ROBECO N.V. ANNUAL REPORT 2004

    CONTENTS

General information
Report of the supervisory board    2
Report of the management board    5
Financial statements    10
Balance sheet    10
Profit and loss account                10
Cash-flow summary    11
Notes    12
Other data    20
Spread of net assets     22
List of securities    24
Purchases and sales      28


GENERAL INFORMATION

ROBECO 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
Constant E.M. Beckers (as of 22 April until 1 July 2004)
Gilles Izeboud (as of 22 April 2004)
Johan Kremers
Petrus A.W. Roef (until 22 April 2004)
Anthony Ruys (until 22 April 2004)
Dirk P.M. Verbeek

Management Board
Mark R. Glazener, chairman/fund manager
Marnix C. Vriezen (until 1 October 2004)
Volker Wytzes

International Advisory Board
Martin S. Feldstein
Toyoo Gyohten
Paul J. Keating
Karl O. Pöhl
H. Onno C.R. Ruding

Secretary of the Company
David H. Cross
Management Board of Robeco Groep N.V.
(the holding company of  the Robeco Group)
George A. Möller (as of 1 July 2004)
Géry A.M.J. Daeninck, chairman (until 1 July 2004)
Stefan T. Bichsel
Leni M.T. Boeren (as of 1 January 2005)
Sander van Eijkern (as of 29 November 2004)
Hans H. van der Koogh (until 8 February 2005)
Constant T.L. Korthout (as of 27 December 2004)
Niek F. Molenaar (as of 27 December 2004)


GENERAL MEETING OF SHAREHOLDERS
The General Meeting of Shareholders will be held on 21 April 2005 at
10:00 hours at the Hilton Hotel, 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 14 April 2005.
Holders of K shares should lodge their share certificates not later
than 14 April 2005 with one of the banks mentioned in the convening
notice of 30 March 2005.
Holders of subshares or an account with Robeco Group Accounts System
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 14 April 2005.
This report is also published in Dutch, French, German, Italian and
Spanish. Only the original Dutch edition is binding and will be
submitted to the General Meeting of Shareholders.


PROSPECTUS
The prospectus is available at the offices of the company and via
www.robeco.com.
REPORT OF THE SUPERVISORY BOARD

We herewith present the Robeco N.V. accounts for the financial year
2004 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. The management of Robeco N.V. is carried out by Robeco
Nederland B.V., which employs the personnel who work for Robeco N.V.,
including its management board. Robeco Nederland B.V. is a
wholly-owned subsidiary of Robeco Groep N.V. Discussion of the
management of Robeco N.V. can therefore 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 the members of the two boards, in
practice this presents no difficulties.
The purpose of an investment institution such as Robeco 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 therefore, the supervisory board devotes
extensive attention to the investment policy, the realized results
and the development of the assets invested, on the basis of frequent
and detailed reports. In connection with the above regarding the
structure of the Robeco Group, matters which are also relevant to
Robeco N.V., such as the risks associated with the investment policy
and the application of instruments to manage these risks, 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 are discussed at the
meetings of the supervisory board of Robeco Groep N.V. An audit and
remuneration committee has been appointed by this board, and
intensive discussions were held with the internal audit department
and the external auditor concerning matters affecting the whole
Robeco Group. Two members of this committee are also supervisory
directors of Robeco N.V. Besides the subjects mentioned, no special
issues were discussed at the meetings of the supervisory board during
the reporting year.
The Committee for Modernising Collective Investments Schemes (known
as the 'Winter Committee') published its report on 22 December 2004.
The consequences of the recommendations in this report for the Robeco
group will be evaluated in the course of 2005. In anticipation of
their recording in regulations, several of these recommendations were
already taken into account in this annual report.
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.
Messrs. P.A.W. Roef and A. Ruys stepped down as members of the
supervisory board at the General Meeting of Shareholders held on 22
April 2004. At the same meeting Messrs. G. Izeboud and C.E.M. Beckers
were appointed as supervisory directors of the company with immediate
effect. Mr. Beckers resigned of his own accord on 1 July 2004 because
of a possible conflict of interests relating to a new position he had
accepted.
It will be proposed at the General Meeting that Mr. Ph. Lambert be
appointed as a supervisory director of the company with immediate
effect to fill the vacancy arising from Mr. Beckers's resignation.
Mr. Lambert works at Unilever as head of corporate pensions and in
that capacity is responsible for the pensions and investments of
Unilever's global pension funds.

Mr. J. Kremers will retire as a supervisory director at the General
Meeting of Shareholders on 21 April 2005, as he has reached the
statutory retirement age. Mr. Kremers has been a member of the
supervisory board since 1997. The board is extremely grateful for his
important contribution to the exercise of its advisory and
supervisory duties throughout this period.
According to schedule, Mr. P. van den Hoek will resign at the General
Meeting of Shareholders to be held on 21 April 2005. Mr. van den Hoek
is available for re-election. It is proposed that he be reappointed
as a supervisory director of the company with immediate effect.
Mr. M.C. Vriezen resigned of his own accord as member of the
management board of the company as of 1 October 2004.

Rotterdam, 11March 2005

The supervisory board
Supervisory Board
Paulus C. van den Hoek, chairman (66)
Dutch nationality. Appointed in 1990 and last reappointed in 2000.
Lawyer and partner at Stibbe, lawyers and notaries, in Amsterdam
since 1965. Former Dean of the Dutch National Bar (1981/84).
Supervisory director of ASM International, Ballast Nedam, Buhrmann,
Euronext, Robeco Groep, Rolinco and Rorento.

Gilles Izeboud (62)
Dutch nationality. Appointed in 2004.
Former partner at PricewaterhouseCoopers. Former member of the
Corporate Governance Committee in the Netherlands. Deputy justice of
the Enterprise Section of the Amsterdam Court of Appeal. Supervisory
director of Robeco Groep, Rolinco and Rorento.

Johan Kremers (71)
Dutch nationality. Appointed in 1997 and reappointed in 2001.
Former Queen's Commissioner in the Dutch province of Limburg
(1977/90), vice-chairman of the Management Board of Robeco Groep and
vice-chairman of Rodamco (1990/97). Supervisory director of Robeco
Groep, Rolinco and Rorento.

Dirk P.M. Verbeek (54)
Dutch nationality. Appointed in 2001 and reappointed in 2003.
Member of the executive board of Aon Group of Chicago, and
chairman/CEO of the executive board of Aon Holdings in Rotterdam.
Supervisory director of Petroplus International, Robeco Groep,
Rolinco and Rorento.

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

GENERAL INTRODUCTION

Recovery of the global economy continues in 2004
The global economy again showed considerable growth in 2004 as the
recovery that began in the previous year continued. Companies saw
their earnings rise as a result of ongoing cost-cutting and
increasing turnover. Consumers continued to spend, encouraged partly
by rising house prices and slightly improved employment prospects.
However worries about the sustainability of economic growth also
remained. Rising commodity prices formed a threat and extra demand
from emerging economies, such as China, pushed prices higher. These
price movements were exacerbated by speculators. Political
uncertainty in various oil-producing countries was also a
contributory factor. Another source of concern was the depreciation
of the US dollar and the resulting deterioration in the US trade
balance and the US government's budget deficit.
Despite the higher commodity prices, inflation remained moderate.
This can partly be attributed to structural factors such as the
intensified international competition and the improved productivity
in many sectors. Another contributory factor was the fact that the
capacity surplus accumulated at the end of the 1990s had not been
completely eliminated. It was therefore not easy for companies to
pass on price increases to consumers. Finally there was a lack of
wage-cost inflation. For the time being, the labor reserve in most
countries is still large enough to curb wage demands.
Differences between the regions still existed in 2004. The US economy
performed relatively well. Consumer spending was high. US household
savings have fallen on balance, which was partly caused by the rising
house prices. The euro zone's performance was once again
disappointing. The main reason was that a pick-up in domestic demand
failed to materialize due to consumers' concerns about the
consequences of structural reforms and labor-market conditions. The
emerging economies in Asia are becoming increasingly important.
Partly because of its geographical location, Japan is also benefiting
from this and it seems that the period of deflation there has now
come to an end. However, this has not led the Japanese monetary
authorities to increase official short-term interest rates. The
European central bank also left its official rates unchanged, whereas
the US central bank started reversing the interest-rate cuts of
previous years.

2004 was a moderately positive year
In the reporting period, equity prices showed an ongoing recovery
from the lows of November 2002 in the US and March 2003 in Europe.
The yields in 2004 were again determined by the home base of the
global investor. A US investor with a global portfolio also benefited
from the appreciation of the euro and the Japanese yen, whereas
European investors saw their interests in US dollars fall. The Dow
Jones Index (US) rose by almost 3.1%, the Dow Jones STOXX 50 Index by
4.3%, the FTSE 100 Index (United Kingdom) by 7.5% and the Nikkei
Stock Average 225 Index (Japan) also by 7.5%.
Although equity prices rose there were many concerns about too rapid
growth with the accompanying increase in interest rates, slowdown in
China, the deficit on both the current account and the budget in the
US, the elections, rising raw materials prices and terrorist attacks.
In this respect the old stock-market adage 'the market needs a wall
of worry to climb' proved to be true again again.  Corporate-earnings
development was favorable 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 at the same time. Initially,
earnings were used to redeem debts, but more and more often they were
used to repurchase own shares or to pay (bonus) dividends. In the
last quarter this money was also used for takeovers.

Outlook
The expectations for 2005 are not high. The driving force of global
growth, American consumers, could be slower. Interest rates will not
fall further and employment is growing moderately. After a number of
years of economic recovery and exuberant earnings, earnings growth
will weaken. Consequently, expectations are not high, meaning that
results could be more favorable than expected. We therefore expect a
positive year for the markets, in which the sectors which lagged in
previous years (such as health care and consumer staples) will take
the lead in this year of slowing growth.


INVESTMENT RESULT


Investment results
(in %)                                                        Average
                                                          over last 5
                       2004   2003    2002    2001   2000       years

Based on:
- - market price          5.0    1.4   -34.8   -17.5   -3.4       -11.2
- - net asset             5.1    5.4   -34.1   -17.7   -5.7       -10.7
value
MSCI World              6.9   11.3   -31.7   -12.0   -7.0        -7.8
Index1
Dividend in            0.40   0.36    0.44    0.40   0.22        0.36
euros2
Total net               6.2    6.5     6.1     8.8   10.1           -
assets3

1 Currencies have been converted at rates supplied by World Market
Reuters. Figures prior to 2001 are based on the 'fixing rate' of the
Dutch central bank.
2 Proposed for 2004.
3 EUR x billion.


During 2004, the share price of Robeco rose from EUR 20.92 to EUR
21.62. Assuming reinvestment of the dividend of EUR 0.36 per share
distributed in May 2004, this was an investment result of 5.0%. Based
on net asset value, which rose from EUR 21.01 to EUR 21.74, the
investment result was 5.1%.
The fund's benchmark, the MSCI World Index, rose 6.9% over the same
period.
The slight lag against the benchmark is attributable to stock
selection within the various sectors. The other major investment
decisions contributed slightly positively to relative performance.
The currency policy performed well throughout the year. In the first
six months of 2004 an above-average position was taken in the US
dollar against the euro on several occasions, which turned out
favorably. When the US dollar fell against the euro in the second
half of 2004, part of the fund's position was hedged. The overweight
in the energy sector and the underweight in the
information-technology sector were good decisions and contributed
positively to the result. The same applied to the increased interest
in the telecom sector in the second half of 2004. These positive
contributions were only slightly offset by an overweight position in
the lagging health-care sector. Japan, in which the fund held an
above-average position, was one of the world's best-performing
markets.
Stock selection had a negative contribution, particularly in the
consumer-discretionary and information-technology sectors. Compass is
an example of a poorly-performing stock in the first sector. Earnings
development of this catering company once again lagged expectations
as a result of which the company's stock price took a plunge in the
second half of the year under review. Within the
information-technology sector the fund took a premature position in
Nortel, anticipating the stock's decline. The risks of the survey
into the company's accounts were underestimated. Stock selection in
the health-care sector was positive. The overweight position in
service companies (such as the health insurers WellPoint and Aetna)
and medical-equipment makers (such as Varian Medical) led to a good
selection within this sector.

INVESTMENT POLICY
General
Robeco's investment policy focuses on global selection of stocks
within business sectors, and determining the relative weights of
those sectors. Regional allocation is mainly determined by this
selection. The weight in North America decreased in the past six
months, due to the depreciation of the US dollar against the euro, as
well as sales of US stocks. The proceeds were reinvested in Europe.
The difference in valuation of similar companies within sectors has
become substantial in some cases, in favor of Europe. Examples
include Exxon Mobil versus Royal Dutch, Dow Chemical versus BASF and
US Bancorp versus Banco Santander. Now that economic growth is
expected to slow down in the US and to remain at least equal in
Europe there will be less reason for the large difference in
valuation between the two regions. The weight of Japan was reduced to
neutral in the second half of the year. The question is whether the
country's domestic economy is powerful enough to cushion lower growth
of exports when the global economy weakens.
Turnover in the portfolio decreased significantly. The sales volume
amounted to 56% of the portfolio during the reporting year.

Energy
The overweight in this sector was reduced to an underweight position
in the second half of the year, when oil prices had reached a level
of USD 50 per barrel. This seemed excessive given the existing
supply/demand ratios. Weight was reduced by liquidating or reducing
the position in the most oil-sensitive stocks. These are mainly the
pure oil exploration and extraction companies (such as Suncor and
Occidental Petroleum) and oil services and drilling companies (Smith
International and Noble Drilling), but the interest in Exxon Mobil
was reduced as well. The fund prefers refinery (Valero Energy),
integrated companies with good valuations (Royal Dutch, PetroCanada
and ENI) and certain oil services companies (Schlumberger and
Weatherford).

Materials
Weight in materials was also reduced. The interests in the more
expensive diversified mining companies such as Anglo American and Rio
Tinto were either sold or reduced. They were replaced by Holcim
(cement) and an upgrade of the interests in International Paper and
Shin-Etsu Chemical. We expect prices of metals (such as nickel, steel
and aluminum) will maintain a high level of volatility. Demand from
China will continue, but capacity is also gradually expanded. Within
the sector the fund prefers building materials (CRH and Holcim).

Industrials
We lowered the weight in industrials in the second half of the year.
Several new names were included in the portfolio (Cooper Industries,
Boeing) at the expense of very expensive conglomerates such as United
Technologies and 3M. The fund had a relatively high weight in
Japanese companies in the capital-goods segment. These companies
usually have a large global market share and favorable valuation
(Asahi Glass, JGC, Daikin, Mitsubishi Corp and Fanuc).


Consumer discretionary
US consumers take out high loans, while saving little. The cost of
debt rose this year as interest rates increased, while tax benefits
expired. Consumer spending was therefore expected to decline. The
fund was therefore underweight in consumer discretionary,
particularly in the auto and retail segments. Within the auto segment
Denway Motors - overcapacity in the Chinese market is getting
problematic - was traded too late for Peugeot. Pleasure boat maker
Brunswick and restaurant chain Brinker were added to the portfolio.
Motivation for adding these stocks was that the reelected President
George W. Bush will make the rich richer in the US.

Consumer staples
The consumer staples sector was increased to overweight. The sector
is not very popular and there are many problems. The purchasing power
of Wal-Mart and other retail companies is putting pressure on the
prices of Unilever's brand products. Makers of brand products
(Colgate) have to advertise more to sell their products. The 'stop
smoking' trend is putting pressure on growth of tobacco companies
(Altadis and Imperial Tobacco). The fund invested in this sector
because of stable earnings growth, which is expected to be scarce in
2005, and high free cash flow (the cash remaining after capital
expenditure).

Health care
The weight in this sector was kept at overweight  which did not turn
out well. 2004 was a bad year for drug makers. Discussions about
keeping health care affordable and the possible pressure on prices
pushed valuations lower. Merck having to take its painkiller Vioxx
offf the market because of health risks was the final blow for the
sector. As a result of this the US regulator FDA (Food and Drug
Administration) will be even more critical on side effects and risks
of new drugs. We are adopting a wait-and-see stance until large
pharmaceuticals react to the pressure on prices by reducing the size
of their sales organizations. Until that time the fund maintains its
preference for the services (Aetna, Wellpoint, Medco Health
Solutions, Caremark), suppliers (Baxter, Smith&Nephew) and
biotechnology (Gilead) subsectors.




Top 10 stocks
                       Country   Interest in %       Performance in %
                                    31/12/2004       01/01-31/12/2004
                                                  In euros   In local
                                                             currency

 1. Citigroup          US                   2.0       -4.7        2.7
 2. General Electric   US                   1.5       12.0       20.7
 3. Shell Transport
    & Trading          UK                   1.4       11.3       11.8
 4. Total              France               1.3       16.5       16.5
 5. Pfizer             US                   1.2      -27.9      -22.3
 6. Bank of America    US                   1.2       12.8       21.5
 7. Microsoft          US                   1.2        1.1        8.9
 8. UBS                Switzerland          1.1       16.8       15.7
 9. Novartis           Switzerland          1.1        4.8        3.9
10. Banco Santander    Spain                1.0        0.3        0.3



Financials
The weight in this sector has been reduced. This sector has realized
enormous earnings growth in recent years, benefiting from falling
interest rates, rising house prices and home ownership (and thus the
increase in the number, level and refinancing of mortgages), better
risk-management systems, a mild recession (with a relatively low
number of bad loans) and cost saving (mainly on administrative
staff). The question is whether this will go on like this. Interest
rates have reached a low for the time being. House prices have
reached their peak in many developed countries. In the US consumers
are spending so much that the savings rate is practically zero.
However, earnings will only decrease if bad loans increase and this
will only happen if there is a recession. We are  not expecting this
for the next year and therefore we maintain a neutral position in the
sector with an underweight in banks.

Information technology
The fund was underweight in this sector throughout the year, as
stocks in this sector have currently lost some of their growth
characteristics. Current growth is the result of the replacement of
existing systems rather than the implementation of new applications.
The sector still has a high valuation. Portfolio emphasis is on
software (SAP, Accenture, Veritas and Adobe).

Telecommunication services
During the reporting period the position in telecommunication
services was expanded to overweight. Telephone rates (fixed or
mobile) are still under pressure. It is expected, however, that
competition will remain limited in those parts of Europe where the
fixed-telephone networks have little competition from cable
companies. This is the case in countries such as Germany (Deutsche
Telekom) and Italy (Telecom Italia). The fund's positions in these
companies were therefore increased at the expense of the interests in
Vodafone (where growth depends on 3G services, which have not yet
proved their success) and KDDI (fierce competition in mobile services
in Japan). The penetration level of cell phones is relatively low in
the US. This is why the fund holds positions in Sprint and Telus.

Utilities
Utilities was the best-performing sector in 2004. The fund's
underweight here thus did not yield the desired result. Particularly
now that the sector's valuation has risen again, we are maintaining
our underweight.

The fund Robeco
The fund Robeco strives to be a reliable partner for investing in
global equities in mature markets. This goal must be reflected by a
stable outperformance against the MSCI World Index. In the past, the
fund preferred growth shares. This preference has been abandoned.
Within the global equities segments Robeco Group clients can choose
between the following funds: Rolinco (growth stocks), Robeco Global
Value (value stocks) and Robeco. Rather than making a choice between
value and growth stocks, the Robeco fund unites both worlds in one
investment fund.
Voting policy for stocks in the investment portfolio
In 2004 Robeco N.V. voted at the majority of the general meetings of
shareholders of the companies in which it invests. For more
information about the fund's voting policy and exercising voting
rights, see www.robeco.com.

Rotterdam, 11 March 2005

The management board
FINANCIAL STATEMENTS
BALANCE SHEET before profit appropriation , EUR x million

                                                31/12/2004 31/12/2003
Investments
Financial investments
Stocks 1                                             6,293      6,306
Derivatives 2, 9                                       -10        -13
                                                 _________  _________
Total investments                                    6,283      6,293

Accounts receivable
Dividends and interest receivable 3                      1          2
Receivable on securities transactions                    -          9
Affiliated companies                                     1          -
Sundry debtors 4                                        10         13
                                                 _________  _________
                                                        12         24
Other assets
Cash 5                                                   2        166

Accounts payable
Payable to credit institutions                         114         10
Payable on securities transactions                       1          2
Affiliated companies                                     6          3
Sundry creditors 6                                       5          2
                                                 _________  _________
                                                       126         17

Accounts receivable and other assets less        _________  _________
accounts payable                                      -112        173
                                                 _________  _________
Shareholders' equity 7                               6,171      6,466

Composition of shareholders' equity 7
Issued capital                                         284        308
Share premium reserve                                    -        463
Other reserves                                       5,563      5,354
Net result                                             324        341
                                                 _________  _________
                                                     6,171      6,466


PROFIT AND LOSS ACCOUNT EUR x million

                             2004      2003

Investment income             110       114
Movements in value 1, 2       274       279
                        _________ _________
                              384       393
Costs
Management costs 12            57        51
Service fee 12                  2         -
Other costs 13                  1         1
                        _________ _________
                               60        52
                        _________ _________
Net result                    324       341




CASH-FLOW SUMMARY
indirect method, EUR x million



                                                       2004      2003
Cash flow from investment activities
Net result                                              324       341
Realized and unrealized movements in                   -274      -279
value
Purchase of investments                              -2,769    -4,366

Sale of investments                                   3,060     4,502

Increase (-)/decrease (+) accounts                       12        29
receivable
Increase (+)/decrease (-) accounts                        6       -47
payable
                                                  _________ _________
                                                        359       180
Cash flow from financing activities
Received for shares subscribed                          853       585
Paid for repurchase of own shares                    -1,364      -475
Dividend payment                                       -108      -134
Increase (-)/decrease (+) accounts                        -         6
receivable
Increase (+)/decrease (-) accounts                       -1         1
payable
                                                  _________ _________
                                                       -620       -17
                                                  _________ _________
Net cash flow                                          -261       163
Currency and cash revaluation                            -7        -2
                                                  _________ _________
Increase (+)/decrease (-) cash                         -268       161

Accounts payable to credit institutions                 -10        -9
at opening date
Cash at opening date                                    166         4
                                                  _________ _________
Total cash at opening date                              156        -5

Accounts payable to credit institutions                -114       -10
at closing date
Cash at closing date                                      2       166
                                                  _________ _________
Total cash at closing date                             -112       156




NOTES

General

Robeco 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. 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. Robeco N.V. holds a license
from the AFM (the Dutch Authority for the Financial Markets) under
the Dutch Investment Institutions Supervision Act ('Wtb', Wet
toezicht beleggingsinstellingen). Since 26 April 2002, Robeco N.V. is
subject to the EC directive containing rules for Undertakings for
Collective Investment in Transferable Securities (UCITS). Under the
terms of the Dutch Investment Institutions Supervision Act, Robeco
N.V. was granted a license as of the same date by the AFM, permitting
trade of its shares in other EC member states.

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. Furthermore, the market value of
derivatives, which was formerly reported under Sundry debtors or
Sundry creditors is now reported under Financial investments. In the
Profit and loss account under Other costs a number of costs are
reported including costs that were previously charged directly to net
assets. The change has no effect on the assets as at 31 December 2003
and 31 December 2004. The effect on the result over 2003 amounts to
EUR 279 million, and over 2004 EUR 274 million. Comparative figures
in this report have been adjusted accordingly where necessary.

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
Robeco N.V. is an open-end investment company, meaning that, barring
exceptional circumstances, Robeco 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 Robeco N.V. and investors for the issuance and
repurchase of shares, as a result of which Robeco 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.

Outsourcing core tasks
The administration has been 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.

accounting principles

General
Unless stated otherwise, items shown in the financial statements are
included at nominal value and expressed in millions 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 and other market quotations at closing date. For derivatives
such as forward-exchange transactions, this  value is based on the
currency rates and reference rates and for futures the value is
determined on the basis of the market price and other market
quotations at closing date. Transaction costs incurred in the
purchase and sale of investments are included in the purchase or sale
price as appropriate.

Affiliated parties
Robeco 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, Robeco 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.

Hard commissions and soft-dollar 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 soft-dollar arrangements). The size of these items is not
significant. There were no hard commissions during the reporting
period.

determination of the result

General
Investment results are determined by income received, rises or
declines in stock prices, rises or declines in foreign exchange rates
and results of (forward) transactions in currencies 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 paid 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

Risk
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 risks
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 well-known 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 (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.

Derivative instruments
The market value of derivatives is reported in the Balance sheet
under Financial investments. Liabilities and receivables and the
values of derivatives' underlying instruments are not included in the
Balance sheet. They are, however, 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 million        |                 2004 |                2003 |
|----------------------+----------------------+---------------------|
|                      |                      |                     |
|----------------------+----------------------+---------------------|
| Book value (market   |                6,306 |               6,121 |
| value) at opening    |                      |                     |
| date                 |                      |                     |
|----------------------+----------------------+---------------------|
| Purchases            |                2,769 |               4,366 |
|----------------------+----------------------+---------------------|
| Sales                |               -3,062 |              -4,341 |
|----------------------+----------------------+---------------------|
| Realized and         |                      |                     |
| unrealized results:  |                      |                     |
|----------------------+----------------------+---------------------|
| Stocks               |                  485 |                 861 |
|----------------------+----------------------+---------------------|
| currencies           |                 -205 |                -701 |
|                      |                      |                     |
|----------------------+----------------------+---------------------|
|                      | _______              | _______             |
|----------------------+----------------------+---------------------|
| Book value (market   |                6,293 |               6,306 |
| value) at closing    |                      |                     |
| date                 |                      |                     |
+-------------------------------------------------------------------+


The spread of the portfolio and an analysis of purchases and sales
exceeding an amount of EUR 20 million is found at the end of this
report. At balance sheet date, shares to the amount of EUR 1.5
billion (EUR 1.4 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.
Part of this collateral as at the end of 2004 consisted of cash (EUR
68 million, compared to EUR 63 million at end 2003). This cash sum
was invested according to strict guidelines, with the intent of
generating additional returns while the extra risk is kept to a
negligible level.

2 Derivatives

Survey of
movements in
derivatives
EUR x million    Forward exchange           Futures             Total
                     transactions
                _________________ _________________ _________________
                     2004    2003     2004     2003     2004     2003
Book value            -22      31        9       -5      -13       26
(market value)
at opening date
Expirations            23    -168      -21        7        2     -161
Realized and          -15     115       16        7        1      122
unrealized
results
                   ______  ______   ______   ______   ______   ______
Book value            -14     -22        4        9      -10      -13
(market value)
at closing date


3 Dividends and interest receivable
Concerns dividends declared but not yet received.
4 Sundry debtors
Receivable in respect of dividend tax recoverable and suspense items.
5 Cash
Includes balances in current accounts and time deposits.
6 Sundry creditors
Current liabilities such as unpaid expenses and suspense items.
7 Shareholders' equity

Composition and development of shareholders' equity
EUR x million
                                                     2004     2003
Issued capital
Situation at opening date                             308      302
Received on shares issued                              39       29
Paid for shares repurchased                           -63      -23
                                                  _______  _______
Situation at closing date                             284      308
Share premium reserve
Situation at opening date                             463      359
Received on shares issued                             797      556
Paid for shares repurchased                        -1,260     -452
                                                  _______  _______
Situation at closing date                               0      463
Other reserves
Situation at opening date                           5,354      137
Addition to reserve for capital gains and losses        -    8,464
                                                  _______  _______
Starting situation after system change              5,354    8,601
Received on shares issued                              17        -
Paid for shares repurchased                           -41        -
Net result from previous financial year               341   -3,113
Dividend payments                                    -108     -134
                                                  _______  _______
Situation at closing date                           5,563    5,354

Net result                                            324      341
                                                  _______  _______
Shareholders' equity                                6,171    6,466


The company's authorized share capital amounts to EUR 800 million,
divided into 800,000,000 ordinary shares with a nominal value of EUR
1 each.


+----------------------------------------------------------------+
| Survey of movements in net assets |                |           |
|-----------------------------------+----------------+-----------|
| EUR x million                     |           2004 |      2003 |
|-----------------------------------+----------------+-----------|
|                                   |                |           |
|-----------------------------------+----------------+-----------|
| Assets at opening date            |          6,466 |     6,149 |
|-----------------------------------+----------------+-----------|
|                                   |                |           |
|-----------------------------------+----------------+-----------|
| Company shares issued             |            853 |       585 |
|-----------------------------------+----------------+-----------|
| Company shares repurchased        |         -1,364 |      -475 |
|-----------------------------------+----------------+-----------|
|                                   | _________5,955 | _________ |
|-----------------------------------+----------------+-----------|
|                                   |          5,955 |     6,259 |
|-----------------------------------+----------------+-----------|
|                                   |                |           |
|-----------------------------------+----------------+-----------|
| Investment income                 |            110 |       114 |
|-----------------------------------+----------------+-----------|
| Custody costs                     |             -1 |        -1 |
|-----------------------------------+----------------+-----------|
| Management costs                  |            -57 |       -51 |
|-----------------------------------+----------------+-----------|
| Service fee                       |             -2 |         - |
|-----------------------------------+----------------+-----------|
| Other costs                       |              - |         - |
|-----------------------------------+----------------+-----------|
|                                   |       ________ | _________ |
|-----------------------------------+----------------+-----------|
|                                   |             50 |        62 |
|                                   |                |           |
|-----------------------------------+----------------+-----------|
| Movements in value                |            274 |       279 |
|-----------------------------------+----------------+-----------|
|                                   |   _________324 | _________ |
|-----------------------------------+----------------+-----------|
| Net result                        |            324 |       341 |
|-----------------------------------+----------------+-----------|
| Dividend payments                 |           -108 |      -134 |
|-----------------------------------+----------------+-----------|
|                                   |      _________ | _________ |
|-----------------------------------+----------------+-----------|
| Assets at closing date            |          6,171 |     6,466 |
+----------------------------------------------------------------+


8 Assets, shares outstanding and per share value

Assets, shares outstanding and per share value

                                   31/12/2004  31/12/2003  31/12/2002

Assets (EUR x million)                  6,171       6,466       6,149

Shares issued in financial year    39,255,017  29,487,509  37,094,721
Shares repurchased in financial   -63,097,588 -23,327,553 -15,499,923
year
Number of shares outstanding      283,878,768 307,721,339 301,561,383

Net asset value per share in EUR        21.74       21.01       20.39



9 Commitments not shown in the balance sheet
The forward exchange transactions current at closing date represent
purchases of AUD 29 million, CAD 80 million, JPY 3,312 million and
GBP 54 million and USD 223 million, against sales of EUR 289 million
and CHF 85 million. The futures contracts purchased at balance sheet
date represent an additional investment of JPY 8,298 million. Forward
exchange transactions and 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

10 Performance

+-------------------------------------------------------------------+
| Performance   |         |           |         |         |         |
| per share*    |         |           |         |         |         |
|---------------+---------+-----------+---------+---------+---------|
| EUR x 1       |    2004 |      2003 |    2002 |    2001 |    2000 |
|---------------+---------+-----------+---------+---------+---------|
|               |         |           |         |         |         |
|---------------+---------+-----------+---------+---------+---------|
| Investment    |    0.37 |      0.37 |    0.45 |    0.51 |    0.46 |
| income        |         |           |         |         |         |
|---------------+---------+-----------+---------+---------+---------|
| Movement in   |    0.92 |      0.91 |  -10.93 |   -7.16 |   -2.95 |
| value         |         |           |         |         |         |
|---------------+---------+-----------+---------+---------+---------|
| Management    |   -0.20 |     -0.17 |   -0.22 |   -0.20 |   -0.21 |
| and other     |         |           |         |         |         |
| costs         |         |           |         |         |         |
|---------------+---------+-----------+---------+---------+---------|
|               | _______ |   _______ | _______ | _______ | _______ |
|---------------+---------+-----------+---------+---------+---------|
| Net result    |    1.09 |           |  -10.70 |   -6.85 |   -2.70 |
|               |         |   1.11    |         |         |         |
|-------------------------------------------------------------------|
| * Based on the average amount of shares outstanding during the    |
| reporting year. The average amount of shares outstanding is       |
| calculated on a daily basis for the years 2004 and 2003 and on a  |
| monthly basis for the preceding years.                            |
+-------------------------------------------------------------------+



 COSTS

11 Total expense ratio

TOTAL EXPENSE RATIO
                     2004    2003
Cost item:           in %    in %

Management costs     0.88    0.84
Service fee          0.02       -
Other costs          0.02    0.02
                  _______ _______
Total                0.92    0.86


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. The total expense ratio as
shown does not include transaction costs. The total expense ratio was
0.92% during the reporting period. With the exception of costs
relating to investments and taxes, the management costs relate to all
the fund's costs and all costs resulting from the management of the
fund. 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 mainly relate to the custody fee charged by third parties
for the custody of the fund's securities portfolio and bank charges.

12 Management costs and service fee
It is the Robeco Group's policy to present the costs of its funds as
transparently as possible, furthermore Robeco aims at a cost level
more or less equal to the average of the European market, combined
with high-level service and advice. With effect from 1 October 2004,
the management fee on the average assets entrusted has been raised
from 0.84% to 1.00% a year, to bring it more in line with the market.
Furthermore, a service fee has been introduced, as of the same date,
to cover formal and operational costs such as the production of
annual reports and the fund's administration. It is market practice
to charge these costs to the fund. The Robeco Group has chosen to
charge a fixed annual fee to cover these expenses to make the actual
costs transparent to its clients. The service fee for Robeco N.V.
will be 0.12% per year. For assets exceeding EUR 1 billion the
service fee is 0.10%; for assets exceeding EUR 5 billion the service
fee is 0.08%. The fees are calculated on a daily basis, based on the
average assets entrusted. Before 1 October 2004 the average assets
entrusted was calculated on an annual basis, based on 13
observations.

13 Other costs
This includes custody costs and bank charges.

14 Performance fee
Robeco N.V. does not charge a performance fee.



15 Transaction costs
Brokerage costs and exchange fees relating to investment transactions
are discounted in the cost price or the sales value of the
investments. These costs and fees are charged to the result.

16 Turnover ratio
This is the turnover ratio of the investments against the average
assets entrusted and this is a measure of the incurred transaction
costs resulting from the portfolio policy pursued and the ensuing
investment transactions. In the calculation method that is used the
amount of 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. For 2004 the turnover
ratio is 56% (versus 128% in the previous year). At the beginning of
2004 it was our intention to expand Robeco N.V.'s investment horizon
with the objective of reducing turnover. The actual turnover now fits
in well with the fund's investment horizon of 3 to 5 years.

17 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 %        2004 2003

Stocks                                1.0  6.3
   Forward exchange transactions      3.5  4.5
Deposits                             65.3 90.1
Call money                              - 18.8




18 Securities lending
Robeco Securities Lending B.V. is the intermediary for all Robeco
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.

19 Personnel costs
Robeco N.V. does not employ personnel. Robeco Nederland B.V. is the
employer of Robeco N.V.'s management board and personnel in the
Netherlands. Their remuneration is paid from the management fees
received.
Robeco Nederland B.V.'s remuneration policy for fund managers
consists of both a fixed and a 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 (performance)
results and competencies.
The variable income offers the fund manager remuneration for his
individual, long-term outperformance. The system 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 sinlge
year is paid out over a 3-year period (60% in the first year, 30% in
the second and 10% in the last year).

20 Supervisory directors' fee
An amount of EUR 36,905 (previous year EUR 39,930) has been allocated
from the profit appropriation for this purpose.

Rotterdam, 11 March 2005

The supervisory board
P.C. van den Hoek, chairman
G. Izeboud
J. Kremers
D.P.M. Verbeek

The management Board
M.R. Glazener
V. Wytzes

OTHER DATA

Stock-exchange listing
The ordinary shares of Robeco N.V. are listed on the Official Market
of Euronext Amsterdam Stock Market N.V. In addition, Robeco N.V. has
a stock-exchange quotation in Paris, Brussels, Luxembourg, London,
Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Vienna and Zurich.

Articles of Association rules regarding profit appropriation
According to article 39 of the Articles of Association, the profit
less allocations to the reserves deemed desirable by the management
board in agreement with the supervisory board shall 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 2004
financial year (previous year EUR 0.36). If this proposal is
accepted, the dividend will be available on Friday 6 May 2005. With
effect from Monday 25 April 2005, Robeco shares will be listed
ex-dividend coupon no. 103 on the stock exchange.
Shareholders will be offered the opportunity to reinvest the dividend
(less dividend tax) in Robeco shares at the company's expense. The
price used to calculate this is the opening price of the shares on
the stock market of Euronext Amsterdam N.V. on Friday 6 May 2005. 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.


Joint interests of directors

JOINT INTERESTS OF DIRECTORS IN ROBECO N.V.
INVESTMENTS
Description                               Joint interest in numbers *
                    Shares and convertible bonds  Options       Other
                                                      and   financial
                                                 warrants   interests
                                                                  and
                                                          controlling
                                                               rights
                 Managing  Supervisory     Joint
                directors    directors interests
Axa                     -        2.920     2.920        -           -
BHP Billiton            -        5.600     5.600        -           -
ING                     -        2.535     2.535        -           -
Royal Dutch           585            -       585        -           -
Reed                3,500        4,900     8.400        -           -
Elsevier
Vodafone                -       21.400    21.400        -           -

*Statement pursuant to article 21, paragraph 2, section a, of the
Dutch Investment Institutions Supervision Decree ('Btb', Besluit
toezicht beleggingsinstellingen). Pursuant to section a  and c of the
circular 'Publication of interests of directors' of 15 October 1993,
exemption has been granted in respect of:
a) the prescribed publication of interests in the management and
supervisory boards, which are held by way of a discretionary
agreement and
c) the prescribed publication of movements during the year in
securities, as defined in article 1 of the Dutch Investment
Institutions Supervision Act ('Wtb', Wet toezicht
beleggingsinstellingen) held by members of the management and
supervisory boards.




Joint interests of directors in Robeco N.V.
At 31 December 2004, supervisory and managing directors held a joint
interest of 3,955 and 10,581 Robeco N.V. shares respectively. At end
2004, no options had been granted to supervisory directors; managing
directors held options to acquire 15,339 Robeco N.V. shares. Under
the option scheme, Robeco Groep N.V. grants the right at its own
expense to purchase Robeco N.V. shares for 5 years, the value of the
shares being at least the opening price on the first trading day
following the day of granting.
Aon Risk Services International, of which Dirk P.M. Verbeek is a
director, acted as an intermediary in various insurance policies
concluded at Rabobank Group level, including a Banking, 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 other business relations between supervisory
directors and the company than that of member 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 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 the
(semblance of) insider trading and mixing of business and private
interests is avoided at all times. According to these Rules a fund
manager should be considered as an insider.
As of 31 December 2004 the fund manager had an interest of 973 Robeco
N.V. shares. Furthermore, as of that same date, he had the following
interest in Robeco N.V investments: 585 Royal Dutch shares and 3,500
Reed Elsevier shares.

Interests of major investors
Statement in conformity with article 21, paragraph 2, sections b and
c, of the Btb.
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.

Statement for the London Stock Exchange
The members of the supervisory board and the management board of
Robeco 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, 11 March 2005



Auditors' report

Introduction
We have audited the 2004 financial statements of Robeco N.V.,
Rotterdam. These annual financial statements are the responsibility
of the company's management.
Our responsibility is to express an opinion on these financial
statements based on our audit.

Scope
We conducted our audit in accordance with auditing standards
generally accepted in the Netherlands. Those standards require that
we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and the significant
estimates made by management, as well as evaluating the overall
financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.

Opinion
In our opinion, the financial statements give a true and fair view of
the financial position of the company as at 31 December 2004 and of
the result for the year then ended in accordance with accounting
principles generally accepted in the Netherlands and comply with the
financial reporting requirements included in Part 9 Book 2 of the
Netherlands Civil Code and in the Investment Institutions Supervision
Act.

Amsterdam, 11 March 2005

Ernst & Young Accountants

SPREAD OF NET ASSETS


                                                                  Across countries     Across currencies
                                           Stocks           Stocks + derivatives*)



             31/12/2004        31/12        31/12        31/12        31/12        31/12         31/12
                    EUR         2004         2003         2004         2003         2004          2003
              x million         in %         in %         in %         in %         in %          in %
By country
America (51.10%)

United            3,008        48.75        51.28        48.75        51.60        52.53         52.01
States
Canada              131         2.12         1.50         2.12         1.51         2.91          2.24
Brazil               14         0.23         0.21         0.23         0.21            -             -
Bermuda               -            -         0.29            -         0.29            -             -

Europe
(36.10%)
United              656        10.64        10.72        10.64        10.72        11.36          9.71
Kingdom
France              433         7.02         6.13         7.02         6.13            -             -
Switzerland         299         4.85         3.73         4.85         3.73         3.97          2.61
Italy               196         3.17         1.61         3.17         1.61            -             -
Netherlands         192         3.11         2.74         3.11         2.74            -             -
Germany             137         2.22         2.16         2.22         2.16            -             -
Spain               134         2.17         2.18         2.17         2.18            -             -
Sweden               89         1.45         1.31         1.45         1.31         1.45          1.49
Norway               29         0.47            -         0.47            -         0.47             -
Ireland              19         0.31         0.79         0.31         0.79            -             -
Denmark              16         0.26            -         0.26            -            -             -
Belgium              13         0.22            -         0.22            -            -             -
Finland              13         0.21         0.68         0.21         0.68            -             -
Luxembourg            -            -         0.26            -         0.26            -             -
Euro                  -            -            -            -            -        12.86         17.90

Asia
(12.50%)
Japan               563         9.12         7.27        10.09         9.60         9.53          8.74
Hong Kong            74         1.19         1.95         1.19         1.95         1.19          2.66
South Korea          61         0.99            -         0.99            -         0.28             -
Singapore            43         0.70         0.26         0.70         0.26         0.70          0.26
Israel               20         0.32            -         0.32            -            -             -
Taiwan               11         0.18            -         0.18            -         0.20             -
China                 -            -         0.71            -         0.71            -             -

Australia
(2.29%)
Australia           112         1.81         1.74         1.81         1.74         2.07          2.38
New Zealand          30         0.48            -         0.48            -         0.48             -

Other
assets and
liabilities        -122        -1.99         2.48        -2.96        -0.18            -             -
(-1.99%)

Total             6,171       100.00       100.00       100.00       100.00       100.00        100.00







By sector

Financials                                  24.3         23.4
Health care                                 12.7         13.4
Consumer discretionary                      11.1         11.1
Information technology                      11.0         12.7
Industrials                                 10.9         10.8
Consumer staples                             9.8          6.0
Energy                                       7.8          8.9
Telecommunication services                   6.9          4.6
Materials                                    5.1          4.9
Utilities                                    2.4          1.7

Other assets and liabilities                -2.0          2.5
                                          ______       ______
Total                                      100.0        100.0
*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.
At 31 December 2004 the portfolio contained derivatives, in this case
index futures, as was also the case at 31 December 2003.




 LIST OF SECURITIES
 at 31 December 2000
 Market value
                     NORTH AMERICA (51.10%)

                 USD United States (48.75%)
          39,231,000 Accenture CL/A
          25,096,000 Adobe Systems
          30,184,510 Aetna
          21,141,380 Alcon
          15,298,500 Amdocs
          56,398,371 Amgen
          42,200,665 Apache
          23,089,280 Avaya
          62,949,420 Avon Products
         103,378,000 Bank of America
          47,195,456 Baxter International
          45,122,623 BellSouth
          31,936,913 Boeing
          37,381,113 Brinker International
          22,027,500 Brunswick
          22,694,256 Bunge
          21,785,464 Capital One Financial
          26,938,103 Caremark RX
          29,439,421 Carnival
          47,472,435 Cendant
          21,270,060 Centex
          15,640,000 Circuit City Stores
          48,138,485 Cisco Systems
          45,820,000 CIT Group
         169,261,158 Citigroup
          24,658,080 Coach
          23,616,699 Coca-Cola
          34,374,404 Colgate-Palmolive
          34,361,588 Constellation Brands
          21,208,836 Cooper Industries /A
          51,298,451 Countrywide Financial
          56,817,901 CVS
          24,116,793 Danaher
          26,950,848 Dell Computers
          26,806,486 Eaton
          26,062,811 Edison International
          59,200,444 EMC
          20,277,000 Entergy
          55,494,707 Exelon
          81,354,746 Exxon Mobil
          77,611,779 Fannie Mae
          40,313,900 Freddie Mac
          22,802,521 Genentech
         124,518,874 General Electric
          41,064,264 Gilead Sciences
          58,093,094 Gillette
          48,987,130 Goldman Sachs
          50,470,000 Guidant
          41,940,000 Hewlett-Packard
          27,714,742 Ingersoll-Rand
          81,874,356 Intel
          43,826,992 IBM
          55,331,556 International Paper
          26,043,076 JP Morgan Chase & Co
          46,207,812 Johnson & Johnson
          21,851,148 Kohls
          16,240,828 Lamar Advertising
          22,916,000 Lexmark International
          61,645,482 Lilly (Eli)
          37,129,272 Lincoln National
          38,164,893 Lowe's Companies
          22,261,904 MBIA
          40,945,842 McGraw-Hill
          43,017,062 Medco Health Solutions
          47,941,033 Metlife
         102,251,836 Microsoft
          60,505,696 Morgan Stanley Dean Witter & Co
          16,101,380 Neurocrine Biociences
          41,397,984 News Corp-Class B
          48,380,617 Northrop Grumman
          43,180,272 Omnicom
          43,667,769 Oracle
          29,303,775 OSI Pharmaceuticals
          24,065,820 Penny (JC)
         104,443,610 Pfizer
          12,200,110 Procter & Gamble
          54,905,040 Prudential Financial
          19,512,480 Qualcomm
          18,164,460 Reynolds American
          22,649,801 Rockwell Automation
          55,635,450 Schlumberger
          40,176,471 Scientific-Atlanta
          58,357,740 Sprint-FON
          25,738,880 State Street
          28,493,256 Sysco
          33,694,760 Texas Instruments
          68,117,760 Time Warner
          71,384,717 Tyco International
          25,807,840 Tyson Foods
          10,730,727 United Technologies
          42,883,478 Valero Energy
          21,771,340 Varian Associates
          25,920,545 Veritas Software
          51,415,292 Verizon Communications
          25,770,878 Wal-Mart Stores
          19,494,000 Weatherford Int
          60,073,355 Wellpoint
          26,264,316 Wyeth

                 CAD Canada (2.12%)
          29,964,480 Alcan Aluminium (CAD)
          19,986,578 Canadian Natural Resource
          25,432,980 Nortel Networks
          42,812,638 Petro-Canada/Variable Vtg. Shs
          58,478,475 Sun Life Financial
          36,578,578 Telus

                 USD Brazil (0.23%)
          19,608,400 Ambev Pref ADR

                     EUROPE (36,10%)

                 GBP United Kingdom (10.64%)
          21,421,676 AstraZeneca (GBP)
          22,129,857 BP
          18,931,942 British Land Co
           9,225,828 BT Group
             196,939 BT Group/STK/29-12-04
          13,411,178 Centrica
          21,982,735 Compass
          13,466,269 GlaxoSmithKline
             147,530 GlaxoSmithKline/STK/03-11-04
          30,775,781 CRH
               3,172 HSBC Holdings/STK/24-11-04
          36,618,497 HBOS
          20,721,767 Imperial Tobacco
          22,946,268 Kingfisher
          23,647,575 Legal & General
           6,849,788 Misys
           6,858,491 New Dixons
          24,864,147 Reckitt Benckiser
          23,782,947 Rio Tinto
          12,917,443 Royal Bank of Scotland
          60,689,885 Shell Transport & Trading
          10,681,437 Smith & Nephew
          30,956,095 Tesco
          26,336,685 Unilever Plc.
             351,945 Vodafone  (GBP)/STK/24-11-04
          13,752,000 WPP

                 EUR France (7.02%)
          31,310,872 L'Air Liquide
          20,399,629 Alcatel
          17,809,387 Arcelor
          40,887,184 Axa
          42,640,000 BNP Paribas
          34,149,767 Danone
          42,846,804 France Telecom
          19,278,237 LVMH Moët Hennessy Louis Vuitton
          14,325,365 Peugeot
          15,382,981 Pinault Printemps Redoute
          29,563,612 Saint-Gobain
          28,160,000 Schneider Electric
          77,600,744 Total Fina Elf
          18,528,000 Unibail

                 CHF Switzerland (4.85%)
          32,145,894 Adecco Cheserex
          42,410,852 Holcim N
         100,720,311 Novartis
          78,534,817 Roche Holding
          77,923,520 Swiss Reinsurance
          25,643,519 Syngenta (Novartis)
         104,993,715 UBS

                 EUR Italy (3.17%)
          33,324,787 Enel
          32,557,350 Eni
          18,660,000 Mediaset
          31,397,200 San Paolo-IMI
          19,260,000 Snam Rete Gas
          39,539,360 Telecom Italia
          21,040,020 Unicredito Italiano

                 EUR Netherlands (3.11%)
          17,275,560 Koninklijke Ahold
          13,089,578 ASML Holding
          58,673,420 ING Groep
          20,302,209 Koninklijke Ned. Petroleum Mij
          30,545,151 Reed Elsevier
          17,078,824 TPG
          13,472,171 Unilever N.V.
          21,381,603 VNU

                 EUR Germany (2.22%)
          10,906,812 BASF
          34,303,427 Deutsche Telekom
          31,593,191 Metro
          22,917,766 RWE /A
          37,478,067 SAP/Stammaktien

                 EUR Spain (2.17%)
          21,864,560 Altadis
          20,880,000 Banco Bilbao Vizcaya Argentaria
          61,020,565 Banco Santander Central Hispano
          30,261,661 Telefónica

                 SEK Sweden (1.45%)
         244,683,330 Securitas /B
         151,795,251 Skandinaviska Enskilda Bank/A
         155,709,540 Teliasonera
         253,827,179 Volvo/B

                 NOK Norway (0.47%)
         240,701,560 Telenor

                 EUR Ireland (0.31%)
          19,120,237 Allied Irish Bank

                 DKK Denmark (0.26%)
         117,536,900 Novo-Nordisk

                 EUR Belgium (0.22%)
          13,341,881 Fortis (NL)

                 EUR Finland (0.21%)
          13,010,740 Nokia/A



                     ASIA (12,50%)

                 JPY Japan (9.12%)
       4,068,000,000 Asahi Glass
       2,086,189,000 Credit Saison
       2,997,012,000 Dai Nippon Printing
       4,102,560,000 Daikin Industries
       2,259,193,000 Daito Trust Construction
       4,391,180,000 Fanuc
       2,435,301,000 Fujisawa Pharmaceutical
       3,616,641,000 Honda Motor
       4,454,800,000 Ito Yokado
       1,635,065,000 JGC
       4,485,712,000 Mitsubishi
       1,911,000,000 Nec
       1,897,224,000 Nippon Yusen
       5,460,570,000 Nomura Holdings
       1,724,436,000 NTT DoCoMo
       3,499,488,000 Orix
       2,734,160,000 Resona Bank Holdings
       2,212,482,000 Sekisui House
       4,453,260,000 Shin-Etsu Chemical
       3,202,056,000 Sony
       2,197,650,000 T&D Holdings
       1,300,926,000 TDK
       7,013,940,000 Toyota Motor
       4,269,300,000 Yamanouchi Pharmaceutical

                 HKD Hong Kong (1.19%)
         138,885,000 Esprit Holdings
         313,177,000 Sun Hung Kai Properties
         325,000,000 Swire Pacific/A

                 USD South Korea (0.99%)
                     Samsung Electronics /
          35,332,005 GDR 1/2 vgt.s -144A
          24,037,606 SK Telecom/ADR repr. 1/9 shs
                 KRW
      24,439,050,000 Hana Bank

                 SGD Singapore (0.70%)
          40,250,000 DBS Group Holdings
          55,007,940 Singapore Telecom Shs Board Lot 1

                 USD Israel (0.32%)
          26,444,016 Teva Pharmaceutical Industries

                 TWD Taiwan (0.18%)
         489,717,084 Taiwan Semiconductor Manufacturing

                     AUSTRALIA (2,29%)

                 AUD Australia (1.81%)
          91,137,717 BHP Billiton
          23,130,316 Brambles Industries
          37,717,731 Macquarie Bank
          42,107,461 National Australia Bank NAB

                 NZD New Zealand (0.48%)
          55,872,725 Telecom Corporation of New Zealand

















 PURCHASES AND SALES
 of more than EUR 20 million during the financial year

           Shares PURCHASES
                  United States
          298,100  Goldman Sachs Group
          410,000  RJ Reynolds Tobacco Holdings
          524,000  State Street
          567,300  Coca-Cola
          579,700  Gilead Sciences
          600,300  Lilly (Eli)
          616,900  Boeing
          638,400  Costco Companies
          662,700  Lowe's Companies
          667,600  JP Morgan Chase & Co
          671,900  Colgate-Palmolive
          742,900  International Paper
          897,300  Gillette
          999,000  Prudential Financial
        1,000,000  CIT Group
        1,065,900  Brinker International
        1,402,600  Tyson Foods
        2,348,400  Sprint-FON

                  Canada
        6,113,697  Nortel networks
        1,456,500  Sun Life Financial
        1,009,900  Telus

                  United Kingdom
          658,080  AstraZeneca (GBP)
        2,112,940  British Land Co
        1,452,121  Imperial Tobacco
       21,165,076  Legal & General
        5,532,924  Shell Transport & Trading

                  France
          502,572  Danone

                  Switzerland
          565,693  Holcim N
          964,400  Swiss Reinsurance

                  Italy
        4,608,600  Enel
        2,962,000  San Paolo-IMI
       13,136,000  Telecom Italia

                  Netherlands
        3,045,379  Reed Elsevier

                  Germany
          564,477  RWE /A

                  Spain
        3,083,523  Banco Santander Central Hispano

                  Sweden
        2,146,345  Securitas /B

                  Norway
        4,376,392  Telenor

                  Japan
          681,100  Honda Motor
        1,036,000  Ito Yokado

                  South Korea
          162,446  Samsung Electronics /GDR 1/2 vgt.s -144A

                  Australia
        1,461,050  National Australia Bank NAB
                  New Zealand
        8,846,276  Telecom Corporation of New Zealand

           Shares SALES

                  United States
          351,186  3M
          636,938  Altria Group
        1,000,000  American Express
        1,320,342  American International Group
          600,000  Becton Dickinson
          562,445  Best Buy Company
        1,425,000  Cisco Systems
          638,400  Costco Wholesale
        1,091,400  Exxon Mobil
          552,359  FedEx
          368,365  Golden West Financial
          886,888  Marsh & McLennan
          564,444  Medtronic
          791,398  Merck
          662,271  Mercury Interactive
          584,968  Occidental Petroleum
          637,800  Smith International
          876,564  ST Paul Cos
        1,800,000  Staples
          598,700  United Technologies
        1,000,000  US Bancorp
        1,000,000  Viacom /B
          912,100  Wal-Mart Stores
          900,000  Washington Mutual
          750,000  Wells Fargo & Co
          773,900  Wyeth

                  Canada
          800,000  Suncor Energy

                  United Kingdom
        2,208,838  Anglo American
        4,835,232  Aviva
        2,484,395  Boots Group
        6,000,000  BP
        2,909,147  Diageo
        1,809,234  GlaxoSmithKline
       33,309,325  Vodafone  (GBP)

                  France
          576,234  Aventis

                  Switzerland
        1,015,317  CS Group

                  Germany
          286,420  Allianz

                  Spain
        1,286,305  Iberdrola
        1,395,743  Inditex

                  Sweden
          800,000  Sandvik

                  Finland
        2,079,900  Nokia/A

                  Japan
          983,000  Canon
            7,659  KDDI
            5,616  Nippon Telegraph & Telephone
        1,500,000  Olympus Optical

                  Hong Kong
        6,062,966  HSBC Holdings

                  China
        9,000,000  China Mobile (Hong Kong)

                  Australia
        2,400,000  Westpac Banking




Exchange rates
      31/12/2004           31/12/2003           31/12/2004 31/12/2003

EUR 1                                                  EUR        EUR
AUD       1.7340                        AUD  1    0.5767       0.5973
                               1.6741
CAD       1.6282               1.6300   CAD  1    0.6140       0.6135
CHF       1.5456               1.5600   CHF  1    0.6470       0.6410
DKK       7.4386               7.4459   DKK  1    0.1344       0.1343
GBP       0.7080                        GBP  1    1.4125       1.4192
                               0.7046
HKD      10.5650                        HKD  1    0.0947       0.1021
                               9.7926
JPY     139.2824             135.1789   JPY 100   0.7180       0.7398
KRW   1,407.0957           1,502.8986   KRW 100   0.0711       0.0665
NOK       8.2325               8.3915   NOK  1    0.1215       0.1192
NZD       1.8818               1.9212   NZD  1    0.5314       0.5205
SEK       9.0327                        SEK  1    0.1107       0.1102
                               9.0757
SGD       2.2189                        SGD  1    0.4507       0.4668
                               2.1422
TWD      43.0747                        TWD  1    0.0232       0.0234
                              42.8229
USD       1.3592                        USD  1    0.7357       0.7928
                               1.2614



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.



- ---END OF MESSAGE---
Copyright © Hugin ASA 2005. All rights reserved.