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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Robeco | LSE:RBE | London | Ordinary Share | NL0000289783 | ORD EUR1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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ROBECO N.V.
SEMIANNUAL REPORT JUNE 2006
% ROBECO
CONTENTS
General information
Report of the management board
Balance sheet
Profit and loss account
Cash-flow summary
Notes
Other data
Spread of net assets
List of securities
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
Gilles Izeboud
Philip Lambert
Dirk P.M. Verbeek
Management Board
Robeco Fund Management B.V. (as of 27 April 2006)
Mark R. Glazener (until 27 April 2006)
Volker Wytzes (until 27 April 2006)
Manager
Robeco Fund Management B.V. (as of 1 January 2006)
Management Board:
Mark F. van der Kroft
Edith J. Siermann
Edwin de Weerd (as of 12 January 2006)
Fund manager
Mark R. Glazener
SIMPLIFIED AND FULL PROSPECTUS
A simplified prospectus with information on Robeco N.V. and its
associated costs and risks is available. This simplified prospectus
and the full prospectus are available at the company's offices and
via www.robeco.com.
This report is also published in Dutch, French, German, Italian and
Spanish. Only the Dutch edition is binding.
REPORT OF THE MANAGEMENT BOARD
GENERAL INTRODUCTION
Strong start to the year followed by correction
In the first half of 2006 strong and balanced growth was recorded
globally. Generally, profitability in the corporate sector remained
strong and there was ample liquidity.
Inflationary pressures emerged partly as a result of the increase in
the price of commodities like oil. Many central banks, including the
US Federal Reserve Bank (Fed) and the ECB tightened their monetary
policies. The Bank of Japan stopped its policy of flooding the market
with liquidity and bond yields increased sharply.
Until May equity markets benefited from the favorable economic
outlook. This was followed by a correction triggered by fears that
the Fed would overdo its tightening, putting downward pressure on
economic growth and on earnings growth in the corporate sector.
This concern also led to a general change in risk perception and risk
appetite. In recent years investors have generally searched for high
returns by investing in assets presenting a relatively higher risk.
The more uncertain economic outlook led them to show increasing
preferences for markets and assets that were perceived to be safer.
The correction was smallest in the US and largest in the emerging
markets.
Outlook
The valuations of equity markets generally appear to be reasonable.
The economic outlook remains favorable, with expectations for a
moderate slowdown in the US, continuing recovery in the euro zone and
Japan, and strong growth in most of the emerging markets. Interest
rates will probably go up further, while inflation may increase, but
is likely to remain under control.
Equity markets should do reasonably well in this environment,
although there is some uncertainty about the possibility of the
correction continuing and going too far. In addition, the US economy
may slow down more sharply than envisaged, affecting growth in the
rest of the world and making the environment for equities less
favorable.
INVESTMENT RESULT
In the first half of 2006, the share price of Robeco fell from EUR
27.31 to EUR 26.50. Assuming reinvestment of the dividend of EUR 0.48
per share distributed in May 2006, this is an investment result of
- -1.3%. Based on net asset value, which fell from EUR 27.38 to EUR
26.40, the investment result was -1.9%. The fund's benchmark, the
MSCI World Index, also fell 1.9% over the same period.
The fund performed in line with the benchmark. Thanks to the active
investment policy the fund's return, before deduction of the
management fee, was 0.5% higher than that of the benchmark. The sound
stock selection in a variety of sectors was the driving force behind
this performance. Of the 0.5% mentioned above, 0.7% was attributable
to stock selection; the sector-allocation policy and the currency
policy made a negative contribution of -0.1% each. The overweight
position in the health-care sector and the underweight position in
utilities were the cause of this. As was the case throughout 2005,
the best performing stock-market sectors were once again energy,
materials and utilities. Currency decisions also made a slightly
negative contribution, because from June onwards we expected the
Japanese yen to appreciate against the US dollar, which did not
happen.
Stock selection within the consumer-staples, energy and
telecommunication sectors was good, while there was below-average
performance in the health-care sector. The fund Robeco aims to
realize a stable performance relative to the benchmark so the fund's
performance is generated by a broad range of stocks rather than just
a limited selection. We would nevertheless like to single out some
stocks which realized an above-average performance.
Archer-Daniels-Midland returned no less than 68% due to rising
ethanol prices resulting from the increased use of ethanol in oil
refinery. BellSouth rose 36.1% due to AT&T's takeover bid for the
company.
INVESTMENT POLICY
In the first half of 2006 the emphasis lay on industrials, which is a
late-cyclical sector, and on the defensive health-care and
consumer-staples sectors. The fund had an underweight position in
financials and utilities.
Within materials the fund maintained its position in commodities (BHP
Billiton, Rio Tinto and Inco) and bought gold producer Newmont
Mining. We expect gold prices to rise further due to purchases by
central banks in Asia and the Middle East. The limited additional
gold-mining capacity to come on stream, will mainly come from Newmont
Mining itself.
Industrials is a very mixed sector. Within this sector the interest
in TNT was increased and a position was taken in Österreichische Post
when the company went public. Both companies are active in the field
of postal services and package delivery.
In the consumer-discretionary sector we increased our position in
Coach. Coach designs, produces and sells affordable luxury bags. The
company has seen strong growth in North America and Japan. In this
same sector we also increased our interest in Partygaming at an
opportune moment. Partygaming is an online gaming site, with poker
games, a casino etc. After the successful bid on VNU the fund sold
its position and reinvested the proceeds in Wolters Kluwer.
Within the consumer-staples sector the fund took a position in
Shiseido, a company with great potential to cut costs. Shiseido is
also taking advantage of the growth opportunities in China. The
position in Constellation Brands was sold after a sharp rally. This
company has developed into an acquirer of increasingly expensive
wine-producing companies and the question is whether it will be able
to realize sufficient returns on these assets.
Within the health-care sector the portfolio interests were moved from
services (Omnicare, Caremark) to suppliers (Stryker, St Jude Medical,
Zimmer). The shares of suppliers dropped due to price pressure on
orthopedic products. We expect that this price decline will be only
of a temporary nature and are positive about the long-term growth
prospects for these companies.
In the financials sector we sold the fund's interest in Countrywide
Financial. This mortgage bank is highly dependent on the sale of new
mortgages but because of the slowdown of the US housing market we
expect these sales to be disappointing. In the UK we sold the bank
HBOS. The bank is cheap, but we see very little growth in the UK
where consumers have accumulated a considerable debt burden in recent
years. A part of the money was reinvested in DnB NOR, a Norwegian
bank which we think is cheap and which operates in a country (Norway)
where banking and insurance products are currently booming.
Within the information-technology sector we bought Yahoo! after its
share price had dropped considerably. The company will continue to
benefit from growth in Internet advertising in the years to come. The
position in Yahoo! was financed by reducing the interest in
Microsoft. Microsoft stock is not expensive, but the company is
still struggling with delays in the launch of new versions of its
software.
Within the telecommunication sector the fund switched its position in
France Telecom for one in Deutsche Telekom as the latter has more
restructuring possibilities.
Top 10 stocks
Country Interest in Performance in %
% 01/01-30/06/2006
30/06/2006
In euros In local
currency
1. Royal Dutch Shell
A Netherlands 1.79 3.9 3.9
2. Total France 1.64 -0.1 -0.1
3. Citigroup United States 1.42 -6.3 1.5
4. Bank of America United States 1.32 -1.8 6.5
5. UBS Switzerland 1.27 8.7 9.5
6. Amgen United States 1.10 -23.7 -17.3
7. GlaxoSmithKline United Kingdom 1.09 3.9 4.6
8. ING Groep Netherlands 1.08 6.9 6.9
9. J.P. Morgan Chase
& Co United States 1.07 -0.8 7.6
10. Novartis REG SHS Switzerland 0.97 -3.3 -2.6
Rotterdam, 9 August 2006
The management board
Robeco Fund Management B.V.
BALANCE SHEET
EUR x thousand
30/06/2006 31/12/2005
Investments
Financial investments
Stocks (1) 6,989,166 7,192,191
Derivatives (6) 445 8,941
_________ _________
Total investments 6,989,611 7,201,132
Accounts receivable 122,237 47,818
Other assets
Cash (2) 29,695 3,280
Accounts payable
Obligations arising from derivative (6) 24,786 2,635
instruments
Other accounts payable (3) 259,273 26,329
_________ _________
284,059 28,964
_________ _________
Accounts receivable and other assets less
accounts payable -132,127 22,134
_________ _________
Shareholders' equity 6,857,484 7,223,266
Composition of shareholders' equity (4)
Issued capital (5) 259,768 263,797
Other reserves 6,729,106 5,325,545
Net result -131,390 1,633,924
_________ _________
6,857,484 7,223,266
PROFIT AND LOSS ACCOUNT
EUR x thousand
01/01- 01/01-
30/06/2006 30/06/2005
Investment income 93,662 71,969
Movements in value -184,754 712,276
_________ _________
-91,092 784,245
Costs (7)
Management costs (8) 36,024 30,780
Service fee (8) 3,480 3,056
Other costs (9) 794 810
_________ _________
40,298 34,646
_________ _________
Net result -131,390 749,599
The numbers of the items in the financial statements refer to the
numbers in the Notes.
CASH-FLOW SUMMARY
indirect method, EUR x thousand
01/01- 01/01-
30/06/2006 30/06/2005
Cash flow from investment activities 50,843 483,865
Cash flow from financing activities -233,123 -394,310
_________ _________
Net cash flow -182,280 89,555
Currency and cash revaluation -2,210 822
_________ _________
Increase(+)/decrease(-) cash* -184,490 90,377
* Cash and accounts payable to credit institutions
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 [Wet op de
Vennootschapsbelasting 1969]. This means that no corporate-income tax
is due, providing that the fund makes its profit available for
distribution to shareholders in the form of dividend within eight
months of the close of the financial year and satisfies any other
relevant regulations. As a result of the appointment as Manager of
Robeco Fund Management B.V., which holds a license from the AFM [the
Netherlands Authority for the Financial Markets] under the Dutch
Investment Institutions Supervision Act ['Wtb', Wet Toezicht
Beleggingsinstellingen], the license in accordance with article 5 of
the 1990 Dutch Investment Institutions Supervision Act has been
legally cancelled. 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
article 6 of Part II 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.
Manager
Robeco N.V. appointed Robeco Fund Management B.V. as Manager of the
fund as of 1 January 2006. The tasks for which the Manager will be
responsible include the execution of the investment policy,
management of the fund assets as well as handling the fund's
financial administration, marketing and distribution. Robeco Fund
Management B.V. is part of the Robeco Group and was granted a license
by the Netherlands Authority for the Financial Markets to act as
manager on 29 December 2005. The agreement between the fund's
management board and the Manager includes the stipulation that the
Manager will comply with the provisions of the prospectus, the
Articles of Association and the directives of the fund's management
board, insofar as these are in line with the shareholders' interests,
and that the Manager will observe the applicable legislation and
regulations. The Manager will also regularly report to the management
board on its duties. At the General Meeting of Shareholders held on
27 April 2006 Robeco Fund Management B.V. was appointed as director
of the company.
Models
The semiannual report has been drawn up in conformity with the models
provided by Dutch legislature for annual financial statements, taking
into account the regulations that apply to semiannual reports. In
certain areas descriptions have been used which better express the
nature of the items and relate better to the characteristics of an
investment company.
Open-end fund
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 at prices approximating net asset value. A
fixed spread between the bid and offer price applies to cover costs
related to issuance and repurchase of own shares. The issue price
will not be more than 0.5% higher than the net asset value and the
repurchase price will not be more than 0.5% lower than the net asset
value. The abovementioned margin between the net asset value and the
issue and repurchase prices, and the associated costs, are for the
account and risk of Robeco Investment Consulting B.V. (RIC), as a
result of which Robeco N.V. issues and repurchases its shares at net
asset value. RIC will distribute any positive spread results to the
funds, in proportion to each fund's positive contribution to the
spread result. A buffer is maintained to cover any future losses.
Non-certificated participation in the Netherlands
Parties with which shares may be held in non-certificated form
include Robeco Direct N.V. in the Robeco Group Accounts System or the
affiliated branches of Rabobank in the Rabo Securities Account.
Participants pay costs on the sum deposited for each purchase, and in
the event of a sale a percentage of the sum withdrawn. These
participation costs are currently a maximum of 0.4% via Robeco Direct
and a maximum of 0.5% via Rabobank, depending on the channel
selected. These sums will accrue to Robeco Direct and Rabobank
respectively.
Outsourcing core tasks
As a result of the appointment of the Manager, outsourcing of the
administration has been terminated as of 1 January 2006.
accounting principles
General
The accounting principles for the valuation of assets and liabilities
and determination of the result are unchanged, and as such are in
accordance with the annual financial statements. Amounts are
expressed in thousands of euros.
Affiliated parties
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,
fund-administration services, as well as management activities.
Transactions are executed at market rates.
FINANCIAL INSTRUMENTS
Risks
Transactions in financial instruments may lead to the fund being
subject to the risks described below or to the fund transferring
these risks to another party.
Price risk
Currency risk is the risk that the value of a financial instrument
will fluctuate as a result of changes in exchange rates.
Interest-rate risk is the risk that the value of a financial
instrument will fluctuate as a result of changes in market rates.
Market risk is the risk that the value of a financial instrument will
fluctuate as a result of changes in market prices, caused by factors
that exclusively apply to the individual instrument or its issuer or
caused by factors that affect all instruments traded in the market.
The fund minimizes the risks by investing mainly in large and
well-known companies and by making a balanced selection with regard
to distribution across regions, sectors, individual stocks and
currencies.
Credit risk
Credit risk is the risk that the counterparty of a financial
instrument will no longer meet its obligations, as a result of which
the fund will suffer a financial loss. The fund minimizes this risk
by trading exclusively with reputable counterparties. Wherever it is
customary in the market, the fund will demand and obtain collateral.
Liquidity risk
Liquidity risk is the risk that the fund is not able to obtain the
financial means required to meet the obligations arising from
financial instruments. The fund minimizes this risk by mainly
investing in financial instruments that are tradable on a daily
basis.
Insight into actual risks
The Report of the management board, the Balance sheet, the Notes to
the balance sheet and the Spread of net assets, which includes the
geographic distribution of the investments, the net currency position
and distribution over sectors, give an insight into the actual risks
at balance-sheet date.
Risk management
Managing risk is a part of the investment process as a whole and with
the help of advanced systems, the risks outlined above are limited,
measured and monitored on the basis of fixed risk measures.
Policy regarding the use of derivative instruments
Investing implies that positions are taken. As it is possible to use
various instruments, including derivative instruments, to construct
an identical position, the selection of derivatives is subordinate to
the positioning of a portfolio. In our published information,
attention is given primarily to the overall position, and secondarily
to the nature and volume of the financial instruments employed.
Derivatives
The market value of derivatives is reported in the Balance sheet. The
presentation of the market value is based on the liabilities and
receivables per counterparty. The receivables are reported under
Financial investments and the liabilities are reported under Accounts
payable. The value of the derivatives' underlying instruments is not
included in the Balance sheet. If applicable, they are explained
under the heading Commitments not shown in the balance sheet.
NOTES TO THE BALANCE SHEET AND THE PROFIT AND LOSS ACCOUNT
1 Stocks
Shares in an amount of EUR 1,202.4 million (EUR 1,103.8 million at
the end of last year) were lent at balance-sheet date. To cover the
risk of non-restitution, adequate collateral with a value of EUR
1,256.4 million (EUR 1,149.5 million at the end of last year) was
demanded and obtained; this collateral is not included in the Balance
sheet. A breakdown of the equity portfolio and an overview of the
spread of net assets can be found at the end of this report. The
geographic distribution and the currency position of the equity
portfolio are included in the overview of the Spread of net assets
which can be found at the end of this report.
The list of movements in the fund's securities portfolio during the
reporting period is available free of charge at the fund's offices.
2 Cash
Includes balances in current accounts at banks.
3 Accounts payable
Includes a short-term loan of EUR 209 million granted by an
affiliated company to Robeco N.V.
4 Shareholders' equity
COMPOSITION AND DEVELOPMENT OF SHAREHOLDERS' EQUITY
EUR x thousand
01/01- 01/01-
30/06/2006 30/06/2005
Issued capital
Situation at opening date 263,797 283,879
Received on shares issued 18,899 14,328
Paid for shares repurchased -22,928 -28,147
_________ _________
Situation at closing date 259,768 270,060
Other reserves
Situation at opening date 5,325,545 5,562,719
Received on shares issued 497,286 306,452
Paid for shares repurchased -602,646 -607,994
Net result from previous financial year 1,633,924 324,099
Dividend payments -125,003 -108,391
_________ _________
Situation at closing date 6,729,106 5,476,885
Net result -131,390 749,599
_________ _________
Shareholders' equity 6,857,484 6,496,544
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 2006 the number of shares outstanding was
259,767,528. Net asset value per share amounted to EUR 26.40. In May
2006 the company distributed dividend to the amount of EUR 0.48 per
share.
5 Shares outstanding
DEVELOPMENT OF NUMBER OF SHARES OUTSTANDING
01/01- 01/01-
30/06/2006 30/06/2005
Situation at opening date 263,797,225 283,878,768
Shares issued in financial year 18,898,571 14,327,733
Shares repurchased in financial year 22,928,268 28,146,754
__________ __________
Situation at closing date 259,767,528 270,059,747
6 Commitments not shown in the balance sheet
Futures contracts purchased at balance-sheet date represent an
increase in assets invested of JPY 28,123 million; futures contracts
sold represent a decrease in assets invested of EUR 262 million and
USD 45 million. The forward-exchange transactions current at closing
date represent purchases of AUD 75 million, CAD 102 million, GBP 176
million and JPY 24,245 million, against sales of CHF 250 million,
USD 261 million, NOK 165 million and EUR 159 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
7 Total expense ratio
TOTAL EXPENSE RATIO
01/01- 01/01-
30/06/2006 30/06/2005
in % in %
Cost item
Management costs 0.50 0.50
Service fee 0.05 0.05
Other costs 0.01 0.01
_______ _______
Total 0.56 0.56
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
0.56% during the reporting period. The management costs relate to all
of the fund's current costs, which include the fees paid for
registering shareholders and all costs resulting from the management
of the fund, with the exception of costs relating to investments and
taxes. The service fee covers the administration, the costs of the
external auditor, other external advisers, regulators, costs relating
to reports required by law, such as the annual and semiannual
reports, and the costs relating to the meetings of shareholders.
Other costs relate to bank charges and the custody fee charged by
third parties for the custody of the fund's securities portfolio. The
custody fee is EUR 357 thousand. For the period 1 July 2005 through
30 June 2006, the total expense ratio is 1.12%, and for the period 1
July 2004 through 30 June 2005 it was 1.05%.
8 Management costs and service fee
Management costs relate exclusively to the management fee of 1.00%
per year charged by the Manager. The service fee charged by the
Manager amounts to 0.12% per year and covers formal and operational
costs. 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
management fee and service fee are calculated on a daily basis, based
on the average assets entrusted. Wherever in this report mention is
made of the average assets entrusted this is also calculated on a
daily basis, unless stated otherwise.
9 Other costs
This includes custody costs and bank charges.
10 Performance fee
Robeco N.V. is not subject to performance fee.
11 Transaction costs
Brokerage costs and exchange fees relating to investment transactions
are discounted in the cost price or the sales value of the investment
transactions. These costs and fees are charged to the result ensuing
from changes in value. The quantifiable transaction costs are shown
below. The transaction volume of the quantifiable transaction costs
is 92.8% of the total transaction volume.
TRANSACTION COSTS
EUR x thousand
01/01- 01/01-
30/06/2006 30/06/2005
Transaction type
Equities 4,460 6,333
Futures 233 149
12 Hard commissions and commission-sharing arrangements
Various independent research institutions/third parties provide
services to the company to support its decision-making process. Part
of the commissions paid to brokers is used to pay for these services,
so-called commission-sharing arrangements. In the reporting period
commission-sharing agreements represented an amount of EUR 1,262
thousand (over the period 1 January through 30 June 2005 this was EUR
1,679 thousand). There were no hard commissions during the reporting
period.
13 Turnover ratio
This shows the turnover of the investments against the average assets
entrusted and is a measure of the incurred transaction costs
resulting from the portfolio policy pursued and the ensuing
investment transactions. In the calculation method used, the amount
of the turnover is determined by the sum of the purchases and sales
of investments less the sum of issuance and repurchase of own shares.
If the outcome is negative, the turnover ratio is 0. The turnover
ratio is determined by expressing the amount of turnover as a
percentage of the average assets entrusted. The turnover ratio over
the reporting period was 22% against 43% over the period 1 January
through 30 June 2005. Since 1 January 2005, the fund is no longer
managed by one single person, but by a team of four fund managers.
Each team member focuses on specific sectors. As a result of this, in
the period 1 January through 30 June 2005, the stock selection within
sectors has been adjusted in accordance with the views of the team
members. Consequently, the turnover ratio was higher over the
previous reporting period. These special circumstances no longer
played a role in the period 1 January through 30 June 2006, therefore
the turnover ratio dropped.
14 Transactions with affiliated parties
Part of the transaction volume over the reporting period relates to
transactions with affiliated parties. The table below shows the
various types of transactions where this was the case.
TRANSACTIONS WITH AFFILIATED PARTIES
Part of the total volume in %
01/01- 01/01-
30/06/2006 30/06/2005
Transaction type
Stocks - 0.2
Forward-exchange transactions 2.5 2.3
Call money 80.7 -
Deposits 100.0 100.0
15 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 return on these securities-lending transactions. An external
agency periodically assesses whether the agreements between the fund
and Robeco Securities Lending are still in line with the market. The
return for the fund over the reporting period was EUR 776 thousand
(EUR 538 thousand over the period 1 January through 30 June 2005) and
for Robeco Securities Lending EUR 518 thousand (EUR 359 thousand over
the period 1 January through 30 June 2005).
16 Voting policy for stocks in the investment portfolio
In the first half of 2006, Robeco N.V. voted at the majority of the
general meetings of shareholders of the companies in which it
invests. If the shares of an investment position have been lent out,
the voting rights attached to those shares may not be exercised
during general meetings of shareholders. If an important event were
to occur, the shares that have been lent out may be recalled in order
for the voting rights attached to these shares to be able to be
exercised. The voting policy and more information about votes cast
can be found on Robeco's Internet site, www.robeco.com.
Rotterdam, 9 August 2006
The management board
OTHER DATA
STOCK-EXCHANGE LISTING
The ordinary shares of Robeco N.V. are listed on Eurolist by Euronext
Amsterdam 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.
DIRECTORS' INTERESTS
Statement pursuant to article 48, paragraph 1, section d, of the
Dutch Investment Institutions Supervision Decree ['Btb', Besluit
toezicht beleggingsinstellingen].
On 1 January 2006 and 30 June 2006 the directors of the investment
company and/or the management company held the following total
personal interests in investments of the investment company.
DIRECTORS' INTERESTS
Description Supervisory-board Management-board Total
members members quantity
Quantity Quantity
At 1
January
2006
Buhrmann Supervisory 2 - 2
directorships
BNP Paribas stocks 1,050 - 1,050
ING Groep stocks 5,808 - 5,808
Novartis stocks 160 - 160
Pfizer stocks 1,000 - 1,000
Royal Dutch stocks 2,707 - 2,707
Shell A
Syngenta stocks 4 - 4
TNT stocks 3,800 - 3,800
Unicredito stocks 12,950 - 12,950
Italiano
At 30 June
2006
BNP Paribas stocks 1,155 - 1,155
E. ON stocks 770 - 770
ENEL stocks 9,100 - 9,100
ING Groep stocks 5,808 - 5,808
Novartis stocks 160 - 160
Pfizer stocks 1,000 - 1,000
Royal Dutch stocks 5,158 - 5,158
Shell A
RWE /A stocks 1,050 - 1,050
Syngenta stocks 4 - 4
TNT stocks 5,200 - 5,200
Total stocks 1,260 - 1,260
Unicredito stocks 12,950 - 12,950
Italiano
AUDITORS
No external audit has been conducted.
SPREAD OF NET ASSETS
Across countries Across
currencies
Equities Stocks +
derivatives*
30/06/2006 30/06 31/12 30/06 31/12 30/06 31/12
EUR 2006 2005 2006 2005 2006 2005
x duizend in % in % in % in % in % in %
Investments
America
(48.90%)
United 3,150,027 45.92 47.91 45.41 47.91 44.20 52.86
States
Canada 163,348 2.38 2.34 2.38 2.34 3.42 3.36
Brazil 40,840 0.60 0.45 0.60 0.45 - -
Europe
(37.67%)
France 623,292 9.09 7.87 9.09 7.87 - -
United 471,428 6.87 7.01 6.87 7.01 10.54 9.59
Kingdom
Netherlands 395,121 5.76 4.75 5.76 4.75 - -
Switzerland 386,607 5.64 5.73 5.64 5.73 3.42 3.21
Germany 195,040 2.84 3.08 2.84 3.08 - -
Sweden 121,948 1.78 1.33 1.78 1.33 1.82 1.33
Norway 99.177 1.45 1.01 1.45 1.01 1.18 1.02
Spain 82,049 1.20 0.86 1.20 0.86 - -
Italy 65,107 0.95 0.75 0.95 0.75 - -
Ireland 51,780 0.76 0.48 0.76 0.48 - -
Finland 46,556 0.68 0.62 0.68 0.62 - -
Greece 18,291 0.27 0.27 0.27 0.27 - -
Hungary 13.938 0.20 - 0.20 - 0.21 -
Austria 9,827 0.14 - 0.14 - - -
Denmark 2,071 0.03 0.09 0.03 0.09 0.03 0.09
Belgium 532 0.01 0.02 0.01 0.02 - -
Euro - - - -3.82 -2.92 17.06 12.49
Asia
(13.57%)
Japan 753,352 10.99 10.21 13.79 13.42 13.60 11.14
Hong Kong 102,266 1.49 1.41 1.49 1.41 1.49 1.41
Singapore 38,421 0.56 0.54 0.56 0.54 0.56 0.54
South Korea 36,382 0.53 0.93 0.53 0.93 - 0.36
Taiwan - - 0.23 - 0.23 0.04 0.25
Australia
(1.78%)
Australia 120,636 1.76 1.68 1.76 1.68 2.41 2.35
New Zealand 1,130 0.02 - 0.02 - 0.02 -
Other
assets and
liabilities -131,682 -1.92 0.43 -0.39 0.14 - -
(-1.92%)
(10.88%)
_______ _______ _______ _______ _______ _______ _______
Total 6.857,484 100.00 100.00 100.00 100.00 100.00 100.00
By sector
Financials 23.1 22.5
Industrials 12.8 12.1
Health care 11.2 11.9
Information technology 11.2 11.2
Consumer discretionary 11.2 11.1
Consumer staples 9.8 8.9
Energy 9.6 8.7
Materials 5.9 5.8
Telecommunication services 4.4 4.8
Utilities 2.7 2.6
Other assets and liabilities -1.9 0.4
______ ______
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 2006 the portfolio contained derivatives, in this case
index futures and forward exchange transactions,
as was also the case at 31 December 2005. The forward exchange
transactions have been included in the currency position.
LIST OF SECURITIES
at 30 June 2006
Market value Market value LARGECAPS (99.69%)
AMERICA (48.17%)
EUR USD United States (45.36%)
15,375,940 19,660,446 ADC Telecom
18,995,034 24,288,000 Adobe Systems
30,502,092 39,001,500 Aeropostale
32,672,243 41,776,363 Aetna
58,823,250 75,214,349 Altria Group
16,682,032 21,330,480 Amdocs
15,566,574 19,904,200 American Standard Cos
75,459,170 96,485,868 Amgen
21,297,267 27,231,750 Apache
14,741,798 18,849,600 Apple Computers
24,074,216 30,782,496 Archer-Daniels-Midland
15,943,440 20,386,080 Assurant INC
23,919,446 30,584,600 Avon Products
90,617,518 115,868,090 Bank of America
61,539,858 78,687,940 BellSouth
18,007,196 23,024,901 Boeing
23,853,869 30,500,750 Broadcom
27,166,597 34,736,569 Bunge
30,330,501 38,782,095 Carnival
34,149,211 43,664,889 Cendant
55,643,233 71,148,220 Cisco Systems
35,169,437 44,969,400 CIT Group
97,094,955 124,150,464 Citigroup
58,266,007 74,501,830 Coach
29,448,203 37,653,945 Coca-Cola Enterprises
31,476,018 40,246,810 Colgate-Palmolive
32,235,850 41,218,370 ConocoPhillips
12,261,346 15,677,970 Conseco
35,782,902 45,753,808 Cooper Industries A shs
29,353,775 37,533,204 Corning
21,477,107 27,461,703 CVS
16,226,880 20,748,500 Dell
21,423,376 27,393,000 DR. Horton
29,155,235 37,279,341 Duke Energy Holding
8,968,080 11,467,035 Ebay
39,584,093 50,614,200 Edison International
31,237,454 39,941,770 EMC
18,322,449 23,428,000 Energizer Holdings
62,619,079 80,067,885 Exxon Mobil
43,745,740 55,935,490 Fannie Mae
54,752,704 70,009,545 General Electric
29,849,431 38,166,975 GlobalSantaFe
64,641,312 82,653,613 Goldman Sachs
34,434,482 44,029,650 Google CL A
23,157,236 29,610,000 Hartford Financial Services Group
41,314,199 52,826,400 Hewlett Packard
26,932,311 34,437,000 IAC/InterActiveCorp
43,487,260 55,604,985 Intel
25,118,004 32,117,136 IBM
23,574,036 30,142,941 International Paper
24,408,087 31,209,400 Ishares Nasdaq Biotechnology Index
29,281,709 37,441,058 ITT
73,127,596 93,504,600 J.P. Morgan Chase & Co
63,432,301 81,107,712 Johnson & Johnson
17,032,613 21,778,750 KB Home
45,672,182 58,398,736 Kohls
28,913,998 36,970,884 L-3 Communications
28,528,683 36,478,200 Lilly (Eli)
18,777,285 24,009,576 Lincoln National
48,051,077 61,440,509 Lowe's Companies
16,094,253 20,578,917 Marsh & McLennan/COS
16,109,092 20,597,890 MBIA
36,287,638 46,399,188 Medtronic
22,792,789 29,144,000 Merck
62,202,390 79,535,086 Microsoft
18,039,044 23,065,624 Molson Coors Brewing
36,490,125 46,658,098 Monsanto
13,469,053 17,222,205 Motorola
21,223,330 27,137,211 Newmont Mining
39,311,189 50,265,252 News Corp-Class B
10,350,700 13,234,922 Omnicare
46,489,278 59,443,515 Oracle System
51,490,388 65,838,185 Pfizer
41,616,273 53,212,647 Procter & Gamble
41,023,947 52,455,270 Prudential Financial
30,788,571 39,367,806 Republic Services
51,348,629 65,656,924 Schlumberger
16,703,020 21,357,316 Sprint Nextel-FON
30,172,291 38,579,800 ST Jude Medical
34,167,599 43,688,400 ST Paul Travelers Cos
28,322,528 36,214,600 Stryker
38,925,676 49,772,316 Texas Instruments
17,294,789 22,113,982 Textron
57,878,184 74,005,940 Time Warner
57,259,276 73,214,573 Valero Energy
32,108,543 41,055,588 Weatherford International
39,955,007 51,088,470 Wellpoint
42,257,592 54,032,670 Wyeth
26,993,079 34,514,700 Yahoo
30,554,676 39,068,736 Zimmer Holdings
EUR CAD Canada (2.21%)
34,619,466 49,227,150 CDN Pacific Railway
23,260,312 33,075,000 Inco
16,836,035 23,940,000 National Bank of Canada
10,662,800 15,161,969 Nortel networks
52,134,734 74,132,984 Petro-Canada/Variable Vtg. Shs
14,431,010 20,520,174 Telus
EUR USD Brazil (0.60%)
32,150,708 41,109,503 Ambev Pref ADR
8,688,820 11,109,960 Banco Itau Holding Financeira ADR
EUROPE (36.94%)
EUR EUR France (9.02%)
3,428,080 3,428,080 Air Liq-Prime de fid 07/STK/12-06-2006
35,063,572 35,063,572 Air Liquide Nom. Pime de fidelité
1,283,708 1,283,708 Arkema
14,393,610 14,393,610 Atos Origin
47,943,426 47,943,426 Axa
1,027,626 1,027,626 Axa/CLM/19-06-2006
65,868,000 65,868,000 BNP Paribas
38,964,000 38,964,000 Carrefour Supermarché
22,233,835 22,233,835 Danone
40,376,342 40,376,342 EAD S
22,779,480 22,779,480 LVMH Moët Hennessy Louis Vuitton
32,661,445 32,661,445 Pernod-Ricard
36,681,204 36,681,204 Regie Nationale des Usines Renault
37,288,039 37,288,039 Saint-Gobain
30,294,305 30,294,305 Sanofi-Synthelabo
112,315,967 112,315,967 Total
32,693,392 32,693,392 Vinci
32,637,811 32,637,811 Vivendi Exchangeco
EUR USD
10,338,404 13,219,200 Business Objects
EUR GBP United Kingdom (6.67%)
4,639,066 3,207,218 888 Holdings W/I
28,748,977 19,875,605 BT Group
18,844,869 13,028,400 Debenhams
74,592,716 51,569,675 GlaxoSmithKline
603,368 417,138 GlaxoSmithKline/STK/10-05-2006
37,018,051 25,592,429 Imperial Tobacco
20,629,236 14,262,022 Man Group
15,296,042 10,574,919 Old Mutual
23,180,191 16,025,625 Partygaming
14,421,102 9,970,029 Petrofac W/I
36,201,552 25,027,943 Rio Tinto
65,858,036 45,530,953 Royal Bank of Scotland
15,282,747 10,565,727 Smiths Group
28,861,305 19,953,264 Tesco
585,675 404,907 Tesco/STK/03-05-2006
1,439,384 995,118 Vodafone Group (GBP)/STK/07-06-2006
38,578,837 26,671,479 Vodafone Group
33,152,633 22,920,073 WPP Group
EUR EUR Netherlands (5.74%)
33,331,737 33,331,737 Ahold
19,837,689 19,837,689 Heineken/New
74,267,035 74,267,035 ING Groep
23,513,250 23,513,250 Koninklijke KPN
39,324,017 39,324,017 Reed Elsevier
122,489,857 122,489,857 Royal Dutch Shell A
18,011,280 18,011,280 SNS Reaal
33,576,000 33,576,000 TNT
29,549,119 29,549,119 Wolters Kluwer
EUR CHF Switzerland (5.63%)
36,533,406 57,224,100 ABB
35,474,151 55,564,936 Adecco
32,426,356 50,791,022 Holcim N
37,330,630 58,472,832 Nestlé
66,646,856 104,392,303 Novartis REG SHS
33,054,675 51,775,191 Roche Holding
34,801,911 54,511,973 Swiss Reinsurance
22,450,386 35,165,163 Syngenta
86,926,292 136,156,998 UBS
EUR EUR Germany (2.77%)
28,944,111 28,944,111 Bayer
31,515,000 31,515,000 Deutsche Post
24,316,665 24,316,665 Deutsche Telekom N
56,700,000 56,700,000 E.ON
34,726,098 34,726,098 RWE/A
14,149,409 14,149,409 SAP/Stammaktien
EUR SEK Sweden (1.67%)
30,103,988 277,278,799 Skandinaviska Enskilda Ban/A
29,888,526 275,294,250 SKF/B
17,372,520 160,013,070 Teliasonera AB
37,022,703 341,005,014 Volvo/B
EUR NOK Norway (1.41%)
27,315,421 217,335,150 DnB NOR
38,359,052 305,203,800 Statoil
30,987,054 246,548,498 Telenor
EUR EUR Spain (1.19%)
17,149,440 17,149,440 Altadis
37,202,688 37,202,688 Banco Bilbao Vizcaya Argenta
26,769,885 26,769,885 Banco Santander Central Hispano
EUR EUR Italy (0.93%)
23,021,144 23,021,144 Enel
10,237,153 10,237,153 Saras
30,440,880 30,440,880 Unicredito Italiano
EUR EUR Ireland (0.74%)
36,075,217 36,075,217 Allied Irish Banks
14,312,610 14,312,610 CRH
EUR EUR Finland (0.58%)
39,741,757 39,741,757 Nokia/A
EUR EUR Greece (0.27%)
16,424,454 16,424,454 National Bank of Greece (Demat)
1,865,835 1,865,835 National Bank of Greece/CLM/14-06-2006
EUR HUF Hungary (0.20%)
13,938,341 3,948,035,000 MOL Hungarian Oil and Gas
EUR EUR Austria (0.12%)
8,499,992 8,499,992 Oesterreichische Post
ASIA (12.97%)
EUR JPY Japan (10.49%)
36,963,899 5,402,972,400 Astellas Pharma
37,644,259 5,502,420,000 Daikin Industries
28,969,418 4,234,428,000 Denso
41,241,276 6,028,192,000 Fanuc
17,381,680 2,540,661,000 Hitachi Construction Machine
38,905,390 5,686,758,000 Honda Motor
35,660,801 5,212,500,000 Japan Tobacco
13,959,878 2,040,500,000 Kawasaki Heavy Industries
25,490,375 3,725,900,000 KDDI
35,564,166 5,198,375,000 Komatsu
21,858,275 3,195,000,000 Millea Holdings
42,653,550 6,234,622,500 Mitsubishi
23,223,203 3,394,510,000 Mitsui Fudosan
28,610,737 4,182,000,000 Nidec
48,735,025 7,123,545,000 Nomura Holdings
28,376,625 4,147,780,000 Orix
14,464,842 2,114,310,000 Otsuka
19,128,180 2,795,945,000 Resona Bank Holdings
45,119,488 6,595,066,000 Shin-Etsu Chemical
32,269,142 4,716,745,000 Shiseido
31,567,488 4,614,185,000 Sony
32,119,008 4,694,800,000 Sumitomo Mitsui Financial Group
38,998,121 5,700,312,500 T&D Holdings
EUR HKD Hong Kong (1.43%)
32,845,765 326,199,500 Esprit Holdings
32,122,603 319,017,600 Sun Hung Kai Properties
32,873,505 326,474,995 Swire Pacific/A
EUR USD South Korea (0.53%)
36,381,629 46,519,370 Samsung Electronics/GDR 1/2 vgt,s -144A-
EUR SGD Singapore (0.52%)
19,013,056 38,444,400 DBS Group Holdings
16,594,893 33,554,873 Singapore Telecom Shs Board Lot 1000
AUSTRALIA (1.61%)
EUR AUD Australia (1.61%)
65,268,813 112,330,891 BHP Billiton
29,890,957 51,443,832 Brambles Industries
15,290,172 26,315,151 Macquarie Bank
SMALLCAPS (2.23%)
AMERICA (0.73%)
EUR USD United States (0.56%)
1,408,321 1,800,750 Alliant Energy
1,493,485 1,909,644 American Eagle Outfitters
798,566 1,021,086 American Greetings/Cl A
596,110 762,216 Americredit
1,345,966 1,721,020 Applera Corp-applied Biosys
1,370,258 1,752,080 Assurant
1,575,701 2,014,770 BMC Software
1,378,814 1,763,020 Cadence Design
438,717 560,965 Centurytel
402,378 514,500 Community Health Systems
1,525,421 1,950,480 Frontier Oil
1,059,790 1,355,100 Health Net
1,214,640 1,553,100 Intersil/A
1,274,680 1,629,870 Investors Financial SVCS CP
1,451,711 1,856,230 Janus Capital Group
1,362,446 1,742,092 Jones Apparel
648,809 829,600 King Pharmaceuticals
527,344 674,289 Leucadia National
366,962 469,216 Lincare holdings
1,287,221 1,645,905 LSI Logic
694,542 888,076 Magellan Health Services
729,969 933,375 NVR
1,385,915 1,772,100 Pactiv
1,294,062 1,654,653 Payless Shoesource
1,510,345 1,931,202 Pepco Holdings
1,446,893 1,850,070 PMI Group
1,283,579 1,641,248 Q Logic
1,362,528 1,742,196 Radian Group
1,531,498 1,958,250 SPX
1,177,300 1,505,354 Synopsys
1,543,816 1,974,000 Terex
1,610,896 2,059,772 Tesoro Petro
821,329 1,050,192 USG
693,388 886,600 Wisconsin Energy
EUR CAD Canada (0.17%)
1,500,819 2,134,090 Algoma Steel
1,260,894 1,792,928 Biovail
997,537 1,418,448 CGI Group
1,433,426 2,038,260 CI Financial
627,565 892,366 Ensign Energy Services
1,435,505 2,041,217 Ipsco
1,209,637 1,720,043 Methanex
442,069 628,600 Penn West Energy Trust
1,211,456 1,722,630 Shaw Communications
1,284,400 1,826,352 TransAlta
EUROPE (0.73%)
EUR GBP United Kingdom (0.20%)
1,324,499 915,692 Barratt Developments
1,420,800 982,270 British Airways
1,325,467 916,361 Charter
1,330,943 920,148 De La Rue
1,049,024 725,243 First Choice Holidays
1,254,098 867,021 GKN
1,693,291 1,170,657 Inchcape
1,372,437 948,834 Schroders
1,353,189 935,527 Taylor Woodrow
1,370,544 947,526 United Business Media
EUR SEK Sweden (0.11%)
1,546,522 14,244,550 Alfa Laval
1,070,755 9,862,400 Fabege
1,614,975 14,875,050 Modern Times Group/B
0 0 Modern Times Group/B Red 06
1,108,711 10,212,000 Skanska /B
1,416,195 13,044,150 Svenskt Stal/A
803,500 7,400,800 Swedish Match /B
EUR EUR Finland (0.10%)
1,558,960 1,558,960 Kesko/B
1,432,685 1,432,685 Metso
1,186,492 1,186,492 Orion/B
1,190,448 1,190,448 Rautaruukki
1,445,418 1,445,418 YIT
EUR EUR France (0.07%)
1,224,469 1,224,469 Bic
1,379,268 1,379,268 Neopost
1,171,065 1,171,065 Publicis Groupe
1,244,957 1,244,957 Sodexho Alliance
EUR EUR Germany (0.07%)
1,142,760 1,142,760 Merck
1,257,088 1,257,088 ProSieben Sat,1 Media/Vorzugsaktien
999,143 999,143 Salzgitter
1,289,355 1,289,355 Wincor Nixdorf
EUR NOK Norway (0.04%)
1,307,554 10,403,550 Acergy
1,208,320 9,614,000 Prosafe
EUR DKK Denmark (0.03%)
1,188,087 8,862,300 Sydbank
882,831 6,585,300 Topdanmark
EUR EUR Italy (0.02%)
1,407,440 1,407,440 Benetton Group
EUR EUR Ireland (0.02%)
1,392,174 1,392,174 C&C Group
EUR EUR Austria (0.02%)
1,327,036 1,327,036 Andritz
EUR EUR Netherlands (0.02%)
1,220,513 1,220,513 Stork
EUR CHF Switzerland (0.01%)
962,595 1,507,760 Rieter Holding/N,A,
EUR EUR Spain (0.01%)
927,420 927,420 Fomento de Constructiones Y Contratas
EUR EUR Belgium (0.01%)
532,440 532,440 Umicore
ASIA (0.60%)
EUR JPY Japan (0.50%)
1,403,855 205,200,000 Amada
1,004,646 146,848,000 Comsys Holdings
1,303,492 190,530,000 CSK
970,685 141,884,000 Daido Steel
1,089,014 159,180,000 Daimaru
1,261,746 184,428,000 Electric Power Development
1,499,868 219,234,000 Fuji Electric Holdings
1,529,402 223,551,000 Fujikura
369,572 54,020,000 Furukawa Electronics
488,066 71,340,000 Glory
907,272 132,615,000 Hakuhodo Dy Holdings
1,105,680 161,616,000 Hankyu Department Stores
1,276,113 186,528,000 Hitachi High-Technologies
1,461,186 213,580,000 Makita
439,820 64,288,000 Mitsubishi Gas Chem
470,743 68,808,000 Mitsubishi Materials
1,122,209 164,032,000 Mitsubishi Rayon
1,353,229 197,800,000 NGK Spark Plug
1,318,885 192,780,000 Nichirei
946,316 138,322,000 Nissan Chemical Industries
1,053,548 153,996,000 Nisshinbo
959,082 140,188,000 Nissin Food Producs
1,356,930 198,341,000 NSK
1,244,382 181,890,000 Otsuka
1,389,735 203,136,000 Sumitomo Heavy Industries
1,192,046 174,240,000 Teijin
1,292,717 188,955,000 The Bank of Kyoto
1,099,276 160,680,000 Toho Titanium
1,173,204 171,486,000 Tokyo Style
1,066,602 155,904,000 Toyo Suisan Kaisha
1,297,882 189,710,000 Yakult Honsha
EUR HKD Hong Kong (0.06%)
425,666 4,227,400 Guoco Group
1,519,622 15,091,750 Kerry Properties
1,211,877 12,035,450 Television Broadcasts
1,267,273 12,585,600 The Wharf Holdings
EUR SGD Singapore (0.04%)
696,429 1,408,180 Neptune Orient Lines
1,289,911 2,608,200 Sembcorp Industries
826,904 1,672,000 Singapore Exchange
AUSTRALIA (0.17%)
EUR AUD Australia (0.15%)
1,387,553 2,388,049 Australian Stock Exchange
1,410,643 2,427,788 AXA Asia Pacific Holdings
1,485,237 2,556,167 Babcock & Brown
1,106,466 1,904,284 Leighton Holdings
1,214,145 2,089,604 Lion Nathan
1,254,935 2,159,805 Promina Group
1,122,943 1,932,641 Symbion Health
1,203,692 2,071,615 Zinifex
EUR NZD New Zealand (0.02%)
1,130,440 2,368,949 Tower
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---
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