misconduct or a serious error of judgement on the part of the employee (ii) a considerable deterioration of RIAM's financial results that was not foreseen at the time the remuneration was granted (iii) a serious violation of the risk management system, leading to changed circumstances compared with the granting of the variable remuneration or (iv) fraud committed by the employee concerned.

Annual assessment RIAM's remuneration policy and the application thereof was evaluated in 2020 under the responsibility of the Supervisory Board of RIAM, advised by the Nomination & Remuneration Committee of the Supervisory Board of RIAM. As a result, the remuneration policy will be updated in view of the new Sustainable Finance Disclosure Regulation (SFDR) and further enhanced to ensure full compliance with all regulations.

Remuneration in 2020 Of the total amounts granted in remuneration1 by RIAM in 2020 to the group's Board, Identified Staff and Other Employees, the following amounts are to be assigned to the fund:

Remuneration in EUR x 1 Staff category Fixed pay for 2020 Variable pay for 2020 Board (4 members) 2 28,652 50,468 Identified Staff (96) (ex Board) 2 274,010 193,797 Other employees (631 employees) 665,276 217,231

The total of the fixed and variable remuneration charged to the fund is EUR 1,429,434. Imputation occurs according to the following key:

Total fund assets Total remuneration (fixed and variable) x Total assets under management (RIAM)

The fund itself does not employ any personnel and has therefore not paid any remuneration above EUR 1 million.

1 The remunerations relate to activities performed for one or more Robeco entities. 2 The 2019 remuneration figures have been corrected. The 2019 variable remuneration awards have been revised to EUR 17,210 for the current and former statutory directors and to EUR 139,480 for the identified staff. Subsequently a total of 2 employees was paid remuneration amounting to over EUR 1 million in 2019.

Remuneration manager The manager (RIAM) has paid to 5 employees a total remuneration above EUR 1 million.

Sustainable investing

All Robeco’s investment activities comply with the Principles for Responsible Investing (PRI). In 2020, Robeco was awarded an A+ for all applicable modules that were assessed as part of the Principles for Responsible Investment (PRI) 2020 report. This was the seventh year in a row that Robeco obtained the highest score for the majority of the modules assessed by PRI. Responsibility for implementing Sustainable investing lies with the CIO Fixed Income and Sustainability, who also has a seat on Robeco's Executive Committee.

Pensioen Opbouw 12

Report by the manager (continued)

Sustainable investing (continued)

Focus on stewardship Fulfilling our responsibilities in the field of stewardship forms an integral part of Robeco's approach to Sustainable investing. A core aspect of Robeco's mission is fulfilling our fiduciary duties towards our clients and beneficiaries. Robeco manages investments for a variety of clients with different investment needs. We always strive in everything we do to serve our clients interests to the best of our ability.

In our view, the fact that more and more stewardship codes are being introduced around the globe is a positive development, and we are strong advocates of active ownership. For this reason we publish our own stewardship policy on our website. This policy describes how we deal with possible conflicts of interest, how we monitor the companies in which we invest, how we conduct activities in the field of engagement and voting, and how we report on our stewardship activities.

To mark our strong commitment to stewardship, we have become signatories to many different stewardship codes. In 2018 Eumedion, the Dutch governance platform for institutional investors, published a Dutch stewardship code. Robeco was a participant in the working group that wrote this code. In previous years we became signatories to the stewardship codes of the United Kingdom, Japan and Brazil. In addition, Robeco a.o. meets the Taiwanese Stewardship Principles for Institutional Investors, the US ISG stewardship principles, the Principles for Responsible Ownership in Hong Kong, Singapore Stewardship Principles and the Korean Stewardship Code.

ESG integration by Robeco Sustainability can bring about changes in markets, countries and companies in the long term. And since changes affect future performance, ESG factors can in our view add value to our investment process. We therefore look at these factors in the same way as we consider a company's financial position or market momentum. We have research available from leading sustainability experts, including our own proprietary research from the sustainable investing research team. This dedicated Sustainable Investing research team works together very closely with the investment teams to provide them with in-depth sustainability information.

The investment analysis focuses on the most material ESG factors and the connection with the financial performance of a company. We can then focus on the most relevant information in performing our investment-analysis and can reach enhanced investment decisions. Besides integrating ESG, Active Ownership and exclusions into all of our investment processes, in 2020 we continued developing new sustainable investment funds with specific sustainable goals and criteria, including Paris aligned fixed income funds and a circular economy fund. Our quantitative investment strategies added a new sustainabiltiy characteristic to their approach by making sure the environmental footprint (GHG (greenhouse gas) emissions) is always below that of the benchmark. This is supported by the philosophy not to run risks that we do not believe will be rewarded in the future.

Contributing to the Sustainable Development Goals Robeco is a signatory in the Netherlands to the Sustainable Development Goals Investing Agenda. To help our customers contribute to the objectives, we worked on analyzing the SDG1 contribution of companies and developing SDG investment solutions. Currently multiple solutions are available both in equity and fixed income and the amount of assets that are managed in line with this SDG methodology is increasing rapidly.

Furthermore, Robeco contributes to the SDGs by integrating ESG factors in its decision-making process for investments and encourages companies to act in support of these goals by means of a constructive dialogue. The SDGs are continually considered during the engagement and voting activities.

1 Sustainable Development Goals

Combatting climate change Robeco’s climate change policy is focused on integrating climate issues in investments when financially material and engaging with companies. Furthermore Climate risks for our funds are being assessed and monitored by the financial risk management department. In 2020 Robeco expanded its climate change policy by announcing the ambition to achieve net-zero greenhouse gas (GHG) emissions by 2050 across all its assets under management. As this is a long-term ambition, a roadmap will be developed and interim targets will be set. These targets will include reduction of portfolio emissions, but also investment in climate solutions such as green bonds and engagement with investee companies to drive emission reductions in the real economy and create real world impact.

Exclusion Robeco pursues an exclusion policy for companies that are involved in the production of or trade in controversial weapons such as cluster munition and anti-personnel mines, for tobacco companies and for companies that severely and structurally violate either the United Nations Global Compact (UNGC) or OECD Guidelines for Multinational Enterprises. We apply strict criteria for this last category and if a dialogue fails the company can be excluded. Robeco publishes its exclusion policy and the list of exclusions on its website. In 2020 Robeco decided to expand the exclusion policy for its funds with certain fossil fuel companies. Companies that derive 25% or more of their revenues from thermal coal or oil sands, or 10% from Arctic drilling, are barred from all funds. For our sustainable and impact fund range the revenue hurdles are 10% for thermal coal and oil sands and 5% for Arctic drilling. The exclusions were implemented at the end of the fourth quarter of 2020.

Pensioen Opbouw 13

Report by the manager (continued)

Sustainable investing (continued)

Active ownership Constructive and effective activities under active ownership encourage companies to improve their management of risks and opportunities in the field of ESG. This in turn establishes a better competitive position and improved profitability and moreover has a positive impact on the community. Active ownership involves voting and engagement. Robeco exercises its voting rights for the shares in its investment funds all over the world. In addition, Robeco enters into an active dialogue with the companies in which it invests on questions concerning the environment, society and corporate governance. In 2020, our activities towards achieving active ownership were again awarded high scores under the Principles for Responsible Investment (PRI). Robeco has Active Ownership specialists in both Rotterdam and Hong Kong. In 2020 Robeco engaged with over 222 companies on different issues ranging from corporate governance to food security to climate change. More information on our processes and themes can be found in the Stewardship Policy.

The primary focus of this engagement is to address strategic ESG issues that might affect value creation in the long term. Hereafter, 2020 case studies are provided to illustrate Robeco’s approach towards fulfilling our stewardship responsibilities.

Robeco’s Active Ownership response to Covid-19 Robeco has been active with its engagement partners and in the media since the start of the Covid-19 pandemic with regard to the ESG- related impact of the crisis. Below, we highlight a few activities that have taken place since March.

1. Robeco signed the Investor Statement on Coronavirus Response As long-term investors, Robeco urged the business community to take what steps they could and to consider the following steps in particular: provide paid leave if necessary, prioritize health and safety of workers, maintain employment, maintain supplier/customer relationships, and exhibit financial prudence. You can find the statement here: https://www.iccr.org/investor-statement-coronavirus-response.

2. Active Ownership participated in working groups PRI and ICCR Two PRI working groups and one working group within the Interfaith Center for Corporate Responsibility (ICCR) have started: • The first PRI working group focused on short-term responses and ensuring responsible ESG approaches remain at the front of investor activities. • The second PRI working group focused on a future economic recovery phase which will consider how the financial system should function to ensure sustainable outcomes. • The ICCR group focused mainly on US companies.

3. Robeco calls on pharmaceutical sector to maximize efforts in combatting Covid-19 In collaboration with other international asset managers, pension funds and insurers, Robeco has supported several initiatives that call on pharmaceutical companies to uphold their social license to operate and maximize cooperation to minimize the spread of the virus. First, Robeco engaged along with other global investors with Roche, producer of important diagnostics for test capacity to test patients for Covid-19, to call upon the company to provide the formula for creating test reagents in the labs to support the global crisis response. In addition, Robeco joined two separate efforts with the ICCR and a group of Dutch institutional investors by releasing an investor statement targeted at pharmaceuticals, asking them to adopt a collaborative approach to the design and delivery of health technologies and govern with financial prudence and a commitment to uphold their social license to operate by ensuring affordable access for all.

4. Impact on and call to the garment industry The Platform Living Wages Financials published a public statement outlining investors' expectations on how the garment industry should manage the Covid-19 crisis responsibly.

The International Labor Organization (ILO) has published a Call to Action by garment industry employer and worker organizations, leading brands and retailers to work with governments and financial institutions to tackle the devastating economic disruption and threat to livelihoods caused by the Covid-19 pandemic. Employers, workers, retailers and major brands involved in the collaboration will form an international working group – convened by the ILO – to implement measures to limit the damage caused by the pandemic to enterprises and livelihoods. Several companies under engagement participated in this call to action, and we also encouraged other brands to join the initiative in our public statement.

Robeco also published an article by Masja Zandbergen on ESG and the Coronavirus, “The most important ESG issue in the Coronavirus crisis is our response”, early on in the crisis that gained a good deal of traction. This article is part of our dedicated Covid-19 webpage on which we share the views and analysis of our investment teams and financial specialists.

Pensioen Opbouw 14 Report by the manager (continued)

Sustainable investing (continued)

Integration of ESG factors in investment processes The investments made by Robeco's umbrella funds, which invest in other Robeco funds, are managed actively and ESG factors are therefore taken into account actively at the level of these underlying funds. The Pensioen Opbouw sub-funds invest mainly in Robeco funds. Robeco strives actively to realize Sustainable Investing, and ESG integration is an integral part of the policy, which has therefore been applied for a very large proportion of Robeco funds invested in. ESG integration is implemented for all funds where this is possible or adds value. Sustainability can be a decisive selection criterion in choosing which funds to include. The Pensioen Opbouw sub-funds can make use of non-Robeco products if no Robeco fund is available in a specific asset category. These products therefore fall outside Robeco's Sustainable Investing policy. For these products no explicit sustainability screening currently takes place.

Rotterdam, 5 May 2021 The Manager

Pensioen Opbouw 15 Annual financial statements Balance sheet

Sustainable Sustainable Sustainable Pension Return Pension Return II Pension Income 31/12/2020 31/12/2019 31/12/2020 31/12/2019 31/12/2020 31/12/2019 Before profit appropriation Notes EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000

ASSETS Investments Investments in mutual funds 2 1,778,604 1,536,211 50,626 502 260,774 238,618 Total investments 1,778,604 1,536,211 50,626 502 260,774 238,618

Accounts receivable Amounts owed by affiliated parties 4 698 612 15 – – – Other receivables, prepayments and accrued income 5 6,095 17,483 323 – 3,035 2,469 Total accounts receivable 6,793 18,095 338 – 3,035 2,469

Other assets Cash and cash equivalents 6 21,251 2,181 91 1 1,752 877

LIABILITIES Accounts payable Interest payable 1 1 – – 1 1 Payable on securities transactions 18,200 17,174 268 – 2,972 2,385 Payable to affiliated parties 8 141 126 4 – 29 27 Other liabilities, accruals and deferred income 9 522 283 67 – 75 46 Total accounts payable 18,864 17,584 339 – 3,077 2,459

Accounts receivable and other assets less accounts payable 9,180 2,692 90 1 1,710 887

Assets less liabilities 1,787,784 1,538,903 50,716 503 262,484 239,505

Composition of fund assets 10, 11 Participants capital 10 1,679,739 1,418,811 48,055 500 239,284 225,284 General reserve 10 110,874 – 3 – 14,221 – Undistributed earnings 10 (2,829) 120,092 2,658 3 8,979 14,221 Fund assets 1,787,784 1,538,903 50,716 503 262,484 239,505

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

Pensioen Opbouw 16 Annual financial statements (continued) Balance sheet (continued)

Combined 31/12/2020 31/12/2019 Before profit appropriation Notes EUR' 000 EUR' 000

ASSETS Investments Investments in mutual funds 2 2,090,004 1,775,331 Total investments 2,090,004 1,775,331

Accounts receivable Amounts owed by affiliated parties 4 713 612 Other receivables, prepayments and accrued income 5 9,453 19,952 Total accounts receivable 10,166 20,564

Other assets Cash and cash equivalents 6 23,094 3,059

LIABILITIES Accounts payable Interest payable 2 2 Payable on securities transactions 21,440 19,559 Payable to affiliated parties 8 174 153 Other liabilities, accruals and deferred income 9 664 329 Total accounts payable 22,280 20,043

Accounts receivable and other assets less accounts payable 10,980 3,580

Assets less liabilities 2,100,984 1,778,911

Composition of fund assets 10, 11 Participants capital 10 1,967,078 1,644,595 General reserve 10 125,098 – Undistributed earnings 10 8,808 134,316 Fund assets 2,100,984 1,778,911

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

Pensioen Opbouw 17 Annual financial statements (continued) Profit and loss account

Pensioen Opbouw Pensioen Opbouw Pensioen Opbouw Vastrentend Kort Vastrentend Lang Rendement 01/01/2019- 01/01/2019- 01/01/2019- 2020 18/07/2019 2020 18/07/2019 2020 18/07/2019 Notes EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000

Investment income 12 – 7 – 2 – 378 Unrealized gains 1, 2, 3 – 106 – 3 – 9,454 Unrealized losses 1, 2, 3 – (415) – (53) – (395) Realized gains 1, 2, 3 – 5,653 – 389 – 22,545 Realized losses 1, 2, 3 – (1) – (103) – (7,371) Cancellation and placement fees – 2 – – – 19 Total operating income – 5,352 – 238 – 24,630

Costs 16, 17 – – – – – – Management fee 13 – 113 – 3 – 228 Service fee 13 – 65 – 2 – 131 Other costs 15 – 2 – – – 4 Total operating expenses – 180 – 5 – 363

Net result – 5,172 – 233 – 24,267

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

Sustainable Sustainable Sustainable Pension Return Pension Return II Pension Income 11/04/2019- 17/12/2019- 11/04/2019- 2020 31/12/2019 2020 31/12/2019 2020 31/12/2019 Notes EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000

Investment income 12 30,329 17,399 65 – (5) (2) Unrealized gains 1, 2, 3 33,716 101,787 2,565 3 7,344 14,425 Unrealized losses 1, 2, 3 (67,644) – – – – – Realized gains 1, 2, 3 2,601 1,878 49 – 1,974 8 Realized losses 1, 2, 3 (303) (10) (8) – – – Total operating income (1,301) 121,054 2,671 3 9,313 14,431

Costs 16, 17 – – – – – – Management fee 13 1,456 921 12 – 322 203 Other costs 15 72 41 1 – 12 7 Total operating expenses 1,528 962 13 – 334 210

Net result (2,829) 120,092 2,658 3 8,979 14,221

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

Pensioen Opbouw 18 Annual financial statements (continued)

Profit and loss account (continued)

Combined 2020 2019 Notes EUR' 000 EUR' 000

Investment income 12 30,389 17,784 Unrealized gains 1, 2, 3 43,625 125,778 Unrealized losses 1, 2, 3 (67,644) (863) Realized gains 1, 2, 3 4,624 30,473 Realized losses 1, 2, 3 (311) (7,485) Cancellation and placement fees – 21 Total operating income 10,683 165,708

Costs 16, 17 – – Management fee 13 1,790 1,468 Service fee 13 – 198 Other costs 15 85 54 Total operating expenses 1,875 1,720

Net result 8,808 163,988

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

Pensioen Opbouw 19 Annual financial statements (continued)

Cash flow statement

Pensioen Opbouw Pensioen Opbouw Pensioen Opbouw Vastrentend Kort Vastrentend Lang Rendement 01/01/2019- 01/01/2019- 01/01/2019- 2020 18/07/2019 2020 18/07/2019 2020 18/07/2019 Notes EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000

Cash flow from investment activities Net result – 5,172 – 233 – 24,267 Unrealized changes in value 1, 2, 3 – 309 – 50 – (9,059) Realized changes in value 1, 2, 3 – (5,652) – (286) – (15,174) Purchase of investments 1, 2, 3 – (13,752) – (2,617) – (32,512) Sale of investments 1, 2, 3 – 105,795 – 5,273 – 220,902 Increase (-)/decrease (+) accounts receivable 4, 5 – 43 – 1 – 345 Increase (+)/decrease (-) accounts payable 8, 9 – (26) – (1) – (53) – 91,889 – 2,653 – 188,716 Cash flow from financing activities Received for units subscribed – 15,645 – 1,217 – 22,748 Paid for repurchase of own units 5 – (108,791) – (3,934) – (217,314) Increase (-)/decrease (+) accounts receivable 9 – – – – – 26 – (93,146) – (2,717) – (194,540)

Net cash flow – (1,257) – (64) – (5,824)

Currency and cash revaluation – – – – – 209 Increase (+)/decrease (-) cash – (1,257) – (64) – (5,615) – – – – – – Cash at opening date 6 – 1,257 – 64 – 5,615 Total cash at opening date – 1,257 – 64 – 5,615

Cash at closing date – – – – – – Total cash at closing date – – – – – –

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

Pensioen Opbouw 20 Annual financial statements (continued) Cash flow statement (continued)

Sustainable Sustainable Sustainable Pension Return Pension Return II Pension Income 11/04/2019- 17/12/2019- 11/04/2019- 2020 31/12/2019 2020 31/12/2019 2020 31/12/2019 Notes EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000 EUR' 000

Cash flow from investment activities Net result (2,829) 120,092 2,658 3 8,979 14,221 Unrealized changes in value 1, 2, 3 33,928 (101,787) (2,565) (3) (7,344) (14,425) Realized changes in value 1, 2, 3 (2,298) (1,868) (41) – (1,974) (8) Purchase of investments 1, 2, 3 (283,992) (1,440,441) (48,169) (499) (36,862) (224,469) Sale of investments 1, 2, 3 9,969 7,885 651 – 24,024 284 Increase (-)/decrease (+) accounts receivable 4, 5 (4,202) (612) (24) – – – Increase (+)/decrease (-) accounts payable 8, 9 1,046 17,314 273 – 590 2,415 (248,378) (1,399,417) (47,217) (499) (12,587) (221,982) Cash flow from financing activities Received for units subscribed 296,620 1,433,899 49,127 500 47,204 227,740 Paid for repurchase of own units (35,692) (15,088) (1,572) – (33,204) (2,456) Dividend paid (9,218) – – – – – Increase (-)/decrease (+) accounts receivable 5 15,504 (17,483) (314) – (566) (2,469) Increase (+)/decrease (-) accounts payable 9 234 270 66 – 28 44 267,448 1,401,598 47,307 500 13,462 222,859

Net cash flow 19,070 2,181 90 1 875 877

Increase (+)/decrease (-) cash 19,070 2,181 90 1 875 877 – – – – – – Cash at opening date 6 2,181 – 1 – 877 – Total cash at opening date 2,181 – 1 – 877 – – – – – – – Cash at closing date 6 21,251 2,181 91 1 1,752 877 Total cash at closing date 21,251 2,181 91 1 1,752 877

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

Pensioen Opbouw 21 Annual financial statements (continued)

Cash flow statement (continued)

Combined 2020 2019 Notes EUR' 000 EUR' 000

Cash flow from investment activities Net result 8,808 163,988 Unrealized changes in value 1, 2, 3 24,019 (124,915) Realized changes in value 1, 2, 3 (4,313) (22,988) Purchase of investments 1, 2, 3 (369,023) (1,714,290) Sale of investments 1, 2, 3 34,644 340,139 Increase (-)/decrease (+) accounts receivable 4, 5 (4,226) (223) Increase (+)/decrease (-) accounts payable 8, 9 1,909 19,649 (308,182) (1,338,640) Cash flow from financing activities Received for units subscribed 392,951 1,701,749 Paid for repurchase of own units (70,468) (347,583) Dividend paid (9,218) – Increase (-)/decrease (+) accounts receivable 5 14,624 (19,926) Increase (+)/decrease (-) accounts payable 9 328 314 328,217 1,334,554

Net cash flow 20,035 (4,086)

Currency and cash revaluation – 209 Increase (+)/decrease (-) cash 20,035 (3,877) – – Cash at opening date 6 3,059 6,936 Total cash at opening date 3,059 6,936 – – Cash at closing date 6 23,094 3,059 Total cash at closing date 23,094 3,059

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

Pensioen Opbouw 22 Notes

General

The annual financial statements have been drawn up in conformity with Part 9, Book 2 of the Dutch Civil Code and the Wft. The fund’s financial year is the same as the calendar year.

As at balance sheet date, participating units in the following sub-funds were issued: - Sustainable Pension Return (launched 11 April 2019) - Sustainable Pension Return II (launched 17 December 2019) - Sustainable Pension Income (launched 11 April 2019)

Accounting principles

General The financial statements are produced according to the going concern assumption. Unless stated otherwise, items in the financial statements are stated at nominal value and expressed in thousands of euros. Assets and liabilities are recognized or derecognized in the balance sheet on the transaction date.

Issuance and repurchase of participating units The manager will charge a fee on entry or extension and on – partial – termination to cover the associated transaction costs to be deducted from the purchase resp. sales value. These fees, expressed as a percentage of the purchase resp. sales value, accrue to the fund. The fee thus determined can be requested from the manager. The fees declared during the reporting period are accounted for below. The maximum percentage for surcharge or discount is 0.35%. These fees are included in the profit and loss account.

Financial investments Financial investments are classified as trading portfolio and are valued at fair value, unless stated otherwise. The fair value of stocks is determined on the basis of market prices and other market quotations at closing date. For derivatives and futures, the value is based on the market price and other market quotations at closing date. Transaction costs incurred in the purchase and sale of investments are included in the purchase or sale price as appropriate. Transaction costs incurred in the purchase of investments are therefore recognized in the first period of valuation as part of the value changes in the profit and loss account. Transaction costs incurred in the sale of investments are part of the realized results in the profit and loss account. Derivative instruments with a negative fair value are recognized under the derivatives item under investments on the liability side of the balance sheet.

Changes to the valuation model for forward currency contracts may lead to a different valuation. Derivative instruments with a negative fair value are recognized under the derivatives item under investments on the liability side of the balance sheet.

Recognition and derecognition of items in the balance sheet Investments are recognized or derecognized in the balance sheet on the transaction date. Equities and derivatives are recognized in the balance sheet on the date the purchase transaction is concluded. Equities are derecognized in the balance sheet on the date the sale transaction is concluded. Derivatives are fully or partially derecognized in the balance sheet on the date the sales transaction is concluded or if the contract is settled on the expiry date. Accounts receivable and payable are recognized in the balance sheet on the date that contractual rights or obligations with respect to the receivables or payables arise. Receivables and payables are derecognized in the balance sheet when, as a result of a transaction, the contractual rights or obligations with respect to the receivables or payables no longer exist.

Presentation of derivatives Derivatives are recognized in the balance sheet at fair value. The presentation of the fair value is based on the liabilities and receivables per contract. The receivables are reported under assets and obligations are reported under liabilities. The value of the derivatives’ underlying instruments is not included on the balance sheet. Where applicable, the underlying value of derivatives is included in the information provided on the currency and concentration risk.

Pensioen Opbouw 23 Notes (continued)

Accounting principles (continued)

Cash and cash equivalents Cash and cash equivalents are carried at nominal value. If cash is not freely disposable, this is factored into the valuation.

Cash expressed in foreign currencies is converted into the functional currency as at the balance sheet date at the exchange rate applicable on that day. Please refer to the currency table on page 52.

Accounts receivable Receivables are valued after initial recognition at amortized cost based on the effective interest method, less impairments. Given the short-term character of the receivables, the value is equal to the nominal value.

Debt Non-current debts and other financial obligations are valued, after initial recognition, at the amortized cost price based on the effective interest method. Given the short-term character of the debt, the value is equal to the nominal value.

Foreign currencies Transactions in currencies other than the euro are converted into euros at the exchange rates valid at the time. Assets and liabilities expressed in other currencies are converted into euros at the exchange rate prevailing at balance-sheet date. The exchange rate differences thus arising or exchange rate differences arising on settlement are recognized in the profit and loss account. Investments in foreign currencies are converted into euros at the rate prevailing on the balance sheet date. This valuation is part of the valuation at fair value. Exchange rate differences are recognized in the profit and loss account under changes in value.

Principles for determining the result

General Investment results are determined by investment income, rises or declines in stock prices, rises or declines in foreign exchange rates and derivatives. Results are allocated to the period to which they relate and are accounted for in the profit and loss account.

Recognition of income Income items are recognized in the profit and loss account when an increase of the economic potential associated with an increase of an asset or a reduction of a liability has occurred and the amount of this can be reliably established.

Recognition of expenses Expense items are recognized when a reduction of the economic potential associated with a reduction of an asset or an increase of a liability has occurred and the amount of this can be reliably established.

Investment income This includes payments from investments in the funds of the Robeco Group and net cash dividends and interest income from cash equivalents declared in the reporting period. Accrued interest at balance sheet date is taken into account.

Changes in value Realized and unrealized capital gains and losses on securities and currencies are presented under this heading. Realization of capital gains takes place on selling as the difference between the realizable sales value and the average historical cost price. Unrealized capital gains relate to value changes in the portfolio between the beginning of the financial year and the balance sheet date, corrected by the realized gains when positions are sold or settlement takes place.

In addition, the restitution of the management and service fee on investments in funds of the Robeco Group is processed in the changes in value.

Pensioen Opbouw 24 Notes (continued)

Principles for cash flow statement

General This cash flow statement has been prepared using the indirect method. Cash comprises items that may or may not be directly callable. Accounts payable to credit institutions include debit balances in bank accounts.

Risk management

The presence of risks is inherent to asset management. It is therefore very important to have a procedure for controlling these risks embedded in the company's day-to-day operations. The manager (RIAM) ensures that risks are effectively controlled via the three-lines- of-defense model: RIAM management (first line), the Compliance and Risk Management departments (second line) and the Internal Audit department (third line).

The management of RIAM has primary responsibility for risk management as part of its day-to-day activities. The Compliance and Risk Management departments develop and maintain policy, methods and systems that enable the management to fulfill their responsibilities relating to risk. Furthermore, portfolios are monitored by these departments to ensure that they remain within the investment restrictions under the Terms and Conditions for Management and Custody and the information memorandum, and to establish whether they comply with the internal guidelines. The Risk Management Committee decides how the risk management policies are applied and monitors whether risks remain within the defined limits. The Internal Audit department carries out audits to assess the effectiveness of internal control.

RIAM uses a risk-management and control framework that helps control all types of risk. Within this framework, risks are periodically identified and assessed as to their significance and materiality. Internal procedures and measures are focused on providing a structure to control both financial and operational risks. Control measures are included in the framework for each risk. Active monitoring is performed to establish the effectiveness of the procedures and measures of this framework.

Operational risk Operational risk is the risk of loss as a result of inadequate or failing processes, people or systems. Robeco constantly seeks opportunities to simplify processes and reduce complexity in order to mitigate operational risks. Automation is a key resource in this regard and uses systems that can be seen as the market standard for financial institutions. The use of automation increases the risk associated with IT. This risk can be divided into three categories. The risk of access by unauthorized persons is managed using preventive and detective measures to control access to both the network and systems and data. Processes such as change management and operational management provide for monitoring of an operating system landscape. Finally, business continuity measures are in place to limit the risk of breakdown as far as possible and to recover operational status as quickly as possible in the event of a disaster. The effectiveness of these measures is tested periodically by means of internal and external monitoring.

Compliance risk Compliance risk is the risk of sanctions, financial loss or reputation damage as a result of non-compliance with the laws and regulations applicable to the activities of Robeco and the funds it manages. Robeco's activities – collective and individual portfolio management – are subject to European and national rules of financial supervision. Observance of these rules is supervised by the national competent authorities (in the Netherlands the Authority for the Financial Markets, AFM and the Central Bank of the Netherlands, DNB). It is in the interest of investors in Robeco-managed funds that Robeco complies with all the applicable laws and regulations. Robeco has implemented a structured process with clear responsibilities with the aim of accurately implementing new laws and regulations in a timely fashion.

Changes in the field of legislation and regulation that could affect the funds managed by Robeco also took place in 2020. An example of this are the extensive reporting requirements under the EU Regulation on reporting and transparency of securities financing transactions (SFTR), for funds involved in such transactions. In the implementation, Robeco closely aligned with relevant trade associations, who were focusing heavily on industry best practices in relation to SFTR reporting, and its specialist service providers involved in regulatory reporting on behalf of the funds.

Robeco made sure its funds and governance arrangements are designed to comply with new ESMA guidelines which were launched in the course of 2020, such as the ESMA guidelines on liquidity stress testing in UCITS and AIFs and ESMA guidelines on the MiFID II compliance function (also addressed to UCITS management companies and AIFMs that provide investment services).

Pensioen Opbouw 25 Notes (continued)

Risk management (continued)

Compliance risk (continued) Robeco’s policies and methodologies were already well in line with the majority of these new ESMA guidelines. Where needed or appropriate, disclosures, policies and processes were adjusted to ensure adequate implementation of the guidelines.

In 2020, the AFM has determined that Robeco must undertake a number of remedial measures to improve the processes in relation to the Money Laundering and Terrorist Financing (Prevention) Act (‘Wwft’) and the Sanctions Act (‘Sw’) in Robeco Retail, Robeco’s on-line execution-only platform for Dutch retail customers. The improvements have commenced in 2020 and are scheduled to be completed by the end of 2021. Subsequent to the above, and as a separate matter, the AFM has indicated that it has concerns about the way in which Robeco has set up its business operations. Robeco has engaged with the AFM to substantiate Robeco’s views in this respect.

The new EU regulatory framework on sustainable finance, consisting of multiple pieces of legislation, including the new Sustainable Finance Disclosure Regulation (SFDR), Taxonomy Regulation and amendments to existing frameworks (including the UCITS Directive and AIFMD), will introduce extended reporting and disclosures, aiming for increased comparability between sustainable funds and to avoid greenwashing. The framework also requires the integration of sustainability (risks) in the organization, governance, risk management and investment processes of Robeco. In 2020, Robeco has prepared for this new framework, which will enter into force in different phases, from March 2021 to January 2023.

The aforementioned developments were adequately addressed in exceptional and challenging times, with the Covid-19 pandemic affecting clients, employees, service providers and financial markets. Robeco has proved its resilience as we were perfectly able to ensure continuity of operations globally. The past few years the level of regulation has increased consistently while the regulatory environment is evolving as well by moving from a principle-based to a more rule-based environment. Compliance with rules and regulations and the associated required conduct have been key themes for Robeco and will continue to be so.

Developments Financial Risk Management Robeco is continuously working to enhance its risk management methodologies, infrastructure and processes.

Over the past year, Financial Risk Management focused on the topic Liquidity Risk and Sustainability Risk. The steps taken were in anticipation on the new ESMA Liquidity Stress Testing Requirements and the upcoming Sustainable Finance Disclosure Regulation (SFDR) and Task Force on Climate Related Financial Disclosures (TCFD) guidelines.

In September 2019 ESMA published their final guidelines on Liquidity Stress Testing. Over the past year, Financial Risk Management enhanced the existing liquidity risk framework to incorporate the new ESMA requirements. Stress Testing was widened to cover both historical and hypothetical scenarios for asset and funding liquidity. The implemented stress tests are fund-specific and allow us to identify key liquidity risk factors for each fund. Liquidity Stress Testing was also implemented on aggregate level. Historical scenarios comprise different phases of Global Financial Crisis (2008-2009), as well as replication of Covid-19 liquidity crunch in March 2020. The framework is applicable at all stages of a portfolio’s lifecycle and has direct link to contingency planning.

Financial Risk Management drafted a sustainably risk policy that prescribes the way in which portfolio sustainability risks are monitored from the second line of defense. It entails a framework in which risk limits and targets are monitored and an active dialogue takes place between the first and second line of defense. Within the sustainability risk policy, special attention goes to climate related risks. The sensitivity of portfolios to climate risks are measured and monitored by using scenario analysis and a climate risk indicator based on the environmental footprint of companies. The policy is compliant with the upcoming SFDR regulation and covers alle aspects that are defined in TCFD guidance. Alongside with the development of this policy, FRM is collaborating with other departments to integrate sustainability risk data in all systems within Robeco.

In anticipation of Brexit, the majority of our trading counterparties decided to relocate from the United Kingdom to mainland Europe. All new trading counterparties have been reviewed by risk management, in accordance with their trading role and the requirements outlined in the counterparty risk policy.

Pensioen Opbouw 26 Notes (continued)

Risks relating to financial instruments

Investment risk The value of investments may fluctuate. Past performance is no guarantee of future results. The net asset value of the fund depends on developments in the financial markets and can therefore either rise or fall. Participants run the risk that their investments may end up being worth less than the amount invested, or even worth nothing. The general investment risk can also be characterized as market risk.

Market risk Market risk can be divided into three types: price risk, currency risk and concentration risk. Market risks are contained using limits on quantitative risk measures such as volatility or value-at-risk. This means that the underlying risk types (price risk, currency risk and concentration risk) are also indirectly contained.

Price risk The net asset value of the fund is sensitive to market movements. In addition, investors should be aware of the possibility that the value of investments may vary as a result of changes in political, economic or market circumstances, as well as changes in an individual business situation. The entire portfolio is exposed to price risk. The degree of price risk that the fund runs depends among other things on the risk profile of the fund's portfolio. More detailed information on the risk profile of the fund's portfolio can be found in the section on Return and risk on page 9.

Currency risk All or part of the securities portfolio of the fund may be invested in currencies, or financial instruments denominated in currencies other than the euro. As a result, fluctuations in exchange rates may have both a negative and a positive effect on the investment result of the fund. Currency risks may be hedged with currency forward transactions and currency options. Currency risks can be limited by applying relative or absolute currency concentration limits.

The portfolio includes positions in forward exchange contracts at balance sheet date.

The table below shows the gross and net exposure to the different currencies, including other assets and liabilities. The positions in the funds in which Pensioen Opbouw invests are included. Further information on the currency policy can be found on page 7.

Pensioen Opbouw 27 Notes (continued)

Risks relating to financial instruments (continued)

Market risk (continued) Currency risk (continued)

Sustainable Pension Return 31/12/2020 Exposure to forward 31/12/2020 exchange 31/12/2020 31/12/2020 31/12/2019 Gross position contracts Net position % of % of Currency exposure EUR' 000 EUR' 000 EUR' 000 net assets net assets AUD 16,876 – 16,876 0.94 0.99 CAD 26,939 – 26,939 1.51 1.88 CHF 28,472 – 28,472 1.59 1.40 DKK 12,071 – 12,071 0.68 0.41 EUR 784,231 (15,055) 769,176 43.03 43.17 GBP 42,903 (1,551) 41,352 2.31 3.40 HKD 7,610 – 7,610 0.43 0.44 ILS 1,416 – 1,416 0.08 0.04 JPY 79,416 – 79,416 4.44 4.46 NOK 955 – 955 0.05 0.05 NZD 2,083 – 2,083 0.12 0.28 SEK 9,507 – 9,507 0.53 0.59 SGD 5,257 – 5,257 0.29 0.21 USD 770,316 16,338 786,654 44.00 42.68 Total 1,788,052 (268) 1,787,784 100.00 100.00

Sustainable Pension Return II Exposure to forward 31/12/2020 exchange 31/12/2020 31/12/2020 31/12/2019 Gross position contracts Net position % of % of Currency exposure EUR' 000 EUR' 000 EUR' 000 net assets net assets AUD 480 – 480 0.95 0.99 CAD 766 – 766 1.51 1.99 CHF 809 – 809 1.59 1.39 DKK 343 – 343 0.68 0.40 EUR 22,136 (434) 21,702 42.79 42.94 GBP 1,222 (45) 1,177 2.32 3.38 HKD 216 – 216 0.43 0.40 ILS 40 – 40 0.08 – JPY 2,257 – 2,257 4.45 4.57 NOK 27 – 27 0.05 – NZD 59 – 59 0.12 0.20 SEK 270 – 270 0.53 0.60 SGD 149 – 149 0.29 0.20 USD 21,950 471 22,421 44.21 42.94 Total 50,724 (8) 50,716 100.00 100.00

Pensioen Opbouw 28 Notes (continued)

Risks relating to financial instruments (continued)

Market risk (continued)

Currency risk (continued)

Sustainable Pension Income Exposure to forward 31/12/2020 exchange 31/12/2020 31/12/2020 31/12/2019 Gross position contracts Net position % of % of Currency exposure EUR' 000 EUR' 000 EUR' 000 net assets net assets AUD 61 639 700 0.27 0.24 CAD 168 8,357 8,525 3.25 3.02 CHF 24 765 789 0.30 0.29 EUR 112,059 (45,493) 66,566 25.36 26.14 GBP 15,228 (2,381) 12,847 4.89 4.80 JPY 1 2,443 2,444 0.93 0.84 SEK 3 3 6 – – USD 135,691 34,916 170,607 65.00 64.67 Total 263,235 (751) 262,484 100.00 100.00

Concentration risk Based on its investment policy, the fund may invest in financial instruments from issuing institutions that operate mainly within the same sector or region, or in the same market. In the case of concentrated investment portfolios, events within the sectors, regions or markets in which they invest have a more pronounced effect on the fund assets than in less concentrated investment portfolios. Concentration risks can be limited by applying relative or absolute country or sector concentration limits.

The portfolio includes positions in stock market index futures at balance sheet date. The table below shows the exposure to stock markets through stocks and stock-market index futures per country in amounts and as a percentage of the fund's total equity capital. Account has been taken of the positions in the funds in which Pensioen Opbouw invests.

Asset allocation by investment component Sustainable Pension Return 31/12/2020 31/12/2020 31/12/2020 31/12/2020 31/12/2019 Direct Derivatives Total investment in exposure in exposure in % of % of EUR'000 EUR'000 EUR'000 net assets net assets Equities - Developed markets 1,554,809 6,066 1,560,875 87.31 86.68 - Emerging markets 23,966 4,064 28,030 1.57 1.25 Real estate - Indirect real estate 20,286 – 20,286 1.13 1.14 Repurchase agreement – – – – – Bonds - Government bonds – 13,261 13,261 0.74 0.51 - Corporate bonds 167,957 34,813 202,770 11.34 11.48 Total 1,767,018 58,204 1,825,222 102.09 101.06

Pensioen Opbouw 29 Notes (continued)

Risks relating to financial instruments (continued)

Market risk (continued) Concentration risk (continued)

Asset allocation by investment component Sustainable Pension Return II 31/12/2020 31/12/2020 31/12/2020 31/12/2020 31/12/2019 Direct Derivatives Total investment in exposure in exposure in % of % of EUR'000 EUR'000 EUR'000 net assets net assets Equities - Developed markets 44,183 172 44,355 87.46 87.42 - Emerging markets 574 116 690 1.36 1.19 Real estate - Indirect real estate 576 – 576 1.14 1.19 Repurchase agreement – – – – – Bonds - Government bonds – 383 383 0.75 0.60 - Corporate bonds 4,853 1,006 5,859 11.55 11.72 Total 50,186 1,677 51,863 102.26 102.12

Asset allocation by investment component Sustainable Pension Income 31/12/2020 31/12/2020 31/12/2020 31/12/2020 31/12/2019 Direct Derivatives Total investment in exposure in exposure in % of % of EUR'000 EUR'000 EUR'000 net assets net assets Equities - Developed markets – – – – – - Emerging markets – – – – – Real estate - Indirect real estate – – – – – Repurchase agreement – – – – – Bonds - Government bonds 11,314 19,645 30,959 11.80 18.76 - Corporate bonds 241,083 509 241,592 92.04 97.76 Total 252,397 20,154 272,551 103.84 116.52

Leverage risk The fund may make use of derivative instruments, techniques or structures. They may be used for hedging risks, and for achieving investment objectives and ensuring efficient portfolio management. These instruments may be leveraged, which will increase the fund’s sensitivity to market fluctuations. The risk of derivative instruments, techniques or structures will always be limited within the conditions of the fund's integral risk management. The degree of leverage in the fund, measured using the gross method (where 0% exposure indicates no leverage) over the year, as well as on the balance sheet date, is shown in the table below. The gross method means that the absolute underlying value of the long positions and the short positions in derivatives are added up and represented as a percentage of the assets. In calculating the leverage risk, account has been taken of the positions in the funds in which Pensioen Opbouw invests.

Pensioen Opbouw 30 Notes (continued)

Risks relating to financial instruments (continued)

Leverage risk (continued) Lowest Highest Average exposure exposure exposure Exposure at during the during the during the the reporting reporting year reporting year reporting year year end Sustainable Pension Return 7% 15% 10% 10% Sustainable Pension Return II 0% 16% 10% 10% Sustainable Pension Income 67% 165% 92% 71%

Credit risk Credit risk occurs when a counterparty of the fund fails to fulfil its financial obligations arising from financial instruments in the fund. Credit risk is limited as far as possible by exercising an appropriate degree of caution in the selection of counterparties. In selecting counterparties, the assessments of independent rating bureaus are taken into account, as are other relevant indicators. Wherever it is customary in the market, the fund will demand and obtain collateral in order to mitigate credit risk. The figure that best represents the maximum credit risk is given in the table below.

Sustainable Pension Return 31/12/2020 31/12/2019 % of % of EUR' 000 net assets EUR' 000 net assets Accounts receivable 6,793 0.38 18,095 1.18 Cash and cash equivalents 21,251 1.19 2,181 0.14 Total 28,044 1.57 20,276 1.32

Sustainable Pension Return II 31/12/2020 31/12/2019 % of % of EUR' 000 net assets EUR' 000 net assets Accounts receivable 338 0.67 – – Cash and cash equivalents 91 0.18 1 0.25 Total 429 0.85 1 0.25

Sustainable Pension Income 31/12/2020 31/12/2019 % of % of EUR' 000 net assets EUR' 000 net assets Accounts receivable 3,035 1.16 2,469 1.03 Cash and cash equivalents 1,752 0.67 877 0.37 Total 4,787 1.83 3,346 1.40

No account is taken of collateral received in the calculation of the total credit risk. Credit risk is contained by applying limits on the exposure per counterparty as a percentage of the fund assets. As of the balance sheet date, the sub-fund's exposure to any single counterparty did not exceed 5% of the total assets.

Pensioen Opbouw 31 Notes (continued)

Risks relating to financial instruments (continued)

Liquidity risk We distinguish between Asset Liquidity Risk and Funding Liquidity risk, which are closely connected:

Asset liquidity risk arises when transactions cannot be executed in a timely fashion at quoted market prices and/or at acceptable transaction cost levels due to the size of the trade. Or in more extreme cases, when they cannot be conducted at all. Asset liquidity risk is a function of transaction size, transaction time and transaction cost.

Funding liquidity risk arises when the redemption requirements of clients or other liabilities cannot be met without significantly impacting the value of the portfolio. Funding liquidity risk will only arise if there is also Asset liquidity risk.

Risk of investing in other investment institutions By investing in other investment institutions, the fund to some extent depends on the quality of service and the risk profile of the investment institutions in which the fund invests. This risk is limited by the careful selection of investment companies in which the fund is to invest.

Umbrella risk The fund is a legal entity with undivided assets. This means that negative sub-fund assets can affect the other assets of the sub-funds. If a sub-fund is liquidated or if making payments results in a negative asset balance for a sub-fund, the shortfall will be distributed over the other sub-funds.

Manager Robeco Institutional Asset Management B.V. (“RIAM”) is the fund manager. In this capacity, RIAM handles the asset management, administration, marketing and distribution of the fund. RIAM holds an AIFMD license as referred to in Section 2:65 Wft. In addition, RIAM is licensed as a manager of UCITS (2:69b Wft, the Dutch Financial Supervision Act), which includes managing individual assets and giving advice on financial instruments. RIAM is subject to supervision by the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, “AFM”). RIAM has listed the fund with AFM. RIAM is a 100% subsidiary of ORIX Corporation Europe N.V. via Robeco Holding B.V. ORIX Corporation Europe N.V. is a part of ORIX Corporation.

Depositary The assets of the fund are held in custody by J.P. Morgan Bank Luxembourg S.A., Amsterdam Branch. J.P. Morgan Bank Luxembourg S.A., Amsterdam Branch is appointed as the depositary of the fund as referred to in Section 4:62n Wft. The depositary is responsible for supervising the fund insofar as required under and in accordance with the applicable legislation. The manager, Stichting Custody Robeco Institutional and J.P. Morgan Bank Luxembourg S.A., Amsterdam Branch have concluded a depositary and custodian agreement.

Liability of the depositary The depositary is liable to the fund and/or the Shareholders for the loss of a financial instrument under the custody of the depositary or of a third party to which custody has been transferred. The depositary is not liable if it can demonstrate that the loss is a result of an external event over which it in all reasonableness had no control and of which the consequences were unavoidable, despite all efforts to ameliorate them. The depositary is also liable to the fund and/or the shareholders for all other losses they suffer because the depositary has not fulfilled its obligations as stated in this depositary and custodian agreement either deliberately or through negligence. Shareholders may make an indirect claim upon the liability of the depositary through the manager. If the manager refuses to entertain such a request, the shareholders are authorized to submit the claim for losses directly to the depositary.

Affiliated parties The fund and the manager may utilize the services of and carry out transactions with parties affiliated to the fund, as defined in the BGfo, such as RIAM, Robeco Nederland B.V and ORIX Corporation. The services entail the execution of tasks that have been outsourced to these parties such as (1) securities lending, (2) hiring temporary staff and (3) issuance and repurchase of the fund’s participating units. Transactions that can be carried out with affiliated parties include the following: treasury management, derivatives transactions, lending of financial instruments, credit extension, purchase and sale of financial instruments on regulated markets or through multilateral trading facilities. All these services and transactions are executed at market rates.

Pensioen Opbouw 32 Notes to the balance sheet

1. Equities

Movements in the stock portfolio Pensioen Opbouw Rendement 01/01/2019- 2020 18/07/2019 EUR' 000 EUR' 000 Book value (fair value) at opening date – – Purchases – 14,229 Sales – (14,860) Unrealized gains – – Realized gains – 631 Book value (fair value) at closing date – –

Transaction costs Brokerage costs and exchange fees relating to investment transactions are discounted in the cost price or the sales value of the investment transactions. These costs and fees are charged to the result ensuing from changes in value. The quantifiable transaction costs are shown below.

Pensioen Opbouw Vastrentend Kort Pensioen Opbouw Vastrentend Lang 01/01/2019- 01/01/2019- 2020 18/07/2019 2020 18/07/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Investments in Robeco Group mutual funds – 11 – 3

Pensioen Opbouw Rendement 01/01/2019- 2020 18/07/2019 EUR' 000 EUR' 000 Equities – 8 Investments in Robeco Group mutual funds – 128

RIAM wants to be certain that the selection of counterparties for equity transactions (brokers) occurs using procedures and criteria that ensure the best results for the fund (best execution).

No costs for research were charged to the fund during the period under review.

2. Investments in mutual funds

PensioenOpbouwVastrentend Kort Pensioen Opbouw Vastrentend Lang 01/01/2019- 01/01/2019- 2020 18/07/2019 2020 18/07/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Book value (fair value) at opening date – 86,700 – 2,420 Purchases – 13,752 – 2,617 Sales – (105,795) – (5,273) Unrealized losses – (309) – (50) Realized gains – 5,652 – 286 Book value (fair value) at closing date – – – –

Pensioen Opbouw 33 Notes to the balance sheet (continued)

2. Investments in mutual funds (continued)

Pensioen Opbouw Rendement Sustainable Pension Return 01/01/2019- 11/04/2019- 2020 18/07/2019 2020 31/12/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Book value (fair value) at opening date – 164,153 1,536,211 – Purchases – 18,283 283,992 1,440,441 Sales – (208,833) (9,969) (7,885) Unrealized gains / (losses) – 9,271 (33,928) 101,787 Realized gains – 17,126 2,298 1,868 Book value (fair value) at closing date – – 1,778,604 1,536,211

Sustainable Pension Return II Sustainable Pension Income 17/12/2019- 11/04/2019- 2020 31/12/2019 2020 31/12/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Book value (fair value) at opening date 502 – 238,618 – Purchases 48,169 499 36,862 224,469 Sales (651) – (24,024) (284) Unrealized gains 2,565 3 7,344 14,425 Realized gains 41 – 1,974 8 Book value (fair value) at closing date 50,626 502 260,774 238,618

A subdivision according to regions and sectors and categories based on a view of the underlying funds is included in the information on concentration risk in the notes on the risks of financial instruments.

Overview of investments in funds of the Robeco Group

Market Fair Ongoing Market Fair Ongoing

value value1 Return charges2 value value1 Return charges2 31/12/2020 31/12/2020 2020 2020 31/12/2019 31/12/2019 2019 2019 EUR' 000 EUR % % EUR' 000 EUR %% Sustainable Pension Return Robeco QI Global Developed Enhanced Index Equities Fund - G EUR4 979,331 132.09 2.6 0.30 847,862 131.34 28.7 0.30 Robeco QI Global Multi-Factor High Yield - Z EUR3 174,618 105.39 (0.8) 0.01 151,067 111.03 11.1 0.03 Total 1,153,949 998,929

1 Per share/participating unit. 2 The manager of the above funds does not charge management or service fee to Pensioen Opbouw. 3 Part of the umbrella fund Robeco Capital Growth Funds. This fund has UCITS IV status and is subject to Luxembourg supervision. The last published financial report and semi-annual report can be obtained at the address of Pensioen Opbouw. Swing pricing may be applicable to this fund. 4 These funds are part of Robeco Umbrella Fund I N.V. The fund is managed by Robeco Institutional Asset Management B.V., which has a license from the AFM pursuant to the Wft. The most recently published annual report and semi-annual report are available from the address of Pensioen Opbouw.

Pensioen Opbouw 34 Notes to the balance sheet (continued)

2. Investments in mutual funds (continued)

Overview of investments in funds of the Robeco Group

Market Fair Ongoing Market Fair Ongoing

value value1 Return charges2 value value1 Return charges2 31/12/2020 31/12/2020 2020 2020 31/12/2019 31/12/2019 2019 2019 EUR' 000 EUR % % EUR' 000 EUR %% Sustainable Pension Return II Robeco QI Global Developed Enhanced Index Equities Fund - EUR I4 27,830 135.72 2.3 0.30 275 136.79 28.3 0.30 Robeco QI Global Multi-Factor High Yield - Z EUR3 5,045 105.39 (0.8) 0.01 50 111.03 11.1 0.03 Total 32,875 325

1 Per share/participating unit. 2 The manager of the above funds does not charge management or service fee to Pensioen Opbouw. 3 Part of the umbrella fund Robeco Capital Growth Funds. This fund has UCITS IV status and is subject to Luxembourg supervision. The last published financial report and semi-annual report can be obtained at the address of Pensioen Opbouw. Swing pricing may be applicable to this fund. 4 These funds are part of Robeco Umbrella Fund I N.V. The fund is managed by Robeco Institutional Asset Management B.V., which has a license from the AFM pursuant to the Wft. The most recently published annual report and semi-annual report are available from the address of Pensioen Opbouw.

Overview of investments in funds of the Robeco Group

Market Fair Ongoing Market Fair Ongoing

value value1 Return charges2 value value1 Return charges2 31/12/2020 31/12/2020 2020 2020 31/12/2019 31/12/2019 2019 2019 EUR' 000 EUR % % EUR' 000 EUR %% Sustainable Pension Income RobecoSAM Global SDG Credits - Z EUR3 260,774 115.35 1.3 0.02 238,618 110.99 11.0 0.03 Total 260,774 238,618

1 Per share/participating unit. 2 The manager of the above funds does not charge management or service fee to Pensioen Opbouw. 3 Part of the umbrella fund Robeco Capital Growth Funds. This fund has UCITS IV status and is subject to Luxembourg supervision. The last published financial report and semi-annual report can be obtained at the address of Pensioen Opbouw. Swing pricing may be applicable to this fund.

Pensioen Opbouw can on a daily basis enter and exit the above funds of the Robeco Group at the prices applicable on the respective day. On entry or extension or – partial – termination, the manager of Robeco Institutioneel Global Enhanced Index Fund, Robeco Institutional Liability Driven Euro Core Government Bond 40 Fund and Robeco Institutional Conservative Equity Fund charges a fee to cover the associated transaction costs deductible from the purchase or sales value. No entry and exit costs apply to the other funds.

Swing pricing The actual costs of the purchase or sale of assets and investments for a fund may deviate from the most recent available price, or if applicable, net asset value that is used for the calculation of the net asset value per participating unit. This can be the result of levies, costs and differences between the purchase and sales prices of the underlying investments (‘spreads’). These costs have a negative impact on a fund’s value which is called ‘dilution’. In order to alleviate the effects of dilution, the management board can use its own discretion to adapt the net asset value of each participating unit within a specified bandwidth. The management board reserves the right to determine under which circumstances they will implement such a dilution adjustment.

Pensioen Opbouw 35 Notes to the balance sheet (continued)

3. Derivatives

Movements in derivatives Pensioen Opbouw Rendement Forward Currency Exchange Contracts 01/01/2019- 2020 18/07/2019 EUR' 000 EUR' 000 Book value (fair value) at opening date – 213 Expirations – 2,791 Unrealized losses – (213) Realized losses – (2,791) Book value (fair value) at closing date – –

A subdivision of forward exchange contracts according to currency can be found in the information on currency risk in the notes on the risk involved in financial instruments.

4. Amounts owed by affiliated parties

This concerns the following receivables from RIAM:

Sustainable Pension Return Sustainable Pension Return II 31/12/2020 31/12/2019 31/12/2020 31/12/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Management and service fees receivable from Robeco Group funds 698 612 15 – Total 698 612 15 –

5. Other receivables, prepayments and accrued income

This concerns:

Sustainable Pension Return Sustainable Pension Return II 31/12/2020 31/12/2019 31/12/2020 31/12/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Dividend tax to be reclaimed 4,116 – 9 – Sub-total (investment activities) 4,116 – 9 – Receivables from issuance of new shares 1,979 17,483 314 – Sub-total (financing activities) 1,979 17,483 314 – Total 6,095 17,483 323 –

Sustainable Pension Income 31/12/2020 31/12/2019 EUR' 000 EUR' 000 Receivables from issuance of new shares 3,035 2,469 Sub-total (financing activities) 3,035 2,469 Total 3,035 2,469

Pensioen Opbouw 36 Notes to the balance sheet (continued)

6. Cash and cash equivalents

This concerns freely disposable cash.

Sustainable Pension Return Sustainable Pension Return II 31/12/2020 31/12/2019 31/12/2020 31/12/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Freely available cash 21,251 2,181 91 1 Total 21,251 2,181 91 1

Sustainable Pension Income 31/12/2020 31/12/2019 EUR' 000 EUR' 000 Freely available cash 1,752 877 Total 1,752 877

7. Payable to credit institutions

This concerns temporary debit balances on bank accounts caused by investment transactions.

8. Payable to affiliated parties

This concerns management costs payable and the service fee paid to RIAM by the sub-funds.

9. Other liabilities, accruals and deferred income

This concerns:

Sustainable Pension Return Sustainable Pension Return II 31/12/2020 31/12/2019 31/12/2020 31/12/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Costs payable 18 13 1 – Sub-total (investment activities) 18 13 1 – Payable for acquisition of own shares 504 270 66 – Sub-total (financing activities) 504 270 66 – Total 522 283 67 –

Sustainable Pension Income 31/12/2020 31/12/2019 EUR' 000 EUR' 000 Costs payable 3 2 Sub-total (investment activities) 3 2 Payable for acquisition of own shares 72 44 Sub-total (financing activities) 72 44 Total 75 46

Pensioen Opbouw 37 Notes to the balance sheet (continued)

10. Fund assets

Pensioen Opbouw Vastrentend Kort 01/01/2019- 2020 18/07/2019 EUR' 000 EUR' 000 Development of fund assets

Participants capital Pensioen Opbouw Vastrentend Kort Situation on opening date – 87,694 Received on participating units issued – 15,645 Paid for participating units repurchased – (108,791) Liquidation payment – 5,452 Situation on closing date – –

General reserve Situation on opening date – 377 Addition of result in previous financial year – (97) Liquidation payment – (280) Situation on closing date – –

Undistributed earnings Situation on opening date – (97) Net result – 5,172 Addition to the general reserve – 97 Liquidation payment – (5,172) Situation on closing date – –

Situation on closing date – –

Pensioen Opbouw 38 Notes to the balance sheet (continued)

10. Fund assets (continued)

Pensioen Opbouw Vastrentend Lang 01/01/2019- 2020 18/07/2019 EUR' 000 EUR' 000 Development of fund assets

Participants capital Pensioen Opbouw Vastrentend Lang Situation on opening date – 2,208 Received on participating units issued – 1,217 Paid for participating units repurchased – (3,934) Liquidation payment – 509 Situation on closing date – –

General reserve Situation on opening date – 250 Addition of result in previous financial year – 26 Liquidation payment – (276) Situation on closing date – –

Undistributed earnings Situation on opening date – 26 Net result – 233 Addition to the general reserve – (26) Liquidation payment – (233) Situation on closing date – –

Situation on closing date – –

Pensioen Opbouw 39 Notes to the balance sheet (continued)

10. Fund assets (continued)

Pensioen Opbouw Rendement 01/01/2019- 2020 18/07/2019 EUR' 000 EUR' 000 Development of fund assets

Participants capital Pensioen Opbouw Rendement Situation on opening date – 179,486 Received on participating units issued – 22,748 Paid for participating units repurchased – (217,314) Liquidation payment – 15,080 Situation on closing date – –

General reserve Situation on opening date – 6,350 Addition of result in previous financial year – (15,537) Liquidation payment – 9,187 Situation on closing date – –

Undistributed earnings Situation on opening date – (15,537) Net result – 24,267 Addition to the general reserve – 15,537 Liquidation payment – (24,267) Situation on closing date – –

Situation on closing date – –

Pensioen Opbouw 40 Notes to the balance sheet (continued)

10. Fund assets (continued)

Sustainable Pension Return 11/04/2019- 2020 31/12/2019 EUR' 000 EUR' 000 Development of fund assets

Participants capital Sustainable Pension Return Situation on opening date 1,418,811 – Received on participating units issued 296,620 1,433,899 Paid for participating units repurchased (35,692) (15,088) Situation on closing date 1,679,739 1,418,811

General reserve Situation on opening date – – Addition of result in previous financial year 110,874 – Situation on closing date 110,874 –

Undistributed earnings Situation on opening date 120,092 – Net result (2,829) 120,092 Distributed to holders of participating units (9,218) – Addition to the general reserve (110,874) – Situation on closing date (2,829) 120,092

Situation on closing date 1,787,784 1,538,903

Pensioen Opbouw 41 Notes to the balance sheet (continued)

10. Fund assets (continued)

Sustainable Pension Return II 17/12/2019- 2020 31/12/2019 EUR' 000 EUR' 000 Development of fund assets

Participants capital Sustainable Pension Return II EUR X Situation on opening date 500 – Received on participating units issued 49,127 500 Paid for participating units repurchased (1,572) – Situation on closing date 48,055 500

General reserve Situation on opening date – – Addition of result in previous financial year 3 – Situation on closing date 3 –

Undistributed earnings Situation on opening date 3 – Net result 2,658 3 Addition to the general reserve (3) – Situation on closing date 2,658 3

Situation on closing date 50,716 503

Pensioen Opbouw 42 Notes to the balance sheet (continued)

10. Fund assets (continued)

Sustainable Pension Income 11/04/2019- 2020 31/12/2019 EUR' 000 EUR' 000 Development of fund assets

Participants capital Sustainable Pension Income Situation on opening date 225,284 – Received on participating units issued 47,204 227,740 Paid for participating units repurchased (33,204) (2,456) Situation on closing date 239,284 225,284

General reserve Situation on opening date – – Addition of result in previous financial year 14,221 – Situation on closing date 14,221 –

Undistributed earnings Situation on opening date 14,221 – Net result 8,979 14,221 Addition to the general reserve (14,221) – Situation on closing date 8,979 14,221

Situation on closing date 262,484 239,505

Pensioen Opbouw 43 Notes to the balance sheet (continued)

10. Fund assets (continued)

Combined 2020 2019 EUR' 000 EUR' 000 Development of fund assets

Participants capital Situation on opening date 1,644,595 269,388 Received on participating units issued 392,951 1,701,749 Paid for participating units repurchased (70,468) (347,583) Liquidation payment – 21,041 Situation on closing date 1,967,078 1,644,595

General reserve Situation on opening date – 6,977 Addition of result in previous financial year 125,098 (15,608) Liquidation payment – 8,631 Situation on closing date 125,098 –

Undistributed earnings Situation on opening date 134,316 (15,608) Net result 8,808 163,988 Distributed to holders of participating units (9,218) – Addition to the general reserve (125,098) 15,608 Liquidation payment – (29,672) Situation on closing date 8,808 134,316

Situation on closing date 2,100,984 1,778,911

Pensioen Opbouw 44 Notes to the balance sheet (continued)

11. Fund assets, participating units outstanding and net asset value per participating unit

31/12/2020 31/12/2019 31/12/2018 Pensioen Opbouw Vastrentend Kort Assets in EUR' 000 – – 87,974 Number of participating units outstanding – – 877,382 Net asset value per participating unit in EUR – – 100.27

Pensioen Opbouw Vastrentend Lang Assets in EUR' 000 – – 2,484 Number of participating units outstanding – – 24,263 Net asset value per participating unit in EUR – – 102.37

Pensioen Opbouw Rendement Assets in EUR' 000 – – 170,299 Number of participating units outstanding – – 1,762,502 Net asset value per participating unit in EUR – – 96.61

Sustainable Pension Return Assets in EUR' 000 1,787,784 1,538,903 – Number of participating units outstanding 16,847,676 14,179,574 – Net asset value per participating unit in EUR 106.11 108.53 –

Sustainable Pension Return II EUR X Assets in EUR' 000 50,716 503 – Number of participating units outstanding 508,719 5,000 – Net asset value per participating unit in EUR 99.69 100.67 –

Sustainable Pension Income Assets in EUR' 000 262,484 239,505 – Number of participating units outstanding 2,362,329 2,236,671 – Net asset value per participating unit in EUR 111.11 107.08 –

Pensioen Opbouw 45 Notes to the profit and loss account

Income

12. Investment income

Pensioen Opbouw Vastrentend Kort Pensioen Opbouw Vastrentend Lang 01/01/2019- 01/01/2019- 2020 18/07/2019 2020 18/07/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Dividends received* – 1 – 1 Interest – 6 – 1 Total – 7 – 2

* This concerns net dividends received. Factored into this amount as withholding tax reclaimable from the country that withheld the tax plus withholding tax that is subject to a remittance reduction from the Dutch tax authorities. The remittance reduction is offset against the dividend tax payable on dividends distributed by the fund.

Pensioen Opbouw Rendement Sustainable Pension Return 01/01/2019- 11/04/2019- 2020 18/07/2019 2020 31/12/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Dividends received* – 392 30,356 17,419 Interest – (14) (27) (20) Total – 378 30,329 17,399

* This concerns net dividends received. Factored into this amount as withholding tax reclaimable from the country that withheld the tax plus withholding tax that is subject to a remittance reduction from the Dutch tax authorities. The remittance reduction is offset against the dividend tax payable on dividends distributed by the fund.

Sustainable Pension Return II Sustainable Pension Income 17/12/2019- 11/04/2019- 2020 31/12/2019 2020 31/12/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Dividends received* 66 – – – Interest (1) – (5) (2) Total 65 – (5) (2)

* This concerns net dividends received. Factored into this amount as withholding tax reclaimable from the country that withheld the tax plus withholding tax that is subject to a remittance reduction from the Dutch tax authorities. The remittance reduction is offset against the dividend tax payable on dividends distributed by the fund.

Combined 2020 2019 EUR' 000 EUR' 000 Dividends received* 30,422 17,813 Interest (33) (29) Total 30,389 17,784

* This concerns net dividends received. Factored into this amount as withholding tax reclaimable from the country that withheld the tax plus withholding tax that is subject to a remittance reduction from the Dutch tax authorities. The remittance reduction is offset against the dividend tax payable on dividends distributed by the fund.

Pensioen Opbouw 46 Notes to the profit and loss account (continued)

Costs

13. Management fee and service fee

The management fee related exclusively to the annual management fee for all closed sub-funds until 18 July 2019 of 0.21% of the entrusted assets. From 11 April 2019, an annual management fee of 0.085% applies to Sustainable Pension Return, an annual management fee of 0.12% applies to Sustainable Pension Income and from 17 December 2019, an annual management fee of 0.095% applies to Sustainable Pension Return II. The annual service fee is 0.12% of the entrusted assets for all closed sub-funds until 18 July 2019. The management fee and service fee are charged by the manager. The fees are calculated daily on the basis of the sub-fund assets.

The management fee covers all ongoing charges resulting from the management and marketing of the fund. If the manager outsources its operations to third parties, any costs associated with this will be paid from the management fee. The management fee also include the costs related to registering participants in the fund. The service fee covers administration, costs for external advisers, regulators, costs relating to reports required by law, such as the annual and semi-annual reports, and costs relating to the meetings of participants. The costs for the external auditor incurred by the fund are paid by RIAM from the service fee. The fund's result therefore does not include the costs for the external auditor. Of the costs covered by RIAM for the external auditor, EUR 21 thousand related to the auditing of Pensioen Opbouw. The fee that RIAM pays to the external auditor is for audit-related costs only.

14. Performance fee

Pensioen Opbouw is not subject to a performance fee.

15. Other costs

This concerns:

Pensioen Opbouw Vastrentend Kort Pensioen Opbouw Vastrentend Lang 01/01/2019- 01/01/2019- 2020 18/07/2019 2020 18/07/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Depositary fee – 2 – – Total – 2 – –

Pensioen Opbouw Rendement Sustainable Pension Return 01/01/2019- 11/04/2019- 2020 18/07/2019 2020 31/12/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Depositary fee – 4 72 41 Total – 4 72 41

Sustainable Pension Return II Sustainable Pension Income 17/12/2019- 11/04/2019- 2020 31/12/2019 2020 31/12/2019 EUR' 000 EUR' 000 EUR' 000 EUR' 000 Custody fee 1 – – – Depositary fee – – 12 7 Total 1 – 12 7

Combined 2020 2019 EUR' 000 EUR' 000 Custody fee 1 – Depositary fee 84 54 Total 85 54

Pensioen Opbouw 47 Notes to the profit and loss account (continued)

Costs (continued)

16. Ongoing charges

Pensioen Opbouw Vastrentend Kort Pensioen Opbouw Vastrentend Lang 01/01/2019- 01/01/2019- 2020 18/07/2019 2020 18/07/2019 % % % % Management fee 0.00 0.21 0.00 0.21 Service fee 0.00 0.12 0.00 0.12 Other costs investment funds 0.00 0.00 0.00 0.00 Total 0.00 0.33 0.00 0.33

Pensioen Opbouw Rendement Sustainable Pension Return 01/01/2019- 11/04/2019- 2020 18/07/2019 2020 31/12/2019 % % % % Management fee 0.00 0.21 0.09 0.09 Service fee 0.00 0.12 0.00 0.00 Other costs investment funds 0.00 0.02 0.06 0.06 Total 0.00 0.35 0.15 0.15

Sustainable Pension Return II EUR X Sustainable Pension Income 11/04/2019- 17/12/2019- 2020 31/12/2019 2020 31/12/2019 % % % % Management fee 0.09 0.10 0.13 0.12 Other cost 0.01 0.00 0.00 0.00 Other costs investment funds 0.06 0.07 0.02 0.03 Total 0.16 0.17 0.15 0.15

The percentage of ongoing charges is based on the average fund assets. The ongoing charges include all costs deducted from the sub- fund assets in the reporting period, excluding the costs of transactions in financial instruments and interest charges. Costs relating to issuance and repurchasing of own units are not included in the ongoing charges either.

The fund receives a full restitution of the management, service and performance fees charged within the above funds from RIAM.

17. Maximum costs

For some cost items, the fund information memorandum specifies a maximum percentage of average net assets. The table below compares these maximum percentages with the costs actually charged.

Sustainable Pension Return Maximum as specified in the 2020 2020 % of information EUR' 000 net assets memorandum Management fee for Sustainable Pension Return 1,456 0.09 0.50 Depositary fee 72 0.00 0.01

Pensioen Opbouw 48 Notes to the profit and loss account (continued)

Costs (continued)

17. Maximum costs (continued)

Sustainable Pension Return II Maximum as specified in the 2020 2020 % of information EUR' 000 net assets memorandum Management fee for Sustainable Pension Return II EUR X 12 0.09 0.50 Custody fee and bank cost 1 0.01 0.00 Depositary fee – 0.00 0.01

Sustainable Pension Income Maximum as specified in the 2020 2020 % of information EUR' 000 net assets memorandum Management fee for Sustainable Pension Income 322 0.13 0.50 Depositary fee 12 0.00 0.01

18. Turnover rate

The turnover rate shows the rate at which the fund's portfolio is turned over and is a measure of the incurred transaction costs resulting from the portfolio policy and the ensuing investment transactions. The turnover rate is determined by expressing the amount of the turnover as a percentage of the average fund assets. The average fund assets are calculated on a daily basis. The amount of the turnover is determined by the sum of the purchases and sales of investments less the sum of placements and repurchase of own participating units. The sum of placements and repurchasing of own participating units is determined as the balance of all placements and repurchases in the fund. Cash and money-market investments with an original life to maturity of less than one month are not taken into account in the calculation.

in % 2020 2019 Pensioen Opbouw Vastrentend Kort – (5) Pensioen Opbouw Vastrentend Lang – 97 Pensioen Opbouw Rendement – 8 Sustainable Pension Return (3) – Sustainable Pension Return II (15) – Sustainable Pension Income (8) (3)

The turnover rate calculation only includes the turnover of the direct investments of the subfunds and does not include the transactions of the underlying funds.

19. Transactions with affiliated parties

Part of the transaction volume over the reporting period relates to transactions with affiliated parties. The table below shows the various types of transactions where this was the case.

Pensioen Opbouw Vastrentend Kort 01/01/2019- 2020 18/07/2019 Counterparty % % Investments in Robeco Group mutual funds RIAM – 100.00

Pensioen Opbouw 49 Notes to the profit and loss account (continued)

Costs (continued)

19. Transactions with affiliated parties (continued) Pensioen Opbouw Vastrentend Lang 01/01/2019- 2020 18/07/2019 Counterparty % % Investments in Robeco Group mutual funds RIAM – 100.00

Pensioen Opbouw Rendement 01/01/2019- 2020 18/07/2019 Counterparty % % Investments in Robeco Group mutual funds RIAM – 100.00

Sustainable Pension Return 11/04/2019- 2020 31/12/2019 Counterparty % % Investments in Robeco Group mutual funds RIAM 100.00 100.00

Sustainable Pension Return II 17/12/2019- 2020 31/12/2019 Counterparty % % Investments in Robeco Group mutual funds RIAM 100.00 100.00

Sustainable Pension Income 11/04/2019- 2020 31/12/2019 Counterparty % % Investments in Robeco Group mutual funds RIAM 100.00 100.00

During the reporting period, the fund paid the following amounts in management fee and service fee to RIAM:

Pensioen Opbouw Pensioen Opbouw Vastrentend Kort Vastrentend Lang 01/01/2019- 01/01/2019- 2020 18/07/2019 2020 18/07/2019 Counterparty EUR' 000 EUR' 000 EUR' 000 EUR' 000 Management fee RIAM – 113 – 3 Service fee RIAM – 65 – 2

Pensioen Opbouw Sustainable Rendement Pension Return 01/01/2019- 11/04/2019- 2020 18/07/2019 2020 31/12/2019 Counterparty EUR' 000 EUR' 000 EUR' 000 EUR' 000 Management fee RIAM – 228 1,456 921 Service fee RIAM – 131 – –

Pensioen Opbouw 50 Notes to the profit and loss account (continued)

Costs (continued)

19. Transactions with affiliated parties (continued)

Sustainable Sustainable Pension Return II Pension Income 17/12/2019- 11/04/2019- 2020 31/12/2019 2020 31/12/2019 Counterparty EUR' 000 EUR' 000 EUR' 000 EUR' 000 Management fee RIAM 12 – 322 203

20. Fiscal status

Until 31 August 2019, the fund was transparent for tax purposes. As at 1 September 2019, the fiscal status changed into a fiscal investment institution. A further description of the fiscal status is included in the general information of the management report on page 4.

21. Profit appropriation

For the year ended 31 December 2020, dividend distribution will take place on the basis of the fiscal result in order to fulfill the fiscal distribution obligation. Based on the number of shares outstanding on 31 December 2020 it has been proposed to determine the dividend per share for the year ended 31 December 2020:

- EUR 2.00 (previous year: EUR 0.60) per Sustainable Pension Return participating unit. - EUR 0.20 (previous year: EUR 0.00) per Sustainable Pension Return II participating unit. - EUR 0.00 (previous year: EUR 0.00) per Sustainable Pension Income participating unit.

The Net Asset Value "NAV" per participating unit will be quoted ex-dividend as of the dealing day 16 June 2021. The NAV per share of the dealing day 16 June 2021 will be published on 17 June 2021. The dividend will be made payable on 18 June 2021 for Sustainable Pension Return and Sustainable Pension Return II. The dividend will be made payable on 21 June 2021 for Sustainable Pension Income.

Pensioen Opbouw 51 Currency table

Exchange rates 31/12/2020 31/12/2019 EUR = 1 EUR = 1 AUD 1.5856 1.5968 CAD 1.5588 1.4556 CHF 1.0816 1.0870 DKK 7.4435 7.4725 GBP 0.8951 0.8473 HKD 9.4872 8.7463 ILS 3.9286 3.8771 JPY 126.3254 121.9877 NOK 10.4760 9.8637 NZD 1.6994 1.6638 SEK 10.0485 10.5078 SGD 1.6171 1.5094 USD 1.2235 1.1225

Pensioen Opbouw 52 Additional information on investments in Robeco Group mutual funds

Robeco QI Global Developed Enhanced Index Equities Fund

The investment objective of the sub-fund is to outperform the index, the MSCI World Index, with the aid of a quantitative stock-selection model. Using a combination of factors (value, quality, momentum and analyst revisions) the model identifies broad groups of stocks that are likely to outperform in the long run.

Investment result per share class Price in Price in Dividend Investment result in Share class EUR x 1 EUR x 1 paid in reporting periods in 31/12/2020 31/12/2019 May 20201 %2 Robeco QI Global Developed Enhanced Index Equities 2.40 Fund - EUR G - Market price 132.09 131.34 2.6 - Net asset value 132.09 131.34 2.6 Robeco QI Global Developed Enhanced Index Equities 3.80 Fund - EUR I - Market price 135.72 136.79 2.4 - Net asset value 135.72 136.79 2.3

1 Ex-date. 2 Any dividends distributed in any year are assumed to have been reinvested in the fund.

Investment policy The fund has an ex-ante tracking error limit of 2% annualized. The ex-ante tracking error was lower than the limit in 2020. The fund aims for a beta of 1, which means that the fund has a comparable sensitivity to generally rising markets as the index. The objective of enhanced indexing is to achieve better returns than the index while maintaining a limited level of active risk. Diversification is essential to keep active risk levels low. This means that small overweight or underweight positions relative to the index weight have to be taken in a large number of stocks. The active share of the strategy has been 30% on average. The volatility of the subfund was in line with the volatility of the index and with a low level of active risk as measured by the tracking error.

Pensioen Opbouw 53 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing

Equities

Australia Ansell Ltd. AUD 64,992 1,425 0.13

ASX Ltd. AUD 5,079 231 0.02

Aurizon Holdings Ltd. AUD 183,029 450 0.04

Australia & New Zealand Banking Group Ltd. AUD 72,546 1,039 0.09

BHP Group Ltd. AUD 84,541 2,262 0.20

Brambles Ltd. AUD 42,685 285 0.03

Commonwealth Bank of Australia AUD 51,404 2,662 0.23

Fortescue Metals Group Ltd. AUD 167,643 2,477 0.22

Goodman Group, REIT AUD 170,818 2,037 0.18

JB Hi-Fi Ltd. AUD 25,145 771 0.07

Macquarie Group Ltd. AUD 4,537 396 0.03

Rio Tinto Ltd. AUD 9,385 674 0.06

Sonic Healthcare Ltd. AUD 13,816 280 0.02

South32 Ltd. AUD 174,412 272 0.02

Stockland, REIT AUD 598,874 1,579 0.14

Transurban Group AUD 78,897 680 0.06

Wesfarmers Ltd. AUD 31,567 1,003 0.09

Woodside Petroleum Ltd. AUD 27,202 390 0.03

18,913 1.66

Austria ANDRITZ AG EUR 25,513 956 0.08

Vienna Insurance Group AG Wiener Versicherung Gruppe EUR 31,233 650 0.06

1,606 0.14

Belgium Ageas SA/NV EUR 31,373 1,367 0.12

Anheuser-Busch InBev SA/NV EUR 20,358 1,161 0.10

Groupe Bruxelles Lambert SA EUR 3,209 265 0.03

KBC Group NV EUR 6,491 372 0.03

Solvay SA EUR 2,585 250 0.02

UCB SA EUR 3,691 312 0.03

3,727 0.33

Bermuda Bunge Ltd. USD 4,911 263 0.02

IHS Markit Ltd. USD 10,924 802 0.07

Kerry Properties Ltd. HKD 483,000 1,000 0.09

Marvell Technology Group Ltd. USD 18,848 732 0.07

2,797 0.25

Pensioen Opbouw 54 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Canada Alimentation Couche-Tard, Inc. 'B' CAD 23,496 654 0.06

ARC Resources Ltd. CAD 71,621 276 0.02

B2Gold Corp. CAD 295,650 1,352 0.12

Bank of Montreal CAD 18,656 1,158 0.10

Bank of Nova Scotia (The) CAD 35,376 1,561 0.14

Barrick Gold Corp. CAD 44,141 821 0.07

Canadian Imperial Bank of Commerce CAD 11,192 781 0.07

Canadian Pacific Railway Ltd. CAD 4,013 1,137 0.10

CGI, Inc. CAD 6,301 408 0.04

CI Financial Corp. CAD 141,718 1,435 0.13

Constellation Software, Inc. CAD 531 563 0.05

Empire Co. Ltd. 'A' CAD 63,481 1,417 0.12

First Quantum Minerals Ltd. CAD 21,347 313 0.03

Hydro One Ltd., Reg. S CAD 87,299 1,605 0.14

Intact Financial Corp. CAD 1,473 142 0.01

Kinross Gold Corp. CAD 290,308 1,740 0.15

Loblaw Cos. Ltd. CAD 6,630 267 0.02

Magna International, Inc. CAD 3,736 216 0.02

Manulife Financial Corp. CAD 154,418 2,244 0.20

Metro, Inc. CAD 7,285 265 0.02

National Bank of Canada CAD 9,620 442 0.04

Open Text Corp. CAD 7,758 288 0.03

Power Corp. of Canada CAD 16,474 309 0.03

Rogers Communications, Inc. 'B' CAD 9,215 350 0.03

Royal Bank of Canada CAD 37,031 2,485 0.22

Seven Generations Energy Ltd. 'A' CAD 274,486 1,164 0.10

Shopify, Inc. 'A' CAD 2,751 2,537 0.22

Sun Life Financial, Inc. CAD 16,004 581 0.05

TC Energy Corp. CAD 25,940 861 0.08

Topicus.com, Inc. CAD 987 3 –

Toronto-Dominion Bank (The) CAD 46,497 2,145 0.19

Yamana Gold, Inc. CAD 345,695 1,612 0.14

31,132 2.74

Cayman Islands CK Asset Holdings Ltd. HKD 114,000 478 0.04

CK Hutchison Holdings Ltd. HKD 68,000 388 0.03

Herbalife Nutrition Ltd. USD 14,507 570 0.05

WH Group Ltd., Reg. S HKD 2,240,000 1,534 0.14

2,970 0.26

Curacao Schlumberger NV USD 38,519 687 0.06

Pensioen Opbouw 55 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Curacao (continued) 687 0.06

Denmark AP Moller - Maersk A/S 'B' DKK 1,175 2,146 0.19

Carlsberg A/S 'B' DKK 16,178 2,120 0.19

Coloplast A/S 'B' DKK 3,463 432 0.04

Danske Bank A/S DKK 7,113 96 0.01

Genmab A/S DKK 1,640 543 0.05

GN Store Nord A/S DKK 3,723 244 0.02

Novo Nordisk A/S 'B' DKK 55,223 3,165 0.28

Novozymes A/S 'B' DKK 6,132 288 0.02

Pandora A/S DKK 21,012 1,922 0.17

Vestas Wind Systems A/S DKK 15,605 3,018 0.26

13,974 1.23

Finland Kone OYJ 'B' EUR 9,463 629 0.06

Neste OYJ EUR 10,831 641 0.06

Nokia OYJ EUR 142,529 449 0.04

Nordea Bank Abp SEK 76,791 514 0.04

Orion OYJ 'B' EUR 44,835 1,682 0.15

Stora Enso OYJ 'R' EUR 134,462 2,104 0.18

6,019 0.53

France Alstom SA EUR 7,671 357 0.03

Atos SE EUR 19,416 1,452 0.13

AXA SA EUR 22,185 433 0.04

BioMerieux EUR 12,052 1,391 0.12

BNP Paribas SA EUR 64,607 2,785 0.25

Capgemini SE EUR 4,631 587 0.05

Carrefour SA EUR 17,261 242 0.02

Casino Guichard Perrachon SA EUR 30,233 761 0.07

Cie de Saint-Gobain EUR 54,821 2,056 0.18

Cie Generale des Etablissements Michelin SCA EUR 17,409 1,827 0.16

Credit Agricole SA EUR 33,114 342 0.03

Edenred EUR 3,262 151 0.01

Electricite de France SA EUR 20,449 264 0.02

Hermes International EUR 801 704 0.06

Legrand SA EUR 7,040 514 0.05

L'Oreal SA EUR 6,377 1,982 0.17

LVMH Moet Hennessy Louis Vuitton SE EUR 2,773 1,417 0.12

Pensioen Opbouw 56 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

France (continued) Orange SA EUR 53,418 520 0.05

Peugeot SA EUR 16,991 380 0.03

Publicis Groupe SA EUR 3,060 125 0.01

Rexel SA EUR 155,629 2,007 0.18

Sanofi EUR 32,820 2,583 0.23

Sartorius Stedim Biotech EUR 5,627 1,639 0.14

Schneider Electric SE EUR 15,628 1,849 0.16

Societe Generale SA EUR 23,692 403 0.04

TOTAL SE EUR 69,993 2,471 0.22

Valeo SA EUR 8,285 267 0.02

Veolia Environnement SA EUR 13,590 272 0.02

Vivendi SA EUR 21,828 576 0.05

Worldline SA, Reg. S EUR 6,757 534 0.05

30,891 2.71

Germany Allianz SE EUR 12,273 2,463 0.22

BASF SE EUR 23,965 1,551 0.14

Bayer AG EUR 27,373 1,318 0.12

Bayerische Motoren Werke AG EUR 9,597 693 0.06

Beiersdorf AG EUR 2,704 255 0.02

Brenntag AG EUR 4,670 296 0.03

Continental AG EUR 3,091 375 0.03

Covestro AG, Reg. S EUR 5,677 287 0.02

Daimler AG EUR 40,700 2,352 0.21

Delivery Hero SE, Reg. S EUR 3,597 457 0.04

Deutsche Bank AG EUR 56,678 507 0.04

Deutsche Boerse AG EUR 5,485 764 0.07

Deutsche Post AG EUR 22,315 904 0.08

Deutsche Telekom AG EUR 84,276 1,260 0.11

Deutsche Wohnen SE EUR 10,384 454 0.04

E.ON SE EUR 55,670 505 0.04

Evonik Industries AG EUR 29,236 780 0.07

Fresenius Medical Care AG & Co. KGaA EUR 6,045 412 0.04

Fresenius SE & Co. KGaA EUR 10,553 399 0.03

HeidelbergCement AG EUR 32,632 1,998 0.17

Henkel AG & Co. KGaA Preference EUR 4,506 416 0.04

Infineon Technologies AG EUR 32,289 1,014 0.09

LEG Immobilien AG EUR 2,254 286 0.02

Merck KGaA EUR 3,777 530 0.05

Muenchener Rueckversicherungs-Gesellschaft AG EUR 3,697 898 0.08

Puma SE EUR 3,169 293 0.03

RWE AG EUR 16,412 567 0.05

Pensioen Opbouw 57 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Germany (continued) SAP SE EUR 28,267 3,031 0.27

Sartorius AG Preference EUR 925 318 0.03

Scout24 AG, Reg. S EUR 5,478 367 0.03

Siemens AG EUR 22,174 2,606 0.23

Siemens Energy AG EUR 11,087 333 0.03

Symrise AG EUR 3,294 357 0.03

Telefonica Deutschland Holding AG EUR 538,546 1,214 0.11

Volkswagen AG Preference EUR 4,698 716 0.06

Vonovia SE EUR 12,451 744 0.06

Wacker Chemie AG EUR 14,974 1,748 0.15

Zalando SE, Reg. S EUR 6,462 588 0.05

34,056 2.99

Hong Kong AIA Group Ltd. HKD 77,800 779 0.07

BOC Hong Kong Holdings Ltd. HKD 105,500 261 0.02

Galaxy Entertainment Group Ltd. HKD 63,000 400 0.04

Hong Kong Exchanges & Clearing Ltd. HKD 33,700 1,510 0.13

Link REIT HKD 55,907 416 0.04

Sino Land Co. Ltd. HKD 1,548,000 1,648 0.14

Sun Hung Kai Properties Ltd. HKD 21,000 222 0.02

Techtronic Industries Co. Ltd. HKD 17,500 204 0.02

5,440 0.48

Ireland Accenture plc 'A' USD 16,596 3,543 0.31

Allegion plc USD 2,959 281 0.03

Aon plc 'A' USD 6,735 1,163 0.10

CRH plc EUR 72,684 2,473 0.22

Eaton Corp. plc USD 14,021 1,377 0.12

Flutter Entertainment plc EUR 4,073 680 0.06

James Hardie Industries plc AUD 12,714 306 0.03

Jazz Pharmaceuticals plc USD 14,690 1,982 0.17

Johnson Controls International plc USD 61,744 2,351 0.21

Kingspan Group plc EUR 3,941 226 0.02

Linde plc USD 13,875 2,988 0.26

Medtronic plc USD 34,866 3,338 0.29

Pentair plc USD 5,606 243 0.02

Seagate Technology plc USD 7,712 392 0.04

Smurfit Kappa Group plc EUR 7,201 274 0.02

STERIS plc USD 2,273 352 0.03

Trane Technologies plc USD 6,209 737 0.07

Pensioen Opbouw 58 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Ireland (continued) 22,706 2.00

Israel Bezeq The Israeli Telecommunication Corp. Ltd. ILS 1,483,428 1,208 0.11

Check Point Software Technologies Ltd. USD 1,600 174 0.01

Nice Ltd. ILS 1,891 433 0.04

Teva Pharmaceutical Industries Ltd., ADR USD 183,625 1,448 0.13

Wix.com Ltd. USD 1,424 291 0.02

3,554 0.31

Italy Assicurazioni Generali SpA EUR 29,087 415 0.04

Enel SpA EUR 238,968 1,978 0.17

Eni SpA EUR 66,095 565 0.05

Intesa Sanpaolo SpA EUR 427,115 817 0.07

Snam SpA EUR 59,816 275 0.03

Terna Rete Elettrica Nazionale SpA EUR 42,548 266 0.02

UniCredit SpA EUR 50,744 388 0.03

4,704 0.41

Japan Aeon Co. Ltd. JPY 18,700 501 0.04

Ajinomoto Co., Inc. JPY 14,300 265 0.02

Asahi Group Holdings Ltd. JPY 10,100 339 0.03

Astellas Pharma, Inc. JPY 21,700 274 0.02

Bandai Namco Holdings, Inc. JPY 5,300 374 0.03

Benesse Holdings, Inc. JPY 72,100 1,149 0.10

Bridgestone Corp. JPY 16,300 437 0.04

Canon Marketing Japan, Inc. JPY 45,500 848 0.07

Canon, Inc. JPY 25,300 396 0.04

Chugai Pharmaceutical Co. Ltd. JPY 17,100 745 0.07

Daifuku Co. Ltd. JPY 3,200 323 0.03

Dai-ichi Life Holdings, Inc. JPY 30,800 378 0.03

Daiichi Sankyo Co. Ltd. JPY 44,200 1,237 0.11

Daikin Industries Ltd. JPY 6,500 1,179 0.10

Daito Trust Construction Co. Ltd. JPY 21,700 1,656 0.15

Daiwa House Industry Co. Ltd. JPY 14,500 352 0.03

Eisai Co. Ltd. JPY 6,600 385 0.03

ENEOS Holdings, Inc. JPY 86,500 254 0.02

Fuji Oil Holdings, Inc. JPY 11,300 264 0.02

FUJIFILM Holdings Corp. JPY 45,700 1,967 0.17

Fujitsu Ltd. JPY 18,400 2,171 0.19

Pensioen Opbouw 59 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Japan (continued) Glory Ltd. JPY 16,000 264 0.02

Hachijuni Bank Ltd. (The) JPY 134,200 364 0.03

Hitachi Ltd. JPY 24,500 788 0.07

Hitachi Transport System Ltd. JPY 8,900 216 0.02

Honda Motor Co. Ltd. JPY 41,200 938 0.08

Hoya Corp. JPY 9,800 1,107 0.10

Iida Group Holdings Co. Ltd. JPY 49,800 822 0.07

ITOCHU Corp. JPY 34,100 800 0.07

Japan Exchange Group, Inc. JPY 14,600 305 0.03

Japan Post Holdings Co. Ltd. JPY 39,800 253 0.02

KDDI Corp. JPY 47,600 1,155 0.10

Kinden Corp. JPY 101,200 1,345 0.12

Kirin Holdings Co. Ltd. JPY 22,500 434 0.04

Kubota Corp. JPY 29,000 517 0.05

Kyocera Corp. JPY 8,200 411 0.04

Lawson, Inc. JPY 33,400 1,270 0.11

Lixil Corp. JPY 94,300 1,668 0.15

M3, Inc. JPY 11,600 895 0.08

Makita Corp. JPY 6,600 270 0.02

Marubeni Corp. JPY 350,400 1,903 0.17

MEIJI Holdings Co. Ltd. JPY 3,900 224 0.02

Mitsubishi Corp. JPY 34,200 688 0.06

Mitsubishi Electric Corp. JPY 51,800 638 0.06

Mitsubishi Estate Co. Ltd. JPY 31,100 408 0.04

Mitsubishi UFJ Financial Group, Inc. JPY 317,900 1,148 0.10

Mitsui & Co. Ltd. JPY 50,900 761 0.07

Mizuho Financial Group, Inc. JPY 55,860 578 0.05

Morinaga & Co. Ltd. JPY 32,800 1,007 0.09

Morinaga Milk Industry Co. Ltd. JPY 25,100 1,009 0.09

MS&AD Insurance Group Holdings, Inc. JPY 13,500 336 0.03

NEC Corp. JPY 36,900 1,618 0.14

NEC Networks & System Integration Corp. JPY 108,900 1,538 0.14

Nexon Co. Ltd. JPY 16,800 423 0.04

NH Foods Ltd. JPY 33,100 1,190 0.10

Nihon M&A Center, Inc. JPY 4,900 268 0.02

Nintendo Co. Ltd. JPY 3,100 1,615 0.14

Nippon Telegraph & Telephone Corp. JPY 32,600 683 0.06

Nishi-Nippon Financial Holdings, Inc. JPY 256,700 1,339 0.12

Nitori Holdings Co. Ltd. JPY 2,300 394 0.04

Nitto Denko Corp. JPY 15,400 1,125 0.10

Nomura Holdings, Inc. JPY 416,300 1,796 0.16

Nomura Research Institute Ltd. JPY 11,100 325 0.03

Obayashi Corp. JPY 200,100 1,410 0.12

Pensioen Opbouw 60 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Japan (continued) Obic Co. Ltd. JPY 1,800 295 0.03

Olympus Corp. JPY 34,100 609 0.05

Omron Corp. JPY 5,700 415 0.04

Ono Pharmaceutical Co. Ltd. JPY 11,000 271 0.02

ORIX Corp. JPY 33,500 420 0.04

Otsuka Holdings Co. Ltd. JPY 11,000 385 0.03

Pan Pacific International Holdings Corp. JPY 13,900 263 0.02

Panasonic Corp. JPY 64,000 603 0.05

Rakuten, Inc. JPY 28,000 220 0.02

Rengo Co. Ltd. JPY 229,200 1,568 0.14

Ricoh Co. Ltd. JPY 119,000 638 0.06

Sawai Pharmaceutical Co. Ltd. JPY 8,900 330 0.03

Secom Co. Ltd. JPY 5,900 444 0.04

Seino Holdings Co. Ltd. JPY 43,500 501 0.04

Sekisui House Ltd. JPY 28,900 480 0.04

Seven & i Holdings Co. Ltd. JPY 19,000 550 0.05

SG Holdings Co. Ltd. JPY 78,200 1,741 0.15

Shimamura Co. Ltd. JPY 17,300 1,485 0.13

Shimano, Inc. JPY 1,900 362 0.03

Shionogi & Co. Ltd. JPY 7,800 348 0.03

SMC Corp. JPY 1,700 847 0.07

SoftBank Group Corp. JPY 40,700 2,596 0.23

Sompo Holdings, Inc. JPY 9,500 314 0.03

Sony Corp. JPY 51,400 4,185 0.37

Subaru Corp. JPY 11,100 181 0.02

Sugi Holdings Co. Ltd. JPY 23,400 1,278 0.11

Sumitomo Corp. JPY 31,300 338 0.03

Sumitomo Electric Industries Ltd. JPY 23,000 249 0.02

Sumitomo Mitsui Financial Group, Inc. JPY 33,600 848 0.07

Sumitomo Mitsui Trust Holdings, Inc. JPY 10,900 274 0.02

Sundrug Co. Ltd. JPY 46,100 1,504 0.13

Suzuki Motor Corp. JPY 9,700 367 0.03

T&D Holdings, Inc. JPY 182,900 1,762 0.16

Taiheiyo Cement Corp. JPY 65,800 1,343 0.12

Takeda Pharmaceutical Co. Ltd. JPY 37,557 1,116 0.10

TDK Corp. JPY 3,900 480 0.04

Tokyo Electron Ltd. JPY 4,200 1,277 0.11

Tokyo Gas Co. Ltd. JPY 12,900 243 0.02

Toshiba Corp. JPY 16,500 377 0.03

Toyo Suisan Kaisha Ltd. JPY 28,300 1,125 0.10

Toyota Industries Corp. JPY 4,600 298 0.03

Toyota Motor Corp. JPY 55,200 3,477 0.31

TS Tech Co. Ltd. JPY 44,700 1,129 0.10

Pensioen Opbouw 61 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Japan (continued) Unicharm Corp. JPY 11,300 438 0.04

Yamada Holdings Co. Ltd. JPY 287,000 1,245 0.11

Yamato Holdings Co. Ltd. JPY 10,400 217 0.02

Yamazaki Baking Co. Ltd. JPY 47,700 651 0.06

Z Holdings Corp. JPY 73,900 365 0.03

92,192 8.10

Jersey Amcor plc USD 40,906 393 0.03

Experian plc GBP 24,163 750 0.07

Ferguson plc GBP 5,753 571 0.05

Glencore plc GBP 324,776 845 0.07

Janus Henderson Group plc USD 58,431 1,553 0.14

Novocure Ltd. USD 2,442 345 0.03

WPP plc GBP 37,127 332 0.03

4,789 0.42

Luxembourg ArcelorMittal SA EUR 20,417 385 0.04

Eurofins Scientific SE EUR 3,570 245 0.02

630 0.06

Netherlands Adyen NV, Reg. S EUR 464 884 0.08

Aegon NV EUR 60,035 194 0.02

Akzo Nobel NV EUR 5,828 512 0.04

ASML Holding NV EUR 11,069 4,400 0.39

ASR Nederland NV EUR 44,691 1,468 0.13

Boskalis Westminster EUR 56,888 1,282 0.11

CNH Industrial NV EUR 29,554 305 0.03

Fiat Chrysler Automobiles NV EUR 27,456 402 0.03

Heineken Holding NV EUR 3,150 243 0.02

ING Groep NV EUR 98,418 752 0.07

Just Eat Takeaway.com NV, Reg. S EUR 3,354 310 0.03

Koninklijke Ahold Delhaize NV EUR 93,678 2,165 0.19

Koninklijke KPN NV EUR 116,813 291 0.03

Koninklijke Philips NV EUR 24,402 1,068 0.09

LyondellBasell Industries NV 'A' USD 7,689 576 0.05

NN Group NV EUR 53,493 1,901 0.17

NXP Semiconductors NV USD 7,255 943 0.08

Prosus NV EUR 13,782 1,218 0.11

QIAGEN NV EUR 7,244 308 0.03

Pensioen Opbouw 62 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Netherlands (continued) Signify NV, Reg. S EUR 47,718 1,648 0.14

STMicroelectronics NV EUR 70,590 2,137 0.19

Wolters Kluwer NV EUR 7,099 490 0.04

23,497 2.07

New Zealand Fisher & Paykel Healthcare Corp. Ltd. NZD 26,380 512 0.04

Meridian Energy Ltd. NZD 436,356 1,905 0.17

Xero Ltd. AUD 3,356 311 0.03

2,728 0.24

Norway DNB ASA NOK 24,960 401 0.04

Equinor ASA NOK 31,235 432 0.04

Telenor ASA NOK 18,753 261 0.02

1,094 0.10

Portugal EDP - Energias de Portugal SA EUR 85,360 440 0.04

440 0.04

Singapore DBS Group Holdings Ltd. SGD 77,277 1,197 0.10

Genting Singapore Ltd. SGD 2,983,500 1,568 0.14

Oversea-Chinese Banking Corp. Ltd. SGD 87,200 542 0.05

Singapore Exchange Ltd. SGD 63,000 362 0.03

United Overseas Bank Ltd. SGD 38,100 532 0.05

UOL Group Ltd. SGD 399,700 1,906 0.17

6,107 0.54

Spain Banco Bilbao Vizcaya Argentaria SA EUR 557,796 2,251 0.20

Banco Santander SA EUR 500,570 1,270 0.11

CaixaBank SA EUR 121,202 255 0.02

Endesa SA EUR 10,671 238 0.02

Iberdrola SA EUR 158,842 1,858 0.16

Industria de Diseno Textil SA EUR 31,793 828 0.07

Repsol SA Rights EUR 38,592 11 –

Repsol SA EUR 38,592 318 0.03

Telefonica SA EUR 123,141 400 0.04

7,429 0.65

Pensioen Opbouw 63 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Supranational Unibail-Rodamco-Westfield, REIT EUR 3,496 226 0.02

226 0.02

Sweden Atlas Copco AB 'B' SEK 11,322 415 0.04

Boliden AB SEK 9,341 271 0.02

Electrolux AB SEK 81,498 1,552 0.14

Epiroc AB 'A' SEK 19,797 295 0.03

Evolution Gaming Group AB, Reg. S SEK 26,342 2,188 0.19

Hexagon AB 'B' SEK 6,579 491 0.04

Investor AB 'B' SEK 11,997 715 0.06

Kinnevik AB 'B' SEK 7,223 299 0.03

Lundin Energy AB SEK 14,445 320 0.03

Nibe Industrier AB 'B' SEK 11,317 304 0.03

Sandvik AB SEK 17,742 355 0.03

Skandinaviska Enskilda Banken AB 'A' SEK 42,322 356 0.03

SKF AB 'B' SEK 13,239 281 0.02

Svenska Handelsbanken AB 'A' SEK 18,795 154 0.01

Swedbank AB 'A' SEK 45,865 658 0.06

Telefonaktiebolaget LM Ericsson 'B' SEK 88,691 862 0.07

Telia Co. AB SEK 71,326 241 0.02

Volvo AB 'B' SEK 39,618 764 0.07

10,521 0.92

Switzerland ABB Ltd. CHF 53,199 1,215 0.11

Adecco Group AG CHF 34,504 1,887 0.17

Alcon, Inc. CHF 12,964 705 0.06

Chocoladefabriken Lindt & Spruengli AG CHF 61 487 0.04

Credit Suisse Group AG CHF 74,086 781 0.07

Garmin Ltd. USD 3,765 368 0.03

Geberit AG CHF 1,052 539 0.05

Julius Baer Group Ltd. CHF 6,586 311 0.03

Kuehne + Nagel International AG CHF 1,762 327 0.03

LafargeHolcim Ltd. CHF 14,576 655 0.06

Logitech International SA CHF 5,021 399 0.04

Lonza Group AG CHF 1,960 1,031 0.09

Nestle SA CHF 77,386 7,460 0.66

Novartis AG CHF 59,327 4,589 0.40

Roche Holding AG CHF 18,565 5,304 0.47

Schindler Holding AG CHF 1,286 284 0.02

SGS SA CHF 160 395 0.03

Sika AG CHF 3,686 824 0.07

Pensioen Opbouw 64 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Switzerland (continued) Sonova Holding AG CHF 1,295 275 0.02

Swiss Life Holding AG CHF 829 316 0.03

Swiss Re AG CHF 7,996 616 0.05

Swisscom AG CHF 744 328 0.03

TE Connectivity Ltd. USD 9,739 964 0.08

UBS Group AG CHF 227,702 2,625 0.23

Zurich Insurance Group AG CHF 3,827 1,322 0.12

34,007 2.99

United Kingdom 3i Group plc GBP 25,282 327 0.03

Anglo American plc GBP 31,938 865 0.08

Ashtead Group plc GBP 12,551 482 0.04

AstraZeneca plc GBP 37,113 3,037 0.27

Aviva plc GBP 115,244 419 0.04

BAE Systems plc GBP 84,497 462 0.04

Barclays plc GBP 433,395 710 0.06

Berkeley Group Holdings plc GBP 32,058 1,699 0.15

BHP Group plc GBP 53,412 1,149 0.10

BP plc GBP 566,350 1,612 0.14

BT Group plc GBP 213,351 315 0.03

Bunzl plc GBP 10,672 291 0.03

Centrica plc GBP 3,066,227 1,596 0.14

Direct Line Insurance Group plc GBP 524,800 1,870 0.16

GlaxoSmithKline plc GBP 141,999 2,129 0.19

HSBC Holdings plc GBP 57,993 246 0.02

J Sainsbury plc GBP 672,875 1,695 0.15

Kingfisher plc GBP 543,649 1,642 0.14

Land Securities Group plc, REIT GBP 167,534 1,261 0.11

Legal & General Group plc GBP 570,663 1,697 0.15

Liberty Global plc 'C' USD 14,554 281 0.02

London Stock Exchange Group plc GBP 8,667 872 0.08

M&G plc GBP 69,320 153 0.01

Melrose Industries plc GBP 145,797 290 0.03

Next plc GBP 3,655 289 0.02

Nielsen Holdings plc USD 112,860 1,925 0.17

Persimmon plc GBP 57,333 1,772 0.16

Prudential plc GBP 75,059 1,130 0.10

Reckitt Benckiser Group plc GBP 26,147 1,911 0.17

Rentokil Initial plc GBP 48,178 274 0.02

Rio Tinto plc GBP 29,206 1,785 0.16

Royal Dutch Shell plc 'A' GBP 128,036 1,857 0.16

Royal Dutch Shell plc 'B' GBP 108,809 1,531 0.13

Pensioen Opbouw 65 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United Kingdom (continued) Royal Mail plc GBP 419,061 1,581 0.14

Segro plc, REIT GBP 30,360 322 0.03

Spirax-Sarco Engineering plc GBP 2,243 283 0.02

Standard Chartered plc GBP 79,826 416 0.04

Standard Life Aberdeen plc GBP 75,073 236 0.02

Tesco plc GBP 256,144 662 0.06

Unilever plc EUR 40,277 1,996 0.18

Unilever plc GBP 33,420 1,640 0.14

Vodafone Group plc GBP 695,610 940 0.08

45,650 4.01

United States of America 3M Co. USD 15,152 2,165 0.19

Abbott Laboratories USD 50,274 4,499 0.40

AbbVie, Inc. USD 45,928 4,022 0.35

ABIOMED, Inc. USD 1,168 309 0.03

Activision Blizzard, Inc. USD 44,143 3,350 0.29

Adobe, Inc. USD 12,560 5,134 0.45

Advance Auto Parts, Inc. USD 2,081 268 0.02

Advanced Micro Devices, Inc. USD 30,540 2,289 0.20

AES Corp. (The) USD 17,022 327 0.03

Aflac, Inc. USD 17,450 634 0.06

AGCO Corp. USD 23,290 1,962 0.17

Agilent Technologies, Inc. USD 8,045 779 0.07

Akamai Technologies, Inc. USD 4,122 354 0.03

Alexandria Real Estate Equities, Inc. USD 1,957 285 0.02

Alexion Pharmaceuticals, Inc. USD 6,587 841 0.07

Alliant Energy Corp. USD 6,387 269 0.02

Allstate Corp. (The) USD 8,708 782 0.07

Ally Financial, Inc. USD 10,779 314 0.03

Alnylam Pharmaceuticals, Inc. USD 3,202 340 0.03

Alphabet, Inc. 'A' USD 7,918 11,342 1.00

Alphabet, Inc. 'C' USD 7,980 11,426 1.00

Amazon.com, Inc. USD 11,152 29,685 2.61

American International Group, Inc. USD 22,382 693 0.06

American Tower Corp., REIT USD 11,596 2,127 0.19

American Water Works Co., Inc. USD 4,999 627 0.05

Ameriprise Financial, Inc. USD 14,165 2,250 0.20

AmerisourceBergen Corp. USD 22,891 1,829 0.16

Amgen, Inc. USD 15,241 2,864 0.25

Amphenol Corp. 'A' USD 7,847 839 0.07

Analog Devices, Inc. USD 9,854 1,190 0.10

Annaly Capital Management, Inc., REIT USD 41,682 288 0.03

Pensioen Opbouw 66 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Anthem, Inc. USD 6,791 1,782 0.16

Apple, Inc. USD 457,409 49,605 4.36

Applied Materials, Inc. USD 26,327 1,857 0.16

Archer-Daniels-Midland Co. USD 26,995 1,112 0.10

Arista Networks, Inc. USD 1,544 367 0.03

Arrow Electronics, Inc. USD 23,909 1,901 0.17

Arthur J Gallagher & Co. USD 4,955 501 0.04

AT&T, Inc. USD 189,081 4,444 0.39

Autodesk, Inc. USD 6,306 1,574 0.14

Automatic Data Processing, Inc. USD 11,068 1,594 0.14

AutoZone, Inc. USD 616 597 0.05

Avantor, Inc. USD 12,957 298 0.03

Avery Dennison Corp. USD 2,274 288 0.03

Baker Hughes Co. USD 27,075 461 0.04

Bank of America Corp. USD 203,419 5,039 0.44

Bank of New York Mellon Corp. (The) USD 70,149 2,433 0.21

Baxter International, Inc. USD 12,795 839 0.07

Berkshire Hathaway, Inc. 'B' USD 25,356 4,805 0.42

Best Buy Co., Inc. USD 21,441 1,749 0.15

Biogen, Inc. USD 10,788 2,159 0.19

BioMarin Pharmaceutical, Inc. USD 5,158 370 0.03

Bio-Rad Laboratories, Inc. 'A' USD 638 304 0.03

Black Knight, Inc. USD 3,838 277 0.02

BlackRock, Inc. USD 4,346 2,563 0.23

Boeing Co. (The) USD 2,457 430 0.04

Booking Holdings, Inc. USD 885 1,611 0.14

Booz Allen Hamilton Holding Corp. USD 4,252 303 0.03

BorgWarner, Inc. USD 49,082 1,550 0.14

Boston Properties, Inc., REIT USD 6,121 473 0.04

Brighthouse Financial, Inc. USD 52,140 1,543 0.14

Bristol-Myers Squibb Co. USD 58,704 2,976 0.26

Bristol-Myers Squibb Co., CVR Rights USD 17,683 10 –

Brixmor Property Group, Inc., REIT USD 80,574 1,090 0.10

Broadcom, Inc. USD 10,254 3,669 0.32

Broadridge Financial Solutions, Inc. USD 2,228 279 0.02

Brown & Brown, Inc. USD 6,395 248 0.02

Cabot Oil & Gas Corp. USD 13,823 184 0.02

Cadence Design Systems, Inc. USD 8,237 918 0.08

Campbell Soup Co. USD 6,076 240 0.02

Capital One Financial Corp. USD 13,610 1,100 0.10

Cardinal Health, Inc. USD 43,694 1,913 0.17

CarMax, Inc. USD 4,166 322 0.03

Carrier Global Corp. USD 23,401 721 0.06

Pensioen Opbouw 67 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Catalent, Inc. USD 4,328 368 0.03

Caterpillar, Inc. USD 14,923 2,220 0.20

CBRE Group, Inc. 'A' USD 43,434 2,226 0.20

CDW Corp. USD 3,762 405 0.04

Celanese Corp. USD 3,119 331 0.03

Centene Corp. USD 17,106 839 0.07

CenterPoint Energy, Inc. USD 14,485 256 0.02

CenturyLink, Inc. USD 204,512 1,630 0.14

Cerner Corp. USD 7,500 481 0.04

CH Robinson Worldwide, Inc. USD 3,551 272 0.02

Charter Communications, Inc. 'A' USD 4,051 2,190 0.19

Chevron Corp. USD 48,870 3,373 0.30

Chipotle Mexican Grill, Inc. USD 693 785 0.07

Church & Dwight Co., Inc. USD 6,467 461 0.04

Cigna Corp. USD 9,619 1,637 0.14

Cintas Corp. USD 2,472 714 0.06

Cisco Systems, Inc. USD 110,001 4,023 0.35

Citigroup, Inc. USD 91,357 4,604 0.40

Citizens Financial Group, Inc. USD 65,775 1,922 0.17

Citrix Systems, Inc. USD 15,665 1,666 0.15

Clorox Co. (The) USD 3,281 541 0.05

Coca-Cola Co. (The) USD 64,934 2,910 0.26

Cognizant Technology Solutions Corp. 'A' USD 16,091 1,078 0.09

Colgate-Palmolive Co. USD 23,715 1,657 0.15

Comcast Corp. 'A' USD 122,275 5,237 0.46

Comerica, Inc. USD 35,003 1,598 0.14

Conagra Brands, Inc. USD 42,440 1,258 0.11

Concho Resources, Inc. USD 5,803 277 0.02

ConocoPhillips USD 59,914 1,958 0.17

Consolidated Edison, Inc. USD 7,876 465 0.04

Constellation Brands, Inc. 'A' USD 4,708 843 0.07

Corning, Inc. USD 72,161 2,123 0.19

Corteva, Inc. USD 19,344 612 0.05

Costco Wholesale Corp. USD 4,017 1,237 0.11

Crowdstrike Holdings, Inc. 'A' USD 2,880 499 0.04

Crown Castle International Corp., REIT USD 12,002 1,562 0.14

Crown Holdings, Inc. USD 3,502 287 0.03

CSX Corp. USD 20,370 1,511 0.13

Cummins, Inc. USD 12,040 2,235 0.20

CVS Health Corp. USD 37,429 2,089 0.18

Danaher Corp. USD 16,642 3,021 0.27

Darden Restaurants, Inc. USD 3,377 329 0.03

Datadog, Inc. 'A' USD 3,430 276 0.02

Pensioen Opbouw 68 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) DaVita, Inc. USD 14,377 1,379 0.12

Deere & Co. USD 15,291 3,362 0.30

Dell Technologies, Inc. 'C' USD 32,541 1,949 0.17

DENTSPLY SIRONA, Inc. USD 6,325 271 0.02

DexCom, Inc. USD 2,669 806 0.07

Dick's Sporting Goods, Inc. USD 25,944 1,192 0.10

Discover Financial Services USD 7,964 589 0.05

Discovery, Inc. 'A' USD 72,442 1,782 0.16

Discovery, Inc. 'C' USD 9,677 207 0.02

DISH Network Corp. 'A' USD 6,155 163 0.01

DocuSign, Inc. USD 12,186 2,214 0.19

Dollar General Corp. USD 6,716 1,154 0.10

Dollar Tree, Inc. USD 6,651 587 0.05

Dominion Energy, Inc. USD 22,845 1,404 0.12

Domino's Pizza, Inc. USD 1,032 323 0.03

Dover Corp. USD 19,374 1,999 0.18

Dow, Inc. USD 19,354 878 0.08

DR Horton, Inc. USD 9,812 553 0.05

Dropbox, Inc. 'A' USD 98,023 1,778 0.16

DTE Energy Co. USD 5,008 497 0.04

Duke Realty Corp., REIT USD 3,983 130 0.01

DuPont de Nemours, Inc. USD 19,344 1,124 0.10

Eastman Chemical Co. USD 3,865 317 0.03

eBay, Inc. USD 54,547 2,240 0.20

Edison International USD 9,972 512 0.04

Elanco Animal Health, Inc. USD 10,361 260 0.02

Electronic Arts, Inc. USD 21,691 2,546 0.22

Eli Lilly and Co. USD 22,729 3,136 0.28

Emerson Electric Co. USD 17,829 1,171 0.10

Entergy Corp. USD 5,819 475 0.04

EOG Resources, Inc. USD 14,666 598 0.05

EPAM Systems, Inc. USD 1,626 476 0.04

EQT Corp. USD 117,194 1,217 0.11

Equifax, Inc. USD 3,375 532 0.05

Equinix, Inc., REIT USD 2,449 1,429 0.13

Equitable Holdings, Inc. USD 81,921 1,713 0.15

Equity LifeStyle Properties, Inc., REIT USD 4,726 245 0.02

Essex Property Trust, Inc., REIT USD 1,860 361 0.03

Etsy, Inc. USD 3,146 457 0.04

Eversource Energy USD 8,019 567 0.05

Exelon Corp. USD 28,542 985 0.09

Expeditors International of Washington, Inc. USD 4,916 382 0.03

Extra Space Storage, Inc., REIT USD 3,305 313 0.03

Pensioen Opbouw 69 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Exxon Mobil Corp. USD 45,812 1,543 0.14

F5 Networks, Inc. USD 2,029 292 0.03

Facebook, Inc. 'A' USD 69,285 15,468 1.36

FactSet Research Systems, Inc. USD 1,055 287 0.03

Fastenal Co. USD 16,556 661 0.06

FedEx Corp. USD 6,354 1,348 0.12

Fidelity National Information Services, Inc. USD 17,679 2,044 0.18

Fifth Third Bancorp USD 18,225 411 0.04

First Republic Bank USD 4,856 583 0.05

Fiserv, Inc. USD 15,850 1,475 0.13

FMC Corp. USD 3,416 321 0.03

Ford Motor Co. USD 112,195 806 0.07

Fortinet, Inc. USD 18,320 2,224 0.20

Fortive Corp. USD 7,960 461 0.04

Fortune Brands Home & Security, Inc. USD 23,701 1,660 0.15

Freeport-McMoRan, Inc. USD 41,883 891 0.08

Gartner, Inc. USD 2,292 300 0.03

Generac Holdings, Inc. USD 1,655 308 0.03

General Electric Co. USD 227,883 2,011 0.18

General Mills, Inc. USD 44,076 2,118 0.19

General Motors Co. USD 32,112 1,093 0.10

Genuine Parts Co. USD 3,896 320 0.03

Gilead Sciences, Inc. USD 37,204 1,771 0.16

Global Payments, Inc. USD 8,513 1,499 0.13

GoDaddy, Inc. 'A' USD 4,929 334 0.03

Goldman Sachs Group, Inc. (The) USD 17,360 3,742 0.33

Halliburton Co. USD 27,591 426 0.04

Hartford Financial Services Group, Inc. (The) USD 9,072 363 0.03

HCA Healthcare, Inc. USD 6,963 936 0.08

Henry Schein, Inc. USD 1,899 104 0.01

Hershey Co. (The) USD 4,846 603 0.05

Hewlett Packard Enterprise Co. USD 33,308 323 0.03

Hologic, Inc. USD 3,273 195 0.02

Home Depot, Inc. (The) USD 29,075 6,312 0.55

Honeywell International, Inc. USD 12,533 2,179 0.19

Howmet Aerospace, Inc. USD 79,933 1,864 0.16

HP, Inc. USD 66,974 1,346 0.12

Humana, Inc. USD 8,230 2,760 0.24

Huntington Bancshares, Inc. USD 29,865 308 0.03

IDEX Corp. USD 1,938 316 0.03

IDEXX Laboratories, Inc. USD 2,174 888 0.08

Illinois Tool Works, Inc. USD 7,559 1,260 0.11

Incyte Corp. USD 4,582 326 0.03

Pensioen Opbouw 70 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Ingersoll Rand, Inc. USD 5,478 204 0.02

Intel Corp. USD 110,306 4,491 0.39

International Business Machines Corp. USD 23,102 2,377 0.21

International Flavors & Fragrances, Inc. USD 2,962 263 0.02

International Paper Co. USD 52,829 2,147 0.19

Interpublic Group of Cos., Inc. (The) USD 13,923 268 0.02

Intuit, Inc. USD 903 280 0.02

Invitation Homes, Inc., REIT USD 78,091 1,896 0.17

IQVIA Holdings, Inc. USD 4,889 716 0.06

J M Smucker Co. (The) USD 3,295 311 0.03

Jack Henry & Associates, Inc. USD 2,249 298 0.03

JB Hunt Transport Services, Inc. USD 2,237 250 0.02

Jefferies Financial Group, Inc. USD 79,120 1,591 0.14

Johnson & Johnson USD 68,638 8,829 0.78

JPMorgan Chase & Co. USD 79,382 8,244 0.72

Kellogg Co. USD 15,016 764 0.07

Keurig Dr Pepper, Inc. USD 10,571 276 0.02

KeyCorp USD 28,599 384 0.03

Keysight Technologies, Inc. USD 5,389 582 0.05

Kimberly-Clark Corp. USD 8,756 965 0.08

KLA Corp. USD 4,555 964 0.08

Knight-Swift Transportation Holdings, Inc. USD 47,493 1,623 0.14

Kraft Heinz Co. (The) USD 76,878 2,178 0.19

Kroger Co. (The) USD 32,664 848 0.07

L3Harris Technologies, Inc. USD 6,104 943 0.08

Laboratory Corp. of America Holdings USD 11,075 1,842 0.16

Lam Research Corp. USD 3,785 1,461 0.13

Las Vegas Sands Corp. USD 8,841 431 0.04

Leidos Holdings, Inc. USD 3,855 331 0.03

Lennar Corp. 'A' USD 7,693 479 0.04

Lennox International, Inc. USD 1,044 234 0.02

Liberty Broadband Corp. 'C' USD 2,823 365 0.03

LKQ Corp. USD 8,836 254 0.02

Lockheed Martin Corp. USD 9,838 2,854 0.25

Loews Corp. USD 6,761 249 0.02

Lowe's Cos., Inc. USD 21,741 2,852 0.25

M&T Bank Corp. USD 3,374 351 0.03

ManpowerGroup, Inc. USD 21,209 1,563 0.14

Marathon Petroleum Corp. USD 16,647 563 0.05

Masco Corp. USD 3,229 145 0.01

Mastercard, Inc. 'A' USD 15,611 4,554 0.40

Match Group, Inc. USD 6,422 794 0.07

McCormick & Co., Inc. (Non-Voting) USD 6,882 538 0.05

Pensioen Opbouw 71 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) McDonald's Corp. USD 17,469 3,064 0.27

McKesson Corp. USD 15,155 2,154 0.19

MDU Resources Group, Inc. USD 75,418 1,624 0.14

MercadoLibre, Inc. USD 1,085 1,486 0.13

Merck & Co., Inc. USD 65,140 4,355 0.38

MetLife, Inc. USD 60,546 2,323 0.20

Mettler-Toledo International, Inc. USD 633 590 0.05

Microchip Technology, Inc. USD 6,952 785 0.07

Micron Technology, Inc. USD 28,682 1,762 0.15

Microsoft Corp. USD 196,920 35,797 3.15

Mid-America Apartment Communities, Inc., REIT USD 1,416 147 0.01

Moderna, Inc. USD 7,649 653 0.06

Molina Healthcare, Inc. USD 1,710 297 0.03

Molson Coors Beverage Co. 'B' USD 5,763 213 0.02

Mondelez International, Inc. 'A' USD 42,025 2,008 0.18

Monolithic Power Systems, Inc. USD 1,125 337 0.03

Monster Beverage Corp. USD 13,726 1,037 0.09

Moody's Corp. USD 4,440 1,053 0.09

Morgan Stanley USD 35,798 2,005 0.18

MSCI, Inc. USD 2,383 870 0.08

Nasdaq, Inc. USD 3,041 330 0.03

NetApp, Inc. USD 8,931 484 0.04

Netflix, Inc. USD 6,304 2,786 0.24

Newell Brands, Inc. USD 97,129 1,685 0.15

Newmont Corp. CAD 1,256 61 0.01

Newmont Corp. USD 20,644 1,010 0.09

News Corp. 'A' USD 45,107 662 0.06

NextEra Energy, Inc. USD 50,724 3,198 0.28

NIKE, Inc. 'B' USD 11,233 1,299 0.11

Nordson Corp. USD 1,553 255 0.02

Norfolk Southern Corp. USD 7,246 1,407 0.12

NortonLifeLock, Inc. USD 97,556 1,657 0.15

Nucor Corp. USD 8,452 367 0.03

NVIDIA Corp. USD 19,667 8,394 0.74

NVR, Inc. USD 91 303 0.03

Occidental Petroleum Corp. USD 24,524 347 0.03

Old Dominion Freight Line, Inc. USD 1,230 196 0.02

Omnicom Group, Inc. USD 5,709 291 0.03

ON Semiconductor Corp. USD 11,397 305 0.03

Oracle Corp. USD 53,108 2,808 0.25

O'Reilly Automotive, Inc. USD 2,184 808 0.07

Otis Worldwide Corp. USD 11,700 646 0.06

Owens Corning USD 29,384 1,819 0.16

Pensioen Opbouw 72 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) PACCAR, Inc. USD 9,965 703 0.06

Packaging Corp. of America USD 2,547 287 0.03

Parker-Hannifin Corp. USD 3,347 745 0.07

Paychex, Inc. USD 8,513 648 0.06

PayPal Holdings, Inc. USD 30,105 5,762 0.51

Peloton Interactive, Inc. 'A' USD 5,086 631 0.06

PepsiCo, Inc. USD 32,088 3,889 0.34

PerkinElmer, Inc. USD 3,099 363 0.03

Pfizer, Inc. USD 144,717 4,354 0.38

Pinnacle West Capital Corp. USD 3,568 233 0.02

Pinterest, Inc. 'A' USD 9,571 515 0.05

Pioneer Natural Resources Co. USD 4,313 401 0.04

PNC Financial Services Group, Inc. (The) USD 12,624 1,537 0.14

Pool Corp. USD 1,057 322 0.03

PPG Industries, Inc. USD 6,206 732 0.06

Principal Financial Group, Inc. USD 7,237 293 0.03

Procter & Gamble Co. (The) USD 64,497 7,334 0.64

Progressive Corp. (The) USD 14,984 1,211 0.11

Prologis, Inc., REIT USD 21,621 1,761 0.15

Prudential Financial, Inc. USD 10,439 666 0.06

Public Service Enterprise Group, Inc. USD 44,879 2,138 0.19

Public Storage, REIT USD 4,043 763 0.07

PulteGroup, Inc. USD 44,406 1,565 0.14

Qorvo, Inc. USD 3,395 461 0.04

QUALCOMM, Inc. USD 44,124 5,494 0.48

Quest Diagnostics, Inc. USD 3,713 362 0.03

Qurate Retail, Inc. USD 188,662 1,691 0.15

Raymond James Financial, Inc. USD 3,840 300 0.03

Raytheon Technologies Corp. USD 39,409 2,303 0.20

Realty Income Corp., REIT USD 8,791 447 0.04

Regeneron Pharmaceuticals, Inc. USD 2,876 1,136 0.10

Regions Financial Corp. USD 27,032 356 0.03

Republic Services, Inc. USD 5,750 453 0.04

ResMed, Inc. USD 4,196 729 0.06

Robert Half International, Inc. USD 32,123 1,640 0.14

Rockwell Automation, Inc. USD 3,354 688 0.06

Roper Technologies, Inc. USD 2,712 956 0.08

RPM International, Inc. USD 4,315 320 0.03

S&P Global, Inc. USD 6,847 1,840 0.16

salesforce.com, Inc. USD 12,311 2,239 0.20

Santander Consumer USA Holdings, Inc. USD 70,654 1,272 0.11

SBA Communications Corp., REIT USD 3,250 749 0.07

Seagen, Inc. USD 3,463 496 0.04

Pensioen Opbouw 73 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Sempra Energy USD 7,894 822 0.07

ServiceNow, Inc. USD 4,708 2,118 0.19

Sherwin-Williams Co. (The) USD 4,449 2,672 0.23

Simon Property Group, Inc., REIT USD 8,944 623 0.05

Skyworks Solutions, Inc. USD 17,906 2,237 0.20

Slack Technologies, Inc. 'A' USD 8,648 299 0.03

Snap, Inc. 'A' USD 23,175 948 0.08

Snap-on, Inc. USD 1,859 260 0.02

Southern Co. (The) USD 30,763 1,545 0.14

Spectrum Brands Holdings, Inc. USD 11,047 713 0.06

SS&C Technologies Holdings, Inc. USD 32,504 1,933 0.17

Stanley Black & Decker, Inc. USD 3,820 557 0.05

Starbucks Corp. USD 3,295 288 0.03

State Street Corp. USD 38,698 2,302 0.20

Steel Dynamics, Inc. USD 63,101 1,901 0.17

SVB Financial Group USD 1,324 420 0.04

Synchrony Financial USD 76,607 2,173 0.19

Synopsys, Inc. USD 11,949 2,532 0.22

T Rowe Price Group, Inc. USD 6,416 794 0.07

Take-Two Interactive Software, Inc. USD 3,312 562 0.05

Target Corp. USD 24,084 3,475 0.31

Teladoc Health, Inc. USD 1,811 296 0.03

Teradyne, Inc. USD 4,872 477 0.04

Tesla, Inc. USD 19,615 11,313 0.99

Texas Instruments, Inc. USD 25,953 3,481 0.31

Textron, Inc. USD 15,145 598 0.05

Thermo Fisher Scientific, Inc. USD 10,289 3,917 0.34

TJX Cos., Inc. (The) USD 25,785 1,439 0.13

T-Mobile US, Inc. USD 12,989 1,432 0.13

Tractor Supply Co. USD 3,296 379 0.03

TransUnion USD 4,967 403 0.04

Trimble, Inc. USD 7,577 413 0.04

Truist Financial Corp. USD 39,012 1,528 0.13

Twilio, Inc. 'A' USD 3,131 866 0.08

Twitter, Inc. USD 20,166 892 0.08

Tyson Foods, Inc. 'A' USD 7,466 393 0.03

Uber Technologies, Inc. USD 25,571 1,066 0.09

Union Pacific Corp. USD 17,404 2,962 0.26

United Parcel Service, Inc. 'B' USD 18,294 2,518 0.22

United Rentals, Inc. USD 2,244 425 0.04

UnitedHealth Group, Inc. USD 24,667 7,070 0.62

Universal Health Services, Inc. 'B' USD 16,044 1,803 0.16

US Bancorp USD 35,744 1,361 0.12

Pensioen Opbouw 74 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Veeva Systems, Inc. 'A' USD 3,870 861 0.08

Ventas, Inc., REIT USD 6,630 266 0.02

VeriSign, Inc. USD 2,753 487 0.04

Verizon Communications, Inc. USD 141,964 6,817 0.60

Vertex Pharmaceuticals, Inc. USD 6,986 1,349 0.12

ViacomCBS, Inc. 'B' USD 14,828 452 0.04

Viatris, Inc. USD 24,458 375 0.03

VICI Properties, Inc., REIT USD 13,463 281 0.02

Visa, Inc. 'A' USD 30,766 5,500 0.48

Vistra Corp. USD 119,064 1,913 0.17

VMware, Inc. 'A' USD 2,181 250 0.02

Walmart, Inc. USD 37,389 4,405 0.39

Walt Disney Co. (The) USD 29,994 4,441 0.39

Waste Management, Inc. USD 11,381 1,097 0.10

Wayfair, Inc. 'A' USD 1,670 308 0.03

WEC Energy Group, Inc. USD 7,974 600 0.05

Wells Fargo & Co. USD 88,645 2,187 0.19

Welltower, Inc., REIT USD 10,688 564 0.05

West Pharmaceutical Services, Inc. USD 8,050 1,864 0.16

Western Digital Corp. USD 7,879 357 0.03

Western Union Co. (The) USD 32,962 591 0.05

Westinghouse Air Brake Technologies Corp. USD 5,071 303 0.03

Westrock Co. USD 7,974 284 0.02

Weyerhaeuser Co., REIT USD 82,088 2,250 0.20

Whirlpool Corp. USD 10,724 1,582 0.14

Williams Cos., Inc. (The) USD 31,521 517 0.05

Workday, Inc. 'A' USD 4,454 872 0.08

WP Carey, Inc., REIT USD 1,935 112 0.01

WW Grainger, Inc. USD 1,182 394 0.03

Xcel Energy, Inc. USD 13,851 755 0.07

Xilinx, Inc. USD 6,441 746 0.07

XPO Logistics, Inc. USD 2,834 276 0.02

Yum! Brands, Inc. USD 10,555 937 0.08

Zebra Technologies Corp. 'A' USD 1,492 469 0.04

Zillow Group, Inc. 'C' USD 3,803 403 0.04

Zimmer Biomet Holdings, Inc. USD 5,160 650 0.06

Zoom Video Communications, Inc. 'A' USD 9,160 2,525 0.22

Zscaler, Inc. USD 1,979 323 0.03

711,925 62.58

Total Equities 1,124,411 98.84

Pensioen Opbouw 75 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued)

Total Transferable securities and money market instruments admitted to an official exchange listing 1,124,411 98.84

Other transferable securities and money market instruments

Equities

Spain Telefonica SA Rights EUR 123,141 22 –

22 –

Total Equities 22 –

Total Other transferable securities and money market instruments 22 –

Total Investments 1,124,433 98.84

Cash 7,349 0.65 Other Assets/(Liabilities) 5,873 0.51 Total Net Assets 1,137,655 100.00

Financial Futures Contracts

Unrealised Number of Gain/(Loss) % of Net Security Description Contracts Currency EUR' 000 Assets EURO STOXX 50 Index, 19/03/2021 133 EUR 62 0.01

S&P 500 Emini Index, 19/03/2021 46 USD 172 0.01

Total Unrealised Gain on Financial Futures Contracts - Assets 234 0.02

Net Unrealised Gain on Financial Futures Contracts - Assets 234 0.02

Pensioen Opbouw 76 Additional information on investments in Robeco Group mutual funds (continued)

Forward Currency Exchange Contracts

Unrealised Currency Amount Currency Maturity Gain/(Loss) % of Net Purchased Purchased Sold Amount Sold Date Counterparty EUR' 000 Assets USD 3,901,618 EUR 3,184,902 04/01/2021 Societe Generale 4 –

Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 4 –

Pensioen Opbouw 77 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing

Equities

Australia AGL Energy Ltd. AUD 7,176 92 0.01

Aristocrat Leisure Ltd. AUD 15,895 335 0.03

ASX Ltd. AUD 5,079 249 0.02

Aurizon Holdings Ltd. AUD 514,183 1,684 0.15

Australia & New Zealand Banking Group Ltd. AUD 72,546 1,119 0.10

BHP Group Ltd. AUD 135,546 3,304 0.28

Brambles Ltd. AUD 42,685 313 0.03

Coles Group Ltd. AUD 13,027 121 0.01

Commonwealth Bank of Australia AUD 17,328 867 0.07

Fortescue Metals Group Ltd. AUD 204,218 1,367 0.12

National Australia Bank Ltd. AUD 83,577 1,289 0.11

Newcrest Mining Ltd. AUD 20,621 391 0.03

Orica Ltd. AUD 138,690 1,909 0.16

Qantas Airways Ltd. AUD 178,371 794 0.07

QBE Insurance Group Ltd. AUD 14,054 113 0.01

Rio Tinto Ltd. AUD 9,385 590 0.05

Santos Ltd. AUD 25,020 128 0.01

South32 Ltd. AUD 163,285 276 0.02

Suncorp Group Ltd. AUD 8,736 71 0.01

Telstra Corp. Ltd. AUD 446,918 991 0.09

Wesfarmers Ltd. AUD 106,781 2,768 0.24

Westpac Banking Corp. AUD 97,443 1,479 0.13

Woolworths Group Ltd. AUD 33,313 754 0.06

21,004 1.81

Austria ANDRITZ AG EUR 25,513 980 0.08

Erste Group Bank AG EUR 3,779 127 0.01

Vienna Insurance Group AG Wiener Versicherung Gruppe EUR 51,866 1,317 0.11

2,424 0.20

Belgium Ageas EUR 2,423 128 0.01

Anheuser-Busch InBev SA/NV EUR 19,126 1,391 0.12

KBC Group NV EUR 7,158 480 0.04

Solvay SA EUR 2,585 267 0.02

UCB SA EUR 699 50 –

2,316 0.19

Bermuda Arch Capital Group Ltd. USD 11,451 438 0.04

Everest Re Group Ltd. USD 916 226 0.02

Pensioen Opbouw 78 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Bermuda (continued) Hongkong Land Holdings Ltd. USD 276,200 1,415 0.12

IHS Markit Ltd. USD 10,924 733 0.06

Jardine Matheson Holdings Ltd. USD 2,500 124 0.01

Kerry Properties Ltd. HKD 483,000 1,367 0.12

Marvell Technology Group Ltd. USD 15,809 374 0.03

Norwegian Cruise Line Holdings Ltd. USD 6,228 324 0.03

Signet Jewelers Ltd. USD 11,884 230 0.02

5,231 0.45

Canada Agnico Eagle Mines Ltd. CAD 6,485 356 0.03

Air Canada CAD 21,437 715 0.06

Alimentation Couche-Tard, Inc. 'B' CAD 23,496 665 0.06

ARC Resources Ltd. CAD 263,923 1,483 0.13

Barrick Gold Corp. CAD 44,141 732 0.06

Canadian Imperial Bank of Commerce CAD 11,192 831 0.07

Canadian Natural Resources Ltd. CAD 32,185 929 0.08

Canadian Pacific Railway Ltd. CAD 1,558 354 0.03

Canadian Utilities Ltd. 'A' CAD 70,423 1,895 0.16

Cenovus Energy, Inc. CAD 208,589 1,892 0.16

CGI, Inc. CAD 6,301 470 0.04

CI Financial Corp. CAD 125,572 1,873 0.16

Emera, Inc. CAD 6,632 254 0.02

Empire Co. Ltd. 'A' CAD 50,900 1,065 0.09

Enbridge, Inc. CAD 54,241 1,924 0.16

Fairfax Financial Holdings Ltd. CAD 703 294 0.02

Fortis, Inc. CAD 9,617 356 0.03

George Weston Ltd. CAD 262 19 –

Hydro One Ltd., Reg. S CAD 115,230 1,985 0.17

Intact Financial Corp. CAD 1,473 142 0.01

Kinross Gold Corp. CAD 55,394 234 0.02

Kirkland Lake Gold Ltd. CAD 6,328 249 0.02

Loblaw Cos. Ltd. CAD 11,943 550 0.05

Magna International, Inc. CAD 3,736 183 0.01

Manulife Financial Corp. CAD 88,393 1,601 0.14

Metro, Inc. CAD 7,285 268 0.02

National Bank of Canada CAD 9,620 476 0.04

Nutrien Ltd. CAD 16,591 709 0.06

Open Text Corp. CAD 52,499 2,064 0.18

Pembina Pipeline Corp. CAD 12,791 423 0.04

Restaurant Brands International, Inc. CAD 6,708 382 0.03

RioCan Real Estate Investment Trust CAD 39,573 728 0.06

Royal Bank of Canada CAD 36,389 2,569 0.22

Pensioen Opbouw 79 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Canada (continued) Seven Generations Energy Ltd. 'A' CAD 274,486 1,597 0.14

Shaw Communications, Inc. 'B' CAD 6,546 118 0.01

Shopify, Inc. 'A' CAD 2,686 953 0.08

Sun Life Financial, Inc. CAD 16,004 651 0.06

Suncor Energy, Inc. CAD 40,581 1,187 0.10

TC Energy Corp. CAD 25,940 1,233 0.11

Teck Resources Ltd. 'B' CAD 84,930 1,314 0.11

Thomson Reuters Corp. CAD 32,175 2,053 0.18

Toronto-Dominion Bank (The) CAD 46,293 2,316 0.20

40,092 3.42

Cayman Islands CK Asset Holdings Ltd. HKD 114,000 733 0.06

CK Hutchison Holdings Ltd. HKD 68,000 578 0.05

Sands China Ltd. HKD 18,000 86 0.01

WH Group Ltd., Reg. S HKD 2,242,000 2,063 0.18

3,460 0.30

Curacao Schlumberger Ltd. USD 38,519 1,380 0.12

1,380 0.12

Denmark AP Moller - Maersk A/S 'A' DKK 400 483 0.04

AP Moller - Maersk A/S 'B' DKK 1,186 1,525 0.13

Carlsberg A/S 'B' DKK 8,868 1,179 0.10

Danske Bank A/S DKK 7,113 103 0.01

Genmab A/S DKK 1,640 325 0.03

Novo Nordisk A/S 'B' DKK 51,628 2,671 0.23

Vestas Wind Systems A/S DKK 28,423 2,561 0.22

8,847 0.76

Finland Fortum OYJ EUR 3,288 72 0.01

Kone OYJ 'B' EUR 9,043 527 0.05

Metso OYJ EUR 8,067 284 0.02

Nokia OYJ EUR 142,529 470 0.04

Nordea Bank Abp SEK 76,791 553 0.05

Orion OYJ 'B' EUR 51,961 2,145 0.18

UPM-Kymmene OYJ EUR 15,232 471 0.04

4,522 0.39

Pensioen Opbouw 80 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

France Air France-KLM EUR 17,825 177 0.02

Air Liquide SA EUR 12,503 1,578 0.14

Atos SE EUR 808 60 –

AXA SA EUR 76,531 1,922 0.16

BNP Paribas SA EUR 28,439 1,502 0.13

Capgemini SE EUR 20,214 2,201 0.19

Carrefour SA EUR 5,087 76 0.01

Cie de Saint-Gobain EUR 12,592 460 0.04

Cie Generale des Etablissements Michelin SCA EUR 4,322 472 0.04

Credit Agricole SA EUR 14,164 183 0.02

Danone SA EUR 15,593 1,152 0.10

Dassault Aviation SA EUR 400 468 0.04

Dassault Systemes SE EUR 3,310 485 0.04

Edenred EUR 3,193 147 0.01

Eiffage SA EUR 19,731 2,013 0.17

Engie SA EUR 46,177 665 0.06

EssilorLuxottica SA EUR 7,285 989 0.08

Hermes International EUR 801 534 0.05

Legrand SA EUR 6,742 490 0.04

L'Oreal SA EUR 6,377 1,684 0.14

LVMH Moet Hennessy Louis Vuitton SE EUR 7,784 3,224 0.28

Orange SA EUR 53,418 701 0.06

Pernod Ricard SA EUR 5,367 855 0.07

Peugeot SA EUR 16,991 362 0.03

Publicis Groupe SA EUR 40,602 1,639 0.14

Renault SA EUR 5,135 216 0.02

Safran SA EUR 8,854 1,219 0.11

Sanofi EUR 29,582 2,651 0.23

Schneider Electric SE EUR 15,628 1,430 0.12

Societe Generale SA EUR 19,410 602 0.05

Sodexo SA EUR 1,017 107 0.01

Teleperformance EUR 666 145 0.01

Thales SA EUR 925 86 0.01

TOTAL SA EUR 68,379 3,364 0.29

Valeo SA EUR 57,271 1,799 0.15

Veolia Environnement SA EUR 13,590 322 0.03

Vinci SA EUR 12,837 1,271 0.11

Vivendi SA EUR 96,256 2,485 0.21

39,736 3.41

Germany adidas AG EUR 4,561 1,322 0.11

Allianz SE EUR 19,651 4,292 0.37

Pensioen Opbouw 81 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Germany (continued) BASF SE EUR 26,308 1,772 0.15

Bayer AG EUR 23,586 1,717 0.15

Beiersdorf AG EUR 2,704 288 0.03

Deutsche Post AG EUR 22,315 759 0.06

Deutsche Telekom AG EUR 84,276 1,228 0.11

E.ON SE EUR 55,670 530 0.04

Evonik Industries AG EUR 29,236 795 0.07

Fresenius Medical Care AG & Co. KGaA EUR 2,716 179 0.02

Fresenius SE & Co. KGaA EUR 10,553 529 0.05

Hannover Rueck SE EUR 496 85 0.01

HeidelbergCement AG EUR 19,238 1,250 0.11

Henkel AG & Co. KGaA EUR 744 63 –

Henkel AG & Co. KGaA Preference EUR 4,506 416 0.04

Infineon Technologies AG EUR 32,289 656 0.06

LANXESS AG EUR 6,553 392 0.03

Merck KGaA EUR 18,776 1,978 0.17

MTU Aero Engines AG EUR 645 164 0.01

Muenchener Rueckversicherungs-Gesellschaft AG EUR 11,444 3,010 0.26

Porsche Automobil Holding SE Preference EUR 1,016 68 –

RWE AG EUR 15,610 427 0.04

SAP SE EUR 28,267 3,401 0.29

Suedzucker AG EUR 92,721 1,522 0.13

Symrise AG EUR 1,222 115 0.01

Talanx AG EUR 48,243 2,131 0.18

Volkswagen AG Preference EUR 4,698 828 0.07

Vonovia SE EUR 12,451 598 0.05

Wirecard AG EUR 2,967 319 0.03

30,834 2.65

Hong Kong AIA Group Ltd. HKD 37,200 348 0.03

CLP Holdings Ltd. HKD 43,500 407 0.04

Hang Seng Bank Ltd. HKD 19,300 355 0.03

Hong Kong Exchanges & Clearing Ltd. HKD 33,800 978 0.08

Link REIT HKD 53,500 505 0.04

Sun Hung Kai Properties Ltd. HKD 40,500 552 0.05

Swire Pacific Ltd. 'A' HKD 148,000 1,225 0.11

Techtronic Industries Co. Ltd. HKD 17,500 127 0.01

4,497 0.39

Ireland Accenture plc 'A' USD 25,951 4,868 0.42

Allegion plc USD 2,681 297 0.03

Pensioen Opbouw 82 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Ireland (continued) Allergan plc USD 15,257 2,598 0.22

CRH plc EUR 20,713 739 0.06

Eaton Corp. plc USD 14,021 1,183 0.10

Ingersoll-Rand plc USD 6,209 735 0.06

Jazz Pharmaceuticals plc USD 14,690 1,954 0.17

Johnson Controls International plc USD 21,363 775 0.07

Linde plc EUR 1,630 311 0.03

Linde plc USD 14,024 2,660 0.23

Medtronic plc USD 37,418 3,782 0.33

Seagate Technology plc USD 7,712 409 0.04

Smurfit Kappa Group plc EUR 3,094 106 0.01

STERIS plc USD 2,273 309 0.03

Willis Towers Watson plc USD 3,286 591 0.05

21,317 1.85

Isle of Man GVC Holdings plc GBP 28,482 297 0.03

297 0.03

Israel Bank Leumi Le-Israel BM ILS 62,240 404 0.03

Check Point Software Technologies Ltd. USD 1,600 158 0.01

CyberArk Software Ltd. USD 15,826 1,644 0.14

Israel Chemicals Ltd. ILS 34,066 143 0.01

Nice Ltd. ILS 1,891 261 0.02

Oil Refineries Ltd. ILS 141,523 63 –

2,673 0.21

Italy Assicurazioni Generali SpA EUR 29,666 546 0.05

Atlantia SpA EUR 2,663 55 –

Banca Mediolanum SpA EUR 37,630 333 0.03

Enel SpA EUR 205,689 1,455 0.12

Eni SpA EUR 64,352 891 0.08

Intesa Sanpaolo SpA EUR 398,725 936 0.08

Leonardo SpA EUR 160,801 1,680 0.14

Poste Italiane SpA, Reg. S EUR 69,017 698 0.06

Snam SpA EUR 394,682 1,849 0.16

UniCredit SpA EUR 50,744 661 0.06

9,104 0.78

Pensioen Opbouw 83 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Japan Advantest Corp. JPY 6,500 328 0.03

Aeon Co. Ltd. JPY 18,700 346 0.03

Ajinomoto Co., Inc. JPY 123,900 1,843 0.16

Asahi Group Holdings Ltd. JPY 10,100 413 0.04

Astellas Pharma, Inc. JPY 47,800 733 0.06

Bandai Namco Holdings, Inc. JPY 2,200 120 0.01

Bridgestone Corp. JPY 16,300 544 0.05

Brother Industries Ltd. JPY 2,400 45 –

Canon, Inc. JPY 25,300 619 0.05

Capcom Co. Ltd. JPY 67,600 1,679 0.14

Central Japan Railway Co. JPY 3,600 649 0.06

Chubu Electric Power Co., Inc. JPY 150,900 1,907 0.16

Chugai Pharmaceutical Co. Ltd. JPY 5,700 471 0.04

Dai Nippon Printing Co. Ltd. JPY 4,700 114 0.01

Dai-ichi Life Holdings, Inc. JPY 30,800 459 0.04

Daiichi Sankyo Co. Ltd. JPY 14,300 847 0.07

Daikin Industries Ltd. JPY 6,900 874 0.07

Daito Trust Construction Co. Ltd. JPY 800 88 0.01

Daiwa House Industry Co. Ltd. JPY 14,300 397 0.03

DMG Mori Co. Ltd. JPY 23,900 331 0.03

East Japan Railway Co. JPY 7,700 622 0.05

Eisai Co. Ltd. JPY 6,600 444 0.04

FUJIFILM Holdings Corp. JPY 10,500 450 0.04

Fujitsu Ltd. JPY 5,500 463 0.04

Glory Ltd. JPY 16,000 434 0.04

Hachijuni Bank Ltd. (The) JPY 134,200 526 0.04

Hankyu Hanshin Holdings, Inc. JPY 7,400 284 0.03

Heiwa Corp. JPY 51,600 967 0.08

Hitachi Ltd. JPY 24,500 929 0.08

Honda Motor Co. Ltd. JPY 41,200 1,047 0.09

Hoya Corp. JPY 9,600 822 0.07

Inpex Corp. JPY 11,800 110 0.01

ITOCHU Corp. JPY 34,100 709 0.06

Japan Aviation Electronics Industry Ltd. JPY 27,800 505 0.04

Japan Post Holdings Co. Ltd. JPY 39,800 335 0.03

Japan Real Estate Investment Corp., REIT JPY 205 1,210 0.10

Japan Retail Fund Investment Corp., REIT JPY 963 1,842 0.16

JXTG Holdings, Inc. JPY 86,500 353 0.03

Kajima Corp. JPY 131,700 1,574 0.13

KDDI Corp. JPY 47,600 1,269 0.11

Kintetsu Group Holdings Co. Ltd. JPY 5,500 267 0.02

Kirin Holdings Co. Ltd. JPY 22,500 441 0.04

Komatsu Ltd. JPY 10,600 230 0.02

Pensioen Opbouw 84 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Japan (continued) Kubota Corp. JPY 29,000 410 0.04

Kyocera Corp. JPY 8,100 497 0.04

Lawson, Inc. JPY 38,900 1,974 0.17

LIXIL Group Corp. JPY 130,800 2,025 0.17

Marubeni Corp. JPY 120,700 802 0.07

Mazda Motor Corp. JPY 137,200 1,055 0.09

Mitsubishi Electric Corp. JPY 51,800 636 0.06

Mitsubishi Estate Co. Ltd. JPY 29,900 512 0.04

Mitsubishi Heavy Industries Ltd. JPY 51,900 1,807 0.15

Mitsubishi Materials Corp. JPY 77,700 1,896 0.16

Mitsubishi UFJ Financial Group, Inc. JPY 435,600 2,118 0.18

Mitsui & Co. Ltd. JPY 50,900 812 0.07

Mitsui OSK Lines Ltd. JPY 16,200 402 0.04

Mizuho Financial Group, Inc. JPY 558,600 771 0.07

Morinaga & Co. Ltd. JPY 32,800 1,409 0.12

MS&AD Insurance Group Holdings, Inc. JPY 13,500 400 0.03

NEC Corp. JPY 24,100 893 0.08

Nikon Corp. JPY 27,100 299 0.03

Nintendo Co. Ltd. JPY 3,100 1,118 0.10

Nippon Building Fund, Inc., REIT JPY 38 248 0.02

Nippon Telegraph & Telephone Corp. JPY 32,600 737 0.06

Nishi-Nippon Financial Holdings, Inc. JPY 308,300 2,166 0.19

Nissan Motor Co. Ltd. JPY 58,600 305 0.03

Nomura Holdings, Inc. JPY 146,100 675 0.06

Nomura Real Estate Holdings, Inc. JPY 52,200 1,121 0.10

NTT DOCOMO, Inc. JPY 65,500 1,631 0.14

Obayashi Corp. JPY 200,100 1,996 0.17

Olympus Corp. JPY 14,400 199 0.02

Omron Corp. JPY 5,700 300 0.03

ORIX Corp. JPY 33,500 497 0.04

Otsuka Holdings Co. Ltd. JPY 11,000 440 0.04

Recruit Holdings Co. Ltd. JPY 27,900 938 0.08

Sankyu, Inc. JPY 10,500 473 0.04

Sapporo Holdings Ltd. JPY 85,200 1,801 0.16

Sawai Pharmaceutical Co. Ltd. JPY 8,900 505 0.04

Secom Co. Ltd. JPY 5,900 473 0.04

Sekisui House Ltd. JPY 28,900 553 0.05

Seven & i Holdings Co. Ltd. JPY 19,000 624 0.05

Shin-Etsu Chemical Co. Ltd. JPY 9,200 909 0.08

Shinsei Bank Ltd. JPY 127,600 1,752 0.15

Shionogi & Co. Ltd. JPY 35,800 1,986 0.17

Softbank Corp. JPY 42,300 506 0.04

SoftBank Group Corp. JPY 41,800 1,630 0.14

Pensioen Opbouw 85 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Japan (continued) Sompo Holdings, Inc. JPY 9,500 335 0.03

Sony Corp. JPY 51,400 3,118 0.27

Subaru Corp. JPY 11,100 247 0.02

Sugi Holdings Co. Ltd. JPY 23,400 1,105 0.09

Sumitomo Corp. JPY 32,000 426 0.04

Sumitomo Electric Industries Ltd. JPY 23,000 311 0.03

Sumitomo Mitsui Financial Group, Inc. JPY 33,600 1,112 0.10

Sumitomo Mitsui Trust Holdings, Inc. JPY 2,400 85 0.01

Sumitomo Realty & Development Co. Ltd. JPY 9,000 281 0.02

Suzuken Co. Ltd. JPY 38,600 1,413 0.12

Taisei Corp. JPY 1,600 60 0.01

Takeda Pharmaceutical Co. Ltd. JPY 37,557 1,334 0.11

TDK Corp. JPY 3,900 396 0.03

Terumo Corp. JPY 18,500 589 0.05

TIS, Inc. JPY 17,000 896 0.08

Tokio Marine Holdings, Inc. JPY 18,400 923 0.08

Tokyo Electric Power Co. Holdings, Inc. JPY 17,000 65 0.01

Tokyo Electron Ltd. JPY 4,200 824 0.07

Toshiba Corp. JPY 16,500 501 0.04

Toyota Industries Corp. JPY 39,300 2,039 0.17

Toyota Motor Corp. JPY 65,800 4,161 0.36

Toyota Tsusho Corp. JPY 66,900 2,117 0.18

TS Tech Co. Ltd. JPY 44,700 1,255 0.11

West Japan Railway Co. JPY 2,100 163 0.01

Yokohama Rubber Co. Ltd. (The) JPY 20,500 358 0.03

Z Holdings Corp. JPY 73,900 279 0.02

95,334 8.18

Jersey Amcor plc USD 43,536 420 0.04

Ferguson plc GBP 6,454 522 0.04

Glencore plc GBP 324,776 902 0.08

Janus Henderson Group plc USD 72,084 1,570 0.14

WPP plc GBP 163,496 2,058 0.18

5,472 0.48

Liberia Royal Caribbean Cruises Ltd. USD 4,229 503 0.04

503 0.04

Luxembourg ArcelorMittal SA EUR 20,417 319 0.03

Pensioen Opbouw 86 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Luxembourg (continued) SES SA, FDR EUR 171,973 2,150 0.18

2,469 0.21

Netherlands Aegon NV EUR 58,535 238 0.02

Airbus SE EUR 14,725 1,921 0.17

Akzo Nobel NV EUR 11,616 1,053 0.09

ASML Holding NV EUR 5,048 1,331 0.11

CNH Industrial NV EUR 41,931 411 0.04

Ferrari NV EUR 3,378 500 0.04

Fiat Chrysler Automobiles NV EUR 27,456 362 0.03

Heineken Holding NV EUR 3,150 272 0.02

ING Groep NV EUR 98,418 1,052 0.09

Koninklijke Ahold Delhaize NV EUR 116,090 2,588 0.22

Koninklijke DSM NV EUR 4,693 545 0.05

Koninklijke KPN NV EUR 37,826 99 0.01

Koninklijke Philips NV EUR 29,951 1,303 0.11

LyondellBasell Industries NV 'A' USD 7,689 647 0.06

Mylan NV USD 6,502 117 0.01

NN Group NV EUR 41,338 1,398 0.12

NXP Semiconductors NV USD 19,039 2,159 0.19

Prosus NV EUR 13,782 917 0.08

Signify NV, Reg. S EUR 28,880 804 0.07

STMicroelectronics NV EUR 19,541 468 0.04

Unilever NV EUR 40,277 2,063 0.18

Wolters Kluwer NV EUR 25,302 1,645 0.14

21,893 1.89

New Zealand Air New Zealand Ltd. NZD 941,583 1,658 0.14

Fletcher Building Ltd. NZD 733,381 2,243 0.19

Meridian Energy Ltd. NZD 669,154 2,011 0.17

SKY Network Television Ltd. NZD 176,410 75 0.01

5,987 0.51

Norway DNB ASA NOK 24,337 405 0.03

Equinor ASA NOK 31,235 556 0.05

961 0.08

Panama Carnival Corp. USD 11,519 522 0.05

Pensioen Opbouw 87 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Panama (continued) 522 0.05

Portugal EDP - Energias de Portugal SA EUR 78,671 304 0.03

304 0.03

Singapore DBS Group Holdings Ltd. SGD 48,700 835 0.07

Oversea-Chinese Banking Corp. Ltd. SGD 73,983 538 0.05

Singapore Exchange Ltd. SGD 346,500 2,034 0.17

Singapore Telecommunications Ltd. SGD 225,800 504 0.04

United Overseas Bank Ltd. SGD 38,100 667 0.06

4,578 0.39

Spain ACS Actividades de Construccion y Servicios SA EUR 47,426 1,691 0.14

Aena SME SA, Reg. S EUR 1,950 333 0.03

Amadeus IT Group SA EUR 11,706 852 0.07

Banco Bilbao Vizcaya Argentaria SA EUR 522,398 2,603 0.22

Banco Santander SA EUR 410,770 1,532 0.13

CaixaBank SA EUR 105,801 296 0.03

Ferrovial SA EUR 6,009 162 0.01

Iberdrola SA EUR 160,750 1,476 0.13

Repsol SA EUR 36,525 509 0.04

Repsol SA Rights 07/01/2020 EUR 36,525 15 –

Telefonica SA EUR 118,216 736 0.06

10,205 0.86

Supranational Unibail-Rodamco-Westfield, REIT EUR 3,496 492 0.04

492 0.04

Sweden Assa Abloy AB 'B' SEK 25,340 528 0.05

Atlas Copco AB 'A' SEK 16,967 603 0.05

Atlas Copco AB 'B' SEK 2,210 68 0.01

Boliden AB SEK 87,056 2,059 0.18

Epiroc AB 'B' SEK 2,210 23 –

Essity AB 'B' SEK 19,226 552 0.05

Hennes & Mauritz AB 'B' SEK 22,180 402 0.03

Hexagon AB 'B' SEK 6,579 329 0.03

Sandvik AB SEK 17,742 308 0.03

Pensioen Opbouw 88 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

Sweden (continued) Skandinaviska Enskilda Banken AB 'A' SEK 296,845 2,488 0.21

Skanska AB 'B' SEK 102,259 2,060 0.18

Svenska Handelsbanken AB 'A' SEK 18,795 181 0.02

Swedbank AB 'A' SEK 10,420 138 0.01

Telefonaktiebolaget LM Ericsson 'B' SEK 187,127 1,452 0.12

Telia Co. AB SEK 75,007 287 0.02

Volvo AB 'B' SEK 39,618 592 0.05

12,070 1.04

Switzerland Adecco Group AG CHF 27,058 1,524 0.13

Alcon, Inc. CHF 11,517 581 0.05

Chocoladefabriken Lindt & Spruengli AG CHF 61 422 0.03

Garmin Ltd. USD 3,352 291 0.02

Geberit AG CHF 1,052 526 0.05

LafargeHolcim Ltd. CHF 1 – –

Nestle SA CHF 87,266 8,412 0.72

Novartis AG CHF 58,899 4,980 0.43

PSP Swiss Property AG CHF 5,668 697 0.06

Roche Holding AG CHF 27,063 7,818 0.67

Sonova Holding AG CHF 2,432 496 0.04

Swiss Life Holding AG CHF 2,055 918 0.08

Swiss Re AG CHF 7,996 800 0.07

Swisscom AG CHF 175 82 0.01

TE Connectivity Ltd. USD 9,739 831 0.07

UBS Group AG CHF 97,529 1,097 0.09

Zurich Insurance Group AG CHF 3,827 1,398 0.12

30,873 2.64

United Kingdom 3i Group plc GBP 11,223 145 0.01

Anglo American plc GBP 49,603 1,272 0.11

Aon plc USD 3,489 647 0.05

Ashtead Group plc GBP 12,990 370 0.03

Associated British Foods plc GBP 2,369 73 0.01

AstraZeneca plc GBP 37,113 3,332 0.29

Aviva plc GBP 347,997 1,720 0.15

BAE Systems plc GBP 87,420 583 0.05

Barclays plc GBP 433,395 919 0.08

Barratt Developments plc GBP 246,401 2,171 0.19

Bellway plc GBP 43,450 1,952 0.17

Berkeley Group Holdings plc GBP 39,253 2,251 0.19

BHP Group plc GBP 53,412 1,120 0.10

Pensioen Opbouw 89 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United Kingdom (continued) BP plc GBP 566,350 3,152 0.27

BT Group plc GBP 213,351 485 0.04

Burberry Group plc GBP 10,786 281 0.02

Carnival plc GBP 522 22 –

Coca-Cola European Partners plc USD 39,322 1,782 0.15

Compass Group plc GBP 43,869 979 0.08

Diageo plc GBP 67,205 2,538 0.22

Dixons Carphone plc GBP 1,148,852 1,955 0.17

GlaxoSmithKline plc GBP 141,999 2,981 0.26

Halma plc GBP 10,522 263 0.02

Howden Joinery Group plc GBP 242,288 1,923 0.17

HSBC Holdings plc GBP 200,840 1,403 0.12

Informa plc GBP 14,419 146 0.01

Kingfisher plc GBP 212,845 545 0.05

Land Securities Group plc, REIT GBP 167,534 1,957 0.17

Legal & General Group plc GBP 487,717 1,744 0.15

Liberty Global plc 'A' USD 32,454 657 0.06

Liberty Global plc 'C' USD 15,097 293 0.02

Lloyds Banking Group plc GBP 1,980,678 1,461 0.13

London Stock Exchange Group plc GBP 8,667 793 0.07

M&G plc GBP 69,320 194 0.02

Mediclinic International plc GBP 436,341 2,120 0.18

Meggitt plc GBP 49,484 384 0.03

National Grid plc GBP 99,781 1,112 0.09

Next plc GBP 3,536 293 0.03

Nielsen Holdings plc USD 112,860 2,041 0.17

Persimmon plc GBP 56,351 1,792 0.15

RELX plc GBP 54,286 1,221 0.10

Rentokil Initial plc GBP 57,611 308 0.02

Rio Tinto plc GBP 29,206 1,552 0.13

Royal Dutch Shell plc 'A' GBP 128,036 3,377 0.29

Royal Dutch Shell plc 'B' GBP 98,351 2,599 0.22

Royal Mail plc GBP 747,366 1,996 0.17

Sage Group plc (The) GBP 13,295 118 0.01

Segro plc, REIT GBP 30,360 322 0.03

Smith & Nephew plc GBP 22,133 479 0.04

SSE plc GBP 25,970 441 0.04

Standard Chartered plc GBP 79,826 671 0.06

Standard Life Aberdeen plc GBP 75,073 291 0.03

Tate & Lyle plc GBP 182,878 1,641 0.14

Taylor Wimpey plc GBP 165,125 377 0.03

TechnipFMC plc USD 88,156 1,684 0.14

Tesco plc GBP 617,388 1,859 0.16

Pensioen Opbouw 90 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United Kingdom (continued) Unilever plc GBP 28,080 1,442 0.12

Vodafone Group plc GBP 666,493 1,155 0.10

71,384 6.11

United States of America 3M Co. USD 2,393 376 0.03

Abbott Laboratories USD 50,274 3,890 0.33

AbbVie, Inc. USD 42,743 3,372 0.29

Activision Blizzard, Inc. USD 21,651 1,146 0.10

Acuity Brands, Inc. USD 13,508 1,661 0.14

Adobe, Inc. USD 3,662 1,076 0.09

Advance Auto Parts, Inc. USD 852 122 0.01

AES Corp. USD 19,149 339 0.03

Aflac, Inc. USD 19,591 923 0.08

AGCO Corp. USD 24,975 1,719 0.15

Air Products & Chemicals, Inc. USD 5,879 1,231 0.11

Akamai Technologies, Inc. USD 4,122 317 0.03

Alexion Pharmaceuticals, Inc. USD 13,232 1,275 0.11

Align Technology, Inc. USD 2,040 507 0.04

Alleghany Corp. USD 166 118 0.01

Allstate Corp. (The) USD 8,708 872 0.07

Ally Financial, Inc. USD 71,156 1,937 0.17

Alphabet, Inc. 'A' USD 8,265 9,862 0.85

Alphabet, Inc. 'C' USD 8,930 10,637 0.91

Amazon.com, Inc. USD 10,321 16,990 1.46

Ameren Corp. USD 6,417 439 0.04

American Electric Power Co., Inc. USD 14,062 1,184 0.10

American Express Co. USD 18,364 2,037 0.17

American International Group, Inc. USD 22,382 1,024 0.09

American Water Works Co., Inc. USD 4,999 547 0.05

Ameriprise Financial, Inc. USD 16,371 2,429 0.21

AmerisourceBergen Corp. USD 26,799 2,030 0.17

AMETEK, Inc. USD 6,098 542 0.05

Amgen, Inc. USD 18,110 3,889 0.33

Analog Devices, Inc. USD 9,854 1,043 0.09

ANSYS, Inc. USD 2,113 485 0.04

Anthem, Inc. USD 6,791 1,827 0.16

Apple, Inc. USD 132,729 34,722 2.98

Applied Materials, Inc. USD 26,327 1,432 0.12

Aramark USD 7,033 272 0.02

Arconic, Inc. USD 79,933 2,191 0.19

Arista Networks, Inc. USD 1,334 242 0.02

AT&T, Inc. USD 210,423 7,326 0.63

Pensioen Opbouw 91 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Automatic Data Processing, Inc. USD 11,068 1,681 0.14

AutoZone, Inc. USD 2,314 2,456 0.21

AvalonBay Communities, Inc., REIT USD 3,493 653 0.06

Avery Dennison Corp. USD 2,274 265 0.02

AXA Equitable Holdings, Inc. USD 12,517 276 0.02

Baker Hughes Co. USD 12,979 296 0.03

Ball Corp. USD 9,112 525 0.04

Bank of America Corp. USD 264,976 8,314 0.71

Bank of New York Mellon Corp. (The) USD 24,995 1,121 0.10

Baxter International, Inc. USD 12,795 953 0.08

Bed Bath & Beyond, Inc. USD 112,193 1,729 0.15

Berkshire Hathaway, Inc. 'B' USD 22,876 4,616 0.40

Best Buy Co., Inc. USD 33,293 2,604 0.22

Biogen, Inc. USD 12,519 3,309 0.28

BlackRock, Inc. USD 2,993 1,340 0.12

Boeing Co. (The) USD 13,642 3,959 0.34

Booking Holdings, Inc. USD 1,172 2,144 0.18

BorgWarner, Inc. USD 2,676 103 0.01

Boston Properties, Inc., REIT USD 3,911 480 0.04

Brighthouse Financial, Inc. USD 48,609 1,699 0.15

Bristol-Myers Squibb Co. USD 64,812 3,706 0.32

Bristol-Myers Squibb Co., CVR Rights 31/12/2020 USD 17,683 47 –

Brixmor Property Group, Inc., REIT USD 103,292 1,989 0.17

Broadcom, Inc. USD 1,126 317 0.03

Broadridge Financial Solutions, Inc. USD 1,302 143 0.01

Cadence Design Systems, Inc. USD 34,235 2,115 0.18

Camden Property Trust, REIT USD 510 48 –

Capital One Financial Corp. USD 33,758 3,095 0.27

Cardinal Health, Inc. USD 44,365 1,999 0.17

CarMax, Inc. USD 4,572 357 0.03

Caterpillar, Inc. USD 14,923 1,963 0.17

CBRE Group, Inc. 'A' USD 43,434 2,372 0.20

CDW Corp. USD 3,798 483 0.04

Celanese Corp. USD 1,561 171 0.01

Centene Corp. USD 10,390 582 0.05

CenterPoint Energy, Inc. USD 12,671 308 0.03

CenturyLink, Inc. USD 174,244 2,051 0.18

Cerence, Inc. USD 15,501 313 0.03

Cerner Corp. USD 7,500 490 0.04

CF Industries Holdings, Inc. USD 2,686 114 0.01

CH Robinson Worldwide, Inc. USD 1,126 78 0.01

Charter Communications, Inc. 'A' USD 4,051 1,751 0.15

Chevron Corp. USD 54,959 5,900 0.51

Pensioen Opbouw 92 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Chipotle Mexican Grill, Inc. USD 3,085 2,301 0.20

Church & Dwight Co., Inc. USD 6,230 390 0.03

Cigna Corp. USD 9,619 1,752 0.15

Cincinnati Financial Corp. USD 4,396 412 0.03

Cintas Corp. USD 2,472 593 0.05

Cisco Systems, Inc. USD 152,367 6,510 0.56

CIT Group, Inc. USD 48,011 1,952 0.17

Citigroup, Inc. USD 93,290 6,640 0.57

Citizens Financial Group, Inc. USD 25,580 925 0.08

Citrix Systems, Inc. USD 3,407 337 0.03

Coca-Cola Co. (The) USD 57,405 2,831 0.24

Cognizant Technology Solutions Corp. 'A' USD 16,091 889 0.08

Colgate-Palmolive Co. USD 22,539 1,382 0.12

Comcast Corp. 'A' USD 130,602 5,232 0.45

Comerica, Inc. USD 4,386 280 0.02

Conagra Brands, Inc. USD 4,966 151 0.01

ConocoPhillips USD 59,914 3,471 0.30

Consolidated Edison, Inc. USD 7,876 635 0.05

Cooper Cos., Inc. (The) USD 1,290 369 0.03

Copart, Inc. USD 5,511 447 0.04

Corning, Inc. USD 20,227 525 0.05

Corteva, Inc. USD 19,344 509 0.04

Costco Wholesale Corp. USD 12,275 3,214 0.28

Coty, Inc. 'A' USD 192,593 1,930 0.17

CSX Corp. USD 20,287 1,308 0.11

Cummins, Inc. USD 16,005 2,552 0.22

CVS Health Corp. USD 37,429 2,477 0.21

Danaher Corp. USD 14,799 2,023 0.17

Dell Technologies, Inc. 'C' USD 1,539 71 0.01

Delta Air Lines, Inc. USD 22,771 1,186 0.10

DENTSPLY SIRONA, Inc. USD 36,885 1,860 0.16

Devon Energy Corp. USD 78,447 1,815 0.16

DexCom, Inc. USD 1,062 207 0.02

Diamondback Energy, Inc. USD 3,945 326 0.03

Dick's Sporting Goods, Inc. USD 18,212 803 0.07

Discover Financial Services USD 34,885 2,636 0.23

Discovery, Inc. 'A' USD 72,442 2,113 0.18

Discovery, Inc. 'C' USD 9,677 263 0.02

DISH Network Corp. 'A' USD 6,155 194 0.02

Dollar General Corp. USD 6,716 933 0.08

Dollar Tree, Inc. USD 6,021 505 0.04

Dominion Energy, Inc. USD 6,870 507 0.04

Dover Corp. USD 22,082 2,268 0.19

Pensioen Opbouw 93 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Dow, Inc. USD 19,354 944 0.08

DR Horton, Inc. USD 9,812 461 0.04

DTE Energy Co. USD 4,598 532 0.05

Duke Energy Corp. USD 18,027 1,465 0.13

Duke Realty Corp., REIT USD 3,983 123 0.01

DuPont de Nemours, Inc. USD 19,344 1,106 0.10

E*TRADE Financial Corp. USD 2,863 116 0.01

Eastman Chemical Co. USD 3,865 273 0.02

eBay, Inc. USD 75,377 2,425 0.21

Ecolab, Inc. USD 6,639 1,141 0.10

Edison International USD 8,233 553 0.05

Edwards Lifesciences Corp. USD 14,755 3,067 0.26

Elanco Animal Health, Inc. USD 2,903 76 0.01

Electronic Arts, Inc. USD 8,056 772 0.07

Eli Lilly & Co. USD 22,593 2,645 0.23

Entergy Corp. USD 23,912 2,552 0.22

Envista Holdings Corp. USD 6,448 170 0.02

EOG Resources, Inc. USD 14,666 1,094 0.09

EPAM Systems, Inc. USD 1,626 307 0.03

EQT Corp. USD 117,194 1,138 0.10

Equifax, Inc. USD 3,415 426 0.04

Equinix, Inc., REIT USD 2,233 1,161 0.10

Equity LifeStyle Properties, Inc., REIT USD 4,726 296 0.03

Equity Residential, REIT USD 10,461 754 0.07

Essex Property Trust, Inc., REIT USD 1,672 448 0.04

Evergy, Inc. USD 6,750 391 0.03

Eversource Energy USD 8,019 608 0.05

Exelon Corp. USD 59,646 2,423 0.21

Expedia Group, Inc. USD 3,872 373 0.03

Extra Space Storage, Inc., REIT USD 3,602 339 0.03

Exxon Mobil Corp. USD 78,935 4,907 0.42

Facebook, Inc. 'A' USD 64,129 11,726 1.01

Federal Realty Investment Trust, REIT USD 2,047 235 0.02

Fidelity National Financial, Inc. USD 7,615 308 0.03

Fidelity National Information Services, Inc. USD 17,679 2,191 0.19

Fifth Third Bancorp USD 17,664 484 0.04

FirstEnergy Corp. USD 14,544 630 0.05

Fiserv, Inc. USD 15,850 1,633 0.14

FleetCor Technologies, Inc. USD 2,243 575 0.05

FMC Corp. USD 25,442 2,262 0.19

Ford Motor Co. USD 265,673 2,201 0.19

Fortinet, Inc. USD 23,621 2,247 0.19

Fox Corp. 'A' USD 8,924 295 0.03

Pensioen Opbouw 94 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Fox Corp. 'B' USD 737 24 –

General Electric Co. USD 441,748 4,392 0.38

General Mills, Inc. USD 57,764 2,756 0.24

General Motors Co. USD 32,112 1,047 0.09

Genuine Parts Co. USD 3,896 369 0.03

Gilead Sciences, Inc. USD 67,654 3,916 0.34

Global Payments, Inc. USD 8,513 1,385 0.12

Globe Life, Inc. USD 1,459 137 0.01

Goldman Sachs Group, Inc. (The) USD 18,846 3,860 0.33

Hartford Financial Services Group, Inc. (The) USD 9,072 491 0.04

HCA Healthcare, Inc. USD 6,963 917 0.08

Healthpeak Properties, Inc., REIT USD 12,353 379 0.03

Henry Schein, Inc. USD 1,899 113 0.01

Hershey Co. (The) USD 4,846 635 0.05

Hess Corp. USD 3,354 200 0.02

Hewlett Packard Enterprise Co. USD 178,969 2,529 0.22

Hilton Worldwide Holdings, Inc. USD 7,128 704 0.06

HollyFrontier Corp. USD 5,312 240 0.02

Hologic, Inc. USD 3,273 152 0.01

Home Depot, Inc. (The) USD 18,330 3,566 0.31

Honeywell International, Inc. USD 21,035 3,317 0.29

Host Hotels & Resorts, Inc., REIT USD 21,376 353 0.03

HP, Inc. USD 149,730 2,741 0.23

Humana, Inc. USD 3,996 1,305 0.11

Huntington Bancshares, Inc. USD 29,865 401 0.03

Huntington Ingalls Industries, Inc. USD 1,237 276 0.02

IAC/InterActiveCorp USD 1,966 436 0.04

IDEX Corp. USD 883 135 0.01

IDEXX Laboratories, Inc. USD 2,183 508 0.05

Illinois Tool Works, Inc. USD 7,559 1,210 0.10

Illumina, Inc. USD 1,694 501 0.04

Incyte Corp. USD 4,582 357 0.03

Intel Corp. USD 161,366 8,604 0.74

International Business Machines Corp. USD 25,826 3,084 0.26

International Paper Co. USD 9,739 400 0.03

Intuit, Inc. USD 12,972 3,027 0.26

Invitation Homes, Inc., REIT USD 78,091 2,085 0.18

IQVIA Holdings, Inc. USD 4,047 557 0.05

Jacobs Engineering Group, Inc. USD 3,867 309 0.03

Jefferies Financial Group, Inc. USD 118,605 2,258 0.19

JM Smucker Co. (The) USD 3,295 306 0.03

Johnson & Johnson USD 76,462 9,936 0.85

JPMorgan Chase & Co. USD 104,956 13,034 1.12

Pensioen Opbouw 95 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Juniper Networks, Inc. USD 2,832 62 0.01

Kansas City Southern USD 1,131 154 0.01

Kellogg Co. USD 7,288 449 0.04

KeyCorp USD 28,599 516 0.04

Keysight Technologies, Inc. USD 24,971 2,283 0.20

Kimberly-Clark Corp. USD 8,756 1,073 0.09

Kimco Realty Corp., REIT USD 106,683 1,968 0.17

Kinder Morgan, Inc. USD 50,221 947 0.08

KLA Corp. USD 4,642 737 0.06

Kraft Heinz Co. (The) USD 73,610 2,107 0.18

Kroger Co. (The) USD 20,934 541 0.05

L3Harris Technologies, Inc. USD 6,104 1,076 0.09

Laboratory Corp. of America Holdings USD 2,554 385 0.03

Lam Research Corp. USD 4,186 1,090 0.09

Las Vegas Sands Corp. USD 8,841 544 0.05

Lear Corp. USD 713 87 0.01

Leidos Holdings, Inc. USD 27,153 2,368 0.20

Lennar Corp. 'A' USD 7,693 382 0.03

Liberty Broadband Corp. 'C' USD 2,737 307 0.03

Lincoln National Corp. USD 33,582 1,765 0.15

Live Nation Entertainment, Inc. USD 4,385 279 0.02

LKQ Corp. USD 8,836 281 0.03

Lockheed Martin Corp. USD 11,130 3,861 0.33

Loews Corp. USD 6,761 316 0.03

Lowe's Cos., Inc. USD 20,383 2,175 0.19

Lululemon Athletica, Inc. USD 4,780 986 0.08

M&T Bank Corp. USD 3,374 510 0.04

Macy's, Inc. USD 25,255 383 0.03

ManpowerGroup, Inc. USD 22,448 1,942 0.17

Marathon Oil Corp. USD 22,577 273 0.02

Marathon Petroleum Corp. USD 17,471 938 0.08

Martin Marietta Materials, Inc. USD 8,160 2,033 0.18

Masco Corp. USD 3,229 138 0.01

Mastercard, Inc. 'A' USD 26,209 6,972 0.60

Maxim Integrated Products, Inc. USD 7,861 431 0.04

McCormick & Co., Inc. (Non-Voting) USD 3,081 466 0.04

McDonald's Corp. USD 5,580 982 0.08

McKesson Corp. USD 19,995 2,464 0.21

MercadoLibre, Inc. USD 1,085 553 0.05

Merck & Co., Inc. USD 91,165 7,387 0.63

MetLife, Inc. USD 60,546 2,749 0.24

MGM Resorts International USD 12,690 376 0.03

Micron Technology, Inc. USD 28,682 1,374 0.12

Pensioen Opbouw 96 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Microsoft Corp. USD 209,954 29,496 2.53

Mid-America Apartment Communities, Inc., REIT USD 1,416 166 0.01

Molson Coors Brewing Co. 'B' USD 34,064 1,636 0.14

Mondelez International, Inc. 'A' USD 73,229 3,593 0.31

Monster Beverage Corp. USD 10,491 594 0.05

Morgan Stanley USD 36,643 1,669 0.14

Motorola Solutions, Inc. USD 4,141 595 0.05

Navient Corp. USD 137,038 1,670 0.14

NetApp, Inc. USD 8,931 495 0.04

Netflix, Inc. USD 2,484 716 0.06

Newell Brands, Inc. USD 125,836 2,155 0.18

Newmont Goldcorp Corp. CAD 1,256 49 0.01

Newmont Goldcorp Corp. USD 20,644 799 0.07

NextEra Energy, Inc. USD 1,258 271 0.02

NIKE, Inc. 'B' USD 36,129 3,261 0.28

NortonLifeLock, Inc. USD 17,260 392 0.03

NRG Energy, Inc. USD 3,642 129 0.01

Nuance Communications, Inc. USD 124,011 1,970 0.17

Nucor Corp. USD 8,452 424 0.04

NVIDIA Corp. USD 16,597 3,479 0.30

NVR, Inc. USD 77 261 0.02

Occidental Petroleum Corp. USD 22,838 838 0.07

OGE Energy Corp. USD 6,140 243 0.02

Old Dominion Freight Line, Inc. USD 820 139 0.01

Omnicom Group, Inc. USD 5,670 409 0.03

Oracle Corp. USD 100,430 4,740 0.41

O'Reilly Automotive, Inc. USD 2,245 877 0.07

Owens Corning USD 20,901 1,213 0.10

PACCAR, Inc. USD 34,315 2,418 0.21

Palo Alto Networks, Inc. USD 2,400 494 0.04

Parker-Hannifin Corp. USD 3,347 614 0.05

Paychex, Inc. USD 8,171 619 0.05

Paycom Software, Inc. USD 1,358 320 0.03

PayPal Holdings, Inc. USD 29,387 2,832 0.24

PepsiCo, Inc. USD 38,164 4,647 0.40

Pfizer, Inc. USD 154,294 5,386 0.46

Phillips 66 USD 30,735 3,051 0.26

Pinnacle West Capital Corp. USD 3,135 251 0.02

Pioneer Natural Resources Co. USD 4,313 582 0.05

PNC Financial Services Group, Inc. (The) USD 12,624 1,795 0.15

PPG Industries, Inc. USD 6,069 722 0.06

PPL Corp. USD 19,940 637 0.05

Principal Financial Group, Inc. USD 3,564 175 0.01

Pensioen Opbouw 97 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Procter & Gamble Co. (The) USD 71,460 7,951 0.68

Prologis, Inc., REIT USD 18,002 1,430 0.12

Prudential Financial, Inc. USD 10,439 872 0.07

Public Service Enterprise Group, Inc. USD 14,535 765 0.06

Public Storage, REIT USD 4,219 800 0.07

PulteGroup, Inc. USD 59,619 2,061 0.18

Qorvo, Inc. USD 23,787 2,463 0.21

QUALCOMM, Inc. USD 37,790 2,970 0.25

Quest Diagnostics, Inc. USD 3,713 353 0.03

Qurate Retail, Inc. USD 188,662 1,417 0.12

Raymond James Financial, Inc. USD 3,267 260 0.02

Raytheon Co. USD 7,910 1,548 0.13

Regency Centers Corp., REIT USD 1,721 97 0.01

Regeneron Pharmaceuticals, Inc. USD 2,017 675 0.06

Regions Financial Corp. USD 64,231 982 0.08

Reinsurance Group of America, Inc. USD 745 108 0.01

Republic Services, Inc. USD 5,750 459 0.04

Rockwell Automation, Inc. USD 3,354 605 0.05

Roper Technologies, Inc. USD 2,616 825 0.07

Ross Stores, Inc. USD 9,442 979 0.08

S&P Global, Inc. USD 6,847 1,666 0.14

salesforce.com, Inc. USD 4,486 650 0.06

Santander Consumer USA Holdings, Inc. USD 25,030 521 0.04

Sempra Energy USD 7,894 1,065 0.09

ServiceNow, Inc. USD 4,708 1,184 0.10

Sherwin-Williams Co. (The) USD 2,371 1,233 0.11

Skyworks Solutions, Inc. USD 5,040 543 0.05

Snap, Inc. 'A' USD 18,784 273 0.02

Southern Co. (The) USD 30,763 1,746 0.15

Southwest Airlines Co. USD 5,838 281 0.02

Spirit AeroSystems Holdings, Inc. 'A' USD 3,201 208 0.02

SS&C Technologies Holdings, Inc. USD 4,686 256 0.02

Stanley Black & Decker, Inc. USD 3,820 564 0.05

Starbucks Corp. USD 55,549 4,351 0.37

State Street Corp. USD 10,681 753 0.06

Stryker Corp. USD 9,256 1,731 0.15

Sun Communities, Inc., REIT USD 2,389 319 0.03

Synchrony Financial USD 70,386 2,258 0.19

Synopsys, Inc. USD 17,983 2,230 0.19

Sysco Corp. USD 14,018 1,068 0.09

T Rowe Price Group, Inc. USD 6,416 696 0.06

Take-Two Interactive Software, Inc. USD 19,162 2,090 0.18

Target Corp. USD 34,155 3,901 0.33

Pensioen Opbouw 98 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) TEGNA, Inc. USD 102,465 1,524 0.13

Teradyne, Inc. USD 4,872 296 0.03

Texas Instruments, Inc. USD 25,953 2,966 0.25

Textron, Inc. USD 15,145 602 0.05

Thermo Fisher Scientific, Inc. USD 17,373 5,028 0.43

T-Mobile US, Inc. USD 8,578 599 0.05

Toll Brothers, Inc. USD 12,609 444 0.04

TransUnion USD 5,144 392 0.03

Truist Financial Corp. USD 26,353 1,322 0.11

Tyson Foods, Inc. 'A' USD 7,466 606 0.05

UDR, Inc., REIT USD 3,364 140 0.01

Union Pacific Corp. USD 1,873 302 0.03

United Airlines Holdings, Inc. USD 8,882 697 0.06

United Parcel Service, Inc. 'B' USD 17,594 1,835 0.16

United Rentals, Inc. USD 2,244 333 0.03

United Technologies Corp. USD 23,401 3,122 0.27

UnitedHealth Group, Inc. USD 26,122 6,841 0.59

Universal Health Services, Inc. 'B' USD 742 95 0.01

US Bancorp USD 38,820 2,050 0.18

Valero Energy Corp. USD 11,345 947 0.08

Varian Medical Systems, Inc. USD 1,027 130 0.01

Veeva Systems, Inc. 'A' USD 15,105 1,893 0.16

Ventas, Inc., REIT USD 9,006 463 0.04

VEREIT, Inc., REIT USD 249,123 2,051 0.18

VeriSign, Inc. USD 2,753 473 0.04

Verisk Analytics, Inc. USD 3,957 527 0.05

Verizon Communications, Inc. USD 117,438 6,424 0.55

Vertex Pharmaceuticals, Inc. USD 2,841 554 0.05

VF Corp. USD 8,525 757 0.07

ViacomCBS, Inc. 'B' USD 14,828 554 0.05

Visa, Inc. 'A' USD 47,630 7,973 0.68

Vistra Energy Corp. USD 85,845 1,758 0.15

VMware, Inc. 'A' USD 2,248 304 0.03

Voya Financial, Inc. USD 37,506 2,038 0.18

Vulcan Materials Co. USD 2,977 382 0.03

Walgreens Boots Alliance, Inc. USD 21,191 1,113 0.10

Walmart, Inc. USD 40,067 4,242 0.36

Walt Disney Co. (The) USD 51,899 6,687 0.57

Waste Management, Inc. USD 11,381 1,155 0.10

WEC Energy Group, Inc. USD 7,974 655 0.06

Wells Fargo & Co. USD 121,610 5,829 0.50

Welltower, Inc., REIT USD 9,503 692 0.06

Western Digital Corp. USD 4,599 260 0.02

Pensioen Opbouw 99 Additional information on investments in Robeco Group mutual funds (continued) Robeco QI Global Developed Enhanced Index Equities Fund As at 31 December 2019

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Equities (continued)

United States of America (continued) Western Union Co. (The) USD 32,962 786 0.07

Westrock Co. USD 7,974 305 0.03

Whirlpool Corp. USD 1,978 260 0.02

WP Carey, Inc., REIT USD 1,935 138 0.01

WR Berkley Corp. USD 4,294 264 0.02

WW Grainger, Inc. USD 548 165 0.01

Wynn Resorts Ltd. USD 2,323 287 0.03

Xerox Holdings Corp. USD 66,606 2,188 0.19

Xilinx, Inc. USD 7,326 638 0.05

Yum! Brands, Inc. USD 7,899 709 0.06

Zebra Technologies Corp. 'A' USD 1,492 340 0.03

Zimmer Biomet Holdings, Inc. USD 5,160 688 0.06

Zoetis, Inc. USD 13,691 1,614 0.14

685,671 58.77

Total Equities 1,146,452 98.28

Total Transferable securities and money market instruments admitted to an official exchange listing 1,146,452 98.28

Total Investments 1,146,452 98.28

Cash 7,129 0.61 Other Assets/(Liabilities) 12,906 1.11 Total Net Assets 1,166,487 100.00

Financial Futures Contracts

Unrealised Number of Gain/(Loss) % of Net Security Description Contracts Currency EUR' 000 Assets EURO STOXX 50 Index, 20/03/2020 201 EUR 1 –

S&P 500 Emini Index, 78 USD 61 0.01

Total Unrealised Gain on Financial Futures Contracts - Assets 62 0.01

Net Unrealised Gain on Financial Futures Contracts - Assets 62 0.01

Pensioen Opbouw 100 Additional information on investments in Robeco Group mutual funds (continued)

RobecoSAM Global SDG Credits

The sub-fund primarily invests in bonds issued by companies that contribute positively to the realization of the Sustainable Development Goals.

Investment result per share class Investment Price in Price in result Share class EUR x 1 EUR x 1 reporting 31/12/2020 31/12/2019 period in % RobecoSAM Global SDG Credits – Z EUR - Net asset value 115.35 110.99 3.9 - Bloomberg Barclays Global Aggregate - Corporates (hedged into EUR) 1.3

Investment policy The sub-fund posted a gross return of 9.32% hedged in EUR in 2020, outperforming the Bloomberg Barclays Global Aggregate Corporates Index (EUR hedged) by 2.59%. This outperformance was the result of active beta management and issuer selection. The sub- fund started the year cautiously, allowing full benefit from the investment opportunity that arose in March. The risk profile of the sub- fund was increased substantially and, throughout the remainder of the year, slowly reduced again as credit spreads normalized. Initially, risk was added through long-dated high-quality issuers and, later in the year, these were replaced with more cyclical companies that were severely hit by the Covid-19 pandemic, such as the leisure, banking and automotive industries. In its investment process, the sub-fund focuses on issuers that contribute positively to the UN Sustainable Development Goals. This means that companies that contribute negatively to one or more SDGs are excluded from the portfolio.

Pensioen Opbouw 101 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing

Bonds

Australia Transurban Finance Co. Pty. Ltd., Reg. S 1.45% 16/05/2029 EUR 7,900,000 8,607,749 0.78

8,607,749 0.78

Austria Erste Group Bank AG, Reg. S 1.625% 08/09/2031 EUR 1,700,000 1,770,555 0.16

Erste Group Bank AG, Reg. S, FRN 5.125% Perpetual EUR 2,400,000 2,568,501 0.23

Erste Group Bank AG, Reg. S, FRN 6.5% Perpetual EUR 2,800,000 3,124,147 0.29

Erste Group Bank AG, Reg. S, FRN 8.875% Perpetual EUR 400,000 424,957 0.04

Raiffeisen Bank International AG, Reg. S 6% 31/12/2164 EUR 6,400,000 6,941,099 0.63

Raiffeisen Bank International AG, Reg. S, FRN 1.5% 12/03/2030 EUR 4,100,000 4,092,767 0.37

Suzano Austria GmbH 5% 15/01/2030 USD 9,794,000 9,090,238 0.83

28,012,264 2.55

Belgium Ageas SA/NV, Reg. S, FRN 3.25% 02/07/2049 EUR 2,600,000 2,964,000 0.27

Argenta Spaarbank NV, Reg. S 1% 13/10/2026 EUR 9,400,000 9,599,253 0.87

Argenta Spaarbank NV, Reg. S, FRN 3.875% 24/05/2026 EUR 100,000 101,422 0.01

Belfius Bank SA, Reg. S 0.01% 15/10/2025 EUR 2,900,000 2,906,637 0.26

Elia Transmission Belgium SA, Reg. S 3% 07/04/2029 EUR 3,000,000 3,688,179 0.34

Elia Transmission Belgium SA, Reg. S 1.375% 27/05/2024 EUR 1,400,000 1,465,945 0.13

KBC Group NV, Reg. S 1.125% 25/01/2024 EUR 800,000 829,220 0.08

21,554,656 1.96

Bermuda Ooredoo International Finance Ltd., Reg. S 3.25% 21/02/2023 USD 1,658,000 1,416,052 0.13

1,416,052 0.13

Canada Magna International, Inc. 2.45% 15/06/2030 USD 1,995,000 1,756,720 0.16

Royal Bank of Canada, Reg. S 1.375% 09/12/2024 GBP 1,999,000 2,311,184 0.21

4,067,904 0.37

Cayman Islands Shimao Group Holdings Ltd., Reg. S 4.75% 03/07/2022 USD 1,837,000 1,533,742 0.14

Shimao Group Holdings Ltd., Reg. S 6.125% 21/02/2024 USD 200,000 173,011 0.02

Tencent Holdings Ltd., Reg. S 3.975% 11/04/2029 USD 2,200,000 2,046,964 0.19

Tencent Holdings Ltd., Reg. S 3.24% 03/06/2050 USD 5,254,000 4,438,987 0.40

8,192,704 0.75

Pensioen Opbouw 102 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

Chile Enel Chile SA 4.875% 12/06/2028 USD 3,641,000 3,506,756 0.32

3,506,756 0.32

Denmark Nykredit Realkredit A/S, Reg. S, FRN 2.75% 17/11/2027 EUR 2,471,000 2,577,241 0.23

Orsted A/S, Reg. S 1.5% 26/11/2029 EUR 100,000 112,393 0.01

2,689,634 0.24

Finland Sampo OYJ, Reg. S 2.5% 03/09/2052 EUR 1,325,000 1,434,649 0.13

Sampo OYJ, Reg. S, FRN 3.375% 23/05/2049 EUR 2,500,000 2,872,973 0.26

4,307,622 0.39

France Air Liquide Finance SA, Reg. S 1.875% 05/06/2024 EUR 100,000 107,417 0.01

Banque Federative du Credit Mutuel SA, Reg. S 1.75% 19/12/2024 GBP 800,000 942,032 0.09

Banque Federative du Credit Mutuel SA, Reg. S 3% 11/09/2025 EUR 800,000 900,851 0.08

Banque Federative du Credit Mutuel SA, Reg. S 2.375% 24/03/2026 EUR 500,000 551,084 0.05

Banque Federative du Credit Mutuel SA, Reg. S 1.25% 03/06/2030 EUR 4,200,000 4,538,708 0.41

BNP Paribas SA, Reg. S 0.625% 03/12/2032 EUR 6,900,000 6,975,561 0.63

BPCE SA, Reg. S, FRN 2.75% 30/11/2027 EUR 100,000 104,815 0.01

BPCE SA, Reg. S 0.625% 28/04/2025 EUR 2,500,000 2,577,077 0.23

Carrefour SA, Reg. S 0.75% 26/04/2024 EUR 3,693,000 3,790,606 0.34

CNP Assurances, Reg. S, FRN 7.375% 30/09/2041 GBP 800,000 937,049 0.09

Credit Agricole Assurances SA, Reg. S 2% 17/07/2030 EUR 6,200,000 6,637,250 0.60

Credit Agricole SA 7.375% 18/12/2023 GBP 950,000 1,264,897 0.11

Credit Agricole SA, Reg. S 0.5% 24/06/2024 EUR 4,600,000 4,688,909 0.43

Crown European Holdings SA, Reg. S 2.25% 01/02/2023 EUR 1,038,000 1,061,349 0.10

Crown European Holdings SA, Reg. S 0.75% 15/02/2023 EUR 3,340,000 3,328,862 0.30

Crown European Holdings SA, Reg. S 3.375% 15/05/2025 EUR 3,631,000 3,929,307 0.36

Holding d'Infrastructures de Transport SASU, Reg. S 2.5% 04/05/2027 EUR 2,800,000 3,132,787 0.28

Holding d'Infrastructures de Transport SASU, Reg. S 0.625% 27/03/2023 EUR 1,800,000 1,816,856 0.17

Holding d'Infrastructures de Transport SASU, Reg. S 2.25% 24/03/2025 EUR 1,300,000 1,401,783 0.13

Holding d'Infrastructures de Transport SASU, Reg. S 1.625% 27/11/2027 EUR 1,700,000 1,809,577 0.16

La Banque Postale SA, Reg. S 2.75% 23/04/2026 EUR 4,700,000 4,737,345 0.43

La Banque Postale SA, Reg. S 1.375% 24/04/2029 EUR 1,900,000 2,078,000 0.19

La Mondiale SAM, Reg. S 0.75% 20/04/2026 EUR 9,500,000 9,604,032 0.87

PSA Banque France SA, Reg. S 0.625% 21/06/2024 EUR 601,000 611,856 0.06

Veolia Environnement SA, Reg. S 2.25% 31/12/2164 EUR 5,700,000 5,804,199 0.53

Pensioen Opbouw 103 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

France (continued) WPP Finance SA, Reg. S 3.75% 19/05/2032 GBP 4,723,000 6,219,003 0.57

79,551,212 7.23

Germany Bundesobligation, Reg. S 0% 09/04/2021 EUR 4,463,000 4,471,833 0.41

Continental AG 2.5% 27/08/2026 EUR 4,641,000 5,177,565 0.47

Daimler AG, Reg. S 0.75% 10/09/2030 EUR 3,438,000 3,576,268 0.32

Fresenius Medical Care AG & Co. KGaA, Reg. S 0.25% 29/11/2023 EUR 3,275,000 3,302,841 0.30

Fresenius SE & Co. KGaA, Reg. S 1.875% 15/02/2025 EUR 2,318,000 2,483,075 0.23

Schaeffler AG, Reg. S 1.875% 26/03/2024 EUR 2,927,000 3,018,267 0.27

22,029,849 2.00

Hong Kong Lenovo Group Ltd., Reg. S 3.421% 02/11/2030 USD 1,980,000 1,705,169 0.16

Weichai International Hong Kong Energy Group Co. Ltd., Reg. S, FRN 3.75% Perpetual USD 3,760,000 3,115,279 0.28

4,820,448 0.44

Ireland AIB Group plc, Reg. S 2.875% 30/05/2031 EUR 2,400,000 2,557,644 0.23

AIB Group plc, Reg. S, FRN 1.875% 19/11/2029 EUR 1,847,000 1,876,160 0.17

AIB Group plc, Reg. S, FRN 5.25% Perpetual EUR 5,160,000 5,449,988 0.49

AIB Group plc, Reg. S 1.5% 29/03/2023 EUR 1,670,000 1,724,681 0.16

Bank of Ireland Group plc, Reg. S, FRN 3.125% 19/09/2027 GBP 120,000 136,171 0.01

Bank of Ireland Group plc, Reg. S, FRN 4.125% 19/09/2027 USD 3,246,000 2,709,154 0.25

Bank of Ireland Group plc, Reg. S, FRN 2.375% 14/10/2029 EUR 2,360,000 2,414,827 0.22

GE Capital European Funding Unlimited Co. 6.025% 01/03/2038 EUR 275,000 423,335 0.04

Johnson Controls International plc 1.75% 15/09/2030 USD 5,900,000 4,916,370 0.45

22,208,330 2.02

Japan Mitsubishi UFJ Financial Group, Inc. 3.761% 26/07/2023 USD 1,796,000 1,591,785 0.14

Mitsubishi UFJ Financial Group, Inc., Reg. S 0.68% 26/01/2023 EUR 100,000 101,778 0.01

1,693,563 0.15

Luxembourg CNH Industrial Finance Europe SA, Reg. S 0% 01/04/2024 EUR 1,869,000 1,866,284 0.17

CNH Industrial Finance Europe SA, Reg. S 1.625% 03/07/2029 EUR 1,455,000 1,533,562 0.14

DH Europe Finance II Sarl 0.2% 18/03/2026 EUR 3,100,000 3,130,026 0.29

DH Europe Finance II Sarl 0.45% 18/03/2028 EUR 3,000,000 3,056,377 0.28

DH Europe Finance II Sarl 1.35% 18/09/2039 EUR 6,352,000 6,828,534 0.62

Pensioen Opbouw 104 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

Luxembourg (continued) Medtronic Global Holdings SCA 0.375% 07/03/2023 EUR 3,200,000 3,239,166 0.29

Medtronic Global Holdings SCA 0% 15/03/2023 EUR 2,735,000 2,747,178 0.25

Nestle Finance International Ltd., Reg. S 0% 03/12/2025 EUR 4,056,000 4,099,015 0.37

26,500,142 2.41

Mexico America Movil SAB de CV 2.875% 07/05/2030 USD 8,000,000 7,104,734 0.65

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Reg. S 4.125% 09/11/2022 USD 925,000 796,868 0.07

Grupo Televisa SAB 5.25% 24/05/2049 USD 1,500,000 1,546,218 0.14

Grupo Televisa SAB 5% 13/05/2045 USD 3,470,000 3,412,961 0.31

12,860,781 1.17

Netherlands ABN AMRO Bank NV, Reg. S 1.25% 28/05/2025 EUR 5,000,000 5,264,923 0.48

ABN AMRO Bank NV, Reg. S 0.875% 15/01/2024 EUR 4,291,000 4,430,872 0.40

ABN AMRO Bank NV, Reg. S 4.75% 28/07/2025 USD 1,370,000 1,292,340 0.12

ASR Nederland NV, Reg. S, FRN 5.125% 29/09/2045 EUR 2,000,000 2,375,000 0.22

ASR Nederland NV, Reg. S, FRN 3.375% 02/05/2049 EUR 1,480,000 1,653,900 0.15

Bharti Airtel International Netherlands BV, Reg. S 3.375% 20/05/2021 EUR 800,000 808,000 0.07

Bharti Airtel International Netherlands BV, Reg. S 5.35% 20/05/2024 USD 2,741,000 2,472,624 0.22

BMW Finance NV, Reg. S 0% 14/04/2023 EUR 3,926,000 3,938,792 0.36

Braskem Netherlands Finance BV, Reg. S 4.5% 10/01/2028 USD 969,000 830,600 0.07

Conti-Gummi Finance BV, Reg. S 1.125% 25/09/2024 EUR 4,205,000 4,352,430 0.40

de Volksbank NV, Reg. S 0.01% 16/09/2024 EUR 1,400,000 1,409,264 0.13

Deutsche Telekom International Finance BV, Reg. S 1.5% 03/04/2028 EUR 880,000 972,408 0.09

ELM BV for Helvetia Schweizerische Versicherungsgesellschaft AG, Reg. S, FRN 3.375% 29/09/2047 EUR 932,000 1,050,680 0.10

LeasePlan Corp. NV 0.125% 13/09/2023 EUR 2,437,000 2,444,332 0.22

LeasePlan Corp. NV, Reg. S, FRN 7.375% Perpetual EUR 3,519,000 3,834,407 0.35

LeasePlan Corp. NV, Reg. S 0.75% 03/10/2022 EUR 840,000 851,073 0.08

LeasePlan Corp. NV, Reg. S 3.5% 09/04/2025 EUR 1,020,000 1,160,874 0.11

NIBC Bank NV, Reg. S, FRN 6% Perpetual EUR 875,000 879,756 0.08

NIBC Bank NV, Reg. S 2% 09/04/2024 EUR 7,400,000 7,742,289 0.70

RELX Finance BV, Reg. S 0% 18/03/2024 EUR 1,705,000 1,710,218 0.15

Siemens Financieringsmaatschappij NV, Reg. S 2.75% 10/09/2025 GBP 1,400,000 1,741,396 0.16

SRLEV NV, FRN 9% 15/04/2041 EUR 3,220,000 3,292,280 0.30

Swiss Re Ltd., Reg. S 5.75% 15/08/2050 USD 2,366,000 2,195,814 0.20

Swiss Reinsurance Co. Ltd., Reg. S, FRN 2.6% Perpetual EUR 2,400,000 2,592,199 0.24

Telefonica Europe BV, Reg. S, FRN 5.875% Perpetual EUR 2,400,000 2,698,477 0.24

TenneT Holding BV, Reg. S, FRN 2.995% Perpetual EUR 2,243,000 2,369,463 0.21

Vonovia Finance BV, Reg. S 2.25% 07/04/2030 EUR 2,400,000 2,814,999 0.26

Pensioen Opbouw 105 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

Netherlands (continued) ZF Europe Finance BV, Reg. S 1.25% 23/10/2023 EUR 1,100,000 1,087,900 0.10

ZF Europe Finance BV, Reg. S 2.5% 23/10/2027 EUR 4,900,000 4,934,326 0.45

ZF Europe Finance BV, Reg. S 3% 23/10/2029 EUR 1,500,000 1,533,680 0.14

74,735,316 6.80

Norway DNB Boligkreditt A/S, Reg. S 0.625% 19/06/2025 EUR 6,300,000 6,603,679 0.60

6,603,679 0.60

Singapore DBS Group Holdings Ltd., Reg. S, FRN 1.5% 11/04/2028 EUR 250,000 254,688 0.02

SP PowerAssets Ltd., Reg. S 2.7% 14/09/2022 USD 200,000 169,384 0.02

SP PowerAssets Ltd., Reg. S 3.25% 24/11/2025 USD 1,490,000 1,351,722 0.12

Temasek Financial I Ltd., Reg. S 1.5% 01/03/2028 EUR 1,697,000 1,862,458 0.17

United Overseas Bank Ltd., Reg. S, FRN 2.88% 08/03/2027 USD 3,932,000 3,266,825 0.30

United Overseas Bank Ltd., Reg. S 0.25% 11/09/2023 EUR 100,000 101,771 0.01

7,006,848 0.64

South Korea Shinhan Bank Co. Ltd., Reg. S 0.25% 16/10/2024 EUR 2,328,000 2,355,517 0.22

Shinhan Bank Co. Ltd., Reg. S 4% 23/04/2029 USD 1,452,000 1,347,658 0.12

3,703,175 0.34

Spain Banco Bilbao Vizcaya Argentaria SA, Reg. S 3.104% 15/07/2031 GBP 5,300,000 6,190,058 0.56

Banco Bilbao Vizcaya Argentaria SA, Reg. S 6% 31/12/2164 EUR 1,400,000 1,545,826 0.14

Banco Bilbao Vizcaya Argentaria SA, FRN 6.5% Perpetual USD 1,600,000 1,397,181 0.13

Banco Bilbao Vizcaya Argentaria SA, Reg. S, FRN 5.875% Perpetual EUR 2,400,000 2,507,537 0.23

Banco Bilbao Vizcaya Argentaria SA, Reg. S, FRN 6% Perpetual EUR 1,000,000 1,071,705 0.10

Banco de Sabadell SA, Reg. S, FRN 5.375% 12/12/2028 EUR 1,000,000 1,090,000 0.10

Banco de Sabadell SA, Reg. S 1.75% 10/05/2024 EUR 5,200,000 5,379,831 0.49

Banco de Sabadell SA, Reg. S 1.125% 27/03/2025 EUR 200,000 203,296 0.02

Banco de Sabadell SA, Reg. S 5.625% 06/05/2026 EUR 1,900,000 2,218,026 0.20

Banco Santander SA, Reg. S 7.5% Perpetual USD 2,000,000 1,809,889 0.16

Banco Santander SA 3.8% 23/02/2028 USD 3,970,000 3,674,735 0.33

Banco Santander SA, Reg. S, FRN 6.25% Perpetual EUR 1,800,000 1,841,283 0.17

Banco Santander SA, Reg. S 0.25% 19/06/2024 EUR 1,700,000 1,722,352 0.16

Bankia SA, Reg. S, FRN 3.375% 15/03/2027 EUR 2,300,000 2,366,698 0.22

Bankia SA, Reg. S, FRN 3.75% 15/02/2029 EUR 5,000,000 5,384,617 0.49

Bankia SA, Reg. S, FRN 6% Perpetual EUR 1,400,000 1,445,309 0.13

Bankia SA, Reg. S 0.875% 25/03/2024 EUR 1,800,000 1,850,906 0.17

Pensioen Opbouw 106 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

Spain (continued) Bankia SA, Reg. S 1.125% 12/11/2026 EUR 1,400,000 1,460,494 0.13

Bankinter SA, Reg. S, FRN 2.5% 06/04/2027 EUR 100,000 102,168 0.01

Bankinter SA, Reg. S 0.625% 06/10/2027 EUR 7,600,000 7,742,389 0.70

CaixaBank SA, Reg. S 0.75% 10/07/2026 EUR 2,900,000 2,980,134 0.27

CaixaBank SA, Reg. S, FRN 3.5% 15/02/2027 EUR 100,000 103,092 0.01

CaixaBank SA, Reg. S, FRN 6.75% Perpetual EUR 800,000 883,582 0.08

CaixaBank SA, Reg. S 1.75% 24/10/2023 EUR 1,200,000 1,257,887 0.11

CaixaBank SA, Reg. S 2.375% 01/02/2024 EUR 2,000,000 2,140,535 0.19

CaixaBank SA, Reg. S 1.125% 17/05/2024 EUR 300,000 311,663 0.03

CaixaBank SA, Reg. S 0.375% 03/02/2025 EUR 1,000,000 1,011,962 0.09

CaixaBank SA, Reg. S 1.375% 19/06/2026 EUR 3,200,000 3,371,767 0.31

Cellnex Telecom SA, Reg. S 1.75% 23/10/2030 EUR 4,600,000 4,642,205 0.42

Cellnex Telecom SA, Reg. S 2.875% 18/04/2025 EUR 3,100,000 3,351,423 0.31

Mapfre SA, Reg. S, FRN 4.125% 07/09/2048 EUR 5,000,000 5,795,674 0.53

Telefonica Emisiones SA 5.52% 01/03/2049 USD 2,071,000 2,266,322 0.21

Telefonica Emisiones SA, Reg. S 5.375% 02/02/2026 GBP 1,553,000 2,115,472 0.19

81,236,018 7.39

Turkey Turkiye Sise ve Cam Fabrikalari A/S, Reg. S 6.95% 14/03/2026 USD 1,699,000 1,546,082 0.14

1,546,082 0.14

United Arab Emirates DP World plc, Reg. S 2.375% 25/09/2026 EUR 4,613,000 4,826,351 0.44

4,826,351 0.44

United Kingdom Barclays plc, FRN 3.932% 07/05/2025 USD 2,984,000 2,669,256 0.24

Barclays plc, FRN 8% Perpetual USD 634,000 578,440 0.05

Barclays plc, Reg. S, FRN 2% 07/02/2028 EUR 2,361,000 2,413,827 0.22

Barclays plc, Reg. S 1.5% 03/09/2023 EUR 1,300,000 1,355,567 0.12

British Telecommunications plc, Reg. S 0.5% 12/09/2025 EUR 3,819,000 3,887,167 0.35

Centrica plc, Reg. S, FRN 5.25% 10/04/2075 GBP 2,070,000 2,498,571 0.23

HSBC Holdings plc, FRN 3.033% 22/11/2023 USD 1,968,000 1,688,592 0.15

HSBC Holdings plc 4.95% 31/03/2030 USD 1,378,000 1,408,919 0.13

HSBC Holdings plc, Reg. S 2.625% 16/08/2028 GBP 1,499,000 1,862,301 0.17

InterContinental Hotels Group plc, Reg. S 3.375% 08/10/2028 GBP 3,010,000 3,699,745 0.34

InterContinental Hotels Group plc, Reg. S 3.75% 14/08/2025 GBP 2,000,000 2,439,582 0.22

InterContinental Hotels Group plc, Reg. S 2.125% 24/08/2026 GBP 4,120,000 4,694,287 0.43

InterContinental Hotels Group plc, Reg. S 2.125% 15/05/2027 EUR 2,746,000 2,899,974 0.26

Legal & General Group plc, Reg. S, FRN 4.5% 01/11/2050 GBP 730,000 942,040 0.09

Pensioen Opbouw 107 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

United Kingdom (continued) Lloyds Bank Corporate Markets plc, Reg. S 1.5% 23/06/2023 GBP 2,961,000 3,376,232 0.31

Lloyds Bank Corporate Markets plc, Reg. S 2.375% 09/04/2026 EUR 1,840,000 2,057,237 0.19

Lloyds Banking Group plc, FRN 1.326% 15/06/2023 USD 533,000 440,432 0.04

Lloyds Banking Group plc, FRN 5.125% Perpetual GBP 460,000 537,038 0.05

Lloyds Banking Group plc, Reg. S, FRN 0.625% 15/01/2024 EUR 1,300,000 1,314,713 0.12

Nationwide Building Society, Reg. S, FRN 2% 25/07/2029 EUR 1,800,000 1,881,354 0.17

Nationwide Building Society, Reg. S, FRN 5.875% Perpetual GBP 258,000 309,855 0.03

Nationwide Building Society, Reg. S 1% 24/01/2023 GBP 3,390,000 3,839,812 0.35

Natwest Group plc, Reg. S, FRN 3.622% 14/08/2030 GBP 963,000 1,158,573 0.10

Prudential plc 5.875% 11/05/2029 GBP 650,000 1,007,616 0.09

Prudential plc, Reg. S 6.875% 20/01/2023 GBP 371,000 468,214 0.04

Rothesay Life plc, Reg. S 3.375% 12/07/2026 GBP 670,000 799,558 0.07

RSA Insurance Group plc, Reg. S 1.625% 28/08/2024 GBP 1,411,000 1,626,716 0.15

Santander UK Group Holdings plc 1.532% 21/08/2026 USD 4,638,000 3,863,370 0.35

Santander UK Group Holdings plc, Reg. S, FRN 0.391% 28/02/2025 EUR 1,551,000 1,563,358 0.14

Santander UK Group Holdings plc, Reg. S, FRN 7.375% Perpetual GBP 1,325,000 1,545,194 0.14

Santander UK Group Holdings plc, Reg. S 3.625% 14/01/2026 GBP 1,150,000 1,442,727 0.13

Santander UK plc, Reg. S 1.25% 18/09/2024 EUR 4,800,000 5,088,302 0.46

SSE plc, Reg. S 0.875% 06/09/2025 EUR 1,760,000 1,831,614 0.17

Standard Chartered plc, Reg. S, FRN 3.885% 15/03/2024 USD 2,251,000 1,957,189 0.18

Standard Chartered plc, Reg. S, FRN 4.644% 01/04/2031 USD 1,711,000 1,690,943 0.15

Swiss Re Finance UK plc, Reg. S, FRN 2.714% 04/06/2052 EUR 3,800,000 4,245,474 0.39

Vodafone Group plc, Reg. S 3% 27/08/2080 EUR 5,123,000 5,342,094 0.49

80,425,883 7.31

United States of America AbbVie, Inc. 3.2% 06/11/2022 USD 2,635,000 2,253,923 0.20

AbbVie, Inc. 4.7% 14/05/2045 USD 685,000 730,299 0.07

American Honda Finance Corp. 1.2% 08/07/2025 USD 4,109,000 3,435,807 0.31

American Honda Finance Corp. 2.4% 27/06/2024 USD 4,150,000 3,605,939 0.33

American International Group, Inc. 2.5% 30/06/2025 USD 900,000 791,071 0.07

American International Group, Inc. 4.2% 01/04/2028 USD 1,895,000 1,837,030 0.17

American International Group, Inc., Reg. S 5% 26/04/2023 GBP 1,000,000 1,227,751 0.11

American Tower Corp. 0.5% 15/01/2028 EUR 3,300,000 3,320,051 0.30

American Tower Corp., REIT 3% 15/06/2023 USD 4,066,000 3,523,874 0.32

Ashtead Capital, Inc., 144A 4% 01/05/2028 USD 3,600,000 3,124,979 0.28

Ashtead Capital, Inc., 144A 4.375% 15/08/2027 USD 1,078,000 931,127 0.08

AT&T, Inc. 1.65% 01/02/2028 USD 1,500,000 1,253,036 0.11

AT&T, Inc. 2.25% 01/02/2032 USD 6,000,000 4,967,493 0.45

AT&T, Inc. 4.5% 15/05/2035 USD 1,400,000 1,386,298 0.13

AT&T, Inc. 2.45% 15/03/2035 EUR 1,108,000 1,301,955 0.12

Ball Corp. 2.875% 15/08/2030 USD 12,523,000 10,234,626 0.93

Pensioen Opbouw 108 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

United States of America (continued) Ball Corp. 4% 15/11/2023 USD 1,961,000 1,711,884 0.16

Ball Corp. 0.875% 15/03/2024 EUR 3,732,000 3,733,112 0.34

Berkshire Hathaway Finance Corp. 1.45% 15/10/2030 USD 7,800,000 6,459,482 0.59

Bristol-Myers Squibb Co. 1.45% 13/11/2030 USD 8,400,000 6,893,360 0.63

Capital One Financial Corp. 2.6% 11/05/2023 USD 1,666,000 1,427,084 0.13

Citigroup, Inc., Reg. S, FRN 1.25% 06/07/2026 EUR 4,004,000 4,217,426 0.38

CNH Industrial Capital LLC 1.95% 02/07/2023 USD 654,000 551,060 0.05

CNH Industrial Capital LLC 4.2% 15/01/2024 USD 2,004,000 1,802,289 0.16

Comcast Corp. 0.25% 20/05/2027 EUR 570,000 578,377 0.05

Crown Americas LLC 4.25% 30/09/2026 USD 3,500,000 3,148,352 0.29

CVS Health Corp. 1.3% 21/08/2027 USD 12,700,000 10,447,738 0.95

CVS Health Corp. 4.25% 01/04/2050 USD 9,252,000 9,457,665 0.86

Dow Chemical Co. (The) 5.55% 30/11/2048 USD 1,933,000 2,273,216 0.21

Dow Chemical Co. (The) 0.5% 15/03/2027 EUR 4,621,000 4,673,575 0.43

Emerson Electric Co. 0.875% 15/10/2026 USD 3,961,000 3,258,821 0.30

Enterprise Products Operating LLC 4.2% 31/01/2050 USD 3,600,000 3,443,332 0.31

Enterprise Products Operating LLC 3.5% 01/02/2022 USD 2,935,000 2,479,602 0.23

Enterprise Products Operating LLC 2.8% 31/01/2030 USD 4,972,000 4,410,754 0.40

General Electric Co. 4.25% 01/05/2040 USD 2,960,000 2,856,829 0.26

General Electric Co. 4.35% 01/05/2050 USD 2,084,000 2,060,375 0.19

General Electric Co., Reg. S 4.875% 18/09/2037 GBP 2,140,000 2,869,575 0.26

HCA, Inc. 4.125% 15/06/2029 USD 2,300,000 2,182,332 0.20

HCA, Inc. 5.25% 15/06/2049 USD 9,892,000 10,669,746 0.97

Huntsman International LLC 4.25% 01/04/2025 EUR 2,913,000 3,269,252 0.30

International Business Machines Corp. 3% 15/05/2024 USD 3,883,000 3,438,201 0.31

International Paper Co. 4.8% 15/06/2044 USD 425,000 461,718 0.04

International Paper Co. 4.4% 15/08/2047 USD 2,977,000 3,178,278 0.29

Komatsu Finance America, Inc., Reg. S 0.849% 09/09/2023 USD 2,466,000 2,030,168 0.18

Komatsu Finance America, Inc., Reg. S 2.437% 11/09/2022 USD 2,996,000 2,526,342 0.23

Kroger Co. (The) 3.7% 01/08/2027 USD 1,000,000 942,437 0.09

Kroger Co. (The) 5.4% 15/01/2049 USD 250,000 296,356 0.03

Linde, Inc. 1.1% 10/08/2030 USD 4,418,000 3,572,676 0.32

LYB International Finance III LLC 1.25% 01/10/2025 USD 5,533,000 4,601,525 0.42

Merck & Co., Inc. 0.75% 24/02/2026 USD 2,348,000 1,936,227 0.18

National Grid North America, Inc., Reg. S 0.75% 08/08/2023 EUR 2,312,000 2,363,896 0.22

Parker-Hannifin Corp. 1.125% 01/03/2025 EUR 6,358,000 6,622,028 0.60

Procter & Gamble Co. (The) 1.375% 03/05/2025 GBP 3,417,000 4,021,942 0.37

Procter & Gamble Co. (The) 2.7% 02/02/2026 USD 2,485,000 2,250,990 0.20

RELX Capital, Inc. 4% 18/03/2029 USD 5,700,000 5,534,960 0.50

RELX Capital, Inc. 3% 22/05/2030 USD 1,650,000 1,499,745 0.14

Thermo Fisher Scientific, Inc. 4.15% 01/02/2024 USD 150,000 135,546 0.01

Thermo Fisher Scientific, Inc. 2% 15/04/2025 EUR 3,000,000 3,256,713 0.30

Thermo Fisher Scientific, Inc. 2.95% 19/09/2026 USD 3,268,000 2,975,810 0.27

Pensioen Opbouw 109 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

United States of America (continued) Thermo Fisher Scientific, Inc. 4.497% 25/03/2030 USD 600,000 611,942 0.06

Thermo Fisher Scientific, Inc. 1.875% 01/10/2049 EUR 4,667,000 5,394,376 0.49

Toyota Motor Credit Corp. 0.5% 14/08/2023 USD 4,316,000 3,543,547 0.32

Toyota Motor Credit Corp. 0.8% 16/10/2025 USD 10,240,000 8,414,788 0.77

Toyota Motor Credit Corp., Reg. S 0.25% 16/07/2026 EUR 2,913,000 2,961,233 0.27

United Rentals North America, Inc. 4.875% 15/01/2028 USD 5,500,000 4,812,413 0.44

Verizon Communications, Inc. 4.812% 15/03/2039 USD 544,000 580,480 0.05

Verizon Communications, Inc. 2.65% 20/11/2040 USD 1,434,000 1,184,057 0.11

Walt Disney Co. (The) 2.65% 13/01/2031 USD 786,000 704,239 0.06

Welltower, Inc. 2.75% 15/01/2031 USD 8,900,000 7,728,009 0.70

Westlake Chemical Corp. 1.625% 17/07/2029 EUR 2,473,000 2,576,774 0.23

ZF North America Capital, Inc., Reg. S 2.75% 27/04/2023 EUR 300,000 307,044 0.03

Zimmer Biomet Holdings, Inc. 1.164% 15/11/2027 EUR 6,432,000 6,733,984 0.61

Zimmer Biomet Holdings, Inc. 3.55% 20/03/2030 USD 4,450,000 4,122,278 0.37

240,121,219 21.84

Virgin Islands, British TSMC Global Ltd., Reg. S 1% 28/09/2027 USD 3,072,000 2,483,467 0.22

Yili Holding Investment Ltd., Reg. S 1.625% 19/11/2025 USD 3,349,000 2,733,207 0.25

5,216,674 0.47

Total Bonds 757,440,911 68.88

Convertible Bonds

Spain Cellnex Telecom SA, Reg. S 0.75% 20/11/2031 EUR 6,300,000 6,059,599 0.55

6,059,599 0.55

Total Convertible Bonds 6,059,599 0.55

Total Transferable securities and money market instruments admitted to an official exchange listing 763,500,510 69.43

Transferable securities and money market instruments dealt in on another regulated market

Bonds

Australia Australia & New Zealand Banking Group Ltd., 144A 4.5% 19/03/2024 USD 2,589,000 2,333,336 0.21

FMG Resources August 2006 Pty. Ltd., 144A 4.75% 15/05/2022 USD 620,000 522,339 0.05

Pensioen Opbouw 110 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments dealt in on another regulated market (continued)

Bonds (continued)

Australia (continued) FMG Resources August 2006 Pty. Ltd., 144A 5.125% 15/03/2023 USD 2,000,000 1,723,587 0.16

FMG Resources August 2006 Pty. Ltd., 144A 5.125% 15/05/2024 USD 5,846,000 5,178,661 0.47

FMG Resources August 2006 Pty. Ltd., Reg. S 4.75% 15/05/2022 USD 1,100,000 926,731 0.08

FMG Resources August 2006 Pty. Ltd., Reg. S 4.5% 15/09/2027 USD 700,000 635,381 0.06

Transurban Finance Co. Pty. Ltd., Reg. S 2.45% 16/03/2031 USD 1,448,000 1,240,665 0.11

Woodside Finance Ltd., 144A 3.7% 15/03/2028 USD 5,245,000 4,582,576 0.42

Woodside Finance Ltd., Reg. S 3.7% 15/09/2026 USD 3,020,000 2,685,215 0.24

Woodside Finance Ltd., Reg. S 4.5% 04/03/2029 USD 4,785,000 4,385,312 0.40

24,213,803 2.20

Austria Suzano Austria GmbH, 144A 7% 16/03/2047 USD 590,000 643,742 0.06

643,742 0.06

Brazil Itau Unibanco Holding SA, Reg. S, FRN 4.5% 21/11/2029 USD 1,120,000 944,833 0.09

Itau Unibanco Holding SA, Reg. S 3.25% 24/01/2025 USD 3,100,000 2,650,537 0.24

3,595,370 0.33

Canada Bank of Nova Scotia (The) 2% 15/11/2022 USD 898,000 757,868 0.07

Royal Bank of Canada 4.65% 27/01/2026 USD 685,000 661,163 0.06

1,419,031 0.13

Cayman Islands Braskem Finance Ltd. 6.45% 03/02/2024 USD 252,000 226,103 0.02

226,103 0.02

Chile Transelec SA, Reg. S 4.25% 14/01/2025 USD 900,000 812,109 0.07

Transelec SA, Reg. S 3.875% 12/01/2029 USD 1,330,000 1,226,953 0.11

2,039,062 0.18

France BPCE SA, Reg. S 2.375% 14/01/2025 USD 1,878,000 1,621,329 0.15

Societe Generale SA, Reg. S 2.625% 16/10/2024 USD 5,593,000 4,832,543 0.44

6,453,872 0.59

Ireland AIB Group plc, Reg. S 4.75% 12/10/2023 USD 819,000 736,186 0.07

Pensioen Opbouw 111 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments dealt in on another regulated market (continued)

Bonds (continued)

Ireland (continued) 736,186 0.07

Mexico Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Reg. S 5.375% 17/04/2025 USD 1,623,000 1,513,977 0.14

BBVA Bancomer SA, Reg. S 4.375% 10/04/2024 USD 990,000 883,965 0.08

Orbia Advance Corp. SAB de CV, Reg. S 4% 04/10/2027 USD 4,817,000 4,346,589 0.39

6,744,531 0.61

Netherlands Siemens Financieringsmaatschappij NV, 144A 6.125% 17/08/2026 USD 110,000 116,114 0.01

116,114 0.01

Singapore Oversea-Chinese Banking Corp. Ltd., Reg. S 1.832% 10/09/2030 USD 1,631,000 1,352,498 0.12

Temasek Financial I Ltd., 144A 5.375% 23/11/2039 USD 1,242,000 1,485,505 0.14

2,838,003 0.26

Sweden Svenska Handelsbanken AB, Reg. S 0.625% 30/06/2023 USD 3,994,000 3,286,484 0.30

3,286,484 0.30

United States of America AbbVie, Inc. 2.3% 21/11/2022 USD 3,700,000 3,134,340 0.28

Apple, Inc. 0.55% 20/08/2025 USD 6,912,000 5,674,134 0.52

AT&T, Inc., Reg. S 3.5% 15/09/2053 USD 1,908,000 1,568,049 0.14

Bank of America Corp. 1.197% 24/10/2026 USD 11,200,000 9,297,285 0.85

Bank of America Corp., FRN 3.499% 17/05/2022 USD 1,845,000 1,525,393 0.14

Bank of America Corp., FRN 2.015% 13/02/2026 USD 1,610,000 1,379,491 0.13

BMW US Capital LLC, 144A 2.8% 11/04/2026 USD 3,094,000 2,747,918 0.25

Booking Holdings, Inc. 4.625% 13/04/2030 USD 4,501,000 4,562,206 0.41

Braskem America Finance Co., Reg. S 7.125% 22/07/2041 USD 666,000 628,347 0.06

Charter Communications Operating LLC 2.3% 01/02/2032 USD 3,200,000 2,611,887 0.24

Charter Communications Operating LLC 4.8% 01/03/2050 USD 1,500,000 1,456,039 0.13

Charter Communications Operating LLC 3.7% 01/04/2051 USD 6,300,000 5,315,245 0.48

Charter Communications Operating LLC 2.8% 01/04/2031 USD 6,513,000 5,613,896 0.51

Charter Communications Operating LLC 5.75% 01/04/2048 USD 430,000 459,291 0.04

Cheniere Corpus Christi Holdings LLC 5.875% 31/03/2025 USD 1,247,000 1,185,987 0.11

Cheniere Corpus Christi Holdings LLC 5.125% 30/06/2027 USD 2,964,000 2,870,706 0.26

Cheniere Energy Partners LP 4.5% 01/10/2029 USD 4,080,000 3,524,148 0.32

Chevron Phillips Chemical Co. LLC, 144A 5.125% 01/04/2025 USD 4,870,000 4,672,500 0.42

Pensioen Opbouw 112 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments dealt in on another regulated market (continued)

Bonds (continued)

United States of America (continued) Citigroup, Inc. 2.572% 03/06/2031 USD 3,465,000 3,018,170 0.27

Citigroup, Inc., FRN 4.044% 01/06/2024 USD 1,940,000 1,722,457 0.16

Citigroup, Inc., FRN 3.352% 24/04/2025 USD 4,237,000 3,768,209 0.34

Citigroup, Inc., FRN 4.412% 31/03/2031 USD 2,210,000 2,190,219 0.20

Comcast Corp. 1.5% 15/02/2031 USD 10,879,000 8,786,895 0.80

Comcast Corp. 3.55% 01/05/2028 USD 3,224,000 3,035,383 0.28

Comcast Corp. 3.75% 01/04/2040 USD 198,000 195,120 0.02

Dell International LLC, 144A 4.9% 01/10/2026 USD 780,000 752,728 0.07

Dell International LLC, 144A 6.1% 15/07/2027 USD 1,520,000 1,542,583 0.14

Dell International LLC, 144A 6.2% 15/07/2030 USD 350,000 370,267 0.03

Dell International LLC, Reg. S 6.02% 15/06/2026 USD 2,449,000 2,443,330 0.22

Dow Chemical Co. (The) 2.1% 15/11/2030 USD 2,500,000 2,091,302 0.19

Enterprise Products Operating LLC, FRN 4.875% 16/08/2077 USD 2,371,000 1,864,351 0.17

Fresenius Medical Care US Finance II, Inc., 144A 5.875% 31/01/2022 USD 504,000 433,645 0.04

Fresenius Medical Care US Finance III, Inc., 144A 2.375% 16/02/2031 USD 4,249,000 3,523,821 0.32

Fresenius US Finance II, Inc., 144A 4.5% 15/01/2023 USD 2,350,000 2,037,691 0.18

Hilton Domestic Operating Co., Inc., 144A 4% 01/05/2031 USD 5,270,000 4,541,976 0.41

Hilton Domestic Operating Co., Inc. 4.875% 15/01/2030 USD 2,000,000 1,793,098 0.16

JPMorgan Chase & Co. 2.522% 22/04/2031 USD 3,591,000 3,149,842 0.29

JPMorgan Chase & Co., FRN 2.956% 13/05/2031 USD 7,137,000 6,385,421 0.58

Marriott International, Inc. 5.75% 01/05/2025 USD 7,023,000 6,715,657 0.61

Marriott International, Inc. 4.65% 01/12/2028 USD 1,700,000 1,601,339 0.15

Marriott International, Inc. 4.625% 15/06/2030 USD 1,577,000 1,512,112 0.14

Morgan Stanley 0.985% 10/12/2026 USD 6,900,000 5,689,719 0.52

Morgan Stanley, FRN 2.188% 28/04/2026 USD 725,000 626,333 0.06

Morgan Stanley, FRN 3.622% 01/04/2031 USD 776,000 737,123 0.07

New York Life Global Funding, 144A 0.4% 21/10/2023 USD 9,796,000 8,020,218 0.73

New York Life Global Funding, 144A 0.95% 24/06/2025 USD 4,654,000 3,850,388 0.35

PACCAR Financial Corp. 2.65% 10/05/2022 USD 2,390,000 2,015,889 0.18

Roche Holdings, Inc., 144A 2.625% 15/05/2026 USD 4,902,000 4,394,981 0.40

Sabine Pass Liquefaction LLC 5.625% 01/03/2025 USD 2,662,000 2,540,118 0.23

Sprint Corp. 7.125% 15/06/2024 USD 5,300,000 5,060,493 0.46

Time Warner Cable LLC 4.5% 15/09/2042 USD 870,000 828,415 0.08

T-Mobile USA, Inc., 144A 2.05% 15/02/2028 USD 6,072,000 5,163,914 0.47

T-Mobile USA, Inc., 144A 3.875% 15/04/2030 USD 6,575,000 6,212,507 0.56

T-Mobile USA, Inc., 144A 3.6% 15/11/2060 USD 2,200,000 1,908,956 0.17

T-Mobile USA, Inc. 4.75% 01/02/2028 USD 2,762,000 2,425,274 0.22

US Treasury Bill 0% 18/02/2021 USD 52,388,000 42,812,739 3.89

Verizon Communications, Inc., 144A 1.68% 30/10/2030 USD 8,000,000 6,496,147 0.59

Verizon Communications, Inc. 4.016% 03/12/2029 USD 5,300,000 5,140,082 0.47

ZF North America Capital, Inc., 144A 4.75% 29/04/2025 USD 4,968,000 4,371,734 0.40

ZF North America Capital, Inc., Reg. S 4.75% 29/04/2025 USD 640,000 563,186 0.05

Pensioen Opbouw 113 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments dealt in on another regulated market (continued)

Bonds (continued)

United States of America (continued) 230,560,694 20.96

Virgin Islands, British Yingde Gases Investment Ltd., Reg. S 6.25% 19/01/2023 USD 900,000 758,091 0.07

758,091 0.07

Total Bonds 283,631,086 25.79

Total Transferable securities and money market instruments dealt in on another regulated market 283,631,086 25.79

Total Investments 1,047,131,596 95.22

Cash 28,387,734 2.58 Other assets/(liabilities) 24,161,378 2.20 Total net assets 1,099,680,708 100.00

Financial Futures Contracts

Global Unrealised Number of Exposure Gain/(Loss) % of Net Security Description Contracts Currency EUR EUR Assets US 2 Year Note, 31/03/2021 189 USD 34,133,931 5,019 –

US 5 Year Note, 31/03/2021 217 USD 22,375,548 15,318 –

Australia 10 Year Bond, 15/03/2021 29 AUD 2,692,732 5,662 –

Canada 10 Year Bond, 22/03/2021 328 CAD 31,373,310 21,285 –

Euro-Bobl, 08/03/2021 (874) EUR (118,147,320) 44,920 –

Euro-Bund, 08/03/2021 (110) EUR (19,540,400) 49,030 0.01

Long Gilt, 29/03/2021 119 GBP 18,019,609 180,227 0.02

Total Unrealised Gain on Financial Futures Contracts 321,461 0.03

US 10 Year Note, 22/03/2021 (481) USD (54,281,050) (6,972) –

US 10 Year Ultra Bond, 22/03/2021 26 USD 3,322,581 (1,098) –

Euro-Buxl 30 Year Bond, 08/03/2021 (24) EUR (5,405,760) (39,780) –

Euro-Schatz, 08/03/2021 36 EUR 4,041,900 (1,800) –

US Long Bond, 22/03/2021 789 USD 111,679,080 (302,399) (0.03)

US Ultra Bond, 22/03/2021 297 USD 51,839,372 (84,718) (0.01)

Total Unrealised Loss on Financial Futures Contracts (436,767) (0.04)

Net Unrealised Loss on Financial Futures Contracts (115,306) (0.01)

Pensioen Opbouw 114 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Forward Currency Exchange Contracts

Unrealised Currency Amount Currency Maturity Gain/(Loss) % of Net Purchased Purchased Sold Amount Sold Date Counterparty EUR Assets AUD 16,614 CAD 16,000 13/01/2021 Barclays 214 –

AUD 38,878 CAD 38,210 13/01/2021 Citibank 8 –

AUD 25,160 CAD 24,000 13/01/2021 Citigroup 472 –

AUD 15,728 CAD 15,000 13/01/2021 J.P. Morgan 297 –

AUD 67,450 EUR 42,000 13/01/2021 Citibank 534 –

AUD 310,776 EUR 192,000 13/01/2021 Citigroup 3,974 –

AUD 11,219,385 EUR 6,892,303 13/01/2021 HSBC 182,583 0.02

AUD 188,342 EUR 116,130 13/01/2021 J.P. Morgan 2,638 –

AUD 24,564 EUR 15,000 13/01/2021 Rabobank 490 –

AUD 44,388 GBP 24,559 13/01/2021 Citigroup 557 –

AUD 46,745 GBP 26,340 13/01/2021 HSBC 54 –

AUD 26,630 GBP 15,000 13/01/2021 Rabobank 37 –

AUD 594,099 USD 447,500 13/01/2021 Barclays 8,974 –

AUD 40,332 USD 31,000 13/01/2021 Citibank 103 –

AUD 88,582 USD 67,000 13/01/2021 HSBC 1,112 –

AUD 590,747 USD 438,090 13/01/2021 J.P. Morgan 14,549 –

AUD 472,609 USD 353,000 13/01/2021 Rabobank 9,581 –

CAD 36,000 EUR 22,894 13/01/2021 Societe Generale 197 –

CHF 2,091 CAD 3,000 13/01/2021 J.P. Morgan 9 –

CHF 193,156 EUR 178,360 13/01/2021 Citigroup 240 –

CHF 50,244,792 EUR 46,301,646 13/01/2021 HSBC 156,735 0.01

CHF 56,352 EUR 52,000 13/01/2021 J.P. Morgan 106 –

CHF 180,952 EUR 167,000 13/01/2021 Rabobank 316 –

CHF 6,973 JPY 813,000 13/01/2021 Citigroup 12 –

CHF 660,283 USD 732,000 13/01/2021 Barclays 12,392 –

CHF 596,466 USD 671,000 13/01/2021 J.P. Morgan 3,229 –

CHF 10,302 USD 11,600 13/01/2021 Societe Generale 47 –

EUR 20,540 AUD 32,555 13/01/2021 HSBC 11 –

EUR 24,742,786 CAD 38,414,453 13/01/2021 Citigroup 103,310 0.01

EUR 24,731 CAD 38,470 13/01/2021 J.P. Morgan 56 –

EUR 179,370 CHF 193,829 13/01/2021 J.P. Morgan 148 –

EUR 49,390,352 GBP 44,165,095 13/01/2021 J.P. Morgan 55,615 0.01

EUR 1,380 JPY 174,245 13/01/2021 Barclays 1 –

EUR 4,885,769 JPY 610,259,570 13/01/2021 J.P. Morgan 55,421 0.01

EUR 2,428,704 JPY 306,822,470 13/01/2021 Rabobank 132 –

EUR 14,700 SEK 147,576 13/01/2021 Societe Generale 15 –

EUR 19,891,729 USD 24,188,030 13/01/2021 Barclays 127,194 0.01

EUR 23,138,180 USD 28,084,000 13/01/2021 Citigroup 190,169 0.02

EUR 26,467,857 USD 32,094,990 13/01/2021 HSBC 242,383 0.02

EUR 254,119,921 USD 304,518,047 13/01/2021 J.P. Morgan 5,291,990 0.48

EUR 219,891,113 USD 263,585,395 13/01/2021 Rabobank 4,510,090 0.41

EUR 39,489 USD 48,000 13/01/2021 Societe Generale 267 –

GBP 5,211 CAD 9,000 13/01/2021 Citibank 48 –

GBP 83,081 CAD 142,320 13/01/2021 Citigroup 1,520 –

GBP 51,183 CAD 88,980 13/01/2021 J.P. Morgan 101 –

GBP 1,662 CHF 2,000 13/01/2021 J.P. Morgan 8 –

GBP 127,447 EUR 140,050 13/01/2021 Barclays 2,315 –

Pensioen Opbouw 115 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Forward Currency Exchange Contracts (continued)

Unrealised Currency Amount Currency Maturity Gain/(Loss) % of Net Purchased Purchased Sold Amount Sold Date Counterparty EUR Assets GBP 74,262 EUR 81,798 13/01/2021 Citibank 1,157 –

GBP 200,231 EUR 221,220 13/01/2021 Citigroup 2,449 –

GBP 230,714 EUR 255,000 13/01/2021 J.P. Morgan 2,719 –

GBP 21,813 EUR 24,000 13/01/2021 Rabobank 366 –

GBP 3,374,055 EUR 3,713,498 13/01/2021 Societe Generale 55,499 0.01

GBP 3,238 JPY 452,000 13/01/2021 J.P. Morgan 40 –

GBP 171,393 USD 230,000 13/01/2021 Barclays 3,517 –

GBP 343,558 USD 460,000 13/01/2021 Citibank 7,897 –

GBP 899,438 USD 1,210,000 13/01/2021 Citigroup 16,003 –

GBP 193,986 USD 262,000 13/01/2021 HSBC 2,607 –

GBP 697,134 USD 931,860 13/01/2021 J.P. Morgan 17,293 –

GBP 50,992 USD 68,000 13/01/2021 Societe Generale 1,396 –

JPY 82,986 CHF 710 13/01/2021 Barclays – –

JPY 732,000 EUR 5,791 13/01/2021 HSBC 3 –

SEK 329,480 EUR 32,400 13/01/2021 Barclays 386 –

SEK 46,089,419 EUR 4,501,644 13/01/2021 Citigroup 84,705 0.01

SEK 161,992 USD 19,250 13/01/2021 Barclays 390 –

SEK 835,423 USD 99,350 13/01/2021 HSBC 1,952 –

SEK 247,604 USD 29,000 13/01/2021 J.P. Morgan 942 –

SEK 184,907 USD 22,370 13/01/2021 Societe Generale 121 –

USD 2,360 CAD 3,000 13/01/2021 J.P. Morgan 4 –

USD 3,399 CHF 3,000 13/01/2021 J.P. Morgan 4 –

USD 1,657,000 EUR 1,352,565 04/01/2021 Citibank 1,691 –

USD 2,386,000 EUR 1,939,785 05/01/2021 Barclays 10,278 –

USD 2,639,000 EUR 2,145,480 05/01/2021 Citibank 11,358 –

USD 6,627 EUR 5,410 13/01/2021 Barclays 5 –

USD 1,780,000 EUR 1,448,308 13/01/2021 Citibank 6,167 –

USD 274,836 EUR 224,070 13/01/2021 HSBC 504 –

USD 296,320 EUR 241,000 13/01/2021 J.P. Morgan 1,129 –

USD 6,180,000 EUR 5,030,294 13/01/2021 Societe Generale 19,510 –

USD 159,110 JPY 16,424,320 13/01/2021 Citibank 9 –

USD 8,215 JPY 848,000 13/01/2021 J.P. Morgan – –

Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 11,230,355 1.02

Pensioen Opbouw 116 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Forward Currency Exchange Contracts (continued)

Unrealised Currency Amount Currency Maturity Gain/(Loss) % of Net Purchased Purchased Sold Amount Sold Date Counterparty EUR Assets AUD 24,724 GBP 14,000 13/01/2021 Barclays (48) –

AUD 33,300 JPY 2,653,320 13/01/2021 Citibank (3) –

CAD 4,126,990 EUR 2,647,249 13/01/2021 Citibank (150) –

CAD 50,324,772 EUR 32,411,033 13/01/2021 Citigroup (132,139) (0.01)

CAD 9,000 GBP 5,276 13/01/2021 Citigroup (121) –

CHF 3,310 AUD 5,000 13/01/2021 Citigroup (92) –

CHF 29,717 CAD 43,000 13/01/2021 Citigroup (103) –

CHF 36,615 EUR 34,000 13/01/2021 Citigroup (144) –

CHF 189,666 EUR 175,930 13/01/2021 HSBC (557) –

CHF 5,502 EUR 5,090 13/01/2021 J.P. Morgan (3) –

CHF 5,356 GBP 4,490 13/01/2021 Citibank (63) –

CHF 3,355 GBP 2,846 13/01/2021 Citigroup (77) –

CHF 2,387 GBP 2,000 13/01/2021 HSBC (27) –

CHF 40,832 GBP 34,000 13/01/2021 Societe Generale (225) –

CHF 37,993 USD 43,000 13/01/2021 Barclays (7) –

CHF 179,058 USD 202,690 13/01/2021 J.P. Morgan (58) –

EUR 19,460 AUD 31,298 13/01/2021 Citibank (276) –

EUR 100,577 AUD 164,280 13/01/2021 Citigroup (3,017) –

EUR 1,996,721 AUD 3,250,361 13/01/2021 HSBC (52,940) (0.01)

EUR 10,850 CAD 17,000 13/01/2021 Citibank (54) –

EUR 62,006 CAD 97,000 13/01/2021 Citigroup (211) –

EUR 142,650 CHF 154,555 13/01/2021 Citibank (258) –

EUR 132,290 CHF 143,235 13/01/2021 Citigroup (151) –

EUR 2,279,289 CHF 2,473,423 13/01/2021 HSBC (7,739) –

EUR 7,390 CHF 8,000 13/01/2021 J.P. Morgan (7) –

EUR 1,590 GBP 1,424 13/01/2021 Barclays – –

EUR 61,208 GBP 55,129 13/01/2021 Citibank (373) –

EUR 64,820 GBP 59,147 13/01/2021 Citigroup (1,250) –

EUR 8,857 GBP 8,000 13/01/2021 HSBC (80) –

EUR 249,976 GBP 227,016 13/01/2021 J.P. Morgan (3,613) –

EUR 2,613,148 GBP 2,373,730 13/01/2021 Societe Generale (38,434) –

EUR 15,598 JPY 1,971,000 13/01/2021 HSBC (3) –

EUR 17,250 SEK 174,294 13/01/2021 Citibank (94) –

EUR 47,260 SEK 482,362 13/01/2021 J.P. Morgan (740) –

EUR 14,020 SEK 144,261 13/01/2021 Societe Generale (335) –

EUR 1,631,044 USD 2,000,624 13/01/2021 Barclays (3,707) –

EUR 3,756,794 USD 4,614,000 13/01/2021 Citibank (13,400) –

EUR 1,171,661 USD 1,434,706 13/01/2021 J.P. Morgan (667) –

GBP 1,650 AUD 3,000 13/01/2021 J.P. Morgan (49) –

GBP 11,365,107 EUR 12,709,734 13/01/2021 J.P. Morgan (14,312) –

GBP 53,785 JPY 7,592,280 13/01/2021 J.P. Morgan (14) –

JPY 885,905,875 EUR 7,092,608 13/01/2021 J.P. Morgan (80,455) (0.01)

JPY 430,648,250 EUR 3,408,867 13/01/2021 Rabobank (185) –

JPY 184,000 GBP 1,329 13/01/2021 J.P. Morgan (28) –

SEK 75,894 CAD 11,780 13/01/2021 Citibank (4) –

SEK 118,136 GBP 10,550 13/01/2021 Citibank (29) –

SEK 99,041 JPY 1,246,130 13/01/2021 Barclays (8) –

Pensioen Opbouw 117 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2020

Forward Currency Exchange Contracts (continued)

Unrealised Currency Amount Currency Maturity Gain/(Loss) % of Net Purchased Purchased Sold Amount Sold Date Counterparty EUR Assets SEK 158,995 USD 19,380 13/01/2021 Societe Generale (14) –

SGD 6,000 EUR 3,738 13/01/2021 Barclays (28) –

USD 3,843 AUD 5,000 13/01/2021 Barclays (13) –

USD 21,300 AUD 27,888 13/01/2021 Rabobank (181) –

USD 85,950 CAD 110,000 13/01/2021 Barclays (324) –

USD 32,927 CAD 42,000 13/01/2021 Citibank (34) –

USD 8,613 CAD 11,000 13/01/2021 J.P. Morgan (18) –

USD 16,266,390 EUR 13,333,822 13/01/2021 Barclays (42,222) (0.01)

USD 67,026 EUR 55,000 13/01/2021 Citibank (231) –

USD 1,138,935 EUR 939,111 13/01/2021 Citigroup (8,464) –

USD 7,217,523 EUR 5,995,944 13/01/2021 HSBC (98,359) (0.01)

USD 36,140,415 EUR 30,012,568 13/01/2021 J.P. Morgan (481,495) (0.04)

USD 187,391,868 EUR 156,290,915 13/01/2021 Rabobank (3,169,183) (0.29)

USD 155,229 GBP 116,581 13/01/2021 Citigroup (3,387) –

USD 128,053 GBP 95,000 13/01/2021 HSBC (1,486) –

USD 149,793 GBP 112,107 13/01/2021 J.P. Morgan (2,830) –

USD 2,658 GBP 2,000 13/01/2021 Rabobank (62) –

USD 50,347 GBP 37,000 13/01/2021 Societe Generale (191) –

USD 2,205 JPY 229,000 13/01/2021 Citigroup (11) –

Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (4,164,783) (0.38)

Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 7,065,572 0.64

Credit Default Swap Contracts

Interest (Paid)/ Market Nominal Received Maturity Value % of Net Amount Currency CounterpartyReference Entity Buy/Sell Rate Date EUR Assets 2,600,000 USD Citigroup Weyerhaeuser Co. 7.13% 15/07/2023 Buy (1.00)% 20/12/2024 (63,890) (0.01)

Total Market Value on Credit Default Swap Contracts - Liabilities (63,890) (0.01)

Net Market Value on Credit Default Swap Contracts - Liabilities (63,890) (0.01)

Pensioen Opbouw 118 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing

Bnds

Australia SGSP Australia Assets Pty. Ltd., Reg. S 3.5% 07/07/2027 USD 200,000 185,429 0.07

185,429 0.07

Austria OMV AG, Reg. S 1% 03/07/2034 EUR 1,453,000 1,448,978 0.54

Raiffeisen Bank International AG, Reg. S, FRN 1.5% 12/03/2030 EUR 500,000 498,295 0.19

Raiffeisen Bank International AG, Reg. S, FRN 6.125% Perpetual EUR 2,400,000 2,597,682 0.97

Raiffeisen Bank International AG, Reg. S 0.375% 25/09/2026 EUR 400,000 395,347 0.15

Sappi Papier Holding GmbH, Reg. S 3.125% 15/04/2026 EUR 950,000 947,922 0.35

5,888,224 2.20

Belgium Ageas, Reg. S, FRN 3.25% 02/07/2049 EUR 1,900,000 2,107,568 0.78

Argenta Spaarbank NV, Reg. S, FRN 3.875% 24/05/2026 EUR 100,000 104,303 0.04

Elia System Operator SA/NV, Reg. S 1.375% 27/05/2024 EUR 100,000 105,192 0.04

KBC Bank NV, Reg. S 0.75% 24/10/2027 EUR 1,200,000 1,261,111 0.47

KBC Group NV, Reg. S, FRN 1.625% 18/09/2029 EUR 1,800,000 1,870,877 0.70

KBC Group NV, Reg. S 1.125% 25/01/2024 EUR 800,000 828,492 0.31

6,277,543 2.34

Bermuda Ooredoo International Finance Ltd., Reg. S 3.25% 21/02/2023 USD 1,200,000 1,087,751 0.41

1,087,751 0.41

Canada Royal Bank of Canada, Reg. S 1.375% 09/12/2024 GBP 1,448,000 1,713,898 0.64

1,713,898 0.64

Cayman Islands Shimao Property Holdings Ltd., Reg. S 4.75% 03/07/2022 USD 1,330,000 1,210,404 0.45

Shimao Property Holdings Ltd., Reg. S 6.125% 21/02/2024 USD 200,000 189,755 0.07

Shimao Property Holdings Ltd., Reg. S 5.6% 15/07/2026 USD 640,000 597,773 0.23

1,997,932 0.75

Chile Enel Chile SA 4.875% 12/06/2028 USD 137,000 135,551 0.05

135,551 0.05

Pensioen Opbouw 119 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

Denmark Nykredit Realkredit A/S, Reg. S, FRN 2.75% 17/11/2027 EUR 100,000 105,953 0.04

Orsted A/S, Reg. S 1.5% 26/11/2029 EUR 100,000 108,993 0.04

214,946 0.08

Finland Nordea Bank Abp, Reg. S 0.3% 30/06/2022 EUR 1,700,000 1,716,534 0.64

1,716,534 0.64

France Accor SA, Reg. S, FRN 4.375% Perpetual EUR 2,000,000 2,178,730 0.81

Air Liquide Finance SA, Reg. S 1.875% 05/06/2024 EUR 100,000 108,492 0.04

Autoroutes du Sud de la France SA 5.625% 04/07/2022 EUR 1,050,000 1,199,726 0.45

Banque Federative du Credit Mutuel SA, Reg. S 1.75% 19/12/2024 GBP 800,000 961,745 0.36

Banque Federative du Credit Mutuel SA, Reg. S 3% 11/09/2025 EUR 800,000 901,589 0.34

Banque Federative du Credit Mutuel SA, Reg. S 2.375% 24/03/2026 EUR 100,000 109,282 0.04

BPCE SA, Reg. S, FRN 2.75% 30/11/2027 EUR 100,000 106,894 0.04

Carrefour SA, Reg. S 0.75% 26/04/2024 EUR 1,675,000 1,712,943 0.64

CNP Assurances, Reg. S, FRN 7.375% 30/09/2041 GBP 800,000 1,038,966 0.39

Credit Agricole SA 7.375% 18/12/2023 GBP 950,000 1,365,939 0.51

Crown European Holdings SA, Reg. S 0.75% 15/02/2023 EUR 1,170,000 1,170,566 0.44

Holding d'Infrastructures de Transport SASU, Reg. S 0.625% 27/03/2023 EUR 1,100,000 1,104,215 0.41

La Banque Postale SA, Reg. S 1.375% 24/04/2029 EUR 1,400,000 1,476,296 0.55

PSA Banque France SA, Reg. S 0.625% 21/06/2024 EUR 601,000 605,765 0.22

Sanofi, Reg. S 1.75% 10/09/2026 EUR 1,300,000 1,443,115 0.54

15,484,263 5.78

Germany Bundesobligation, Reg. S 0% 17/04/2020 EUR 8,576,000 8,593,029 3.21

Bundesobligation, Reg. S 0.25% 16/10/2020 EUR 2,582,000 2,600,579 0.97

Fresenius Medical Care AG & Co. KGaA, Reg. S 0.25% 29/11/2023 EUR 1,227,000 1,226,185 0.46

Schaeffler AG, Reg. S 1.875% 26/03/2024 EUR 2,120,000 2,216,125 0.83

14,635,918 5.47

Hong Kong Weichai International Hong Kong Energy Group Co. Ltd., Reg. S, FRN 3.75% Perpetual USD 1,485,000 1,328,579 0.50

1,328,579 0.50

Pensioen Opbouw 120 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

Hungary OTP Bank Nyrt., Reg. S, FRN 2.875% 15/07/2029 EUR 1,320,000 1,347,258 0.50

1,347,258 0.50

Ireland AIB Group plc, Reg. S, FRN 5.25% Perpetual EUR 1,236,000 1,342,185 0.50

AIB Group plc, Reg. S 1.5% 29/03/2023 EUR 1,670,000 1,727,503 0.65

Bank of Ireland Group plc, Reg. S, FRN 3.125% 19/09/2027 GBP 120,000 144,093 0.05

Bank of Ireland Group plc, Reg. S, FRN 4.125% 19/09/2027 USD 1,700,000 1,534,186 0.57

Bank of Ireland Group plc, Reg. S, FRN 2.375% 14/10/2029 EUR 1,290,000 1,338,524 0.50

Eaton Capital Unlimited Co., Reg. S 0.75% 20/09/2024 EUR 100,000 102,271 0.04

GE Capital European Funding Unlimited Co. 6.025% 01/03/2038 EUR 568,000 855,866 0.32

7,044,628 2.63

Japan Mitsubishi UFJ Financial Group, Inc. 3.761% 26/07/2023 USD 1,300,000 1,218,715 0.45

Mitsubishi UFJ Financial Group, Inc., Reg. S 0.68% 26/01/2023 EUR 100,000 101,560 0.04

1,320,275 0.49

Luxembourg CNH Industrial Finance Europe SA, Reg. S 1.625% 03/07/2029 EUR 1,346,000 1,371,411 0.51

Lincoln Financing SARL, Reg. S 3.625% 01/04/2024 EUR 2,090,000 2,165,121 0.81

3,536,532 1.32

Mauritius Network i2i Ltd., Reg. S, FRN 5.65% Perpetual USD 2,740,000 2,416,570 0.90

2,416,570 0.90

Mexico Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Reg. S 4.125% 09/11/2022 USD 925,000 857,016 0.32

Cemex SAB de CV, Reg. S 3.125% 19/03/2026 EUR 830,000 861,125 0.32

Grupo Televisa SAB 5% 13/05/2045 USD 1,370,000 1,269,691 0.47

Orbia Advance Corp. SAB de CV, Reg. S 5.5% 15/01/2048 USD 610,000 555,657 0.21

3,543,489 1.32

Netherlands ABN AMRO Bank NV, Reg. S 4.75% 28/07/2025 USD 1,370,000 1,328,978 0.50

ASR Nederland NV, Reg. S, FRN 3.375% 02/05/2049 EUR 521,000 578,191 0.22

Bharti Airtel International Netherlands BV, Reg. S 3.375% 20/05/2021 EUR 800,000 823,093 0.31

Pensioen Opbouw 121 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

Netherlands (continued) Bharti Airtel International Netherlands BV, Reg. S 5.35% 20/05/2024 USD 670,000 634,374 0.24

Cooperatieve Rabobank UA, Reg. S, FRN 3.25% Perpetual EUR 1,600,000 1,601,301 0.60

de Volksbank NV, Reg. S, FRN 3.75% 05/11/2025 EUR 1,150,000 1,183,910 0.44

de Volksbank NV, Reg. S 0.01% 16/09/2024 EUR 900,000 890,428 0.33

Deutsche Telekom International Finance BV, Reg. S 1.5% 03/04/2028 EUR 880,000 943,182 0.35

Enexis Holding NV, Reg. S 0.75% 02/07/2031 EUR 438,000 443,927 0.16

Iberdrola International BV, Reg. S 1.125% 21/04/2026 EUR 1,200,000 1,263,265 0.47

Koninklijke Ahold Delhaize NV, Reg. S 0.25% 26/06/2025 EUR 641,000 640,359 0.24

Koninklijke KPN NV, Reg. S 5.75% 17/09/2029 GBP 2,010,000 2,889,377 1.08

LeasePlan Corp. NV 0.125% 13/09/2023 EUR 1,253,000 1,235,115 0.46

LeasePlan Corp. NV, Reg. S, FRN 7.375% Perpetual EUR 680,000 760,229 0.28

LeasePlan Corp. NV, Reg. S 0.75% 03/10/2022 EUR 840,000 851,265 0.32

NIBC Bank NV, Reg. S, FRN 6% Perpetual EUR 875,000 918,224 0.34

NIBC Bank NV, Reg. S 2% 09/04/2024 EUR 1,400,000 1,464,693 0.55

NIBC Bank NV, Reg. S 1% 24/01/2060 EUR 400,000 423,889 0.16

Siemens Financieringsmaatschappij NV, Reg. S 2.75% 10/09/2025 GBP 1,400,000 1,799,232 0.67

SRLEV NV, FRN 9% 15/04/2041 EUR 2,120,000 2,331,950 0.87

TenneT Holding BV, Reg. S, FRN 2.995% Perpetual EUR 1,625,000 1,741,375 0.65

Teva Pharmaceutical Finance Netherlands II BV 4.5% 01/03/2025 EUR 670,000 666,650 0.25

ZF Europe Finance BV, Reg. S 3% 23/10/2029 EUR 1,500,000 1,561,018 0.58

26,974,025 10.07

Portugal Caixa Geral de Depositos SA, Reg. S 1.25% 25/11/2024 EUR 500,000 505,099 0.19

505,099 0.19

Singapore DBS Group Holdings Ltd., Reg. S, FRN 1.5% 11/04/2028 EUR 250,000 254,531 0.09

SP PowerAssets Ltd., Reg. S 2.7% 14/09/2022 USD 200,000 181,236 0.07

SP PowerAssets Ltd., Reg. S 3.25% 24/11/2025 USD 1,490,000 1,395,522 0.52

Temasek Financial I Ltd., Reg. S 0.5% 20/11/2031 EUR 1,041,000 1,039,811 0.39

United Overseas Bank Ltd., Reg. S, FRN 2.88% 08/03/2027 USD 1,475,000 1,318,548 0.49

United Overseas Bank Ltd., Reg. S, FRN 3.75% 15/04/2029 USD 1,930,000 1,784,621 0.67

United Overseas Bank Ltd., Reg. S 0.25% 11/09/2023 EUR 100,000 101,493 0.04

6,075,762 2.27

South Korea Shinhan Bank Co. Ltd., Reg. S 0.25% 16/10/2024 EUR 2,328,000 2,316,461 0.86

Shinhan Bank Co. Ltd., Reg. S 4% 23/04/2029 USD 1,452,000 1,361,992 0.51

3,678,453 1.37

Pensioen Opbouw 122 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

Spain Banco Bilbao Vizcaya Argentaria SA, FRN 6.5% Perpetual USD 1,000,000 944,685 0.35

Banco Bilbao Vizcaya Argentaria SA, Reg. S, FRN 8.875% Perpetual EUR 600,000 657,486 0.25

Banco de Sabadell SA, Reg. S, FRN 6.5% Perpetual EUR 1,200,000 1,255,359 0.47

Banco de Sabadell SA, Reg. S 1.625% 07/03/2024 EUR 1,800,000 1,873,880 0.70

Banco de Sabadell SA, Reg. S 1.75% 10/05/2024 EUR 700,000 722,650 0.27

Banco de Sabadell SA, Reg. S 1.125% 27/03/2025 EUR 200,000 199,942 0.07

Banco de Sabadell SA, Reg. S 5.625% 06/05/2026 EUR 100,000 119,847 0.04

Banco Santander SA, Reg. S, FRN 6.25% Perpetual EUR 1,300,000 1,382,753 0.52

Banco Santander SA, Reg. S 0.25% 19/06/2024 EUR 1,200,000 1,204,051 0.45

Bankia SA, Reg. S, FRN 3.375% 15/03/2027 EUR 900,000 948,283 0.35

Bankia SA, Reg. S, FRN 3.75% 15/02/2029 EUR 100,000 108,588 0.04

Bankia SA, Reg. S, FRN 6% Perpetual EUR 1,000,000 1,056,013 0.39

Bankia SA, Reg. S 0.875% 25/03/2024 EUR 1,300,000 1,329,346 0.50

Bankinter SA, Reg. S, FRN 2.5% 06/04/2027 EUR 100,000 104,339 0.04

Bankinter SA, Reg. S 0.875% 08/07/2026 EUR 1,400,000 1,410,980 0.53

Bankinter SA, Reg. S 1.25% 07/02/2028 EUR 1,300,000 1,407,059 0.53

CaixaBank SA, Reg. S, FRN 3.5% 15/02/2027 EUR 100,000 105,630 0.04

CaixaBank SA, Reg. S, FRN 6.75% Perpetual EUR 600,000 674,056 0.25

CaixaBank SA, Reg. S 1.75% 24/10/2023 EUR 1,200,000 1,255,885 0.47

CaixaBank SA, Reg. S 2.375% 01/02/2024 EUR 100,000 107,319 0.04

CaixaBank SA, Reg. S 1.375% 19/06/2026 EUR 300,000 308,731 0.12

Mapfre SA, Reg. S, FRN 4.125% 07/09/2048 EUR 1,400,000 1,647,390 0.61

Telefonica Emisiones SAU, Reg. S 5.375% 02/02/2026 GBP 1,125,000 1,592,112 0.59

20,416,384 7.62

Sweden Volvo Treasury AB, Reg. S, FRN 4.85% 10/03/2078 EUR 1,150,000 1,283,526 0.48

1,283,526 0.48

Turkey Akbank T.A.S., Reg. S 5.125% 31/03/2025 USD 698,000 609,973 0.23

Turkiye Sise ve Cam Fabrikalari A/S, Reg. S 6.95% 14/03/2026 USD 1,230,000 1,162,884 0.43

1,772,857 0.66

United Arab Emirates DP World plc, Reg. S 2.375% 25/09/2026 EUR 610,000 655,750 0.25

DP World plc, Reg. S 5.625% 25/09/2048 USD 1,650,000 1,698,232 0.63

Emirates Telecommunications Group Co. PJSC, Reg. S 1.75% 18/06/2021 EUR 1,770,000 1,816,463 0.68

4,170,445 1.56

Pensioen Opbouw 123 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

United Kingdom Barclays plc, FRN 3.932% 07/05/2025 USD 1,190,000 1,113,822 0.42

Barclays plc, Reg. S, FRN 6.375% Perpetual GBP 541,000 689,244 0.26

Barclays plc, Reg. S 1.5% 03/09/2023 EUR 1,300,000 1,356,510 0.51

British Telecommunications plc, Reg. S 5.75% 07/12/2028 GBP 1,175,000 1,773,132 0.66

GlaxoSmithKline Capital plc, Reg. S 3.375% 20/12/2027 GBP 975,000 1,314,915 0.49

HSBC Holdings plc, FRN 3.033% 22/11/2023 USD 1,425,000 1,298,915 0.48

HSBC Holdings plc, Reg. S 2.625% 16/08/2028 GBP 1,100,000 1,369,333 0.51

InterContinental Hotels Group plc, Reg. S 3.75% 14/08/2025 GBP 1,440,000 1,864,540 0.70

InterContinental Hotels Group plc, Reg. S 2.125% 24/08/2026 GBP 120,000 142,542 0.05

InterContinental Hotels Group plc, Reg. S 2.125% 15/05/2027 EUR 1,409,000 1,509,284 0.56

Lloyds Banking Group plc, FRN 5.125% Perpetual GBP 460,000 562,933 0.21

Lloyds Banking Group plc, Reg. S, FRN 0.625% 15/01/2024 EUR 1,300,000 1,311,347 0.49

Nationwide Building Society, Reg. S, FRN 5.875% Perpetual GBP 258,000 329,682 0.12

Prudential plc 5.875% 11/05/2029 GBP 650,000 1,032,023 0.39

Prudential plc, Reg. S 6.875% 20/01/2023 GBP 371,000 510,950 0.19

Rothesay Life plc, Reg. S 3.375% 12/07/2026 GBP 670,000 798,052 0.30

Royal Bank of Scotland Group plc, Reg. S, FRN 2% 04/03/2025 EUR 2,660,000 2,811,192 1.05

RSA Insurance Group plc, Reg. S 1.625% 28/08/2024 GBP 1,022,000 1,210,069 0.45

Santander UK Group Holdings plc, Reg. S, FRN 7.375% Perpetual GBP 700,000 900,266 0.34

SSE plc, Reg. S 0.875% 06/09/2025 EUR 1,275,000 1,309,352 0.49

Standard Chartered plc, Reg. S, FRN 3.885% 15/03/2024 USD 1,350,000 1,247,192 0.47

Tesco plc, Reg. S 5.125% 10/04/2047 EUR 680,000 986,617 0.37

Tesco Property Finance 3 plc, Reg. S 5.744% 13/04/2040 GBP 724,660 1,109,943 0.41

Wm Morrison Supermarkets plc, Reg. S 2.5% 01/10/2031 GBP 394,000 465,745 0.17

27,017,600 10.09

United States of America AbbVie, Inc. 3.2% 06/11/2022 USD 1,885,000 1,727,362 0.64

AbbVie, Inc. 4.7% 14/05/2045 USD 685,000 680,950 0.25

American Honda Finance Corp. 2.4% 27/06/2024 USD 2,460,000 2,218,955 0.83

American International Group, Inc. 4.2% 01/04/2028 USD 1,895,000 1,860,370 0.69

American Tower Corp., REIT 3% 15/06/2023 USD 1,930,000 1,762,116 0.66

AT&T, Inc. 6.35% 15/03/2040 USD 40,000 46,993 0.02

AT&T, Inc. 5.45% 01/03/2047 USD 1,055,000 1,164,077 0.43

CNH Industrial Capital LLC 4.2% 15/01/2024 USD 989,000 933,106 0.35

Enterprise Products Operating LLC 3.5% 01/02/2022 USD 1,125,000 1,032,995 0.39

General Electric Co. 6.15% 07/08/2037 USD 1,280,000 1,410,695 0.53

General Electric Co. 5.875% 14/01/2038 USD 350,000 377,124 0.14

HCA, Inc. 5.25% 15/06/2049 USD 1,510,000 1,505,304 0.56

Huntsman International LLC 4.25% 01/04/2025 EUR 1,060,000 1,213,818 0.45

International Business Machines Corp. 3% 15/05/2024 USD 2,160,000 1,994,940 0.74

Pensioen Opbouw 124 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments admitted to an official exchange listing (continued)

Bonds (continued)

United States of America (continued) Komatsu Finance America, Inc., Reg. S 2.437% 11/09/2022 USD 1,700,000 1,520,443 0.57

Kroger Co. (The) 3.7% 01/08/2027 USD 1,000,000 952,155 0.36

Kroger Co. (The) 5.4% 15/01/2049 USD 250,000 271,127 0.10

Merck & Co., Inc. 0.5% 02/11/2024 EUR 1,675,000 1,712,542 0.64

MetLife, Inc. 3.6% 13/11/2025 USD 1,395,000 1,336,965 0.50

National Grid North America, Inc., Reg. S 2.375% 30/09/2020 USD 1,010,000 899,016 0.34

National Grid North America, Inc., Reg. S 0.75% 08/08/2023 EUR 1,675,000 1,706,689 0.64

Packaging Corp. of America 4.5% 01/11/2023 USD 100,000 95,685 0.04

Packaging Corp. of America 3.65% 15/09/2024 USD 1,250,000 1,169,026 0.44

Packaging Corp. of America 3.4% 15/12/2027 USD 7,000 6,510 –

Packaging Corp. of America 3% 15/12/2029 USD 530,000 476,086 0.18

Parker-Hannifin Corp. 2.7% 14/06/2024 USD 320,000 290,892 0.11

Parker-Hannifin Corp. 1.125% 01/03/2025 EUR 1,575,000 1,628,990 0.61

Procter & Gamble Co. (The) 1.375% 03/05/2025 GBP 1,475,000 1,767,804 0.66

Procter & Gamble Co. (The) 2.7% 02/02/2026 USD 1,800,000 1,670,738 0.62

RELX Capital, Inc. 4% 18/03/2029 USD 1,700,000 1,648,737 0.62

Thermo Fisher Scientific, Inc. 4.15% 01/02/2024 USD 150,000 143,415 0.05

Thermo Fisher Scientific, Inc. 2.95% 19/09/2026 USD 2,000,000 1,833,784 0.68

US Treasury 1.875% 15/12/2020 USD 2,963,000 2,645,521 0.99

Westlake Chemical Corp. 1.625% 17/07/2029 EUR 1,820,000 1,817,950 0.68

ZF North America Capital, Inc., Reg. S 2.75% 27/04/2023 EUR 300,000 322,299 0.12

Zimmer Biomet Holdings, Inc. 1.164% 15/11/2027 EUR 1,080,000 1,085,158 0.40

42,930,337 16.03

Virgin Islands, British Tianqi Finco Co. Ltd., Reg. S 3.75% 28/11/2022 USD 790,000 459,440 0.17

459,440 0.17

Total Bonds 205,159,248 76.60

Total Transferable securities and money market instruments admitted to an official exchange listing 205,159,248 76.60

Transferable securities and money market instruments dealt in on another regulated market

Bonds

Australia Australia & New Zealand Banking Group Ltd., 144A 4.5% 19/03/2024 USD 1,875,000 1,779,483 0.67

FMG Resources August 2006 Pty. Ltd., 144A 4.75% 15/05/2022 USD 1,460,000 1,346,362 0.50

FMG Resources August 2006 Pty. Ltd., 144A 5.125% 15/05/2024 USD 1,850,000 1,758,631 0.66

Pensioen Opbouw 125 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments dealt in on another regulated market (continued)

Bonds (continued)

Australia (continued) FMG Resources August 2006 Pty. Ltd., Reg. S 4.5% 15/09/2027 USD 700,000 639,713 0.24

Westpac Banking Corp., FRN 4.322% 23/11/2031 USD 1,548,000 1,456,858 0.54

6,981,047 2.61

Austria Suzano Austria GmbH, 144A 7% 16/03/2047 USD 590,000 618,252 0.23

Suzano Austria GmbH, Reg. S 7% 16/03/2047 USD 1,740,000 1,823,318 0.68

2,441,570 0.91

Brazil Itau Unibanco Holding SA, Reg. S, FRN 4.5% 21/11/2029 USD 1,765,000 1,610,710 0.60

1,610,710 0.60

Canada Bank of Nova Scotia (The) 2% 15/11/2022 USD 898,000 801,421 0.30

Royal Bank of Canada 4.65% 27/01/2026 USD 685,000 677,364 0.25

1,478,785 0.55

Cayman Islands Braskem Finance Ltd. 6.45% 03/02/2024 USD 970,000 961,088 0.36

961,088 0.36

Chile Transelec SA, Reg. S 4.25% 14/01/2025 USD 900,000 843,875 0.31

Transelec SA, Reg. S 3.875% 12/01/2029 USD 200,000 182,573 0.07

1,026,448 0.38

France Societe Generale SA, Reg. S 2.625% 16/10/2024 USD 4,050,000 3,608,080 1.35

3,608,080 1.35

Mexico BBVA Bancomer SA, Reg. S, FRN 5.875% 13/09/2034 USD 1,251,000 1,170,200 0.43

BBVA Bancomer SA, Reg. S 4.375% 10/04/2024 USD 990,000 940,941 0.35

Nemak SAB de CV, Reg. S 4.75% 23/01/2025 USD 2,500,000 2,298,859 0.86

Orbia Advance Corp. SAB de CV, Reg. S 4% 04/10/2027 USD 1,430,000 1,307,065 0.49

5,717,065 2.13

Pensioen Opbouw 126 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments dealt in on another regulated market (continued)

Bonds (continued)

Netherlands Koninklijke Ahold Delhaize NV 5.7% 01/10/2040 USD 15,000 16,476 0.01

Siemens Financieringsmaatschappij NV, 144A 6.125% 17/08/2026 USD 110,000 119,929 0.04

Teva Pharmaceutical Finance Netherlands III BV, Reg. S 7.125% 31/01/2025 USD 212,000 194,001 0.07

330,406 0.12

United Kingdom Royal Bank of Scotland Group plc, FRN 8.625% Perpetual USD 608,000 585,651 0.22

Vodafone Group plc 2.95% 19/02/2023 USD 114,000 103,901 0.04

689,552 0.26

United States of America AbbVie, Inc., 144A 3.2% 21/11/2029 USD 933,000 848,218 0.32

Ashtead Capital, Inc., 144A 4.375% 15/08/2027 USD 1,080,000 998,334 0.37

Bank of America Corp., FRN 3.499% 17/05/2022 USD 1,845,000 1,676,388 0.62

Braskem America Finance Co., Reg. S 7.125% 22/07/2041 USD 466,000 474,822 0.18

Charter Communications Operating LLC 6.484% 23/10/2045 USD 1,620,000 1,797,108 0.67

Cheniere Corpus Christi Holdings LLC, 144A 3.7% 15/11/2029 USD 1,416,000 1,290,384 0.48

Cheniere Corpus Christi Holdings LLC 5.875% 31/03/2025 USD 610,000 611,881 0.23

Cheniere Energy Partners LP, 144A 4.5% 01/10/2029 USD 1,224,000 1,120,127 0.42

Citigroup, Inc., FRN 4.044% 01/06/2024 USD 1,940,000 1,827,541 0.68

Citigroup, Inc., FRN 3.352% 24/04/2025 USD 1,520,000 1,409,262 0.52

Comcast Corp. 3.55% 01/05/2028 USD 2,055,000 1,972,333 0.74

Dell International LLC, 144A 8.35% 15/07/2046 USD 980,000 1,195,083 0.45

Enterprise Products Operating LLC, FRN 4.875% 16/08/2077 USD 881,000 776,184 0.29

Fresenius US Finance II, Inc., 144A 4.5% 15/01/2023 USD 1,865,000 1,749,093 0.65

PACCAR Financial Corp. 2.85% 01/03/2022 USD 227,000 206,156 0.08

PACCAR Financial Corp. 2.65% 10/05/2022 USD 1,290,000 1,170,841 0.44

Roche Holdings, Inc., 144A 2.625% 15/05/2026 USD 2,450,000 2,227,845 0.83

Time Warner Cable LLC 4.5% 15/09/2042 USD 870,000 793,488 0.30

ZF North America Capital, Inc., 144A 4.75% 29/04/2025 USD 1,900,000 1,784,919 0.67

ZF North America Capital, Inc., Reg. S 4.75% 29/04/2025 USD 640,000 601,236 0.22

24,531,243 9.16

Virgin Islands, British Yingde Gases Investment Ltd., Reg. S 6.25% 19/01/2023 USD 900,000 821,166 0.31

821,166 0.31

Total Bonds 50,197,160 18.74

Pensioen Opbouw 127 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Market Quantity/ Value % of Net Investments Currency Nominal Value EUR Assets

Transferable securities and money market instruments dealt in on another regulated market (continued)

Bonds (continued)

Virgin Islands, British (continued)

Total Transferable securities and money market instruments dealt in on another regulated market 50,197,160 18.74

Total Investments 255,356,408 95.34

Cash 12,178,162 4.55 Other assets/(liabilities) 297,611 0.11 Total net assets 267,832,181 100.00

Financial Futures Contracts

Unrealised Number of Gain/(Loss) % of Net Security Description Contracts Currency EUR Assets US 5 Year Note, 31/03/2020 30 USD 3,647 –

Euro-Bobl, 06/03/2020 (185) EUR 79,200 0.03

Euro-Bund, 06/03/2020 (38) EUR 54,740 0.02

Euro-Buxl 30 Year Bond, 06/03/2020 (1) EUR 6,480 –

Euro-Schatz, 06/03/2020 (37) EUR 1,965 –

Long Gilt, 27/03/2020 (30) INR 67,750 0.03

Total Unrealised Gain on Financial Futures Contracts - Assets 213,782 0.08

US 2 Year Note, 31/03/2020 54 USD (1,294) –

US 10 Year Note, 20/03/2020 183 USD (173,113) (0.07)

Canada 10 Year Bond, 20/03/2020 73 CAD (140,363) (0.05)

US Long Bond, 20/03/2020 165 USD (490,966) (0.18)

US Ultra Bond, 20/03/2020 80 USD (232,043) (0.09)

Total Unrealised Loss on Financial Futures Contracts - Liabilities (1,037,779) (0.39)

Net Unrealised Loss on Financial Futures Contracts - Liabilities (823,997) (0.31)

Pensioen Opbouw 128 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Forward Currency Exchange Contracts

Unrealised Currency Amount Currency Maturity Gain/(Loss) % of Net Purchased Purchased Sold Amount Sold Date Counterparty EUR Assets AUD 1,040,000 EUR 638,921 15/01/2020 HSBC 12,071 0.01

AUD 600 SEK 3,879 15/01/2020 J.P. Morgan 6 –

CAD 11,736,124 EUR 7,998,914 15/01/2020 HSBC 58,318 0.02

CAD 820 JPY 68,139 15/01/2020 Barclays 4 –

CAD 440 SEK 3,156 15/01/2020 Citigroup 2 –

CHF 1,090,599 EUR 990,782 15/01/2020 Citigroup 12,627 0.01

CHF 1,984 EUR 1,810 15/01/2020 J.P. Morgan 15 –

EUR 46,548 GBP 39,000 15/01/2020 J.P. Morgan 540 –

EUR 33,237 GBP 28,000 15/01/2020 Societe Generale 206 –

EUR 10,126 JPY 1,223,000 15/01/2020 Citigroup 101 –

EUR 149,640 JPY 18,073,020 15/01/2020 Rabobank 1,495 –

EUR 440 SEK 4,595 15/01/2020 Citigroup 3 –

EUR 1,397,126 USD 1,557,000 15/01/2020 Barclays 11,101 –

EUR 2,747,652 USD 3,057,000 15/01/2020 Citigroup 26,342 0.01

EUR 2,452,268 USD 2,746,000 15/01/2020 J.P. Morgan 7,807 –

EUR 14,661,529 USD 16,215,652 15/01/2020 Rabobank 226,520 0.09

EUR 544,041 USD 604,380 15/01/2020 Societe Generale 6,028 –

GBP 598,477 EUR 700,207 15/01/2020 Citigroup 5,816 –

GBP 852 EUR 1,000 15/01/2020 J.P. Morgan 5 –

GBP 1,528 USD 2,000 15/01/2020 Citigroup 22 –

GBP 3,712 USD 4,820 15/01/2020 HSBC 88 –

SEK 6,116 USD 650 15/01/2020 Societe Generale 3 –

SGD 6,000 EUR 3,968 15/01/2020 Barclays 4 –

USD 3,886 JPY 421,161 15/01/2020 Barclays 7 –

Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 369,131 0.14

Pensioen Opbouw 129 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Forward Currency Exchange Contracts (continued)

Unrealised Currency Amount Currency Maturity Gain/(Loss) % of Net Purchased Purchased Sold Amount Sold Date Counterparty EUR Assets EUR 21,509 AUD 35,011 15/01/2020 HSBC (406) –

EUR 36,251 CAD 53,000 15/01/2020 Citigroup (135) –

EUR 653,669 CAD 959,073 15/01/2020 HSBC (4,766) –

EUR 63,588 CAD 93,000 15/01/2020 J.P. Morgan (260) –

EUR 43,400 CAD 64,000 15/01/2020 Rabobank (538) –

EUR 103,049 CAD 151,000 15/01/2020 Societe Generale (618) –

EUR 25,983 CHF 28,600 15/01/2020 Citigroup (331) –

EUR 4,550 CHF 5,000 15/01/2020 Rabobank (50) –

EUR 15,971,930 GBP 13,651,435 15/01/2020 Citigroup (132,674) (0.05)

EUR 106,570 GBP 91,000 15/01/2020 HSBC (783) –

EUR 44,365 GBP 38,000 15/01/2020 J.P. Morgan (464) –

EUR 146,568 GBP 125,000 15/01/2020 Societe Generale (894) –

EUR 11,072 JPY 1,355,000 15/01/2020 J.P. Morgan (35) –

GBP 221,446 EUR 265,403 15/01/2020 HSBC (4,164) –

GBP 1,840 EUR 2,200 15/01/2020 Societe Generale (29) –

JPY 138,497 EUR 1,150 15/01/2020 Citigroup (15) –

JPY 291,333,325 EUR 2,412,158 15/01/2020 Rabobank (24,094) (0.01)

SEK 6,415 AUD 1,000 15/01/2020 Rabobank (16) –

SEK 35,572 CAD 5,000 15/01/2020 Rabobank (48) –

SEK 3,173 CHF 330 15/01/2020 J.P. Morgan (2) –

SEK 14,880 EUR 1,420 15/01/2020 J.P. Morgan (4) –

SEK 250,930 EUR 24,000 15/01/2020 Rabobank (123) –

SEK 49,223 GBP 4,000 15/01/2020 Rabobank (35) –

SEK 10,008 JPY 117,000 15/01/2020 J.P. Morgan (7) –

SEK 682,869 USD 73,000 15/01/2020 Rabobank (6) –

USD 681 AUD 1,000 15/01/2020 Citigroup (19) –

USD 9,071 CAD 12,000 15/01/2020 J.P. Morgan (163) –

USD 1,810 CHF 1,784 15/01/2020 HSBC (30) –

USD 1,017 CHF 1,000 15/01/2020 Rabobank (15) –

USD 7,143,830 EUR 6,418,682 15/01/2020 Barclays (59,317) (0.02)

USD 2,040,000 EUR 1,828,402 15/01/2020 Citigroup (12,415) (0.01)

USD 65,586 EUR 59,000 15/01/2020 HSBC (616) –

USD 527,860 EUR 475,545 15/01/2020 J.P. Morgan (5,649) –

USD 65,090,095 EUR 58,904,170 15/01/2020 Rabobank (961,627) (0.36)

USD 1,986,215 EUR 1,790,834 15/01/2020 Societe Generale (22,725) (0.01)

USD 5,130 GBP 3,912 15/01/2020 Citigroup (48) –

USD 14,504 GBP 11,000 15/01/2020 HSBC (66) –

USD 840 SEK 7,903 15/01/2020 Citigroup (4) –

Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (1,233,191) (0.46)

Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (864,060) (0.32)

Pensioen Opbouw 130 Additional information on investments in Robeco Group mutual funds (continued) RobecoSAM Global SDG Credits As at 31 December 2019

Credit Default Swap Contracts

Interest (Paid)/ Market Nominal Received Maturity Value % of Net Amount Currency CounterpartyReference Entity Buy/Sell Rate Date EUR Assets 16,880,000 USD Citigroup CDX.NA.HY.33-V2 Buy (5.00)% 20/12/2024 (1,429,499) (0.53)

iTraxx Asia ex-Japan IG Series 32 4,385,000 USD Barclays Version 1 Buy (1.00)% 20/12/2024 (85,883) (0.03)

2,600,000 USD Citigroup Weyerhaeuser Co. 7.13% 15/07/2023 Buy (1.00)% 20/12/2024 (74,986) (0.03)

Total Market Value on Credit Default Swap Contracts - Liabilities (1,590,368) (0.59)

Net Market Value on Credit Default Swap Contracts - Liabilities (1,590,368) (0.59)

Pensioen Opbouw 131

Schedule of Investments Sustainable Pension Return As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

Luxembourg Robeco QI Global Multi-Factor High Yield - Z EUR† EUR 1,656,851 174,618 9.77

174,618 9.77

Netherlands Northern Trust Developed Real Estate ESG Index Fund - E EUR EUR 36,956,753 355,860 19.90

Northern Trust Emerging Markets Custom ESG Equity Index UCITS FGR Fund - Class E EUR EUR 21,055,903 268,795 15.04

Robeco QI Global Developed Enhanced Index Equities Fund - G EUR† EUR 7,414,011 979,331 54.78

1,603,986 89.72

Total Collective Investment Schemes - UCITS 1,778,604 99.49

Total Units of authorised UCITS or other collective investment undertakings 1,778,604 99.49

Total Investments 1,778,604 99.49

Cash 21,251 1.19 Other Assets/(Liabilities) (12,071) (0.68) Total Net Assets 1,787,784 100.00

† Related Party Fund.

Pensioen Opbouw 132

Schedule of Investments Sustainable Pension Return II As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

Luxembourg Robeco QI Global Multi-Factor High Yield - Z EUR† EUR 47,870 5,045 9.95

5,045 9.95

Netherlands Northern Trust Developed Real Estate ESG Index Fund - F EUR EUR 12,401 10,113 19.94

Northern Trust Emerging Markets Custom ESG Equity Index UCITS FGR Fund - Class F EUR EUR 6,679 7,638 15.06

Robeco QI Global Developed Enhanced Index Equities Fund - I EUR† EUR 205,054 27,830 54.87

45,581 89.87

Total Collective Investment Schemes - UCITS 50,626 99.82

Total Units of authorised UCITS or other collective investment undertakings 50,626 99.82

Total Investments 50,626 99.82

Cash 91 0.18 Other Assets/(Liabilities) (1) – Total Net Assets 50,716 100.00

† Related Party Fund.

Pensioen Opbouw 133 Schedule of Investments Sustainable Pension Income As at 31 December 2020

Quantity/ Market Nominal Value % of Net Investments Currency Value EUR' 000 Assets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

Luxembourg RobecoSAM Global SDG Credits - Z EUR† EUR 2,260,789 260,774 99.35 260,774 99.35

Total Collective Investment Schemes - UCITS 260,774 99.35

Total Units of authorised UCITS or other collective investment undertakings 260,774 99.35

Total Investments 260,774 99.35 Cash 1,752 0.67 Other Assets/(Liabilities) (42) (0.02) Total Net Assets 262,484 100.00

† Related Party Fund.

Rotterdam, 5 May 2021

The Manager Robeco Institutional Asset Management B.V.

Policymakers RIAM: G.O.J.M. (Gilbert) Van Hassel K. (Karin) van Baardwijk A.J.M. (Lia) Belilos-Wessels M.C.W. (Mark) den Hollander M.F. (Mark) van der Kroft M.O. (Martin) Nijkamp H-C. (Christoph) von Reiche V. (Victor) Verberk

Pensioen Opbouw 134 Independent auditor's report To: the General Meeting and Manager of Pensioen Opbouw Report on the audit of the accompanying financial statements Our opinion We have audited the financial statements 2020 of Pensioen Opbouw, based in Rotterdam. In our opinion the accompanying financial statements give a true and fair view of the financial position of Pensioen Opbouw as at 31 December 2020, and of its result for the year 2020 in accordance with Part 9 of Book 2 of the Dutch Civil Code. The financial statements comprise: 1 the balance sheet as at 31 December 2020; 2 the profit and loss account for the year 2020; and 3 the notes comprising a summary of the accounting policies and other explanatory information. Basis for our opinion We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards are further described in the 'Our responsibilities for the audit of the financial statements' section of our report. We are independent of Pensioen Opbouw in accordance with the Wet toezicht accountantsorganisaties (Wta, Audit firms supervision act), the 'Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten' (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the 'Verordening gedrags- en beroepsregels accountants' (VGBA, Dutch Code of Ethics). We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Report on the other information included in the annual report In addition to the financial statements and our auditor's report thereon, the annual report contains other information that consists of: — Report by the manager; — other information pursuant to Part 9 of Book 2 of the Dutch Civil Code; — Schedule of Investments Based on the following procedures performed, we conclude that the other information: — is consistent with the financial statements and does not contain material misstatements; — contains the information as required by Part 9 of Book 2 of the Dutch Civil Code.

KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

Pensioen Opbouw 135 We have read the other information. Based on our knowledge and understanding obtained through our audit of the financial statements or otherwise, we have considered whether the other information contains material misstatements. By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is less than the scope of those performed in our audit of the financial statements. The manager is responsible for the preparation of the other information, including the Report by the manager, in accordance with Part 9 of Book 2 of the Dutch Civil Code, and other information pursuant to Part 9 of Book 2 of the Dutch Civil Code. Description of the responsibilities for the financial statements Responsibilities of the manager for the financial statements The manager is responsible for the preparation and fair presentation of the financial statements in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the manager is responsible for such internal control as the manager determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to errors or fraud. As part of the preparation of the financial statements, the manager is responsible for assessing the company's ability to continue as a going concern. Based on the financial reporting framework mentioned, the manager should prepare the financial statements using the going concern basis of accounting unless the manager either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. The manager should disclose events and circumstances that may cast significant doubt on the company's ability to continue as a going concern in the financial statements. Our responsibilities for the audit of the financial statements Our objective is to plan and perform the audit engagement in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion. Our audit has been performed with a high, but not absolute, level of assurance, which means we may not have detected all material errors and fraud during our audit. Misstatements can arise from fraud or errors and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion. We have exercised professional judgement and have maintained professional scepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit included among others: — identifying and assessing the risks of material misstatement of the financial statements, whether due to errors or fraud, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher

Pensioen Opbouw 136 than for one resulting from errors, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; — obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control; — evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the manager; — concluding on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company ceasing to continue as a going concern; — evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and — evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit. Utrecht, 5 May 2021 KPMG Accountants N.V.

G.J. Hoeve RA

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