Triodos Microfinance Fund Audited annual report 2011

Triodos Microfinance Fund Audited annual report 2011 TLIM Microfinance is the provision of financial services to low-income people in developing countries. An inclusive financial sector, where the majority of people have access to financial services, provides a sustainable basis for balanced socio-economic development. Triodos SICAV II -Triodos Microfinance Fund Audited annual report 2011 Société d’Investissement à Capital Variable organised under the laws of the Grand Duchy of Luxembourg The value of the investments may fluctuate. Past performance is no guarantee of future results. No subscription can be accepted on the basis of financial reports. Subscriptions are only valid if they are made on the basis of the latest published prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. The prospectus is available free of charge at the registered office of Triodos SICAV II in Luxembourg and from Triodos Bank: www.triodos.com. Triodos Investment Management is a 100% subsidiary of Triodos Bank. Triodos Investment Management is the Investment Manager of Triodos Microfinance Fund and manages the assets on a day-to-day basis. Key figures (amounts in euros) Total net asset value at year-end Income Expenses Net operating income Realised and unrealised results on investments, swaps and foreign exchange contracts Net result Total Expense Ratio per share class* I-cap (EUR) I-dis (EUR) B-cap (EUR) B-dis (EUR) R-cap (EUR) R-dis (EUR) KI-cap (GBP) KI-dis (GBP) KB-cap (GBP)** KB-dis (GBP)*** KR-cap (GBP)**** KR-dis (GBP) 2011 91,679,563 4,844,089 -1,598,322 3,245,767 1,337,110 4,582,877 2,11% 2.13% 3.05% 2.62% 2.84% 2.81% 2.02% 2.12% 2.85% 2.86% 2.83% 2.85% 2010 59,977,763 3,062,474 -1,181,811 1,880,663 616,267 2,496,930 2.35% 2.25% 2.92% 2.88% 3.00% 2.95% 2.19% 2.20% 2.41% 2.65% 3.28% 2.95% 2009 39,330,771 1,226,263 -595,737 630,526 -252,222 378,304 2.20% 2.17% 3.97% 3.86% 2.92% 2.68% 2.18% 2.19% n.a. n.a. n.a. 3.08% * The total expense ratio (TER) includes all the costs that are charged to the result during the reporting period. The costs of securities transactions and the interest charges are disregarded. ** This share class was launched on April 1, 2010 *** This share class was launched on June 1, 2010 **** This share class was launched on November 1, 2010 Net asset value per share Share class I-cap (EUR) I-dis (EUR) B-cap (EUR) B-dis (EUR) R-cap (EUR) R-dis (EUR) KI-cap (GBP)* KI-dis (GBP)* KB-cap (GBP)* KB-dis (GBP)* KR-cap (GBP)* KR-dis (GBP)* 31.12.2011 EUR 28.06 EUR 26.54 EUR 27.50 EUR 26.35 EUR 27.43 EUR 26.39 GBP 22.31 GBP 19.71 GBP 21.07 GBP 20.65 GBP 21.12 GBP 19.76 31.12.2010 EUR 26.45 EUR 25.91 EUR 26.11 EUR 25.80 EUR 26.04 EUR 25.77 GBP 21.10 GBP 20.97 GBP 20.06 GBP 19.77 GBP 20.08 GBP 20.81 31.12.2009 EUR 25.29 EUR 25.31 EUR 25.14 EUR 25.14 EUR 25.08 EUR 25.08 GBP 20.20 GBP 20.19 n.a. n.a. n.a. GBP 20.18 * The GBP share classes are hedged against the euro. 4 Return1 based on net asset value per share Share class I-cap (EUR) I-dis (EUR) B-cap (EUR) B-dis (EUR) R-cap (EUR) R-dis (EUR) KI-cap (GBP)2 KI-dis (GBP)2 KB-cap (GBP)2 KB-dis (GBP)2 KR-cap (GBP)2 KR-dis (GBP)2 Start date 01-04-2009 02-03-2009 02-06-2009 02-06-2009 01-07-2009 01-07-2009 02-03-2009 02-03-2009 01-04-2010 01-06-2010 01-11-2010 02-03-2009 Average since 1 year inception p.a. 6.1% 4.4% 6.1% 4.3% 5.3% 3.9% 5.4% 3.9% 5.3% 3.9% 5.3% 3.9% 5.7% 4.1% 5.7% 4.1% 5.0% 3.1% 4.5% 2.1% 5.2% 4.8% 5.1% 3.6% Source: RBC Dexia and vwd group 1 The return includes reinvestment of dividends and costs. 2 The GBP share classes are hedged against the euro. 5 ... - tailieumienphi.vn