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If you suffered losses and would like a davenport investments ii llc formation consultation with a securities attorney, then please call Galvin Legal, PLLC at Rule is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Galvin Legal, PLLC is a national securities arbitrationsecurities mediationsecurities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. First Name required. Last Name required. Phone Number required.

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Robeco investment

Policies and instructions for opening, maintaining and closing an account in any of the Robeco Investment Funds. Disclosure of Portfolio Holdings. Investment Adviser. Portfolio Managers. Other Service Providers.

Pricing of Fund Shares. Market Timing. Purchase of Fund Shares. Redemption of Fund Shares. Exchange Privilege. Dividends and Distributions. Multi-Class Structure. Equity Security: A security, such as a stock, representing ownership of a company.

Bonds, in comparison, are referred to as fixed-income or debt securities because they represent indebtedness to the bondholder, not ownership. Market Capitalization: Market capitalization refers to the market value of a company and is calculated by multiplying the number of shares outstanding by the current price per share.

Investment Objective. The Fund seeks long-term growth of capital primarily through investment in equity and equity-related securities. Principal Investment Strategies. SAM determines its universe of sustainable investments by analyzing economic, environmental and social criteria.

SAM believes that these characteristics of Sustainable Issuers make them better equipped to identify and respond to the opportunities and risks presented by global trends. The Fund defines non-U. The Fund will allocate its assets among various regions and countries, including the United States but in no less than three different countries.

In selecting portfolio securities for the Fund, SAM first defines the eligible universe through its sustainability research. SAM starts with macro research, continues by screening companies for sustainability and eliminates companies that are too small or illiquid. Sustainability means striving to achieve economic success, while at the same time considering ecological and social objectives. In assessing sustainability, areas such as corporate strategy, corporate governance, transparency as well as product and service range of a company will be taken into consideration.

Large capitalization companies generally will have capitalizations. The Fund may but is not required to invest in derivatives, including foreign currency exchange contracts and participatory notes, in lieu of investing directly in a security, currency or instrument, or for hedging purposes.

SAM will determine when adverse market, economic, political or other conditions warrant temporary defensive measures. Principal Risks. International investing is subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, and differences in taxation, auditing and other financial practices.

The Fund is non-diversified. Compared to other funds, the Fund may invest more of its assets in a smaller number of companies. Gains or losses on a single stock may have greater impact on the Fund. Moreover, companies that promote sustainability goals may not perform as well as companies that do not pursue such goals.

Investment in emerging market securities involves greater risk than that associated with investment in foreign securities of developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers.

Investment in foreign securities also involves currency risk associated with securities that trade or are denominated in currencies other than the U. An increase in the strength of the U. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Securities of companies with mid-cap capitalizations tend to be riskier than securities of companies with large-capitalizations.

This is because mid cap companies typically have smaller product lines and less access to liquidity than large cap companies, and are therefore more sensitive to economic downturns. In addition, growth prospects of mid cap companies tend to be less certain than large cap companies, and the dividends paid by mid cap stocks are frequently negligible. Moreover, mid cap stocks have, on occasion, fluctuated in the opposite direction of large cap stocks or the general stock market.

Consequently, securities of mid cap companies tend to be more volatile than those of large cap companies. Smaller companies may have limited product lines, markets and financial resources. The prices of small capitalization stocks tend to be more volatile than those of other stocks. Small capitalization stocks are not priced as efficiently as stocks of larger companies. In addition, it may be harder to sell these stocks, especially during a down market or upon the occurrence of adverse company-specific events, which can reduce their selling prices.

The prices of micro-cap securities are generally even more volatile and their markets are even less liquid relative to small-cap, mid-cap and large-cap securities. Therefore, investments in the Fund may involve considerably more risk of loss and its returns may differ significantly from funds that do not invest in micro-cap securities.

Investments in derivative instruments may result in losses exceeding the amounts invested. Investing in illiquid securities is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days.

The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities.

The Fund is subject to the risk of poor management stock selection. The stock markets in which the Fund invests may experience periods of volatility and instability, and may go down. A variety of factors can negatively impact of the value of common stocks. These factors include a number of economic factors such as interest rates as well as non-economic factors such as political events. The issuer or guarantor of a money market instrument owned by the Fund may default on its payment obligations, become insolvent or have its credit rating downgraded.

Obligations of U. The U. Default in these issuers could negatively impact the Fund. The value of money market instruments tends to fall when interest rates rise. Money market instruments are generally less sensitive to interest rate changes than longer-term securities. The bar chart and performance table have been omitted because the Fund has not been in operation for a full calendar year. The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance.

Expenses and Fees. As a shareholder, you pay certain fees and expenses. The table below describes the fees and expenses that you may pay if you buy and hold Institutional Class shares of the Fund. Shareholder Fees fees paid directly from your investment. Maximum sales charge imposed on purchases. Maximum deferred sales charge. Maximum sales charge imposed on reinvested dividends. Redemption Fee 1. Exchange Fee 1. Management fees. Distribution 12b-1 fees. Other expenses 2.

Total annual Fund operating expenses. Similarly, the Fund charges a transaction fee of 1. Such fees are not sales charges or contingent deferred sales charges, but are retained by the Fund for the benefit of remaining shareholders.

SAM may not recoup any of its waived investment advisory fees. The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Although your actual costs may be higher or lower, based on these assumptions your costs would be:.

Based on multi-level theme and trend analyses, the Fund will primarily invest in four sustainability sectors, or investment themes, including: energy, water, healthy living and resource efficiency. Issuers in the energy investment theme include, without limitation, oil companies, oil and gas exploration companies, natural gas pipeline companies, refinery companies, energy conservation companies, coal companies, alternative energy companies, and innovative energy technology companies.

Issuers in the water investment theme include, without limitation, companies involved in water distribution and water management, water treatment and water purification, water monitoring and chemical analysis, water recycling, sanitary installations and metering, irrigation, and bottled water.

Issuers in the healthy living investment theme include, without limitation, companies that grow, process or sell natural and organic foods and personal care products, and companies that manufacture or sell fitness equipment. Issuers in the resource efficiency investment theme include, without limitation companies who manufacture or sell products and services that maximize the efficient use of resources.

In selecting portfolio securities for the Fund, SAM uses a bottom-up investment process that incorporates a combination of quantitative and fundamental models. The initial step in the process focuses on assessing the impact of long-term macro trends on theme-related companies across all geographic regions and investment clusters. Additional factors considered include general market conditions, market capitalization exposure, market liquidity, industry sector and geographic allocations, and risk factors, such as size and momentum, as well as total portfolio risk.

Effective management of these objectives should result in lower weighted average cost of capital and a higher return on invested capital. Because the Fund focuses its investments in companies that directly or indirectly have exposure to, or otherwise derive benefits from trends in, industries related to energy, water, healthy living and resource efficiency, events or factors, including new regulations, affecting companies in such industries will have a greater effect on, and may more adversely affect, the Fund than they would with respect to a fund that is more diversified among a number of unrelated sectors and industries.

Issuers in industries related to energy, water, healthy living and resource efficiency may fall out of favor with investors, causing the Fund to lose money or underperform the stock market or funds concentrated in other sectors or industries. Companies in the energy sector may be adversely affected by foreign government, federal or state regulations on energy production, distribution and sale. The energy sector is cyclical and highly dependent on commodities prices, and market values of companies in the energy sector are affected by the levels and volatility of global energy prices, capital expenditures on exploration and production, energy conservation efforts, exchange rates and technological advances.

As a result,. Energy companies also face a significant risk of civil liability from accidents resulting in injury or loss of life or property, pollution or other environmental mishaps, equipment malfunctions or mishandling of materials and a risk of loss from terrorism and natural disasters.

Companies in the pollution control sector may be particularly susceptible to changes in regulatory controls on, and international treaties with respect to, the production or containment of pollutants. Changes in market practices and regulatory conditions surrounding recycling and other waste management techniques may significantly affect the demand for products and services of companies in the pollution control sector.

Scientific developments, such as breakthroughs in the remediation of global warming or changing sentiments about the deleterious effects of pollution, may also affect practices with respect to pollution control, which could in turn impact companies in the pollution control sector.

Other reductions in demand for clean water, such as significant decreases in world population or increased availability of potable water in arid regions, may reduce demand for products and services provided by companies in the clean water sector.

Companies in the healthy living sector may be particularly susceptible to such factors as environmental protection regulatory actions, other international political and economic developments, changes in government subsidy levels, environmental conservation practices, changes in taxation and other government regulations, and increased costs associated with compliance with environmental or other regulations.

There are substantial differences between the environmental and other regulatory practices and policies in various jurisdictions, and any given regulatory agency may make major shifts in policy from time to time. Other economic and market developments that may significantly affect companies in the healthy living sector include, without limitation, inflation, rising interest rates, fluctuations in commodity prices, raw material costs and other operating costs, and competition from new entrants into the sector.

Some companies in the healthy living sector may be influenced by technological changes. Product development efforts by companies in the healthy living sector may not result in viable commercial products, and some companies in the healthy living sector bear higher research and development costs, which can limit their ability to maintain operations during periods of organizational growth or instability. Some companies in the healthy living sector are in the early stages of operation and may have limited operating histories and smaller market capitalizations on average than companies in other sectors and industries.

As a result of these and other factors, the value of investments in companies in the healthy living sector may be more volatile than that of companies in other sectors and industries. Companies in the resource efficiency sector may be particularly susceptible to such factors as environmental protection regulatory actions, other international political and economic developments, changes in government subsidy levels, environmental conservation practices, changes in taxation and other government regulations, and increased costs associated with compliance with environmental or other regulations.

Other economic and market developments that may significantly affect companies in the resource efficiency sector include, without limitation, inflation, rising interest rates, fluctuations in commodity prices, raw material costs and other operating costs, and competition from new entrants into the sector. Some companies in the resource efficiency sector may be influenced by technological changes.

Product development efforts by companies in the resource efficiency sector may not result in viable commercial products, and some companies in the resource efficiency sector bear higher research and development costs, which can limit their ability to maintain operations during periods of organizational growth or instability. Some companies in the resource efficiency sector are in the early stages of operation and may have limited operating histories and smaller market capitalizations on average than companies in other sectors and industries.

As a result of these and other factors, the value of investments in companies in the resource efficiency sector may be more volatile than that of companies in other sectors and industries. Securities of companies with small capitalizations tend to be riskier than securities of companies with mid-cap and large capitalizations. Equity and Equity-Related Securities. Each Fund may invest in all types of equity securities. Equity securities include exchange-traded and over-the-counter common and preferred stocks, warrants, rights, convertible securities, depositary receipts and shares, trust certificates, limited partnership interests, shares of other investment companies and REITs, and equity participations.

Each Fund may also invest in participatory notes. P-notes are generally issued by the associates of foreign-based foreign brokerages and domestic institutional brokerages. P-notes represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such securities. P-notes also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments. ETFs are registered investment companies whose shares are listed and traded on U.

An ETF portfolio generally holds the same stocks or bonds as the index it tracks or it may hold a representative sample of such securities. Thus, an ETF is designed so that its performance will correspond closely with that of the index it tracks. Other Investment Companies. Each Fund will indirectly bear its proportionate share of any management fees and other expenses paid by investment companies in which it invests in addition to the advisory and administration fees paid by the Fund.

Portfolio Turnover. Each Fund may engage in active and frequent trading, resulting in high portfolio turnover. This may lead to the realization and distribution to shareholders of higher capital gains, increasing their tax liability. Securities Lending. The Funds may seek to increase their income by lending portfolio securities to institutions, such as certain broker-dealers. Portfolio securities loans are secured continuously by collateral maintained on a current basis at an amount at least equal to the market value of the securities loaned.

A Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. Temporary Investments. If a Fund were to take a temporary defensive position, it may be unable for a time to achieve its investment objective. Any postings will remain available on the website at least until the Funds file with the SEC their semi-annual or annual shareholder report or quarterly portfolio holdings report that includes such period.

SAM provides investment management and investment advisory services to other institutional and proprietary accounts. Pursuant to an investment advisory agreement with the Company, SAM is entitled to an advisory fee at the annual rate of 0.

The investment results for different strategies of the Adviser are not solely dependent on any one individual. There is a common philosophy and approach that is the backdrop for all of the investment strategies of the Adviser. This philosophy is then executed through a very disciplined investment process managed by the designated portfolio manager for the strategy.

Prior to that, Mr. Baumann was a portfolio manager for UBS AG where he was responsible for the management of private mandates and was a member of the investment committee in Europe. He started his career as an assistant in the bank audit department at PricewaterhouseCoopers LLP and has a total of 9 years experience.

Marketing Arrangements. These payments are in addition to any distribution or servicing fees payable under a service plan of the Funds, any record keeping or sub-transfer agency fees payable by the Funds, or other fees described in the fee table or elsewhere in the Prospectus or SAI. The amount of these revenue sharing payments is determined at the discretion of the Adviser from time to time, may be substantial, and may be different for different financial institutions depending upon the services provided by the financial institution.

All of the accounts comprising the Global Active Composite have substantially similar investment objectives, policies and strategies as the Sustainable Global Active Fund. All of the accounts comprising the Themes Composite have substantially similar investment objectives, policies and strategies as the Sustainable Themes Fund.

The overall expenses of the accounts in the Global Active Composite are generally lower than those that would be experienced by the holders of Institutional Class shares of the Sustainable Global Active Fund and, therefore, the performance of the Institutional Class shares of the Sustainable Global Active Fund would generally be lower. The overall expenses of the accounts in the Themes Composite are generally equal to those that would be experienced by the holders of Institutional Class shares of the Sustainable Themes Fund and, therefore, the performance of the Institutional Class shares of the Sustainable Themes Fund would generally be equivalent.

In addition, the securities held by the Sustainable Global Active Fund and the Sustainable Themes Fund will not be identical to the securities held by the accounts in the Global. Active Composite and Themes Composite, respectively. The performance of each Composite is also compared to the performance of a broad-based securities benchmark index appropriate to both the Sustainable Global Active Fund and the Sustainable Themes Fund.

The index is unmanaged and is not subject to fees and expenses typically associated with managed funds, including the Sustainable Global Active Fund and the Sustainable Themes Fund. Investors cannot invest directly in the index. The performance information is accompanied by additional disclosures, which are an integral part of the information.

Since Inception. Returns reflect the reinvestment of dividends and other earnings and are net of commissions and transaction costs. Performance is expressed in U. Performance is calculated in EUR and exchanged to U.

Dollars using exchange rates as of the last day of the month. Eastern time on each day the NYSE is open. Each Fund will effect purchases of Fund shares at the NAV next determined after receipt of your order or request in proper form.

Each Fund will effect redemptions of Fund shares at the NAV next calculated after receipt of your order in proper form. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value.

Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. When prices are not available from such services or are deemed to be unreliable, securities may be valued by dealers who make markets in such securities. Foreign securities, currencies and other securities denominated in foreign currencies are translated into U.

All assets denominated in foreign currencies will be converted into U. Investments in other open-end investment companies are valued based on the NAV of those investment companies which may use fair value pricing as discussed in their prospectuses. Purchases should be made with a view to longer-term investment only. Excessive short-term market timing trading practices may disrupt portfolio management strategies, increase brokerage and administrative costs, harm Fund performance and result in dilution in the value of Fund shares held by long-term shareholders.

The Company and the Adviser reserve the right to reject or restrict purchase requests from any investor. The Company and the Adviser will not be liable for any loss resulting from rejected purchase orders. To minimize harm to the Company and its shareholders or the Adviser , the Company or the Adviser will exercise their right if, in the.

No waivers of the provisions of the policy established to detect and deter market timing and other excessive trading activity are permitted that would harm a Fund and its shareholders or would subordinate the interests of a Fund and its shareholders to those of the Adviser or any affiliated person or associated person of the Adviser. Pursuant to the policy adopted by the Board of Directors, the Adviser has developed criteria that they use to identify trading activity that may be excessive.

The Adviser reviews on a regular, periodic basis available information related to the trading activity in the Funds in order to assess the likelihood that a Fund may be the target of excessive trading. The Adviser may modify its surveillance procedures and criteria from time to time without prior notice regarding the detection of excessive trading or to address specific circumstances. There is no assurance that an Adviser will be able to identify market timers, particularly if they are investing through intermediaries.

If necessary, the Company may prohibit additional purchases of Fund shares by a financial intermediary or by certain customers of the financial intermediary. The criteria used by intermediaries to monitor for excessive trading may differ from the criteria used by the Company.

Institutional Class Shares of the Funds are available for purchase by the following categories of investors:. Any state, county or city, or its instrumentality, department, authority or agency;. Accounts registered to insurance companies, trust companies and bank trust departments;. Investment companies both affiliated and not affiliated with Robeco Investment Management, Inc.

Investors who participate in fee-based, wrap and other investment platform programs;. Any entity that is considered a corporation for tax purposes; and. Under Internal Revenue Code section , an exchange of shares of one class for shares of another class constitutes a nontaxable exchange for federal income tax purposes, and your basis and holding period for your existing shares will carry over to your new shares.

The Funds intend to report the exchange as an entirely nontaxable transaction. It is possible, however, for you to recognize dividend income as a result of the exchange due to differences in the expense ratios between the two classes, but the amount of any such income would not exceed the value of any additional shares that you receive in the transaction. Purchases Through Intermediaries. Certain features of the Shares, such as the initial and subsequent investment minimums and certain trading restrictions, may be modified or waived by Service Organizations.

Service Organizations may impose transaction or administrative charges or other direct fees, which charges and fees would not be imposed if Shares are purchased directly from the Company. Therefore, you should contact the Service Organization acting on your behalf concerning the fees if any charged in connection with a purchase or redemption of Shares and should read this Prospectus in light of the terms governing your accounts with the Service Organization.

Service Organizations will be responsible for promptly transmitting client or customer purchase and redemption orders to the Company in accordance with their agreements with the Company and with clients or customers. If payment is not received by such time, the Service Organization could be held liable for resulting fees or losses. The Company will be deemed to have received a purchase or redemption order when a Service Organization, or, if applicable, its authorized designee, accepts a purchase or redemption order in good order if the order is actually received by the Company in good order not later than the next business morning.

The Company relies upon the integrity of Service Organizations to ensure that orders are timely and properly submitted. The Service Fee payable to any one Service Organization is determined based upon a number of factors, including the nature and quality of services provided, the operations processing requirements of the relationship and the standardized fee schedule of the Service Organization or recordkeeper.

You may also purchase Shares of the Funds at the NAV per share next calculated after your order is received by the Transfer Agent in proper form as described below. After an initial purchase is made, the Transfer Agent will set up an account for you on the Company records. The minimum initial and subsequent investment requirements may be reduced or waived from time to time. For purposes of meeting the minimum initial purchase, purchases by clients which are part of endowments, foundations or other related groups may be combined.

Shares may be purchased by principals and employees of the Adviser and its subsidiaries and by their spouses and children either directly or through any trust that has the principal, employee, spouse or child as the primary beneficiaries, their individual retirement accounts, or any pension and profit-sharing plan of the Adviser and its subsidiaries without being subject to the minimum investment limitations.

Regular Mail:. The name of the Fund should be designated on the application and should appear on the check. Initial Investment By Wire. A completed application must be forwarded to the Transfer Agent at the address noted above. For each Fund, notification must be given to the Transfer.

Prior notification must also be received. Request account information and routing instructions by calling the Transfer. Funds should be wired to:. PNC Bank, N. Philadelphia, Pennsylvania ABA Account Account Number. Shareholder or Account Name. Additional Investments. Initial and additional purchases made by check cannot be redeemed until payment of the purchase has been collected.

This may take up to 15 calendar days from the date of purchase. Automatic Investment Plan. Investors desiring to participate in an Automatic Investment Plan should call the Transfer Agent at Retirement Plans. Other Purchase Information. The Company reserves the right, in its sole discretion, to suspend the offering of Shares or to reject purchase orders when, in the judgment of management, such suspension or rejection is in the best interests of the Funds. If a Fund closes to new investments, generally the closed Fund would be offered only to certain existing shareholders of the Fund and certain other persons, who are generally subject to cumulative, maximum purchase amounts, as follows:.

Persons who already hold Shares of the closed Fund directly or through accounts maintained by brokers by. Existing and future clients of financial advisers and planners whose clients already hold Shares of the closed Fund;. Employees of the Adviser and their spouses, parents and children; and. Directors of the Company. Other persons who are shareholders of other Robeco Funds are not permitted to acquire Shares of the closed Fund by exchange.

Distributions to all shareholders of the closed Fund will continue to be reinvested unless a shareholder elects otherwise. Customer Identification Program. Federal law requires the Company to obtain, verify and record identifying information, which may include the name, residential or business street address, date of birth for an individual , social security or taxpayer identification number or other identifying information for each investor who opens or reopens an account with the Company.

Applications without the required information, or without any indication that a social security or taxpayer identification number has been applied for, may not be accepted. Consult your investment professional for more information. You can redeem some or all of your Fund shares directly through the Fund only if the account is registered in your name. You may redeem Shares of each Fund at the next NAV calculated after a redemption request is received by the Transfer Agent in proper form.

Redemption By Mail. Box , Providence, RI ; for. Name of the Fund;. Your share certificates, if any, properly endorsed or with proper powers of attorney;. A letter of instruction specifying the number of Shares or dollar amount to be redeemed, signed by all registered owners of the Shares in the exact names in which they are registered;.

A signature guarantee may be obtained from a domestic bank or trust company, broker, dealer, clearing agency or savings association who are participants in a Medallion Program recognized by the Securities Transfer Association. Medallion Program MSP. Signature guarantees which are not a part of these programs will not be accepted.

Please note that a notary public stamp or seal is not acceptable; and. Other supporting legal documents, if required, in the case of estates, trusts, guardianships, custodianships, corporations, pension and profit sharing plans and other organizations. Redemption By Telephone. In order to request a telephone redemption, you must have returned your account application containing a telephone election. Please note that IRA accounts are not eligible for telephone redemption.

If the telephone redemption option or the telephone exchange option is authorized, the Transfer Agent may act on telephone instructions from any person representing himself or herself to be a shareholder and believed by the Transfer Agent to be genuine. The Company and the Transfer Agent will employ reasonable procedures to confirm that instructions communicated are genuine and, if it does not, it may be liable for any losses due to unauthorized or fraudulent instructions.

The procedures employed by the Company and the Transfer Agent in connection with transactions initiated by telephone include tape recording of telephone instructions and requiring some form of personal identification prior to acting upon instructions received by telephone. Systematic Withdrawal Plan. Box , Providence, RI Each withdrawal redemption will be processed on or about the 25th of the month and mailed as soon as possible thereafter.

This is merely the minimum amount allowed and should not be mistaken for a recommended amount. The holder of a Systematic Withdrawal Plan will have any income dividends and any capital gains distributions reinvested in full and fractional shares at NAV. To provide funds for payment, Shares will be redeemed in such amounts as are necessary at the redemption price.

The systematic withdrawal of Shares may reduce or possibly exhaust the Shares in your account, particularly in the event of a market decline. As with other redemptions, a systematic withdrawal payment is a sale for federal income tax purposes. Payments made pursuant to a Systematic Withdrawal Plan cannot be considered as actual yield or income since part of such payments may be a return of capital.

Plan is in effect, you may not make periodic investments under the Automatic Investment Plan. You will receive a confirmation of each transaction and the Share and cash balance remaining in your plan. The plan may be terminated on written notice by the shareholder or by the Funds and will terminate automatically if all Shares are liquidated or withdrawn from the account or upon the death or incapacity of the shareholder. Transaction Fee on Certain Redemptions.

The Funds require the payment of a transaction fee on redemption of Shares held for less than 60 days equal to 1. It is NOT a sales charge or a contingent deferred sales charge. The fee does not apply to defined contribution plans or to redeemed Shares that were purchased through reinvested dividends or capital gain distributions.

The additional transaction fee is intended to limit short-term trading in the Fund or, to the extent that short-term trading persists, to impose the costs of that type of activity on the shareholders who engage in it. Without the additional transaction fee, a Fund would generally be selling its shares at a price less than the cost to the Fund of acquiring the portfolio securities necessary to maintain its investment characteristics, resulting in reduced investment performance for all shareholders in the Fund.

With the additional transaction fee, the transaction costs of selling additional stocks are not borne by all existing shareholders, but the source of funds for these costs is the transaction fee paid by those investors making redemptions of the Fund. Each Fund reserves the right, at their discretion, to waive, modify or terminate the additional transaction fee. The Funds will use the first-in, first-out method to determine your holding period.

Under this method, the date of redemption or exchange will be compared with the earliest purchase date of Shares held in your account. The short-term redemption fee will be assessed on the net asset value of those Shares calculated at the time the redemption is effected.

Other Redemption Information. Redemption proceeds for Shares of a Fund recently purchased by check may not be distributed until payment for the purchase has been collected, which may take up to fifteen days from the purchase date.

Shareholders can avoid this delay by utilizing the wire purchase option. Other than as described above, payment of the redemption proceeds will be made within seven days after receipt of an order for a redemption. The Company may suspend the right of redemption or postpone the date at times when the NYSE is closed or under any emergency circumstances as determined by the SEC. Proper Form.

You must include complete and accurate required information on your redemption request. Redemption requests not in proper form may be delayed. If the exchanging shareholder does not currently own Institutional Class Shares of a Fund, a new account will be established with the same registration, dividend and capital gain options as the account from which Shares are exchanged, unless otherwise specified in writing by the shareholder with all signatures guaranteed.

Accordingly, in order to prevent excessive use of the exchange privilege, which may potentially disrupt the management of a Fund and increase transaction costs, each Fund has established a policy of limiting excessive exchange activity.

Notwithstanding these limitations, each Fund reserves the right to reject any purchase request including exchange purchases from other Robeco Investment Funds that is deemed to be disruptive to efficient portfolio management. Each Fund will declare and pay dividends from net investment income annually. Net realized capital gains including net short-term capital gains , if any, will be distributed by the Funds at least annually.

The Funds may pay additional distributions and dividends at other times if necessary for the Fund to avoid U. The following is a summary of certain United States tax considerations relevant under current law, which may be subject to change in the future. Except where otherwise indicated, the discussion relates to investors who are individual United States citizens or residents. Federal Taxes.

Each Fund contemplates distributing as dividends each year all or substantially all of its taxable income, including its net capital gain the excess of net long-term capital gain over net short-term capital loss. Except as otherwise discussed below, you will be subject to federal income tax on Fund distributions regardless whether they are paid in cash or reinvested in additional shares. Fund distributions attributable to short-term capital gains and net investment income will generally be taxable to you as ordinary income, except as discussed below.

Distributions from a Fund will generally be taxable to you in the taxable year in which they are paid, with one exception. A portion of distributions paid by a Fund to shareholders that are corporations may also qualify for the dividends- received deduction for corporations, subject to certain holding period requirements and debt financing limitations. The Funds may be subject to foreign withholding or foreign taxes on income or gain from certain foreign securities.

If you purchase shares just before a distribution, the purchase price will reflect the amount of the upcoming distribution, but you will be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of capital. Sales and Exchanges. You will generally recognize taxable gain or loss for federal income tax purposes on a sale, exchange or redemption of your shares, including an exchange for shares of another Fund, based on the difference between your tax basis in the shares and the amount you receive for them.

Generally, you will recognize long-term capital gain or loss if you have held your Fund shares for over twelve months at the time you dispose of them. To aid in computing your tax basis, you should retain your account statements for the periods during which you held shares. Any loss realized on shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends that were received on the shares.

If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired. The one major exception to the preceding tax principles is that distributions on, and sales, exchanges and redemptions of, shares held in an IRA or other tax-qualified plan will not be currently taxable. Backup Withholding. Tax Treatment of Foreign shareholders. For nonresident aliens, foreign corporations and other foreign investors, Fund distributions attributable to net capital gains of each Fund will generally be exempt from U.

Foreign shareholders will generally not be subject to U. Different U. State and Local Taxes. You may also be subject to state and local taxes on income and gain from Fund shares. You should consult your tax adviser regarding the tax status of distributions in your state and locality. Sunset of Tax Provisions. Some of the tax provisions described above are subject to sunset provisions. More information about taxes is contained in the SAI. For More Information:. This Prospectus contains important information you should know before you invest.

Read it carefully and keep it for future reference. Statement of Additional Information. Shareholder Inquiries. Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available.

Hours: 8 a. Purchases and Redemptions. Written Correspondence. Box Address:. Securities and Exchange Commission. You may also obtain copies of Fund documents by paying a duplicating fee and sending an electronic request to the following e-mail address: publicinfo sec.

Investor Class. The table below describes the fees and expenses that you may pay if you buy and hold Investor Class shares of the Fund. The table below describes the fees and expenses that you may. P-notes also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to.

These payments are in addition to any distribution or servicing fees payable under a 12b-1 distribution and service plan of the Funds, any record keeping or sub-transfer agency fees payable by the Funds, or other fees described in the fee table or elsewhere in the Prospectus or SAI. Prior Performance of Similarly Advised Accounts.

The overall expenses of the accounts in the Global Active Composite and the Themes Composite are generally lower than those that would be experienced by the holders of Investor Class shares of the Sustainable Global Active Fund and the Sustainable Themes Fund, respectively, and, therefore, the performance of the Investor Class shares of the Sustainable Global Active Fund and Sustainable Themes Fund would generally be lower. Account returns are market value weighted and calculated on a total return, time-weighted basis using trade date valuations.

Returns reflect the reinvestment of dividends and other earnings and. No waivers of the provisions of the. Under the Plan, the Distributor is entitled to receive from each Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.

Initial Investment By Mail. Third party checks will not be accepted. Persons who already hold Shares of the closed Fund directly or through accounts maintained by brokers by arrangement with the Company;. A signature guarantee may be obtained from a domestic bank or trust company, broker, dealer, clearing agency or savings. The additional transaction fee is intended to limit short-term trading in the Fund or, to the extent that short-term trading persists, to impose the costs of that type of activity on the shareholders who engage.

Involuntary Redemption. The transaction fee applicable to each Fund will not be charged when Shares are involuntarily redeemed. If the Board of Directors determines that it would be detrimental to the best interests of the remaining shareholders of a Fund to make payment wholly or partly in cash, redemption proceeds may be paid in whole or in part by an in-kind distribution of readily marketable securities held by the Fund instead of cash in conformity with applicable rules of the SEC.

Investors generally will incur brokerage charges on the sale of portfolio securities so received in the payment of redemptions. If the exchanging shareholder does not currently own Investor Class Shares of a Fund, a new account will be. If an amount remains in a Fund from which the exchange is being made that is below the minimum account value required, the account will be subject to involuntary redemption.

Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to its shareholders. All distributions are reinvested in the form of additional full and fractional Shares of the Fund unless a shareholder elects otherwise. Read all about this in our Sustainability Report The Robeco Foundation works to promote equal opportunities for children around the world.

It focuses on local initiatives in cities where Robeco has a presence, to help disadvantaged children through educational programs. Robeco at a glance Robeco is an international asset manager offering an extensive range of active investments, from equities to bonds. Just weeks after the Wall Street Crash, seven Rotterdam businessmen formed a syndicate to invest people's savings and manage money collectively. They named it the Rotterdamsch Beleggings Consortium, later shortened to Robeco.

They thought stocks had hit at a low point, but due to the Great Depression, they lost half their money in the first two years. However, they persevered, laying the foundations for the modern Robeco. Sustainability Report Robeco launched its first sustainable investing product in and has been at the forefront of sustainable investing since then.

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INVESTMENT MANAGER ORGANIZATION CHART

Plan is in effect, you may not make periodic investments under the Automatic Investment Plan. You will receive a confirmation of each transaction and the Share and cash balance remaining in your plan. The plan may be terminated on written notice by the shareholder or by the Funds and will terminate automatically if all Shares are liquidated or withdrawn from the account or upon the death or incapacity of the shareholder.

Transaction Fee on Certain Redemptions. The Funds require the payment of a transaction fee on redemption of Shares held for less than 60 days equal to 1. It is NOT a sales charge or a contingent deferred sales charge. The fee does not apply to defined contribution plans or to redeemed Shares that were purchased through reinvested dividends or capital gain distributions. The additional transaction fee is intended to limit short-term trading in the Fund or, to the extent that short-term trading persists, to impose the costs of that type of activity on the shareholders who engage in it.

Without the additional transaction fee, a Fund would generally be selling its shares at a price less than the cost to the Fund of acquiring the portfolio securities necessary to maintain its investment characteristics, resulting in reduced investment performance for all shareholders in the Fund.

With the additional transaction fee, the transaction costs of selling additional stocks are not borne by all existing shareholders, but the source of funds for these costs is the transaction fee paid by those investors making redemptions of the Fund. Each Fund reserves the right, at their discretion, to waive, modify or terminate the additional transaction fee.

The Funds will use the first-in, first-out method to determine your holding period. Under this method, the date of redemption or exchange will be compared with the earliest purchase date of Shares held in your account. The short-term redemption fee will be assessed on the net asset value of those Shares calculated at the time the redemption is effected. Other Redemption Information. Redemption proceeds for Shares of a Fund recently purchased by check may not be distributed until payment for the purchase has been collected, which may take up to fifteen days from the purchase date.

Shareholders can avoid this delay by utilizing the wire purchase option. Other than as described above, payment of the redemption proceeds will be made within seven days after receipt of an order for a redemption. The Company may suspend the right of redemption or postpone the date at times when the NYSE is closed or under any emergency circumstances as determined by the SEC. Proper Form.

You must include complete and accurate required information on your redemption request. Redemption requests not in proper form may be delayed. If the exchanging shareholder does not currently own Institutional Class Shares of a Fund, a new account will be established with the same registration, dividend and capital gain options as the account from which Shares are exchanged, unless otherwise specified in writing by the shareholder with all signatures guaranteed.

Accordingly, in order to prevent excessive use of the exchange privilege, which may potentially disrupt the management of a Fund and increase transaction costs, each Fund has established a policy of limiting excessive exchange activity. Notwithstanding these limitations, each Fund reserves the right to reject any purchase request including exchange purchases from other Robeco Investment Funds that is deemed to be disruptive to efficient portfolio management.

Each Fund will declare and pay dividends from net investment income annually. Net realized capital gains including net short-term capital gains , if any, will be distributed by the Funds at least annually. The Funds may pay additional distributions and dividends at other times if necessary for the Fund to avoid U. The following is a summary of certain United States tax considerations relevant under current law, which may be subject to change in the future.

Except where otherwise indicated, the discussion relates to investors who are individual United States citizens or residents. Federal Taxes. Each Fund contemplates distributing as dividends each year all or substantially all of its taxable income, including its net capital gain the excess of net long-term capital gain over net short-term capital loss. Except as otherwise discussed below, you will be subject to federal income tax on Fund distributions regardless whether they are paid in cash or reinvested in additional shares.

Fund distributions attributable to short-term capital gains and net investment income will generally be taxable to you as ordinary income, except as discussed below. Distributions from a Fund will generally be taxable to you in the taxable year in which they are paid, with one exception.

A portion of distributions paid by a Fund to shareholders that are corporations may also qualify for the dividends- received deduction for corporations, subject to certain holding period requirements and debt financing limitations. The Funds may be subject to foreign withholding or foreign taxes on income or gain from certain foreign securities.

If you purchase shares just before a distribution, the purchase price will reflect the amount of the upcoming distribution, but you will be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of capital. Sales and Exchanges. You will generally recognize taxable gain or loss for federal income tax purposes on a sale, exchange or redemption of your shares, including an exchange for shares of another Fund, based on the difference between your tax basis in the shares and the amount you receive for them.

Generally, you will recognize long-term capital gain or loss if you have held your Fund shares for over twelve months at the time you dispose of them. To aid in computing your tax basis, you should retain your account statements for the periods during which you held shares.

Any loss realized on shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends that were received on the shares. If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired. The one major exception to the preceding tax principles is that distributions on, and sales, exchanges and redemptions of, shares held in an IRA or other tax-qualified plan will not be currently taxable.

Backup Withholding. Tax Treatment of Foreign shareholders. For nonresident aliens, foreign corporations and other foreign investors, Fund distributions attributable to net capital gains of each Fund will generally be exempt from U. Foreign shareholders will generally not be subject to U. Different U.

State and Local Taxes. You may also be subject to state and local taxes on income and gain from Fund shares. You should consult your tax adviser regarding the tax status of distributions in your state and locality. Sunset of Tax Provisions. Some of the tax provisions described above are subject to sunset provisions. More information about taxes is contained in the SAI. For More Information:. This Prospectus contains important information you should know before you invest.

Read it carefully and keep it for future reference. Statement of Additional Information. Shareholder Inquiries. Representatives are available to discuss account balance information, mutual fund prospectuses, literature, programs and services available. Hours: 8 a. Purchases and Redemptions.

Written Correspondence. Box Address:. Securities and Exchange Commission. You may also obtain copies of Fund documents by paying a duplicating fee and sending an electronic request to the following e-mail address: publicinfo sec. Investor Class. The table below describes the fees and expenses that you may pay if you buy and hold Investor Class shares of the Fund.

The table below describes the fees and expenses that you may. P-notes also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to. These payments are in addition to any distribution or servicing fees payable under a 12b-1 distribution and service plan of the Funds, any record keeping or sub-transfer agency fees payable by the Funds, or other fees described in the fee table or elsewhere in the Prospectus or SAI.

Prior Performance of Similarly Advised Accounts. The overall expenses of the accounts in the Global Active Composite and the Themes Composite are generally lower than those that would be experienced by the holders of Investor Class shares of the Sustainable Global Active Fund and the Sustainable Themes Fund, respectively, and, therefore, the performance of the Investor Class shares of the Sustainable Global Active Fund and Sustainable Themes Fund would generally be lower.

Account returns are market value weighted and calculated on a total return, time-weighted basis using trade date valuations. Returns reflect the reinvestment of dividends and other earnings and. No waivers of the provisions of the. Under the Plan, the Distributor is entitled to receive from each Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0. Initial Investment By Mail. Third party checks will not be accepted. Persons who already hold Shares of the closed Fund directly or through accounts maintained by brokers by arrangement with the Company;.

A signature guarantee may be obtained from a domestic bank or trust company, broker, dealer, clearing agency or savings. The additional transaction fee is intended to limit short-term trading in the Fund or, to the extent that short-term trading persists, to impose the costs of that type of activity on the shareholders who engage. Involuntary Redemption.

The transaction fee applicable to each Fund will not be charged when Shares are involuntarily redeemed. If the Board of Directors determines that it would be detrimental to the best interests of the remaining shareholders of a Fund to make payment wholly or partly in cash, redemption proceeds may be paid in whole or in part by an in-kind distribution of readily marketable securities held by the Fund instead of cash in conformity with applicable rules of the SEC.

Investors generally will incur brokerage charges on the sale of portfolio securities so received in the payment of redemptions. If the exchanging shareholder does not currently own Investor Class Shares of a Fund, a new account will be. If an amount remains in a Fund from which the exchange is being made that is below the minimum account value required, the account will be subject to involuntary redemption.

Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to its shareholders. All distributions are reinvested in the form of additional full and fractional Shares of the Fund unless a shareholder elects otherwise. Except as otherwise discussed below, you will be subject to federal income tax on Fund distributions regardless of whether they are paid in cash or reinvested in additional shares. Distributions attributable to the net capital gain of a Fund will be taxable to you as long-term capital gain, no matter how long you have owned your Fund shares.

You will be notified annually of the tax status of distributions to you. The withholding tax. All foreign investors should consult their own tax advisors regarding the tax consequences in their country of residence of an investment in the Funds. Each Fund also offers Institutional Class Shares, which are offered directly to institutional investors without distribution fees in a separate prospectus. Shares of each class of a Fund represent equal pro rata interests in the Fund and accrue dividends and calculate NAV and performance quotations in the same manner.

The performance of each class is quoted separately due to different actual expenses. This Statement of Additional Information shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the SAM Sustainable Global Active Fund and SAM Sustainable Themes Fund in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

This SAI is not a prospectus. It should be read in conjunction with the Prospectuses. Asset-Backed Securities. The Funds may invest in asset-backed securities, which represent participations in, or are secured by and payable from, pools of assets such as motor vehicle installment sale contracts, installment loan contracts, leases of various types of real and personal property, receivables from revolving credit credit card agreements and other categories of receivables. Asset-backed securities may also be collateralized by a portfolio of U.

Such asset pools are securitized through the use of privately-formed trusts or special purpose corporations. Payments or distributions of principal and interest on asset-backed securities may be guaranteed up to certain amounts and for a certain time period by a letter of credit or a pool insurance policy issued by a financial institution unaffiliated with the trust or corporation, or other credit enhancements may be present; however privately issued obligations collateralized by a portfolio of privately issued asset-backed securities do not involve any government-related guarantee or insurance.

Asset-backed securities present credit risks that are not presented by mortgage-backed securities. That is because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Bank and Corporate Obligations. Investment in obligations of foreign banks or foreign branches of U. Convertible Securities and Preferred Stocks. The Funds may invest in convertible securities. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula.

A convertible security entitles the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible debt securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same or similar issuers.

If a convertible security held by a Fund is called for redemption, that Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Preferred stocks in which the Funds may invest include sinking fund, convertible, perpetual fixed and adjustable rate including auction rate preferred stocks. The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payment of interest on a notional principal amount from the party selling such interest rate cap.

The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling the interest rate floor. An interest rate collar is the combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates. A great deal of flexibility is possible in the way swap transactions are structured.

However, generally a Fund will enter into credit default, interest rate, total return and mortgage swaps on a net basis, which means that the two payment streams are netted out, with a Fund receiving or paying, as the case may be, only the net amount of the two payments. Credit default, interest rate, total return and mortgage swaps do not normally involve the delivery of securities, other underlying assets or principal.

Accordingly, the risk of loss with respect to credit default, interest rate, total return and mortgage swaps is normally limited to the net amount of payments that a Fund is contractually obligated to make. In contrast, currency swaps may involve the delivery of the entire principal amount of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations.

If there is a default by the other party to such a transaction, the Fund will have contractual remedies pursuant to the agreements related to the transaction. The use of credit default, interest rate, mortgage, total return and currency swaps, as well as interest rate caps, floors and collars, is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

The use of a swap requires an understanding not only of the referenced asset, reference rate, or index but also of the swap itself, without the benefit of observing the performance of the swap under all possible market conditions. If the Adviser is incorrect in its forecasts of market values, credit quality, interest rates and currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if these investment instruments were not used.

European Currency Unification. The euro has replaced the national currencies of many European countries. Therefore, the member countries no longer control their own monetary policies by directing independent interest rates for their currencies. The national governments of the participating countries, however, have retained the authority to set tax and spending policies and public debt levels. The change to the euro as a single currency is still relatively new.

The elimination of currency risk among EMU countries has affected the economic environment and behavior of investors, particularly in European markets, but the long-term impact of those changes on currency values or on the business or financial condition of European countries and issuers, and issuers in other regions, whose securities the Fund may hold, or the impact, if any, on Fund performance, cannot fully be assessed at this time. Also, it is possible that the euro could be abandoned in the future by countries that have already adopted its use.

These or other events, including political and economic developments, could cause market disruptions, and could adversely affect the value of securities held by the Funds. Individual shares of an ETF are generally not redeemable at their net asset value, but trade on an exchange during the day at prices that are normally close to, but not the same as, their net asset value. There is no assurance that an active trading market will be maintained for the shares of an ETF or that market prices of the shares of an ETF will be close to their net asset values.

Foreign Securities. ADRs are securities, typically issued by a U. ADRs may be listed on a national securities exchange or may trade in the over-the-counter market. ADR prices are denominated in U. A sponsored facility is established jointly by the issuer of the security underlying the receipt and the depository, whereas an unsponsored facility is established by the depository without participation by the issuer of the underlying security.

Holders of unsponsored depositary receipts generally bear all of the costs of the unsponsored facility. The depository of an unsponsored facility is frequently under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities.

The depository of unsponsored depositary receipts may provide less information to receipt holders. Investments in depositary receipts do not eliminate the risks in investing in foreign issuers. The underlying security may be subject to foreign government taxes, which would reduce the yield on such securities.

Investments in foreign securities involve higher costs than investments in U. In addition, foreign investments may include additional risks associated with currency exchange rates, less complete financial information about the issuers, less market liquidity and political stability. Volume and liquidity in most foreign bond markets are less than in the United States and, at times, volatility or price can be greater than in the United States. Future political and economic information, the possible imposition of withholding taxes on interest income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls, or the adoption of other governmental restrictions, might adversely affect the payment of principal and interest on foreign obligations.

Inability to dispose of Fund securities due to settlement problems could result either in losses to a Fund due to subsequent declines in value of the securities, or, if the Fund has entered into a contract to sell the securities, could result in possible liability to the purchaser. Individual foreign economies may differ favorably or unfavorably from the U. Each Fund may invest in obligations of foreign branches of U. These investments involve risks that are different from investments in securities of U.

The Funds may also invest in Yankee bonds, which are issued by foreign governments and their agencies and foreign corporations, but pay interest in U. Investing in Emerging Countries. The securities markets of emerging countries are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.

In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.

Substantially less information may be publicly available about emerging country issuers than is available about issuers in the United States. Emerging country securities markets are typically marked by a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of ownership of such securities by a limited number of investors.

The markets for securities in certain emerging countries are in the earliest stages of their development. Even the markets for relatively widely traded securities in emerging countries may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the securities markets of developed countries.

The limited size of many of these securities markets can cause prices to be erratic for reasons apart from factors that affect the soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity of such markets. With respect to investments in certain emerging market countries, antiquated legal systems may have an adverse impact on the Funds.

For example, while the potential liability of a shareholder in a U. Similarly, the rights of investors in emerging market companies may be more limited than those of shareholders in U. Transaction costs, including brokerage commissions or dealer mark-ups, in emerging countries may be higher than in the United States and other developed securities markets. In addition, existing laws and regulations are often inconsistently applied. As legal systems in emerging countries develop, foreign investors may be adversely affected by new or amended laws and regulations.

In circumstances where adequate laws exist, it may not be possible to obtain swift and equitable enforcement of the law. Foreign investment in the securities markets of certain emerging countries is restricted or controlled to varying degrees.

In addition, the repatriation of both investment income and capital from emerging countries may be subject to restrictions which require governmental consents or prohibit repatriation entirely for a period of time. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of the operation of a Fund.

A Fund may be required to establish special custodial or other arrangements before investing in certain emerging countries. Most Eastern European countries had a centrally planned, socialist economy for a substantial period of time.

The governments of many Eastern European countries have more recently been implementing reforms directed at political and economic liberalization, including efforts to decentralize the economic decision-making process and move towards a market economy. In addition, any change in the leadership or policies of Eastern European countries may halt the expansion of or reverse the liberalization of foreign investment policies now occurring and adversely affect existing investment opportunities.

The economies of emerging countries may differ unfavorably from the U. Many emerging countries have experienced in the past, and continue to experience, high rates of inflation. In certain countries inflation has at times accelerated rapidly to hyperinflationary levels, creating a negative interest rate environment and sharply eroding the value of outstanding financial assets in those countries.

Other emerging countries, on the other hand, have recently experienced deflationary pressures and are in economic recessions. The economies of many emerging countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners. In addition, the economies of some emerging countries are vulnerable to weakness in world prices for their commodity exports.

Foreign markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Such delays in settlement could result in temporary periods when a portion of the assets of a Fund remain uninvested and no return is earned on such assets. The inability of a Fund to make intended security purchases or sales due to settlement problems could result either in losses to the Fund due to subsequent declines in value of the portfolio securities or, if the Fund has entered into a contract to sell the securities, could result in possible liability to the purchaser.

Forward Commitment and When-Issued Transactions. Each Fund may purchase or sell securities on a when-issued or forward commitment basis subject to its investment policies and restrictions. These transactions involve a commitment by a Fund to purchase or sell securities at a future date ordinarily one or two months later. The price of the underlying securities usually expressed in terms of yield and the date when the securities will be delivered and paid for the settlement date are fixed at the time the transaction is negotiated.

When-issued purchases and forward commitments are negotiated directly with the other party, and such commitments are not traded on exchanges. A Fund will not enter into such transactions for the purpose of leverage. When-issued purchases and forward commitments enable a Fund to lock in what is believed by the Adviser to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates.

For instance, in periods of rising interest rates and falling prices, a Fund might sell securities it owns on a forward commitment basis to limit its exposure to falling prices. In periods of falling interest rates and rising prices, a Fund might sell securities it owns and purchase the same or a similar security on a when-issued or forward commitment basis, thereby obtaining the benefit of currently higher yields.

When-issued securities or forward commitments involve a risk of loss if the value of the security to be purchased declines prior to the settlement date. A Fund will make commitments to purchase securities on a when-issued basis or to purchase or sell securities on a forward commitment basis only with the intention of completing the transaction and actually purchasing or selling the securities.

If deemed advisable as a matter of investment strategy, however, a Fund may dispose of or renegotiate a commitment after it is. A Fund also may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. A Fund may realize a capital gain or loss in connection with these transactions, and its distributions from any net realized capital gains will be taxable to shareholders.

These procedures are designed to ensure that the Fund will maintain sufficient assets at all times to cover its obligations under when-issued purchases and forward commitments. A Fund is permitted to enter into forward contracts under two circumstances. By entering into a forward contract for the purchase or sale, for a fixed number of U. Second, when the Adviser believes that the currency of a particular foreign country may suffer a substantial decline against the U.

The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible since the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it matures. Although the Funds have no current intention to do so, they may engage in cross-hedging by using forward contracts in one currency to hedge against fluctuations in the value in securities denominated or quoted in a different currency if the Adviser determines that there is a pattern of correlation between the two currencies.

Cross-hedging may also include entering into a forward. At the consummation of the forward contract, the Funds may either make delivery of the foreign currency or terminate its contractual obligation by purchasing an offsetting contract obligating it to purchase at the same maturity date, the same amount of such foreign currency. If a Fund chooses to make delivery of foreign currency, it may be required to obtain such delivery through the sale of portfolio securities quoted or denominated in such currency or through conversion of other assets of a Fund into such currency.

If a Fund engages in an offsetting transaction, the Fund will realize a gain or a loss to the extent that there has been a change in forward contract prices. Closing purchase transactions with respect to forward contracts are usually effected with the currency trader who is party to the original forward contract.

It simply establishes a rate of exchange which can be achieved at some future point in time. The precise projection of short-term currency market movements is not possible, and short-term hedging provides a means of fixing the U. It also reduces any potential gain which may have otherwise occurred had the currency value increased above the settlement price of the contract. While the Funds may enter into forward contracts to seek to reduce currency exchange rate risks, transactions in such contracts involve certain other risks.

Thus, while the Funds may benefit from such transactions, unanticipated changes in currency prices may result in a poorer overall performance for the Funds than if it had not engaged in any such transactions. Such imperfect correlation may cause the Funds to sustain losses, which will prevent the Funds from achieving a complete hedge, or expose the Funds to the risk of foreign exchange loss.

Forward contracts are subject to the risks that the counterparty to such contract will default on its obligations. Since a forward foreign currency exchange contract is not guaranteed by an exchange or clearing house, a default on the contract would deprive the Funds of unrealized profits, transaction costs or the benefits of a currency hedge or force the Funds to cover its purchase or sale commitments, if any, at the current market price.

Futures Contracts. The Funds may invest in futures contracts. A futures contract may generally be described as an agreement between two parties to buy and sell particular financial instruments for an agreed price during a designated month or to deliver the final cash settlement price, in the case of a contract relating to an index or otherwise not calling for physical delivery at the end of trading in the contract.

When interest rates are rising or securities prices are falling, a Fund can seek to offset a decline in the value of its current portfolio securities through the sale of futures contracts. When interest rates are falling or securities prices are rising, a Fund, through the purchase of futures contracts, can attempt to secure better rates or prices than might later be available in the market when it effects anticipated purchases.

Positions taken in the futures markets are not normally held to maturity but are instead liquidated through offsetting transactions, which may result in a profit or a loss. While futures contracts on securities will usually be liquidated in this manner, a Fund may instead make, or take, delivery of the underlying securities or currency whenever it appears economically advantageous to do so.

A clearing corporation associated with the exchange on which futures on securities are traded guarantees that, if still open, the sale or purchase will be performed on the settlement date. Hedging, by use of futures contracts, seeks to establish with more certainty than would otherwise be possible the effective price or rate of return on portfolio securities or securities that a Fund proposes to acquire or the exchange rate of currencies in which portfolio securities are quoted or denominated.

If, in the. When hedging of this character is successful, any depreciation in the value of portfolio securities will be substantially offset by appreciation in the value of the futures position. This would be done, for example, when a Fund anticipates the subsequent purchase of particular securities when it has the necessary cash, but expects the prices then available in the applicable market to be less favorable than prices that are currently available.

Holding Company Depository Receipts. Restricted and Illiquid Securities. Illiquid securities include: repurchase agreements and time deposits with a notice or demand period of more than seven days; interest rate; currency, mortgage and credit default swaps; interest rate caps; floors and collars; municipal leases; certain restricted securities, such as those purchased in a private placement of securities, unless it is determined, based upon a review of the trading markets for a specific restricted security, that such restricted security is liquid; and certain over-the-counter options.

Securities that have legal or contractual restrictions on resale but have a readily available market are not considered illiquid for purposes of this limitation. With respect to each Fund, repurchase agreements subject to demand are deemed to have a maturity equal to the notice period.

Mutual funds do not typically hold a significant amount of restricted or other illiquid securities because of the potential for delays on resale and uncertainty in valuation. Limitations on resale may have an adverse effect on the marketability of portfolio securities and a mutual fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty in satisfying redemptions within seven days.

A mutual fund might also have to register such restricted securities in order to dispose of them resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities. These securities will not be considered illiquid so long as it is determined by the Adviser that an adequate trading market exists for the securities.

This investment practice could have the effect of increasing the level of illiquidity in a Fund during any period that qualified institutional buyers become uninterested in purchasing restricted securities. The purchase price and subsequent valuation of Restricted Securities normally reflect a discount from the price at which such securities trade when they are not restricted, since the restriction makes them less liquid.

The amount of the discount from the prevailing market price is expected to vary depending upon the type of security, the character of the issuer, the party who will bear the expenses of registering the Restricted Securities and prevailing supply and demand conditions.

The Funds may also invest in exchange-traded funds, which generally track their related indices and trade like an individual stock throughout the trading day. Investment Company Securities. Each Fund may invest in securities issued by other investment companies to the extent permitted by the Act. Investments in the securities of other investment companies will involve duplication of advisory fees and certain other expenses. Lending of Portfolio Securities.

Each Fund may lend its portfolio securities to financial institutions in accordance with the investment restrictions described below. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially.

The Funds may invest in securities of companies with micro-, small- and mid-size capitalizations tend to be riskier than securities of companies with large capitalizations. This is because micro-, small- and mid-cap companies typically have smaller product lines and less access to liquidity than large cap companies, and are therefore more sensitive to economic downturns.

In addition, growth prospects of micro-, small- and mid-cap companies tend to be less certain than large cap companies, and the dividends paid on micro-, small- and mid-cap stocks are frequently negligible. Moreover, micro-, small-.

Consequently, securities of micro-, small- and mid-cap companies tend to be more volatile than those of large-cap companies. The market for micro- and small-cap securities may be thinly traded and as a result, greater fluctuations in the price of micro- and small-cap securities may occur. Money Market Instruments. Each Fund may invest a portion of its assets in short-term, high-quality instruments for purposes of temporary defensive measures which include, among other things, bank obligations.

Bank obligations also include U. Such investments may involve risks that are different from investments in securities of domestic branches of U. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions which might affect the payment of principal or interest on the securities held in a Fund.

Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting and recordkeeping requirements than those applicable to domestic branches of U. A Fund will invest in obligations of domestic branches of foreign banks and foreign branches of domestic banks only when the Adviser believes that the risks associated with such investment are minimal. The value of money market instruments tends to fall when current interest rates rise.

Mortgage-Backed Securities. Guaranteed mortgage pass-through securities represent participation interests in pools of residential mortgage loans and are issued by U. Ginnie Mae certificates are guaranteed by the full faith and credit of the U. Fannie Mae and Freddie Mac certificates are not backed by the full faith and credit of the U. Fannie Mae certificates are guaranteed by Fannie Mae, a federally chartered and privately owned corporation, for full and timely payment of principal and interest on the certificates.

Fannie Mae is authorized to borrow from the U. Treasury to meet its obligations. Freddie Mac certificates are guaranteed by Freddie Mac, a corporate instrumentality of the U. Typically, CMOs are collateralized by Ginnie Mae, Fannie Mae or Freddie Mac certificates but also may be collateralized by other mortgage assets such as whole loans or private mortgage pass-through securities.

Debt service on CMOs is provided from payments of principal and interest on collateral of mortgaged assets and any reinvestment income thereon. A REMIC is a CMO that qualifies for special tax treatment under the Code and invests in certain mortgages primarily secured by interests in real property and other permitted investments.

Certain Funds may invest in mortgage-backed securities issued by trusts or other entities formed or sponsored by private originators of and institutional investors in mortgage loans and other non-governmental entities or representing custodial arrangements administered by such institutions. These private originators and institutions include savings and loan associations, mortgage bankers, commercial banks, insurance companies, investment banks and special purpose subsidiaries of the foregoing.

Privately issued mortgage-backed securities are generally backed by pools of conventional i. Since such mortgage-backed securities normally are not guaranteed by an entity having the credit standing of Ginnie Mae, Fannie Mae or Freddie Mac, in order to receive a high quality rating from the rating organizations e.

Liquidity protection refers to the payment of cash advances to holders of mortgage-backed securities when a borrower on an underlying mortgage fails to make its monthly payment on time. Protection against losses resulting after default and liquidation is designed to cover losses resulting when, for example, the proceeds of a foreclosure sale are insufficient to cover the outstanding amount on the mortgage.

Such protection may be provided through guarantees, insurance policies or letters of credit, through various means of structuring the securities or through a combination of such approaches. Losses on a pool in excess of anticipated levels could nevertheless result in losses to security holders since credit enhancement rarely covers every dollar owed on a pool. Prepayment rates are influenced by changes in current interest rates and a variety of economic, geographic, social and other factors and cannot be predicted with certainty.

Both adjustable rate mortgage loans and fixed rate mortgage loans may be subject to a greater rate of principal prepayments in a declining interest rate environment and to a lesser rate of principal prepayments in an increasing interest rate environment. Under certain interest rate and prepayment rate scenarios, a Fund may fail to recoup fully its investment in Mortgage-Backed Securities notwithstanding any direct or indirect governmental or agency guarantee.

When a Fund reinvests amounts representing payments and unscheduled prepayments of principal, it may receive a rate of interest that is lower than the rate on existing adjustable rate mortgage pass-through securities. Thus, Mortgage-Backed Securities, and adjustable rate mortgage pass-through securities in particular, may be less effective than other types of U. Options on Futures Contracts. The Funds may purchase and sell various kinds of futures contracts, and purchase and write call and put options on any of such futures contracts.

The acquisition of put and call options on futures contracts will give a Fund the right but not the obligation for a specified price to sell or to purchase, respectively, the underlying futures contract at any time during the option period. As the purchaser of an option on a futures contract, a Fund obtains the benefit of the futures position if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.

By writing a call option, a Fund becomes obligated, in exchange for the premium, upon exercise of the option to sell a futures contract if the option is exercised, which may have a value higher than the exercise price. Conversely, the writing of a put option on a futures contract generates a premium, which may partially offset an increase in the price of securities that a Fund intends to purchase.

However, the Fund becomes obligated upon exercise of the option to purchase a futures contract if the option is exercised, which may have a value lower than the exercise price. Thus, the loss incurred by a Fund in writing options on futures is potentially unlimited and may exceed the amount of the premium received.

The Funds will incur transaction costs in connection with the writing of options on futures. Each Fund will engage in transactions in currency forward contracts, futures contracts and options only to the extent such transactions are consistent with the requirements of the Code, for maintaining its qualification as a regulated investment company for federal income tax purposes.

Transactions in futures contracts and options on futures involve brokerage costs, require margin deposits and, in some cases, may require the applicable Fund to establish a segregated account consisting of cash or liquid securities in an amount equal to the underlying value of such contracts and options. While transactions in futures contracts and options on futures may reduce certain risks, such transactions themselves entail certain other risks. Thus, while a Fund may benefit from the use of futures and options on futures, unanticipated changes in interest rates or securities prices may result in a poorer overall performance for the Fund than if it had not entered into any futures contracts or options transactions.

In the event of an imperfect correlation between a futures position and a portfolio position which is intended to be protected, the desired protection may not be obtained and the Fund may be exposed to risk of loss. There are no futures contracts based upon individual securities, except certain U.

Options on Securities and Securities Indices. The Funds may each write covered call and secured put options on any securities in which it may invest or on any domestic stock indices based on securities in which it may invest. A Fund may purchase and write such options on securities that are listed on national domestic securities exchanges or foreign securities exchanges or traded in the over-the-counter market.

A call option written by a Fund obligates the Fund to sell specified securities to the holder of the option at a specified price if the option is exercised at any time before the expiration date, regardless of the market price of the security. All call options written by a Fund are covered, which means that the Fund will own the securities subject to the option so long as the option is outstanding or use the other methods described below.

The purpose of a Fund in writing covered call options is to realize greater income than would be realized in portfolio securities transactions alone. However, in writing covered call options for additional income, a Fund may forego the opportunity to profit from an increase in the market price of the underlying security. A put option written by a Fund obligates the Fund to purchase specified securities from the option holder at a specified price if the option is exercised at any time before the expiration date, regardless of the market price for the security.

The purpose of writing such options is to generate additional income. All call and put options written by a Fund are covered. A Fund may terminate its obligations under an exchange-traded call or put option by purchasing an option identical to the one it has written. Obligations under over-the-counter options may be terminated only by entering into an offsetting transaction with the counterparts to such option. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying security from being called, to permit the sale of the underlying security or to permit the writing of a new option containing different terms on such underlying security.

The cost of such a liquidation purchase plus transaction costs may be greater than the premium received upon the original option, in which event the Fund will have incurred a loss in the transaction. A Fund may also write sell covered call and put options on any securities index composed of securities in which it may invest.

Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of securities. The amount of this settlement will be equal to the difference between the closing price of the of the securities index at the time of exercise and the exercise price of the option expressed in dollars, times a specified amount.

In addition, securities index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security. The purchase of a call option would entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period.

A Fund would ordinarily realize a gain on the purchase of a call option if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise the Fund would realize either no gain or a loss on the purchase of the call option.

The purchase of a put option would entitle a Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. Put options may also be purchased by a Fund for the purpose of affirmatively. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to cover the premium and transaction costs; otherwise the Fund would realize either no gain or a loss on the purchase of the put option.

Gains and losses on the purchase of put options may be offset by countervailing changes in the value of the underlying portfolio securities. A Fund may purchase put and call options on securities indices for the same purposes as it may purchase options on securities. Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash payments and does not involve the actual purchase or sale of securities.

Transactions by a Fund in options on securities and securities indices will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options are traded governing the maximum number of options in each class which may be written or purchased by a single investor or group of investors acting in concert, regardless of whether the options are written or purchased on the same or different exchanges, boards of trade or other trading facilities or are held or written in one or more accounts or through one or more brokers.

Thus, the number of options that a Fund may write or purchase may be affected by options written or purchased by other investment advisory clients of the Adviser. An exchange, board of trade or other trading facility may order the liquidation of positions found to be in excess of these limits, and it may impose certain other sanctions. Although the Funds may use option transactions to seek to generate additional income and to seek to reduce the effect of any adverse price movement in the securities or currency subject to the option, they do involve certain risks that are different in some respects from investment risks associated with similar mutual funds, which do not engage in such activities.

These risks include the following: for writing call options, the inability to effect closing transactions at favorable prices and the inability to participate in the appreciation of the underlying securities above the exercise price; for writing put options, the inability to effect closing transactions at favorable prices and the obligation to purchase the specified securities or to make a cash settlement on the securities index at prices which may not reflect current market values; and for purchasing call and put options, the possible loss of the entire premium paid.

Perfect correlation may not be possible because the securities held or to be acquired by a Fund may not exactly match the composition of the securities index on which options are written. Similarly, if a Fund is unable to effect a closing sale transaction with respect to options it has purchased, it would have to exercise the options in order to realize any profit and will incur transaction costs upon the purchase or sale of underlying securities or currencies.

The writing and purchase of options is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Most equity mutual funds pursue active strategies, which have higher turnover than passive strategies. The generally higher portfolio turnover of active investment strategies can adversely affect taxable investors, especially those in higher marginal tax brackets, in two ways.

First, short-term capital gains, which often accompany higher turnover investment strategies, are currently taxed at ordinary income rates. Ordinary income tax rates are higher than long-term capital gain tax rates for middle and upper income taxpayers. Thus, the tax liability is often higher for investors in active strategies. Second, the more frequent realization of gains caused by higher turnover investment strategies means that taxes will be paid sooner.

Such acceleration of the tax liability is financially more costly to investors. Less frequent realization of capital gains allows the payment of taxes to be deferred until later years, allowing more of the gains to compound before taxes are paid. Consequently, after-tax compound rates of return will. The difference is particularly large when the general market rates of return are higher than average, such as during the majority of the last ten years. In determining such portfolio turnover, U.

The annual portfolio turnover rate is calculated by dividing the lesser of the cost of purchases or proceeds from sales of portfolio securities for the year by the monthly average of the value of the portfolio securities owned by the applicable Fund during the year. The monthly average is calculated by totaling the values of the portfolio securities as of the beginning and end of the first month of the year and as of the end of the succeeding 11 months and dividing the sum by It should be noted that if a Fund were to write a substantial number of options, which are exercised, the portfolio turnover rate of that Fund would increase.

Increased portfolio turnover results in increased brokerage costs, which a Fund must pay, and the possibility of more short-term gains, distributions of which are taxable as ordinary income. Real Estate Investment Trust Securities. REITs generally invest directly in real estate, in mortgages or in some combination of the two.

Step change in climate ambitions in the EU. The EU has long had significant aspirations for the decarbonization of its economy. Trends and thematic investing: cutting through short-term noise. A growing body of academic literature shows that only a small number of listed stocks account for most of the long-term shareholder value created in the stock market.

Since , our clients have looked to us for innovative, evidence-based strategies and over the years we have applied this expertise across our five key strengths. Covid - Market Update. Trends and thematic investing.

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