Cover letter to the shareholders of the UCITS Robeco All Strategies Funds Robeco Multi Asset Income

Transcription

1 Cover letter to the shareholders of the UCITS Robeco All Strategies Funds Robeco Multi Asset Income Dear Shareholders, With this letter we want to inform you that as you will become shareholder in the Sub-fund, Robeco Multi Asset Income, a Transaction will take place on 13 September This Transaction is the merger of Robeco Safe Mix N.V. into Robeco Multi Asset Income. The merger will take place by a means of a transfer of assets. The proposed Transaction will have no negative impact for you as existing shareholder in Robeco Multi Asset Income. The assets of Robeco Multi Asset Income will increase with the transfer of assets of Robeco Safe Mix N.V. As existing shareholder you may benefit from economies of scale as a result of a greater size. The investment policy of Robeco Multi Asset Income will not be amended on the occasion of the Transaction, nor will the transfer of assets of Robeco Safe Mix N.V have any impact on the economic rights and obligations of you as existing shareholder in Robeco Multi Asset Income. Detailed information on this Transaction can be found in the enclosed notice to the shareholders of Robeco Safe Mix N.V. as well as Robeco All Strategies Funds The Board of Directors

2 Notice to the shareholders of the UCITS Robeco Safe Mix N.V. and Robeco All Strategies Funds Robeco Multi Asset Income Date: 2 May 2016

3 Robeco Notice to the shareholders of the UCITS 2 Dear Shareholders, We are writing to you in connection with the decision of the respective boards of directors of both Robeco Safe Mix N.V. (the "Disappearing UCITS") and Robeco All Strategies Funds SICAV (the "Receiving UCITS") to propose to merge the Disappearing UCITS with a Sub-fund of the Receiving UCITS namely Robeco Multi Asset Income (the "Sub-fund"). This merger will take place by way of liquidation of the Disappearing UCITS and a transfer of its assets to the Receiving UCITS that shall attribute these assets to the Sub-fund, in exchange for the issuance of shares in the Sub-fund (the Transaction") as is meant in Article 2 1) (p) under (iii) of the UCITS Directive 2009/65/EC and article 4:62a under c Wft. I. Background and Rationale The Disappearing UCITS is a public limited liability company with variable capital organised under the laws of the Netherlands. The Receiving UCITS is a SICAV organised under the laws of the Grand Duchy of Luxembourg; the Disappearing UCITS and the Receiving UCITS together also referred to as the "Merging UCITS". The Board of Directors would like to propose to merge the Merging UCITS with the effective date of 13 September 2016 (the "Transaction Date"). The decision to propose to liquidate the Disappearing UCITS and transfer its assets to the Receiving UCITS, that shall attribute these assets to the Sub-fund, has been taken by the boards of directors of the Merging Companies because of a combination of factors: (i) (ii) (iii) The board of directors of the Disappearing UCITS (the "Board") has noted that the demand for and the assets of the Disappearing UCITS decreased significantly in the last years. Therefore the Board considers it not efficient and not in the best interest of the Shareholders to continue with the Disappearing UCITS in its current form. However the Board has also identified that the demand for multi asset strategies focussing on income is increasing, especially on the international market. In order to meet this demand the Board proposes to merge the Disappearing UCITS with the Sub-fund. Both the Disappearing UCITS and the Subfund share comparable strategies, whereby the strategy of the Sub-fund focusses more on growth. Therefore the Board considers that the Sub-fund has more growth potential in the international market. The Board also is of the opinion that the Sub-fund offers the current Shareholders in the Disappearing UCITS a more future-proof multi asset investment. II. The Transaction On the Transaction Date, the Disappearing UCITS will transfer all its assets to the Receiving UCITS in exchange for shares in the Sub-fund. Shareholders of the Disappearing UCITS will receive shares in the Sub-fund free of charge on the first bank business day after the Transaction Date. Shareholders of the respective share classes of the Disappearing UCITS shall become shareholders of the Subfund as follows: 2

4 Robeco Notice to the shareholders of the UCITS 3 Existing share classes in the Disappearing UCITS Corresponding share classes in the Receiving UCITS Robeco Safe Robeco Safe Mix Robeco All Robeco Multi Asset Income E EUR Mix N.V. Robeco Safe Mix - EUR G Strategies Funds Robeco Multi Asset Income G EUR The currently issued priority shares in the share capital of the Disappearing UCITS shall be repurchased after the signing of this merger proposal, but prior to the closing of the Transaction. As a result thereof, no exchange ratio and/or corresponding share class shall be calculated regarding the priority shares. To facilitate the Transaction, shareholders should note that the last subscription, conversion and redemption orders in the Disappearing UCITS will be accepted on Friday 2 September 2016, 15:00 CET (Cut-off time), please note that your financial advisor or distributor may adopt a different Cut-off time. As of Friday 2 September 2016, the subscription and redemption for shares in the Disappearing UCITS shall be suspended. Shareholders who do not accept the proposed Transaction, and not wish to have their shares exchanged on the Transaction Date, may redeem their shares or convert their shares into shares of another fund, managed by Robeco Institutional Asset Management B.V. ( RIAM ), the management company of the Disappearing UCITS and/or Robeco Luxembourg S.A., the management company of the Receiving UCITS, at the transaction price without any additional charges until this cut off-time. Please note that your financial advisor or distributor through which you acquire shares in a relevant fund could charge additional fees. In preparation for the merger the portfolio of the Disappearing UCITS will be aligned with the portfolio of the Sub-fund of the Receiving UCITS starting from September The transaction costs for the portfolio alignment will be borne by the Disappearing UCITS. Shareholders that have not made use of any of the abovementioned options at the cut-off time of Friday 2 September 2016, 15:00 CET shall become shareholder in the Sub-fund as of the Transaction Date. As of the the Transaction Date, they may exercise the rights and obligations attached to the shares in the Sub-fund in accordance with the prospectus of the Sub-fund and the articles of association of the Receiving UCITS. Dealing in the Disappearing UCITS will be suspended from Friday 2 September :00CET. As of Tuesday 13 September 2016 shareholders of the Disappearing UCITS can submit orders in the Sub-fund of the Receiving UCITS. In the event that the suspension is required on another date and/or needs to be extended due to unforeseen circumstances, shareholders will be informed accordingly. The total value of the shares to be issued in the Sub-fund will correspond to the total value of the shares held in the Disappearing UCITS as the underlying assets of the Disappearing UCITS shall be transferred to the Receiving UCITS that shall attribute these assets to the Sub-fund, as per the date of the Transaction. The number of New Shares to be issued in the Sub-fund of the Receiving UCITS is determined by dividing the total assets transferred by the net asset value of the applicable class of the Sub-fund of the Receiving UCITS,

5 Notice to the shareholders of the UCITS Robeco 4 rounded to four decimals as at the valuation point on the Transaction Date (as defined below). The conversion factor will be calculated and audited as at the valuation point on the Transaction Date. The payment of the New Shares to the shareholders of the Disappearing UCITS will be effectuated as of the first bank business day after the Transaction Date against the exchange ratio calculated on the Transaction Date. While the overall value of their shareholding will remain the same, shareholders may receive a different number of shares of the Sub-fund then they previously held in the Disappearing UCITS. The approved statutory auditor of the Disappearing UCITS, KPMG Luxembourg S.C., shall validate the criteria adopted for valuation of the Disappearing UCITS as well as the exchange ratio. The payment of the New Shares to the shareholders of the Disappearing UCITS will be effectuated as of the first bank business day after the Transaction Date. Any additional liabilities occurring after the valuation point on the Transaction Date will be borne by RIAM. III. Impact and shareholders rights The Transaction will not have a significant impact on the shareholders in the Disappearing UCITS. Shareholders of the Disappearing UCITS will receive shares with in the Sub-fund, which has a comparable investment policy as the Disappearing UCITS but has a higher risk profile. The risk profile is higher because a larger part of the portfolio may be invested in equities. Consequently the expected return can also be higher; on the other hand the overall costs are higher than the Disappearing UCITS. The shareholders of the Disappearing UCITS can however continue to invest in a multi asset strategy. The proposed Transaction will have no negative impact on the shareholders of the Receiving UCITS and the existing shareholders in the Sub-fund. The assets of the Sub-fund will increase with the assets of the Disappearing UCITS. The existing shareholders of the Sub-fund will therefore benefit from economies of scale as a result of a greater size. The investment policy of the Receiving UCITS will furthermore not be amended on the occasion of the Transaction, nor will the transfer of assets from the Disappearing UCITS to the Receiving UCITS have any impact on the existing shareholders of the Receiving UCITS or the economic rights and obligations of shareholders in the Sub-fund. For the avoidance of doubt, it is stated that shareholders of the Disappearing UCITS will hold shares in the Subfund after the Transaction and will continue to benefit from the general safeguards applicable to UCITS. A short description of the investment policy of the Sub-fund compared to the Disappearing UCITS can be found in Appendix I of this letter. IV. Differences There are some differences between the Disappearing UCITS and the Sub-fund. A comparison of the investment objective and policy, the fees structure and available classes of shares is provided in the Appendix I to this letter. V. Costs of the Transaction 4

6 Robeco Notice to the shareholders of the UCITS 5 All legal, advisory and administrative costs and expenses, except for transaction costs of portfolio alignment which will be borne by the Disappearing UCITS, incurred by the Disappearing UCITS resulting from or incidental to the implementation of the Transaction will be borne by RIAM. Any foreign taxes and duties payable upon the Transaction by the Receiving UCITS on the assets of the Disappearing UCITS as a result of the implementation of the Transaction, will be paid by RIAM. All unamortised expenses relating to the Disappearing UCITS will be borne by RIAM. All receivables and liabilities of the merging UCITS will be valued at the time of the Transaction; receivables and liabilities of the Disappearing UCITS will be sold and transferred to a Robeco Company against payment in cash. VI. Additional information a) Registration Shareholders are advised that the Sub-fund has been registered for marketing in the Netherlands where the Disappearing UCITS is currently registered. b) Tax impact The Transaction will not subject the Disappearing UCITS or the Sub-fund to taxation in Luxembourg. Investors may however be subject to taxation in their tax domiciles or other jurisdictions where they pay taxes. Notwithstanding the above, as tax laws differ widely from country to country, investors are advised to consult their tax advisers as to the tax implications of the Transaction specific to their individual cases. c) Auditor The Disappearing UCITS has appointed KPMG Luxembourg S.C. as independent auditor for the validation of i) the criteria adopted for valuation of the assets on the date for calculating the exchange ratio as well as ii) the calculation method of the exchange ratio as well as the actual exchange ratio determined at the date for calculating that ratio. d) General For an overview of the differences between the Disappearing UCITS and the Sub-fund once the Transaction has been completed, please refer to Appendix I. VII. Liquidation Disappearing UCITS After the extraordinary general meeting of Shareholders ( EGM ), Friday 17 June 2016, the liquidator of the Disappearing UCITS shall file the resolution to dissolve the Disappearing UCITS and the liquidation accounts with the Dutch Trade Register. These filings shall furthermore be announced in a Dutch national newspaper, after which a two months creditor opposition period shall commence. During these two months, each creditor of the Disappearing UCITS may institute opposition by means of an application to the competent district court. After the end of the creditors' opposition period, the Transaction shall take place. VIII. Availability of Documents The Key Investor Documents of the relevant share classes of the Sub-fund are attached to the present notice as Appendix II. Upon request, copies of the report of the approved statutory auditor of the Disappearing UCITS relating to the Transaction, as well as the most recent prospectus and the common merger proposal, may be

7 Notice to the shareholders of the UCITS Robeco 6 obtained free of charge at the registered office of the Disappearing UCITS and are available on the website of the company Any further information in relation to the Transaction may be obtained from your financial adviser. Robeco Safe Mix N.V. The Board of Directors Robeco All Strategies Funds The Board of Directors 6

8 Robeco Notice to the shareholders of the UCITS 7 APPENDIX I COMPARISON OF KEY OF (ROBECO SAFE MIX N.V.) AND THE SUB-FUND IN THE RECEIVING UCITS (ROBECO ALL STRATEGIES FUNDS ROBECO MULTI ASSET INCOME) Shareholders are invited to refer to the respective prospectus of the Disappearing UCITS and the Receiving UCITS and the specific Sub-fund for more information on the respective features of the Disappearing UCITS and the Receiving UCITS and Sub-fund. Unless stated otherwise, the terms used in this Appendix are as defined in the prospectus. Robeco Safe Mix N.V. Robeco Institutional Asset Management B.V. Robeco All Strategies Funds Robeco Multi Asset Income Robeco Luxembourg S.A. Robeco Institutional Asset Manager B.V. Corestone Investment Managers A.G. I. INVESTMENT OBJECTIVES AND POLICIES AND RELATED RISKS Name Management Company Investment Advisor Investment Sub Advisor Investment Objective and Policies Investment objective The Investment Institution primarily focuses on capital accumulation in the long term. The Investment Institution s objective is to allow the Shareholder to participate in the global development of investments in equities, bonds and cash, diver sified in order to realize a result that fits the target risk profile. The Manager makes sure that the best possible diversification is achieved over the different investment categories equities, bonds and cash whilst also having the possibility to invest to a limited extent in real-estate funds and commodities. The mix character allows the fund manager to realign different kinds of Investment objective The Fund seeks to deliver current income while maintaining prospects for capital appreciation investing in a broad range of assets and income generating strategies. The aim of the Sub-fund is to achieve longterm capital growth by using asset allocation strategies and adapting the mix of assets and asset classes. The Sub-fund will take global exposure to asset classes such as equities, bonds, deposits, Alternative Investments and/or other generally accepted asset classes.

9 Notice to the shareholders of the UCITS Robeco 8 investment in time so as to continually obtain optimized returns. Risk profile The target risk profile of the Investment Institution is low, meaning that in principle a small part of the portfolio may be invested in equities. This percentage may however be changed if necessary to achieve the intended objective. Main Instruments The Investment Institution invests primarily in Affiliated Investment Institutions. Besides Affiliated Investment Institutions, separate (mostly listed) equities, bonds and deposits may be included in the Investment Institution s portfolio. The diversification of the portfolio across the various asset classes will be published monthly on the Website. Risk profile The asset allocation strategy is subject to the investment restrictions and the limit on ex-ante volatility that corresponds to the synthetic risk and reward indicator 4 on the scale from 1 to 7 according to an increasing level of volatility. Main instruments Besides investing in UCI s/ucits, including UCI s/ucits that are part of the Robeco Group, that can invest in equities, bonds, deposits and other fixed income securities, money market investments, Alternative Investments and other generally accepted asset classes, the fund may also directly invest in equities, bonds, money market instruments, deposits and financial derivative instruments. Investment restrictions As a UCIT, the Investment Institution is bound by investment restrictions. The key investment restrictions applying to a UCITS are stated in UCITS Directive 2009/65/EG and, for Dutch UCITS, as adopted in the Dutch Market Conduct Supervision (Financial Institutions) Decree (BGfo). The provisions of this Decree that are valid on the prospectus date are given in Appendix I of the prospectus. Investment restrictions As a UCIT, the Investment Institution is bound by investment restrictions. The key investment restrictions applying to a UCITS are stated in UCITS Directive 2009/65/EEC.The provisions of this Decree that are valid on the prospectus date are given in Appendix II of the prospectus. The Investment Institution does not have a benchmark. The Investment Institution does not have a benchmark. 8

10 Robeco Notice to the shareholders of the UCITS 9 Currency Policy To optimize the investment result, the Investment Institution will, within the given risk limits, hold part of the fund assets in cash. Supplementary to any active currency policy in the investment institutions in which the Investment Institution invests, an active currency policy is also applied by the Investment Institution, using the euro as the base currency. The Investment Institution may use forward exchange transactions to adjust the currency weights. The management of currency risk is part of the Investment Institution s total risk management. The currency policy pursued will be accounted for in the financial statements of the Investment Institution. Currency Policy The Fund aims to obtain an optimal investment result in the currency in which it is denominated. Efficient portfolio management may include currency hedges. The investments of the Sub-fund will be hedged towards their currency of denomination where appropriate. If liquid instruments to hedge the currencies are not available, the relevant Sub-fund may, for purposes of efficient portfolio management, hedge other currencies as detailed in Appendix IV "Financial Derivative Instruments and Techniques and Instruments". The Investment Advisor is allowed to take active currency positions resulting in positive or negative currency exposures. Derivatives Policy With due observance of the aforementioned investment restrictions, the Investment Institution may use derivative investment instruments, techniques or structures such as options, repos, futures and swaps. Should other instruments, techniques or structures become available in the financial markets in the future, which are deemed suitable for the Investment Institution to achieve (1) its objective or investment policy or (2) efficient portfolio management, the Investment Institution may also make use of such techniques, instruments and/or structures. Derivatives Policy Both exchange traded and over-the-counter derivatives are permitted, including but not limited to futures, swaps, options, contracts for differences and currency forwards. Cash Policy The Investment Institution may hold a limited position in cash, for example, to provide for inflow and outflow of capital. As a debtor, the Investment Institution may enter into temporary loans to a maximum of 10% of the Fund Assets. The Investment Institution may use these loans, among other things, to make Cash Policy The Company may not borrow for the account of any Sub-fund amounts in excess of 10% of the net assets of that Sub-fund, any such borrowings to be from banks and to be effected only on a temporary basis, provided that the Company may acquire foreign currencies by means of back to back loans.

11 Notice to the shareholders of the UCITS Robeco 10 additional investments. Investor Profile Synthetic Risk Reward Indicator This Sub-fund is suitable for Investors who can This Sub-fund is suitable for Investors who can afford to afford to set aside the capital for at least 2 years. set aside the capital for at least 5 years. 3 4 II. SHARE CLASSES Share Classes Safe Mix Robeco Multi Asset Income E EUR Safe Mix EUR G Robeco Multi Asset Income G EUR Dividend Distribution Safe Mix : Yes Robeco Multi Asset Income E EUR : Yes Safe Mix EUR G : Yes Robeco Multi Asset Income G EUR : Yes III. FEES PAID OUT OF THE FUND ASSETS Management Fee Regular Shares Class: 0.70 % per annum Regular Shares Class: 0.85% Service Agents Fee (including inter alia Transfer Agency Fee and Administrator Charges) Privileged Share Class: 0.35% per annum Regular Shares Class and Privileged Share Class: 0.10% Privileged Share Classes: 0.40% per annum Regular Shares Classes and Privileged Share Classes: 0.10% Taxe d abonnement Not applicable Regular Shares Classes and Privileged Share Classes: 0.05% Institutional Share Classes : 0.01% IV. TAX TREATMENT Corporate income tax treatment The fund is subject to Dutch corporate income tax and can apply the special tax rate of 0% on The fund is exempt from Luxembourg corporate income tax. 10

12 Robeco Notice to the shareholders of the UCITS 11 Withholding tax on dividend distributions Withholding taxes on portfolio income its taxable profits. In order to benefit from the special tax rate of 0% the fund is obligated to distribute its taxable profits annually as dividend. These dividend distributions are subject to 15% Dutch withholding tax. The fund will in general meet the requirements to benefit from the Dutch double income tax treaties. In general the lower tax treaty rates for foreign withholding taxes on dividend income are applicable. In addition to that the fund will in general get a tax credit for the remaining foreign withholding taxes and for the Dutch withholding tax on dividends received. Thus the impact of foreign and Dutch withholding tax on the performance at fund level tends to be almost zero. The fund has no obligation to distribute dividends. In case of a dividend distribution, the dividend distribution is exempt from Luxembourg withholding tax. The fund will have limited access to the various Luxembourg double income tax treaties. Therefore the fund will be liable to withholding taxes on dividends received. The fund will not be entitled to a tax credit for the remaining withholding taxes. Capital gains tax There is no Dutch capital gains tax applicable at fund level. The fund is also not subject to foreign capital gains tax on the securities due to local exemptions. If foreign capital gains tax would apply the fund will in general meet the requirements to benefit from Dutch double income tax treaties and would in general be protected from foreign capital gains tax. The fund is exempt from Luxembourg capital gains tax. The fund is also not subject to foreign capital gains tax on the securities due to local exemptions. If foreign capital gains tax would apply the fund will have limited access to the various Luxembourg double income tax treaties and could be subject to capital gains tax. Taxe d abonnement The fund is not liable to an annual duty of its net assets. The fund is liable to an annual duty (taxe d abonnement) at a rate of 0, 05% or 0, 01% in the case of institutional shares classes of its net assets calculated and payable at the end of each quarter.

13 Notice to the shareholders of the UCITS Robeco 12 APPENDIX II 12

14 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Robeco Multi Asset Income E EUR (LU ) A subfund of Robeco All Strategies Funds, SICAV Management Company: Robeco Luxembourg S.A. Objectives and investment policy Robeco Multi Asset Income is an actively managed fund that invests in a worldwide mix of asset categories. It has a relatively low risk. The fund invests via other (UCI/UCITS) funds or directly in equities, bonds, cash and alternative investments. The relationship between these categories is defined by the (relatively low) risk profile. The fund pursues an active currency policy. By means of forward exchange contracts the fund's currency allocation may differ from that of the reference index. The fund is not constrained by a benchmark. This share class of the fund will distribute dividend. You can purchase or sell units in the fund on any valuation day. This fund may not be appropriate for investors who plan to withdraw their money within 5 years. Risk and reward profile Lower risk - Typically lower rewards Higher risk - Typically Higher rewards Historical data, such as is used in calculating the synthetic indicator, is not a reliable indication of the future risk profile. The risk and reward category shown is not guaranteed to remain unchanged, the categorization may shift over time. The lowest category does not mean a risk-free investment. Balanced funds combine different asset classes resulting in lower volatility than pure equity products but higher than pure bond products. The following data are deemed material for this fund, and are not (adequately) reflected by the indicator: 1. The product invests in debt securities. Issuers of debt securities may default on their obligations. For a complete overview of all risks attached to this fund we refer to section Risk considerations within the prospectus.

15 Charges The charges are used to pay the costs of running the fund, including the costs of marketing and distributing. The charges reduce the potential growth of the investment. One-off charges taken before or after you invest Entry charge 4.00% Subscription charge None Switch charge 1.00% Exit charge None This is the maximum that might be taken out of your money before it is invested. Charges taken from the fund over a year Ongoing charges 1.09% The entry and exit charges shown are the maximum figures. Contact your financial advisor or distributor to find out the actual entry or exit charge. Ongoing charges are based on the expenses for the last calendar year ended This figure may vary from year to year and does not include performance fees or transaction costs, except in the case of exit/entry charges paid by the UCITS when buying or selling units in another collective investment undertaking. For funds launched during the current calendar year, the ongoing charge is estimated. Charges taken from the fund under certain specific conditions Performance fee None For more information on fees, charges and performance fee calculation methods we refer to section Fees and Expenses within the prospectus, available on the website: Changes As of 9 September 2016 the assets of Robeco Solid Mix N.V. were transferred to Robeco Multi Asset Income E EUR. Robeco Multi Asset Income E EUR is the successor of the equivalent liquidated Robeco Solid Mix N.V. and maintains a comparable investment policy. Performance prior to 9 September 2016 is based on the performance of Robeco Solid Mix N.V. qualifying as a Dutch UCITS. Currency: EUR 1st quotation date: Past performance is of limited value as a guide to future performance. The ongoing charges are included in the calculation of past performance; excluded are the entry and exit charge. Practical information The depositary of Robeco All Strategies Funds, Sicav is RBC Investor Services Bank S.A. This key investor information document describes a subfund of the Sicav, the prospectus and periodic reports are prepared for the entire Sicav. The English prospectus, key investor information and the (semi) annual reports for both master and feeder subfund can be obtained free of charge on The website also publishes the latest prices and other information. The assets and liabilities of each subfund are segregated by law. The Sicav may offer other share classes. Information on these share classes is available in the prospectus under Appendix I. The tax legislation of the Sicav's home Member State may have an impact on the personal tax position of the investor. Robeco Luxembourg S.A., may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus of the Sicav. Robeco All Strategies Funds, Sicav is authorised in Luxembourg and regulated by the CSSF (Commission de Surveillance du Secteur Financier). Robeco Luxembourg S.A. is authorised in Luxembourg and regulated by the CSSF. This Key Investor Information is accurate as of September 9, 2016

16 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Robeco Multi Asset Income G EUR (LU ) A subfund of Robeco All Strategies Funds, SICAV Management Company: Robeco Luxembourg S.A. Objectives and investment policy Robeco Multi Asset Income is an actively managed fund that invests in a worldwide mix of asset categories. It has a relatively low risk. The fund invests via other (UCI/UCITS) funds or directly in equities, bonds, cash and alternative investments. The relationship between these categories is defined by the (relatively low) risk profile. The fund pursues an active currency policy. By means of forward exchange contracts the fund's currency allocation may differ from that of the reference index. The fund is not constrained by a benchmark. This share class of the fund will distribute dividend. You can purchase or sell units in the fund on any valuation day. This fund may not be appropriate for investors who plan to withdraw their money within 5 years. Risk and reward profile Lower risk - Typically lower rewards Higher risk - Typically higher rewards Historical data, such as is used in calculating the synthetic indicator, is not a reliable indication of the future risk profile. The risk and reward category shown is not guaranteed to remain unchanged, the categorization may shift over time. The lowest category does not mean a risk-free investment. Balanced funds combine different asset classes resulting in lower volatility than pure equity products but higher than pure bond products. The following data are deemed material for this fund, and are not (adequately) reflected by the indicator: 1. The product invests in debt securities. Issuers of debt securities may default on their obligations. For a complete overview of all risks attached to this fund we refer to section Risk considerations within the prospectus.

17 Charges The charges are used to pay the costs of running the fund, including the costs of marketing and distributing. The charges reduce the potential growth of the investment. One-off charges taken before or after you invest Entry charge 4.00% Subscription charge None Switch charge 1.00% Exit charge None This is the maximum that might be taken out of your money before it is invested. Charges taken from the fund over a year Ongoing charges 0.65% The entry and exit charges shown are the maximum figures. Contact your financial advisor or distributor to find out the actual entry or exit charge. Ongoing charges are based on the expenses for the last calendar year ended This figure may vary from year to year and does not include performance fees or transaction costs, except in the case of exit/entry charges paid by the UCITS when buying or selling units in another collective investment undertaking. For funds launched during the current calendar year, the ongoing charge is estimated. Charges taken from the fund under certain specific conditions Performance fee None For more information on fees, charges and performance fee calculation methods we refer to section Fees and Expenses within the prospectus, available on the website: Changes As of 9 September 2016 the assets of Robeco Solid Mix N.V. were transferred to Robeco Multi Asset Income G EUR. Robeco Multi Asset Income G EUR is the successor of the equivalent liquidated Robeco Solid Mix N.V. and maintains a comparable investment policy. Performance prior to 9 September 2016 is based on the performance of Robeco Solid Mix N.V. qualifying as a Dutch UCITS. Currency: EUR 1st quotation date: Past performance is of limited value as a guide to future performance. The ongoing charges are included in the calculation of past performance; excluded are the entry and exit charge. Practical information The depositary of Robeco Capital Growth Funds,Sicav is RBC Investor Services Bank S.A. This key investor information document describes a subfund of the Sicav,the prospectus and periodic reports are prepared for the entire Sicav. The English prospectus, and the (semi) annual report and the details of the remuneration policy of the management company can be obtained free of charge on The website also publishes the latest prices and other information. The assets and liabilities of each subfund are segregated by law. The Sicav may offer other share classes. Information on these share classes is available in the prospectus under Appendix I. The tax legislation of the Sicav's home Member State may have an impact on the personal tax position of the investor. Robeco Luxembourg S.A.,may be held liable solely on the basis of any statement contained in this document that is misleading,inaccurate or inconsistent with the relevant parts of the prospectus of the Sicav. Robeco All Strategies Funds, Sicav is authorised in Luxembourg and regulated by the CSSF (Commission de Surveillance du Secteur Financier). Robeco Luxembourg S.A. is authorised in Luxembourg and regulated by the CSSF. This Key Investor Information is accurate as of September 9, 2016