- - - - Select Regulatory heading - - - -

    Rotterdam, 31 August 2004

                                                          ROBECO N.V.

                                          SEMIANNUAL REPORT JUNE 2004

































                              % ROBECO
CONTENTS

General information                                   1
Report of the management board            2
Balance sheet                                                5
Profit and loss account                               5
Cash flow summary                                    5
Notes                                                             6
Other data                                                     9
Spread of net assets                                   10


GENERAL INTRODUCTION

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

Prospectus
The prospectus is available at the company's office and via
www.robeco.com.

REPORT OF THE MANAGEMENT BOARD

GENERAL INTRODUCTION

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

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


INVESTMENT RESULT

In the first half of 2004, the share price of Robeco rose from EUR
20.92 to EUR 21.85. Assuming reinvestment of the dividend of EUR 0.36
per share distributed in May 2004, this is an investment result of
6.1%. Based on net asset value, which rose from EUR 21.01 to EUR
21.94, the investment result was 6.1%. The fund's benchmark, the MSCI
World Index, rose 7.6% over the same period.
The lag against the benchmark is attributable to stock selection
within the various sectors. The other major investment decisions
contributed slightly positively to relative performance. 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. The overweight in the energy sector and the underweight in
the information technology sector were good decisions and contributed
positively to the result. Japan, in which the fund held an
above-average position, was one of the world's best-performing
markets.
Stock selection within the consumer discretionary, information
technology and telecommunication services sectors contributed
negatively. The responsible positions are clearly identifiable.
Within the consumer discretionary sector the position in Chinese
company Denway Motors was the biggest loser. The stock had risen
sharply in the second half of 2003, but measures by the Chinese
government to curb economic growth caused this stock to decline in
the reporting period.
Within information technology, several smaller stocks were included
in the portfolio which had a clearly negative impact on performance.
Examples include Business Objects and Seagate Technologies. Several
big names such as EMC and Nokia did not do well either. The absence
of AT&T Wireless in the portfolio led to a lagging result in the
telecommunication services sector. This stock rallied sharply due to
the takeover struggle between Vodafone and Cingular (BellSouth's and
SBC's mobile division).


INVESTMENT POLICY

Several changes were made in the portfolio. The weight of financials
was reduced, mainly by reducing the weight in banks in the United
States. These have benefited from huge demand for mortgages and other
consumer credit (credit cards) for years. Low money-market rates paid
on deposits from retail clients, also helped. Large sums were then
invested in mortgage loans, most of which are linked to
capital-market rates. The difference between money-market and
capital-market rates was pure profit for the banks. We expect
money-market rates to increase faster than capital-market rates in
the next months, which will make this difference less profitable.
The weight in consumer discretionary was not changed and remained
below average. US consumers kept spending throughout the recession,
thanks to low interest rates and a tax cut. Now that both of these
factors have disappeared, we expect consumers to reduce their
spending. The portfolio contains no US car makers and only a few
retailers.
The weight of consumer staples however has been raised. Coca-Cola,
Gillette and Japanese company Ito Yokado were purchased. The weight
in health care remained above average, with a continued emphasis on
the services, suppliers and biotechnology subsectors. Earnings growth
here is much higher than that of the larger pharmaceutical companies.


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

 1. Citigroup           US                  1.9        1.0       -2.6
 2. Pfizer              US                  1.8        1.5       -2.1
 3. Exxon Mobil         US                  1.5       13.7        9.7
 4. General Electric    US                  1.4        9.8        5.9
 5. Shell Transport &   UK                  1.3        5.3        0.3
    Trading
 6. American            US                  1.3       11.7        7.7
    International
    Group
 7. Microsoft           US                  1.3        8.2        4.3
 8. Total               France              1.2       11.2       11.2
 9. Intel               US                  1.2      -10.5      -13.6
10. BP                  UK                  1.1       15.0        9.5


The weight of the energy sector remained high. It is expected that an
oil price of between USD 30 and 35 per barrel is a reasonable
reflection of political risks. Refinery margins, which are expected
to remain high and demand for suppliers to the oil industry,
necessary for more efficient drilling of existing wells, may cause
surprises. Within the energy sector, weight was moved from pure
exploration companies (Occidental Petroleum) to refinery (Valero and
also Royal Dutch, which has a lot of refinery capacity) and suppliers
(Schlumberger). The interest in the utilities sector was slightly
increased via purchases in RWE (Germany) and Edison International
(United States), which are attractive for stock-specific reasons.
The weight in materials and industrials remained unchanged.
The weight in information technology remained lower than the
benchmark. However, the focus was gradually shifted to Asia by
purchases of Samsung Electronics and TSMC. Both companies are
low-valuation alternatives for makers of mobile phones and chips.
Cisco, Nokia and Texas Instruments were sold. The weight of
telecommunication services was reduced by sales in Japan (NTT and
KDDI), where there is fierce competition in mobile services.

Rotterdam, 3 August 2004

The management board
Marnix C. Vriezen
Mark R. Glazener
Volker Wytzes
BALANCE SHEET
EUR x million


                                    30/06/2004 31/12/2003
ASSETS

Investments
Financial investments
Equities                                 6,532      6,306
                                     _________  _________
Total investments                        6,532      6,306

Accounts receivable                         35         33

Other assets
Cash                                        72        166
                                     _________  _________
                                         6,639      6,505
LIABILITIES

Accounts payable                            18         39
                                     _________  _________
Shareholders' equity                     6,621      6,466

Composition of shareholders' equity
Issued capital                             302        308
Share premium reserve                      341        463
Other reserves                           5,587      5,354
Net result                                 391        341
                                     _________  _________
                                         6,621      6,466




PROFIT AND LOSS ACCOUNT
EUR x million


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

Investment income          56         66
Movements in value        363        -99
                    _________  _________
                          419        -33
Management costs           28         25
                    _________  _________
Net result                391        -58




CASH FLOW SUMMARY
indirect method, EUR x million


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

Cash flow from investment activities        151        113
Cash flow from financing activities        -235          9
                                      _________  _________
Net cash flow                               -84        122
Currency and cash revaluation                -4          -
                                      _________  _________
Increase(+)/decrease(-) cash*               -88        122

* Cash and accounts payable to credit institutions.



NOTES

General

Robeco N.V. is a Dutch investment company with a variable capital
within the meaning of Article 28 of the 1969 Dutch Corporate Income
Tax Act. Therefore, no corporate income tax is payable provided
income after deduction of costs is distributed directly in the form
of shareholder dividends. 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 ('Wtb', Wet toezicht
beleggingsinstellingen), Robeco N.V. was granted a license by De
Nederlandsche Bank N.V. (the Dutch central bank) on 26 April 2002,
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. The change has no effect on the
shareholders' equity as at 31 December 2003 and 30 June 2004. The
effect on the result for the period 1 January 2003 through 30 June
2003 amounts to EUR -99 million, and over the period 1 January 2004
through 30 June 2004 EUR 363 million. Comparative figures in this
report have been adjusted accordingly where necessary.

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.


accounting principles

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

Affiliated parties
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 authorities are allocated to its independent supervisory
board, is such that Rabobank does not have a meaningful say in or
influence on the fund's business policy. Robeco Groep N.V. pursues an
independent investment policy on behalf of its affiliated investment
companies, taking into account the interests of the investors
involved. Besides services of other market parties, 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.

Soft-dollar arrangements
Various independent research institutions provide services to the
company to support its decision-making process. These institutions
are paid by means of soft-dollar arrangements with brokers.


FINANCIAL INSTRUMENTS

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

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


NOTES TO THE BALANCE SHEET AND THE PROFIT AND LOSS ACCOUNT

Equities
At balance sheet date, shares to the amount of EUR 2.5 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.

Cash
Includes balances in current accounts, call money and time deposits.
Shareholders' equity


Composition and development of shareholders' equity
                                                    01/01-     01/01-
                                                30/06/2004 30/06/2003
Issued capital
Situation at opening date                              308        302
Received on shares issued                               23         16
Paid for shares repurchased                            -29         -9
                                                   _______    _______
Situation at closing date                              302        309

Share premium reserve
Situation at opening date                              463        359
Received on shares issued                              485        299
Paid for shares repurchased                           -607       -167
                                                   _______    _______
Situation at closing date                              341        491

Other reserves
Situation at opening date                            5,354        137
Addition of reserve for capital gains and
losses                                                   -      8.464
                                                   _______    _______
Starting situation after system change               5,354      8,601
Net result from previous financial year                341     -3,113
Dividend payments                                     -108       -134
                                                   _______    _______
Situation at closing date                            5,587      5,354

Net result                                             391        -58
                                                   _______    _______
Shareholders' equity                                 6,621      6,096



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. As of 30 June 2004 the number of shares outstanding was
301,733,356. Net asset value per share amounted to EUR 21.94. In May
2004 the company distributed dividend to the amount of EUR 0.36 per
share.

Shares outstanding


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

Situation at opening date            307,721,339  301,561,383

Shares issued in financial year       23,137,635   16,484,688
Shares repurchased in financial year  29,125,618    9,045,828
                                      __________  ___________
Situation at closing date            301,733,356  309,000,243



Commitments not shown in the balance sheet
The futures contracts purchased at balance sheet date represent an
additional investment of JPY 18 billion. The forward exchange
transactions current at closing date represent purchases of AUD 71
million, CAD 80 million, EUR 48 million and JPY 11,931 million,
against sales of CHF 113 million, USD 161 million and GBP 15 million.
Futures contracts and forward exchange transactions are 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

Expense ratio


Expense ratio
                     01/01-     01/01-
                 30/06/2004 30/06/2003
                       in %       in %
Cost item
Management costs       0.42       0.42
Other costs            0.01       0.02
                    _______    _______
Total                  0.43       0.44




The expense ratio expresses the costs charged to the fund during the
reporting period as a percentage of the average assets1) entrusted
during the reporting period. The expense ratio as shown does not
include brokerage costs and exchange fees relating to investment
transactions. These have been discounted in the cost price or the
sales value of the investments, as is normal practice in the
securities industry. The expense ratio was 0.43% during the reporting
period. In addition to the costs of the fund's asset management such
as administration, the management costs in the expense ratio also
include the costs of the external auditor, other external advisers,
regulators, costs relating to reports required by law, such as the
annual and semiannual reports, and the costs relating to the meetings
of shareholders. Other costs mainly relate to the custody fee charged
by third parties for the custody of the fund's securities portfolio.

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

Rotterdam, 3 August 2004

The management board


OTHER DATA

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


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

                                                Across     Across
                                             countries currencies


                               Equities     Equities +
                                          derivatives*

               30/06  30/06    31/12  30/06   31/12     30/06   31/12
                2004   2004     2003   2004    2003      2004    2003
               EUR x   in %     in %   in %    in %      in %    in %
             million
By country
North
America
(54.90 %)
United         3,502  52.87    51.28  52.87   51.60     51.63   52.01
States of
America
Canada           120   1.81     1.50   1.81    1.51      2.56    2.24
Brazil            15   0.22     0.21   0.22    0.21         -       -
Bermuda            -      -     0.29      -    0.29         -       -

Europe
(31.28 %)
United           677  10.22    10.72  10.22   10.72      9.32    9.71
Kingdom
France           345   5.21     6.13   5.21    6.13         -       -
Switzerland      268   4.05     3.73   4.05    3.73      3.04    2.61
The              202   3.05     2.74   3.05    2.74         -       -
Netherlands
Germany          151   2.28     2.16   2.28    2.16         -       -
Italy            145   2.19     1.61   2.19    1.61         -       -
Spain            134   2.03     2.18   2.03    2.18         -       -
Sweden            89   1.34     1.31   1.34    1.31      1.35    1.49
Finland           28   0.43     0.68   0.43    0.68         -       -
Ireland           16   0.25     0.79   0.25    0.79         -       -
Norway            15   0.23        -   0.23       -      0.23       -
Luxembourg         -      -     0.26      -    0.26         -       -
euro               -      -        -      -       -     17.64   17.90

Asia
(11.21%)
Japan            522   7.89     7.27   9.89    9.60      9.40    8.74
Hong Kong        116   1.75     1.95   1.75    1.95      2.01    2.66
Singapore         51   0.77     0.26   0.77    0.26      0.77    0.26
South Korea       24   0.37        -   0.37       -         -       -
China             17   0.26     0.71   0.26    0.71         -       -
Taiwan            11   0.17        -   0.17       -      0.19       -

Australia
(1.27%)
Australia         84   1.27     1.74   1.27    1.74      1.86    2.38

Other assets and  89   1.34     2.48  -0.66   -0.18         -       -
liabilities
(1.34%)
             _______ ______  _______ ______ _______   _______ _______
Total          6,621 100.00   100.00 100.00  100.00    100.00  100.00

Sector distribution

Financials             22.8    23.4
Health care            13.0    13.4
Information            12.2    12.7
technology
Industrials            11.1    10.8
Consumer               10.1    11.1
discretionary
Energy                  9.5     8.9
Consumer staples        9.0     6.0
Telecom                 4.5     4.6
Materials               4.5     4.9
Utilities               2.0     1.7
Other assets and        1.3     2.5
liabilities
                    _______ _______
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 30 June 2004, the portfolio contained derivatives, in this case
index futures, as was also the case at 31 December 2003.


1) Robeco (Schweiz) AG, Uraniastrasse 12, CH-8001 Zurich, is the
fund's appointed representative in Switzerland. Copies of the
prospectus, Articles of Association, (semi)annual reports and a list
of all purchases and sales in the fund's securities portfolio during
the reporting period are available from the above address free of
charge. UBS AG, Bahnhofstrasse 45, CH-8098 Zurich, is the fund's
paying agent in Switzerland.
1) The average assets entrusted used in this calculation is based on
seven observations. DNB circular 8022 recommends using 3
observations. The calculation method used in this semiannual report
gives a more accurate picture of the average assets entrusted.

Ronald Florisson, Corporate Communications Robeco
Office +31 - 10 - 224 28 10
Mobile +31 - 653 - 831 586
E-mail: [e-mail]


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