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Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Rolinco NV(BR)	LSE:RLI	London	Ordinary Share	NL0000289817	ORD EUR1

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

Rotterdam, 31 August 2004

ROLINCO N.V.

SEMIANNUAL REPORT JUNE 2004

% ROBECO
CONTENTS

General information 1
Report of the management board 2
Balance sheet 5
Profit and loss account 5
Cash flow summary 6
Notes 7
Other data 11
Spread of net assets 12

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

Prospectus
The prospectus is available at the offices of the company and via
www.robeco.com.

REPORT OF THE MANAGEMENT BOARD

GENERAL INTRODUCTION

Global economic recovery takes shape
The economic recovery that began the previous year continued in the
first half of 2004. Consumer and business confidence in the future
showed an upward trend. This was reflected by increasing capital
expenditure and consumer spending. The North American and Asian
regions took the lead. The long-awaited recovery of the labor market
finally materialized in the United States. The rapidly growing
Chinese economy remained another important stimulus for the global
economy. In Japan growth is no longer just driven by an increase in
exports, but also by domestic spending, which has been growing for
the first time in a long while. Continental Europe is still the
lagging region although here too there is reason for cautious
optimism. Monetary authorities were increasingly forced to begin
reversing their accommodative measures of the past years. The US
FederalReserve, for instance, raised its official rates for the first
time in four years. The trend of falling prices came to an end,
however, inflation is still low for the time being.

A cautious start for the stock market
The equity markets had a defensive start in 2004. The energy,
utilities and consumer staples sectors had the best performance in
the first half of 2004. The cautious attitude of the market was
mainly the result of uncertainty regarding interest rates. Strong
economic growth and rising oil prices gave the impression that
interest rates could only go up. The Federal Reserve indeed decided
to raise rates on 30 June. Corporate earnings developed favorably all
over the world. There were two reasons for this: businesses benefited
from the effects of the cost-saving operations of the last years
while sales increased at the same time.
We consider 2004 to be a transition year with moderately positive
returns. Investors have to get used to a new interest-rate climate
first, before they start looking at the sound fundamental development
of companies and the stock market's very reasonable valuation.

INVESTMENT RESULT

In the first half of 2004, the share price of Rolinco rose from EUR
17.80 to EUR 18.35. Assuming reinvestment of the dividend of EUR 0.28
per share distributed in May 2004, this was an investment result of
4.6%. On the basis of net asset value, which rose from EUR 17.71 to
EUR 18.47, the investment result was 5.8%.
The fund's benchmark, the Citigroup World Growth Primary Market
Index, rose 6.3% over the same period. Rolinco's investment result
thus lagged its benchmark by 0.5%, mainly due to the fund's position
in emerging markets whose performance lagged expectations.
The markets began the year on a positive note, supported by much
better-than-expected earnings figures, especially in the United
States, where years of investment in technology are paying off in
terms of huge efficiency improvements and higher margins. An
extremely accommodative monetary policy and a weaker dollar fanned
the economic fire, causing sales also to rise as well. The markets
entered a correction phase in April, due to rapidly rising oil prices
and gradually rising interest rates.
After these markets had generated excellent returns in 2003, there
was a sharp correction in April and May in Asian markets like Korea,
China and Taiwan on fears that the Chinese economy would overheat.
Growth stocks continued to lag value stocks. Against a macroeconomic
background of higher-than-expected growth in the US and Japan,
interest in cyclical value stocks remained high. The continuing
recovery in Japan surprised many, and Japanese stocks were clearly
the best performers in the first half of 2004. Among growth stocks,
health care remained under pressure .

INVESTMENT POLICY

The position in Japan was expanded during the reporting period. After
a gradual decline lasting more than 13 years, the market finally
seems to have taken a turn for the better. Rolinco bought not only
export stocks which benefit from regional growth, but also,
increasingly, domestic companies which are benefiting from the
pick-up in domestic consumption. Japanese businesses are focusing
increasingly on profitable growth, significantly raising returns. The
time has passed when gaining market share was the only thing that
mattered. Rolinco took positions in the real-estate (Mitsui Fudosan),
construction (Obayashi) and health-care (Yamanouchi) sectors.
The weight of technology companies was reduced in January. After a
good recovery, valuations had become too high, particularly of the
very cyclical semiconductor and hardware stocks. The positions in
Intel and Dell were reduced.
One frustrating development was the lagging performance of health
care. While the trend of an aging population, and thus increasing
demand, is continuing, governments and new competitors pressured
prices in the absence of truly innovative products. Health-care
stocks, which in the past always traded at a premium, now trade at a
discount. Rolinco is keeping its high weight in the conviction that
the market is too bearish regarding the growth outlook of this
sector. Furthermore, Wyeth had to set aside billions of dollars for
the adverse side-effects of its slimming pill. The position in Swiss
health-care stock Roche was raised due to our enthusiasm for the
anti-cancer drugs the company is developing. The interest in Aventis
was sold in the merger with Sanofi-Synth�labo at a good price.

Top 10 stocks
Country Interest in % Performance in %
30/06/2004 01/01-30/06/2004
In euros In local
currency

1. Pfizer United States 3.4 1.5 -2.1
2. Microsoft United States 2.8 8.2 4.3
3. Cisco Systems United States 2.6 1.4 -2.2
4. Fannie Mae United States 1.9 0.0 -3.6
5. Roche Holding Switzerland 1.6 3.1 0.7
6. Nestl� Switzerland 1.6 13.1 10.4
7. Citigroup United States 1.5 1.0 -2.6
8. Merck United States 1.5 8.3 4.4
9. Medco Health
Solutions United States 1.4 14.4 10.3
10. Total France 1.4 11.2 11.2

Due to the more cautious mood in the market in the second quarter,
the Rolinco portfolio benefited strongly from its positions in
defensive consumer-staples stocks: Avon Products, Reckitt Benckiser
and Gillette all rallied between 20%-40%. The position in this sector
increased sharply.
The problem with reserves at the large oil companies offers excellent
growth potential for service companies like Schlumberger, which was
added to the portfolio.
Rolinco sees less potential for the banking sector. Profits are now
at record highs due to the still low level of interest rates. The
wave of takeovers now occurring in the US demonstrates the lack of
organic growth. Part of the weight was transferred to insurers, which
actually benefit from a rise in interest rates.

OUTLOOK

Absolute valuation has become attractive due to strong earnings
growth. One the other hand, there is the prospect of higher interest
rates. As long as the rate increase remains limited, equity investors
should not be unduly concerned. Specifically for investors in growth
stocks held by Rolinco , these stocks are currently trading at their
cheapest relative levels of the last 15 years. We therefore expect
better-than-average returns in the coming reporting period.

Rotterdam, 3 August 2004

The management board
Marnix C. Vriezen
Arnout van Rijn
Volker Wytzes

BALANCE SHEET
EUR x million

30/06/2004 31/12/2003
ASSETS

Investments
Financial investments
Equities 1,420 1,381
_________ _________
Total investments 1,420 1,381

Accounts receivable 35 12

Other assets
Cash 15 _
_________ _________
1,470 1,393
LIABILITIES

Accounts payable 41 3

Long-term debt
6�% convertible bond loan 10 10
_________ _________
51 13
_________ _________
Shareholders' equity 1,419 1,380

Composition of shareholders' equity
Issued capital 77 78
Other reserves 1,258 1,206
Net result 81 93
_________ _________
Assets attributable to holders of ordinary 1,416 1,377
shares

6�% cumulative preference shares 3 3
_________ _________
1,419 1,380

PROFIT AND LOSS ACCOUNT
EUR x million

01/01- 01/01-
30/06/2004 30/06/2003

Investment income 11 13
Movements in value 76 6
_________ _________
87 19
Management costs 6 5
_________ _________
Net result 81 14

CASH FLOW SUMMARY
indirect method, EUR x million

01/01- 01/01-
30/06/2004 30/06/2003

Cash flow from investment activities 39 8
Cash flow from financing activities -41 -23
_________ _________
Net cash flow -2 -15
Currency and cash revaluation - -
_________ _________
Increase(+)/decrease(-) cash* -2 -15

* Cash and accounts payable to credit institutions.

NOTES

General

Rolinco N.V. is a Dutch investment company with a variable capital
within the meaning of Article 28 of the 1969 Dutch Corporate Income
Tax Act. Therefore, no corporate income tax is payable provided
income after deduction of costs is distributed entirely in the form
of shareholder dividends.

System change
As a result of changes to the Guidelines for Annual Reporting, with
effect from the 2004 financial year changes in the value of
investments, both realized and unrealized, are reported in the Profit
and loss account, and the Reserve for capital gains and losses is
reported under Other reserves. The change has no effect on the
shareholders' equity as at 31 December 2003 and 30 June 2004. The
effect on the result for the period 1 January 2003 through 30 June
2003 amounts to EUR 6 million, and over the period 1 January 2004
through 30 June 2004 EUR 76 million. Comparative figures in this
report have been adjusted accordingly where necessary.

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 via the intermediary at prices approximating
net asset value. Robeco Investment Consulting B.V. functions as the
intermediary between Rolinco N.V. and investors for the issuance and
repurchase of shares, as a result of which Rolinco N.V. issues and
repurchases its shares at net asset value. The abovementioned margin
between the net asset value and the bid and offer prices, and the
associated costs, are for the account and risk of the intermediary.
The intermediary will distribute any positive results, calculated on
a cumulative basis, to the funds on a quarterly basis. Distribution
will be in proportion to the positive contribution of each fund to
the intermediary's result. A buffer is maintained to cover any future
losses.

accounting principles

General
The accounting principles for the valuation of assets and liabilities
and determination of the result are unchanged, and as such are in
accordance with the annual financial statements. Amounts are
expressed in millions of euros.

Affiliated parties
Rolinco N.V. is affiliated to the 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 fund's business policy. Robeco Groep N.V. belongs to the Rabobank
Group. The management structure of Robeco Groep N.V., in which
significant authorities are allocated to its independent supervisory
board, is such that Rabobank does not have a 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, and sale and purchase of its own shares,
as well as management activities. Transactions are executed at market
rates.
Soft-dollar arrangements
Various independent research institutions provide services to the
company to support its decision-making process. These institutions
are paid by means of soft-dollar arrangements with brokers.

FINANCIAL INSTRUMENTS

Policy regarding the use of derivative investment instruments
Investing implies that positions are taken. As it is possible to use
various (derivative) instruments to construct an identical position,
the selection of derivatives is subordinate to the positioning of a
portfolio. Positions in derivative financial instruments are
presented off-balance sheet, but are inextricably connected with
existing on-balance sheet positions. No further explanation is
therefore given of individual results on derivatives positions. In
our published information, attention is given primarily to the
overall position, and secondarily to the nature and volume of the
financial instruments employed.

Forward exchange transactions
Liabilities and receivables ensuing from forward exchange
transactions are not included in the Balance sheet. They are,
however, explained in the Notes to the balance sheet under the
heading Commitments not shown in the balance sheet. Unrealized
results of forward exchange transactions are accounted for in the
Balance sheet under either Accounts receivable or Accounts payable.
The results are determined by valuing forward exchange transactions
at their real value. For forward exchange transactions, this value is
based on currency rates and reference interest rates at closing date.

NOTES TO THE BALANCE SHEET AND PROFIT AND LOSS ACCOUNT

Equities
At balance sheet date, shares to the amount of EUR 0.4 billion
(EUR 0.2 billion at the end of last year) had been lent. To cover the
risk of non-restitution, adequate collateral was demanded and
obtained; this collateral is not included in the Balance sheet.

Investments in Robeco Group mutual funds
Part of the portfolio is invested in funds offered by the Robeco
Group. A list of these investments is given below.

+-------------------------------------------------------------------------------------------------------+
| |
|-------------------------------------------------------------------------------------------------------|
|Investments in Robeco Group mutual funds |
|-------------------------------------------------------------------------------------------------------|
| |
|-------------------------------------------------------------------------------------------------------|
| | Market value|Interest in| Net asset| Return| Expense ratio2)|
| | in EUR| fund| value1)| in %| in %|
| | | in %| EUR x 1| | |
|--------------+-------------+-----------+--------------+-----------------------+-----------------------|
| | | | | | | |01/01-30/06|01/01-30/06|01/01-30/06|01/01-30/06|
| | 30/06| 31/12|30/06|31/12| 30/06| 31/12| 2004| 2003| 2004| 2003|
| | 2004| 2003| 2004| 2003| 2004| 2003| | | | |
|--------------+------+------+-----+-----+-------+------+-----------+-----------+-----------+-----------|
| | | | | | | | | | | |
|--------------+------+------+-----+-----+-------+------+-----------+-----------+-----------+-----------|
|Robeco | | | | | | | | | | |
|Institutioneel| 61| 61| 5.4| 5.9| 41,292|41.472| 1.2| 5.6| 0.43| 0.45|
|Emerging | | | | | | | | | | |
|Markets Fonds | | | | | | | | | | |
|--------------+------+------+-----+-----+-------+------+-----------+-----------+-----------+-----------|
|Robeco | | | | | | | | | | |
|Institutioneel| 47| 42| 45.3| 45.5|109,878|96,888| 15.2| 8.4| 0.41| 0.43|
|Europees Small| | | | | | | | | | |
|& Midcap Fonds| | | | | | | | | | |
|--------------+------+------+-----+-----+-------+------+-----------+-----------+-----------+-----------|
| |______|______| | | | | | | | |
|--------------+------+------+-----+-----+-------+------+-----------+-----------+-----------+-----------|
| | 108| 103| | | | | | | | |
|-------------------------------------------------------------------------------------------------------|
|1) Per participating unit. |
|2) Regarding management costs, agreements have been made with the managers of the funds concerned for |
|the restitution of management costs to Rolinco N.V. |
|-------------------------------------------------------------------------------------------------------|
| |
+-------------------------------------------------------------------------------------------------------+

The annual reports of the abovementioned Robeco Group funds as of 31
December 2003 are available at the company's offices on request. The
funds are not regulated.

Shareholders' equity

Composition and development of shareholders' equity
01/01- 01/01-
30/06/2004 30/06/2003
Issued capital
Situation at opening date 78 80
Received on shares issued 4 1
Paid for shares repurchased -5 -3
_______ _______
Situation at closing date 77 78

6�% cum.pref. shares 3 3

Other reserves
Situation at opening date 1,206 144
Addition of reserve for capital gains and - 1,749
losses
_______ _______
Starting situation after system change 1,206 1,893
Received on shares issued 66 33
Paid for shares repurchased -85 -49
Profit from previous financial year 93 -637
Dividend payments -22 -22
_______ _______
Situation at closing date 1,258 1,218

Net result 81 14
_______ _______
Shareholders' equity 1,419 1,313

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. As of 30 June 2004 the number of ordinary shares
outstanding was 76,632,069. Net asset value per share amounted to EUR
18.47. In May 2004 the company distributed dividend to the amount of
EUR 0.28 per share.

Shares outstanding

Development of number of shares outstanding
01/01- 01/01-
30/06/2004 30/06/2003

Situation at opening date 77,745624 79,511,361

Shares issued in financial year 3,779,838 2,167,253
Shares repurchased in financial year 4,893,393 3,209,616
__________ ___________
Situation at closing date 76,632,069 78,468,998

Commitments not shown in the balance sheet
The forward exchange transactions current at closing date represent
purchases of AUD 35.8 million, CAD 32.3 million, and EUR 29.3
million, against sales of CHF 31.6 million, GBP 5 million, JPY 927.1
million and USD 41 million. These transactions have been included in
the Spread of net assets at the end of this report. Unrealized
results of transactions at closing date are included in the Profit
and loss account.

COSTS

Expense ratio

Expense ratio
01/01- 01/01-
30/06/2004 30/06/2003
in % in %
Cost item
Management costs 0.42 0.42
Other costs 0.01 0.02
Interest convertible bond loan 0.02 0.02
_______ _______
Total 0.45 0.46

The expense ratio expresses the costs charged to the fund during the
reporting period as a percentage of the average assets1) entrusted
during the reporting period. The expense ratio as shown does not
include brokerage costs and exchange fees relating to investment
transactions. These have been discounted in the cost price or the
sales value of the investments, as is normal practice in the
securities industry. The expense ratio was 0.45% during the reporting
period2). In addition to the costs of the fund's asset management
such as administration, the management costs in the expense ratio
also include 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 mainly relate to the custody
fee charged by third parties for the custody of the fund's securities
portfolio.

Management costs and service fee
With effect from 1 October 2004, the management fee on the average
assets entrusted will be raised from 0.84% to 1.00% per annum.
Furthermore, a service fee will be introduced to cover formal and
operational costs such as the production of annual reports and the
fund's administration. The service fee for Rolinco N.V. will be 0.12%
per annum. A discount of 0.02% will apply for the service fee on the
assets in excess of EUR 1 billion, with a further discount of 0.02%
on the assets in excess of EUR 5 billion.

Rotterdam, 3 August 2004

The management board
OTHER DATA

Interests of major investors
Statement in conformity with article 21, paragraph 2, sections b and
c, of the Dutch Investment Institutions Supervision Decree (Btb,
Besluit toezicht beleggingsinstellingen).
The company knows of only one party to be considered a major investor
within the meaning of the Btb, namely Stichting Aandelen-Rekeningen
Robeco-Groep. During the period under review, no transactions as
referred to in article 21, paragraph 2, section c, of the Btb took
place.

Auditors
No external audit has been conducted.
SPREAD OF NET ASSETS

Across countries Across currencies
Equities1)

30/06/2004 30/06 31/12 30/06 31/12
EUR x 2004 2003 2004 2003
million in % in % in % in %

By country
North America (48.33%)
United States 663 46.72 49.76 46.56 47.84
Canada 23 1.61 0.91 3.03 2.37

Europe (33.06%)
United Kingdom 131 9.25 10.69 9.34 10.20
Switzerland 83 5.86 5.40 4.07 3.96
France 79 5.59 5.73 - -
Germany 37 2.63 1.06 - -
Netherlands 28 1.99 1.91 - -
Italy 15 1.05 1.25 - -
Spain 11 0.78 1.96 - -
Sweden 11 0.80 0.48 0.81 0.48
Finland 10 0.71 1.39 - -
Norway 9 0.60 - 0.60 -
Greece 7 0.46 - - -
Ireland - - 0.58 - -
European midcaps 47 3.34 3.02 - -
Euro - - - 20.88 20.88

Asia (14.41%)
Japan 162 11.39 8.65 10.94 9.91
Singapore 17 1.19 0.94 1.19 0.94
Hong Kong 16 1.11 0.94 1.12 0.94
South Korea 10 0.72 0.41 - 0.41

Emerging Markets (4.30%)
Emerging markets 61 4.30 4.44 - -
2)

Australia (0%)
Australia - - 0.51 1.46 2.07

Other assets and
Liabilities -1 -0.10 -0.03 - -
(-0.10%)
_______ _______ _______ _______ _______
Total 1,419 100.00 100.00 100.00 100.00

By sector
Health care 18.9 19.1
Information technology 17.2 17.8
Financials 17.2 18.1
Consumer staples 11.3 8.7
Consumer discretionary 10.9 13.2
Industrials 10.0 8.8
Energy 7.7 5.5
Telecommunication services 3.6 3.9
Materials 2.1 3.3
Utilities 1.2 1.6

Other assets and liabilities -0.1 0.0
_______ _______
Total 100.0 100.0

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 2003, the portfolio did not include
derivatives at 30 June 2004.
2) In terms of currencies, the investments in emerging markets have
been included under the item euro.

1) Robeco (Schweiz) AG, Uraniastrasse 12, CH-8001 Zurich, is the
fund's appointed representative in Switzerland. Copies of the
prospectus, Articles of Association, (semi)annual 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.
1) The average assets entrusted used in this calculation is based on
7 observations. DNB circular 8022 recommends using 3 observations.
The calculation method used in this semiannual report gives a more
accurate picture of the average assets entrusted.
2) Based on the calculation principles of the Swiss Funds Association
the TER was 0.48%.

Ronald Florisson, Corporate Communications Robeco
Office +31 - 10 - 224 28 10
Mobile +31 - 653 - 831 586
E-mail: ronald.florisson@robeco.nl

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