Robeco Institutional Umbrella Fund

20 Annual Report and Audited Financial Statements For the financial year ended31 December 2020 Content

Report by the manager 4 General information 4 Key figures 5 General introduction 8 Investment policy 9 Investment result 14 Risk management 18 Movements in net assets 18 Remuneration policy 20 Sustainable investing 22

Annual financial statements 25 Balance sheet 25 Profit and loss account 29 Cash flow statement 33 Notes 37 General 37 Accounting principles 37 Principles for determining the result 38 Principles for cash flow statement 38 Risk management 39 Notes to the balance sheet 55 Notes to the profit and loss account 67 Currency table 74

Other information 105 Directors’ interests 105 Provisions regarding appropriation of the result 105

Independent auditor’s report 106

Robeco Institutional Umbrella Fund 2 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)

Address Fund managers (continued) Weena 850 Arnoud Klep PO Box 973 Machiel Zwanenburg NL-3000 AZ Rotterdam Simon Lansdorp Telephone +31 (0)10 - 224 12 24 Wilma de Groot Internet: www.robeco.com Tim Dröge E-mail: [email protected] Jan de Koning Yaowei Xu Executive Committee (‘ExCo’) Han van der Boon Robeco Institutional Asset Management B.V. (‘RIAM’) Thijs van der Valk Policy makers RIAM: Guido Baltussen G.O.J.M. (Gilbert) Van Hassel * (CEO) Daniel Haesen K. (Karin) van Baardwijk * (Deputy CEO) A.J.M. (Lia) Belilos-Wessels Independent auditor M.C.W. (Mark) den Hollander * KPMG Accountants N.V. M.F. (Mark) van der Kroft (since 1 September 2020) Papendorpseweg 83 M.O. (Martin) Nijkamp NL-3528 BJ Utrecht H-C. (Christoph) von Reiche V. (Victor) Verberk Depository P.J.J. (Peter) Ferket (until 22 May 2020) Northern Trust Global Services SE Vinoly Supervisory board of RIAM: 7th Floor M.F. (Maarten) Slendebroek (Chair, since 13 August 2020) Claude Debussylaan 18A S. (Sonja) Barendregt-Roojers (Vice Chair) 1082 MD Amsterdam S.H. (Stanley) Koyanagi (since 13 August 2020) The Netherlands J.J.M. (Jeroen) Kremers (until 30 March 2020) M.A.A.C. (Mark) Talbot Administrator R.R.L. (Radboud) Vlaar Northern Trust International Fund Administration Services (Ireland) Limited Depositary George’s Court Northern Trust Global Services SE 54-62 Townsend Street Vinoly Dublin 2 7th Floor D02 R156 Claude Debussylaan 18A Ireland 1082 MD Amsterdam The Netherlands

Fund managers Jan Sytze Mosselaar Arlette van Ditshuizen Maarten Polfliet Pim van Vliet

* Also statutory director

Robeco Institutional Umbrella Fund 3 Report by the manager General information

Legal aspects Robeco Institutional Umbrella Fund (the “fund”) is a fund for joint account incorporated under Dutch law, subject to the definitions contained within the 1969 Dutch Corporation Tax Act and is therefore fiscally transparent. This means that the sub-fund’s income is allocated directly to the participants. The sub-funds are open-end in nature. As from 1 January 2020, the fund is an Undertaking for Collective Investment in Transferable Securities (UCITS), as referred to in Section 1:1 of the Dutch Financial Supervision Act (hereinafter: the “Wft”) and the EU Directive for Undertakings for Collective Investment in Transferable Securities (2014/91/EU, UCITS V). UCITS have to comply with certain restrictions to their investment policy in order to protect investors.

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 SE, Amsterdam branch has been appointed Depositary of the fund within the meaning of Section 4:56(1) of the Wft. The Depositary is responsible for supervising the fund insofar as required under and in accordance with the applicable legislation. The manager and Northern Trust Global Services SE, Amsterdam branch have entered into a depositary and 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.

In 2020, the AFM has determined that Robeco must undertake a number of remedial measures to improve the processes in relation to the Money Laundering and Terrorist Financing (Prevention) Act (‘Wwft’) and the Sanctions Act (‘Sw’) in Robeco Retail, Robeco’s on-line execution-only platform for Dutch retail customers. The improvements have commenced in 2020 and are scheduled to be completed by the end of 2021.

Subsequent to the above, and as a separate matter, the AFM has indicated that it has concerns about the way in which Robeco has set up its business operations. Robeco has engaged with the AFM to substantiate Robeco’s views in this respect.

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

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

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

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

Robeco Institutional Umbrella Fund 4 General information (continued)

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

Sustainable finance disclosure regulation In March 2018, the European Commission announced the adoption of the European Union’s Sustainable Finance Action Plan (the ‘Plan’), set out in response to the landmark signing of the Paris Agreement, and the United Nations 2030 Agenda for Sustainable Development. The Plan aims to bring in harmonized rules on sustainability related disclosures and policies, and to make it easier for end investors to ultimately assess the underlying sustainability criteria of an individual investment vehicle. The successful implementation of the EU Sustainable Finance Plan is of strategic importance for Robeco.

A project management team of over 30 staff representing all key departments in Robeco are leading the efforts in this process. In 2020, Robeco has been preparing for the implementation of Level 1 of the Regulation on sustainability-related disclosures in the financial services sector (SFDR), that sets out which sustainability related disclosures must be made for an investment product. These disclosures will be made as of 10 March 2021 in the prospectus and other key investor documents, on the website and in future annual reports, starting as of the end of 31 December 2021. This means that the 2021 annual report will reflect conformity to the new requirements for sustainability reporting.

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 actual maximum surcharge or discount is published on www.robeco. com/riam.

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.

Key figures

Overview Robeco QI Institutional Global Developed Conservative Equities

31 December 2020 31 December 2019 31 December 2018 Average Performance in % based on: 1 - Net asset value T1 EUR units (8.6%) 25.0% (4.4%) 2.8% 3 - Net asset value T12 EUR units (12.3%) - - - - MSCI World Index (Net Return in EUR)1 6.3% 30.0% (3.3%) 9.6% 5 - Net asset value T8 CAD units (2.2%) 16.6% (7.4%) 3.3% - MSCI World Index (Net Return in CAD) 5 13.9% 21.2% (9.3%) 10.5%

Dividend in EUR T1 EUR units 15.71 - 0.51

Dividend in EUR T2 EUR units - - 0.60

Dividend in EUR T7 EUR units - - 0.54

Dividend in EUR T8 CAD units 1.52 - - Total net assets8 491 920 905

Robeco Institutional Umbrella Fund 5 Key figures (continued)

Overview (continued) Robeco QI Institutional Global Developed Momentum Equities

31 December 2020 31 December 2019 31 December 2018 Average Performance in % based on: 4 - Net asset value T1 EUR units (1.3%) 26.8% (9.9%) 3.9% 3 - Net asset value T12 EUR units (4.5%) - - - - MSCI World Index (Net Return in EUR)4 6.3% 30.0% (2.3%) 10.1% 5 - Net asset value T8 CAD units 5.7% 18.2% (15.5%) 2.8% - MSCI World Index (Net Return in CAD)5 13.9% 21.2% (9.3%) 10.2%

Dividend in EUR T1 EUR units 6.85 - 0.13

Dividend in EUR T8 CAD units 0.51 - - Total net assets8 287 670 632

Robeco QI Institutional Global Developed Value Equities

31 December 2020 31 December 2019 31 December 2018 Average Performance in % based on: 4 - Net asset value T1 EUR units (10.1%) 18.0% (6.3%) (0.2%) 3 - Net asset value T12 EUR units (9.8%) - - - - MSCI World Index (Net Return in EUR)4 6.3% 30.0% (2.3%) 10.1% 5 - Net asset value T8 CAD units (3.8%) 10.0% (13.5%) (3.0%) - MSCI World Index (Net Return in CAD)5 13.9% 21.2% (9.3%) 10.2%

Dividend in EUR T1 EUR units 16.51 - 0.36

Dividend in EUR T7 EUR units - - 0.33

Dividend in EUR T8 CAD units 1.49 - - Total net assets8 297 659 673

Robeco QI Institutional Global Developed Quality Equities

31 December 2020 31 December 2019 31 December 2018 Average Performance in % based on: 4 - Net asset value T1 EUR units 3.1% 27.0% (0.4%) 8.9% 3 - Net asset value T12 EUR units (4.5%) - - - - MSCI World Index (Net Return in EUR)4 6.3% 30.0% (2.3%) 10.1% 5 - Net asset value T8 CAD units 5.7% 18.4% (12.2%) 6.8% - MSCI World Index (Net Return in CAD)5 13.9% 21.2% (9.3%) 10.2%

Dividend in EUR T1 EUR units 4.74 - 0.20

Dividend in EUR T8 CAD units 0.95 - - Total net assets8 112 187 124

Robeco QI Institutional Global Developed Enhanced Indexing Equities

31 December 2020 31 December 2019 31 December 2018 Average Performance in % based on: 1 - Net asset value T1 EUR units 3.5% 28.6% (4.9%) 7.7% - MSCI World Index (Net Return in EUR)1 6.3% 30.0% (3.3%) 9.6%

Dividend in EUR T1 EUR units 6.71 - 0.30 Total net assets8 304 285 384

Robeco Institutional Umbrella Fund 6 Key figures (continued)

Overview (continued) Robeco QI Institutional Global Developed Sustainable Conservative Equities

31 December 2020 31 December 2019 31 December 2018 Average Performance in % based on: 5 - Net asset value T2 EUR units (9.5%) 27.3% (4.3%) 4.6% - MSCI World Index (Net Return in EUR)5 6.3% 30.0% (4.5%) 12.6%

Dividend in EUR T2 EUR units 3.21 - - Total net assets8 85 93 73

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

31 December 2020 31 December 2019 31 December 2018 Average Performance in % based on: 6 - Net asset value T1 EUR units (9.5%) 23.4% (5.1%) 3.5% 7 - Net asset value T9 EUR units (5.9%) 10.3% - 2.0% - MSCI World Index (Net Return in EUR) 6.3% 30.0% (4.6%) 14.4%

Dividend in EUR T1 EUR units 2.34 - - -

Dividend in EUR T9 EUR units 1.38 - - - Total net assets8 142 288 141 -

1 2018 concerns the period 2 November 2017 through 31 December 2018. Average concerns the period 2 November 2017 through 31 December 2020 2 2020 concerns the period 29 January 2020 through 31 December 2020. 3 2018 concerns the period 16 November 2017 through 31 December 2018. Average concerns the period 2 November 2017 through 31 December 2020. 4 2018 concerns the period 5 September 2018 through 31 December 2018. Average concerns the period 5 September 2018 through 31 December 2020. 5 2018 concerns the period 24 October 2018 through 31 December 2018. Average concerns the period 24 October 2018 through 31 December 2020. 6 2018 concerns the period 12 December 2018 through 31 December 2018. 2020 concerns the period 1 January 2020 through 16 October 2020. Average concerns the period 12 December 2018 through 16 October 2020. 7 2019 concerns the period 18 February 2019 through 31 December 2019. Average concerns the period 18 February 2019 through 31 December 2020. 8 In EUR x million.

Robeco Institutional Umbrella Fund 7 General introduction

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

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

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

Outlook for the equity markets In 2020 financial markets have clearly been rewarding countries that addressed the pandemic quickly and effectively. Though the MSCI World Index only gained 6.3% (unhedged, EUR), countries that managed Covid-19 well such as South Korea (+ 32.5%) and China (+ 29.5%) enjoyed strong outperformances. As they wait for the arrival of vaccines and ensuing herd immunity, the quality of government responses to Covid-19 will remain a pricing determinant in cross-country financial market outcomes. 2020 was a truly historic year for many equity indices, with a massive, tech-led relief rally after the global recession peaked in March. After falling 34%, the S&P500 rallied 47% since the bottom of 23 March. Abundant global liquidity from central banks and swift fiscal stimulus from governments led to strong multiple expansion even as the recession lingered. Looking ahead, the enhanced coordination between monetary-and fiscal policy, with central banks acting as credible fiscal financiers, will be supportive for equity markets. Excess liquidity and increasingly targeted fiscal stimulus will likely sustain equity valuations. Nonetheless, the easy gains have been realized. The onus now is on earnings growth to accelerate in order to boost equity returns. We think earnings growth around the 20% mark in 2021 is a realistic assumption given the early expansion phase of the business cycle. High private savings, increasing optimism among CEOs, positive wealth effects from a resilient housing market, and the continuing low interest rate environment will boost consumption and investments as herd immunity against Covid-19 becomes within reach. Upside risk to our equity outlook is that the global economic recovery is more swift and highly synchronized compared to consensus expectations. In the current environment of abundant excess liquidity and ongoing fiscal stimulus this could catapult market sentiment from rational exuberance into irrational euphoria, stretching valuation levels even further. Downside risks to our equity outlook are an unanticipated slowdown in the trajectory towards herd immunity or an economically unwarranted steep rise in (real) long term interest rates due to a hiccup in central bank forward guidance.

Robeco Institutional Umbrella Fund 8 Investment policy

Introduction The sole objective of the subfunds 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 subfunds, 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 Empirical research over a very long period (80 years) shows that low-beta (or low-risk) stocks generate a higher return than that justified according to their beta. The risk-return relationship is therefore not positive, as is often assumed, but instead flat or even negative. This is also sometimes referred to as the low-risk anomaly, and the investment style used to benefit from this is known as ‘low-volatility investing’. Besides the empirical evidence, there is also an economic reason why this anomaly exists. Low-risk stocks have a high tracking error and are not attractive for a portfolio manager who has been assigned a risk target relative to an index. There are various studies in the academic literature that address the relationship between risk and return and the economic reasons. Robeco researchers also contribute to this debate by publishing articles on low-volatility investing in international peer-reviewed periodicals.

The stock selection model evaluates stocks on two themes:

1) Low-risk factors (preference for stocks with low volatility, for instance); 2) Return factors (preference for stocks with a high dividend and high price momentum).

All equities in mature economies with sufficient market value and daily trading volume make up the investable universe Robeco QI Institutional Global Developed Conservative Equities. The portfolio manager purchases the most attractive stocks on the basis of the results of the stock selection model and holds each position until the stock's score in the stock selection model is too low. Here too, the aim is to keep turnover low, so that stocks are not quickly sold due to a changed model score. The goal is to construct a well-diversified portfolio with the objective of reducing stock specific risks.

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 40.

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. In addition, the environmental footprint, as measured by greenhouse gas emissions, of the portfolio is lower than or equal to that of the index. This means that a stock with a a low environmental footprint is more likely to be included in the portfolio. Companies with a poor environmental footprint 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.

Robeco Institutional Umbrella Fund 9 Investment policy (continued)

Robeco QI Institutional Global Developed Momentum Equities (continued)

Implementation of the investment policy (continued) 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.

Robeco QI Institutional Global Developed Momentum Equities 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 40.

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 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 40.

Robeco Institutional Umbrella Fund 10 Investment policy (continued)

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.

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 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 40.

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 with low risk. The sub-funds’ assets are invested worldwide on behalf of the participants and for their account and risk.

Implementation of the investment policy The 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 undeweighted with respect to their index weight. Sustainability is part of this proprietary model.

Robeco QI Institutional Global Developed Enhanced Indexing 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 40.

Robeco Institutional Umbrella Fund 11 Investment policy (continued)

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.

The stock selection model evaluates stocks on two themes:

1) Low-risk factors (preference for stocks with low volatility, for instance); 2) Return factors (preference for stocks with a high dividend and high price momentum).

All equities in mature economies with sufficient market value and daily trading volume make up the investable universe Robeco QI Institutional Global Developed Sustainable Conservative Equities. The portfolio manager purchases the most attractive stocks on the basis of the results of the stock selection model and holds each position until the stock's score in the stock selection model is too low. Here too, the aim is to keep turnover low, so that stocks are not quickly sold due to a changed model score. The goal is to construct a well-diversified portfolio with the objective of reducing stock specific risks.

Robeco QI Global Developed Sustainable Conservative Equities 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 40.

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 20% higher than 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. In addition, the environmental footprint, as measured by greenhouse gas emissions, water usage and waste output, of the portfolio is 20% lower than or equal to that of the index. This means that a stock with a a low environmental footprint is more likely to be included in the portfolio. Companies with a poor environmental footprint have less chance of being included in the portfolio.

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.

Robeco Institutional Umbrella Fund 12 Investment policy (continued)

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities (continued)

Implementation of the investment policy (continued) 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 40.

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 13 Investment result

Robeco QI Institutional Global Developed Conservative Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Conservative 2020 2019 2018 Equities

T1 EUR Investment income 5.1 5.6 6.3 Changes in value 16.4 29.1 (10.8) Management and other costs 1.1 1.1 (1.3) Net result 22.6 35.8 (5.8)

T2 EUR Investment income - - 5.3 Changes in value 4.3 - (5.3) Management and other costs 0.3 - (1.1) Net result 4.6 - (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 2.1 4.7 0.7 Changes in value (1.2) 8.4 (5.8) Management and other costs 0.5 0.4 (0.1) Net result 1.4 13.5 (5.2)

T12 EUR Investment income 2.5 - - Changes in value (3.1) - - Management and other costs 0.5 - - Net result (0.1) - -

Return and risk The sub-fund underperformed the MSCI World Index in a highly volatile rising market. Due to the long-term investment objective of the sub- fund (to deliver equity returns at 20% lower average risk than that of its reference index over a full performance cycle), investment results should be evaluated on a longer horizon. Robeco Global Developed Conservative Equities is characterized by generally having lower absolute risk than its reference index, while having a high relative risk as the strategy deviates considerably from its reference index. In 2020, Robeco Global Developed Conservative Equities showed a return of -8.01% against 6.33% for the MSCI World Index. The low-risk factor contributed negatively to relative performance. The value factor also contributed negatively to performance, while the momentum factor contributed positively to performance. Since inception of the sub-fund in October 2006, the fund showed an annualized return of 7.81%, while the reference index rose 7.22%. The risk level of the sub-fund has been lower than that of the reference index, as the volatility of the sub-fund has been 11.00% against 13.61% for the reference index.

Robeco Institutional Umbrella Fund 14 Investment result (continued)

Robeco QI Institutional Global Developed Momentum Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Momentum Equities 2020 2019 2018

T1 EUR Investment income 2.7 2.9 3.1 Changes in value 31.6 27.5 (18.1) Management and other costs 1.1 1.1 (1.2) Net result 35.4 31.5 (16.2)

T8 CAD Investment income 1.1 2.3 0.3 Changes in value 3.3 3.5 (11.2) Management and other costs 0.4 0.5 (0.1) Net result 4.8 6.3 (11.0)

T12 EUR Investment income 1.4 - - Changes in value 8.8 - - Management and other costs 0.5 - - Net result 10.7 - -

Return and risk The sub-fund underperformed the MSCI World Index in a large cap growth-dominated market. The momentum factor had the largest negative contribution to the performance of the fund. Controlling for valuation had a negative contribution, controlling for low-risk contributed positively, and controlling for quality had a neutral 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 Value Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Value Equities 2020 2019 2018

T1 EUR Investment income 4.7 6.4 6.1 Changes in value (35.8) (0.8) (15.4) Management and other costs 0.9 1 (1.2) Net result (30.2) 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 2.1 5.4 0.7 Changes in value (1.4) (2.2) (9.9) Management and other costs 0.4 0.5 (0.2) Net result 1.1 3.7 (9.4)

T12 EUR Investment income 3.1 - - Changes in value (14.4) - - Management and other costs 0.5 - - Net result (10.8) - -

Robeco Institutional Umbrella Fund 15 Investment result (continued)

Robeco QI Institutional Global Developed Value Equities (continued)

Return and risk The sub-fund underperformed the MSCI World Index in a large cap growth-dominated market. The value factor had the largest negative contribution to the performance of the fund. Controlling for momentum, low-risk and quality had a positive 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 Quality Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Quality Equities 2020 2019 2018

T1 EUR Investment income 3.1 3.6 2.9 Changes in value 18.3 24.9 (3.2) Management and other costs 0.9 0.9 (1.0) Net result 22.3 29.4 (1.3)

T8 CAD Investment income 1.5 3.6 0.4 Changes in value 6.2 5.1 (8.8) Management and other costs 0.5 0.5 (0.2) Net result 8.2 9.2 (8.6)

T12 EUR Investment income 1.9 - - Changes in value 12.8 - - Management and other costs 0.6 - - Net result 15.3 - -

Return and risk The sub-fund underperformed the MSCI World Index in a large cap growth-dominated market. The quality factor contributed positively to the performance of the fund. Controlling for value contributed negatively. Controlling for low-risk had a positive contribution, while controlling for momentum contributed neutrally. 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 2020 2019 2018 Equities

T1 EUR Investment income 2.7 3.2 3.2 Changes in value 18.9 21.4 (7.0) Management and other costs 0.4 0.4 (0.5) Net result 22.0 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)

T9 EUR Investment income - 5.7 - Changes in value - 28.4 - Management and other costs - 0.3 - Net result - 34.4 -

Robeco Institutional Umbrella Fund 16 Investment result (continued)

Robeco QI Institutional Global Developed Enhanced Indexing Equities (continued)

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

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

Robeco QI Institutional Global Developed Sustainable Conservative Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Sustainable 2020 2019 2018 Conservative Equities

T2 EUR Investment income 3.2 3.6 0.6 Changes in value 4.4 18.9 (4.7) Management and other costs 0.7 0.8 (0.2) Net result 8.3 23.3 (4.3)

Return and risk The sub-fund underperformed the MSCI World Index in a highly volatile rising market. Due to the long-term investment objective of the sub- fund (to deliver equity returns at 20% lower average risk than that of its reference index over a full performance cycle), investment results should be evaluated on a longer horizon. Robeco Global Developed Sustainable Conservative Equities fund is characterized by generally having lower absolute risk than its reference index, while having a high relative risk as the strategy deviates considerably from its reference index. In 2020, Robeco QI Institutional Global Developed Sustainable Conservative Equities had a return of -8.85% against 6.33% for the MSCI World Index. The low-risk factor contributed negatively to performance. The value factor contributed negatively to performance, while the momentum factor contributed positively to performance. Since inception of the sub-fund in November 2018, the sub-fund showed an annualized return of 4.60%, while the reference index returned 12.09%. The risk level of the sub-fund has been lower than that of the reference index, as the volatility of the sub-fund has been 16.53% against 18.61% for the reference index.

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

Net returns per unit1 EUR x 1 Robeco QI Institutional Global Developed Sustainable Multi- 2020 2019 2018 Factor Equities

T1 EUR Investment income 2.2 3.1 0.2 Changes in value 3.1 15.8 (5.3) Management and other costs 0.5 0.7 (0.1) Net result 5.8 19.6 (5.2)

T9 EUR Investment income 2.5 5.9 - Changes in value (0.9) 8.3 - Management and other costs 0.6 0.7 - Net result 2.2 14.9 -

Return and risk The sub-fund underperformed the MSCI World Index in a large cap growth-dominated market. The value, momentum, low-risk and quality exposure contributed negatively to the performance of the fund. 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 17 Risk management

A description of the risk management can be found in the notes to the financial statements on pages 39 through 53.

Movements in net assets

During the reporting period, the combined assets of the Robeco Institutional Umbrella Fund declined by EUR 1,386.0 million to EUR 1,716.4 million. This increase/decline can be explained by the following items. On balance, shares were redeemed to the amount of EUR 1,104.3 million. Withdrawal of the net result decreased these assets by EUR 211.0 million. EUR 70.7 million was distributed in dividend.

Survey of movements in net assets

Participating units placed 190,582 45,838 43,579 19,568 Participating units repurchased (525,545) (222,034) (386,680) (135,817) Situation on closing date 585,022 728,838 327,217 516,088

Direct investment income 18,131 30,662 6,724 11,886 Indirect investment income (85,792) 191,406 (37,371) 154,107 Receipts on surcharges and discounts on issuance and repurchase of own units 762 472 742 164 Costs (3,826) (6,170) (2,735) (4,606) Net result before taxation (70,725) 216,370 (32,640) 161,551

Distributed dividends (23,692) (25,223) (7,177) (7,321) Assets at closing date 490,605 919,985 287,400 670,318

Participating units placed 80,683 42,747 36,391 37,859 Participating units repurchased (331,348) (148,643) (107,633) (11,531) Situation on closing date 407,935 566,601 115,813 150,112

Direct investment income 14,454 28,787 3,846 4,504 Indirect investment income (100,663) 87,693 (3,935) 34,882 Receipts on surcharges and discounts on issuance and repurchase of own units 617 169 169 57 Costs (2,621) (4,584) (1,146) (1,158) Net result before taxation (88,213) 112,065 (1,066) 38,285

Distributed dividends (23,167) (20,066) (3,150) (1,342) Assets at closing date 296,555 658,600 111,597 187,055

Robeco Institutional Umbrella Fund 18 Risk management (continued)

Movements in net assets (continued)

0.6

Participating units placed 109,013 136,830 2,144 358 Participating units repurchased (99,661) (319,061) – – Situation on closing date 294,625 201,659 95,551 73,714

Direct investment income 6,210 8,689 2,491 2,728 Indirect investment income 9,630 84,194 (10,710) 17,907 Receipts on surcharges and discounts on issuance and repurchase of own units 53 160 – – Costs (980) (1,021) (573) (584) Net result before taxation 14,913 92,022 (8,792) 20,051

Distributed dividends (5,925) (8,408) (2,144) (358) Assets at closing date 303,613 285,273 84,615 93,407

0.7 Robeco QI Institutional Global

Developed Sustainable Multi-Factor 0.8 Equities Total EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Assets at opening date 287,704 141,422 3,102,342 2,932,320

Participating units placed 58,690 248,619 521,082 531,819 Participating units repurchased (174,554) (145,875) (1,625,421) (982,961) Situation on closing date 171,840 244,166 1,998,003 2,481,178

Direct investment income 6,803 7,199 58,659 94,455 Indirect investment income (29,764) 38,092 (258,605) 608,281 Receipts on surcharges and discounts on issuance and repurchase of own units 254 157 2,597 1,179 Costs (1,729) (1,766) (13,610) (19,889) Net result before taxation (24,436) 43,682 (210,959) 684,026

Distributed dividends (5,433) (144) (70,688) (62,862) Assets at closing date 141,971 287,704 1,716,356 3,102,342

Robeco Institutional Umbrella Fund 19 Risk management (continued)

Remuneration policy

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

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

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

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

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

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

Identified Staff RIAM has a specific and more stringent remuneration policy for employees who could have a material impact on the risk profile of the fund. These employees are designated to be 'Identified Staff'. For 2020, in addition to the Management Board, RIAM has designated xx 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.

Robeco Institutional Umbrella Fund 20 Risk management (continued)

Remuneration policy (continued)

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

Remuneration in 2020 Of the total amounts granted in remuneration by RIAM 1 in 2020 to the group's Board, Identified Staff and Other Employees, the following amounts are to be assigned to the fund:

Remuneration in EUR x 1 Staff category Fixed pay for 2020 Variable pay for 2020 Board (4 members) 2 23,407 41,229 Identified staff (96) (ex Board) 2 223,847 158,318 Other employees (631 employees) 543,484 177,462

The total of the fixed and variable remuneration charged to the fund is EUR 1,167,747 (2019: EUR 2,006,601). 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.

1 The remunerations relate to activities performed for one or more Robeco entities. 2 The 2019 remuneration figures have been corrected. The variable remuneration rewarded to current and former directors in 2019 was reported as EUR 44,589, this has been revised to EUR 20,014. The variable remuneration rewarded to identified staff in 2019 was reported as EUR 248,040, this has been revised to EUR 243,246. The total 2019 variable remuneration was reduced with EUR 19,369.

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

Robeco Institutional Umbrella Fund 21 Sustainable investing

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

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

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

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

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

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

Contributing to the Sustainable Development Goals Robeco is a signatory in the Netherlands to the Sustainable Development Goals Investing Agenda. To help our customers contribute to the objectives, we worked on analyzing the Sustainable Development Goals (“SDG”) 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.

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

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

Robeco Institutional Umbrella Fund 22 Sustainable investing (continued)

Active ownership Constructive and effective activities under active ownership encourage companies to improve their management of risks and opportunities in the field of ESG. This in turn establishes a better competitive position and improved profitability and moreover has a positive impact on the community. Active ownership involves voting and engagement. Robeco exercises its voting rights for the shares in its investment funds all over the world. In 2020, we voted at 1,229 shareholder meetings on behalf of Robeco Institutional Umbrella Fund. At 735 (60%) of the 1,229 meetings, we cast at least one vote against management's recommendation. In addition, Robeco enters into an active dialogue with the companies in which it invests on questions concerning the environment, society and corporate governance. In 2020, our activities towards achieving active ownership were again awarded high scores under the Principles for Responsible Investment (PRI). Robeco has Active Ownership specialists in both Rotterdam and Hong Kong. In 2020 Robeco engaged with over 222 companies on different issues ranging from corporate governance to food security to climate change. For Robeco Institutional Umbrella Fund, we entered into a dialogue with 132 companies, involving 130 value engagements and 4 enhanced engagements. More information on our processes and themes can be found in the Stewardship Policy.

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

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

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

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

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

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

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

Encouraging Shell to become a net zero emissions energy business by 2050 Robeco has once more been recognized for its critical role in persuading Royal Dutch Shell (Shell) to further strengthen its measures to reduce its carbon footprint. Together with the Church of England Pensions Board, Robeco led the investor engagement activities on behalf of Climate Action 100+, an initiative spearheaded by more than 450 investors with over USD $40 trillion in assets under management. This follows earlier engagement success with Shell in 2018.

Robeco Institutional Umbrella Fund 23 Sustainable investing (continued)

Encouraging Shell to become a net zero emissions energy business by 2050 (continued) Shell has committed to take additional action on climate change. The company plans to become a net-zero emissions energy business by 2050 or sooner (covering scope one, two and three emissions).

The steps include: • An ambition to be net zero on all the emissions from the manufacture of all our products (scope one and two) by 2050 at the latest; • Accelerating Shell’s Net Carbon Footprint ambition to be in step with society’s aim to limit the average temperature rise to 1.5 degrees Celsius in line with the goals of the Paris Agreement on Climate Change. This means reducing the Net Carbon Footprint of the energy products Shell sells to its customers by around 65% by 2050 (increased from around 50%), and by around 30% by 2035 (increased from around 20%); • A pivot towards serving businesses and sectors that by 2050 are also net-zero emissions.

In Control Statement Robeco Institutional Asset Management B.V. has a description of internal control, which is in line with the requirements of the Dutch Financial Supervision Act (Wet op het financieel toezicht, or ’Wft’) and the Dutch Market Conduct Supervision of Financial Enterprises Decree (Besluit Gedragstoezicht financiële ondernemingen, or ‘BGfo’).

Findings In 2020, the AFM has determined that Robeco must undertake a number of remedial measures to improve the processes in relation to the Money Laundering and Terrorist Financing (Prevention) Act (‘Wwft’) and the Sanctions Act (‘Sw’) in Robeco Retail, Robeco’s on-line execution-only platform for Dutch retail customers.

The improvements have commenced in 2020 and are scheduled to be completed by the end of 2021.

Subsequent to the above, and as a separate matter, the AFM has indicated that it has concerns about the way in which Robeco has set up its business operations.

Robeco has engaged with the AFM to substantiate Robeco’s views in this respect.

Report of internal control Except for the aforementioned findings, we noted nothing that would lead us to conclude that operational management does not function as described in this statement. We therefore declare with reasonable assurance that the design of internal control, as mentioned in article 121 BGfo meets the requirements of the Wft and related regulations and that operational management has been effective and has functioned as described throughout the reporting year, except for the findings described above. Based upon this conclusion, we as the Board of Directors of Robeco Institutional Asset Management B.V. are committed to have a description of internal control which meets the requirements mentioned in article 121 BGfo and we will extend our ongoing compliance enhancements to incorporate required measures.

Rotterdam, 30 April 2021 The Manager

Robeco Institutional Umbrella Fund 24 Annual financial statements Balance sheet

0.1 0.2 Robeco QI Institutional Global Robeco QI Institutional Global Developed Conservative Equities Developed Momentum Equities 31 December 2020 31 December 2019 31 December 2020 31 December 2019

Before profit appropriation, EUR x thousand EUR EUR EUR EUR Assets Investments Equities 1 484,291 911,232 284,824 662,635 Derivatives 2 – – 57 38 Total investments 484,291 911,232 284,881 662,673

Accounts receivable Dividends receivable 3 721 1,889 110 542 Receivables on securities transactions – 3 – – Other receivables, prepayments and accrued income 4 2,734 1,901 1,063 996 3,455 3,793 1,173 1,538 Other assets Cash and cash equivalents 5 3,229 5,745 1,577 6,634

Liabilities Accounts payable Payable to affiliated parties 6 (255) (533) (156) (400) Other liabilities, accruals and deferred income 8 (115) (252) (75) (117) (370) (785) (231) (517)

Accounts receivable and other assets less accounts payable 6,314 8,753 2,519 7,655

Investments Derivatives 2 – – – (10)

Fund assets 9, 10 490,605 919,985 287,400 670,318

Composition of fund assets Participants capital 9 432,656 767,619 247,234 590,335 General reserve 9 (51,870) (28,178) (15,006) (7,829) Undistributed earnings 9 109,819 180,544 55,172 87,812 490,605 919,985 287,400 670,318

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)

0.3 0.4 Robeco QI Institutional Global Robeco QI Institutional Global Developed Value Equities Developed Quality Equities 31 December 2020 31 December 2019 31 December 2020 31 December 2019

Before profit appropriation, EUR x thousand EUR EUR EUR EUR Assets Investments Equities 1 292,835 652,435 110,555 185,192 Derivatives 2 69 24 19 9 Total investments 292,904 652,459 110,574 185,201

Accounts receivable Dividends receivable 3 606 1,672 156 308 Other receivables, prepayments and accrued income 4 1,336 1,020 301 237 1,942 2,692 457 545 Other assets Cash and cash equivalents 5 1,944 3,958 684 1,478

Liabilities Accounts payable Payable to affiliated parties 6 (161) (393) (60) (111) Other liabilities, accruals and deferred income 8 (74) (108) (58) (56) (235) (501) (118) (167)

Accounts receivable and other assets less accounts payable 3,651 6,149 1,023 1,856

Investments Derivatives 2 – (8) – (2)

Fund assets 9, 10 296,555 658,600 111,597 187,055

Composition of fund assets Participants capital 9 369,633 620,298 83,732 154,974 General reserve 9 (44,643) (21,476) (4,606) (1,456) Undistributed earnings 9 (28,435) 59,778 32,471 33,537 296,555 658,600 111,597 187,055

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)

0.6

0.5 Robeco QI Institutional Global Robeco QI Institutional Global Developed Sustainable Conservative Developed Enhanced Indexing Equities Equities 31 December 2020 31 December 2019 31 December 2020 31 December 2019

Before profit appropriation, EUR x thousand EUR EUR EUR EUR Assets Investments Equities 1 300,912 282,918 83,826 92,574 Derivatives 2 53 9 – – Total investments 300,965 282,927 83,826 92,574

Accounts receivable Dividends receivable 3 209 263 111 195 Receivables on securities transactions – – 2 1 Other receivables, prepayments and accrued income 4 736 506 212 78 945 769 325 274 Other assets Cash and cash equivalents 5 1,856 1,739 558 663

Liabilities Accounts payable Payable to affiliated parties 6 (77) (79) (44) (54) Other liabilities, accruals and deferred income 8 (76) (80) (50) (50) (153) (159) (94) (104)

Accounts receivable and other assets less accounts payable 2,648 2,349 789 833

Investments Derivatives 2 – (3) – –

Fund assets 9, 10 303,613 285,273 84,615 93,407

Composition of fund assets Participants capital 9 229,600 220,248 79,138 76,994 General reserve 9 (15,467) (9,542) (2,502) (358) Undistributed earnings 9 89,480 74,567 7,979 16,771 303,613 285,273 84,615 93,407

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

Robeco Institutional Umbrella Fund 27 Annual financial statements Balance sheet (continued)

0.7 Robeco QI Institutional Global

Developed Sustainable Multi-Factor 0.8 Equities Total 31 December 2020 31 December 2019 31 December 2020 31 December 2019

Before profit appropriation, EUR x thousand EUR EUR EUR EUR Assets Investments Equities 1 139,499 285,942 1,696,742 3,072,928 Derivatives 2 11 2 209 82 Total investments 139,510 285,944 1,696,951 3,073,010

Accounts receivable Dividends receivable 3 153 458 2,066 5,327 Receivables on securities transactions 1 2 3 6 Other receivables, prepayments and accrued income 4 1,690 113 8,072 4,851 1,844 573 10,141 10,184 Other assets Cash and cash equivalents 5 858 1,494 10,706 21,711

Liabilities Accounts payable Payable to affiliated parties 6 (73) (166) (826) (1,736) Other liabilities, accruals and deferred income 8 (168) (141) (616) (804) (241) (307) (1,442) (2,540)

Accounts receivable and other assets less accounts payable 2,461 1,760 19,405 29,355

Investments Derivatives 2 – – – (23)

Fund assets 9, 10 141,971 287,704 1,716,356 3,102,342

Composition of fund assets Participants capital 9 134,655 250,519 1,576,648 2,680,987 General reserve 9 (5,577) (144) (139,671) (68,983) Undistributed earnings 9 12,893 37,329 279,379 490,338 141,971 287,704 1,716,356 3,102,342

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

EUR x thousand EUR EUR EUR EUR Income Dividends 11 18,057 30,656 6,723 11,883 Interest 12 74 6 1 3 Receipts on surcharges and discounts on issuance and repurchase of own units 762 472 742 164 Changes in value Unrealised profits on investments 1, 2 27,834 192,120 43,318 181,511 Realised profits on investments 1, 2 80,867 46,755 95,398 64,433 Unrealised losses on investments 1, 2 (132,600) (17,885) (102,216) (29,098) Realised losses on investments 1, 2 (61,619) (29,782) (73,537) (62,790) Net currency (loss)/profit (274) 198 (334) 51 Total operating (expense)/income (66,899) 222,540 (29,905) 166,157

Expenses Management costs 17, 21 (3,648) (5,920) (2,538) (4,338) Other costs 16 (178) (250) (197) (268) Total operating expenses (3,826) (6,170) (2,735) (4,606)

Net result (70,725) 216,370 (32,640) 161,551

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)

EUR x thousand EUR EUR EUR EUR Income Dividends 11 14,452 28,784 3,842 4,504 Interest 12 2 3 4 – Receipts on surcharges and discounts on issuance and repurchase of own units 617 169 169 57 Changes in value Unrealised profits on investments 1, 2 61,180 130,015 19,740 39,272 Realised profits on investments 1, 2 51,011 31,468 31,481 5,628 Unrealised losses on investments 1, 2 (86,103) (33,058) (24,470) (6,798) Realised losses on investments 1, 2 (126,926) (40,653) (30,635) (3,249) Net currency profit/(loss) 175 (79) (51) 29 Total operating (expense)/income (85,592) 116,649 80 39,443

Expenses Management costs 17, 21 (2,434) (4,354) (1,065) (1,088) Other costs 16 (187) (230) (81) (70) Total operating expenses (2,621) (4,584) (1,146) (1,158)

Net result (88,213) 112,065 (1,066) 38,285

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)

0.6

EUR x thousand EUR EUR EUR EUR Income Dividends 11 6,202 8,684 2,491 2,728 Interest 12 8 5 – – Receipts on surcharges and discounts on issuance and repurchase of own units 53 160 – – Changes in value Unrealised profits on investments 1, 2 40,120 74,400 5,858 18,434 Realised profits on investments 1, 2 18,493 36,070 2,147 2,120 Unrealised losses on investments 1, 2 (28,925) (7,656) (11,816) (879) Realised losses on investments 1, 2 (19,796) (18,648) (6,874) (1,788) Net currency (loss)/profit (262) 28 (25) 20 Total operating income/(expense) 15,893 93,043 (8,219) 20,635

Expenses Management costs 17, 21 (856) (942) (519) (532) Other costs 16 (124) (79) (54) (52) Total operating expenses (980) (1,021) (573) (584)

Net result 14,913 92,022 (8,792) 20,051

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

Robeco Institutional Umbrella Fund 31 Annual financial statements Profit and loss account (continued)

0.7 Robeco QI Institutional Global

Developed Sustainable Multi-Factor 0.8 Equities Total year ended year ended year ended year ended 31 December 2020 31 December 2019 31 December 2020 31 December 2019

EUR x thousand EUR EUR EUR EUR Income Dividends 11 6,803 7,199 58,570 94,438 Interest 12 – – 89 17 Receipts on surcharges and discounts on issuance and repurchase of own units 254 157 2,597 1,179 Changes in value Unrealised profits on investments 1, 2 16,632 46,041 214,682 681,793 Realised profits on investments 1, 2 32,988 5,390 312,385 191,864 Unrealised losses on investments 1, 2 (38,406) (6,269) (424,536) (101,643) Realised losses on investments 1, 2 (40,937) (7,109) (360,324) (164,019) Net currency (loss)/profit (41) 39 (812) 286 Total operating (expense)/income (22,707) 45,448 (197,349) 703,915

Expenses Management costs 17, 21 (1,570) (1,529) (12,630) (18,703) Other costs 16 (159) (237) (980) (1,186) Total operating expenses (1,729) (1,766) (13,610) (19,889)

Net result (24,436) 43,682 (210,959) 684,026

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

0.1 0.2 Robeco QI Institutional Global Robeco QI Institutional Global Developed Conservative Equities Developed Momentum Equities year ended year ended year ended year ended 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Indirect method, EUR x thousand EUR EUR EUR EUR Cash flow from investment activities Net result (70,725) 216,370 (32,640) 161,551 Unrealised changes in value 1, 2 104,766 (174,236) 58,898 (152,413) Realised changes in value 1, 2 (20,774) (16,773) (22,988) (1,475) Purchase of investments 1, 2 (246,684) (289,131) (441,370) (706,798) Sales of investments 1, 2 588,107 465,784 782,115 824,230 Increase (-)/decrease (+) in accounts receivableIncrease (-)/decrease (+) 3, 4 338 289 365 (274) Increase (-)/decrease (+) in accounts payableDecrease (+)/increase (-) 6, 8 (415) (94) (286) 8 354,613 202,209 344,094 124,829

Cash flow from financing activities

Received from placement of participating units 190,582 45,838 43,579 19,568 Paid for purchase of participating units (525,545) (222,034) (386,680) (135,817) Dividend payments (23,692) (25,223) (7,177) (7,321) (358,655) (201,419) (350,278) (123,570)

Net cash flow (4,042) 790 (6,184) 1,259 Currency and cash revaluation 5 1,526 (199) 1,127 (168) Increase (-)/decrease (+) cash (2,516) 591 (5,057) 1,091

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

Cash and cash equivalents at closing date 5 3,229 5,745 1,577 6,634 Total cash at closing date 3,229 5,745 1,577 6,634

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)

0.3 0.4 Robeco QI Institutional Global Robeco QI Institutional Global Developed Value Equities Developed Quality Equities year ended year ended year ended year ended 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Indirect method, EUR x thousand EUR EUR EUR EUR Cash flow from investment activities Net result (88,213) 112,065 (1,066) 38,285 Unrealised changes in value 1, 2 24,923 (96,957) 4,730 (32,473) Realised changes in value 1, 2 75,432 9,387 (1,016) (2,292) Purchase of investments 1, 2 (257,319) (271,084) (79,392) (77,752) Sales of investments 1, 2 516,028 368,842 150,133 49,509 Increase (-)/decrease (+) in accounts receivableIncrease (-)/decrease (+) 3, 4 750 163 88 (254) Increase (-)/decrease (+) in accounts payableDecrease (+)/increase (-) 6, 8 (266) (54) (49) 36 271,335 122,362 73,428 (24,941)

Cash flow from financing activities

Received from placement of participating units 80,683 42,747 36,391 37,859 Paid for purchase of participating units (331,348) (148,643) (107,633) (11,531) Dividend payments (23,167) (20,066) (3,150) (1,342) (273,832) (125,962) (74,392) 24,986

Net cash flow (2,497) (3,600) (964) 45 Currency and cash revaluation 5 483 (202) 170 (88) Increase (-)/decrease (+) cash (2,014) (3,802) (794) (43)

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

Cash and cash equivalents at closing date 5 1,944 3,958 684 1,478 Total cash at closing date 1,944 3,958 684 1,478

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)

0.6

0.5 Robeco QI Institutional Global Robeco QI Institutional Global Developed Sustainable Conservative Developed Enhanced Indexing Equities Equities year ended year ended year ended year ended 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Indirect method, EUR x thousand EUR EUR EUR EUR Cash flow from investment activities Net result 14,913 92,022 (8,792) 20,051 Unrealised changes in value 1, 2 (11,195) (66,744) 5,958 (17,555) Realised changes in value 1, 2 1,383 (18,022) 4,750 (340) Purchase of investments 1, 2 (166,078) (173,789) (35,838) (26,909) Sales of investments 1, 2 157,929 355,389 33,901 25,013 Increase (-)/decrease (+) in accounts receivableDecrease (+)/increase (-) 3, 4 (176) 225 (51) (62) Increase (-)/decrease (+) in accounts payableDecrease (+)/increase (-) 6, 8 (6) (126) (10) 24 (3,230) 188,955 (82) 222

Cash flow from financing activities

Received from placement of participating units 109,013 136,830 2,144 358 Paid for purchase of participating units (99,661) (319,061) – – Dividend payments (5,925) (8,408) (2,144) (358) 3,427 (190,639) – –

Net cash flow 197 (1,684) (82) 222 Currency and cash revaluation 5 (80) 600 (23) 8 Increase (-)/decrease (+) cash 117 (1,084) (105) 230

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

Cash and cash equivalents at closing date 5 1,856 1,739 558 663 Total cash at closing date 1,856 1,739 558 663

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

Robeco Institutional Umbrella Fund 35 Annual financial statements Cash flow statement (continued)

0.7 Robeco QI Institutional Global

Developed Sustainable Multi-Factor 0.8 Equities Total year ended year ended year ended year ended 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Indirect method, EUR x thousand EUR EUR EUR EUR Cash flow from investment activities Net result (24,436) 43,682 (210,959) 684,026 Unrealised changes in value 1, 2 21,774 (39,772) 209,854 (580,150) Realised changes in value 1, 2 7,062 2,167 43,849 (27,348) Purchase of investments 1, 2 (161,165) (194,923) (1,387,846) (1,740,386) Sales of investments 1, 2 277,876 86,621 2,506,089 2,175,388 Increase (-)/decrease (+) in accounts receivableDecrease (+)/increase (-) 3, 4 (1,271) (400) 43 (313) Increase (-)/decrease (+) in accounts payableDecrease (+)/increase (-) 6, 8 (66) 237 (1,098) 31 119,774 (102,388) 1,159,932 511,248

Cash flow from financing activities

Received from placement of participating units 58,690 248,619 521,082 531,819 Paid for purchase of participating units (174,554) (145,875) (1,625,421) (982,961) Dividend payments (5,433) (144) (70,688) (62,862) (121,297) 102,600 (1,175,027) (514,004)

Net cash flow (1,523) 212 (15,095) (2,756) Currency and cash revaluation 5 887 (448) 4,090 (497) Increase (-)/decrease (+) cash (636) (236) (11,005) (3,253)

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

Cash and cash equivalents at closing date 5 858 1,494 10,706 21,711 Total cash at closing date 858 1,494 10,706 21,711

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

Robeco Institutional Umbrella Fund 36 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 2020 to 31 December 2020.

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

●● T8 CAD units

●● T12 EUR units Robeco QI Institutional Global Developed Momentum Equities

●● T1 EUR units

●● T8 CAD units

●● T12 EUR units Robeco QI Institutional Global Developed Value Equities

●● T1 EUR units

●● T8 CAD units

●● T12 EUR units Robeco QI Institutional Global Developed Quality Equities

●● T1 EUR units

●● T8 CAD units

●● T12 EUR units Robeco QI Institutional Global Developed Enhanced Indexing Equities

●● T1 EUR units Robeco QI Institutional Global Developed Sustainable Conservative Equities

●● T2 EUR units Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

●● 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 37 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 74.

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 38 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 structured process with clear responsibilities with the aim of accurately implementing new laws and regulations in a timely fashion.

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

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

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

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

Robeco Institutional Umbrella Fund 39 Risk management (continued)

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

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

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

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

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

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

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 15 through 18.

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 Institutional Umbrella Fund 40 Risk management (continued)

Currency risk (continued) Robeco QI Institutional Global Developed Conservative Equities

Currency-exposure EUR x thousand Gross position Net Position In % In % Currency 31 December 2020 31 December 2020 31 December 2020 31 December 2019 AUD 26,629 26,629 5.5% 6.2% CAD 40,945 40,945 8.5% 8.8% CHF 24,915 24,915 5.1% 5.6% DKK 877 877 0.2% 0.2% EUR 26,197 26,197 5.4% 6.0% GBP 24,755 24,755 5.1% 5.4% HKD 4,530 4,530 0.9% 1.9% ILS 4,609 4,609 1.0% 0.4% JPY 28,108 28,108 5.8% 4.8% NOK 8,303 8,303 1.7% 0.9% NZD 3,288 3,288 0.7% 0.8% SEK 4,481 4,481 0.9% 2.5% SGD 5,042 5,042 1.0% 2.1% USD 281,612 281,612 58.2% 54.4% Total 484,291 484,291 100.0% 100.0%

Robeco QI Institutional Global Developed Momentum Equities

Currency-exposure EUR x thousand Gross position Net Position In % In % Currency 31 December 2020 31 December 2020 31 December 2020 31 December 2019 AUD 9,475 9,475 3.3% 4.5% CAD 16,353 16,353 5.7% 4.7% CHF – – –% 2.9% DKK 4,038 4,038 1.4% 0.5% EUR 23,379 23,379 8.2% 9.7% GBP 5,635 5,635 2.0% 3.7% HKD 2,687 2,687 0.9% –% ILS 678 678 0.2% 0.7% JPY 23,791 23,791 8.4% 11.5% NOK 1,318 1,318 0.5% 0.8% NZD 2,796 2,796 1.0% 0.9% SEK 6,937 6,937 2.4% 4.0% SGD 1,832 1,832 0.6% 0.3% USD 185,905 185,905 65.4% 55.8% Total 284,824 284,824 100.0% 100.0%

Robeco Institutional Umbrella Fund 41 Risk management (continued)

Currency risk (continued) Robeco QI Institutional Global Developed Value Equities

Currency-exposure EUR x thousand Gross position Net Position In % In % Currency 31 December 2020 31 December 2020 31 December 2020 31 December 2019 AUD 4,565 4,565 1.6% 1.3% CAD 8,550 8,550 2.9% 3.0% DKK 3,663 3,663 1.3% 0.8% EUR 51,295 51,295 17.5% 17.2% GBP 15,584 15,584 5.3% 8.4% HKD 3,652 3,652 1.2% 1.8% ILS – – –% 0.6% JPY 37,420 37,420 12.8% 11.8% NOK 792 792 0.3% 0.5% SEK 603 603 0.2% 0.1% USD 166,711 166,711 56.9% 54.5% Total 292,835 292,835 100.0% 100.0%

Robeco QI Institutional Global Developed Quality Equities

Currency-exposure EUR x thousand Gross position Net Position In % In % Currency 31 December 2020 31 December 2020 31 December 2020 31 December 2019 AUD 2,150 2,150 1.9% 3.4% CAD 2,557 2,557 2.3% 2.8% CHF 3,186 3,186 2.9% 1.2% DKK 3,498 3,498 3.2% 3.1% EUR 5,531 5,531 5.0% 6.9% GBP 2,330 2,330 2.1% 6.1% HKD – – –% 0.3% ILS 407 407 0.4% 0.2% JPY 7,737 7,737 7.0% 7.6% NOK – – –% 0.6% SEK 839 839 0.8% 1.5% SGD 107 107 0.1% 0.1% USD 82,213 82,213 74.3% 66.2% Total 110,555 110,555 100.0% 100.0%

Robeco Institutional Umbrella Fund 42 Risk management (continued)

Currency risk (continued) Robeco QI Institutional Global Developed Enhanced Indexing Equities

Currency-exposure EUR x thousand Gross position Net Position In % In % Currency 31 December 2020 31 December 2020 31 December 2020 31 December 2019 AUD 5,479 5,479 1.8% 2.8% CAD 7,861 7,861 2.6% 3.4% CHF 9,571 9,571 3.2% 2.9% DKK 3,163 3,163 1.1% 0.7% EUR 29,583 29,583 9.8% 10.6% GBP 12,008 12,008 4.0% 5.5% HKD 2,791 2,791 0.9% 0.7% ILS 466 466 0.2% –% JPY 24,603 24,603 8.2% 8.7% NOK 395 395 0.1% 0.3% NZD 474 474 0.2% –% SEK 3,450 3,450 1.1% 0.9% SGD 934 934 0.3% 0.3% USD 200,134 200,134 66.5% 63.2% Total 300,912 300,912 100.0% 100.0%

Robeco QI Institutional Global Developed Sustainable Conservative Equities

Currency-exposure EUR x thousand Gross position Net Position In % In % Currency 31 December 2020 31 December 2020 31 December 2020 31 December 2019 AUD 4,968 4,968 5.9% 6.2% CAD 6,623 6,623 7.9% 8.1% CHF 6,129 6,129 7.3% 7.0% DKK 321 321 0.4% 0.1% EUR 5,090 5,090 6.1% 5.9% GBP 2,971 2,971 3.5% 5.7% HKD 372 372 0.4% 1.1% ILS 382 382 0.5% 0.7% JPY 4,463 4,463 5.3% 3.4% NOK 656 656 0.8% 0.6% NZD 904 904 1.1% 1.3% SEK 2,227 2,227 2.7% 3.4% SGD 796 796 0.9% 2.1% USD 47,924 47,924 57.2% 54.4% Total 83,826 83,826 100.0% 100.0%

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

Currency-exposure EUR x thousand Gross position Net Position In % In % Currency 31 December 2020 31 December 2020 31 December 2020 31 December 2019 AUD 4,859 4,859 3.5% 4.2% CAD 5,674 5,674 4.1% 4.2% CHF 4,090 4,090 2.9% 2.3% DKK 1,646 1,646 1.2% 0.8% EUR 13,984 13,984 10.0% 13.2% GBP 3,762 3,762 2.7% 5.7% HKD 662 662 0.5% 0.3% ILS 153 153 0.1% 0.5% JPY 13,180 13,180 9.4% 8.9% NOK 557 557 0.4% 0.4% NZD 475 475 0.3% 0.5% SEK 1,446 1,446 1.0% 1.5% SGD 862 862 0.6% 0.6% USD 88,149 88,149 63.3% 56.9% Total 139,499 139,499 100.0% 100.0%

Robeco Institutional Umbrella Fund 43 Risk management (continued)

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 % In % 31 December 2020 31 December 2020 31 December 2020 31 December 2020 31 December 2019

America – Canada 40,945 – 40,945 8.5% 8.8% United States 278,815 – 278,815 57.5% 54.3%

Australia – Australia 26,629 – 26,629 5.5% 6.2% New Zealand 3,289 – 3,289 0.7% 0.8%

Europe – Austria 1,485 – 1,485 0.3% 0.2% Belgium – – – –% 0.3% Denmark 877 – 877 0.2% 0.2% Finland – – – –% 0.6% Germany 5,004 – 5,004 1.0% 1.3% Italy 8,741 – 8,741 1.8% 2.4% Luxembourg 1,229 – 1,229 0.3% 0.1% Netherlands 6,088 – 6,088 1.3% 0.6% Norway 8,303 – 8,303 1.7% 0.9% Spain 3,650 – 3,650 0.8% 0.4% Sweden 4,481 – 4,481 0.9% 2.5% Switzerland 24,914 – 24,914 5.1% 5.7% United Kingdom 24,040 – 24,040 5.0% 5.4%

Asia – Hong Kong 4,530 – 4,530 0.9% 2.0% Israel 8,121 – 8,121 1.7% 0.4% Japan 28,108 – 28,108 5.8% 4.8% Singapore 5,042 – 5,042 1.0% 2.1%

Total 484,291 – 484,291 100.0% 100.0%

Robeco Institutional Umbrella Fund 44 Risk management (continued)

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 % In % 31 December 2020 31 December 2020 31 December 2020 31 December 2020 31 December 2019

America – Bermuda – – – –% 0.9% Canada 16,353 – 16,353 5.7% 4.3% Puerto Rico – – – –% 1.2% United States 181,426 36 181,462 63.7% 53.9%

Australia – Australia 9,475 – 9,475 3.3% 4.5% New Zealand 2,796 – 2,796 1.0% 0.9%

Europe – Austria – – – –% 0.2% Belgium – – – –% 0.5% Denmark 4,038 – 4,038 1.4% 0.5% Finland 1,442 – 1,442 0.5% 0.8% France 7,199 – 7,199 2.5% 3.3% Germany 5,864 21 5,885 2.1% 1.1% Ireland 2,383 – 2,383 0.8% –% Italy 1,017 – 1,017 0.4% 2.2% Netherlands 5,833 – 5,833 2.0% 0.3% Norway 1,318 – 1,318 0.5% 0.6% Portugal – – – –% 0.1% Spain – – – –% 0.6% Sweden 6,938 – 6,938 2.5% 4.0% Switzerland 2,283 – 2,283 0.8% 2.9% United Kingdom 5,635 – 5,635 2.0% 4.7%

Asia – Hong Kong 2,687 – 2,687 0.9% –% Israel 2,514 – 2,514 0.9% 0.7% Japan 23,791 – 23,791 8.4% 11.5% Singapore 1,832 – 1,832 0.6% 0.3%

Total 284,824 57 284,881 100.0% 100.0%

Robeco Institutional Umbrella Fund 45 Risk management (continued)

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 % In % 31 December 2020 31 December 2020 31 December 2020 31 December 2020 31 December 2019

Africa – South Africa – – – –% 1.0%

America – Bermuda 1,595 – 1,595 0.5% 0.3% Canada 8,550 – 8,550 2.9% 3.0% United States 160,892 49 160,941 54.9% 52.7%

Australia – Australia 4,565 – 4,565 1.6% 1.2%

Europe – Austria 920 – 920 0.3% 0.2% Belgium 2,072 – 2,072 0.7% 0.2% Denmark 3,663 – 3,663 1.3% 0.8% Finland – – – –% 0.7% France 14,551 – 14,551 5.0% 6.3% Germany 2,948 20 2,968 1.0% 1.7% Ireland – – – –% 0.8% Italy 3,320 – 3,320 1.1% 1.4% Jersey 597 – 597 0.2% 1.0% Netherlands 14,942 – 14,942 5.1% 3.3% Norway 793 – 793 0.3% 0.5% Spain 12,542 – 12,542 4.3% 3.0% Sweden 603 – 603 0.2% 0.1% United Kingdom 18,093 – 18,093 6.2% 7.3%

Asia – Hong Kong 4,769 – 4,769 1.6% 2.1% Israel – – – –% 0.6% Japan 37,420 – 37,420 12.8% 11.8%

Total 292,835 69 292,904 100.0% 100.0%

Robeco Institutional Umbrella Fund 46 Risk management (continued)

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 % In % 31 December 2020 31 December 2020 31 December 2020 31 December 2020 31 December 2019

America – Bermuda – – – –% 0.1% Canada 2,557 – 2,557 2.3% 2.8% United States 81,268 11 81,279 73.5% 64.4%

Australia – Australia 2,149 – 2,149 1.9% 3.5%

Europe – Austria 859 – 859 0.8% –% Belgium 683 – 683 0.6% –% Denmark 3,498 – 3,498 3.2% 3.1% France 800 – 800 0.7% 1.8% Germany – 8 8 –% 2.8% Gibraltar 696 – 696 0.6% 0.3% Jersey – – – –% 0.6% Netherlands 2,769 – 2,769 2.5% 2.5% Norway – – – –% 0.6% Spain 420 – 420 0.4% 0.5% Sweden 839 – 839 0.8% 1.5% Switzerland 3,186 – 3,186 2.9% 1.2% United Kingdom 854 – 854 0.8% 5.2%

Asia – Israel 2,133 – 2,133 1.9% 1.1% Japan 7,737 – 7,737 7.0% 7.6% Macau – – – –% 0.3% Singapore 107 – 107 0.1% 0.1%

Total 110,555 19 110,574 100.0% 100.0%

Robeco Institutional Umbrella Fund 47 Risk management (continued)

Concentration risk (continued)

Robeco QI Institutional Global Developed Enhanced Indexing Equities Concentration risk by country In EUR x thousand

Equities Equity-index-futures Total exposure In % In % 31 December 2020 31 December 2020 31 December 2020 31 December 2020 31 December 2019

Africa – South Africa 255 – 255 0.1% 0.2%

America – Argentina 418 – 418 0.1% 0.1% Canada 7,861 – 7,861 2.6% 3.4% United States 197,411 32 197,443 65.6% 62.5%

Australia – Australia 6,719 – 6,719 2.2% 3.2% New Zealand 558 – 558 0.2% –%

Europe – Austria – – – –% –% Belgium 1,204 – 1,204 0.4% 0.4% Denmark 3,163 – 3,163 1.1% 0.8% Finland 830 – 830 0.3% 0.2% France 8,384 – 8,384 2.8% 3.6% Germany 8,637 21 8,658 2.9% 2.6% Ireland 1,179 – 1,179 0.4% 0.3% Italy 1,088 – 1,088 0.4% 1.0% Jersey – – – –% 0.1% Luxembourg 712 – 712 0.2% –% Netherlands 5,247 – 5,247 1.7% 1.9% Norway 395 – 395 0.1% 0.3% Portugal 139 – 139 –% –% Spain 2,364 – 2,364 0.8% 0.8% Sweden 3,299 – 3,299 1.1% 0.8% Switzerland 9,749 – 9,749 3.2% 3.0% United Kingdom 11,697 – 11,697 3.9% 5.0%

Asia – China 373 – 373 0.1% 0.1% Hong Kong 2,301 – 2,301 0.8% 0.6% Israel 1,009 – 1,009 0.3% 0.1% Japan 24,603 – 24,603 8.2% 8.6% Jordan 219 – 219 0.1% –% Macau 164 – 164 0.1% 0.1% Singapore 934 – 934 0.3% 0.3%

Total 300,912 53 300,965 100.0% 100.0%

Robeco Institutional Umbrella Fund 48 Risk management (continued)

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 % In % 31 December 2020 31 December 2020 31 December 2020 31 December 2020 31 December 2019

America – Canada 6,623 – 6,623 7.9% 8.1% United States 47,923 – 47,923 57.2% 54.4%

Australia – Australia 4,968 – 4,968 5.9% 6.2% New Zealand 904 – 904 1.1% 1.3%

Europe – Austria 134 – 134 0.2% 0.2% Belgium 85 – 85 0.1% 0.3% Denmark 321 – 321 0.4% 0.1% Finland – – – –% 0.5% France 148 – 148 0.2% 0.2% Germany 1,967 – 1,967 2.3% 2.2% Italy 1,309 – 1,309 1.6% 1.6% Luxembourg 99 – 99 0.1% 0.1% Netherlands 845 – 845 1.0% 0.1% Norway 656 – 656 0.8% 0.6% Portugal 81 – 81 0.1% 0.1% Spain 423 – 423 0.5% 0.7% Sweden 2,227 – 2,227 2.7% 3.4% Switzerland 6,128 – 6,128 7.3% 6.9% United Kingdom 2,971 – 2,971 3.5% 5.7%

Asia – Hong Kong 372 – 372 0.4% 1.1% Israel 382 – 382 0.5% 0.7% Japan 4,464 – 4,464 5.3% 3.4% Singapore 796 – 796 0.9% 2.1%

Total 83,826 – 83,826 100.0% 100.0%

Robeco Institutional Umbrella Fund 49 Risk management (continued)

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 % In % 31 December 2020 31 December 2020 31 December 2020 31 December 2020 31 December 2019

America – Bermuda 244 – 244 0.2% 0.2% Canada 5,674 – 5,674 4.1% 4.2% United States 86,670 6 86,676 62.1% 55.6%

Australia – Australia 4,584 – 4,584 3.3% 4.2% New Zealand 475 – 475 0.3% 0.5%

Europe – Austria 431 – 431 0.3% 0.4% Belgium 348 – 348 0.2% 0.5% Denmark 1,646 – 1,646 1.2% 0.8% Finland 625 – 625 0.4% 0.1% France 2,621 – 2,621 1.9% 3.9% Germany 1,958 5 1,963 1.4% 2.7% Ireland 274 – 274 0.2% –% Italy 887 – 887 0.6% 1.2% Jersey – – – –% 0.1% Luxembourg 229 – 229 0.2% 0.3% Netherlands 4,627 – 4,627 3.3% 2.8% Norway 557 – 557 0.4% 0.4% Spain 1,940 – 1,940 1.4% 1.5% Sweden 1,446 – 1,446 1.0% 1.5% Switzerland 4,425 – 4,425 3.2% 2.3% United Kingdom 4,713 – 4,713 3.4% 6.4%

Asia – Hong Kong 662 – 662 0.5% 0.3% Israel 421 – 421 0.3% 0.6% Japan 13,180 – 13,180 9.5% 8.9% Singapore 862 – 862 0.6% 0.6%

Total 139,499 11 139,510 100.0% 100.0%

All outstanding futures have a remaining term of less than three months.

Robeco Institutional Umbrella Fund 50 Risk management (continued)

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 2020 31 December 2019 In % 31 December 2020 31 December 2019 Financials 21.0% 31.2% Financials 12.5% 25.5% Consumer staples 17.9% 15.2% Consumer staples 17.3% 16.2% Utilities 3.6% 11.8% Utilities 0.1% 0.7% Telecom services 14.4% 10.9% Telecom services 3.8% 6.8% Industrials 5.8% 7.3% Industrials 15.9% 12.5% Consumer discretionary 23.7% 16.7% Consumer discretionary 24.4% 20.7% Information technology 10.0% 4.7% Information technology 22.6% 14.3% Materials 3.0% 0.9% Materials 2.6% 1.4% Energy 0.6% 1.3% Energy 0.8% 1.9% 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 2020 31 December 2019 In % 31 December 2020 31 December 2019 Financials 21.4% 19.6% Financials 13.3% 16.1% Consumer staples 15.6% 19.5% Consumer staples 16.9% 21.0% Utilities 1.2% 4.4% Utilities –% 0.5% Telecom services 14.9% 14.0% Telecom services 9.2% 9.3% Industrials 5.4% 4.1% Industrials 8.0% 7.3% Consumer discretionary 13.8% 8.5% Consumer discretionary 22.9% 18.5% Information technology 11.8% 10.4% Information technology 26.4% 21.7% Materials 5.7% 10.7% Materials 2.1% 2.7% Energy 10.2% 8.6% Energy 1.2% 2.9% Other assets and liabilities –% 0.2% Total 100.0% 100.0% Total 100.0% 100.0%

Robeco QI Institutional Global Developed Enhanced Indexing Robeco QI Institutional Global Developed Sustainable Conserva- Equities tive Equities

Sector Allocation Sector Allocation In % 31 December 2020 31 December 2019 In % 31 December 2020 31 December 2019 Financials 16.4% 18.4% Financials 21.2% 33.8% Consumer staples 10.7% 11.2% Consumer staples 13.6% 14.8% Utilities 2.7% 2.9% Utilities 3.6% 4.8% Telecom services 13.0% 11.2% Telecom services 12.7% 12.2% Industrials 10.2% 10.3% Industrials 9.8% 7.5% Consumer discretionary 21.7% 22.4% Consumer discretionary 26.6% 19.0% Information technology 19.0% 14.3% Information technology 10.0% 6.0% Materials 3.7% 3.9% Materials 1.9% –% Energy 2.4% 5.2% Energy 0.6% 1.9% Other assets and liabilities 0.2% 0.2% Total 100.0% 100.0% Total 100.0% 100.0%

Robeco Institutional Umbrella Fund 51 Risk management (continued)

Concentration risk (continued)

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

Sector Allocation In % 31 December 2020 31 December 2019 Financials 15.4% 25.1% Consumer staples 17.5% 19.0% Utilities 1.2% 2.0% Telecom services 11.4% 10.3% Industrials 9.3% 7.8% Consumer discretionary 22.5% 17.0% Information technology 18.3% 13.0% Materials 2.3% 2.1% Energy 2.1% 3.6% Other assets and liabilities –% 0.1% 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 leverage in the sub-funds, measured using the Gross Method and the Commitment Method (where 0% exposure indicates no leverage) 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 L e v e r a g e p e r during the during the during the reporting 31 December 2020 reporting year reporting year year Robeco QI Institutional Global Developed Conservative 0.0000% 6.2987% 0.3554% 0.0000% Equities Robeco QI Institutional Global Developed Momentum 0.0000% 9.0125% 1.7763% 0.8743% Equities Robeco QI Institutional Global Developed Value 0.7883% 9.5235% 1.8987% 1.0543% Equities Robeco QI Institutional Global Developed Quality 0.2642% 10.6926% 1.2918% 0.7576% Equities Robeco QI Institutional Global Developed Enhanced 0.4963% 1.6466% 0.8571% 0.7661% Indexing Equities Robeco QI Institutional Global Developed Sustainable 0.0000% 2.0225% 0.0648% 0.0000% Conservative Equities Robeco QI Institutional Global Developed Sustainable 0.0000% 2.7096% 0.5655% 1.2213% Multi-Factor Equities

Robeco Institutional Umbrella Fund 52 Risk management (continued)

Credit risk Credit risk occurs when a counterparty of the fund fails to fulfil its financial obligations arising from financial instruments in the fund.

Credit risk is limited as far as possible by exercising an appropriate degree of caution in the selection of counterparties. In selecting counterparties, the assessments of independent rating bureaus are taken into account, as are other relevant indicators. Wherever it is customary in the market, the fund will demand and obtain collateral in order to mitigate credit risk.

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

Robeco QI Institutional Global Developed Conservative Equities Robeco QI Institutional Global Developed Momentum Equities 31 December 2020 31 December 2019 31 December 2020 31 December 2019 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 3,455 0.70% 0.41% Receivables 1,173 0.41% 0.23% Cash 3,229 0.66% 0.62% Cash 1,577 0.55% 0.99% Total 6,684 1.36% 1.03% Total 2,750 0.96% 1.22%

Robeco QI Institutional Global Developed Value Equities Robeco QI Institutional Global Developed Quality Equities 31 December 2020 31 December 2019 31 December 2020 31 December 2019 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 1,942 0.65% 0.41% Receivables 457 0.41% 0.29% Cash 1,944 0.66% 0.60% Cash 684 0.61% 0.79% Total 3,886 1.31% 1.01% Total 1,141 1.02% 1.08%

Robeco QI Institutional Global Developed Enhanced Indexing Robeco QI Institutional Global Developed Sustainable Equities Conservative Equities 31 December 2020 31 December 2019 31 December 2020 31 December 2019 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 945 0.31% 0.27% Receivables 325 0.38% 0.29% Cash 1,856 0.61% 0.61% Cash 558 0.66% 0.71% Total 2,801 0.92% 0.88% Total 883 1.04% 1.00%

Robeco QI Institutional Global Developed Sustainable Multi- Factor Equities 31 December 2020 31 December 2019 In EUR x thousand In % of net assets In % of net assets Receivables 1,844 1.30% 0.20% Cash 858 0.60% 0.52% Total 2,702 1.90% 0.72%

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

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

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

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

Robeco Institutional Umbrella Fund 53 Risk management (continued)

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 54 Notes to the balance sheet

1 Equities

Movements in the equity portfolio For the year ended 31 December 2020

0.1 0.2

Robeco QI Robeco QI 0.3 0.4 Institutional Institutional Robeco QI Robeco QI Global Global Institutional Institutional Developed Developed Global Global Conservative Momentum Developed Value Developed Equities Equities Equities Quality Equities EUR x thousand EUR EUR EUR EUR 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 01 January 2020 911,232 662,635 652,435 185,192 Purchases 210,614 273,568 119,972 64,724 Sales (554,278) (618,572) (381,860) (135,069) Unrealised changes in value (104,766) (58,927) (24,976) (4,742) Realised changes in value 21,489 26,120 (72,736) 450 Book value (fair value) at 31 December 2020 484,291 284,824 292,835 110,555

0.5 0.6 0.7 Robeco QI Robeco QI Robeco QI Institutional Institutional Institutional Global Global Global Developed Developed Developed Enhanced Sustainable Sustainable Indexing Conservative Multi-Factor Equities Equities Equities EUR x thousand EUR EUR EUR 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 01 January 2020 282,918 92,574 285,942 Purchases 144,634 35,838 149,541 Sales (135,920) (33,901) (265,761) Unrealised changes in value 11,148 (5,958) (21,784) Realised changes in value (1,868) (4,727) (8,439) Book value (fair value) at 31 December 2020 300,912 83,826 139,499

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 2020 31 December 2019 Exchange rate differences in EUR thousand in EUR thousand

0.1Robeco QI Institutional Global Developed Conservative Equities (1) (1)

0.2Robeco QI Institutional Global Developed Momentum Equities – (3)

0.3Robeco QI Institutional Global Developed Value Equities – (3)

0.4Robeco QI Institutional Global Developed Quality Equities – (1)

0.5Robeco QI Institutional Global Developed Enhanced Indexing Equities – (1)

0.6Robeco QI Institutional Global Developed Sustainable Conservative Equities – –

0.7Robeco 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 55 Notes to the balance sheet (continued)

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.

0.1 0.2 0.3 0.4 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 2020 2019 2020 2019 2020 2019 2020 2019 Transaction type Equity 207 268 269 523 201 211 55 43

0.5 0.6 0.7 Robeco QI Institutional Robeco QI Institutional Robeco QI Institutional Global Developed Global Developed Global Developed Enhanced Indexing Sustainable Conservative Sustainable Multi-Factor Equities Equities Equities EUR x thousand 2020 2019 2020 2019 2020 2019 Transaction type Equity 98 117 16 – 96 116

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

0.1 0.2

Robeco QI Robeco QI 0.3 0.4 Institutional Institutional Robeco QI Robeco QI Global Global Institutional Institutional Developed Developed Global Global Conservative Momentum Developed Value Developed Equities Equities Equities Quality Equities EUR x thousand EUR EUR EUR EUR 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 01 January 2020 – 28 16 7 Purchases 36,070 167,802 137,347 14,668 Sales (33,829) (163,543) (134,168) (15,064) Unrealised changes in value – 29 53 12 Realised changes in value (2,241) (4,259) (3,179) 396 Book value (fair value) at 31 December 2020 – 57 69 19

Robeco Institutional Umbrella Fund 56 Notes to the balance sheet (continued)

2 Derivatives (continued)

0.5 0.6 0.7 Robeco QI Robeco QI Robeco QI Institutional Institutional Institutional Global Global Global Developed Developed Developed Enhanced Sustainable Sustainable Indexing Conservative Multi-Factor Equities Equities Equities EUR x thousand EUR EUR EUR 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 01 January 2020 6 – 2 Purchases 21,444 – 11,624 Sales (22,009) – (12,115) Unrealised changes in value 47 – 10 Realised changes in value 565 – 490 Book value (fair value) at 31 December 2020 53 – 11

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.

0.2 Robeco QI Institutional Global Developed Momentum Equities 12/31/2020 12/31/2019 Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2020 31 December 2020 31 December 2020 31 December 2019 Derivatives Futures 57 – 57 28 Book value (fair value) at 31 December 2020 57 – 57 28

0.3 Robeco QI Institutional Global Developed Value Equities 12/31/2020 12/31/2019 Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2020 31 December 2020 31 December 2020 31 December 2019 Derivatives Futures 69 – 69 16 Book value (fair value) at 31 December 2020 69 – 69 16

0.4 Robeco QI Institutional Global Developed Quality Equities 12/31/2020 12/31/2019 Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2020 31 December 2020 31 December 2020 31 December 2019 Derivatives Futures 19 – 19 7 Book value (fair value) at 31 December 2020 19 – 19 7

Robeco Institutional Umbrella Fund 57 Notes to the balance sheet (continued)

2 Derivatives (continued)

0.5 Robeco QI Institutional Global Developed Enhanced Indexing Equities 12/31/2020 12/31/2019 Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2020 31 December 2020 31 December 2020 31 December 2019 Derivatives Futures 53 – 53 6 Book value (fair value) at 31 December 2020 53 – 53 6

0.7 Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities 12/31/2020 12/31/2019 Presentation of derivatives in the balance sheet EUR x thousand Under Assets Under Liabilities Total Total 31 December 2020 31 December 2020 31 December 2020 31 December 2019 Derivatives Futures 11 – 11 2 Book value (fair value) at 31 December 2020 11 – 11 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

0.5 0.6 Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Enhanced Indexing Equities Sustainable Conservative Equities EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Dividend tax to be reclaimed 584 399 212 78 Margin cash 152 107 – – Subtotal 736 506 212 78

Robeco Institutional Umbrella Fund 58 Notes to the balance sheet (continued)

4 Other receivables, prepayments and accrued income (continued)

0.7 Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities EUR x thousand 31 December 2020 31 December 2019 Capital share receivable 1,400 – Dividend tax to be reclaimed 193 102 Margin cash 97 11 Subtotal 1,690 113

5 Cash and cash equivalents

0.7 Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities EUR x thousand 31 December 2020 31 December 2019 Freely available cash 858 1,494 Total 858 1,494

6 Payable to affiliated parties

This concerns the following payables to RIAM:

Robeco Institutional Umbrella Fund 59 Notes to the balance sheet (continued)

6 Payable to affiliated parties (continued)

0.7 Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities EUR x thousand 31 December 2020 31 December 2019 Payable management fees (73) (166) Total (73) (166)

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

8 Other liabilities This concerns:

0.1 0.2 Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Conservative Equities Momentum Equities EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Accounting fee (2) (1) (2) (2) Administration fee (26) (29) (15) (21) Audit fees payable (30) (20) (30) (20) Custody fee (17) (69) (16) (50) Depositary fee (12) (16) (7) (12) Other payables (28) (117) (5) (12) Total (115) (252) (75) (117)

0.3 0.4 Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Value Equities Quality Equities EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Accounting fee (2) (1) (2) (1) Administration fee (15) (21) (7) (6) Audit fees payable (30) (20) (30) (20) Custody fee (12) (48) (7) (25) Depositary fee (7) (11) (3) (1) Other payables (8) (7) (9) (3) Total (74) (108) (58) (56)

Robeco Institutional Umbrella Fund 60 Notes to the balance sheet (continued)

8 Other liabilities (continued)

0.5 0.6 Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Enhanced Indexing Equities Sustainable Conservative Equities EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Accounting fee (2) (1) (2) (2) Administration fee (16) (9) (4) (4) Audit fees payable (30) (20) (30) (20) Custody fee (15) (43) (4) (8) Depositary fee (7) (4) (2) (1) Other payables (6) (3) (8) (15) Total (76) (80) (50) (50)

0.7 Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities EUR x thousand 31 December 2020 31 December 2019 Accounting fee (2) (1) Administration fee (8) (9) Audit fees payable (30) (20) Custody fee (105) (85) Depositary fee (13) (4) Other payables (10) (22) Total (168) (141)

9 Fund assets

0.1 0.2 Robeco QI Institutional Global Robeco QI Institutional Global Developed Conservative Equities Developed Momentum Equities EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Participant's capital Situation on opening date 767,619 943,815 590,335 706,584 Received on units issued 190,582 45,838 43,579 19,568 Paid for units repurchased (525,545) (222,034) (386,680) (135,817) Situation on closing date 432,656 767,619 247,234 590,335

General reserve Situation on opening date (28,178) (2,955) (7,829) (508) Dividend payments (23,692) (25,223) (7,177) (7,321) Situation on closing date (51,870) (28,178) (15,006) (7,829)

Undistributed earnings Situation on opening date 180,544 (35,826) 87,812 (73,739) Net result (70,725) 216,370 (32,640) 161,551 Situation on closing date 109,819 180,544 55,172 87,812

Situation on closing date 490,605 919,985 287,400 670,318

Robeco Institutional Umbrella Fund 61 Notes to the balance sheet (continued)

9 Fund assets (continued)

0.3 0.4 Robeco QI Institutional Global Robeco QI Institutional Global Developed Value Equities Developed Quality Equities EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Participant's capital Situation on opening date 620,298 726,194 154,974 128,646 Received on units issued 80,683 42,747 36,391 37,859 Paid for units repurchased (331,348) (148,643) (107,633) (11,531) Situation on closing date 369,633 620,298 83,732 154,974

General reserve Situation on opening date (21,476) (1,410) (1,456) (114) Dividend payments (23,167) (20,066) (3,150) (1,342) Situation on closing date (44,643) (21,476) (4,606) (1,456)

Undistributed earnings Situation on opening date 59,778 (52,287) 33,537 (4,748) Net result (88,213) 112,065 (1,066) 38,285 Situation on closing date (28,435) 59,778 32,471 33,537

Situation on closing date 296,555 658,600 111,597 187,055

0.6

0.5 Robeco QI Institutional Global Robeco QI Institutional Global Developed Sustainable Conservative Developed Enhanced Indexing Equities Equities EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Participant's capital Situation on opening date 220,248 402,479 76,994 76,636 Received on units issued 109,013 136,830 2,144 358 Paid for units repurchased (99,661) (319,061) – – Situation on closing date 229,600 220,248 79,138 76,994

General reserve Situation on opening date (9,542) (1,134) (358) – Dividend payments (5,925) (8,408) (2,144) (358) Situation on closing date (15,467) (9,542) (2,502) (358)

Undistributed earnings Situation on opening date 74,567 (17,455) 16,771 (3,280) Net result 14,913 92,022 (8,792) 20,051 Situation on closing date 89,480 74,567 7,979 16,771

Situation on closing date 303,613 285,273 84,615 93,407

Robeco Institutional Umbrella Fund 62 Notes to the balance sheet (continued)

9 Fund assets (continued)

0.7 Robeco QI Institutional Global

Developed Sustainable Multi-Factor 0.8 Equities Total EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Participant's capital Situation on opening date 250,519 147,775 2,680,987 3,132,129 Received on units issued 58,690 248,619 521,082 531,819 Paid for units repurchased (174,554) (145,875) (1,625,421) (982,961) Situation on closing date 134,655 250,519 1,576,648 2,680,987

General reserve Situation on opening date (144) – (68,983) (6,121) Dividend payments (5,433) (144) (70,688) (62,862) Situation on closing date (5,577) (144) (139,671) (68,983)

Undistributed earnings Situation on opening date 37,329 (6,353) 490,338 (193,688) Net result (24,436) 43,682 (210,959) 684,026 Situation on closing date 12,893 37,329 279,379 490,338

Situation on closing date 141,971 287,704 1,716,356 3,102,342

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

Robeco QI Institutional Global Developed Conservative Equities

T1 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 395,456 886,085 849,313 Number of participating units outstanding 2,491,804 4,844,866 5,635,606 Net asset value per unit in EUR x1 158.70 182.89 150.70

T2 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 38,870 – – Number of participating units outstanding 245,787 – – Net asset value per unit in EUR x1 158.14 – –

T7 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand – – 28,603 Number of participating units outstanding – – 190,017 Net asset value per unit in EUR x1 – – 150.53

T8 CAD 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 30,984 33,898 27,118 Number of participating units outstanding 459,429 450,965 448,786 Net asset value per unit in EUR x1 67.44 75.17 60.43

Robeco Institutional Umbrella Fund 63 Notes to the balance sheet (continued)

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

Robeco QI Institutional Global Developed Conservative Equities (continued)

T12 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 25,295 – – Number of participating units outstanding 288,437 – – Net asset value per unit in EUR x1 87.70 – –

Robeco QI Institutional Global Developed Momentum Equities

T1 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 229,380 638,878 607,622 Number of participating units outstanding 1,352,195 3,632,920 4,324,517 Net asset value per unit in EUR x1 169.63 175.86 140.51

T8 CAD 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 31,354 31,440 24,715 Number of participating units outstanding 462,399 454,848 451,972 Net asset value per unit in EUR x1 67.81 69.12 54.68

T12 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 26,666 – – Number of participating units outstanding 279,101 – – Net asset value per unit in EUR x1 95.54 – –

Robeco QI Institutional Global Developed Value Equities

T1 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 236,794 628,330 619,121 Number of participating units outstanding 1,812,044 3,998,436 4,493,464 Net asset value per unit in EUR x1 130.68 157.14 137.78

T7 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand – – 28,081 Number of participating units outstanding – – 203,952 Net asset value per unit in EUR x1 – – 137.68

T8 CAD 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 32,002 30,270 25,295 Number of participating units outstanding 550,599 457,871 448,651 Net asset value per unit in EUR x1 58.12 66.11 56.38

Robeco Institutional Umbrella Fund 64 Notes to the balance sheet (continued)

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

Robeco QI Institutional Global Developed Value Equities (continued)

T12 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 27,761 – – Number of participating units outstanding 307,462 – – Net asset value per unit in EUR x1 90.29 – –

Robeco QI Institutional Global Developed Quality Equities

T1 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 58,062 154,513 98,127 Number of participating units outstanding 387,027 1,042,532 832,413 Net asset value per unit in EUR x1 150.02 148.21 117.88

T8 CAD 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 32,159 32,542 25,657 Number of participating units outstanding 436,322 450,021 448,921 Net asset value per unit in EUR x1 73.70 71.31 57.15

T12 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 21,377 – – Number of participating units outstanding 209,577 – – Net asset value per unit in EUR x1 102.00 – –

Robeco QI Institutional Global Developed Enhanced Indexing Equities

T1 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 303,612 285,273 326,701 Number of participating units outstanding 2,234,376 2,129,903 3,035,346 Net asset value per unit in EUR x1 135.88 133.94 107.63

T7 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand – – 57,189 Number of participating units outstanding – – 531,203 Net asset value per unit in EUR x1 – – 107.66

Robeco Institutional Umbrella Fund 65 Notes to the balance sheet (continued)

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 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 84,615 93,407 73,356 Number of participating units outstanding 790,196 769,397 766,357 Net asset value per unit in EUR x1 107.08 121.40 95.72

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

T1 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand – 186,549 141,422 Number of participating units outstanding – 1,586,623 1,483,050 Net asset value per unit in EUR x1 – 117.58 95.36

T9 EUR 31 December 2020 31 December 2019 31 December 2018 Fund assets in EUR x thousand 141,972 101,155 – Number of participating units outstanding 1,389,356 917,285 – Net asset value per unit in EUR x1 102.19 110.28 –

Robeco Institutional Umbrella Fund 66 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 ended31 December 2020.

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 2020 2019 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 0.30% 0.29% 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 (2019: EUR 70,007). 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

0.1 0.2 Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Conservative Equities Momentum Equities EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Accounting fee (9) (1) (9) (1) Administration fee (118) (180) (79) (128) Audit fees payable (10) (10) (10) (10) Bank Interest Expense (82) (44) (63) (46) Custody fee 16 (15) 6 (21) Depositary fee (53) (60) (37) (43) Other payables 78 60 (5) (19) Total (178) (250) (197) (268)

Robeco Institutional Umbrella Fund 67 Notes to the profit and loss account (continued)

16 Other costs (continued)

0.3 0.4 Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Value Equities Quality Equities EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Accounting fee (9) (1) (9) (1) Administration fee (76) (128) (33) (32) Audit fees payable (10) (10) (10) (10) Bank Interest Expense (58) (48) (13) (7) Custody fee 12 1 9 (7) Depositary fee (34) (43) (16) (11) Other payables (12) (1) (9) (2) Total (187) (230) (81) (70)

0.5 0.6 Robeco QI Institutional Global Developed Robeco QI Institutional Global Developed Enhanced Indexing Equities Sustainable Conservative Equities EUR x thousand 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Accounting fee (9) (1) (9) (9) Administration fee (57) (62) (17) (16) Audit fees payable (10) (10) (10) (10) Bank Interest Expense (20) (9) (12) (3) Custody fee 8 24 (3) (10) Depositary fee (27) (21) (9) (5) Other payables (9) – 6 1 Total (124) (79) (54) (52)

0.7 Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities EUR x thousand 31 December 2020 31 December 2019 Accounting fee (9) (9) Administration fee (51) (47) Audit fees payable (10) (10) Bank Interest Expense (22) (17) Custody fee (61) (124) Depositary fee (17) (16) Other payables 11 (14) Total (159) (237)

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 2020 31 December 2019 31 December 2020 31 December 2019 Cost item Management fees 0.62% 0.62% 0.62% - % Other costs 0.05% 0.03% 0.05% - % Total 0.67% 0.65% 0.67% - %

T7 EUR T8 CAD 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Cost item Management fees - % 0.34% 0.62% 0.62% Other costs - % 0.05% 0.05% (0.02%) Total - % 0.39% 0.67% 0.60%

Robeco Institutional Umbrella Fund 68 Notes to the profit and loss account (continued)

17 Ongoing charges (continued)

Robeco QI Institutional Global Developed Conservative Equities (continued)

T12 EUR 31 December 2020 31 December 2019 Cost item Management fees 0.62% - % Other costs 0.05% - % Total 0.67% - %

Robeco QI Institutional Global Developed Momentum Equities

T1 EUR T8 CAD 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Cost item Management fees 0.64% 0.64% 0.64% 0.64% Other costs 0.02% 0.04% 0.02% 0.06% Total 0.66% 0.68% 0.66% 0.70%

T12 EUR 31 December 2020 31 December 2019 Cost item Management fees 0.64% - % Other costs 0.02% - % Total 0.66% - %

Robeco QI Institutional Global Developed Value Equities

T1 EUR T7 EUR 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Cost item Management fees 0.64% 0.64% - % 0.35% Other costs 0.05% 0.03% - % 0.04% Total 0.69% 0.67% - % 0.39%

T8 CAD T12 EUR 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Cost item Management fees 0.64% 0.64% 0.64% - % Other costs 0.05% 0.05% 0.05% - % Total 0.69% 0.69% 0.69% - %

Robeco QI Institutional Global Developed Quality Equities

T1 EUR T7 EUR 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Cost item Management fees 0.64% 0.64% - % 0.64% Other costs 0.05% 0.04% - % 0.05% Total 0.69% 0.68% - % 0.69%

T8 CAD T12 EUR 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Cost item Management fees 0.64% - % 0.64% - % Other costs 0.05% - % 0.05% - % Total 0.69% - % 0.69% - %

Robeco Institutional Umbrella Fund 69 Notes to the profit and loss account (continued)

17 Ongoing charges (continued)

Robeco QI Institutional Global Developed Enhanced Indexing Equities

T1 EUR T7 EUR 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Cost item Management fees 0.30% 0.30% - % 0.16% Other costs 0.05% (0.01%) - % 0.06% Total 0.35% 0.29% - % 0.22%

T11 EUR 31 December 2020 31 December 2019 Cost item Management fees - % 0.10% Other costs - % 0.14% Total - % 0.24%

Robeco QI Institutional Global Developed Sustainable Conservative Equities

T2 EUR 31 December 2020 31 December 2019 Cost item Management fees 0.62% 0.62% Other costs 0.07% 0.07% Total 0.69% 0.69%

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities

T1 EUR T9 EUR 31 December 2020 31 December 2019 31 December 2020 31 December 2019 Cost item Management fees 0.62% 0.62% 0.62% 0.54% Other costs 0.04% 0.04% 0.04% 0.17% Total 0.66% 0.66% 0.66% 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 the information As at 31 December 2020 in EUR x thousand in % of total net assets memorandum Management fees 3,648 0.62% 0.62% Administration 118 0.02% 0.025% Depositary 53 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

As at 31 December 2019 Management 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

Robeco Institutional Umbrella Fund 70 Notes to the profit and loss account (continued)

18 Maximum costs (continued)

Robeco QI Institutional Global Developed Momentum Equities Maximum based on the information As at 31 December 2020 in EUR x thousand in % of total net assets memorandum Management fees 2,538 0.64% 0.64% Administration 79 0.02% 0.025% Depositary 37 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

As at 31 December 2019 Management 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

Robeco QI Institutional Global Developed Value Equities Maximum based on the information As at 31 December 2020 in EUR x thousand in % of total net assets memorandum Management fees 2,434 0.64% 0.64% Administration 76 0.02% 0.025% Depositary 34 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

As at 31 December 2019 Management 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

Robeco QI Institutional Global Developed Quality Equities Maximum based on the information As at 31 December 2020 in EUR x thousand in % of total net assets memorandum Management fees 1,065 0.64% 0.64% Administration 33 0.02% 0.025% Depositary 16 0.01% 0.01% Audit fees 10 0.01% EUR 10.000

As at 31 December 2019 Management 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

Robeco Institutional Umbrella Fund 71 Notes to the profit and loss account (continued)

18 Maximum costs (continued)

Robeco QI Institutional Global Developed Enhanced Indexing Equities Maximum based on the information As at 31 December 2020 in EUR x thousand in % of total net assets memorandum Management fees 856 0.30% 0.30% Administration 5 7 0.02% 0.025% Depositary 27 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

As at 31 December 2019 Management 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

Robeco QI Institutional Global Developed Sustainable Conservative Equities Maximum based on the information As at 31 December 2020 in EUR x thousand in % of total net assets memorandum Management fees 519 0.62% 0.62% Administration 17 0.02% 0.025% Depositary 9 0.01% 0.01% Audit fees 10 0.01% EUR 10.000

As at 31 December 2019 Management 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

Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities Maximum based on the information As at 31 December 2020 in EUR x thousand in % of total net assets memorandum Management fees 1,570 0.62% 0.62% Administration 51 0.02% 0.025% Depositary 17 0.01% 0.01% Audit fees 10 0.00% EUR 10.000

As at 31 December 2019 Management 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

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.

Robeco Institutional Umbrella Fund 72 Notes to the profit and loss account (continued)

19 Turnover rate (continued) Average Amount of Turnover As at 31 December 2020 fund assets the turnover rate % Robeco QI Institutional Global Developed Conservative Equities 586,775 118,664 20% Robeco QI Institutional Global Developed Momentum Equities 395,565 793,226 201% Robeco QI Institutional Global Developed Value Equities 378,889 361,316 95% Robeco QI Institutional Global Developed Quality Equities 166,581 85,501 51% Robeco QI Institutional Global Developed Enhanced Indexing Equities 285,179 115,333 40% Robeco QI Institutional Global Developed Sustainable Conservative Equities 83,588 67,595 81% Robeco QI Institutional Global Developed Sustainable Multi-Factor Equities 253,819 205,797 81%

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)%

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.

22 Subsequent events There have been no significant events since 31 December 2020 to the date that the financial statements were approved by the Directors that require recognition or disclosure in these financial statements.

Robeco Institutional Umbrella Fund 73 Currency table

Exchange rates EUR 1 31 December 2020 31 December 2019

AUD 1.59 1.60 CAD 1.56 1.46 CHF 1.08 1.09 DKK 7.44 7.47 GBP 0.90 0.85 HKD 9.49 8.75 ILS 3.93 3.88 JPY 126.33 121.99 NOK 10.48 9.86 NZD 1.70 1.66 SEK 10.04 10.51 SGD 1.62 1.51 USD 1.22 1.12

Robeco Institutional Umbrella Fund 74 Robeco QI Institutional Global Developed Conservative Equities

Fund1 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Asia Europe (continued) Hong Kong Denmark EUR HKD EUR DKK 3,031,608 28,761,559 HKT Trust & HKT Ltd 877,154 6,529,068 Danske Bank A/S 618,054 5,863,623 PCCW Ltd Germany 880,641 8,354,841 VTech Holdings Ltd EUR EUR Israel 3,471,070 3,471,070 Deutsche Telekom AG EUR GBP 828,003 828,003 Hornbach Holding AG & Co KGaA 1,228,076 1,099,251 Plus500 Ltd 704,575 704,575 Telefonica Deutschland Holding AG EUR ILS Italy 4,608,847 18,106,225 Nice Ltd EUR EUR EUR USD 1,255,486 1,255,486 De' Longhi SpA Check Point Software Technologies 2,482,352 2,482,352 Hera SpA 2,283,873 2,794,433 Ltd 4,155,959 4,155,959 Snam SpA Japan 848,503 848,503 UnipolSai Assicurazioni SpA EUR JPY 7,358,063 929,511,489 ITOCHU Corp Luxembourg 7,283,622 920,107,677 KDDI Corp EUR EUR 1,228,562 1,228,562 RTL Group SA 339,324 42,865,250 Komeri Co Ltd 4,695,128 593,114,745 Mitsui & Co Ltd Netherlands 718,810 90,804,106 Nitori Holdings Co Ltd EUR EUR 597,457 75,474,088 Rinnai Corp 376,675 376,675 Flow Traders NV 1,866,251 235,755,276 Sankyo Co Ltd 5,711,544 5,711,544 Koninklijke Ahold Delhaize NV 3,484,334 440,160,515 Sekisui House Ltd Norway 566,347 71,544,084 Shimamura Co Ltd EUR NOK 742,843 93,840,110 Sugi Holdings Co Ltd 282,446 2,958,899 Europris ASA 456,103 57,617,468 Valor Holdings Co Ltd 3,532,084 37,002,077 Gjensidige Forsikring ASA 3,699,652 38,757,514 Orkla ASA Singapore 788,428 8,259,568 Yara International ASA EUR SGD 238,639 385,905 NetLink NBN Trust Spain 286,688 463,606 Sheng Siong Group Ltd EUR EUR 4,125,516 6,671,413 Singapore Exchange Ltd 3,649,844 3,649,844 Endesa SA 390,787 631,946 StarHub Ltd Sweden Australia EUR SEK 1,441,926 14,483,861 Axfood AB Australia 2,444,053 24,550,021 Castellum AB EUR AUD 3,276,854 5,195,878 Aurizon Holdings Ltd 594,621 5,972,844 Telia Co AB 1,010,118 1,601,673 BWP Trust Reits Switzerland 6,326,105 10,030,863 Fortescue Metals Group Ltd EUR CHF 3,413,427 5,412,433 JB Hi-Fi Ltd 2,161,709 2,338,018 Allreal Holding AG 7,447,563 11,809,079 Rio Tinto Ltd 3,768,279 4,075,620 Banque Cantonale Vaudoise 1,971,133 3,125,487 Telstra Corp Ltd 882,434 954,406 BKW AG 3,184,399 5,049,279 Wesfarmers Ltd 2,624,503 2,838,558 Mobimo Holding AG 1,687,737 1,825,389 Nestle SA New Zealand 2,254,089 2,437,933 PSP Swiss Property AG EUR NZD 1,120,655 1,904,419 Fisher & Paykel Healthcare Corp Ltd 2,376,160 2,569,960 Roche Holding AG 2,167,856 3,684,012 Spark New Zealand Ltd 3,856,662 4,171,211 Swiss Prime Site AG 4,310,657 4,662,234 Swisscom AG Europe 992,494 1,073,442 Zurich Insurance Group AG Austria EUR EUR 1,484,536 1,484,536 Oesterreichische Post AG

Robeco Institutional Umbrella Fund 75 Robeco QI Institutional Global Developed Conservative Equities

Fund1 (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Europe (continued) North America (continued) United Kingdom United States (continued) EUR GBP EUR USD 4,160,366 3,723,944 Admiral Group PLC 4,752,011 5,814,322 Cisco Systems Inc 3,774,762 3,378,789 Berkeley Group Holdings PLC 1,714,251 2,097,472 Citrix Systems Inc 782,742 700,632 Bunzl Co Ltd 2,907,133 3,557,023 Clorox Co 3,896,637 3,487,880 Direct Line Insurance Group PLC 593,012 725,580 Corning Inc 2,652,410 2,374,173 GlaxoSmithKline PLC 372,776 456,109 CSX Corp 1,708,486 1,529,266 IG Group Holdings PLC 4,007,450 4,903,316 Cummins Inc 3,523,955 3,154,292 National Grid PLC 4,257,699 5,209,507 DaVita Inc 1,831,342 1,639,234 QinetiQ Group PLC 7,413,051 9,070,239 Dollar General Corp 1,195,926 1,070,474 Reckitt Benckiser Group PLC Easterly Government Properties Inc EUR USD 739,228 904,482 Reits 513,365 628,128 Nomad Foods Ltd 5,681,365 6,951,434 eBay Inc 4,504,194 5,511,106 Eli Lilly & Co North America 2,533,655 3,100,054 Everest Re Group Ltd Canada Expeditors International of EUR CAD 911,573 1,115,355 Washington Inc 3,081,463 4,803,385 BCE Inc 4,990,014 6,105,532 Garmin Ltd 2,252,400 3,511,041 Canadian Apartment Properties Reits 2,681,190 3,280,569 General Mills Inc 3,640,506 5,674,820 CGI Group Inc 1,322,553 1,618,210 Helen of Troy Ltd 2,988,487 4,658,453 CI Financial Corp 4,129,478 5,052,623 Home Depot Inc 2,980,933 4,646,678 Cogeco 1,507,458 1,844,451 Hormel Foods Corp Granite Real Estate Investment Trust 3,094,106 4,823,092 Reits 3,155,350 3,860,728 HP Inc 2,295,599 3,578,380 Great-West Lifeco Inc 5,491,458 6,719,074 Intel Corp 1,504,685 2,345,502 IGM Financial Inc 2,093,140 2,561,062 Jack Henry & Associates Inc 4,908,834 7,651,890 Intact Financial Corp 1,507,321 1,844,282 JM Smucker Co 702,165 1,094,534 Metro Inc 9,971,065 12,200,097 Johnson & Johnson 3,305,186 5,152,125 National Bank of Canada 9,562,730 11,700,478 JPMorgan Chase & Co 7,345,039 11,449,447 Royal Bank of Canada 1,356,892 1,660,225 Juniper Networks Inc 2,272,066 3,541,697 Thomson Reuters Corp 2,753,681 3,369,267 Kimberly-Clark Corp 573,910 894,611 Toronto-Dominion Bank 2,276,164 2,785,000 Kraft Heinz Co 3,104,202 3,798,146 Kroger Co United States 4,834,029 5,914,676 Lockheed Martin Corp EUR USD 7,180,902 8,786,192 McDonald's Corp 2,835,430 3,469,291 Allison Transmission Holdings Inc 7,498,082 9,174,279 Merck & Co Inc 6,015,760 7,360,583 Allstate Corp 4,104,831 5,022,466 Microsoft Corp 3,356,849 4,107,272 Amdocs Ltd 515,522 630,766 ModivCare Inc 1,646,270 2,014,294 American Water Works Co Inc 3,003,095 3,674,437 Murphy USA 975,449 1,193,510 AMERISAFE Inc 2,074,157 2,537,835 Omnicom Group Inc 859,510 1,051,654 Amgen Inc 9,976,075 12,206,226 Oracle Corp 11,445,468 14,004,102 Apple Inc 6,732,435 8,237,471 PepsiCo Inc 6,904,045 8,447,444 AT&T Inc 9,230,132 11,293,528 PfizerInc 4,525,512 5,537,190 AutoZone Inc 8,984,653 10,993,173 Procter & Gamble Co 429,928 526,038 B&G Foods Inc 2,017,764 2,468,836 Progressive Corp 2,739,197 3,351,544 Baxter International Inc 5,064,693 6,196,905 Republic Services Inc 527,286 645,161 Benchmark Electronics Inc 883,764 1,081,330 Safety Insurance Group Inc 4,342,706 5,313,518 Best Buy Co Inc 2,621,496 3,207,531 Silgan Holdings Inc 4,393,664 5,375,867 Booz Allen Hamilton Holding Corp 906,325 1,108,934 Southern Co 2,312,288 2,829,200 Campbell Soup Co 502,685 615,060 Sprouts Farmers Market Inc 2,296,381 2,809,737 Capitol Federal Financial Inc 4,781,139 5,849,962 STERIS PLC 853,467 1,044,259 Cardinal Health Inc 1,001,936 1,225,919 Sturm Ruger & Co Inc 1,298,451 1,588,720 Church & Dwight Co Inc

Robeco Institutional Umbrella Fund 76 Robeco QI Institutional Global Developed Conservative Equities

Fund1 (continued) Equity portfolio At 31 December 2020

Market Value Market Value North America (continued) United States (continued) EUR USD 9,843,291 12,043,759 Target Corp 1,463,628 1,790,822 Texas Instruments Inc 2,443,741 2,990,039 Union Pacific Corp 3,571,478 4,369,882 United Therapeutics Corp 9,274,294 11,347,562 Verizon 2,126,783 2,602,225 Virtu Financial Inc 7,470,870 9,140,984 Walmart Inc 445,922 545,608 Weis Markets Inc 3,550,907 4,344,712 Western Union Co 2,662,047 3,257,148 White Mountains Insurance Group Ltd

484,291,119 Total - financial instruments that are officially listed on a regulated market

Robeco Institutional Umbrella Fund 77 Robeco QI Institutional Global Developed Momentum Equities Fund 1 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Asia Europe (continued) Hong Kong France (continued) EUR HKD EUR EUR 2,687,119 25,493,317 Techtronic Industries Co 2,566,250 2,566,250 Sanofi Israel 2,497,914 2,497,914 Sartorius Stedim Biotech EUR ILS Germany Bezeq The Israeli Telecommunication EUR EUR 677,721 2,663,443 Corp Ltd 1,054,974 1,054,974 Hornbach Holding AG & Co KGaA EUR USD 1,853,362 1,853,362 Telefonica Deutschland Holding AG 1,836,751 2,247,357 Fiverr International Ltd 2,955,807 2,955,807 Zalando SE Japan Ireland

EUR JPY EUR EUR 576,654 72,846,086 Dexerials Corp 2,382,831 2,382,831 Flutter Entertainment PLC 3,539,668 447,150,523 Fujitsu Ltd Italy 1,126,462 142,300,967 Komeri Co Ltd EUR EUR 2,898,815 366,194,428 NEC Corp 1,017,433 1,017,433 De' Longhi SpA 695,926 87,913,303 Nippon Yusen NPV 2,633,852 332,722,889 Nomura Holdings Inc Netherlands 2,690,986 339,940,398 Nomura Research Institute Ltd EUR EUR 2,256,460 2,256,460 Koninklijke Ahold Delhaize NV 2,106,027 266,045,112 Ono Pharmaceutical Co Ltd 934,234 934,234 PostNL NV 749,192 94,642,110 Rinnai Corp EUR USD 1,538,164 194,309,428 SG Holdings Co Ltd 2,642,045 3,232,673 NXP Semiconductors NV 506,474 63,980,675 TechMatrix Corp 1,776,317 224,394,263 Toyo Suisan Kaisha Ltd Norway 646,495 81,668,795 Valor Holdings Co Ltd EUR NOK 1,318,117 13,808,577 Nordic Semiconductor 2,305,567 291,252,041 Yamato Holdings Co Ltd Sweden Singapore EUR SEK EUR SGD 649,370 6,522,795 AddTech AB 1,832,351 2,963,113 Singapore Exchange Ltd 984,269 9,886,784 Betsson AB Australia 1,120,028 11,250,460 BHG Group AB Australia 1,324,332 13,302,650 Indutrade AB EUR AUD 2,859,498 28,723,085 Nibe Industrier AB 921,513 1,461,179 Ansell Ltd Switzerland 555,317 880,527 AUB Group Ltd EUR EUR 4,254,222 6,745,622 Fortescue Metals Group Ltd 2,283,475 2,283,475 STMicroelectronics NV 895,296 1,419,608 JB Hi-Fi Ltd 2,848,999 4,517,458 Wesfarmers Ltd United Kingdom EUR GBP New Zealand 1,745,482 1,562,381 Bunzl Co Ltd EUR NZD 547,407 489,984 Kingfisher PLC 2,795,739 4,751,024 Fisher & Paykel Healthcare Corp Ltd 2,682,376 2,400,995 Persimmon PLC Europe 659,466 590,288 Reckitt Benckiser Group PLC Denmark North America EUR DKK Canada 140,727 1,047,500 ALK-Abello A/S EUR CAD 2,661,714 19,812,380 Genmab A/S 274,242 427,489 AltaGas Ltd 1,235,484 9,196,290 Rockwool International A/S 596,352 929,593 B2Gold Corp Finland 1,361,503 2,122,312 CI Financial Corp EUR EUR 1,735,787 2,705,745 Dollarama Inc 1,442,015 1,442,015 Orion OYJ 602,050 938,475 Jamieson Wellness Inc France 3,965,778 6,181,853 Manulife Financial Corp EUR EUR 2,101,975 3,276,559 Metro Inc 2,134,554 2,134,554 BioMerieux 678,309 1,057,347 North West Co Inc

Robeco Institutional Umbrella Fund 78 Robeco QI Institutional Global Developed Momentum Equities Fund

(continued)1 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value North America (continued) North America (continued) Canada (continued) United States (continued) EUR CAD EUR USD 1,552,484 2,420,012 Ritchie Bros Auctioneers Inc 5,447,131 6,664,838 NVIDIA Corp 3,484,154 5,431,100 Sun Life Financial Inc 722,787 884,366 OraSure Technologies United States 1,753,461 2,145,447 Owens Corning EUR USD 1,026,825 1,256,371 Patterson Companies Inc 2,748,581 3,363,027 Activision Blizzard Inc 2,261,783 2,767,404 Pinterest Inc 3,127,776 3,826,990 Akamai Technologies Inc 5,671,470 6,939,329 Procter & Gamble Co 738,498 903,589 Ally Financial Inc 2,526,655 3,091,488 PulteGroup Inc 2,024,338 2,476,878 Amedisys Inc 3,339,804 4,086,418 Qorvo Inc 4,028,579 4,929,168 Apple Inc 711,963 871,123 Quidel Corp 5,776,749 7,068,142 Applied Materials Inc 1,169,023 1,430,358 Rambus Inc 2,581,784 3,158,942 Arrow Electronics Inc 258,018 315,698 Redfin Corp 2,571,166 3,145,950 Bank of New York Mellon Corp 3,292,938 4,029,075 ResMed Inc 3,115,343 3,811,778 Best Buy Co Inc 4,733,410 5,791,565 S&P Global Inc 3,317,120 4,058,662 BlackRock Inc 2,579,971 3,156,723 Seagen Inc 1,044,226 1,277,663 Boston Beer Co Inc 986,887 1,207,505 SpartanNash Co 3,780,858 4,626,068 Cadence Design Systems Inc 2,201,797 2,694,009 SPS Commerce Inc 756,192 925,238 Calix Networks Inc 1,597,888 1,955,095 SPX Corp 2,222,857 2,719,777 Cardinal Health Inc 2,968,776 3,632,446 Stanley Black & Decker Inc 4,138,993 5,064,265 Chipotle Mexican Grill Inc 3,564,557 4,361,414 State Street Corp 2,209,725 2,703,709 Clorox Co 625,734 765,617 Synnex Corp 2,565,349 3,138,833 Cloudera Inc 4,418,871 5,406,709 Synopsys Inc 758,350 927,879 Concentrix Corp 5,671,524 6,939,394 Target Corp 3,329,055 4,073,265 Cummins Inc 1,117,356 1,367,140 Tractor Supply Co 2,680,276 3,279,451 DaVita Inc 2,004,848 2,453,032 UFP Industries Inc 2,897,309 3,545,003 Deere & Co 1,098,943 1,344,611 Verizon 1,219,857 1,492,556 DISH Network Corp 543,140 664,559 Vertiv Holdings Co 4,291,750 5,251,170 DocuSign Inc 2,098,971 2,568,196 Virtu Financial Inc 2,986,229 3,653,801 Dover Corp 754,055 922,625 Vista Outdoor Inc 889,414 1,088,242 Dropbox Inc 2,748,701 3,363,173 West Pharmaceutical Services Inc 4,594,884 5,622,071 FedEx Corp 1,741,985 2,131,406 Whirlpool Corp 3,041,873 3,721,884 First Republic Bank 1,601,481 1,959,492 Zoom Video Communications Inc 2,257,054 2,761,618 Fortinet Inc 2,558,298 3,130,206 Freeport-McMoRan Inc 284,824,083 Total - financial instruments that 2,099,912 2,569,347 Jefferies Financial Group Inc are officially listed on a regulated market 3,449,745 4,220,936 Keysight Technologies Inc 2,076,788 2,541,054 Kroger Co Futures portfolio 2,582,805 3,160,191 Lennar Corp At 31 December 2020 2,021,890 2,473,883 LKQ Corp 914,575 1,119,028 Lumber Liquidators Holdings Inc Market Value Market Value 2,266,292 2,772,921 MarketAxess Holdings Inc Unrealised Unrealised 541,923 663,070 Martin Marietta Materials Inc Gain Gain 2,312,892 2,829,939 Masco Corp 1,669,421 2,042,620 Masonite International Corp Europe 4,042,293 4,945,948 MetLife Inc Germany 3,392,767 4,151,220 Moderna Inc EUR EUR 21,294 21,294 Eurx E-Stoxx 50 March 2021 1,216,404 1,488,332 ModivCare Inc 2,224,218 2,721,442 Murphy USA 1,121,037 1,371,644 National Beverage

Robeco Institutional Umbrella Fund 79 Robeco QI Institutional Global Developed Momentum Equities Fund

(continued)1 Futures portfolio (continued) At 31 December 2020 Gain Gain Germany (continued) North America United States EUR USD 35,956 43,994 S&P 500 Emini CME March 2021

57,250 Total - financial intruments that are offically listed on a regulated market

Robeco Institutional Umbrella Fund 80 Robeco QI Institutional Global Developed Value Equities Fund 1 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Asia Europe (continued) Hong Kong France (continued) EUR HKD EUR EUR 849,511 8,059,505 CK Asset Holdings Ltd Cie Generale des Etablissements 1,195,084 11,338,034 PCCW Ltd 1,220,254 1,220,254 Michelin SCA 1,607,530 15,251,010 Sino Land Co Ltd 3,091,170 3,091,170 Credit Agricole SA EUR USD 1,072,580 1,072,580 Orange SA 1,116,894 1,366,576 Hutchison Port Holdings Trust 2,837,997 2,837,997 Publicis Groupe SA 1,452,983 1,452,983 TOTAL SA Japan EUR JPY Germany 2,909,172 367,502,830 Bridgestone Corp EUR EUR 2,378,446 300,458,552 Canon Inc 871,126 871,126 Daimler AG 767,975 97,014,914 Credit Saison Co Ltd 2,076,655 2,076,655 Telefonica Deutschland Holding AG 1,054,665 133,231,156 FUJIFILM Holdings Corp Italy 826,859 104,453,373 Honda Motor Co Ltd EUR EUR 1,761,612 222,536,581 JXTG Holdings Inc 2,628,963 2,628,963 Eni SpA 2,917,332 368,533,632 KDDI Corp 691,432 691,432 Telecom Italia SpA 695,689 87,883,303 Kintetsu World Express Jersey 2,577,110 325,554,832 Marubeni Corp EUR GBP 2,353,497 297,306,808 Mitsubishi Chemical Holdings Corp 597,172 534,529 Genel Energy 3,051,402 385,470,151 Mitsubishi Corp Netherlands 609,477 76,992,590 Mitsubishi Gas Chemical Co Inc EUR EUR 2,121,539 268,004,674 Mitsubishi UFJ Financial Group Inc 1,744,639 1,744,639 Aegon NV 525,005 66,321,528 Mitsui & Co Ltd 2,169,313 2,169,313 Koninklijke Ahold Delhaize NV 1,387,969 175,335,955 Mizuho Financial Group Inc 2,495,381 2,495,381 Koninklijke KPN NV 1,919,749 242,513,444 Resona Holdings Inc 2,925,505 2,925,505 NN Group NV 833,352 105,273,623 Ricoh Co Ltd 5,607,829 5,607,829 Royal Dutch Shell PLC 1,984,874 250,740,294 Sekisui House Ltd Norway 3,026,628 382,340,448 Sumitomo Corp EUR NOK 2,407,553 304,135,556 Sumitomo Mitsui Financial Group Inc 792,523 8,302,458 Equinor ASA 630,535 79,652,693 Sumitomo Rubber Industries Ltd 679,285 85,811,100 TS Tech Co Ltd Spain EUR EUR Australia 3,993,584 3,993,584 Banco Bilbao Vizcaya Argentaria SA Australia 856,803 856,803 Banco Santander SA EUR AUD 1,855,542 1,855,542 Endesa SA 4,564,779 7,238,050 Fortescue Metals Group Ltd 2,947,090 2,947,090 Repsol SA Europe 100,273 100,273 Repsol SA Austria 148,171 148,171 Telefonica EUR EUR 2,640,392 2,640,392 Telefonica SA 919,644 919,644 OMV AG Sweden Belgium EUR SEK EUR EUR 602,640 6,055,620 Telia Co AB 1,588,080 1,588,080 bpost SA United Kingdom 483,971 483,971 Euronav EUR GBP Denmark 1,000,725 895,749 Aggreko EUR DKK 709,119 634,732 Aviva PLC 606,553 4,514,859 Danske Bank A/S 694,669 621,798 BT Group PLC 3,056,119 22,748,134 Pandora A/S 2,324,976 2,081,086 J Sainsbury PLC France 1,054,345 943,745 Kingfisher PLC EUR EUR 2,136,878 1,912,720 Marks & Spencer Group PLC 682,705 682,705 AXA SA 1,711,795 1,532,228 Playtech PLC 4,193,168 4,193,168 BNP Paribas SA 2,315,335 2,072,456 Royal Mail PLC

Robeco Institutional Umbrella Fund 81 Robeco QI Institutional Global Developed Value Equities Fund

(continued)1 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Europe (continued) North America (continued) United Kingdom (continued) United States (continued) EUR GBP EUR USD 3,039,616 2,720,759 Vodafone Group PLC 4,596,201 5,623,684 HP Inc EUR USD 1,028,735 1,258,708 Humana Inc 629,741 770,519 Janus Henderson Group PLC 1,622,887 1,985,683 Innoviva Inc 2,476,258 3,029,825 Liberty Global PLC 4,559,310 5,578,544 Intel Corp North America 4,797,544 5,870,036 International Business Machines Corp Bermuda 3,036,555 3,715,377 International Paper Co EUR USD 2,568,852 3,143,119 Interpublic Group of Cos Inc 1,595,432 1,952,091 Triton International Ltd 1,044,212 1,277,645 Juniper Networks Inc Canada 3,448,607 4,219,543 Kraft Heinz Co EUR CAD 2,699,113 3,302,500 Kroger Co 2,013,840 3,139,174 Celestica Inc 2,812,146 3,440,801 Lincoln National Corp 990,453 1,543,917 Corus Entertainment Inc 3,465,258 4,239,916 LyondellBasell Industries NV 815,284 1,270,865 Linamar 2,119,420 2,593,216 ManpowerGroup Inc 3,586,300 5,590,324 Magna International Inc 1,050,815 1,285,724 MEDNAX Inc 1,143,784 1,782,931 Transcontinental Inc 3,982,624 4,872,940 MetLife Inc 2,629,112 3,216,850 Molson Coors Brewing Co United States 3,436,868 4,205,180 NetApp Inc EUR USD 2,338,848 2,861,698 Allstate Corp 2,649,521 3,241,821 Newell Brands Inc 3,061,680 3,746,118 Ally Financial Inc 1,069,277 1,308,314 Patterson-UTI Energy Inc 2,686,754 3,287,378 Arrow Electronics Inc 1,334,492 1,632,818 Pfizer Inc 5,613,200 6,868,031 AT&T Inc 1,603,445 1,961,896 Plains GP Holdings LP 1,111,966 1,360,546 Baker Hughes Co 3,710,710 4,540,239 Prudential Financial Inc 1,672,808 2,046,764 Benchmark Electronics Inc 1,247,534 1,526,421 Qurate Retail Inc 2,851,667 3,489,157 Best Buy Co Inc 614,193 751,496 Ryder System 3,531,563 4,321,044 Biogen Inc 3,012,649 3,686,126 Schlumberger Ltd 2,018,846 2,470,158 Brighthouse Financial Inc 3,120,624 3,818,240 Seagate Technology PLC 634,331 776,136 Brightsphere Investment Group Inc 1,515,953 1,854,844 SpartanNash Co 1,258,281 1,539,570 Buckle Inc 731,327 894,815 Steelcase 2,861,567 3,501,271 Cardinal Health Inc 3,402,093 4,162,631 Synchrony Financial 2,572,540 3,147,631 CenturyLink Inc 4,418,190 5,405,878 Target Corp 2,886,047 3,531,222 Cisco Systems Inc 755,631 924,553 United Therapeutics Corp 3,239,516 3,963,710 Citizens Financial Group Inc 2,108,894 2,580,337 Unum Group 2,550,660 3,120,859 ConocoPhillips 2,316,247 2,834,044 Valero Energy Corp 934,391 1,143,274 CVS Health Corp 1,862,349 2,278,677 Verizon 906,251 1,108,843 DaVita Inc 84,284 103,126 Viatris Inc 903,464 1,105,433 Dell Technologies Inc 1,613,356 1,974,021 Vistra Energy Corp 1,197,927 1,465,723 Dillard's Inc 2,397,737 2,933,751 Western Union Co 3,158,374 3,864,428 Discovery Inc 2,677,475 3,276,024 Westrock 623,895 763,366 Domtar 1,980,498 2,423,239 Xerox Holdings Corp 1,967,210 2,406,979 Dow Inc 2,389,633 2,923,835 DXC Technology Co 292,834,638 Total - financial instruments that are officially listed on a regulated 2,438,825 2,984,024 Equitable Holdings Inc market 1,423,498 1,741,721 Ford Motor Co 981,605 1,201,042 Genesco Inc 5,557,828 6,800,282 Gilead Sciences Inc 870,986 1,065,695 Halliburton Co 2,781,174 3,402,905 Hewlett Packard Enterprise Co 742,235 908,162 HollyFrontier Corp

Robeco Institutional Umbrella Fund 82 Robeco QI Institutional Global Developed Value Equities Fund

(continued)1 Futures portfolio At 31 December 2020

Market Value Market Value Unrealised Unrealised Gain Gain Europe Germany EUR EUR 20,169 20,169 Eurx E-Stoxx 50 March 2021 North America United States EUR USD 49,134 60,118 S&P 500 Emini CME March 2021

69,303 Total - financial intruments that are offically listed on a regulated market

Robeco Institutional Umbrella Fund 83 Robeco QI Institutional Global Developed Quality Equities Fund 1 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Asia Europe (continued) Israel Netherlands EUR GBP EUR EUR 780,390 698,527 Plus500 Ltd 1,752,600 1,752,600 Adyen NV EUR ILS 1,016,817 1,016,817 Koninklijke Ahold Delhaize NV Bezeq The Israeli Telecommunication Spain 406,720 1,597,832 Corp Ltd EUR EUR EUR USD 419,823 419,823 Pharma Mar SA Check Point Software Technologies 946,028 1,157,513 Ltd Sweden Japan EUR SEK 839,051 8,428,096 Lundin Petroleum AB EUR JPY 193,171 24,402,429 Adastria Co Ltd Switzerland 249,277 31,490,036 Capcom Co Ltd EUR CHF 106,835 13,496,016 Daito Trust Construction Co Ltd 981,080 1,061,097 Adecco Group AG 722,589 91,281,506 GungHo Online Entertainment Inc 1,857,045 2,008,505 Roche Holding AG 869,809 109,879,129 Hoya Corp 348,081 376,471 SGS SA 289,451 36,565,042 Jafco Co Ltd United Kingdom 28,235 3,566,804 JGC Holdings Corp EUR GBP 764,537 96,580,613 Lawson Inc 853,533 763,997 Man Group PLC 962,320 121,565,643 Nomura Research Institute Ltd North America 410,796 51,894,060 Sankyo Co Ltd Canada 176,945 22,352,626 Seiko Epson Corp EUR CAD 1,195,246 150,990,176 Sekisui House Ltd 832,447 1,297,619 CI Financial Corp 1,015,663 128,304,151 Trend Micro Inc 213,706 333,124 IGM Financial Inc 752,327 95,038,112 Welcia Holdings Co Ltd 1,010,688 1,575,460 Loblaw Cos Ltd Singapore 500,164 779,656 Real Matters Inc EUR SGD United States 107,145 173,265 Best World International Ltd EUR USD Australia 660,571 808,242 AflacInc Australia 1,472,022 1,801,093 Allstate Corp EUR AUD 1,202,144 1,470,884 Ameriprise Financial Inc 1,562,479 2,477,514 Fortescue Metals Group Ltd 3,423,338 4,188,625 Apple Inc 586,991 930,750 Technology One Ltd 1,228,490 1,503,119 Arista Networks Inc Europe 494,580 605,143 Assured Guaranty Ltd Austria 2,243,727 2,745,312 Autodesk Inc EUR EUR 1,370,927 1,677,398 AutoZone Inc 858,592 858,592 ANDRITZ AG 1,109,756 1,357,842 Best Buy Co Inc 1,215,745 1,487,524 Biogen Inc Belgium 704,341 861,797 Brightsphere Investment Group Inc EUR EUR 683,113 683,113 Telenet Group Holding NV 1,408,288 1,723,111 Cadence Design Systems Inc 866,424 1,060,113 Cardinal Health Inc Denmark 1,215,925 1,487,745 Cerner Corp EUR DKK 1,759,900 2,153,325 Cisco Systems Inc 465,708 3,466,480 Coloplast A/S 1,428,730 1,748,123 Citigroup Inc 1,891,689 14,080,736 Novo Nordisk A/S 979,511 1,198,481 Citrix Systems Inc 1,140,875 8,492,074 Pandora A/S 1,223,508 1,497,023 Colgate-Palmolive Co France 800,407 979,337 Comerica Inc

EUR EUR 1,334,889 1,633,303 Cummins Inc 799,999 799,999 Gaztransport Et Technigaz SA 1,033,385 1,264,398 DaVita Inc Gibraltar 941,569 1,152,057 Deluxe Corp EUR GBP 1,074,960 1,315,268 Domino's Pizza Inc 696,339 623,293 888 Holdings PLC 711,378 870,406 Dow Inc

Robeco Institutional Umbrella Fund 84 Robeco QI Institutional Global Developed Quality Equities Fund

(continued)1 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 1,383,944 1,693,324 eBay Inc 1,471,511 1,800,468 Yum! Brands Inc 1,186,730 1,452,024 Eli Lilly & Co 1,257,142 1,538,177 Fortinet Inc 110,555,053 Total - financial instruments that 711,456 870,502 Franklin Resources Inc are officially listed on a regulated 363,878 445,223 Gilead Sciences Inc market 570,293 697,782 GrafTech International Ltd Futures portfolio 562,832 688,653 Herbalife Nutrition Ltd At 31 December 2020 2,026,966 2,480,094 Home Depot Inc 1,394,890 1,706,718 HP Inc 1,477,716 1,808,060 Humana Inc Market Value Market Value 1,581,984 1,935,637 Illinois Tool Works Inc Unrealised Unrealised 1,801,226 2,203,890 Intuit Inc Gain Gain 924,161 1,130,757 Jazz Pharmaceuticals PLC Europe 375,269 459,160 Kforce Inc Germany 775,778 949,203 Kimberly-Clark Corp EUR EUR 1,167,324 1,428,279 Kroger Co 8,365 8,365 Eurx E-Stoxx 50 March 2021 274,151 335,438 Landstar System Inc North America 841,021 1,029,031 Lennox International Inc United States 283,169 346,472 ManpowerGroup Inc EUR USD 10,787 13,198 S&P 500 Emini CME March 2021 950,585 1,163,088 Masco Corp 761,579 931,830 Medifast Inc 19,152 Total - financialintruments that 981,752 1,201,223 Mettler-Toledo International Inc are offically listed on a regulated 557,896 682,614 ModivCare Inc market 1,473,653 1,803,088 MSCI Inc 796,650 974,741 MSG Networks Inc 1,295,945 1,585,653 NetApp Inc 863,254 1,056,235 Newell Brands Inc 1,129,105 1,381,517 NortonLifeLock Inc 524,961 642,316 NOW Inc 847,230 1,036,628 PetMed Express Inc 2,125,825 2,601,053 Qualcomm Inc 935,962 1,145,196 Robert Half International Inc 1,030,945 1,261,413 Seagate Technology PLC 1,390,170 1,700,943 Skyworks Solutions Inc 1,152,376 1,409,990 Synchrony Financial 702,292 859,290 T Rowe Price Group Inc 1,234,122 1,510,010 Take-Two Interactive Software Inc 1,671,448 2,045,100 Target Corp 2,124,548 2,599,491 Texas Instruments Inc 501,116 613,140 Unum Group 772,796 945,554 USANA Health Sciences Inc 1,061,705 1,299,049 VeriSign Inc 1,001,252 1,225,081 Waddell & Reed Financial Inc 748,819 916,217 Walmart Inc 1,081,647 1,323,450 Waters Corp 851,312 1,041,623 Western Union Co 975,838 1,193,986 WW Grainger Inc 665,858 814,711 Xerox Holdings Corp 720,152 881,143 Yelp Inc

Robeco Institutional Umbrella Fund 85 Robeco QI Institutional Global Developed Enhanced Indexing

Equities1 Fund 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Africa Asia (continued) South Africa Japan (continued) EUR GBP EUR JPY 255,290 228,510 Anglo American PLC 134,222 16,955,620 Eisai Co Ltd Asia 427,202 53,966,563 Ezaki Glico Co Ltd China 223,847 28,277,633 FUJIFILM Holdings Corp EUR EUR 637,140 80,487,094 Fujitsu Ltd 306,345 306,345 Prosus NV 283,173 35,772,042 Hitachi Ltd EUR HKD 264,230 33,379,039 Honda Motor Co Ltd 66,879 634,500 BOC Hong Kong Holdigs Ltd 316,294 39,956,046 Hoya Corp Hong Kong 44,013 5,560,006 Inpex Corp EUR HKD 288,597 36,457,242 ITOCHU Corp 266,358 2,527,002 AIA Group Ltd 81,442 10,288,212 Japan Exchange Group Inc 78,365 743,465 CK Asset Holdings Ltd 71,176 8,991,370 Japan Post Holdings Co Ltd 407,653 3,867,503 Hong Kong Exchanges & Clearing Ltd 115,359 14,572,817 Japan Post Insurance Co Ltd 253,594 2,405,902 Kerry Properties Ltd Japan Real Estate Investment Corp 47,180 5,960,008 Reits 116,275 1,103,126 Link Reits 85,324 10,778,652 JXTG Holdings Inc 272,535 2,585,602 Sino Land Co Ltd 296,102 37,405,244 KDDI Corp 115,945 1,100,001 Sun Hung Kai Properties Ltd 304,366 38,449,145 Kinden Corp 122,407 1,161,301 Techtronic Industries Co 216,488 27,348,032 Kobe Bussan Co Ltd 465,204 4,413,503 WH Group Ltd 140,512 17,750,271 Komatsu Ltd EUR USD 129,330 158,242 Hutchison Port Holdings Trust 455,835 57,583,668 K's Holdings Corp 73,230 89,600 Jardine Matheson Holdings Ltd 140,771 17,782,921 Kubota Corp 120,185 15,182,417 Kyocera Corp Israel 262,229 33,126,239 M3 Inc EUR ILS 90,386 11,418,014 Maeda Road Construction Co Ltd Bezeq The Israeli Telecommunication 351,938 1,383,116 Corp Ltd 77,759 9,823,012 Makita Corp 114,087 448,363 Nice Ltd 77,666 9,811,241 Marubeni Corp EUR USD 509,446 64,356,075 Mazda Motor Corp Check Point Software Technologies 287,353 36,300,043 MEIJI Holdings Co Ltd 93,310 114,170 Ltd 201,147 25,410,030 Mitsubishi Corp 370,810 453,704 Teva Pharmaceutical Industries Ltd 205,833 26,001,931 Mitsubishi Electric Corp 79,265 96,984 Wix.com Ltd 118,052 14,913,018 Mitsubishi Estate Co Ltd Japan 57,461 7,258,809 Mitsubishi Heavy Industries Ltd EUR JPY 315,559 39,863,187 Mitsubishi UFJ Financial Group Inc 112,543 14,217,017 Aeon Co Ltd 225,857 28,531,484 Mitsui & Co Ltd 79,566 10,051,262 Ajinomoto Co Inc 177,610 22,436,726 Mizuho Financial Group Inc 87,349 11,034,413 Asahi Group Holdings Ltd MS&AD Insurance Group Holdings 396,199 50,050,058 ASKUL Corp 84,539 10,679,412 Inc 217,033 27,416,833 Astellas Pharma Inc 491,176 62,048,073 NEC Corp 119,001 15,032,817 Canon Inc 100,629 12,712,015 NH Foods Ltd 487,946 61,640,072 Capcom Co Ltd 473,317 59,792,070 Nihon Unisys Ltd 389,651 49,222,858 Chubu Electric Power Co Inc 416,892 52,664,061 Nintendo Co Ltd 209,098 26,414,430 Chugai Pharmaceutical Co Ltd 190,572 24,074,079 Nippon Telegraph & Telephone Corp 302,497 38,213,045 Dai Nippon Printing Co Ltd 80,237 10,136,011 Nissan Motor Co Ltd 90,908 11,484,014 Daifuku Co Ltd 419,868 53,040,062 Nissin Foods Holdings Co Ltd 93,372 11,795,214 Dai-ichi Life Holdings Inc 102,687 12,972,015 Nitori Holdings Co Ltd 358,186 45,248,053 Daiichi Sankyo Co Ltd 102,291 12,922,016 Nitto Denko Corp 344,729 43,548,051 Daikin Industries Ltd 558,265 70,523,082 Nomura Holdings Inc 38,155 4,820,005 Daito Trust Construction Co Ltd 78,975 9,976,511 Nomura Research Institute Ltd 82,466 10,417,612 Daiwa House Industry Co Ltd 82,050 10,365,012 Obic Co Ltd

Robeco Institutional Umbrella Fund 86 Robeco QI Institutional Global Developed Enhanced Indexing

Equities1 Fund (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Asia (continued) Asia (continued) Japan (continued) Jordan EUR JPY EUR GBP 101,959 12,880,015 Omron Corp 218,691 195,750 Hikma Pharmaceuticals PLC 73,809 9,324,011 Ono Pharmaceutical Co Ltd Macau 117,904 14,894,318 ORIX Corp EUR HKD 94,428 11,928,614 Otsuka Holdings Co Ltd 107,961 1,024,251 Galaxy Entertainment Group Ltd Pan Pacific International Holdings 55,989 531,180 Sands China Ltd 62,382 7,880,409 Corp Singapore 147,016 18,571,822 Panasonic Corp EUR SGD 100,540 12,700,814 Rengo Co Ltd 198,139 320,413 DBS Group Holdings Ltd 46,218 5,838,487 Resona Holdings Inc 126,286 204,219 Oversea-Chinese Banking Corp Ltd 249,091 31,466,537 Rohto Pharmaceutical Co Ltd 122,931 198,793 United Overseas Bank Ltd 120,539 15,227,217 Se Co Ltd 486,790 787,193 UOL Group Ltd 350,321 44,254,452 Sega Sammy Holdings Inc 449,197 56,745,066 Seino Holdings Co Ltd Australia 126,340 15,960,019 Sekisui House Ltd Australia 167,996 21,222,225 Seven & i Holdings Co Ltd EUR AUD 354,418 561,976 Ansell Ltd 418,487 52,865,662 SG Holdings Co Ltd 65,160 103,320 ASX Ltd 114,395 14,451,017 Shimano Inc 389,063 616,910 Aurizon Holdings Ltd 314,173 39,688,047 Shin-Etsu Chemical Co Ltd Australia & New Zealand Banking 89,214 11,270,013 Shionogi & Co Ltd 311,532 493,975 Group Ltd 212,328 26,822,432 SKY Perfect JSAT Holdings Inc 603,311 956,628 BHP Group Ltd 199,326 25,180,030 SMC Corp 75,220 119,271 Brambles Ltd 765,452 96,696,113 SoftBank Group 646,833 1,025,637 Commonwealth Bank of Australia 142,045 17,943,921 Sompo Holdings Inc 771,672 1,223,586 Fortescue Metals Group Ltd 732,750 92,565,108 Sony Corp 419,564 665,273 Goodman Group Reits 91,431 11,550,014 Subaru Corp 189,594 300,625 Rio Tinto Ltd 96,204 12,152,965 Sumitomo Corp 64,309 101,971 Scentre Group Reits 64,904 8,199,010 Sumitomo Electric Industries Ltd 77,150 122,331 Sonic Healthcare Ltd 83,370 10,531,712 Sumitomo Metal Mining Co Ltd 101,808 161,430 South32 Ltd 305,361 38,574,846 Sumitomo Mitsui Financial Group Inc 464,044 735,802 Stockland Reits 105,627 13,343,416 Sumitomo Mitsui Trust Holdings Inc 274,690 435,557 Wesfarmers Ltd 84,797 10,712,013 Sundrug Co Ltd 286,477 454,246 Westpac Banking Corp 356,698 45,060,053 Takeda Pharmaceutical Co Ltd 103,573 164,228 Woodside Petroleum Ltd 110,714 13,986,017 TDK Corp EUR GBP 329,807 41,663,048 Toho Gas Co Ltd 322,764 288,906 BHP Group PLC 334,375 42,240,049 Tokyo Electron Ltd 992,318 888,224 GAM Multistock - Swiss Equity 71,713 9,059,211 Tokyo Gas Co Ltd 205,989 184,381 Glencore PLC 102,081 12,895,415 Toppan Forms Co Ltd New Zealand 116,473 14,713,517 Toshiba Corp EUR AUD 453,020 57,228,067 Toyo Suisan Kaisha Ltd 84,076 133,313 Xero Ltd 84,282 10,647,012 Toyota Industries EUR NZD 1,026,706 129,699,252 Toyota Motor Corp 473,992 805,492 Fisher & Paykel Healthcare Corp Ltd 373,733 47,212,056 TS Tech Co Ltd Europe 305,931 38,646,845 Unicharm Corp Belgium 424,934 53,680,063 Ushio Inc EUR EUR 320,738 40,517,447 Yamato Holdings Co Ltd 539,694 539,694 Ageas SA/NV 182,874 23,101,627 Yamazaki Baking Co Ltd 225,475 225,475 Anheuser-Busch InBev SA/NV 91,442 11,551,414 Z Holdings Corp 85,629 85,629 Anheuser-Busch InBev SA/NV 77,899 77,899 Groupe Bruxelles Lambert SA

Robeco Institutional Umbrella Fund 87 Robeco QI Institutional Global Developed Enhanced Indexing

Equities1 Fund (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Europe (continued) Europe (continued) Belgium (continued) France (continued) EUR EUR EUR EUR 109,118 109,118 KBC Group NV 593,866 593,866 Schneider Electric SE 84,770 84,770 Solvay SA 114,675 114,675 Suez SA 81,777 81,777 UCB SA 61,493 61,493 Thales SA Denmark 452,158 452,158 TOTAL SA EUR DKK 61,009 61,009 Valeo SA 560,715 4,173,667 AP Moller - Maersk A/S 128,004 128,004 Veolia Environnement SA 300,940 2,240,035 Carlsberg A/S 166,959 166,959 Vivendi SA 105,156 782,724 Coloplast A/S 83,055 83,055 Worldline SA 64,702 481,610 Danske Bank A/S Germany 148,572 1,105,888 Genmab A/S EUR EUR 73,111 544,203 GN Store Nord AS 431,359 431,359 adidas AG 793,177 5,903,985 Novo Nordisk A/S 604,910 604,910 Allianz SE 574,097 4,273,277 Pandora A/S 442,685 442,685 BASF SE 542,655 4,039,239 Vestas Wind Systems A/S 317,341 317,341 Bayer AG Finland 167,790 167,790 Bayerische Motoren Werke AG EUR EUR 85,636 85,636 Brenntag AG 173,128 173,128 Kone Oyj 101,244 101,244 Continental AG 186,590 186,590 Neste Oyj 81,727 81,727 COVESTRO 125,873 125,873 Nokia Oyj 375,635 375,635 Daimler AG 81,370 81,370 Stora Enso Oyj 134,656 134,656 Deutsche Bank AG 112,343 112,343 UPM-Kymmene Oyj 362,961 362,961 Deutsche Post AG EUR SEK 373,531 373,531 Deutsche Telekom AG 151,111 1,517,879 Nordea Bank Abp 566,485 566,485 Deutsche Wohnen SE France Fresenius Medical Care AG & Co 104,414 104,414 KGaA EUR EUR 144,208 144,208 Fresenius SE & Co KGaA 94,618 94,618 Alstom SA 291,717 291,717 GEA Group 479,489 479,489 Atos SE 761,666 761,666 BNP Paribas SA 122,011 122,011 HeidelbergCement AG 74,905 74,905 Bouygues SA 220,126 220,126 HelloFresh SE 154,189 154,189 Capgemini SE 101,795 101,795 Henkel AG & Co KGaA 317,555 317,555 Carrefour SA 113,621 113,621 Henkel AG & Co KGaA 528,038 528,038 Cie de Saint-Gobain 75,398 75,398 Just Eat Takeaway.com NV Cie Generale des Etablissements 73,441 73,441 LEG Immobilien AG 127,514 127,514 Michelin SCA 222,034 222,034 Merck KGaA 84,118 84,118 Credit Agricole SA Muenchener Rueckversicherungs- 140,715 140,715 Edenred 258,096 258,096 Gesellschaft AG in Muenchen 386,940 386,940 Electricite de France SA 56,062 56,062 Porsche Automobil Holding SE 140,374 140,374 Engie SA 153,318 153,318 RWE AG 254,204 254,204 Hermes International 741,426 741,426 SAP SE 138,335 138,335 Legrand SA 91,054 91,054 Sartorius AG 556,954 556,954 L'Oreal SA 62,826 62,826 Scout24 AG LVMH Moet Hennessy Louis Vuitton 628,732 628,732 Siemens AG 493,529 493,529 SE 80,250 80,250 Siemens Energy AG 134,144 134,144 Orange SA 94,200 94,200 Symrise AG 92,880 92,880 Peugeot SA 416,916 416,916 Telefonica Deutschland Holding AG 112,008 112,008 Publicis Groupe SA 199,213 199,213 Volkswagen AG 516,845 516,845 Rexel SA 235,932 235,932 Vonovia SE 1,063,159 1,063,159 Sano i 104,901 104,901 Zalando SE 70,762 70,762 Sartorius Stedim Biotech

Robeco Institutional Umbrella Fund 88 Robeco QI Institutional Global Developed Enhanced Indexing

Equities1 Fund (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Europe (continued) Europe (continued) Ireland Spain EUR AUD EUR EUR 93,668 148,523 James Hardie Industries PLC 642,125 642,125 Banco Bilbao Vizcaya Argentaria SA EUR EUR 333,694 333,694 Banco Santander SA 692,478 692,478 CRH PLC 53,078 53,078 CaixaBank SA 243,507 243,507 Flutter Entertainment PLC 530,464 530,464 EDP Renovaveis SA 67,215 67,215 Kingspan Group 70,023 70,023 Endesa SA EUR GBP 524,289 524,289 Iberdrola SA 82,340 73,703 Smurfit Kappa Group 115,800 115,800 Industria de Diseno Textil SA Italy 3,110 3,110 Repsol SA EUR EUR 91,402 91,402 Repsol SA 111,028 111,028 Assicurazioni Generali SpA Sweden 510,820 510,820 Enel spA EUR SEK 152,077 152,077 Eni SpA 125,278 1,258,390 Atlas Copco AB 128,842 128,842 Snam SpA 83,141 835,139 Boliden AB 69,331 69,331 Terna Rete Elettrica Nazionale SpA 47,281 474,929 Epiroc AB 116,372 116,372 UniCredit SpA 86,676 870,645 Epiroc AB Luxembourg 605,967 6,086,810 Evolution Gaming Group EUR EUR 138,865 1,394,869 Hexagon AB 635,728 635,728 ArcelorMittal SA 532,009 5,343,924 Husqvarna AB 76,179 76,179 Eurofins Scientific SE 207,814 2,087,450 Investor AB Netherlands 79,846 802,038 Kinnevik AB EUR EUR 260,584 2,617,516 Lundin Petroleum AB 257,175 257,175 Adyen NV 83,311 836,843 Nibe Industrier AB 366,183 366,183 Aegon NV 159,602 1,603,172 Sandvik AB 142,333 142,333 Akzo Nobel NV 105,208 1,056,794 Skandinaviska Enskilda Banken AB 1,211,335 1,211,335 ASML Holding NV 80,552 809,131 SKF AB 67,958 67,958 Heineken Holding NV 89,493 898,938 Svenska Handelsbanken AB 228,978 228,978 ING Groep NV 91,448 918,574 Swedbank AB 638,968 638,968 Koninklijke Ahold Delhaize NV 228,794 2,298,193 Telefonaktiebolaget LM Ericsson 1,126 1,126 Koninklijke DSM NV 73,679 740,092 Telia Co AB 99,823 99,823 Koninklijke KPN NV 219,654 2,206,383 Volvo AB 307,949 307,949 Koninklijke Philips NV Switzerland 85,165 85,165 NN Group NV EUR CHF 447,267 447,267 Signify NV 298,423 322,763 ABB Ltd 144,888 144,888 Wolters Kluwer NV 546,880 591,483 Adecco Group AG EUR GBP Chocoladefabriken Lindt & Spruengli 464,520 415,792 Royal Dutch Shell PLC 119,689 129,450 AG 374,572 335,279 Royal Dutch Shell PLC 613,639 663,687 Credit Suisse Group AG EUR USD 173,194 187,320 Geberit AG 408,718 500,086 NXP Semiconductors NV 83,982 90,831 Julius Baer Group Ltd Norway 81,318 87,951 Kuehne + Nagel International AG EUR NOK 618,428 668,867 LafargeHolcim Ltd 115,961 1,214,810 DNB ASA 109,629 118,570 Logitech International SA 207,243 2,171,064 Equinor ASA 297,664 321,942 Lonza Group AG 71,975 754,012 Telenor ASA 1,988,402 2,150,577 Nestle SA Portugal 1,271,738 1,375,461 Novartis AG EUR EUR 1,437,067 1,554,274 Roche Holding AG 138,650 138,650 EDP - Energias de Portugal SA 71,698 77,545 Schindler Holdings AG 113,559 122,820 SGS SA

Robeco Institutional Umbrella Fund 89 Robeco QI Institutional Global Developed Enhanced Indexing

Equities1 Fund (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Europe (continued) Europe (continued) Switzerland (continued) United Kingdom (continued) EUR CHF EUR GBP 236,086 255,341 Sika AG 193,771 173,445 Tesco 77,832 84,180 Sonova Holding AG 387,093 346,487 Unilever PLC 93,419 101,038 Swiss Life Holding AG 256,626 229,706 Vodafone Group PLC 136,234 147,346 Swiss Re AG 137,130 122,745 WPP PLC 81,167 87,787 Swisscom AG EUR HKD 753,591 815,054 UBS Group AG 461,895 4,382,103 CK Hutchison Holdings Ltd 366,746 396,658 Zurich Insurance Group AG EUR USD EUR EUR 85,646 104,792 Coca-Cola European Partners PLC 177,804 177,804 STMicroelectronics NV 521,441 638,009 Janus Henderson Group PLC 82,535 100,985 Liberty Global PLC United Kingdom 799,005 977,622 Linde PLC EUR EUR 94,185 94,185 CNH Industrial NV North America 164,500 164,500 Fiat Chrysler Automobiles NV Canada 552,154 552,154 Unilever PLC EUR CAD EUR GBP 222,855 347,386 Alimentation Couche-Tard Inc 101,557 90,904 3i Group PLC 278,270 433,767 Bank of Montreal 131,283 117,512 Ashtead Group 228,715 356,521 Bank of Nova Scotia 822,491 736,213 Astrazeneca 257,089 400,750 Barrick Gold Corp 177,693 159,053 Aviva PLC 119,355 186,051 BlackBerry Ltd 245,090 219,380 Barclays PLC 214,538 334,422 Canadian Imperial Bank of Commerce 99,432 89,001 Barloworld Ltd 441,127 687,628 CI Financial Corp 440,228 394,048 BP PLC 154,815 241,326 Constellation Software Inc 97,859 87,594 BT Group PLC 375,420 585,205 Enbridge Inc 80,051 71,654 Bunzl Co Ltd 56,055 87,378 George Weston Ltd 499,537 447,135 Direct Line Insurance Group PLC 295,497 460,621 Great-West Lifeco Inc 205,724 184,144 Experian PLC H&R Real Estate Investment Trust 529,052 473,554 GlaxoSmithKline PLC 149,116 232,442 Reits 544,174 487,090 GVC Holdings PLC 256,173 399,323 Hydro One Ltd 473,393 423,734 Inchcape PLC 425,512 663,288 Kinross Gold Corp 135,971 121,707 L&G Group 61,569 95,974 Loblaw Cos Ltd 83,708 74,927 Land Securities Group PLC Reits 582,350 907,767 Magna International Inc 222,912 199,528 London Stock Exchange Group PLC 263,247 410,349 Manulife Financial Corp 40,771 36,494 M&G PLC 135,715 211,553 National Bank of Canada 91,717 82,096 Melrose Industries PLC 76,771 119,671 Open Text Corp 137,293 122,891 National Grid PLC 191,870 299,087 Parkland Corporation of Canada 68,675 61,471 Natwest Group PLC 62,330 97,160 Power Corp of Canada 81,856 73,270 Next PLC 97,474 151,942 Rogers Communications Inc 190,175 170,226 Northwest Equity Corp/WI 735,444 1,146,409 Royal Bank of Canada 76,077 68,096 Persimmon PLC 97,500 151,983 Seven Generations Energy Ltd 299,875 268,418 Prudential 739,498 1,152,729 Shopify Inc 783,130 700,979 Reckitt Benckiser Group PLC 200,031 311,809 Sun Life Financial Inc 80,514 72,068 Rentokil Initial PLC 837 1,304 Topicus.com Inc 473,258 423,613 Royal Mail PLC 634,812 989,546 Toronto-Dominion Bank 92,427 82,732 Sage Group PLC 507,239 790,684 Yamana Gold Inc 293,513 262,724 Schroders PLC United States 82,893 74,198 Segro PLC Reits EUR AUD 119,769 107,206 SSE PLC 102,413 162,389 Amcor PLC 82,247 73,619 Standard Life Aberdeen PLC EUR EUR 75,510 67,589 Tate & Lyle PLC 77,514 77,514 QIAGEN NV

Robeco Institutional Umbrella Fund 90 Robeco QI Institutional Global Developed Enhanced Indexing

Equities1 Fund (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR GBP EUR USD 156,719 140,279 Ferguson PLC 636,244 778,477 Bank of New York Mellon Corp EUR USD 226,971 277,711 Baxter International Inc 629,561 770,299 3M Co 1,310,813 1,603,845 Berkshire Hathaway Inc 1,209,755 1,480,195 Abbott Laboratories 519,849 636,061 Best Buy Co Inc 1,169,100 1,430,452 AbbVie Inc 650,198 795,550 Biogen Inc 90,619 110,876 ABIOMED Inc 81,470 99,683 Bio-Rad Laboratories Inc 403,701 493,948 Accenture PLC 80,728 98,775 Black Knight Inc 955,477 1,169,074 Activision Blizzard Inc 687,602 841,316 BlackRock Inc 1,516,035 1,854,945 Adobe Inc 72,604 88,835 Boeing Co 73,248 89,623 Advance Auto Parts Inc 127,423 155,909 Booking Holdings Inc 605,928 741,384 Advanced Micro Devices Inc 73,674 90,144 Booz Allen Hamilton Holding Corp 95,206 116,489 AES Corp/VA 50,623 61,940 BorgWarner Inc 184,706 225,997 AflacInc 357,833 437,827 Brighthouse Financial Inc 466,772 571,119 AGCO Corp 818,093 1,000,978 Bristol-Myers Squibb Co 91,709 112,210 Agilent Technologies Inc 2,814 3,444 Bristol-Myers Squibb Co Rights 103,656 126,828 Akamai Technologies Inc 242,403 296,593 Brixmor Property Group Inc Reits 260,240 318,417 Alexion Pharmaceuticals iNC 1,091,449 1,335,442 Broad Inc 467,111 571,533 Alliance Data Systems Corp 71,374 87,329 Brown & Brown Inc 215,449 263,612 Allstate Corp 91,438 111,879 Bunge Ltd 89,824 109,904 Ally Financial Inc 221,780 271,359 Cadence Design Systems Inc 3,285,977 4,020,556 Alphabet Inc 73,416 89,828 Camden Property Trust Reits 3,078,372 3,766,542 Alphabet Inc 71,880 87,949 Campbell Soup Co 8,113,378 9,927,122 Amazon. Inc 349,495 427,625 Capital One Financial Corp 473,214 579,002 Amdocs Ltd 496,444 607,424 Cardinal Health Inc 191,257 234,013 American International Group Inc 93,646 114,580 CarMax Inc 575,115 703,682 American Tower Corp Reits 174,982 214,099 Carrier Global Corp 119,660 146,410 American Water Works Co Inc 1,397,719 1,710,179 cast Corp 586,381 717,466 Ameriprise Financial Inc 101,046 123,635 Catalent Inc 115,853 141,752 AmerisourceBergen Corp 608,444 744,462 Caterpillar Inc 843,914 1,032,571 Amgen Inc 576,067 704,847 CBRE Group Inc 240,474 294,232 Amphenol Corp 117,944 144,310 CDW Corp/DE 337,586 413,053 Analog Devices Inc 183,885 224,992 Centene Corp 68,212 83,461 Annaly Capital Management Inc Reits 77,855 95,259 CenterPoint Energy Inc 479,450 586,631 Anthem Inc 55,031 67,333 CenturyLink Inc 279,207 341,624 Aon PLC 186,651 228,377 Cerner Corp 13,728,706 16,797,757 Apple Inc 606,644 742,259 Charter Communications Inc 476,165 582,611 Applied Materials Inc 994,585 1,216,924 Chevron Corp 158,413 193,826 Archer-Daniels-Midland Co 211,936 259,315 Chipotle Mexican Grill Inc 97,367 119,134 Arista Networks Inc 133,674 163,556 Church & Dwight Co Inc 473,081 578,838 Arrow Electronics Inc 883,729 1,081,287 Cigna Corp 1,278,528 1,564,343 AT&T Inc 193,261 236,465 Cintas Corp 378,571 463,201 Autodesk Inc 1,188,944 1,454,733 Cisco Systems Inc 460,967 564,016 Automatic Data Processing Inc 751,128 919,042 Citigroup Inc 120,138 146,995 AutoZone Inc 510,498 624,620 Citizens Financial Group Inc 90,164 110,320 Avantor Inc 521,336 637,880 Citrix Systems Inc 145,532 178,066 Avery Dennison Corp 159,087 194,651 Clorox Co 62,045 75,915 Baker Hughes Co 905,865 1,108,371 Coca-Cola Co 185,134 226,521 Ball Corp 259,336 317,310 Cognizant Technology Solutions Corp 1,615,765 1,976,970 Bank of America Corp 430,433 526,656 Colgate-Palmolive Co

Robeco Institutional Umbrella Fund 91 Robeco QI Institutional Global Developed Enhanced Indexing

Equities1 Fund (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 563,155 689,049 Conagra Brands Inc 80,265 98,208 Equity LifeStyle Properties Inc Reits 73,489 89,917 Concho Resources Inc 97,603 119,422 Essex Property Trust Inc Reits 265,979 325,439 ConocoPhillips 125,484 153,536 Etsy Inc 150,500 184,144 Consolidated Edison Inc 69,067 84,506 Everest Re Group Ltd 229,872 281,260 Constellation Brands Inc 175,063 214,199 Eversource Energy 170,739 208,908 Corning Inc 720,488 881,554 Exelon Corp 207,405 253,771 Corteva Inc Expeditors International of 973,398 1,191,002 Costco Wholesale Corp 94,756 115,939 Washington Inc 135,725 166,067 Crowdstrike Holdings Inc 91,093 111,457 Extra Space Storage Inc 93,931 114,929 Crown Holdings Inc 520,863 637,302 Exxon Mobil Corp 435,894 533,338 CSX Corp 78,512 96,063 F5 Networks Inc 652,967 798,938 Cummins Inc 3,842,838 4,701,903 Facebook Inc 737,174 901,970 CVS Health Corp 392,544 480,297 FedEx Corp 866,374 1,060,052 Danaher Corp Fidelity National Information Services 500,032 611,814 Inc 79,167 96,865 Datadog Inc 159,960 195,719 Fifth Third Bancorp 532,044 650,983 DaVita Inc 154,790 189,393 First Republic Bank 454,299 555,857 Deere & Co 99,850 122,172 Fiserv Inc 571,261 698,967 Dell Technologies Inc 154,142 188,600 FMC Corp 126,669 154,986 DENTSPLY SIRONA Inc 214,407 262,338 Ford Motor Co 164,035 200,705 Discover Financial Services 615,097 752,601 Fortinet Inc 69,694 85,275 Discovery Inc 133,820 163,736 Fortive Corp 443,056 542,101 Discovery Inc 488,237 597,383 Fortune Brands Home & Security Inc 65,047 79,589 DISH Network Corp 80,324 98,280 Fox Corp 676,956 828,290 DocuSign Inc 15,342 18,772 Fox CorpClass B 615,491 753,084 Dollar General Corp 236,478 289,342 Freeport-McMoRan Inc 158,676 194,148 Dollar Tree Inc 106,990 130,908 Garmin Ltd 387,693 474,362 Dominion Energy Inc 86,932 106,366 Gartner Inc 93,080 113,888 Domino's Pizza Inc 84,381 103,244 Generac Holdings Inc 548,523 671,145 Dover Corp 589,417 721,181 General Electric Co 237,958 291,153 Dow Inc 349,950 428,182 General Mills Inc 139,355 170,508 DR Horton Inc 307,004 375,634 General Motors Co 489,829 599,330 Dropbox Inc 84,625 103,543 Genuine Parts Co 142,292 174,102 DTE Energy Co 427,397 522,942 Gilead Sciences Inc 61,839 75,663 Duke Realty Corp Reits 421,667 515,931 Global Payments Inc 310,465 379,870 DuPont de Nemours Inc 88,743 108,582 GoDaddy Inc 99,006 121,138 Eastman Chemical Co 504,337 617,081 Goldman Sachs Group Inc 509,801 623,767 Eaton Corp PLC 108,885 133,226 Halliburton Co 643,100 786,865 eBay Inc 130,982 160,263 Hartford Financial Services Group Inc 84,850 103,818 Elanco Animal Health Inc 277,696 339,774 HCA Healthcare Inc 696,787 852,553 Electronic Arts Inc 75,901 92,869 Henry Schein Inc 876,525 1,072,472 Eli Lilly & Co 141,306 172,895 Hershey Co 733,186 897,090 Emerson Electric Co 94,428 115,537 Hewlett Packard Enterprise Co 109,097 133,486 Entergy Corp 198,868 243,325 Hologic Inc 168,129 205,714 EOG Resources Inc 1,817,474 2,223,771 Home Depot Inc 121,544 148,715 EPAM Systems Inc 929,688 1,137,520 Honeywell International Inc 158,684 194,158 EQT Corp 95,297 116,601 Horizon Therapeutics PLC 145,156 177,606 Equifax Inc 89,477 109,479 Howmet Aerospace Inc 380,569 465,645 Equinyx Inc Reits 733,088 896,969 HP Inc 501,677 613,827 Equitable Holdings Inc

Robeco Institutional Umbrella Fund 92 Robeco QI Institutional Global Developed Enhanced Indexing

Equities1 Fund (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 349,394 427,501 Humana Inc 79,476 97,243 Loews Corp 74,001 90,544 Huntington Bancshares Inc/OH 763,621 934,329 Lowe's Cos Inc 92,698 113,421 IAC/InterActiveCorp 97,383 119,153 M&T Bank Corp 91,334 111,751 IDEX Corp 439,273 537,473 ManpowerGroup Inc 258,606 316,418 IDEXX Laboratories Inc 167,157 204,525 Marathon Petroleum Corp 193,235 236,433 IHS Markit Ltd 131,501 160,898 MarketAxess Holdings Inc 380,416 465,458 Illinois Tool Works Inc 197,884 242,121 Marvell Technology Group Ltd 117,438 143,691 Incyte Corp 295,941 362,099 Masco Corp 68,998 84,423 Ingersoll Rand Inc 1,222,911 1,496,292 Mastercard Inc 1,239,810 1,516,969 Intel Corp 159,648 195,337 Match Group 650,825 796,317 International Business Machines Corp 183,161 224,107 Maxim Integrated Products Inc 94,469 115,588 International Flavors & Fragrances Inc 146,422 179,154 McCormick & Co 528,063 646,111 International Paper Co 921,244 1,127,189 McDonald's Corp 75,738 92,669 Interpublic Group of Cos Inc 577,246 706,289 McKesson Corp 506,653 619,915 Intuit Inc 400,046 489,476 MDU Resources Group Inc 513,242 627,977 Invitation Homes Inc Reits 983,323 1,203,145 Medtronic PLC 208,523 255,138 IQVIA Holdings Inc 1,302,663 1,593,873 Merck & Co Inc 77,715 95,088 Jack Henry & Associates Inc 639,162 782,046 MetLife Inc 90,566 110,812 Jacobs Engineering Group Inc 169,525 207,422 Mettler-Toledo International Inc 517,455 633,132 Jazz Pharmaceuticals PLC 190,423 232,992 Microchip Technology Inc 82,575 101,034 JM Smucker Co 523,381 640,383 Micron Technology Inc 2,591,036 3,170,263 Johnson & Johnson 9,776,083 11,961,525 Microsoft Corp 676,984 828,324 Johnson Controls International plc Mid-America Apartment munities Inc 2,767,281 3,385,907 JPMorgan Chase & Co 107,478 131,504 Reits 258,261 315,995 Juniper Networks Inc 176,230 215,626 Moderna Inc 118,119 144,524 Kansas City Southern 486,249 594,950 Mohawk Industries Inc 89,768 109,836 Kellogg Co 81,349 99,534 Molina Healthcare Inc 122,865 150,332 KeyCorp 70,912 86,765 Molson Coors Brewing Co 155,565 190,342 Keysight Technologies Inc 485,613 594,172 Mondelez International Inc 269,098 329,255 Kimberly-Clark Corp 92,489 113,165 Monolithic Power Systems Inc 41,219 50,434 Kimco Realty Corp Reits 219,267 268,284 Monster Beverage 123,897 151,595 KKR & Co Inc 610,052 746,429 Morgan Stanley 235,517 288,167 KLA Corp 479,758 587,008 Mosaic Co Knight-Swift Transportation Holdings 161,922 198,120 Motorola Solutions Inc 440,365 538,809 Inc 269,330 329,539 MSCI Inc 588,474 720,027 Kraft Heinz Co 95,035 116,280 Nasdaq Inc 585,803 716,760 Kroger Co 92,196 112,807 NetApp Inc 242,850 297,139 L3Harris Technologies Inc 727,426 890,042 Netflix Inc 153,051 187,266 Laboratory Corp of America Holdings 478,475 585,438 Newell Brands Inc 431,915 528,470 Lam Research Corp 282,184 345,266 Newmont Mining Corp 153,877 188,276 Las Vegas Sands Corp 471,930 577,430 News Corp 502,350 614,651 Lear Corp 248,875 304,511 NextEra Energy Inc 89,093 109,009 Leidos Holdings Inc 510,633 624,785 Nielsen Holdings PLC 160,304 196,140 Lennar Corp 383,751 469,539 NIKE Inc 69,637 85,205 Lennox International Inc 68,486 83,796 Nordson Corp 100,312 122,737 Liberty Broadband Corp 380,238 465,240 Norfolk Southern Corp 27,921 34,163 Liberty Media Corp-Liberty SiriusXM 532,378 651,391 NortonLifeLock Inc 80,644 98,672 LKQ Corp 85,138 104,170 Novocure Ltd 918,820 1,124,222 Lockheed Martin Corp 94,334 115,422 Nucor Corp

Robeco Institutional Umbrella Fund 93 Robeco QI Institutional Global Developed Enhanced Indexing

Equities1 Fund (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 1,885,135 2,306,557 NVIDIA Corp 84,282 103,123 Seagate Technology PLC 103,368 126,476 NVR Inc 131,546 160,954 Seagen Inc 95,212 116,496 Occidental Petroleum Corp 202,952 248,322 Sempra Energy 116,768 142,872 Old Dominion Freight Line Inc 639,705 782,711 ServiceNow Inc 81,559 99,792 Omnicom Group Inc 374,197 457,849 Sherwin-Williams Co 86,082 105,325 ON Semiconductor Corp 147,692 180,708 Simon Property Group Inc Reits 912,602 1,116,614 Oracle Corp 150,562 184,220 Skyworks Solutions Inc 209,354 256,155 O'Reilly Automotive Inc 268,939 329,060 Snap Inc 156,681 191,707 Otis Worldwide Corp 73,712 90,191 Snap-on Inc 186,938 228,728 PACCAR Inc 406,119 496,907 Southern Co 90,621 110,880 Packaging Corp of America 459,272 561,943 Spectrum Brands Holdings Inc 219,299 268,324 Parker-Hannifin Corp 93,825 114,799 SS&C Technologies Holdings Inc 135,481 165,767 Paychex Inc 201,100 246,056 Stanley Black & Decker Inc 1,528,602 1,870,321 PayPal Holdings Inc 81,926 100,240 Starbucks Corp 184,636 225,911 Peloton Interactive Inc 587,927 719,357 State Street Corp 72,765 89,032 Pentair PLC 257,432 314,980 Steel Dynamics Inc 1,154,717 1,412,854 PepsiCo Inc 118,506 144,998 STERIS PLC 99,807 122,119 PerkinElmer Inc 477,443 584,175 Stryker Corp 1,196,855 1,464,412 PfizerInc 118,864 145,436 SVB Financial Group 65,800 80,510 Pinnacle West Capital Corp 529,976 648,452 Synchrony Financial 162,010 198,227 Pinterest Inc 263,785 322,754 Synopsys Inc 144,835 177,213 Pioneer Natural Resources Co 154,415 188,935 T Rowe Price Group Inc 408,926 500,342 PNC Financial Services Group Inc 135,351 165,609 Take-Two Interactive Software Inc 388,736 475,638 Polaris Inc 914,283 1,118,671 Target Corp 88,288 108,025 Pool Corp 309,029 378,113 Taro Pharmaceutical Industries Ltd 197,668 241,857 PPG Industries Inc 235,599 288,268 TE Connectivity Ltd 79,673 97,484 Principal Financial Group Inc 87,923 107,578 Teladoc Health 2,173,156 2,658,965 Procter & Gamble Co 115,035 140,751 Teradyne Inc 352,268 431,018 Progressive Corp 3,079,790 3,768,278 Tesla Inc 425,991 521,222 Prologis Inc Reits 959,655 1,174,186 Texas Instruments Inc 182,103 222,812 Prudential Financial Inc 65,886 80,614 Textron Inc 169,008 206,790 Public Service Enterprise Group Inc 1,166,020 1,426,684 Thermo Fisher Scientific Inc 222,522 272,266 Public Storage Reits 484,234 592,484 TJX Cos Inc 452,504 553,661 PulteGroup Inc 484,051 592,261 T-Mobile US Inc 539,761 660,424 Qorvo Inc 102,372 125,257 Tractor Supply Co 1,381,649 1,690,517 Qualcomm Inc 249,259 304,981 Trane Technologies PLC 145,414 177,921 Quest Diagnostics Inc 117,016 143,174 TransUnion 349,690 427,863 Qurate Retail Inc 109,687 134,208 Trimble Inc 87,573 107,150 Raymond James Financial Inc 420,756 514,816 Truist Financial Corp 304,819 372,961 Regeneron Pharmaceuticals Inc 253,280 309,900 Twitter Inc 124,396 152,205 Regions Financial Corp 95,970 117,424 Tyler Technologies Inc 125,771 153,887 Republic Services Inc 122,753 150,195 Uber Technologies Inc 176,851 216,386 ResMed Inc 221,060 270,478 Union Pacific Corp 168,293 205,915 Rockwell Automation Inc 722,570 884,100 United Parcel Service Inc 79,017 96,681 RPM International Inc 145,566 178,107 United Rentals Inc 465,603 569,689 S&P Global Inc 2,080,779 2,545,937 UnitedHealth Group Inc 692,570 847,394 salesforce. Inc 85,632 104,775 Universal Health Services Inc 198,993 243,478 SBA Communications Corp Reits 457,281 559,507 Unum Group 168,103 205,682 Schlumberger Ltd 411,582 503,591 US Bancorp

Robeco Institutional Umbrella Fund 94 Robeco QI Institutional Global Developed Enhanced Indexing

Equities1 Fund (continued) 1 Equity portfolio Futures portfolio At 31 December 2020 At 31 December 2020

Market Value Market Value Market Value Market Value North America (continued) Unrealised Unrealised United States (continued) Gain Gain EUR USD Europe 223,621 273,611 Veeva Systems Inc Germany 113,306 138,636 Ventas Inc EUR EUR 133,708 163,598 VeriSign Inc 20,533 20,533 Eurx E-Stoxx 50 March 2021 1,519,851 1,859,614 Verizon North America 374,729 458,500 Vertex Pharmaceuticals Inc United States 115,536 141,364 ViacomCBS Inc EUR USD 136,206 166,655 Viatris Inc 32,361 39,595 S&P 500 Emini CME March 2021 67,191 82,212 VICI Properties Inc Reits 1,527,740 1,869,266 Visa Inc 52,894 Total - financialintruments that 504,391 617,147 Vistra Energy Corp are offically listed on a regulated market 72,448 88,644 VMware Inc 177,799 217,545 Walgreens Boots Alliance Inc 1,216,654 1,488,637 Walmart Inc 1,237,630 1,514,302 Walt Disney Co 167,576 205,037 Waste Connections Inc 288,765 353,318 Waste Management Inc 90,431 110,647 Wayfair Inc 168,784 206,515 WEC Energy Group Inc 738,523 903,619 Wells Fargo & Co 147,984 181,065 Welltower Inc Reits 117,858 144,205 West Pharmaceutical Services Inc 54,009 66,083 Western Union Co Westinghouse Air Brake Technologies 82,620 101,089 Corp 515,899 631,229 Westrock 634,728 776,622 Weyerhaeuser Co Reits 100,752 123,275 Whirlpool Corp 181,106 221,593 Williams Cos Inc 253,994 310,774 Workday Inc 76,144 93,166 WP Carey Inc Reits 117,141 143,327 WW Grainger Inc 189,731 232,145 Xcel Energy Inc 87,387 106,922 XPO Logistics Inc 225,185 275,525 Yum! Brands Inc 153,286 187,553 Zebra Technologies Corp 123,270 150,828 Zillow Group 186,638 228,361 Zimmer Biomet Holdings Inc 639,600 782,582 Zoom Video Communications Inc 95,158 116,431 Zscaler Inc South America Argentina EUR USD 417,590 510,942 MercadoLibre Inc

300,912,286 Total - financial instruments that are officially listed on a regulated market

Robeco Institutional Umbrella Fund 95 Robeco QI Institutional Global Sustainable Conservative Equities

Fund1 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Asia Europe Hong Kong Austria EUR HKD EUR EUR 361,588 3,430,462 HKT Trust & HKT Ltd 133,886 133,886 Oesterreichische Post AG 10,604 100,605 Link Reits Belgium Israel EUR EUR EUR ILS 84,583 84,583 Groupe Bruxelles Lambert SA 382,352 1,502,102 Nice Ltd Denmark Japan EUR DKK EUR JPY 194,769 1,449,757 Novo Nordisk A/S 233,454 29,491,235 Anritsu Corp 125,891 937,064 Tryg A/S Com 441,637 55,790,065 Astellas Pharma Inc France 274,441 34,668,941 Chugai Pharmaceutical Co Ltd EUR EUR 176,495 22,295,826 FUJIFILM Holdings Corp 148,356 148,356 Societe BIC SA 433,602 54,775,064 Hirose Electric Co Ltd Germany 648,026 81,862,296 KDDI Corp EUR EUR 226,216 28,576,834 Komeri Co Ltd 785,941 785,941 Allianz SE NEC Networks & System Integration 280,840 280,840 Deutsche Telekom AG 254,201 32,112,038 Corp Muenchener Rueckversicherungs- 555,676 70,196,082 Nippon Prologis Inc Reits 646,819 646,819 Gesellschaft AG in Muenchen 138,217 17,460,320 Nippon Telegraph & Telephone Corp 253,114 253,114 Scout24 AG 658,123 83,137,598 Nomura Research Institute Ltd Italy 128,213 16,196,619 Senko Group EUR EUR 158,400 20,010,023 Sugi Holdings Co Ltd 560,471 560,471 Snam SpA 136,600 17,256,020 Yaoko Co Ltd 748,262 748,262 Terna Rete Elettrica Nazionale SpA Singapore Luxembourg EUR SGD EUR EUR 75,775 122,536 Mapletree Industrial Trust Reits 99,390 99,390 RTL Group SA 133,519 215,916 Sheng Siong Group Ltd Netherlands 586,490 948,419 Singapore Exchange Ltd EUR EUR Australia 844,786 844,786 Koninklijke Ahold Delhaize NV Australia Norway EUR AUD EUR NOK 587,078 930,889 ASX Ltd 88,245 924,451 Europris ASA 181,048 287,075 Aurizon Holdings Ltd 567,934 5,949,678 Gjensidige Forsikring ASA 108,968 172,782 BWP Trust Reits 418,000 662,793 Commonwealth Bank of Australia Portugal

141,302 224,053 CSR Ltd EUR EUR REN - Redes Energeticas Nacionais 515,574 817,510 Dexus Reits 80,689 80,689 SGPS SA 1,216,429 1,928,807 Fortescue Metals Group Ltd Spain 351,612 557,526 JB Hi-Fi Ltd EUR EUR 153,894 244,019 Sonic Healthcare Ltd 422,645 422,645 Enagas SA 221,058 350,517 Telstra Corp Ltd 1,073,174 1,701,657 Wesfarmers Ltd Sweden EUR SEK New Zealand 444,338 4,463,283 Axfood AB

EUR NZD 609,393 6,121,233 Castellum AB 368,700 626,561 Meridian Energy Ltd 479,252 4,813,991 ICA Gruppen AB 535,065 909,279 Spark New Zealand Ltd 576,420 5,790,024 Skandinaviska Enskilda Banken AB 117,269 1,177,948 Telia Co AB

Robeco Institutional Umbrella Fund 96 Robeco QI Institutional Global Sustainable Conservative Equities

Fund1 (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Europe (continued) North America (continued) Switzerland United States (continued) EUR CHF EUR USD 186,085 201,262 Allreal Holding AG 2,141,173 2,619,831 Apple Inc 445,191 481,501 Banque Cantonale Vaudoise 359,692 440,101 AptarGroup Inc Chocoladefabriken Lindt & Spruengli 524,532 641,791 Arrow Electronics Inc 63,834 69,040 AG 774,949 948,188 AT&T Inc 724,034 783,087 Geberit AG 596,813 730,231 AutoZone Inc 253,327 273,989 Mobimo Holding AG 283,758 347,193 Avangrid Inc 1,253,464 1,355,696 Nestle SA 349,271 427,351 Balchem 386,866 418,418 Novartis AG 271,175 331,796 Bank of New York Mellon Corp 1,033,374 1,117,656 Roche Holding AG 74,564 91,233 Baxter International Inc 492,046 532,177 Swiss Prime Site AG 238,168 291,411 Benchmark Electronics Inc 618,455 668,896 Swisscom AG 763,462 934,134 Best Buy Co Inc 672,368 727,206 Zurich Insurance Group AG 565,526 691,950 Bio-Rad Laboratories Inc United Kingdom 429,620 525,661 Campbell Soup Co EUR GBP 309,233 378,362 Capitol Federal Financial Inc 493,091 441,366 Admiral Group PLC 609,480 745,729 Church & Dwight Co Inc 543,974 486,911 Berkeley Group Holdings PLC 1,444,157 1,766,998 Cisco Systems Inc 464,572 415,838 Direct Line Insurance Group PLC 508,946 622,721 Clorox Co 591,032 529,033 GlaxoSmithKline PLC 573,253 701,404 Coca-Cola Co 325,551 291,401 IG Group Holdings PLC 566,973 693,720 Consolidated Edison Inc 442,488 396,071 Kingfisher PLC 963,117 1,178,422 Cummins Inc 110,507 98,915 Pets at Home Group PLC 722,698 884,257 DaVita Inc North America 106,428 130,220 Deere & Co Canada 1,192,482 1,459,061 Dollar General Corp EUR CAD Easterly Government Properties Inc 422,868 659,167 Bank of Montreal 196,668 240,634 Reits 234,718 365,878 Bank of Nova Scotia 923,965 1,130,517 Eaton Corp PLC 558,511 870,606 BCE Inc 966,518 1,182,583 eBay Inc 342,438 533,792 Canadian Apartment Properties Reits 130,540 159,723 Eli Lilly & Co 294,521 459,100 CGI Group Inc 165,600 202,620 Erie Indemnity 241,792 376,905 CI Financial Corp 220,784 270,140 Everest Re Group Ltd 300,334 468,161 Cogeco 520,402 636,737 FactSet Research Systems Granite Real Estate Investment Trust 436,454 534,023 Flowers Foods Inc 433,976 676,482 Reits 878,318 1,074,666 Garmin Ltd 262,340 408,935 Great-West Lifeco Inc 558,853 683,785 General Mills Inc 121,741 189,770 IGM Financial Inc 331,523 405,635 H&R Block Inc 480,257 748,625 Intact Financial Corp 649,259 794,401 Hershey Co 250,331 390,215 Metro Inc 1,479,683 1,810,466 Home Depot Inc 679,999 1,059,984 National Bank of Canada 126,739 155,071 Hormel Foods Corp 481,685 750,850 Royal Bank of Canada 140,231 171,580 Intel Corp 163,995 255,636 Shaw 319,333 390,720 Jack Henry & Associates Inc 452,883 705,953 TFI International Inc 436,966 534,650 JM Smucker Co 286,515 446,619 Thomson Reuters Corp 690,077 844,344 Johnson & Johnson 614,373 957,685 Toronto-Dominion Bank 557,174 681,731 JPMorgan Chase & Co 498,526 609,971 Kimberly-Clark Corp United States 465,310 569,330 Kroger Co EUR USD 621,549 760,496 Allstate Corp 109,947 134,525 Landstar System Inc 465,968 570,135 Amdocs Ltd 1,035,063 1,266,451 McDonald's Corp 213,189 260,847 AMERISAFE Inc 1,500,954 1,836,492 Merck & Co Inc 669,343 818,975 Amgen Inc 1,592,051 1,947,954 Microsoft Corp

Robeco Institutional Umbrella Fund 97 Robeco QI Institutional Global Sustainable Conservative Equities

Fund1 (continued) Equity portfolio At 31 December 2020

Market Value Market Value North America (continued) United States (continued) EUR USD 526,346 644,011 Murphy USA 259,337 317,312 New York Community Bancorp Inc 412,538 504,760 Omnicom Group Inc 1,707,673 2,089,422 Oracle Corp 756,988 926,213 PfizerInc 1,217,240 1,489,354 Procter & Gamble Co 465,125 569,104 Regeneron Pharmaceuticals Inc 629,250 769,918 Republic Services Inc 102,823 125,808 Safety Insurance Group Inc 264,936 324,162 Schneider National 628,179 768,608 Seagate Technology PLC 265,717 325,117 Sprouts Farmers Market Inc 682,998 835,682 STERIS PLC 1,657,164 2,027,623 Target Corp 109,328 133,769 Tootsie Roll Industries Inc 600,442 734,671 Tractor Supply Co 821,571 1,005,233 Trane Technologies PLC 359,199 439,498 Travelers Cos Inc 583,068 713,413 United Therapeutics Corp 1,317,540 1,612,076 UnitedHealth Group Inc 1,595,236 1,951,851 Verizon 887,017 1,085,310 Waste Management Inc 229,682 281,027 Weis Markets Inc 461,322 564,450 Western Union Co 112,861 138,091 White Mountains Insurance Group Ltd

83,826,397 Total - financial instruments that are officially listed on a regulated market

Robeco Institutional Umbrella Fund 98 Robeco QI Institutional Global Developed Sustainable Multi-Factor

Equities1 Fund 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Asia Asia (continued) Hong Kong Japan (continued) EUR HKD EUR JPY 209,954 1,991,881 HKT Trust & HKT Ltd 197,812 24,988,680 Sumitomo Corp 218,058 2,068,765 PCCW Ltd 204,614 25,848,031 Sumitomo Forestry Co Ltd 234,209 2,222,001 Sino Land Co Ltd 396,212 50,051,659 Sumitomo Mitsui Financial Group Inc Israel 230,249 29,086,334 T&D Holdings Inc EUR ILS 234,846 29,667,035 TS Tech Co Ltd Bezeq The Israeli Telecommunication 201,998 25,517,530 Wacom Co Ltd 152,764 600,146 Corp Ltd 199,982 25,262,830 Yamada Denki Co Ltd EUR USD 256,124 32,355,038 Yaoko Co Ltd Check Point Software Technologies 268,308 328,288 Ltd Singapore EUR SGD Japan 72,327 116,960 Best World International Ltd EUR JPY 103,476 167,332 Mapletree Industrial Trust Reits 73,186 9,245,211 Astellas Pharma Inc 274,995 444,696 Sheng Siong Group Ltd 125,887 15,902,719 Benesse Holdings Inc 410,886 664,450 Singapore Exchange Ltd 318,777 40,269,647 Bridgestone Corp 284,419 35,929,442 Brother Industries Ltd Australia 97,064 12,261,615 DCM Holdings Australia 520,875 65,799,877 FUJIFILM Holdings Corp EUR AUD 68,713 108,954 AusNet Services 542,749 68,563,081 Fujitsu Ltd 1,868,723 2,963,102 Fortescue Metals Group Ltd 414,568 52,370,562 Honda Motor Co Ltd 335,621 532,170 Harvey Norman Holdings Ltd 119,032 15,036,818 Internet Initiative Japan 481,898 764,113 JB Hi-Fi Ltd 929,142 117,374,538 ITOCHU Corp 134,122 212,667 Kogan.com 187,532 23,690,027 Jafco Co Ltd 209,286 331,850 Sandfire Resources NL 263,010 33,224,918 JXTG Holdings Inc 237,714 376,927 Sonic Healthcare Ltd 516,965 65,305,877 KDDI Corp 273,976 434,425 Telstra Corp Ltd 147,733 18,662,421 Komeri Co Ltd 974,130 1,544,610 Wesfarmers Ltd 150,051 18,955,223 K's Holdings Corp 167,361 21,142,024 Lawson Inc New Zealand 70,328 8,884,211 Lintec Corp EUR NZD 229,898 29,042,034 LIXIL Group Corp 253,691 431,117 Fisher & Paykel Healthcare Corp Ltd 296,001 37,392,494 Marubeni Corp 221,299 376,072 Spark New Zealand Ltd 298,014 37,646,744 Mixi Inc Europe 513,103 64,818,076 NEC Corp Austria NEC Networks & System Integration EUR EUR 138,398 17,483,220 Corp 164,336 164,336 Oesterreichische Post AG 346,660 43,792,051 Nippon Prologis Inc Reits 267,080 267,080 Raiffeisen Bank International AG 150,214 18,975,822 Nippon Yusen NPV Belgium 188,941 23,868,028 Nissin Foods Holdings Co Ltd EUR EUR 297,252 37,550,543 Nomura Holdings Inc 169,392 169,392 bpost SA 810,221 102,351,621 Nomura Research Institute Ltd 178,312 178,312 Telenet Group Holding NV 298,594 37,720,045 Omron Corp Denmark 228,809 28,904,434 Ono Pharmaceutical Co Ltd EUR DKK 391,220 49,421,058 Ricoh Co Ltd 1,158,927 8,626,440 Novo Nordisk A/S 94,834 11,980,013 Rinnai Corp 274,286 2,041,639 Pandora A/S 295,716 37,356,444 Seiko Epson Corp 178,478 1,328,493 Ringkjoebing Landbobank A/S 872,746 110,250,130 Sekisui House Ltd 33,932 252,575 Topdanmark A/S 45,392 5,734,207 Senko Group Finland 735,708 92,938,708 Seven & i Holdings Co Ltd EUR EUR 98,121 12,395,214 SKY Perfect JSAT Holdings Inc 180,102 180,102 Kesko

Robeco Institutional Umbrella Fund 99 Robeco QI Institutional Global Developed Sustainable Multi-Factor

Equities1 Fund (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Europe (continued) Europe (continued) Finland (continued) Netherlands (continued) EUR EUR EUR EUR 119,594 119,594 Metsa Board 518,019 518,019 Signify NV 324,859 324,859 Nokia Oyj 112,581 112,581 TomTom NV France 264,155 264,155 Wolters Kluwer NV EUR EUR EUR USD 190,826 190,826 BNP Paribas SA 130,738 159,964 NXP Semiconductors NV 203,622 203,622 Elior Group SA Norway 115,426 115,426 Eutelsat EUR NOK 152,618 152,618 Gaztransport Et Technigaz SA 189,296 1,983,064 Equinor ASA 98,795 98,795 Ipsen 66,651 698,231 Europris ASA 332,193 332,193 Publicis Groupe SA 300,895 3,152,171 Gjensidige Forsikring ASA 229,415 229,415 Rexel SA Spain 599,300 599,300 Sano i EUR EUR 222,477 222,477 Sartorius Stedim Biotech 253,757 253,757 Banco Bilbao Vizcaya Argentaria SA 196,744 196,744 Societe BIC SA 567,050 567,050 Banco Santander SA 165,875 165,875 TOTAL SA 409,297 409,297 Enagas SA EUR USD 356,335 356,335 Iberdrola SA 113,785 139,222 Criteo 18,779 18,779 Telefonica Germany 334,641 334,641 Telefonica SA EUR EUR Sweden 257,171 257,171 Continental AG EUR SEK 499,041 499,041 Deutsche Post AG 162,186 1,629,130 Axfood AB 248,418 248,418 Deutsche Telekom AG 87,463 878,550 Electrolux 242,182 242,182 HelloFresh SE 193,009 1,938,740 ICA Gruppen AB 201,442 201,442 ProSiebenSat.1 Media SE 282,749 2,840,152 Kinnevik AB 214,261 214,261 Telefonica Deutschland Holding AG 230,055 2,310,854 Lundin Petroleum AB 295,581 295,581 Zalando SE 265,688 2,668,786 Nibe Industrier AB Ireland 225,057 2,260,650 Thule Group EUR AUD Switzerland 274,400 435,097 James Hardie Industries PLC EUR CHF Italy 291,491 315,264 Adecco Group AG EUR EUR 172,634 186,715 ALSO Holding AG 123,989 123,989 Eni SpA 161,995 175,207 Bachem 256,970 256,970 Snam SpA Chocoladefabriken Lindt & Spruengli 257,953 257,953 Telecom Italia SpA 79,792 86,300 AG 248,556 248,556 Terna Rete Elettrica Nazionale SpA 299,247 323,654 Geberit AG 631,504 683,009 Nestle SA Luxembourg 376,966 407,711 Novartis AG EUR EUR 229,061 229,061 RTL Group SA 1,269,647 1,373,200 Roche Holding AG 301,177 325,741 SGS SA Netherlands 351,134 379,773 Swisscom AG EUR EUR 154,820 167,447 Tecan Group 228,600 228,600 Adyen NV EUR EUR 166,230 166,230 Flow Traders NV 334,261 334,261 STMicroelectronics NV 1,530,506 1,530,506 Koninklijke Ahold Delhaize NV 272,891 272,891 Koninklijke KPN NV United Kingdom 823,195 823,195 NN Group NV EUR GBP 341,122 305,339 Aviva PLC 155,872 155,872 PostNL NV 470,908 421,510 Direct Line Insurance Group PLC 242,561 242,561 Randstad 199,756 178,802 Electrocomponents 181,345 181,345 Royal Dutch Shell PLC

Robeco Institutional Umbrella Fund 100 Robeco QI Institutional Global Developed Sustainable Multi-Factor

Equities1 Fund (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value Europe (continued) North America (continued) United Kingdom (continued) United States (continued) EUR GBP EUR USD 584,720 523,383 GlaxoSmithKline PLC 627,424 767,684 Adobe Inc 259,204 232,014 J Sainsbury PLC 59,795 73,162 ADT Inc 625,483 559,869 Kingfisher PLC 147,446 180,407 AGCO Corp 190,293 170,332 Man Group PLC 536,041 655,872 Akamai Technologies Inc 49,290 44,120 Moneysupermarket.com Group PLC 814,626 996,735 Allstate Corp 277,005 247,948 Royal Mail PLC 202,607 247,900 Amdocs Ltd 56,478 50,553 Tate & Lyle PLC 381,338 466,586 Ameriprise Financial Inc 376,458 336,967 Vodafone Group PLC 347,711 425,441 AMERISAFE Inc 331,755 296,954 WPP PLC 556,220 680,563 Amgen Inc EUR USD 3,145,388 3,848,541 Apple Inc 394,435 482,611 Janus Henderson Group PLC 146,114 178,778 AptarGroup Inc 477,311 584,013 Liberty Global PLC 755,784 924,739 Arrow Electronics Inc 78,981 96,638 Liberty Global PLC 404,682 495,149 Assured Guaranty Ltd North America 1,258,102 1,539,350 AT&T Inc Bermuda 652,081 797,853 Autodesk Inc EUR USD 555,153 679,257 AutoZone Inc 244,304 298,919 Triton International Ltd 230,021 281,442 Avnet Inc Canada 114,768 140,425 B&G Foods Inc EUR CAD 301,584 369,003 Baker Hughes Co 231,165 360,339 ARTIS REAL ESTATE INV. TST. 87,793 107,419 Bank of America Corp 185,741 289,533 Boralex 1,199,715 1,467,911 Best Buy Co Inc 291,049 453,688 Canadian Imperial Bank of Commerce 834,911 1,021,556 Biogen Inc 396,140 617,503 Celestica Inc 220,589 269,901 Bio-Rad Laboratories Inc 340,543 530,838 CI Financial Corp 635,708 777,820 BlackRock Inc 17,319 26,997 Empire Co Ltd 546,100 668,181 Booking Holdings Inc 135,576 211,336 Enghouse Systems Ltd 257,575 315,156 Booz Allen Hamilton Holding Corp 216,510 337,496 Hydro One Ltd 274,464 335,820 BorgWarner Inc 579,683 903,608 IGM Financial Inc 221,689 271,248 Brighthouse Financial Inc 119,552 186,358 Jamieson Wellness Inc 194,116 237,510 Brightsphere Investment Group Inc 189,394 295,228 Kinross Gold Corp 240,818 294,653 Brown & Brown Inc 325,743 507,769 Magna International Inc 169,338 207,193 CACI International Inc 385,477 600,881 Manulife Financial Corp 359,487 439,850 Cadence Design Systems Inc 230,071 358,635 Metro Inc 313,774 383,918 Cardinal Health Inc 386,207 602,019 Royal Bank of Canada 248,589 304,161 CenturyLink Inc 71,263 111,084 Stantec Inc 330,456 404,329 Cerner Corp 350,536 546,415 Sun Life Financial Inc 228,163 279,169 CH Robinson Worldwide Inc 175,175 273,063 TFI International Inc 421,606 515,856 Chipotle Mexican Grill Inc 260,717 406,405 Thomson Reuters Corp 2,101,974 2,571,872 Cisco Systems Inc 353,140 550,475 Toronto-Dominion Bank 1,205,937 1,475,524 Citigroup Inc 247,401 385,649 Transcontinental Inc 809,426 990,373 Citizens Financial Group Inc 185,737 289,527 Yamana Gold Inc 250,407 306,385 Citrix Systems Inc 213,876 261,688 Clorox Co United States 613,816 751,034 Colgate-Palmolive Co EUR EUR 227,829 227,829 QIAGEN NV 271,368 332,032 Comerica Inc EUR USD 493,012 603,225 Costco Wholesale Corp 232,828 284,877 Abercrombie & Fitch Co 206,537 252,708 Crocs Inc 132,315 161,894 ACCO Brands Corp 1,602,906 1,961,236 Cummins Inc 235,170 287,742 Activision Blizzard Inc 537,446 657,592 CVS Health Corp 832,849 1,019,032 DaVita Inc

Robeco Institutional Umbrella Fund 101 Robeco QI Institutional Global Developed Sustainable Multi-Factor

Equities1 Fund (continued) 1 Equity portfolio Equity portfolio At 31 December 2020

Market Value Market Value Market Value Market Value North America (continued) North America (continued) United States (continued) United States (continued) EUR USD EUR USD 559,042 684,016 Dell Technologies Inc 359,786 440,217 Kraft Heinz Co 419,809 513,657 Deluxe Corp 801,404 980,558 Kroger Co 385,871 472,132 DexCom Inc 70,726 86,537 Lancaster Colony Corp 144,895 177,286 Dick's Sporting Goods Inc 160,133 195,930 Landstar System Inc 361,877 442,774 Discovery Inc 291,201 356,299 Lennar Corp 255,448 312,554 DocuSign Inc 215,181 263,285 Lennox International Inc 616,866 754,767 Dollar General Corp 168,255 205,869 Lexington Realty Trust Reits 303,669 371,554 Dover Corp 1,837,623 2,248,424 Lowe's Cos Inc 460,266 563,158 Dow Inc 134,261 164,275 Lumber Liquidators Holdings Inc 121,431 148,577 DXC Technology Co 161,696 197,844 Manhattan Associates Inc Easterly Government Properties Inc 427,849 523,495 ManpowerGroup Inc 166,976 204,303 Reits 48,121 58,878 ManTech International Corp 764,500 935,404 eBay Inc 320,359 391,975 MarketAxess Holdings Inc 554,888 678,934 Edwards Lifesciences Corp 272,814 333,801 Marsh & McLennan Cos Inc 462,412 565,784 Electronic Arts Inc 251,945 308,267 Masco Corp 37,120 45,418 Eli Lilly & Co 152,387 186,453 Masonite International Corp 307,256 375,943 Equitable Holdings Inc 126,455 154,724 MAXIMUS Inc 310,875 380,372 Etsy Inc 583,648 714,122 McDonald's Corp 594,757 727,715 FedEx Corp 647,621 792,397 Merck & Co Inc 368,421 450,781 First Republic Bank 1,173,683 1,436,060 MetLife Inc 401,572 491,343 Ford Motor Co 781,490 956,191 Mettler-Toledo International Inc 644,109 788,100 Fortinet Inc 1,933,802 2,366,104 Microsoft Corp 220,050 269,242 Franklin Resources Inc 323,259 395,523 Moderna Inc 318,428 389,613 Garmin Ltd 169,744 207,691 Murphy USA 223,368 273,302 General Mills Inc 143,772 175,913 MYR Group 228,980 280,168 Genesco Inc 724,360 886,291 NetApp Inc 283,589 346,986 Genuine Parts Co 276,421 338,215 Newell Brands Inc 980,261 1,199,399 Gilead Sciences Inc 170,954 209,171 News Corp 171,089 209,336 H&R Block Inc 174,902 214,001 Nielsen Holdings PLC 391,423 478,926 Halliburton Co 466,992 571,388 NortonLifeLock Inc 153,432 187,731 Herbalife Nutrition Ltd 595,373 728,469 NVIDIA Corp 330,895 404,867 Hewlett Packard Enterprise Co 310,843 380,332 Omnicom Group Inc 1,279,092 1,565,033 Home Depot Inc 1,282,380 1,569,056 Oracle Corp 183,537 224,567 Hormel Foods Corp 99,626 121,897 OraSure Technologies 344,241 421,196 Houlihan Lokey Inc 191,513 234,326 Owens Corning 1,333,734 1,631,891 HP Inc 418,715 512,319 Patterson-UTI Energy Inc 523,085 640,021 Humana Inc 161,329 197,394 Perdoceo Education Corp 477,584 584,348 IDEXX Laboratories Inc 299,068 365,925 PerkinElmer Inc 583,704 714,192 Illinois Tool Works Inc 499,374 611,009 PfizerInc 697,981 854,014 Intel Corp 138,212 169,110 Plains GP Holdings LP 627,574 767,868 International Business Machines Corp 205,996 252,046 PriceSmart Inc 306,814 375,403 Interpublic Group of Cos Inc 250,858 306,937 Principal Financial Group Inc 608,791 744,886 Intuit Inc 615,671 753,304 Procter & Gamble Co 265,742 325,148 Jazz Pharmaceuticals PLC 429,160 525,099 Prudential Financial Inc 251,031 307,149 JM Smucker Co 469,173 574,057 PulteGroup Inc 476,172 582,621 Johnson & Johnson 668,725 818,218 Qualcomm Inc 238,613 291,955 Juniper Networks Inc 272,614 333,557 Quest Diagnostics Inc 178,673 218,615 Kforce Inc 105,715 129,348 Quidel Corp 461,830 565,073 Kimberly-Clark Corp 270,791 331,327 Qurate Retail Inc

Robeco Institutional Umbrella Fund 102 Robeco QI Institutional Global Developed Sustainable Multi-Factor

Equities1 Fund (continued) 1 Equity portfolio Futures portfolio At 31 December 2020 At 31 December 2020

Market Value Market Value Market Value Market Value North America (continued) Unrealised Unrealised United States (continued) Gain Gain EUR USD Europe 204,900 250,705 Redfin Corp Germany 778,630 952,693 Regeneron Pharmaceuticals Inc EUR EUR 333,790 408,408 Republic Services Inc 5,217 5,217 Eurx E-Stoxx 50 March 2021 124,141 151,892 RMR Group Inc North America 222,539 272,288 Robert Half International Inc United States 601,013 735,369 S&P Global Inc EUR USD 386,483 472,881 Schlumberger Ltd 5,715 6,992 S&P 500 Emini CME March 2021 617,104 755,057 Seagate Technology PLC 280,699 343,450 Seagen Inc 10,932 Total - financialintruments that 156,315 191,259 Silgan Holdings Inc are offically listed on a regulated market 331,987 406,202 Skyworks Solutions Inc 331,066 405,075 Sprouts Farmers Market Inc 177,365 217,015 SPX Corp 351,122 429,615 Stanley Black & Decker Inc 353,565 432,604 State Street Corp 667,052 816,171 Synchrony Financial 356,464 436,151 Take-Two Interactive Software Inc 1,362,262 1,666,796 Target Corp 682,383 834,929 Texas Instruments Inc 641,064 784,373 Thermo Fisher Scientific Inc 260,697 318,976 Tractor Supply Co 725,948 888,234 Trane Technologies PLC 147,356 180,297 TRI Pointe Group Inc 98,067 119,990 TrueBlue 233,422 285,603 Unum Group 131,275 160,622 Upwork 127,665 156,205 USANA Health Sciences Inc 97,628 119,453 VeriSign Inc 1,118,581 1,368,640 Verizon 238,499 291,815 Voya Financial Inc 638,310 781,005 Walmart Inc 453,291 554,625 Waste Management Inc 289,369 354,058 Waters Corp 96,046 117,517 Weis Markets Inc 301,706 369,153 West Pharmaceutical Services Inc 388,189 474,969 Western Digital Corp 472,511 578,141 Western Union Co 197,078 241,135 Whirlpool Corp 591,710 723,987 WW Grainger Inc 402,297 492,231 Xerox Holdings Corp 478,108 584,989 Yelp Inc 322,694 394,833 Yum! Brands Inc 276,606 338,441 Zions Bancorp NA 425,665 520,822 Zoom Video Communications Inc 169,247 207,082 Zynga Inc

139,498,952 Total - financial instruments that are officially listed on a regulated market

Robeco Institutional Umbrella Fund 103 Rotterdam, 30 April 2021

The Manager

Robeco Institutional Asset Management B.V. (RIAM) Policy makers RIAM: Gilbert O.J.M. Van Hassel Karin van Baardwijk Lia Belilos-Wessels Mark C.W. den Hollander Mark F. van der Kroft Martin O. Nijkamp Hans-Christoph von Reiche Victor Verberk

Robeco Institutional Umbrella Fund 104 Other information Directors’ interests

The total personal interests in the investments of the fund held by the policymakers of the managements (also the manager) of the funds on 1 January 2020 and 31 December 2020 are shown in the table below.

Directors' interest As at 1 January 2020 Description Quantity ABN Amro Bank Shares 1,453 Barclays Shares 5,000 Bayer Shares 500 BNP Paribas Shares 400 ING Groep NV Shares 230,888 JP Morgan Chase Shares 4,092 KBC Group Shares 180 Koninkljike Ahold Delhaize Shares 2,210 NN Group NV Shares 17,070 Royal Dutch Shell Shares 9,749 Unibail Rodamco Westfield Shares 205 Unilever Shares 2 Volkswagen Shares 100

Directors' interest As at 31 December 2020 Description Quantity Aegon Shares 29,000 Barclays Shares 5,000 Bayer Shares 500 BNP Paribas Shares 400 Heineken Shares 550 ING Groep NV Shares 230,888 JP Morgan Chase Shares 4,092 KBC Group Shares 180 Koninkljike Ahold Delhaize Shares 2,210 NN Group NV Shares 18,679 Royal Dutch Shell Shares 10,235 Unilever Shares 1,002 Volkswagen Shares 100

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.

Robeco Institutional Umbrella Fund 105 Independent auditor’s report To: the General Meeting and Manager of Robeco Institutional Umbrella Fund

Report on the audit of the accompanying financial statements Our opinion We have audited the financial statements 2020 of Robeco Institutional Umbrella 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 2020, and of its result for the year 2020 in accordance with Part 9 of Book 2 of the Dutch Civil Code.

The financial statements comprise: 1. the balance sheet as at 31 December 2020; 2. the profit and loss account for the year 2020; and 3. the notes comprising a summary of the accounting policies and other explanatory information.

Basis for our opinion We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards are further described in the 'Our responsibilities for the audit of the financial statements' section of our report.

We are independent of 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; • other information pursuant to Part 9 of Book 2 of the Dutch Civil Code; • Schedule of Investments

Based on the following procedures performed, we conclude that the other information: • is consistent with the financial statements and does not contain material misstatements; • contains the information as required by Part 9 of Book 2 of the Dutch Civil Code.

KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

Robeco Institutional Umbrella Fund 106 Independent auditor’s report (continued)

Report on the other information included in the annual 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.

The manager is responsible for the preparation of the other information, including the Report by the manager, in accordance with Part 9 of Book 2 of the Dutch Civil Code, and other information pursuant to Part 9 of Book 2 of the Dutch Civil Code.

Description of the responsibilities for the financial statements

Responsibilities of the manager for the financial statements The manager is responsible for the preparation and fair presentation of the financial statements in accordance with Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the manager is responsible for such internal control as the manager determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to errors or fraud.

As part of the preparation of the financial statements, the manager is responsible for assessing the company's ability to continue as a going concern. Based on the financial reporting framework mentioned, the manager should prepare the financial statements using the going concern basis of accounting unless the manager either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. The manager should disclose events and circumstances that may cast significant doubt on the company's ability to continue as a going concern in the financial statements.

Our responsibilities for the audit of the financial statements Our objective is to plan and perform the audit engagement in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion.

Our audit has been performed with a high, but not absolute, level of assurance, which means we may not have detected all material errors and fraud during our audit.

Misstatements can arise from fraud or errors and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.

We have exercised professional judgement and have maintained professional scepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit included among others:

• identifying and assessing the risks of material misstatement of the financial statements, whether due to errors or fraud, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from errors, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

Robeco Institutional Umbrella Fund 107 Independent auditor’s report (continued)

Our responsibilities for the audit of the financial statements (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 the manager; • concluding on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company ceasing to continue as a going concern; • evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and • evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit. Utrecht, 30 April 2021 KPMG Accountants N.V.

G.J. Hoeve RA

Robeco Institutional Umbrella Fund 108