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Hitt og þetta 6. september 2006

Semiannual report & accounts

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.

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25 ára afmælistilboð VB – 50% afsláttur af áskrift

Afmælistilboð VB

Viðskiptablaðið er 25 ára og af því tilefni býðst nýjum áskrifendum að kaupa áskrift á 50% afslætti.
Afmælisverðið er aðeins 2.500 krónur.

Tilboðið er fyrir nýja áskrifendur. Núverandi áskrifendur geta bætt við sig áskrift á þessu verði. Gildir í 4 mánuði. Áskrifendur fá Viðskiptablaðið, Frjálsa verslun og Fiskifréttir sent ásamt vefaðgangi að vb.is og fiskifrettir.is