Robeco Institutional Umbrella Fund

Annual Report and Audited Financial Statements For the financial year ended 31 December 2019 Contents

Report by the manager 4 General information 4 Key figures 5 General introduction 7 Investment policy 9 Investment result 13 Risk management 17 Movements in net assets 17 Remuneration policy 19 Manager’s remuneration 20 Sustainable investing 21

Annual financial statements 24 Balance Sheet 24 Profit and loss account 28 Cash flow statement 32 Notes 36 General 36 Accounting principles 36 Principles for determining the result 37 Principles for cash flow statement 37 Risk management 38 Notes to the balance sheet 54 Currency table 72 Equity portfolio 73

Other information 106 Provisions regarding appropriation of the result 106

Independent auditor’s report 107

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Robeco Institutional Umbrella Fund

(open fund for joint account incorporated under Dutch law, subject to the definitions contained within the 1969 Dutch Corporation Tax Act, established in Rotterdam, the Netherlands)

Contact details Fund managers Weena 850 Wilma de Groot PO Box 973 Tim Dröge NL-3000 AZ Rotterdam Jan de Koning Telephone +31 (0)10 - 224 12 24 Yaowei Xu Internet: www.robeco.com Han van der Boon Thijs van der Valk Management board (and manager) Jan Sytze Mosselaar Robeco Institutional Asset Management B.V. (RIAM) Arlette van Ditshuizen Policy makers RIAM: Maarten Polfliet Gilbert O.J.M. Van Hassel Pim van Vliet Karin van Baardwijk Arnoud Klep Monique D. Donga (until 30 June 2019) Machiel Zwanenburg Peter J.J. Ferket Joop Huij Mark C.W. den Hollander (since 24 June 2019) Simon Lansdorp Martin O. Nijkamp Viorel Roscovan Hans-Christoph von Reiche Daniel Haesen Victor Verberk Lia Belilos-Wessels (since 1 December 2019) Independent auditor KPMG Accountants N.V. Supervisory directors of RIAM: Papendorpseweg 83 Jeroen J.M. Kremers (Chair until 30 March 2020) NL-3528 BJ Utrecht Sonja Barendregt – Roojers (Vice-chair since 30 March 2020) Yoshiko Fujii (until 31 December 2019) Depository Radboud R.L. Vlaar Northern Trust Global Services SE Mark A.A.C. Talbot (since 18 September 2019) Vinoly 7th Floor Custodian Claude Debussylaan 18A Northern Trust Global Services SE 1082 MD Amsterdam Vinoly The Netherlands 7th Floor Claude Debussylaan 18A Administrator 1082 MD Amsterdam Northern Trust Fiduciary Services (Ireland) Limited The Netherlands George’s Court 54-62 Townsend Street Dublin 2 D02 R156 Ireland

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Report by the manager

General information

Legal aspects Robeco Institutional Umbrella Fund (the “fund”) is an open fund for joint account within the meaning of the Dutch Corporation Tax Act 1969. The Fund is formed by the Fund's assets that are obtained through deposits by participants, entitling participation in the Fund's 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% corporate- income tax is due, providing that, after deducting 15% in Dutch dividend tax, 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.

Robeco Institutional Asset Management B.V. (“RIAM”) is the fund manager. In this capacity, RIAM handles the asset management, administration and marketing and distribution of the fund. RIAM has a license from the AIFMD within the meaning of Section 2:65 of the 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”).

The assets of the fund are held in custody by Northern Trust Global Services plc, Amsterdam branch has been appointed custodian of the fund within the meaning of Section 4:62n of the Wft. The custodian is responsible for supervising the fund insofar as required under and in accordance with the applicable legislation. The manager and Northern Trust Global Services plc, Amsterdam branch have entered into a custody agreement.

The fund is subject to statutory supervision by the AFM. The fund has been entered in the register as specified in Section 1:107 of the 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.

Market Impact Covid-19 Robeco Institutional Asset Management B.V. considers the COVID-19 (Corona) Pandemic as a significant event after closing the Annual Reports 2019 of the Investment Funds under management. The impact of the pandemic on people, companies and the economy at large cannot be assessed in full depth at this stage. However, the impact may have a downward effect on the performance. Measures to mitigate the immediate operational risks are in place. Additional measures are dependent on our own assessments and the response of the authorities.

Our operational measures for business continuity In response to the Covid-19 outbreak, Robeco is constantly monitoring the latest developments and has taken all measures necessary to manage the situation and to ensure business continuity. 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 are working from home, to operate as normal. Our approach is one of vigilance and flexibility, allowing us to implement new or revised measures smoothly and as necessary to ensure the health and safety of our staff while maintaining business continuity.

Supervision by the Supervisory Board of Robeco Institutional Asset Management B.V. The Supervisory Board of Robeco Institutional Asset Management B.V. supervises 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 policy makers of the manager. 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, the interim financial reports and the reports of the independent auditor were regularly on the agenda. In addition, risk management, incident management and the tax position were discussed. The quarterly reports from internal audit, compliance, legal affairs and risk management were also discussed. Attention was also paid to fund governance and compliance with the principles that Robeco 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 Robeco's principles for fund governance are applied.

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 is 0.15% and the maximum discount is 0.10%.

Terms and Conditions for Management and Custody The Terms and Conditions of Management and Custody of the Robeco Institutional Umbrella Fund can be obtained from the fund's address.

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Key figures

Overview Robeco QI Institutional Global Developed Conservative Equities 2019 2017 - 2018 Reporting year Reporting year Average Performance in % based on: 1 - Net asset value T1 EUR units 25.0% (4.4%) 8.6%

- Net asset value T2 EUR units - (1.1%) - 2 - Net asset value T7 EUR units 19.8% (4.5%) 6.4% - MSCI World Index (Net Return in EUR)1 30.0% (3.3%) 11.1% 3 - Net asset value T8 CAD units 16.6% (7.4%) 3.7% - MSCI World Index (Net Return in CAD)3 21.2% (9.3%) 4.6%

Dividend in EUR T1 EUR units - 0.51

Dividend in EUR T2 EUR units - 0.60

Dividend in EUR T7 EUR units - 0.54 Total net assets9 920 905

Robeco QI Institutional Global Developed Momentum Equities 2019 2017 - 2018 Reporting year Reporting year Average Performance in % based on: 4 - Net asset value T1 EUR units 26.8% (9.9%) 10.5% - MSCI World Index (Net Return in EUR)4 30.0% (2.3%) 19.7% 3 - Net asset value T8 CAD units 18.2% (15.5%) - - MSCI World Index (Net Return in CAD)3 21.2% (9.3%) 4.6%

Dividend in EUR T1 EUR units - 0.13 Total net assets9 670 632

Robeco QI Institutional Global Developed Value Equities 2019 2017 - 2018 Reporting year Reporting year Average Performance in % based on: 4 - Net asset value T1 EUR units 18.0% (6.3%) 7.8% 4 - Net asset value T7 EUR units 9.4% (6.3%) 1.9% - MSCI World Index (Net Return in EUR)4 30.0% (2.3%) 19.7% 3 - Net asset value T8 CAD units 10.0% (13.5%) (2.3%) - MSCI World Index (Net Return in CAD)3 21.2% (9.3%) 4.6%

Dividend in EUR T1 EUR units - 0.36

Dividend in EUR T7 EUR units - 0.33 Total net assets9 659 673

Robeco QI Institutional Global Developed Quality Equities 2019 2017 - 2018 Reporting year Reporting year Average Performance in % based on: 4 - Net asset value T1 EUR units 27.0% (0.4%) 19.3% - MSCI World Index (Net Return in EUR)4 30.0% (2.3%) 19.7% 3 - Net asset value T8 CAD units 18.4% (12.2%) 1.8% - MSCI World Index (Net Return in CAD)3 21.2% (9.3%) 4.6%

Dividend in EUR T1 EUR units - 0.20 Total net assets9 187 124

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Key figures (continued)

Overview Robeco QI Institutional Global Developed Enhanced Indexing Equities 2019 2017 - 2018 Reporting year Reporting year Average Performance in % based on: 1 - Net asset value T1 EUR units 28.6% (4.9%) 9.7% 2 - Net asset value T7 EUR units 19.5% (4.9%) 6.3% 7 - Net asset value T11 EUR units 10.8% - - - MSCI World Index (Net Return in EUR)1 30.0% (3.3%) 11.1%

Dividend in EUR T1 EUR units - 0.30

Dividend in EUR T7 EUR units - 0.26 Total net assets9 285 384

Robeco QI Institutional Global Developed Sustainable Conservative Equities 2019 2017 - 2018 Reporting year Reporting year Average Performance in % based on: 5 - Net asset value T2 EUR units 27.3% (4.3%) 18.5% - MSCI World Index (Net Return in EUR) 30.0% (4.5%) 20.4%

Total net assets9 93 73

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities 2019 2017 - 2018 Reporting year Reporting year Average Performance in % based on: 6 - Net asset value T1 EUR units 23.4% (5.1%) 16.4% 8 - Net asset value T9 EUR units 10.3% - - - MSCI World Index (Net Return in EUR) 30.0% (4.6%) 23.0%

Total net assets9 288 141

1 2018 concerns the period 2 November 2017 through 31 December 2018. Average concerns the period 2 November 2017 through 31 December 2019. 2 2019 concerns the period 1 January 2019 through 17 July 2019. 2018 concerns the period 2 November 2017 through 31 December 2018. Average concerns the period 2 November 2017 through 17 July 2019. 3 2018 concerns the period 16 November 2017 through 31 December 2018. Average concerns the period 16 November 2017 through 31 December 2019. 4 2019 concerns the period 1 January 2019 through 17 July 2019. 2018 concerns the period 16 November 2017 through 31 December 2018. Average concerns the period 16 November 2017 through 17 July 2019. 5 2018 concerns the period 24 October 2018 through 31 December 2018. Average concerns the period 24 October 2018 through 31 December 2019. 6 2018 concerns the period 12 December 2018 through 31 December 2018. Average concerns the period 12 December 2018 through 31 December 2019. 7 Concerns the period 21 January 2019 through 9 October 2019. 8 Concerns the period 18 February 2019 through 9 October 2019. 9 In EUR x million.

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General introduction

Financial market environment 2019 has been a paradoxical year for financial markets; stellar performances for equity and fixed income in an uncertain global environment. The global economy in 2019 continued on the path of decelerating expansion that emerged in late 2018 on the back of skyrocketing geopolitical uncertainty. Persisting trade disputes between the US and China, the twists and turns around Brexit, protests in Hong Kong and an increasingly tribal political landscape in the US created an environment tough to navigate for global leaders and investors alike. Global trade volumes declined below trend as retaliatory rounds of tariffs were put in place by the US and China, especially hitting open, export-oriented economies with a strong manufacturing base. The deceleration in global economic growth was therefore mainly concentrated in the manufacturing sector while the services sector remained fairly resilient. As 2019 unfolded, a domestic slowdown in China spilled over to the European continent, notably the German economy where Germany’s car industry was already facing a difficult transition towards cleaner forms of mobility. As a result, Germany narrowly escaped a technical recession in 2019. Overall, global activity remained in expansion, with the global growth forecast reaching 2.9% in 2019 (IMF estimate).

Despite record high levels of geopolitical risk, equity returns have been stellar over 2019, with the MSCI World unhedged in euro returning 27.5%. It was also one of the best since the financial crisis for fixed-income returns. There was a significant dovish shift in Federal Reserve policy, which led to increased demand for both interest-rate and risk markets. Because of the Fed’s pause, followed by rate cuts in the second half of the year, the environment remained supportive throughout 2019. Global government bonds (hedged to euro) returned 4% while at the same time global corporate credit bonds (hedged to euro) returned 8.5%.

Global economic growth disappointed with regard to consensus expectations and slowed from 3.6% in 2018 to a notably lower pace of 3%. Alongside a slowdown in external demand, this softening in global activity was mainly due to deterioration in global investment expenditures, as signs of fading multilateralism and international cooperation weakened CEO confidence to undertake new global investment projects. In advanced economies, capital expenditures slowed from 2.6% in 2018 to 1.8% in 2019 (IMF estimate), concentrated in the US. In conjunction with lower investment demand, aggregate demand from the consumer side advanced at a lower rate of growth as well in 2019.

Even as this period of US economic expansion has now become the longest post-WWII, consumption growth has remained significantly below the average growth rate observed during previous US expansion phases. This is partly due to a significant household deleveraging post great financial crisis. Another element is that economic growth has become less inclusive. Especially those with the highest marginal propensity to spend have missed out on the rising economic tide. US nominal wage growth has picked up to around 3% but given that the US unemployment rate at 3.5% signals that the US is experiencing the tightest labor market in the past 50 years, this level is still subdued. In most advanced economies, employment numbers have increased (though overall at a more modest pace compared to 2018) and unemployment rates are now close to or at cyclical lows. Household demand remains underpinned by a rising trend in real disposable incomes, increased housing wealth and generally low interest rates.

Despite higher import tariffs in some countries, global inflation remained muted. As the global manufacturing slowdown led to higher inventory-to-sales ratios, capacity utilization rates came down and as a result core inflation decelerated further below target for many advanced economies and emerging markets. In the US, core PCE inflation (which excludes changes in consumer food and energy prices) remained at 1.6%, below the symmetrical inflation target of 2% of the Fed. Inflation is increasingly influenced by global factors such as global commodity prices, global slack, exchange rates and producer price competition.

In the UK, the twists and turns in the debate around Brexit continued to be as relentless as they were in 2018, until Boris Johnson convincingly won the December general election. The UK Prime Minister showed his intention to move the UK out of the EU by end of January 2020 by signing the EU withdrawal bill. He also indicated he would limit the transitional period and not to seek an extension of the UK’s transition away from the EU beyond 31 December 2020. Given the challenging timetable the UK government has set itself, the UK will likely negotiate a minimum trade deal, concentrating on the trade in goods. As Johnson may opt to remove the self-imposed 31 December 2020 deadline, the chances of a no-deal ‘hard’ Brexit by the end of 2020 have diminished, but not vanished altogether.

In China and other emerging markets, weakness in domestic consumer spending dominated the deterioration in external demand. Chinese economic growth slowed to 6.1% in 2019. Debt, deleveraging and demographics are three key words influencing China’s domestic policy agenda. Policy makers are undertaking a difficult balancing act to keep near-term growth around the 6% target while also trying to remove excess leverage (overall non-financial corporate debt is around 250% of Gross Domestic Product “GDP”) to keep the economy on a sustainable longer-term path. China’s rapidly ageing society is also hampering its long-term potential growth.

Financial Market Environment in the First Quarter of 2020 The first quarter of 2020 will be the focus of many future financial history books. Initially, the first weeks of 2020 got off to a promising start. The long-anticipated signing of a “phase 1” trade agreement between China and the US took place on 15 January 2020 while global leading indicators surprised to the upside and confirmed expansion of economic activity. In the second half of January, however, these signals of reflation (increasing global growth towards trend level) were completely overshadowed by rising concerns over the outbreak of a coronavirus starting in Wuhan, which the World Health Organisation “WHO” eventually named “Covid-19”. On 23 January 2020, China started a drastic, but effective lockdown of the city of Wuhan and other cities in the Hubei area to contain the virus. Still, Covid-19 had already crossed borders; the WHO declared Covid-19 a pandemic on 11 March 2020. By 31 March 2020, Covid-19 had exponentially spread to at least 163 countries with 858,361 people infected, causing 42,309 deaths.

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General introduction (continued)

Financial Market Environment in the First Quarter of 2020 (continued) Many countries followed the example set by China in containing the spread of Covid-19. As a result of increasing lockdowns and social distancing measures, the global economy has come to a sudden stop, leaving a global recession inevitable at this juncture. Covid-19 has delivered a simultaneous negative supply-as well as demand shock. In addition, social distancing measures aggravate the impact of the oil supply glut that erupted after Organization of the Petroleum Exporting Countries “OPEC” + negotiations about oil production cuts failed. Leading producer confidence indicators already plummeted in March to 2008 recession lows. Markets now (rightly) infer a second quarter global GDP collapse not seen in the post-WWII era. Another clue in this direction are the staggering weekly jobless claims numbers (+10 million) in the US. The latest March jobless claims statistic was already exactly 10.0 times the highest number observed during the Great Financial Crisis recession.

Earlier in March, the Fed swiftly lowered its conventional policy rate from 1.75% to 0.25% and expanded its balance sheet by almost USD 1,000 billion by asset purchases and repo agreements. Other central banks also pursued a “whatever it takes” strategy and undertook similar measures. Next to central banks, governments have pulled all the stops as well in effort to dampen the economic impact of Covid-19. The US Congress approved an emergency fiscal stimulus package amounting to 10% of US GDP.

In Europe, Germany swiftly approved a package worth 4.5% of GDP. As the above dramatic events evolved, financial markets went into a tailspin of unprecedented scale. The S&P500 index peaked on 19 February 2020 before sliding into a bear market at the fastest pace seen since 1929, ending the longest bull market in history that began in March 2009. In the enormous market turbulence (a measure of implied equity volatility, the VIX, spiked above the peak level seen during the GFC of 2008), liquidity pressures mounted. Even safe-haven assets like US Treasuries and gold were battered initially as investors scrambled for cash. Eventually, haven assets recovered in the second phase of the turmoil as massive liquidity injections by central banks eased forced selling pressures.

Global government bonds (hedged, EUR) generated a positive return of 4.5% in the first quarter of 2020. Riskier fixed income asset classes with equity-like risk characteristics suffered losses. Global high yield (hedged, EUR) lost 15.1%, whereas global investment grade bonds (hedged, EUR) lost 4.6%. Global equities as measured by the MSCI World index (hedged, EUR) lost 20.4% in the first quarter of 2020.

The first quarter of 2020 has been extraordinary. The exceptional market volatility in this quarter reflects exceptional future macro-economic volatility. Monetary and fiscal stimulus is important but solving the health crisis is the key priority for economic recovery. The Covid-19 pandemic is still with us at the time of writing this report, though the strenuous efforts undertaken by governments to “flatten the curve” are starting to pay off with case fatality rates in most countries decelerating. Together with the massive amount of fiscal and monetary stimulus and policy measures taken (i.e. the lowering of countercyclical buffers for banks to protect the flow of credit to the real economy, liquidity assistance for corporates as well as wage subsidies to keep workers employed), some positives for a future global economic recovery have arrived at the end of March.

Outlook for the equity markets We are cognizant of the fact that global growth expectations are likely to be revised even lower in light of the prolonged duration of the Covid- 19 outbreak well into 2020 and recognize that the road to recovery will be a very erratic one and certainly not in a straight line or typical V- shape. We do expect a bounce in economic activity from the very depressed levels in the first half of 2020 but we also take notion of direct and longer lasting negative second round effects on consumption, employment and business investment despite large-scale stimulus by central banks and governments.

We expect global interest rates to trade in a tight range given that all major central banks have lowered their policy rates to zero in combination with increased quantitative easing programs which will in effect act as a cap on yields. For lower rated sovereigns like Italy and Spain, but also various emerging markets, we expect ratings downgrades and upward pressure on yields as their already stretched fiscal balance sheets will be put under pressure given the economic fall-out and increased fiscal needs. In corporate credit, we think rating and sector selection is key and strongly favor the higher grade part of the credit spectrum over the remainder of the Covid-19 pandemic given central bank support and increased default losses in the lower credit spectrum due to increased corporate leverage and exposure to very cyclical sectors like oil and exploration.

Because of the very rapid developments around the Covid-19 pandemic and its impact on the worldwide economy, we refer to our website Robeco.com for the latest updates on our outlook for bond markets.

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Investment policy

Introduction The sole objective of the sub-funds is to invest capital in financial instruments and other assets while applying the principle of risk diversification with the aim of enabling participants to participate in the investment returns. For all sub-funds, the investment policy is designed mainly to realize capital growth and/or direct income as described below.

Robeco QI Institutional Global Developed Conservative Equities

Robeco QI Institutional Global Developed Conservative Equities sub-fund investment policy The principal objective of Robeco QI Institutional Global Developed Conservative Equities (the “sub-fund”) is to achieve an optimal return per unit of risk (the price volatility) on the sub-fund assets, which are invested worldwide on behalf of the participants and for their account and risk.

Implementation of the investment policy In terms of sector exposure, the underweight in cyclical technology and consumer stocks resulted in a lower relative return for Robeco Conservative Equities, while the underweight in energy stocks had a positive impact on the fund’s relative return. These exposures are the result of our bottom-up stock selection process, which prefers attractively-valued low-risk stocks with a high payout yield and positive momentum.

Moreover, as growth stocks such as technology stocks outperformed the broader market, while value-like energy stocks lagged, the value factor experienced a negative year. Also high dividend stocks in US significantly lagged the market.

Robeco QI Institutional Global Developed Conservative Equities sub-fund currency policy The sub-fund invests in stocks issued in various currencies. The currency risk is not hedged as standard. For further quantitative information on the currency risk we refer to the information on currency risk provided on page 39.

Integration of ESG factors Sustainability factors based on RobecoSAM scores are integrated in the investment policy. These RobecoSAM scores take into account factors relating to environment, society and governance (ESG). The investment process is very disciplined and ensures that the sub-fund's overall sustainability score is higher than or equal to the overall sustainability score of the index. This means that a stock with a good score on factors relating to the environment, society and governance is more likely to be included in the portfolio. Companies with a poor score have less chance of being included in the portfolio.

Robeco QI Institutional Global Developed Momentum Equities

Robeco QI Institutional Global Developed Momentum Equities sub-fund investment policy The principal objective of Robeco QI Institutional Global Developed Momentum Equities (the “sub-fund”) is to achieve an optimal return per unit of risk (the price volatility) on the sub-fund assets, which are invested worldwide on behalf of the participants and for their account and risk.

Implementation of the investment policy The objective of the sub-fund is to exploit the momentum anomaly that is present in global stock markets. Momentum stocks are stocks that have recently performed well, for example in terms of return. In-depth research has shown that momentum stocks tend to outperform the market in the long term. The sub-fund offers diversified and efficient exposure to the momentum factor.

The fund’s investable universe is made up of all stocks in developed economies with sufficient market value and daily trading volume. In principle, the investment universe comprises stocks that form part of the index. In order to also be able to select stocks with favorable momentum characteristics that are not part of this index, we have extended the universe to include stocks from the Broad Market Index, compiled by S&P. We use a minimum daily trading volume and a minimum market value to achieve a relatively stable and liquid investment universe.

By means of a bottom-up strategy, the sub-fund provides exposure to the momentum factor. At the same time, we aim to identify and avoid unrewarded factor risks. For example, we seek to reduce unrewarded time-varying risk exposures that are typical for a generic momentum strategy. In addition, we aim to prevent exposure to the momentum factor from creating negative exposure to another factor (like value and low-risk), as this can detract from the return. This can be reached by taking value, risk and quality characteristics into account in the selection of momentum stocks. This approach ensures that only attractive momentum stocks are identified. The portfolio construction process subsequently translates this information into an efficient and diversified factor portfolio. The portfolio construction process is highly disciplined and attempts to avoid unnecessary transaction costs by only buying stocks if their expected returns outweigh the associated costs. Cash flows are used efficiently to retain attractive momentum characteristics in the portfolio.

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Investment policy (continued)

Robeco QI Institutional Global Developed Momentum Equities (continued)

Robeco QI Institutional Global Developed Momentum Equities Fund sub-fund currency policy The sub-fund invests in stocks issued in various currencies. The currency risk is not hedged. For further quantitative information on the currency risk we refer to the information on currency risk provided on page 39.

Integration of ESG factors Sustainability factors based on RobecoSAM scores are integrated in the investment policy. These scores take into account environmental, social and governance (ESG) factors. The investment process is highly disciplined and ensures that the sub-fund's overall sustainability score is higher than or equal to the overall sustainability score of the index. This means that a stock with a good ESG score is more likely to be included in the portfolio. Companies with a poor ESG score have less chance of being included in the portfolio.

Robeco QI Institutional Global Developed Value Equities

Robeco QI Institutional Global Developed Value Equities sub-fund investment policy The principal objective of Robeco QI Institutional Global Developed Value Equities (the “sub-fund”) is to achieve an optimal return per unit of risk (the price volatility) on the sub-fund assets, which are invested worldwide on behalf of the participants and for their account and risk.

Implementation of the investment policy The objective of the sub-fund is to exploit the value anomaly that is present in global stock markets. Value stocks are stocks that are cheap relative to the issuing company's fundamental values, such as book value. In-depth research has shown that value stocks tend to outperform the market in the long term. The sub-fund offers diversified and efficient exposure to the value factor.

The sub-fund’s investable universe is made up of all stocks in developed economies with sufficient market value and daily trading volume. In principle, the investment universe comprises stocks that form part of the index. In order to also be able to select stocks with favorable value characteristics that are not part of this index, we have extended the universe to include stocks from the Broad Market Index, compiled by S&P. We use a minimum daily trading volume and a minimum market value to achieve a relatively stable and liquid investment universe.

By means of a bottom-up strategy, the sub-fund provides exposure to the value factor. At the same time, we aim to identify and avoid unrewarded factor risks. For example, for the value factor we use a proprietary distress risk model to identify and avoid bankruptcy risk. In addition, we aim to prevent exposure to the value factor from creating negative exposure to another factor (like momentum and low-risk), as this can detract from the return. This can be reached by taking momentum, risk and quality characteristics into account in the selection of value stocks. This approach ensures that only attractive value stocks are identified. The portfolio construction process subsequently translates this information into an efficient and diversified factor portfolio. The portfolio construction process is highly disciplined and attempts to avoid unnecessary transaction costs by only buying stocks if their expected returns outweigh the associated costs. Cash flows are used efficiently to retain attractive value characteristics in the portfolio.

Robeco QI Institutional Global Developed Value Equities Fund sub-fund currency policy The sub-fund invests in stocks issued in various currencies. The currency risk is not hedged. For further quantitative information on the currency risk we refer to the information on currency risk provided on page 39.

Robeco QI Institutional Global Developed Quality Equities

Robeco QI Institutional Global Developed Quality Equities sub-fund investment policy The principal objective of Robeco QI Institutional Global Developed Quality Equities (the “sub-fund”) is to achieve an optimal return per unit of risk (the price volatility) on the sub-fund assets, which are invested worldwide on behalf of the participants and for their account and risk.

Implementation of the investment policy The objective of the sub-fund is to exploit the quality anomaly that is present in global stock markets. Quality stocks are stocks of companies that have strong quality characteristics, such as high profitability. In-depth research has shown that quality stocks tend to outperform the market in the long term. The sub-fund offers diversified and efficient exposure to the quality factor.

The sub-fund’s investable universe is made up of all stocks in developed economies with sufficient market value and daily trading volume. In principle, the investment universe comprises stocks that form part of the index. In order to also be able to select stocks with favorable quality characteristics that are not part of this index, we have extended the universe to include stocks from the Broad Market Index, compiled by S&P. We use a minimum daily trading volume and a minimum market value to achieve a relatively stable and liquid investment universe.

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Investment policy (continued)

Robeco QI Institutional Global Developed Quality Equities (continued)

Implementation of the investment policy (continued) By means of a bottom-up strategy, the sub-fund provides exposure to the quality factor. At the same time, we aim to identify and avoid unrewarded factor risks. For example, for the quality factor we only use indicators that have a strong link to the future earnings of a company. In addition, we aim to prevent exposure to the quality factor from creating negative exposure to another (like value and momentum), as this can detract from the return. This can be reached by taking value and momentum characteristics into account in the selection of quality stocks. This approach ensures that only attractive quality stocks are identified. The portfolio construction process subsequently translates this information into an efficient and diversified factor portfolio. The portfolio construction process is highly disciplined and attempts to avoid unnecessary transaction costs by only buying stocks if their expected returns outweigh the associated costs. Cash flows are used efficiently to retain attractive quality characteristics in the portfolio.

Robeco QI Institutional Global Developed Quality Equities Fund sub-fund currency policy The sub-fund invests in stocks issued in various currencies. The currency risk is not hedged. For further quantitative information on the currency risk we refer to the information on currency risk provided on page 39.

Robeco QI Institutional Global Developed Enhanced Indexing Equities

Robeco QI Institutional Global Developed Enhanced Indexing Equities sub-fund investment policy The principal objective of Robeco QI Institutional Global Developed Enhanced Indexing Equities (the “sub-fund”) is to achieve an optimal return on the sub-fund assets compared to the sub-funds index. The sub-funds’ assets are invested worldwide on behalf of the participants and for their account and risk.

Implementation of the investment policy The sub-fund pursues a strategy which is known as Enhanced Indexing. This strategy uses a quantitative model to determine which index constituents should be over- or underweighted with respect to their index weight. Sustainability is part of this proprietary model.

Robeco QI Institutional Global Developed Enhanced Indexing Equities Fund sub-fund currency policy The sub-fund invests in stocks issued in various currencies. The currency risk is not hedged as standard. For further quantitative information on the currency risk we refer to the information on currency risk provided on page 39.

Integration of ESG factors ESG factors, for which the data originate from RobecoSAM in Switzerland, are integrated in both the stock selection model and the portfolio construction process. First of all, we decarbonize the value factor, which means we reduce its footprint, without reducing its performance, next to that, we incorporate sustainability scores as part of a group of quality factors. As a result, stocks of companies that have a high sustainability score have a higher probability of being included in the portfolio compared to stocks of companies that score low on sustainability. Secondly, the strategy aims for a higher aggregate sustainability score for the Enhanced Indexing portfolio versus the respective score of the index. Quantitative researchers and portfolio managers constantly work on the ongoing evaluation and improvement of this stock selection model.

Robeco QI Institutional Global Developed Sustainable Conservative Equities

Robeco QI Institutional Global Developed Sustainable Conservative Equities sub-fund investment policy The principal objective of Robeco QI Institutional Global Developed Sustainable Conservative Equities (the “sub-fund”) is to achieve an optimal return per unit of risk (the price volatility) on the sub-fund assets, which are invested worldwide on behalf of the participants and for their account and risk.

Sustainability means the sub-fund will aim to achieve the investment objective, while at the same time taking into account ESG. In making sustainable investment decisions in accordance with this strategy, the sub-fund aims to have a better environmental footprint and a better sustainability profile compared to the index.

Robeco Institutional Umbrella Fund 11

Investment policy (continued)

Robeco QI Institutional Global Developed Sustainable Conservative Equities (continued)

Robeco QI Global Developed Sustainable Conservative Equities Fund sub-fund currency policy The sub-fund invests in stocks issued in various currencies. The currency risk is not hedged. For further quantitative information on the currency risk we refer to the information on currency risk provided on page 39.

Integration of ESG factors Sustainability factors based on RobecoSAM scores are integrated in the investment policy. These RobecoSAM scores take into account factors relating to environment, society and governance (ESG). The investment process is very disciplined and ensures that the sub-fund's overall sustainability score is at least 20% higher than the overall sustainability score of the index. This means that a stock with a good score on factors relating to the environment, society and governance is more likely to be included in the portfolio. Companies with a poor score have a smaller chance of being included in the portfolio. In addition, the environmental footprint, as measured by greenhouse gas emissions, energy consumption, waste and water generation, of the portfolio is at least 20% lower than that of the index.

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities sub-fund investment policy The principal objective of Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities (the “sub-fund”) is to achieve an optimal return per unit of risk (the price volatility) on the sub-fund assets, which are invested worldwide on behalf of the participants and for their account and risk.

Implementation of the investment policy The objective of the sub-fund is to exploit the key anomalies known in global stock markets: value, momentum, low-risk and quality, while at the same time offering a significantly improved sustainability profile. Value stocks are stocks that are cheap relative to the issuing company's fundamental values, such as book value. Momentum stocks are stocks that have recently performed well, for example in terms of return. Low- risk stocks are characterized by, for example, lower volatility and market sensitivity. Lastly, quality stocks are stocks of companies that have strong quality characteristics, such as high profitability. For all these groups, in-depth research has shown that they outperform the market in the long term. The sub-fund offers diversified and efficient exposure to these factors, by investing a strategic weight of 25% in each of the four underlying factor strategies. Once a quarter, we assess whether the factor weights are still within the predetermined bandwidth that ensures proper diversification. If a factor weight does exceed the bandwidth the weight will be adjusted so that the factor diversification remains. In addition to this quarterly factor rebalancing process, cash flows are used to rebalance the sub-fund’s factor weights towards the strategic weights.

The sub-fund’s investable universe is made up of all stocks in developed economies with sufficient market value and daily trading volume. In principle, the investment universe comprises stocks that form part of the index. In order to also be able to select stocks with favorable quality characteristics that are not part of this index, we have extended the universe to include stocks from the Broad Market Index, compiled by S&P. We use a minimum daily trading volume and a minimum market value to achieve a relatively stable and liquid investment universe.

By means of a bottom-up strategy, the sub-fund provides exposure to the value, momentum, low-risk and quality factors. At the same time, we aim to identify and avoid unrewarded factor risks. For example, for the value factor, we use our distress risk model to identify and avoid bankruptcy risk. In addition, we aim to prevent exposure to one factor from creating negative exposure to another, as this can detract from the return. This can be reached by taking value, risk and quality characteristics into account in the selection of momentum stocks, for example. This approach ensures that for each factor, attractive stocks are identified efficiently. The portfolio construction process subsequently translates this into an optimal and diversified factor portfolio. The portfolio construction process is highly disciplined and attempts to avoid unnecessary transaction costs by only buying stocks if their expected returns outweigh the associated costs.

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities sub-fund currency policy The sub-fund invests in stocks issued in various currencies. The currency risk is not hedged as standard. For further quantitative information on the currency risk we refer to the information on currency risk provided on page 39.

Integration of ESG factors Sustainability factors based on RobecoSAM scores are integrated in the investment policy. These scores take into account environmental, social and governance (ESG) factors. The investment process is very disciplined and ensures that the sub-fund's overall sustainability score is at least 20% higher than the sustainability score of the index. This means that a stock with a good ESG score is more likely to be included in the portfolio. Companies with a poor ESG score have less chance of being included in the portfolio. In addition, the environmental footprint, as measured by greenhouse gas emissions, energy consumption, waste and water generation, of the portfolio is at least 20% lower than that of the index.

Robeco Institutional Umbrella Fund 12

Investment result

Robeco QI Institutional Global Developed Conservative Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Conservative Equities 2019 2018

T1 EUR Investment income 5.6 6.3 Changes in value 29.1 (10.8) Management and other costs 1.1 (1.3) Net result 35.8 (5.8)

T2 EUR Investment income - 5.3 Changes in value - (5.3) Management and other costs - (1.1) Net result - (1.1)

T7 EUR Investment income 6.9 6.3 Changes in value 21.9 (11.8) Management and other costs 0.7 (1.4) Net result 29.5 (6.9)

T8 CAD Investment income 4.7 0.7 Changes in value 8.4 (5.8) Management and other costs 0.4 (0.1) Net result 13.5 (5.2)

2019 turned out to be a great year for investors in global equities. Despite a long list of uncertainties like the looming trade war between the US and China, market climbed the wall of worries, supported by high returns for technology stocks. Measured in euro, the MSCI World Index experienced ten positive months in 2019. Only in May and August did the heightened trade war result in turbulent and negative markets. In these months, low-risk stocks showed their merits by achieving a significantly lower drawdown. However, low-risk stocks lagged the market in 2019 as the MSCI World Index in euro rose an impressive 30.0%. In US dollar, the index rose 27.7%.

Return and risk Robeco Conservative Equities is characterized by generally having lower absolute risk than its index, while having a high relative risk as the strategy deviates considerably from its index, the MSCI World Index.

The investment objective of the strategy is having 20-30% lower risk than the index, while achieving equal or higher returns, over a full investment cycle of around 7 year.

In 2019, Robeco QI Institutional Global Developed Conservative Equities showed a return of 25.85% (gross of fees) against 30.02% for the MSCI World Index. Since inception of the fund in October 2006, the fund showed an annualized return of 8.29%, while the index rose 6.49%. The risk level of the fund has been lower than that of the index, as the volatility of the fund has been 10.22% against 14.03% for the index.

Robeco Institutional Umbrella Fund 13

Investment result (continued)

Robeco QI Institutional Global Developed Momentum Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Momentum Equities 2019 2018

T1 EUR Investment income 2.9 3.1 Changes in value 27.5 (18.1) Management and other costs 1.1 (1.2) Net result 31.5 (16.2)

T8 CAD Investment income 2.3 0.3 Changes in value 3.5 (11.2) Management and other costs 0.5 (0.1) Net result 6.3 (11.0)

Return and risk The sub-fund underperformed the MSCI World Index in a rising market. The momentum exposure had the largest negative contribution to the performance of the fund. Controlling for valuation and low-risk contributed positively, while controlling for quality had a neutral contribution. The risk profile of the sub-fund, as measured by the volatility, was lower than that of the index.

Robeco QI Institutional Global Developed Value Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Value Equities 2019 2018

T1 EUR Investment income 6.4 6.1 Changes in value (0.8) (15.4) Management and other costs 1 (1.2) Net result 6.6 (10.5)

T7 EUR Investment income 7.8 6.1 Changes in value (7.4) (16.8) Management and other costs 0.6 (1.3) Net result 1.0 (12.0)

T8 CAD Investment income 5.4 0.7 Changes in value (2.2) (9.9) Management and other costs 0.5 (0.2) Net result 3.7 (9.4)

Return and risk The sub-fund underperformed the MSCI World Index in a rising market. The value exposure had the largest negative contribution to the performance of the fund. Controlling for momentum, low-risk and quality contributed positively. The risk profile of the sub-fund, as measured by the volatility, was higher than that of the index.

Robeco Institutional Umbrella Fund 14

Investment result (continued)

Robeco QI Institutional Global Developed Quality Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Quality Equities 2019 2018

T1 EUR Investment income 3.6 2.9 Changes in value 24.9 (3.2) Management and other costs 0.9 (1.0) Net result 29.4 (1.3)

T8 CAD Investment income 3.6 0.4 Changes in value 5.1 (8.8) Management and other costs 0.5 (0.2) Net result 9.2 (8.6)

Return and risk The sub-fund outperformed the MSCI World Index in a rising market. The quality and value factors had the largest contribution to the performance of the fund. Controlling for momentum also had a negative contribution. The risk profile of the sub-fund, as measured by the volatility, was higher than that of the index.

Robeco QI Institutional Global Developed Enhanced Indexing Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Enhanced Indexing Equities 2019 2018

T1 EUR Investment income 3.2 3.2 Changes in value 21.4 (7.0) Management and other costs 0.4 (0.5) Net result 25.0 (4.3)

T7 EUR Investment income 4.1 3.2 Changes in value 12.6 (9.1) Management and other costs 0.3 (0.5) Net result 17.0 (6.4)

T11 EUR Investment income 5.7 - Changes in value 28.4 - Management and other costs 0.3 - Net result 34.4 -

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

Return and risk The sub-fund has an ex-ante tracking error limit of 2% annualized. The ex-ante tracking error was lower than the limit in 2019. 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 share. Diversification is essential to keep active share 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 sub-fund was in-line with the volatility of the index and with a low level of active share as measured by the tracking error.

Robeco Institutional Umbrella Fund 15

Investment result (continued)

Robeco QI Institutional Global Developed Sustainable Conservative Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Sustainable Conservative Equities 2019 2018

T2 EUR Investment income 3.6 0.6 Changes in value 18.9 (4.7) Management and other costs 0.8 (0.2) Net result 23.3 (4.3)

The investment objective of the strategy is having 20-30% lower risk than the index, while achieving equal or higher returns, over a full investment cycle of around 7 year.

In 2019, Robeco QI Institutional Global Developed Sustainable Conservative Equities showed a return of 28.25% against 30.02% for the MSCI World Index. Since inception of the fund in October 2018, the fund showed an annualized return of 17.70%, while the index rose 17.27%. The risk level of the fund has been lower than that of the index, as the volatility of the fund has been 11.15% against 14.18% for the index.

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities 2019 2018

T1 EUR Investment income 3.1 0.2 Changes in value 15.8 (5.3) Management and other costs 0.7 (0.1) Net result 19.6 (5.2)

T9 EUR Investment income 5.9 - Changes in value 8.3 - Management and other costs 0.7 - Net result 14.9 -

Return and risk The sub-fund outperformed the MSCI World Index in a rising market. The value, momentum, low-risk and quality factors all had a negative contribution to the performance of the fund. Controlling for momentum also had a negative contribution. The risk profile of the sub-fund, as measured by the volatility, was higher than that of the index.

1 Based on the average amount of shares outstanding during the reporting year. The average number of shares is calculated on a daily basis.

Robeco Institutional Umbrella Fund 16

Risk management A description of the risk management can be found in the notes to the financial statements on pages 37 through 53.

Movements in net assets

During the reporting period, the combined assets of the Robeco Institutional Umbrella Fund rose by EUR 170.0 million to EUR 3,102.3 million. This increase/decline can be explained by the following items. On balance, stocks to the amount of EUR 451.1 million were bought. Adding the net result increased these assets by EUR 684.0 million. EUR 62.9 million was distributed in dividend.

Survey of movements in net assets Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Conservative Equities Momentum Equities EUR x thousand 2019 2018 2019 2018 Assets at opening date 905,034 - 632,337 -

Participating units placed 45,838 1,124,686 19,568 764,324 Participating units repurchased (222,034) (180,871) (135,817) (57,740) Situation on closing date 728,838 943,815 516,088 706,584

Direct investment income 30,662 38,508 11,886 13,124 Indirect investment income 191,406 (66,872) 154,107 (81,722) Receipts on surcharges and discounts on issuance and repurchase of own units 472 261 164 129 Costs (6,170) (7,723) (4,606) (5,270) Net result before taxation 216,370 (35,826) 161,551 (73,739)

Distributed dividends (25,223) (2,955) (7,321) (508) Assets at closing date 919,985 905,034 670,318 632,337

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Value Equities Quality Equities EUR x thousand 2019 2018 2019 2018 Assets at opening date 672,497 - 123,784 -

Participating units placed 42,747 783,174 37,859 180,022 Participating units repurchased (148,643) (56,980) (11,531) (51,376) Situation on closing date 566,601 726,194 150,112 128,646

Direct investment income 28,787 27,861 4,504 2,312 Indirect investment income 87,693 (74,848) 34,882 (6,278) Receipts on surcharges and discounts on issuance and repurchase of own units 169 202 57 41 Costs (4,584) (5,502) (1,158) (823) Net result before taxation 112,065 (52,287) 38,285 (4,748)

Distributed dividends (20,066) (1,410) (1,342) (114) Assets at closing date 658,600 672,497 187,055 123,784

Robeco Institutional Umbrella Fund 17

Movements in net assets (continued) Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Enhanced Indexing Equities Sustainable Conservative Equities EUR x thousand 2019 2018 2019 2018 Assets at opening date 383,890 - 73,356 -

Participating units placed 136,830 570,300 358 76,636 Participating units repurchased (319,061) (167,821) - - Situation on closing date 201,659 402,479 73,714 76,636

Direct investment income 8,689 12,671 2,728 495 Indirect investment income 84,194 (28,277) 17,907 (3,643) Receipts on surcharges and discounts on issuance and repurchase of own units 160 88 - - Costs (1,021) (1,937) (584) (132) Net result before taxation 92,022 (17,455) 20,051 (3,280)

Distributed dividends (8,408) (1,134) (358) - Assets at closing date 285,273 383,890 93,407 73,356

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Total EUR x thousand 2019 2018 2019 2018 Assets at opening date 141,422 - 2,932,320 -

Participating units placed 248,619 147,775 531,819 3,646,917 Participating units repurchased (145,875) - (982,961) (514,788) Situation on closing date 244,166 147,775 2,481,178 3,132,129

Direct investment income 7,199 216 94,455 95,187 Indirect investment income 38,092 (6,583) 608,281 (268,223) Receipts on surcharges and discounts on issuance and repurchase of own units 157 86 1,179 807 Costs (1,766) (72) (19,889) (21,459) Net result before taxation 43,682 (6,353) 684,026 (193,688)

Distributed dividends (144) - (62,862) (6,121) Assets at closing date 287,704 141,422 3,102,342 2,932,320

Robeco Institutional Umbrella Fund 18

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, meets 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 HR Department and the relevant internal control officers. 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 In accordance with the applicable laws and regulations, 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 reduce individual awards or can even result in no variable remuneration being awarded at all. For the senior fund manager, the Identified Staff regime also applies (see below).

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 2019, in addition to the Management Board, RIAM has designated 99 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 2019 under the responsibility of the Supervisory Board of RIAM, advised by the Nomination & Remuneration Committee of the Supervisory Board of RIAM. As a result no material changes were necessary to the remuneration policy.

Robeco Institutional Umbrella Fund 19

Remuneration policy (continued)

Remuneration in 2019 Of the total amounts granted in remuneration* in 2019 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 2019 Variable pay for 2019 Board (4 members) 38,983 44,589 Identified staff (99) (ex Board) 373,260 248,040 Other employees (655 employees) 1,014,651 287,078

The total of the fixed and variable remuneration charged to the fund is EUR 2,006,601 (2018: EUR 1,877,393). Imputation occurs according to the following key:

Total remuneration (fixed and Total fund assets 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.

Manager’s remuneration The manager (RIAM) has paid to 3 employees a total remuneration above EUR 1 million.

* The remunerations relate to activities performed for one or more Robeco entities.

Robeco Institutional Umbrella Fund 20

Sustainable investing

Sustainable investing is one of the main pillars of Robeco's strategy and is firmly anchored in our investment convictions. We are convinced that including ESG1 factors leads to better investment decisions. We are also convinced that exercising our voting rights and engaging in a dialogue with companies have a positive effect on the investment result and society in general. During 2019, we made every effort to further stimulate Sustainable investing at Robeco and beyond.

All Robeco’s investment activities comply with the United Nations Principles for Responsible Investing (UNPRI). In 2019, Robeco was awarded an A+ for most of the modules that were assessed as part of the UN Principles for Responsible Investment (UN PRI) 2019 report. This was the sixth year in a row that Robeco obtained the highest score for the majority of the modules assessed by UNPRI. Responsibility for implementing Sustainable investing lies with the Head of Investments, who also has a seat on Robeco's Executive Committee.

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.

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 SDG2 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. These therefore present the opportunity to emphasize the effect that engagement can have on society. Robeco’s Active Ownership team would like new themes to always be directly linked to at least one of the goals. In 2019 we started engaging with companies for example on Palm Oil, directly linked to SDG 12 and 15, with a clear objective to improve the Roundtable on Sustainable Palm Oil (“RSPO”) certification and mitigate deforestation.

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 sister company RobecoSAM. The 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 2019 we continued developing new sustainable investment funds with specific sustainable goals and criteria. Furthermore we measured carbon footprints and climate change risks in our portfolios in order to gain more insight and create awareness.

1 ESG is the abbreviation of ‘Environmental, Social and Governance’, which refers to factors relating to the environment, society and corporate governance. 2 Sustainable Development Goals

Robeco Institutional Umbrella Fund 21

Sustainable investing (continued)

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 seriously and habitually 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 will be excluded. Robeco publishes its exclusion policy and the list of exclusions on its website. In 2019 Robeco developed a palm oil policy. Robeco considers the production of palm oil a process with significant environmental and social risks, leading to breaches of the UN Global Compact when this product is not produced sustainably. Listed companies that have less than 20% of their plantations certified to sustainability standards are excluded from fund investments. Other palm oil producing companies are part of an engagement program where Robeco requires them to make progress towards full RSPO certification and addresses potential controversies and breaches of the UN Global Compact.

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 2019, 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 2019 Robeco engaged with over 220 companies on different issues ranging from corporate governance to data privacy to climate change. The primary focus of this engagement is to address strategic ESG issues that might affect value creation in the long term. Hereafter, two 2019 case studies are provided to illustrate Robeco’s approach towards fulfilling our stewardship responsibilities.

Robeco’s Active Ownership successful in engagement with the Auto Industry In the engagement theme ESG Challenges in the Auto Industry key elements of discussion included the alignment of companies’ strategies with a low-carbon future, including their ability to comply with emissions standards, and the need to focus on innovation and to finetune product development to make sure their future products meet client demand and regulatory requirements. Our success with a German carmaker is unique in a sector that struggles with the transition to a low-carbon economy.

During a three-year engagement, the German automotive company announced its ambition to achieve net-zero emissions fleet by 2039, and committed to carbon-neutral energy supply by 2022 in line with our request. In addition, the company is the first carmaker to tie quantitative metrics on sustainable mobility in the executive renumeration policy. Overall, the company’s net-zero fleet commitment is considered best practice in the industry.

The engagement has taken place in collaboration with Transition Pathway Initiative (TPI) and the Institutional Investors Group on Climate Change (IIGCC), of which Robeco co-ordinates the Advisory Committee on automotives.

The model the company has followed is similar to the earlier success booked by Robeco’s Active Ownership team with Royal Dutch Shell, the first company to link climate targets to executive renumeration.

Leading the financial sector in Palm Oil Engagement Early 2019, Robeco has stepped up engagement with the producers of palm oil to address sustainability issues in the industry. As a responsible investor, Robeco has been engaging with palm oil producers, traders and buyers on sustainability-related issues since 2010. Palm oil is a vital commodity that is an essential ingredient in many consumer goods, from chocolates to shampoo. As the most land-efficient and versatile vegetable oil, its cultivation as a cash crop is highly profitable.

However, the industry continues to face significant problems related to deforestation, its large carbon footprint, and labor standards in emerging markets. Robeco’s new approach to address these problems is a combination of enhanced engagement and sustainability investing methodology.

With enhanced engagement, we formulate minimum standards that companies need to meet after three years of engagement to ensure eligibility in our investment universe. For the methodology, Robeco now conducts a sector screen that benchmarks companies according to the amount of land that has been certified by the RSPO, a not-for-profit group that Robeco joined in January as the first investor.

Robeco plays an active role in multiple collaborations regarding palm oil, strongly believing in the premise that we are stronger together. Within the RSPO, Robeco is member of the Financial Institutions working group, the deforestation group as well as member of the Complaints Panel. Within the PRI Robeco is part of the advisory committee of the Engagement working groups related to Deforestation, Labor Standards in Agricultural supply chain, and Palm Oil. Last, Robeco joined the Sustainable Palm Oil Choice to contribute to the transition to 100% sustainable palm oil in Europe.

Voting In 1998, Robeco started voting for its investment funds and on behalf of its institutional clients. The votes are cast by specialized voting analysts in the Active Ownership team. We attend several shareholder meetings ourselves, but in most cases we cast our votes electronically. Our voting activities are published shortly after the shareholders’ meetings on our website, in line with best practice regarding voting transparency.

Robeco Institutional Umbrella Fund 22

Sustainable investing (continued)

Voting (continued) Our extensive voting policy is based on 20 years of experience and insight, and we anticipate the specific policy requests of our mandates if necessary. We vote at all meetings where this is possible. In practice, we only refrain from voting in the event of share blocking. In such cases, we assess the importance of the meeting and the influence of our positions on the voting.

Our voting policy and our analysis are based on the internationally accepted principles of the International Corporate Governance Network (ICGN) and on local directives. These principles constitute an extensive framework for assessing the corporate governance practices of companies. They also provide sufficient latitude for companies to be assessed on the basis of local standards, national legislation and codes of conduct for corporate governance. In our assessment we take into account company-specific circumstances.

Important decisions are taken in close consultation with the portfolio managers and the analysts in Robeco's investment teams and with our engagement specialists. The information we receive during shareholders’ meetings is taken into account in our engagement activities and in the investment process followed by the Robeco funds.

We voted at 1,279 shareholder meetings on behalf of Robeco Institutional Umbrella Fund. At 703 (55%) of the xx meetings, we cast at least 1 vote not in line with management's recommendation.

Engagement Since as early as 2005, we have encouraged management board members from the companies in which we invest to practice good corporate governance and to strive to achieve an environmentally and socially friendly policy. The aim of our engagement is to increase shareholder value in the long term and to achieve a positive impact on society. For Robeco, engagement and voting are important elements for achieving a successful integrated strategy for Sustainable investing that will lead to enhanced investment decisions and can improve the risk/return profile of our portfolios.

For our engagement activities we use a focused approach in which we enter into a constructive dialogue with a relevant selection of companies in which we invest. This dialogue deals with ESG factors such as quality of management, human rights and management of environmental risks. We differentiate between two types of engagement: the proactive Value Engagement approach and the Enhanced Engagement approach following a violation of the principles of the UN Global Compact and OECD Guidelines for Multinational Enterprises.

Our Value Engagement activities focus on a small number of sustainability themes with the greatest potential for value creation for the companies in which we invest. We select these themes on the basis of financial materiality by carrying out a baseline measurement and formulating engagement profiles for the companies we enter into a dialogue with. We select new engagement themes in close consultation with engagement specialists, portfolio managers and analysts, who work together closely throughout the dialogue. We give priority to companies in Robeco's portfolios with the greatest exposure to the selected engagement theme.

Our Enhanced Engagement program focuses on companies whose actions conflict seriously and systematically with the principles of the United Nations Global Compact (UNGC) in the field of human rights, labor, the environment and anti-corruption and OECD Guidelines for Multinational Enterprises. With this program we try to exert an influence on these companies to persuade them to act in accordance with the UNGC principles and OECD Guidelines. Our engagement normally lasts three years, during which time we hold regular meetings and conference calls with representatives from the company and monitor progress made on the engagement objectives.

If an Enhanced Engagement dialogue does not lead to the desired result, Robeco can exclude this company from Robeco's investment universe. The Enhanced Engagement process is a formal part of Robeco's exclusion policy.

For Robeco Institutional Umbrella Fund, we entered into a dialogue with 151 companies, involving 140 Value Engagements and 11 Enhanced Engagements.

In Control Statement Robeco Institutional Asset Management B.V. has a description of internal control, which is in line with the requirements of the Wet op het financieel toezicht (“Wft”) and the Besluit gedragstoezicht financiële ondernemingen (“BGfo”).

Performed activities During the previous year we have reviewed several aspects of internal control. We did not find any deficiencies that could lead to the conclusion that the design of internal control, as mentioned in article 121 BGfo does not meet the requirements of the Wft and related regulations. Based upon this conclusion, we declare as the Board of Directors of Robeco Institutional Asset Management B.V. to have a description of internal control which meets the requirements mentioned in article 121 BGfo.

Report of internal control We did not find significant deficiencies related to the effectiveness of internal control. Consequently, we declare with a reasonable assurance that the process of internal control is effective and in accordance with the description.

Rotterdam, 30 April 2020 The Manager

Robeco Institutional Umbrella Fund 23

Annual financial statements

Balance Sheet

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Conservative Equities Momentum Equities 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Before profit appropriation, EUR x thousand EUR EUR EUR EUR Assets Investments Financial investments Equities 1 911,232 896,925 662,635 626,232 Derivatives 2 - - 38 - Total investments 911,232 896,925 662,673 626,232

Accounts receivable Dividends receivable 3 1,889 2,507 542 435 Receivables on securities transactions 3 - - - Other receivables, prepayments and accrued income 4 1,901 1,575 996 829 3,793 4,082 1,538 1,264 Other assets Cash and cash equivalents 5 5,745 5,154 6,634 5,543

Liabilities Accounts payable Payable to affiliated parties 6 (533) (489) (400) (353) Other liabilities, accruals and deferred income 8 (252) (390) (117) (156) (785) (879) (517) (509)

Accounts receivable and other assets less accounts payable 8,753 8,357 7,655 6,298

Investments Derivatives 2 - (248) (10) (193)

Fund assets 9,10 919,985 905,034 670,318 632,337

Composition of fund assets Participants capital 9 767,619 943,815 590,335 706,584 General reserve 9 (28,178) (2,955) (7,829) (508) Undistributed earnings 9 180,544 (35,826) 87,812 (73,739) 919,985 905,034 670,318 632,337

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

Robeco Institutional Umbrella Fund 24

Annual financial statements

Balance Sheet (continued)

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Value Equities Quality Equities 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Before profit appropriation, EUR x thousand EUR EUR EUR EUR Assets Investments Financial investments Equities 1 652,435 662,679 185,192 122,141 Derivatives 2 24 - 9 - Total investments 652,459 662,679 185,201 122,141

Accounts receivable Dividends receivable 3 1,672 1,664 308 153 Receivables on securities transactions - - - - Other receivables, prepayments and accrued income 4 1,020 1,191 237 138 2,692 2,855 545 291 Other assets Cash and cash equivalents 5 3,958 7,760 1,478 1,521

Liabilities Accounts payable Payable to affiliated parties 6 (393) (378) (111) (69) Other liabilities, accruals and deferred income 8 (108) (177) (56) (62) (501) (555) (167) (131)

Accounts receivable and other assets less accounts payable 6,149 10,060 1,856 1,681

Investments Derivatives 2 (8) (242) (2) (38)

Fund assets 9,10 658,600 672,497 187,055 123,784

Composition of fund assets Participants capital 9 620,298 726,194 154,974 128,646 General reserve 9 (21,476) (1,410) (1,456) (114) Undistributed earnings 9 59,778 (52,287) 33,537 (4,748) 658,600 672,497 187,055 123,784

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

Robeco Institutional Umbrella Fund 25

Annual financial statements

Balance Sheet (continued)

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Enhanced Indexing Equities Sustainable Conservative Equities 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Before profit appropriation, EUR x thousand EUR EUR EUR EUR Assets Investments Financial investments Equities 1 282,918 380,455 92,574 72,796 Derivatives 2 9 - - - Total investments 282,927 380,455 92,574 72,796

Accounts receivable Dividends receivable 3 263 429 195 200 Receivables on securities transactions - - 1 - Other receivables, prepayments and accrued income 4 506 565 78 12 769 994 274 212 Other assets Cash and cash equivalents 5 1,739 2,823 663 433

Liabilities Accounts payable Payable to affiliated parties 6 (79) (100) (54) (40) Other liabilities, accruals and deferred income 8 (80) (185) (50) (40) (159) (285) (104) (80)

Accounts receivable and other assets less accounts payable 2,349 3,532 833 565

Investments Derivatives 2 (3) (97) - (5)

Fund assets 9,10 285,273 383,890 93,407 73,356

Composition of fund assets Participants capital 9 220,248 402,479 76,994 76,636 General reserve 9 (9,542) (1,134) (358) - Undistributed earnings 9 74,567 (17,455) 16,771 (3,280) 285,273 383,890 93,407 73,356

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

Robeco Institutional Umbrella Fund 26

Annual financial statements

Balance Sheet (continued)

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Total 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Before profit appropriation, EUR x thousand EUR EUR EUR EUR Assets Investments Financial investments Equities 1 285,942 139,589 3,072,928 2,900,817 Derivatives 2 2 - 82 - Total investments 285,944 139,589 3,073,010 2,900,817

Accounts receivable Dividends receivable 3 458 166 5,327 5,554 Receivables on securities transactions 2 - 6 - Other receivables, prepayments and accrued income 4 113 7 4,851 4,317 573 173 10,184 9,871 Other assets Cash and cash equivalents 5 1,494 1,730 21,711 24,964

Liabilities Accounts payable Payable to affiliated parties 6 (166) (45) (1,736) (1,474) Other liabilities, accruals and deferred income 8 (141) (25) (804) (1,035) (307) (70) (2,540) (2,509)

Accounts receivable and other assets less accounts payable 1,760 1,833 29,355 32,326

Investments Derivatives 2 - - (23) (823)

Fund assets 9,10 287,704 141,422 3,102,342 2,932,320

Composition of fund assets Participants capital 9 250,519 147,775 2,680,987 3,132,129 General reserve 9 (144) - (68,983) (6,121) Undistributed earnings 9 37,329 (6,353) 490,338 (193,688) 287,704 141,422 3,102,342 2,932,320

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

Robeco Institutional Umbrella Fund 27

Annual financial statements

Profit and loss account

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Conservative Equities Momentum Equities year ended period ended1 year ended period ended2 31 December 2019 31 December 2018 31 December 2019 31 December 2018 EUR x thousand EUR EUR EUR EUR Income Dividends 11 30,656 38,503 11,883 13,123 Interest 12 6 5 3 1 Receipts on surcharges and discounts on issuance and repurchase of own units 472 261 164 129 Changes in value Unrealised profits on investments 1,2 192,120 40,955 181,511 29,787 Realised profits on investments 1,2 46,755 11,340 64,433 23,863 Unrealised losses on investments 1,2 (17,885) (73,055) (29,098) (73,127) Realised losses on investments 1,2 (29,782) (46,119) (62,790) (62,240) Net currency profit/(loss) 198 7 51 (5) Total operating income/(expense) 222,540 (28,103) 166,157 (68,469)

Expenses M anagement costs 17,21 (5,920) (6,977) (4,338) (4,885) Other costs 16 (250) (746) (268) (385) Total operating expenses (6,170) (7,723) (4,606) (5,270)

Net result 216,370 (35,826) 161,551 (73,739)

1 For the financial period from 05 September 2018 to 31 December 2018. 2 For the financial period from 05 September 2018 to 31 December 2018.

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

Robeco Institutional Umbrella Fund 28

Annual financial statements

Profit and loss account (continued)

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Value Equities Quality Equities year ended period ended3 year ended period ended4 31 December 2019 31 December 2018 31 December 2019 31 December 2018 EUR x thousand EUR EUR EUR EUR Income Dividends 11 28,784 27,861 4,504 2,312 Interest 12 3 - - - Receipts on surcharges and discounts on issuance and repurchase of own units 169 202 57 41 Changes in value Unrealised profits on investments 1,2 130,015 24,318 39,272 7,449 Realised profits on investments 1,2 31,468 23,078 5,628 1,674 Unrealised losses on investments 1,2 (33,058) (117,828) (6,798) (14,354) Realised losses on investments 1,2 (40,653) (4,520) (3,249) (1,036) Net currency (loss)/profit (79) 104 29 (11) Total operating income/(expense) 116,649 (46,785) 39,443 (3,925)

Expenses M anagement costs 17,21 (4,354) (5,075) (1,088) (718) Other costs 16 (230) (427) (70) (105) Total operating expenses (4,584) (5,502) (1,158) (823)

Net result 112,065 (52,287) 38,285 (4,748)

3 For the financial period from 05 September 2018 to 31 December 2018. 4 For the financial period from 05 September 2018 to 31 December 2018.

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

Robeco Institutional Umbrella Fund 29

Annual financial statements

Profit and loss account (continued)

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Enhanced Indexing Equities Sustainable Conservative Equities year ended period ended5 year ended period ended6 31 December 2019 31 December 2018 31 December 2019 31 December 2018 EUR x thousand EUR EUR EUR EUR Income Dividends 11 8,684 12,666 2,728 495 Interest 12 5 5 - - Receipts on surcharges and discounts on issuance and repurchase of own units 160 88 - - Changes in value Unrealised profits on investments 1,2 74,400 18,001 18,434 1,060 Realised profits on investments 1,2 36,070 13,633 2,120 93 Unrealised losses on investments 1,2 (7,656) (40,347) (879) (4,437) Realised losses on investments 1,2 (18,648) (19,759) (1,788) (361) Net currency profit 28 195 20 2 Total operating income/(expense) 93,043 (15,518) 20,635 (3,148)

Expenses M anagement costs 17,21 (942) (1,579) (532) (89) Other costs 16 (79) (358) (52) (43) Total operating expenses (1,021) (1,937) (584) (132)

Net result 92,022 (17,455) 20,051 (3,280)

5 For the financial period from 02 November 2017 to 31 December 2018. 6 For the financial period from 24 October 2018 to 31 December 2018.

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

Robeco Institutional Umbrella Fund 30

Annual financial statements

Profit and loss account (continued)

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Total year ended period ended7 year ended period ended8 31 December 2019 31 December 2018 31 December 2019 31 December 2018 EUR x thousand EUR EUR EUR EUR Income Dividends 11 7,199 216 94,438 95,176 Interest 12 - - 17 11 Receipts on surcharges and discounts on issuance and repurchase of own units 157 86 1,179 807 Changes in value Unrealised profits on investments 1,2 46,041 426 681,793 121,996 Realised profits on investments 1,2 5,390 85 191,864 73,766 Unrealised losses on investments 1,2 (6,269) (7,083) (101,643) (330,231) Realised losses on investments 1,2 (7,109) (5) (164,019) (134,040) Net currency profit/(loss) 39 (6) 286 286 Total operating income/(expense) 45,448 (6,281) 703,915 (172,229)

Expenses M anagement costs 17,21 (1,529) (45) (18,703) (19,368) Other costs 16 (237) (27) (1,186) (2,091) Total operating expenses (1,766) (72) (19,889) (21,459)

Net result 43,682 (6,353) 684,026 (193,688)

7 For the financial period from 11 December 2018 to 31 December 2018. 8 For the period from 31 October 2017 (date of incorporation) to 31 December 2018.

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

Robeco Institutional Umbrella Fund 31

Annual financial statements

Cash flow statement

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Conservative Equities Momentum Equities year ended period ended1 year ended period ended2 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Indirect method, EUR x thousand EUR EUR Cash flow from investment activities Net result 216,370 (35,826) 161,551 (73,739) Unrealised changes in value 1,2 (174,236) 32,078 (152,413) 43,340 Realised changes in value 1,2 (16,773) 35,674 (1,475) 38,975 Purchase of investments 1,2 (289,131) (1,394,746) (706,798) (1,342,752) Sale of investments 1,2 465,784 430,951 824,230 634,868 Increase (-)/derease (+) in accounts receivable 3,4 289 (4,082) (274) (1,264) Increase (-)/derease (+) in accounts payable 6,8 (94) 879 8 509 202,209 (935,072) 124,829 (700,063)

Cash flow from financing activities

Received from placement of participating units 45,838 1,124,686 19,568 764,324 Paid for purchase of participating units (222,034) (180,871) (135,817) (57,740) Dividend payments (25,223) (2,955) (7,321) (508) (201,419) 940,860 (123,570) 706,076

Net cash flow 790 5,788 1,259 6,013 Currency and cash revaluation (199) (634) (168) (470) Increase (+)/decrease (-) cash 591 5,154 1,091 5,543

Cash and cash equivalents at opening date 5 5,154 - 5,543 - Total cash at opening date 5,154 - 5,543 -

Cash and cash equivalents at closing date 5 5,745 5,154 6,634 5,543 Total cash at closing date 5,745 5,154 6,634 5,543

1 For the financial period from 05 September 2018 to 31 December 2018. 2 For the financial period from 05 September 2018 to 31 December 2018.

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

Robeco Institutional Umbrella Fund 32

Annual financial statements

Cash flow statement (continued)

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Value Equities Quality Equities year ended period ended3 year ended period ended4 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Indirect method, EUR x thousand EUR EUR Cash flow from investment activities Net result 112,065 (52,287) 38,285 (4,748) Unrealised changes in value 1,2 (96,957) 93,510 (32,473) 6,904 Realised changes in value 1,2 9,387 (18,080) (2,292) (668) Purchase of investments 1,2 (271,084) (949,755) (77,752) (145,639) Sale of investments 1,2 368,842 212,164 49,509 17,227 Increase (-)/derease (+) in accounts receivable 3,4 163 (2,855) (254) (291) Increase (-)/derease (+) in accounts payable 6,8 (54) 555 36 131 122,362 (716,748) (24,941) (127,084)

Cash flow from financing activities

Received from placement of participating units 42,747 783,174 37,859 180,022 Paid for purchase of participating units (148,643) (56,980) (11,531) (51,376) Dividend payments (20,066) (1,410) (1,342) (114) (125,962) 724,784 24,986 128,532

Net cash flow (3,600) 8,036 45 1,448 Currency and cash revaluation (202) (276) (88) 73 Increase (+)/decrease (-) cash (3,802) 7,760 (43) 1,521

Cash and cash equivalents at opening date 5 7,760 - 1,521 - Total cash at opening date 7,760 - 1,521 -

Cash and cash equivalents at closing date 5 3,958 7,760 1,478 1,521 Total cash at closing date 3,958 7,760 1,478 1,521

3 For the financial period from 05 September 2018 to 31 December 2018.

4 For the financial period from 05 September 2018 to 31 December 2018.

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

Robeco Institutional Umbrella Fund 33

Annual financial statements

Cash flow statement (continued)

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Enhanced Indexing Equities Sustainable Conservative Equities year ended period ended5 year ended period ended6 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Indirect method, EUR x thousand EUR EUR Cash flow from investment activities Net result 92,022 (17,455) 20,051 (3,280) Unrealised changes in value 1,2 (66,744) 22,331 (17,555) 3,372 Realised changes in value 1,2 (18,022) 6,231 (340) 256 Purchase of investments 1,2 (173,789) (871,382) (26,909) (91,980) Sale of investments 1,2 355,389 462,479 25,013 15,549 Increase (-)/derease (+) in accounts receivable 3,4 225 (994) (62) (212) Increase (-)/derease (+) in accounts payable 6,8 (126) 285 24 80 188,955 (398,505) 222 (76,215)

Cash flow from financing activities

Received from placement of participating units 136,830 570,300 358 76,636 Paid for purchase of participating units (319,061) (167,821) - - Dividend payments (8,408) (1,134) (358) - (190,639) 401,345 - 76,636

Net cash flow (1,684) 2,840 222 421 Currency and cash revaluation 600 (17) 8 12 Increase (+)/decrease (-) cash (1,084) 2,823 230 433

Cash and cash equivalents at opening date 5 2,823 - 433 - Total cash at opening date 2,823 - 433 -

Cash and cash equivalents at closing date 5 1,739 2,823 663 433 Total cash at closing date 1,739 2,823 663 433

5 For the financial period from 02 November 2017 to 31 December 2018. 6 For the financial period from 24 October 2018 to 31 December 2018.

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

Robeco Institutional Umbrella Fund 34

Annual financial statements

Cash flow statement (continued)

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Total year ended period ended7 year ended period ended8 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Indirect method, EUR x thousand EUR EUR Cash flow from investment activities Net result 43,682 (6,353) 684,026 (193,688) Unrealised changes in value 1,2 (39,772) 6,657 (580,150) 208,192 Realised changes in value 1,2 2,167 (92) (27,348) 62,296 Purchase of investments 1,2 (194,923) (146,246) (1,740,386) (4,942,500) Sale of investments 1,2 86,621 (6) 2,175,388 1,773,232 Increase (-)/derease (+) in accounts receivable 3,4 (400) (173) (313) (9,871) Increase (-)/derease (+) in accounts payable 6,8 237 70 31 2,509 (102,388) (146,143) 511,248 (3,099,830)

Cash flow from financing activities

Received from placement of participating units 248,619 147,775 531,819 3,646,917 Paid for purchase of participating units (145,875) - (982,961) (514,788) Dividend payments (144) - (62,862) (6,121) 102,600 147,775 (514,004) 3,126,008

Net cash flow 212 1,632 (2,756) 26,178 Currency and cash revaluation (448) 98 (497) (1,214) Increase (+)/decrease (-) cash (236) 1,730 (3,253) 24,964

Cash and cash equivalents at opening date 5 1,730 - 24,964 - Total cash at opening date 1,730 - 24,964 -

Cash and cash equivalents at closing date 5 1,494 1,730 21,711 24,964 Total cash at closing date 1,494 1,730 21,711 24,964

7 For the financial period from 11 December 2018 to 31 December 2018. 8 For the period from 31 October 2017 (date of incorporation) to 31 December 2018.

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

Robeco Institutional Umbrella Fund 35

Notes

General The annual financial statements have been drawn up in conformity with Part 9, Book 2 of the Dutch Civil Code. The fund’s financial period is from 1 January 2019 to 31 December 2019.

The following participating units were in issue at the balance sheet date: Robeco QI Institutional Global Developed Conservative Equities • T1 EUR units • T2 EUR units • T7 EUR units • T8 CAD units Robeco QI Institutional Global Developed Momentum Equities • T1 EUR units • T8 CAD units Robeco QI Institutional Global Developed Value Equities • T1 EUR units • T7 EUR units • T8 CAD units Robeco QI Institutional Global Developed Quality Equities • T1 EUR units • T8 CAD units Robeco QI Institutional Global Developed Enhanced Indexing Equities • T1 EUR units • T7 EUR units • T11 EUR units Robeco QI Institutional Global Developed Sustainable Conservative Equities • T2 EUR units Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities • T1 EUR units • T9 EUR units

Accounting principles General The financial statements are produced according to the going concern assumption. Unless stated otherwise, items shown in the annual financial statements are included at nominal value and expressed in thousands of euros. Assets and liabilities are recognised or derecognised in the balance sheet on the transaction date.

Financial investments The 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 forward exchange contracts, internal valuation models are used and the value is based on quoted currency rates and reference interest rates at closing date. Transaction costs incurred in the purchase and sale of investments are included in the purchase or sale price. Transaction costs incurred in the purchase and sale of investments will therefore be accounted for in the profit and loss account in the first period of valuation as part of the changes in value. Transaction costs on selling will be accounted for in the profit and loss account as part of the results realised. Changes to the valuation model for forward currency contracts may lead to a different valuation. Derivative instruments with a negative fair value are recognised 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 recognised or derecognised in the balance sheet on the transaction date. Equities and derivatives are recognised in the balance sheet on the date the purchase transaction is concluded. Equities are derecognised in the balance sheet on the date the sale transaction is concluded. Derivatives will – in part – no longer be included in the balance on the date the sales transaction is concluded or when the contract is settled on the maturity date. Accounts receivable and payable are recognised in the balance sheet on the date that contractual rights or obligations with respect to the receivables or payables arise. Receivables and payables are derecognised 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 recognised 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.

Robeco Institutional Umbrella Fund 36

Accounting principles (continued)

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

Cash and cash equivalents expressed in foreign currencies are converted into the functional currency as at balance sheet date at the exchange rate applicable on that day. Please refer to the currency table on page 72.

Accounts receivable Other receivables are valued after initial inclusion at the amortised cost price based on the effective interest method, less exceptional impairment losses. 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 amortised cost based on the effective interest method. In light of the short-term nature of the debts, the value is equivalent to the nominal value.

Foreign currencies Transactions in currencies other than the euro are converted into euro 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 recognised 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 recognised 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 results of transactions in currencies, including forward transactions and other 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 recognised 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 recognised 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 is where net cash dividends declared during the reporting period, the nominal value of declared stock dividends, interest received and paid and proceeds from loan transactions are recognised. Accrued interest at balance sheet date is taken into account.

Payment for deposits and withdrawals The manager can 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 and are processed in the profit and loss account. The fee thus determined can be requested from the manager.

Changes in value Realised and unrealised capital gains and losses on securities and currencies are presented under this heading. Realisation of capital gains takes place on selling as the difference between the realisable sales value and the average historical cost price. Unrealised capital gains relate to value changes in the portfolio between the beginning of the financial period and the balance sheet date, corrected by the realised gains when positions are sold or settlement takes place.

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 immediately payable. Accounts payable to credit institutions include debit balances in bank accounts.

Robeco Institutional Umbrella Fund 37

Risk management

The presence of risks is inherent to the nature of 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) is responsible for providing sufficient control of risks by means of a model with three ‘lines of defense’, consisting of the RIAM management as the first line, the Compliance and Risk Management departments as the second line and the Internal Audit department as the 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. In addition, monitoring takes place in these departments to check whether the portfolios remain within the investment restrictions as specified in the prospectus and whether they meet the internal directives. 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. Management 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 unauthorised persons obtaining access is controlled by means of measures of prevention and detection in order to both control access to the network and to systems and data. Processes such as change management and operational management provide for monitoring of an operational system landscape. Finally, business continuity measures are in place to minimise the risk of outages and ensure that operations are restored 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 meticulous process with clear responsibilities in order to ensure that new laws and regulations are reported and implemented in a timely fashion.

Changes in the field of legislation and regulation that could affect the funds managed by Robeco also took place in 2019. An example of this is the amended Shareholder Rights Directive (SRD II), which applies as of 10 June 2019. SRD II requires institutional investors and asset managers to develop a policy on shareholder engagement and to disclose their voting and engagement policies in relation to its strategies covering EU listed equities. Necessary changes to Robeco’s existing policies on these topics have been implemented in a timely manner. Mandatory disclosures on these topics have been enhanced as well and these were made easily accessible to clients.

Robeco also ensured that its policies and procedures related to the prevention of use of the financial system for money laundering and the financing of terrorism continue to be adequately designed. In 2019 policies and procedures were amended to reflect the requirements of the Fifth Anti-Money Laundering Directive (5th AMLD). The amended Directive has introduced the obligation for Robeco to publicly register the ultimate beneficial owners (‘UBOs’) of all its corporate entities and funds. For entities and funds domiciled in The Netherlands, necessary preparations have been made so that registrations can be made as soon as the UBO register is put into use. In addition, solid enhanced due diligence measures with respect to business relationships and transactions involving high risk countries were implemented in accordance with the 5th AMLD.

On 17 June 2019 EMIR Refit entered into force, amending the existing EMIR rules with the objective to simplify and increase the efficiency of some of its requirements and to reduce disproportionate costs and burdens. The core EMIR requirements – clearing, margin requirements, derivative transaction reporting, operational risk mitigation requirements and requirements for trade repositories/CCPs – remain unchanged. For Robeco, the implementation of EMIR Refit in particular related to the introduction of a new category of financial counterparty known as the small financial counterparty (SFC). Such SFC - whose OTC derivatives positions do not exceed any of the clearing thresholds - can under certain circumstances be exempted from the clearing obligation under EMIR. Robeco has decided not to benefit from such exemption and will continue clearing of the relevant instruments for all its funds.

Developments Financial Risk Management Robeco is continuously working to enhance its risk management methodologies, infrastructure and processes. Over the past year, Financial Risk Management (FRM) continued with the modeling of climate risks and the integration of climate models in the risk management framework and risk management systems. These models aim to incorporate both current carbon emissions as well as forward looking based elements, such as investments in carbon footprint reduction. These analyses are done based on RobecoSAM data. In addition, FRM is collaborating with its risk management system vendor to further complement the framework with physical climate risks assets are exposed to, such as the risk of flooding, extreme heat waves or droughts.

Robeco Institutional Umbrella Fund 38

Risk management (continued)

Developments Financial Risk Management (continued) FRM has successfully enhanced and implemented tooling to conduct style factor analysis based on Barra factors. The results of these analyses and the climate risk results are both used in portfolio risk deep dive sessions with portfolio management.

Securities lending is transferred to JPMorgan as the new lending agent. In 2019 risk management integrated securities lending data (collateral, securities) in the Robeco collateral management systems to have an integrated view on counterparty exposures.

During the year several projects took place in which FRM participated. This included enhancement of the Model Risk Management, Brexit and a transition towards new benchmark rates (IBOR).

Risks relating to financial instruments

Investment risk The value of investments may fluctuate. Past performance is no guarantee of future results. The value of a Participating Unit depends upon developments in the financial markets and may both rise and fall. Participants run the risk that their investments may end up being worth less than the amount they invested or even worth nothing. General investment risk can also be characterised 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 tracking error, volatility or value-at-risk. Indirectly, this also limits the underlying risk types (price risk, concentration risk and currency risk).

Price risk The value of the Participating Units is sensitive to market fluctuations. 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 portfolios are exposed to price risk. The degree of price risk that the sub-fund’s run depends among other things on the risk profile of the sub-fund's portfolio. More detailed information on the risk profile of the sub-fund's portfolio can be found in the section on return and risk on page 13 - 16.

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.

As at the balance sheet date, there were no positions in currency futures contracts. The table below shows the gross and net exposure to the different currencies on securities.

Robeco QI Institutional Global Developed Conservative Equities

Currency-exposure In EUR x thousand

Gross position Net position In % In % Currency 31 December 2019 31 December 2019 31 December 2019 31 December 2018 AUD 56,140 56,140 6.2% 7.6% CAD 80,240 80,240 8.8% 11.7% CHF 51,466 51,466 5.6% 4.3% DKK 1,507 1,507 0.2% 0.4% EUR 54,343 54,343 6.0% 5.0% GBP 49,164 49,164 5.4% 4.3% HKD 17,399 17,399 1.9% 3.4% ILS 4,048 4,048 0.4% 0.4% JPY 43,728 43,728 4.8% 4.4% NOK 8,092 8,092 0.9% 0.2% NZD 6,846 6,846 0.8% 0.8% SEK 22,972 22,972 2.5% 2.8% SGD 19,564 19,564 2.1% 1.3% USD 495,723 495,723 54.4% 53.4% Total 911,232 911,232 100.0% 100.0%

Robeco Institutional Umbrella Fund 39

Currency risk (continued)

Robeco QI Institutional Global Developed Momentum Equities

Currency-exposure In EUR x thousand

Gross position Net position In % In % Currency 31 December 2019 31 December 2019 31 December 2019 31 December 2018 AUD 29,980 29,980 4.5% 3.4% CAD 31,394 31,394 4.7% 1.3% CHF 19,379 19,379 2.9% 0.9% DKK 3,098 3,098 0.5% 0.6% EUR 64,292 64,292 9.7% 11.4% GBP 24,783 24,783 3.7% 3.4% HKD - - - % 0.7% ILS 4,327 4,327 0.7% 1.0% JPY 75,935 75,935 11.5% 12.5% NOK 5,104 5,104 0.8% 0.6% NZD 6,029 6,029 0.9% - % SEK 26,691 26,691 4.0% 2.2% SGD 1,874 1,874 0.3% - % USD 369,749 369,749 55.8% 62.1% Total 662,635 662,635 100.0% 100.0%

Robeco QI Institutional Global Developed Value Equities

Currency-exposure In EUR x thousand

Gross position Net position In % In % Currency 31 December 2019 31 December 2019 31 December 2019 31 December 2018 AUD 8,101 8,101 1.3% 2.5% CAD 19,811 19,811 3.0% 3.8% CHF - - - % 0.1% DKK 5,447 5,447 0.8% 0.1% EUR 111,961 111,961 17.2% 16.1% GBP 54,571 54,571 8.4% 6.7% HKD 12,025 12,025 1.8% 1.9% ILS 4,228 4,228 0.6% 0.6% JPY 76,995 76,995 11.8% 15.0% NOK 2,951 2,951 0.5% 1.3% SEK 683 683 0.1% 0.1% USD 355,662 355,662 54.5% 51.8% Total 652,435 652,435 100.0% 100.0%

Robeco Institutional Umbrella Fund 40

Currency risk (continued)

Robeco QI Institutional Global Developed Quality Equities

Currency-exposure In EUR x thousand

Gross position Net position In % In % Currency 31 December 2019 31 December 2019 31 December 2019 31 December 2018 AUD 6,397 6,397 3.4% 3.0% CAD 5,184 5,184 2.8% 3.3% CHF 2,221 2,221 1.2% 1.8% DKK 5,739 5,739 3.1% 3.1% EUR 12,806 12,806 6.9% 7.5% GBP 11,226 11,226 6.1% 5.8% HKD 522 522 0.3% 0.6% ILS 357 357 0.2% 0.3% JPY 14,149 14,149 7.6% 7.4% NOK 1,144 1,144 0.6% 1.0% SEK 2,701 2,701 1.5% 1.5% SGD 115 115 0.1% - % USD 122,631 122,631 66.2% 64.7% Total 185,192 185,192 100.0% 100.0%

Robeco QI Institutional Global Developed Enhanced Indexing Equities

Currency-exposure In EUR x thousand

Gross position Net position In % In % Currency 31 December 2019 31 December 2019 31 December 2019 31 December 2018 AUD 7,860 7,860 2.8% 2.6% CAD 9,700 9,700 3.4% 3.3% CHF 8,202 8,202 2.9% 2.6% DKK 2,128 2,128 0.7% 0.8% EUR 30,014 30,014 10.6% 10.6% GBP 15,606 15,606 5.5% 6.1% HKD 1,972 1,972 0.7% 1.1% ILS 136 136 0.0% 0.5% JPY 24,483 24,483 8.7% 9.0% NOK 781 781 0.3% 0.3% NZD 89 89 0.0% 0.2% SEK 2,422 2,422 0.9% 1.3% SGD 860 860 0.3% 0.4% USD 178,665 178,665 63.2% 61.2% Total 282,918 282,918 100.0% 100.0%

Robeco Institutional Umbrella Fund 41

Currency risk (continued)

Robeco QI Institutional Global Developed Sustainable Conservative Equities

Currency-exposure In EUR x thousand

Gross position Net position In % In % Currency 31 December 2019 31 December 2019 31 December 2019 31 December 2018 AUD 5,742 5,742 6.2% 9.2% CAD 7,509 7,509 8.1% 11.1% CHF 6,482 6,482 7.0% 4.2% DKK 129 129 0.1% 0.1% EUR 5,452 5,452 5.9% 6.3% GBP 5,279 5,279 5.7% 4.4% HKD 1,046 1,046 1.1% 1.4% ILS 650 650 0.7% 0.8% JPY 3,153 3,153 3.4% 3.4% NOK 581 581 0.6% 0.2% NZD 1,167 1,167 1.3% 1.5% SEK 3,123 3,123 3.4% 2.4% SGD 1,916 1,916 2.1% 1.7% USD 50,345 50,345 54.4% 53.3% Total 92,574 92,574 100.0% 100.0%

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

Currency-exposure In EUR x thousand

Gross position Net position In % In % Currency 31 December 2019 31 December 2019 31 December 2019 31 December 2018 AUD 12,120 12,120 4.2% 4.2% CAD 11,867 11,867 4.2% 4.9% CHF 6,466 6,466 2.3% 1.6% DKK 2,227 2,227 0.8% 0.8% EUR 37,804 37,804 13.2% 13.3% GBP 16,265 16,265 5.7% 3.7% HKD 985 985 0.3% 0.5% ILS 1,379 1,379 0.5% 0.7% JPY 25,567 25,567 8.9% 10.3% NOK 1,176 1,176 0.4% 0.5% NZD 1,380 1,380 0.5% 0.6% SEK 4,277 4,277 1.5% 1.1% SGD 1,629 1,629 0.6% 0.4% USD 162,800 162,800 56.9% 57.4% Total 285,942 285,942 100.0% 100.0%

Robeco Institutional Umbrella Fund 42

Concentration risk

Based on its investment policy, the Fund may invest in financial instruments from issuing institutions that – mainly – operate within the same sector or region, or in the same market. 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 sub-fund assets than in case of a less concentrated investment portfolio. Concentration risks can be limited by applying relative or absolute country or sector concentration limits.

The following tables show the exposure to stock markets through stocks and stock-market index futures per country in amounts and as a percentage of the sub-fund's total equity capital.

Robeco QI Institutional Global Developed Conservative Equities

Concentration risk by country In EUR x thousand

Equities Equity index-futures Total exposure In % of net assets In % of net assets 31 December 2019 31 December 2019 31 December 2019 31 December 2019 31 December 2018 America Bermuda - - - - 1.3% Canada 80,240 - 80,240 8.8% 11.7% United States 494,938 - 494,938 54.3% 49.9%

Australia Australia 56,141 - 56,141 6.2% 7.6% New Zealand 6,846 - 6,846 0.8% 0.8%

Europe Austria 1,759 - 1,759 0.2% 0.2% Belgium 2,750 - 2,750 0.3% 0.4% Denmark 1,507 - 1,507 0.2% 0.4% Finland 5,526 - 5,526 0.6% 1.1% France - - - - 0.4% Germany 11,675 - 11,675 1.3% 1.0% Ireland - - - - 0.8% Italy 21,584 - 21,584 2.4% 1.3% Luxembourg 1,360 - 1,360 0.1% 0.1% Netherlands 5,804 - 5,804 0.6% 0.5% Norway 8,092 - 8,092 0.9% 0.2% Sp ain 3,885 - 3,885 0.4% 0.4% Sweden 22,972 - 22,972 2.5% 2.3% Switzerland 51,466 - 51,466 5.7% 5.2% United Kingdom 49,164 - 49,164 5.4% 4.8%

Asia Hong Kong 18,183 - 18,183 2.0% 3.4% Israel 4,048 - 4,048 0.4% 0.5% Japan 43,728 - 43,728 4.8% 4.4% Singapore 19,564 - 19,564 2.1% 1.3% Total 911,232 - 911,232 100.0% 100.0%

Robeco Institutional Umbrella Fund 43

Concentration risk (continued)

Robeco QI Institutional Global Developed Momentum Equities

Concentration risk by country In EUR x thousand

Equities Equity index-futures Total exposure In % of net assets In % of net assets 31 December 2019 31 December 2019 31 December 2019 31 December 2019 31 December 2018 America Bermuda 6,091 - 6,091 0.9% 0.5% Canada 28,773 - 28,773 4.3% 1.3% Puerto Rico 8,043 - 8,043 1.2% 1.1% United States 357,145 38 357,183 53.9% 57.4% Virgin Islands - - - - 0.4%

Australia Australia 29,980 - 29,980 4.5% 3.5% New Zealand 6,029 - 6,029 0.9% - % Papa New Guinea - - - - 0.6%

Europe Austria 1,055 - 1,055 0.2% - % Belgium 3,396 - 3,396 0.5% - % Denmark 3,098 - 3,098 0.5% 0.6% Finland 5,195 - 5,195 0.8% 1.0% France 21,649 - 21,649 3.3% 4.3% Germany 7,560 (10) 7,550 1.1% 1.8% Ireland - - - - 0.9% Italy 14,738 - 14,738 2.2% 0.9% Netherlands 2,305 - 2,305 0.3% 1.1% Norway 3,891 - 3,891 0.6% 0.6% Portugal 638 - 638 0.1% - % Sp ain 3,873 - 3,873 0.6% 1.7% Sweden 26,691 - 26,691 4.0% 2.2% Switzerland 19,379 - 19,379 2.9% 1.2% United Kingdom 30,970 - 30,970 4.7% 3.4%

Asia Hong Kong - - - - 0.7% Israel 4,327 - 4,327 0.7% 2.3% Japan 75,935 - 75,935 11.5% 12.5% Singapore 1,874 - 1,874 0.3% - % Total 662,635 28 662,663 100.0% 100.0%

Robeco Institutional Umbrella Fund 44

Concentration risk (continued)

Robeco QI Institutional Global Developed Value Equities

Concentration risk by country In EUR x thousand

Equities Equity index-futures Total exposure In % of net assets In % of net assets 31 December 2019 31 December 2019 31 December 2019 31 December 2019 31 December 2018 Africa South Africa 6,319 - 6,319 1.0% - %

America Bermuda 1,441 - 1,441 0.3% 2.2% Canada 19,811 - 19,811 3.0% 3.8% Cayman Islands - - - - 0.6% United States 344,113 24 344,137 52.7% 45.4% Virgin Islands - - - - 0.5%

Australia Australia 8,101 - 8,101 1.2% 2.5%

Europe Austria 1,396 - 1,396 0.2% 0.2% Belgium 1,096 - 1,096 0.2% 0.5% Denmark 5,447 - 5,447 0.8% 0.1% Finland 4,818 - 4,818 0.7% 0.5% France 40,726 - 40,726 6.3% 5.2% Germany 10,964 (8) 10,956 1.7% 1.5% Ireland 5,316 - 5,316 0.8% 1.7% Italy 9,361 - 9,361 1.4% 1.3% Jersey 6,809 - 6,809 1.0% 0.2% Luxembourg - - - - 0.2% Netherlands 21,609 - 21,609 3.3% 3.5% Norway 2,951 - 2,951 0.5% 1.1% Portugal - - - - 0.5% Sp ain 19,727 - 19,727 3.0% 3.1% Sweden 683 - 683 0.1% 0.1% Switzerland - - - - 0.6% United Kingdom 47,344 - 47,344 7.3% 7.5%

Asia Hong Kong 13,179 - 13,179 2.1% 1.4% Israel 4,228 - 4,228 0.6% 0.6% Japan 76,996 - 76,996 11.8% 15.0% Singapore - - - - 0.2% Total 652,435 16 652,451 100.0% 100.0%

Robeco Institutional Umbrella Fund 45

Concentration risk (continued)

Robeco QI Institutional Global Developed Quality Equities

Concentration risk by country In EUR x thousand

Equities Equity index-futures Total exposure In % of net assets In % of net assets 31 December 2019 31 December 2019 31 December 2019 31 December 2019 31 December 2018 America Bermuda 207 - 207 0.1% 0.9% Canada 5,184 - 5,184 2.8% 3.3% Cayman Islands - - - - 1.3% United States 119,339 7 119,346 64.4% 60.2% Virgin Islands - - - - 0.3%

Australia Australia 6,397 - 6,397 3.5% 3.0%

Europe Denmark 5,739 - 5,739 3.1% 3.1% France 3,387 - 3,387 1.8% 1.1% Germany 5,256 - 5,256 2.8% 3.4% Gibraltar 613 - 613 0.3% 0.5% Ireland - - - - 1.1% Jersey 1,032 - 1,032 0.6% - % Luxembourg - - - - 0.8% Netherlands 4,663 - 4,663 2.5% 2.3% Norway 1,144 - 1,144 0.6% 1.0% Sp ain 956 - 956 0.5% 1.0% Sweden 2,701 - 2,701 1.5% 0.6% Switzerland 2,222 - 2,222 1.2% 1.8% United Kingdom 9,585 - 9,585 5.2% 5.3%

Asia Israel 1,981 - 1,981 1.1% 1.6% Japan 14,149 - 14,149 7.6% 7.4% M acau 522 - 522 0.3% - % Singapore 115 - 115 0.1% - % Total 185,192 7 185,199 100.0% 100.0%

Robeco Institutional Umbrella Fund 46

Concentration risk (continued)

Robeco QI Institutional Global Developed Enhanced Indexing Equities

Concentration risk by country In EUR x thousand

America Argentina 155 - 155 0.1% - % Bermuda - - - - 0.5% Canada 9,554 - 9,554 3.4% 3.3% Cayman Islands - - - - 0.5% Panama - - - - 0.1% United States 176,775 9 176,784 62.5% 58.1%

Australia Australia 8,945 - 8,945 3.2% 2.6% New Zealand 89 - 89 - 0.2%

Europe Austria 125 - 125 - 0.1% Belgium 1,255 - 1,255 0.4% 0.4% Denmark 2,128 - 2,128 0.8% 0.8% Finland 607 - 607 0.2% 0.6% France 10,226 - 10,226 3.6% 3.9% Germany 7,422 (3) 7,419 2.6% 2.6% Ireland 841 - 841 0.3% 1.7% Italy 2,963 - 2,963 1.0% 0.3% Jersey 193 - 193 0.1% 0.4% Luxembourg 72 - 72 - - % Netherlands 5,307 - 5,307 1.9% 2.1% Norway 781 - 781 0.3% 0.3% Portugal 96 - 96 - - % Sp ain 2,144 - 2,144 0.8% 1.0% Sweden 2,260 - 2,260 0.8% 1.1% Switzerland 8,563 - 8,563 3.0% 2.6% United Kingdom 14,148 - 14,148 5.0% 6.2%

Asia China 336 - 336 0.1% - % Hong Kong 1,677 - 1,677 0.6% 0.6% Israel 319 - 319 0.1% 0.6% Japan 24,482 - 24,482 8.6% 9.0% M acao 147 - 147 0.1% - % Singapore 860 - 860 0.3% 0.4% Total 282,918 6 282,924 100.0% 100.0%

Robeco Institutional Umbrella Fund 47

Concentration risk (continued)

Robeco QI Institutional Global Developed Sustainable Conservative Equities

Concentration risk by country In EUR x thousand

Equities Equity index-futures Total exposure In % of net assets In % of net assets 31 December 2019 31 December 2019 31 December 2019 31 December 2019 31 December 2018 America Bermuda - - - - 1.6% Canada 7,508 - 7,508 8.1% 11.1% United States 50,345 - 50,345 54.4% 48.1%

Australia Australia 5,742 - 5,742 6.2% 9.2% New Zealand 1,167 - 1,167 1.3% 1.4%

Europe Austria 159 - 159 0.2% 0.2% Belgium 233 - 233 0.3% 0.1% Denmark 129 - 129 0.1% 0.2% Finland 452 - 452 0.5% 1.5% France 148 - 148 0.2% 0.4% Germany 2,064 - 2,064 2.2% 1.8% Guernsey - - - - 0.6% Ireland - - - - 1.5% Italy 1,440 - 1,440 1.6% 1.5% Luxembourg 110 - 110 0.1% 0.2% Netherlands 126 - 126 0.1% 0.2% Norway 581 - 581 0.6% 0.2% Portugal 93 - 93 0.1% - % Sp ain 629 - 629 0.7% 0.8% Sweden 3,123 - 3,123 3.4% 2.0% Switzerland 6,481 - 6,481 6.9% 5.1% United Kingdom 5,279 - 5,279 5.7% 5.0%

Asia Hong Kong 1,046 - 1,046 1.1% 1.4% Israel 650 - 650 0.7% 0.8% Japan 3,153 - 3,153 3.4% 3.4% Singapore 1,916 - 1,916 2.1% 1.7% Total 92,574 - 92,574 100.0% 100.0%

Robeco Institutional Umbrella Fund 48

Concentration risk (continued)

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

Concentration risk by country In EUR x thousand

Equities Equity index-futures Total exposure In % of net assets In % of net assets 31 December 2019 31 December 2019 31 December 2019 31 December 2019 31 December 2018 America Bermuda 515 - 515 0.2% 1.1% Canada 11,867 - 11,867 4.2% 4.9% Cayman Islands - - - - 0.3% United States 159,052 2 159,054 55.6% 51.6% Virgin Islands - - - - 0.3%

Australia Australia 12,120 - 12,120 4.2% 4.2% New Zealand 1,380 - 1,380 0.5% 0.6%

Europe Austria 1,018 - 1,018 0.4% 0.2% Belgium 1,497 - 1,497 0.5% 0.6% Denmark 2,227 - 2,227 0.8% 0.8% Finland 336 - 336 0.1% 0.3% France 11,109 - 11,109 3.9% 4.2% Germany 7,844 - 7,844 2.7% 2.7% Ireland - - - - 1.6% Italy 3,338 - 3,338 1.2% 0.8% Jersey 394 - 394 0.1% 0.2% Luxembourg 818 - 818 0.3% 0.2% Netherlands 8,018 - 8,018 2.8% 3.0% Norway 1,175 - 1,175 0.4% 0.5% Sp ain 4,295 - 4,295 1.5% 2.0% Sweden 4,277 - 4,277 1.5% 0.9% Switzerland 6,466 - 6,466 2.3% 1.7% United Kingdom 18,266 - 18,266 6.4% 5.2%

Asia Hong Kong 985 - 985 0.3% 0.3% Israel 1,749 - 1,749 0.6% 1.1% Japan 25,567 - 25,567 8.9% 10.3% Singapore 1,629 - 1,629 0.6% 0.4% Total 285,942 2 285,944 100.0% 100.0% All outstanding futures have a remaining term of less than three months.

Robeco Institutional Umbrella Fund 49

Concentration risk (continued) The sector concentrations are shown below.

Robeco QI Institutional Global Developed Conservative Equities Robeco QI Institutional Global Developed Momentum Equities

Sector allocation Sector allocation In % 31 December 2019 31 December 2018 In % 31 December 2019 31 December 2018 Financials 31.2% 29.2% Financials 25.5% 18.5% Consumer staples 15.2% 12.3% Consumer staples 16.2% 20.6% Utilities 11.8% 11.8% Utilities 0.7% 2.1% Telecom services 10.9% 10.9% Telecom services 6.8% 5.3% Industrials 7.3% 8.5% Industrials 12.5% 7.4% Consumer discretionary 16.7% 16.9% Consumer discretionary 20.7% 21.3% Information technology 4.7% 6.4% Information technology 14.3% 12.8% M aterials 0.9% 1.2% M aterials 1.4% 7.2% Energy 1.3% 2.8% Energy 1.9% 4.8% Total 100.0% 100.0% Total 100.0% 100.0%

Robeco QI Institutional Global Developed Value Equities Robeco QI Institutional Global Developed Quality Equities

Sector allocation Sector allocation In % 31 December 2019 31 December 2018 In % 31 December 2019 31 December 2018 Financials 19.6% 19.4% Financials 16.1% 17.1% Consumer staples 19.5% 19.0% Consumer staples 21.0% 20.1% Utilities 4.4% 7.9% Utilities 0.5% 0.6% Telecom services 14.0% 13.1% Telecom services 9.3% 12.6% Industrials 4.1% 5.1% Industrials 7.3% 7.5% Consumer discretionary 8.5% 9.2% Consumer discretionary 18.5% 19.6% Information technology 10.4% 7.1% Information technology 21.7% 16.4% M aterials 10.7% 9.8% M aterials 2.7% 3.7% Energy 8.6% 9.2% Energy 2.9% 2.4% Other assets and liabilities 0.2% 0.2% Other assets and liabilities - - Total 100.0% 100.0% Total 100.0% 100.0%

Robeco QI Institutional Global Developed Enhanced Indexing Robeco QI Institutional Global Developed Sustainable Equities Conservative Equities Sector allocation Sector allocation In % 31 December 2019 31 December 2018 In % 31 December 2019 31 December 2018 Financials 18.4% 20.4% Financials 33.8% 32.9% Consumer staples 11.2% 11.8% Consumer staples 14.8% 13.1% Utilities 2.9% 3.2% Utilities 4.8% 8.2% Telecom services 11.2% 11.4% Telecom services 12.2% 10.9% Industrials 10.3% 8.9% Industrials 7.5% 8.1% Consumer discretionary 22.4% 22.0% Consumer discretionary 19.0% 16.4% Information technology 14.3% 11.5% Information technology 6.0% 6.9% M aterials 3.9% 4.7% M aterials - 0.8% Energy 5.2% 5.9% Energy 1.9% 2.7% Other assets and liabilities 0.2% 0.2% Other assets and liabilities - - Total 100.0% 100.0% Total 100.0% 100.0%

Robeco Institutional Umbrella Fund 50

Concentration risk (continued)

Robeco QI Institutional Global Developed Sustainable Multi- Factor Equities Sector allocation In % 31 December 2019 31 December 2018 Financials 25.1% 22.0% Consumer staples 19.0% 16.8% Utilities 2.0% 4.1% Telecom services 10.3% 10.4% Industrials 7.8% 10.6% Consumer discretionary 17.0% 22.0% Information technology 13.0% 9.9% M aterials 2.1% 1.4% Energy 3.6% 2.6% Other assets and liabilities 0.1% 0.2% Total 100.0% 100.0%

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 leveraged financing in the sub-funds, measured using the Gross Method and the Commitment Method (where 0% exposure indicates no leveraged financing) over the period, 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.

Lowest leverage Highest leverage Average leverage during the during the during the Leverage per reporting year reporting year reporting year 31 December 2019 Robeco QI Institutional Global Developed Conservative Equities 0.0000% 1.4440% 0.5576% 0.0000% Robeco QI Institutional Global Developed Momentum Equities 0.3282% 4.4939% 1.1563% 0.9621% Robeco QI Institutional Global Developed Value Equities 0.6521% 2.8563% 1.2447% 0.6585% Robeco QI Institutional Global Developed Quality Equities 0.1591% 2.2661% 0.8890% 0.8392% Robeco QI Institutional Global Developed Enhanced Indexing Equities 0.0000% 6.7579% 1.0167% 0.6017% Robeco QI Institutional Global Developed Sustainable Conservative Equities 0.0000% 4.2736% 0.4654% 0.0000% Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities 0.0000% 1.4744% 0.2693% 0.0887%

Robeco Institutional Umbrella Fund 51

Counterparty risk Counterparty risk is an unintentional form of risk that is a consequence of the investment policy. It occurs when a counterparty of the fund fails to fulfill its financial obligations arising from financial transactions with the Fund. Counterparty risk is limited as much as possible by taking every possible care 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 counterparty risk.

The figure that best represents the maximum credit risk is given in the table below.

Robeco QI Institutional Global Developed Conservative Equities Robeco QI Institutional Global Developed Momentum Equities 31 December 2019 31 December 2018 31 December 2019 31 December 2018 In EUR x In EUR x thousand In % of net assets In % of net assets thousand In % of net assets In % of net assets Receivables 3,793 0.41% 0.45% Receivables 1,538 0.23% 0.20% Cash 5,745 0.62% 0.57% Cash 6,634 0.99% 0.88% Total 9,538 1.03% 1.02% Total 8,172 1.22% 1.08%

Robeco QI Institutional Global Developed Value Equities Robeco QI Institutional Global Developed Quality Equities 31 December 2019 31 December 2018 31 December 2019 31 December 2018 In EUR x In EUR x thousand In % of net assets In % of net assets thousand In % of net assets In % of net assets Receivables 2,692 0.41% 0.42% Receivables 545 0.29% 0.24% Cash 3,958 0.60% 1.15% Cash 1,478 0.79% 1.23% Total 6,650 1.01% 1.57% Total 2,023 1.08% 1.47%

Robeco QI Institutional Global Developed Enhanced Indexing Robeco QI Institutional Global Developed Sustainable Conservative Equities Equities 31 December 2019 31 December 2018 31 December 2019 31 December 2018 In EUR x In EUR x thousand In % of net assets In % of net assets thousand In % of net assets In % of net assets Receivables 769 0.27% 0.26% Receivables 274 0.29% 0.29% Cash 1,739 0.61% 0.74% Cash 663 0.71% 0.59% Total 2,508 0.88% 1.00% Total 937 1.00% 0.88%

Robeco QI Institutional Global Developed Sustainable Multi-Factor 31 December 2019 31 December 2018 In EUR x thousand In % of net assets In % of net assets Receivables 573 0.20% 0.12% Cash 1,494 0.52% 1.22% Total 2,067 0.72% 1.34%

No account is taken of collateral received in the calculation of the total credit risk. Counterparty risk is contained by applying limits on the exposure per counterparty as a percentage of the fund assets. The fund's exposure to any single counterparty did not exceed 5% of the fund's total assets.

Liquidity risk Liquidity risk is an unintentional form of risk that is a consequence of the investment policy. Liquidity risk occurs when financial instruments cannot be sold in a timely fashion unless additional costs are incurred. Liquidity risk can be divided into two categories: exit risks and the liquidity risk of financial instruments.

Exit risk Exit risks occur when the fund's value is negatively affected by the exit of one or more clients, with negative consequences for existing clients. The extent to which the value of the fund can be negatively affected depends on the liquidity of the financial instruments in the portfolio, and on the concentration of clients. To prevent any negative effects on the fund as a result of exiting, the fund makes a charge that serves to cover the costs of exiting.

Robeco Institutional Umbrella Fund 52

Liquidity risk of financial instruments The actual buying and selling prices of financial instruments in which the sub-fund invests partly depend upon the liquidity of the financial instruments in question. It is possible that a position taken on behalf of the sub-fund cannot be quickly liquidated at a reasonable price due to a lack of liquidity in the market in terms of supply and demand. The sub-fund minimises this risk by mainly investing in financial instruments that are tradable on a daily basis. Moreover, liquidity risks of financial instruments are contained using limits on the non-liquid portion of the securities portfolio.

Manager Robeco Institutional Asset Management B.V. (“RIAM”) is the fund manager. In this capacity, RIAM handles the asset management, administration and marketing and distribution of the fund. RIAM has a license from the AIFMD within the meaning of Section 2:65 of the 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. (until 1 January 2018 Robeco Groep N.V.) ORIX Corporation Europe N.V. is a part of ORIX Corporation.

Depositary Northern Trust Global Services PLC, Amsterdam branch has been appointed Depositary of the Fund within the meaning of Section 4:62m of the Wft. The Depositary is responsible for the safekeeping of all the assets (other than tangible moveable property) of the Fund and has a duty to take reasonable care to ensure that the Fund is managed in accordance with the Terms and Conditions and applicable legislation relating to the pricing of, and dealing in, Participating Units and relating to the income and the investment and borrowing powers of the sub-funds. The Manager and the Depositary have concluded a custody and depositary agreement (the Depositary Agreement).

Liability of the Depositary The Depositary is liable to the Fund and/or the Participants for the loss of any financial instruments under the custody of the Depositary or of a third party to which custody has been delegated. The Depositary is not liable if it can demonstrate that the loss of financial instruments is a result of an external event that is beyond the Depositary’s reasonable control and whose consequences would have been unavoidable despite all reasonable efforts to the contrary.

The Depositary is also liable to the Fund and/or the Participants for any other losses they suffer as a result of the Depositary’s negligent or intentional failure to perform its obligations pursuant to the AIFM Directive. Participants may make an indirect claim upon the liability of the Depositary through the Manager. If the Manager refuses to entertain such a request, the Participants are authorised to submit the claim for losses directly to the Depositary before the courts competent in Amsterdam, the Netherlands and such claim shall be governed, construed and interpreted in all respects in accordance with the laws of the Netherlands.

Affiliated parties The fund and the manager may utilise the services of and carry out transactions with parties affiliated to the fund within the meaning of the Bgfo, including RIAM, Robeco Nederland B.V. and ORIX Corporation. The services or transactions that will or may be performed by or with Affiliated Entities or Affiliated Parties may include: treasury management, derivatives transactions, custody of financial instruments, lending of financial instruments, issuance and repurchase of Shares, credit extension, the purchase and sale of financial instruments on regulated markets or through multilateral trading facilities. All these services and transactions are executed at market rates.

Robeco Institutional Umbrella Fund 53

Notes to the balance sheet

1 Equities

Movements in the equity portfolio For the year ended 31 December 2019

Robeco QI Robeco QI Robeco QI Robeco QI Institutional Global Institutional Global Institutional Global Institutional Global Developed Developed Developed Value Developed Quality Conservative Equities Momentum Equities Equities Equities EUR x thousand EUR EUR EUR EUR Book calue (fair value) at 31 October 2017 - - - - Purchases 1,363,920 1,311,535 886,347 141,948 Sales (400,359) (604,157) (149,138) (13,559) Unrealised changes in value (31,830) (43,147) (93,268) (6,866) Realised changes in value (34,806) (37,999) 18,738 618 Book value (fair value) at 01 January 2019 896,925 626,232 662,679 122,141 Purchases 237,695 565,952 150,845 64,585 Sales (413,704) (681,922) (246,731) (35,994) Unrealised changes in value 173,987 152,192 96,699 32,429 Realised changes in value 16,329 181 (11,057) 2,031 Book value (fair value) at 31 December 2019 911,232 662,635 652,435 185,192

Robeco QI Robeco QI Robeco QI Institutional Global Institutional Global Institutional Global Developed Developed Developed Enhanced Sustainable Sustainable Multi- Indexing Equities Conservative Equities Factor Equities EUR x thousand EUR EUR EUR Book calue (fair value) at 31 October 2017 - - - Purchases 662,553 91,980 146,246 Sales (254,345) (15,549) 6 Unrealised changes in value (22,234) (3,367) (6,657) Realised changes in value (5,519) (268) (6) Book value (fair value) at 01 January 2019 380,455 72,796 139,589 Purchases 133,289 25,120 186,651 Sales (313,976) (23,166) (78,246) Unrealised changes in value 66,641 17,550 39,770 Realised changes in value 16,509 274 (1,822) Book value (fair value) at 31 December 2019 282,918 92,574 285,942

The amount in thousands of the realised and unrealised results on the equity portfolio which relates to exchange rate differences is shown below: 31 December 2019 31 December 2018 Exchange rate differences in EUR thousand in EUR thousand Robeco QI Institutional Global Developed Conservative Equities (1) (8) Robeco QI Institutional Global Developed Momentum Equities (3) (1) Robeco QI Institutional Global Developed Value Equities (3) (5) Robeco QI Institutional Global Developed Quality Equities (1) (1) Robeco QI Institutional Global Developed Enhanced Indexing Equities (1) (1) Robeco QI Institutional Global Developed Sustainable Conservative Equities - (1) Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities (2) -

A specification for these portfolios is provided under the heading Equity Portfolio in the notes section. A sub-division into regions and sectors is provided under the information on concentration risk under the information on Risks relating to financial instruments.

Robeco Institutional Umbrella Fund 54

1 Equities (continued)

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.

Robeco QI Institutional Robeco QI Institutional Robeco QI Institutional Robeco QI Institutional Global Developed Global Developed Global Developed Value Global Developed Quality Conservative Equities Momentum Equities Equities Equities EUR x thousand 2019 2018 2019 2018 2019 2018 2019 2018 Transaction type Equity 268 295 523 655 211 271 43 48 Robeco QI Institutional Robeco QI Institutional Robeco QI Institutional Global Developed Global Developed Global Developed Enhanced Sustainable Conservative Sustainable Multi-Factor Indexing Equities Equities Equities EUR x thousand 2019 2018 2019 2018 2019 2018 Transaction type Equity 117 192 - 12 116 67

RIAM wants to be certain that the selection of counterparties for order execution (“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 financial year.

2 Derivatives

Movements in derivatives For the year ended 31 December 2019

Robeco QI Robeco QI Robeco QI Robeco QI Institutional Global Institutional Global Institutional Global Institutional Global Developed Developed Developed Value Developed Quality Conservative Equities Momentum Equities Equities Equities EUR x thousand EUR EUR EUR EUR Book calue (fair value) at 31 October 2017 - - - - Purchases 30,826 31,217 63,408 3,691 Sales (30,592) (30,711) (63,026) (3,668) Expiration (248) (193) (242) (38) Unrealised changes in value (234) (506) (382) (23) Book value (fair value) at 01 January 2019 (248) (193) (242) (38) Purchases 51,436 140,846 120,239 13,167 Sales (52,080) (142,308) (122,111) (13,515) Unrealised changes in value 248 221 258 45 Realised changes in value 644 1,462 1,872 348 Book value (fair value) at 31 December 2019 - 28 16 7

Robeco Institutional Umbrella Fund 55

2 Derivatives (continued)

Robeco QI Robeco QI Robeco QI Institutional Global Institutional Global Institutional Global Developed Developed Developed Enhanced Sustainable Sustainable Multi- Indexing Equities Conservative Equities Factor Equities EUR x thousand EUR EUR EUR Book calue (fair value) at 31 October 2017 - - - Purchases 208,829 - - Sales (208,134) - - Expiration (97) (5) - Unrealised changes in value (695) - - Book value (fair value) at 01 January 2019 (97) (5) - Purchases 40,500 1,789 8,272 Sales (41,413) (1,847) (8,375) Unrealised changes in value 103 5 2 Realised changes in value 913 58 103 Book value (fair value) at 31 December 2019 6 - 2

The realised and unrealised results on derivatives do not contain any exchange rate differences.

The presentation of derivatives on the balance sheet is based on the liabilities.

Robeco QI Institutional Global Developed Conservative Equities Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2019 31 December 2019 31 December 2019 31 December 2018 Derivatives Futures - - - (248) Total - - - (248)

Robeco QI Institutional Global Developed Momentum Equities Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2019 31 December 2019 31 December 2019 31 December 2018 Derivatives Futures 38 (10) 28 (193) Total 38 (10) 28 (193)

Robeco QI Institutional Global Developed Value Equities Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2019 31 December 2019 31 December 2019 31 December 2018 Derivatives Futures 24 (8) 16 (242) Total 24 (8) 16 (242)

Robeco QI Institutional Global Developed Quality Equities Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2019 31 December 2019 31 December 2019 31 December 2018 Derivatives Futures 9 (2) 7 (38) Total 9 (2) 7 (38)

Robeco Institutional Umbrella Fund 56

2 Derivatives (continued)

Robeco QI Institutional Global Developed Enhanced Indexing Equities Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2019 31 December 2019 31 December 2019 31 December 2018 Derivatives Futures 9 (3) 6 (96) Total 9 (3) 6 (96)

Robeco QI Institutional Global Developed Sustainable Conservative Equities Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2019 31 December 2019 31 December 2019 31 December 2018 Derivatives Futures - - - (5) Total - - - (5)

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2019 31 December 2019 31 December 2019 31 December 2018 Derivatives Futures 2 - 2 - Total 2 - 2 -

The results for futures are settled on a daily basis by means of the payment or receipt of the margin account (variation margin). Because of this interim realisation of result, the futures have a value of nil on the balance sheet. The total variation margin per position is the result obtained since the time of concluding the contract.

The breakdown according to region for futures is given under the information on concentration risk under the information on risks relating to financial instruments.

3 Dividends receivable These are receivables arising from net dividends declared but not yet received.

4 Other receivables, prepayments and accrued income

Robeco Institutional Umbrella Fund 57

4 Other receivables, prepayments and accrued income (continued)

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities EUR x thousand 31 December 2019 31 December 2018 Dividend tax to be reclaimed 102 7 M argin cash 11 - Subtotal 113 7

5 Cash and cash equivalents

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities EUR x thousand 31 December 2019 31 December 2018 Freely available cash 1,494 1,730 Total 1,494 1,730

Robeco Institutional Umbrella Fund 58

6 Payable to affiliated parties This concerns the following payables to RIAM:

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities EUR x thousand 31 December 2019 31 December 2018 Payable management fees (166) (45) Total (166) (45)

7 Payable to credit institutions This concerns temporary debit balances on bank accounts caused by investment transactions.

8 Other liabilities

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Conservative Equities Momentum Equities EUR x thousand 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Accounting fee (1) (10) (2) (10) Administration fee (29) (47) (21) (33) Audit fees payable (20) (10) (20) (10) Custody fee (69) (124) (50) (87) Depositary fee (16) (13) (12) (10) Other payables (117) (186) (12) (6) Total (252) (390) (117) (156)

Robeco Institutional Umbrella Fund 59

8 Other liabilities (continued) This concerns:

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Value Equities Quality Equities EUR x thousand 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Accounting fee (1) (10) (1) (10) Administration fee (21) (36) (6) (6) Audit fees payable (20) (10) (20) (10) Custody fee (48) (94) (25) (33) Depositary fee (11) (10) (1) (1) Other payables (7) (17) (3) (2) Total (108) (177) (56) (62)

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Enhanced Indexing Equities Sustainable Conservative Equities EUR x thousand 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Accounting fee (1) (10) (2) (2) Administration fee (9) (21) (4) (3) Audit fees payable (20) (10) (20) (10) Custody fee (43) (111) (8) (7) Depositary fee (4) (6) (1) (1) Other payables (3) (27) (15) (17) Total (80) (185) (50) (40)

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities EUR x thousand 31 December 2019 31 December 2018 Accounting fee (1) - Administration fee (9) (1) Audit fees payable (20) (10) Custody fee (85) (4) Depositary fee (4) - Other payables (22) (10) Total (141) (25)

Robeco Institutional Umbrella Fund 60

9 Fund assets

Movement in fund assets Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Conservative Equities Momentum Equities EUR x thousand 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Participant's capital Situation on opening date 943,815 - 706,584 - Received on units issued 45,838 1,124,686 19,568 764,324 Paid for units repurchased (222,034) (180,871) (135,817) (57,740) Situation on closing date 767,619 943,815 590,335 706,584

General reserve Situation on opening date (2,955) - (508) - Dividend payments (25,223) (2,955) (7,321) (508) Addition of result in previous financial year - - - - Situation on closing date (28,178) (2,955) (7,829) (508)

Undistributed earnings Situation on opening date (35,826) - (73,739) - Net result 216,370 (35,826) 161,551 (73,739) Distributed to holders of participating units - - - - Addition to the general reserve - - - - Situation on closing date 180,544 (35,826) 87,812 (73,739) Situation on closing date 919,985 905,034 670,318 632,337

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Value Equities Quality Equities EUR x thousand 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Participant's capital Situation on opening date 726,194 - 128,646 - Received on units issued 42,747 783,174 37,859 180,022 Paid for units repurchased (148,643) (56,980) (11,531) (51,376) Situation on closing date 620,298 726,194 154,974 128,646

General reserve Situation on opening date (1,410) - (114) - Dividend payments (20,066) (1,410) (1,342) (114) Addition of result in previous financial year - - - - Situation on closing date (21,476) (1,410) (1,456) (114)

Undistributed earnings Situation on opening date (52,287) - (4,748) - Net result 112,065 (52,287) 38,285 (4,748) Distributed to holders of participating units - - - - Addition to the general reserve - - - - Situation on closing date 59,778 (52,287) 33,537 (4,748)

Situation on closing date 658,600 672,497 187,055 123,784

Robeco Institutional Umbrella Fund 61

9 Fund assets (continued)

Movement in fund assets (continued)

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Enhanced Indexing Equities Sustainable Conservative Equities EUR x thousand 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Participant's capital Situation on opening date 402,479 - 76,636 - Received on units issued 136,830 570,300 358 76,636 Paid for units repurchased (319,061) (167,821) - - Situation on closing date 220,248 402,479 76,994 76,636

General reserve Situation on opening date (1,134) - - - Dividend payments (8,408) (1,134) (358) - Addition of result in previous financial year - - Situation on closing date (9,542) (1,134) (358) -

Undistributed earnings Situation on opening date (17,455) - (3,280) - Net result 92,022 (17,455) 20,051 (3,280) Distributed to holders of participating units - - - - Addition to the general reserve - - Situation on closing date 74,567 (17,455) 16,771 (3,280)

Situation on closing date 285,273 383,890 93,407 73,356

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Total EUR x thousand 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Participant's capital Situation on opening date 147,775 - 3,132,129 - Received on units issued 248,619 147,775 531,819 3,646,917 Paid for units repurchased (145,875) - (982,961) (514,788) Situation on closing date 250,519 147,775 2,680,987 3,132,129

General reserve Situation on opening date - - (6,121) - Dividend payments (144) - (62,862) (6,121) Addition of result in previous financial year - - Situation on closing date (144) - (68,983) (6,121)

Undistributed earnings Situation on opening date (6,353) - (193,688) - Net result 43,682 (6,353) 684,026 (193,688) Distributed to holders of participating units - - - - Addition to the general reserve - - Situation on closing date 37,329 (6,353) 490,338 (193,688)

Situation on closing date 287,704 141,422 3,102,342 2,932,320

Robeco Institutional Umbrella Fund 62

10 Fund assets, participating units outstanding and net assets value per participating units

Robeco QI Institutional Global Developed Conservative Equities

T1 EUR T7 EUR 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Fund assets in EUR x thousand 886,085 849,313 - 28,603 Number of participating units outstanding 4,844,866 5,635,606 - 190,017 Net asset value per unit in EUR x1 182.89 150.70 - 150.53

T8 CAD 31 December 2019 31 December 2018 Fund assets in EUR x thousand 33,898 27,118 Number of participating units outstanding 450,965 448,786 Net asset value per unit in EUR x1 75.17 60.43

Robeco QI Institutional Global Developed Momentum Equities

T1 EUR T8 CAD 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Fund assets in EUR x thousand 638,878 607,622 31,440 24,715 Number of participating units outstanding 3,632,920 4,324,517 454,848 451,972 Net asset value per unit in EUR x1 175.86 140.51 69.12 54.68

Robeco QI Institutional Global Developed Value Equities

T1 EUR T7 EUR 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Fund assets in EUR x thousand 628,330 619,121 - 28,081 Number of participating units outstanding 3,998,436 4,493,464 - 203,952 Net asset value per unit in EUR x1 157.14 137.78 - 137.68

T8 CAD 31 December 2019 31 December 2018 Fund assets in EUR x thousand 30,270 25,295 Number of participating units outstanding 457,871 448,651 Net asset value per unit in EUR x1 66.11 56.38

Robeco QI Institutional Global Developed Quality Equities

T1 EUR T7 EUR 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Fund assets in EUR x thousand 154,513 98,127 32,542 25,657 Number of participating units outstanding 1,042,532 832,413 450,021 448,921 Net asset value per unit in EUR x1 148.21 117.88 72.31 57.15

Robeco QI Institutional Global Developed Enhanced Indexing Equities

T1 EUR T7 EUR 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Fund assets in EUR x thousand 285,273 326,701 - 57,189 Number of participating units outstanding 2,129,903 3,035,346 - 531,203 Net asset value per unit in EUR x1 133.94 107.63 - 107.66

T9 EUR 31 December 2019 31 December 2018 Fund assets in EUR x thousand - - Number of participating units outstanding - - Net asset value per unit in EUR x1 - -

Robeco Institutional Umbrella Fund 63

10 Fund assets, participating units outstanding and net assets value per participating units (continued)

Robeco QI Institutional Global Developed Sustainable Conservative Equities

T2 EUR 31 December 2019 31 December 2018 Fund assets in EUR x thousand 93,407 73,356 Number of participating units outstanding 769,397 766,357 Net asset value per unit in EUR x1 121.40 95.72

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

T1 EUR T9 EUR 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Fund assets in EUR x thousand 186,549 141,422 101,155 - Number of participating units outstanding 1,586,623 1,483,050 917,285 - Net asset value per unit in EUR x1 117.58 95.36 110.28 -

Robeco Institutional Umbrella Fund 64

Notes to the profit and loss account Income

11 Dividends This concerns net dividends received, dividend tax to be reclaimed and dividend-replacement payments received on positions lent.

12 Interest This is the balance of received and paid interest on bank balances.

13 Other income There is no other income for the financial year ended 31 December 2019.

Costs

14 Management costs The management fee is charged by the manager. Management costs only relate to management fees. The fee is calculated daily on the basis of the Fund assets.

Management costs based on the information memorandum 2019 2018 Management costs in % in % Robeco QI Institutional Global Developed Conservative Equities 0.62% 0.62% Robeco QI Institutional Global Developed Momentum Equities 0.64% 0.64% Robeco QI Institutional Global Developed Value Equities 0.64% 0.64% Robeco QI Institutional Global Developed Quality Equities 0.64% 0.64% Robeco QI Institutional Global Developed Enhanced Indexing Equities 0.29% 0.30% Robeco QI Institutional Global Developed Sustainable Conservative Equities 0.62% 0.62% Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities 0.62% 0.62%

The management fee is used to pay all the costs arising from the management and marketing of the fund, as well as costs of administration, external advisors, supervisors and costs relating to statutory reporting including annual and semi-annual reporting and the costs of holding participants’ meetings. The costs paid for the external auditor relate exclusively to audit-related costs and amount over the financial year to EUR 70,007(2018: EUR 70,720). If the manager outsources operations to third parties, any costs associated with this will also be paid from the management fee.

15 Performance fee The sub-funds of the Robeco Institutional Umbrella Fund are not subject to a performance fee.

16 Other costs

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Conservative Equities Momentum Equities In EUR x thousand 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Accounting fee (1) (18) (1) (17) Administration fee (180) (215) (128) (146) Audit fees (10) (10) (10) (10) Bank Interest Expense (44) (44) (46) (26) Custody fee (15) (190) (21) (126) Depositary fee (60) (72) (43) (49) Other fees 60 (197) (19) (11) Total (250) (746) (268) (385)

Robeco Institutional Umbrella Fund 65

16 Other costs (continued) Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Value Equities Quality Equities In EUR x thousand 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Accounting fee (1) (17) (1) (18) Administration fee (128) (151) (32) (21) Audit fees (10) (10) (10) (10) Bank Interest Expense (48) (42) (7) (3) Custody fee 1 (133) (7) (43) Depositary fee (43) (50) (11) (7) Other fees (1) (24) (2) (3) Total (230) (427) (70) (105)

Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Enhanced Indexing Equities Sustainable Conservative Equities In EUR x thousand 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Accounting fee (1) (18) (9) (2) Administration fee (62) (102) (16) (3) Audit fees (10) (10) (10) (10) Bank Interest Expense (9) (25) (3) (3) Custody fee 24 (157) (10) (7) Depositary fee (21) (34) (5) (1) Other fees - (12) 1 (17) Total (79) (358) (52) (43)

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Total In EUR x thousand 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Accounting fee (9) - (23) (90) Administration fee (47) (1) (593) (639) Audit fees (10) (10) (70) (70) Bank Interest Expense (17) (1) (174) (144) Custody fee (124) (4) (152) (660) Depositary fee (16) - (199) (213) Other fees (14) (11) 25 (275) Total (237) (27) (1,186) (2,091)

17 Ongoing charges The percentage of ongoing charges is based on the average assets. The average assets are calculated on a daily basis. They comprise all costs deducted from the Fund assets in a financial year, excluding the costs of transactions in financial instruments and interest charges. Costs relating to entry and exit are not included in the ongoing charges either

Robeco QI Institutional Global Developed Conservative Equities

T1 EUR T2 EUR 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Cost item M anagement fees 0.62% 0.72% - % 0.71% Other costs 0.03% 0.08% - % 0.12% Total 0.65% 0.80% - % 0.83%

T7 EUR T8 CAD 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Cost item M anagement fees 0.34% 0.72% 0.62% 0.20% Other costs 0.05% 0.18% (0.02%) - % Total 0.39% 0.90% 0.60% 0.20%

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17 Ongoing charges (continued)

Robeco QI Institutional Global Developed Momentum Equities

T1 EUR T8 CAD 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Cost item M anagement fees 0.64% 0.72% 0.64% 0.21% Other costs 0.04% 0.05% 0.06% 0.04% Total 0.68% 0.77% 0.70% 0.25%

Robeco QI Institutional Global Developed Value Equities

T1 EUR T7 EUR 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Cost item M anagement fees 0.64% 0.72% 0.35% 0.72% Other costs 0.03% 0.05% 0.04% 0.13% Total 0.67% 0.77% 0.39% 0.85%

T8 CAD 31 December 2019 31 December 2018 Cost item M anagement fees 0.64% 0.21% Other costs 0.05% 0.04% Total 0.69% 0.25%

Robeco QI Institutional Global Developed Quality Equities

T1 EUR T7 EUR 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Cost item M anagement fees 0.64% 0.72% 0.64% 0.21% Other costs 0.04% 0.10% 0.05% 0.06% Total 0.68% 0.82% 0.69% 0.27%

Robeco QI Institutional Global Developed Enhanced Indexing Equities

T1 EUR T7 EUR 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Cost item M anagement fees 0.30% 0.35% 0.16% 0.35% Other costs (0.01%) 0.08% 0.06% 0.09% Total 0.29% 0.43% 0.22% 0.44%

T11 EUR 31 December 2019 31 December 2018 Cost item M anagement fees 0.10% - % Other costs 0.14% - % Total 0.24% - %

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17 Ongoing charges (continued)

Robeco QI Institutional Global Developed Sustainable Conservative Equities

T2 EUR 31 December 2019 31 December 2018 Cost item M anagement fees 0.62% 0.12% Other costs 0.07% 0.06% Total 0.69% 0.18%

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

T1 EUR T9 EUR 31 December 2019 31 December 2018 31 December 2019 31 December 2018 Cost item M anagement fees 0.62% 0.04% 0.54% - % Other costs 0.04% 0.02% 0.17% - % Total 0.66% 0.06% 0.71% - %

18 Maximum costs

For some cost items, the Fund's information memorandum specifies a maximum percentage of average assets. The tables below compares these maximum percentages with the costs actually charged per sub-fund.

Robeco QI Institutional Global Developed Conservative Equities Maximum based on in % of total net the information As at 31 December 2019 in EUR x thousand assets memorandum M anagement fees 5,920 0.62% 0.62% Administration 180 0.02% 0.025% Depositary 60 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

As at 31 December 2018 M anagement fees 6,977 0.77% 0.62% Administration 215 0.02% 0.025% Depositary 72 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

Robeco QI Institutional Global Developed Momentum Equities Maximum based on in % of total net the information As at 31 December 2019 in EUR x thousand assets memorandum M anagement fees 4,338 0.64% 0.64% Administration 128 0.02% 0.025% Depositary 43 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

As at 31 December 2018 M anagement fees 4,885 0.77% 0.64% Administration 146 0.02% 0.025% Depositary 49 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

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18 Maximum costs (continued)

Robeco QI Institutional Global Developed Value Equities Maximum based on in % of total net the information As at 31 December 2019 in EUR x thousand assets memorandum M anagement fees 4,354 0.64% 0.64% Administration 128 0.02% 0.025% Depositary 43 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

As at 31 December 2018 M anagement fees 5,075 0.75% 0.64% Administration 151 2.00% 0.025% Depositary 50 1.00% 0.01% Audit fees 10 0.00% EUR 10.000

Robeco QI Institutional Global Developed Quality Equities Maximum based on in % of total net the information As at 31 December 2019 in EUR x thousand assets memorandum M anagement fees 1,088 0.64% 0.64% Administration 32 0.02% 0.025% Depositary 11 0.01% 0.01% Audit fees 10 0.01% EUR 10.000

As at 31 December 2018 M anagement fees 718 0.58% 0.64% Administration 21 0.02% 0.025% Depositary 7 0.01% 0.01% Audit fees 10 0.01% EUR 10.000

Robeco QI Institutional Global Developed Enhanced Indexing Equities Maximum based on in % of total net the information As at 31 December 2019 in EUR x thousand assets memorandum M anagement fees 942 0.29% 0.30% Administration 62 0.02% 0.025% Depositary 21 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

As at 31 December 2018 M anagement fees 1,579 0.41% 0.30% Administration 102 0.03% 0.025% Depositary 34 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

Robeco QI Institutional Global Developed Sustainable Conservative Equities Maximum based on in % of total net the information As at 31 December 2019 in EUR x thousand assets memorandum M anagement fees 532 0.62% 0.62% Administration 16 0.02% 0.025% Depositary 5 0.01% 0.01% Audit fees 10 0.01% EUR 10.000

As at 31 December 2018 M anagement fees 89 0.12% 0.62% Administration 3 0.00% 0.025% Depositary 1 0.00% 0.01% Audit fees 10 0.01% EUR 10.000

Robeco Institutional Umbrella Fund 69

18 Maximum costs (continued)

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Maximum based on in % of total net the information As at 31 December 2019 in EUR x thousand assets memorandum M anagement fees 1,529 0.62% 0.62% Administration 47 0.02% 0.025% Depositary 16 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

As at 31 December 2018 M anagement fees 45 0.03% 0.62% Administration 1 0.00% 0.025% Depositary - 0.00% 0.01% Audit fees 10 0.01% EUR 10.000

19 Turnover rate This ratio shows the rate at which the fund's portfolio is turned over and is a measure of the incurred transaction costs resulting from the portfolio policy pursued and the ensuing investment transactions. The turnover ratio is determined by expressing the amount of the turnover as a percentage of the average fund assets. The average 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 issuance and repurchase of own participating units. Cash and money-market investments with an original life to maturity of less than one month are not taken into account in the calculation.

Average Amount of Turnover As at 31 December 2019 fund assets the turnover rate % Robeco QI Institutional Global Developed Conservative Equities 954,440 487,515 51% Robeco QI Institutional Global Developed Momentum Equities 677,493 1,375,806 203% Robeco QI Institutional Global Developed Value Equities 679,485 448,704 66% Robeco QI Institutional Global Developed Quality Equities 169,811 77,929 46% Robeco QI Institutional Global Developed Enhanced Indexing Equities 329,194 73,446 22% Robeco QI Institutional Global Developed Sustainable Conservative Equities 85,825 51,566 60% Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities 246,845 (112,791) (46)%

Average Amount of Turnover As at 31 December 2018 fund assets the turnover rate % Robeco QI Institutional Global Developed Conservative Equities 967,383 520,140 54% Robeco QI Institutional Global Developed Momentum Equities 681,228 1,155,557 170% Robeco QI Institutional Global Developed Value Equities 707,994 321,765 45% Robeco QI Institutional Global Developed Quality Equities 99,994 (68,532) (69)% Robeco QI Institutional Global Developed Enhanced Indexing Equities 452,383 595,741 132% Robeco QI Institutional Global Developed Sustainable Conservative Equities 77,036 30,894 40% Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities 119,898 (1,535) (1)%

20 Fiscal status The Fund is transparent for tax purposes. A further description of the fiscal status is included in the general information of the management report on page 4.

21 Proposed profit appropriation In accordance with article 16 of the fund’s terms and conditions of management and custody, the unit classes may distribute dividend. The Manager determines what distribution shall be made from the net investment income and net capital gains attributable to the distributing Classes after the end of the financial period. It is intended that all Unit Classes will distribute whole or part of the net investment income on at least an annual basis. The Manager may decide to distribute on an interim base whole or part of the net investment income.

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22 Subsequent events

Our operational measures for business continuity In response to the Covid-19 outbreak, Robeco is constantly monitoring the latest developments and has taken all measures necessary to manage the situation and to ensure business continuity. 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 who are working from home, to operate as normal. Our approach is one of vigilance and flexibility, allowing us to implement new or revised measures smoothly and as necessary to ensure the health and safety of our staff while maintaining business continuity.

Robeco Institutional Umbrella Fund 71

Currency table

Exchange rates EUR 1 31 December 2019 31 December 2018 AUD 1.60 1.62 CAD 1.46 1.56 CHF 1.09 1.13 DKK 7.47 7.46 GBP 0.85 0.90 HKD 8.75 8.95 ILS 3.88 4.27 JPY 121.99 125.42 NOK 9.86 9.90 NZD 1.66 1.70 SEK 10.51 10.14 SGD 1.51 1.56 USD 1.12 1.14

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Robeco QI Institutional Global Developed Conservative Equity Fund Equity portfolio Equity portfolio At 31 December 2019

Market Value Market Value Market Value Market Value Asia Australia (continued) Hong Kong Australia (continued) EUR HKD EUR AUD 1,049,241 9,176,979 CK Infrastructure Holdings Ltd 5,284,509 8,438,305 AusNet Services 4,269,967 37,346,415 CLP Holdings Ltd 1,186,078 1,893,929 BWP Trust Reits HK Electric Investments & HK Electric 1,615,702 2,579,954 Coca-Cola Amatil Ltd 3,752,569 32,821,093 Investments Ltd 1,754,693 2,801,894 Cromw ell Property Group Reits 5,285,186 46,225,822 HKT Trust & HKT Ltd 1,848,278 2,951,329 Dexus Reits 784,766 880,900 Hongkong Land Holdings Ltd 5,665,807 9,047,161 Goodman Group Reits 3,042,002 26,606,261 Link Reits 879,798 1,404,862 Harvey Norman Holdings Ltd 2,969,478 4,741,662 JB Hi-Fi Israel 7,235,186 11,553,145 Mirvac Group Reits EUR ILS 1,689,054 2,697,082 Sonic Healthcare Ltd 4,047,756 15,693,553 Nice Ltd 1,945,337 3,106,315 Spark Infrastructure Group 4,306,709 6,876,953 Stockland Reits Japan 3,222,909 5,146,342 Telstra Corp Ltd EUR JPY 641,232 1,023,919 Wesfarmers Ltd 5,009,013 611,038,476 Canon Inc 7,845,276 957,027,960 ITOCHU Corp New Zealand 2,367,001 288,745,245 Japan Airlines Co Ltd EUR NZD Japan Prime Realty Investment 4,805,752 7,995,810 Auckland International Airport Ltd 2,175,715 265,410,724 Corp Reits 2,039,867 3,393,931 Spark New Zealand Ltd 1,036,569 126,448,707 Japan Retail Fund Investment Corp Reits 3,791,994 462,576,991 KDDI Corp Europe 5,007,467 610,849,917 Mitsui & Co Ltd Austria 736,427 89,835,075 Nippon Building Fund Inc Reits EUR EUR 1,239,394 151,190,947 Nippon Prologis REIT Inc Reits 1,758,684 1,758,684 Oesterreichische Post AG 1,848,732 225,522,791 Nippon Telegraph & Telephone Corp 7,309,368 891,653,722 NTT DOCOMO Inc Belgium 2,511,011 306,312,759 Sankyo Co Ltd EUR EUR 2,850,218 347,691,794 Sekisui House Ltd 2,749,984 2,749,984 Pr ox imus SA DP

Singapore De nm ar k EUR SGD EUR DKK 6,292,080 9,497,266 CapitaLand Mall Trust Reits 1,506,792 11,259,500 Tryg A/S Com 902,112 1,361,647 Mapletree Industrial Trust Reits 1,572,034 2,372,827 Mapletree North Asia Finland 3,847,541 5,807,478 SATS Ltd EUR EUR 1,187,070 1,791,764 Singapore Airlines Ltd 4,530,705 4,530,705 Elisa OYJ 5,763,166 8,698,923 Singapore Exchange Ltd 995,030 995,030 Kemira OYJ

Australia Ge rm any Australia EUR EUR EUR AUD 3,381,712 3,381,712 Deutsche Telekom AG 2,680,234 4,279,798 AGL Energy Ltd 2,514,719 2,514,719 Hannover Rueck SE 1,290,654 2,060,916 APA Group Muenchener Rueckversicherungs - 6,981,145 11,147,492 ASX Ltd 5,778,899 5,778,899 Gesellschaft AG in Muenchen 4,943,665 7,894,043 Aurizon Holdings Ltd

Robeco Institutional Umbrella Fund 73

Robeco QI Institutional Global Developed Conservative Equity Fund (continued) Equity portfolio Equity portfolio At 31 December 2019

Market Value Market Value Market Value Market Value Europe (continued) Europe (continued) Italy United Kingdom EUR EUR EUR GBP 1,383,359 1,383,359 Assicurazioni Generali SpA 3,837,073 3,251,152 3i Group PLC 1,325,053 1,325,053 Banca Mediolanum SpA 4,032,774 3,416,969 Admiral Group PLC 566,617 566,617 Enav SpA 6,809,620 5,769,791 Barratt Developments PLC 1,079,049 1,079,049 ERG SpA 7,277,922 6,166,583 Berkeley Group Holdings PLC 3,990,227 3,990,227 Hera SpA 6,281,642 5,322,435 Direct Line Insurance Group PLC 459,246 459,246 Poste Italiane SpA 3,714,332 3,147,154 GlaxoSmithKline PLC 6,483,779 6,483,779 Snam SpA 2,508,808 2,125,713 Greggs PLC 5,284,258 5,284,258 Terna Rete Elettrica Nazionale SpA 486,251 412,001 John Laing Group PLC 1,012,729 1,012,729 UnipolSai Assicurazioni SpA 4,063,880 3,443,326 National Grid PLC 6,648,716 5,633,457 Persimmon PLC Luxembourg 3,503,023 2,968,111 QinetiQ Group PLC EUR EUR 1,359,642 1,359,642 RTL Group SA North America Canada Netherlands EUR CAD EUR EUR 6,288,026 9,152,851 BCE Inc 5,803,990 5,803,990 Koninklijke Ahold Delhaize NV 6,577,841 9,574,705 Canadian Apartment Properties Reits 1,281,040 1,864,682 Canadian Tire Corp Ltd Nor w ay 2,633,421 3,833,207 Capital Pow er Corp EUR NOK 4,195,092 6,106,376 CGI Group Inc 6,624,616 65,343,887 Gjensidige Forsikring ASA 4,403,040 6,409,065 CI Financial Corp 1,467,968 14,479,744 Orkla ASA 4,598,063 6,692,941 Cogeco 5,385,936 7,839,768 First Capital Realty Inc Spain 2,463,134 3,585,337 Genw orth MI Canada Inc EUR EUR Granite Real Estate Investment 3,885,002 3,885,002 Endesa SA 4,865,497 7,082,217 Trust Reits 2,694,065 3,921,482 Great-West Lifeco Inc Sweden 1,740,704 2,533,769 IGM Financial Inc EUR SEK 5,922,598 8,620,934 Intact Financial Corp 5,574,638 58,577,181 Axfood AB 4,643,845 6,759,581 National Bank of Canada 6,830,863 71,777,342 Castellum AB RioCan Real Estate Investment 7,471,625 78,510,341 ICA Gruppen AB 6,611,950 9,624,354 Trust Reits 1,452,093 15,258,304 Skandinaviska Enskilda Banken AB 3,256,287 4,739,851 Royal Bank of Canada 1,642,807 17,262,292 Telia Co AB 2,560,233 3,726,675 Shaw 3,588,167 5,222,935 TFI International Inc Sw itzerland 2,169,472 3,157,884 Thomson Reuters Corp EUR CHF 4,361,738 6,348,946 Toronto-Dominion Bank 2,033,614 2,210,539 Allreal Holding AG 4,128,299 4,487,461 Baloise Holding AG United States 4,494,463 4,885,481 Banque Cantonale Vaudoise EUR USD 3,788,804 4,118,430 Landis+Gyr Group AG 8,249,466 9,260,026 Accenture PLC 2,994,954 3,255,515 Mobimo Holding AG 7,008,436 7,866,969 Aflac Inc 6,782,240 7,372,295 Nestle SA 5,184,852 5,819,997 Air Products & Chemicals Inc 3,887,771 4,226,007 PSP Sw is s Pr oper ty A G 4,655,852 5,226,194 Allison Transmission Holdings Inc 5,995,910 6,517,554 Sw iss Prime Site AG 8,565,433 9,614,699 Allstate Corp 6,972,573 7,579,187 Sw iss Re AG 4,362,719 4,897,152 Amdocs Ltd 8,169,736 8,880,503 Sw isscom AG 2,797,504 3,140,198 Ameren Corp 2,217,897 2,410,854 Zurich Insurance Group AG 5,657,465 6,350,504 American Electric Pow er Co Inc 2,302,593 2,584,661 American Express Co 7,175,534 8,054,537 American Water Works Co Inc

Robeco Institutional Umbrella Fund 74

Robeco QI Institutional Global Developed Conservative Equity Fund (continued) Equity portfolio Equity portfolio At 31 December 2019

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 1,222,481 1,372,235 A MERISA FE Inc 5,449,204 6,116,731 JPMorgan Chase & Co 3,036,405 3,408,365 Asbury Automotive Group Inc 2,880,768 3,233,663 Kimberly-Clark Corp 5,599,983 6,285,981 Assured Guaranty Ltd 1,618,128 1,816,349 Leidos Holdings Inc 12,524,016 14,058,208 AT&T Inc 357,107 400,853 Life Storage Inc Reits 8,438,401 9,472,105 AutoZone Inc 7,223,562 8,108,448 Lockheed Martin Corp 6,700,028 7,520,781 Baxter International Inc 9,961,127 11,181,365 McDonald's Corp 2,664,285 2,990,660 Benchmark Electronics Inc 12,780,074 14,345,633 Merck & Co Inc 629,031 706,087 Best Buy Co Inc Mid-America Apartment Communities 5,709,853 6,409,310 Booz Allen Hamilton Holding Corp 1,871,648 2,100,925 Inc Reits 4,318,042 4,847,002 Bright Horizons Family Solutions Inc 813,237 912,858 Motorola Solutions Inc 1,313,979 1,474,941 CACI International Inc 3,613,008 4,055,602 National Retail Properties Inc Reits 4,576,046 5,136,612 Capitol Federal Financial Inc 2,027,000 2,275,307 NorthWestern Corp 5,145,185 5,775,470 Casey's General Stores Inc 2,100,885 2,358,244 OGE Energy Corp 5,699,344 6,397,514 Chevron Corp 3,790,803 4,255,176 Old Republic International Corp 6,621,609 7,432,756 Church & Dw ight Co Inc 1,664,789 1,868,726 Omnicom Group Inc 6,783,931 7,614,963 Cincinnati Financial Corp 8,230,708 9,238,970 Oracle Corp 8,625,661 9,682,304 Cintas Corp 9,670,512 10,855,150 PepsiCo Inc 6,384,981 7,167,141 Cisco Systems Inc 11,189,144 12,559,814 Pfizer Inc 4,015,894 4,507,841 CNA Financial Corp 810,787 910,108 Phillips 66 3,228,248 3,623,709 Coca-Cola Co 2,188,608 2,456,712 Portland General Electric Co 5,070,337 5,691,453 Cohen & Steers Inc 14,783,040 16,593,962 Procter & Gamble Co 3,447,875 3,870,239 Columbia Sportsw ear Co 5,816,674 6,529,217 Public Service Enterprise Group Inc 7,953,864 8,928,212 Consolidated Edison Inc 5,168,747 5,801,919 PulteGroup Inc 999,413 1,121,841 Cracker Barrel Old Country Store Inc 9,007,284 10,110,676 Raytheon Co 3,442,249 3,863,925 Cummins Inc 2,060,085 2,312,446 Reliance Steel & Aluminum Co 4,835,965 5,428,370 Darden Restaurants Inc 7,890,633 8,857,236 Republic Services Inc 5,513,314 6,188,695 DTE Energy Co 1,525,653 1,712,545 Safety Insurance Group Inc 3,449,810 3,872,411 Duke Energy Corp 1,394,023 1,564,790 Southern Co 1,599,758 1,795,728 Eli Lilly & Co 3,850,814 4,322,539 Spire Inc 3,473,208 3,898,676 Erie Indemnity Co 5,748,517 6,452,710 Spirit Realty Capital Inc Reits 486,085 545,631 Ethan Allen Interiors Inc 9,348,029 10,493,163 Starbucks Corp 7,060,961 7,925,929 Everest Re Group Ltd 7,399,260 8,305,669 STERIS PLC 3,892,391 4,369,208 Exelon Corp 9,500,217 10,663,994 Target Corp 7,469,401 8,384,403 Garmin Ltd 2,951,822 3,313,421 TJX Cos Inc 3,394,986 3,810,872 Gaming and Leisure Properties Inc Reits 1,850,464 2,077,146 Tootsie Roll Industries Inc 4,727,102 5,306,172 Graham Holdings Co 6,418,898 7,205,213 Travelers Cos Inc 8,257,806 9,269,387 Genpact Ltd 13,338,102 14,972,020 Verizon 5,433,460 6,099,059 Hartford Financial Services Group Inc 7,996,422 8,975,984 Walmart Inc 6,542,448 7,343,898 Haw aiian Electric Industries Inc 3,091,431 3,470,132 Washington Federal Inc 667,877 749,692 HCA Healthcare Inc 8,041,057 9,026,086 Waste Management Inc 5,394,984 6,055,870 Hershey Co 2,265,201 2,542,689 WEC Energy Group Inc 222,094 249,300 Hilltop Holdings Inc 1,752,314 1,966,972 Welltow er Inc Reits 4,978,480 5,588,344 Home Depot Inc 4,312,331 4,840,592 Western Union Co 1,328,697 1,491,462 Intel Corp 3,885,651 4,361,644 White Mountains Insurance Group Ltd 559,922 628,513 j2 Global Inc 7,900,630 8,868,457 Johnson & Johnson 911,232,441 Total

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Robeco QI Institutional Global Developed Momentum Equities Fund Equity portfolio Equity portfolio At 31 December 2019

Market Value Market Value Market Value Market Value Asia Europe Israel Austria EUR ILS EUR EUR 4,326,738 16,775,195 Israel Discount Bank Ltd 1,055,194 1,055,194 BAWAG Group AG

Japan Belgium EUR JPY EUR EUR 1,759,232 214,604,782 Acom Co Ltd 3,395,424 3,395,424 D'ieteren SA 3,393,391 413,952,350 Advantest Corp 4,033,359 492,020,617 Bandai Namco Holdings Inc Bermuda 6,420,450 783,216,693 Chugai Pharmaceutical Co Ltd EUR NOK 3,922,474 478,494,004 Daiichi Sankyo Co Ltd 1,213,624 11,970,945 Frontline Ltd 424,346 51,765,044 Japan Airport Terminal Co Ltd EUR USD 4,633,254 565,200,478 Japan Real Estate Investment Corp Reits 4,877,711 5,475,230 RenaissanceRe Holdings Ltd 4,357,062 531,508,408 Kakaku.com Inc 1,067,321 130,200,110 Kurita Water Industries Ltd De nm ar k 1,078,879 131,610,111 Meitec Corp EUR DKK 4,140,477 505,087,628 Mitsubishi Heavy Industries Ltd 1,074,540 8,029,500 ALK-Abello A/S 5,498,653 670,768,582 NEC Corp 2,023,263 15,118,830 Ringkjoebing Landbobank A/S 2,845,432 347,107,993 NET One Systems Co Ltd 3,913,670 477,420,004 Nomura Research Institute Ltd Finland 5,180,753 631,988,635 Obayashi Corp EUR EUR 6,231,284 760,140,626 Obic Co Ltd 1,367,358 1,367,358 Kemira OYJ 2,184,134 266,437,702 Sankyo Co Ltd 3,827,127 3,827,127 Metso OYJ 2,093,227 255,348,216 Saw ai Pharmaceutical Co Ltd 3,528,370 430,418,065 Sega Sammy Holdings Inc France 1,797,161 219,231,685 Suzuken Co Ltd EUR EUR 3,461,255 422,230,857 Toho Co Ltd 5,299,968 5,299,968 AXA SA 1,208,875 147,468,025 Tokio Marine Holdings Inc 337,508 337,508 CNP Assurances 2,762,229 336,958,285 United Urban Investment Corp Reits 3,943,826 3,943,826 Ingenico Group SA 6,534,000 6,534,000 L'Oreal SA Singapore 5,533,728 5,533,728 Sartorius Stedim Biotech EUR SGD 1,874,291 2,829,055 Singapore Exchange Ltd Ge rm any EUR EUR Australia 1,472,421 1,472,421 Ceconomy AG Australia 2,200,600 2,200,600 Hamburger Hafen und Logistik AG EUR AUD 3,887,064 3,887,064 Puma SE 3,863,830 6,169,764 ASX Ltd 3,484,976 5,564,809 Aurizon Holdings Ltd Italy 3,593,238 5,737,683 Charter Hall Group Reits EUR EUR 7,323,395 11,693,997 Fortescue Metals Group Ltd 4,343,762 4,343,762 Leonardo SpA 714,174 1,140,392 Independence Group NL Mediobanca Banca di Credito 5,489,996 8,766,426 Magellan Financial Group Ltd 3,906,531 3,906,531 Finanziario SpA 5,510,259 8,798,782 Santos Ltd 5,716,302 5,716,302 Poste Italiane SpA 771,670 771,670 UnipolSai Assicurazioni SpA New Zealand EUR NZD Netherlands 1,464,366 2,436,412 Fisher & Paykel Healthcare Corp Ltd EUR USD 4,564,249 7,593,997 Meridian Energy Ltd 2,304,851 2,587,195 NXP Semiconductors NV

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Robeco QI Institutional Global Developed Momentum Equities Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 Market Value Market Value Market Value Market Value Europe (continued) North America (continued) Nor w ay Puerto Rico EUR NOK EUR USD 3,890,439 38,374,513 Gjensidige Forsikring ASA 2,649,388 2,973,938 EV ERTEC Inc 5,393,590 6,054,305 Popular Inc Portugal EUR EUR United States 638,453 638,453 NOS SGPS SA EUR USD 7,956,825 8,931,536 Accenture PLC Spain 5,881,018 6,601,443 Aflac Inc EUR EUR 4,962,328 5,570,214 Akamai Technologies Inc ACS Actividades de Construccion y 3,676,998 4,127,430 Amedisys Inc 3,873,408 3,873,408 Servicios SA 2,255,172 2,531,431 American Assets Trust Inc Reits 6,928,076 7,776,765 American Express Co Sweden 4,116,734 4,621,034 American International Group Inc EUR SEK 1,840,840 2,066,343 American National Insurance Co 5,883,058 61,817,997 Hemfosa Fastigheter AB 1,887,325 2,118,522 American Woodmark Corp 3,983,976 41,862,823 Hennes & Mauritz AB 6,785,651 7,616,893 Anthem Inc 3,711,119 38,995,692 ICA Gruppen AB 4,911,966 5,513,682 Applied Materials Inc 4,001,590 42,047,904 Indutrade AB 2,437,757 2,736,382 Arch Capital Group Ltd 4,495,153 47,234,172 Skanska AB 4,726,381 5,305,363 Arconic Inc 4,616,565 48,509,943 Telefonaktiebolaget LM Ericsson 2,551,953 2,864,568 Atkore International Group Inc 2,468,263 2,770,625 Automatic Data Processing Inc Sw itzerland 5,951,774 6,680,866 AutoZone Inc EUR CHF 5,086,042 5,709,082 AvalonBay Communities Inc Reits 3,249,575 3,532,288 Baloise Holding AG 4,521,875 5,075,805 Best Buy Co Inc 2,090,797 2,272,696 Cembra Money Bank AG 2,621,472 3,815,815 BRP Inc 9,297,173 10,106,027 Roche Holding AG 2,699,799 3,030,525 Cable One Inc 4,741,025 5,153,494 Sw iss Life Holding AG 3,925,897 4,406,820 CarMax Inc 4,569,858 5,129,666 CBRE Group Inc United Kingdom 6,341,459 7,118,288 CDW Corp EUR EUR 6,331,459 7,107,063 Chipotle Mexican Grill Inc 6,187,333 6,187,333 Dialog Semiconductor PLC 4,500,153 5,051,422 Ciena Corp EUR GBP 5,599,132 6,285,026 Cincinnati Financial Corp 5,785,607 4,902,145 Barratt Developments PLC 5,718,970 6,419,545 Copart Inc 1,241,585 1,051,995 Firstgroup PLC 3,963,616 4,449,159 CyberArk Softw are Ltd 191,587 162,332 Auto Trader Group PLC 4,656,310 5,226,708 Dentsply Sirona Inc 3,658,269 3,099,652 Informa PLC 2,226,179 2,498,885 DexCom Inc 3,591,236 3,042,854 JD Sports Fashion PLC 5,489,148 6,161,569 Dover Corp 6,671,297 5,652,590 Next PLC 5,636,179 6,326,611 EPA M Sy s tems Inc 3,224,809 2,732,381 Paragon Banking Group PLC 1,493,630 1,676,600 Erie Indemnity Co 418,134 354,285 QinetiQ Group PLC 2,994,392 3,361,205 Essent Group Ltd 379,270 425,731 Everi Holdings Inc North America 5,888,199 6,609,503 FleetCor Technologies Inc Canada 2,942,305 3,302,737 Flow serve Corp EUR CAD 430,654 483,409 Fortinet Inc 4,615,509 6,718,335 Air Canada 3,208,224 3,601,232 Garmin Ltd 2,069,518 3,012,391 AltaGas Ltd 208,472 234,010 H&E Equipment Services Inc 4,106,102 5,976,842 CGI Group Inc 5,328,533 5,981,279 HCA Healthcare Inc 3,051,416 4,441,642 iA Financial Corp 3,962,352 4,447,740 HEICO Corp 5,715,653 8,319,705 Manulife Financial Corp 3,285,767 3,688,274 Herman Miller Inc 4,268,353 6,213,015 Sun Life Financial Inc 4,742,825 5,323,821 Hes s Corp 4,946,341 7,199,894 Thomson Reuters Corp

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Robeco QI Institutional Global Developed Momentum Equities Fund (continued) Equity portfolio Futures portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value North America (continued) Unrealised Unrealised United States (continued) Gain Gain EUR USD North America 3,008,812 3,377,391 Hilltop Holdings Inc United States 2,690,659 3,020,265 HMS Holdings Corp EUR USD 6,302,420 7,074,466 Intuit Inc 38,073 42,737 S&P 500 Emini CME March 2020 2,328,541 2,613,787 Jones Lang LaSalle Inc 6,056,587 6,798,519 Keysight Technologies Inc Market Value Market Value 2,232,673 2,506,175 LKQ Corp Unrealised Unrealised 6,389,964 7,172,735 Lululemon Athletica Inc Loss Loss 4,297,861 4,824,349 Martin Marietta Materials Inc Eurpoe 10,277,879 11,536,919 Mastercard Inc Ge rm any 9,604,076 10,780,575 Merck & Co Inc EUR EUR 4,243,446 4,763,268 Mercury Systems Inc (10,010) (10,010) Eurx E-Stoxx 50 March 2020 4,783,460 5,369,434 MetLife Inc 1,165,273 1,308,018 MGIC Investment Corp 28,063 Total 3,416,742 3,835,293 Motorola Solutions Inc 4,553,663 5,111,487 National Retail Properties Inc Reits 4,214,023 4,730,241 OneMain Holdings Inc 3,550,445 3,985,375 OSI Sy s tems Inc 3,920,641 4,400,919 Pilgrim's Pride Corp 9,984,210 11,207,276 Procter & Gamble Co 1,005,323 1,128,475 Rambus Inc 4,504,546 5,056,353 Ross Stores Inc 4,886,196 5,484,755 S&P Global Inc 4,268,742 4,791,662 Snap Inc 4,207,970 4,723,446 SPS 6,553,388 7,356,178 Starbucks Corp 4,321,214 4,850,563 Synopsys Inc 6,981,476 7,836,707 Target Corp 5,616,012 6,303,973 Tyson Foods Inc 2,382,248 2,674,073 United Bankshares Inc 2,739,021 3,074,551 Universal Forest Products Inc 2,401,450 2,695,627 Valley National Bancorp Com 5,351,345 6,006,885 Veeva Systems Inc 3,539,286 3,972,848 Veracyte Inc 5,314,534 5,965,565 VeriSign Inc 1,280,584 1,437,455 West Pharmaceutical Services Inc 4,019,600 4,512,001 Western Union Co 3,330,650 3,738,655 WR Berkley Corp 4,871,372 5,468,115 Xerox Corp 678,839 761,996 Xperi Corp 6,529,706 7,329,595 Zebra Technologies Corp 1,249,286 1,402,324 Zumiez Inc

662,634,725 Total

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Robeco QI Institutional Global Developed Value Equities Fund Equity portfolio Equity portfolio At 31 December 2019 Market Value Market Value Market Value Market Value Africa Australia South Africa Australia EUR GBP EUR AUD 6,318,764 5,353,889 Anglo American PLC 4,559,017 7,279,838 Fortescue Metals Group Ltd 228,744 365,259 Seven West Media Ltd Asia 3,313,111 5,290,376 South32 Ltd Hong Kong EUR HKD Europe 1,935,819 16,931,257 CK Asset Holdings Ltd Austria 2,232,081 19,522,450 HKT Trust & HKT Ltd EUR EUR 1,154,369 1,295,779 Hutchison Port Holdings Trust 1,395,629 1,395,629 OMV AG 2,742,046 23,982,760 Kerry Properties Ltd 2,955,339 25,848,281 PCCW Ltd Belgium 1,203,664 10,527,604 Sino Land Co Ltd EUR EUR 956,085 8,362,203 Sw ire Pacific Ltd 1,095,806 1,095,806 Solvay SA

Israel Bermuda EUR ILS EUR USD Bezeq The Israeli Telecommunication 1,441,147 1,617,688 Triton International Ltd 4,227,797 16,391,591 Corp Ltd De nm ar k Japan EUR DKK EUR JPY 737,145 5,508,312 AP Moller - Maersk A/S 1,253,217 152,877,130 A GC Inc 2,570,890 19,210,973 Danske Bank A/S 1,237,805 150,997,109 Aisin Seiki Co Ltd 2,139,270 15,985,695 Pandora A/S 3,623,333 442,002,374 Bridgestone Corp 1,728,428 210,847,078 Canon Inc Finland 3,320,852 405,103,443 Credit Saison Co Ltd EUR EUR 1,601,473 195,360,166 Dai Nippon Printing Co Ltd 1,496,187 1,496,187 Stora Enso OYJ 2,623,838 320,076,270 Fujifilm Holdings Corp 3,321,990 3,321,990 UPM- Ky mmene OY J 757,621 92,420,578 JFE Holdings Inc 1,960,132 239,112,203 Kajima Corp France 6,890,655 840,575,966 KDDI Corp EUR EUR 3,008,054 366,945,910 Mazda Motor Corp 4,634,954 4,634,954 AXA SA 3,642,933 444,393,376 Mitsubishi Chemical Holdings Corp 6,201,238 6,201,238 BNP Paribas SA 2,115,787 258,100,218 Mitsubishi Corp Cie Generale des Etablissements 1,406,576 171,585,145 Mitsubishi Gas Chemical Co Inc 1,268,506 1,268,506 Michelin SCA 5,143,384 627,430,130 Mitsubishi Heavy Industries Ltd 3,871,451 3,871,451 Credit Agricole SA 2,857,373 348,564,614 Mitsubishi UFJ Financial Group Inc 6,120,086 6,120,086 Engie SA 559,930 68,304,658 Mitsui & Co Ltd 3,712,686 3,712,686 Eutelsat Communications SA 2,609,821 318,366,322 Mixi Inc 1,445,680 1,445,680 Orange SA 2,611,534 318,575,287 Mizuho Financial Group Inc 2,152,318 2,152,318 Publicis Groupe SA 1,136,580 138,648,917 Nippon Electric Glass Co Ltd 6,779,352 6,779,352 Societe Generale SA 456,533 55,691,447 Nippon Telegraph & Telephone Corp 1,978,430 1,978,430 TOTAL SA 6,203,624 756,766,444 NTT DoCoMo Inc 2,561,557 2,561,557 Veolia Environnement SA 2,771,020 338,030,586 Resona Holdings Inc 2,130,980 259,953,519 Subaru Corp Ge rm any 2,592,311 316,230,267 Sumitomo Chemical Co Ltd EUR EUR 4,128,305 503,602,826 Sumitomo Corp 4,085,561 4,085,561 Covestro AG 3,157,902 385,225,526 Sumitomo Mitsui Financial Group Inc 2,742,324 2,742,324 Deutsche Lufthansa AG 1,112,717 135,737,899 Tokyu Construction Co Ltd 1,412,430 1,412,430 Deutsche Telekom AG 4,150,390 506,296,928 Tosoh Corp 2,723,549 2,723,549 Telefonica Deutschland Holding AG 202,486 24,700,820 Yamaguchi Financial Group Inc

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Robeco QI Institutional Global Developed Value Equities Fund (continued) Equity portfolio Equity portfolio At 31 December 2019

Market Value Market Value Market Value Market Value Europe (continued) Europe (continued) Ireland United Kingdom (continued) EUR USD EUR GBP 5,316,517 5,967,790 Seagate Technology PLC 308,895 261,727 Go-Ahead Group PLC 1,897,078 1,607,394 Wm Morrison Supermarkets PLC Italy 4,064,240 3,443,631 Persimmon PLC EUR EUR 1,035,893 877,712 Playtech PLC 4,082,758 4,082,758 Enel SpA 5,877,814 4,980,272 Taylor Wimpey PLC 4,258,379 4,258,379 Eni SpA 5,616,397 4,758,773 3i Group PLC 1,019,377 1,019,377 Telecom Italia SpA 6,281,039 5,321,924 Berkeley Group Holdings PLC 2,093,621 1,773,925 Centrica PLC Jersey 4,283,493 3,629,404 Kingfisher PLC EUR GBP 4,972,619 4,213,300 Marks & Spencer Group PLC 1,564,957 1,325,988 Centamin PLC 3,928,633 3,328,731 Royal Mail PLC 984,444 834,119 Genel Energy PLC 4,719,837 3,999,118 Vodafone Group PLC 622,931 527,809 Petrofac Ltd EUR USD North America 3,636,722 4,082,220 Janus Henderson Group PLC Canada EUR CAD Netherlands 2,860,411 4,163,614 ARC Resources Ltd EUR EUR 5,679,923 8,267,696 Genw orth MI Canada Inc 4,574,041 4,574,041 Aegon NV 1,192,621 1,735,979 H&R Real Estate Investment Trust 2,092,809 2,092,809 Koninklijke Ahold Delhaize NV 1,397,127 2,033,658 IGM Financial Inc 5,088,441 5,088,441 Koninklijke KPN NV 4,110,968 5,983,924 Magna International Inc 5,596,466 5,596,466 NN Group NV 650,030 946,183 Peyto Exploration & Development Corp 4,257,333 4,257,333 Royal Dutch Shell PLC 3,920,155 5,706,177 Teck Resources Ltd

Nor w ay United States EUR NOK EUR USD 1,931,758 19,054,474 Aker BP ASA 1,244,121 1,396,526 AXA Equitable Holdings 1,019,115 10,052,345 Equinor ASA 2,340,847 2,627,601 AbbVie Inc 5,381,445 6,040,672 Ally Financial Inc Spain 3,622,278 4,066,008 Arch Coal Inc EUR EUR 1,930,097 2,166,534 Arena Pharmaceuticals Inc 2,933,341 2,933,341 Banco de Sabadell SA 4,114,967 4,619,051 Athene Holding Ltd 4,118,097 4,118,097 Endesa SA 9,689,018 10,875,924 AT&T Inc 1,888,186 1,888,186 Naturgy Energy Group SA 5,697,286 6,395,204 Bed Bath & Beyond Inc 5,749,064 5,749,064 Repsol SA 2,788,991 3,130,642 Benchmark Electronics Inc - - Repsol SA NPV 6,184,952 6,942,609 Best Buy Co Inc 174,577 174,577 Repsol SA Rights 1,448,624 1,626,080 Biogen Inc 4,864,115 4,864,115 Telefonica SA 4,666,674 5,238,342 Brighthouse Financial Inc 718,969 807,043 Brightsphere Investment Group PLC Sweden 3,901,709 4,379,668 Buckle Inc EUR SEK 3,372,239 3,785,338 Capital One Financial Corp 683,039 7,177,233 Telia Co AB 5,240,358 5,882,302 Cardinal Health Inc 1,148,338 1,289,009 Cato Corp United Kingdom 3,799,231 4,264,637 CenturyLink Inc EUR EUR 1,173,381 1,317,121 Chico's FAS Inc 2,264,658 2,264,658 Fiat Chrysler Automobiles NV 3,371,513 3,784,523 Cisco Systems Inc

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Robeco QI Institutional Global Developed Value Equities Fund (continued) Equity portfolio Equity portfolio At 31 December 2019

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) 4,443,935 4,988,317 Clearw ay Energy Inc 3,364,269 3,776,392 Reliance Steel & Aluminum Co 2,236,533 2,510,508 Colony Capital Inc Reits 203,699 228,652 Resolute Forest Products Inc 3,074,769 3,451,428 CVR Energy Inc 2,049,296 2,300,334 Schnitzer Steel Industries Inc 3,450,677 3,873,385 Delek US Holdings Inc 1,925,050 2,160,869 Signet Jew elers Ltd 3,793,776 4,258,513 Delta Air Lines Inc 1,351,550 1,517,115 SpartanNash Co 3,957,119 4,441,866 Dillard's Inc 4,940,424 5,545,626 Steel Dynamics Inc 5,746,606 6,450,565 Discovery Inc 5,977,146 6,709,346 Synchrony Financial 4,673,421 5,245,916 Domtar Corp 7,369,818 8,272,621 Target Corp 4,180,811 4,692,961 DXC Technology Co 1,089,786 1,223,285 Telephone & Data Systems Inc 5,326,029 5,978,468 Ford Motor Co 2,299,844 2,581,575 TiVo Corp 2,298,111 2,579,629 Genesco Inc 3,761,211 4,221,959 Unum Group 6,421,181 7,207,776 Gilead Sciences Inc 5,099,816 5,724,543 Valero Energy Corp 3,709,233 4,163,614 H&R Bloc k Inc 2,935,439 3,295,031 Verizon Communications Inc 2,132,370 2,393,585 Harley-Davidson Inc 1,481,078 1,662,510 Verso Corp 1,435,224 1,611,038 Helmerich & Payne Inc 3,671,334 4,121,072 Vistra Energy Corp 4,057,404 4,554,436 Hew lett Packard Enterprise Co 3,319,829 3,726,508 Warrior Met Coal Inc 5,225,998 5,866,183 HollyFrontier Corp 5,617,080 6,305,172 Western Digital Corp 4,186,854 4,699,743 HP Inc 5,779,923 6,487,964 Western Union Co 9,109,089 10,224,952 Intel Corp 4,602,360 5,166,149 WestRock 6,818,307 7,653,550 International Business Machines Corp 5,951,655 6,680,733 Xerox Corp 1,222,243 1,371,967 International Paper Co 4,746,535 5,327,986 Juniper Netw orks Inc 652,435,381 Total 4,954,473 5,561,396 Kohl's Corp 4,113,384 4,617,273 Kraft Heinz Co 5,038,113 5,655,282 Kroger Co 7,422,922 8,332,230 Lam Research Corp 4,287,606 4,812,838 Lear Corp Equity portfolio 4,038,018 4,532,676 Lincoln National Corp At 31 December 2019 4,454,910 5,000,637 LyondellBasell Industries NV 3,514,146 3,944,629 Macy's Inc Market Value Market Value 3,128,999 3,512,301 Manpow erGroup Inc Unrealised Unrealised 1,427,576 1,602,455 MEDNA X Inc Gain Gain 6,033,031 6,772,077 MetLife Inc North America 7,299,465 8,193,651 Micron Technology Inc United States 4,181,103 4,693,288 Molson Coors Brew ing Co EUR USD 3,782,992 4,246,408 Navient Corp 24,384 27,371 S&P 500 Emini CME March 2020 3,990,754 4,479,621 Nielsen Holdings PLC 4,957,096 5,564,340 NetApp Inc Europe 3,868,348 4,342,220 New ell Brands Inc Ge rm any 2,631,042 2,953,345 Nordstrom Inc EUR EUR 5,079,790 5,702,064 Nucor Corp (8,030) (8,030) Eurx E-Stxx 50 March 2020 1,409,282 1,581,919 Peabody Energy Corp 4,027,948 4,521,372 Pfizer Inc 16,354 Total 3,919,602 4,399,754 Plains GP Holdings LP 4,856,608 5,451,543 Prudential Financial Inc 1,044,982 1,172,992 Qurate Retail Inc 5,763,777 6,469,840 Ralph Lauren Corp 2,015,009 2,261,848 Realogy Holdings Corp

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Robeco QI Institutional Global Developed Quality Equities Fund Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value Asia Australia (continued) Israel Australia (continued) EUR ILS EUR AUD Bezeq The Israeli Telecommunication Genw orth Mortgage Insurance 357,496 1,386,046 Corp Ltd 442,352 706,348 Australia Ltd EUR GBP 596,262 952,111 Qantas Airw ays Ltd 762,291 645,889 Plus500 Ltd 761,344 1,215,714 Sandfire Resources NL EUR USD 509,493 813,558 St Barbara Ltd Check Point Softw are Technologies 241,717 385,974 Telstra Corp Ltd 860,891 966,351 Ltd 1,429,102 2,281,991 Wesfarmers Ltd

Japan Europe EUR JPY Bermuda 240,764 29,370,224 Adastria Co Ltd EUR USD 296,391 36,156,031 AGC Inc/Japan 207,503 232,922 Signet Jew elers Ltd 1,344,390 163,999,138 Astellas Pharma Inc 290,267 35,409,030 Bridgestone Corp De nm ar k 565,946 69,038,459 Brother Industries Ltd EUR DKK 1,388,476 169,377,144 Capcom Co Ltd 412,399 3,081,653 Coloplast A/S 217,384 26,518,223 GungHo Online Entertainment Inc 1,016,922 7,598,947 Danske Bank A/S 659,616 80,465,105 Hoya Corp 859,293 6,421,070 H Lundbeck A/S 1,205,531 147,060,075 Jafco Co Ltd 1,707,680 12,760,638 Novo Nordisk A/S 477,333 58,228,749 KDDI Corp 971,768 7,261,535 Pandora A/S 305,441 37,260,032 Mixi Inc 770,995 5,761,258 Vestas Wind Systems A/S 1,593,866 194,432,164 NTT DoCoMo Inc 443,856 54,145,046 Oji Holdings Corp France 513,863 62,685,053 Oracle Corp EUR EUR 198,077 24,163,020 Seiko Epson Corp 929,839 929,839 Air France-KLM Com 521,444 63,609,854 Shionogi & Co Ltd 1,129,880 1,129,880 Peugeot SA 1,068,059 130,290,110 Sompo Holdings Inc 331,142 331,142 Societe BIC SA 255,807 31,205,276 Subaru Corp 996,611 996,611 Ubisoft Entertainment SA 235,643 28,745,525 Sumitomo Rubber Industries Ltd 321,969 39,276,290 Suzuki Motor Corp Ge rm any 296,423 36,159,990 Toshiba TEC Corp EUR EUR 1,138,475 138,880,118 Trend Micro Inc 1,791,254 1,791,254 adidas AG 569,955 69,527,559 TS Tech Co Ltd 600,163 600,163 Allianz SE 1,136,872 1,136,872 Borussia Dortmund GmbH & Co KGaA Macau 910,366 910,366 Covestro AG EUR HKD 817,199 817,199 ProSiebenSat.1 Media SE 521,583 4,561,922 Wynn Macau Ltd Gibraltar Singapore EUR GBP EUR SGD 612,743 519,177 888 Holdings PLC 114,792 173,267 Best World International Ltd Jersey Australia EUR GBP Australia 1,032,321 874,686 Man Group PLC EUR AUD 1,705,240 2,722,927 BHP Group Ltd 711,408 1,135,976 CIMIC Group Ltd

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Robeco QI Institutional Global Developed Quality Equities Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value Europe (continued) North America (continued) Netherlands United States EUR EUR EUR USD 980,958 980,958 Koninklijke Ahold Delhaize NV 1,646,094 1,847,741 AbbVie Inc 1,016,482 1,016,482 Koninklijke KPN NV 856,532 961,457 Aflac Inc 1,209,096 1,209,096 Signify NV 1,349,452 1,514,760 Akamai Technologies Inc EUR USD 522,532 586,542 Align Technology Inc 1,456,716 1,635,164 NXP Semiconductors NV 1,085,831 1,218,845 Allstate Corp 752,062 844,189 Ally Financial Inc Nor w ay 802,170 900,436 American Express Co EUR NOK 430,956 483,748 Ameriprise Financial Inc 1,144,000 11,284,187 Aker BP ASA 1,839,434 2,064,764 Amgen Inc 4,170,484 4,681,368 Apple Inc Spain 1,005,958 1,129,187 Arch Coal Inc EUR EUR 839,214 942,017 Assured Guaranty Ltd International Consolidated Airlines 1,501,740 1,685,703 AutoZone Inc 956,441 956,441 Group SA 764,853 858,547 Bed Bath & Beyond Inc 813,861 913,559 Best Buy Co Inc Sweden 1,605,911 1,802,635 Biogen Inc EUR SEK 1,234,982 1,386,268 Booking Holdings Inc 1,053,644 11,071,481 Hennes & Mauritz AB 1,045,525 1,173,602 Boston Beer Co Inc 1,148,879 12,072,187 Lundin Petroleum AB 599,934 673,426 Brightsphere Investment Group PLC 498,282 5,235,850 NetEnt AB 1,223,084 1,372,912 Cadence Design Systems Inc 410,173 460,419 Capital One Financial Corp Sw itzerland 891,875 1,001,130 Cardinal Health Inc EUR CHF 1,239,425 1,391,254 Cerner Corp 1,877,692 2,041,051 Roche Holding AG 278,176 312,253 CH Robinson Worldw ide Inc 343,883 373,800 SGS SA 1,655,615 1,858,428 Cirrus Logic Inc 1,635,382 1,835,717 Cisco Systems Inc United Kingdom 734,836 824,853 CIT Group Inc EUR GBP 2,017,783 2,264,961 Citigroup Inc 664,323 562,881 3i Group PLC 1,171,835 1,315,385 Citrix Systems Inc 1,182,451 1,001,891 Berkeley Group Holdings PLC 1,073,659 1,205,182 Colgate-Palmolive Co 1,244,988 1,054,879 Burberry Group PLC 1,217,928 1,367,124 Comerica Inc 837,388 709,519 Direct Line Insurance Group PLC 543,337 609,896 Cummins Inc 1,078,687 913,972 InterContinental Hotels Group 792,328 889,389 CyberArk Softw are Ltd 151,782 128,605 Kingfisher PLC 393,444 441,641 Delta Air Lines Inc 1,007,411 853,579 Moneysupermarket.com Group PLC 1,021,792 1,146,962 Deluxe Corp 878,275 744,163 Next PLC 770,840 865,268 Devon Energy Corp 1,139,772 965,729 Royal Mail PLC 1,312,008 1,472,730 Discover Financial Services 633,206 536,515 William Hill PLC 487,321 547,018 Domino's Pizza Inc EUR GBP 1,414,130 1,587,361 Dover Corp 766,718 860,641 Liberty Global PLC 1,084,040 1,216,835 eBay Inc 1,298,025 1,457,033 Eli Lilly & Co North America 1,670,352 1,874,970 Estee Lauder Cos Inc Canada 384,088 431,138 Expeditors International of Washington Inc EUR CAD 913,914 1,025,869 F5 Netw orks Inc 1,226,473 1,785,254 CI Financial Corp 1,272,465 1,428,342 Fortinet Inc 1,236,329 1,799,601 Genw orth MI Canada Inc 806,225 904,987 Franklin Resources Inc 661,617 963,050 Gildan Activew ear Inc 442,385 496,577 Gilead Sciences Inc 247,227 359,863 IGM Financial Inc 325,342 365,196 Graco Inc 1,154,547 1,680,559 Loblaw Cos Ltd 882,346 990,433 H&R Bloc k Inc 657,683 957,323 Thomson Reuters Corp 679,458 762,692 HD Supply Holdings Inc

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Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 608,647 683,206 Herbalife Nutrition Ltd 616,092 691,563 T Row e Price Group Inc 979,037 1,098,969 Hershey Co 954,136 1,071,018 Take-Tw o Interactive Softw are Inc 1,259,263 1,413,522 Hew lett Packard Enterprise Co 1,323,218 1,485,313 Target Corp 1,787,700 2,006,694 Home Depot Inc 329,420 369,774 Teradata Corp 1,270,658 1,426,314 HP Inc 926,108 1,039,556 Teradyne Inc 870,743 977,409 IDEXX Laboratories Inc 1,810,116 2,031,857 Texas Instruments Inc 1,519,294 1,705,407 Illinois Tool Works Inc 475,451 533,694 Travelers Cos Inc 624,087 700,538 Insperity Inc 572,497 642,628 TripAdvisor Inc 981,450 1,101,677 Intuit Inc 1,667,233 1,871,469 Ubiquiti Inc 648,806 728,285 Juniper Netw orks Inc 694,333 779,388 Unum Group 385,824 433,087 Kforce Inc 519,445 583,077 USANA Health Sciences Inc 862,674 968,352 Kimberly-Clark Corp 465,288 522,286 Valero Energy Corp 729,731 819,123 Kohl's Corp 533,324 598,656 VeriSign Inc 1,895,845 2,128,087 Lam Research Corp 439,616 493,469 VMw are Inc 252,695 283,650 Landstar System Inc 1,095,032 1,229,174 Voya Financial Inc 295,179 331,338 Lear Corp 997,093 1,119,237 Waddell & Reed Financial Inc 1,063,253 1,193,501 Lennox International Inc 678,893 762,058 Walgreens Boots Alliance Inc 313,371 351,759 Lincoln National Corp 1,653,173 1,855,686 Walmart Inc 1,553,479 1,743,780 Lululemon Athletica Inc 1,113,402 1,249,794 Waters Corp 477,829 536,363 LyondellBasell Industries NV 1,443,710 1,620,565 Western Union Co 1,231,169 1,381,987 Manhattan Associates Inc 881,811 989,832 WW Grainger Inc 332,346 373,058 Manpow erGroup Inc 1,323,444 1,485,566 Xerox Corp 681,843 765,369 Maxim Integrated Products Inc 463,199 519,941 Xilinx Inc 2,186,607 2,454,467 Merck & Co Inc 315,785 354,469 Yum! Brands Inc 1,100,589 1,235,411 MetLife Inc 744,870 836,117 Mettler-Toledo International Inc 185,191,783 Total 1,129,782 1,268,180 MSCI Inc 597,661 670,874 MSG Netw orks Inc 1,013,524 1,137,681 NetApp Inc Futures portfolio 1,498,846 1,682,455 NIKE Inc At 31 December 2019 544,797 611,535 Nordstrom Inc 983,179 1,103,619 NRG Energy Inc Market Value Market Value 523,326 587,434 Progress Softw are Corp Unrealised Unrealised 2,161,300 2,426,060 Qualcomm Inc Gain Gain 1,027,985 1,153,914 Ralph Lauren Corp North America 1,113,497 1,249,900 Regions Financial Corp United States 1,031,159 1,157,476 Robert Half International Inc EUR USD 1,042,690 1,170,419 Rockw ell Automation Inc 9,098 10,213 S&P 500 Emini CME March 2020 1,368,155 1,535,754 Seagate Technology PLC 221,877 249,057 Sealed Air Corp Europe 1,198,139 1,344,911 Skyw orks Solutions Inc United States 948,221 1,064,378 Southw est Airlines Co EUR EUR 1,731,143 1,943,208 Starbucks Corp (1,610) (1,610) Eurx E-Stxx 50 March 2020 166,000 186,335 Steel Dynamics Inc 1,181,256 1,325,960 Synchrony Financial 7,488 Total 996,455 1,118,521 Sysco Corp

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Market Value Market Value Market Value Market Value Africa Asia (continued) South Africa Japan (continued) EUR GBP EUR JPY 448,484 380,001 Anglo American PLC 113,170 13,805,412 Dai-ichi Life Holdings Inc 237,008 28,912,025 Daiichi Sankyo Co Ltd Asia 291,300 35,535,030 Daikin Industries Ltd China 55,251 6,740,005 Daito Trust Construction Co Ltd EUR HKD 200,086 24,408,020 Daiw a House Industry Co Ltd 105,153 919,700 BOC Hong Kong Holdings Ltd 177,785 21,687,618 East Japan Railw ay Co EUR EUR 154,681 18,869,195 Eisai Co Ltd 230,660 230,660 Prosus NV 146,687 17,894,024 Fuji Media Holdings Inc 222,941 27,196,024 FUJIFILM Holdings Corp Hong Kong 117,864 14,378,013 Fujitsu Ltd EUR HKD 69,056 8,424,007 Hankyu Hanshin Holdings Inc 125,324 1,096,120 AIA Group Ltd 333,712 40,708,793 Hitachi Ltd 116,920 1,022,625 CK Asset Holdings Ltd 445,737 54,374,446 Hokuhoku Financial Group Inc 107,686 941,850 CLP Holdings Ltd 294,689 35,948,430 Honda Motor Co Ltd 346,646 3,031,876 Kerry Properties Ltd 231,294 28,215,024 Hoya Corp 71,687 626,996 Pow er Assets Holdings Ltd 93,165 11,365,009 Inpex Corp 150,040 1,312,301 Sun Hung Kai Properties Ltd 255,553 31,174,376 ITOCHU Corp 69,026 603,725 Techtronic Industries Co Ltd 101,820 12,420,810 Japan Aviation Electronics Industry Ltd 525,082 4,592,527 WH Group Ltd 94,200 11,491,209 Japan Post Holdings Co Ltd EUR USD 59,022 7,200,007 Japan Real Estate Investment Corp Reits 85,545 96,025 Hongkong Land Holdings Ltd 118,773 14,488,902 JXTG Holdings Inc 79,252 88,960 Jardine Matheson Holdings Ltd 481,667 58,757,450 Kajima Corp 431,999 52,698,644 KDDI Corp Israel 67,941 8,288,007 Kintetsu Group Holdings Co Ltd EUR ILS 89,139 10,873,810 Kubota Corp 66,774 258,891 Bank Leumi Le-Israel BM 141,031 17,204,015 Kyocera Corp 68,796 266,729 Nice Ltd 515,126 62,839,053 Maeda Road Construction Co Ltd EUR USD 95,023 11,591,589 Marubeni Corp 84,913 95,315 Check Point Softw are Technologies Ltd 205,143 25,024,971 Mitsubishi Electric Corp 98,917 111,034 Teva Pharmaceutical Industries Ltd 142,169 17,342,865 Mitsubishi Estate Co Ltd 480,560 58,622,450 Mitsubishi Heavy Industries Ltd Japan 425,007 51,845,724 Mitsubishi UFJ Financial Group Inc EUR JPY 240,882 29,384,625 Mitsui & Co Ltd 595,863 72,688,062 Advantest Corp 137,994 16,833,614 Mitsui Fudosan Co Ltd 77,656 9,473,108 Aeon Co Ltd 236,747 28,880,304 Mizuho Financial Group Inc 496,944 60,621,052 Ajinomoto Co Inc 100,645 12,277,411 MS&AD Insurance Group Holdings Inc 106,206 12,955,811 Asahi Group Holdings Ltd 129,685 15,820,013 NEC Corp 263,666 32,164,027 Astellas Pharma Inc 415,534 50,690,043 Nihon Unisys Ltd 152,202 18,566,787 Bandai Namco Holdings Inc 288,357 35,176,030 Nintendo Co Ltd 240,309 29,314,825 Benesse Holdings Inc 117,307 14,310,012 Nippon Building Fund Inc Reits 136,792 16,686,955 Bridgestone Corp 266,688 32,532,628 Nippon Telegraph & Telephone Corp 478,900 58,420,049 Canon Marketing Japan Inc 597,634 72,904,021 Nomura Holdings Inc 180,346 22,000,019 Central Japan Railw ay Co 398,466 48,608,041 NTT DOCOMO Inc 109,938 13,411,062 Chubu Electric Pow er Co Inc 114,919 14,018,712 Olympus Corp 132,210 16,128,007 Chugai Pharmaceutical Co Ltd 73,680 8,988,007 Omron Corp 499,854 60,976,052 Dai Nippon Printing Co Ltd 178,137 21,730,519 Orient Corp

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Market Value Market Value Market Value Market Value Asia (continued) Singapore Japan (continued) EUR SGD EUR JPY 217,756 328,683 DBS Group Holdings Ltd 139,550 17,023,397 ORIX Corp 490,145 739,825 Singapore Exchange Ltd 147,044 17,937,574 Otsuka Corp 152,227 229,771 United Overseas Bank Ltd 108,077 13,184,111 Otsuka Holdings Co Ltd 67,449 8,228,006 Rakuten Inc Australia 77,284 9,427,708 Recruit Holdings Co Ltd Australia 100,500 12,259,811 Rengo Co Ltd EUR AUD 63,610 7,759,806 Resona Holdings Inc 75,944 121,268 AGL Energy Ltd 392,253 47,850,040 Sankyo Co Ltd 50,772 81,072 APA Group 112,206 13,687,812 Secom Co Ltd 63,931 102,085 Aristocrat Leisure Ltd 352,967 43,057,636 Sega Sammy Holdings Inc 119,468 190,767 ASX Ltd 472,203 57,603,049 Seino Holdings Co Ltd 448,177 715,649 Aurizon Holdings Ltd 145,380 17,734,586 Sekisui House Ltd Australia & New Zealand Banking 177,200 21,616,219 Seven & i Holdings Co Ltd 719,168 1,148,368 Group Ltd 326,246 39,798,034 Shin-Etsu Chemical Co Ltd 965,468 1,541,659 BHP Group Ltd 221,890 27,068,023 Shionogi & Co Ltd 82,584 131,870 Brambles Ltd 209,923 25,608,022 SKY Perfect JSAT Holdings Inc 96,168 153,560 Coles Group Ltd 142,375 17,368,013 Softbank Corp 625,003 998,005 Commonw ealth Bank of Australia 456,154 55,645,247 SoftBank Group Corp 611,854 977,008 Fortescue Metals Group Ltd 151,573 18,490,015 Sompo Holdings Inc 134,684 215,064 Goodman Group Reits 546,030 66,609,056 Sony Corp 495,692 791,522 Lendlease Group 124,567 15,195,613 Subaru Corp 129,290 206,451 New crest Mining Ltd 113,159 13,804,011 Sumitomo Corp 92,345 147,457 Origin Energy Ltd 400,531 48,859,842 Sumitomo Mitsui Financial Group Inc 507,634 810,590 Qantas Airw ays Ltd 149,322 18,215,416 Sumitomo Mitsui Trust Holdings Inc 141,863 226,527 QBE Insurance Group Ltd 74,998 9,148,808 Sumitomo Realty & Development Co Ltd 166,051 265,149 Rio Tinto Ltd 333,079 40,631,534 Suzuken Co Ltd 71,901 114,811 Santos Ltd 375,288 45,780,615 Takeda Pharmaceutical Co Ltd 89,466 142,859 Scentre Group Reits 91,411 11,151,010 TDK Corp 110,506 176,457 South32 Ltd 143,314 17,482,514 Terumo Corp 92,636 147,922 Suncorp Group Ltd 495,476 60,442,052 TIS Inc 141,552 226,030 Telstra Corp Ltd 295,949 36,102,131 Tokio Marine Holdings Inc 574,602 917,524 Wesfarmers Ltd 79,245 9,666,909 Tokyo Electric Pow er Co Holdings Inc 355,838 568,203 Westpac Banking Corp 353,027 43,065,036 Tokyo Electron Ltd 142,227 227,108 Woodside Petroleum Ltd 66,203 8,075,958 Tokyu Corp 652,326 1,041,634 Woolw orths Group Ltd 122,612 14,957,212 Toppan Forms Co Ltd EUR GBP 63,790 7,781,557 Toray Industries Inc 872,828 739,547 Rio Tinto 154,897 18,895,544 Toshiba Corp 314,709 266,653 BHP Group PLC 1,321,630 161,222,736 Toyota Motor Corp 415,534 50,690,043 TS Tech Co Ltd New Zealand 274,244 33,454,428 Ushio Inc EUR NZD 154,786 18,882,016 West Japan Railw ay Co 88,804 147,753 Meridian Energy Ltd 404,598 49,356,042 Yamato Kogyo Co Ltd 408,774 49,865,442 Yokohama Rubber Co Ltd Europe Austria Macao EUR EUR EUR HKD 124,641 124,641 Erste Group Bank AG 146,670 1,282,820 Sands China Ltd

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Market Value Market Value Market Value Market Value Europe (continued) Europe (continued) Belgium France (continued) EUR EUR EUR EUR 134,387 134,387 Ageas 43,515 43,515 Faurecia SE 287,568 287,568 Anheuser-Busch InBev SA/NV 192,532 192,532 Hermes International 109,210 109,210 Anheuser-Busch InBev SA/NV 137,653 137,653 Legrand SA 119,165 119,165 KBC Group NV 473,087 473,087 L'Oreal SA 90,388 90,388 Solvay SA 818,045 818,045 LVMH Moet Hennessy Louis Vuitton SE 513,953 513,953 UCB SA 180,807 180,807 Orange SA 88,437 88,437 Peugeot SA De nm ar k 105,945 105,945 Publicis Groupe SA EUR DKK 55,931 55,931 Renault SA 52,717 393,929 AP Moller - Maersk A/S 320,312 320,312 Safran SA 535,303 4,000,052 Carlsberg A/S 715,347 715,347 Sanofi 69,030 515,824 Danske Bank A/S 459,330 459,330 Schneider Electric SE 89,019 665,195 Genmab A/S 164,162 164,162 Societe Generale SA 1,128,880 8,435,562 Novo Nordisk A/S 118,645 118,645 Sodexo SA 252,794 1,889,003 Vestas Wind Systems A/S 211,068 211,068 TOTAL SA 182,000 182,000 Unibail-Rodamco-Westfield Reits Finland 59,365 59,365 Valeo SA EUR EUR 151,673 151,673 Veolia Environnement SA 123,464 123,464 Fortum Oyj 357,984 357,984 Vinci SA 136,841 136,841 Kone Oyj 246,090 246,090 Vivendi SA 70,330 70,330 Nokia Oyj 113,965 113,965 UPM- Ky mmene Oy j Ge rm any EUR SEK EUR EUR 162,606 1,708,635 Nordea Bank Abp 428,324 428,324 adidas AG 1,110,782 1,110,782 Allianz SE France 427,336 427,336 BASF SE EUR EUR 479,818 479,818 Bayer AG 468,175 468,175 Air France-KLM 169,904 169,904 Bayerische Motoren Werke AG 423,653 423,653 Air Liquide SA 96,625 96,625 Beiersdorf AG 284,497 284,497 A tos SE 95,625 95,625 Covestro AG 630,587 630,587 AXA SA 304,798 304,798 Deutsche Post AG 542,723 542,723 BNP Paribas SA 363,915 363,915 Deutsche Telekom AG 69,396 69,396 Bouygues SA 149,041 149,041 E.ON SE 226,512 226,512 Capgemini SE 100,985 100,985 Fresenius Medical Care AG & Co KGaA 63,014 63,014 Carrefour SA 191,236 191,236 Fresenius SE & Co KGaA 16,138 16,138 Casino Guichard Perrachon SA 70,643 70,643 Hannover Rueck SE 227,870 227,870 Cie de Saint-Gobain 129,465 129,465 HeidelbergCement AG Cie Generale des Etablissements 113,498 113,498 Henkel AG & Co KGaA 132,557 132,557 Michelin SCA 108,444 108,444 Henkel AG & Co KGaA 105,352 105,352 Credit Agricole SA 210,899 210,899 Infineon Technologies AG 323,904 323,904 Danone SA 166,664 166,664 Merck KGaA 136,145 136,145 Dassault Systemes SE 68,693 68,693 Metro Inc 136,825 136,825 Edenred Muenchener Rueckversicherungs- 538,152 538,152 Eiffage SA 809,251 809,251 Gesellschaft AG in Muenchen 546,897 546,897 Engie SA 66,240 66,240 Porsche Automobil Holding SE 271,872 271,872 EssilorLuxottica SA 106,282 106,282 RWE A G

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Robeco QI Institutional Global Developed Enhanced Indexing Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value Europe (continued) Europe (continued) Germany (continued) Netherlands (continued) EUR EUR EUR GBP 832,013 832,013 SA P SE 810,063 686,367 Royal Dutch Shell PLC 354,653 354,653 Suedzucker AG 703,622 596,179 Royal Dutch Shell PLC 81,512 81,512 Sy mr is e A G EUR USD 230,346 230,346 Volksw agen AG 356,555 400,233 NXP Semiconductors NV 65,664 65,664 Vonovia SE 89,763 89,763 Wirecard Nor w ay EUR NOK Ireland 619,555 6,111,167 DNB A SA EUR EUR 161,501 1,593,023 Equinor ASA 726,062 726,062 CRH PLC 114,565 114,565 Smurfit Kappa Group PLC Portugal EUR EUR Italy 95,765 95,765 EDP - Energias de Portugal SA EUR EUR 143,223 143,223 Assicurazioni Generali SpA Spain 157,389 157,389 Banca Mediolanum SpA EUR EUR 714,625 714,625 Enel SpA ACS Actividades de Construccion y 124,532 124,532 Ferrari NV 501,382 501,382 Servicios SA 623,325 623,325 Intesa Sanpaolo SpA 100,936 100,936 Aena Sme Sa 436,193 436,193 Leonardo SpA 220,293 220,293 Amadeus IT Group SA 314,317 314,317 Poste Italiane SpA 412,676 412,676 Banco Bilbao Vizcaya Argentaria SA 131,222 131,222 Snam SpA 70,686 70,686 CaixaBank SA 318,066 318,066 UniCredit SpA 94,719 94,719 Ferrovial SA 394,923 394,923 Iberdrola SA Jersey 138,464 138,464 Repsol SA EUR GBP 4,205 4,205 Repsol SA Rights 193,116 163,627 WPP PLC 205,341 205,341 Telefonica SA

Luxembourg Sweden EUR EUR EUR SEK 71,656 71,656 ArcelorMittal SA 190,597 2,002,759 Assa Abloy AB 217,132 2,281,580 Atlas Copco AB Class A Netherlands 105,782 1,111,536 Atlas Copco AB EUR EUR 36,123 379,570 Epiroc AB 83,727 83,727 Aegon NV 123,875 1,301,666 Essity AB 146,837 146,837 Akzo Nobel NV 133,147 1,399,082 Hennes & Mauritz AB 775,277 775,277 ASML Holding NV 73,412 771,399 Investor AB 76,205 76,205 Heineken Holding NV 356,808 3,749,263 Lundin Petroleum AB 311,820 311,820 ING Groep NV 138,485 1,455,175 Sandvik AB 332,440 332,440 Koninklijke Ahold Delhaize NV 184,915 1,943,049 Skandinaviska Enskilda Banken AB 150,814 150,814 Koninklijke DSM NV 101,600 1,067,605 Skanska AB 105,603 105,603 Koninklijke KPN NV 84,617 889,135 Sw edbank AB 781,793 781,793 Koninklijke Philips NV 169,473 1,780,785 Telefonaktiebolaget LM Ericsson 75,588 75,588 NN Group NV 56,879 597,673 Telia Co AB 467,296 467,296 Signify NV 287,034 3,016,095 Volvo AB 129,455 129,455 Wolters Kluw er NV

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Robeco QI Institutional Global Developed Enhanced Indexing Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value Europe (continued) Europe (continued) Sw itzerland United Kingdom (continued) EUR CHF EUR GBP 130,328 141,667 Adecco Group AG 531,556 450,387 Kingfisher PLC 155,430 168,952 Alcon Inc 381,807 323,505 L&G. Group 103,705 112,728 Chocoladefabriken Lindt & Spruengli AG 129,923 110,084 Land Securities Group PLC Reits 216,196 235,005 Credit Suisse Group AG 369,217 312,838 Lloyds Banking Group 168,911 183,606 Geberit AG 202,592 171,656 London Stock Exchange Group PLC 679,640 738,769 LafargeHolcim Ltd 51,609 43,729 M&G PLC 2,098,832 2,281,432 Nestle SA 542,420 459,593 Meggitt PLC 1,303,118 1,416,490 Novartis AG 272,113 230,561 National Grid PLC 1,919,290 2,086,268 Roche Holding AG 105,602 89,476 Next PLC 151,610 164,800 Sonova Holding AG 615,380 521,410 Persimmon PLC 204,247 222,016 Sw iss Life Holding AG 315,270 267,128 Prudential 176,804 192,186 Sw iss Re AG 99,472 84,282 Rentokil Initial PLC 86,772 94,321 Sw isscom AG 497,092 421,186 Royal Mail PLC 305,588 332,174 UBS Group AG 125,654 106,467 Sage Group PLC 501,959 545,629 Zurich Insurance Group AG 82,908 70,248 Segro PLC Reits EUR EUR 133,459 113,080 Smith & Nephew 140,752 140,752 STMicroelectronics NV 215,580 182,660 Standard Chartered PLC EUR GBP 101,338 85,864 Standard Life Aberdeen PLC 219,796 186,233 Glencore PLC 245,251 207,801 Taylor Wimpey 353,647 299,645 Tesco United Kingdom 405,050 343,199 Unilever PLC EUR EUR 328,970 278,736 Vodafone Group PLC 89,050 89,050 CNH Indus trial NV EUR HKD 148,050 148,050 Fiat Chrysler Automobiles NV 208,128 1,820,351 CK Hutchison Holdings Ltd 381,028 381,028 Linde PLC EUR USD EUR GBP 475,484 533,731 Coca-Cola European Partners PLC 115,666 98,004 3i Group PLC 374,151 419,985 Liberty Global PLC Class A 91,765 77,752 Ashtead Group 197,737 221,960 Liberty Global PLC Class B 130,217 110,333 Associated British Foods 430,232 482,936 TechnipFMC PLC 814,270 689,931 Astrazeneca 241,679 204,775 Aviva North America 94,179 79,798 Bae Systems Canada 317,084 268,666 Barclays PLC EUR CAD 634,865 537,921 Barratt Developments 520,392 757,483 Air Canada 801,553 679,156 BP 226,717 330,009 Alimentation Couche-Tard Inc 136,123 115,337 BT Group PLC 309,884 451,068 Bank of Montreal 97,638 82,729 Burberry Group PLC 228,987 333,314 Barrick Gold Corp 243,998 206,740 Compass Group PLC 475,688 692,411 Canadian Natural Resources Ltd 307,159 260,256 Dixons Carphone PLC 548,095 797,807 Cenovus Energy Inc 740,864 627,734 GlaxoSmithKline PLC 130,275 189,629 CGI Inc 88,128 74,671 Halma 64,582 94,006 Emera Inc 182,668 154,775 Hikma Pharmaceuticals PLC 509,879 742,180 Enbridge Inc 122,275 103,604 How den Joinery Group 78,333 114,021 Fairfax Financial Holdings Ltd 286,160 242,463 HSBC Holdings PLC 144,028 209,647 Fortis Inc 89,985 76,245 Informa PLC 65,042 94,675 George Weston Ltd 202,044 171,192 JD Sports Fashion PLC 253,530 369,038 H&R Real Estate Investment Trust Reits 525,566 765,013 iA Financial Corp Inc

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Market Value Market Value Market Value Market Value North America (continued) North America (continued) Canada (continued) United States (continued) EUR CAD EUR USD 61,521 89,550 Imperial Oil Ltd 1,817,275 2,039,891 Alphabet Inc Class A 553,904 806,263 Kinross Gold Corp 2,662,129 2,988,239 Alphabet Inc Class C 61,070 88,894 Kirkland Lake Gold Ltd 4,212,581 4,728,622 Amazon.com Inc 313,550 456,403 Loblaw Cos Ltd 118,980 133,555 Ameren Corp 580,468 844,929 Magna International Inc 293,086 328,989 American Electric Pow er Co Inc 328,087 477,563 Manulife Financial Corp 565,279 634,526 American Express Co 64,797 94,318 Metro Inc/CN 282,647 317,271 American International Group Inc 146,230 212,852 National Bank of Canada 641,858 720,486 American Tow er Corp Reits 135,991 197,949 Nutrien Ltd 104,409 117,199 American Water Works Co Inc 541,301 787,918 Open Text Corp 643,466 722,291 Ameriprise Financial Inc 150,844 219,569 Pembina Pipeline Corp 109,825 123,279 AmerisourceBergen Corp 76,386 111,188 Pow er Corp of Canada 188,195 211,249 A METEK Inc RioCan Real Estate Investment Trust 949,891 1,066,252 Amgen Inc 147,294 214,401 Reits 136,215 152,901 ANSYS Inc 65,507 95,352 Royal Bank of Canada 491,589 551,809 Anthem Inc 66,635 96,994 Shaw 8,768,689 9,842,853 Apple Inc 224,091 326,187 Sun Life Financial Inc 367,110 412,081 Applied Materials Inc 582,992 848,603 Suncor Energy Inc 66,772 74,952 Aramark 311,305 453,136 TC Energy Corp 192,002 215,522 Arch Capital Group Ltd 415,233 604,413 Teck Resources Ltd 105,153 118,034 Arconic Inc 299,742 436,304 Thomson Reuters Corp 2,240,180 2,514,602 AT&T Inc 346,587 504,493 Toronto-Dominion Bank 466,464 523,605 Automatic Data Processing Inc 644,209 723,125 AutoZone Inc United States 184,013 206,554 AvalonBay munities Inc Reits EUR AUD 133,792 150,181 Avery Dennison Corp 103,219 164,820 Amcor PLC 525,711 590,111 AXA Equitable Holdings EUR CAD 83,135 93,319 Baker Hughes Co 145,598 211,932 New mont Mining Corp 129,340 145,184 Ball Corp EUR GBP 2,046,525 2,297,224 Bank of America Corp 127,650 108,158 Ferguson PLC 273,822 307,365 Bank of New York Mellon Corp EUR USD 257,825 289,409 Baxter International Inc 965,403 1,083,665 Abbott Laboratories 574,067 644,390 Bed Bath & Beyond Inc 822,692 923,472 AbbVie Inc 1,139,865 1,279,498 Berkshire Hathaw ay Inc 1,336,768 1,500,522 Accenture PLC 659,693 740,505 Best Buy Co Inc 279,658 313,916 Activision Blizzard Inc 809,167 908,290 Biogen Inc 231,822 260,220 Adobe Inc 498,580 559,656 Boeing Co 83,518 93,749 AES Corp/VA 585,473 657,193 Booking Holdings Inc 452,076 507,455 A GCO Corp 65,522 73,548 Booz Allen Hamilton Holding Corp 71,972 80,789 Agilent Technologies Inc 61,949 69,538 BorgWarner Inc 550,159 617,554 Air Products & Chemicals Inc 173,047 194,245 Boston Properties Inc Reits 114,506 128,533 Akamai Technologies Inc 491,380 551,574 Brighthouse Financial Inc 196,356 220,410 Alexion Pharmaceuticals Inc 948,925 1,065,169 Bristol-Myers Squibb Co 134,627 151,119 Alleghany Corp 13,381 15,020 Bristol-Myers Squibb Co Rts 71,562 80,328 Allegion PLC 250,830 281,557 Brixmor Property Group Inc Reits 662,496 743,651 Allergan PLC 92,061 103,339 Broad Inc 236,320 265,270 Allstate Corp 539,618 605,721 Cadence Design Systems Inc 509,052 571,411 Ally Financial Inc 64,463 72,360 Camden Property Trust Reits

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Robeco QI Institutional Global Developed Enhanced Indexing Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 523,742 587,900 Campbell Soup Co USD0.04 569,072 638,783 Danaher Corp 396,605 445,189 Capital One Financial Corp 85,169 95,602 Darden Restaurants Inc 528,555 593,303 Cardinal Health Inc 83,964 94,249 Dell Technologies Inc 119,106 133,697 CarMax Inc USD0.50 239,078 268,365 Delta Air Lines Inc 135,713 152,337 Carnival Corp 149,226 167,506 DENTSPLY SIRONA Inc 71,518 60,597 Carnival PLC 596,743 669,844 Devon Energy Corp 538,095 604,012 Caterpillar Inc 96,070 107,839 Dex Inc 125,747 141,151 CBRE Group Inc 109,612 123,039 Diamondback Energy Inc 689,195 773,621 CDW Corp/DE 649,166 728,689 Discover Financial Services 145,989 163,873 Celanese Corp 88,441 99,275 Discovery Inc 209,921 235,637 Centene Corp 65,853 73,920 DISH Netw ork Corp 134,710 151,212 CenterPoint Energy Inc 259,712 291,527 Dollar General Corp 81,272 91,228 CenturyLink Inc 629,540 706,659 Dover Corp 190,258 213,565 Cerner Corp 255,780 287,114 Dow Inc 90,759 101,877 CF Industries Holdings Inc 117,295 131,664 DR Horton Inc 67,855 76,167 CH Robinson Worldw ide Inc 181,529 203,766 DTE Energy Co 484,864 544,260 Charter munications Inc 402,380 451,672 Duke Energy Corp 1,450,092 1,627,728 Chevron Corp 58,468 65,630 Duke Realty Corp Reits 139,456 156,539 Chipotle Mexican Grill Inc 305,529 342,956 DuPont de Nemours Inc 109,411 122,814 Church & Dw ight Co Inc 68,995 77,447 E*Trade Financial Corp 492,051 552,327 Cigna Corp 438,117 491,786 Eaton Corp PLC 103,042 115,665 Cincinnati Financial Corp 432,484 485,463 eBay Inc 99,002 111,130 Cintas Corp 317,724 356,645 Ecolab Inc 1,709,939 1,919,407 Cisco Systems Inc 540,152 606,321 Edw ards Lifesciences Corp 434,064 487,237 CIT Group Inc 88,809 99,688 Elanco Animal Health Inc 1,617,230 1,815,340 Citigroup Inc 264,058 296,405 Electronic Arts Inc 154,408 173,323 Citizens Financial Group Inc 743,736 834,843 Eli Lilly & Co 122,015 136,961 Citrix Systems Inc 142,693 160,173 Entergy Corp 1,423,765 1,598,176 Coca-Cola Co 47,897 53,764 Envista Holdings Corp 213,934 240,141 Cognizant Technology Solutions Corp 307,804 345,510 EOG Resources Inc 352,878 396,105 Colgate-Palmolive Co 571,412 641,410 EQT Corp 1,286,202 1,443,762 Comcast Corp 103,982 116,720 Equifax Inc 101,121 113,508 Comerica Inc 97,198 109,104 Equity LifeStyle Properties Inc Reits 165,054 185,273 Conagra Brands Inc 189,594 212,820 Equity Residential Reits 951,379 1,067,923 ConocoPhillips 125,168 140,502 Essex Property Trust Inc Reits 184,003 206,543 Consolidated Edison Inc 68,316 76,685 Everest Re Group Ltd 100,752 113,094 Cooper Cos Inc 99,679 111,890 Evergy Inc 150,608 169,057 Copart Inc 62,827 70,523 Eversource Energy 172,594 193,736 Corteva Inc 701,010 786,883 Exelon Corp 138,582 155,558 CoStar Group Inc Expeditors International of Washington 819,834 920,263 Costco Wholesale Corp 84,727 95,106 Inc 103,430 116,100 Coty Inc 82,708 92,840 Extra Space Storage Inc Reits 63,977 71,815 Crow n Holdings Inc 1,184,799 1,329,937 Exxon Mobil Corp 339,786 381,410 CSX Corp 3,100,782 3,480,629 Facebook Inc 641,546 720,135 Cummins Inc 100,690 113,025 Federal Realty Investment Trust Reits 610,402 685,176 CVS Health Corp 58,864 66,075 Fidelity National Financial Inc

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Robeco QI Institutional Global Developed Enhanced Indexing Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 535,915 601,564 Fidelity National Information Services Inc 248,788 279,265 Ingersoll-Rand PLC 194,408 218,223 Fifth Third Bancorp 111,012 124,611 International Paper Co 161,495 181,278 FirstEnergy Corp 848,443 952,377 Intuit Inc 412,972 463,561 Fiserv Inc 564,531 633,686 Invitation Homes Inc Reits 276,570 310,450 FleetCor Technologies Inc 164,489 184,639 IQVIA Holdings Inc 145,928 163,805 FMC Corp 560,107 628,720 Jacobs Engineering Group Inc 551,339 618,878 Ford Motor Co 106,258 119,275 Jazz Pharmaceuticals PLC 481,918 540,953 Fortinet Inc 75,326 84,553 JM Smucker Co 133,716 150,096 Fox Corp Class A 2,460,231 2,761,611 Johnson & Johnson 21,078 23,660 Fox Corp Class B 644,796 723,784 Johnson Controls International PLC 128,892 144,681 Garmin Ltd 2,890,577 3,244,674 JPMorgan Chase & Co 1,057,680 1,187,245 General Electric Co 362,725 407,158 Juniper Netw orks Inc 346,124 388,524 General Mills Inc 97,968 109,969 Kansas City Southern 294,137 330,169 General Motors Co 108,746 122,067 Kellogg Co 467,346 524,596 Gentex Corp 165,184 185,419 KeyCorp 97,571 109,523 Genuine Parts Co 631,049 708,352 Keysight Technologies Inc 683,607 767,349 Gilead Sciences Inc 387,346 434,796 Kimberly-Clark Corp 389,516 437,231 Global Payments Inc 61,992 69,586 Kimco Realty Corp Reits 75,761 85,042 Globe Life Inc 171,774 192,816 Kinder Morgan Inc/DE 482,597 541,715 Goldman Sachs Group Inc 176,662 198,303 KLA Corp 177,140 198,839 Hartford Financial Services Group Inc 585,038 656,705 Kraft Heinz Co 59,367 66,640 Hasbro Inc 141,709 159,068 Kroger Co 252,034 282,908 HCA Healthcare Inc 277,106 311,052 L3Harris Technologies Inc 103,579 116,267 Healthpeak Properties Inc Reits 138,652 155,636 Laboratory Corp of America Holdings 82,560 92,674 Henry Schein Inc 275,598 309,359 Lam Research Corp 377,500 423,743 Hershey Co 194,296 218,097 Las Vegas Sands Corp 144,869 162,616 Hes s Corp 116,360 130,614 Lear Corp 548,396 615,574 Hew lett Packard Enterprise Co 481,034 539,961 Leidos Holdings Inc 230,219 258,420 Hilton Worldw ide Holdings Inc 127,882 143,548 Lennar Corp 155,397 174,434 Hologic Inc 108,554 121,852 Liberty Broadband Corp 1,495,294 1,678,469 Home Depot Inc 34,064 38,237 Liberty Media Corp-Liberty SiriusXM 1,273,926 1,429,983 Honeyw ell International Inc 477,652 536,165 Lincoln National Corp 548,915 616,157 Host Hotels & Resorts Inc Reits 71,247 79,975 Live Nation Entertainment Inc 368,618 413,774 HP Inc 67,711 76,005 LKQ Corp 300,073 336,832 Humana Inc 1,098,588 1,233,166 Lockheed Martin Corp 96,310 108,109 Huntington Bancshares Inc/OH 101,005 113,378 Loew s Corp 66,156 74,260 Huntington Ingalls Industries Inc 157,886 177,228 Lululemon Athletica Inc 148,479 166,668 IDEX Corp 158,407 177,811 LyondellBasell Industries NV 140,975 158,245 IDEXX Laboratories Inc 141,547 158,886 M&T Bank Corp 176,678 198,321 IHS Markit Ltd 40,906 45,917 Macy's Inc 365,341 410,095 Illinois Tool Works Inc 524,210 588,426 Manpow erGroup Inc 128,510 144,253 Incyte Corp 70,362 78,981 Marathon Oil Corp 1,682,678 1,888,806 Intel Corp 257,102 288,597 Marathon Petroleum Corp 316,278 355,022 Intercontinental Exchange Inc 109,614 123,042 Martin Marietta Materials Inc 755,400 847,937 International Business Machines Corp 158,869 178,330 Masco Corp 122,066 137,019 International Flavors & Fragrances Inc 1,726,103 1,937,550 Mastercard Inc

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Robeco QI Institutional Global Developed Enhanced Indexing Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 138,528 155,497 Maxim Integrated Products Inc 209,828 235,532 Pioneer Natural Resources Co 963,188 1,081,178 Medtronic PLC 583,201 654,643 PNC Financial Services Group Inc 131,701 147,834 McCormick & Co Inc 199,432 223,863 PPG Industries Inc 239,068 268,354 McDonald's Corp 97,212 109,120 Principal Financial Group Inc 607,252 681,641 McKesson Corp 1,978,816 2,221,221 Procter & Gamble Co 1,927,411 2,163,518 Merck & Co Inc 346,236 388,650 Prologis Inc Reits 715,759 803,440 MetLife Inc 315,751 354,431 Prudential Financial Inc 104,300 117,077 MGM Resorts International 186,593 209,450 Public Service Enterprise Group Inc 474,941 533,121 Micron Technology Inc 271,868 305,172 Public Storage Reits 7,706,435 8,650,474 Microsoft Corp 203,143 228,028 PulteGroup Inc Mid-America Apartment Munities 599,529 672,972 Qorvo Inc 121,934 136,871 Inc Reits 872,239 979,088 QUALM Inc 423,469 475,344 Molson Coors Beverage Co 89,999 101,023 Quest Diagnostics Inc 498,640 559,723 Mondelez International Inc 42,447 47,646 Qurate Retail Inc 164,239 184,359 Monster Beverage 570,279 640,138 Ralph Lauren Corp 414,971 465,805 Morgan Stanley 86,312 96,885 Raymond James Financial Inc 167,241 187,728 Motorola Solutions Inc 392,889 441,018 Raytheon Co 169,743 190,537 MSCI Inc 81,953 91,993 Regeneron Pharmaceuticals Inc 64,983 72,943 Mylan NV 144,343 162,025 Regions Financial Corp 66,391 74,524 National Oilw ell Varco Inc 67,258 75,497 Reinsurance Group of America Inc 460,928 517,391 Navient Corp 127,598 143,229 Republic Services Inc 94,443 106,012 NetApp Inc 148,233 166,392 Rockw ell Automation Inc 142,976 160,491 Netflix Inc 69,664 78,198 Roku Inc 125,405 140,767 New ell Brands Inc 297,900 334,393 Roper Technologies Inc 144,730 162,460 New mont Mining Corp 273,289 306,767 Ross Stores Inc 437,106 490,651 Nielsen Holdings PLC 421,555 473,196 S&P Global Inc 774,198 869,037 NIKE Inc 97,946 109,945 salesforce. Inc 328,940 369,235 Norfolk Southern Corp 412,166 462,656 Santander Consumer USA Holdings Inc 99,147 111,293 NortonLifeLock Inc 337,429 378,764 Schlumberger Ltd 79,094 88,783 Norw egian Cruise Line Holdings Ltd 173,597 194,862 Seagate Technology PLC 65,583 73,617 NRG Energy Inc 263,015 295,234 Sempra Energy 108,800 122,128 Nucor Corp 101,862 114,340 ServiceNow Inc 851,901 956,259 NV IDIA Corp 298,398 334,952 Sherw in-Williams Co 105,177 118,061 NV R Inc 70,602 79,251 SiriusXM Holdings Inc 233,897 262,549 Occidental Petroleum Corp 129,764 145,660 Skyw orks Solutions Inc 110,793 124,366 Omni Group Inc 70,906 79,592 Snap Inc 1,244,664 1,397,135 Oracle Corp 906,044 1,017,034 Southern Co 206,539 231,840 O'Reilly Automotive Inc 86,079 96,624 Southw est Airlines Co 299,206 335,859 PA CCA R Inc 407,504 457,423 Spectrum Brands Holdings Inc 111,341 124,981 Packaging Corp of America 86,316 96,889 SS&C Technologies Holdings Inc 106,140 119,142 Pay Softw are Inc 203,465 228,390 Stanley Black & Decker Inc 224,301 251,778 Paychex Inc 1,061,619 1,191,668 Starbucks Corp 914,892 1,026,966 PayPal Holdings Inc 184,203 206,767 State Street Corp 1,215,724 1,364,650 PepsiCo Inc 103,876 116,601 Steris PLC 1,377,426 1,546,160 Pfizer Inc 445,877 500,497 Stryker Corp 396,808 445,417 Phillips 66 83,575 93,813 Sun munities Inc Reits

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Robeco QI Institutional Global Developed Enhanced Indexing Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 599,322 672,739 Synchrony Financial 71,859 80,661 Western Union Co 154,391 173,304 Synopsys Inc 78,366 87,965 Westrock 264,202 296,567 Sysco Corp 140,602 157,825 Weyerhaeuser Co Reits 135,462 152,056 T Row e Price Group Inc 89,767 100,763 Whirlpool Corp 350,330 393,245 Take-Tw o Interactive Softw are Inc 233,544 262,153 Williams Cos Inc 934,534 1,049,014 Target Corp 165,150 185,381 Willis Tow ers Watson PLC 77,489 86,982 Teledyne Technologies Inc 87,106 97,776 WR Berkley Corp 71,319 80,055 Teradyne Inc 195,537 219,491 Yum! Brands Inc 410,528 460,818 Texas Instruments Inc 111,051 124,655 Zebra Technologies Corp 66,274 74,393 Textron Inc 193,751 217,485 Zimmer Biomet Holdings Inc 817,023 917,108 Thermo Fisher Scientific Inc 125,163 140,496 Zions Bancorp NA 216,642 243,180 T-Mobile US Inc 389,209 436,887 Zoetis Inc 98,537 110,608 TransUnion 538,920 604,938 Truist Financial Corp South America 218,334 245,080 Tyson Foods Inc Argentina 118,701 133,242 Union Pacific Corp EUR USD 472,665 530,566 United Airlines Holdings Inc 155,405 174,442 MercadoLibre Inc 114,102 128,079 United Rentals Inc 757,272 850,038 United Technologies Corp 282,918,018 Total 1,786,403 2,005,237 UnitedHealth Group Inc 74,638 83,781 Universal Health Services Inc 53,930 60,536 Unum Group Futures portfolio 570,927 640,866 US Bancorp At 31 December 2019 70,507 79,144 Vail Resorts Inc Market Value Market Value 238,860 268,120 Valero Energy Corp Unrealised Unrealised 105,385 118,294 Varian Medical Systems Inc Gain Gain 547,352 614,403 Veeva Systems Inc North America 135,284 151,856 Ventas Inc Reits United States 511,118 573,730 V EREIT Inc Reits EUR USD 255,591 286,900 VeriSign Inc 9,261 10,395 S&P 500 Emini CME March 2020 2,063,805 2,316,622 Verizon 271,235 304,461 VF Corp Unrealised Unrealised 141,866 159,244 ViacomCBS Inc Loss Loss 2,082,717 2,337,852 Visa Inc Europe 506,824 568,910 Vistra Energy Corp Ge rm any 63,420 71,190 VMw are Inc EUR EUR 541,459 607,788 Voya Financial Inc (3,230) (3,230) Eurx E-Stoxx 50 March 2020 154,573 173,508 Vulcan Materials Co 766,979 860,934 Walgreens Boots Alliance Inc 6,031 Total 1,093,328 1,227,261 Walmart Inc 1,648,589 1,850,541 Walt Disney Co 304,164 341,424 Waste Management Inc 184,378 206,964 WEC Energy Group Inc 1,472,562 1,652,951 Wells Fargo & Co 68,167 76,518 West Pharmaceutical Services Inc 149,557 167,878 Western Digital Corp

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Robeco QI Institutional Global Sustainable Conservative Equities Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value Asia Australia (continued) Hong Kong New Zealand EUR HKD EUR NZD 428,087 3,744,182 HKT Trust & HKT Ltd 409,989 682,139 Auckland International Airport Ltd 617,833 5,403,753 Link Reits 253,759 422,203 Meridian Energy Ltd 503,475 837,682 Spark New Zealand Ltd Israel EUR ILS Europe 419,336 1,625,809 Israel Discount Bank Ltd Austria 230,562 893,913 Nice Ltd EUR EUR 158,610 158,610 Oesterreichische Post AG Japan EUR JPY Belgium 536,530 65,450,056 Astellas Pharma Inc EUR EUR 406,567 49,596,242 Japan Airlines Co Ltd 136,437 136,437 Barco NV 711,999 86,855,173 KDDI Corp 96,309 96,309 Groupe Bruxelles Lambert SA 164,479 20,064,417 Mori Trust Sogo Reit Inc Reits 493,945 60,255,250 Nippon Prologis REIT Inc Reits De nm ar k 149,164 18,196,215 Nippon Telegraph & Telephone Corp EUR DKK 97,746 11,923,810 Nomura Research Institute Ltd 128,927 963,407 Tryg A/S Com 592,719 72,304,461 NTT DoCoMo Inc Finland Singapore EUR EUR EUR SGD 451,672 451,672 Elisa OYJ 404,195 610,092 CapitaLand Mall Trust Reits 73,037 110,242 Mapletree Industrial Trust Reits France 237,707 358,795 Mapletree North Asia EUR EUR 329,540 497,408 SATS Ltd 147,649 147,649 TOTAL SA 122,780 185,324 Singapore Airlines Ltd 599,914 905,510 Singapore Exchange Ltd Ge rm any 148,475 224,108 Singapore Press Holdings Ltd EUR EUR 855,254 855,254 Allianz SE Australia 273,610 273,610 Deutsche Telekom AG Australia 234,845 234,845 Hannover Rueck SE EUR AUD Muenchener Rueckversicherungs- 634,855 1,013,736 ASX Ltd 700,632 700,632 Gesellschaft AG in Muenchen 241,085 384,965 Aurizon Holdings Ltd 146,592 234,077 Australia & New Zealand Banking Group Ltd Italy 95,962 153,233 BWP Trust Reits EUR EUR 403,893 644,936 Commonw ealth Bank of Australia 156,708 156,708 Poste Italiane SpA 122,067 194,917 CSR Ltd 570,825 570,825 Snam SpA 637,219 1,017,511 Dexus Reits 712,825 712,825 Terna Rete Elettrica Nazionale SpA 599,266 956,908 GPT Group Reits 798,233 1,274,619 Mirvac Group Reits Luxembourg 326,160 520,812 National Australia Bank Ltd EUR EUR 136,653 218,207 Sonic Healthcare Ltd 109,994 109,994 RTL Group SA 686,191 1,095,710 Stockland Reits 260,756 416,374 Telstra Corp Ltd Netherlands 555,209 886,558 Wesfarmers Ltd EUR EUR 97,537 155,746 Westpac Banking Corp 125,788 125,788 Koninklijke Ahold Delhaize NV

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Market Value Market Value Market Value Market Value Europe (continued) Europe (continued) Nor w ay United Kingdom (continued) EUR NOK EUR GBP 580,653 5,727,443 Gjensidige Forsikring ASA 187,827 159,146 Pets at Home Group PLC 537,931 455,789 Persimmon PLC Portugal 353,793 299,769 QinetiQ Group PLC EUR EUR 120,742 102,304 Royal Mail PLC REN - Redes Energeticas 92,801 92,801 Nacionais SGPS SA North America Canada Spain EUR CAD EUR EUR 470,911 685,458 Bank of Montreal 534,981 534,981 Enagas SA 267,982 390,075 Bank of Nova Scotia 93,489 93,489 Iberdrola SA 661,073 962,258 BCE Inc 388,871 566,040 Canadian Apartment Properties Reits Sweden 339,388 494,013 CGI Group Inc EUR SEK 356,240 518,543 CI Financial Corp 461,691 4,851,353 Axfood AB 372,045 541,548 Cogeco 614,309 6,455,032 Castellum AB 303,734 442,115 Genw orth MI Canada Inc 537,916 5,652,314 Hennes & Mauritz AB Granite Real Estate Investment 487,637 5,123,994 ICA Gruppen AB 393,631 572,970 Trust Reits 574,577 6,037,540 Skandinaviska Enskilda Banken AB 307,876 448,144 Great-West Lifeco Inc 314,035 3,299,812 Sw edbank AB 140,837 205,002 IGM Financial Inc 132,914 1,396,637 Telia Co AB 479,160 697,465 Intact Financial Corp 732,684 1,066,494 National Bank of Canada Sw itzerland RioCan Real Estate Investment EUR CHF 589,984 858,781 Trust Reits 175,058 190,288 Allreal Holding AG 506,761 737,641 Royal Bank of Canada 91,769 99,752 Baloise Holding AG 207,147 301,523 Shaw 363,394 395,010 Banque Cantonale Vaudoise 323,944 471,533 TFI International Inc Chocoladefabriken Lindt & 666,256 969,803 Toronto-Dominion Bank 55,310 60,121 Spruengli AG 677,217 736,135 Landis & Gyr Group AG United States 254,269 276,390 Mobimo Holding AG EUR USD 1,253,439 1,362,488 Nestle SA 376,702 422,848 Allison Transmission Holdings Inc 1,044,863 1,135,766 Roche Holding AG 693,033 777,929 Allstate Corp 630,444 685,293 Sw iss Prime Site AG 516,938 580,263 Amdocs Ltd 564,114 613,192 Sw is s Re A G 834,665 936,912 American Express Co 661,162 718,683 Sw isscom AG 160,104 179,717 American Financial Group Inc 711,291 773,173 Zurich Insurance Group AG 1,868,895 2,097,835 Apple Inc 556,596 624,779 Arch Capital Group Ltd United Kingdom 543,609 610,201 Assured Guaranty Ltd EUR GBP 1,147,820 1,288,428 AT&T Inc 413,540 350,392 3i Group PLC 653,761 733,847 AutoZone Inc 413,878 350,679 Admiral Group PLC 697,568 783,020 AvalonBay Reits 645,448 546,888 Barratt Developments PLC 348,161 390,811 Avangrid Inc 588,817 498,905 Berkeley Group Holdings PLC 525,773 590,180 Axis Capital Holdings Ltd 74,723 63,313 Compass Group PLC 769,080 863,293 Baxter International Inc 480,760 407,348 Direct Line Insurance Group PLC 732,201 821,896 Best Buy Co Inc 827,658 701,275 GlaxoSmithKline PLC 469,414 526,917 Bright Horizons Family Solutions Inc 634,378 537,509 Informa PLC 370,239 415,593 Capitol Federal Financial Inc

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Robeco QI Institutional Global Sustainable Conservative Equities (continued) Equity portfolio Equity portfolio At 31 December 2019

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 586,084 657,880 Carlisle Cos Inc 1,191,028 1,336,929 Procter & Gamble Co 174,358 195,717 Casey's General Stores Inc 652,635 732,583 PulteGroup Inc 461,105 517,590 Chevron Corp 638,389 716,592 Republic Services Inc 535,712 601,337 Church & Dw ight Co Inc 133,128 149,436 Safety Insurance Group Inc 859,138 964,383 Cintas Corp 639,927 718,318 Sempra Energy 1,003,464 1,126,388 Cisco Systems Inc 311,568 349,735 Spire Inc 945,300 1,061,099 Citigroup Inc 596,294 669,340 Spirit Realty Capital Inc Reits 630,669 707,926 Coca-Cola Co 796,175 893,707 Starbucks Corp 514,115 577,094 Columbia Sportsw ear Co 598,681 672,020 STERIS PLC 773,649 868,421 Consolidated Edison Inc 534,806 600,320 Sysco Corp 422,665 474,442 Cracker Barrel Old Country Store Inc 699,587 785,286 Target Corp 278,524 312,643 Cummins Inc 676,692 759,586 TJX Cos Inc 815,604 915,515 Dick's Sporting Goods Inc 133,002 149,295 Tootsie Roll Industries Inc 509,701 572,140 Dunkin' Brands Group Inc 381,996 428,790 Travelers Cos Inc 794,045 891,315 Eaton Corp PLC 1,203,942 1,351,426 UnitedHealth Group Inc 361,357 405,624 eBay Inc 457,196 513,202 Valero Energy Corp 307,119 344,741 Eli Lilly & Co 1,079,163 1,211,360 Verizon 119,569 134,216 EPR Properties Reits 532,462 597,688 Washington Federal Inc 280,980 315,400 Erie Indemnity Co 934,320 1,048,774 Waste Management Inc 284,609 319,473 Everest Re Group Ltd 613,781 688,969 Western Union Co 146,170 164,076 Expeditors International of Washington Inc 137,141 153,941 White Mountains Insurance Group Ltd 357,911 401,756 Fidelity National Financial Inc 699,136 784,780 Williams-Sonoma Inc 886,253 994,819 Garmin Ltd 502,384 563,927 Xerox Corp 554,877 622,849 General Mills Inc 803,878 902,354 Genpact Ltd 92,573,814 Total 212,902 238,982 Graham Holdings Co 574,297 644,648 Hartford Financial Services Group 682,851 766,501 Hershey Co 435,787 489,171 Home Depot Inc 820,019 920,471 Ingersoll-Rand PLC 697,187 782,592 Johnson & Johnson 233,069 261,620 Kimberly-Clark Corp 192,970 216,609 Legg Mason Inc 686,320 770,394 Leidos Holdings Inc 139,679 156,790 Life Storage Inc Reits 1,039,015 1,166,294 McDonald's Corp 864,342 970,224 Medtronic PLC 1,198,676 1,345,514 Merck & Co Inc 558,858 627,318 Motorola Solutions Inc 490,164 550,210 Navient Corp 94,113 105,642 NorthWestern Corp 381,575 428,318 Old Republic International Corp 584,138 655,695 Omnicom Group Inc 765,791 859,600 Oracle Corp 878,260 985,847 Pfizer Inc

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Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Fund Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value Asia Asia (continued) Hong Kong Japan (continued) EUR HKD EUR JPY 354,020 3,096,361 HKT Trust & HKT Ltd 477,983 58,308,049 NEC Corp 137,244 1,200,377 Kerry Properties Ltd 483,668 59,001,595 Nikon Corp 257,742 2,254,291 PCCW Ltd 752,246 91,764,877 Nippon Prologis Reits 235,675 2,061,281 Wharf Holdings Ltd 1,255,364 153,139,130 Nomura Research Institute Ltd 257,352 31,393,826 NTT Data Corp Israel 1,837,926 224,204,590 NTT DoCoMo Inc EUR ILS 435,585 53,136,045 Obic Co Ltd 599,121 2,322,852 Bank Leumi Le-Israel BM 364,784 44,499,138 Resona Holdings Inc Bezeq The Israeli Telecommunication 1,002,358 122,275,503 Sekisui House Ltd 209,185 811,029 Corp Ltd 205,450 25,062,422 Sojitz Corp 571,032 2,213,950 Israel Discount Bank Ltd 422,993 51,600,044 Sompo Holdings Inc EUR USD 243,625 29,719,225 Sumitomo Corp 369,306 414,547 Check Point Softw are Technologies Ltd 316,040 38,553,033 Sumitomo Dainippon Pharma Co Ltd 519,697 63,396,653 Sumitomo Mitsui Financial Group Inc Japan 90,969 11,097,109 Sumitomo Rubber Industries Ltd EUR JPY 470,109 57,347,548 Sundrug Co Ltd 498,680 60,832,852 Acom Co Ltd 183,010 22,325,019 Suzuken Co Ltd 189,754 23,147,719 Adastria Co Ltd 154,875 18,892,815 Takuma Co Ltd 585,764 71,456,060 Advantest Corp 430,834 52,556,544 Teijin Ltd 293,571 35,812,080 Aoyama Trading Co Ltd 413,562 50,449,543 Toho Co Ltd 564,122 68,816,059 Astellas Pharma Inc 283,580 34,593,330 Toppan Printing Co Ltd 630,580 76,923,064 Bridgestone Corp 241,770 29,493,025 Tosoh Corp 314,621 38,379,932 Brother Industries Ltd 727,184 88,707,575 TS Tech Co Ltd 347,051 42,336,036 Chugai Pharmaceutical Co Ltd 291,177 35,520,042 Dai Nippon Printing Co Ltd Singapore 432,539 52,764,444 Daiichi Sankyo Co Ltd EUR SGD 282,619 34,476,070 DMG Mori Co Ltd 77,489 116,962 Best World International Ltd 383,340 46,762,840 Eisai Co Ltd 393,601 594,102 CapitaLand Mall Trust Reits 728,844 88,910,075 FUJIFILM Holdings Corp 139,595 210,704 Jardine Cycle & Carriage Ltd 496,714 60,593,052 Fujitsu Ltd 1,018,445 1,537,241 Singapore Exchange Ltd 367,842 44,872,238 Hitachi Ltd 462,356 56,401,847 Honda Motor Co Ltd Australia 205,595 25,080,021 Hoya Corp Australia 1,217,514 148,521,826 ITOCHU Corp EUR AUD 426,518 52,030,044 Jafco Co Ltd 376,376 600,997 ASX Ltd 77,972 9,511,608 Japan Airlines Co Ltd 695,633 1,110,786 Aurizon Holdings Ltd Japan Prime Realty Investment 66,093 105,537 AusNet Services 253,899 30,972,527 Corp Reits 373,225 595,966 BHP Group Ltd 461,624 56,312,538 JXTG Holdings Inc 178,637 285,247 Charter Hall Group Reits 369,318 45,052,238 Kajima Corp 429,659 686,079 CIMIC Group Ltd 162,666 19,843,316 KDDI Corp 484,744 774,040 Dexus Reits 355,200 43,330,036 Law son Inc 2,047,321 3,269,162 Fortescue Metals Group Ltd 718,512 87,649,675 LIXIL Group Corp 565,707 903,320 Goodman Group Reits 405,341 49,446,642 Marubeni Corp 295,529 471,900 Harvey Norman Holdings Ltd 278,353 33,955,670 Mazda Motor Corp 421,615 673,235 Lendlease Corp Ltd 391,367 47,742,041 Mitsubishi Chemical Holdings Corp 621,601 992,572 Mirvac Group Reits 359,535 43,858,837 Mitsubishi Gas Chemical Co Inc 452,498 722,549 Qantas Airw ays Ltd 436,437 53,240,046 Mitsui O.S.K. Lines Ltd 402,377 642,516 Sandfire Resources NL 585,428 71,415,060 Mixi Inc 421,206 51,382,034 Mizuho Financial Group Inc

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Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value Australia (continued) Europe (continued) Australia (continued) France (continued) EUR AUD EUR EUR 350,201 559,202 Sonic Healthcare Ltd 425,750 425,750 Engie SA 419,377 669,661 Stockland Reits 180,618 180,618 Eutelsat 215,450 344,030 Super Retail Group Ltd 189,844 189,844 Gaztransport Et Technigaz SA 1,808,299 2,887,492 Telstra Corp Ltd 526,680 526,680 Kering SA 474,561 757,779 Vicinity Centres Reits 399,960 399,960 L'Oreal SA 1,441,003 2,300,993 Wesfarmers Ltd 70,338 70,338 Natixis SA 830,828 830,828 Peugeot SA New Zealand 379,546 379,545 Publicis Groupe SA EUR NZD 113,813 113,813 Neopost SA 346,120 575,874 Contact Energy Ltd 426,148 426,148 Rexel SA 510,528 849,416 Meridian Energy Ltd 1,395,652 1,395,652 Sanofi 523,157 870,429 Spark New Zealand Ltd 372,499 372,499 Sartorius Stedim Biotech 263,686 263,686 Societe BIC SA Europe 511,716 511,716 Societe Generale SA Austria 249,162 249,162 Suez EUR EUR 225,877 225,877 TOTAL SA 409,816 409,816 BAWAG Group AG 352,299 352,299 Ubisoft Entertainment SA 249,458 249,458 Oesterreichische Post AG 927,474 927,474 Valeo SA 358,509 358,509 Raiffeisen Bank International AG Ge rm any Belgium EUR EUR EUR EUR 1,153,984 1,153,984 adidas AG 506,149 506,149 Ageas 1,331,803 1,331,803 Allianz SE 279,572 279,572 D'ieteren SA 301,391 301,391 Borussia Dortmund GmbH & Co KGaA 710,905 710,905 Telenet Group Holding NV 195,337 195,337 Carl Zeiss Meditec AG 267,684 267,684 Covestro AG Bermuda 640,118 640,118 Deutsche Telekom AG EUR USD 461,212 461,212 LANXESS AG 514,629 577,671 RenaissanceRe Holdings Ltd 406,693 406,693 Metro AG 181,275 181,275 MTU Aero Engines AG De nm ar k Muenchener Rueckversicherungs- EUR DKK 1,231,892 1,231,892 Gesellschaft AG in Muenchen 750,093 5,605,074 Danske Bank A/S 684,956 684,956 ProSiebenSat.1 Media SE 603,429 4,509,122 Novo Nordisk A/S 405,042 405,042 Puma SE 222,261 1,660,847 Pandora A/S 257,317 257,317 Siltronic AG 446,969 3,339,979 Ringkjoebing Landbobank A/S 324,806 324,806 Telefonica Deutschland Holding AG 204,270 1,526,407 Topdanmark A/S Italy Finland EUR EUR EUR EUR 459,507 459,507 Assicurazioni Generali SpA 336,145 336,145 Metso OYJ 38,641 38,641 Enel SpA 200,836 200,836 Eni SpA France 393,047 393,047 Moncler SpA EUR EUR 388,647 388,647 Saipem SpA 394,181 394,181 Air France-KLM SA 569,841 569,841 Snam SpA 436,407 436,407 Atos SE 434,152 434,152 Telecom Italia SpA 1,023,609 1,023,609 AXA SA 558,342 558,342 Terna Rete Elettrica Nazionale SpA 1,183,656 1,183,656 BNP Paribas SA 295,424 295,424 UniCredit SpA 229,348 229,348 Carrefour SA

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Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value Europe (continued) Europe (continued) Jersey Sweden EUR GBP EUR SEK 393,847 333,707 WPP PLC 430,969 4,528,541 Axfood AB 1,327,732 13,951,542 Hennes & Mauritz AB Luxembourg 997,160 10,477,955 ICA Gruppen AB EUR GBP 450,016 4,728,674 Lundin Petroleum AB 817,940 817,940 RTL Group SA 470,653 4,945,525 Skandinaviska Enskilda Banken AB 236,767 2,487,903 Skanska AB Netherlands 363,974 3,824,563 Sw edbank AB EUR EUR 306,082 306,082 A BN A MRO Group NV Sw itzerland 363,285 363,285 Aegon NV EUR CHF 319,479 319,479 ASM International NV 186,670 202,910 Chocoladefabriken Lindt & Spruengli AG 565,865 565,865 ING Groep NV 374,184 406,737 Landis & Gyr Group AG 1,335,983 1,335,983 Koninklijke Ahold Delhaize NV 1,072,600 1,165,916 Nestle SA 743,073 743,073 Koninklijke KPN NV 2,563,482 2,786,505 Roche Holding AG 754,964 754,964 NN Group NV 438,999 477,192 SGS SA 736,152 736,152 Royal Dutch Shell PLC 306,593 333,267 Sw iss Life Holding AG 418,018 418,018 SBM Offshore NV 604,572 657,170 Swisscom AG 1,057,092 1,057,092 Signify NV 918,796 998,731 Zurich Insurance Group AG 125,653 125,653 TomTom NV 711,644 711,644 Wolters Kluw er NV United Kingdom 581,031 652,207 NXP Semiconductors NV EUR EUR 112,492 112,492 Fiat Chrysler Automobiles NV Norw ay EUR NOK EUR GBP 47,908 472,558 Entra ASA 329,466 279,157 3i Group PLC 243,418 2,401,029 Equinor ASA 425,559 360,577 Auto Trader Group PLC 885,148 8,730,923 Gjensidige Forsikring ASA 203,171 172,147 Aviva PLC 1,454,678 1,232,549 Barratt Developments PLC Spain 1,240,025 1,050,673 Berkeley Group Holdings PLC EUR EUR 355,249 301,002 BP PLC ACS Actividades de Construccion y 904,167 766,101 Burberry Group PLC 392,613 392,613 Servicios SA 209,335 177,369 Cascade Bancorp 313,376 313,376 Banco Bilbao Vizcaya Argentaria SA 256,114 217,006 Centrica PLC 443,058 443,058 Banco de Sabadell SA 289,392 245,202 Crest Nicholson Holdings PLC 548,884 548,884 CaixaBank SA 1,080,486 915,496 Direct Line Insurance Group PLC Cia de Distribucion Integral Logista 596,861 505,721 Dunelm Group PLC 75,375 75,375 Holdings SA 221,617 187,776 Firstgroup PLC 900,527 900,527 Enagas SA 445,585 377,544 GlaxoSmithKline PLC 542,879 542,879 Ferrovial SA 1,217,954 1,031,973 Greggs PLC 268,414 268,414 Iberdrola SA 453,882 384,574 Informa PLC 433,738 433,738 Repsol SA 258,393 218,937 InterContinental Hotels Group PLC - - Repsol SA NPV 249,599 211,485 Jupiter Fund Management PLC 13,171 13,171 Repsol SA Reits 474,436 401,989 Kingfisher PLC 362,673 362,673 Telefonica SA 297,588 252,146 Man Group PLC 500,086 423,723 Marks & Spencer Group PLC

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Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value Europe (continued) North America (continued) United Kingdom (continued) United States EUR GBP EUR USD 66,055 55,969 Moneysupermarket.com Group PLC 1,233,881 1,385,031 AbbVie Inc 1,024,544 868,096 Next PLC 201,242 225,894 Abercrombie & Fitch Co 271,210 229,796 Pearson PLC 223,607 250,999 Accenture PLC 616,651 522,488 Persimmon PLC 159,758 179,328 ACCO Brands Corp 294,262 249,328 Petrofac Ltd 184,986 207,647 A DT Inc 438,892 371,874 QinetiQ Group PLC 594,742 667,598 Aflac Inc 726,821 615,836 Royal Mail PLC 879,729 987,496 Akamai Technologies Inc 67,252 56,983 Tate & Lyle PLC 356,582 400,263 Alexion Pharmaceuticals Inc 419,213 355,200 Taylor Wimpey PLC 210,706 236,518 Alliance Data Systems Corp 482,582 408,891 Vodafone Group PLC 294,052 330,073 Allison Transmission Holdings Inc EUR USD 1,155,355 1,296,886 Allstate Corp 551,000 618,497 Coca-Cola European Partners PLC 1,238,898 1,390,663 Ally Financial Inc 1,001,219 1,123,869 Janus Henderson Group PLC 422,786 474,577 Amdocs Ltd 729,969 819,390 Liberty Global PLC Class A 745,387 836,697 American Express Co 438,306 491,998 American International Group Inc North America 356,311 399,959 Ameriprise Financial Inc Canada 143,119 160,651 A MERISA FE Inc EUR CAD 503,720 565,426 A METEK Inc 430,505 626,643 Altus Group Ltd 1,436,111 1,612,035 Amgen Inc 276,350 402,255 Artis Real Estate Investment Trust Reits 1,098,071 1,232,585 Anthem Inc 309,792 450,933 Canadian Imperial Bank of Commerce 753,184 845,449 Aon PLC 621,440 904,568 CGI Group Inc 1,703,301 1,911,955 Apple Inc 1,190,215 1,732,477 CI Financial Corp 646,888 726,132 Applied Materials Inc 374,222 544,718 Cogeco Communications Inc 342,387 384,330 ArcBest Corp 502,623 731,618 Empire Co Ltd 480,177 538,999 Arch Capital Group Ltd 998,682 1,453,681 Genw orth MI Canada Inc 654,654 734,849 Arconic Inc 329,279 479,298 Gildan Activew ear Inc 236,063 264,980 Arena Pharmaceuticals Inc 271,055 394,548 H&R Real Estate Investment Trust Reits 472,555 530,443 Asbury Automotive Group Inc 617,488 898,816 Hydro One Ltd 1,481,954 1,663,494 Assured Guaranty Ltd 541,732 788,545 IGM Financial Inc 1,815,122 2,037,475 AT&T Inc 485,916 707,300 Magna International Inc 533,207 598,525 Atkore International Group Inc 480,423 699,303 Manulife Financial Corp 489,405 549,357 Athene Holding Ltd 569,770 829,357 Metro Inc 1,211,044 1,359,396 Automatic Data Processing Inc 456,667 664,724 Open Text Corp 1,583,460 1,777,434 AutoZone Inc RioCan Real Estate Investment 612,940 688,025 AvalonBay Reits 293,816 427,678 Trust Reits 415,024 465,864 Avnet Inc 406,312 591,428 Royal Bank of Canada 524,131 588,337 Axis Capital Holdings Ltd SmartCentres Real Estate Investment 922,968 1,036,031 Bank of America Corp 265,894 387,035 Trust Reits 495,835 556,575 Baxter International Inc 472,101 687,190 Sun Life Financial Inc 736,448 826,663 Bed Bath & Beyond Inc 261,102 380,060 Suncor Energy Inc 219,445 246,327 Benchmark Electronics Inc 283,951 413,320 TFI International Inc 1,696,398 1,904,206 Best Buy Co Inc 1,044,277 1,520,050 Thomson Reuters Corp 1,215,998 1,364,958 Biogen Inc 382,962 557,440 Toronto-Dominion Bank 548,881 616,119 Booking Holdings Inc 368,419 413,550 Booz Allen Hamilton Holding Corp 391,287 439,219 Brighthouse Financial Inc 276,372 310,228 Brightsphere Investment Group Inc 203,744 228,702 Bruker Corp

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Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 586,391 658,224 CACI International Inc 243,057 272,831 Dillard's Inc 570,513 640,401 Cadence Design Systems Inc 635,791 713,675 Discover Financial Services 553,009 620,753 Capital One Financial Corp 493,127 553,535 Discovery Inc 329,396 369,747 Cardtronics PLC 846,301 949,973 Dover Corp 365,122 409,850 Cardinal Health Inc 279,683 313,944 Dunkin' Brands Group Inc 291,166 326,834 CarMax Inc 469,867 527,425 DXC Technology Co 842,612 945,831 Casey's General Stores Inc 338,714 380,206 Eaton Corp PLC 505,991 567,974 CBRE Group Inc 798,698 896,539 eBay Inc 602,409 676,204 CDW Corp 493,390 553,830 Edw ards Lifesciences Corp 91,441 102,643 Central Pacific Financial Corp 893,373 1,002,811 Eli Lilly & Co 459,061 515,296 CenturyLink Inc 118,936 133,506 EMCOR Group Inc 512,782 575,598 Cerner Corp 479,132 537,826 EPA M Sy s tems Inc 430,362 483,081 CF Industries Holdings Inc 120,517 135,280 EQT Cor p 335,163 376,220 CH Robinson Worldw ide Inc 626,166 702,871 Equity Residential Reits 247,818 278,176 Chico's FAS Inc 428,716 481,234 Erie Indemnity Co 547,384 614,439 Chipotle Mexican Grill Inc 154,941 173,921 Ets y Inc 288,504 323,845 Church & Dw ight Co Inc 333,524 374,381 Expedia Group Inc 411,307 461,692 Ciena Corp 357,684 401,500 Exponent Inc 1,050,282 1,178,942 Cincinnati Financial Corp 148,450 166,635 Exxon Mobil Corp 135,189 151,750 Cinemark Holdings Inc 643,206 721,999 Everest Re Group Ltd 787,979 884,506 Cirrus Logic Inc 323,092 362,671 F5 Netw orks Inc 1,884,390 2,115,228 Cisco Systems Inc 457,910 514,003 Fifth Third Bancorp 241,788 271,407 CIT Group Inc 430,875 483,657 FleetCor Technologies Inc 2,326,738 2,611,764 Citigroup Inc 83,106 93,286 Flow ers Foods Inc 775,551 870,556 Citizens Financial Group Inc 255,567 286,874 Flow serve Corp 414,257 465,004 Citrix Systems Inc 463,119 519,851 Ford Motor Co 214,945 241,275 Clearw ay Energy Inc 903,917 1,014,647 Fortinet Inc 1,146,645 1,287,109 Coca-Cola Co 316,759 355,562 Franklin Resources Inc 282,462 317,064 Cohen & Steers Inc 266,673 299,340 Gap Inc 475,655 533,923 Colgate-Palmolive Co 396,237 444,776 Garmin Ltd 215,115 241,466 Colony Capital Inc Reits 397,490 446,183 Genesco Inc 759,048 852,031 Comerica Inc 388,265 435,827 Genpact Ltd 1,539,458 1,728,042 ConocoPhillips 355,101 398,600 Genw orth Financial Inc Consolidated Communications 994,527 1,116,356 Gilead Sciences Inc 75,554 84,809 Holdings Inc 621,748 697,913 Globe Life Inc 315,053 353,647 Consolidated Edison Inc 314,370 352,881 Goodyear Tire & Rubber Co 496,382 557,189 Copart Inc 372,863 418,538 Graham Holdings Co 419,212 470,566 Costco Wholesale Corp 175,056 196,500 Group 1 Automotive Inc 505,002 566,865 Coupa Softw are Inc 731,237 820,814 H&R Bloc k Inc 447,181 501,961 Cracker Barrel Old Country Store Inc 386,147 433,449 Harley-Davidson Inc 571,533 641,545 Crocs Inc 904,593 1,015,406 Hartford Financial Services Group Inc 974,116 1,093,445 Cummins Inc 302,413 339,458 Herbalife Nutrition Ltd 331,472 372,077 CVR Energy Inc 244,366 274,300 HD Supply Holdings Inc 694,910 780,037 CyberArk Softw are Ltd 345,958 388,338 HEICO Corp 416,558 467,587 DaVita Inc 390,044 437,825 Herman Miller Inc 201,688 226,395 Delek US Holdings Inc 453,314 508,845 Hershey Co 633,906 711,560 Deluxe Corp 1,323,339 1,485,447 Hew lett Packard Enterprise Co 415,070 465,916 DexCom Inc 346,906 389,402 HollyFrontier Corp 1,680,764 1,886,658 Dick's Sporting Goods Inc 905,243 1,016,135 HP Inc

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Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 316,845 355,659 IDEXX Laboratories Inc 1,150,293 1,291,204 Micron Technology Inc 560,574 629,244 Illinois Tool Works Inc 2,042,584 2,292,801 Microsoft Corp 724,577 813,337 Ingersoll-Rand PLC 96,862 108,728 Mondelez International Inc 1,748,206 1,962,362 Intel Corp 915,003 1,027,091 National Retail Properties Inc Reits 553,116 620,873 International Business Machines Corp 1,445,181 1,622,215 Navient Corp 218,004 244,710 International Paper Co 497,029 557,914 NeoGenomics Inc 438,663 492,400 Interpublic Group of Cos Inc 901,779 1,012,247 NetApp Inc 944,815 1,060,555 Intuit Inc 466,930 524,129 New ell Brands Inc 426,444 478,683 Itron Inc 823,393 924,259 Nielsen Holdings PLC 355,573 399,130 JM Smuc ker Co 643,420 722,239 NIKE Inc 412,105 462,588 Johnson Controls International plc 691,817 776,565 Nordstrom Inc 708,005 794,736 Juniper Netw orks Inc 500,576 561,896 NV IDIA Corp 294,894 331,019 Kforce Inc 412,643 463,191 Omnicom Group Inc 426,339 478,566 Kilroy Realty Corp Reits 753,803 846,144 Oracle Corp 987,419 1,108,378 Kimberly-Clark Corp 359,588 403,637 O'Reilly Automotive Inc 749,748 841,592 Kohl's Corp 478,546 537,168 PA CCA R Inc 432,159 485,099 Kraft Heinz Co 911,082 1,022,689 Patterson-UTI Energy Inc 1,039,615 1,166,968 Lam Research Corp 230,575 258,821 Perdoceo Education Corp 67,178 75,407 Lancaster Colony Corp 460,666 517,098 Pfizer Inc 401,817 451,039 Landstar System Inc 507,176 569,305 Phillips 66 Com 508,221 570,478 Lear Corp 215,466 241,860 Piedmont Office Realty Trust Inc Reits 759,564 852,611 Legg Mason Inc 337,859 379,246 Plains GP Holdings 1,031,137 1,157,451 Leidos Holdings Inc 303,149 340,285 Principal Financial Group Inc 265,813 298,375 Lennox International Inc 1,109,357 1,245,253 Procter & Gamble Co 242,041 271,691 Lexington Realty Trust Reits 484,810 544,200 Prologis Inc Reits 379,504 425,993 Lincoln National Corp 430,494 483,230 Prudential Financial Inc 589,785 662,033 Low e's Cos Inc 690,471 775,054 PS Business Parks Inc Reits 448,067 502,956 Lululemon Athletica Inc 940,429 1,055,631 PulteGroup Inc 454,935 510,664 LyondellBasell Industries NV 687,647 771,883 Qorvo Inc 441,834 495,959 Macquarie Infrastructure Corp Com 467,992 525,321 Qualcomm Inc 455,433 511,224 Macy's Inc 309,578 347,501 Qurate Retail Inc 370,438 415,816 Manhattan Associates Inc 363,199 407,691 Ralph Lauren Corp 895,742 1,005,470 Manpow erGroup Inc 200,551 225,118 Realogy Holdings Corp 502,302 563,834 Masco Corp 116,168 130,399 Realty Income Corp Reits 140,098 157,260 MA XIMUS Inc 436,743 490,244 Regions Financial Corp 307,253 344,891 McCormick & Co Inc 338,638 380,121 Republic Services Inc 585,876 657,646 McDonald's Corp 159,913 179,502 RMR Group Inc 142,344 159,781 Medical Properties Trust Inc Reits 364,329 408,959 Robert Half International Inc 676,758 759,661 Medtronic PLC 463,117 519,849 Rockw ell Automation Inc 2,568,233 2,882,842 Merck & Co Inc 367,669 412,709 Ross Stores Inc 284,074 318,874 Mercury Systems Inc 502,801 564,394 S&P Global Inc 1,970,189 2,211,537 MetLife Inc 487,987 547,765 Schlumberger Ltd 469,961 527,531 Mettler-Toledo International Inc 699,953 785,697 Seagate Technology PLC 386,472 433,815 MGIC Investment Corp 446,652 501,367 SeaWorld Entertainment Inc

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Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Fund (continued) Equity portfolio Equity portfolio At 31 December 2019 At 31 December 2019

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 480,822 539,723 Sempra Energy Com 658,491 739,156 Yum! Brands Inc 374,863 420,783 Skyw orks Solutions Inc 385,574 432,806 Zynga Inc 357,591 401,395 Southw est Airlines Co 1,953,508 2,192,813 Starbucks Corp 285,942,343 633,986 711,649 STERIS PLC 708,844 795,677 Synchrony Financial 544,027 610,670 Sysco Corp Futures portfolio 425,585 477,720 Tapestry Inc At 31 December 2019 586,968 658,871 Target Corp 354,004 397,370 Tetra Tech Inc Market Value Market Value 639,564 717,911 Texas Instruments Inc Unrealised Unrealised 648,293 727,709 Thermo Fisher Scientific Inc Gain Gain 180,494 202,604 TiVo Corp North America 1,097,067 1,231,458 TJX Cos Inc United States 137,377 154,206 Travelers Cos Inc EUR USD 346,048 388,439 TripAdvisor Inc 1,465 1,645 S&P 500 Emini CME March 2020 131,601 147,722 Tupperw are Brands Corp 267,719 300,515 UDR Inc Reits Europe 230,963 259,256 Under Armour Inc Ge rm any 457,078 513,070 Unum Group EUR EUR 400,795 449,892 US Bancorp (271) (271) Eurx E-Stxx 50 March 2020 141,775 159,142 USANA Health Sciences Inc 477,552 536,053 Valero Energy Corp 1,194 Total 360,892 405,101 Veeva Systems Inc 329,133 369,452 V EREIT Inc Reits 297,131 333,529 VeriSign Inc 312,649 350,949 Verisk Analytics Inc 1,186,538 1,331,889 Verizon 476,866 535,282 Voya Financial Inc 352,498 395,679 Waddell & Reed Financial Inc 210,628 236,430 Walgreens Boots Alliance Inc 395,232 443,648 Washington Federal Inc 236,346 265,298 Washington Prime Group Inc Reits 477,464 535,954 Waste Management Inc 294,118 330,147 Waters Corp 1,002,925 1,125,783 Welltow er Inc Reits 364,988 409,699 Western Digital Corp 905,605 1,016,542 Western Union Co 389,032 436,689 Whirlpool Corp 336,889 378,158 White Mountains Insurance Group Ltd 424,922 476,975 WW Grainger Inc 1,470,596 1,650,743 Xerox Corp 651,464 731,268 Xperi Corp

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Rotterdam, 14 April 2020

The Manager Robeco Institutional Asset Management B.V. (RIAM) Policy makers RIAM: Gilbert O.J.M. Van Hassel Karin van Baardwijk Peter J.J. Ferket Mark C.W. den Hollander (since 24 June 2019) Martin O. Nijkamp Hans-Christoph von Reiche Victor Verberk Lia Belilos-Wessels (since 1 December 2019)

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Other information

Provisions regarding appropriation of the result In accordance with article 16 of the fund’s terms and conditions of management and custody, the unit classes may distribute dividend. The Manager determines what distribution shall be made from the net investment income and net capital gains attributable to the distributing Classes after the end of the financial period. It is intended that all Unit Classes will distribute whole or part of the net investment income on at least an annual basis. The Manager may decide to distribute on an interim base whole or part of the net investment income.

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Independent auditor’s report To: the General Meeting and manager of Robeco Institutional Umbrella Fund

Report on the accompanying financial statements Our opinion We have audited the financial statements 2019 of Robeco Institutional Umbrella Fund (hereafter: 'the fund'), based in Rotterdam. In our opinion the accompanying financial statements give a true and fair view of the financial position of Robeco Institutional Umbrella Fund as at 31 December 2019, and of its result for 2019 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 2019; 2 the profit and loss account for 2019; 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 Robeco Institutional Umbrella Fund 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; — Schedule of Investments; — other information pursuant to Part 9 of Book 2 of the Dutch Civil Code; 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.

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Independent auditor’s report (continued)

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.

Description of the responsibilities for the financial statements

Responsibilities of management for the financial statements Management 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, management is responsible for such internal control as management 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, management is responsible for assessing the company's ability to continue as a going concern. Based on the financial reporting framework mentioned, management should prepare the financial statements using the going concern basis of accounting unless management either intends to liquidate the fund or to cease operations, or has no realistic alternative but to do so. Management 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 e.g.:

— 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 than for one resulting from errors, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

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Independent auditor’s report (continued)

— 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 management;

— 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.

30 April 2020

KPMG Accountants N.V.

G.J. Hoeve RA

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