millennium sicav

MILLENNIUM SICAV
Semi-annual Report (unaudited)
at 30/06/13
RCS Luxembourg N B71571
Database Publishing System: CO-Reporter® by CO-Link, Belgium.
Page 1
MILLENNIUM SICAV
Table of Contents
Page
Organisation of the SICAV
3
Statement of net assets
4
Statement of operations and changes in net assets
4
Key figures relating to the last 3 years
6
Securities portfolio at 30/06/13
MILLENNIUM SICAV EURO Fixed Income
MILLENNIUM SICAV Emerging Markets Debt Securities
MILLENNIUM SICAV UK Equities
MILLENNIUM SICAV North American Equities
MILLENNIUM SICAV Euro Zone Equities
8
10
12
13
16
Geographical and Economical breakdowns
MILLENNIUM SICAV EURO Fixed Income
MILLENNIUM SICAV Emerging Markets Debt Securities
MILLENNIUM SICAV UK Equities
MILLENNIUM SICAV North American Equities
MILLENNIUM SICAV Euro Zone Equities
17
18
19
20
21
Notes to the financial statements
22
Supplementary information (unaudited)
28
Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report as well as
by the latest semi-annual report of MILLENNIUM SICAV, if published after the latest annual report.
Page 2
MILLENNIUM SICAV
Organisation of the SICAV
Board of Directors of Millennium Sicav
Registered office
Rui Manuel Alexandre Lopes
Chairman
Millennium Sicav
5, Allée Scheffer
L-2520 Luxembourg
José Maria de Oliveira da Cunha
Director
Investment Administrator
Pedro Monteiro Cristiano Casquinho
Director
BII Investimentos International S.A.
5, Allée Scheffer
L-2520 Luxembourg
Paying and Authorised Selling Agent
Management Company
In Greece
Luxcellence Management Company S.A.
5, Allée Scheffer
L-2520 Luxembourg
Millennium Bank S.A.
25-29 El. Venizelou
10564, Athens
Greece
Investment Manager
F&C Management Limited
8th Floor, Exchange House
Primrose Street
London EC2A 2NY
United Kingdom
Promoter
Banco Comercial Português, S.A.
Sociedade Aberta
Praça Dom João I, 28
P-4000-295 Porto
Portugal
Domiciliary, Custodian,
Administration and Transfer Agent
CACEIS Bank Luxembourg
5, Allée Scheffer
L-2520 Luxembourg
Cabinet de Révision agréé
KPMG Luxembourg S.à r.l.
9, Allée Scheffer
L-2520 Luxembourg
Page 3
MILLENNIUM SICAV
Financial Statements at 30/06/13
Expressed in
Consolidated
EURO Fixed
Income
Emerging Markets
Debt Securities
UK Equities (Note
9)
EUR
EUR
USD
GBP
Notes
Statement of net assets
Assets
Securities portfolio at cost price
Unrealised profit/(loss) on portfolio
Securities portfolio at market value
1a
Cash at banks and liquidities
Other assets
1d
Liabilities
Other liabilities
Net asset value
Statement of operations and changes in net
assets
Investment income
1d, 8
Management Company, investment administrator
and investment management fees
Custodian & sub-custodian fees
6
Bank interest
General expenses
Taxe d'abonnement
3
Transactions fees
Total expenses
Net income from investments
Net realised gain/(loss) on sales of investment
securities
Net realised gain/(loss) on foreign exchange
and financial instruments
Net realised profit/(loss)
Movement in net unrealised
appreciation/(depreciation) on
84,667,982.67
77,891,559.88
4,718,606.56
82,610,166.44
1,251,552.12
806,264.11
190,921.66
190,921.66
84,477,061.01
19,871,440.15
19,114,072.77
239,906.60
19,353,979.37
181,630.07
335,830.71
17,681.10
17,681.10
19,853,759.05
9,134,277.92
7,842,269.78
-313,071.62
7,529,198.16
1,099,064.59
506,015.17
123,306.45
123,306.45
9,010,971.47
8,405.90
34,185.42
-32,925.58
1,259.84
7,146.06
0.00
7,146.06
7,146.06
1,259.84
1,693,628.72
284,365.63
331,757.20
63,110.57
247,594.25
63,015.99
0.00
0.00
33,124.94
795.79
90,611.67
7,839.23
194,090.46
610,827.72
7,800.47
27.90
21,551.11
2,651.82
6,607.07
101,748.94
3,782.00
0.69
17,486.47
2,346.11
7,361.77
93,993.03
0.00
54.26
198.39
0.00
0.00
252.65
1,082,801.00
230,008.26
153,601.22
-252.65
3,740,635.72
486,604.98
190,109.95
0.00
6,562.29
0.01
5,781.52
-402.37
4,829,999.01
716,613.25
349,492.69
-655.02
Increase/(Decrease) in net assets as a result
of operations
Net subscriptions/ (redemptions)
-1,138,760.44
3,691,238.57
-759,196.69
-42,583.44
-1,081,903.46
-732,410.77
0.00
-655.02
14,127,381.95
503,710.44
601.97
-154,999.90
Increase/(Decrease) of net assets
17,818,620.52
461,127.00
-731,808.80
-155,654.92
Net assets at the beginning of the period
66,474,379.02
19,392,632.05
9,742,780.27
156,914.76
184,061.47
0.00
0.00
0.00
84,477,061.01
19,853,759.05
9,010,971.47
1,259.84
Investment securities
Reevaluation of opening consolidated NAV
Net assets at the end of the period
The accompanying notes form an integral part of these financial statements
Page 4
MILLENNIUM SICAV
North American
Equities
Euro Zone Equities
USD
EUR
18,665,422.34
15,638,551.63
2,881,473.40
18,520,025.03
130,382.64
15,014.67
52,407.92
52,407.92
18,613,014.42
43,533,142.65
40,785,908.31
2,553,500.64
43,339,408.95
121,641.16
72,092.54
30,565.84
30,565.84
43,502,576.81
158,191.56
102,900.29
1,051,637.72
94,407.75
9,472.84
44.90
25,098.27
2,197.11
104,183.46
243,896.87
15,190.80
669.74
36,271.98
1,714.00
102,204.16
250,458.43
-85,705.31
801,179.29
1,563,540.47
1,913,319.40
4,073.78
-502.95
1,481,908.94
2,713,995.74
841,837.26
2,323,746.20
-196,026.90
2,517,968.84
-3,227,589.36
16,271,608.43
-903,843.16
18,789,577.27
19,516,857.58
24,712,999.54
0.00
0.00
18,613,014.42
43,502,576.81
The accompanying notes form an integral part of these financial statements
Page 5
MILLENNIUM SICAV
Key figures relating to the last 3 years
EURO Fixed Income
Number of shares
Net asset value per share
Shares Class R
Number of shares
Net asset value per share
UK Equities (Note 9)
North American Equities
EUR
EUR
EUR
USD
USD
USD
GBP
GBP
GBP
USD
USD
USD
31/12/11
31/12/12
30/06/13
31/12/11
31/12/12
30/06/13
31/12/11
31/12/12
30/06/13
31/12/11
31/12/12
30/06/13
19,392,632.05
19,853,759.05
8,422,982.23
9,742,780.27
9,010,971.47
9,263,396.06
156,914.76
1,259.84
63,861,100.46
19,516,857.58
18,613,014.42
112,834.44
101.97
82,946.77
95.09
112,834.44
101.82
88,442.51
94.58
24,828.78
339.24
24,513.41
397.45
24,513.62
367.59
54,495.98
169.98
-
961.55
163.19
-
8.87
141.99
-
400,748.70
119.10
149,662.28
107.78
84,563.00
133.71
68,701.71
119.50
84,183.00
151.09
43,906.80
134.23
Net assets 15,382,283.91
Shares Class I
Emerging Markets Debt Securities
112,834.44
91.89
58,055.27
86.37
The accompanying notes form an integral part of these financial statements
Page 6
MILLENNIUM SICAV
Key figures relating to the last 3 years
Euro Zone Equities
EUR
EUR
EUR
31/12/11
31/12/12
30/06/13
24,712,999.54
43,502,576.81
341,912.20
72.17
555.55
69.21
575,846.20
75.48
494.81
71.92
Net assets 90,634,200.33
Shares Class I
Number of shares
Net asset value per share
Shares Class R
Number of shares
Net asset value per share
1,576,564.35
57.48
235.87
55.87
The accompanying notes form an integral part of these financial statements
Page 7
MILLENNIUM SICAV EURO Fixed Income
Securities portfolio at 30/06/13
Expressed in EUR
Nominal/
Quantity
Quotation
currency
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt
in on another regulated market
159,000
66,000
94,000
250,000
40,000
60,000
130,000
176,000
739,000
130,000
150,000
1,423,000
30,000
173,000
325,000
70,000
250,000
200,000
48,000
110,000
560,000
93,000
155,000
136,000
316,000
230,000
38,000
605,000
445,000
455,000
168,000
45,000
100,000
330,000
108,000
38,000
130,000
147,000
61,000
565,000
120,000
102,000
293,000
331,000
300,000
1,035,000
200,000
928,000
190,000
295,000
50,000
324,000
98,000
178,000
50,000
100,000
121,000
323,000
36,000
126,000
571,000
Fixed interest rate bonds
ALLEMAGNE GOVT BOND 4.25 07-17 04/07A
AUSTRIA
3.40 09-14 20/10A
AUSTRIA
3.50 05-21 15/09A
AUSTRIA
3.90 04-20 15/07A
AUSTRIA EMTN
4.00 05-16 15/09A
AUSTRIA REP OF
3.65 11-22 20/04A
BELGIQUE
4.25 12-22 28/09A
BELGIQUE OLO -60- 3.50 11-17 28/06A
BELGIUM KINGDOM
3.00 12-19 28/09A
BELGIUM KINGDOM 64 4.50 11-26 28/03A
BELGIUM OLO -48- 4.00 06-22 28/03A
BRD
2.00 11-22 04/01A
BRD
2.25 10-20 04/09A
BRD
4.75 98-28 04/07A
BRD
5.50 00-31 04/01A
BRD
6.25 94-24 04/01A
BRD GOVT
3.50 05-16 04/01A
BRD INDEXEE
0.75 11-18 15/04A
FINLAND
3.375 10-20 15/04A
FINLAND
4.375 08-19 04/07A
FRANCE
3.00 11-22 25/04U
FRANCE FTB
3.50 05-15 25/04A
FRANCE OAT
1.00 12-18 25/05A
FRANCE OAT
2.50 09-20 25/10A
FRANCE OAT
3.00 04-15 25/10A
FRANCE OAT
3.25 06-16 25/04A
FRANCE OAT
4.00 06-38 25/10A
FRANCE OAT
4.25 06-17 25/10A
FRANCE OAT
4.25 06-23 25/10A
FRANCE OAT
4.75 04-35 25/04A
FRANCE OAT
5.75 00-32 25/10A
FRANCE OAT
3.50 10-26 25/04A
FRANCE OAT
4.50 09-41 25/04A
GERMANY
0.75 12-17 24/02A
GERMANY SERIE 07 4.25 07-39 04/07A
GERMANY -3014.75 03-34 04/07A
IRISH GOVT TREASURY 4.50 04-20 18/04A
IRISH GOVT TREASURY 5.00 10-20 18/10A
IRISH GOVT TREASURY 5.90 09-19 18/10A
ITALY
4.50 12-15 15/07S
ITALY BOT
4.75 13-28 01/09S
ITALY BTP
4.25 09-20 01/03S
ITALY BTP
4.50 04-20 01/02S
ITALY BTP
4.50 08-18 01/08S
ITALY BTP
4.75 11-16 15/09S
ITALY BTP
4.75 12-17 01/05S
ITALY BTP
5.00 07-39 01/08S
ITALY BTP
5.50 12-22 01/09S
ITALY BTP
5.50 12-22 01/11S
ITALY BTPS
4.75 11-21 01/09S
ITALY BTPS
5.00 11-22 01/03S
ITALY BUONI DEL TESO 5.00 03-34 01/08S
KFW
2.25 10-17 21/09A
KREDANSTALT.WIEDERAUFBAU 3.625 10-20 20/01A
LUXEMBOURG GOVT
2.25 13-28 19/03A
NEDERLAND
2.25 12-22 15/07A
NEDERLAND
2.75 09-15 15/01A
NEDERLAND
4.00 08-18 15/07A
NEDERLAND
5.50 98-28 15/01A
NEDERLAND
3.25 05-15 15/07A
NETHERLANDS
1.75 13-23 15/07A
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
The accompanying notes form an integral part of these financial statements
Page 8
Market value
% of net
assets
19,353,979.37
97.48
19,353,979.37
182,409.57
68,745.60
106,158.90
288,475.00
44,284.00
68,362.80
149,123.00
192,174.40
792,799.20
151,616.40
169,602.00
1,485,370.09
32,231.40
229,749.19
472,787.25
100,179.10
270,307.50
222,320.04
54,000.00
129,772.50
598,276.00
98,403.30
153,632.90
142,987.68
334,960.00
247,164.90
42,786.10
687,098.50
519,261.60
565,760.65
233,091.60
48,781.35
121,893.00
333,432.00
145,031.04
52,599.60
136,190.60
157,731.00
68,804.95
590,187.70
119,541.60
104,096.10
302,947.35
346,937.65
317,874.00
1,093,715.55
201,046.00
998,296.00
203,984.00
307,590.60
52,544.00
327,871.80
103,605.60
202,252.50
47,927.50
102,723.00
125,764.98
368,355.66
49,534.20
133,553.70
552,128.45
97.48
0.92
0.35
0.53
1.45
0.22
0.34
0.75
0.97
3.99
0.76
0.85
7.49
0.16
1.16
2.38
0.50
1.36
1.12
0.27
0.65
3.01
0.50
0.77
0.72
1.69
1.24
0.22
3.46
2.62
2.85
1.17
0.25
0.61
1.68
0.73
0.26
0.69
0.79
0.35
2.97
0.60
0.52
1.53
1.75
1.60
5.52
1.01
5.04
1.03
1.55
0.26
1.65
0.52
1.02
0.24
0.52
0.63
1.86
0.25
0.67
2.78
MILLENNIUM SICAV EURO Fixed Income
Securities portfolio at 30/06/13
Expressed in EUR
Nominal/
Quantity
309,000
74,000
45,000
590,000
30,000
419,000
165,000
387,000
410,000
150,000
170,000
Quotation
currency
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Denomination
NETHERLANDS
2.50 12-33 15/01A
SLOVENIA (REP OF) 2.75 10-15 17/03A
SLOVENIE RS70
5.125 11-26 30/03A
SPAIN
4.00 12-15 30/07A
SPAIN
4.20 05-37 31/01A
SPAIN
4.25 11-16 31/10A
SPAIN
4.60 09-19 30/07A
SPAIN
4.65 10-25 30/07A
SPAIN
5.85 11-22 31/01A
SPANISH
4.00 10-20 30/04A
SPANISH GOVT
4.50 12-18 31/01A
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 9
304,210.50
72,716.84
39,033.45
607,629.20
25,803.60
433,840.98
170,849.25
377,634.60
446,502.30
148,372.50
176,553.50
% of net
assets
1.53
0.37
0.20
3.06
0.13
2.19
0.86
1.90
2.25
0.75
0.89
19,353,979.37
97.48
Market value
MILLENNIUM SICAV Emerging Markets Debt Securities
Securities portfolio at 30/06/13
Expressed in USD
Nominal/
Quantity
Quotation
currency
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt
in on another regulated market
115,000
200,000
100,000
100,000
30,000
200,000
300,000
100,000
100,000
40,000,000
200,000
100,000
100,000
140,000
120,000
65,000
200,000
200,000
200,000
200,000
100,000
40,000
100,000
150,000
100,000
200,000
50,000
40,000
18,000
100,000
60,000
250,000
74,000
100,000
150,000
26,000
50,000
10,000,000
60,000
90,000
100,000
100,000
100,000
100,000
37,250
200,000
100,000
200,000
200,000
110,000
100,000
200,000
150,000
50,000
100,000
60,000
100,000
230,000
50,000
105,000
55,000
Fixed interest rate bonds
ARGENTINA BONOS
7.00 05-13 03/10S
BAHRAIN
6.125 12-22 05/07S
BELARUS (REP OF) EMTN 8.75 10-15 03/08S
BELARUS (REP OF) REG S8.95 11-18 26/01S
BRAZIL
11.00 00-40 17/08S
BRAZIL REPUBLIC 2.625 12-23 05/01S
CHILE (REPUBLIC OF) 2.25 12-22 30/10S
CODELCO REGS
6.15 06-36 24/10S
COLOMBIA
6.125 09-41 18/01S
COLOMBIA (CLEAN) 12.00 05-15 22/10A
CROATIA
6.75 09-19 05/11S
DOMINICAN REPUBLIC 7.50 10-21 06/05S
ENAP REGS
4.75 11-21 06/12S
HUNGARY
4.125 13-18 19/02S
HUNGARY
5.375 13-23 21/02S
HUNGARY (REPUBLIC OF) 4.75 05-15 03/02S
INDONESIA REGS
3.375 13-23 15/04S
INDONESIA REGS
4.625 13-43 15/04S
INDONESIE
4.875 11-21 05/05S
KAZMUNAIGAZ REGS 5.75 13-43 30/04S
LITHUANIA REGS
5.125 10-17 14/09S
MEXICAN STATES EMTN 6.75 04-34 27/09S
MEXICAN STATES 25 3.625 12-22 15/03S
MEXIQUE MTN 26
4.75 12-44 08/03S
PACIFIC RUB REGS 5.125 13-23 28/03S
PANAMA (REP.)
4.30 13-53 29/04S
PANAMA (REP.)
6.70 06-36 26/01S
PANAMA (REP.OF)
9.375 99-29 01/04S
PEMEX GTD
5.50 12-44 27/06S
PEMEX PROJECT
6.50 11-41 02/06S
PEMEX REGS
3.50 13-23 30/01S
PERTAMINA REGS
4.30 13-23 20/05S
PERU (REP OF)
6.55 07-37 14/03S
PETRONAS CAP
5.25 09-19 12/08S
PHILIPPINES
6.375 09-34 23/10S
PHILIPPINES
9.50 05-30 02/02S
PHILIPPINES
9.875 99-19 15/01S
PHILIPPINES REPU OF 3.90 12-22 26/11S
POLAND
5.00 11-22 23/03S
POLAND
5.125 11-21 21/04S
REPUBLIC OF CHILE 3.25 11-14 14/09S
REPUBLIC OF LITHUANIA 6.75 09-15 15/01S
RUSSIA REG -S5.00 10-20 29/04S
RUSSIA REGS
3.625 10-15 29/04S
RUSSIA REG-S STEP UP 7.50 00-30 31/03S
SCF CAPITAL REGS 5.375 10-17 27/10S
SINOCHEM OV CAP REG S 4.50 10-20 12/11S
SLOVENIE REGS
5.50 12-22 26/10S
STATE OIL REGS
4.75 13-23 13/03S
TURKEY
7.50 09-17 14/07S
TURKEY(REP.OF)
7.50 09-19 07/11S
TURKEY(REP.OF)
6.25 12-22 26/09S
TURKEY(REP.OF)
6.875 06-36 17/03S
TURKEY(REP.OF)
7.375 05-25 05/02S
UKRAINE REG S SENIOR 6.58 06-16 21/11S
URUGUAY
8.00 05-22 18/11S
UTD MEXICAN STATES 5.125 10-20 15/01S
VENEZUELA
5.75 05-16 26/02S
VENEZUELA
7.65 05-25 21/04S
VENEZUELA
9.25 97-27 15/09S
VENEZUELA REGS
12.75 10-22 23/08S
USD
USD
USD
USD
USD
USD
USD
USD
USD
COP
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
PHP
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
The accompanying notes form an integral part of these financial statements
Page 10
Market value
% of net
assets
7,529,198.16
83.56
7,343,034.05
100,271.95
204,852.00
101,102.00
100,783.00
35,587.50
173,500.00
272,010.00
109,229.00
111,235.00
23,851.08
213,948.00
107,711.00
98,382.00
136,353.00
115,662.00
66,199.25
180,554.00
175,712.00
205,722.00
177,868.00
107,389.00
47,601.20
98,605.00
137,850.00
94,261.00
159,770.00
58,836.00
58,265.60
16,257.96
103,260.00
54,978.00
231,405.00
87,851.32
109,604.00
180,321.00
39,120.90
67,683.00
224,717.67
64,744.80
98,271.90
100,015.00
106,664.00
107,497.00
103,706.00
43,684.19
194,948.00
99,404.00
184,832.00
181,542.00
127,044.50
118,825.00
222,734.00
168,126.43
59,689.00
93,503.00
75,804.00
110,575.00
204,925.40
37,111.50
88,575.90
55,968.00
81.49
1.11
2.28
1.12
1.12
0.39
1.93
3.03
1.21
1.23
0.26
2.38
1.20
1.09
1.51
1.28
0.73
2.00
1.95
2.29
1.97
1.19
0.53
1.09
1.53
1.05
1.77
0.65
0.65
0.18
1.15
0.61
2.58
0.97
1.22
2.00
0.43
0.75
2.50
0.72
1.09
1.11
1.18
1.19
1.15
0.48
2.16
1.10
2.05
2.01
1.41
1.32
2.48
1.87
0.66
1.04
0.84
1.23
2.28
0.41
0.98
0.62
MILLENNIUM SICAV Emerging Markets Debt Securities
Securities portfolio at 30/06/13
Expressed in USD
Nominal/
Denomination
Quantity
100,000 VIETNAM (REP OF)REGS 6.875 05-16 15/01S
Quotation
currency
USD
Floating rate bonds
200,000 COTE D IVOIRE REGS FL.R 10-32 31/12S
19,739 SERBIA REGD
FL.R 05-24 01/11S
USD
USD
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 11
106,534.00
% of net
assets
1.18
186,164.11
166,526.00
19,638.11
2.07
1.85
0.22
7,529,198.16
83.56
Market value
MILLENNIUM SICAV UK Equities (Note 9)
Securities portfolio at 30/06/13
Expressed in GBP
Nominal/
Quantity
Quotation
currency
Denomination
Other transferable securities
Shares
9,920 CAITHNES PETROLEUM ORD SHS
GBP
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 12
Market value
% of net
assets
1,259.84
100.00
1,259.84
1,259.84
100.00
100.00
1,259.84
100.00
MILLENNIUM SICAV North American Equities
Securities portfolio at 30/06/13
Expressed in USD
Nominal/
Quantity
Quotation
currency
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt
in on another regulated market
1,537
1,622
1,763
6,828
2,531
746
1,074
669
99
928
671
459
1,732
848
785
2,869
1,219
1,917
632
434
825
1,556
922
1,657
373
804
1,071
702
598
796
706
318
510
746
7,808
1,222
293
1,669
79
672
10,496
2,305
1,314
10,721
522
1,801
277
1,609
730
588
1,567
4,080
2,361
3,769
8,006
433
208
1,151
2,062
955
347
Shares
ABBOTT LABORATORIES LTD
ABBVIE INC WI
ACE LTD REG SHS
AES CORP
AETNA INC
AGNICO EAGLE MINES
AGRIUM
ALIMENTATION COUCHE - TARD INC SUB VTG B
ALLEGHANY (DEL)
AMAZON.COM INC
AMEREN CORPORATION
AMERICAN ELECTRIC POWER CO INC
AMERICAN INTERNATIONAL GROUP INC
AMERIPRISE FINANCIAL INC - WHEN ISSUED
AMETEK INC
AMGEN INC
APACHE CORP
APPLE INC
ARCHER-DANIELS MIDLAND CO
ASSURANT INC
AVAGO TECHNOLOGIES
AXIS CAPITAL HOLDINGS LTD
BALL CORP
BANK OF MONTREAL
BANK OF NOVA SCOTIA
BAXTER INTERNATIONAL INC
BB AND T CORP
BECTON DICKINSON
BED BATH AND BEYOND INC
BEST BUY CO INC
BIOGEN IDEC INC
BOEING CO COM.
BROADCOM CORPORATION
CANADIAN NATIONAL RAILWAY
CANADIAN NATURAL RESOURCES
CANADIAN OIL SANDS LTD (NEW)
CELANESE CORP-ACELGENE CORP
CF INDUSTRIES HOLDINGS INC
CHEVRON CORP
CISCO SYSTEMS INC
CIT GROUP
COACH INC
COMCAST CORP
COMCAST CORP SPECIAL CLASS A
COMERICA INC
COMPUTER SCIENCES CORP.
CORNING INC
COSTCO WHOLESALE CORP
COVIDIEN PLC
CUMMINS INC
CVS CAREMARK CORP
DELL INC
DIRECTV
DISCOVER FINANCIAL SERVICES - SHS WI
DISH NETWORK -ADTE ENERGY COMPANY
ELI LILLY AND CO
EMC CORP
EQUIFAX INC
ESTEE LAUDER COMPANIES INC -A-
USD
USD
USD
USD
USD
CAD
CAD
CAD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
CAD
CAD
USD
USD
USD
USD
USD
USD
USD
USD
CAD
CAD
CAD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
The accompanying notes form an integral part of these financial statements
Page 13
Market value
% of net
assets
18,520,025.03
99.50
18,520,025.03
53,610.56
67,053.48
157,753.24
81,867.72
160,819.74
20,506.79
92,824.93
39,570.49
37,947.69
257,696.32
23,109.24
20,554.02
77,420.40
68,586.24
33,205.50
283,055.54
102,188.77
759,285.36
21,431.12
22,094.94
30,838.50
71,233.68
38,299.88
95,810.50
19,877.44
55,693.08
36,285.48
69,378.66
42,398.20
21,754.68
151,931.20
32,575.92
17,217.60
72,410.17
219,444.79
22,552.67
13,126.40
195,122.79
13,548.50
79,524.48
255,157.76
107,482.15
75,016.26
448,995.48
20,707.74
71,733.83
12,124.29
22,896.07
80,716.10
36,949.92
169,956.82
233,294.40
31,519.35
232,245.78
381,405.84
18,411.16
13,938.08
56,537.12
48,704.44
56,278.15
22,822.19
99.50
0.29
0.36
0.85
0.44
0.86
0.11
0.50
0.21
0.20
1.38
0.12
0.11
0.42
0.37
0.18
1.52
0.55
4.08
0.12
0.12
0.17
0.38
0.21
0.51
0.11
0.30
0.19
0.37
0.23
0.12
0.82
0.18
0.09
0.39
1.18
0.12
0.07
1.05
0.07
0.43
1.37
0.58
0.40
2.41
0.11
0.39
0.07
0.12
0.43
0.20
0.91
1.25
0.17
1.25
2.05
0.10
0.07
0.30
0.26
0.30
0.12
MILLENNIUM SICAV North American Equities
Securities portfolio at 30/06/13
Expressed in USD
Nominal/
Quantity
Quotation
currency
USD
USD
USD
USD
USD
USD
USD
USD
USD
CAD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
CAD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
CAD
USD
USD
USD
USD
USD
USD
CAD
USD
USD
USD
USD
USD
USD
USD
CAD
USD
USD
USD
Denomination
4,376
2,736
1,345
8,918
886
1,140
3,257
2,612
1,708
300
196
915
1,348
528
9,852
1,932
394
1,777
2,457
81
548
2,161
559
691
119
1,956
5,622
356
11,197
1,512
83
3,001
4,353
918
2,411
5,414
878
4,696
303
1,858
438
17,082
561
1,171
1,638
3,069
331
540
41
172
1,226
3,169
1,305
1,816
163
521
621
7,043
4,938
138
253
1,422
608
55
588
EXELON CORP
EXPEDIA WI
EXPRESS SCRIPTS
EXXON MOBIL CORP
FEDEX CORP
FIFTH THIRD BANCORP
FORD MOTOR
FOREST LABORATORIES INC
FORTUNE BRANDS HOME AND SECURITY W.ISS
FRANCO-NEVADA CORP
F5 NETWORKS
GAMESTOP CORP -AGAP INC
GARMIN
GENERAL ELECTRIC CO
GENERAL MILLS INC
GENERAL MOTORS CO
GILEAD SCIENCES INC
GOLDMAN SACHS GROUP INC
GOOGLE INC
HERBALIFE LTD
HOLLYFRONTIER
HUSKY ENERGY
IAC/INTERACTIVE CORP (WHEN ISSUED)
IHS INC -AINGERSOLL-RAND
INTEL CORP
IRON MOUNTAIN
JPMORGAN CHASE CO
KEYCORP
KIMBERLY CLARK
KOHL'S CORP
KROGER CO
LIFE TECHNOLOGIES CORP
LINCOLN NATIONAL CORP
LOWE'S COMPANIES INC
LYONDELLBASELL -AMARVELL TECHNOLOGY GROUP LTD
MASTERCARD INC -AMEDTRONIC INC
MERCK AND CO
MICROSOFT CORP
MOLSON COORS BREWING CO -B- NON VOTING
MONSANTO CO
MOSAIC
NABORS INDUSTRIES LTD
NATIONAL BK CANADA COMMON
NETAPP
NETFLIX INC
NORFOLK SOUTHERN CORP
O REILLY AUTO
OCCIDENTAL PETROLEUM CORP
PACCAR INC
PACIFIC RUB
PARTNERRE LTD
PEABODY ENERGY CORP
PETSMART INC
PFIZER INC
PHILIP MORRIS INTERNATIONAL INC
PHILLIPS 66
PINNACLE WEST CAPITAL CORP
POTASH CORP OF SASKATCHEWAN
PPL CORP
PRICELINE.COM INC
PUBLIC SERVICE ENTERPRISE GROUP INC
The accompanying notes form an integral part of these financial statements
Page 14
Market value
135,130.88
164,570.40
82,973.05
805,741.30
87,341.88
20,577.00
50,385.79
107,092.00
66,167.92
10,706.49
13,484.80
38,457.45
56,252.04
19,092.48
228,467.88
93,759.96
13,124.14
91,000.17
371,621.25
71,309.97
24,736.72
92,447.58
14,847.07
32,863.96
12,421.22
108,597.12
136,164.84
9,473.16
591,089.63
16,692.48
8,062.62
151,580.51
150,352.62
67,941.18
87,929.17
221,432.60
58,176.28
54,990.16
174,073.50
95,631.26
20,345.10
589,841.46
26,849.46
115,694.80
88,140.78
46,986.39
23,544.07
20,401.20
8,654.69
12,495.80
138,072.12
282,769.87
70,026.30
31,793.88
14,761.28
7,627.44
41,600.79
197,274.43
427,729.56
8,129.58
14,033.91
54,078.08
18,398.08
45,492.15
19,204.08
% of net
assets
0.73
0.88
0.45
4.34
0.47
0.11
0.27
0.58
0.36
0.06
0.07
0.21
0.30
0.10
1.23
0.50
0.07
0.49
2.00
0.38
0.13
0.50
0.08
0.18
0.07
0.58
0.73
0.05
3.18
0.09
0.04
0.81
0.81
0.37
0.47
1.19
0.31
0.30
0.94
0.51
0.11
3.17
0.14
0.62
0.47
0.25
0.13
0.11
0.05
0.07
0.74
1.52
0.38
0.17
0.08
0.04
0.22
1.06
2.30
0.04
0.08
0.29
0.10
0.24
0.10
MILLENNIUM SICAV North American Equities
Securities portfolio at 30/06/13
Expressed in USD
Nominal/
Quantity
Quotation
currency
USD
USD
CAD
USD
USD
USD
USD
CAD
USD
USD
USD
USD
USD
USD
CAD
USD
USD
USD
USD
CAD
USD
USD
USD
CAD
USD
USD
CAD
USD
USD
USD
USD
USD
USD
USD
CAD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
CAD
USD
USD
Denomination
752
201
722
11,662
926
624
4,106
386
392
26,878
708
902
986
293
4,339
5,289
163
1,284
996
473
1,716
3,462
6,786
489
571
1,385
2,228
762
267
433
1,051
2,654
4,419
1,807
59
6,997
4,316
948
5,449
3,726
2,172
2,121
15,378
4,333
1,390
629
1,185
645
757
331
875
RACKSPACE HOSTING INC
ROCKWELL COLLINS WHEN ISSUED
ROGERS COMMUNICATIONS -B- NON VOTING
SAFEWAY INC
SALESFORCE COM.INC
SBA COMMUNICATIONS
SEAGATE TECHNOLOGY PLC
SHOPPERS DRUG MART CORP
SOUTHERN COPPER CORP
SOUTHWEST AIRLINES CO
ST JUDE MEDICAL INC
STAPLES
STARWOOD HOTELS AND RESORTS
STRYKER CORP
SUNCOR ENERGY INC
SYMANTEC CORP
SYNOPSYS
T MOBILE US INC
TARGET CORP
TECK RESOURSES LTD -BTECO ENERGY
TEXAS INSTRUMENTS INC
THE WESTERN UNION COMPANY
TIM HORTONS INC
TIME WARNER CABLE
TJX COS INC
TORONTO DOMINION BANK
TOTAL SYSTEM SERVICES INC
TRAVELERS COS INC/THE
TYCO ELECTRONICS LTD REG SHS
UNION PACIFIC CORP
UNITED PARCEL SERVICE INC
UNITEDHEALTH GROUP INC
UNUM SHS
VALEANT PHARMA
VALERO ENERGY
VERIZON COMMUNICATIONS INC
VISA INC -AWALGREEN CO
WAL-MART STORES INC
WARNER CHILCOTT
WELLPOINT INC
WELLS FARGO AND CO
WESTERN DIGITAL CORP
WHOLE FOODS MARKET
WISCONSIN ENERGY CORP
WPX ENERGY INC
WYNN RESORTS LTD
YAMANA GOLD
ZIMMER HOLDINGS INC
3M CO
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 15
28,493.28
12,745.41
28,196.50
275,922.92
35,354.68
46,250.88
184,071.98
17,752.88
10,827.04
346,457.42
32,306.04
14,305.72
62,305.34
18,951.24
127,500.56
118,843.83
5,827.25
31,856.04
68,584.56
10,074.53
29,498.04
120,719.94
116,108.46
26,365.09
64,226.08
69,333.10
178,393.26
18,653.76
21,338.64
19,718.82
162,148.28
229,517.92
289,356.12
53,071.59
5,071.36
243,285.69
217,267.44
173,247.00
240,845.80
277,549.74
43,179.36
173,582.64
634,650.06
269,035.97
71,557.20
25,782.71
22,443.90
82,560.00
7,197.10
24,805.14
95,681.25
% of net
assets
0.15
0.07
0.15
1.48
0.19
0.25
0.99
0.10
0.06
1.86
0.17
0.08
0.33
0.10
0.69
0.64
0.03
0.17
0.37
0.05
0.16
0.65
0.62
0.14
0.35
0.37
0.96
0.10
0.11
0.11
0.87
1.23
1.55
0.29
0.03
1.31
1.17
0.93
1.29
1.49
0.23
0.93
3.41
1.45
0.38
0.14
0.12
0.44
0.04
0.13
0.51
18,520,025.03
99.50
Market value
MILLENNIUM SICAV Euro Zone Equities
Securities portfolio at 30/06/13
Expressed in EUR
Nominal/
Quantity
Quotation
currency
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt
in on another regulated market
24,301
12,642
8,506
194,500
11,500
17,458
12,174
36,626
12,792
21,078
83,328
28,235
68,270
132,671
24,289
21,426
26,512
148,428
29,010
44,904
5,043
12,814
11,483
38,558
208,036
36,340
42,102
47,463
14,360
51,193
7,949
142,103
454,608
12,883
661,791
13,926
9,949
9,920
17,230
9,394
62,519
16,535
70,466
40,565
29,360
30,599
22,213
4,132
35,369
25,892
100,034
3,274
28,997
38,212
4,398
22,665
Shares
AAREAL BANK AG
ACCOR SA
ADIDAS NAMEN AKT
AEGON NV
AIR LIQUIDE SA
AKZO NOBEL NV
ALLIANZ SE REG SHS
AMER SPORTS OYJ
ANHEUSER-BUSCH INBEV NV
ASM INTERNATIONAL NV
AXA SA
AZIMUT HOLDING SPA
BANCO BILBAO VIZCAYA ARGENT. SA REG SHS
BANCO SANTANDER SA REG SHS
BASF - NAMEN AKT
BAYER AG REG SHS
BNP PARIBAS SA
C AND C GROUP PLC
CGG
CRH PLC
DASSAULT SYSTEMES SA
DEUTSCHE BANK AG REG SHS
DEUTSCHE BOERSE AG REG SHS
DEUTSCHE POST AG REG SHS
EDP-ENERGIAS REG.SHS
ENI SPA
FORTUM CORP
GALP ENERGIA SA REG SHS -BGERRESHEIMER AG
GLANBIA PLC
HEINEKEN NV
ING GROEP NV
INTESA SAN PAOLO SPA
KABEL DEUTSCHLAND HOLDING AG
KENMARE RESOURCES PL
KERRY GROUP PLC
LUXOTTICA GROUP SPA
MICHELIN SA REG SHS
NUTRECO N.V.
PERNOD RICARD SA
PROVIDENCE RESOURCES
PUBLICIS GROUPE
REED ELSEVIER NV
ROYAL PHILIPS ELECTRONICS NV
SANOFI
SAP AG
SCHNEIDER ELECTRIC SA
SIEMENS AG REG SHS
SMURFIT KAPPA PLC
SOCIETE GENERALE SA
TELEFONICA SA
TOD'S SPA
TOTAL SA
UNILEVER NV
VOLKSWAGEN VORZ.AKT
ZIGGO
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
GBP
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 16
Market value
% of net
assets
43,339,408.95
99.62
43,339,408.95
434,987.90
341,776.47
707,188.84
999,535.50
1,091,005.00
756,193.27
1,366,531.50
518,624.16
874,844.88
546,552.54
1,257,836.16
395,007.65
440,000.15
650,353.24
1,666,954.07
1,755,432.18
1,112,841.20
617,460.48
492,879.90
698,257.20
473,941.14
412,034.17
580,695.31
736,265.01
514,889.10
573,445.20
606,268.80
539,891.63
639,020.00
529,847.55
389,103.55
994,721.00
559,622.45
1,087,067.54
189,965.68
590,462.40
386,419.16
681,504.00
562,559.50
800,274.86
390,743.75
904,464.50
901,964.80
849,633.93
2,337,643.20
1,721,499.74
1,237,930.49
320,849.80
453,784.27
683,548.80
984,834.73
355,556.40
1,087,532.49
1,156,104.06
684,108.90
696,948.75
99.62
1.00
0.79
1.63
2.30
2.51
1.74
3.14
1.19
2.01
1.26
2.89
0.91
1.01
1.49
3.83
4.03
2.56
1.42
1.13
1.61
1.09
0.95
1.33
1.69
1.18
1.32
1.39
1.24
1.47
1.22
0.89
2.29
1.29
2.50
0.44
1.36
0.89
1.57
1.29
1.84
0.90
2.08
2.07
1.95
5.36
3.96
2.85
0.74
1.04
1.57
2.26
0.82
2.50
2.66
1.57
1.60
43,339,408.95
99.62
MILLENNIUM SICAV EURO Fixed Income
Geographical breakdown
Breakdown per country
% of net assets
25.03
19.30
19.11
12.03
8.24
7.32
2.89
1.83
0.92
0.57
0.24
2.52
Italy
Germany
France
Spain
The Netherlands
Belgium
Austria
Ireland
Finland
Slovenia
Luxembourg
Other net assets
100.00
Economical breakdown
Breakdown per sector
% of net assets
95.44
1.54
0.50
2.52
Countries and central government
Banks and credit institutions
Public bonds
Other net assets
100.00
The accompanying notes form an integral part of these financial statements
Page 17
MILLENNIUM SICAV Emerging Markets Debt Securities
Geographical breakdown
Breakdown per country
% of net assets
8.82
7.74
6.44
6.32
5.68
4.29
3.52
3.07
2.82
2.38
2.37
2.32
2.28
2.24
2.16
2.05
2.01
1.97
1.85
1.81
1.49
1.22
1.20
1.18
1.11
1.10
1.05
1.04
0.97
1.06
16.44
Indonesia
Turkey
Chile
Mexico
Philippines
Venezuela
Hungary
Panama
Russia
Croatia
Lithuania
Brazil
Bahrain
Belarus
Ireland
Slovenia
Azerbaidjan
Kazakstan
Ivory Coast
Poland
Colombia
Malaysia
Dominican Republic
Vietnam
Argentina
British Virgin Islands
Canada
Ukraine
Peru
Other
Other net assets
100.00
Economical breakdown
Breakdown per sector
% of net assets
67.23
8.67
2.32
2.16
1.97
1.21
16.44
Countries and central government
Petroleum
Holding and finance companies
Transportation
Miscellaneous sectors
Coal mining and steel industry
Other net assets
100.00
The accompanying notes form an integral part of these financial statements
Page 18
MILLENNIUM SICAV UK Equities (Note 9)
Geographical breakdown
Breakdown per country
% of net assets
100.00
-
United Kingdom
Other net assets
100.00
Economical breakdown
Breakdown per sector
% of net assets
100.00
-
Miscellaneous sectors
Other net assets
100.00
The accompanying notes form an integral part of these financial statements
Page 19
MILLENNIUM SICAV North American Equities
Geographical breakdown
Breakdown per country
% of net assets
89.65
6.02
2.00
1.01
0.31
0.21
0.17
0.13
0.50
United States of America
Canada
Ireland
Bermuda
The Netherlands
Switzerland
Singapore
Cayman Islands
Other net assets
100.00
Economical breakdown
Breakdown per sector
% of net assets
15.62
11.26
11.16
8.22
6.69
6.25
5.88
4.93
4.25
3.67
2.52
2.44
2.24
2.07
2.05
1.95
1.94
1.87
0.77
0.76
0.43
0.40
0.36
0.34
0.31
0.26
0.25
0.21
0.15
0.25
0.50
Banks and credit institutions
Petroleum
Retail trade, department stores
Office supplies and computing
Holding and finance companies
Internet and Internet services
Pharmaceuticals and cosmetics
Transportation
Biotechnology
Public health services and social serv.
Graphic art and publishing
Tobacco and alcoholic drinks
Communications
Insurance
Utilities
Chemicals
Electronics and semiconductors
Machine and apparatus construction
Hotels and restaurants
Foods and non alcoholic drinks
Electrical engineering and electronics
Textiles and garments
Building materials and trade
Road vehicles
Miscellaneous services
Miscellaneous sectors
Aerospace industry
Packaging industries
Coal mining and steel industry
Other
Other net assets
100.00
The accompanying notes form an integral part of these financial statements
Page 20
MILLENNIUM SICAV Euro Zone Equities
Geographical breakdown
Breakdown per country
% of net assets
28.74
27.84
18.05
7.99
5.23
4.76
2.58
2.42
2.01
0.38
France
Germany
The Netherlands
Ireland
Italy
Spain
Finland
Portugal
Belgium
Other net assets
100.00
Economical breakdown
Breakdown per sector
% of net assets
12.16
12.11
8.92
8.33
6.81
6.16
5.36
5.24
4.74
4.15
3.21
2.79
2.45
2.26
2.21
1.69
1.61
1.57
1.57
1.29
1.18
1.09
1.04
0.89
0.79
0.38
Banks and credit institutions
Chemicals
Petroleum
Insurance
Electrical engineering and electronics
Tobacco and alcoholic drinks
Pharmaceuticals and cosmetics
Foods and non alcoholic drinks
Holding and finance companies
Graphic art and publishing
Electronics and semiconductors
Miscellaneous consumer goods
Textiles and garments
Communications
Various capital goods
Transportation
Building materials and trade
Road vehicles
Tires and rubber
Agriculture and fishery
Utilities
Internet and Internet services
Paper and forest products
Photographics and optics
Hotels and restaurants
Other net assets
100.00
The accompanying notes form an integral part of these financial statements
Page 21
Notes to the financial statements
Page 22
MILLENNIUM SICAV
Notes to the financial statements
MILLENNIUM SICAV was initially set up under the name of EUREKO FUND (the “Fund”) on July 7, 1994
under the laws of the Grand-Duchy of Luxembourg as a mutual investment fund (fonds commun de placement)
with an umbrella structure comprising different sub-funds (the “Portfolios”). The Fund was managed by its
management company BCP Investimentos International (currently denominated BII Investimentos International
S.A.).
On September 13, 1999, the Fund was converted into an investment company with variable capital (société
d'investissement à capital variable) set up as an umbrella SICAV pursuant to Part I of the Luxembourg law of
March 30, 1988 on “undertakings for collective investment” and changed its name to EUREKO SICAV.
On June 3, 2003, at the extraordinary general meeting of shareholders the name was changed to BCP Global
Sicav.
By an extraordinary general meeting of shareholders held on June 26, 2006 the name of BCP Global Sicav was
changed to MILLENNIUM SICAV (the “Sicav”).
On February 05, 2007, the Extraordinary General Meeting of the shareholders of the SICAV modified the
articles of incorporation of the Fund in order to be in compliance with the Part I of the law of
2002. On February 12, 2007, RBS (Luxembourg) S.A. was appointed as management company under the
chapter XIII of the law of 2002.
Pursuant to a Management Company Agreement signed on April 1, 2010, the Company has appointed
Luxcellence Management Company, a société anonyme incorporated under the laws of Luxembourg, with
registered office at 5, Allée Scheffer, L-2520 Luxembourg, as its Management Company to perform investment
management, administration and marketing functions for the Company.
The Fund is organised as an umbrella SICAV under the scope of Part I of the Luxembourg Law of December
17, 2010 relating to “undertakings for collective investment”.
With effect from July 1, 2011, the Fund qualifies as an “undertaking for collective investment in transferable
securities” under the EC Directive 2009/65 of July 13, 2009 and is subject to the Luxembourg law of December
17, 2010 relating to “undertakings for collective investment”.
Two classes of shares are offered within the various Portfolios of the Sicav:
Class I: dedicated to institutional investors (except for MILLENNIUM SICAV Emerging Markets Debt
Securities which is inactive).
Class R: dedicated to retail investors.
As at June 30, 2013, the following Portfolios were open to subscriptions:
MILLENNIUM SICAV EURO Fixed Income
MILLENNIUM SICAV Emerging Markets Debt Securities
MILLENNIUM SICAV North American Equities
MILLENNIUM SICAV Euro Zone Equities
Following significant redemption requests the sub-fund MILLENNIUM SICAV UK Equities was closed, NAV
publication was suspended and liquidation was started as from May 25, 2012.
The liquidation of the sub-fund MILLENNIUM SICAV UK Equities remains in progress as at June 30, 2013.
Page 23
MILLENNIUM SICAV
Notes to the financial statements
1)
Accounting policies
The accounting policies of the Sicav are in accordance with Luxembourg regulations.
a)
Valuation of assets
The value of any transferable securities which are quoted or dealt in on any official stock exchange or regulated
market, which operates regularly and is recognized and open to the public, (a “regulated market”) is based on
the last available quotation, on such stock exchange or regulated market applicable on the relevant Calculation
Day.
If a security is not traded or admitted on any official stock exchange or any other regulated market or, in the
case of a security so traded or admitted and if the last available price does not reflect the security's fair value, it
is valued on the basis of its foreseeable sale price, as determined in good faith and with care by or under the
direction of the Board of Directors.
b)
Foreign currencies
The consolidated financial statements of the Sicav are expressed in Euros (“EUR”) and the respective portfolios
are denominated in Euros, United States Dollars and British Pounds. Transactions in other currencies are
recorded in Euros, United States Dollars or British Pounds based on the exchange rate in effect at the date of
the transactions.
Assets or liabilities denominated in currencies other than the denomination currency of the respective Portfolio
have been converted into this currency at the exchange rates prevailing at year end. Any resulting gains or
losses are recognized in the statement of operations.
Exchange rates as at June 30, 2013 into EUR:
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
ARS
BRL
CAD
CHF
CNY
COP
GBP
HKD
IDR
6.9981
2.8714
1.3713
1.2299
7.9780
2,510.3355
0.8570
10.0821
12,901.0120
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
EUR 1 =
JPY
MXN
MYR
NOK
PLN
RUB
TWD
USD
ZAR
129.1206
16.9317
4.1069
7.9370
4.3303
42.6715
38.9578
1.2999
12.9039
The consolidated statements of the financial statements were calculated with the following exchange rates:
EUR 1 = USD
EUR 1 = GBP
c)
1.3080
0.8572
Futures contracts
Futures are valued at their liquidating value based upon the settlement price on the exchange on which the
particular future is traded.
Page 24
MILLENNIUM SICAV
Notes to the financial statements
d)
Income, expenses and accruals
Interest income is accrued on a day-to-day basis and dividends are accrued on an ex-dividend basis. Interest and
dividend income are stated net of irrecoverable withholding taxes, if any.
When the Sicav incurs any expenses, which relate to a particular Portfolio or to any action taken in connection
with a particular Portfolio, such expense shall be allocated to the relevant Portfolio.
Expenses of the Sicav, which cannot be considered as being attributable to a particular Portfolio, shall be
allocated to all the Portfolios pro rata to the net asset value of each Portfolio.
2)
Net asset value and offering prices
Shares of each Portfolio will be issued pursuant to subscription orders received by the Sicav or its transfer agent
until the Cut-off Time, as determined for each Portfolio in Appendix I of the prospectus, on the basis of their
net asset value per share as determined on the first following Calculation Day of receipt of the subscription
order. A sales charge of up to 5% may be charged.
The subscription price is determined by adding a sales charge calculated on the net asset value per share,
rounded to the nearest hundredth of the respective currency.
As stated in the Prospectus, it is possible to accept subscription or redemption payments in the respective
equivalent amount of GBP, USD or EUR. For this purpose, the subscription or redemption price in the
reference currency of the Portfolio will be converted into GBP, USD or EUR, as applicable, at the exchange
rate applicable on the relevant Calculation Day.
3)
Taxation
Under present Luxembourg law and practice, the Sicav is not liable to any Luxembourg income or capital gains
tax nor are dividends paid by the Sicav liable to any Luxembourg withholding tax.
However, in general, the Sicav is liable in Luxembourg to a tax of 0.05% per annum of the net assets of the
Class R shares and a reduced tax rate of 0.01% for the Class I shares. Such tax is payable quarterly on the basis
of the value of the net assets of the respective Portfolios at the end of each quarter.
4)
Subscriptions
Subscriptions are only valid if made on the basis of the current prospectus, the latest annual report as well as the
latest semi-annual report.
Prospectuses, the articles of incorporation, the annual and semi-annual financial reports are available to the
public at the registered office of the Sicav and at the offices of any Paying Agent.
5)
Portfolio changes
The lists of portfolio changes for the period ended June 30, 2013 are available free of charge at the registered
office of the Sicav or through the Custodian Bank as well as through any paying agent.
6)
Management Company, Investment Administrator and Investment Manager
Luxcellence Management Company S.A., (“Management Company”) is entitled to receive a base fee of EUR
2,000 per month for the 4 sub-funds plus a fee of 3 basis points p.a. charged on the monthly average net assets
of each Portfolio, payable monthly in arrears.
Page 25
MILLENNIUM SICAV
Notes to the financial statements
By an agreement dated January 31, 2002, BII Investimentos International S.A. (the “Investment
Administrator”) was appointed Investment Administrator of the Sicav. The Investment Administrator offers
consultancy and advisory services to the Sicav but not investment advisory services.
By an agreement dated April 1, 2010, F&C Management Limited (the “Investment Manager”) was appointed as
Investment Manager of the Sicav. F&C Management Limited is responsible for managing the various Portfolios
in issue and shall determine which securities shall be purchased, sold, or exchanged and what portion of the
assets of each Portfolio shall be held in cash.
The Investment Administrator and the Investment Manager are entitled to receive out of the assets of the Sicav,
investment administrator and investment management fees of up to a combined maximum of 3% p.a. in total of
the net assets of each Portfolio of the SICAV, as specified in Appendix I of the prospectus, calculated on the
basis of the net assets of each Portfolio as at each Calculation Day and payable monthly in arrears.
As at June 30, 2013, the combined maximum rates applicable by each sub-fund were as follows:
Sub-funds
EURO Fixed Income
Emerging Markets Debt Securities
North American Equities
Euro Zone Equities
7)
Class R
Class I
1.50%
2.00%
3.00%
3.00%
0.70%
1.10%
1.60%
1.60%
Custodian and administrative fees
For its services as Custodian and Central Administration, CACEIS Bank Luxembourg is entitled to receive a
variable fee of up to 0.08% p.a., calculated on the average net assets of each Portfolio and a fixed fee as
specified in the Appendix I of the prospectus.
8)
Securities lending
Each Portfolio may lend securities through a standardised lending system organised by a recognised clearing
institution or by a first class financial institution specialised in this type of transaction.
As at June 30, 2013, the market value of the securities lent amounts to:
Sub-funds
EURO Fixed Income
Emerging Markets Debt Securities
North American Equities
Euro Zone Equities
Market value of
securities lent in
sub-fund currency
1,696,700.40
349,212.00
764,507.19
13,696,374.78
% of investments
8.77%
4.64%
4.13%
31.60%
Income for the period in
sub-fund currency (*)
1,043.63
996.46
5,404.03
103,317.87
(*) This income received by the different sub-funds is recorded as “Investment income” in the Statement of
operations and changes in net assets.
The Collateral received are represented by cash amounts and government bonds issued by Belgium and France,
representing a total amount of EUR 17,171,724.61.
Page 26
MILLENNIUM SICAV
Notes to the financial statements
9)
Liquidation of the Sub-Fund Millennium Sicav UK Equities
Following the liquidation started on 25 May 2012, the Sub-Fund has made an additional payment to
shareholders of 155,000.00 GBP on 8 March 2013. As at 30 June 2013, the Fund has a NAV of 1,259.84
GBP equivalent to the holding in Caithness shares. The remaining cash is equal to 7,146.06 EUR and the Fees
accrual to 7,146.06 EUR.
Page 27
MILLENNIUM SICAV
Supplementary information (unaudited)
Global exposure calculation method
The commitment approach
The following Sub-Funds use the commitment approach in order to monitor and measure the global
exposure:
MILLENNIUM SICAV EURO Fixed Income
MILLENNIUM SICAV Emerging Markets Debt Securities
MILLENNIUM SICAV North American Equities
MILLENNIUM SICAV Euro Zone Equities
Page 28