Millennium Specialized Open Investment Fund

The Millennium Specialized Open-End Investment Fund is the first Fund in Poland to provide an opportunity to invest in the best investment funds in the world. They have never been so accessible before.

Two categories of participation units are available in Millennium FIO/SFIO funds: category A and category B. They differ in handling fee-charging policy. Details are in the current Table of Handling Fees.

Millennium SFIO has three strategies for a "Fund of Funds" and the two investment strategies, with assets are invested directly in financial instruments available in the Polish market, as well as on foreign financial markets. It consists of sub-funds with different investment strategies and different risk profiles.

Subfunds of the Specialized Open-End Investment Fund:

Absolute Return Subfund

The Subfund seeks to achieve a positive average annual returns over the long-term investment horizon, regardless of the situation on financial markets. Due to flexible investment policy, fund returns should not be highly correlated with changes in stock exchange indices. As part of the strategy the Fund invests in multiple asset classes in equity, debt, currency and money markets, also using derivative instruments (options, futures, swaps, forwards). The Fund may invest in foreign markets as well.

The Fund's acquisitions account: 33 1160 2202 0000 0001 0239 4283

Corporate Bond Subfund

The Subfund primarily invests in corporate bonds. The objective is to beat money market funds, taking exposure mainly to credit risk and less to interest rate risk. Purchased corporate bonds will be denominated in both the PLN and EUR, both Polish and foreign companies. FX position will hedged. Hedging of foreign currency exposure will allow to boost portfolio’s profitability by using interest rate disparity (EUR and USD vs PLN).

The Fund's acquisitions account: 08 1160 2202 0000 0001 0239 2017

Global Stable Growth Subfund

The Subfund’s investment policy assumes creation of a globally diversified portfolio with moderate risk, which will invest in various global financial instruments, with a majority of bonds (over 50%) and significant participation of equities (approx. 30%), with observance of appropriate diversification criteria. The Subfund’s money will be invested up to 100% in participation titles of foreign funds whose investment policy assumes investing assets mainly in debt instruments, in participation titles of foreign funds whose investment policy assumes investing the assets mainly in equities as well as in participation titles of other foreign funds, which invest in alternative assets. The Subfund may invest in derivatives.

The Fund's acquisitions account: 12 1160 2202 0000 0001 0239 5922

Global Alternatives Subfund

The Subfund’s investment policy assumes creation of a globally diversified portfolio with moderate risk, which will invest in various global financial instruments in alternative assets, with observance of appropriate diversification criteria. The Subfund’s money will be invested up to 100% in participation titles of foreign funds whose investment policy assumes investing in assets, which are alternative to equities and Treasury bonds, e.g. in private-equity, real estate, commodity or absolute return funds.

The value of the Subfund’s assets is highly volatile due to composition of the portfolio. The Subfund invests its money in participation titles of foreign funds, which operate in various segments of the world financial market and no single main market, may be identified, which would have definitive impact on the Subfund’s performance.

The Fund's acquisitions account: 43 1160 2202 0000 0001 0239 6819

Subfund Global Equity

The Subfund’s investment policy assumes allocation up to 100% of the assets to equities on global markets, subject to appropriate diversification criteria. The Subfund’s money will be invested mainly in participation titles of foreign funds whose investment policy assumes investing the assets mainly in equities. The Subfund may invest in derivatives.

The Fund's acquisitions account: 1160 2202 0000 0001 0239 7872

Prospectus

Fees

Prices of investment funds

Prices of investment funds managed by Millennium TFI

Risks

Investment Fund is an entity having legal personality and operating on the basis of the Act of 27 May 2004 on investment funds, conducting, exclusively, operations involving investing cash collected publicly or not publicly in securities and other property rights provided for in the Act.

In return for payments into the fund investors receive participation units. Their number shows proportional share held by the investor in the investment fund assets. In specified time intervals the fund determines the value of participation units i.e. calculates „net value of fund's assets" assigned to a single participation unit. For this purpose, the fund determines the value of its investment portfolio and divides it by the number of participation units allocated to all participants. The value of participation unitmay change on each valuation day.

The following risks result from investing in investment funds:

  • Sector risk,
  • Credit risk,
  • Short-term price volatility risk,
  • FX risk,
  • Risk of not admitting issuer's securities to regulated market trading,
  • Liquidity risk,
  • Tax risk,
  • Legal risk,
  • Settlement risk,
  • Market risk,
  • Interest rate risk,
  • Risk of loss of capital,
  • Asset or market concentration risk,
  • Level of charges and fees,
  • Product complexity.

Risk description is provided in „Description of Risk Related to Financial Instruments and Products for Individuals in Bank Millennium S.A."1), as available in the Bank's outlets and on the Bank Web site www. bankmillennium.pl.

Detailed information on risks and investment strategy can be found in investment fund prospectuses.

Investing in mutual funds involves risk of loss as well as the obligation to pay fees and tax. The Fund does not guarantee the investment objective or specific investment result. The value of net assets of Millennium Funds is or may be characterised by high volatility due to the composition of investment portfolios. The issuer, the guarantor or the guarantor of securities representing more than 35% of the assets of Millennium Funds (excluding the Millennium SFIO) may be the Treasury, National Bank of Poland, the U.S. government, the European Central Bank or the European Investment Bank. The full description of Millennium Funds, including a description of risk factors is contained in prospectuses and Key Investor Information Documents of individual Funds are available in branches of Bank Millennium S.A., in the seat of Millennium TFI S.A and on the website www.millenniumtfi.pl.

Amounts invested in the product are not covered by the guarantee system BFG.