Robeco All Strategies Fundsinvestment portfolio during the reporting period are available from the...

Unaudited Semi-Annual Report 1 January to 30 June 2019

Robeco All Strategies Funds

Société d’Investissement à Capital Variable Incorporated under Luxembourg law RCS B124 048

Contents

General Information 3

Report of the Board of Directors 5 General 5 General introduction 5 Investment results Life Cycle Funds 6 Performance analysis 6 Investment results Pension Sub-funds 7 Performance analysis 7 Investment results Multi Asset Sub-funds 8 Performance analysis 9 Fund governance 10 Sustainable investing 10

Other data 13

Financial statements 19 Combined Statement of net assets 19 Combined Statement of operations and changes in net assets 22 Statistical Information 27

Notes to the financial statements as at 30 June 2019 29

Schedule of Investments 44 Robeco Life Cycle Fund 2020 44 Robeco Life Cycle Fund 2025 46 Robeco Life Cycle Fund 2030 48 Robeco Life Cycle Fund 2035 50 Robeco Life Cycle Fund 2040 52 Robeco Life Cycle Fund 2045 54 Robeco Life Cycle Fund 2050 56 Robeco Life Cycle Fund 2055 58 Robeco Life Cycle Fund 2060 60 Robeco Life Cycle Fund 2065 62 Robeco Pension Return Portfolio 64 Robeco Pension Matching Portfolio 66 Robeco Multi Asset Income 70 Robeco QI Conservative Multi Asset 73 Robeco Multi Asset Growth 86 Robeco QI Multi Factor Multi Asset 88 Robeco Multi Asset Sustainable 103

Robeco All Strategies Funds 2

General Information Robeco All Strategies Funds

(hereafter ‘the fund’ or ‘Company’) Undertaking for collective investment in transferable securities incorporated as a ‘Société d’Investissement à Capital Variable’ (SICAV) under Luxembourg law.

Register of Companies RCS Luxembourg B 124 048

Registered Office 6 route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Board of Directors D.R. (Rob) van Bommel, Managing Director, Robeco, Rotterdam, The Netherlands H.P. (Pierre) de Knijff, Director, Robeco, Rotterdam, The Netherlands J.H. (Jeroen) van den Akker, Director, Robeco, Rotterdam, The Netherlands S. (Susanne) van Dootingh, Independent Director, Overijse, Belgium

Management Company Robeco Luxembourg S.A. 5, rue Heienhaff L-1736 Senningerberg Grand Duchy of Luxembourg

Cabinet de révision agréé (Independent auditor) KPMG Luxembourg, Société coopérative 39, Avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg

Depositary, Domiciliary and Paying Agent J.P. Morgan Bank Luxembourg S.A. 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Administration Agent J.P. Morgan Bank Luxembourg S.A. 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg

Registrar Robeco Luxembourg S.A. (until 23 April 2019 delegated to:) RBC Investor Services Bank S.A. 14, Porte de France L-4360 Esch-sur-Alzette Grand Duchy of Luxembourg

(since 23 April 2019 delegated to:) J.P. Morgan Bank Luxembourg S.A. 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg


General Information (continued) Investment Adviser Robeco Luxembourg S.A. Delegated to: Robeco Institutional Asset Management B.V. (‘RIAM’) Weena 850, NL-3014 DA Rotterdam, The Netherlands

Fund Selection Adviser for the sub-funds Robeco Pension Return Portfolio, Robeco Pension Matching Portfolio, Robeco Multi Asset Income and Robeco Multi Asset Growth Corestone Investment Managers A.G. Baarerstrasse 37 CH-6300 Zug Switzerland

Subscriptions and publications No subscription can be accepted on the basis of financial reports such as this report. Subscriptions may only be accepted on the basis of the current prospectus, supplemented by the Company’s latest annual report, and in the event that the Company’s annual report has been published more than eight months previously, its latest semi-annual report. Financial reports, the prospectus and the Key Investor Information Document are available through the website www.robeco.com and may be obtained free of charge at the Company’s registered office.

Representative and paying agent in Switzerland ACOLIN Fund Services AG, Affolternstrasse 56, CH-8050 Zürich, is the fund’s representative in Switzerland. Copies of the Key Investor Information Document and prospectus, articles of incorporation, (semi) annual reports and a list of all purchases and sales in the investment portfolio during the reporting period are available from the above address free of charge. UBS Switzerland A.G., Bahnhofstrasse 45, CH-8001 Zurich (Postal address Badenerstrasse 574, Postfach, CH-8098 Zürich) is the Company’s paying agent in Switzerland.

Language versions This report is also published in German. Only the English edition is binding.

Robeco Where reference is made to "Robeco", it should be read RIAM including the activities of the other entities which are in the scope of Robeco's management.


Report of the Board of Directors General

Website An information update on the subfund’s investment policies, returns and investment portfolio can be found on www.robeco.com/luxembourg.

Outsourcing part of the operations to J.P. Morgan In April 2019, the Company appointed J.P. Morgan Bank Luxembourg S.A. as its transfer agent. This appointment was part of an outsourcing process, which started early 2018.

New share classes

Sub-fund Share class Effective Robeco Multi Asset Growth F EUR 15/01/2019

General introduction

Financial market environment The US is now enjoying the longest post-WW2 economic expansion, recently surpassing the 1991-2001 expansion of the US economy that came to an end by the bursting of the IT bubble. US economic growth in the first quarter remained above trend at a 3.2% pace corrected for inflation. However, the expansion in the global economy at large is losing momentum, with a key institution as the IMF now downgrading global economic growth from 3.6% in 2018 to 3.3% for 2019. Continuing trade tensions between the US and China, credit tightening in China, disruptions in the auto sector in Germany and broad based political uncertainty contributed to a slowdown of the pace of economic activity in the first half of 2019.

A swift and all-encompassing resolution to the trade dispute between the current US administration and China has remained out of sight, though a truce has been struck between the parties involved at the latest G20 meeting in Osaka. Especially the global manufacturing sector struggles as trade tensions and increasing barriers to trade impact global supply chains. World trade activity has shifted into a lower gear as world trade volumes declined compared to the second half of 2018.

In response to weaker macro-economic data and lingering geopolitical tensions, central banks have made a U-turn in their policy stance and shifted their forward guidance to a dovish stance in order to safeguard the expansion. Financial markets are currently expecting the US central bank to cut interest rates by almost 1% over the next 12 months. We believe markets may have priced in too many rate cuts by the Fed as the US domestic economy itself remains fairly robust. However, a continued loss of momentum of global activity could trigger a synchronized policy rate easing effort by major central banks in the second half of 2019.

Outlook for the equity markets Equity markets clearly welcomed the dovish turn by central banks, notably the Fed. The MSCI World in euro already generated a 17.4% return in the first half of 2019, well above historical average equity returns on an annual basis. We believe the path for equities in the remainder of the year will prove challenging, despite central banks providing excess liquidity. Turbulence may be ahead, as it remains uncertain whether a substantial trade deal is achievable between the US and China and whether Europe will escape tariffs from the US on its exports. In absence of a deal, political uncertainty will stay elevated and corporate earnings delivery dismal. Actual global earnings expectations by analysts for 2019 are modest at 7.3% (y-o-y). Equity valuations have increased as discount rates have fallen, with the US equity market looking particularly expensive.

The US cyclically-adjusted price earnings ratio (CAPE) is now at 30.2, a valuation level only seen in the late 1990’s. This is confirmed by other valuation metrics like Tobin’s Q (market value divided by replacement value of the firm) and the Buffet indicator (market capitalization S&P500 divided by nominal US GDP), as both indicators are well above historical averages. Despite elevated valuation levels from an absolute point of view, equities are still offering a decent risk premium compared to less risky alternatives like government bonds.

Bond market outlook Global government bond markets also managed to generate attractive returns in the first half of 2019 with 4.3% in euro (hedged). The flight to haven assets on the back of decelerating global growth momentum and inflation expectations dropping further below central banks inflation targets, all provoked a powerful rally in fixed income, with US 10 year Treasury yields dropping from 2.7% to just above 2% at the end of June. Parts of the US yield curve inverted, implying shorter dated maturities provide a higher yield compared to longer maturities, conveying market worries about recession risk. On average, a US recession has followed 18 months after the US yield curve inverted and partly explains the heightened vigilance and willingness of central banks to accommodate the real economy.


Report of the Board of Directors (continued) General introduction (continued)

Bond market outlook (continued) Risky fixed income also managed to benefit from financial easing conditions, with US High yield (unhedged, USD) generating 9.9% in the first half of the year, on par with US Investment grade (9.9%). Both asset classes also benefitted from spread compression. European risky fixed income markets were more hampered by the slowdown in European economic activity relative to the US and faced more modest returns with European High yield returning 7.7%. Looking ahead, high yield and investment grade could face headwinds in the second half as spread compression has been significant. Valuations now are less attractive while default rates have crept up recently. The latter development could hamper further spread compression, especially if earnings growth remains sluggish, corporate leverage increases further and interest rate coverage subsequently weakens.

Investment results Life Cycle Funds

Investment results

Price in currency x 1

30/06/2019


31/12/2018

Investment result

reporting period in %

Robeco Life Cycle Fund 2020 F EUR shares 59.14 56.30 5.0 Robeco Life Cycle Fund 2025 F EUR shares 63.81 59.88 6.6 Robeco Life Cycle Fund 2030 F EUR shares 67.35 62.38 8.0 Robeco Life Cycle Fund 2035 F EUR shares 74.36 67.62 10.0 Robeco Life Cycle Fund 2040 F EUR shares 75.56 66.97 12.8 Robeco Life Cycle Fund 2045 F EUR shares 72.02 63.77 12.9 Robeco Life Cycle Fund 2050 F EUR shares 71.70 63.52 12.9 Robeco Life Cycle Fund 2055 F EUR shares 72.90 64.49 13.0 Robeco Life Cycle Fund 2060 F EUR shares 71.41 63.06 13.2 Robeco Life Cycle Fund 2065 F EUR shares 62.76 55.67 12.7

Performance analysis

Robeco Life Cycle Sub-Funds The Robeco Life Cycle funds generated positive absolute gross returns, however underperformed their customized reference indices, based on the glide paths of the sub-funds. The sub-funds with a longer tenor are biased towards equity markets and have a preference for emerging markets equities. The trade conflict between the US and China continued to be a dominant theme in the first half of 2019. Emerging market equities are relatively more sensitive to the trade dispute, as exports remain an important growth driver for the majority of those economies. The biase towards emerging market equities was a drag on the performance this period. Equity funds with either an explicit value oriented style (Robeco BP Global Premium Equities) or a factor approach (Robeco QI Global Multi Factor Equities) had a difficult half year and their performance lagged that of the broad equity market index. The allocation to these funds contributed negatively to the overall performance of the Sub-funds. However, we continue to believe that both value-investing and factor-investing have the potential to provides above average returns over the long term so we continue to allocate to these investment styles. We have strategically reduced the overall duration of the Sub-funds. Our view is that interest rates are too low and therefore that bonds are too expensive, given where we are in the cycle. Unfortunately, the past few months this view was proven to be incorrect. The combination of softer economic data and uncertainty over the trade conflict were a major tailwind for bonds. Given the lowered duration, the Sub-funds didn’t fully benefit from the decline in bond yields. We continue to expect yields to rise in the medium term and prefer to keep the duration of the bond portfolio below average. Investment Grade Credit spreads narrowed in the first half of the year. The Sub-funds with a shorter tenor have an overweight position in corporate bonds and benefitted form the corporate spread tightening and the overall lower yields.


Report of the Board of Directors (continued) Performance analysis (continued)

Robeco Life Cycle Funds’ portfolio The Robeco Life Cycle Sub-funds ("RLCF") are target date funds where the asset allocation profile adjusts to become more defensive during the lifetime of the Sub-funds. Typically, the percentage of equity and alternatives diminishes over time, while that of bonds and cash increases. The yearly adjustment to the new glide path takes place each December. The so-called ‘glide path’ determines changes in asset allocation and the allocation over the different asset classes. Changes in the strategic asset allocation resulting from the glide path are implemented at the end of the calendar year. In addition, the portfolio manager may implement tactical asset allocation within the Sub-funds. The currency exposure will normally be hedged to Euro, however the fund manager always makes the trade-off between hedging costs and the implicit currency risks when a position is left open. The Sub-funds only have an index and strive to achieve a good relative return, while aiming to deliver consistent outperformance relative to the risks over the lifetime of the Sub-funds, i.e. maximizing the Sharpe-ratio. The portfolios use a fund-of-funds structure with mainly Robeco funds and an allocation to Exchange Traded Funds

Investment results Pension Sub-funds

Investment results


30/06/2019


31/12/2018

Investment result


Robeco Pension Return Portfolio

I EUR shares 155.96 137.70 13.3

Robeco Pension Matching Portfolio

IH EUR shares 131.61 124.71 5.5

Performance analysis

Robeco Pension Return Portfolio The Robeco Pension Return Portfolio is the return-generating part of a defined contribution pension solution and invests mainly is equities and higher yielding bonds. The Sub-fund seeks an equity-like return, but with lower risk. During the first half of 2019 the Sub-fund realized a significant positive return of more than 12% as both equities and bond enjoyed a very strong start of the year. Compared to the index, The MSCI World Index hedged to EUR, however the Sub-fund stayed somewhat behind. High yield bonds and local currency emerging market debt also realized strong performances, however where not able to match the return in equities. Positive for the overall return was the relative large weight in equities at the expense of high yield. Within equities the factor-based investments performance lagged the broader equity market, equal to 2018 mainly driven by the underperformance of value stocks. Conservative stocks, which would be expected to underperform in such strong markets, managed to keep up remarkably well.

Robeco Pension Matching Portfolio The Robeco Pension Matching Portfolio aims to protect the expected future retirement income as provided by an insurance company in two ways. It endeavors to match the duration of the investments to the expected duration of the future pension annuity and to partly protect the income against an unexpected rise in inflation. In the first half of 2019, the core of the portfolio consisted of Dutch, German, Austrian, Finnish (74%) and inflation-linked French and German (16%) government bonds. In addition the portfolio also contained investments in Robeco Euro Credit Bonds, Robeco Investment Grade Corporate Bonds (5%) and an overlay of interest rate swaps and zero-coupon inflation swaps. The Sub-fund, which is designed to match the duration of a future pension annuity, has an interest rate duration of about 12 years and an expected inflation duration of 6 years (i.e. real duration of 6 years).

The value of the shares increased during the first half of 2019 from EUR 124.71 to EUR 131.64. The Sub-fund therefore realized a positive return of 5.5%. The investment return can for a large part be explained by the decline of Euro swap rates and Euro government bond rates the Sub-fund has exposure to.

In the first quarter of 2019 the bond market rally was inspired by weakness in especially European and Chinese economic data and by both the Fed and ECB adopting a more dovish monetary policy stance. In the US the Fed took out all the rate hikes that were originally planned for 2019 and announced an end to the balance sheet rundown in September. In Europe, the ECB responded to a continued slowdown in Eurozone economic growth, originated by weakness in the manufacturing sector. The ECB announced new targeted long-term financing operations to alleviate possible bank funding pressures, and pushed out the timing of its first rate hike.



Robeco Pension Matching Portfolio (continued) In the second quarter of 2019 bond markets responded to the unexpected setback in the US-China trade negotiations and to a weakness in important economic indicators such as the German Ifo. Industrial metals prices also declined, signaling continued weakness in global economic conditions. Sentiment on bond markets was also strongly supported by central bank policy. The Fed continued its turn towards a more dovish stance and basically pre-announced rate cuts for later this year. ECB president Draghi used his 18 June speech in Sintra to communicate a more accommodative policy and the market has started to speculate on the return of the asset purchase program. Euro government bonds also responded positively to the decision not to implement an Excessive Deficit Procedure against Italy, and to the nomination of Christine Lagarde for ECB president. These developments contributed positively to the absolute return of the Sub-fund. Lastly, the credit allocation in the portfolio contributed also positively to the return of the Sub-fund.

Investment results Multi Assets Sub-funds

Investment results


30/06/2019


31/12/2018

Investment result


Robeco Multi Asset Income

E EUR shares 1 57.87 54.00 7.2

G EUR shares 1 57.65 53.78 7.2

I USD shares 108.38 100.40 7.9

Robeco QI Conservative Multi Asset

D EUR shares 99.42 94.03 5.7

F EUR shares 100.68 94.98 6.0

G EUR shares 100.60 94.91 6.0

I EUR shares 100.84 95.11 6.0

DH USD shares 106.24 99.02 7.3

IH USD shares 105.99 98.51 7.6

Robeco Multi Asset Growth

E EUR shares 1 74.63 66.08 12.9

F EUR shares 4 110.26 100.00 10.3

G EUR shares 1 67.72 59.79 13.3

I USD shares 113.17 98.97 14.3

Robeco QI Multi Factor Multi Asset

D EUR shares 2 101.02 92.34 9.4

F EUR shares 2 101.67 92.65 9.7

I EUR shares 2 101.74 92.69 9.8

Robeco Multi Asset Sustainable

D EUR shares 3 104.48 94.19 10.9

F EUR shares 3 105.14 94.51 11.2

F2 EUR shares 3 105.13 94.50 11.2

I EUR shares 3 105.22 94.55 11.3

1 Assuming reinvestment of distributed dividend. See note on page 38. 2 Period 7 June 2018 until 30 June 2019. 3 Period 6 June 2018 until 30 June 2019. 4 Period 15 January 2019 until 30 June 2019.


Report of the Board of Directors (continued) Performance analysis

Robeco Multi Asset Income It was a very good first half year for the Sub-fund, it realized a gross return of more than 8%. Both equities and bonds contributed positively to the overall performance. A preference for equities above bonds played out well as the equity markets delivered double digits returns. However, the decision to be prefer cash to bonds was a drag on the performance as cash yielded a negative return and bonds had a more than decent performance. While the Sub-fund continued to be biased towards equities, the exposure to equities was cut on several occasions during the first half of the year.

The choice to allocate to factor-investing within the equity bucket of the Sub-fund contributed negatively to the performance. Although the performance of factor-investing was below expectations we continue to believe that it has the potential to deliver above average long term performance, so for now we hold on to this allocation. Big contributors to the performance were our allocations to Chinese equities.

Robeco QI Conservative Multi Asset The strategy leverages on Robeco’s well-established expertise in systematic low-risk investing and asset allocation. The strategy aims for superior risk-adjusted returns at a defensive risk profile. It invests in low volatility instruments such as conservative equities (all countries) and conservative credits complemented with a dynamic defensive asset allocation. It can neutralize its exposure to equity markets during downturns and short interest rate risk when yields are expected to rise. We expect the Sub-fund to significantly reduce losses during market downturns and to be able to keep track during moderate upward movements. However, we expect the strategy to lag in strong bull markets.

The performance of the Sub-fund over the first half of 2019 was positive at 5.86%. The volatility was around 4% over the year and similarly since inception. Equities, Credits and allocation strategies all contributed to the positive return. Within strategic allocation, duration timing yielded the strongest returns, followed by the equity allocation strategies.

Environment, Social and Governance (ESG) factors are systematically integrated in the highly disciplined investment process, by using the ESG scores of the 4.500 largest companies from the annual RobecoSAM Corporate Sustainability Assessment. The equity sleeve incorporates advanced ESG (RobecoSAM score is at least 20% higher than the index, environmental footprint 20% lower than the index and an extended exclusion list) whereas the conservative credit sleeve endeavors to yield the same result, for as far as possible.

Robeco Multi Asset Growth It was an excellent half year for the Sub-fund. The Sub-fund generated a return of more than 14%. Both equities and bond delivered a positive return over the past six months and this benefitted the overall performance of the Sub-fund. During the past six months the Sub-fund had a higher sensitivity to the equity markets. As equities had double digit returns this was very beneficial. At several occasions the allocation to equities was lowered, however, during the whole period the Sub-fund maintained a preference for equities. The above average exposure to equities was mainly at the expense of the allocation to bonds. Although bonds also had a more than decent return, they couldn’t compete with the double digits return of equities. The lower than average exposure to bonds therefore was not detrimental for the performance.

The choice to allocate to factor-investing within the equity bucket of the Sub-fund contributed negatively to the performance. Although the performance of factor-investing was below expectations, we continue to believe that it has the potential to deliver above average on long term performance, so for now we hold on to this allocation. Big contributors to the performance were our allocations to Chinese equities. Also, the choice to gain exposure to emerging market through the Robeco Emerging Market Fund, was a good one as the Sub-fund has a better return than its respective index.

Robeco QI Multi Factor Multi Asset The Sub-fund is constructed as an all-inclusive return seeking multi asset solution with advanced sustainability integration, founded on an evidence based investment approach. It harvests equity and bond market premiums as well as several proven factor premiums. Factor premiums are harvested through bottom-up selection in equity and credit markets and at the market level through top-down factor-based allocation. The Sub-fund is well diversified across asset classes, markets and factors. The strategy leverages on the experience, expertise and extensive research of Robeco in factor and sustainable investing.

Over the first half of 2019, the Sub-fund returned 10.34%. Equities, credits and allocation strategies all yielded positive returns, with Value and Quality lagging while the Carry and Trend factors were strong. This is in line with a strong year to date recovery despite weak macro-economic data. The volatility fluctuated around 8%.

Environment, Social and Governance (ESG) factors are systematically integrated in the highly disciplined investment process, by using the ESG scores of the 4.500 largest companies from the annual RobecoSAM Corporate Sustainability Assessment. The equity sleeve incorporates advanced ESG (RobecoSAM score is at least 20% higher than the index, environmental footprint 20% lower than the index and an extended exclusion list) whereas the credit sleeve incorporates the regular ESG considerations incorporated in quantitative products (RobecoSAM score should be higher than the index). The average ESG score of the whole portfolio is significantly better than the ESG score of the index.



Robeco Multi Asset Sustainable In the first half of 2019, the Sub-fund realized a return of 11%. The Sub-fund benefitted from the strong performance of both equity and bond markets in the first quarter. The performance was also quite good on a relative base, as the Sub-fund also outperformed its respective index in the first half of the year. The main driver of the relative performance was the selection. Most of the funds that were selected for the Sub-fund did extremely well. Within equities the performance of the so-called impact bucket substantially outperformed its respective inex. Within fixed income the one of the star performer was SAM Global Credits. The allocation of the Sub-fund was biased towards equities at the expense of fixed income during the first half of the year. As equities in general outperformed fixed income, the contribution of allocation was positive. The attribution to the overall performance was marginal as the position were relatively small.

Fund governance

Robeco has its own Principles on Fund governance, available through the website. The objective of these Principles is to give more detailed guidelines for the organizational structure and working methods of fund managers or independent investment institutions and to provide guarantees for integrity in the fund's activities and ensure the careful provision of services. Compliance is the division within Robeco, which continuously monitors actual compliance with the principles. Once every three years Robeco's Internal Audit department carries out an audit of the fund governance as structured and implemented at Robeco. Robeco's Principles on Fund Governance can be found at: https://www.robeco.com/docm/docu-principles-of-fund-governance.pdf

Sustainable investing

Sustainable investing is one of the main pillars of Robeco's strategy and is firmly anchored in our investment convictions. We are convinced that including ESG1 factors leads to better investment decisions. We are also convinced that exercising our voting rights and engaging in a dialogue with companies have a positive effect on the investment result and society in general. During H1 2019, we made every effort to further stimulate Sustainable investing at Robeco and beyond.

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

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

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

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

Contributing to the Sustainable Development Goals Robeco is a signatory in the Netherlands to the Sustainable Development Goals Investing Agenda. To help our customers contribute to the objectives, we worked on analyzing the SDG2 contribution of companies and developing SDG investment solutions. Currently multiple solutions are available both in equity and fixed income.

Furthermore, Robeco contributes to the SDGs by integrating ESG factors in its decision-making process for investments and encourages companies to act in support of these goals by means of a constructive dialogue. The SDGs are continually considered during the engagement and voting activities. These therefore present the opportunity to emphasize the effect that engagement can have on society. Robeco’s Active Ownership team would like new themes to always be directly linked to at least one of the goals. In 2019 we started engaging with companies for example on Palm Oil, directly linked to SDG 12 and 15, with a clear objective to improve RSPO certification and mitigate deforestation.

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


Report of the Board of Directors (continued) Sustainable investing (continued)

ESG integration by Robeco Sustainability can bring about changes in markets, countries and companies in the long term. And since changes affect future performance, ESG factors can in our view add value to our investment process. We therefore look at these factors in the same way as we consider a company's financial position or market momentum. We have research available from leading sustainability experts, including our sister company RobecoSAM. For its analysis, this company makes use of the comprehensive Corporate Sustainability Assessment (CSA), which takes into account general and sector-specific sustainability criteria. The investment analysis focuses on the most material ESG factors and the connection with the financial performance of a company. We can then focus on the most relevant information in performing our investment-analysis and can reach enhanced investment decisions. Besides integrating ESG, Active Ownership and exclusions into all of our investment processes, in 2019 we continued developing new sustainable investment funds with specific sustainable goals and criteria.

Exclusion Robeco pursues an exclusion policy for companies that are involved in the production of or trade in controversial weapons such as cluster munition and anti-personnel mines, for tobacco companies and for companies that seriously and habitually violate either the United Nations Global Compact (UNGC) or OECD Guidelines for Multinational Enterprises. Exclusion is the last resort for this last category, which should only be applied after a failed dialogue with the company regarding improvement of its poor ESG practices. Robeco evaluates the practices of excluded companies at least once a year and can at any time decide to include a company in its investment universe again if that company can demonstrate that the desired improvements have been made and the violation of the Global Compact or OECD Guidelines no longer exists. Robeco publishes its exclusion policy and the list of exclusions on its website. In 2019 Robeco developed a palm oil policy. Robeco considers the production of palm oil a process with significant environmental and social risks, leading to breaches of the UN Global Compact when this product is not produced sustainably. Listed companies that have less than 20% of their plantations certified to sustainability standards are excluded from fund investments. Other palm oil producing companies are part of an engagement program where Robeco requires them to make progress towards full RSPO certification and addresses potential controversies and breaches of the UN Global compact.

Active ownership Constructive and effective activities under active ownership encourage companies to improve their management of risks and opportunities in the field of ESG. This in turn establishes a better competitive position and improved profitability and moreover has a positive impact on the community. Active ownership involves voting and engagement. Robeco exercises its voting rights for the shares in its investment funds all over the world. In addition, Robeco enters into an active dialogue with the companies in which it invests on questions concerning the environment, society and corporate governance. In 2019, our activities towards achieving active ownership were again awarded the highest score (A+) under the Principles for Responsible Investment (PRI). Robeco has Active Ownership specialists in both Rotterdam and Hong Kong. In 2018 Robeco engaged with over 200 companies on different issues ranging from corporate governance to data privacy to climate change. The primary focus of this engagement is to address strategic ESG issues that might affect value creation in the long term.

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

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

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

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


Report of the Board of Directors (continued) Sustainable investing (continued)

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

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

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

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

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

Integration of ESG factors in investment processes In the Robeco All Strategies Funds, the fund in fund investments into Robeco credit funds are actively managed and therefore ESG factors are actively taken into account at the level of these underlying funds.

Luxembourg, 30 August 2019

The Board of Directors

Past performance is no indication of current or future performance. These performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.


Other data Savings directive information

Robeco All Strategies Funds is subject to the EU savings directive.

Stock-exchange listing

The D EUR shares of the sub-funds of Robeco QI Multi Factor Multi Asset and Robeco Multi Asset Sustainable and the DH USD and D EUR shares of the sub-fund Robeco QI Conservative Multi Asset shares are listed on the Luxembourg Stock Exchange.

Auditors

No external audit has been conducted.

Remuneration policy

The fund itself does not employ any personnel and is managed by Robeco Luxembourg S.A. (RoLux). The remuneration for persons working for RoLux comes out of the management fee. RoLux's remuneration policy, which applies to all staff working under its responsibility, complies with the applicable requirements laid down in the European framework documents of the UCITS Directive and the ESMA guidelines for a responsible remuneration policy under the UCITS Directive. The remuneration policy has the following objectives:

a) To stimulate employees to act in the best interests of clients and avoid taking undesired risks. b) To promote a healthy corporate culture, with a strong focus on sustainable results in accordance with the long-term objectives

of RoLux and its stakeholders. c) To attract and retain talented staff and to reward talent and performance fairly.

RoLux has delegated the portfolio management of the Fund(s) to Robeco Institutional Asset Management B.V. (“RIAM”). RIAM has a license as manager of AIF’s and UCITS of the Authority for the Financial Markets (AFM) in the Netherlands. RIAM has a remuneration policy for its employees that as well complies with the European framework documents of the UCITS directive, AIFMD and the ESMA guidelines for a responsible remuneration policy under the UCITS directive and AIFMD.

Responsibility for the remuneration policy RoLux’ remuneration Policy is determined and applied by, and on behalf of, RoLux, with the approval of its shareholder, the (Board of) Robeco Holding B.V. For each review the (Board of) Robeco Holding B.V. shall obtain prior advice from the Supervisory Board of Robeco Institutional Asset management B.V., which is also responsible for the oversight over RoLux’s operations, including the remuneration of its staff. In the application and evaluation of the remuneration policy, RoLux occasionally makes use of the services of various external advisers.

Fixed remuneration Each individual employee’s fixed salary is determined on the basis of function and experience according to RoLux’ salary ranges and in reference to the benchmarks of the investment management industry in the relevant region. The fixed salary is deemed adequate remuneration for the employee to properly execute his or her responsibilities, regardless of whether or not variable remuneration is received.

Variable remuneration The total available variable remuneration pool is established annually by and on behalf of RoLux and approved by the Supervisory Board of Robeco. With respect to Directors of RoLux, it is noted that the shareholder of RoLux determines their remuneration.

The total budget is based, in principle, on a percentage of the operating result. To ensure that the total variable remuneration is an accurate representation of performance and does not adversely affect RoLux’ financial situation, the total amount of variable remuneration is determined taking the following factors into account:

1. The financial result compared to the budgeted result and long-term objectives; 2. The required risk-minimization measures and the measurable risks

To the extent the variable remuneration pool allows, each employee’s variable remuneration will be determined at the reasonable discretion of RoLux, taking into account the behavior, individual, team and/or department performance, assessed on the basis of pre-agreed financial and non-financial performance factors (business objectives). If this performance-related variable remuneration (partly) exceeds the fixed threshold amount, 40% of the payment will be deferred for a period of at least three years. The deferred parts will be converted into hypothetical ‘Robeco’ shares, the value of which moves with the company's future results. Negative performance, unethical or non-compliant behavior will reduce individual awards or will even lead to no variable remuneration being awarded.


Other data (continued) Remuneration policy (continued)

Identified Staff RoLux has a specific and more stringent remuneration policy for staff who may have a material impact on the risk profile of the fund. These persons are designated to be 'Identified Staff'. For 2018, in addition to the Board, RoLux has identified no other person as Identified Staff. Among other things, the performance targets of these employees that are used to determine the award of variable remuneration 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, whereby 50% will be converted into hypothetical 'Robeco' shares whose value will follow the company's future results.

Risk control RoLux has implemented additional risk-management measures with regard to the variable remuneration. For instance, RoLux has the possibility with regard to all employees to reclaim the granted variable remuneration ('claw-back') when this has been based on incorrect information, fraudulent acts, serious improper behavior, serious negligence in the performance of his tasks or behavior that has resulted to considerable losses for RoLux. 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 serious mistakes (ii) a considerable deterioration of RoLux financial results that was not foreseen at the time the remuneration was granted (iii) a serious violation of the risk management system, leading to changed circumstances compared with the granting of the variable remuneration or (iv) fraud committed by the employee concerned.

Annual assessment RoLux's remuneration policy and the application thereof was evaluated in 2018 under the responsibility of the Supervisory Board, advised by the Nomination & Remuneration Committee. As a result of Robeco’s strategy 2017-2021, certain (non material) changes have been made to the remuneration policy to support a high performance culture.


Other data (continued) Additional information Securities Financing Transaction

The Company engages in Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions and margin lending transactions). In accordance with Article 13 of the Regulation, the Company’s involvement in and exposures related to securities financing transactions (‘SFT’) is its engagement on securities lending activities for the period ended 30 June 2019 as detailed below:

Securities lending

Global Data

Amount of securities on loan and amount of assets engaged in securities lending transactions The following table represents the total value of assets engaged in securities lending as at the reporting date. The total value of securities on loan as a proportion of the Funds’ total lendable assets as at the reporting date is also detailed below. Total lendable assets represent the aggregate value of asset types forming part of the Funds’ securities lending programme.

Sub-Fund

% of Total Lendable

Assets Robeco QI Conservative Multi Asset 5.86 Robeco QI Multi Factor Multi Asset 7.42

Sub-Fund Sub-Fund Currency

Market Value of Securities

on Loan (in Sub-Fund Currency) % of AUM

Robeco QI Conservative Multi Asset EUR 1,154,884 5.40 Robeco QI Multi Factor Multi Asset EUR 257,825 5.06 Concentration Data

Ten largest collateral issuers The following table lists the ten largest issuers by value of non-cash collateral received by the Funds across securities lending transactions as at the reporting date:


Issuer Non-Cash

Collateral EUR US Government 282,116 UK Government 185,929 French Government 40,726 German Government 30,940 Belgian Government 26,403 Austrian Government 19,692 Ping An Insurance Group Co of China Ltd 12,105 Nestle SA 11,677 Gilead Sciences Inc 10,088 Microsoft Corp 9,545


Other data (continued) Additional information Securities Financing Transaction (continued)

Securities lending (continued)

Concentration Data (continued)

Ten largest collateral issuers (continued) Robeco QI Multi Factor Multi Asset

Issuer Non-Cash

Collateral EUR UK Government 74,009 US Government 12,401 French Government 6,360 Japanese Government 5,486 German Government 5,454 Austrian Government 3,305 Nestle SA 3,132 Ping An Insurance Group Co of China Ltd 3,083 Microsoft Corp 2,995 Gilead Sciences Inc 2,408

Top ten counterparties The following table provides details of the top ten counterparties (based on gross volume of outstanding transactions) in respect of securities lending transactions as at the reporting date.

Sub-Fund Name Sub-Fund Currency Counterparty Incorporation Country

Market value of loaned securities

in Sub-Fund Currency

Robeco QI Conservative Multi Asset EUR Credit Suisse Switzerland 524,851 Robeco QI Conservative Multi Asset EUR Barclays United Kingdom 240,642 Robeco QI Conservative Multi Asset EUR Morgan Stanley United States of America 136,215 Robeco QI Conservative Multi Asset EUR Deutsche Bank Germany 127,721 Robeco QI Conservative Multi Asset EUR Merrill Lynch United States of America 79,738 Robeco QI Conservative Multi Asset EUR UBS Switzerland 45,717 Robeco QI Multi Factor Multi Asset EUR Credit Suisse Switzerland 151,172 Robeco QI Multi Factor Multi Asset EUR UBS Switzerland 29,709 Robeco QI Multi Factor Multi Asset EUR Deutsche Bank Germany 25,216 Robeco QI Multi Factor Multi Asset EUR Morgan Stanley United States of America 19,078 Robeco QI Multi Factor Multi Asset EUR J.P. Morgan United States of America 15,243 Robeco QI Multi Factor Multi Asset EUR Bank of Nova Scotia Canada 9538 Robeco QI Multi Factor Multi Asset EUR Goldman Sachs United States of America 7,869




Aggregate transaction data

Type and quality of collateral Non-cash collateral received by each Fund in respect of securities lending transactions as at the reporting date is in the form of equities and government bonds issued by the following countries: United Kingdom, U.S.A., China, Switzerland, Germany, France, Belgium, Canada, Austria, Netherlands, Hong Kong, Japan, Isle Of Man, Finland, Bermuda, Sweden, Puerto Rico, Australia, Denmark, Israel, Liberia, Singapore and Marshall Islands.

All of the Funds’ securities collateral have a credit rating of investment grade. Quality of collateral has been interpreted as pertaining to bond instruments, which have been assessed and reported in accordance with whether they are considered investment grade, below investment grade or not-rated. These designations are derived from the credit rating issued to the security or its issuer by at least one globally recognised credit rating agency, such as Standard & Poor’s and Moody’s. Bond instruments with a credit rating between ‘AAA’ and ‘BBB’ are deemed as investment grade. Credit ratings for bonds below these designations are considered below investment grade.

Sub-Fund Sub-Fund Currency Type Quality

Non-Cash Collateral

Value (in Sub-Fund

Currency) Robeco QI Conservative Multi Asset EUR Bonds Investment grade 596,318 Robeco QI Multi Factor Multi Asset EUR Bonds Investment grade 108,926 Robeco QI Conservative Multi Asset EUR Equities Recognised exchange/main-

market listing 562,822

Robeco QI Multi Factor Multi Asset EUR Equities Recognised exchange/main-market listing

152,752

Maturity tenor of collateral The following table provides an analysis of the maturity tenor of collateral received in relation to the securities lending transactions as at the reporting date:

Robeco QI Conservative Multi Asset Robeco QI Multi Factor Multi Asset

Maturity EUR EUR less than 1 day - - 1 to 7 days - - 1 to 4 weeks 1,649 465 1 to 3 months 10,153 1,521 3 to 12 months 61,712 6,923 more than 1 year 522,804 100,017 open maturity (Equities) 562,822 152,752 open maturity (Cash) 150,497 36,597




Aggregate transaction data (continued)

Currency of collateral The following table provides an analysis of the currency profile of collateral received in relation to the securities lending transactions as at the reporting date:

Sub-Fund Name Sub-Fund Currency CHF EUR GBP JPY USD HKD

Robeco QI Conservative Multi Asset EUR 11,875 335,335 207,723 70,385 618,391 24,632 Robeco QI Multi Factor Multi Asset EUR 3,273 48,122 77,761 20,330 129,956 6,517

Sub-Fund Name Sub-Fund Currency

SGD DKK SEK CAD AUD

Grand Total

Robeco QI Conservative Multi Asset EUR - 956 2,270 36,804 1,266 1,309,637 Robeco QI Multi Factor Multi Asset EUR 52 430 563 10,572 699 298,275

Maturity tenor of securities lending transactions All securities on loan can be recalled at any point. The Fund's securities lending transactions have open maturity.

Country in which counterparties are established The country in which counterparties are established is disclosed under the section “Top Ten Counterparties” on page 16.

Settlement and clearing The Company’s securities lending transactions, including related collateral, are settled and cleared on a tri-party basis.

Re-use of collateral

Non-cash collateral received by a Fund may not be sold, re-invested or pledged. As the collateral in receipt for securities lending is entirely in the form of securities, there is no reuse of securities lending collateral.

Safekeeping of collateral

Collateral received J.P. Morgan Bank Luxembourg S.A., as securities lending agent of the Funds, is responsible for the safekeeping of the collateral received in respect of securities lending transactions as at the reporting date. The Custodian J.P. Morgan Bank Luxembourg S.A. is ultimately liable for any loss of instruments held in custody or by a third party to whom custody had been delegated (the sub-custody).

Collateral granted No collateral is granted by the Company as part of their securities lending activities.

Return and cost The total income earned from securities lending transactions is split between the fund and the securities lending agent. Details of this split are disclosed in notes to the financial statements on pages 34. Income earned during the year by the Funds from securities lending transactions is disclosed in the statement of operations and changes in net assets on page 22.


The accompanying notes form an integral part of these financial statements.

Robeco All Strategies Funds Combined Statement of Net Assets

As at 30 June 2019

Robeco Life Cycle Fund 2020

EUR


EUR


EUR


EUR Assets Investments in securities at market value 6,294,270 30,009,136 31,296,672 24,964,037 Cash at bank and at brokers 7,512 481,356 744,525 175,453 Receivables on subscriptions 6,364 285,566 36,265 61,263 Receivables on investments sold 102,000 – – – Interest receivable 13 4 16 4 Fee waiver receivable 3,748 15,376 18,252 17,487 Derivative assets 16,922 105,827 162,113 182,584 Other assets – – 11 91 Total assets 6,430,829 30,897,265 32,257,854 25,400,919 Liabilities Bank overdrafts 42,582 – – – Payables on redemptions – 1,874 43,171 2,400 Interest payable 31 137 237 83 Management fees payable 2,220 10,478 11,016 8,654 Derivative liabilities 1,134 3,313 4,636 5,819 Other liabilities 1,928 6,250 6,465 5,127 Total liabilities 47,895 22,052 65,525 22,083 Total Net Assets 6,382,934 30,875,213 32,192,329 25,378,836


EUR


EUR


EUR


EUR Assets Investments in securities at market value 16,265,232 7,103,060 3,307,999 1,510,789 Cash at bank and at brokers 394,391 239,478 87,034 50,494 Receivables on subscriptions 28,827 19,072 10,575 9,994 Interest receivable 6 17 – 12 Fee waiver receivable 14,444 5,979 2,917 1,317 Derivative assets 170,894 72,661 32,640 14,253 Other assets 107 22 – – Total assets 16,873,901 7,440,289 3,441,165 1,586,859 Liabilities Payables on redemptions – 71 – 35 Interest payable 108 59 23 10 Management fees payable 5,715 2,514 1,159 534 Derivative liabilities 3,814 888 479 – Other liabilities 3,373 2,059 1,228 813 Total liabilities 13,010 5,591 2,889 1,392 Total Net Assets 16,860,891 7,434,698 3,438,276 1,585,467



Robeco All Strategies Funds Combined Statement of Net Assets (continued)

As at 30 June 2019 i


EUR


EUR


EUR


EUR Assets Investments in securities at market value 1,119,962 298,606 85,963,123 145,172,268 Cash at bank and at brokers 12,162 13,095 3,469,344 8,031,629 Receivables on subscriptions 2,299 938 29,765 91,425 Receivables on investments sold – – – 3,557,232 Interest receivable 5 2 23 1,817,943 Fee waiver receivable 999 1,765 43,611 – Derivative assets 10,770 2,542 525,176 2,967,956 Other assets – – 175 – Total assets 1,146,197 316,948 90,031,217 161,638,453 Liabilities Payables on redemptions – – 792,039 3,316,803 Interest payable 2 2 735 233,758 Management fees payable 388 106 47,389 47,369 Derivative liabilities – – 26,699 6,032,177 Other liabilities 562 295 12,491 18,938 Total liabilities 952 403 879,353 9,649,045 Total Net Assets 1,145,245 316,545 89,151,864 151,989,408


EUR

Robeco QI Conservative Multi

Asset EUR


EUR


EUR Assets Investments in securities at market value 159,513,617 20,101,204 192,024,664 4,781,127 Cash at bank and at brokers 3,516,021 1,140,277 6,490,443 296,954 Time deposits 5,000,000 – – – Receivables on subscriptions 52,189 100 113,186 – Receivables on investments sold – 15,108 – – Dividends receivable – 48,836 – 5,731 Interest receivable 21 106,149 134 13,424 Tax reclaims receivable – 6,156 – 447 Fee waiver receivable 39,981 – 92,696 557 Derivative assets 152,575 139,030 143,189 22,797 Other assets – 11,610 – 2,783 Total assets 168,274,404 21,568,470 198,864,312 5,123,820 Liabilities Due to brokers – – 2,434 – Payables on redemptions 16,640 – 238,979 – Dividends payable – 286 – – Interest payable 1,379 303 1,302 53 Management fees payable 52,524 8,582 83,254 2,133 Derivative liabilities 45,545 131,585 108,566 18,423 Other liabilities 34,591 27,966 41,144 12,567 Total liabilities 150,679 168,722 475,679 33,176 Total Net Assets 168,123,725 21,399,748 198,388,633 5,090,644



Robeco All Strategies Funds Combined Statement of Net Assets (continued)

As at 30 June 2019


EUR

Total Robeco All Strategies Funds

EUR Assets Investments in securities at market value 18,667,119 748,392,885 Cash at bank and at brokers 741,528 25,891,696 Time deposits – 5,000,000 Receivables on subscriptions 314,846 1,062,674 Receivables on investments sold 286 3,674,626 Dividends receivable – 54,567 Interest receivable 32 1,937,805 Tax reclaims receivable – 6,603 Fee waiver receivable 425 259,554 Derivative assets 12,886 4,734,815 Other assets 1,263 16,062 Total assets 19,738,385 791,031,287 Liabilities Bank overdrafts – 42,582 Due to brokers – 2,434 Payables on redemptions 5,460 4,417,472 Dividends payable – 286 Interest payable 349 238,571 Management fees payable 7,898 291,933 Derivative liabilities 42,598 6,425,676 Other liabilities 3,704 179,501 Total liabilities 60,009 11,598,455 Total Net Assets 19,678,376 779,432,832



Robeco All Strategies Funds Combined Statement of Operations and Changes in Net Assets

For the period ended 30 June 2019


EUR


EUR


EUR


EUR Net assets at the beginning of the period 7,640,874 26,496,892 27,258,333 21,935,624 Income Dividend income, net of withholding taxes 16,774 74,643 122,602 124,179 Bank interest 30 32 41 31 Total income 16,804 74,675 122,643 124,210 Expenses Management fees 9,102 40,218 37,232 24,810 Depositary fees 3,152 4,044 3,813 3,741 Service fees 2,306 10,458 10,673 8,174 Taxe d’abonnement 396 2,473 2,734 2,467 Bank and other interest expenses 277 2,498 1,607 1,225 Other expenses 130 451 465 374 Total expenses 15,363 60,142 56,524 40,791 Net investment income/(loss) 1,441 14,533 66,119 83,419 Net realised gain/(loss) on:

Sale of investments 66,089 97,513 52,594 74,200 Forward currency exchange contracts (40,688) (203,900) (348,072) (330,203) Currency exchange (3,734) (34,744) 2,752 (51,071)

Net realised gain/(loss) for the period 21,667 (141,131) (292,726) (307,074) Net change in unrealised appreciation/(depreciation) on:

Investments 316,598 1,846,186 2,315,452 2,286,752 Forward currency exchange contracts 14,363 112,527 169,295 184,451 Currency exchange (104) (20) (117) (24)

Net change in unrealised appreciation/(depreciation) for the period 330,857 1,958,693 2,484,630 2,471,179 Increase/(decrease) in net assets as a result of operations 353,965 1,832,095 2,258,023 2,247,524 Subscriptions 147,721 4,961,994 3,484,103 2,086,719 Redemptions (1,759,626) (2,415,768) (808,130) (891,031) Increase/(decrease) in net assets as a result of movements in share capital (1,611,905) 2,546,226 2,675,973 1,195,688 Net assets at the end of the period 6,382,934 30,875,213 32,192,329 25,378,836



Robeco All Strategies Funds Combined Statement of Operations and Changes in Net Assets (continued)



EUR


EUR


EUR


EUR Net assets at the beginning of the period 14,148,612 5,043,508 2,884,779 1,211,841 Income Dividend income, net of withholding taxes 115,646 50,507 23,609 10,338 Bank interest 33 124 33 38 Total income 115,679 50,631 23,642 10,376 Expenses Management fees 10,811 4,333 2,219 989 Depositary fees 2,655 2,982 2,618 2,635 Service fees 4,878 1,922 993 446 Taxe d’abonnement 1,774 773 365 165 Bank and other interest expenses 983 418 205 80 Other expenses 241 85 50 20 Total expenses 21,342 10,513 6,450 4,335 Net investment income/(loss) 94,337 40,118 17,192 6,041 Net realised gain/(loss) on:

Sale of investments 6,549 117,167 13,036 7,054 Financial futures contracts – (4,982) – – Forward currency exchange contracts (315,123) (113,454) (60,898) (24,391) Currency exchange (46,468) (22,073) (10,872) (3,521)

Net realised gain/(loss) for the period (355,042) (23,342) (58,734) (20,858) Net change in unrealised appreciation/(depreciation) on:

Investments 1,931,379 579,767 380,749 168,997 Forward currency exchange contracts 177,491 75,905 35,842 15,452 Currency exchange (52) (140) – (93)

Net change in unrealised appreciation/(depreciation) for the period 2,108,818 655,532 416,591 184,356 Increase/(decrease) in net assets as a result of operations 1,848,113 672,308 375,049 169,539 Subscriptions 2,383,483 3,009,476 308,762 314,895 Redemptions (1,519,317) (1,290,594) (130,314) (110,808) Increase/(decrease) in net assets as a result of movements in share capital 864,166 1,718,882 178,448 204,087 Net assets at the end of the period 16,860,891 7,434,698 3,438,276 1,585,467






EUR


EUR


EUR


EUR Net assets at the beginning of the period 931,781 277,731 114,870,331 286,754,727 Income Dividend income, net of withholding taxes 8,119 2,181 615,477 – Bond interest, net of withholding taxes – – – 2,146,698 Interest on swap contracts – – – 189,714 Securities lending income – – – 7,493 Bank interest 81 20 77 – Total income 8,200 2,201 615,554 2,343,905 Expenses Management fees 753 192 292,327 457,818 Depositary fees 2,386 2,207 4,396 13,905 Service fees 339 90 33,780 91,564 Taxe d’abonnement 126 31 5,468 11,447 Bank and other interest expenses 49 12 4,932 16,427 Interest on swap contracts – – – 283,692 Other expenses 18 3 1,961 4,894 Less: Fee waiver – (1,490) – – Total expenses 3,671 1,045 342,864 879,747 Net investment income/(loss) 4,529 1,156 272,690 1,464,158 Net realised gain/(loss) on:

Sale of investments 5,204 (819) 4,209,405 6,511,858 Forward currency exchange contracts (17,776) (4,616) (1,721,040) – Swaps contracts – – – (5,699,390) Currency exchange (2,868) (601) (188,761) –

Net realised gain/(loss) for the period (15,440) (6,036) 2,299,604 812,468 Net change in unrealised appreciation/(depreciation) on:

Investments 127,736 36,857 12,008,481 9,048,337 Forward currency exchange contracts 11,572 2,771 651,365 – Swaps contracts – – – 87,823 Currency exchange – (17) (185) –

Net change in unrealised appreciation/(depreciation) for the period 139,308 39,611 12,659,661 9,136,160 Increase/(decrease) in net assets as a result of operations 128,397 34,731 15,231,955 11,412,786 Subscriptions 167,350 18,354 2,929,058 10,653,551 Redemptions (82,283) (14,271) (43,879,480) (156,831,656) Increase/(decrease) in net assets as a result of movements in share capital 85,067 4,083 (40,950,422) (146,178,105) Net assets at the end of the period 1,145,245 316,545 89,151,864 151,989,408






EUR

Robeco QI Conservative Multi

Asset EUR


EUR


EUR Net assets at the beginning of the period 161,447,190 19,971,354 180,644,913 4,634,362 Income Dividend income, net of withholding taxes 238,589 183,186 707,937 41,424 Bond interest, net of withholding taxes – 134,164 – 7,816 Interest on swap contracts – – – 809 Securities lending income – 1,538 – 256 Bank interest 4,662 2,278 5,234 2,360 Total income 243,251 321,166 713,171 52,665 Expenses Management fees 263,415 54,553 376,480 12,836 Depositary fees 8,265 16,625 9,665 37,060 Service fees 73,292 9,102 74,061 1,806 Taxe d’abonnement 15,568 2,578 23,459 268 Bank and other interest expenses 28,270 2,033 14,172 2,980 Interest on swap contracts – – – 100 Other expenses 2,529 341 2,716 79 Total expenses 391,339 85,232 500,553 55,129 Net investment income/(loss) (148,088) 235,934 212,618 (2,464) Net realised gain/(loss) on:

Sale of investments 4,911,238 (105,373) 7,809,448 (66,076) Financial futures contracts 636,859 (176,337) 457,725 52,279 Forward currency exchange contracts (126,908) (337,852) (148,294) (42,389) Swaps contracts – – – (61,280) Currency exchange 39,197 133,121 88,374 25,600

Net realised gain/(loss) for the period 5,460,386 (486,441) 8,207,253 (91,866) Net change in unrealised appreciation/(depreciation) on:

Investments 7,924,830 1,590,980 17,792,421 499,690 Financial futures contracts 8,397 (172,342) 260,357 16,071 Forward currency exchange contracts 11 64,898 (85,150) 4,859 Swaps contracts – – – 28,302 Currency exchange 558 (16,135) (2,516) (2,158)

Net change in unrealised appreciation/(depreciation) for the period 7,933,796 1,467,401 17,965,112 546,764 Increase/(decrease) in net assets as a result of operations 13,246,094 1,216,894 26,384,983 452,434 Subscriptions 4,413,663 414,920 4,950,881 3,848 Redemptions (9,199,917) (203,420) (10,933,421) – Increase/(decrease) in net assets as a result of movements in share capital (4,786,254) 211,500 (5,982,540) 3,848 Dividend distributions (1,783,305) – (2,658,723) – Net assets at the end of the period 168,123,725 21,399,748 198,388,633 5,090,644






EUR

Total Robeco All Strategies Funds

EUR Net assets at the beginning of the period 15,040,545 891,193,397 Income Dividend income, net of withholding taxes – 2,335,211 Bond interest, net of withholding taxes – 2,288,678 Interest on swap contracts – 190,523 Securities lending income – 9,287 Bank interest 675 15,749 Total income 675 4,839,448 Expenses Management fees 53,132 1,641,220 Depositary fees 6,784 126,933 Service fees 9,721 333,605 Taxe d’abonnement 615 70,707 Bank and other interest expenses 715 76,883 Interest on swap contracts – 283,792 Other expenses 258 14,615 Less: Fee waiver – (1,490) Total expenses 71,225 2,546,265 Net investment income/(loss) (70,550) 2,293,183 Net realised gain/(loss) on:

Sale of investments 226,231 23,935,318 Financial futures contracts 11,196 976,740 Forward currency exchange contracts 10,296 (3,825,308) Swaps contracts – (5,760,670) Currency exchange 24,312 (51,357)

Net realised gain/(loss) for the period 272,035 15,274,723 Net change in unrealised appreciation/(depreciation) on:

Investments 1,679,680 60,534,892 Financial futures contracts 4,678 117,161 Forward currency exchange contracts (33,786) 1,401,866 Swaps contracts – 116,125 Currency exchange 1,310 (19,693)

Net change in unrealised appreciation/(depreciation) for the period 1,651,882 62,150,351 Increase/(decrease) in net assets as a result of operations 1,853,367 79,718,257 Subscriptions 9,252,889 49,501,667 Redemptions (6,468,425) (236,538,461) Increase/(decrease) in net assets as a result of movements in share capital 2,784,464 (187,036,794) Dividend distributions – (4,442,028) Net assets at the end of the period 19,678,376 779,432,832



Robeco All Strategies Funds Statistical Information (in share class currency)

Shares outstanding as at

30 June 2019

NAV per Share as at

30 June 2019

NAV per Share as at

31 December 2018

NAV per Share as at

31 December 2017 Robeco Life Cycle Fund 2020

F EUR 107,927 59.14 56.30 58.44 Total Net Assets in EUR 6,382,934 7,640,874 10,399,543














F EUR 21,748 72.90 64.49 71.46 Total Net Assets in EUR 1,585,467 1,211,841 796,642


F EUR 16,038 71.41 63.06 70.07 Total Net Assets in EUR 1,145,245 931,781 502,109


F EUR 5,044 62.76 55.67 61.34 Total Net Assets in EUR 316,545 277,731 200,014


I EUR 571,642 155.96 137.70 153.57 Total Net Assets in EUR 89,151,864 114,870,331 137,771,477


IH EUR 1,154,847 131.61 124.71 122.22 Total Net Assets in EUR 151,989,408 286,754,727 303,062,195



Robeco All Strategies Funds Statistical Information (in share class currency) (continued)

Shares outstanding as at

30 June 2019

NAV per Share as at

30 June 2019

NAV per Share as at

31 December 2018

NAV per Share as at

31 December 2017 Robeco Multi Asset Income

E EUR 63,929 57.87 54.00 56.75 G EUR 2,851,752 57.65 53.78 56.28 I USD1 281 108.38 100.40 108.06 Total Net Assets in EUR 168,123,725 161,447,190 179,289,013


D EUR 5,190 99.42 94.03 96.53 DH USD1 5,300 106.24 99.02 99.24 F EUR 6,540 100.68 94.98 97.05 G EUR 62,772 100.60 94.91 98.03 I EUR 127,963 100.84 95.11 97.12 IH USD1 5,500 105.99 98.51 98.13 Total Net Assets in EUR 21,399,748 19,971,354 24,543,397


E EUR 16,034 74.63 66.08 70.55 F EUR 250 110.26 – – G EUR 2,911,138 67.72 59.79 63.49 I USD1 281 113.17 98.97 109.74 Total Net Assets in EUR 198,388,633 180,644,913 204,149,114


D EUR 500 101.02 92.34 – F EUR 538 101.67 92.65 – I EUR 49,000 101.74 92.69 – Total Net Assets in EUR 5,090,644 4,634,362 –


D EUR 250 104.48 94.19 – F EUR 250 105.14 94.51 – F2 EUR 186,089 105.13 94.50 – I EUR 589 105.22 94.55 – Total Net Assets in EUR 19,678,376 15,040,545 –

1 This class of shares is denominated in US dollar (USD). The reference currency of the sub-fund is the euro (EUR).


Notes to the financial statements as at 30 June 2019 1. General

Robeco All Strategies Funds (‘the Company’) was incorporated on 26 January 2007 for an undetermined period as an open-ended investment company based in Luxembourg, issuing and redeeming its shares at prices based on the respective net asset value. The Company reserves the right to refuse any subscription request at any time. Its Articles of Incorporation were published in the ‘Mémorial, Recueil des Sociétés et Associations’ of the Grand Duchy of Luxembourg (the’Mémorial’) on 13 February 2007. The Articles of Incorporation were last amended on 23 May 2012 and such amendments were published on 13 June 2012 in the Mémorial. The Company is a ‘Société d’Investissement à Capital Variable’ (Investment Company with variable capital) pursuant to the law of 10 August 1915, as amended, on commercial companies and to part I of the modified law of 17 December 2010 on undertakings for collective investment of the Grand Duchy of Luxembourg, as amended.

The Company takes the form of an umbrella fund. The Board of Directors has authority to issue different classes of shares within each of the sub-funds. Details of the characteristics of such share classes offered by the Company will be determined by the Board of Directors. The Directors of the Company may at any time decide upon the issue of Class D, D2, DH, D2H, F, F2, F2H, FH, I, IH, M, M2, MH, M2H, Z and ZH Shares (accumulating classes) and Class B, BH, Bx, C, CH, D3, D3H, E, EH, G, GH, IE, IEH, M3, M3H, ZE, and ZEH Shares (distributing classes). The reference currency of the Classes of Shares may be the euro (EUR), the US dollar (USD), the British pound (GBP), the Swiss franc (CHF), the Japanese yen (JPY), the Canadian dollar (CAD), the Mexican peso (MXN), the Hong Kong dollar (HKD), the Singapore dollar (SGD), the Swedish crown (SEK), the Norwegian crown (NOK), the Danish crown (DKK), the South African rand (ZAR), the Australian dollar (AUD) or the Brazilian real (BRL). Only the shares mentioned in the paragraph ‘Share capital’ are active at the reporting date.

Legal entity The Company as a whole constitutes a single legal entity but the assets of any one sub-fund will only be available to satisfy the rights of investors in relation to that sub-fund and the rights of creditors whose claims have arisen in connection with the creation, operation or liquidation of the sub-fund. For the purpose of the relations as between shareholders, each sub-fund is deemed to be a separate entity. Dividend policy The general policy regarding the appropriation of net income and capital gains is as follows: Class D, DH, F, F2, I and IH shares Income is reinvested and added to the relevant sub-funds and contributes to a further increase in value of the total net assets. Class E and G shares (distributing) After the end of the reporting period, the Company can recommend what distribution shall be made from the net investment income and net capital gains attributable to the Class E and G shares. The Annual General Meeting of Shareholders will determine the dividend payment. The Board of Directors of the Company may decide to distribute interim dividends, in accordance with Luxembourg law. General remarks As provided by the 2010 law, the Company may decide to distribute dividends with no other limit than the obligation that any such dividend distribution does not reduce the net asset value of the Company below the legal minimum amount. Similarly, the Company may distribute interim dividends and may decide to pay dividends in shares. If dividends are distributed, payments of cash dividends to registered shareholders will be made in the currency of the relevant share class to such shareholders at the addresses they have given to the Registrar Agent. Dividend announcements (including names of paying agents) and all other financial notices concerning Robeco All Strategies Funds shall be published on www.robeco.com/luxembourg and published in those newspapers as the Board of Directors shall determine from time to time. Dividends not collected within five years will lapse and accrue for the benefit of the Company in accordance with Luxembourg law. Open-ended fund Robeco All Strategies Funds is an open-ended investment Company, meaning that, barring exceptional circumstances, The Company issues and purchases its shares on a daily basis at prices at net asset value per share. The Company reserves the right to refuse any subscription request at any time. Swing pricing Shares are issued and redeemed on the basis of the net asset value per share. However, the actual costs of purchasing or selling assets and investments for a sub-fund may deviate from the latest available prices, as appropriate, in calculating the net asset value per share. This deviation can be caused by duties and charges and spread from buying and selling prices of the underlying investments (‘spreads’). These costs have an adverse effect on the value of a sub-fund and its underlying share classes and are known as dilution. To mitigate the effects of dilution, the Directors may, at their discretion, make a dilution adjustment to the net asset value per share. The Directors will retain the discretion in relation to the circumstances under which to make such a dilution adjustment. At the end of the reporting period, no swing adjustments were made.


Notes to the financial statements as at 30 June 2019 (continued) 1. General (continued)

Pooling and co-management For the purpose of efficient management and to reduce administrative costs and if the investment policies of the sub-funds allow such, the Board of Directors may decide to co-manage some or all of the assets of certain sub-funds with assets of other Luxembourg UCIs of the Robeco Group (co-managed units). In this case, the assets from different co-managed units will be jointly managed using the technique of pooling. Assets that are co-managed will be referred to using the term ‘pool’. Such pools will only be used for the purposes of internal management. They will not constitute distinct legal entities and will not be directly accessible to investors. Each co-managed unit will have its own assets allocated to it. During the reporting period no pooling or co-management took place. Affiliated parties Robeco All Strategies Funds is affiliated to the entities belonging to ORIX Corporation Europe N.V. The affiliation with ORIX Corporation Europe N.V. is the result of the possibility of having decisive control or a substantial influence on the Company’s business policy. ORIX Corporation Europe N.V. is part of ORIX Corporation. The management structure of ORIX Corporation Europe N.V. is such that ORIX Corporation does not have any meaningful say in or influence on the Company’s business policy. ORIX Corporation Europe N.V. pursues an independent investment policy on behalf of its affiliated investment companies, taking into account the interest of the investors involved. Besides services of other market parties, Robeco All Strategies Funds may also utilize the services of one or more of these affiliated entities including transactions relating to securities, treasury, derivatives, securities lending, and subscriptions and redemptions of its own shares, as well as management activities. Transactions are executed at market rates. The Directors of the Company have appointed the affiliated entity, Robeco Luxembourg S.A., as the Management company to be responsible on a day-to-day basis, under supervision of the Board of Directors of the Company, for providing administration, marketing and investment management services in respect of the sub-funds. The Management Company has delegated its investment management services to the affiliated entity, Robeco Institutional Asset Management B.V. (the ‘Investment Adviser’). The Management Company has delegated the administration functions to J.P. Morgan Bank Luxembourg S.A. and registrar agent functions to RBC Investor Services Bank S.A. (until 23 April 2019) and J.P. Morgan Bank Luxembourg S.A. (since 23 April 2019). The different sub-funds and share-classes will incur an annual management fee which reflects all expenses related to the management of the Company which is payable to the Management Company. The Directors of the Company are also Director of Robeco QI Global Dynamic Duration, Robeco Global Total Return Bond Fund, Robeco Capital Growth Funds, Robeco (LU) Funds III and Robeco Institutional Solutions Funds. Financial instruments Risks Transactions in financial instruments may lead the sub-funds to be subject to the risks described below or to the sub-funds transferring these risks to another party. General investment risk The value of the investments may fluctuate. Past performance is no guarantee of future results. The net asset value of the sub-funds is affected by developments in the financial markets and may both rise and fall. Shareholders run the risk that their investments may end up being worth less than the amount invested or even worth nothing. Bonds or other debt securities involve credit risk to the issuer which may be evidenced by the issuer's credit rating. Securities which are subordinated and/or have a lower credit rating are generally considered to have a higher credit risk and a greater possibility of default than more highly rated securities. In the event that any issuer of bonds or other debt securities experiences financial or economic difficulties, this may affect the value of the relevant securities and any amounts paid on such securities. This may in turn affect the NAV per share. General investment risk can be broken down into market risk, concentration risk and currency risk: Market risk The net asset value of the sub-funds is sensitive to market movements. In addition, investors should be aware of the possibility that the value of investments may vary as a result of changes in political, economic or market circumstances. No assurance can, therefore, be given that the sub-fund’s investment objective will be achieved. It cannot be guaranteed either that the value of a share in a sub-fund will not fall below its value at the time of acquisition. Concentration risk Based on its investment policies, each sub-fund may invest in financial instruments from issuing institutions that (mainly) operate within the same sector or region, or in the same market. If this is the case, the concentration of the investment portfolio of the sub-fund may cause events that have an effect on these issuing institutions to have a greater effect on the sub-fund’s assets than would occur with a less concentrated investment portfolio. Currency risk All or part of the investment portfolio of a sub-fund may be invested in currencies or financial instruments denominated in currencies other than its reference currency. As a result, fluctuations in exchange rates may have both a negative and a positive effect on the investment result of the sub-fund.


Notes to the financial statements as at 30 June 2019 (continued) 1. General (continued)

Financial instruments (continued) Risks (continued) Counterparty risk A counterparty of a sub-fund may fail to fulfil its obligations towards that sub-fund. In case of hedging transactions in classes of shares, the relevant sub-fund carries the counterparty risk. This risk is limited as much as possible by only entering into transactions with counterparties which it believes to be creditworthy, and may reduce the exposure incurred in connection with such transactions through the receipt of letters of credit or collateral from certain counterparties in accordance with the Luxembourg laws and regulations. Risk of lending financial instruments In the case of financial instrument lending transactions, the Company and its respective sub-funds concerned run the risk that the borrower cannot comply with its obligation to return the financial instruments on the agreed date or furnish the requested collateral. The lending policy of the Company is designed to control these risks as much as possible. The credit worthiness of counterparties in securities-lending transactions is assessed on the basis of how independent rating agencies regard their short-term credit worthiness and on the basis of their net assets. Guarantees given by parent companies are also taken into account. The fund only accepts collateral from OECD countries in the form of: – government bonds with a minimum credit rating of BBB; – the bonds of supranational bodies with a minimum credit rating of BBB-; – stocks listed on the main indexes of stock markets in OECD countries and – cash. As of balance-sheet date, the fund had received collateral ensuing from securities-lending transactions. More information can be found on page 15. Liquidity risk The actual buying and selling prices of financial instruments in which the sub-funds invest partly depend upon the liquidity of the financial instruments in question. It is possible that a position taken on behalf of a sub-fund cannot be quickly liquidated in a good time at a reasonable price due to a lack of liquidity in the market in terms of supply and demand. The sub-funds minimize this risk by mainly investing in financial instruments that are tradable on a daily basis. Euro currency risk All or part of the assets of sub-funds may be invested in securities denominated in Euro. In the event of any adjustments, including a full break-up, an exit of individual countries or other circumstances that may result in the emergence or reintroduction of national currencies, each sub-funds runs the risks that the value of its investments is reduced and/or the liquidity of its investments is (temporarily) reduced, regardless of the measures the Company may seek to reduce this risk. Operational risk The operational risk is the non inherent risk remaining after determining the risks as detailed above (general investment risk, counterparty risk, liquidity risk, Euro currency risk or risk of lending financial instruments). It mainly includes risks resulting from breakdowns in internal procedures, people and systems. Insight into actual risks The report of the Board of Directors, the Statement of net assets, the Notes to the financial statements and the schedule of investments, which include currency classification of the investments, give an insight into the actual risks at the end of the reporting period. Risk management Managing risk is a part of the investment process as a whole and with the help of advanced systems, the risks outlined above are limited, measured and monitored on the basis of fixed risk measures. Policy regarding the use of derivatives Investing implies that positions are taken. As it is possible to use various instruments, including derivative instruments, to construct an identical position, the selection of derivatives is subordinate to the positioning of an investment portfolio. In our published information, attention is given primarily to the overall position, and secondarily to the nature and volume of the financial instruments employed. Derivative instruments The unrealized results of derivative instruments are reported in the Statement of net assets. Commitments to derivatives are not included in the Statement of net assets. They are, however, explained in the Schedule of Investments. The unrealized results presented in the Statement of net assets are disclosed by contract in the Schedule of Investments. The derivative instruments listed in the Notes are transacted through third party brokers. Those brokers hold/paid collateral as described on page 33. The Company is exposed to counterparty risk in respect of all amounts including collateral due to it from such brokers. Robeco All Strategies Funds 31

Notes to the financial statements as at 30 June 2019 (continued) 2. Summary of significant accounting principles

General Unless stated otherwise, the items shown in the financial statements are included at their nominal value and expressed in the reference currency of each sub-fund. This semi-annual report covers the reporting period from 1 January 2019 until 30 June 2019. Preparation and presentation of financial statements The financial statements are prepared on the basis of the last NAV calculated during the reporting period (28 June 2019 for all sub-funds) and presented in accordance with Luxembourg generally accepted accounting principles for investment funds. Combined figures The combined figures are expressed in Euro and are presented for information purpose only. Foreign currencies Transactions in currencies other than the reference currency of the relevant sub-fund are converted into the reference currency at the exchange rates prevailing at the time of the transaction. The market value of the investments, assets and liabilities expressed in currencies other than the reference currency of the sub-funds are converted into the sub-fund’s reference currency at the exchange rates prevailing at the end of the reporting period. Any positive or negative exchange differences arising are accounted for in the Statement of operations and changes in net assets. The table on page 43 shows the exchange rates as at 28 June 2019. Valuation of investments Transferable securities, money market instruments and financial derivative instruments listed on an official stock exchange listing These instruments are valued at their last available market price; in the event that there should be several such markets, on the basis of the last available price of the main market for the relevant security or asset. Should the last available market price for a given transferable security, money market instrument or financial derivative instrument not truly reflects its fair market value, then that transferable security, money market instrument or financial derivative instrument is valued on the basis of the probable sales price which the Board of Directors deems prudent to assume. Fixed income securities not traded on such markets are generally valued at the last available price or yield equivalents obtained from one or more dealers or pricing services approved by the Board of Directors or any other price deemed appropriate by the Board of Directors. According to the valuation policy which is approved by the Fund Board a fair value adjustment will be made to reflect the current market values for securities traded in markets with a different timezone (mainly Asia Pacific) where new market information surfaces after the close of the local market but before the calculation of the NAV. Transferable securities and/or money market instruments dealt in on another regulated market These instruments are valued on the basis of their last available market price. Should the last available market price for a given transferable security and/or money market instrument not truly reflects its fair market value, then that transferable security and/or money market instrument is valued by the Board of Directors on the basis of the probable sales price which the Board of Directors deems prudent to assume. Transferable securities and/or money market instruments not listed or dealt in on any stock exchange or on any regulated market In the event that any assets are not listed or dealt in on any stock exchange or on any regulated market, or if, with respect to assets listed or dealt in on any stock exchange, or on any regulated market as aforesaid, where the above valuation methods are inappropriate or misleading, the Board of Directors may adopt any other appropriate valuation principles for the assets of the Company. Shares in underlying open-ended investment funds These shares or units are valued at their latest available net asset value per share. In the event that such valuation method is inappropriate or misleading, the Board of Directors may adopt any other appropriate valuation principles for the assets of the Company. Sub-funds primarily invested in markets which are closed for business at the time of valuation of the sub-fund are normally valued using the prices at the previous close of business. Market volatility may result in the latest available prices not accurately reflecting the fair value of the sub-fund’s investments. This situation could be exploited by investors who are aware of the direction of market movements, and who might deal to exploit the difference between the next published Net Asset Value and the fair value of the sub-fund’s investments. By these investors paying less than the fair value for shares on issue, or receiving more than the fair value for shares on redemption, other shareholders may suffer a dilution in the value of their investment. To prevent this, the Company may, during periods of market volatility, adjust the Net Asset Value per Share prior to publication to reflect more accurately the fair value of the sub-fund’s investments. Adjustment will be made provided that such change exceeds the threshold as determined by the Board of Directors for the relevant sub-fund. If an adjustment is made, it will be applied consistently to all classes of shares in the same sub-fund. At the end of the reporting period, adjustments for fair value were made for Robeco QI Multi Factor Multi Asset. The adjustment is disclosed in Schedule of investments.


Notes to the financial statements as at 30 June 2019 (continued) 2. Summary of significant accounting principles (continued)

Investment transactions and investment income Securities are initially recorded at cost, and where applicable on the basis of exchange rates prevailing on the date they are purchased. Results on sales of securities are determined on the basis of the average cost method (for futures first in first out method). Investment transactions are accounted for on the trade date. Dividends are accounted for on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts/Premiums on zero coupon bonds are accreted as adjustments to interest income. Interest and capital gains on securities may be subject to withholding or capital gains taxes in certain countries. 3. Open forward exchange transactions

Open forward exchange transactions are valued with market practice valuation models using forwards rates based on exchange and interest rates applicable at 28 June 2019. The unrealized results of these transactions have been recorded gross in the Statement of net assets under the heading ‘Derivatives assets/liabilities’ and changes in unrealized results are recorded in the Statement of operations and changes in net assets. The contracts outstanding as at 30 June 2019 are disclosed in the Schedule of Investments. Information on the collateral received or paid on these positions is stated in the table on page 33. The paid collateral is restricted cash and is included in the Statement of net assets under the Assets ‘Cash at bank and at brokers’. The received collateral is included in the Statement of net assets under the liabilities ‘Due to brokers’. 4. Interest rate swaps

Interest rate swaps are valued with market practice valuation models using exchange and interest rates applicable at 28 June 2019. The unrealized gains/losses on interest rate swaps are recorded gross in the Statement of net assets under the heading ‘Derivatives assets/liabilities’ and changes in unrealized results are recorded in the Statement of operations and changes in net assets. The contracts outstanding as at 30 June 2019 are disclosed in the Schedule of Investments. Information on the collateral on these positions is stated in the table on page 33. The paid collateral is restricted cash and is included in the Statement of net assets under the Assets ‘Cash at bank and at brokers'. The received collateral is included in the Statement of net assets under the liabilities ‘Due to brokers’. 5. Inflation-linked swaps

Inflation-linked swaps are valued at fair value under procedures approved by the Board of Directors. The valuation is based on recognised market models with observable market inputs used to perform the valuation. The unrealized gains/losses on inflation-linked swaps are recorded gross in the Statement of net assets under the heading 'Derivative assets/ liabilities at market value' and changes in unrealized results are recorded in the Statement of operations and changes in net assets. The contracts outstanding as at 30 June 2019 are in the Schedule of investments. Information on the collateral on these positions is stated in the table on page 33. The paid collateral is restricted cash and is included in the Statement of net assets under the Assets ‘Cash collateral at brokers’. The received collateral is included in the Statement of net assets under the liabilities ‘Cash collateral due to brokers’. 6. Financial futures contracts

Regulated futures contracts are valued at their exchange quoted settlement price. Initial margin deposits are made upon entering into futures contracts. Variation margin payments are made or received, depending on the daily fluctuation in market value of the contract and are recorded by the fund as unrealized appreciation or depreciation. When the contract is closed, the Company records a realized gain or loss equal to difference between the value of the contract at the time it was opened and the value at the time it was closed. All margin deposits are included in the Statement of net assets under the heading ‘Cash at bank and at brokers’. Changes in unrealized results and realized results during the period are both recorded in the Statement of operations and changes in net assets. The contracts outstanding as at 30 June 2019 are disclosed in the Schedule of Investments. 7. Collateral

Several sub-funds received or paid collateral to cover the unrealized results on derivative instruments. Collaterals are calculated and settled on a daily basis per counterparty. The collateral is primarily cash held at the broker in the name of the sub-fund. The paid collateral is restricted cash and is included in the Statement of net assets under the Assets ‘Cash collateral at brokers’. The received collateral is included in the Statement of net assets under the liabilities ‘Cash collateral due to brokers’. No cash collateral has been reinvested. The amounts per sub-fund and counterparty are shown in the table below.

Sub-fund name Currency Counterparty Type of

collateral Collateral received Collateral paid Robeco Pension Matching Portfolio EUR Barclays Cash – 2,591,803 Robeco Pension Matching Portfolio EUR Citi Cash – 1,342,562


Notes to the financial statements as at 30 June 2019 (continued) 8. Schedule of Investments

The Schedule of Investments of the sub-funds are included at the end of this report. 9. Securities lending

J.P. Morgan Bank Luxembourg S.A. is lending agent for all Robeco All Strategies Funds securities lending transactions. J.P. Morgan is authorized to retain a fee in an amount equal to (A) 25% for any loans which generate a return of 0.5% or less and (B) 10% for any loans which generate a return greater than 0.5% of the sum of (i) earnings derived from Authorised Investments (as adjusted for any Rebate paid or received by J.P. Morgan) (ii) any fee, paid or payable by Borrower with respect to loans (including any loan fee but excluding any compensation payable by borrower under the MSLA in connection with a loan (net, however, of any other amount payable by Lender in connection with such loan). Gains and losses on Cash Collateral investments shall not be taken into account in calculating earnings for the purpose of J.P. Morgan’s fees. The following table shows the position of the collateralized securities lending transactions with first-class financial institutions as described in the prospectus at the end of the reporting period as well as the income from securities lending over the reporting period for the Company and the income for J.P. Morgan Bank Luxembourg S.A. Income on securities lending transactions is recorded under the heading 'Securities lending income' in the Statement of operations and changes in net assets. Collateral received in the frame of the lending activity, primarily securities, is held in the name of the fund on an escrow account with external agents. In exceptional cases, the collateral is received in cash, which is not subject to reinvestment. More information on collateral received can be found on page 15 and further.


Notes to the financial statements as at 30 June 2019 (continued) 9. Securities lending (continued)

Sub-Fund Sub-Fund currency Counterparty

Market value of securities on loan

in Sub-Fund currency

Cash collateral in Sub-Fund currency

Non cash collateral in Sub-

Fund currency

Total collateral in Sub-Fund currency

Robeco QI Conservative Multi Asset EUR Barclays 240,642 – 250,870 250,870 Robeco QI Conservative Multi Asset EUR Credit Suisse 524,851 – 633,900 633,900 Robeco QI Conservative Multi Asset EUR UBS 45,717 – 48,708 48,708 Robeco QI Conservative Multi Asset EUR Deutsche Bank 127,721 – 140,740 140,740 Robeco QI Conservative Multi Asset EUR Merrill Lynch 79,739 – 84,922 84,922 Robeco QI Conservative Multi Asset EUR Morgan Stanley 136,215 150,496 – 150,496 Robeco QI Multi Factor Multi Asset EUR

Bank of Nova Scotia 9,538 – 10,925 10,925

Robeco QI Multi Factor Multi Asset EUR Credit Suisse 151,171 – 182,311 182,311 Robeco QI Multi Factor Multi Asset EUR Deutsche Bank 25,216 – 27,982 27,982 Robeco QI Multi Factor Multi Asset EUR J.P. Morgan 15,243 – 16,344 16,344 Robeco QI Multi Factor Multi Asset EUR UBS 29,709 21,218 10,031 31,249 Robeco QI Multi Factor Multi Asset EUR Goldman Sachs 7,869 – 8,600 8,600 Robeco QI Multi Factor Multi Asset EUR Morgan Stanley 19,078 15,381 5,486 20,867 Total 1,412,709

Sub-Fund Sub-Fund currency

Lending income (gross) in Sub-Fund currency

Lending agent fee in Sub-Fund

currency

Lending income (net) in Sub-Fund

currency Robeco Pension Matching Portfolio EUR 9,990 2,497 7,493 Robeco QI Conservative Multi Asset EUR 1,814 276 1,538 Robeco QI Multi Factor Multi Asset EUR 313 57 256

10. Taxes

The classes of shares of the sub-funds are liable in Luxembourg to an annual duty (‘taxe d’abonnement’/’subscription tax’) at the rate of 0.05% of their net assets calculated and payable at the end of each quarter. This rate is 0.01% per annum for institutional classes of shares such as class I and IH shares. To the extent that the assets of the sub-funds are invested in investment funds which are established in Luxembourg, no such tax is payable, provided that the relevant investment funds have been subject to this tax. The sub-funds will receive income from their investments after deduction of applicable withholding taxes in the country of origin. There are no Luxembourg income, withholding, capital gains, estate or inheritance taxes payable by the sub-funds.


Notes to the financial statements as at 30 June 2019 (continued) 11. Management Company

The Directors of the Company have appointed Robeco Luxembourg S.A. as the Management company to be responsible on a day-to-day basis, under supervision of the Board of Directors of the Company, for providing administration, marketing and investment management services in respect of the sub-fund. The Management Company has delegated its investment management services to Robeco Institutional Asset Management B.V. (the ‘Investment Adviser’). The Management Company has delegated the administration functions to J.P. Morgan Bank Luxembourg S.A. and registrar agent functions to RBC Investor Services Bank S.A. (until 23 April 2019) and J.P. Morgan Bank Luxembourg S.A. (since 23 April 2019). The Management Company was incorporated as a ‘Société anonyme’ under the laws of the Grand Duchy of Luxembourg on 7 July 2005 and its Articles of Association were published in the Mémorial on 26 July 2005. The Management Company is approved as Management Company regulated by chapter 15 of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment. The Management Company is part of ORIX Corporation Europe N.V. and also acts as Management Company for Robeco Capital Growth Funds, Robeco QI Global Dynamic Duration, Robeco Global Total Return Bond Fund and Robeco (LU) Funds III. 12. Investment Adviser and Fund Selection Adviser

Robeco Institutional Asset Management B.V. (RIAM), an investment management company forming part of the Robeco Group in Rotterdam, the Netherlands, manages the assets of the sub-funds on a day-to-day basis. The Investment Advisory Agreement between the Management Company and RIAM was concluded on 29 September 2005 for an undetermined period. The Investment Adviser has appointed Corestone Investment Managers A.G. as its fund selection adviser for the sub-funds Robeco Pension Return Portfolio, Robeco Pension Matching Portfolio, Robeco Multi Asset Income, Robeco Multi Asset Growth and Robeco Multi Asset Sustainable. 13. Management and service fee

The different sub-funds or class of shares incur an annual management fee payable to the Management Company, which reflects all expenses related to the management of the sub-funds. Furthermore the different sub-funds or classes of shares incur an annual service fee payable to the Management Company reflecting all remaining expenses such as the fees of the administration agent, the registrar agent, auditors and legal advisers, the costs of preparing, printing and distributing all prospectuses, memorandums, reports and other necessary documents concerning the Company, any fees and expenses involved in the registration of the Company with any governmental agency and stock exchange, the costs of publishing prices and operational expenses, and the cost of holding shareholders’ meetings. In case of restitution of management fee and service fees paid in the underlying Robeco funds, the amount in the Statement of operations and changes in net assets is the net amount of the paid fees and received restitutions. The annual charges, both management fee and service fee, are expressed as a percentage of the net asset value. The charges, paid quarterly, are based on the net asset value of the relevant period and are reflected in the share price. The following table shows the maximum percentages for the different outstanding classes of shares on an annual basis.


Notes to the financial statements as at 30 June 2019 (continued) 13. Management and service fee (continued)

Management fee

(%) Service fee

(%) Robeco Life Cycle Fund 2020

F EUR 0.45 0.10 Robeco Life Cycle Fund 2025









F EUR 0.45 0.10 Robeco Pension Return Portfolio

I EUR 0.70 0.08 Robeco Pension Matching Portfolio

IH EUR 0.40 0.08 Robeco Multi Asset Income

E EUR 0.85 0.10 G EUR 0.40 0.10 I USD 0.40 0.08


D EUR 1.00 0.10 F EUR 0.50 0.10 G EUR 0.50 0.10 I EUR 0.50 0.08 DH USD 1.00 0.10 IH USD 0.50 0.08


E EUR 1.15 0.10 G EUR 0.55 0.10 I USD 0.55 0.08 F EUR 0.55 0.10


D EUR 1.20 0.10 F EUR 0.60 0.10 I EUR 0.60 0.08


D EUR 1.15 0.10 F EUR 0.55 0.10


Notes to the financial statements as at 30 June 2019 (continued) 13. Management and service fee (continued)

Management fee

(%) Service fee

(%) Robeco Multi Asset Sustainable (continued)

F2 EUR 0.55 0.10 I EUR 0.55 0.08

If the net asset value exceeds EUR 1 billion the service fee will be reduced by 0.02% for the portion above 1 billion. If the net asset value exceeds EUR 5 billion, the service fee will be reduced by a further 0.02% for the portion above EUR 5 billion. 14. Investments in third party funds

If the sub-funds invest in UCITS/UCI’s that are not part of the Robeco Group, all costs at the level of these UCITS/UCI’s (including the non recoverable management fees, service fees, performance fees and/or transactions costs) shall be borne by sub-funds ultimately and therefore by the shareholders. The management fee and service fee paid in the Robeco funds is restituted to sub-funds and recorded in the Statement of operations and changes in net assets. 15. Depositary fee

The Depositary bank is remunerated in accordance with the agreement between J.P. Morgan Bank Luxembourg S.A., acting as the depositary and the Company. 16. Other fees and expenses

The sub-funds and its classes of shares pay directly banking fees relating to the assets of the sub-funds or expenses incurred thereof, such as proxy voting. The costs of establishing the Company have been paid entirely. If additional sub-funds are created in the future, these sub-funds will bear, in principle, their own formation expenses. 17. Distributed dividends

During the reporting period the following distributions took place:

Sub-Fund Name Class currency Ex date Pay date

Dividend distribution per share in

class currency Robeco Multi Asset Income E EUR EUR 04/04/2019 11/04/2019 0.50 G EUR EUR 04/04/2019 11/04/2019 0.61 Robeco Multi Asset Growth E EUR EUR 04/04/2019 11/04/2019 0.99 G EUR EUR 04/04/2019 11/04/2019 0.90


Notes to the financial statements as at 30 June 2019 (continued)

18. Transaction costs

The sub-funds and its classes of shares pay directly commissions, brokerage fees and taxes resulting from financial transactions. Transaction costs are included in the purchase/sale price of the securities.

Sub-Fund Sub-Fund Currency Total transaction costs % of net assets Robeco Life Cycle Fund 2020 EUR 383 0.01 Robeco Life Cycle Fund 2025 EUR 657 0.00 Robeco Life Cycle Fund 2030 EUR 702 0.00 Robeco Life Cycle Fund 2035 EUR 343 0.00 Robeco Life Cycle Fund 2040 EUR 369 0.00 Robeco Life Cycle Fund 2045 EUR 271 0.00 Robeco Life Cycle Fund 2050 EUR 92 0.00 Robeco Life Cycle Fund 2055 EUR 44 0.00 Robeco Life Cycle Fund 2060 EUR 41 0.00 Robeco Life Cycle Fund 2065 EUR 8 0.00 Robeco Pension Return Portfolio EUR 3,054 0.00 Robeco Pension Matching Portfolio EUR 20,413 0.01 Robeco Multi Asset Income EUR 25,247 0.02 Robeco QI Conservative Multi Asset EUR 4,746 0.02 Robeco Multi Asset Growth EUR 13,376 0.01 Robeco QI Multi Factor Multi Asset EUR 5,463 0.11 Robeco Multi Asset Sustainable EUR 1,135 0.01

19. Total Expense Ratio (TER)

The Total Expense Ratio (‘TER’) expresses the operational costs (e.g. management fee, service fee, taxe d’abonnement, depositary fee and bank charges) charged to the sub-funds as a percentage of the average assets entrusted, calculated on a daily basis, during the reporting period. The TER as shown below do not include transaction costs. The other costs concern mainly bank charges, depositary fees and taxe d’abonnement. The other costs fund shares concern the nonrefundable cost of the underlying funds and concern mainly bank charges, depositary fees and taxe d’abonnement. Total Expense Ratio are annualized for periods less than one year.



19. Total Expense Ratio (TER) (continued)

Sub-Fund Management

fee Service fee Other costs Other costs fund shares Total

Robeco Life Cycle Fund 2020 F EUR 0.45 0.10 0.14 0.03 0.72 Robeco Life Cycle Fund 2025 F EUR 0.45 0.10 0.08 0.03 0.66 Robeco Life Cycle Fund 2030 F EUR 0.45 0.10 0.08 0.03 0.66 Robeco Life Cycle Fund 2035 F EUR 0.45 0.10 0.09 0.03 0.67 Robeco Life Cycle Fund 2040 F EUR 0.45 0.10 0.10 0.03 0.68 Robeco Life Cycle Fund 2045 F EUR 0.45 0.10 0.13 0.03 0.71 Robeco Life Cycle Fund 2050 F EUR 0.45 0.10 0.17 0.03 0.75 Robeco Life Cycle Fund 2055 F EUR 0.45 0.10 0.27 0.03 0.85 Robeco Life Cycle Fund 2060 F EUR 0.45 0.10 0.31 0.03 0.89 Robeco Life Cycle Fund 2065 F EUR 0.45 0.10 0.33 0.03 0.91 Robeco Pension Return Portfolio I EUR 0.70 0.08 0.03 0.02 0.83 Robeco Pension Matching Portfolio IH EUR 0.40 0.08 0.03 – 0.51 Robeco Multi Asset Income E EUR 0.85 0.10 0.07 0.03 1.05 G EUR 0.40 0.10 0.06 0.03 0.59 I USD 0.40 0.08 0.04 0.03 0.55 Robeco QI Conservative Multi Asset D EUR 1.00 0.10 0.13 – 1.23 DH USD 1.00 0.10 0.13 – 1.23 F EUR 0.50 0.10 0.13 – 0.73 G EUR 0.50 0.10 0.13 – 0.73 I EUR 0.50 0.08 0.11 – 0.69 IH USD 0.50 0.08 0.11 – 0.69 Robeco Multi Asset Growth E EUR 1.15 0.10 0.16 0.05 1.46 F EUR 0.55 0.10 0.04 0.05 0.74 G EUR 0.55 0.10 0.05 0.05 0.75 I USD 0.55 0.08 0.03 0.05 0.71 Robeco QI Multi Factor Multi Asset D EUR 1.20 0.10 1.121 0.01 2.43 F EUR 0.60 0.10 1.151 0.01 1.86 I EUR 0.60 0.08 0.901 0.01 1.59



19. Total Expense Ratio (TER) (continued)

Sub-Fund Management

fee Service fee Other costs Other costs fund shares Total

Robeco Multi Asset Sustainable D EUR 1.15 0.10 0.17 0.12 1.54 F EUR 0.55 0.10 0.18 0.12 0.95 F2 EUR 0.55 0.10 0.12 0.12 0.89 I EUR 0.55 0.08 0.14 0.12 0.89

1 The other costs exceeded the expected maximum. Other costs are assessed on an annual basis and if necessary, the manager pays a compensation for too high costs to the share-class.

20. Broker commission

RIAM wants to be certain that the selection of counterparties for equity transactions (brokers) occurs using procedures and criteria that ensure the best results for the fund (best execution). No costs for research were charged to the fund during the reporting period. 21. Portfolio Turnover Ratio (PTR)

This is the turnover ratio of the investments, including derivative instruments, against the average assets entrusted and this is a measure of the incurred transaction costs resulting from the investment portfolio policies pursued and the ensuing investment transactions. In the calculation method that is used the amount of turnover is determined by the sum of purchases and sales of investments, including derivative instruments, less the sum of issuance and repurchase of own shares, divided by the daily average of the net assets. The portfolio turnover ratio is determined by expressing the amount of turnover as a percentage of the average assets entrusted. Following table shows the portfolio turnover ratios of the sub-funds.



21. Portfolio Turnover Ratio (PTR) (continued)

Sub-Fund Name Portfolio turnover ratio

(%) Robeco Life Cycle Fund 2020 44.36 Robeco Life Cycle Fund 2025 18.76 Robeco Life Cycle Fund 2030 21.99 Robeco Life Cycle Fund 2035 21.26 Robeco Life Cycle Fund 2040 (9.80) Robeco Life Cycle Fund 2045 2.64 Robeco Life Cycle Fund 2050 11.52 Robeco Life Cycle Fund 2055 3.09 Robeco Life Cycle Fund 2060 32.80 Robeco Life Cycle Fund 2065 51.28 Robeco Pension Return Portfolio 9.48 Robeco Pension Matching Portfolio 13.21 Robeco Multi Asset Income 118.63 Robeco QI Conservative Multi Asset 49.91 Robeco Multi Asset Growth 94.86 Robeco QI Multi Factor Multi Asset 46.55 Robeco Multi Asset Sustainable 39.36

22. Changes in the investment portfolio

The statement of changes in the investment portfolio during the period from 1 January 2019 to 30 June 2019 inclusive may be obtained free of charge at the offices of the Company, the Depositary, or any Nominee. 23. Retrocessions and trailer fees

Trailer fees for the marketing of the sub-funds (Commission d’Encours) are paid to distributors and assets managers from the management fee. No retrocession has been granted during the reporting period. 24. Transactions with affiliated parties

No transactions were effected with affiliated parties during the reporting period other than management activities.



25. Exchange rates

Currency Rate EUR = 1 AUD 1.6228 BRL 4.3646 CAD 1.4881 CHF 1.1103 CZK 25.4440 DKK 7.4637 GBP 0.8948 HKD 8.8969 ILS 4.0616 JPY 122.6943 MYR 4.7061 NOK 9.7095 NZD 1.6955 PLN 4.2468 RUB 71.8298 SEK 10.5660 SGD 1.5407 THB 34.9241 TRY 6.5868 TWD 35.3706 USD 1.1388 ZAR 16.0585

Luxembourg, 30 August 2019

The Board of Directors D.R. (Rob) van Bommel H.P. (Pierre) de Knijff J.H. (Jeroen) van den Akker S (Susanne) van Dootingh


Schedule of Investments

Robeco Life Cycle Fund 2020 As at 30 June 2019

Investments CurrencyQuantity/

Nominal Value

Market ValueEUR

% of Net Assets

Units of authorised UCITS or other collective investment undertakings

Collective Investment Schemes - UCITS

Luxembourg Robeco BP Global Premium Equities - I EUR† EUR 2,085 334,890 5.25

Robeco Emerging Markets Equities - I EUR† EUR 568 204,469 3.20

Robeco Euro Credit Bonds - ZH EUR† EUR 6,016 1,023,665 16.04

Robeco Euro Government Bonds - 2IH EUR† EUR 10,344 1,061,086 16.62

Robeco Euro Government Bonds - ZH EUR† EUR 5,201 938,364 14.70

Robeco Global Credits-Short Maturity - IH EUR† EUR 6,198 626,173 9.81

Robeco High Yield Bonds - ZH EUR† EUR 369 81,478 1.28

Robeco QI Global Diversified Carry - Z EUR† EUR 607 63,514 0.99

4,333,639 67.89

Netherlands Robeco QI Global Developed Enhanced Index Equities Fund - G EUR† EUR 4,369 523,069 8.20

Robeco QI Global Multi-Factor Equities Fund - EUR G† EUR 1,989 263,662 4.13

786,731 12.33

Total Collective Investment Schemes - UCITS 5,120,370 80.22

Exchange Traded Funds

Ireland iShares EUR Govt Bond 1-3yr Fund - EUR Acc EUR 9,703 1,088,968 17.06

iShares J.P. Morgan EM Local Government Bond Fund EUR 1,565 84,932 1.33

1,173,900 18.39

Total Exchange Traded Funds 1,173,900 18.39

Total Units of authorised UCITS or other collective investment undertakings 6,294,270 98.61

Total Investments 6,294,270 98.61

Cash (35,070) (0.55)

Other Assets/(Liabilities) 123,734 1.94

Total Net Assets 6,382,934 100.00

† Related Party Fund.


Schedule of Investments (continued)


As at 30 June 2019

Forward Currency Exchange Contracts

Currency Purchased

Amount Purchased

CurrencySold Amount Sold

Maturity Date Counterparty

Unrealised Gain/(Loss)

EUR% of Net

AssetsEUR 53,890 AUD 86,924 02/07/2019 J.P. Morgan 326 0.01

EUR 94,743 GBP 83,748 02/07/2019 J.P. Morgan 1,147 0.02

EUR 137,339 JPY 16,665,067 02/07/2019 J.P. Morgan 1,513 0.02

EUR 697,877 USD 778,872 02/07/2019 J.P. Morgan 13,936 0.22

Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 16,922 0.27

EUR 77,633 CAD 117,216 02/07/2019 Rabobank (1,134) (0.02)

Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (1,134) (0.02)

Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 15,788 0.25





Nominal Value

Market ValueEUR

% of Net Assets



Luxembourg Robeco Asian Stars Equities - Z EUR† EUR 1,310 214,478 0.69

Robeco BP Global Premium Equities - I EUR† EUR 9,398 1,509,389 4.89

Robeco Emerging Markets Equities - I EUR† EUR 3,861 1,391,011 4.51



Robeco Euro Government Bonds - ZH EUR† EUR 30,651 5,530,161 17.91

Robeco Global Credits-Short Maturity - IH EUR† EUR 29,246 2,954,656 9.57

Robeco Global Stars Equities - Z EUR† EUR 7,127 1,759,705 5.70

Robeco High Yield Bonds - ZH EUR† EUR 2,443 539,527 1.75

Robeco Property Equities - Z EUR† EUR 1,710 312,818 1.01

Robeco QI Global Diversified Carry - Z EUR† EUR 3,551 371,730 1.20

21,452,161 69.48

Netherlands Robeco QI Global Developed Enhanced Index Equities Fund - G EUR† EUR 20,481 2,452,024 7.94

Robeco QI Global Multi-Factor Equities Fund - EUR G† EUR 9,650 1,278,915 4.14

3,730,939 12.08



Ireland iShares Core MSCI World Fund EUR 167 8,484 0.03

iShares EUR Govt Bond 1-3yr Fund - EUR Acc EUR 37,946 4,258,680 13.79


4,826,036 15.63




Cash 481,356 1.56







As at 30 June 2019


Currency Purchased

Amount Purchased




EUR% of Net

AssetsEUR 112,271 AUD 181,091 02/07/2019 J.P. Morgan 679 –

EUR 194,737 GBP 172,138 02/07/2019 J.P. Morgan 2,359 0.01

EUR 739,963 JPY 89,789,190 02/07/2019 J.P. Morgan 8,151 0.02

EUR 4,739,251 USD 5,289,286 02/07/2019 J.P. Morgan 94,638 0.31


EUR 159,007 CAD 240,081 02/07/2019 Rabobank (2,324) (0.01)

EUR 111,793 CHF 125,226 02/07/2019 J.P. Morgan (989) –







Nominal Value

Market ValueEUR

% of Net Assets









Robeco Global Credits-Short Maturity - IH EUR† EUR 19,520 1,972,134 6.13





21,121,934 65.61



5,936,524 18.44



Ireland iShares Core MSCI World Fund EUR 3,073 156,108 0.49



4,238,214 13.17




Cash 744,525 2.31







As at 30 June 2019


Currency Purchased

Amount Purchased




EUR% of Net


EUR 444,658 GBP 393,056 02/07/2019 J.P. Morgan 5,387 0.02

EUR 1,015,095 JPY 123,174,370 02/07/2019 J.P. Morgan 11,182 0.03

EUR 7,240,955 USD 8,081,336 02/07/2019 J.P. Morgan 144,594 0.45


EUR 224,481 CAD 338,938 02/07/2019 Rabobank (3,281) (0.01)

EUR 153,142 CHF 171,543 02/07/2019 J.P. Morgan (1,355) –







Nominal Value

Market ValueEUR

% of Net Assets









Robeco Global Credits-Short Maturity - IH EUR† EUR 8,781 887,101 3.50





15,385,865 60.63



5,842,637 23.02



Ireland iShares Core MSCI World Fund EUR 25,379 1,289,253 5.08



3,735,535 14.72




Cash 175,453 0.69







As at 30 June 2019


Currency Purchased

Amount Purchased




EUR% of Net

AssetsEUR 215,560 AUD 347,695 02/07/2019 J.P. Morgan 1,304 0.01

EUR 471,745 GBP 416,999 02/07/2019 J.P. Morgan 5,715 0.02

EUR 948,603 JPY 115,106,100 02/07/2019 J.P. Morgan 10,449 0.04

EUR 8,268,653 USD 9,228,308 02/07/2019 J.P. Morgan 165,116 0.65


EUR 299,307 CAD 451,917 02/07/2019 Rabobank (4,374) (0.02)

EUR 163,285 CHF 182,905 02/07/2019 J.P. Morgan (1,445) –







Nominal Value

Market ValueEUR

% of Net Assets






Robeco Euro Credit Bonds - ZH EUR† EUR 1 177 –

Robeco Euro Government Bonds - 2IH EUR† EUR 2,283 234,181 1.39

Robeco Euro Government Bonds - ZH EUR† EUR 707 127,486 0.76





8,942,746 53.04



5,298,923 31.43





2,023,563 12.00




Cash 394,391 2.34







As at 30 June 2019


Currency Purchased

Amount Purchased




EUR% of Net


EUR 563,687 GBP 498,272 02/07/2019 J.P. Morgan 6,829 0.04

EUR 923,891 JPY 112,107,446 02/07/2019 J.P. Morgan 10,177 0.06

EUR 7,665,574 USD 8,555,235 02/07/2019 J.P. Morgan 153,073 0.91


EUR 187,067 CAD 282,448 02/07/2019 Rabobank (2,734) (0.01)

EUR 122,039 CHF 136,703 02/07/2019 J.P. Morgan (1,080) (0.01)







Nominal Value

Market ValueEUR

% of Net Assets





Robeco Emerging Markets Equities - I EUR† EUR 2,018 727,130 9.78


Robeco Global Credits-Short Maturity - IH EUR† EUR 958 96,737 1.30





3,827,831 51.49



2,367,252 31.84





907,977 12.21

Total Exchange Traded Funds 907,977 12.21



Cash 239,478 3.22







As at 30 June 2019


Currency Purchased

Amount Purchased




EUR% of Net


EUR 184,674 GBP 163,243 02/07/2019 J.P. Morgan 2,237 0.03

EUR 356,239 JPY 43,226,980 02/07/2019 J.P. Morgan 3,924 0.05

EUR 3,316,569 USD 3,701,488 02/07/2019 J.P. Morgan 66,228 0.89


EUR 60,797 CAD 91,796 02/07/2019 Rabobank (888) (0.01)

Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (888) (0.01)






Nominal Value

Market ValueEUR

% of Net Assets



Luxembourg Robeco Asian Stars Equities - Z EUR† EUR 588 96,346 2.80

Robeco BP Global Premium Equities - I EUR† EUR 2,962 475,755 13.84




Robeco Global Stars Equities - Z EUR† EUR 2,111 521,302 15.16


Robeco Property Equities - Z EUR† EUR 453 82,855 2.41


1,795,702 52.23



1,084,548 31.54





427,749 12.44




Cash 87,034 2.53







As at 30 June 2019


Currency Purchased

Amount Purchased




EUR% of Net


EUR 37,897 GBP 33,499 02/07/2019 J.P. Morgan 459 0.01

EUR 221,990 JPY 26,936,915 02/07/2019 J.P. Morgan 2,445 0.07

EUR 1,482,281 USD 1,654,314 02/07/2019 J.P. Morgan 29,600 0.86


EUR 32,737 CAD 49,428 02/07/2019 Rabobank (479) (0.01)

Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (479) (0.01)






Nominal Value

Market ValueEUR

% of Net Assets








Robeco Global Stars Equities - Z EUR† EUR 895 221,105 13.95




793,677 50.06



490,709 30.95





226,403 14.28




Cash 50,494 3.18







As at 30 June 2019


Currency Purchased

Amount Purchased




EUR% of Net

AssetsEUR 10,828 GBP 9,571 02/07/2019 J.P. Morgan 131 0.01

EUR 19,456 JPY 2,360,885 02/07/2019 J.P. Morgan 214 0.01

EUR 696,481 USD 777,314 02/07/2019 J.P. Morgan 13,908 0.88






Nominal Value

Market ValueEUR

% of Net Assets












618,638 54.02



370,836 32.38

Total Collective Investment Schemes - UCITS 989,474 86.40



iShares J.P. Morgan EM Local Government Bond Fund EUR 976 52,967 4.62

130,488 11.39




Cash 12,162 1.06







As at 30 June 2019


Currency Purchased

Amount Purchased




EUR% of Net

AssetsEUR 539,336 USD 601,931 02/07/2019 J.P. Morgan 10,770 0.94






Nominal Value

Market ValueEUR

% of Net Assets




Robeco BP Global Premium Equities - I EUR† EUR 281 45,210 14.28







173,474 54.80

Netherlands Robeco QI Global Developed Enhanced Index Equities Fund - G EUR† EUR 469 56,160 17.74

Robeco QI Global Multi-Factor Equities Fund - EUR G† EUR 319 42,297 13.36

98,457 31.10

Total Collective Investment Schemes - UCITS 271,931 85.90


Ireland iShares Core MSCI World Fund EUR 242 12,294 3.89

iShares J.P. Morgan EM Local Government Bond Fund EUR 265 14,381 4.54

26,675 8.43


Total Units of authorised UCITS or other collective investment undertakings 298,606 94.33

Total Investments 298,606 94.33

Cash 13,095 4.14


Total Net Assets 316,545 100.00





As at 30 June 2019


Currency Purchased

Amount Purchased




EUR% of Net

AssetsEUR 127,315 USD 142,091 02/07/2019 J.P. Morgan 2,542 0.80




‐

Robeco Pension Return Portfolio As at 30 June 2019


Nominal Value

Market ValueEUR

% of Net Assets



Luxembourg Robeco Emerging Stars Equities - Z EUR† EUR 44,514 7,678,337 8.61

Robeco High Yield Bonds - ZH EUR† EUR 10,420 2,301,230 2.58

Robeco QI Global Conservative Equities - Z EUR† EUR 42,883 9,561,729 10.73

Robeco QI Global Momentum Equities - Z EUR† EUR 59,123 9,941,521 11.15

Robeco QI Global Value Equities - Z EUR† EUR 56,470 8,449,351 9.48

State Street World ESG Index Equity Fund - I Shares USD 1,145,952 14,534,204 16.30

52,466,372 58.85



27,097,667 30.39



Ireland iShares J.P. Morgan EM Local Government Bond Fund EUR 117,912 6,399,084 7.18

6,399,084 7.18




Cash 3,469,344 3.89

Other Assets/(Liabilities) (280,603) (0.31)






As at 30 June 2019


Currency Purchased

Amount Purchased




EUR% of Net

AssetsEUR 3,297,604 GBP 2,914,920 02/07/2019 J.P. Morgan 39,948 0.05

EUR 5,943,194 JPY 721,163,478 02/07/2019 J.P. Morgan 65,468 0.07

EUR 21,020,679 USD 23,460,327 02/07/2019 J.P. Morgan 419,760 0.47


GBP 191,383 EUR 215,000 02/07/2019 J.P. Morgan (1,114) –

JPY 108,375,127 EUR 891,000 02/07/2019 J.P. Morgan (7,706) (0.01)

USD 1,956,596 EUR 1,736,000 02/07/2019 J.P. Morgan (17,879) (0.02)





Robeco Pension Matching Portfolio As at 30 June 2019

Investments Currency Quantity/

Nominal Value

Market Value EUR

% of Net Assets

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

Bonds

Austria Austria Government Bond 6.25% 15/07/2027 EUR 766,000 1,171,306 0 .77

Austria Government Bond, Reg. S, 144A 3.9% 15/07/2020 EUR 705,000 738,147 0 .48



Austria Government Bond, Reg. S, 144A 0% 20/09/2022 EUR 166,000 169,397 0 .11










Austria Government Bond, Reg. S, 144A 4.15% 15/03/2037 EUR 705,000 1,158,715 0 .76





9,016,922 5 .93

Finland Finland Government Bond, Reg. S, 144A 0.75% 15/04/2031 EUR 2,393,000 2,580,599 1 .70

Finland Government Bond, Reg. S, 144A 1.125% 15/04/2034 EUR 1,988,000 2,244,488 1 .48



9,470,036 6 .23

France France Government Bond OAT, Reg. S, 144A 0.7% 25/07/2030 EUR 933,000 1,155,879 0 .76

France Government Bond OAT, Reg. S, 144A 1.8% 25/07/2040 EUR 2,156,000 3,923,132 2 .58

France Government Bond OAT, Reg. S, 144A 0.1% 25/07/2047 EUR 855,000 1,020,826 0 .67

France Government Bond OAT, Reg. S 2.25% 25/07/2020 EUR 692,000 915,752 0 .60


France Government Bond OAT, Reg. S 1.1% 25/07/2022 EUR 1,289,000 1,577,538 1 .04




15,207,383 10 .01

Germany Bundesrepublik Deutschland, Reg. S 6.25% 04/01/2030 EUR 314,000 536,157 0 .35


Schedule of Investments (continued) Robeco Pension Matching Portfolio As at 30 June 2019


Nominal Value

Market Value EUR

% of Net Assets

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

Bonds (continued)

Germany (continued) Bundesrepublik Deutschland, Reg. S 5.5% 04/01/2031 EUR 3,464,000 5,814,251 3 .83

Bundesrepublik Deutschland, Reg. S 4.75% 04/07/2034 EUR 3,706,000 6,441,321 4 .24

Bundesrepublik Deutschland, Reg. S 4% 04/01/2037 EUR 6,041,000 10,304,224 6 .78






Bundesrepublik Deutschland, Reg. S 1.25% 15/08/2048 EUR 990,000 1,262,809 0 .83

Deutsche Bundesrepublik Inflation Linked Bond, Reg. S 0.1% 15/04/2023 EUR 1,199,000 1,368,454 0 .90




60,460,919 39 .78

Netherlands Netherlands Government Bond, Reg. S, 144A 2.5% 15/01/2033 EUR 6,684,000 8,953,606 5 .89

Netherlands Government Bond, Reg. S, 144A 4% 15/01/2037 EUR 7,500,000 12,576,795 8 .28

Netherlands Government Bond, Reg. S, 144A 3.75% 15/01/2042 EUR 6,329,000 11,260,183 7 .41

Netherlands Government Bond, Reg. S, 144A 2.75% 15/01/2047 EUR 6,301,000 10,388,055 6 .83

43,178,639 28 .41

Total Bonds 137,333,899 90 .36

Total Transferable securities and money market instruments admitted to an official exchange listing 137,333,899 90 .36



Luxembourg Robeco Euro Credit Bonds - ZH EUR† EUR 22,888 3,894,565 2 .56

Robeco Investment Grade Corporate Bonds - ZH EUR† EUR 29,789 3,943,804 2 .59

7,838,369 5 .15

Total Collective Investment Schemes - UCITS 7,838,369 5 .15




Nominal Value

Market Value EUR

% of Net Assets

Total Units of authorised UCITS or other collective investment undertakings 7,838,369 5 .15

Total Investments 145,172,268 95 .51

Cash 8,031,629 5.28 Other Assets/(Liabilities) (1,214,489) (0.79) Total Net Assets 151,989,408 100.00


Interest Rate Swap Contracts

Nominal Amount Currency Counterparty Security Description

Maturity Date

Market Value EUR

% of Net Assets

5,200,000 EUR Barclays Pay floating EURIBOR 6 month

Receive fixed 1.08% 12/04/2049 523,696 0 .34


Receive fixed 1.397% 24/05/2037 495,504 0 .33


Receive fixed 0.859% 13/12/2028 277,743 0 .18


Receive fixed 0.262% 13/12/2023 238,397 0 .16

900,000 EUR Barclays Pay floating EURIBOR 6 month

Receive fixed 1.342% 11/04/2057 197,435 0 .13


Receive fixed 0.998% 12/04/2039 74,828 0 .05


Receive fixed 0.141% 11/04/2022 55,920 0 .04

Total Market Value on Interest Rate Swap Contracts - Assets 1,863,523 1 .23

10,000,000 EUR Barclays Pay fixed 1.457% Receive floating

EURIBOR 6 month 02/08/2038 (1,553,508) (1 .02)


EURIBOR 6 month 03/08/2048 (1,115,851) (0 .74)


EURIBOR 6 month 24/05/2047 (1,020,915) (0 .67)

Total Market Value on Interest Rate Swap Contracts - Liabilities (3,690,274) (2 .43)

Net Market Value on Interest Rate Swap Contracts - Liabilities (1,826,751) (1 .20)



Inflation Rate Swap Contracts

Nominal Amount Currency Counterparty Security Description

Maturity Date

Market Value EUR

% of Net Assets

14,000,000 EUR Citigroup Pay floating HICPXT 1 month Receive

fixed 1.46 15/04/2039 578,544 0 .38


fixed 1.617 15/04/2049 271,716 0 .18


fixed 1.215 15/04/2029 162,022 0 .11


fixed 1.075 15/04/2024 92,151 0 .06

Total Market Value on Inflation Rate Swap Contracts - Assets 1,104,433 0 .73

28,560,000 EUR Citigroup Pay fixed 1.449 Receive floating

HICPXT 1 month 15/03/2039 (1,212,503) (0 .80)


HICPXT 1 month 15/03/2049 (570,284) (0 .37)


HICPXT 1 month 15/03/2029 (345,492) (0 .23)


HICPXT 1 month 15/03/2049 (108,829) (0 .07)


HICPXT 1 month 15/03/2024 (104,795) (0 .07)

Total Market Value on Inflation Rate Swap Contracts - Liabilities (2,341,903) (1 .54)

Net Market Value on Inflation Rate Swap Contracts - Liabilities (1,237,470) (0 .81)



Robeco Multi Asset Income As at 30 June 2019


Nominal Value

Market ValueEUR

% of Net Assets



Luxembourg Robeco Chinese A-share Equities - Z EUR A† EUR 5,870 774,509 0.46




Robeco Global FinTech Equities - Z EUR† EUR 2 208 –

Robeco Global Growth Trends Equities - F EUR† EUR 42,178 8,032,776 4.78



Robeco Property Equities - Z EUR† EUR 11,349 2,076,606 1.24

Robeco QI Global Developed Sustainable Enhanced Index Equities - Z EUR† EUR 44,605 8,070,628 4.80

Robeco QI Global Diversified Carry - Z EUR† EUR 77,934 8,159,413 4.85

Robeco QI Global Dynamic Duration - ZH EUR† EUR 97,547 13,472,594 8.01

Robeco QI Long/Short Dynamic Duration - IH EUR† EUR 72,931 8,245,147 4.90

Standard Life European Corporate Bond Fund - Class D Accumulation Shares EUR – 8 –

121,576,774 72.32

Netherlands Robeco Institutional Core Euro Government Bonds Fund† EUR 174,824 21,440,960 12.75

Robeco QI Global Developed Enhanced Index Equities Fund - G EUR† EUR 2 220 –


28,416,923 16.90




9,519,920 5.66





Schedule of Investments (continued) Robeco Multi Asset Income As at 30 June 2019


Nominal Value

Market ValueEUR

% of Net Assets

Time Deposits

Netherlands Cooperatieve Rabobank UA 0% 01/07/2019 EUR 5,000,000 5,000,000 2.97

5,000,000 2.97

Total Time Deposits 5,000,000 2.97

Cash 3,516,021 2.09




Financial Futures Contracts

Security Description Number of Contracts Currency

UnrealisedGain/(Loss)

EUR% of Net

AssetsEuro-Bund, 06/09/2019 32 EUR 54,080 0.03

Euro-OAT, 06/09/2019 32 EUR 76,796 0.05

Total Unrealised Gain on Financial Futures Contracts - Assets 130,876 0.08

US 10 Year Ultra Bond, 19/09/2019 (8) USD (23,160) (0.02)

Total Unrealised Loss on Financial Futures Contracts - Liabilities (23,160) (0.02)

Net Unrealised Gain on Financial Futures Contracts - Assets 107,716 0.06




As at 30 June 2019


Currency Purchased

Amount Purchased




EUR% of Net

AssetsEUR 324,065 GBP 286,479 02/07/2019 HSBC 3,902 –

EUR 540,762 JPY 65,613,829 02/07/2019 J.P. Morgan 5,987 –

EUR 1,663,548 USD 1,881,000 02/07/2019 Barclays 11,810 0.01


USD 1,248,984 EUR 1,119,139 02/07/2019 J.P. Morgan (22,385) (0.01)


Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (686) –



Robeco QI Conservative Multi Asset As at 30 June 2019


Nominal Value

Market Value EUR

% of Net Assets


Bonds

Australia BHP Billiton Finance USA Ltd. 2.875% 24/02/2022 USD 90,000 80,422 0 .38

80,422 0 .38

Belgium Belgium Government Bond, Reg. S 3% 28/09/2019 EUR 1,283,000 1,294,219 6 .05

1,294,219 6 .05

Canada Thomson Reuters Corp. 4.3% 23/11/2023 USD 120,000 111,463 0 .52

Toronto-Dominion Bank (The), Reg. S 0.625% 08/03/2021 EUR 102,000 103,451 0 .48

214,914 1 .00

France Auchan Holding SADIR, Reg. S 2.25% 06/04/2023 EUR 100,000 103,855 0 .49

Autoroutes du Sud de la France SA 5.625% 04/07/2022 EUR 50,000 58,844 0 .27


LVMH Moet Hennessy Louis Vuitton SE, Reg. S 1.25% 04/11/2019 EUR 51,000 51,249 0 .24

LVMH Moet Hennessy Louis Vuitton SE, Reg. S 1.75% 13/11/2020 EUR 60,000 61,596 0 .29

Sanofi, Reg. S 4.125% 11/10/2019 EUR 90,000 91,082 0 .43

Total Capital International SA, Reg. S 2.25% 09/06/2022 GBP 10,000 11,553 0 .05

Total Capital SA, Reg. S 3.125% 16/09/2022 EUR 10,000 11,052 0 .05

1,062,115 4 .96

Germany Henkel AG & Co. KGaA, Reg. S 0.875% 13/09/2022 GBP 40,000 44,618 0 .21

SAP SE, Reg. S 1.125% 20/02/2023 EUR 80,000 83,598 0 .39

Volkswagen Financial Services AG, Reg. S 0.875% 12/04/2023 EUR 110,000 111,349 0 .52

239,565 1 .12

Luxembourg Covidien International Finance SA 3.2% 15/06/2022 USD 50,000 45,133 0 .21

Nestle Finance International Ltd., Reg. S 1.25% 04/05/2020 EUR 98,000 99,259 0 .46

Nestle Finance International Ltd., Reg. S 2.125% 10/09/2021 EUR 20,000 21,050 0 .10

Nestle Finance International Ltd., Reg. S 2.25% 30/11/2023 GBP 3,000 3,542 0 .02

168,984 0 .79

Netherlands BNG Bank NV, Reg. S 1.125% 24/05/2021 GBP 20,000 22,449 0 .10

BNG Bank NV, Reg. S 1.125% 04/09/2024 EUR 70,000 75,339 0 .35

Cooperatieve Rabobank UA 4% 19/09/2022 GBP 67,000 81,307 0 .38

Deutsche Telekom International Finance BV, Reg. S 6.5% 08/04/2022 GBP 50,000 63,631 0 .30


Schedule of Investments (continued) Robeco QI Conservative Multi Asset As at 30 June 2019


Nominal Value

Market Value EUR

% of Net Assets


Bonds (continued)

Netherlands (continued) Deutsche Telekom International Finance BV, Reg. S 0.625% 03/04/2023 EUR 10,000 10,254 0 .05

Enel Finance International NV, Reg. S 5.625% 14/08/2024 GBP 50,000 65,634 0 .31

Linde Finance BV 5.875% 24/04/2023 GBP 4,000 5,275 0 .02

Linde Finance BV, Reg. S 3.875% 01/06/2021 EUR 10,000 10,808 0 .05

LYB International Finance BV 4% 15/07/2023 USD 80,000 73,955 0 .35

Nederlandse Gasunie NV, Reg. S 4.5% 20/06/2021 EUR 56,000 61,234 0 .29

Nederlandse Waterschapsbank NV 3.875% 17/02/2020 EUR 89,000 91,475 0 .43

Robert Bosch Investment Nederland BV, Reg. S 1.625% 24/05/2021 EUR 100,000 103,360 0 .48

Roche Finance Europe BV, Reg. S 0.5% 27/02/2023 EUR 96,000 98,480 0 .46

Shell International Finance BV, Reg. S 1.25% 15/03/2022 EUR 110,000 114,594 0 .53

877,795 4 .10

Norway DNB Bank ASA, Reg. S 3.875% 29/06/2020 EUR 60,000 62,460 0 .29

62,460 0 .29

Spain Iberdrola Finanzas SA 7.375% 29/01/2024 GBP 50,000 70,044 0 .33

70,044 0 .33

Sweden Skandinaviska Enskilda Banken AB, Reg. S 1.25% 05/08/2022 GBP 100,000 111,431 0 .52

Svenska Handelsbanken AB, Reg. S 4.375% 20/10/2021 EUR 100,000 110,588 0 .51

Swedbank AB, Reg. S 0.625% 04/01/2021 EUR 101,000 102,208 0 .48

324,227 1 .51

United Kingdom 3i Group plc, Reg. S 6.875% 09/03/2023 GBP 20,000 26,248 0 .12

GlaxoSmithKline Capital plc 2.85% 08/05/2022 USD 70,000 62,508 0 .29

HSBC Bank plc, Reg. S 6.5% 07/07/2023 GBP 15,000 19,571 0 .09

HSBC Holdings plc 5.1% 05/04/2021 USD 11,000 10,092 0 .05

Lloyds Bank plc, Reg. S 9.625% 06/04/2023 GBP 16,000 22,772 0 .11

Nationwide Building Society, Reg. S 6.75% 22/07/2020 EUR 56,000 59,939 0 .28

Royal Bank of Scotland Group plc 6.125% 15/12/2022 USD 40,000 37,875 0 .18

Vodafone Group plc 3.75% 16/01/2024 USD 100,000 91,804 0 .43

330,809 1 .55

United States of America ABB Finance USA, Inc. 2.875% 08/05/2022 USD 90,000 80,268 0 .38

AbbVie, Inc. 3.2% 06/11/2022 USD 40,000 35,836 0 .17

Alphabet, Inc. 3.375% 25/02/2024 USD 30,000 27,831 0 .13




Nominal Value

Market Value EUR

% of Net Assets


Bonds (continued)

United States of America (continued) Anheuser-Busch InBev Finance, Inc. 3.375% 25/01/2023 CAD 170,000 118,012 0 .55

Berkshire Hathaway Finance Corp. 3% 15/05/2022 USD 10,000 9,035 0 .04

Berkshire Hathaway, Inc. 0.75% 16/03/2023 EUR 117,000 120,123 0 .56

Booking Holdings, Inc. 2.375% 23/09/2024 EUR 100,000 110,657 0 .52

Bristol-Myers Squibb Co. 7.15% 15/06/2023 USD 50,000 51,750 0 .24

Chevron Corp. 2.355% 05/12/2022 USD 100,000 88,496 0 .41

Chubb INA Holdings, Inc. 2.7% 13/03/2023 USD 80,000 71,321 0 .33

Danaher Corp. 2.4% 15/09/2020 USD 73,000 64,152 0 .30

Dollar General Corp. 3.25% 15/04/2023 USD 130,000 117,239 0 .55

DR Horton, Inc. 4.75% 15/02/2023 USD 45,000 41,736 0 .20

Eastman Chemical Co. 2.7% 15/01/2020 USD 22,000 19,318 0 .09

Emerson Electric Co. 2.625% 15/02/2023 USD 80,000 71,802 0 .34

Estee Lauder Cos., Inc. (The) 2.35% 15/08/2022 USD 100,000 88,149 0 .41

Freeport-McMoRan, Inc. 3.875% 15/03/2023 USD 30,000 26,344 0 .12

Home Depot, Inc. (The) 4.4% 01/04/2021 USD 60,000 54,492 0 .26

Home Depot, Inc. (The) 2.625% 01/06/2022 USD 20,000 17,862 0 .08

Huntsman International LLC 4.25% 01/04/2025 EUR 100,000 114,300 0 .53

Intel Corp. 3.3% 01/10/2021 USD 19,000 17,149 0 .08

International Business Machines Corp. 0.5% 07/09/2021 EUR 102,000 103,457 0 .48

Johnson & Johnson 4.75% 06/11/2019 EUR 50,000 50,885 0 .24

JPMorgan Chase & Co. 4.625% 10/05/2021 USD 10,000 9,140 0 .04

Marsh & McLennan Cos., Inc. 4.05% 15/10/2023 USD 120,000 111,074 0 .52

Mastercard, Inc. 2% 21/11/2021 USD 100,000 87,607 0 .41

Medtronic, Inc. 3.125% 15/03/2022 USD 40,000 36,021 0 .17

Morgan Stanley 5.5% 28/07/2021 USD 5,000 4,662 0 .02

Novartis Capital Corp. 4.4% 24/04/2020 USD 103,000 92,020 0 .43

Novartis Capital Corp. 3.4% 06/05/2024 USD 40,000 36,974 0 .17

Praxair, Inc. 4.05% 15/03/2021 USD 68,000 61,607 0 .29

Procter & Gamble Co. (The), Reg. S 4.125% 07/12/2020 EUR 89,000 94,545 0 .44

Progressive Corp. (The) 3.75% 23/08/2021 USD 80,000 72,526 0 .34

Qwest Corp. 6.75% 01/12/2021 USD 61,000 57,517 0 .27

RELX Capital, Inc. 3.125% 15/10/2022 USD 10,000 8,942 0 .04

Target Corp. 3.875% 15/07/2020 USD 68,000 60,769 0 .28

Thermo Fisher Scientific, Inc. 4.15% 01/02/2024 USD 40,000 37,625 0 .18

TJX Cos., Inc. (The) 2.75% 15/06/2021 USD 26,000 23,053 0 .11

TWDC Enterprises 18 Corp. 2.35% 01/12/2022 USD 10,000 8,848 0 .04

Union Pacific Corp. 1.8% 01/02/2020 USD 74,000 64,692 0 .30

Virginia Electric & Power Co. 3.45% 01/09/2022 USD 80,000 72,477 0 .34

Visa, Inc. 2.8% 14/12/2022 USD 91,000 81,872 0 .38

Walmart, Inc. 2.35% 15/12/2022 USD 150,000 132,991 0 .62

Wells Fargo Bank NA, Reg. S 5.25% 01/08/2023 GBP 50,000 63,095 0 .30

Westlake Chemical Corp. 3.6% 15/07/2022 USD 100,000 89,609 0 .42

Xerox Corp. 4.125% 15/03/2023 USD 60,000 53,684 0 .25




Nominal Value

Market Value EUR

% of Net Assets


Bonds (continued)

United States of America (continued) 2,861,564 13 .37

Total Bonds 7,587,118 35 .45

Equities

Australia ASX Ltd. AUD 1,799 91,314 0 .43

Aurizon Holdings Ltd. AUD 17,907 59,587 0 .28

AusNet Services AUD 37,908 43,799 0 .20

Australia & New Zealand Banking Group Ltd. AUD 3,924 68,213 0 .32

Coca-Cola Amatil Ltd. AUD 2,105 13,257 0 .06

Cromwell Property Group, REIT AUD 31,750 22,597 0 .11

Dexus, REIT AUD 9,279 74,218 0 .35

Insurance Australia Group Ltd. AUD 15,311 77,932 0 .36

Mirvac Group, REIT AUD 54,683 105,471 0 .49

Stockland, REIT AUD 26,330 67,658 0 .32

Vicinity Centres, REIT AUD 43,055 65,002 0 .30

Wesfarmers Ltd. AUD 3,164 70,502 0 .33

759,550 3 .55

Austria Oesterreichische Post AG EUR 1,728 51,062 0 .24

51,062 0 .24

Bermuda Assured Guaranty Ltd. USD 1,770 65,404 0 .30

Axis Capital Holdings Ltd. USD 320 16,761 0 .08

Everest Re Group Ltd. USD 305 66,201 0 .31

Genpact Ltd. USD 3,209 107,333 0 .50

White Mountains Insurance Group Ltd. USD 31 27,806 0 .13

283,505 1 .32

Brazil Banco Santander Brasil SA, ADR USD 8,433 87,899 0 .41

Engie Brasil Energia SA BRL 7,200 71,709 0 .34

Telefonica Brasil SA, ADR Preference USD 5,233 59,830 0 .28

219,438 1 .03

Canada Bank of Montreal CAD 1,359 90,336 0 .42




Nominal Value

Market Value EUR

% of Net Assets


Equities (continued)

Canada (continued) Bank of Nova Scotia (The) CAD 1,317 62,251 0 .29

BCE, Inc. CAD 1,497 59,935 0 .28

Canadian Imperial Bank of Commerce CAD 1,135 78,543 0 .37

Canadian National Railway Co. CAD 703 57,256 0 .27

CI Financial Corp. CAD 3,899 55,912 0 .26

Cogeco Communications, Inc. CAD 597 37,783 0 .18

First Capital Realty, Inc., REIT CAD 5,169 75,931 0 .35

IGM Financial, Inc. CAD 2,178 54,723 0 .25

National Bank of Canada CAD 2,203 92,095 0 .43

RioCan Real Estate Investment Trust CAD 2,866 50,054 0 .23

Rogers Communications, Inc. 'B' CAD 1,711 80,599 0 .38

Royal Bank of Canada CAD 1,671 116,859 0 .55

TFI International, Inc. CAD 2,539 67,616 0 .32

Toronto-Dominion Bank (The) CAD 2,129 109,474 0 .51

1,089,367 5 .09

China Agricultural Bank of China Ltd. 'H' HKD 160,000 58,807 0 .28

Bank of China Ltd. 'H' HKD 162,000 60,089 0 .28

Bank of Communications Co. Ltd. 'H' HKD 87,000 57,988 0 .27

China Construction Bank Corp. 'H' HKD 110,000 83,209 0 .39

Industrial & Commercial Bank of China Ltd. 'H' HKD 125,000 80,084 0 .37

Jiangsu Expressway Co. Ltd. 'H' HKD 38,000 47,495 0 .22

387,672 1 .81

Czech Republic Komercni banka A/S CZK 317 11,101 0 .05

11,101 0 .05

France Metropole Television SA EUR 1,792 29,837 0 .14

29,837 0 .14

Germany Muenchener Rueckversicherungs-Gesellschaft AG EUR 384 84,749 0 .40

84,749 0 .40

Guernsey Amdocs Ltd. USD 197 10,741 0 .05

10,741 0 .05




Nominal Value

Market Value EUR

% of Net Assets



Hong Kong Link REIT HKD 10,000 107,903 0 .50

MTR Corp. Ltd. HKD 13,000 76,859 0 .36

184,762 0 .86

Ireland Accenture plc 'A' USD 768 124,608 0 .58

STERIS plc USD 891 116,484 0 .55

241,092 1 .13

Italy Snam SpA EUR 15,982 69,857 0 .33

69,857 0 .33

Japan Astellas Pharma, Inc. JPY 4,000 50,043 0 .23

Canon, Inc. JPY 2,800 71,795 0 .34

NTT DOCOMO, Inc. JPY 3,800 77,815 0 .36

199,653 0 .93

Malaysia DiGi.Com Bhd. MYR 57,800 62,024 0 .29

Hong Leong Bank Bhd. MYR 20,600 83,169 0 .39

Malayan Banking Bhd. MYR 37,377 70,527 0 .33

Maxis Bhd. MYR 36,600 43,319 0 .20

Public Bank Bhd. MYR 15,100 73,798 0 .35

332,837 1 .56

Netherlands Koninklijke Ahold Delhaize NV EUR 2,978 58,899 0 .28

58,899 0 .28

New Zealand Contact Energy Ltd. NZD 4,858 22,922 0 .10

Meridian Energy Ltd. NZD 8,265 23,154 0 .11

Spark New Zealand Ltd. NZD 27,957 65,955 0 .31

112,031 0 .52

Norway Gjensidige Forsikring ASA NOK 3,415 60,425 0 .28

60,425 0 .28




Nominal Value

Market Value EUR

% of Net Assets



Portugal Navigator Co. SA (The) EUR 6,052 20,323 0 .09

REN - Redes Energeticas Nacionais SGPS SA EUR 4,402 10,609 0 .05

30,932 0 .14

Russia Alrosa PJSC RUB 39,800 47,674 0 .22

LUKOIL PJSC, ADR USD 1,285 95,258 0 .44

Novolipetsk Steel PJSC, Reg. S, GDR USD 1,698 37,634 0 .18

Severstal PJSC, Reg. S, GDR USD 3,173 46,948 0 .22

227,514 1 .06

Singapore CapitaLand Mall Trust, REIT SGD 46,500 79,374 0 .37

Mapletree Industrial Trust, REIT SGD 33,500 48,704 0 .23

Mapletree North Asia Commercial Trust, REIT, Reg. S SGD 19,300 18,289 0 .09

SATS Ltd. SGD 18,600 63,016 0 .29

Singapore Press Holdings Ltd. SGD 41,600 65,880 0 .31

275,263 1 .29

South Africa Telkom SA SOC Ltd. ZAR 11,638 66,812 0 .31

66,812 0 .31

South Korea SK Telecom Co. Ltd., ADR USD 2,974 64,635 0 .30

64,635 0 .30

Supranational HKT Trust & HKT Ltd. HKD 55,000 76,656 0 .36

76,656 0 .36

Sweden Axfood AB SEK 792 13,773 0 .06

Castellum AB SEK 1,273 21,391 0 .10

Swedbank AB 'A' SEK 2,857 37,707 0 .18

72,871 0 .34

Switzerland Allreal Holding AG CHF 289 43,727 0 .20

Baloise Holding AG CHF 162 25,212 0 .12

Garmin Ltd. USD 1,354 94,880 0 .44




Nominal Value

Market Value EUR

% of Net Assets



Switzerland (continued) Nestle SA CHF 1,661 151,181 0 .71

Partners Group Holding AG CHF 36 24,868 0 .12

Swiss Prime Site AG CHF 1,048 80,464 0 .38

Swiss Re AG CHF 936 83,659 0 .39

Swisscom AG CHF 204 90,046 0 .42

594,037 2 .78

Taiwan Asustek Computer, Inc. TWD 8,000 50,437 0 .24

AU Optronics Corp. TWD 41,000 10,780 0 .05

Chunghwa Telecom Co. Ltd. TWD 25,000 79,869 0 .37

CTBC Financial Holding Co. Ltd. TWD 29,000 17,505 0 .08

E.Sun Financial Holding Co. Ltd. TWD 20,164 14,822 0 .07

Far EasTone Telecommunications Co. Ltd. TWD 22,000 48,702 0 .23

First Financial Holding Co. Ltd. TWD 127,744 82,344 0 .39

Hua Nan Financial Holdings Co. Ltd. TWD 72,105 42,504 0 .20

Nan Ya Plastics Corp. TWD 4,000 8,889 0 .04

Taiwan Mobile Co. Ltd. TWD 25,000 86,583 0 .40

442,435 2 .07

Thailand PTT Exploration & Production PCL, NVDR THB 9,700 37,496 0 .18

37,496 0 .18

United Kingdom Barratt Developments plc GBP 7,491 47,937 0 .22

Berkeley Group Holdings plc GBP 2,072 86,396 0 .40

Direct Line Insurance Group plc GBP 10,556 39,143 0 .18

Dunelm Group plc GBP 1,970 20,255 0 .10

GlaxoSmithKline plc GBP 4,724 83,236 0 .39

Persimmon plc GBP 3,093 69,030 0 .32

QinetiQ Group plc GBP 14,751 46,060 0 .22

SSE plc GBP 3,603 45,179 0 .21

Tate & Lyle plc GBP 7,479 61,718 0 .29

WH Smith plc GBP 595 13,100 0 .06

512,054 2 .39

United States of America Allison Transmission Holdings, Inc. USD 1,667 67,848 0 .32

Allstate Corp. (The) USD 988 88,224 0 .41

American Express Co. USD 1,208 130,941 0 .61

Anthem, Inc. USD 306 75,831 0 .35




Nominal Value

Market Value EUR

% of Net Assets



United States of America (continued) Archer-Daniels-Midland Co. USD 1,478 52,953 0 .25

AT&T, Inc. USD 4,359 128,267 0 .60

AutoZone, Inc. USD 113 109,097 0 .51

Baxter International, Inc. USD 1,549 111,401 0 .52

Booz Allen Hamilton Holding Corp. USD 1,312 76,280 0 .36

Capitol Federal Financial, Inc. USD 3,920 47,399 0 .22

Casey's General Stores, Inc. USD 549 75,201 0 .35

Cincinnati Financial Corp. USD 151 13,746 0 .06

Cintas Corp. USD 556 115,853 0 .54

Cisco Systems, Inc. USD 3,256 156,481 0 .73

CNA Financial Corp. USD 1,766 72,994 0 .34

Coca-Cola Co. (The) USD 3,174 141,921 0 .66

Columbia Sportswear Co. USD 735 64,645 0 .30

Consolidated Edison, Inc. USD 1,275 98,167 0 .46

CSX Corp. USD 1,181 80,237 0 .38

Cummins, Inc. USD 570 85,760 0 .40

Dick's Sporting Goods, Inc. USD 1,789 54,402 0 .25

Dunkin' Brands Group, Inc. USD 175 12,241 0 .06

Eli Lilly & Co. USD 975 94,854 0 .44

Equity Residential, REIT USD 1,080 72,000 0 .34

Erie Indemnity Co. 'A' USD 180 40,192 0 .19

Exelon Corp. USD 2,191 92,234 0 .43

Foot Locker, Inc. USD 803 29,559 0 .14

Graham Holdings Co. 'B' USD 84 50,898 0 .24

Hartford Financial Services Group, Inc. (The) USD 1,481 72,463 0 .34

Hershey Co. (The) USD 603 70,970 0 .33

Johnson & Johnson USD 756 92,462 0 .43

McDonald's Corp. USD 772 140,774 0 .66

Merck & Co., Inc. USD 1,803 132,755 0 .62

Northwest Bancshares, Inc. USD 2,799 43,283 0 .20

Oracle Corp. USD 1,347 67,386 0 .32

O'Reilly Automotive, Inc. USD 220 71,347 0 .33

PepsiCo, Inc. USD 585 67,361 0 .32

Pfizer, Inc. USD 4,030 153,301 0 .72

Procter & Gamble Co. (The) USD 1,791 172,447 0 .81

Progressive Corp. (The) USD 273 19,161 0 .09

Public Service Enterprise Group, Inc. USD 1,963 101,391 0 .47

PulteGroup, Inc. USD 2,425 67,333 0 .31

Quest Diagnostics, Inc. USD 838 74,918 0 .35

Republic Services, Inc. USD 1,193 90,764 0 .42

Safety Insurance Group, Inc. USD 874 73,010 0 .34

Starbucks Corp. USD 1,303 95,917 0 .45

Synopsys, Inc. USD 925 104,530 0 .49




Nominal Value

Market Value EUR

% of Net Assets



United States of America (continued) Sysco Corp. USD 1,293 80,296 0 .38

Target Corp. USD 571 43,427 0 .20

TJX Cos., Inc. (The) USD 1,648 76,525 0 .36

Travelers Cos., Inc. (The) USD 189 24,815 0 .12

UGI Corp. USD 1,693 79,402 0 .37

Union Pacific Corp. USD 478 70,982 0 .33

Verizon Communications, Inc. USD 2,392 119,999 0 .56

Waste Management, Inc. USD 1,106 112,047 0 .52

4,558,692 21 .30

Total Equities 11,145,975 52 .09


Transferable securities and money market instruments dealt in on another regulated market

Bonds

United States of America Alphabet, Inc. 3.625% 19/05/2021 USD 124,000 112,127 0 .52

Amgen, Inc. 2.65% 11/05/2022 USD 100,000 88,465 0 .41

Apple, Inc. 1.55% 07/02/2020 USD 112,000 97,964 0 .46

Apple, Inc. 2.85% 06/05/2021 USD 10,000 8,911 0 .04

Apple, Inc. 1.55% 04/08/2021 USD 10,000 8,699 0 .04

Apple, Inc. 2.85% 23/02/2023 USD 10,000 8,997 0 .04

Apple, Inc. 3.45% 06/05/2024 USD 60,000 55,706 0 .26

Ares Capital Corp. 3.625% 19/01/2022 USD 20,000 17,743 0 .08

Ares Capital Corp. 3.5% 10/02/2023 USD 100,000 87,403 0 .41

Booking Holdings, Inc. 3.65% 15/03/2025 USD 10,000 9,275 0 .04

Cisco Systems, Inc. 2.6% 28/02/2023 USD 10,000 8,928 0 .04

Dollar Tree, Inc. 3.7% 15/05/2023 USD 120,000 109,140 0 .51

Gilead Sciences, Inc. 1.95% 01/03/2022 USD 100,000 87,179 0 .41

Intel Corp. 2.45% 29/07/2020 USD 72,000 63,372 0 .30

KLA-Tencor Corp. 4.65% 01/11/2024 USD 20,000 19,230 0 .09

Microsoft Corp. 1.85% 12/02/2020 USD 110,000 96,391 0 .45



PepsiCo, Inc. 4.5% 15/01/2020 USD 40,000 35,518 0 .17

PepsiCo, Inc. 2.75% 01/03/2023 USD 20,000 17,952 0 .08

QVC, Inc. 5.125% 02/07/2022 USD 60,000 54,802 0 .26

QVC, Inc. 4.85% 01/04/2024 USD 70,000 63,535 0 .30

Starbucks Corp. 2.1% 04/02/2021 USD 26,000 22,752 0 .11




Nominal Value

Market Value EUR

% of Net Assets

Transferable securities and money market instruments dealt in on another regulated market (continued)

Bonds (continued)

United States of America (continued) Tampa Electric Co. 2.6% 15/09/2022 USD 80,000 70,476 0 .33

Texas Instruments, Inc. 1.85% 15/05/2022 USD 30,000 26,197 0 .12

Texas Instruments, Inc. 2.625% 15/05/2024 USD 100,000 89,271 0 .42

Time Warner Entertainment Co. LP 8.375% 15/03/2023 USD 70,000 72,863 0 .34

1,368,111 6 .39

Total Bonds 1,368,111 6 .39

Total Transferable securities and money market instruments dealt in on another regulated market 1,368,111 6 .39


Cash 1,140,277 5.33 Other Assets/(Liabilities) 158,267 0.74 Total Net Assets 21,399,748 100.00







EUR % of Net

Assets US 10 Year Note, 19/09/2019 2 USD 1,729 0 .01

Australia 10 Year Bond, 16/09/2019 11 AUD 12,062 0 .06

CAC 40 10 Euro Index, 19/07/2019 4 EUR 7,440 0 .04

Canada 10 Year Bond, 19/09/2019 (2) CAD 497 –

EURO STOXX 50 Index, 20/09/2019 17 EUR 3,759 0 .02

Euro-Bobl, 06/09/2019 17 EUR 9,520 0 .04

Euro-Buxl 30 Year Bond, 06/09/2019 1 EUR 5,400 0 .03

FTSE 100 Index, 20/09/2019 2 GBP 2,347 0 .01

FTSE MIB Mini Index, 20/09/2019 1 EUR 698 –

Hang Seng Mini Index, 30/07/2019 6 HKD 663 –

IBEX 35 Index, 19/07/2019 3 EUR 2,055 0 .01

Japan 10 Year Bond Mini, 11/09/2019 14 JPY 4,458 0 .02

Long Gilt, 26/09/2019 4 GBP 4,951 0 .02

Nikkei 225 Index, 12/09/2019 1 JPY 81 –

S&P/TSX 60 Index, 19/09/2019 1 CAD 1,200 0 .01

Total Unrealised Gain on Financial Futures Contracts - Assets 56,860 0 .27

US 5 Year Note, 30/09/2019 (22) USD (30,789) (0 .14)

AEX Index, 19/07/2019 (2) EUR (3,912) (0 .02)

Euro-Bund, 06/09/2019 (2) EUR (40) –

KOSPI 200 Index, 11/09/2019 (2) KRW (2,662) (0 .01)

MSCI EAFE Index, 20/09/2019 (13) USD (17,466) (0 .08)

MSCI Emerging Markets Index, 20/09/2019 (9) USD (18,133) (0 .09)

MSCI Taiwan Index, 30/07/2019 11 USD (1,252) (0 .01)

OMXS30 Index, 19/07/2019 (16) SEK (4,997) (0 .02)

S&P 500 Emini Index, 20/09/2019 (12) USD (24,157) (0 .11)

SPI 200 Index, 19/09/2019 (1) AUD (955) (0 .01)

Swiss Market Index, 20/09/2019 (1) CHF (342) –

US Long Bond, 19/09/2019 (2) USD (8,177) (0 .04)

Total Unrealised Loss on Financial Futures Contracts - Liabilities (112,882) (0 .53)

Net Unrealised Loss on Financial Futures Contracts - Liabilities (56,022) (0 .26)





Currency Purchased

Amount Purchased

Currency Sold Amount Sold



EUR % of Net

Assets AUD 8,843 USD 6,103 01/07/2019 J.P. Morgan 90 –

AUD 72,881 USD 51,000 08/07/2019 J.P. Morgan 136 –

AUD 640,032 USD 447,591 08/07/2019 RABOBANK 1,446 0 .01

CAD 588,204 USD 448,099 08/07/2019 J.P. Morgan 1,838 0 .01

CHF 350,234 USD 357,621 08/07/2019 J.P. Morgan 1,574 0 .01

EUR 636,410 GBP 567,300 03/07/2019 J.P. Morgan 2,427 0 .01

EUR 3,345,449 USD 3,774,657 01/07/2019 J.P. Morgan 30,858 0 .14

EUR 22,631 USD 25,610 03/07/2019 J.P. Morgan 144 –

EUR 4,004,932 USD 4,531,161 03/07/2019 RABOBANK 26,372 0 .12

EUR 3,969,400 USD 4,510,879 08/07/2019 J.P. Morgan 10,301 0 .05

GBP 125,525 USD 159,506 01/07/2019 J.P. Morgan 219 –

GBP 507,021 USD 643,534 08/07/2019 J.P. Morgan 1,711 0 .01

JPY 5,606,759 USD 52,000 08/07/2019 J.P. Morgan 57 –

JPY 23,586,449 USD 218,431 08/07/2019 RABOBANK 524 –

NZD 88,566 USD 58,224 01/07/2019 RABOBANK 1,107 0 .01

NZD 828,975 USD 553,867 08/07/2019 J.P. Morgan 2,626 0 .01

USD 360,010 JPY 38,696,719 01/07/2019 RABOBANK 740 –

Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 82,170 0 .38

EUR 119,476 CAD 180,000 03/07/2019 RABOBANK (1,475) (0 .01)

NOK 4,355,317 USD 512,072 08/07/2019 J.P. Morgan (1,005) –

SEK 491,445 USD 53,000 08/07/2019 J.P. Morgan (7) –

SEK 4,026,018 USD 434,597 08/07/2019 RABOBANK (417) –

USD 108,095 CAD 142,994 02/07/2019 RABOBANK (1,170) –

USD 120,526 CHF 119,139 01/07/2019 J.P. Morgan (1,464) (0 .01)

USD 1,135,116 EUR 1,006,605 01/07/2019 RABOBANK (9,840) (0 .05)

USD 1,135,116 EUR 998,956 08/07/2019 J.P. Morgan (2,690) (0 .01)

USD 19,176 HKD 149,883 02/07/2019 RABOBANK (8) –

USD 25,618 NOK 221,374 01/07/2019 J.P. Morgan (304) –

USD 21,757 SEK 205,281 01/07/2019 RABOBANK (323) –

Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (18,703) (0 .08)

Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 63,467 0 .30



Robeco Multi Asset Growth As at 30 June 2019


Nominal Value

Market ValueEUR

% of Net Assets



Luxembourg Robeco Chinese A-share Equities - Z EUR A† EUR 15,998 2,110,946 1.06




Robeco Global FinTech Equities - Z EUR† EUR 2 262 –

Robeco Global Growth Trends Equities - F EUR† EUR 149,143 28,404,355 14.32



Robeco Property Equities - Z EUR† EUR 18,057 3,304,135 1.67

Robeco QI Emerging Markets Enhanced Index Equities - Z EUR† EUR 2 290 –

Robeco QI Emerging Markets Sustainable Active Equities - Z EUR† EUR 59,392 5,918,505 2.98


Robeco QI Long/Short Dynamic Duration - IH EUR† EUR 34,764 3,930,133 1.98

141,350,286 71.25

Netherlands Robeco QI Global Developed Enhanced Index Equities Fund - G EUR† EUR 2 219 –


27,063,166 13.64




iShares Global Govt Bond Fund - Dist USD 5 490 –

23,611,212 11.90




Cash 6,488,009 3.27

Other Assets/(Liabilities) (124,040) (0.06)






As at 30 June 2019




EUR% of Net

AssetsEuro-BTP, 06/09/2019 5 EUR 21,550 0.01

Euro-Bund, 06/09/2019 18 EUR 30,420 0.02

Nikkei 225 Index, 12/09/2019 12 JPY 4,825 –

S&P 500 Emini Index, 20/09/2019 32 USD 64,419 0.03




Currency Purchased

Amount Purchased




EUR% of Net

AssetsEUR 219,527 JPY 26,636,443 02/07/2019 J.P. Morgan 2,431 –

EUR 2,753,124 USD 3,113,000 02/07/2019 Barclays 19,544 0.01


GBP 103,712 EUR 117,319 02/07/2019 HSBC (1,413) –

USD 5,978,764 EUR 5,357,209 02/07/2019 J.P. Morgan (107,153) (0.05)


Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (86,591) (0.04)



Robeco QI Multi Factor Multi Asset As at 30 June 2019


Nominal Value

Market Value EUR

% of Net Assets


Bonds

Belgium Belgium Government Bond, Reg. S 3% 28/09/2019 EUR 340,000 342,973 6 .74

342,973 6 .74

Netherlands Netherlands Government Bond, Reg. S, 144A 4% 15/07/2019 EUR 150,000 150,252 2 .95

150,252 2 .95

Total Bonds 493,225 9 .69

Equities

Australia Altium Ltd. AUD 445 9,378 0 .18

ASX Ltd. AUD 194 9,847 0 .19

CIMIC Group Ltd. AUD 254 7,007 0 .14

Coca-Cola Amatil Ltd. AUD 1,298 8,175 0 .16

CSR Ltd. AUD 2,185 5,265 0 .10

Dexus, REIT AUD 1,063 8,502 0 .17

Fortescue Metals Group Ltd. AUD 1,247 6,931 0 .14

Magellan Financial Group Ltd. AUD 251 7,888 0 .16

Sandfire Resources NL AUD 1,296 5,343 0 .10

Stockland, REIT AUD 2,392 6,147 0 .12

Suncorp Group Ltd. AUD 882 7,321 0 .14

Wesfarmers Ltd. AUD 622 13,860 0 .27

Westpac Banking Corp. AUD 481 8,406 0 .17

104,070 2 .04

Austria BAWAG Group AG, Reg. S EUR 202 7,446 0 .15

Oesterreichische Post AG EUR 186 5,496 0 .11

Verbund AG EUR 95 4,370 0 .08

17,312 0 .34

Belgium Ageas EUR 345 15,770 0 .31

15,770 0 .31

Bermuda Assured Guaranty Ltd. USD 703 25,977 0 .51

Everest Re Group Ltd. USD 28 6,077 0 .12

RenaissanceRe Holdings Ltd. USD 48 7,503 0 .15


Schedule of Investments (continued) Robeco QI Multi Factor Multi Asset As at 30 June 2019


Nominal Value

Market Value EUR

% of Net Assets



Bermuda (continued) Signet Jewelers Ltd. USD 202 3,172 0 .06

VTech Holdings Ltd. HKD 500 3,928 0 .08

46,657 0 .92

Brazil Banco do Brasil SA BRL 600 7,415 0 .14

Banco Santander Brasil SA, ADR USD 732 7,630 0 .15

15,045 0 .29

Canada Bank of Montreal CAD 126 8,376 0 .16

BCE, Inc. CAD 413 16,535 0 .32

Cameco Corp. CAD 827 7,802 0 .15

Canadian Imperial Bank of Commerce CAD 109 7,543 0 .15

CGI, Inc. CAD 147 9,945 0 .20

CI Financial Corp. CAD 1,464 20,994 0 .41

First Capital Realty, Inc., REIT CAD 543 7,976 0 .16

Genworth MI Canada, Inc. CAD 278 7,742 0 .15

Manulife Financial Corp. CAD 504 8,061 0 .16

Methanex Corp. CAD 47 1,878 0 .04

National Bank of Canada CAD 192 8,026 0 .16

RioCan Real Estate Investment Trust CAD 484 8,453 0 .17

Thomson Reuters Corp. CAD 128 7,266 0 .14

Toronto-Dominion Bank (The) CAD 187 9,616 0 .19

WSP Global, Inc. CAD 141 6,831 0 .13

137,044 2 .69

Cayman Islands Chailease Holding Co. Ltd. TWD 1,000 3,633 0 .07

CK Asset Holdings Ltd. HKD 1,000 6,873 0 .13

Herbalife Nutrition Ltd. USD 170 6,383 0 .13

WH Group Ltd., Reg. S HKD 9,000 8,012 0 .16

24,901 0 .49

China Agricultural Bank of China Ltd. 'H' HKD 17,000 6,248 0 .12

Bank of China Ltd. 'H' HKD 18,000 6,677 0 .13

China CITIC Bank Corp. Ltd. 'H' HKD 13,000 6,502 0 .13

China Construction Bank Corp. 'H' HKD 20,000 15,129 0 .30

China Minsheng Banking Corp. Ltd. 'H' HKD 9,600 5,838 0 .11

China Vanke Co. Ltd. 'H' HKD 900 2,964 0 .06

Guangzhou Automobile Group Co. Ltd. 'H' HKD 6,000 5,625 0 .11




Nominal Value

Market Value EUR

% of Net Assets



China (continued) Industrial & Commercial Bank of China Ltd. 'H' HKD 12,000 7,688 0 .15

PetroChina Co. Ltd. 'H' HKD 10,000 4,844 0 .10

61,515 1 .21

Denmark H Lundbeck A/S DKK 189 6,566 0 .13

Novo Nordisk A/S 'B' DKK 212 9,501 0 .19

Pandora A/S DKK 157 4,912 0 .09

20,979 0 .41

Finland Valmet OYJ EUR 342 7,497 0 .15

7,497 0 .15

France AXA SA EUR 373 8,616 0 .17

BNP Paribas SA EUR 157 6,557 0 .13

Engie SA EUR 314 4,189 0 .08

Gaztransport Et Technigaz SA EUR 45 3,967 0 .08

Hermes International EUR 24 15,221 0 .30

L'Oreal SA EUR 9 2,254 0 .04

Peugeot SA EUR 661 14,324 0 .28

Sanofi EUR 82 6,224 0 .12

Sartorius Stedim Biotech EUR 64 8,877 0 .17

Societe BIC SA EUR 93 6,236 0 .12

Societe Generale SA EUR 191 4,244 0 .08

Teleperformance EUR 51 8,986 0 .18

TOTAL SA EUR 160 7,884 0 .16

Ubisoft Entertainment SA EUR 108 7,435 0 .15

105,014 2 .06

Germany Covestro AG, Reg. S EUR 252 11,267 0 .22

Deutsche Telekom AG EUR 617 9,386 0 .18

Muenchener Rueckversicherungs-Gesellschaft AG EUR 45 9,931 0 .20

ProSiebenSat.1 Media SE EUR 591 8,165 0 .16

Telefonica Deutschland Holding AG EUR 2,032 4,993 0 .10

43,742 0 .86

Guernsey Amdocs Ltd. USD 129 7,033 0 .14

7,033 0 .14




Nominal Value

Market Value EUR

% of Net Assets



Hong Kong China Everbright Ltd. HKD 4,000 5,188 0 .10

China Mobile Ltd. HKD 1,000 7,997 0 .16

CITIC Ltd. HKD 5,000 6,328 0 .12

CNOOC Ltd. HKD 10,000 15,017 0 .30

Lenovo Group Ltd. HKD 12,000 8,160 0 .16

42,690 0 .84

India Dr Reddy's Laboratories Ltd., ADR USD 230 7,568 0 .15

7,568 0 .15

Ireland Allergan plc USD 61 8,968 0 .18

Eaton Corp. plc USD 123 8,995 0 .18

Ingersoll-Rand plc USD 57 6,340 0 .12

Pentair plc USD 208 6,795 0 .13

Seagate Technology plc USD 307 12,703 0 .25

43,801 0 .86

Israel Check Point Software Technologies Ltd. USD 90 9,137 0 .18

Israel Discount Bank Ltd. 'A' ILS 968 3,472 0 .07

12,609 0 .25

Italy Intesa Sanpaolo SpA EUR 1,551 2,919 0 .06

Poste Italiane SpA, Reg. S EUR 2,012 18,631 0 .36

21,550 0 .42

Japan ABC-Mart, Inc. JPY 100 5,722 0 .11

Astellas Pharma, Inc. JPY 600 7,506 0 .15

Brother Industries Ltd. JPY 400 6,634 0 .13

Daiichi Sankyo Co. Ltd. JPY 200 9,185 0 .18

DMG Mori Co. Ltd. JPY 500 7,030 0 .14

FUJIFILM Holdings Corp. JPY 200 8,905 0 .17

GungHo Online Entertainment, Inc. JPY 580 14,087 0 .28

Japan Prime Realty Investment Corp., REIT JPY 1 3,806 0 .07

Kajima Corp. JPY 500 6,023 0 .12

KDDI Corp. JPY 500 11,180 0 .22

Kobayashi Pharmaceutical Co. Ltd. JPY 100 6,284 0 .12

Mazda Motor Corp. JPY 700 6,416 0 .13




Nominal Value

Market Value EUR

% of Net Assets



Japan (continued) Mitsubishi Chemical Holdings Corp. JPY 1,000 6,134 0 .12

Mixi, Inc. JPY 600 10,568 0 .21

Mizuho Financial Group, Inc. JPY 3,100 3,944 0 .08

Nikon Corp. JPY 500 6,211 0 .12

NTT DOCOMO, Inc. JPY 1,200 24,573 0 .48

Obayashi Corp. JPY 300 2,594 0 .05

Obic Co. Ltd. JPY 100 9,943 0 .20

Oracle Corp. Japan JPY 100 6,414 0 .13

Shionogi & Co. Ltd. JPY 200 10,121 0 .20

Sojitz Corp. JPY 1,100 3,102 0 .06

Suzuken Co. Ltd. JPY 200 10,302 0 .20

Takuma Co. Ltd. JPY 500 5,457 0 .11

Tokio Marine Holdings, Inc. JPY 200 8,801 0 .17

Tokyo Electric Power Co. Holdings, Inc. JPY 1,300 5,955 0 .12

Toyota Motor Corp. JPY 200 10,902 0 .21

217,799 4 .28

Jersey Petrofac Ltd. GBP 1,077 5,176 0 .10

5,176 0 .10

Netherlands Aegon NV EUR 2,947 12,902 0 .25

Koninklijke KPN NV EUR 6,402 17,285 0 .34

LyondellBasell Industries NV 'A' USD 82 6,202 0 .12

NN Group NV EUR 211 7,469 0 .15

NXP Semiconductors NV USD 89 7,629 0 .15

Signify NV, Reg. S EUR 589 15,314 0 .30

66,801 1 .31

New Zealand Contact Energy Ltd. NZD 1,748 8,248 0 .16

Meridian Energy Ltd. NZD 4,545 12,733 0 .25

Spark New Zealand Ltd. NZD 2,991 7,056 0 .14

28,037 0 .55

Norway Aker BP ASA NOK 93 2,343 0 .05

Equinor ASA NOK 354 6,141 0 .12

Mowi ASA NOK 454 9,326 0 .18

Telenor ASA NOK 1,130 21,077 0 .41

38,887 0 .76




Nominal Value

Market Value EUR

% of Net Assets



Poland Grupa Lotos SA PLN 169 3,371 0 .07

3,371 0 .07

Puerto Rico Popular, Inc. USD 153 7,287 0 .14

7,287 0 .14

Russia Alrosa PJSC RUB 6,360 7,618 0 .15

LUKOIL PJSC, ADR USD 259 19,200 0 .38

Surgutneftegas PJSC Preference RUB 12,200 7,237 0 .14

34,055 0 .67

Singapore CapitaLand Mall Trust, REIT SGD 12,100 20,654 0 .41

Jardine Cycle & Carriage Ltd. SGD 300 7,054 0 .14

Singapore Exchange Ltd. SGD 1,600 8,225 0 .16

35,933 0 .71

South Africa AngloGold Ashanti Ltd., ADR USD 218 3,409 0 .07

3,409 0 .07

South Korea SK Telecom Co. Ltd., ADR USD 385 8,367 0 .16

8,367 0 .16

Spain Enagas SA EUR 655 15,373 0 .30

International Consolidated Airlines Group SA EUR 952 5,061 0 .10

20,434 0 .40

Sweden Axfood AB SEK 741 12,886 0 .25

Castellum AB SEK 546 9,175 0 .18

Hemfosa Fastigheter AB SEK 594 4,933 0 .10

Nibe Industrier AB 'B' SEK 692 8,904 0 .18

Swedbank AB 'A' SEK 434 5,728 0 .11

41,626 0 .82




Nominal Value

Market Value EUR

% of Net Assets



Switzerland Baloise Holding AG CHF 60 9,338 0 .18

Chocoladefabriken Lindt & Spruengli AG CHF 1 6,399 0 .13

Garmin Ltd. USD 146 10,231 0 .20

Nestle SA CHF 176 16,019 0 .32

PSP Swiss Property AG CHF 96 9,865 0 .19

Roche Holding AG CHF 96 23,746 0 .47

SGS SA CHF 3 6,720 0 .13

Swiss Life Holding AG CHF 19 8,279 0 .16

Swiss Prime Site AG CHF 102 7,831 0 .16

Swisscom AG CHF 20 8,828 0 .17

Transocean Ltd. USD 522 2,922 0 .06

Zurich Insurance Group AG CHF 32 9,796 0 .19

119,974 2 .36

Taiwan AU Optronics Corp. TWD 6,000 1,578 0 .03

Chunghwa Telecom Co. Ltd., ADR USD 209 6,706 0 .13

Delta Electronics, Inc. TWD 2,000 8,906 0 .17

Far EasTone Telecommunications Co. Ltd. TWD 3,000 6,641 0 .13

Feng TAY Enterprise Co. Ltd. TWD 1,000 6,842 0 .13

Novatek Microelectronics Corp. TWD 1,000 4,891 0 .10

Realtek Semiconductor Corp. TWD 1,000 6,460 0 .13

Taiwan Mobile Co. Ltd. TWD 2,000 6,927 0 .14

United Microelectronics Corp. TWD 24,000 9,465 0 .19

58,416 1 .15

Thailand PTT Exploration & Production PCL, NVDR THB 2,100 8,118 0 .16

PTT Global Chemical PCL, NVDR THB 3,700 6,780 0 .13

PTT PCL, NVDR THB 5,500 7,677 0 .15

22,575 0 .44

Turkey Akbank T.A.S. TRY 6,706 6,923 0 .14

Eregli Demir ve Celik Fabrikalari TAS TRY 2,986 3,568 0 .07

Turkiye Garanti Bankasi A/S TRY 4,674 6,457 0 .13

Turkiye Is Bankasi A/S 'C' TRY 6,797 6,243 0 .12

23,191 0 .46

United Kingdom Auto Trader Group plc, Reg. S GBP 1,116 6,832 0 .13

Barratt Developments plc GBP 1,585 10,143 0 .20




Nominal Value

Market Value EUR

% of Net Assets



United Kingdom (continued) Berkeley Group Holdings plc GBP 235 9,799 0 .19

Burberry Group plc GBP 319 6,638 0 .13

Centrica plc GBP 4,549 4,463 0 .09

Dialog Semiconductor plc EUR 264 9,361 0 .18

Direct Line Insurance Group plc GBP 1,858 6,890 0 .14

Hikma Pharmaceuticals plc GBP 373 7,178 0 .14

Land Securities Group plc, REIT GBP 703 6,546 0 .13

Marks & Spencer Group plc GBP 2,331 5,489 0 .11

Meggitt plc GBP 1,114 6,524 0 .13

Moneysupermarket.com Group plc GBP 2,033 9,368 0 .18

Next plc GBP 228 14,081 0 .28

Nielsen Holdings plc USD 295 5,854 0 .11

Pearson plc GBP 738 6,758 0 .13

QinetiQ Group plc GBP 1,612 5,033 0 .10

Royal Mail plc GBP 3,166 7,498 0 .15

Vodafone Group plc GBP 3,808 5,503 0 .11

133,958 2 .63

United States of America Abbott Laboratories USD 146 10,782 0 .21

AbbVie, Inc. USD 117 7,471 0 .15

Acuity Brands, Inc. USD 74 8,962 0 .18

Advance Auto Parts, Inc. USD 49 6,632 0 .13

Aflac, Inc. USD 205 9,867 0 .19

Akamai Technologies, Inc. USD 116 8,163 0 .16

Allstate Corp. (The) USD 200 17,859 0 .35

Ally Financial, Inc. USD 338 9,198 0 .18

Amedisys, Inc. USD 70 7,463 0 .15

Amgen, Inc. USD 60 9,709 0 .19

Applied Materials, Inc. USD 185 7,296 0 .14

Aspen Technology, Inc. USD 91 9,931 0 .20

AT&T, Inc. USD 378 11,123 0 .22

AutoZone, Inc. USD 20 19,309 0 .38

Bed Bath & Beyond, Inc. USD 482 4,918 0 .10

Best Buy Co., Inc. USD 260 15,920 0 .31

Biogen, Inc. USD 33 6,777 0 .13

Bio-Techne Corp. USD 54 9,886 0 .19

Brighthouse Financial, Inc. USD 189 6,089 0 .12

Bristol-Myers Squibb Co. USD 192 7,646 0 .15

Brown & Brown, Inc. USD 314 9,237 0 .18

Bruker Corp. USD 178 7,807 0 .15

Cadence Design Systems, Inc. USD 142 8,830 0 .17




Nominal Value

Market Value EUR

% of Net Assets



United States of America (continued) Campbell Soup Co. USD 164 5,771 0 .11

Cardinal Health, Inc. USD 169 6,990 0 .14

CBRE Group, Inc. 'A' USD 193 8,694 0 .17

CDW Corp. USD 53 5,166 0 .10

Chevron Corp. USD 107 11,692 0 .23

Chipotle Mexican Grill, Inc. USD 13 8,366 0 .16

Cincinnati Financial Corp. USD 80 7,283 0 .14

Cisco Systems, Inc. USD 924 44,407 0 .87

Citrix Systems, Inc. USD 83 7,153 0 .14

Colgate-Palmolive Co. USD 153 9,629 0 .19

Columbia Sportswear Co. USD 99 8,707 0 .17

ConocoPhillips USD 148 7,928 0 .16

Danaher Corp. USD 83 10,417 0 .20

Deckers Outdoor Corp. USD 37 5,717 0 .11

DENTSPLY SIRONA, Inc. USD 45 2,306 0 .05

Dick's Sporting Goods, Inc. USD 699 21,256 0 .42

Discover Financial Services USD 246 16,761 0 .33

Dominion Energy, Inc. USD 151 10,252 0 .20

Domtar Corp. USD 42 1,642 0 .03

eBay, Inc. USD 85 2,948 0 .06

Eli Lilly & Co. USD 106 10,312 0 .20

EPAM Systems, Inc. USD 50 7,600 0 .15

Erie Indemnity Co. 'A' USD 19 4,242 0 .08

Exelon Corp. USD 277 11,661 0 .23

Expeditors International of Washington, Inc. USD 120 7,994 0 .16

F5 Networks, Inc. USD 50 6,394 0 .13

Flowserve Corp. USD 50 2,313 0 .05

Ford Motor Co. USD 803 7,213 0 .14

Fortinet, Inc. USD 241 16,259 0 .32

Franklin Resources, Inc. USD 259 7,915 0 .16

GameStop Corp. 'A' USD 626 3,007 0 .06

Genesco, Inc. USD 192 7,130 0 .14

Gilead Sciences, Inc. USD 302 17,916 0 .35

Graham Holdings Co. 'B' USD 13 7,877 0 .15

H&R Block, Inc. USD 313 8,053 0 .16

Harley-Davidson, Inc. USD 209 6,576 0 .13

Hartford Financial Services Group, Inc. (The) USD 144 7,046 0 .14

HCA Healthcare, Inc. USD 87 10,326 0 .20

HD Supply Holdings, Inc. USD 213 7,534 0 .15

Hershey Co. (The) USD 69 8,121 0 .16

Hewlett Packard Enterprise Co. USD 1,164 15,281 0 .30

HP, Inc. USD 78 1,424 0 .03

IDEXX Laboratories, Inc. USD 42 10,154 0 .20




Nominal Value

Market Value EUR

% of Net Assets



United States of America (continued) International Business Machines Corp. USD 78 9,445 0 .19

Intuit, Inc. USD 47 10,785 0 .21

IQVIA Holdings, Inc. USD 61 8,619 0 .17

JM Smucker Co. (The) USD 141 14,262 0 .28

Jones Lang LaSalle, Inc. USD 53 6,548 0 .13

Juniper Networks, Inc. USD 655 15,317 0 .30

Keysight Technologies, Inc. USD 98 7,729 0 .15

Kohl's Corp. USD 302 12,610 0 .25

Lam Research Corp. USD 62 10,227 0 .20

Legg Mason, Inc. USD 678 22,791 0 .45

Lennox International, Inc. USD 29 7,003 0 .14

Life Storage, Inc., REIT USD 123 10,269 0 .20

Lincoln National Corp. USD 132 7,471 0 .15

Lululemon Athletica, Inc. USD 60 9,495 0 .19

Macy's, Inc. USD 332 6,256 0 .12

Manhattan Associates, Inc. USD 110 6,697 0 .13

Mastercard, Inc. 'A' USD 63 14,634 0 .29

Merck & Co., Inc. USD 311 22,899 0 .45

MetLife, Inc. USD 401 17,490 0 .34

Mettler-Toledo International, Inc. USD 12 8,851 0 .17

Micron Technology, Inc. USD 168 5,693 0 .11

Microsoft Corp. USD 282 33,172 0 .65

Navient Corp. USD 903 10,824 0 .21

NetApp, Inc. USD 129 6,989 0 .14

Nuance Communications, Inc. USD 152 2,132 0 .04

Occidental Petroleum Corp. USD 118 5,210 0 .10

Omnicom Group, Inc. USD 69 4,965 0 .10

Patterson Cos., Inc. USD 409 8,225 0 .16

Procter & Gamble Co. (The) USD 157 15,117 0 .30

Progressive Corp. (The) USD 301 21,127 0 .41

Prudential Financial, Inc. USD 95 8,426 0 .17

Public Service Enterprise Group, Inc. USD 350 18,078 0 .36

Ralph Lauren Corp. USD 127 12,668 0 .25

Realogy Holdings Corp. USD 1,030 6,548 0 .13

Regions Financial Corp. USD 485 6,363 0 .12

Renewable Energy Group, Inc. USD 446 6,211 0 .12

Robert Half International, Inc. USD 137 6,858 0 .13

Roper Technologies, Inc. USD 25 8,040 0 .16

Schnitzer Steel Industries, Inc. 'A' USD 102 2,344 0 .05

Skyworks Solutions, Inc. USD 89 6,039 0 .12

Sonoco Products Co. USD 171 9,811 0 .19

Spirit Realty Capital, Inc., REIT USD 224 8,391 0 .16

Splunk, Inc. USD 78 8,613 0 .17




Nominal Value

Market Value EUR

% of Net Assets



United States of America (continued) Starbucks Corp. USD 264 19,434 0 .38

Synchrony Financial USD 260 7,916 0 .16

Sysco Corp. USD 141 8,756 0 .17

Teradyne, Inc. USD 220 9,256 0 .18

Texas Instruments, Inc. USD 94 9,473 0 .19

TJX Cos., Inc. (The) USD 174 8,080 0 .16

Torchmark Corp. USD 103 8,091 0 .16

TripAdvisor, Inc. USD 295 11,991 0 .24

Tyson Foods, Inc. 'A' USD 66 4,679 0 .09

UGI Corp. USD 178 8,348 0 .16

Union Pacific Corp. USD 73 10,840 0 .21

United States Cellular Corp. USD 135 5,295 0 .10

Unum Group USD 224 6,599 0 .13

USANA Health Sciences, Inc. USD 98 6,835 0 .13

Veeva Systems, Inc. 'A' USD 70 9,965 0 .20

VEREIT, Inc., REIT USD 972 7,690 0 .15

Verizon Communications, Inc. USD 223 11,187 0 .22

Viacom, Inc. 'B' USD 328 8,603 0 .17

Visa, Inc. 'A' USD 102 15,545 0 .31

Vishay Intertechnology, Inc. USD 407 5,904 0 .12

VMware, Inc. 'A' USD 14 2,056 0 .04

Walgreens Boots Alliance, Inc. USD 128 6,145 0 .12

Waters Corp. USD 46 8,694 0 .17

Western Digital Corp. USD 192 8,017 0 .16

Western Union Co. (The) USD 876 15,300 0 .30

Williams-Sonoma, Inc. USD 157 8,961 0 .18

WW Grainger, Inc. USD 29 6,831 0 .13

Wyndham Destinations, Inc. USD 88 3,392 0 .07

Xerox Corp. USD 528 16,418 0 .32

Xilinx, Inc. USD 85 8,802 0 .17

Zebra Technologies Corp. 'A' USD 46 8,462 0 .17

Zynga, Inc. 'A' USD 1,399 7,531 0 .15

1,352,646 26 .57

Total Equities 2,956,739 58 .08





Nominal Value

Market Value EUR

% of Net Assets



Luxembourg Robeco QI Global Multi-Factor Credits - ZH EUR† EUR 7,974 850,006 16 .70

Robeco QI Global Multi-Factor High Yield - IH EUR† EUR 4,512 471,104 9 .25

1,321,110 25 .95

Total Collective Investment Schemes - UCITS 1,321,110 25 .95

Total Units of authorised UCITS or other collective investment undertakings 1,321,110 25 .95


Fair Value Adjustment 10,053 0 .20

Cash 296,954 5.83 Other Assets/(Liabilities) 12,563 0.25 Total Net Assets 5,090,644 100.00








EUR % of Net

Assets Australia 10 Year Bond, 16/09/2019 4 AUD 4,386 0 .09

CAC 40 10 Euro Index, 19/07/2019 1 EUR 1,860 0 .04

EURO STOXX 50 Index, 20/09/2019 5 EUR 1,081 0 .02

Euro-Bobl, 06/09/2019 6 EUR 3,360 0 .07

FTSE 100 Index, 20/09/2019 1 GBP 1,174 0 .02

Hang Seng Mini Index, 30/07/2019 2 HKD 221 0 .01

IBEX 35 Index, 19/07/2019 1 EUR 685 0 .01

Japan 10 Year Bond Mini, 11/09/2019 8 JPY 2,763 0 .05

Long Gilt, 26/09/2019 2 GBP 2,503 0 .05

Nikkei 225 Index, 12/09/2019 1 JPY 82 –

Total Unrealised Gain on Financial Futures Contracts - Assets 18,115 0 .36

US 5 Year Note, 30/09/2019 (6) USD (8,397) (0 .16)

KOSPI 200 Index, 11/09/2019 (1) KRW (1,331) (0 .03)

MSCI Taiwan Index, 30/07/2019 3 USD (341) (0 .01)

OMXS30 Index, 19/07/2019 (5) SEK (1,562) (0 .03)

US Long Bond, 19/09/2019 (1) USD (4,089) (0 .08)

Total Unrealised Loss on Financial Futures Contracts - Liabilities (15,720) (0 .31)

Net Unrealised Gain on Financial Futures Contracts - Assets 2,395 0 .05





Currency Purchased

Amount Purchased




EUR % of Net

Assets AUD 1,560 USD 1,076 01/07/2019 J.P. Morgan 16 –

AUD 197,644 USD 138,223 08/07/2019 Barclays 441 0 .01

AUD 22,865 USD 16,000 08/07/2019 J.P. Morgan 43 –

CAD 180,380 USD 137,748 08/07/2019 J.P. Morgan 271 0 .01

CHF 86,308 USD 88,101 08/07/2019 Barclays 412 0 .01

CHF 15,637 USD 16,000 08/07/2019 J.P. Morgan 41 –

EUR 1,769 USD 2,000 01/07/2019 Barclays 12 –

EUR 17,564 USD 20,000 01/07/2019 HSBC 2 –

EUR 101,815 USD 114,923 01/07/2019 J.P. Morgan 899 0 .02

EUR 239,332 USD 271,944 08/07/2019 Barclays 653 0 .01

EUR 32,522 USD 37,000 08/07/2019 J.P. Morgan 48 –

GBP 31,586 USD 40,121 01/07/2019 Barclays 69 –

GBP 138,813 USD 176,145 08/07/2019 Barclays 506 0 .01

GBP 13,369 USD 17,000 08/07/2019 J.P. Morgan 18 –

JPY 6,092,127 USD 56,419 08/07/2019 Barclays 135 –

JPY 2,479,958 USD 23,000 08/07/2019 J.P. Morgan 26 –

NZD 8,568 USD 5,631 01/07/2019 Barclays 109 –

NZD 216,500 USD 144,628 08/07/2019 HSBC 706 0 .01

NZD 23,911 USD 16,000 08/07/2019 J.P. Morgan 55 –

USD 12,000 EUR 10,531 01/07/2019 Barclays 7 –

USD 14,851 HKD 115,960 08/07/2019 HSBC 6 –

USD 124,405 JPY 13,378,086 01/07/2019 HSBC 207 0 .01

Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 4,682 0 .09



Forward Currency Exchange Contracts (continued)

Currency Purchased

Amount Purchased


Maturity Date


EUR % of Net

Assets EUR 2,354 SEK 25,000 01/07/2019 HSBC (12) –

NOK 1,343,028 USD 157,902 08/07/2019 J.P. Morgan (307) (0 .01)

SEK 1,246,064 USD 134,500 08/07/2019 HSBC (121) –

SEK 157,633 USD 17,000 08/07/2019 J.P. Morgan (2) –

USD 185,000 AUD 263,776 08/07/2019 J.P. Morgan (127) –

USD 37,300 CAD 49,348 02/07/2019 HSBC (408) (0 .01)

USD 267,000 CAD 349,185 08/07/2019 J.P. Morgan (224) (0 .01)

USD 45,923 CHF 45,400 01/07/2019 J.P. Morgan (563) (0 .01)

USD 212,000 CHF 206,665 08/07/2019 J.P. Morgan (72) –

USD 26,000 EUR 23,007 01/07/2019 J.P. Morgan (177) (0 .01)

USD 254,000 EUR 222,982 08/07/2019 J.P. Morgan (51) –

USD 186,000 GBP 146,219 08/07/2019 J.P. Morgan (132) –

USD 14,836 HKD 115,960 02/07/2019 HSBC (6) –

USD 233,000 JPY 25,102,616 08/07/2019 J.P. Morgan (94) –

USD 10,633 NOK 91,951 01/07/2019 J.P. Morgan (133) –

USD 173,000 NOK 1,474,969 08/07/2019 Barclays (27) –

USD 166,000 NZD 247,246 08/07/2019 HSBC (75) –

USD 7,563 SEK 71,399 01/07/2019 HSBC (116) –

USD 180,000 SEK 1,669,899 08/07/2019 Barclays (56) –

Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (2,703) (0 .05)

Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 1,979 0 .04



Robeco Multi Asset Sustainable As at 30 June 2019


Nominal Value

Market ValueEUR

% of Net Assets



Luxembourg Multipartner RobecoSAM Global SDG Equities - D - EUR† EUR 18,313 2,179,573 11.08

Multipartner RobecoSAM Smart Energy Fund - D - EUR† EUR 4,587 963,124 4.89

Multipartner RobecoSAM Smart Materials Fund - D - EUR† EUR 10,222 963,125 4.89

Multipartner RobecoSAM Sustainable Healthy Living Fund - D EUR† EUR 2,657 956,513 4.86

Multipartner RobecoSAM Sustainable Water Fund - D - EUR† EUR 2,872 949,874 4.83

Robeco Euro Government Bonds - ZH EUR† EUR 4,330 781,188 3.97

Robeco Euro Sustainable Credits - ZH EUR† EUR 20,816 2,190,728 11.13

Robeco QI Emerging Markets Sustainable Active Equities - Z EUR† EUR 5,673 565,348 2.87


Robeco QI Global Dynamic Duration - ZH EUR† EUR 4,861 671,434 3.41

Robeco QI Global Sustainable Conservative Equities - Z EUR† EUR 8,667 950,635 4.83

RobecoSAM Global SDG Credits - ZH EUR† EUR 10,672 1,144,443 5.82

RobecoSAM Sustainable Food Equities - Z EUR† EUR 9,010 966,164 4.91

15,100,181 76.73

Netherlands Robeco Institutional Core Euro Government Bonds Fund† EUR 29,084 3,566,938 18.13

3,566,938 18.13




Cash 741,528 3.77







As at 30 June 2019




EUR% of Net

AssetsEuro-Bund, 06/09/2019 2 EUR 3,380 0.02




Currency Purchased

Amount Purchased




EUR% of Net

AssetsEUR 27,073 CHF 30,000 02/08/2019 HSBC 44 –

EUR 1,292,391 USD 1,461,000 02/07/2019 J.P. Morgan 9,462 0.05


EUR 39,740 CAD 60,000 02/07/2019 HSBC (579) –

EUR 40,235 CAD 60,000 02/08/2019 HSBC (8) –

EUR 26,781 CHF 30,000 02/07/2019 HSBC (238) –

USD 2,265,254 EUR 2,029,757 02/07/2019 J.P. Morgan (40,599) (0.21)

USD 804,254 EUR 705,547 02/08/2019 Rabobank (1,174) (0.01)


Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (33,092) (0.17)


Date post:	19-Jan-2021
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