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Robeco All Strategies Funds

Société d’Investissement à Capital Variable

Incorporated under Luxembourg law

RCS B 124 048

Annual Report 2017

Robeco All Strategies Funds 2

Contents

General Information 3

Report of the Board of Directors 5

General 5

General introduction 5

Risk management 7

Investment results Life Cycle Funds 9

Performance analysis 9

Investment results Pension Sub-funds 10


Investment results Multi Assets Sub-funds 11


Fund governance 13

Sustainability investing 13

Other data (not audited) 16

Financial statements 20

Statement of net assets 20

Statement of operations and changes in net assets 24

Number of shares outstanding 28

Notes to the financial statements as at 31 December 2017 29

REPORT OF THE REVISEUR D’ENTREPRISES AGREE 44

Exchange rates 47

Historical review 47

Investment portfolio 48

Robeco Life Cycle Fund 2020 48










Robeco Pension Return Portfolio 58

Robeco Pension Matching Portfolio 59

Robeco Multi Asset Income 61

Robeco QI Conservative Multi Asset 62

Robeco Multi Asset Growth 71


General Information Robeco All Strategies Funds

(hereafter ‘the Company’)

Undertaking for collective investment in tranferable securities incorporated as a ‘Société d’Investissement à Capital

Variable’ (SICAV) under Luxembourg law.

Register of Companies

RCS Luxembourg B 124 048

Registered Office

Centre Etoile

11/13, Boulevard de la Foire

L-1528 Luxembourg

Grand Duchy of Luxembourg

Board of Directors

Jeroen H. van den Akker, Director, Robeco, Rotterdam, The Netherlands (from 26 May 2017)

D. Rob van Bommel, Managing Director, Robeco, Rotterdam, The Netherlands

H. Pierre de Knijff, Director, Robeco, Rotterdam, The Netherlands (from 26 May 2017)

Stefan Gordijn, (until 26 May 2017)

A. (Elbert) M.M. Rodenburg (until 26 May 2017)

Management Company

Robeco Luxembourg S.A.

5, Heienhaff

L-1736 Senningerberg


Cabinet de révision agréé (independent auditor)

KPMG Luxembourg, Société coopérative

39, Avenue John F. Kennedy

L-1855 Luxembourg


Depositary, Domiciliary, Paying Agent and Listing Agent

RBC Investor Services Bank S.A.

14, Porte de France

L-4360 Esch-sur-Alzette


Administration Agent and Registrar


Delegated to:

RBC Investor Services Bank S.A.

14, Porte de France

L-4360 Esch-sur-Alzette


Investment Adviser


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.


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 activities to J.P. Morgan

On 24 January 2018, Robeco announced that it is outsourcing part of its operations and administration activities to J.P.

Morgan. The decision to outsource is part of the Robeco’s strategic plan for 2017-2021, which envisages further

international growth in both investment and client-servicing activities. J.P. Morgan will become Robeco’s service

provider for fund accounting, operations, custody, depositary, transfer agency and securities lending. In view of this

broader Robeco strategy, Robeco Luxembourg S.A. has consequently decided to outsource TA and Administration to

J.P. Morgan and Robeco All Strategies Funds has decided that J.P. Morgen will become its depositary and lending

agent.

J.P. Morgan, with its global network, will provide operations activities to Robeco in multiple locations and time zones.

This will enable a smarter deployment of Robeco’s global trading support activities. Utilizing J.P. Morgan’s global scale,

technology and execution capacity will also increase Robeco’s capacity to adapt to a changing market and facilitate the

development of more sophisticated instruments and products. This will allow Robeco to continue to provide solutions

that are tailored to its clients’ needs, now and in the future. In addition, outsourcing will enable Robeco to respond

more swiftly to client requests in all the different time zones where the company’s clients are located.

The outsourcing of operations activities will not lead to changes in investment policies and teams. Client portfolios will

continue to be managed according to their investment policies by the responsible portfolio managers and portfolio

management teams. All portfolio managers will stay fully focused on delivering investment performance for Robeco’s

clients.

Changes to the prospectus

Some changes (effective December 2017) have been made to the Company's prospectus. A letter to shareholders

detailing these changes is available at the Company’s registered office.

New share classes

Activation of share classes

Sub-fund Share class Effective

Robeco Multi Asset Income class I USD shares 15/06/2017

Robeco QI Conservative Multi Asset class DH USD shares 19/01/2017

Robeco QI Conservative Multi Asset class G EUR shares 19/01/2017

Robeco QI Conservative Multi Asset class IH USD shares 17/02/2017

Robeco Multi Asset Growth class I USD shares 15/06/2017

General introduction Financial market environment

As it happened, 2017 was a year in which the global economy took a decisive turn towards strong, synchronized

growth. After a prolonged episode of negative surprises in real activity, growth outcomes generally turned out stronger

than consensus expectations in the first half of the year, with many leading indicators in developed economies reaching

cycle highs in the second half. Fears of secular stagnation faded as global growth was forecast to reach 3.7% in 2017

(IMF estimate).

Stronger business and consumer confidence coupled with improved trade and investment activity underpinned the

global cyclical upswing. However, despite higher capacity utilization rates in the global economy, inflation remained

surprisingly sluggish and has not yet moved to levels close to central bank inflation targets. While corporate earnings

have made a strong comeback, raising the profit share in the overall economy, compensation for workers has lagged

the rebound in real activity and subsequent decline in unemployment. Still sizeable underemployment, the rise in part-

time work, automation and the emergence of the ‘gig’ economy partly explain the apparently weaker trade-off

between unemployment and wage-led core inflation. With oil prices falling to USD 45 per barrel during the first half of

2017, headline inflation remained modest, as well, while providing a favorable backdrop for consumer spending and

aggregate demand.


All sectors contributed to economic growth in the Eurozone, which is set to expand by 2.3% in 2017 (y-o-y, IMF

estimate). Unemployment dropped to 8.7%, the lowest level since January 2009.

In the US, consumer demand contributed to overall gross domestic product growth of 2.3% (y-o-y, IMF estimate). The

manufacturing sector saw strong inflows in the order book, while the energy sector recovered with increasing rig counts

in the shale oil sector on the back of new investments. Strong job creation, with an average of 171,000 new jobs added

in the non-farm sector of the economy on a monthly basis, led to a 4.1% decrease in US unemployment.

Japan saw a strong uptick in producer confidence and investment activity spurred by improving domestic demand and

exports, while Japanese labor markets tightened to levels not seen since the early 1990s. Unemployment fell to 2.7%

while gross domestic product increased at a rate of 1.8% (y-o-y, IMF estimate).

In China, polices aimed at reducing excessive capacity in real estate and the industrial sector were reflected by a

stabilization in producer prices and corporate pricing power. Money growth cooled, but did not choke off real economic

activity which was sustained at a rate of 6.8% (IMF forecast). As for other emerging markets, higher external demand

lifted Brazil out of a deep recession while growth momentum in India struggled as a result of new taxes and authorities’

efforts to curb money laundering. Overall, despite enjoying the global cyclical upswing, emerging economies lagged

the notable uptick seen in the activity levels of advanced economies.

After deciding to leave the EU in 2016, the UK made formal progress in 2017 as Article 50 of the Lisbon Treaty,

governing the exit procedure, was triggered. The UK will leave the EU in March 2019, after which a transitory deal is

likely, pending more definite arrangements over future trade relations, which could easily extend many years into the

future. Any exit deal has to be approved by British members of parliament and by a qualified majority of the 27

remaining EU member states. Difficult issues like an open Northern Ireland border are as yet unresolved, though the

probability of there being ‘no deal’ by the March 2019 deadline, a so-called “hard Brexit”, is low given the dire

economic impact it would have. Future economic arrangements with the EU could take the form of the UK remaining a

member of the EU’s single market for years to come and becoming a rule-taker.

The lack of any significant inflationary pressure in the global economy has given central banks the leeway to maintain

excess liquidity in the financial system. Inflation has not yet proved to be self-sustaining given the absence of a classic

wage-price spiral. While the economic slack has been reduced as capacity utilization rates have increased on the back of

aggregate demand, emerging capacity constraints and longer delivery times have not ended up accelerating consumer

price pressures. In the US, core inflation remained subdued at 1.5% (y-o-y).

Nevertheless, the Federal Reserve (Fed) implemented three additional rate hikes, noting the ongoing tightening of the

labor market. The Fed also started to wind down its balance sheet by decreasing its reinvestments of principal bond

payments. In turn, the European Central Bank (ECB) slowed down its bond buying activity in the course of 2017 from

EUR 60 billion per month to EUR 30 billion per month as ECB board members felt confident inflation was set to return

to levels “close to, but below 2%”. However, it pledged to keep policy rates on hold well past the end of its quantitative

easing program. The Bank of Japan (BoJ) proved to be the most reluctant to transition to quantitative tightening. The

new monetary policy instrument, yield curve control, remained in place with a yield target of 0% for Japanese 10-year

government bonds as the 2% inflation target remained out of sight. But the country also engaged in policy discussions

about the detrimental consequences of ultra-low interest rate policies for the domestic banking sector. China’s central

bank, the PBOC, has kept its prime lending rate unchanged, but tightened financial regulations and liquidity to curb

excessive lending. The profitability of domestic companies improved last year, reducing the pressure on capital

outflows. The yuan has appreciated relative to the dollar.

From an investment perspective, the year 2017 will go down in the Wall Street history books as one of exceptional

tranquility. The implied volatility in the major S&P 500 index, the VIX, recorded the lowest levels since its inception in

1990. Daily price swings were limited, with small daily gains compounding into double digit equity returns for most

markets. This subdued equity market volatility corroborates exceptionally low macro-economic volatility, though the

increased popularity of volatility selling (speculating on low volatility) has also contributed to the low VIX.

Outlook for the equity markets

Equity markets showed strong positive returns, with the MSCI World Developed returning 18.5% in local currency. The

MSCI Emerging markets had a return of 30.6% in local currency. From a macro-economic perspective, the bull market

in equities should have further room to run given the very limited global recession risk. Momentum in equity markets

could continue to be underpinned by the lack of alternative investments as the economic cycle matures. Solid earnings

per share growth on the back of a continued economic expansion could sustain high valuations in the near term,

spurred by tax cuts and buybacks. Risks will come mainly from stretched equity valuation levels of leveraged market

segments as central banks are about to reduce excess liquidity. In our view, investors are playing in extra time with

valuations in the US equity market that have only been higher twice before in modern history (1929 and 1997), while


emerging capacity constraints demand corporate sector investments instead of buyback activity. Nevertheless, pockets

of value in the equity market remain, with global earnings likely to accelerate further if macro momentum is sustained

and central banks keep erring on the side of caution. Also, equities are fairly resilient to a scenario of mild inflation and

moderate interest rate rises. From a relative valuation point of view, global equities are still less expensive compared to

government bonds, enticing equity inflows.

The risks reside in an unanticipated inflation shock, leading to an overshoot in bond yields which would hinder the

global economy and hurt corporate earnings. A marked slowdown in China, a flare-up in geopolitical tensions or a

melt-up in equities could trigger a correction, even in the absence of any acute recession risk.

Bond market outlook

Volatility in the bond market has remained remarkably subdued given the strong, synchronized economic growth. Bond

yields barely moved in the course of 2017, with 10-year Treasury yields moving between 2.0% and 2.6%. For an

investor hedged in euro’s, global government bonds delivered 0.6% in 2017. Looking ahead, rising inflation

expectations, increased government supply and increasing productivity growth could leave this expensive class

vulnerable as bond investors become aware of these risks. Government bond-pricing has been influenced by central

bank bond-buying in recent years, which has aggravated valuations which, as it was, were already stretched. This is

especially true of the German Bund market. As central banks transition from a quantitative easing to a quantitative

tightening mode, a landmark shift in bond investor orientation could be triggered. Government bond markets will be

susceptible to a sizeable interest rate risk if inflation picks up more than is reflected in the actual inflation expectations.

The global cyclical upswing in combination with subdued inflation remained benign for corporate bonds in 2017. US

High Yield in USD returned 7.5%, while European High Yield in EUR returned 6.8%. Rising earnings kept interest

coverage of corporate issuers healthy, while investor sentiment remained positive. Investment grade lagged high yield

returns with European investment grade in EUR returning 2.4%. The erosion of protection for corporate bond investors,

as measured by the continued deterioration in covenant quality is a worrisome development in the credit market.

Looking ahead, valuation in the corporate bond markets will be stretched as well, with global high yield spreads now

trading in the lowest 15% percentile. This implies that the resistance to future interest rate shocks has weakened

considerably, especially given the increased duration in segments of the asset class.

Local emerging market bonds unhedged in euros had a disappointing year with a modest return of 1% as a result of

strong euro appreciation versus emerging market currencies. From a valuation perspective, bonds issued in local

currencies remain attractive. Carry remains considerably higher than in developed markets, while many emerging

currencies are still cheap on a purchasing power parity basis. A more aggressive than anticipated Fed remains a

particular risk for this asset class.

Risk management The presence of risks is inherent to the character of asset management. It is therefore very important to have a

procedure for controlling these risks embedded in the company's day-to-day operations. The manager (RoLux)

ensures that risks are effectively controlled via the three-lines-of-defense model: RoLux management (first line), the

Compliance and Risk Management departments (second line) and the Internal Audit department (third line).

The management of RoLux has primary responsibility for risk management as part of its day-to-day activities. The

Compliance and Risk Management departments develop and maintain policy, methods and systems that enable the

management to fulfill their responsibilities relating to risk. Furthermore, portfolios are monitored by these

departments to ensure that they remain within the investment restrictions under the Terms and Conditions for

Management and Custody and the information memorandum, and to establish whether they comply with the

internal guidelines. The Risk Management Committee decides how the risk-management policies are applied and

monitors whether risks remain within the defined limits. The Group Internal Audit department carries out audits to

assess the effectiveness of internal control.

RoLux uses a risk-management and control framework that helps control all types of risk. Within this framework,

risks are periodically identified and assessed as to their significance and materiality. Internal procedures and

measures are focused on providing a structure to control both financial and operational risks. Management

measures are included in the framework for each risk. Active monitoring is performed to establish the effectiveness

of the procedures and measures of this framework.

Operational risk

Operational risk is the risk of loss as a result of inadequate or failing processes, people or systems. Robeco constantly

seeks opportunities to simplify processes and reduce complexity in order to mitigate operational risks. Automation is a

key resource in this regard and Robeco uses systems that can be seen as the market standard for financial institutions.


The use of automation increases the IT risk. This risk can be divided into three categories. The risk that unauthorized

persons gain access is managed by means of preventive and detective measures to control access to the network and to

systems and data. Processes such as change management and operational management ensure monitoring of a

working system landscape. Lastly, business continuity measures are in place to limit the risk of breakdown as far as

possible and to restore operational effectiveness as soon as possible in the event of disaster. The effectiveness of these

measures is tested regularly both internally and externally.

Compliance risk

Compliance risk is the risk of sanctions, financial loss or reputation damage as a result of non-compliance with the laws

and regulations applicable to the activities of Robeco and the funds it manages. Robeco's activities – collective and

individual asset management – are subject to the European and national rules of financial supervision. Observance of

these rules is supervised by the empowered regulators (in Luxembourg the Commission de Surveillance du Secteur

Financier (CSSF) and in the Netherlands the Authority for the Financial Markets, AFM and the Central Bank of the

Netherlands, DNB). It is also in the interest of investors in Robeco-managed funds that Robeco complies with all the

applicable laws and regulations. Robeco has implemented a meticulous process with clear responsibilities in order to

ensure that new laws and regulations are reported and implemented in a timely fashion.

Significant changes in the field of legislation and regulation that could affect the funds managed by Robeco also took

place in 2017. An important example of this is the European directive on markets for financial instruments. This

directive, known as MiFID II, came into effect on 3 January 2018. European distributors of funds managed by Robeco

will in principle no longer be permitted to receive and hold commission as a result of MiFID II. Robeco has defined what

it calls a ‘target market’ for each fund and by means of its procedures for development, approval and review ensures

that the funds it manages correspond to the needs, characteristics and objectives of the various target groups

concerned. Moreover, more information will be provided to both retail and institutional clients, for instance on the

costs incurred for the fund and its distribution. Robeco also applies the stricter rules governing best execution for its

funds. For each class of financial instrument, Robeco will thus publish the top five trading places where it executes

orders and/or to which it transmits orders, along with an analysis of the quality of order execution. Robeco has opted

to pay the costs of investment research itself and not to pass these costs on to its clients. The requirements from this

directive have been fully implemented in a timely manner.

Another notable development concerns the introduction of a new European framework for the use of indices as

benchmarks for financial instruments or to measure the performance of investment funds (the Benchmark Regulation).

In line with this regulation that took effect immediately on 1 January 2018, Robeco has formulated solid written plans

for the funds that refer to a benchmark for cases where the content of a benchmark is changed or the benchmark is no

longer offered. Furthermore, in the next update the prospectus will contain clear information stating whether the

benchmark is offered by a registered or authorized manager.

During the reporting year, Robeco also made the necessary preparations for the implementation of the new European

directive for the prevention of the use of the financial system for money laundering or the financing of terrorism (the

Fourth Anti-Money Laundering Directive). Robeco has reviewed its procedures and policy and made the necessary

adjustments to ensure that the client investigation is adequate in view of the risks of the client, Robeco’s products and

services and the countries in which the products are offered.

The European regulation relating to the central settlement of derivatives (EMIR) contains three different types of

obligations for certain forms of derivatives: (1) reporting to the regulators, (2) central settlement via central clearing

institutions, and (3) supplementary requirements for bilateral transactions, such as the periodic reconciliation of

derivatives positions and exchange of collateral. This regulation entered into force at the end of 2012 and is taking

effect in stages. The reporting, reconciliation and exchange of collateral obligations have already entered into effect

and have been implemented for the Robeco funds. The obligation of central settlement of interest-rate swaps came

into effect for Robeco funds in 2016. For credit default swaps, this obligation has applied since 9 August 2017. Robeco

also introduced the variation margining requirements for all Robeco funds in 2017.

The Securities Financing Transaction Regulation (SFTR) entered into force on 12 January 2016. As a result, information

on securities lending and repo transactions as well as total return swaps is included in the prospectuses of the funds

managed by Robeco. Information on securities financing transactions entered into is also included in the funds’ semi-

annual and annual reports since 13 January 2017. Robeco has moreover made preparations in connection with the

obligation to report securities financing transactions to a trade repository, which will take effect for the funds managed

by Robeco with effect from the third quarter of 2019.


Developments

RIAM constantly works to improve and tighten its processes and methods for measuring and controlling financial risks,

among others with respect to liquidity and market risk. For liquidity risk, Risk Management has taken a new system for

measuring and managing liquidity risk into operation. This system enables RIAM to more effectively obtain insight into

the liquidity risk of a portfolio and also provide useful information for liquidity stress testing. For market risk, Risk

Management implemented a new method last year for measuring the risk of contingent convertible bonds, also known

as Cocos. These instruments have the features of options, the risks of which can now be measured better. These and

other developments contribute to a robust risk framework.

Investment results Life Cycle Funds

Investment results

Price in

currency x 1 31/12/2017

Price in

currency x 1 31/12/2016

Investment result reporting period in %

Robeco Life Cycle Fund 2020

F EUR shares 58.44 56.62 3.2


F EUR shares 62.79 59.30 5.9


F EUR shares 66.33 60.55 9.5


F EUR shares 73.46 65.50 12.2


F EUR shares 74.74 65.39 14.3


F EUR shares 71.00 61.89 14.7


F EUR shares 70.93 62.28 13.9


F EUR shares 71.46 62.97 13.5


F EUR shares 70.07 62.06 12.9


F EUR shares 61.34 54.93 11.7

Performance analysis Robeco Life Cycle Sub-Funds

2017 was a good year for the Robeco Life Cycle Funds (‘RLCF’). The absolute performance of the sub-funds ranged from

3.2 for RLCF 2020 to 14.7% for RLCF 2045 (gross of fees). The reference-index is composed of the MSCI AC World Index

and the Barclays Euro Aggregate Index. The strategic weights for 2017 for the respective portfolios are derived from the

official glide path of the Robeco Life Cycle funds.

The sub-funds with a longer tenor than 2045 also showed performances over 12%. Although the sub-funds with a tenor

from 2045 to 2065 have the same asset allocation, it is due to their size not possible to invest all (small) cash flows

cost efficiently in the portfolios. As equity markets rose during the year, this resulted in a underperformance against the

reference-index for RLCF 2060 and RLCF 2065, while all other sub-funds showed a solid outperformance, up to 1.5% for

RLCF 2020.

The sub-funds with a shorter tenor invest a relatively high portion of the portfolio in bond funds and therefore have a

high correlation with the bond markets. During 2017, bond yields in the core of Europe rose, due to the good economic

environment and a slightly less accommodative Central Bank. From a tactical perspective, we have invested less in

government bonds than prescribed by the glide path during the year. This position contributed positively to the

performance. Besides that, we have reduced the duration of the bond part of the portfolio, which contributed positively

as well. The investments in Robeco Euro Credit Bonds and Robeco High Yield Bonds, which outperformed their

benchmarks, also contributed positively to the performance.

The sub-funds with a longer tenor have a relatively high allocation to equities. Emerging markets outperformed

developed markets, but both regions showed strong returns last year. This contributed positively to the performance of

the portfolios.


Robeco Global Stars Equities outperformed the broad global equity market and contributed positively to the

performance of the RLCFs, while Robeco BP Global Premium Equities contributed negatively, as its value-oriented

investment approach didn’t work out in 2017.

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-fund. Typically, the percentage of equity and alternatives diminishes over

time, while that of bonds and cash increases. 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, but 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 a reference-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.

Changes in the portfolio based on tactical allocations were limited in 2017. We were underweight in bonds in 2017

and overweighted in developed equities during the year. As the strategic allocation has an implicit overweight in

emerging markets and we favored developed equities during the 2017, we still benefited from the rising emerging

market region. As we have invested almost half of the equity weight in emerging markets in Robeco Asian Stars

Equities, we profited from the strong equity markets in China and other Asian emerging markets.

The yearly adjustment to the new glide path, which takes place each December, was a good moment to make some

adjustments for the glide path in 2018. As the risk/return environment has changed in the last years, we decided to

reallocate some assets from the bond markets to the equity market, especially for the sub-funds with a shorter tenor. In

addition, some minor shifts in the allocations were implemented. During the transition period in December, we further

reduced the duration of the bond portfolio by switching from Ishares Euro Government Bonds 3-7 yrs ETF to Ishares

Euro Government Bonds 1-3 yrs ETF. We didn’t make any other major changes to the selected funds.

Investment results Pension Sub-funds

Investment results

Price in

currency x 1 31/12/2017

Price in

currency x 1 31/12/2016

Investment

result reporting period in %

Robeco Pension Return Portfolio

I EUR shares 153.57 136.79 12.3

Robeco Pension Matching Portfolio

IH EUR shares 122.22 124.11 -1.5

Performance analysis Robeco Pension Return Portfolio

We have adjusted the composition of the Robeco Pension Return Portfolio significantly in the second half of 2017. The

allocation towards specific equity factor premiums was increased by adding both value and momentum stocks. At the

same time the number of underlying investments funds was reduced in order to make portfolio management more

efficient. In addition, the Robeco Pension Return Portfolio will invest in Robeco funds if appropriate. As a result the

allocation towards third party funds has been reduced and the cost basis has been lowered. Overall, we would like to

emphasize that the risk-return profile of the sub-fund has not changed materially.

As of ultimo 2017 the Robeco Pension Return Portfolio invests in the following funds: SSgA World Index SRI Equity

Fund, PIMCO Funds Global Investors Series PLC, Robeco QI Global Developed Enhanced Index Equities Fund, Robeco QI

Global Conservative Equities, Robeco QI Global Value Equities, Robeco QI Global Momentum Equities, Robeco QI Global

Multi-Factor Equities, Robeco Emerging Stars Equities, Robeco High Yield Bonds and Robeco Emerging Debt.

The Robeco Pension Return Portfolio underperformed its reference index which is the MSCI World Index (Net Total

Return)(hedged into EUR). The main reason for this is that the strategic asset allocation of the fund included both high

yield bonds and local currency emerging market debt. These asset classes realized a lower return than equities, which

experienced a very strong year. Especially emerging market debt, which was negatively impacted by a surprisingly


strong euro throughout the year, could not keep up with equities. We would like to add here, however, that adding

high yield and emerging market debt, reduces the overall risk profile significantly.

The allocation result was marginally negative with 17 basis points. The overweight in emerging market debt had a

negative effect on the overall portfolio return. Within the equity part of the portfolio the results were mixed.

The selection result was also marginally negative with 12 basis points. An important explanation for the allocation

result was the fact that the ‘return’ realized on the cash position was lower than the benchmark return. Since the

extension of the QE program by the European Central Bank yields on cash deposits are significantly lower than on the

EONIA benchmark. Robeco QI Global Conservative Equities also contributed negatively to the selection result, as the

Robeco QI Global Momentum Equities. The negative effects were largely offset, however, by positive selection

contributions from Robeco QI Emerging Conservative Equities (no longer in the portfolio) and Robeco High Yield Bonds.


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. This will reduce the risk

of a diminished future retirement income, due to fluctuations in interest rates or unexpected inflation in the period

before retirement.

In 2017, the stable base of the portfolio contained 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 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 Robeco Pension Matching Portfolio realized a return in 2017 of -1.5%. Interest rates increased significantly in the

first three quarters and decreased in the last quarter, partially due to consistently low inflation expectations despite

quantitative easing. The net increase in 2017 of around 25 basis points contributed negatively to the return of the sub-

fund. Year-to-year inflation expectations have come down since may 2016, however total impact of inflation is

relatively small on fund size level. Government yields in the portfolio increased as well over the last year having a

negative impact on the return. The credit allocation in the portfolio contributed positively to the return of the sub-fund.

Investment results Multi Assets Sub-funds

Investment results

Price in

currency x 1 31/12/2017

Price in

currency x 1 31/12/2016

Investment result

reporting period in %

Robeco Multi Asset Income

E EUR shares 2 56.75 55.69 3.4

G EUR shares 2 56.28 55.22 3.8

I USD shares 1 108.06 100.00 8.1

Robeco QI Conservative Multi Asset

D EUR shares 96.53 99.10 -2.6

F EUR shares 97.05 99.12 -2.1

G EUR shares 1 98.03 100.00 -2.0

I EUR shares 97.12 99.12 -2.0

DH USD shares 1 99.24 100.00 -0.8

IH USD shares 1 98.13 100.00 -1.9

Robeco Multi Asset Growth

E EUR shares 2 70.55 67.01 5.8

G EUR shares 2 63.49 60.05 6.5

I USD shares 1 109.74 100.00 9.7

1 Share class activated during the reporting period. See table on page 5. 2 Assuming reinvestment of distributed dividend. See note on page 40.

Performance analysis Robeco Multi Asset Income

Robeco Multi Asset Income gained 4.4% in 2017 and outperformed its reference index (25% MSCI AC World Index,

75% Barclays Euro Aggregate) by 1.7% (gross of fees).


During the year, the portfolio had an underweight position in European government bonds and an overweight position

in European credits. High yield bonds were overweighed in the first half year, but in the second half year we reduced

the positions in small steps to nearly 0%, as the risks of high yield weren’t sufficiently reflected in the yields anymore.

In the first half year of 2017 we have reduced the duration of the bond portfolio, and kept this underweight duration

position at this level in the second half of the year. The duration overlays contributed positively to the performance. We

are invested in Robeco Global Credits 0IH and Robeco Financial Institutions Bonds 0IH with a duration of 0 years. The

choice of these funds also contributed positively to the performance. Robeco Euro Credit Bonds, which had an

overweight position in the portfolio during the year, showed an outperformance against its benchmark and contributed

positively to the performance. The external actively managed funds in our portfolio (all in the bonds bucket of the

portfolio), Standard Life European Corporate Bonds, Post Advisory High Yield and Pimco EM Local Bond funds, stayed

close to their respective benchmarks, resulting in a small outperformance for the Standard Life fund and a small

underperformance for the PIMCO fund.

Equities were neutral weighted in the portfolio in the first half year. This turned out to be a too cautious positioning, as

equities rose steadily during the first half year. Within the neutral weight we preferred European equities over American

equities, but we closed this position at the end of June. During the summer, the weight for equities was neutral.

After the summer, we decided to overweight equities, as the economic momentum continued, the volatility stayed at

low levels and potential risks were more or less ignored. At first in small steps, but in the last quarter the overweight

position was more outspoken. We added European and Japanese equities, keeping the US and emerging markets at a

neutral or slightly underweight position. As the US market was very strong in especially the fourth quarter and Europe

couldn’t hold up to that, the regional allocation showed a small underperformance over the whole year.

This was fully offset by the strong performances of some funds we selected in the portfolios. We’ve mentioned already

Robeco Euro Credits. Another bond fund that contributed positively to the performance was Robeco Financial

Institutions Bonds 0IH. On the equity-side Robeco Global Multi Factor and Robeco QI Global Developed Enhanced Index

fund both posted an outperformance against the benchmark and contributed positively to the overall performance.


This strategy leverages on Robeco’s well-established expertise in systematic low-risk investing and asset allocation. The

strategy aims for balanced returns with 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.

The portfolio positioning is truly dynamic and focuses on downside protection. 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 was marginally

negative close to 2.0% down for the full year of 2017 while the first quarter resulted in a positive contribution. The

sub-fund’s defensive dynamic allocation positioning contributed negatively for the full year 2017.

Conservative equity: The year 2017 was characterized by strong equity markets across the globe. As a result, the

Conservative Equities strategy contributed positively to the Conservative Multi Asset performance. But, compared to

the MSCI capital weighted indices the relative performance was negative. Focusing on individual factors: momentum

did well while dividend did not.

Conservative Credits: outperformed comparable government bonds and contributed positively 0.2% to the absolute

and stable return of CMA.

The defensive allocation reduces part of the general equity market risk to harvest the conservative equity premium. The

conservative equity alpha in 2017 contributed marginally negative, which is in line with expectations in a bullish

market. Over the full cycle 2006-2016 conservative equity substantially outperformed.

Dynamic allocation contributed negatively, Animal spirits were a prominent part of the bull market in 2017. Global

rising equity markets combined with rising energy prices are long term indicators of economic growth and higher

inflation. Hence, the portfolio was positioned for rising yields which did not materialize. Additionally, the portfolio had

a tactical short position in the US equity market which continued outperforming most other equity markets. Finally, the

currency position was set for a weakening euro while it strengthened.


Environment, Social and Governance (ESG) factors are systematically integrated in the highly disciplined investment

process, by using the ESG scores of the 2.500 largest companies from the annual RobecoSAM Corporate Sustainability

Assessment. The average ESG score of the portfolio is at least as high as the ESG score of the benchmark.


Robeco Multi Asset Growth gained 7.2% in 2017 and outperformed its reference index (75% MSCI AC World Index,

25% Barclays Euro Aggregate) by 0.4% (gross of fees).

Equities had a neutral weight in the portfolio in the first half year. This turned out to be a too cautious positioning, as

equities rose steadily during the first half year. Within the neutral weight we preferred European equities over American

equities, but we closed this positon at the end of June. During the summer, the weight for equities was neutral.

After the summer, we decided to overweight equities, as the economic momentum continued, the volatility stayed at

low levels and potential risks were more or less ignored. At first in small steps, but in the last quarter the overweight

position was more outspoken. We added European and Japanese equities, keeping the US and emerging markets at a

neutral or slightly underweight position. As the US market was very strong in especially the fourth quarter and Europe

couldn’t hold up to that, the regional allocation showed a small underperformance over the whole year.

In the second half of 2017 we have reduced the weight in Factor funds in the equity part of the portfolio. We sold our

positions in the separate actively managed funds and ETF’s related to the factors Value, Momentum and Low Vol.

Simultaneously, we increased the weight of Robeco Global Multi Factor Equities to the strategic level of 15% and

invested the remaining part of the proceeds in market-capitalization related funds. Robeco QI Global Developed

Enhanced Index fund and Robeco Global Multi Factor Equities both posted an outperformance against the benchmark

and contributed positively to the overall performance. Robeco Global Stars Equities also outperformed the benchmark.

During the year, we have had underweight position in European government bonds and an overweight position in

credits. High yield bonds were overweighed in the first half year, but we in the second half year we reduced the

positions in small steps to nearly 0%, as the risks of high yield weren’t sufficiently reflected in the yields anymore.

In the first half of 2017 we have reduced the duration of the bond portfolio, and kept the underweight duration

position in the second half of 2017. The duration overlay contributed positively to the performance. We are invested in

Robeco Global Credits 0IH and Robeco Financial Institutions Bonds 0IH with a duration of 0 years. The choice of these

funds also contributed positively to the performance.

Robeco Euro Credit Bonds, which had an overweight position in the portfolio during the year, showed an

outperformance against its benchmark and contributed positively to the performance.

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.

Sustainability investing Integrated approach

Robeco adopts a holistic approach to integrating sustainability into investment decisions. Sustainability is a long-term

driver for change in markets, countries and companies which in turn can impact future performance. From an

investment perspective, we believe the inclusion of material sustainability factors strengthens our investment process

and leads to better-informed investment decisions. The integration of sustainability factors in our investment strategies

is well embedded in the organization. Our portfolio managers and analysts closely cooperate with the engagement

specialists from the Governance and Active Ownership and Sustainability Investing Research team. We base our

judgments about the sustainability of companies and countries in which we invest on a combination of proprietary

sustainability research and research from leading providers including RobecoSAM, Sustainalytics, RepRisk and Glass

Lewis. Our research is further enriched with information we derive from our active conversations with companies and

countries about their sustainability performance.


Stewardship Policy

Carrying out stewardship responsibilities is an integral part of Robeco’s sustainability investing approach. Robeco has a

Stewardship policy in place and is a signatory to different Stewardship Codes including the UK Stewardship Code and

the Japanese Stewardship Code. Robeco’s stewardship activities are executed within our organization; we do not

outsource stewardship activities. Exercising voting rights and engagement are important aspects of our stewardship

approach.

Principles for Responsible Investment (PRI)

Robeco’s focus on sustainability investing is underlined by the commitment to the United Nations supported Principles

for Responsible Investment (PRI). Robeco was awarded three years in a row with the highest score of the PRI

assessment, which confirms the companies’ leading position in the field of Sustainability Investing.

Sustainable Development Goals

On 25 September 2015, the United Nations General Assembly formally adopted the universal, integrated and

transformative 2030 Agenda for Sustainable Development, along with a set of 17 Sustainable Development Goals

(SDGs). The SDGs build on the success of the Millennium Development Goals and addresses a range of social needs

including education, health, social protection, and job opportunities, while tackling climate change and environmental

protection. As a signatory of the Dutch SDG Investing Agenda, Robeco is committed to contribute to the SDGs as we

consider them as catalytic drivers for positive change. Furthermore Robeco is involved in various initiatives that

investigate how the investment industry can contribute to the realization of SDGs.

Sustainability investing carried out by funds at Robeco is implemented with minimum restrictions to the investment

universe, and consists of a combination of effective measures:

Exercising voting rights

Engagement

Exclusions

Integrating ESG factors1 into the investment processes.

French Energy Transition Law

In France a law was introduced to encourage asset owners to integrate climate risk as well as environmental and social

dimensions in their public disclosures. The aim of this law is to channel funds to the Energy Transition and Green

Growth. Robeco offers in its ESG proposition the option to decarbonize portfolios, measure the impact of this

decarbonisation and report on the impact of it, which fully meets the requirements of this law.

Exercising voting rights

Robeco aims to exercise voting rights on shares held by the fund throughout the world. The voting policy of Robeco is

based on the internationally accepted principles of the International Corporate Governance Network (ICGN) and local

codes for corporate governance, such as the Dutch Corporate Governance Code. The ICGN principles and local codes

provide guidelines for shareholders and listed companies on different corporate governance topics, such as the

composition of the board of listed companies, independent supervision of the day-to-day management, an effective

remuneration policy, rights for shareholders and the company's management board. The aim of Robeco's voting policy

is to improve the corporate governance of its investments.

For Fixed income funds, exercising of voting rights is given the type of investments of the fund not applicable.

Engagement

Robeco actively uses its ownership rights to engage with companies on behalf of our clients in a constructive manner.

We believe improvements in sustainable corporate behavior can result in an improved risk return profile of our

investments. Robeco aims to improve a company’s behavior on environmental, social and/or corporate governance

(ESG) related issues with the aim of improving the long term performance of the company and ultimately the quality of

investments for our clients.

Robeco enters into active dialogue with companies about good corporate governance and a socially responsible

corporate policy. In our opinion this will increase shareholder value for the investors in the longer term. We use an

integral approach, which combines the expertise of our investment analysts, our sustainability investing research

analysts and our engagement specialists. By using financially material information as the basis for our talks, we strive

1 ESG stands for environmental, social and governance.


to ensure that our dialogue introduces added value and improves the risk/return profile of the company. This enables

us to generate value for both the investors and the company.

Robeco also engages with companies that breach the UN Global Compact. The UN Global Compact defines several

universal principles with which organizations must comply. These principles are of a general nature and focus on

respecting human rights, good working conditions, combating corruption and exercising due care for the environment.

If a company structurally breaches one or more of these principles, Robeco starts a dialogue with it. If after three years

of dialogue, a company has made insufficient progress in eliminating or mitigating the breach, Robeco can decide to

exclude the company from its investment universe.

Exclusions

Robeco's exclusion policy is based on three main exclusion criteria. Firstly, it excludes companies that are involved in

the production of controversial weapons or essential components for such weapons, or that derive income from the

sale or transport of these weapons. We base our policy of not investing in such companies on a legislative amendment

in the Netherlands governing investments in cluster-munition companies effective since 1 January 2013. Secondly,

there is a policy for excluding countries. Robeco considers any country that systematically violates the human rights of

its citizens to be controversial. These exclusions relate to investment-related sanctions that are imposed by the UN, US

or EU. Thirdly, an unsuccessful dialogue may in time lead to a company's exclusion from the investment universe. In

such cases a dialogue with a company concerns serious and systematic violations of widely accepted international

directives on good corporate governance. Robeco focuses in particular on the United Nations Global Compact. The

Executive Committees of RIAM and RobecoSAM have the final authority to exclude companies and countries.

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, 18 April 2018

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

and redemption of units.


Other data (not audited)

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

Stock-exchange listing The I EUR shares of the sub-funds of Robeco All Strategies Funds 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 since 27 December 2016.

Global exposure The table below presents an overview of the method used to calculate the global exposure and the highest, lowest and

average level of leverage during the period of 1 January 2017 through 31 December 2017.

Global exposure

Method used to calculate the global exposure

Expected level of leverage

Lowest level of leverage

Highest level of leverage

Average level of leverage

Lowest level

of VaR

Highest level of VaR

Average level

of VaR

Robeco Life Cycle Fund 2020 Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable










Robeco Pension Return Portfolio Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable

Robeco Pension Matching Portfolio Absolute VaR 75% 29% 37% 32% -5.06% -6.96% -5.98%

Robeco Multi Asset Income Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable

Robeco QI Conservative Multi Asset Absolute VaR 100% 72% 118% 106% -1.89% -3.92% -2.84%

Robeco Multi Asset Growth Commitment approach Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable

The VaR used is based on weekly data using Parametric Modeling (using 3 years equally weighted data). The interval is

scaled up to a monthly (20 days) VaR and 99% confidence interval is applied.

Joint interest of directors At 1 January 2017 and at 31 December 2017 the members of the Board of Directors held the following joint interest in

investments of the Company.

Joint interest of directors

At 1 January 2017 Description Number

Robeco Capital Growth Funds: directorships 1

Robeco All Strategy Euro Bonds shares 328

Robeco BP Global Premium Equities shares 34

Robeco Emerging Debt shares 374

Robeco High Yield Bonds shares 12

Robeco QI Emerging Conservative Equities shares 179

Robeco QI Emerging Markets Active Equities shares 205

Robeco QI Global Conservative Equities shares 414

Robeco QI Global Momentum Equities shares 147

Robeco Global Stars Equities Fund N.V. shares 2,597

Robeco QI Global Dynamic Duration directorships 1

Robeco QI Global Dynamic Duration shares 252

Robeco Quant Developed Markets Equities Fund shares 182

Other data (not audited) continued


At 31 December 2017 Description Number

Robeco Capital Growth Funds: directorships 3

Robeco All Strategy Euro Bonds shares 331

Robeco BP Global Premium Equities shares 35

Robeco Emerging Debt shares 389

Robeco Euro Government Bonds shares 12

Robeco High Yield Bonds shares 12

Robeco QI Emerging Conservative Equities shares 182

Robeco QI Global Conservative Equities shares 430

Robeco QI Global Momentum Equities shares 147

Remuneration policy and remuneration paid 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

employees 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 promote that employees act in the clients' interests and do not take any undesired risks.

b) To promote a healthy corporate culture aimed at realizing sustainable results in accordance with the long-term

objectives of RoLux and its stakeholders.

c) To attract and retain good employees 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. No material changes have been made to the remuneration policy.

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 salary

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

(remuneration committee of 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 and 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.

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 2017, in addition to the Board, RoLux has

identified 1 other person as Identified Staff. Among other things, the performance targets which 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 2017 under the responsibility of the

Supervisory Board, advised by the Remuneration Committee. Due to the new strategy 2017-2021 of Robeco the

remuneration policy was slightly amended to support a high performance culture. Remuneration in 2017

The total remuneration granted for RoLux is shown in the table below:

Total remuneration RoLux in EUR x 1

Staff category Fixed pay for 2017 Variable pay for 2017

Board and Identified Staff * (3 members) 145,428 17,230

Other employees (11 employees) 416,843 52,186

Of the total amounts granted in remuneration in 2017 to the Board, Identified Staff and Other Employees, the following

amounts are to be assigned to the fund:

Remuneration assigned to the fund in EUR x 1

Staff category Fixed pay for 2017 Variable pay for 2017

Board and Identified Staff * (3 members) 2,617 310

Other employees (11 employees) 7,500 939

* As identified staff concerns only one person, the remuneration of the identified staff is presented together with the board.

The total of the fixed and variable remuneration charged to the fund is EUR 11,366. Imputation occurs according to the

following key:

Total remuneration (fixed and

variable) x

Total fund assets

Total assets under management (RoLux)

Said remuneration, which comes out of the management fee, is paid by RoLux and is therefore not charged to the fund

separately



Securities Financing Transactions The fund does not engage in securities financing transactions (as defined in Article 3 of Regulation (EU) 2015/2365

(the “Regulation”), 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). Accordingly, disclosures required by Article 13 of the Regulation are not applicable for the year ended 31

December 2017.


Financial statements

Statement of net assets In EUR x thousand Robeco All Robeco Robeco Robeco

Strategies Funds Life Cycle Life Cycle Life Cycle

Combined Fund 2020 Fund 2025 Fund 2030

Notes 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016

Investment portfolio at market value 2,9

889,959 703,860 9,965 8,623 25,309 17,578 21,782 15,472

Deposits and other cash 50,761 30,072 308 547 458 1,610 610 450

Unrealized gains on open forward exchange transactions

3 1,321 491 11 7 59 26 86 40

Unrealized gains on interest rate swaps 4 4 0 0 0 0 0 0 0

Unrealized gains on inflation-linked swaps 5 439 1,834 0 0 0 0 0 0

Unrealized gains on futures 6 0 149 0 0 0 0 0 0

Other assets 7 7,077 8,996 119 21 37 745 77 209

Total assets 949,561 745,402 10,403 9,198 25,863 19,959 22,555 16,171

Collataral due to brokers 7 628 790 0 0 0 0 0 0

Bank overdrafts 8 764 0 0 0 0 0 0 0

Unrealized losses on open forward exchange transactions

3 275 146 2 0 11 0 27 1

Unrealized losses on interest rate swaps 4 60 0 0 0 0 0 0 0

Unrealized losses on inflation-linked swaps 5 68 882 0 0 0 0 0 0

Unrealized losses on futures 6 0 536 0 0 0 0 0 0

Other liabilities 562 4,143 1 51 5 833 4 190

Total liabilities 2,357 6,497 3 51 16 833 31 191

Total net assets 947,204 738,905 10,400 9,147 25,847 19,126 22,524 15,980

Net asset value per D EUR share - - - - - -

Net asset value per E EUR share - - - - - -

Net asset value per F EUR share 58.44 56.62 62.79 59.30 66.33 60.55

Net asset value per G EUR share - - - - - -

Net asset value per I EUR share - - - - - -

Net asset value per IH EUR share - - - - - -

Net asset value per I USD share - - - - - -

Net asset value per DH USD share - - - - - -

Net asset value per IH USD share - - - - - -

The accompanying notes set out on pages 29 to 43 inclusive form an integral part of the financial statements.


Statement of net assets In EUR x thousand Robeco Robeco Robeco Robeco

Life Cycle Life Cycle Life Cycle Life Cycle

Fund 2035 Fund 2040 Fund 2045 Fund 2050

Notes 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016

Investment portfolio at market value 2,9 18,564 13,075 12,058 8,338 3,956 2,718 2,505 1,634

Deposits and other cash 3 541 357 297 83 195 116 94

Unrealized gains on open forward exchange transactions 3 88 42 67 31 23 10 13 6


Unrealized gains on inflation-linked swaps 5 0 0 0 0 0 0 0 0


Other assets 7 1,059 240 20 136 9 26 6 12

Total assets 19,714 13,898 12,502 8,802 4,071 2,949 2,640 1,746



Unrealized losses on open forward exchange transactions 3 22 1 10 1 3 0 1 0




Other liabilities 5 272 1 275 0 116 1 42

Total liabilities 791 273 11 276 3 116 2 42

Total net assets 18,923 13,625 12,491 8,526 4,068 2,833 2,638 1,704

Net asset value per D EUR share - - - - - - - -

Net asset value per E EUR share - - - - - - - -

Net asset value per F EUR share 73.46 65.50 74.74 65.39 71.00 61.89 70.93 62.28

Net asset value per G EUR share - - - - - - - -

Net asset value per I EUR share - - - - - - - -

Net asset value per IH EUR share - - - - - - - -

Net asset value per I USD share - - - - - - - -

Net asset value per DH USD share - - - - - - - -

Net asset value per IH USD share - - - - - - - -




Life Cycle Life Cycle Life Cycle Pension Return

Fund 2055 Fund 2060 Fund 2065 Portfolio

Notes 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016

Investment portfolio at market value 2,9 748 474 480 445 187 110 136,681 44,558

Deposits and other cash 40 27 16 28 9 11 256 1,960



Unrealized gains on inflation-linked swaps 5 0 0 0 0 0 0 0 0


Other assets 7 6 7 3 3 3 2 436 106

Total assets 797 510 502 477 200 123 138,112 46,743








Total liabilities 0 10 0 3 0 8 341 969

Total net assets 797 500 502 474 200 115 137,771 45,774

Net asset value per D EUR share - - - - - - - -

Net asset value per E EUR share - - - - - - - -

Net asset value per F EUR share 71.46 62.97 70.07 62.06 61.34 54.93 - -

Net asset value per G EUR share - - - - - - - -

Net asset value per I EUR share - - - - - - 153.57 136.79

Net asset value per IH EUR share - - - - - - - -

Net asset value per I USD share - - - - - - - -

Net asset value per DH USD share - - - - - - - -

Net asset value per IH USD share - - - - - - - -




Pension Matching Multi Asset QI Conservative Multi Asset

Portfolio Income Multi Asset Growth

Notes 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016

Investment portfolio at market value 2,9 282,230 195,437 166,898 183,164 21,094 16,768 187,502 195,466

Deposits and other cash 16,302 7,869 12,235 742 3,236 3,064 16,732 12,637



Unrealized gains on inflation-linked swaps 5 439 1,834 0 0 0 0 0 0


Other assets 7 4,751 3,919 110 235 176 113 265 3,222

Total assets 303,726 209,059 179,377 184,271 24,600 20,020 204,499 211,476








Total liabilities 664 1,769 88 675 57 196 350 1,085

Total net assets 303,062 207,290 179,289 183,596 24,543 19,824 204,149 210,391

Net asset value per D EUR share - - - - 96.53 99.10 - -

Net asset value per E EUR share - - 56.75 55.69 - - 70.55 67.01

Net asset value per F EUR share - - - - 97.05 99.12 - -

Net asset value per G EUR share - - 56.28 55.22 98.03 - 63.49 60.05

Net asset value per I EUR share - - - - 97.12 99.12 - -

Net asset value per IH EUR share 122.22 124.11 - - - - - -

Net asset value per I USD share - - 108.06 - - - 109.74 -

Net asset value per DH USD share - - - - 99.24 - - -

Net asset value per IH USD share - - - - 98.13 - - -



Statement of operations and changes in net assets In EUR x thousand Robeco All Robeco Robeco Robeco

Strategies Funds Life Cycle Life Cycle Life Cycle

Combined Fund 2020 Fund 2025 Fund 2030

01/01/2017 01/01/2016 01/01/2017 01/01/2016 01/01/2017 01/01/2016 01/01/2017 01/01/2016

Notes 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016

Net assets at beginning of the reporting period 738,905 167,823 9,147 8,877 19,126 11,527 15,980 12,891

Bond interest and dividend income 2 6,322 3,870 5 7 30 25 44 29

Bank and other interest -15 -13 0 0 0 0 0 0

Other income 18 432 0 23 0 35 0 40

Total income 6,325 4,289 5 30 30 60 44 69

Management fee 14 3,862 2,327 43 64 103 103 88 104

Service fee 14 725 358 10 9 23 15 20 14

Restitution management fee investment funds 15 -919 -423 -24 -23 -55 -36 -51 -39

Depositary fee 16 202 56 3 3 6 4 8 3

Interest on bank overdrafts 183 57 2 1 4 2 2 2

Taxes 11 275 157 5 5 12 8 10 7

Other fees and expenses 17 1 0 0 0 0 0 0 0

Transaction costs 19 115 78 1 1 4 2 3 1

Total expenses 4,444 2,610 40 60 97 98 80 92

Total net income (+) / loss (–) on investments 1,881 1,679 -35 -30 -67 -38 -36 -23

Net realized and changes in unrealized results on

investments and other financial instruments 27,511 27,595 341 354 1,372 908 1,784 967

Net increase (+) / decrease (–) from operations 29,392 29,274 306 324 1,305 870 1,748 944

Distributed dividends -4,735 0 0 0 0 0 0 0

Subscriptions (+), redemptions (–) (net) 183,642 541,808 947 -54 5,416 6,729 4,796 2,145

Net assets at end of the reporting period 947,204 738,905 10,400 9,147 25,847 19,126 22,524 15,980



Statement of operations and changes in net assets In EUR x thousand Robeco Robeco Robeco Robeco

Life Cycle Life Cycle Life Cycle Life Cycle

Fund 2035 Fund 2040 Fund 2045 Fund 2050

01/01/2017 01/01/2016 01/01/2017 01/01/2016 01/01/2017 01/01/2016 01/01/2017 01/01/2016

Notes 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016

Net assets at beginning of the reporting period 13,625 10,180 8,526 6,502 2,833 2,026 1,704 1,064

Bond interest and dividend income 2 47 31 33 25 10 8 7 4

Bank and other interest 0 0 0 0 0 0 0 0

Other income 0 32 0 22 0 6 0 4

Total income 47 63 33 47 10 14 7 8

Management fee 14 74 86 49 55 15 18 10 10

Service fee 14 16 12 11 7 3 2 2 1

Restitution management fee investment funds 15 -42 -33 -30 -22 -10 -7 -5 -4

Depositary fee 16 6 2 4 1 2 0 1 0


Taxes 11 9 6 6 4 2 1 1 1



Total expenses 68 75 41 47 13 14 9 8

Total net income (+) / loss (–) on investments -21 -12 -8 0 -3 0 -2 0


investments and other financial instruments 1,873 940 1,416 600 466 198 281 102

Net increase (+) / decrease (–) from operations 1,852 928 1,408 600 463 198 279 102

Distributed dividends 0 0 0 0 0 0 0 0

Subscriptions (+), redemptions (–) (net) 3,446 2,517 2,557 1,424 772 609 655 538





Life Cycle Life Cycle Life Cycle Pension Return

Fund 2055 Fund 2060 Fund 2065 Portfolio

01/01/2017 01/01/2016 01/01/2017 01/01/2016 01/01/2017 17/03/2016 01/01/2017 01/01/2016

Notes 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016

Net assets at beginning of the reporting period 500 323 474 370 115 0 45,774 29,751

Bond interest and dividend income 2 1 1 1 1 0 0 0 0

Bank and other interest 0 0 0 0 1 0 2 0

Other income 0 1 0 1 0 0 5 45

Total income 1 2 1 2 1 0 7 45

Management fee 14 3 3 2 3 1 0 427 302

Service fee 14 1 0 0 0 0 0 49 29

Restitution management fee investment funds 15 -2 -1 -1 -1 0 0 -92 -45

Depositary fee 16 0 0 0 0 0 0 25 13


Taxes 11 0 0 0 0 0 0 8 4



Total expenses 2 2 2 2 1 0 425 306

Total net income (+) / loss (–) on investments -1 0 -1 0 0 0 -418 -261


investments and other financial instruments 74 40 56 31 18 10 7,370 3,732

Net increase (+) / decrease (–) from operations 73 40 55 31 18 10 6,952 3,471

Distributed dividends 0 0 0 0 0 0 0 0

Subscriptions (+), redemptions (–) (net) 224 137 -27 73 67 105 85,045 12,552

Net assets at end of the reporting period 797 500 502 474 200 115 137,771 45,774




Pension Matching Multi Asset QI Conservative Multi Asset

Portfolio Income Multi Asset Growth

01/01/2017 01/01/2016 01/01/2017 09/09/2016 01/01/2017 16/12/2016 01/01/2017 09/09/2016

Notes 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016 31/12/2017 31/12/2016

Net assets at beginning of the reporting period 207,290 84,312 183,596 0 19,824 0 210,391 0

Bond interest and dividend income 2 4,632 3,649 347 21 650 21 515 48

Bank and other interest 45 -8 -10 0 -9 0 -44 -5

Other income 0 1 6 81 0 0 7 141

Total income 4,677 3,642 343 102 641 21 478 184

Management fee 14 912 737 755 319 126 4 1,254 519

Service fee 14 182 147 181 57 20 1 207 64

Restitution management fee investment funds 15 0 0 -236 -81 0 0 -371 -131

Depositary fee 16 39 23 48 3 5 0 55 4


Taxes 11 24 21 90 47 5 0 103 53



Total expenses 1,249 956 912 375 168 12 1,337 563

Total net income (+) / loss (–) on investments 3,428 2,686 -569 -273 473 9 -859 -379


investments and other financial instruments -7,353 8,384 7,328 755 -1,170 -185 13,655 10,759

Net increase (+) / decrease (–) from operations -3,925 11,070 6,759 482 -697 -176 12,796 10,380

Distributed dividends 0 0 -3,346 0 0 0 -1,389 0

Subscriptions (+), redemptions (–) (net) 99,697 111,908 -7,720 183,114 5,416 20,000 -17,649 200,011




Number of shares outstanding

Movement over the reporting period Class of shares

Shares at the

beginning of the period

Shares subscribed

Shares redeemed Shares at the end of the period

Robeco Life Cycle Sub-funds

Robeco Life Cycle Fund 2020 F EUR 161,551 54,738

38,352 177,937


27,422 411,603


25,601 339,587


14,361 257,597


8,840 167,133


2,231 57,298


1,499 37,199


2,711 11,148


3,438 7,166


298 3,261

Pension Sub-funds

Robeco Pension Return Portfolio I EUR 334,637 583,445 20,935 897,147

Robeco Pension Matching Portfolio IH EUR 1,670,253 1,059,666 250,253 2,479,666

Multi Asset Sub-Funds

Robeco Multi Asset Income E EUR 122,146 38,503 46,972 113,677 G EUR 3,201,526 198,195 328,886 3,070,835 I USD - 281 - 281

Robeco QI Conservative Multi Asset D EUR 5,000 23,821 23,469 5,352 F EUR 5,000 1,103 - 6,103 G EUR - 52,384 427 51,957 I EUR 190,000 - 10,287 179,713 DH USD - 5,300 - 5,300 IH USD - 5,500 - 5,500

Robeco Multi Asset Growth E EUR 295,484 249,833 277,079 268,238 G EUR 3,173,727 155,886 412,512 2,917,101 I USD - 281 - 281


Notes to the financial statements as at 31 December 2017

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. Robeco All Strategies Funds 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, 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 (distribution classes). The reference currency of the Classes of Shares

may be the euro (EUR), the US dollar (USD), the British pound (GBP), the 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 subfund will only be available to satisfy

the rights of investors in relation to that subfund and the rights of creditors whose claims have arisen in connection with

the creation, operation or liquidation of the subfund. For the purpose of the relations as between shareholders, each

subfund is deemed to be a separate entity.

Share capital

The capital of the Company will automatically be adjusted in case that additional shares are issued or outstanding shares

are redeemed without special announcements or measure of publicity being necessary in relation thereto.

The possession, redemption and transfer of class I and IH shares is limited to institutional investors as defined from time

to time by the Luxembourg supervisory authority. The Company will not issue class I and IH shares or contribute to the

transfer of class I and IH shares to non-institutional investors. If it appears that class I and IH shares are being held by non-

institutional investors the Company will redeem these shares. Class I and IH shares have a minimum subscription amount

of (the equivalent of) EUR 500,000. The Board of Directors can waive this minimum subscription amount at its discretion.

Class I and IH shares can only be placed through a direct account of the shareholders with the Registrar. Class D and DH shares are available for all investors.

Class F and G shares are available in certain countries, subject to the relevant regulatory approval, through specific

distributors, selected by the Board of Directors.

The Company, for the account of class IH shares (‘Hedged Currency Class’), engages in currency hedging transactions to

preserve, to the extent possible, the currency of expression value of the Hedged Currency Class assets against the

fluctuations of the currencies, with a substantial weight, in which the assets of the subfund allocable to the Hedged

Currency Class are denominated.

At the end of the reporting period the share capital comprised fifteen active sub-funds, each relating to a separate

investment portfolio consisting of securities, cash and other instruments. Thirty-nine sub-funds were not yet introduced at

the end of the reporting period. The complete list of sub-funds is as follows:


Life Cycle Sub-funds

– Robeco Life Cycle Sub-funds 1

– Robeco Life Cycle Income 2

Pension Sub-funds

– Robeco Pension Return Portfolio

– Robeco Pension Matching Portfolio

Multi-Asset Sub-funds

– Robeco Multi Asset Income

– Robeco QI Conservative Multi Asset

– Robeco Multi Asset Growth

– Robeco QI Multi Factor Multi Asset 2

1 All Robeco Life Cycle Sub-funds are presented in a single line due to the fact that all Life Cycle Sub-funds have the same characteristics and the same

Investment Policy, the sole differences being their target date, and, as a result, their intended time to maturity and the associated profile of typical Investor.

Sub-funds have target dates from 2020 through 2065. Some of the Robeco Life Cycle sub-funds are not yet introduced.

2 Subfund not yet introduced.

Sales commissions

The maximum sales commission is 0.5% for I and IH shares and 2.0% for D, E, F and G shares. The percentage represents

a percentage of the total subscription amount. This commission rate is to be considered as a maximum rate and the sales

agents may decide at their discretion to waive this sales commission in whole or in part. The Company reserves the right

to refuse any subscription request at any time. Sales commissions are are not booked in the sub funds.

Dividend policy

The general policy regarding the appropriation of net income and capital gains is as follows:

Class D, DH, F, I and IH shares

Income is automatically reinvested and added to the relevant class and will thus contribute to a further increase in value

of the total net assets. 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,

Robeco All Strategies Funds issues and purchases its shares on a daily basis 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 subfund 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 subfund and its

underlying share classes and this in 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.


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. (until 1 January 2018

Robeco Groep 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 also utilizes the services of one or

more of these affiliated entities including transactions relating to securities, treasury, derivatives, securities lending, and

subscriptions and redemptions of its own shares, as well as management activities. Transactions are executed at market

rates.

Financial instruments

Risks

Transactions in financial instruments may lead the 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 your investments may fluctuate. Past performance is no guarantee of future results. The net asset value of

the subfund 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. 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-funds’ investment objective will be achieved. It cannot be guaranteed

either that the value of a share in a subfund will not fall below its value at the time of acquisition.

Concentration risk

Based on their investment policies, each subfund 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 a subfund may cause events that have an effect on these issuing institutions to have a greater effect on a

subfund’s assets than would occur with a less concentrated investment portfolio.

Currency risk

All or part of the investment portfolio of a subfund may be invested in currencies or financial instruments denominated in

currencies other than the euro. As a result, fluctuations in exchange rates may have both a negative and a positive effect

on the investment result of a subfund. Counterparty risk

A counterparty of a subfund may fail to fulfil its obligations towards that subfund. In case of hedging transactions in

classes of shares, the relevant subfund 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.

Liquidity risk

The buying and selling prices of financial instruments in which the sub-funds invest partly depended upon the liquidity of

the financial instruments in question. It is possible that a position taken on behalf of a subfund 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 the 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 re-introduction of national currencies, each subfund runs the risks that the value of its

investments is reduced and/or the liquidity of its investments is (temporary) 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, liquidity or Euro currency risk). It mainly includes risks resulting from breakdowns in internal

procedures, people and systems. Insight into actual risks

The report of the Board of Directors, the Statement of net assets, the Notes to the financial statements and the

Investments portfolios, 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 (except on future contracts) are reported in the Statement of net assets

and are disclosed by contract. Commitments to derivatives are not included in the Statement of net assets. They are,

however, explained in the notes.

The derivative instruments listed in the notes are transacted through third party brokers. Those brokers hold/paid

collateral as described in the note to the respective instruments. The company is exposed to counterparty risk in respect of

all amounts including collateral due to it from such brokers.

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

Euro. The reference currency of the Company is the Euro. This report covers the period from 1 January 2017 through 31

December 2017.

Preparation and presentation of financial statements

The financial statements are prepared 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 Euro 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 reference currency of the sub-funds at the exchange

rates prevailing at the end of the reporting period. Any positive or negative exchange differences arising are accounted for

in the Statement of operations and changes in net assets under the heading ‘Net realized and changes in unrealized

results on investments and other financial instruments´. The table on page 47 shows the exchange rates as at 31

December 2017.


Valuation of investments

Transferable securities, money market instruments and/or financial derivative instruments listed on an official stock

exchange listing

These instruments are valued at their last available price; in the event that there should be several such markets, on the

basis of the last available price of the main market for the relevant security or asset. Should the last available market price

for a given transferable security, money market instrument and/or financial derivative instrument not truly reflect its fair

market value, then that transferable security, money market instrument and/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 or

traded on such markets are generally valued at the last available price or yield equivalents obtained from one or more

dealers or pricing services approved by the Board of Directors, or any other price deemed appropriate by the Board of

Directors.

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

These instruments are valued on the basis of their last available market price. Should the last available market price for a

given transferable security and/or money market instrument not truly reflect its fair market value, then that transferable

security and/or money market instrument is valued by the Board of Directors on the basis of the probable sales price

which the Board of Directors deems prudent to assume. Transferable securities and/or money market instruments not listed or dealt in on any stock exchange or on any regulated market

In the event that any assets are not listed or dealt in on any stock exchange or on any regulated market, or if, with respect

to assets listed or dealt in on any stock exchange, or on any regulated market as aforesaid, 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 or units 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 the subfund is valued are normally

valued using the prices at the previous close of business.

Market volatility may result in the latest available prices not accurately reflecting the fair value of the sub-funds’

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-funds’

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-funds’ investments. Adjustment will be made provided that such change exceeds

the threshold as determined by the Board of Directors for the relevant subfund. If an adjustment is made, it will be

applied consistently to all classes of shares in the same subfund. At the end of the reporting period, no such adjustments

were made.

Investment transactions and investment income

Securities are initially recorded at cost, and where applicable on the basis of exchange rates prevailing on the date they

are purchased. Results on sales of securities are determined on the basis of the average cost method. Investment

transactions are accounted for on the trade date. Interest income is recorded on an accrual basis. Dividends are

accounted for on the ex-dividend date. 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 31 December 2017. The unrealized results of these contracts have been

recorded gross in the Statement of net assets under the heading ’Unrealized gains/losses on open forward exchange

transactions’ and changes in unrealized results are recorded in the Statement of operations and changes in net assets

under the heading ‘Net realized and changes in unrealized results on investments and other financial instruments’. The

contracts outstanding as at 31 December 2017 are disclosed in the following table. Information on the collateral received

or paid on these positions is stated in the table on page 39. The paid collateral is restricted cash and is included in the


Statement of net assets under the heading ‘Other assets’. The received collateral is included in the Statement of net

assets under the heading ‘Collateral due to brokers’. Open forward exchange transactions

As at 31 December 2017 Currency Amount Currency Amount Counterparty Maturity Unrealized

bought bought sold sold date gains/losses

EUR x 1


Robeco Life Cycle Fund 2020 EUR 95,272 GBP 83,748 J.P. Morgan 05/01/2018 937

EUR 350,000 USD 416,092 J.P. Morgan 05/01/2018 3,581

EUR 542,041 USD 642,780 J.P. Morgan 05/01/2018 6,893

Total unrealized gains

11,411

Robeco Life Cycle Fund 2020 EUR 55,432 AUD 86,924 J.P. Morgan 05/01/2018 -1,176

EUR 76,758 CAD 117,216 J.P. Morgan 05/01/2018 -1,138

Total unrealized losses

-2,314

Robeco Life Cycle Fund 2025 EUR 107,406 CHF 125,226 J.P. Morgan 05/01/2018 383

EUR 195,825 GBP 172,138 J.P. Morgan 05/01/2018 1,926

EUR 4,446,047 USD 5,272,346 J.P. Morgan 05/01/2018 56,539


58,848


EUR 157,215 CAD 240,081 J.P. Morgan 05/01/2018 -2,331

USD 280,000 EUR 236,817 Rabobank Nederland 05/01/2018 -3,702

USD 307,000 EUR 258,236 J.P. Morgan 05/01/2018 -2,642


-11,125


EUR 447,144 GBP 393,056 J.P. Morgan 05/01/2018 4,397

EUR 6,378,618 USD 7,564,085 J.P. Morgan 05/01/2018 81,114


86,036


EUR 221,950 CAD 338,938 J.P. Morgan 05/01/2018 -3,291

USD 1,333,000 EUR 1,121,266 J.P. Morgan 05/01/2018 -11,472


USD 240,000 EUR 203,063 J.P. Morgan 05/01/2018 -3,250


-26,732


EUR 474,382 GBP 416,999 J.P. Morgan 05/01/2018 4,664

EUR 6,527,646 USD 7,740,809 J.P. Morgan 05/01/2018 83,009


88,233


EUR 295,934 CAD 451,917 J.P. Morgan 05/01/2018 -4,388

USD 896,000 EUR 753,679 J.P. Morgan 05/01/2018 -7,711



-21,849


Open forward exchange transactions



EUR x 1


EUR 315,082 GBP 276,969 J.P. Morgan 05/01/2018 3,098

EUR 5,011,399 USD 5,942,768 J.P. Morgan 05/01/2018 63,728


67,245


EUR 184,958 CAD 282,448 J.P. Morgan 05/01/2018 -2,743

EUR 249,000 GBP 221,303 Rabobank Nederland 05/01/2018 -281



-9,800


EUR 1,769,529 USD 2,098,396 J.P. Morgan 05/01/2018 22,502


23,189

Robeco Life Cycle Fund 2045 EUR 46,194 AUD 72,437 J.P. Morgan 05/01/2018 -980

EUR 60,112 CAD 91,796 J.P. Morgan 05/01/2018 -891

USD 80,000 EUR 67,361 J.P. Morgan 05/01/2018 -756


-2,627


EUR 966,156 USD 1,145,716 J.P. Morgan 05/01/2018 12,286


12,661

Robeco Life Cycle Fund 2050 EUR 23,097 AUD 36,218 J.P. Morgan 05/01/2018 -490

EUR 32,368 CAD 49,428 J.P. Morgan 05/01/2018 -480


-970


EUR 262,172 USD 310,897 J.P. Morgan 05/01/2018 3,334


3,441

Robeco Life Cycle Fund 2060 EUR 204,039 USD 241,960 J.P. Morgan 05/01/2018 2,595


2,595

Robeco Life Cycle Fund 2065 EUR 72,902 USD 86,451 J.P. Morgan 05/01/2018 927


927

Pension Sub-funds

Robeco Pension Return Portfolio EUR 942,000 GBP 830,188 J.P. Morgan 05/01/2018 6,858

EUR 917,000 GBP 806,658 Rabobank Nederland 05/01/2018 8,362

EUR 1,445,000 GBP 1,271,616 Rabobank Nederland 05/01/2018 12,622

EUR 2,600,962 GBP 2,286,342 J.P. Morgan 05/01/2018 25,574

EUR 968,000 USD 1,160,271 J.P. Morgan 05/01/2018 2,012


Open forward exchange transactions



EUR x 1

EUR 300,000 USD 357,871 Rabobank Nederland 05/01/2018 2,054

EUR 4,459,000 USD 5,242,515 J.P. Morgan 05/01/2018 94,330

EUR 7,900,000 USD 9,305,482 Rabobank Nederland 05/01/2018 152,694


EUR 19,807,255 USD 23,488,435 J.P. Morgan 05/01/2018 251,880


739,086

Multi Asset Sub-funds

Robeco Multi Asset Income EUR 10,507,123 USD 12,459,013 J.P. Morgan 05/01/2018 134,330


134,330

Robeco Multi Asset Income GBP 170,000 EUR 193,508 Rabobank Nederland 05/01/2018 -2,017


-2,017

Robeco QI Conservative Multi Asset EUR 554,019 GBP 490,000 Rabobank Nederland 05/01/2018 2,071




93,724

Robeco QI Conservative Multi Asset EUR 1,062,166 AUD 1,643,641 Rabobank Nederland 05/01/2018 -8,238

USD 1,284,684 EUR 1,080,000 Rabobank Nederland 05/01/2018 -10,432

-18,670

Robeco QI Conservative Multi Asset DH USD shares

USD

530,000

EUR

446,921

Rabobank Nederland

05/01/2018 -5,668

-5,668

Robeco QI Conservative Multi Asset IH USD shares

USD

536,008

EUR

451,987

Rabobank Nederland

05/01/2018 -5,732

-5,732

Total unrealized losses -30,070

Robeco Multi Asset Growth GBP 1,930,000 EUR 2,196,890 Rabobank Nederland 05/01/2018 -22,894

USD 8,724,696 EUR 7,357,842 J.P. Morgan 05/01/2018 -94,068

USD 2,671,005 EUR 2,250,000 J.P. Morgan 05/01/2018 -26,245

USD 2,793,763 EUR 2,350,000 J.P. Morgan 05/01/2018 -24,043


-167,250

4 Interest rate swaps Interest rate swaps are valued with market practice valuation models using exchange and interest rates applicable at 31

December 2017 . The unrealized gains/losses on interest rate swaps are recorded gross in the Statement of net assets

under the heading ‘Unrealized gains/losses on interest rate swaps’ and changes in unrealized results are recorded in the

Statement of operations and changes in net assets under the heading ‘Net realized and changes in unrealized results on

investments and other financial instruments’. Fees paid to the central clearing member are recorded in the Statement of

operations and changes in net assets under the heading ‘Transaction costs’. The contracts outstanding as at 31 December

2017 are disclosed in the table below. Information on the collateral on these positions is stated in the table on page 39.

The paid collateral is restricted cash and is included in the Statement of net assets under the heading ‘Other assets’. The

received collateral is included in the Statement of net assets under the heading ‘Collateral due to brokers’.


Interest rate swaps

At 31 December 2017 Unrealized

gains/losses

Denomination Counterparty Maturity date Currency Nominal value EUR x 1


IRS EUR Pay 1.4912% Rec EURIBOR EUR 6M Barclays Bank 24/05/2047 EUR 5,000,000 3,879


3,879

IRS EUR Pay EURIBOR EUR 6M Rec 1.3423%

Goldman Sachs

11/04/2057

EUR

900,000 -46,263

IRS EUR Pay EURIBOR EUR 6M Rec 0.1413%

Goldman Sachs

11/04/2022

EUR

4,000,000 -11,722

IRS EUR Pay EURIBOR EUR 6M Rec 1.3968% Barclays Bank 24/05/2037 EUR 3,500,000 -1,998


-59,983

5 Inflation-linked swaps Inflation-linked swaps are valued at fair value under procedures approved by the Board of Directors. The unrealized

gains/losses on inflation-linked swaps are recorded gross in the Statement of net assets under the heading ‘Unrealized

gains/losses on inflation-linked swaps’ and changes in unrealized results are recorded in the Statement of operations and

changes in net assets under the heading ‘Net realized and changes in unrealized results on investments and other

financial instruments’. The contracts outstanding as at 31 December 2017 are in the table below. Information on the

collateral on these positions is stated in the table on page 39. The paid collateral is restricted cash and is included in the

Statement of net assets under the heading ‘Other assets’. The received collateral is included in the Statement of net

assets under the heading ‘Collateral due to brokers’.

Inflation-linked swaps

As at 31 December 2017

Denomination Counterparty Maturity date Currency Nominal value Unrealized gains/losses

base currency x 1

Pension Sub-funds


ILS EUR Pay 1.9100% Rec HICPX EU* BNP Paribas 15/10/2047

EUR 1,000,000 21,215

ILS EUR Pay 1.4400% Rec HICPX EU* Credit Suisse 15/02/2026

EUR 9,500,000 57,733


EUR 4,000,000 20,781


EUR 18,100,000 8,414


EUR 5,000,000 2,324

ILS EUR Pay 1.7660% Rec HICPX EU* Barclays Bank 15/10/2037

EUR 2,000,000 36,442


EUR 1,500,000 23,968

ILS EUR Pay 1.3860% Rec HICPX EU* Citigroup 15/05/2027

EUR 4,000,000 52,792


EUR 500,000 15,804


EUR 3,000,000 69,189


EUR 3,900,000 20,262


EUR 6,000,000 26,504


EUR 10,800,000 65,633

ILS EUR Pay 1.5352% Rec HICPX EU* Citigroup 15/12/2027 EUR 6,000,000 17,840


438,901


ILS EUR Pay 1.9700% Rec HICPX EU* Credit Suisse 15/02/2046 EUR 3,600,000 -27,698

ILS EUR Pay 1.9700% Rec HICPX EU* BNP Paribas 15/02/2046 EUR 4,100,000 -31,545

ILS EUR Pay 1.8440% Rec HICPX EU* Citigroup 15/02/2037 EUR 2,000,000 -9,100

Total unrealized losses -68,343

* HICPX EU is an abbreviation for Euro-Zone Harmonised Index of Consumer Prices excluding Tobacco.


6 Futures Regulated futures contracts are valued at their exchange quoted settlement price. Until 31 December 2016, all open

futures contracts are marked to market with changes in market value recognized as unrealized gains or losses. As of the

financial year 2017, the daily results on open financial futures are settled daily on the future margin account (variation

margins). As a consequence, the amounts corresponding to “Unrealized gains/losses on financial futures” in the

statement of net assets are reflected, as from financial year 2017, in margin deposits included within the heading

“Deposits and other cash”.

Initial margin deposits are made upon entering into futures contracts. Variation margin payments are made or received,

depending on whether daily realized losses or gains are incurred. When the contract is closed, the Company records a

realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and price of

the previous net asset value date.

Changes in unrealized results and realized results during the year are both recorded in the Statement of operations and

changes in net assets under the heading `Net realized and changes in unrealized results on investments and other

financial instruments'.

All margin deposits are included in the Statement of net assets under the heading ‘Deposits and other cash’. The amounts

per sub-fund are stated in the following table:

Future margin deposits

In Fund currency x thousand 31/12/2017


Robeco Multi Asset Income 650

Robeco QI Conservative Multi Asset 318

Robeco Multi Asset Growth 1,325

Futures

Purchase/ Quantity Denomination Currency Maturity Commitment

sale date EUR x 1



Purchase 91 Euro-BTP Future XEUR EUR MAR-2018 12,388,740

Purchase 29 EURO-BUND FUTURE XEUR EUR MAR-2018 4,688,720

Purchase 37 Euro-OAT Future XEUR EUR MAR-2018 5,741,660

Purchase 189 STOXX EUROPE 600 XEUR EUR MAR-2018 3,653,370

Purchase 7 NIKKEI 225 (SGX) XSIM JPY MAR-2018 590,060

Sale 5 S&P500 EMINI FUT XCME USD MAR-2018 557,129

Sale 72 US 10yr Ultra Fut XCBT USD MAR-2018 8,008,411


Purchase 6 NIKKEI 225 (SGX) XSIM JPY MAR-2018 504,657

Sale 12 S&P500 EMINI FUT XCME USD MAR-2018 1,337,109

Sale 59 10YR MINI JGB FUT XSIM JPY MAR-2018 6,579,104

Sale 41 US 10YR NOTE (CBT XCBT USD MAR-2018 4,235,445

Sale 27 EURO-BUND FUTURE XEUR EUR MAR-2018 4,365,360

Sale 15 MSCI EAFE IFUS USD MAR-2018 1,277,586

Purchase 30 EURO STOXX 50 XEUR EUR MAR-2018 1,047,900

Sale 18 MSCI EmgMkt IFUS USD MAR-2018 872,194


Purchase 36 Euro-BTP Future XEUR EUR MAR-2018 4,901,040

Purchase 576 STOXX EUROPE 600 XEUR EUR MAR-2018 11,134,080

Purchase 89 NIKKEI 225 (SGX) XSIM JPY MAR-2018 7,485,745

Sale 32 MSCI EmgMkt IFUS USD MAR-2018 1,550,566

Purchase 80 S&P500 EMINI FUT XCME USD MAR-2018 8,914,057

Sale 23 US 10yr Ultra Fut XCBT USD MAR-2018 2,558,242


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 heading ‘Other

assets’. The received collateral is included in the Statement of net assets under Collateral due to brokers’. The amounts

per sub-fund and counterparty are shown in the table below.

Collateral

As of 31/12/2017

Sub fund Counterparty Paid/ Received

Amount in base

currency x thousand

Pension sub-funds

Robeco Pension Matching Portfolio Barclays Bank Paid 255

Robeco Pension Matching Portfolio Citigroup Received 368

Robeco Pension Return Portfolio J.P. Morgan Received 260

8 Overdraft The Company has access to an overdraft facility (the "Facility"), established with the Depositary, intended to provide for

short-term/temporary financing if necessary, subject to certain restrictions, in connection with abnormal redemption

activity. Each portfolio of the Company is limited to borrowing 10% of its respective net assets. Borrowings pursuant to the

facility are subject to interest at a mutually agreed upon rate and security by the underlying assets of each portfolio. The

number of days to refund in case of a temporary overdraft is set at 30 days.

9 Investment portfolios The investment portfolios of the sub-funds are included at the end of this report.

10 Securities lending During the reporting period no securities lending transactions took place.

11 Taxes The classes of shares 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 a subfund 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.

12 Management Company The Directors of the Company have appointed Robeco Luxembourg S.A. (the ‘Management Company’) 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 Robeco Institutional Asset Management

B.V. (the ‘Investment Adviser’). The Management Company has delegated the administration and registrar agent

functions to RBC Investor Services Bank S.A. (acting as ‘Administration Agent’ and ‘Registrar Agent’). The Management

Company was incorporated as a ‘Société anonyme’ under the laws of the Grand Duchy of Luxembourg on 7 July 2005 and

its Articles of Association were published in the Mémorial on 26 July 2005. The Management Company is approved as

Management Company regulated by chapter 15 of the Luxembourg law of 17 December 2010, relating to undertakings

for collective investment. The Management Company is part of ORIX Corporation Europe N.V. and also acts as

Management Company for Robeco Capital Growth Funds, Robeco (LU) Funds III (formerly Robeco Interest Plus Funds),

Robeco QI Global Dynamic Duration (formerly Robeco Lux-o-rente) and Robeco Global Total Return Bond Fund.

13 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 and Robeco Multi Asset

Growth.

14 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.

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.

Management and service fee

Management

fee Management

fee Management

fee Management

fee Management

fee

Service fee

Service

fee

Service fee

Service

fee

Service fee

Subfund D and DH

shares E shares F shares G shares

I and IH shares

D and DH

shares E shares F shares G shares

I and IH shares


All Robeco Life Cycle sub funds 0.45 0.10

Pension Sub-funds

Robeco Pension Return Portfolio 0.70 0.08

Robeco Pension Matching Portfolio 0.40 0.08


Robeco Multi Asset Income 0.85 0.40 0.40 0.10 0.10 0.08

Robeco QI Conservative Multi Asset 1.00 0.50 0.50 0.50 0.10 0.10 0.10 0.08

Robeco Multi Asset Growth 1.15 0.55 0.55 0.10 0.10 0.08

15 Investments in third party funds If the sub-funds invest in UCITS/UCI’s that are not part of the Robeco Group, all costs at the level of these UCITS/UCI’s

(including the non recoverable management fees, service fees, performance fees and/or transactions costs) shall be

borne by the sub-funds ultimately and therefore by the shareholders. The management fee and service fee paid in the

Robeco funds is restituted to the sub-funds and recorded in the Statement of operations and changes in net assets under

the heading “Restitution management fee investment funds”.

16 Depositary fee The Depositary bank is remunerated in accordance with the agreement between RBC Investor Services Bank S.A., acting

as the Depositary, and the Company.

17 Other fees and expenses The sub-funds or their class 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 and the sub-funds have been paid entirely. If

additional sub-funds are created in the future, these sub-funds will bear, in principle, their own formation expenses.

18 Distributed dividends During the reporting period the following distributions took place:

Distributions Currency Amount Ex-dividend Payment date per share date


E EUR shares EUR 0.79 21/04/2017 28/04/2017


Distributions Currency Amount Ex-dividend Payment date per share date

G EUR shares EUR 1.03 21/04/2017 28/04/2017


E EUR shares EUR 0.34 21/04/2017 28/04/2017

G EUR shares EUR 0.42 21/04/2017 28/04/2017

19 Transaction costs The sub-funds and its classes of shares pay directly commissions, brokerage fees and taxes resulting from financial

transactions. These costs are recorded in the Statement of operations and changes in net assets under the heading

“Transaction costs”.

20 Ongoing charges The ongoing charges 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 ongoing charges 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 non

refundable cost of the underlying funds and concern mainly bank charges, depositary fees and taxe d’abonnement. The

ongoing charges are annualized for periods less than one year.

Ongoing charges

In % 01/01/2017 - 31/12/2017 01/01/2016 - 31/12/2016

Manage-ment fee

Service fee

Other costs

Other

costs fund shares

Total Manage-ment fee

Service fee

Other costs

Other

costs fund shares

Total


Robeco Life Cycle Fund 2020 F EUR 0.45 0.10 0.09 0.01 0.65 0.45 0.10 0.08 0.02 0.65









Robeco Life Cycle Fund 2065 F EUR 0.45 0.10 0.08 0.02 0.65 0.45 0.10

0.07 0.03

0.65

Pension Sub-funds

Robeco Pension Return Portfolio I EUR 0.70 0.08 0.04 0.03 0.85 0.70 0.08 0.05 0.04 0.87

Robeco Pension Matching Portfolio IH EUR 0.40 0.08 0.03 0.00 0.51 0.40 0.08 0.02 0.00 0.50


Robeco Multi Asset Income E EUR 0.85 0.10 0.07 0.03 1.05 0.85 0.10

0.06 0.02

1.03

G EUR 0.40 0.10 0.07 0.03 0.60 0.40 0.10 0.06 0.03 0.59

I USD 0.40 0.08 0.03 0.00 0.51

Robeco QI Conservative Multi Asset D EUR 1.00 0.10 0.08 0.00 1.18 1.00 0.10

0.05 0.00

1.15

F EUR 0.50 0.10 0.08 0.00 0.68 0.50 0.10 0.05 0.00 0.65

G EUR 0.50 0.10 0.08 0.00 0.68

I EUR 0.50 0.08 0.04 0.00 0.62 0.50 0.08 0.01 0.00 0.59

DH USD 1.00 0.10 0.08 0.00 1.18

IH USD 0.50 0.08 0.04 0.00 0.62

Robeco Multi Asset Growth E EUR 1.15 0.10 0.07 0.03 1.35 1.15 0.10 0.06 0.02 1.33

G EUR 0.55 0.10 0.07 0.03 0.75 0.55 0.10 0.06 0.02 0.73

I USD 0.55 0.08 0.03 0.00 0.66


21 Broker commission Robeco will ensure that the selection of counterparties for trade execution (“Brokers”) will take place according to defined

procedures and criteria to ensure best execution, taking into account execution capability and - where applicable - quality

of investment research (“Research”).

Brokers may charge execution only fees (excluding a fee for Research) and brokers may also charge a transaction fee

consisting of two elements: a fee for the execution of an order and a fee for Research. Robeco will only pay a fee for

Research if such Research is directly instrumental for improving the investment decision-making process within Robeco

(via full service fees and via Commission Sharing Agreements (“CSA”)). Having CSAs enables Robeco to unbundle

research and execution services to fulfill best execution criteria. By using CSAs, we can obtain research services from those

providers who do not have an execution business or do not fit our best execution criteria. It is Robeco’s policy that the

abovementioned arrangements are only allowed as long as the research services under consideration (research, securities

advice, etc.) are related to the enhancement of our investment process.

Robeco makes use of:

1. Execution only fees for quantitatively managed equity sub-funds;

2. Full services fees for fundamentally managed equity sub-funds; and

3. CSAs for fundamentally managed equity sub-funds. In the reporting period, no research costs were paid.

22 Turnover ratio

This shows the turnover of the investments, including derivative instruments, against the average assets entrusted and 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 turnover ratio is determined by expressing the amount of

turnover as a percentage of the average assets entrusted. The following table shows the turnover ratios of the sub-funds.

23 Changes in the investment portfolio The Statement of changes in the investment portfolio for the period from 1 January 2017 to 31 December 2017 can be

obtained free of charge at the offices of the Company and the Depositary.

Turnover ratio

In % 01/01/2017-31/12/2017

01/01/2016-31/12/2016


Robeco Life Cycle Fund 2020 31 51


54 74


73 83


67 91


36 122


44 119


27 117


13 122


12 125

Robeco Life Cycle Fund 2065 49 127

Pension Sub-funds

Robeco Pension Return Portfolio

115 -5

Robeco Pension Matching Portfolio -13 40



76 46


31 -16


116 47


24 Retrocessions and trailer fees Trailer fees for the marketing of the Company and its respective sub-funds (commission d’encours) are paid to distributors

from the management fee. No retrocession has been granted during the reporting period.

25 Personnel costs

Robeco All Strategies Funds does not employ personnel.

Luxembourg, 18 April 2018

The Board of Directors

D. Rob van Bommel

Jeroen H. van den Akker

H. Pierre de Knijff


To the Shareholders of Robeco All Strategies Funds

11/13, Boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg

REPORT OF THE REVISEUR D’ENTREPRISES AGREE

Report on the audit of the financial statements

Opinion

We have audited the accompanying financial statements of Robeco All Strategies Funds and each of its sub-funds (“the

Fund”), which comprise the statement of net assets and the investment portfolio as at December 31, 2017 and the

statement of operations and changes in net assets for the year then ended, and notes to the financial statements,

including a summary of significant accounting policies.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Robeco All

Strategies Funds and each of its sub-funds as at December 31, 2017, and of the results of their operations and changes in

their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the

preparation and presentation of the financial statements.

Basis for opinion

We conducted our audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 on the audit

profession (“Law of 23 July 2016”) and with International Standards on Auditing (“ISAs”) as adopted for Luxembourg by

the Commission de Surveillance du Secteur Financier (“CSSF”). Our responsibilities under the EU Regulation N°

537/2014, the Law of 23 July 2016 and ISAs are further described in the « Responsibilities of “Réviseur d’Entreprises

agréé” for the audit of the financial statements » section of our report. We are also independent of the Fund in

accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants

(“IESBA Code”) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our

audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We

believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the

financial statements of the current period. These matters were addressed in the context of the audit of the financial

statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Valuation and existence of the investment portfolios (Refer to note 2)

Why the matter was considered to be one of the most significant to the audit

The investment portfolios at market value represent between 85.92% and 99.21% of total net assets (by value) as at 31

December 2017 depending on sub-fund, and are considered to be the key driver of the Fund’s performance. The market

values of the majority of the Fund’s investments are based on net asset values and on available market prices from an

official stock exchange or another regulated market. Accordingly, the valuations of investments are considered to be a key

audit matter due to the significance of the balances to the financial statements as a whole.

How the matter was addressed in our audit

We have performed the following procedures:

− for the investments in shares or units of underlying open-ended investment funds, we compared their valuation as at

year-end to valuations recalculated using the audited or published net asset value per share or unit;

− for the investments where market prices were available, we compared their valuation using externally quoted prices;

− for the investments where market prices were unavailable, we verified that the valuations were performed in

accordance with the valuation principles established for the Fund; and

− agreed holdings in the investment portfolios as at year-end to independently received depositary confirmations.


Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the

information stated in the annual report but does not include the financial statements and our report of “Réviseur

d’Entreprises agréé” thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of

assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we

conclude that there is a material misstatement of this other information, we are required to report this fact. We have

nothing to report in this regard.

Responsibilities of Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in

accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the

financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable

the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern

basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or to cease operations,

or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’Entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue a report of “Réviseur d’Entreprises agréé” that

includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in

accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by

the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as adopted

for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the

audit. We also:

− Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,

design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and

appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud

is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

− Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s

internal control.

− Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and

related disclosures made by the Board of Directors of the Fund.

− Conclude on the appropriateness of Board of Directors of the Fund’s use of the going concern basis of accounting

and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that

may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw attention in our report of “Réviseur d’Entreprises agréé” to the related

disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions

are based on the audit evidence obtained up to the date of our report of “Réviseur d’Entreprises agréé”. However,

future events or conditions may cause the Fund to cease to continue as a going concern.

− Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and

whether the financial statements represent the underlying transactions and events in a manner that achieves fair

presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of

the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our

audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical

requirements regarding independence, and to communicate with them all relationships and other matters that may

reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most

significance in the audit of the financial statements of the current period and are therefore the key audit matters. We

describe these matters in our report unless law or regulation precludes public disclosure about the matter.

Report on other legal and regulatory requirements

We have been appointed as “Réviseur d’Entreprises agréé” by the General Meeting of the shareholders on May 26, 2017

and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 4 years.

We confirm that the prohibited non-audit services referred to in the EU Regulation No 537/2014, on the audit profession

were not provided and that we remain independent of the Fund in conducting the audit.

Luxembourg, April 25, 2018 KPMG Luxembourg

Société coopérative

Cabinet de révision agréé

39, Avenue John F. Kennedy

L-1855, Luxembourg

V. Ehx

Associate Partner


Exchange rates

31/12/2017 Against

EUR x 1

31/12/2016 Against

EUR x 1

AUD 1 0.6514 1 0.6865

CAD 1 0.6647 1 0.7070

CHF 1 0.8546 1 0.9328

DKK 1 0.1343 1 0.1345

GBP 1 1.1266 1 1.1715

HKD 1 0.1065 1 0.1223

JPY 100 0.7393 100 0.8129

KRW 1,000 0,7779 1.000 0,7850

MYR 1 0.2058 1 0.2113

NOK 1 0.1018 1 0.1101

Exchange rates

31/12/2017 Against

EUR x 1

31/12/2016 Against

EUR x 1

NZD 1 0.5923 1 0.6611

PLN 1 0.2397 1 0.2271

RUB 1 0.0145 1 0.0155

SEK 1 0.1017 1 0.1044

SGD 1 0.6232 1 0.6563

THB 1 0.0255 1 0.0265

TRY 1 0.2196 1 0.2695

TWD 1 0.0280 1 0.0294

USD 1 0.8328 1 0.9481

Historical review

Net assets Number of outstanding shares Net asset value per share

31/12/2017 31/12/2016 31/12/2015 31/12/2017 31/12/2016 31/12/2015 31/12/2017 31/12/2016 31/12/2015


Robeco Life Cycle Fund 2020 F EUR 10,399,543 9,147,289 8,877,003 177,937 161,551 162,491 58.44 56.62 54.63







Robeco Life Cycle Fund 2055 F EUR 796,642 499,797 323,075 11,148 7,937 5,613 71.46 62.97 57.56

Robeco Life Cycle Fund 2060 F EUR 502,108 474,295 369,888 7,166 7,643 6,412 70.07 62.06 57.69

Robeco Life Cycle Fund 2065 F EUR 200,015 115,409 - 3,261 2,101 - 61.34 54.93 -

Pension Sub-funds

Robeco Pension Return Portfolio I EUR 137,771,477 45,774,197 29,751,460 897,147 334,637 236,765 153.57 136.79 125.66

Robeco Pension Matching Portfolio IH EUR 303,062,195 207,290,151 84,312,408 2,479,666 1,670,253 740,297 122.22 124.11 113.89


Robeco Multi Asset Income E EUR 6,451,666 6,802,644 - 113,677 122,146 - 56.75 55.69 -

G EUR 172,812,061 176,792,880 - 3,070,835 3,201,526 - 56.28 55.22 -

I USD 30,364 - - 281 - - 108.06 - -

Robeco QI Conservative Multi Asset D EUR 516,641 495,482 - 5,352 5,000 - 96.53 99.10 -

F EUR 592,299 495,590 - 6,103 5,000 - 97.05 99.12 -

G EUR 5,093,523 - - 51,957 - - 98.03 - -

I EUR 17,453,462 18,832,921 - 179,713 190,000 - 97.12 99.12 -

DH USD 525,974 - - 5,300 - - 99.24 - -

IH USD 539,701 - - 5,500 - - 98.13 - -

Robeco Multi Asset Growth E EUR 18,923,275 19,799,639 - 268,238 295,484 - 70.55 67.01 -

G EUR 185,200,159 190,591,139 - 2,917,101 3,173,727 - 63.49 60.05 -

I USD 30,836 - - 281 - - 109.74 - -


Investment portfolio

Robeco Life Cycle Fund 2020 Investment Portfolio

At 31 December 2017 Quantity Market Value in EUR x 1

In % of net assets

Fund shares

EUR

iShares Core MSCI World UCITS ETF 2,000 90,360 0.87

iShares EUR Govt Bond 1-3yr UCITS ETF EU 17,314 1,945,228 18.70

Robeco All Strategy Euro Bonds IHHI EUR 4,204 512,665 4.93

Robeco Asian Stars Equities Z EUR 731 123,641 1.19

Robeco BP Global Premium Equities I EUR 2,337 369,274 3.55

Robeco Emerging Markets Eq I EUR 660 237,476 2.28

Robeco Euro Credit Bonds Class ZH EUR 10,137 1,650,372 15.87

Robeco Euro Government Bonds 2IH EUR 18,796 1,916,420 18.43

Robeco Euro Government Bonds Class ZH EUR 3,414 578,506 5.56

Robeco Global Credits 0IH EUR 9,925 1,075,506 10.34

Robeco High Yield Bonds Class ZH EUR 705 148,985 1.43

Robeco QI Global Developed Enh Index Eq Fund EUR G 6,646 741,139 7.13

Robeco QI Global Diversified Carry Z EUR 937 101,237 0.97

Robeco QI Global Multi-Factor Equities Fund EUR G 2,922 384,972 3.70

9,875,781 94.95

USD

Robeco Emerging Debt Z USD 1,108 89,084 0.86

89,084 0.86

Total Fund shares 9,964,865 95.81

Total securities portfolio 9,964,865 95.81

Other assets and liabilities 434,678 4.19

Total net assets 10,399,543 100.00




In % of net assets

Fund shares

EUR



Robeco All Strategy Euro Bonds IHHI EUR 10,421 1,270,790 4.92

Robeco Asian Stars Equities Z EUR 3,365 568,980 2.20

Robeco BP Global Premium Equities I EUR 10,289 1,625,694 6.29

Robeco Emerging Markets Eq I EUR 2,185 786,196 3.04



Robeco Euro Government Bonds Class ZH EUR 10,467 1,773,629 6.86


Robeco Global Stars Equities Z EUR 6,484 1,408,806 5.45

Robeco High Yield Bonds Class ZH EUR 3,512 742,504 2.87

Robeco Property Equities Z EUR 1,062 167,003 0.65

Robeco QI Global Developed Enh Index Eq Fund EUR G 14,815 1,652,288 6.39

Robeco QI Global Diversified Carry Z EUR 3,551 383,631 1.48

Robeco QI Global Multi-Factor Equities Fund EUR G 12,689 1,671,575 6.47

24,833,488 96.08

USD


475,974 1.84








In % of net assets

Fund shares

EUR



Robeco All Strategy Euro Bonds IHHI EUR 5,351 652,522 2.90



Robeco Emerging Markets Eq I EUR 2,522 907,460 4.03











21,167,735 93.98

USD


614,345 2.73








In % of net assets

Fund shares

EUR

iShares Core MSCI World UCITS ETF

20,545

928,223

4.91

iShares EUR Govt Bond 1-3yr UCITS ETF EU

10,430

1,171,811

6.19

Robeco All Strategy Euro Bonds IHHI EUR

3,079

375,496

1.98

Robeco Asian Stars Equities Z EUR

6,733

1,138,624

6.02

Robeco BP Global Premium Equities I EUR

12,533

1,980,373

10.47

Robeco Emerging Markets Eq I EUR

3,041

1,094,409

5.78

Robeco Euro Credit Bonds Class ZH EUR

6,398

1,041,694

5.50

Robeco Euro Government Bonds 2IH EUR

8,442

860,746

4.55

Robeco Euro Government Bonds Class ZH EUR

3,429

581,093

3.07

Robeco Global Credits 0IH EUR

5,651

612,419

3.24

Robeco Global Stars Equities Z EUR

7,721

1,677,476

8.86

Robeco High Yield Bonds Class ZH EUR

3,317

701,432

3.71

Robeco Property Equities Z EUR

2,336

367,159

1.94

Robeco QI Emerging Markets Enhanced Index Equities 0 0 0.00



Robeco QI Global Multi-Factor Equities Fund EUR G

18,448

2,430,268

12.84

17,779,613

93.96

USD

Robeco Emerging Debt Z USD 9,757 784,473

4.15

784,473

4.15








In % of net assets

Fund shares

EUR




Robeco Emerging Markets Eq I EUR 2,797 1,006,492 8.06

Robeco Euro Credit Bonds Class ZH EUR 1 168 0.00

Robeco Euro Government Bonds 2IH EUR 2,570 262,031 2.10







11,479,911 91.91

USD


578,245 4.63








In % of net assets

Fund shares

EUR





Robeco Global Stars Equities Z EUR 3,383 735,111 18.07


Robeco Property Equities Z EUR 587 92,287 2.27




3,812,421 93.72

USD


143,677 3.53








In % of net assets

Fund shares

EUR





Robeco Global Credits 0IH EUR 131 14,237 0.54

Robeco Global Stars Equities Z EUR 1,145 248,858 9.43






2,401,506 91.01

USD


103,637 3.93








In % of net assets

Fund shares

EUR



Robeco BP Global Premium Equities I EUR 702 110,882 13.92


Robeco Global Stars Equities Z EUR 398 86,488 10.86






722,101 90.65

USD

Robeco Emerging Debt Z USD 327 26,291 3.30

26,291 3.30

Total Fund shares 748,392 93.95

Total securities portfolio 748,392 93.95


Total net assets 796,642 100.00




In % of net assets

Fund shares

EUR

iShares Core MSCI World UCITS ETF 680 30,722 6.12







Robeco QI Global Developed Enh Index Eq Fund EUR G 696 77,634 15.46


Robeco QI Global Multi-Factor Equities Fund EUR G 633 83,425 16.61

454,682 90.54

USD


25,728 5.12








In % of net assets

Fund shares

EUR

iShares Core MSCI World UCITS ETF 649 29,322 14.66







Robeco QI Global Developed Enh Index Eq Fund EUR G 282 31,394 15.70

Robeco QI Global Multi-Factor Equities Fund EUR G 251 33,006 16.50

177,608 88.79

USD


9,729 4.86






Robeco Pension Return Portfolio Investment Portfolio


In % of net assets

Fund shares

EUR

PIMCO Funds Global Investors Series PLC 23 286 0.00

Robeco Emerging Stars Equities Z EUR 80,717 13,657,943 9.91

Robeco High Yield Bonds Class ZH EUR 31,304 6,619,012 4.80

Robeco QI Global Conservative Equities Z EUR 69,499 13,608,566 9.88


Robeco QI Global Momentum Equities Z EUR 86,879 14,214,986 10.32


Robeco QI Global Value Equities Z EUR 95,247 14,186,214 10.30

104,608,082 75.93

USD

Robeco Emerging Debt Z USD 137,604 11,063,510 8.03

State Street World ESG Index E 1,851,180 21,008,925 15.25

32,072,435 23.28



Other assets and liabilities 1,090,960 0.79



Robeco Pension Matching Portfolio Investment Portfolio

At 31 December 2017

Interest rate Maturity date Face Value Market Value in EUR x 1

in % of net assets

Fund shares

EUR

Robeco Euro Credit Bonds Class ZH EUR

45,119 7,345,816 2.42

Robeco Investment Grade Corporate Bonds ZH EUR

57,261 7,197,279 2.38

Total fund shares

14,543,095 4.80

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

EUR

0.0000 Austria (Republic)

15.07.2023 230,000 229,648 0.08

0.1000 Germany (Federal Republic) Inflation Linked

15.04.2023 2,351,000 2,676,456 0.88


15.04.2026 2,298,000 2,606,530 0.86


15.04.2046 1,575,000 1,921,670 0.63

0.1000 France (GVT of) Inflation Linked

25.07.2047 2,628,000 2,833,866 0.94


01.03.2021 373,000 401,337 0.13


25.07.2024 1,668,000 1,903,455 0.63


25.07.2018 1,586,000 1,709,657 0.56


18.10.2019 406,000 411,712 0.14


15.04.2030 6,528,000 7,815,703 2.58


25.07.2030 1,829,000 2,183,204 0.72

0.7500 Finland (Republic)

15.04.2031 4,692,000 4,625,843 1.53

0.7500 Netherlands (Kingdom of)

15.07.2027 4,339,000 4,429,295 1.46


20.10.2026 1,031,000 1,055,527 0.35


25.07.2022 2,527,000 3,141,784 1.04


19.10.2018 401,000 406,614 0.13


20.10.2025 786,000 839,566 0.28


15.04.2047 1,407,000 1,419,930 0.47


20.02.2047 192,000 194,486 0.06


02.11.2086 223,000 198,532 0.07


21.10.2024 582,000 640,887 0.21


15.04.2020 2,367,000 2,840,054 0.94


20.10.2023

1,416,000 1,558,520 0.51


25.07.2040 3,269,000 5,664,073 1.87


25.07.2027 3,146,000 4,356,064 1.44


18.06.2019 412,000 427,145 0.14


25.07.2020 3,580,000 4,925,498 1.63


23.05.2034 516,000 620,604 0.20

2.5000 Germany (Federal Republic)

15.08.2046

4,823,000 6,336,940 2.09


04.07.2044 5,580,000 7,261,254 2.40


15.01.2033

10,053,000 12,346,994 4.07


04.07.2042 5,006,000 6,575,231 2.17


04.07.2028 3,589,000 4,363,291 1.44


15.01.2047 9,882,000 13,459,086 4.44


25.07.2032 1,827,000 3,592,107 1.19


20.06.2044 387,000 543,015 0.18


04.07.2042 4,338,000 6,327,754 2.09


22.11.2022 1,439,000 1,687,760 0.56


Investment Portfolio

At 31 December 2017

Interest rate Maturity date Face Value Market Value in EUR x 1

in % of net assets


15.09.2021 1,272,000 1,454,621 0.48


20.04.2022 484,000 564,533 0.19


15.01.2042

12,288,000 19,082,158 6.30


26.01.2062 258,000 438,618 0.14


15.07.2020 850,000 944,631 0.31


04.01.2037

12,177,000 18,636,533 6.15


15.01.2037

11,112,000 16,932,243 5.59


15.03.2037 1,053,000 1,603,835 0.53


04.07.2039 5,496,000 8,929,351 2.95


15.03.2019 641,000 679,018 0.22


04.07.2040 6,166,000 10,765,898 3.55


04.07.2034

12,016,000 19,246,268 6.35


04.07.2028 3,514,000 5,041,606 1.66


15.03.2026 479,000 656,431 0.22


04.01.2031 4,962,000 7,960,040 2.63

5.5000 Netherlands (Kingdom of) 15.01.2028 11,062,000 16,457,822 5.43

5.6250 Germany (Federal Republic) 04.01.2028 4,006,000 6,040,127 1.99


6.2500 Austria (Republic) 15.07.2027 582,000 897,153 0.30



20.09.2022 1,475,000 1,485,841 0.49

267,686,827 88.35

Total transferable securities and money market instruments admitted to an official stock exchange listing 267,686,827 88.35

Total investment portfolio 282,229,922 93.15




Robeco Multi Asset Income Investment Portfolio


In % of net assets

Total Fund shares

EUR

iShares Core MSCI World UCITS ETF 326,092 14,732,837 8.22

PIMCO Funds Global Investors Series PLC 667,548 8,144,085 4.54

Principal Global Investors Funds - Post 162,340 1,531,889 0.85



Robeco Euro Government Bonds IHHI EUR 75,533 8,471,680 4.73

Robeco European High Yield Bonds 0IH EUR 4,555 535,642 0.30

Robeco Financial Institutions Bonds 0IH EUR 67,212 7,760,261 4.33



Robeco Property Equities Z EUR 11,349 1,783,932 1.00

Robeco QI Emerging Markets Enhanced Index Equities 26,407 3,838,832 2.14


Robeco QI Global Diversified Carry Z EUR 94,167 10,174,570 5.67

Robeco QI Global Dynamic Duration ZH EUR 65,720 8,543,944 4.77


Standard Life Investments Global SICAV – European Corporate Bond Fund D EUR 747,910 14,010,000 7.81

161,342,174 89.99

USD


SPDR Barclays U.S. TIPS UCITS ETF 128,375 3,310,403 1.85

5,555,684 3.10






Robeco QI Conservative Multi Asset Investment Portfolio

At 31 December 2017 Quantity for shares Nominal for Bonds

Market Value in EUR x 1

In % of net assets

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

AUD

Shares

AGL Energy Ltd 4,119 65,357 0.27

ASX Ltd 1,799 64,285 0.26

Aurizon Holdings Ltd 17,907 57,853 0.24

AusNet Services 37,908 44,569 0.18

Australia & New Zealand Banking Group Lt 3,924 73,458 0.30

Coca-Cola Amatil Ltd 2,105 11,668 0.05

CSR Ltd 19,270 59,746 0.24

Dexus 9,279 58,929 0.24

Investa Office Fund 20,875 61,867 0.25

Telstra Corp Ltd 18,047 42,671 0.17

Wesfarmers Ltd 2,348 67,936 0.28

4,119 608,339 2.48

CAD

Shares

Bank of Montreal 1,359 90,862 0.37

Bank of Nova Scotia/The 1,424 76,780 0.31

BCE Inc 1,497 60,079 0.24

Canadian Imperial Bank of Commerce 1,135 92,445 0.38

Cogeco Communications Inc 597 34,316 0.14

Enercare Inc 4,578 62,409 0.25

First Capital Realty Inc 4,113 56,644 0.23

Granite Real Estate Investment Trust 1,882 61,608 0.25

IGM Financial Inc 2,178 63,914 0.26

National Bank of Canada 2,203 91,839 0.37

Rogers Communications Inc 1,711 72,841 0.30

Royal Bank of Canada 1,671 114,010 0.46

Thomson Reuters Corp 1,493 54,371 0.22

Toronto-Dominion Bank/The 1,786 87,430 0.36

1,019,548 4.14

CHF

Shares

Allreal Holding AG 289 40,702 0.17

Baloise Holding AG 162 21,002 0.09

EMS-Chemie Holding AG 130 72,269 0.29

Partners Group Holding AG 140 79,921 0.33

Swiss Re AG 758 59,110 0.24

Swisscom AG 204 90,394 0.37

Valora Holding AG 70 19,442 0.08

382,840 1.57





In % of net assets

DKK

Shares

Danske Bank A/S 2,410 78,203 0.32

78,203 0.32

EUR

Bonds

0.000 HENKEL AG & CO KGAA 13-SEP-2021 40,000 39,948 0.16

0.500 IBM CORP 07-SEP-2021 102,000 103,281 0.42

0.500 ROCHE FINANCE EUROPE BV 27-FEB-2023 20,000 20,202 0.08

0.625 DEUTSCHE TELEKOM INT FIN 03-APR-2023 10,000 10,079 0.04

0.625 SWEDBANK AB 04-JAN-2021 101,000 102,805 0.42

0.625 TORONTO-DOMINION BANK 08-MAR-2021 102,000 103,681 0.42

0.875 NATIONAL AUSTRALIA BANK 20-JAN-2022 112,000 114,533 0.47

1.000 WUERTH FINANCE INTL BV 19-MAY-2022 10,000 10,327 0.04

1.125 SAP SE 20-FEB-2023 80,000 83,546 0.34

1.250 BK NEDERLANDSE GEMEENTEN 29-OCT-2018 101,000 102,475 0.42

1.250 LVMH MOET HENNESSY VUITT 04-NOV-2019 51,000 52,358 0.21

1.250 NESTLE FINANCE INTL LTD 04-MAY-2020 98,000 101,155 0.41

1.250 SHELL INTERNATIONAL FIN 15-MAR-2022 110,000 115,085 0.47

1.375 NORDEA BANK AB 12-APR-2018 101,000 101,477 0.41

1.625 ROBERT BOSCH INVESTMENT 24-MAY-2021 100,000 105,132 0.43

1.750 LVMH MOET HENNESSY VUITT 13-NOV-2020 60,000 62,863 0.26

1.750 SIEMENS FINANCIERINGSMAT 12-MAR-2021 60,000 63,327 0.26

2.000 ROCHE FINANCE EUROPE BV 25-JUN-2018 99,000 100,087 0.41

2.125 NESTLE FINANCE INTL LTD 10-SEP-2021 20,000 21,540 0.09

2.250 ALLIANDER NV 14-NOV-2022 110,000 120,729 0.49

2.250 MORGAN STANLEY 12-MAR-2018 66,000 66,319 0.27

2.375 PEUGEOT SA 14-APR-2023 10,000 10,545 0.04

3.000 CONTINENTAL AG 16-JUL-2018 65,000 66,143 0.27

3.000 ENGIE SA 01-FEB-2023 70,000 79,128 0.32

3.125 LINDE FINANCE BV 12-DEC-2018 65,000 67,072 0.27

3.125 TOTAL CAPITAL SA 16-SEP-2022 10,000 11,327 0.05

3.250 GOLDMAN SACHS GROUP INC 01-FEB-2023 70,000 78,665 0.32

3.750 BANQUE FED CRED MUTUEL 26-JAN-2018 64,000 64,166 0.26

3.750 WUERTH FINANCE INTL BV 25-MAY-2018 64,000 64,966 0.26

3.875 DNB BANK ASA 29-JUN-2020 60,000 65,820 0.27

3.875 LINDE FINANCE BV 01-JUN-2021 10,000 11,339 0.05

3.875 NEDER WATERSCHAPSBANK 17-FEB-2020 89,000 97,143 0.40

4.000 BELGIUM KINGDOM 28-MAR-2018 433,000 437,923 1.78

4.000 CIE DE SAINT-GOBAIN 08-OCT-2018 64,000 66,054 0.27

4.125 PROCTER & GAMBLE CO/THE 07-DEC-2020 89,000 99,840 0.41

4.125 SANOFI 11-OCT-2019 90,000 96,959 0.40

4.250 TELSTRA CORP LTD 23-MAR-2020 59,000 64,599 0.26

4.375 SVENSKA HANDELSBANKEN AB 20-OCT-2021 100,000 115,996 0.47

4.500 NV NEDERLANDSE GASUNIE 20-JUN-2021 56,000 64,972 0.26

4.750 COOPERATIEVE RABOBANK UA 15-JAN-2018 63,000 63,107 0.26

4.750 JOHNSON & JOHNSON 06-NOV-2019 50,000 54,588 0.22

4.875 CIBA SPECIAL CHEM FIN LX 20-JUN-2018 63,000 64,486 0.26





In % of net assets

4.875 TOTAL CAPITAL SA 28-JAN-2019 90,000 94,918 0.39

5.125 GAS NATURAL CAPITAL 02-NOV-2021 50,000 59,498 0.24

5.375 GE CAPITAL EURO FUNDING 16-JAN-2018 90,000 90,181 0.37

6.000 AUCHAN HOLDING SA 15-APR-2019 50,000 53,940 0.22

6.250 HSBC HOLDINGS PLC 19-MAR-2018 50,000 50,669 0.21

6.750 NATIONWIDE BLDG SOCIETY 22-JUL-2020 56,000 65,027 0.26

6.750 VATTENFALL AB 31-JAN-2019 50,000 53,669 0.22

7.375 PEUGEOT SA 06-MAR-2018 29,000 29,365 0.12

Shares

BASF SE 157 14,403 0.06

Covestro AG 950 81,729 0.33

Endesa SA 3,046 54,386 0.22

ERG SpA 1,989 30,631 0.12

Euler Hermes Group 594 72,355 0.29

Metropole Television SA 1,792 38,591 0.16

Muenchener Rueckversicherungs-Gesellscha 384 69,408 0.28

Oesterreichische Post AG 1,728 64,662 0.26

REN - Redes Energeticas Nacionais SGPS S 20,350 50,448 0.21

Sanofi 1,116 80,185 0.33

4,399,852 17.91

GBP

Bonds

0.875 HENKEL AG & CO KGAA 13-SEP-2022 40,000 44,589 0.18

1.125 BK NEDERLANDSE GEMEENTEN 24-MAY-2021 20,000 22,723 0.09

1.250 SKANDINAVISKA ENSKILDA 05-AUG-2022 100,000 112,186 0.46

2.250 TOTAL CAPITAL INTL SA 09-JUN-2022 10,000 11,811 0.05

5.000 AMERICAN INTL GROUP 26-APR-2023 50,000 64,970 0.26

5.125 CITIGROUP INC 12-DEC-2018 54,000 63,183 0.26

5.250 WELLS FARGO BANK NA 01-AUG-2023 50,000 66,423 0.27

6.500 DEUTSCHE TELEKOM INT FIN 08-APR-2022 50,000 68,228 0.28

6.500 HSBC BANK PLC 07-JUL-2023 10,000 13,862 0.06

9.375 BANK OF SCOTLAND PLC 15-MAY-2021 40,000 56,210 0.23

9.625 LLOYDS BANK PLC 06-APR-2023 10,000 15,318 0.06

Shares

3i Group PLC 7,647 78,697 0.32

Berkeley Group Holdings PLC 1,513 71,538 0.29

GlaxoSmithKline PLC 4,724 70,382 0.29

HSBC Holdings PLC 13,160 113,698 0.46

Lancashire Holdings Ltd 7,469 57,386 0.23

National Grid PLC 5,942 58,580 0.24

Persimmon PLC 3,093 95,405 0.39

QinetiQ Group PLC 14,751 38,404 0.16

Royal Mail PLC 11,444 58,338 0.24

SSE PLC 3,603 53,579 0.22

Tate & Lyle PLC 7,479 59,232 0.24

1,294,742 5.28

HKD





In % of net assets

Shares

Agricultural Bank of China Ltd 160,000 62,043 0.25

Bank of China Ltd 162,000 66,270 0.27

Bank of Communications Co Ltd 87,000 53,755 0.22

China Construction Bank Corp 110,000 84,372 0.34

China Shenhua Energy Co Ltd 32,500 70,110 0.29

CLP Holdings Ltd 8,500 72,395 0.29

Hang Seng Bank Ltd 700 14,467 0.06

HKT Trust & HKT Ltd 55,000 58,357 0.24

Industrial & Commercial Bank of China Lt 125,000 83,759 0.34

Jiangsu Expressway Co Ltd 38,000 48,173 0.20

Kingboard Chemical Holdings Ltd 10,500 47,259 0.19

Link REIT 10,000 77,181 0.31

MTR Corp Ltd 13,000 63,428 0.26

VTech Holdings Ltd 2,700 29,453 0.12

831,022 3.38

JPY

Shares

Asahi Kasei Corp 7,000 75,216 0.31

Canon Inc 2,800 86,937 0.35

Daito Trust Construction Co Ltd 400 67,938 0.28

Duskin Co Ltd 1,800 39,561 0.16

Mitsubishi Gas Chemical Co Inc 3,800 90,877 0.37

Sumitomo Corp 7,100 100,514 0.41

461,043 1.88

KRW

Shares

Samsung Electronics Co Ltd 32 63,427 0.26

63,427 0.26

MYR

Shares

DiGi.Com Bhd 57,800 60,659 0.25

Hong Leong Bank Bhd 23,700 82,908 0.34

Malayan Banking Bhd 36,600 73,809 0.30

Maxis Bhd 36,600 45,264 0.18

Public Bank Bhd 15,100 64,569 0.26

YTL Corp Bhd 160,140 45,146 0.18

372,355 1.51

NOK

Shares

Orkla ASA 7,159 63,450 0.26

63,450 0.26

NZD

Shares

Air New Zealand Ltd 27,428 51,821 0.21

51,821 0.21

PLN





In % of net assets

Shares

Polski Koncern Naftowy ORLEN SA 3,199 81,269 0.33

Powszechny Zaklad Ubezpieczen SA 7,484 75,620 0.31

156,889 0.64

RUB

Shares

Alrosa PJSC 39,800 43,213 0.18

43,213 0.18

SEK

Shares

Nordea Bank AB 6,565 66,308 0.27

Scandic Hotels Group AB 5,476 65,585 0.27

Svenska Cellulosa AB SCA 10,672 91,778 0.37

Svenska Handelsbanken AB 4,815 54,950 0.22

Swedbank AB 2,857 57,509 0.23

336,130 1.36

SGD

Shares

Mapletree Industrial Trust 33,500 42,377 0.17

Mapletree Logistics Trust 54,670 44,969 0.18

SATS Ltd 18,600 60,271 0.25

Venture Corp Ltd 8,200 104,598 0.43

252,215 1.03

THB

Shares

PTT Global Chemical PCL 35,300 76,652 0.31

Thai Oil PCL 29,200 77,207 0.31

153,859 0.62

TRY

Shares

Tupras Turkiye Petrol Rafinerileri AS 3,299 88,037 0.36

88,037 0.36

TWD

Shares

Asustek Computer Inc 8,000 62,573 0.25

Chunghwa Telecom Co Ltd 25,000 74,159 0.30

First Financial Holding Co Ltd 126,480 69,197 0.28

Hon Hai Precision Industry Co Ltd 29,000 77,260 0.31

Taiwan Mobile Co Ltd 17,000 51,142 0.21

334,331 1.35

USD

Bonds

1.000 TEXAS INSTRUMENTS INC 01-MAY-2018 74,000 61,473 0.25

1.550 APPLE INC 04-AUG-2021 10,000 8,089 0.03

1.550 APPLE INC 07-FEB-2020 112,000 92,254 0.38

1.550 MICROSOFT CORP 08-AUG-2021 30,000 24,333 0.10

1.750 COLGATE-PALMOLIVE CO 15-MAR-2019 110,000 91,323 0.37





In % of net assets

1.800 UNION PACIFIC CORP 01-FEB-2020 74,000 60,963 0.25

1.850 HONEYWELL INTERNATIONAL 01-NOV-2021 100,000 81,676 0.33

1.850 MICROSOFT CORP 12-FEB-2020 110,000 91,182 0.37

1.850 TEXAS INSTRUMENTS INC 15-MAY-2022 20,000 16,251 0.07

1.875 EMC CORP 01-JUN-2018 37,000 30,647 0.12

1.950 BANK OF NOVA SCOTIA 15-JAN-2019 110,000 91,461 0.37

2.000 MASTERCARD INC 21-NOV-2021 100,000 82,104 0.33

2.000 SANTANDER UK PLC 24-AUG-2018 73,000 60,759 0.25

2.050 JOHNSON & JOHNSON 01-MAR-2023 70,000 57,182 0.23

2.100 STARBUCKS CORP 04-FEB-2021 73,000 60,396 0.25

2.150 ROYAL BANK OF CANADA 15-MAR-2019 72,000 59,967 0.24

2.300 COLGATE-PALMOLIVE CO 03-MAY-2022 30,000 24,847 0.10

2.300 PROCTER & GAMBLE CO/THE 06-FEB-2022 17,000 14,105 0.06

2.350 ESTEE LAUDER CO INC 15-AUG-2022 100,000 82,258 0.34

2.350 WAL-MART STORES INC 15-DEC-2022 150,000 124,400 0.51

2.350 WALT DISNEY COMPANY/THE 01-DEC-2022 10,000 8,272 0.03

2.355 CHEVRON CORP 05-DEC-2022 100,000 82,623 0.34

2.375 ORACLE CORP 15-JAN-2019 72,000 60,190 0.25

2.400 DANAHER CORP 15-SEP-2020 73,000 60,980 0.25

2.450 INTEL CORP 29-JUL-2020 72,000 60,486 0.25

2.500 COCA-COLA CO/THE 01-APR-2023 90,000 74,796 0.30

2.600 CISCO SYSTEMS INC 28-FEB-2023 10,000 8,335 0.03

2.600 TAMPA ELECTRIC CO 15-SEP-2022 80,000 65,764 0.27

2.625 EMERSON ELECTRIC CO 15-FEB-2023 80,000 66,242 0.27

2.625 HOME DEPOT INC 01-JUN-2022 20,000 16,745 0.07

2.700 CHUBB INA HOLDINGS INC 13-MAR-2023 80,000 66,524 0.27

2.700 EASTMAN CHEMICAL CO 15-JAN-2020 72,000 60,346 0.25

2.750 PEPSICO INC 01-MAR-2023 20,000 16,806 0.07

2.750 TJX COS INC 15-JUN-2021 26,000 21,929 0.09

2.800 VISA INC 14-DEC-2022 91,000 76,854 0.31

2.850 APPLE INC 06-MAY-2021 10,000 8,460 0.03

2.850 APPLE INC 23-FEB-2023 10,000 8,426 0.03

2.850 GLAXOSMITHKLINE CAPITAL 08-MAY-2022 70,000 59,055 0.24

2.875 ABB FINANCE USA INC 08-MAY-2022 90,000 76,163 0.31

2.875 BHP BILLITON FIN USA LTD 24-FEB-2022 90,000 75,936 0.31

2.900 PHILIP MORRIS INTL INC 15-NOV-2021 20,000 16,843 0.07

3.000 BERKSHIRE HATHAWAY FIN 15-MAY-2022 10,000 8,512 0.03

3.000 PEPSICO INC 25-AUG-2021 10,000 8,513 0.03

3.125 MEDTRONIC INC 15-MAR-2022 40,000 34,038 0.14

3.125 RELX CAPITAL INC 15-OCT-2022 10,000 8,387 0.03

3.200 ABBVIE INC 06-NOV-2022 40,000 33,824 0.14

3.200 COVIDIEN INTL FINANCE SA 15-JUN-2022 50,000 42,531 0.17

3.300 INTEL CORP 01-OCT-2021 19,000 16,383 0.07

3.375 EMC CORP 01-JUN-2023 10,000 8,023 0.03

3.450 VIRGINIA ELEC & POWER CO 01-SEP-2022 80,000 68,813 0.28

3.625 ALPHABET INC 19-MAY-2021 124,000 107,937 0.44

3.750 PROGRESSIVE CORP 23-AUG-2021 80,000 69,422 0.28

3.875 TARGET CORP 15-JUL-2020 68,000 58,994 0.24

4.000 LYB INTL FINANCE BV 15-JUL-2023 80,000 69,835 0.28





In % of net assets

4.000 WILLIAMS PARTNERS LP 15-NOV-2021 60,000 51,703 0.21

4.050 PRAXAIR INC 15-MAR-2021 68,000 59,472 0.24

4.300 THOMSON REUTERS CORP 23-NOV-2023 40,000 35,172 0.14

4.400 HOME DEPOT INC 01-APR-2021 60,000 53,014 0.22

4.400 NOVARTIS CAPITAL CORP 24-APR-2020 103,000 90,001 0.37

4.450 AT&T INC 15-MAY-2021 10,000 8,790 0.04

4.450 CISCO SYSTEMS INC 15-JAN-2020 67,000 58,358 0.24

4.500 PEPSICO INC 15-JAN-2020 60,000 52,319 0.21

4.500 PHILIP MORRIS INTL INC 26-MAR-2020 68,000 59,258 0.24

4.625 JPMORGAN CHASE & CO 10-MAY-2021 10,000 8,873 0.04

4.625 VODAFONE GROUP PLC 15-JUL-2018 69,000 58,247 0.24

4.750 D.R. HORTON INC 15-FEB-2023 45,000 40,156 0.16

4.750 TIME WARNER INC 29-MAR-2021 10,000 8,868 0.04

4.875 TIME WARNER INC 15-MAR-2020 68,000 59,500 0.24

5.000 MERCK SHARP & DOHME CORP 30-JUN-2019 67,000 58,172 0.24

5.100 HSBC HOLDINGS PLC 05-APR-2021 11,000 9,843 0.04

5.125 QVC INC 02-JUL-2022 60,000 52,733 0.21

5.450 NATIONAL RURAL UTIL COOP 01-FEB-2018 69,000 57,607 0.23

5.500 MORGAN STANLEY 28-JUL-2021 5,000 4,559 0.02

5.500 WALT DISNEY COMPANY/THE 15-MAR-2019 67,000 58,052 0.24

5.625 L BRANDS INC 15-FEB-2022 30,000 26,623 0.11

5.650 GENERAL MILLS INC 15-FEB-2019 67,000 57,908 0.24

6.000 CONSTELLATION BRANDS INC 01-MAY-2022 44,000 41,160 0.17

6.000 CREDIT SUISSE NEW YORK 15-FEB-2018 69,000 57,704 0.24

6.125 ROYAL BK SCOTLND GRP PLC 15-DEC-2022 40,000 36,496 0.15

6.250 ILLINOIS TOOL WORKS INC 01-APR-2019 10,000 8,740 0.04

6.500 XTO ENERGY INC 15-DEC-2018 101,000 87,605 0.36

6.750 QWEST CORP 01-DEC-2021 61,000 54,546 0.22

6.950 EATON CORP 20-MAR-2019 65,000 56,984 0.23

7.150 CATERPILLAR FINANCIAL SE 15-FEB-2019 65,000 57,122 0.23

7.250 BEAR STEARNS COS LLC 01-FEB-2018 67,000 56,017 0.23

8.375 TIME WARNER ENT 15-MAR-2023 70,000 70,894 0.29

8.625 RELX CAPITAL INC 15-JAN-2019 63,000 55,655 0.23

8.750 BOEING CO 15-AUG-2021 60,000 60,714 0.25

Shares

3M Co 605 118,587 0.48

Advanced Energy Industries Inc 1,207 67,828 0.28

Allstate Corp/The 988 86,154 0.35

Altria Group Inc 1,511 89,857 0.37

American Express Co 1,340 110,822 0.45

Amphenol Corp 1,025 74,946 0.31

Applied Industrial Technologies Inc 1,036 58,754 0.24

Arch Capital Group Ltd 770 58,205 0.24

Assured Guaranty Ltd 1,672 47,161 0.19

Axis Capital Holdings Ltd 1,009 42,232 0.17

Banco Santander Brasil SA ADR 8,433 67,911 0.28

Baxter International Inc 1,549 83,384 0.34

Capitol Federal Financial Inc 3,920 43,777 0.18

Carnival Corp 1,472 81,360 0.33





In % of net assets

CenterPoint Energy Inc 2,745 64,830 0.26

Cintas Corp 556 72,153 0.29

CNA Financial Corp 1,766 78,020 0.32

Coca-Cola Co/The 3,174 121,272 0.49

Consolidated Edison Inc 1,275 90,199 0.37

Copart Inc 1,512 54,383 0.22

Corning Inc 2,904 77,364 0.32

Cummins Inc 570 83,848 0.34

Darden Restaurants Inc 958 76,605 0.31

DTE Energy Co 965 87,965 0.36

Duke Energy Corp 1,035 72,497 0.30

Entergy Corp 484 32,805 0.13

Erie Indemnity Co 180 18,264 0.07

Essent Group Ltd 1,278 46,211 0.19

Everest Re Group Ltd 305 56,199 0.23

First American Financial Corp 269 12,554 0.05

Gaming and Leisure Properties Inc 2,333 71,886 0.29

Garmin Ltd 1,693 83,987 0.34

Gazprom PJSC ADR 13,911 51,089 0.21

Genpact Ltd 3,209 84,822 0.35

IDEXX Laboratories Inc 556 72,408 0.30

Illinois Tool Works Inc 602 83,647 0.34

Intuitive Surgical Inc 228 69,292 0.28

Jack Henry & Associates Inc 711 69,253 0.28

Johnson & Johnson 928 107,978 0.44

Lockheed Martin Corp 326 87,160 0.36

LUKOIL PJSC ADR 1,285 61,232 0.25

Macquarie Infrastructure Corp 799 42,718 0.17

Masimo Corp 976 68,925 0.28

Maxim Integrated Products Inc 623 27,124 0.11

McDonald's Corp 869 124,561 0.51

Merck & Co Inc 1,803 84,489 0.34

Mercury General Corp 1,077 47,930 0.20

Northrop Grumman Corp 322 82,299 0.34

Novolipetsk Steel PJSC GDR 2,191 46,564 0.19

OGE Energy Corp 1,969 53,964 0.22

Packaging Corp of America 765 76,799 0.31

PepsiCo Inc 1,175 117,343 0.48

Philip Morris International Inc 1,135 99,861 0.41

Pinnacle Foods Inc 678 33,578 0.14

PNC Financial Services Group Inc/The 456 54,794 0.22

PPL Corp 2,073 53,431 0.22

ProAssurance Corp 1,173 55,827 0.23

Procter & Gamble Co/The 1,791 137,040 0.56

Quest Diagnostics Inc 838 68,733 0.28

Raytheon Co 528 82,599 0.34

Reinsurance Group of America Inc 518 67,265 0.27

Republic Services Inc 1,193 67,171 0.27

Safety Insurance Group Inc 874 58,519 0.24





In % of net assets

Schweitzer-Mauduit International Inc 1,571 59,344 0.24

Severstal PJSC GDR 4,165 53,346 0.22

Simpson Manufacturing Co Inc 462 22,088 0.09

SK Telecom Co Ltd ADR 2,974 69,124 0.28

Southern Co/The 1,586 63,517 0.26

Spire Inc 1,126 70,469 0.29

Synopsys Inc 1,065 75,600 0.31

Sysco Corp 1,293 65,393 0.27

T Rowe Price Group Inc 1,012 88,432 0.36

TE Connectivity Ltd 1,057 83,659 0.34

Telefonica Brasil SA Pref ADR 5,233 64,628 0.26

Telekomunikasi Indonesia Perse ADR 2,349 63,029 0.26

Texas Instruments Inc 1,158 100,717 0.41

United Parcel Service Inc 736 73,030 0.30

VMware Inc. Class A 807 84,222 0.34

Wal-Mart Stores Inc 990 81,414 0.33

Waste Management Inc 1,245 89,477 0.36

Xcel Energy Inc 1,731 69,352 0.28

10,102,798 41.18

Total transferable securities and money market instruments admitted to an official stock exchange listing 21,094,114 85.92





Robeco Multi Asset Growth Investment Portfolio


In % of net assets

Fund shares

EUR

AQR UCITS Funds - Emerging Equities UCIT 32,770 4,677,590 2.29

iShares Core MSCI World UCITS ETF 562,263 25,403,042 12.44

PIMCO Funds Global Investors Series PLC 579,799 7,073,545 3.46



Robeco Euro Government Bonds IHHI EUR 45,486 5,101,661 2.50

Robeco European High Yield Bonds 0IH EUR 12,197 1,434,312 0.70

Robeco Financial Institutions Bonds 0IH EUR 26,596 3,070,807 1.50




Robeco Property Equities Z EUR 18,057 2,838,455 1.39

Robeco QI Emerging Markets Enhanced Index Equities 65,447 9,514,011 4.66



RobecoSAM QI Global Sustainable Equities Z EUR 115,999 19,059,864 9.34

185,474,197 90.84

USD

iShares Global Govt Bond UCITS ETF 5 453 0.00


2,027,525 1.00





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