Semiannual report & accounts

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

ROLINCO N.V.

SEMIANNUAL REPORT JUNE 2006

% ROBECO
CONTENTS

General information
Report of the management board
Balance sheet
Profit and loss account
Cash-flow summary
Notes
Other data
Spread of net assets

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 March 2006)
Management Board:
Mark F. van der Kroft
Edith J. Siermann
Edwin de Weerd (as of 12 January 2006)

Fund Manager
Arnout van Rijn

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 offices and
via www.robeco.com.

This report is also published in Dutch, French, and German. Only the
original Dutch edition is binding.

REPORT OF THE MANAGEMENT BOARD

GENERAL INTRODUCTION

Strong start to the year followed by correction
In the first half of 2006 strong and balanced growth was recorded
globally. Generally, profitability in the corporate sector remained
strong and there was ample liquidity.
Inflationary pressures emerged partly as a result of the increase in
the price of commodities like oil. Many central banks, including the
US Federal Reserve Bank (Fed) and the ECB tightened their monetary
policies. The Bank of Japan stopped its policy of flooding the market
with liquidity and bond yields increased sharply.
Until May equity markets benefited from the favorable economic
outlook. This was followed by a correction triggered by fears that
the Fed would overdo its tightening, putting downward pressure on
economic growth and on earnings growth in the corporate sector.
This concern also led to a general change in risk perception and risk
appetite. In recent years investors have generally searched for high
returns by investing in assets presenting a relatively higher risk.
The more uncertain economic outlook led them to show increasing
preferences for markets and assets that were perceived to be safer.
The correction was smallest in the US and largest in the emerging
markets.

Outlook
The valuations of equity markets generally appear to be reasonable.
The economic outlook remains favorable, with expectations for a
moderate slowdown in the US, continuing recovery in the euro zone and
Japan, and strong growth in most of the emerging markets. Interest
rates will probably go up further, while inflation may increase, but
is likely to remain under control.
Equity markets should do reasonably well in this environment,
although there is some uncertainty about the possibility of
correction continuing and going too far. In addition, the US economy
may slow down more sharply than envisaged, affecting growth in the
rest of the world and making the environment for equities less
favorable.

INVESTMENT RESULT
In the first half of 2006, the share price of Rolinco fell from EUR
23.73 to EUR 23.19. Assuming reinvestment of the dividend of EUR 0.36
per share distributed in May 2006, this was an investment result of
- -0.9%.
Based on net asset value, which fell from EUR 23.84 to EUR 23.07, the
investment result was -1.8%. The fund's benchmark, the S&P Citigroup
World Growth Primary Market Index, fell 3.7% over the same period.
Rolinco therefore outperformed its benchmark by a margin of 2%. Good
stock selection in the consumer discretionary, consumer staples and
information technology sectors was responsible for this
outperformance. In general, the stocks selected in the US and Japan
generated better returns than the market averages. A 5% position in
emerging markets made a positive contribution initially but this was
later nullified during the correction which occurred in May and June.
Although growth stocks are only slightly more expensive than the
broader market, this group still lagged some 2% in the first half of
2006. The typical growth sectors of technology and health care were
laggards, while materials and utilities showed relatively strong
returns.

INVESTMENT POLICY
By the end of the first half of 2006 the stock market climate had
completely reversed. However in the first few months of the year the
trends of 2005 continued unabated as stock markets continued their
uninterrupted rally to the highest levels in four years. In the case
of the rally in commodities, the market even witnessed an
acceleration of the upward trend. Economic growth picked up in Europe
and Japan and remained surprisingly strong in the US. Corporate
earnings reached record highs in many cases, due to rising volumes
and widening margins. For some time stock markets continued to ignore
the ongoing rate hikes and this made them vulnerable. When it became
clear that the end of this phase of interest-rate increases was still
some way off, the markets experienced a correction. Many companies
also seized the opportunity to raise capital at attractive rates,
which resulted in a considerable increase in the number of IPO's,
particularly in Europe. At the same time there was feverish merger
and takeover activity.
In that period Rolinco's policy was to gradually reduce the
portfolio's risks. This was the main reason behind the reduction of
the position in the energy sector from 14% to 12%. There is a great
deal of speculation in the market about the persistent price
increases of oil and materials. With headlines such as 'oil price
heading for USD 100 per barrel' and 'golden age for refineries',
investors became too submissive in our opinion. A major difference
between this and the technology craze is that the commodities craze
is not being accompanied by high valuations. Many oil companies are
trading at less than ten times earnings. However, these earnings are
based on the current sky-high market price and are therefore highly
vulnerable to a correction. In the longer term we nevertheless expect
a relatively high oil price as a result of the lack of any
large-scale alternatives. We reduced our holdings in the
oil-extraction companies PetroCanada and Canadian Natural Resources.
In the refinery segment, we sold interests in Austria-based OMV and
Valero from the US.
Three stocks in the Rolinco portfolio were involved in takeover
activity. The acquisition of Guidant by Johnson & Johnson became
uncertain after quality problems came to light at the pacemaker
manufacturer. The takeover bid was lowered, enabling smaller rival
Boston Scientific to make a higher bid. Despite the turbulent interim
price fluctuations Rolinco eventually managed to sell its Guidant
stock at a good price. Publisher VNU was faced with dissatisfied
shareholders (including Rolinco) who were of the opinion that
Valcon's takeover bid was too low. After the price was raised to EUR
29.50, we tendered our securities. Warner Music appears to be the
third takeover candidate. Sector rival EMI has launched a bid but the
company has so far rejected it. We think that the growth of the music
industry as a result of Internet distribution may be entering yet
another new phase, nevertheless we took advantage of the sharp price
increase which occurred following the bid to sell our holding in
Warner Music.
We did also make some purchases. We exploited the correction in the
Japanese banking sector by taking a position in Resona, one of the
large players that will benefit from the end of deflation in Japan
and from interest rates that will eventually increase again. In
addition, we gradually built a position in Philips. The company is
revamping its organization by selling off weaker cyclical parts and
buying elements that offer structural growth. The company's good
position in the medical-technology industry particularly appeals to
us and we think that the market is still underestimating this
industry's growth potential.
There were few changes in the information-technology sector. Our
portfolio was affected negatively by Microsoft's decline. Although
the company can still offer considerable growth, in our opinion, the
market does not have confidence in the investments the company is
making and is only looking for higher dividend. Microsoft's stock
has never been this cheap, speculators are selling but the real
investors are buying!

OUTLOOK
After the market correction this spring, stock valuations have become
attractive again. Growth stocks in particular are trading at only a
minimal premium to the broader market and offer better
earnings-growth potential.

Top 10 stocks
Country Interest in % Performance in %
30/06/2006 01/01-30/06/2006
In euros In local
currency

1. Total France 2.95 -0.1 -0.1
2. Roche Switzerland 1.94 3.0 3.7
3. Canadian Natural
Resources Canada 1.92 4.0 7.4
4. Nestl� Switzerland 1.88 -0.7 0.0
5. Microsoft US 1.82 -17.2 -10.3
6. Astellas Pharma Japan 1.78 -12.3 -7.9
7. Cisco Systems US 1.71 5.2 14.1
8. ConocoPhilips US 1.54 5.1 14.0
9. Wyeth US 1.53 -10.4 -2.6
10. Novartis Switzerland 1.49 -3.3 -2.6

Rotterdam, 9 August 2006

The management board
Robeco Fund Management B.V.

BALANCE SHEET
EUR x thousand

30/06/2006 31/12/2005
Investments
Financial investments
Stocks (1) 1,584,324 1,512,999
Investments in Robeco Group mutual funds (2) 112,284 97,449
Derivatives (5) 2,642 911
________ ________
Total investments 1,699,250 1,611,359

Accounts receivable 22,837 5,733

Other assets
Cash 14,692 206

Accounts payable
Obligations arising from derivative (5) 2,789 1,001
instruments
Sundry creditors 22,764 7,189
_________ _________
25,553 8,190
_________ _________
Accounts receivable and other assets less
accounts payable 11,976 -2,251

Long-term debt
6�% convertible bond loan 9,173 9,525

_________ _________
Shareholders' equity 1,702,053 1,599,583

Composition of shareholders' equity (3)
Issued capital 73,610 66,949
Other reserves 1,653,472 1,116,055
Net result -28,866 413,094

_________ ________
Assets attributable to holders of ordinary 1,698,216 1,596,098
shares

6�% cumulative preference shares 3,837 3,485
_________ _________
1,702,053 1,599,583

PROFIT AND LOSS ACCOUNT
EUR x thousand

01/01- 01/01-
30/06/2006 30/06/2005

Investment income 16,660 13,221
Changes in value -35,607 180,115

_________ _________
-18,947 193,336

Costs (6)
Management costs (7) 8,413 6,703
Service fee (7) 941 769
Other costs (8) 261 175
Interest costs 304 310
_________ _________
9,919 7,957
_________ _________
Net result -28,866 185,379

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

CASH-FLOW SUMMARY
indirect method, EUR x thousand

01/01- 01/01-
30/06/2006 30/06/2005

Cash flow from investment activities -120,851 91,469
Cash flow from financing activities 125,672 -79,412
_________ _________
Net cash flow 4,821 12,057
Currency and cash revaluation 3,235 -1,156
_________ _________
Increase (+)/decrease (-) cash* 8,056 10,901
* Cash and accounts payable to credit institutions.

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 ['Wtb', Wet Toezicht
Beleggingsinstellingen], the license in accordance with article 5 of
the 1990 Dutch Investment Institutions Supervision Act has been
legally cancelled.

Manager
Robeco N.V. 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 semiannual report has been drawn up in conformity with the models
provided by Dutch legislature for annual financial statements, taking
into account the regulations that apply to semiannual reports. 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. (RIC), as a
result of which Rolinco N.V. issues and repurchases its shares at net
asset value. RIC 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.

Non-certificated participation in the Netherlands
Parties with which shares may be held in non-certificated form
include Robeco Direct N.V. in the Robeco Group Accounts System or 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
are 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
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 thousands 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 authority is 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,
fund-administration services, as well as management activities.
Transactions are executed at market rates.

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.
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 AND THE PROFIT AND LOSS ACCOUNT

1 Stocks
Shares in an amount of EUR 104.7 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 109.4
million (EUR 254.6 million at the end of last year) was demanded and
obtained; this collateral is not included in the Balance sheet. The
geographic distribution and the currency position of the equity
portfolio are included in the overview of the Spread of net assets
which can be found at the end of this report.

2 Investments in Robeco Group mutual funds
An overview of the investments in Robeco Group funds is given below.

+---------------------------------------------------------------------------------------------------------------------+
|INVESTMENTS IN ROBECO GROUP MUTUAL FUNDS |
|---------------------------------------------------------------------------------------------------------------------|
| | | | | | |
|------------------------+------------------+--------------+----------------+-------------------------+---------------|
| | Market value| Interest in| Net asset| Return| Total expense|
| | in| fund| value1)| | ratio2|
| | EUR x thousand| in %| EUR x 1| in %| in %|
|------------------------+------------------+--------------+----------------+-------------------------+---------------|
| | 30/06| 31/12| 30/06| 31/12| 30/06| 31/12| 01/01-30/06| 01/01-30/06| 01/01-| 01/01-|
| | 2006| 2005| 2006| 2005| 2006| 2005| 2006| 2005| 30/06| 30/06|
| | | | | | | | | | 2006| 2005|
|------------------------+---------+--------+-------+------+--------+-------+------------+------------+-------+-------|
| | | | | | | | | | | |
|------------------------+---------+--------+-------+------+--------+-------+------------+------------+-------+-------|
|Robeco Institutioneel | 68,526| 69,071| 3.6| 3.3| 74.87| 76.57| -1.4| 21.7| 0.44| 0.43|
|Emerging Markets Fonds | | | | | | | | | | |
|------------------------+---------+--------+-------+------+--------+-------+------------+------------+-------+-------|
|Robeco Global Telecom | 14,740| -| 81.0| -| 97.43| -| -2.6| -| 0.39| -|
|Opportunities 1 limited | | | | | | | | | | |
|class (EUR)6 | | | | | | | | | | |
|------------------------+---------+--------+-------+------+--------+-------+------------+------------+-------+-------|
|Robeco Institutioneel | 14,523| 13,411| 71.6| 72.2| 114.49| 103.40| 10.7| -| 0.85| -|
|European Opportunities | | | | | | | | | | |
|Fund5 | | | | | | | | | | |
|------------------------+---------+--------+-------+------+--------+-------+------------+------------+-------+-------|
|Robeco Global Long Short| 14,495| 14,967| 74.9| 75.0| 105.983| 99.743| 6.33 | -| 2.52| -|
|Quant Fund4 | | | | | | | | | | |
|------------------------+---------+--------+-------+------+--------+-------+------------+------------+-------+-------|
| | ______| ______| | | | | | | | |
|------------------------+---------+--------+-------+------+--------+-------+------------+------------+-------+-------|
| | 112,284| 97,449| | | | | | | | |
|---------------------------------------------------------------------------------------------------------------------|
| |
|---------------------------------------------------------------------------------------------------------------------|
|1) Per share/participating unit. |
|2) The management fee and service fee will be restituted to Rolinco N.V. by the manager of the funds mentioned. |
|3) In USD. |
|4) Fund launched on 29 November 2005. |
|5) Fund launched on 1 December 2005. |
|6) Relates to the period 27 April 2006 (launch of fund) through 30 June 2006. |
+---------------------------------------------------------------------------------------------------------------------+

The annual report of Robeco Institutioneel Emerging Markets Fonds as
of 31 December 2005 is available at the company's offices on request.
Robeco Institutioneel European Opportunities Fund and Robeco Global
Long Short Quant Fund have an extended first financial year which
will end on 31 December 2006. The first financial year of Robeco
Global Telecom Opportunities 1 limited class (EUR) runs from 27 April
2006 through 31 December 2006. The funds are not regulated.
Rolinco N.V. can enter and exit daily at net asset value in the
mentioned 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. These funds do
not charge any costs.

3 Shareholders' equity

COMPOSITION AND DEVELOPMENT OF SHAREHOLDERS' EQUITY
EUR x thousand
01/01- 01/01-
30/06/2006 30/06/2005
Issued capital
Situation at opening date 66,949 72,590
Received on shares issued 12,677 2,964
Paid for shares repurchased -6,016 -8,308
_______ _______
Situation at closing date 73,610 67,246

6�% cum.pref. shares 3,837 3,464

Other reserves
Situation at opening date 1,116,055 1,188,196
Received on shares issued 287,147 52,673
Paid for shares repurchased -137,275 -154,077
Profit from previous financial year 413,094 54,366
Dividend payments -25,549 -19,982
_______ _______
Situation at closing date 1,653,472 1,121,176

Net result -28,866 185,379
_______ _______
Shareholders' equity 1,702,053 1,377,265

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 2006 the number of ordinary shares
outstanding was 73,609,761. Net asset value per share amounted to EUR
23.07. In May 2006 the company distributed dividend to the amount of
EUR 0.36 per share.

4 Shares outstanding

DEVELOPMENT OF NUMBER OF SHARES OUTSTANDING
01/01- 01/01-
30/06/2006 30/06/2005

Situation at opening date 66,948,181 72,589,785

Shares issued in financial year 12,677,461 2,963,560
Shares repurchased in financial year 6,015,881 8,307,888
__________ __________
Situation at closing date 73,609,761 67,245,457

5 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, EUR 22.5 million,
USD 80.2 million and GBP 25.3 million, against sales of CHF 120.2
million and JPY 12.884 million.
These transactions 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.

COSTS

6 Total expense ratio

TOTAL EXPENSE RATIO
01/01- 01/01-
30/06/2006 30/06/2005
in % in %
Cost item
Management costs 0.50 0.50
Service fee 0.06 0.06
Other costs 0.02 0.01
Costs relating to investments in Robeco Group
mutual funds 0.00 0.02
Interest convertible bond loan 0.02 0.02
_______ _______
Total 0.60 0.61

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 0.60% 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. The costs relating to investments in Robeco
Group mutual funds concern the on-charge of costs relating to
investments in Robeco Group mutual funds, as stated in the table on
page xx. 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 98 thousand.
For the period 1 July 2005 through 30 June 2006, the total expense
ratio is 1.19%, and for the period 1 July 2004 through 30 June 2005
it was 1.15%.

7 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 and covers formal
and operational costs. 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.

8 Other costs
This includes custody costs and bank charges.

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

10 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% (over the period 1 January through 30 June 2005 this was 93%)
of the total transaction volume.

TRANSACTION COSTS
EUR x thousand
01/01- 01/01-
30/06/2006 30/06/2005
Transaction type
Stocks 544 894

Hard commissions and commission-sharing arrangements
Various independent research institutions/third parties provide
services to the company to support its decision-making process. Part
of the commissions paid to brokers is used to pay for these services,
so-called commission-sharing arrangements. In the reporting period
commission-sharing agreements represented an amount of EUR 167
thousand (over the period 1 January through 30 June 2005 this was EUR
130 thousand).

12 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
the reporting period was 3% against 21% over the period 1 January
through 30 June 2005. The decrease is caused by a considerable
increase in the number of shares outstanding in the first half of
2006. On the basis of actual changes in the composition of the
portfolio, about 8% of the stocks have been replaced. This fits in
well with Rolinco's investment horizon of three to five years.

13 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 %
01/01- 01/01-
30/06/2006 30/06/2005
Transaction type
Stocks - 8.2
Forward exchange transactions 5.0 12.2
Deposits - 100.0

14 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 are still in line with the
market. The return for the fund over the reporting period was EUR 449
thousand (EUR 101 thousand over the period 1 January through 30 June
2005) and for Robeco Securities Lending EUR 314 thousand (EUR 68
thousand over the period 1 January through 30 June 2005).

15 Voting policy for stocks in the investment portfolio
In the first half of 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's Internet site,
www.robeco.com.

Rotterdam, 9 August 2006

The management board
Robeco Fund Management B.V.

OTHER DATA

STOCK-EXCHANGE LISTING
The ordinary shares of Rolinco N.V. are listed on Eurolist by
Euronext Amsterdam N.V. In addition, Rolinco N.V. has a
stock-exchange quotation in Paris, Brussels, Luxembourg, London,
Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Vienna and Zurich.

DIRECTORS' INTERESTS
Statement pursuant to article 48, paragraph 1, section d, of the
Dutch Investment Institutions Supervision Decree ['Btb', Besluit
toezicht beleggingsinstellingen].
On 1 January 2006 and 30 June 2006 the directors of the investment
company and/or the management company held the following total
personal interests in investments of the investment company.

DIRECTORS' INTERESTS

+--------------------------------------------------------------------------+
| |Description|Supervisory-board members|Management-board| Total|
| | | Quantity| members|quantity|
| | | | Quantity| |
|----------+-----------+-------------------------+----------------+--------|
| | | | | |
|----------+-----------+-------------------------+----------------+--------|
|At 1 | | | | |
|January | | | | |
|2006 | | | | |
|----------+-----------+-------------------------+----------------+--------|
|ING Groep |stocks | 5.808| -| 5.808|
|----------+-----------+-------------------------+----------------+--------|
|Novartis |stocks | 160| -| 160|
|----------+-----------+-------------------------+----------------+--------|
|Pfizer |stocks | 1.000| -| 1.000|
|----------+-----------+-------------------------+----------------+--------|
|Royal |stocks | 2.707| -| 2.707|
|Dutch | | | | |
|Shell A | | | | |
|----------+-----------+-------------------------+----------------+--------|
| | | | | |
|----------+-----------+-------------------------+----------------+--------|
|At 30 June| | | | |
|2006 | | | | |
|----------+-----------+-------------------------+----------------+--------|
|ING Groep |stocks | 5.808| -| 5.808|
|----------+-----------+-------------------------+----------------+--------|
|Novartis |stocks | 160| -| 160|
|----------+-----------+-------------------------+----------------+--------|
|Pfizer |stocks | 1.000| -| 1.000|
|----------+-----------+-------------------------+----------------+--------|
|Philips |stocks | 3.350| -| 3.350|
|----------+-----------+-------------------------+----------------+--------|
|Royal |stocks | 5.158| -| 5.158|
|Dutch | | | | |
|Shell A | | | | |
|----------+-----------+-------------------------+----------------+--------|
|Total |stocks | 1.260| -| 1.260|
+--------------------------------------------------------------------------+

AUDITORS
No external audit has been conducted.

SPREAD OF NET ASSETS

Across countries Across
currencies
Stocks1)

30/06/2006 30/06 31/12 30/06 31/12
EUR x 2006 2005 2006 2005
EUR x
thousand In % In % In % In %

Investments
North America (39.58%)
United States 618,660 36.35 37.23 42.30 52.97
Canada 54,901 3.23 3.77 4.58 5.24

Europe (31.98%)
Switzerland 131,786 7.74 7.43 3.34 2.65
United Kingdom 120,057 7.05 6.84 9.19 9.10
France 101,841 5.98 5.44 - -
Netherlands 61,387 3.61 3.33 - -
Germany 43,811 2.57 3.30 - -
Belgium 19,896 1.17 0.73 - -
Norway 18,915 1.11 1.04 1.12 1.04
Spain 15,988 0.94 0.87 - -
Robeco Institutional
European Opportunities 14,523 0.85 0.84 - -
Fund
Finland 8,778 0.52 0.53 - -
Greece 7,408 0.44 0.35 - -
Austria - - 1.11 - -
Europe - - - 18.03 13.16

Asia (22.38%)
Japan 315,437 18.53 18.38 13.60 11.50
South Korea 21,136 1.24 1.27 - -
Singapore 20,690 1.22 1.19 1.23 1.19
Hong Kong 15,950 0.94 0.98 1.39 1.78
China 7,683 0.45 0.79 - -

Emerging markets (4.02%)
Robeco Institutional 68,526 4.02 4.32 4.02 -
Emerging Markets Fund2)

Australia (0.00%)
Australia - - - 1.20 1.37

Other (1.72%)
Robeco Global Telecom
Opportunities 1 limited 14,740 0.87 - - -
class (EUR)2)
Robeco Global Long Short 14,495 0.85 0.94 - -
Quant Fund2)

Other assets and 5,445 0.32 -0.68 - -
liabilities (0.32%)
________ ________ _______ ______ _______
Total 1,702,053 100.00 100.00 100.00 100.00

By sector
Financials 19.3 17.6
Information 14.9 16.3
technology
Health care 14.5 16.5
Energy 13.5 13.9
Consumer 13.0 12.6
discretionary
Industrials 8.6 8.0
Consumer staples 8.2 8.7
Materials 3.7 3.1
Telecommunication 3.4 3.5
services
Utilities 0.6 0.5
Other assets and 0.3 -0.7
liabilities
________ ________
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 2005, the portfolio only contained
forward exchange transactions at 30 June 2006.
These forward exchange transactions have been included in the
currency position.
2) In terms of currencies, the investments in Robeco Institutioneel
Emerging Markets Fonds and
Robeco Global Telecom Opportunities 1 limited class (EUR) have been
included under EUR and the
investment in Robeco Global Long Short Quant Fund has been included
under USD.

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.

- ---END OF MESSAGE---

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