Annual report & accounts

    ROLINCO N.V.

                                                   ANNUAL REPORT 2006

































                              % ROBECO
CONTENTS

General
information                                                     3
Report of the supervisory board                                  5
Report of the management board                               6
Financial
statements                                                     12
Balance
sheet
12
Profit and loss  account
                13
Cash-flow
summary                                                      13
Notes
                14
Other data
                24
Spread of net  assets
                27
List                                                               of
securities
29
Purchases                                                         and
sales                                                      31
GENERAL INFORMATION

ROLINCO N.V. 1)
(investment company with a variable capital, having its registered
office in Rotterdam, the Netherlands)
Coolsingel 120
Postbus 973
NL-3000 AZ Rotterdam
Tel. +31- 10 - 224 12 24
Fax +31 - 10 - 411 52 88
Internet: www.robeco.com

Supervisory Board
Paulus C. van den Hoek, chairman
Gilles Izeboud
Philip Lambert
Dirk P.M. Verbeek

Management Board
Robeco Fund Management B.V. (as of 27 April 2006)
Arnout van Rijn (until 27 April 2006)
Volker Wytzes (until 27 April 2006)

Manager
Robeco Fund Management B.V.
(as of 1 January 2006)
Management board:
Mark F. van der Kroft
Edith J. Siermann
Edwin de Weerd (as of 12 January 2006)
Eduard B. van Wijk (as of 1 November 2006)

Fund Manager
Arnout van Rijn

Secretary of the Company
David H. Cross
Management Board of Robeco Groep N.V.
(the holding company of the Robeco Group)
George A. Möller, chairman
Leni M.T. Boeren
Sander van Eijkern
Constant Th.L. Korthout
Frank L. Kusse 2
Niek F. Molenaar

GENERAL MEETING OF SHAREHOLDERS
The General Meeting of Shareholders will be held on 26 April 2007  at
11:30 hours  at  the  Hilton  Rotterdam,  Weena  10,  Rotterdam,  the
Netherlands. Holders  of  share  certificates to  bearer  wishing  to
attend and vote at the meeting  should apply for a written  statement
from the  Euroclear  Netherlands-affiliated institution  where  their
shares are  held,  which will  give  admission to  the  meeting.  The
institutions affiliated with  Euroclear Netherlands  should submit  a
copy of this statement  to ABN AMRO Bank  N.V. stating the number  of
shares held for the shareholder  concerned prior to the meeting,  and
which will be frozen until  after the meeting. This statement  should
be submitted not later than 19 April 2007.
Holders of K shares should  lodge their share certificates not  later
than 19 April 2007 with one  of the banks mentioned in the  convening
notice of 5 April 2007.
Holders of an account  with Robeco Direct  N.V. in Rotterdam,  Banque
Robeco S.A. in Paris  or Robeco Bank Belgium  in Brussels wishing  to
attend the meeting should inform the management board in writing  not
later than 19 April 2007.
This report is also published in  Dutch, French and German. Only  the
original Dutch  edition  is binding  and  will be  submitted  to  the
General Meeting of Shareholders.

SIMPLIFIED AND FULL PROSPECTUS
A simplified  prospectus with  information on  Rolinco N.V.  and  its
associated costs and risks  is available. This simplified  prospectus
and the full prospectus are available at the company's office and via
www.robeco.com.

2As of 2 February 2007.
REPORT OF THE SUPERVISORY BOARD

We herewith present the Rolinco N.V. accounts for the financial year
2006 together with the report of the management board.
The way in which the supervisory board carries out its supervisory
duties is significantly determined by the structure of the Robeco
Group. Discussion of the management of Rolinco N.V. can take place in
the supervisory board of either the company or that of Robeco Groep
N.V. As a result of the personal links between members of the two
boards, in practice this presents no difficulties. Rolinco N.V. is
managed by Robeco Fund Management B.V., a wholly owned (indirect)
subsidiary of Robeco Groep N.V. The management board of Robeco Fund
Management B.V. consists of Edith Sierman (Chief Investment Officer
Fixed Income), Mark van der Kroft (Chief Investment Officer
Equities), Edwin de Weerd (Manager of Robeco Fund Services Center)
and Ed van Wijk (Executive Vice President at Robeco Alternative
Investments). Arnout van Rijn is the fund manager of Rolinco N.V.
The purpose of an investment institution such as Rolinco N.V., as
laid down in its Articles of Association, is limited to the investing
of its assets in securities in such a way that risks are diversified
with the object of allowing its shareholders to participate in the
profits. At its meetings the supervisory board therefore primarily
devotes its attention to the investment policy, the realized results
and the development of the assets invested, on the basis of frequent
and detailed reports. Attention is also paid to matters relating to
risk management, such as operational and market risks, and
compliance, such as investment restrictions and compliance with
requirements of the regulator. In connection with what has already
been mentioned regarding the structure of the Robeco Group, matters,
such as the risks associated with the investment policy, the
application of instruments to manage these risks and compliance
issues, may also be discussed at the meetings of the supervisory
board of Robeco Groep N.V.
The general policy of the Robeco Group is determined by the
Management Board of Robeco Groep N.V. in consultation with its
supervisory board. This means that matters such as product
development, acquisitions and risk management and compliance are
discussed at the meetings of the supervisory board of Robeco Groep
N.V. An audit and compliance committee and a nomination, remuneration
and corporate-governance committee have been appointed by this board.
Two members of each of these committees are also supervisory
directors of Rolinco N.V. Within these committees extensive
discussions are held about internal audit, risk-management and
compliance issues and the functioning of and remuneration structure
for the Robeco Groep N.V. Management Board and other human-resource
issues. Besides the subjects mentioned, no special issues were
discussed at the meetings of the supervisory board during the
reporting year.
We have taken note of the contents of the auditor's report presented
by Ernst & Young Accountants and recommend approval of the annual
financial statements. We concur with management's proposal to
distribute a dividend of EUR 0.40 per share in cash.
At the General Meeting of Shareholders on 27 April 2006, Dirk Verbeek
was reappointed as a supervisory director of the company with
immediate effect.
According to schedule, Gilles Izeboud will resign at the General
Meeting of Shareholders to be held on 26 April 2007. Mr. Izeboud is
available for reelection. It is proposed that he be reappointed as a
supervisory director of the company with immediate effect.

Rotterdam, 22 March 2007

The supervisory board
SUPERVISORY BOARD

Paulus C. van den Hoek, chairman (68)
Dutch nationality. Appointed in 1990 and last reappointed in 2005.
Lawyer and partner at Stibbe, lawyers and notaries, in Amsterdam, the
Netherlands, since  1965.  Former  Dean of  the  Dutch  National  Bar
(1981/84).  Supervisory  director  of  ASM  International,  Bührmann,
Wavin, Robeco Groep , Robeco and Rorento.

Gilles Izeboud (64)
Dutch nationality. Appointed in 2004.
Former partner and director at PricewaterhouseCoopers. Deputy justice
of  the  Enterprise  Section  of  the  Amsterdam  Court  of   Appeal.
Supervisory director of Buhrmann, Robeco Groep, Robeco and Rorento.

Philip Lambert (60)
Dutch nationality. Appointed in 2005.
Former head  of   Corporate  Pensions of  Unilever  N.V. and  PLC  in
London. Supervisory director of Robeco Groep , Robeco and Rorento.

Dirk P.M. Verbeek (56)
Dutch nationality. Appointed in 2001 and last reappointed in 2006.
Member of  the executive  board of  Aon Group  in Chicago,  USA,  and
chairman/CEO of the executive board of Aon Holdings in Rotterdam, the
Netherlands. Supervisory  director  of  Robeco  Groep  ,  Robeco  and
Rorento.

N.B. Only  supervisory  directorships  at listed  companies  and  the
Robeco Group are mentioned.
REPORT OF THE MANAGEMENT BOARD

GENERAL INTRODUCTION

An excellent year for the world economy
The past year has been an  excellent one for the world economy,  with
growth recorded at around 5%. However, the composition of growth  was
somewhat different  from  past years.  Growth  in the  United  States
slowed down in the course of the year, while Japan and the euro  area
recorded higher growth rates. The emerging economies continued  their
process of catching up with the developed economies.
Inflationary pressures increased worldwide  after oil prices rose  to
well above USD  70 per  barrel early  in the  year. Actual  inflation
remained contained under the influence of tighter monetary polices in
many countries. The fact that oil prices moved back to levels  around
USD 60 per  barrel later  in the year  contributed to  a more  benign
development  of  inflation,  in  combination  with  restrained   wage
increases in many countries.

A very favorable year for equity markets
The combination of high  economic growth and  modest inflation was  a
splendid  one  for  equity  markets.  Generally  corporate   earnings
continued strongly, while  price/earnings ratios  were reasonable  at
the beginning of the year. Many central banks around the world  hiked
interest rates  in the  course  of the  year. On  balance,  long-term
government  yields  also  increased,   although  less  so  than   the
short-term interest rates. However, bond  yields remained low from  a
historical perspective, as a result of which yield developments  were
no threat for equity markets.
The second quarter saw a correction, which was more than reversed  in
the remainder  of the  year.  In the  end  most equity  markets  have
recorded double-digit increases  in their indices.  After the  strong
increase  in  2005  the  Japanese  stock  market  index  recorded   a
relatively small increase in 2006. Although the US stock markets  had
a favorable  year, the  outcome for  investors with  euro-denominated
investments was not that good, because the dollar depreciated by more
than 10% against the euro. The stock  markets in the euro area had  a
better than average performance.

The US economy
In  the  course  of  the  year,  the  US  economy  slowed  down.  The
interest-rate hikes by the US central  bank (the Fed) since mid  2004
started to take their toll. The Fed funds rate ended the year 2006 at
5.25%. On balance, long-term interest rates increased to around  4.7%
by the end of the year.
The housing market in particular was responsible for the slowdown  in
US growth. The marked increase of  prices and volumes in the  housing
market came to an  end in the  past year. For the  time being the  US
consumer appeared to be unaffected by the developments in the housing
market. Consumption  continued to  grow at  a healthy  pace,  further
facilitated by strong conditions in the labor market.
Initially, core inflation went up, but  fell to just above 2% in  the
final months of the year.

Japan
Last year, the Japanese economy continued its recovery. This led  the
Bank of Japan to  abandon its zero  interest-rate policy. The  policy
rate was increased  once by  25 basis  points. The  recovery was  not
convincing in all respects. The Japanese consumer remains hesitant to
spend. Inflation is  still very low.  Under these circumstances,  the
long-term interest rates fluctuated mainly within a bandwidth of 1.5%
and 1.75%.

The euro area
Last year, economic performance in the euro area was strong. Economic
growth amounted to more than  2.5%. Initially inflation increased  on
the back of higher  oil prices, but  ended the year  at a level  just
below 2%. Strong  economic growth,  a substantial  increase in  money
supply and credit growth, and  just over 2% projected inflation  over
the medium term prompted the European Central Bank (ECB) to  increase
interest rates from 2.25%  to 3.5%. Long-term  rates increased by  no
more than 60 basis points.

Outlook
The world economy is continuing to  grow rapidly, albeit at a  slower
pace than last  year. The  emerging economies  are maintaining  their
catching-up course, and Japan  and the euro  area will record  growth
rates of some 2%. For the US economy, a slowdown of growth to  around
2% is being  penciled in.  The ECB  and Bank  of Japan  have not  yet
finished their hiking  cycle and this  is also true  for a number  of
other central banks. The Fed will probably start to ease its monetary
policy as inflation gets under control. The development of  long-term
rates will remain moderate.
All in all this year more or less average returns of around 8% are to
be expected.

Investment result

Overview 2002-2006
(in %)                                                        Average
                                                            over last
                          2006   2005   2004   2003   2002    5 years

Based on:
- - market price             6.9   33.8    2.6    7.7  -32.9        1.2
- - net asset value          6.2   33.6    3.8    7.2  -32.3        1.4
Benchmark1)                4.8   25.4    3.3    8.6  -32.2       -0.1
Dividend in euros2)       0.40   0.36   0.28   0.28   0.28       0.32
Total net assets3)         1.6    1.6    1.3    1.4    1.3

1) S&P/Citigroup World  Growth Primary Market  Index (Total  Return).
MSCI World  Index  until  1  November 2002.    Currencies  have  been
converted at rates supplied by World Market Reuters.
2) Proposed for 2006.
3) EUR x billion.


During 2006, the share  price of Rolinco rose  from EUR 23.73 to  EUR
25.01. Assuming reinvestment of  the dividend of  EUR 0.36 per  share
distributed in May 2006, this was an investment result of 6.9%. Based
on net  asset value,  which rose  from EUR  23.84 to  EUR 24.96,  the
investment result was 6.2%.  The fund's benchmark, the  S&P/Citigroup
World Growth Primary Market Index (Total Return), rose 4.5% over  the
same period.
2006 was once again a good year for equity investors. The major stock
markets all  booked gains  over  the year  in local  currency  terms,
ranging from 5%  in Japan, 11%  in the United  States and the  United
Kingdom to  19% in  the Netherlands  and  as much  as 33%  in  Spain.
Rolinco's absolute  return came  under pressure  as a  result of  the
strength of the euro. This was the only reason that the fund did  not
achieve double-digit returns in  2006. Nevertheless an investment  in
Rolinco  was  still  a  good  choice  as  returns  were  once   again
considerably higher than those achieved on a savings account.
Although stock markets  have risen  significantly over  the last  few
years, sentiment now is totally different to how it was in the rising
markets at the end of the nineties. Then people paid high prices  for
the long-term future profitability  of technology companies,  whereas
now investors can  only drum  up enthusiasm for  companies which  are
offering  high  dividends   right  now.  To   summarize  a   Rabobank
advertisement: People  now would  rather have  a 'bird  in the  hand'
whereas then  they  preferred  to  have  'two  birds  in  the  bush'.
Currently there  is  only  slight interest  for  the  companies  with
attractive growth profiles that  growth fund Rolinco  likes to buy.
This made 2006 a slightly disappointing year for investors in  growth
stocks  as these stocks once again underperformed the broader  market
completing a biblical seven years of famine.
Rolinco achieved a sound relative performance. After a fantastic year
in 2005 the  fund again substantially  outperformed the benchmark  in
2006. Stock selection was the most important factor behind this  and,
especially in the technology sector, Rolinco's stock picks showed  an
above-average performance. Another  driving force  behind the  strong
performance was the  position in emerging  markets, where most  stock
markets continued  to  perform well.  On  the other  hand  the  large
position in Japan  only performed moderately.   We expected  domestic
investors there to push the market  higher as the low interest  rates
offered few  attractive  alternatives.  A scandal  involving  one  of
Japan's most well-known  entrepreneurs was, however,  enough to  make
Japanese investors  shy  away.  Sector  allocation  made  a  negative
contribution  to  the   result.  As   a  growth   fund  Rolinco   was
overrepresented in the health-care sector where there are still  many
new developments,  but underrepresented  in stable  but  slow-growing
utilities   and   cyclical   materials.       In   2006    utilities,
telecommunications and  materials were  the best-performing  sectors,
primarily  because  of  the   considerable  merger  and   acquisition
activity.

INVESTMENT POLICY
Many investors are too hasty in  their actions and have too short  an
investment  horizon.  Rolinco  moves  nice  and  slowly  and  has  an
investment horizon of 3 to 5 years. The fund's policy in 2006 can  be
summed up  by the  motto:  Be skeptical,  do little,  have  patience.
During the year any changes that were made were well thought out  and
limited in  size.  Turnover in  the  portfolio, without  taking  into
account the sale and purchase of  the fund's own shares, amounted  to
about 50%.
The general strategy was to slowly reduce the risks in the portfolio.
Many stocks that had performed very well in 2005, had little  further
upside potential. So in the first  few months of the year we  reduced
the position in energy. Oil  will remain scarce, but the  exaggerated
stories that were circulating at the time (USD 100 per barrel) seemed
overoptimistic. Moreover,  many  speculators had  plunged  into  oil,
which made the  market vulnerable.  Our sector  weight was  gradually
reduced by more than 2%.
We used  the correction  in  the Japanese  market  to buy  our  first
Japanese bank for the portfolio. Resona (formally Daiwa bank) was the
lucky candidate. This bank should be in an ideal position to  benefit
from the gradually rising deposit rates in Japan. The return on  this
investment is  still in  negative territory  because the  process  of
increasing interest rates  in Japan has  been disappointingly slow.
Throughout the year the position in financial conglomerate  Citigroup
was markedly increased.  The bank  had been  penalized for  investing
heavily in  its  future  growth. Many  investors  searched  for  more
attractive growth stories but had  to pay considerably more for  them
- -  we did not! Citigroup moved into our top ten.
Following extensive research, in the  spring we bought a position  in
the trendy shoe manufacturer Crocs. Investors thought that growth  in
the US had peaked and built up  a large short position in the  stock.
We, however, believed  in the underestimated  demand from Europe  and
Asia which did come through, quickly pushing up the stock by 50%.  It
transpired that high-growth companies can also disappoint when the US
senate unexpectedly  made gambling  online impossible.   The  English
companies Partygaming  and 888.com  generated a  large proportion  of
their turnover  from  poker with  Americans  and their  stock  prices
collapsed like a  house of  cards as  a result  of this  news. We  do
believe that the European market  still does offer sufficient  growth
prospects to keep  holding the  stocks at these  low levels.  Another
disappointment  was   Neurocrine   Biosciences.   Contrary   to   our
expectations its insomnia drug  Indiplon failed to  be passed by  the
approvals committee and the stock price fell by more than 80%,
In the Dutch part of the  portfolio publisher VNU was sold when  it's
private equity buyers came forward with  a higher bid. The fund  also
took a position in Philips. Many still see the company as a shapeless
conglomerate, but under  the leadership  of Kleisterlee  it has  been
considerably restructured. Following  the sale  of the  semiconductor
division, the  emphasis has  been shifted  further on  to the  future
growth in the medical and  lighting divisions. We also bought  Dupont
because the  company  has  geared  its  portfolio  far  more  towards
structural growth, without  the market  taking this  into account  in
terms of the stock's valuation.  We at Rolinco like to take advantage
of prejudices and misconceptions.
In the information-technology  sector the sector  weight was  reduced
towards the end of the year  by selling positions in Nokia,  Toshiba,
SAP and  Qualcomm. The  rationale behind  this was  a combination  of
unrealistic expectations  and  quantitative factors.  In  2006  Cisco
systems was  the best  performer in  the top  ten by  a  considerable
margin.  Having initially been too optimistic the market then  became
too apprehensive about this stock.   When growth picked up again  the
stock regained the spotlight.
In the second half of the year the weight of the US was increased  by
about 4%  at the  expense  of Europe.  The differences  in  valuation
between the two  regions became much  smaller as a  result of  better
performance by the European stock markets. The fund's weight in Japan
and emerging markets remained stable throughout the year.
In the spring the position in the US dollar was reduced in two steps,
from 53% to 44%. Our models lost their confidence in the dollar which
had been so surprisingly strong in 2005. In 2006 the euro became  the
strongest currency  again. In  May  a position  was taken  in  Robeco
Global Telecom Opportunities,  a hedge  fund that  focuses solely  on
stocks in the telecom sector  and is therefore ideally positioned  to
find good investment opportunities.
Rolinco makes use of financial  instruments, the associated risks  of
which are  specified  in  the financial  statements.  The  fund  uses
liquidity limits based on  market capitalization and tradability  for
the stocks  in  which  it  invests. The  fund  invests  in  85  names
diversified over  17  countries  and 10  sectors  resulting  in  wide
diversification and limited price  risk. Investments are made  within
the limits stated  in the  prospectus. On  the basis  of reports  the
management board has discussed risk-management and compliance issues,
subjects which were  also covered  in meetings  with the  supervisory
board.


    Top 10 stocks
                    Country         Interest in      Performance in %
                                              %      01/01-31/12/2006
                                     31/12/2006
                                                  In euros   In local
                                                             currency

 1. Total           France                  3,1       7,8%       7,8%
 2. Cisco Systems   United States           2.4      42.8%      59.6%
 3. Citigroup       United States           2.1       6.9%      19.6%
 4. Microsoft       United States           1.9       3.6%      15.8%
 5. Nestlé          Switzerland             1.8       8.9%      12.8%
 6. Astellas
    Pharma          Japan                   1.8       6.1%      19.7%
 7. Roche Holding   Switzerland             1.7       8.3%      12.2%
 8. Wyeth           United States           1.7       1.0%      12.9%
 9. Fannie Mae      United States           1.6      11.2%      24.3%
10.
    Novartis        Switzerland             1.6      -0.1%       3.4%


Notes to the top 10 stocks
Total is a French integrated oil company with the best prospects  for
production growth. Cisco Systems is global market leader in the field
of computer-network  technology.  Citigroup  is one  of  the  world's
largest financial  conglomerates. Microsoft  is the  world's  largest
software supplier. Nestlé produces and  sells food products all  over
the world. Astellas  Pharma is  a Japanese  drug manufacturer.  Roche
Holding develops  and produces  drugs  and is  the market  leader  in
diagnostics. Wyeth is an American pharmaceutical company. Fannie  Mae
collects and  packages mortgages  in the  US.   Novartis is  a  Swiss
pharmaceutical company.

OUTLOOK
The growth stocks in which Rolinco invests will come into their own
as soon as the economy begins to experience difficulties and interest
rates start to rise.  The Rolinco portfolio has been carefully
constructed to include a high proportion of companies that are
relatively insensitive to the economic cycle.
As long as interest rates remain low investors will continue to favor
stocks. For 2007 we do not, for the time being, envisage any major
obstacles. It is important to keep a close eye on wage inflation
because this can be the driving force behind structurally higher
interest rates. However in the coming reporting period, from a
demographic perspective, there will probably be little evidence of
this.  Earnings disappointments are another possible stumbling block.
However as long as globalization continues, companies will still be
able to further reduce their cost base and benefit from the
advantages of computerization. For these reasons we believe that 2007
looks like another good year for growth stocks.

TEXT BOX: INVESTMENT PHILOSOPHY
Since the beginning  of 2005, the  Rolinco team has  been made up  of
three people: Arnout van Rijn, Maarten de Kok and Michiel van Voorst.
We are  convinced  that we  can  operate decisively,  creatively  and
contrarily with a small team, and in doing so beat the market.
The greatest risk for growth investors is that they pay too much  for
growth. We therefore use  detailed valuation models  before we buy  a
stock. In  addition,  we are  highly  aware  of what  the  market  is
thinking. It  is possible  for  less popular  stocks to  realize  the
highest returns if growth turns out better than expected. Finally, we
think that  by investing  in a  limited number  of companies  and  by
implementing relatively few changes, we can pay sufficient  attention
to each  of  our  investments  and  guarantee  the  fund's  long-term
horizon.


The fund Rolinco
Rolinco, established  in  1965, is  a  global equity  fund  aimed  at
generating capital growth for its  shareholders. The fund invests  in
growth  stocks   which  are   expected  to   show  above-average   or
accelerating earnings growth in the coming years. This growth can  be
realized either by high turnover growth or by rapid margin growth and
is only dependent on the macroeconomic climate to a limited degree.
Rolinco's portfolio contains a  relatively small number of  interests
and as such has a high risk profile.

Dutch Financial Supervision Act
The Dutch Financial Supervision Act [Wet op het financieel  toezicht,
or 'Wft']  became effective  on 1  January 2007.  This act  regulates
supervision of  the Dutch  financials sector.  The Wft  has  replaced
existing supervision  legislation  (including  the  Dutch  Investment
Institutions Supervision Act [Wet toezicht beleggingsinstellingen]).

Declaration  regarding  administrative   organization  and   internal
control

General
The  administrative  organization   and  internal   control  of   the
Management Company  Robeco Fund  Management  BV are  discussed  below
insofar as these target the activities of the investment institution.
Administrative organization and internal  control are both geared  to
the size of the organization and  meet the requirements of article  8
of the 2005 Dutch Investment Institutions Supervision Decree [Besluit
toezicht  beleggingsinstellingen  2005,  or  'Btb'].   Administrative
organization  and   internal  control   can  never   offer   absolute
guarantees, rather they are designed to provide reasonable  assurance
of the effectiveness of internal-control measures in relation to  the
risks of the activities of the investment institution.
The  assessment  of  the   effectiveness  and  good  functioning   of
administrative   organization   and    internal   control   is    the
responsibility of the Management Company.

Activities
Within the scope  of the  application for  a license  under the  2005
Dutch  Investment   Institutions   Supervision  Act   [Wet   toezicht
beleggingsinstellingen 2005, or 'Wtb'], the structural aspects of the
administrative  organization  and   internal  control  applied   were
assessed and adjusted to the Wtb. The relevant risks were  identified
and corresponding internal-control measures formulated.
The effectiveness and good functioning of administrative organization
and internal control  are assessed  in various  ways. The  management
board is informed periodically by means of control reports which  are
based on the process  descriptions and the internal-control  measures
included therein.  Furthermore,  there are  incident  and  complaints
procedures.
In 2006, the effective  functioning of the internal-control  measures
was tested  by  means  of  partial  tests  to  verify  their  design,
existence and effectiveness.  This involved  generic test  activities
that were  carried out  in  a process-oriented  way for  the  various
investment institutions for which Robeco Fund Management B.V. acts as
management company. The test activities may  therefore differ for the
individual  investment  institutions.  The  tests  were  executed  by
various departments at group and business-unit level, in consultation
with internal and external auditors.
The tests did not lead to relevant findings for this annual report.

Report on administrative organization and internal control
In  2006,  we   assessed  the  various   aspects  of   administrative
organization and internal control. In our assessment we noted nothing
that would lead us to conclude that the description of the structural
aspects of administrative  organization and  internal control  within
the meaning of article  8 of the  2005 Dutch Investment  Institutions
Supervision Decree failed  to meet the  requirements as specified  in
said decree and related regulations. Neither did we conclude that the
internal-control measures  were  ineffective or  failed  to  function
according to the description provided.



Rotterdam, 22 March 2007

The management board
Robeco Fund Management B.V.

Financial statements


Balance sheet
before profit appropriation, EUR x
thousand
                                              31/12/2006   31/12/2005
Investments
Financial investments
Stocks                                      1  1,536,917    1,512,999
Investments  in  Robeco  Group   mutual     2    125,233       97,449
funds
Derivatives                             3, 13      7,977          911

Total investments                              1,670,127    1,611,359

Accounts receivable
Dividends and interest receivable           4        391          445
Receivable on securities transactions             10,128            -
Receivables on affiliated companies         5        954          440
Sundry debtors                              6      6,759        4,848

                                                  18,232        5,733
Other assets
Cash                                        7         80          206

Accounts payable
Obligations arising from derivative     3, 13        352        1,001
instruments
Payable on securities transactions                     -            2
Payable to credit institutions                    25,722        4,836
Payable to affiliated companies             8      2,835        1,438
Sundry creditors                            9      2,621          913
6¿% convertible bond loan                  10      9,051        9,525

                                                  40,581       17,715

Accounts receivable and other assets             -22,269      -11,776
less accounts payable

Shareholders' equity                       11  1,647,858    1,599,583

Composition of shareholders' equity
Issued capital                             12     65,863       66,949
Other reserves                             11  1,471,879    1,116,055
Net result                                 11    106,157      413,094

Assets attributable to holders of ordinary     1,643,899    1,596,098
shares

6 ¿% cumulative preference shares                  3,959        3,485

                                               1,647,858    1,599,583





Profit and loss account
EUR x thousand
                                 2006      2005

Investment income              26,617    20,362
Changes in value        1,2,3  99,415   409,510

                              126,032   429,872
Costs
Management costs           16  16,951    14,171
Service fee                16   1,898     1,617
Other costs                17     424       370
Interest costs             10     602       620

                               19,875    16,778

Net result                    106,157   413,094

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


Cash-flow summary
indirect method, EUR x thousand
                                                      2006       2005
Cash flow from investment activities
Net result                                         106,157    413,094
Realized and unrealized results                    -99,415   -409,510
Purchase of investments                           -417,831   -393,271
Sale of investments                                454,903    522,592
Increase(-)/decrease(+) accounts receivable        -12,526     -2,930
Increase(+)/decrease(-) accounts payable             1,644        -55

                                                    32,932    129,920

Cash flow from financing activities
Received for shares subscribed                     394,668    121,659
Paid for repurchase of own shares                 -427,475   -233,824
Profit distribution                                -25,549    -19,982
Increase(-)/decrease(+) accounts receivable             27        -27
Increase(+)/decrease(-) accounts payable             1,459       -602

                                                   -56,870   -132,776


Net cash flow                                      -23,938     -2,856
Currency and cash revaluation                        2,926     -2,696

Increase(+)/decrease(-) cash                       -21,012     -5,552

 Cash at opening date                                  206      1,823
Accounts payable to credit institutions at          -4,836       -901
opening date

Total cash at opening date                          -4,630        922

Cash at closing date                                    80        206
 Accounts payable to credit institutions at        -25,722     -4,836
closing date

Total cash at closing date                         -25,642     -4,630


Notes

General
Rolinco N.V. (hereafter also  referred to as 'the  fund') is a  Dutch
investment company  with a  variable capital  within the  meaning  of
article 28 of  the 1969  Dutch Corporate Income  Tax Act  [Wet op  de
Vennootschapsbelasting 1969]. This means that no corporate-income tax
is due,  providing  that the  fund  makes its  profit  available  for
distribution to shareholders  in the  form of  dividend within  eight
months of the  close of the  financial year and  satisfies any  other
relevant regulations. As a  result of the  appointment as Manager  of
Robeco Fund Management B.V., which holds a license from the AFM  [the
Netherlands Authority  for the  Financial  Markets] under  the  Dutch
Investment    Institutions    Supervision    Act    [Wet     toezicht
beleggingsinstellingen, or  'wtb'], the  license in  accordance  with
article 5 of the 1990  Dutch Investment Institutions Supervision  Act
has been legally cancelled.

Manager
The fund appointed Robeco Fund Management B.V. as Manager of the fund
as of  1  March  2006.  The  tasks for  which  the  Manager  will  be
responsible  include  the   execution  of   the  investment   policy,
management of  the  fund  assets  as  well  as  handling  the  fund's
financial administration,  marketing  and distribution.  Robeco  Fund
Management B.V. is part of the Robeco Group and was granted a license
by the  Netherlands Authority  for the  Financial Markets  to act  as
manager on  29  December  2005.  The  agreement  between  the  fund's
management board and  the Manager includes  the stipulation that  the
Manager will  comply  with  the provisions  of  the  prospectus,  the
Articles of Association and the  directives of the fund's  management
board, insofar as these are in line with the shareholders' interests,
and that  the Manager  will observe  the applicable  legislation  and
regulations. The Manager will also regularly report to the management
board on its duties. At the  General Meeting of Shareholders held  on
27 April 2006 Robeco Fund  Management B.V. was appointed as  director
of the company.

Models
The annual financial statements have been drawn up in conformity with
the models provided by Dutch legislature. In certain areas,
descriptions have been used which better express the nature of the
items and relate better to the characteristics of an investment
company.

Open-end fund
Rolinco N.V. is an open-end investment company, meaning that, barring
exceptional circumstances, Rolinco N.V. issues and repurchases its
shares on a daily basis at prices approximating net asset value. A
fixed spread between the bid and offer price applies to cover costs
related to issuance and repurchase of own shares. The issue price
will not be more than 0.5% higher than the net asset value and the
repurchase price will not be more than 0.5% lower than the net asset
value. The abovementioned margin between the net asset value and the
issue and repurchase prices, and the associated costs, are for the
account and risk of Robeco Investment Consulting B.V., as a result of
which Rolinco N.V. issues and repurchases its shares at net asset
value. Robeco Investment Consulting B.V. will distribute any positive
spread results to the funds, in proportion to each fund's positive
contribution to the spread result. A buffer is maintained to cover
any future losses. As of 26 February 2007, the new trading system for
open-end investment institutions on Euronext Amsterdam will be
implemented. For the company this means that the bid and offer system
described above will no longer be valid. According to the Euronext
guidelines, orders can be placed until 16:00 hours (cut-off time).
Orders that are placed via Euronext Amsterdam will be processed once
a day only and will be executed on the next stock-exchange day at the
net asset value, augmented or reduced by a limited surcharge or
discount. The only purpose of this surcharge or discount is to cover
the costs made by the company related to the entry and exit of
investors.

Non-certificated participation in the Netherlands
Shares may be  held in  non-certificated form in  Robeco Direct  N.V.
accounts or  via the  affiliated  branches of  Rabobank in  the  Rabo
Securities Account. Participants pay costs  on the sum deposited  for
each purchase, and in  the event of  a sale a  percentage of the  sum
withdrawn. These participation costs are currently a maximum of  0.4%
via Robeco Direct and  a maximum of 0.5%  via Rabobank, depending  on
the channel selected.  These sums  will accrue to  Robeco Direct  and
Rabobank respectively.

Outsourcing core tasks
Until 1  March  2006, the  administration  was outsourced  to  Robeco
Nederland B.V., a 100%  subsidiary of Robeco  Groep N.V. These  costs
were covered by the service fee.  Agreements have been made with  the
aforementioned party  relating to  the provision  of information  and
performance standards. As a result of the appointment of the Manager,
outsourcing of the administration has  been terminated as of 1  March
2006.

Accounting principles

General
Unless  stated  otherwise,  items  shown  in  the  annual   financial
statements are included at nominal  value and expressed in  thousands
of euros.

Financial investments
Unless stated otherwise, financial  investments are included at  fair
value. The fair value of stocks is determined on the basis of  market
prices or other  market quotations at  closing date. For  derivatives
such as  forward  exchange  transactions,  this  value  is  based  on
currency  rates  and  reference  interest  rates  at  closing   date.
Transaction costs incurred  in the purchase  and sale of  investments
are included in the purchase or sale price as appropriate.
Securities lending
Investments for which the legal ownership has been transferred by the
fund for a  given period of  time as a  result of  securities-lending
transactions, will  continue to  be included  in the  fund's  balance
sheet  during  this  period,  since  their  economic  advantages  and
disadvantages, in the form of investment income and changes in value,
will be added to or deducted from the fund's result. The way in which
collateral ensuing from  securities-lending transactions is  reported
depends on  the  nature of  this  collateral. If  the  collateral  is
received in the form of investments these will not be included in the
Balance sheet as the  economic advantages and disadvantages  relating
to the collateral will be for the account and risk of the
counterparty. If  the  collateral is  received  in cash  it  will  be
included in  the  Balance  sheet  as,  in  this  case,  the  economic
advantages and disadvantages will be for the account and risk of  the
fund.

Affiliated parties
Both the fund and its Manager  are affiliated to  entities  belonging
to Robeco Groep N.V.  The affiliation with Robeco  Groep N.V. is  the
result of the possibility of having decisive control or a substantial
influence on  the  business  policy  of  the  fund  and  the  Manager
respectively. Robeco Groep  N.V. belongs to  the Rabobank Group.  The
management structure  of  Robeco  Groep N.V.,  in  which  significant
authority is allocated to its independent supervisory board, is  such
that Rabobank does  not have meaningful  say in or  influence on  the
fund's business  policy. Robeco  Groep  N.V. pursues  an  independent
investment policy on behalf  of its affiliated investment  companies,
taking into account the interests of the investors involved.  Besides
services of other market parties, Rolinco N.V. also uses the services
of one or  more of these  affiliated entities including  transactions
relating to  securities, treasury,  derivatives, custody,  securities
lending sale  and purchase  of  its own  shares,  fund-administration
services, as well as management activities. Transactions are executed
at market rates.

Structure of the Robeco Group
The schematic diagram below shows the position of the entities
referred to in the annual report and their mutual relationship within
the Robeco Group. Only the relationships that are relevant to the
investment institution have been included in the flow chart.



Determination of the result

General
Investment results  are determined  by  investment income,  rises  or
declines in stock prices, rises or declines in foreign exchange rates
and  results  of  transactions   in  currencies,  including   forward
transactions, and derivative instruments.  The results are  accounted
for in the Profit and loss account.

Investment income
Net cash dividends declared during the year under review, the nominal
value of  stock dividends  declared, interest  received and  proceeds
from loan  transactions. Accrued  interest at  balance-sheet date  is
taken into account.



Movements in value
Realized and unrealized  capital gains and  losses on securities  and
currencies.

Foreign currencies
Transactions in currencies other than the euro are converted into
euros at the exchange rates valid at the time. Assets and liabilities
expressed in other currencies are converted into euros at the
exchange rate prevailing at balance-sheet date. Any exchange
differences arising are accounted for in the Profit and loss account.


FINANCIAL INSTRUMENTS
Risks
Transactions in  financial instruments  may lead  to the  fund  being
subject to  the risks  described below  or to  the fund  transferring
these risks to another party.
Price risk
Currency risk is the  risk that the value  of a financial  instrument
will  fluctuate  as   a  result   of  changes   in  exchange   rates.
Interest-rate risk  is  the  risk  that  the  value  of  a  financial
instrument will fluctuate  as a  result of changes  in market  rates.
Market risk is the risk that the value of a financial instrument will
fluctuate as a result of changes in market prices, caused by  factors
that exclusively apply to the individual instrument or its issuer  or
caused by factors that affect all instruments traded in the market.
The fund  minimizes  the  risks  by investing  mainly  in  large  and
well-known companies and by making  a balanced selection with  regard
to  distribution  across  regions,  sectors,  individual  stocks  and
currencies.
Credit risk
Credit risk  is  the  risk  that  the  counterparty  of  a  financial
instrument will no longer meet its obligations, as a result of  which
the fund will suffer a financial  loss. The fund minimizes this  risk
by trading exclusively with reputable counterparties. Wherever it  is
customary in the market, the fund will demand and obtain  collateral.
As of balance-sheet date  collateral ensuing from  securities-lending
transactions was received. More information can be found in the Notes
to the balance sheet.
Liquidity risk
Liquidity risk is the risk  that the fund is  not able to obtain  the
financial  means  required  to  meet  the  obligations  arising  from
financial  instruments.  The  fund  minimizes  this  risk  by  mainly
investing in  financial  instruments that  are  tradable on  a  daily
basis.

Insight into actual risks
The Report of the management board,  the Balance sheet, the Notes  to
the balance sheet and  the Spread of net  assets, which includes  the
geographic distribution of the investments, the net currency position
and distribution over sectors, give an insight into the actual  risks
at balance-sheet date.

Risk management
Managing risk is a part of the investment process as a whole and with
the help of advanced systems,  the risks outlined above are  limited,
measured and monitored on the basis of fixed risk measures.

Policy regarding the use of derivative instruments
Investing implies that positions are taken. As it is possible to  use
various instruments, including  derivative instruments, to  construct
an identical position, the selection of derivatives is subordinate to
the  positioning  of  a  portfolio.  In  our  published  information,
attention is given primarily to the overall position, and secondarily
to the nature and volume of the financial instruments employed.

Derivatives
The market value of derivatives is reported in the Balance sheet. The
presentation of  the market  value is  based on  the liabilities  and
receivables per  counterparty.  The receivables  are  reported  under
Financial investments and the liabilities are reported under Accounts
payable. The value of the derivatives' underlying instruments is  not
included in  the Balance  sheet. If  applicable, they  are  explained
under the heading Commitments not shown in the balance sheet.


Notes to the balance sheet

1 Stocks

Movements in the stock portfolio
EUR x thousand
                                               2006        2005

Book value (market value) at opening date 1,512,999   1,211,971
Purchases                                   378,954     365,293
Sales                                      -434,833    -407,477
Realized and unrealized results:
stocks                                      174,328     265,272
currencies                                  -94,531      77,940


Book value (market value) at closing date 1,536,917   1,512,999


A breakdown of  the portfolio  and overviews of  purchases and  sales
exceeding an amount of EUR 4.5  million and the spread of net  assets
can be  found at  the end  of this  report. Shares  in an  amount  of
EUR 107.5 million (EUR  233.6 million at the  end of last year)  were
lent at balance-sheet  date. To  cover the  risk of  non-restitution,
adequate collateral  with a  value of  EUR 131.9  million (EUR  254.6
million at the end  of last year) was  demanded and obtained EUR  1.9
million of  this  amount concerns  cash  collateral. This  amount  is
reported and explained under cash.  Other collateral is not  included
in the Balance sheet.

Share swaps
Synthetic share swaps are customized products that offer investors
the opportunity to  obtain the economic return of equity  investments
without actually investing in the underlying value. There are various
ways to offer over-the-counter (OTC) exposure to equities, for
instance in the form of warrants, notes, option combinations and
share swaps. A share swap is a customized contract concluded between
the investor and the swap seller, which gives economic exposure to an
underlying share, a related security, basket of stocks or index. In a
swap contract two parties agree to swap the capital gains of, or the
total return on, one certain share. In a typical long-side swap
transaction, for instance, the investor receives all the positive
performance of the reference share and pays all the negative
performance plus interest based on LIBOR. At balance-sheet date,
Rolinco held a share swap ensuing from a securities-lending
transaction, with a market value of EUR 1.9 million. This position is
marked in the List of securities with an asterisk.

2 Investments in Robeco Group mutual funds
Part of the  portfolio is  invested in  funds offered  by the  Robeco
Group.


Movements in investments in Robeco Group mutual funds
EUR x thousand
                                             2006      2005

Book value (market value) at opening date  97,449   116,343
Purchases                                  32,611    27,978
Sales                                     -20,070   -84,934
Realized and unrealized results:
stocks                                     16,826    38,034
currencies                                 -1,583        28

Book value (market value) at closing date 125,233    97,449


A list of these investments is given below. Rolinco N.V. can enter
and exit daily at net asset value in the abovementioned Robeco Group
mutual funds Robeco Institutioneel Emerging Markets Fonds and Robeco
Institutioneel European Opportunities Fund.  These funds do not have
an entry charge and have an exit charge of 0.50%, as included in the
Terms and Conditions of Management and Custody of the said funds. For
Robeco Global Long Short Quant Fund and Robeco Global Telecom
Opportunities 1 limited class (EUR), entry and exit is possible once
a month at net asset value; for Robeco Capital Growth Funds - Robeco
European Opportunities I EUR entry and exit is possible daily. These
funds do not charge any costs.


+---------------------------------------------------------------------------------------------------------------------+
|Investments in Robeco Group mutual funds                                                                             |
|---------------------------------------------------------------------------------------------------------------------|
|                    |       Market value|   |   Interest in|  |  Net asset value|  |        Return|  |  Total expense|
|                    |                   |   |          fund|  |               1)|  |              |  |        ratio 2|
|--------------------+-------------------+---+--------------+--+-----------------+--+--------------+--+---------------|
|                    |     EUR x thousand|   |          In %|  |          EUR x 1|  |          In %|  |               |
|--------------------+-------------------+---+--------------+--+-----------------+--+--------------+--+---------------|
|                    |     31/12|   31/12|   |  31/12| 31/12|  |   31/12|   31/12|  |      |       |  |       |       |
|                    |      2006|    2005|   |   2006|  2005|  |    2006|    2005|  |  2006|   2005|  |   2006|   2005|
|--------------------+----------+--------+---+-------+------+--+--------+--------+--+------+-------+--+-------+-------|
|                    |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|--------------------+----------+--------+---+-------+------+--+--------+--------+--+------+-------+--+-------+-------|
|Robeco              |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|Institutioneel      |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|Emerging Markets    |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|Fonds 3             |    78,504|  69,071|   |    3.5|   3.3|  |   88.18|   76.57|  |  17.4|   62.4|  |   0.87|   0.86|
|--------------------+----------+--------+---+-------+------+--+--------+--------+--+------+-------+--+-------+-------|
|Robeco Captial      |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|Growth Funds -      |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|Robeco European     |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|Opportunities I EUR |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|4, 6                |    17,001|       -|   |   72.2|     -|  |  103.31|       -|  |   3.3|      -|  |   0.34|      -|
|--------------------+----------+--------+---+-------+------+--+--------+--------+--+------+-------+--+-------+-------|
|Robeco Global       |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|Telecom             |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|Opportunities 1     |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|limited Class (EUR) |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|5, 7                |    15,339|       -|   |   85.7|     -|  |  102.26|       -|  |   2.3|      -|  |   0.07|      -|
|--------------------+----------+--------+---+-------+------+--+--------+--------+--+------+-------+--+-------+-------|
|Robeco Global Long  |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|Short Quant Fund 5, |          |        |   |       |      |  |    107.|        |  |      |       |  |       |       |
|8                   |    14,389|  14,967|   |   75.0|  75.0|  |    2010| 99.7410|  | 7.510| -0.310|  |   0.03|   0.00|
|--------------------+----------+--------+---+-------+------+--+--------+--------+--+------+-------+--+-------+-------|
|Robeco              |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|Institutioneel      |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|European            |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|Opportunities Fund  |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|3, 9                |         -|  13,411|   |      -|  72.2|  |       -|  103.40|  |  27.4|    3.4|  |   1.67|   0.14|
|--------------------+----------+--------+---+-------+------+--+--------+--------+--+------+-------+--+-------+-------|
|                    |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|--------------------+----------+--------+---+-------+------+--+--------+--------+--+------+-------+--+-------+-------|
|                    |   125,233|  97,449|   |       |      |  |        |        |  |      |       |  |       |       |
|--------------------+----------+--------+---+-------+------+--+--------+--------+--+------+-------+--+-------+-------|
|                    |          |        |   |       |      |  |        |        |  |      |       |  |       |       |
|---------------------------------------------------------------------------------------------------------------------|
|1 Per share/participating unit.                                                                                      |
|---------------------------------------------------------------------------------------------------------------------|
|2 The management fee, the service fee  and the performance fee will be restituted  to Rolinco N.V. by the manager  of|
|the funds mentioned.                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------|
|3 This fund is managed by Robeco Institutional Asset Management B.V. and is not regulated. The annual report for the |
|period ending on 31 December 2006 will be available at the offices of Rolinco N.V. after publication.                |
|---------------------------------------------------------------------------------------------------------------------|
|4 This fund has a UCITS III status and is regulated by the Luxembourg authorities. The annual report of the fund  for|
|the period ending  on 30  June 2006 and  the semiannual  report for the  period ending  on 31 December  2006 will  be|
|available at the offices of Rolinco N.V. after publication.                                                          |
|---------------------------------------------------------------------------------------------------------------------|
|5 This fund  is not regulated.  The annual  report of the  fund for the  period ending  on 31 December  2006 will  be|
|available at the offices of Rolinco N.V. after publication.                                                          |
|---------------------------------------------------------------------------------------------------------------------|
|6 Relates to the period 20 November 2006 through 31 December 2006.                                                   |
|---------------------------------------------------------------------------------------------------------------------|
|7 Relates to the period 27 April 2006 through 31 December 2006.                                                      |
|---------------------------------------------------------------------------------------------------------------------|
|8 Relates to the period 29 November 2005 through 31 December 2005.                                                   |
|---------------------------------------------------------------------------------------------------------------------|
|9 Relates to the period 1 December 2005 through 24 November 2006. The fund was terminated on 24 November 2006.       |
|---------------------------------------------------------------------------------------------------------------------|
|10 In USD.                                                                                                           |
|---------------------------------------------------------------------------------------------------------------------|
|                                                                                                                     |
+---------------------------------------------------------------------------------------------------------------------+



3 Derivatives

Movements in derivatives
EUR x thousand                          Forward exchange transactions
                                             2006                2005

Book value (market value) at opening                             -841
date                                          -90
Expirations                                 6,266             -30,181
Realized and unrealized results             1,449              30,932

Book value (market value) at closing
date                                        7,625                 -90


The presentation of derivatives in the Balance sheet is based on  the
liabilities and receivables per counterparty.

Presentation of derivatives in the Balance sheet

EUR x thousand                 Under financial         Under accounts
                                   investments                payable
                               2006       2005        2006       2005
Type of derivative
Forward       exchange        7,977        911         352      1,001
transactions



4 Interest and dividends receivable
Concerns dividends declared but not yet received.

5 Receivables on affiliated companies
These are borrowing fees and receivable restitution of management,
service and performance fees.

6 Sundry debtors
This includes  recoverable  dividend  tax,  tax  withheld  at  source
outside the  Netherlands  on  behalf  of the  Dutch  Tax  Office,  in
accordance with article 6 of the Dutch Investment Institutions Decree
[Besluit toezicht  beleggingsinstellingen,  or  'Btb']  and  suspense
items.

7 Cash
Includes balances in current accounts  at banks and call money.  This
item also includes  the cash  collateral received  (EUR 1.9  million)
from securities-lending transactions.

8 Payable to affiliated companies
These are debts arising  from issuance and  repurchase of own  shares
and management and service fees to be paid.

9 Sundry creditors
Includes unpaid expenses.

10 6¿ % convertible bond loan
Since bonds which  have not  been converted on  1 July  2007 will  be
redeemed on  that same  date,  the loan  is included  under  Accounts
payable.  Previously  it  was  included  under  Long-term  debt.  The
comparative figures have been adjusted accordingly.
The bonds may be converted into 6¿% cumulative preference shares at a
ratio of  1:1  at  any  time. During  the  2006  financial  year  NLG
1,044,000 were converted  (previous year  NLG 57.700).   The loan  is
valued at nominal value.


11 Shareholders' equity

Composition of and movements in shareholders' equity
EUR x thousand                               2006        2005

Issued capital
Situation at opening date                  66,949      72,590
Received on shares issued                  16,610       5,927
Paid for shares repurchased               -17,696     -11,568

Situation at closing date                  65,863      66,949

6¿% cumulative preference shares            3,959       3,485


Other reserves
Situation at opening date               1,116,055   1,188,195
Received on shares issued                 378,058     115,732
Paid for shares repurchased              -409,779    -222,256
Net result from previous financial year   413,094      54,366
Profit distribution                       -25,549     -19,982

Situation at closing date               1,471,879   1,116,055

Net result                                106,157     413,094

Shareholders' equity                    1,647,858   1,599,583



The company's authorized share capital amounts to EUR 400 million,
divided into 380,000,000 ordinary shares with a nominal value of EUR
1 each and 500,000 cumulative preference shares with a nominal value
of EUR 40 each. EUR 4 million of the cumulative preference shares has
been placed.

12 Assets, shares outstanding and net asset value per share

Assets, shares outstanding and net asset value per share
                               31/12/2006    31/12/2005    31/12/2004

Assets EUR x thousand           1,647,858     1,599,583     1,318,610

Shares issued in financial     16,610,485     5,926,741     7,291,123
year
Shares repurchased in         -17,696,102   -11,568,345   -12,446,962
financial year
Number of shares outstanding   65,862,564    66,948,181    72,589,785

Net asset value per share in        24.96         23.84         18.12
EUR


13 Commitments not shown in the balance sheet
The forward exchange transactions  current at closing date  represent
purchases of AUD 36 million, CAD  32 million, EUR 76 million, GBP  25
million and USD 12 million, against sales of CHF 120 million and  JPY
12,884 million. Futures contracts have been included in the Spread of
net assets at  the end of  this report. Unrealized  results of  these
transactions at  closing date  are included  in the  Profit and  loss
account.

Notes to the profit and loss account

14 Performance

+-------------------------------------------------------------------------+
|Performance  |       |   |       |   |       |   |       |   |       |   |
|per share*   |       |   |       |   |       |   |       |   |       |   |
|-------------+-------+---+-------+---+-------+---+-------+---+-------+---|
|EUR x 1      |   2006|   |   2005|   |   2004|   |   2003|   |   2002|   |
|-------------+-------+---+-------+---+-------+---+-------+---+-------+---|
|             |       |   |       |   |       |   |       |   |       |   |
|-------------+-------+---+-------+---+-------+---+-------+---+-------+---|
|Investment   |   0.38|   |   0.30|   |   0.29|   |   0.26|   |   0.27|   |
|income       |       |   |       |   |       |   |       |   |       |   |
|-------------+-------+---+-------+---+-------+---+-------+---+-------+---|
|Change in    |   1.41|   |   5.95|   |   0.60|   |   1.08|   |  -8.00|   |
|value        |       |   |       |   |       |   |       |   |       |   |
|-------------+-------+---+-------+---+-------+---+-------+---+-------+---|
|Management   |       |   |  -0.23|   |  -0.17|   |  -0.15|   |  -0.17|   |
|costs,       |       |   |       |   |       |   |       |   |       |   |
|service fee  |  -0.27|   |       |   |       |   |       |   |       |   |
|and other    |       |   |       |   |       |   |       |   |       |   |
|costs        |       |   |       |   |       |   |       |   |       |   |
|-------------+-------+---+-------+---+-------+---+-------+---+-------+---|
|Interest     |       |   |  -0.01|   |  -0.01|   |  -0.01|   |  -0.01|   |
|payable      |  -0.01|   |       |   |       |   |       |   |       |   |
|-------------+-------+---+-------+---+-------+---+-------+---+-------+---|
|             |       |   |       |   |       |   |       |   |       |   |
|-------------+-------+---+-------+---+-------+---+-------+---+-------+---|
|Net result   |   1.51|   |   6.01|   |   0.71|   |   1.18|   |  -7.91|   |
|-------------------------------------------------------------------------|
|*) Based on the average number of shares outstanding during the reporting|
|year. The average number of shares outstanding  is calculated on a daily |
|basis for the years 2006, 2005 and 2004, and on a monthly basis for the  |
|preceding years.                                                         |
+-------------------------------------------------------------------------+


Costs

15 Total expense ratio

Total expense ratio
                                            2006      Maximum    2005
In %                                               prospectus

Cost item
Management costs                            1.00         1.00    1.00
Service fee                                 0.11         0.12   0.1 1
Other costs                                 0.02         0.02    0.03
Costs relating to investments in Robeco                     -    0.02
Group mutual funds


Total                                       1.13         1.14    1.16


The total  expense ratio  expresses  the costs  charged to  the  fund
during the reporting  period as  a percentage of  the average  assets
entrusted during  the  reporting period.  In  addition to  the  costs
charged directly to the fund assets, the total expense ratio includes
the costs indirectly charged  to the fund  assets via the  underlying
funds. The total expense ratio as shown does not include  transaction
costs. The total expense ratio was 1.13% during the reporting period.
The management costs relate to all of the fund's current costs, which
include the  fees paid  for registering  shareholders and  all  costs
resulting from  the management  of the  fund, with  the exception  of
costs relating to investments and  taxes. The service fee covers  the
administration, the  costs of  the external  auditor, other  external
advisers, regulators, costs relating to reports required by law, such
as the annual and semiannual reports,  and the costs relating to  the
meetings of shareholders. Other costs relate to bank charges and  the
custody fee charged by  third parties for the  custody of the  fund's
securities portfolio. The custody fee  is EUR 197 thousand  (previous
year EUR 196 thousand).  The  total expense ratio takes into  account
the costs of intra-group investments,  as presented in the etable  on
page 17. As the management fee  and the service and performance  fees
are restituted  to  Rolinco,  only the  other  costs  of  intra-group
investments are included in the total expense ratio. These costs  are
less than 0.01%, which  is why they are  not presented in the  table.
The interest  on the  convertible  bond loan  is no  longer  reported
because of a  change in  regulations which   means  that interest  on
bonds no longer has  to be included in  the total expense ratio.  The
comparative figures have been adjusted accordingly.

16 Management costs and service fee
Management costs relate  exclusively to the  management fee of  1.00%
per year.  The service  fee amounts  to 0.12%  per year.  Formal  and
operational expenses  are  paid  from  the  service  fee.  These  are
explained in  the  Notes  to  the total  expense  ratio.  For  assets
exceeding EUR 1 billion the service fee is 0.10% per year; for assets
exceeding EUR 5 billion the  service fee is 0.08%  per year. Up to  1
March 2006 the management fee and service fee were charged by  Robeco
Nederland B.V., from this date  onwards these fees have been  charged
by Robeco Fund  Management B.V. The  fees are calculated  on a  daily
basis, based on the average assets entrusted. Wherever in this report
mention is  made  of  the  average  assets  entrusted  this  is  also
calculated on a daily basis, unless stated otherwise.

17 Other costs
This includes bank charges and custody costs.

18 Performance fee
Rolinco N.V. is not subject to a performance fee.

19 Transaction costs
Brokerage costs and exchange fees relating to investment transactions
are discounted in the cost price or the sales value of the investment
transactions. These costs and fees are charged to the result  ensuing
from changes in value. The  quantifiable transaction costs are  shown
below. The transaction volume  of the quantifiable transaction  costs
is 88.5% (previous year 96.6%) of the total transaction volume.






Transaction costs
EUR x thousand
                 2006    2005

Transaction type
Stocks            991   1,762



20   Commission-sharing  arrangements, soft-dollar  arrangements  and
hard commissions
Various  independent  research  institutions/third  parties   provide
services to the company to support its decision-making process.  Part
of the commission paid to brokers  is used to pay for these  services
through  commission-sharing  arrangements  and  in  such  cases   the
commission  is   exclusively   for   research   services.   In   2006
commission-sharing arrangements  represented  an amount  of  EUR  270
thousand (last year EUR 72 thousand).
Furthermore, there are so-called soft-dollar arrangements to pay  for
financial-service companies' services and  products.  These  services
and products are covered by part  of the commissions paid to  brokers
in connection with the execution of securities transactions. Only the
aforementioned commission-sharing arrangements  were used during  the
reporting year. There were no soft-dollar arrangements (previous year
EUR 64 million) or hard commissions during the reporting year.

21 Turnover ratio
This shows the turnover of the investments against the average assets
entrusted  and  is  a  measure  of  the  incurred  transaction  costs
resulting  from  the  portfolio   policy  pursued  and  the   ensuing
investment transactions. In the  calculation method used, the  amount
of the turnover is determined by  the sum of the purchases and  sales
of investments less the sum of issuance and repurchase of own shares.
If the outcome  is negative, the  turnover ratio is  0. The  turnover
ratio is  determined  by  expressing  the amount  of  turnover  as  a
percentage of the average assets  entrusted. The turnover ratio  over
2006 is 3% against 40% in the previous year.

22 Transactions with affiliated parties
Part of the transaction volume  over the reporting period relates  to
transactions with  affiliated  parties.  The table  below  shows  the
various types of transactions where this was the case.


Transactions with affiliated parties
Part of the total volume in %
                               2006    2005

Transaction type
Robeco Group mutual funds     100.0   100.0
Stocks                          4.1    11.0
Forward exchange transactions   2.6     5.1
Deposits                          -   100.0



23 Securities lending
Robeco Securities Lending  B.V. is the  intermediary for all  Rolinco
N.V.'s  securities-lending  transactions.  As  compensation  for  its
services Robeco Securities Lending B.V. receives a fee of 40% of  the
gross income resulting from these securities-lending transactions. An
external agency periodically assesses whether the agreements  between
the fund and Robeco  Securities Lending B.V. are  still in line  with
the market. In  2006 the proceeds  for the fund  amounted to EUR  507
thousand (last year EUR 341 thousand). For Robeco Securities  Lending
B.V. this was EUR 352 thousand (last year EUR 227 thousand).


24 Voting policy for stocks in the investment portfolio
In 2006 Rolinco N.V. voted at the majority of the general meetings of
shareholders of the companies in which  it invests. If the shares  of
an investment position have been lent out, the voting rights attached
to those  shares may  not  be exercised  during general  meetings  of
shareholders. If an important  event were to  occur, the shares  that
have been lent  out may be  recalled in order  for the voting  rights
attached to  these shares  to be  able to  be exercised.  The  voting
policy and more information about votes  cast can be found on  Robeco
Group's Internet site, www.robeco.com.

25 Personnel costs
Rolinco N.V. does not employ personnel. Robeco Nederland B.V. is  the
employer of  Rolinco N.V.'s  management board  and personnel  in  the
Netherlands. Their remuneration  is paid out  of the management  fees
received.
Robeco  Nederland  B.V.'s  remuneration  policy  for  fund   managers
consists of both fixed and variable income. The secondary  conditions
of employment  are  in line  with  what  is common  practice  in  the
financial-services industry.
The fixed income  offers a  good and  competitive remuneration  basis
within the Dutch asset-management market. A fund manager is  assigned
to a salary  scale with  a minimum and  maximum income  based on  the
level of  responsibility of  his function  (Hay method  for  function
valuation). Growth within this scale is linked to results,  including
performance results, and competencies.
The variable  income offers  the fund  manager remuneration  for  his
individual, long-term  outperformance.  Payment  is  related  to  the
outperformance relative to  a preset  target. The  track record  over
both  a  1-year  and  3-year  period  is  taken  into  account   when
determining the variable remuneration.  The variable remuneration  to
which the fund manager is entitled  for any single year, is paid  out
over a three-year period  (60% in the first  year, 30% in the  second
and 10% in the third year).
 Fund managers, are given the opportunity to participate directly  in
Robeco's future  through  virtual shares  (E-notes).  The  individual
allocation of E-notes  is linked  to individual  performance and  the
contribution to the realization of  the strategic targets of Robeco
as a  whole and  the  individual's own  business  unit. The  E  notes
represent a value  which is  directly linked to  Robeco Groep  N.V.'s
value.


Rotterdam, 22 March 2007

Supervisory board
P.C. van den Hoek, chairman
G. Izeboud
Ph. Lambert
D.P.M. Verbeek

Management board
Robeco Fund Management B.V.











Other data
Stock-exchange listings
The ordinary  shares  of  Rolinco  N.V. are  listed  on  Eurolist  by
Euronext Amsterdam N.V. in  Amsterdam, the Netherlands. In  addition,
Rolinco N.V. has a stock-exchange  quotation for its ordinary  shares
in  Paris,   Brussels,   London,  Luxembourg,   Berlin,   Dusseldorf,
Frankfurt,  Hamburg,  Munich,  Vienna  and  Zurich.  The   cumulative
preference shares  are  listed  on the  exchanges  of  Amsterdam  and
Luxembourg.

Articles of Association rules regarding profit appropriation
According to sections  39 and 40  of the Articles  of Association,  a
distribution from the profit to the cumulative preferred shareholders
will be effected  first. Thereafter, the  profit less allocations  to
the reserves deemed  desirable by the  management board in  agreement
with the supervisory  board will be  at the disposal  of the  General
Meeting of Shareholders.

Proposed profit appropriation
We propose to declare a dividend of  EUR 0.40 per share for the  2006
financial  year  (previous  year  EUR  0.36).  If  this  proposal  is
accepted, the dividend will  be payable on Friday  11 May 2007.  With
effect from  Monday 30  April  2007, Rolinco  shares will  be  listed
ex-dividend coupon no. 47 on the stock exchange.
Shareholders will be offered the opportunity to reinvest the dividend
(less dividend tax) in Rolinco shares at the expense of the company.
The price used to calculate this  is the opening price of the  shares
on the stock market of Euronext Amsterdam N.V. on Friday 11 May 2007.
Any collection commissions charged by banks in line with the relevant
regulations in  their  respective  countries will  be  borne  by  the
shareholder. In some countries, reinvestment will not be possible for
technical reasons.

Supervisory directors' fee
An amount of EUR 18.378 (previous year EUR 18.378) has been allocated
from the profit appropriation for  this purpose. The chairman of  the
supervisory board  receives  a  remuneration  of  EUR  6,126  and  an
ordinary member of the supervisory  board receives a remuneration  of
EUR 4,084.

 Directors' interests
Statement pursuant to article 45, paragraph 3, of the 2005 Dutch
Investment Institutions Supervision Decree [Besluit toezicht
beleggingsinstellingen, or ' Btb'].


 Interests in investments of Rolinco N.V.
                  Description          Supervisory  Managing    Total
                                         directors directors Quantity
                                          Quantity  Quantity
At 1 January 2006
ING Groep         stocks                    20,294         -   20,294
Intel             stocks                     5,000         -    5,000
Nestlé            stocks                       315         -      315
Pfizer            stocks                     1,000         -    1,000
Novartis          stocks                     1,962         -    1,962
Royal Dutch Shell stocks                    14,785       400   15.185
A
Telenor           stocks                    15,000         -    15,00
Total             stocks                       610         -      610
VNU               stocks                     6,294         -    6,294

At 31 December
2006
ING Groep         stocks                    13,200         -   13,200
Intel             stocks                     5,000         -    5,000
Nestlé            stocks                       315         -      315
Novartis          stocks                     3,062         -    3,062
Philips           stocks
Electronics                                 11,385         -   11,385
Royal Dutch Shell stocks
A                                           18,692       400   19,092
Telenor           stocks                    15,000         -   15,000
Total             stocks                     3,700         -     3700


The table below shows  the personal interests  in the investments  of
the investment institution  held by the  directors of the  investment
institution and/or the management  company  on 1 January 2006 and  31
December 2006.
Supervisory directors  held  a  joint interest  of  5,645  and  5,708
Rolinco  N.V.  shares  on  1  January  2006  and  31  December  2006,
respectively. The managing directors of the management company held a
joint interest of 2,992  and 4,041 Rolinco N.V.  shares on 1  January
2006 and 31  December 2006, respectively.  On 1 January  2006 and  31
December 2006, no options had been granted to supervisory  directors;
managing directors of the management company held options to  acquire
21,858 and 17,845 Rolinco N.V. shares on the respective dates.
Under the option scheme,  Robeco Groep N.V. grants  the right at  its
own expense to purchase Rolinco N.V. shares for five years, the value
of the shares being at least  the opening price on the first  trading
day following the day  the options are granted.
Aon Risk  Services International,  of which  Dirk P.M.  Verbeek is  a
director, acted  as an  intermediary  of various  insurance  policies
concluded at  Rabobank  Group  level, including  a  Bankers,  General
Liability and  D&O liability  policy. Furthermore  Aon Risk  Services
International insures several of Robeco's art objects. Apart from the
above,  there  were  no    business  relations  between   supervisory
directors and the company other than that of their membership of  the
supervisory board during the period under review.

Interests of the fund manager
The fund manager should act in accordance with Dutch legislation and,
insofar as  is  relevant,  legislation  in  other  countries.  As  an
employee of Robeco Nederland  B.V. he is  bound by Robeco's  internal
regulations and  procedures,  including  the  Rules  and  regulations
regarding private  investment transactions,  which are  based on  the
Dutch Securities  Transactions Supervision  Act. These  Rules  should
guarantee that insider  trading and  mixing of  business and  private
interests, or semblance thereof, are avoided at all times.
On 1  January 2006  and 31  December 2006  the fund  manager held  an
interest of  3,076  and  3,947 Rolinco  N.V.  shares    respectively.
 Futhermore, at these same  dates he had  the following interests  in
Rolinco  N.V.  investments:  500  shares  of  Royal  Dutch  Shell  A.
Statement for the London Stock Exchange
The members  of the  supervisory board  and the  management board  of
Rolinco N.V. hereby declare that their beneficial interests and those
of their children below the age of  18 years do not in the  aggregate
exceed 5%  of the  company, in  respect of  either share  capital  or
voting control.

Rotterdam, 22 March 2007

Statement concerning the  6¿% bond loan  originally amounting to  NLG
22,670,000 issued by  Rolinco N.V., convertible  into 6¿%  cumulative
preference shares
In pursuance of article 17 of the trust executed before  H. Lambert,
civil-law notary in Rotterdam, on 6 June 1967, we declare: that  from
the date of the original contract for the bond loan up to 31 December
2006, 5 bonds of NLG 50,000  nominal value, 2,184 bonds of NLG  1,000
nominal  value  and  2,907  bonds  of  NLG  100  nominal  value  were
converted; that all  these bonds  were cancelled  by us;  that at  31
December  2006,  the   total  bonds  outstanding   amounted  to   NLG
19,945,300; that we have found no circumstances requiring comments or
action.

Amsterdam, 12 January 2007
B.V. Algemeen Administratie- en Trustkantoor


To the General Meeting of Shareholders and members of the supervisory
board

Auditor's report

Report on the financial statements
We have audited the financial statements 2006 of Rolinco N.V.,
Rotterdam, which comprise the balance sheet as at 31 December 2006,
the profit and loss account for the year then ended and the notes.
Management's responsibility
The company's management is responsible for the preparation and fair
presentation of the financial statements and for the preparation of
the report of the management board, both in accordance with Part 9 of
Book 2 of the Netherlands Civil Code and the Investment Institutions
Supervision Act. This responsibility includes: designing,
implementing and maintaining internal control relevant to the
preparation and fair presentation of the financial statements that
are free from material misstatement, whether due to fraud or error;
selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Auditor's responsibility
Our responsibility is to express an opinion on the financial
statements based on our audit. We conducted our audit in accordance
with Dutch law. This law requires that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance whether the financial statements are free from material
misstatement.

An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
entity's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity's internal control. An
audit also includes an evaluation of how appropriate the  accounting
policies and how  reasonable the  management's accounting estimates
are, as well as an evaluation of the overall presentation of the
financial statements.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of
the financial position of Rolinco N.V. as at 31 December, 2006, and
of its result  for the year then ended in accordance with Part 9 of
Book 2 of the Netherlands Civil Code and the Investment Institutions
Supervision Act.
Report on other legal and regulatory requirements
Pursuant to the legal requirement under 2:393 sub 5 part e of the
Netherlands Civil Code, we report, to the extent of our competence,
that the report of the management board is consistent with the
financial statements as required by 2:391 sub 4 of the Netherlands
Civil Code.

The Hague, 22 March 2007

for Ernst & Young Accountants
signed by Joost Hendriks
Spread of net assets


Across countries and currencies
                      Across countries     Across currencies
                             Stocks[1]
      31/12/2006 31/12/2006 31/12/2005 31/12/2006 31/12/2005
  EUR x thousand       In %       In %       In %       In %




North  America
(43.51%)
United States      673,858       40.89       37.23       43.18       52.97
Canada              43,164        2.62        3.77        3.90        5.24

Europe
(29.31%)
Switzerland        110,821        6.73        7.43        2.39        2.65
United Kingdom     110,427        6.70        6.84        8.96        9.10
France              95,905        5.82        5.44           -           -
Netherlands         58,282        3.54        3.33           -           -
Germany             24,577        1.49        3.30           -           -
Norway              20,707        1.26        1.04        1.26        1.04
Belgium             19,440        1.18        0.73           -           -
Spain               17,938        1.09        0.87           -           -
Robeco Capital      17,001        1.03        0.84           -           -
Growth Funds -
Robeco
European
Opportunities
I EUR
Greece               7,680        0.47        0.35           -           -
Austria                  -           -        1.11           -           -
Finland                  -           -        0.53           -           -
Europe                   -           -           -       22.74       22.74

Emerging
markets
(4.76%)
Robeco              78,504        4.76        4.32           -           -
Institutioneel
Emerging
Markets  Fonds
2)

Asia (21.50%)
Japan              294,773       17.89       18.38       13.36       11.50
Singapore           23,539        1.43        1.19        1.43        1.19
Hong Kong           17,435        1.06        0.98        1.48        1.78
South Korea         11,477        0.70        1.27           -           -
China                6,894        0.42        0.79           -           -

Australia
(0.00%)
Australia                -           -           -        1.30        1.37

Others (1.80%)
Robeco  Global      15,339        0.93           -           -           -
Telecom
Opportunities
1      limited
class (EUR)
Robeco  Global      14,389        0.87        0.94           -           -
Long     Short
Quant Fund2)

Other   assets     -14,292       -0.88       -0.68           -           -
and
liabilities
(-0.88%)

               ___________ ___________ ___________ ___________ ___________
Total            1,647,858      100.00      100.00      100.00      100.00
1) In addition to investments in equities, the portfolio may include
positions in derivatives. The sum of equities and derivatives reflects the
true volume of the investments by country and in total. As was the case at
31 December 2005 the portfolio only contained forward exchange
transactions at 31 December 2006. These forward exchange transactions have
been included in the currency position.







By sector
In %                                   31/12/2006          31/12/2005

Financials                                   19.9                17.6
Health care                                  15.1                16.5
Information technology                       13.8                16.3
Consumer discretionary                       12.9                12.6
Energy                                       12.1                13.9
Industrials                                   9.4                 8.0
Consumer staples                              8.7                 8.7
Materials                                     4.7                 3.1
Telecommunication services                    3.7                 3.5
Utilities                                     0.6                 0.5
Other assets and liabilities                 -0.9                -0.7

Total                                       100.0               100.0
2) In terms of currencies, the investments have been included under
the item euro.




Exchange rates
      31/12/2006 31/12/2005         31/12/2006        31/12/2005

EUR 1                                      EUR               EUR
AUD       1.6731     1.6080   AUD            1 0.5977     0.6219
CAD       1.5344     1.3779   CAD            1 0.6517     0.7257
CHF       1.6095     1.5546   CHF            1 0.6213     0.6433
CNY      10.2881     9.5192   CNY            1 0.0972     0.1051
GBP       0.6738     0.6871   GBP            1 1.4842     1.4554
HKD      10.2564     9.1457   HKD            1 0.0975     0.1093
JPY     157.1339   139.2223   JPY          100 0.6364     0.7183
KRW   1,226.9939 1,192.3482   KRW          100 0.0815     0.0838
NOK       8.2102     7.9870   NOK            1 0.1218     0.1252
SGD       2.0231     1.9614   SGD            1 0.4943     0.5098
USD       1.3186     1.1796   USD            1 0.7584     0.8478






LIST OF SECURITIES
at 31 December
2006

  Market value  Market value

                             AMERICA (43.51%)

           EUR           USD United States (40.89%)
    19,570,534    25,806,684 Accenture CL/A
    23,387,555    30,840,000 Adobe Systems
    17,631,669    23,250,000 Amdocs
    22,166,495    29,229,849 Amgen
    22,550,336    29,736,000 Avon Products
    16,933,986    22,330,000 Brunswick
    39,378,910    51,927,000 Cisco Systems
    34,636,939    45,674,000 Citigroup
    26,190,422    34,536,000 ConocoPhillips
    14,295,833    18,851,200 Covance
     7,371,175     9,720,000 Crocs
    15,236,416    20,091,500 CVS
    16,992,075    22,406,600 Du Pont de Nemours
    26,725,838    35,242,026 Fannie Mae
    13,053,123    17,212,500 Intel
    22,169,643    29,234,000 Ishares Nasdaq Biotechnology Index
    10,497,478    13,842,500 Kinetic Concepts
    24,961,724    32,915,778 Metlife
    31,638,715    41,720,392 Microsoft
    11,970,576    15,785,000 Mirant
    16,332,840    21,537,300 Monsanto
    25,244,442    33,288,584 Morgan Stanley
     2,370,606     3,126,000 Neurocrine Biosciences
    12,660,676    16,695,000 News Corp-Class B
    20,262,390    26,719,000 Office Depot
    19,497,213    25,710,000 Oracle System
    16,695,105    22,015,000 Pfizer
     5,899,973     7,780,000 Plug Power
    16,493,232    21,748,800 Schering-Plough
    19,158,988    25,264,000 Schlumberger
    24,775,338    32,670,000 Time Warner
     8,299,397    10,944,000 Tyco International
    23,231,942    30,634,800 United Technologies
             0             0 Venture Associates
    18,499,147    24,393,900 Wellpoint
    27,077,014    35,705,104 Wyeth

           EUR           CAD Canada (2,62%)
    22,004,624    33,766,095 Canadian Natural Resources
    21,159,987    32,470,000 Petro-Canada/Variable Vtg. Shares

           EUR           EUR Others (1.80%)
                             Robeco Global Telecom Opportunities 1
    15,338,925    15,338,925 Limited Class (EUR)

           EUR           USD
    14,388,899    18,973,922 Robeco Global Long Short Quant fund

                             EUROPE (29.31%)

           EUR           CHF Switzerland (6.73%)
    15,515,795    24,975,000 Adecco Cheserex
    30,262,790    48,712,500 Nestle
    26,185,817    42,150,000 Novartis
    28,506,197    45,885,000 Roche
    10,350,853    16,661,250 UBS

           EUR           GBP United Kingdom (6.70%)
     6,883,117     4,637,500 888 Holdings
    12,218,182     8,232,000 AstraZeneca (GBP)
    24,551,020    16,541,250 Diageo
    11,083,544     7,467,538 Kingfisher
     2,445,751     1,647,825 Partygaming
    17,933,210    12,082,500 Petrofac
    21,192,547    14,278,478 Reckitt Benckiser
    14,119,481     9,513,000 Rio Tinto


           EUR           EUR France (5.82%)
     3,538,813     3,538,813 Air Liquide
                             Air Liquide - Act. Nom. Pime de fidelite
    10,883,590    10,883,590 2007
     2,248,750     2,248,750 Air Liquide
    19,731,500    19,731,500 Saint-Gobain
    50,619,125    50,619,125 Total
     8,883,000     8,883,000 Vivendi

           EUR           EUR Netherlands (3.54%)
    21,497,600    21,497,600 ING Groep
    17,999,100    17,999,100 Philips Electronics
    18,785,496    18,785,496 Royal Dutch Shell A

           EUR           EUR Germany (1.49%)
    24,576,900    24,576,900 Metro

           EUR           NOK Norway (1.26%)
    20,706,969   170,012,500 Telenor

           EUR           EUR Belgium (1.18%)
    19,440,000    19,440,000 RHJ International

           EUR           EUR Spain (1.09%)
    12,726,000    12,726,000 Banco Santander Central Hispano
     5,212,500     5,212,500 Gamesa Corporacion Tecnologica

           EUR           EUR Luxembourg (1.03%)
                             Robeco Capital Growth Funds - Robeco
    17,001,089    17,001,089 Europe Opportunities I EUR

           EUR           EUR Greece (0.47%)
     7,680,000     7,680,000 Public Power

                             Asia (21.50%)

           EUR           JPY Japan (17.89%)
     6,718,524 1,055,640,000 Aozora Bank
    29,611,046 4,652,600,000 Astellas Pharma
    18,335,860 2,881,000,000 Canon
    21,605,893 3,394,800,000 Daikin Industries
    22,377,259 3,516,000,000 Fanuc
    19,742,394 3,102,000,000 Honda Motor
    16,949,055 2,663,100,000 KDDI
    14,033,520 2,205,000,000 Millea
    17,820,343 2,800,000,000 Mitsubishi
    16,269,973 2,556,400,000 Mitsui Fudosan
    14,288,096 2,245,000,000 Nomura
    14,739,969 2,316,000,000 Obayashi
    18,615,894 2,925,000,000 Resona Bank
    14,558,966 2,287,560,000 Sekisui House
    10,596,740 1,665,000,000 Seven & I Holdings
    19,475,673 3,060,091,800 Sony
    19,033,399 2,990,600,000 T&D

           EUR           SGD Singapore (1.43%)
    14,197,608    28,724,600 DBS
     9,341,637    18,900,000 Venture

           EUR           HKD Hong Kong (1.06%)
    17,434,632   178,800,000 Sun Hung Kai Properties

           EUR           USD South Korea (070%)
    11,476,889    15,134,000 Samsung Electronics/GDR 1/2 vgt.s -144A-

           EUR           HKD China (0.42%)
     6,893,895    70,700,000 Semiconductor Manufacturing

                             EMERGING MARKETS (4.76%)

           EUR           EUR Emerging markets (4.76%)
                             Robeco Institutioneel Emerging Markets
    78,503,744    78,503,744 Fonds




* Concerns share swap of EUR 1,876,090


PURCHASES AND SALES
of more than EUR 4.5 million during the financial year

    Shares     Amount PURCHASES

                  EUR United States
   230,000  5,449,567 Adobe Systems
   150,000  4,622,515 Brunswick
   420,000 16,457,476 Citigroup
   200,000 10,278,093 ConocoPhillips
   460,000 14,817,142 Du Pont de Nemours
   250,000  4,620,082 Intel
    90,000  5,399,529 Ishares Nasdaq Biotechnology Index
   350,000 11,173,187 Kinetic Concepts
   500,000 10,326,947 Mirant
   750,000 11,964,247 News Corp-Class B
   400,000  8,186,245 Pfizer
   920,000 14,856,978 Schering-Plough
   360,000  8,345,969 Tyco International

                      Others
                      Robeco Global Telecom Opportunities 1 Limited
   150,000 15,000,000 Class (EUR)

                      Switzerland
   180,000  8,283,232 Adecco Cheserex
   150,000  6,618,335 Novartis

                      Netherlands
   630,000 16,861,133 Philips Electronics

                      France
    26,242  4,509,953 Total

                      Belgium
   600,000 11,440,628 RHJ International

                      Spain
   250,000  4,502,063 Gamesa Corporacion Tecnologica

                      Luxembourg
                      Robeco Capital Growth Funds - European
   165,075 16,471,181 Opportunities I EUR

                      Japan
 2,280,000  8,643,831 Aozora Bank
   211,000  5,174,284 Daikin Industries
     9,000 25,230,709 Resona Bank
   140,100  4,778,219 Sony

  Quantity     Shares SALES

                  EUR United States
   280,000  5,981,293 Constellation Brands
   340,000 22,064,078 Guidant
   302,800  7,021,250 Microsoft
   360,000  9,954,149 Qualcomm
   400,000 18,435,513 Valero Energy
 1,000,000 22,168,777 Warner Music
   120,000  6,321,920 Wellpoint

                      Canada
   356,700 15,722,002 Canadian Natural Resources

                      Switzerland
    67,000 13,267,005 Nobel Biocare
    40,000  5,589,256 Roche
   295,000 14,391,066 UBS

                      Netherlands
                      Robeco Institutional European Opportunities
   129,353 16,448,699 Fund
   221,889  5,925,340 Royal Dutch Shell A

                      United Kingdom
   150,000  6,563,119 AstraZeneca (GBP)


                      France
   123,686  9,648,609 LVMH Moet Hennessy Louis Vuitton

                      Germany
 1,050,000 14,852,822 Deutsche Telekom
   110,000 17,476,879 Sapag

                      Norway
   550,000  7,010,951 Telenor

                      Spain
   350,000  5,063,658 Banco Santander Central Hispano

                      Finland
   550,000  8,548,408 Nokia/A

                      Austria
   360,000 18,828,224 OMV

                      Japan
   400,000  4,816,266 Dai Nippon Printing
   370,000  6,736,294 Mitsui Fudosan
 1,800,000  9,632,861 Shinsei Bank
 3,200,000 16,129,876 Toshiba

                      South Korea
    26,874  6,864,975 Samsung Electronics/GDR 1/2 vgt.s -144A-

                      China
40,000,000  4,944,439 Semiconductor Manufacturing




1) Robeco  (Schweiz) AG,  Uraniastrasse 12,  CH-8001 Zurich,  is  the
fund's  appointed  representative  in  Switzerland.  Copies  of   the
prospectus, Articles of  Association, annual  and semiannual  reports
and a  list of  all  purchases and  sales  in the  fund's  securities
portfolio during the  reporting period are  available from the  above
address free of charge. UBS AG, Bahnhofstrasse 45, CH-8098 Zurich, is
the fund's paying agent in Switzerland.






Copyright © Hugin ASA 2007. All rights reserved.