The document provides key investor information about various mutual funds, specifically focusing on the requirements for mutual funds in the EU, including the Key Investor Information Document (KIID). It outlines the objectives, investment policies, risk profiles, and the importance of understanding risks associated with investments in these funds. Each fund, such as the '123 fund' and 'selectum belgium fund,' is aimed at long-term investors, detailing the nature of investments and expected impacts on performance.

1. Explaining 30,000 Mutual
Funds to a Billion People
Josiah Fisk
President, More Carrot LLC
Boston • Luxembourg

2. Key Investor Information Document (KIID)

3. Required in 2012 of all EU mutual funds
Key Investor Information Document (KIID)

4. 2 pages, plain language
Required in 2012 of all EU mutual funds
Key Investor Information Document (KIID)

5. Content and order prescribed
2 pages, plain language
Required in 2012 of all EU mutual funds
Key Investor Information Document (KIID)

6. Competely depressing model document offered
Content and order prescribed
2 pages, plain language
Required in 2012 of all EU mutual funds
Key Investor Information Document (KIID)

7. Key Investor Information
This document provides you with key investor information about this fund. It is not marketing material. The
information is required by law to help you understand the nature and the risks of investing in this fund. You are
advised to read it so you can make an informed decision about whether to invest.
123 Fund, a sub-fund of ABC Fund SICAV (ISIN: 4321)
This fund is managed by ABC Fund Managers Ltd, part of the XYZ group of companies
Objectives and Investment Policy
Joint description of the objectives and policy of Other information if relevant, such as:
the UCITS in plain language (it is suggested
• what type of debt securities the UCITS
not to copy-out the prospectus)
invests in
Essential features of the product which a • information regarding any pre-determined
typical investor should know: pay off and the factors expected to determine
performance
• main categories of eligible financial
instruments that are the object of investment • if choice of assets is guided by growth, value
or high dividends
• a statement that the investor may redeem
units on demand, and how frequently units • how use of hedging / arbitrage / leverage
techniques may determine the fund’s
are dealt in
performance
• whether the UCITS has a particular target in
relation to any industrial, geographic or other • that portfolio transaction costs will have a
material impact on performance
market sectors or specific classes of assets
• minimum recommended holding term
• whether discretionary choices regarding
particular investments are allowed, and
whether the fund refers to a benchmark and
if so which one
• a statement of whether any income arising
from the fund is distributed or reinvested
Risk and Reward Profile
Lower risk Higher risk Narrative presentation of risks materially
Typically lower rewards Typically higher rewards relevant to the fund which are not adequately
captured by the indicator:
1 2 3 4 5 6 7 • Credit risk, where a significant level of
investment is made in debt securities
Narrative explanation of the indicator and its • Liquidity risk, where a significant level of
main limitations: investment is made in financial instruments
• Historical data may not be a reliable that are likely to have a low level of liquidity
in some circumstances
indication for the future
• Counterparty risk, where a fund is backed
• Risk category shown is not guaranteed and
by a guarantee from, or has material
may shift over time
• The lowest category does not mean ‘risk investment exposure through contracts with,
a third party
free’
• Operational risks including safekeeping of
• Why the fund is in its specific category
• Details of nature, timing and extent of any assets
• Impact of any techniques such as derivative
capital guarantee or protection
contracts

8. Key Investor Information
This document provides you with key investor information about this fund. It is not marketing material. The
information is required by law to help you understand the nature and the risks of investing in this fund. You are
advised to read it so you can make an informed decision about whether to invest.
123 Fund, a sub-fund of ABC Fund SICAV (ISIN: 4321)
This fund is managed by ABC Fund Managers Ltd, part of the XYZ group of companies
Objectives and Investment Policy
Joint description of the objectives and policy of Other information if relevant, such as:
the UCITS in plain language (it is suggested
• what type of debt securities the UCITS
not to copy-out the prospectus)
invests in
Essential features of the product which a • information regarding any pre-determined
typical investor should know: pay off and the factors expected to determine
performance
• main categories of eligible financial
instruments that are the object of investment • if choice of assets is guided by growth, value
or high dividends
• a statement that the investor may redeem
units on demand, and how frequently units • how use of hedging / arbitrage / leverage
techniques may determine the fund’s
are dealt in
performance
• whether the UCITS has a particular target in
relation to any industrial, geographic or other • that portfolio transaction costs will have a
material impact on performance
market sectors or specific classes of assets
• minimum recommended holding term
• whether discretionary choices regarding
particular investments are allowed, and
whether the fund refers to a benchmark and
if so which one
• a statement of whether any income arising
from the fund is distributed or reinvested
Risk and Reward Profile
Lower risk Higher risk Narrative presentation of risks materially
Typically lower rewards Typically higher rewards relevant to the fund which are not adequately
captured by the indicator:
1 2 3 4 5 6 7 • Credit risk, where a significant level of
investment is made in debt securities
Narrative explanation of the indicator and its • Liquidity risk, where a significant level of
main limitations: investment is made in financial instruments
• Historical data may not be a reliable that are likely to have a low level of liquidity
in some circumstances
indication for the future
• Counterparty risk, where a fund is backed
• Risk category shown is not guaranteed and
by a guarantee from, or has material
may shift over time
• The lowest category does not mean ‘risk investment exposure through contracts with,
a third party
free’
• Operational risks including safekeeping of
• Why the fund is in its specific category
• Details of nature, timing and extent of any assets
• Impact of any techniques such as derivative
capital guarantee or protection
contracts

9. Key Investor Information
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is
required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can
make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class R Retail LU0652588970
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
The Sub-Fund has as its objective to offer shareholders a maximum increase in their investment over the medium term (5 - 7
years).
The Investment Manager anticipates that under normal market conditions the Sub-Fund will mainly invest in a broad mix of equi-
ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.
The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose
value is linked to one or more rates, indexes, share prices or other values. Hedging means seeking to reduce or cancel out exposure
to various investment risks.
The Investment Manager performs inten­ ive research on individual companies, focusing on their fundamental qualities and their
s
potential to increase cash flows. The Investment Manager uses a vigorous and ongoing process of analysis that includes research as
well as inter­ iews with senior management.
v
The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.
The reference currency of the Sub-Fund is EUR.
Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.
The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

10. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can
make an informed decision about whether to invest.
Selectum Belgium Fund
Objectives and Investment Policy
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class R Retail LU0652588970
Objective To offer shareholders a maximum increase in their
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium Understand
investment over the medium term (5 - 7 years).
Terms to
Objectives and Investment Policy Manager anticipates that Equities Securities that represent a share in the business results
Portfolio Securities The Investment
of a company.
The Sub-Fund has asconditions the to offer shareholdersinvest in
under normal market its objective Sub-Fund will mainly a maximum increase in their investment over the medium term (5 - 7
Derivatives Financial instruments whose value is linked to one or
years). mix of equities from issuers in Belgium. The Sub-Fund may
a broad
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging.
The Investment Manager anticipates that under normal market conditions the Sub-Fundreduce or cancel out a broad mix of equi-
Hedging Seeking to will mainly invest in exposure to various
Investment Process The Investment Man ager performs intensive
ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.
investment risks.
research on individual companies, focusing on their fundamental
The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose
qualities and their potential to increase cash flows. The Investment
value is linkedatovigorousmore rates, indexes, shareanalysisor other values. Hedging or sell seeking to reduce or cancel out exposure
Manager uses one or and ongoing process of prices that Orders to buy means Sub-Fund shares are processed every
Luxembourg business day.
to various investment risks.interviews with senior management.
includes research as well as The Sub-Fund issues only accumulation shares (shares in which
The Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price).
s
Designed For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and their
potential toto invest for at flows.5The years.
and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research as
well as inter­ iews with senior management.
v
Reference Currency EUR
The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.
The reference currency of the Sub-Fund is EUR.
Ordersand Reward Profile
Risk to buy or sell Sub-Fund shares are processed every Luxembourg business day.
The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-

11. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Selectum Belgium Fund
Objectives and Investment Policy
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class R Retail LU0652588970
Objective To offer shareholders a maximum increase in their
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium Understand
investment over the medium term (5 - 7 years).
Terms to
Objectives and Investment Policy Manager anticipates that Equities Securities that represent a share in the business results
Portfolio Securities The Investment
of a company.
The Sub-Fund has asconditions the to offer shareholdersinvest in
under normal market its objective Sub-Fund will mainly a maximum increase in their investment over the medium term (5 - 7
Derivatives Financial instruments whose value is linked to one or
years). mix of equities from issuers in Belgium. The Sub-Fund may
a broad
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging.
The Investment Manager anticipates that under normal market conditions the Sub-Fundreduce or cancel out a broad mix of equi-
Hedging Seeking to will mainly invest in exposure to various
Investment Process The Investment Man ager performs intensive
ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.
investment risks.
research on individual companies, focusing on their fundamental
The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose
qualities and their potential to increase cash flows. The Investment
value is linkedatovigorousmore rates, indexes, shareanalysisor other values. Hedging or sell seeking to reduce or cancel out exposure
Manager uses one or and ongoing process of prices that Orders to buy means Sub-Fund shares are processed every
Luxembourg business day.
to various investment risks.interviews with senior management.
includes research as well as The Sub-Fund issues only accumulation shares (shares in which
The Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price).
s
Designed For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and their
potential toto invest for at flows.5The years.
and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research as
well as inter­ iews with senior management.
v
Reference Currency EUR
The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.
The reference currency of the Sub-Fund is EUR.
Ordersand Reward Profile
Risk to buy or sell Sub-Fund shares are processed every Luxembourg business day.
The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-

12. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class R Retail LU0652588970
Objective To offer shareholders a maximum increase in their
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium Understand
investment over the medium term (5 - 7 years).
Terms to
Objectives and Investment Policy Manager anticipates that Equities Securities that represent a share in the business results
Portfolio Securities The Investment
of a company.
The Sub-Fund has asconditions the to offer shareholdersinvest in
under normal market its objective Sub-Fund will mainly a maximum increase in their investment over the medium term (5 - 7
Derivatives Financial instruments whose value is linked to one or
years). mix of equities from issuers in Belgium. The Sub-Fund may
a broad
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging.
The Investment Manager anticipates that under normal market conditions the Sub-Fundreduce or cancel out a broad mix of equi-
Hedging Seeking to will mainly invest in exposure to various
Investment Process The Investment Man ager performs intensive
ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.
investment risks.
research on individual companies, focusing on their fundamental
The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose
qualities and their potential to increase cash flows. The Investment
value is linkedatovigorousmore rates, indexes, shareanalysisor other values. Hedging or sell seeking to reduce or cancel out exposure
Manager uses one or and ongoing process of prices that Orders to buy means Sub-Fund shares are processed every
Luxembourg business day.
to various investment risks.interviews with senior management.
includes research as well as The Sub-Fund issues only accumulation shares (shares in which
The Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price).
s
Designed For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and their
potential toto invest for at flows.5The years.
and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research as
well as inter­ iews with senior management.
v
Reference Currency EUR
The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.
The reference currency of the Sub-Fund is EUR.
Ordersand Reward Profile
Risk to buy or sell Sub-Fund shares are processed every Luxembourg business day.
The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-

13. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
Objective To offer shareholders a maximum increase in their
investment over the medium term (5 - 7 years).
Terms to Understand
Objectives and Investment Policy Manager anticipates that Equities Securities that represent a share in the business results
Portfolio Securities The Investment
of a company.
The Sub-Fund has asconditions the to offer shareholdersinvest in
under normal market its objective Sub-Fund will mainly a maximum increase in their investment over the medium term (5 - 7
Derivatives Financial instruments whose value is linked to one or
years). mix of equities from issuers in Belgium. The Sub-Fund may
a broad
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging.
The Investment Manager anticipates that under normal market conditions the Sub-Fundreduce or cancel out a broad mix of equi-
Hedging Seeking to will mainly invest in exposure to various
Investment Process The Investment Man ager performs intensive
ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.
investment risks.
research on individual companies, focusing on their fundamental
The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose
qualities and their potential to increase cash flows. The Investment
value is linkedatovigorousmore rates, indexes, shareanalysisor other values. Hedging or sell seeking to reduce or cancel out exposure
Manager uses one or and ongoing process of prices that Orders to buy means Sub-Fund shares are processed every
Luxembourg business day.
to various investment risks.interviews with senior management.
includes research as well as The Sub-Fund issues only accumulation shares (shares in which
The Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price).
s
Designed For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and their
potential toto invest for at flows.5The years.
and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research as
well as inter­ iews with senior management.
v
Reference Currency EUR
The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.
The reference currency of the Sub-Fund is EUR.
Ordersand Reward Profile
Risk to buy or sell Sub-Fund shares are processed every Luxembourg business day.
The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-

14. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
Objective To offer shareholders a maximum increase in their
investment over the medium term (5 - 7 years).
Terms to Understand
Equities Securities that represent a share in the business results
Portfolio Securities The Investment Manager anticipates that
of a company.
under normal market conditions the Sub-Fund will mainly invest in
Derivatives Financial instruments whose value is linked to one or
a broad mix of equities from issuers in Belgium. The Sub-Fund may
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging.
The Investment Manager anticipates that under normal market conditions the Sub-Fundreduce or cancel out a broad mix of equi-
Hedging Seeking to will mainly invest in exposure to various
Investment Process The Investment Man ager performs intensive
ties from issuers in Belgium. Equities are securities that represent a share in the business results of a company.
investment risks.
research on individual companies, focusing on their fundamental
The Sub-Fund may use derivatives for efficient portfolio management or for hedging. Derivatives are financial instruments whose
qualities and their potential to increase cash flows. The Investment
value is linkedatovigorousmore rates, indexes, shareanalysisor other values. Hedging or sell seeking to reduce or cancel out exposure
Manager uses one or and ongoing process of prices that Orders to buy means Sub-Fund shares are processed every
Luxembourg business day.
to various investment risks.interviews with senior management.
includes research as well as The Sub-Fund issues only accumulation shares (shares in which
The Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price).
s
Designed For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and their
potential toto invest for at flows.5The years.
and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research as
well as inter­ iews with senior management.
v
Reference Currency EUR
The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.
The reference currency of the Sub-Fund is EUR.
Ordersand Reward Profile
Risk to buy or sell Sub-Fund shares are processed every Luxembourg business day.
The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-

15. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
Objective To offer shareholders a maximum increase in their
investment over the medium term (5 - 7 years).
Terms to Understand
Equities Securities that represent a share in the business results
Portfolio Securities The Investment Manager anticipates that
of a company.
under normal market conditions the Sub-Fund will mainly invest in
Derivatives Financial instruments whose value is linked to one or
a broad mix of equities from issuers in Belgium. The Sub-Fund may
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging.
Hedging Seeking to reduce or cancel out exposure to various
Investment Process The Investment Man ager performs intensive
investment risks.
research on individual companies, focusing on their fundamental
Equities and securities that to increase cash flows. The Investment
qualities
are their potential represent a share in the business results of a company. Derivatives are financial instruments whose value
is linked to one or more rates, indexes, process of analysis that Orders to buy or sell Sub-Fund shares are processed every
Manager uses a vigorous and ongoing share prices or other values. Hedging means seeking to reduce or cancel out exposure to
Luxembourg business day.
various investment risks.as interviews with senior management.
includes research as well The Sub-Fund issues only accumulation shares (shares in which
The Investment Manager performs inten­ ive research on individual companies, focusingadded to the share price).
s
Designed For Investors who understand the risks of the Sub-Fund any income earned is on their fundamental qualities and their
potential toto invest for at flows.5The years.
and intend increase cash least - 7 Investment Manager uses a vigorous and ongoing process of analysis that includes research as
well as inter­ iews with senior management.
v
Reference Currency EUR
The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.
The reference currency of the Sub-Fund is EUR.
Ordersand Reward Profile
Risk to buy or sell Sub-Fund shares are processed every Luxembourg business day.
The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-

16. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
Objective To offer shareholders a maximum increase in their
investment over the medium term (5 - 7 years).
Terms to Understand
Equities Securities that represent a share in the business results
Portfolio Securities The Investment Manager anticipates that
of a company.
under normal market conditions the Sub-Fund will mainly invest in Equities are securities that represent
Derivatives Financial instruments whose value is linked to one or
a broad mix of equities from issuers in Belgium. The Sub-Fund may a share in the business results of a
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging. company. Derivatives are financial in-
Hedging Seeking to reduce or cancel out exposure to various
Investment Process The Investment Manager performs intensive
investment risks. struments whose value is linked to one
research on individual companies, focusing on their fundamental or more rates, indexes, share prices or
qualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund values. are processed every
other shares Hedging means seeking
Manager uses a vigorous and ongoing process of analysis that Luxembourg business day. to reduce or cancel out exposure to
includes research as well as interviews with senior management.
various investment risks.
Designed For Investors who understand the risks of the Sub-Fund
and intend to invest for at least 5 - 7 years.
Reference Currency EUR
The Sub-Fund is designed for investors who intend to invest for at least 5 - 7 years.
The reference currency of the Sub-Fund is EUR.
Orders to buy or sell Sub-Fund shares are processed every Luxembourg business day.
The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).

17. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
Objective To offer shareholders a maximum increase in their
investment over the medium term (5 - 7 years).
Terms to Understand
Equities Securities that represent a share in the business results
Portfolio Securities The Investment Manager anticipates that
of a company.
under normal market conditions the Sub-Fund will mainly invest in Equities are securities that represent
Derivatives Financial instruments whose value is linked to one or
a broad mix of equities from issuers in Belgium. The Sub-Fund may a share in the business results of a
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging. company. Derivatives are financial in-
Hedging Seeking to reduce or cancel out exposure to various
Investment Process The Investment Manager performs intensive
investment risks. struments whose value is linked to one
research on individual companies, focusing on their fundamental or more rates, indexes, share prices or
qualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund values. are processed every
other shares Hedging means seeking
Manager uses a vigorous and ongoing process of analysis that Luxembourg business day. to reduce or cancel out exposure to
includes research as well as interviews with senior management.
various investment risks.
The Sub-Fund issues only accumulation shares (shares in which
Designed For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).
and intend to invest for at least 5 - 7 years.
Reference Currency EUR
.
The reference currency of the Sub-Fund is EUR.
Ordersand Reward Profile
Risk to buy or sell Sub-Fund shares are processed every Luxembourg business day.
The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-

18. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
Objective To offer shareholders a maximum increase in their
investment over the medium term (5 - 7 years).
Terms to Understand
Equities Securities that represent a share in the business results
Portfolio Securities The Investment Manager anticipates that
of a company.
under normal market conditions the Sub-Fund will mainly invest in Equities are securities that represent
Derivatives Financial instruments whose value is linked to one or
a broad mix of equities from issuers in Belgium. The Sub-Fund may a share in the business results of a
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging. company. Derivatives are financial in-
Hedging Seeking to reduce or cancel out exposure to various
Investment Process The Investment Manager performs intensive
investment risks. struments whose value is linked to one
research on individual companies, focusing on their fundamental or more rates, indexes, share prices or
qualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund values. are processed every
other shares Hedging means seeking
Manager uses a vigorous and ongoing process of analysis that Luxembourg business day. to reduce or cancel out exposure to
includes research as well as interviews with senior management.
various investment risks.
The Sub-Fund issues only accumulation shares (shares in which
Designed For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).
and intend to invest for at least 5 - 7 years.
Reference Currency EUR
.
Ordersand Reward Profile
Risk to buy or sell Sub-Fund shares are processed every Luxembourg business day.
The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-

19. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
Objective To offer shareholders a maximum increase in their
investment over the medium term (5 - 7 years).
Terms to Understand
Equities Securities that represent a share in the business results
Portfolio Securities The Investment Manager anticipates that
of a company.
under normal market conditions the Sub-Fund will mainly invest in
Derivatives Financial instruments whose value is linked to one or
a broad mix of equities from issuers in Belgium. The Sub-Fund may
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging.
Hedging Seeking to reduce or cancel out exposure to various
Investment Process The Investment Manager performs intensive
investment risks.
research on individual companies, focusing on their fundamental
qualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund shares are processed every
Manager uses a vigorous and ongoing process of analysis that Luxembourg business day.
includes research as well as interviews with senior management. The Sub-Fund issues only accumulation shares (shares in which
Designed For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).
and intend to invest for at least 5 - 7 years.
Reference Currency EUR
.
Ordersand Reward Profile
Risk to buy or sell Sub-Fund shares are processed every Luxembourg business day.
The Sub-Fund issues only accumulation shares (shares in which any income earned is added to the share price).
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-

20. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
Objective To offer shareholders a maximum increase in their
investment over the medium term (5 - 7 years).
Terms to Understand
Equities Securities that represent a share in the business results
Portfolio Securities The Investment Manager anticipates that
of a company.
under normal market conditions the Sub-Fund will mainly invest in
Derivatives Financial instruments whose value is linked to one or
a broad mix of equities from issuers in Belgium. The Sub-Fund may
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging.
Hedging Seeking to reduce or cancel out exposure to various
Investment Process The Investment Manager performs intensive
investment risks.
research on individual companies, focusing on their fundamental
qualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund shares are processed every
Manager uses a vigorous and ongoing process of analysis that Luxembourg business day.
includes research as well as interviews with senior management. The Sub-Fund issues only accumulation shares (shares in which
Designed For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).
and intend to invest for at least 5 - 7 years.
Reference Currency EUR
Risk and Reward Profile
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-

21. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
Objective To offer shareholders a maximum increase in their
investment over the medium term (5 - 7 years).
Terms to Understand
Equities Securities that represent a share in the business results
Portfolio Securities The Investment Manager anticipates that
of a company.
under normal market conditions the Sub-Fund will mainly invest in
Derivatives Financial instruments whose value is linked to one or
a broad mix of equities from issuers in Belgium. The Sub-Fund may
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging.
Hedging Seeking to reduce or cancel out exposure to various
Investment Process The Investment Manager performs intensive
investment risks.
research on individual companies, focusing on their fundamental
qualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund shares are processed every
Manager uses a vigorous and ongoing process of analysis that Luxembourg business day.
includes research as well as interviews with senior management. The Sub-Fund issues only accumulation shares (shares in which
Designed For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).
and intend to invest for at least 5 - 7 years.
Reference Currency EUR
Risk and Reward Profile
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
When you sell your shares, they may be worth less than what you ket conditions or large unpredictable events, which could amplify
paid for them. If your currency as an investor is different from everyday risks and could trigger other risks, such as:
the subscription currency of the Sub-Fund, changes in currency Counterparty risk The Sub-Fund could lose money if an entity
exchange rates could reduce any investment gains or increase any with which it does business becomes unwilling or unable to honor
investment losses. its commitments to the Sub-Fund.
The risk/reward rating above is an estimate; it is not guaranteed. Derivatives risk Certain derivatives could increase Sub-Fund
The rating is based on medium-term volatility (variations in the volatility or expose the Sub-Fund to losses greater than the cost
Fund’s share price over a recent period, generally several years). of the derivative.
Going forward, the Sub-Fund’s actual volatility could be lower or
higher, and its rated risk/reward level may be changed. Liquidity risk Certain securities could become hard to value, or
to sell at a desired time and price.
The Sub-Fund’s risk level reflects the following factor:
Management risk Portfolio management techniques that have
• The Sub-Fund invests in stocks, which in general are riskier than worked well in normal market conditions could prove ineffective
bonds or money market instruments. or detrimental during unusual conditions.
Key Investor Information 1 of 2 Selectum Belgium Fund Class F Founder

22. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The
information is required by law to help you understand the nature and the risks of investing in this Sub-Fund. You are
advised to read it so you can make an informed decision about whether to invest.
Belgium Fund.......................
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV
Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
Objective To offer shareholders a maximum increase in their
investment over the medium term (5 - 7 years).
Terms to Understand
Equities Securities that represent a share in the business
Portfolio Securities The Investment Manager anticipates that
results of a company.
under normal market conditions the Sub-Fund will mainly invest in
Derivatives Financial instruments whose value is linked to
a broad mix of equities from issuers in Belgium. The Sub-Fund may
one or more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging.
Hedging Seeking to reduce or cancel out exposure to various
Investment Process The Investment Man ager performs
investment risks.
intensive research on individual companies, focusing on their
fundamental qualities and their potential to increase cash flows. Orders to buy or sell Sub-Fund shares are processed every
The Investment Manager uses a vigorous and ongoing process of Luxembourg business day.
analysis that includes research as well as interviews with senior The Sub-Fund issues only accumulation shares (shares in
management. which any income earned is added to the share price).
Designed For Investors who understand the risks of the Sub-
Fund and intend to invest for at least 5 - 7 years.
Reference Currency EUR
Risk and Reward Profile
1 2 3 4 5 6 7
Lower potential risk/reward Not risk-free. Higher potential risk/reward
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
When you sell your shares, they may be worth less than what you ket conditions or large unpredictable events, which could amplify
paid for them. If your currency as an investor is different from everyday risks and could trigger other risks, such as:
the subscription currency of the Sub-Fund, changes in currency Counterparty risk
exchange rates could reduce any investment gains or increase any
investment losses. The Sub-Fund could lose money if an entity with which it does
business becomes unwilling or unable to honor its commitments
The risk/reward rating above is an estimate; it is not guaranteed. to the Sub-Fund.
The rating is based on medium-term volatility (variations in the
Fund’s share price over a recent period, generally several years). Derivatives risk
Going forward, the Sub-Fund’s actual volatility could be lower or Certain derivatives could increase Sub-Fund volatil-
higher, and its rated risk/reward level may be changed. ity or expose the Sub-Fund to losses greater than the cost
The Sub-Fund’s risk level reflects the following factor: of the derivative.
• The Sub-Fund invests in stocks, which in general are riskier than Liquidity risk
bonds or money market instruments. Certain securities could become hard to value, or to sell at a
desired time and price.
Management risk
Portfolio management techniques that have worked well in nor-
mal market conditions could prove ineffective or detrimental
during unusual conditions.
Key Investor Information 1 of 2 Selectum Belgium Fund Class R Retail

23. Key Investor Information
This document provides you with key investor information about this fund. It is not marketing material. The
information is required by law to help you understand the nature and the risks of investing in this fund. You are
advised to read it so you can make an informed decision about whether to invest.
123 Fund, a sub-fund of ABC Fund SICAV (ISIN: 4321)
This fund is managed by ABC Fund Managers Ltd, part of the XYZ group of companies
Objectives and Investment Policy
Joint description of the objectives and policy of Other information if relevant, such as:
the UCITS in plain language (it is suggested
• what type of debt securities the UCITS
not to copy-out the prospectus)
invests in
Essential features of the product which a • information regarding any pre-determined
typical investor should know: pay off and the factors expected to determine
performance
• main categories of eligible financial
instruments that are the object of investment • if choice of assets is guided by growth, value
or high dividends
• a statement that the investor may redeem
units on demand, and how frequently units • how use of hedging / arbitrage / leverage
techniques may determine the fund’s
are dealt in
performance
• whether the UCITS has a particular target in
relation to any industrial, geographic or other • that portfolio transaction costs will have a
material impact on performance
market sectors or specific classes of assets
• minimum recommended holding term
• whether discretionary choices regarding
particular investments are allowed, and
whether the fund refers to a benchmark and
if so which one
• a statement of whether any income arising
from the fund is distributed or reinvested
Risk and Reward Profile
Lower risk Higher risk Narrative presentation of risks materially
Typically lower rewards Typically higher rewards relevant to the fund which are not adequately
captured by the indicator:
1 2 3 4 5 6 7 • Credit risk, where a significant level of
investment is made in debt securities
Narrative explanation of the indicator and its • Liquidity risk, where a significant level of
main limitations: investment is made in financial instruments
• Historical data may not be a reliable that are likely to have a low level of liquidity
in some circumstances
indication for the future
• Counterparty risk, where a fund is backed
• Risk category shown is not guaranteed and
by a guarantee from, or has material
may shift over time
• The lowest category does not mean ‘risk investment exposure through contracts with,
a third party
free’
• Operational risks including safekeeping of
• Why the fund is in its specific category
• Details of nature, timing and extent of any assets
• Impact of any techniques such as derivative
capital guarantee or protection
contracts

24. Key Investor Information 28 September 2011
This document provides you with key investor information about this Sub-Fund. It is not marketing material. The information is required by law to help you
understand the nature and the risks of investing in this Sub-Fund. You are advised to read it so you can make an informed decision about whether to invest.
Selectum Belgium Fund
A Sub-Fund of SELECTUM STOCK PICKING FUND SICAV Class F Founder LU0652589275
Sub-Fund managed by: SELECTUM Vermogensbeheer N.V. – Belgium
Objectives and Investment Policy
Objective To offer shareholders a maximum increase in their
investment over the medium term (5 - 7 years).
Terms to Understand
Equities Securities that represent a share in the business results
Portfolio Securities The Investment Manager anticipates that
of a company.
under normal market conditions the Sub-Fund will mainly invest in
Derivatives Financial instruments whose value is linked to one or
a broad mix of equities from issuers in Belgium. The Sub-Fund may
more rates, indexes, share prices or other values.
use derivatives for efficient portfolio management or for hedging.
Hedging Seeking to reduce or cancel out exposure to various
Investment Process The Investment Manager performs intensive
investment risks.
research on individual companies, focusing on their fundamental
qualities and their potential to increase cash flows. The Investment Orders to buy or sell Sub-Fund shares are processed every
Manager uses a vigorous and ongoing process of analysis that Luxembourg business day.
includes research as well as interviews with senior management. The Sub-Fund issues only accumulation shares (shares in which
Designed For Investors who understand the risks of the Sub-Fund any income earned is added to the share price).
and intend to invest for at least 5 - 7 years.
Reference Currency EUR
Risk and Reward Profile
1 2 3 4 5 6 7
Lower potential risk/reward Higher potential risk/reward
Not risk-free.
The value of an investment in the Sub-Fund can go up and down. The rating does not reflect the possible effects of unusual mar-
When you sell your shares, they may be worth less than what you ket conditions or large unpredictable events, which could amplify
paid for them. If your currency as an investor is different from everyday risks and could trigger other risks, such as:
the subscription currency of the Sub-Fund, changes in currency Counterparty risk The Sub-Fund could lose money if an entity
exchange rates could reduce any investment gains or increase any with which it does business becomes unwilling or unable to honor
investment losses. its commitments to the Sub-Fund.
The risk/reward rating above is an estimate; it is not guaranteed. Derivatives risk Certain derivatives could increase Sub-Fund
The rating is based on medium-term volatility (variations in the volatility or expose the Sub-Fund to losses greater than the cost
Fund’s share price over a recent period, generally several years). of the derivative.
Going forward, the Sub-Fund’s actual volatility could be lower or
higher, and its rated risk/reward level may be changed. Liquidity risk Certain securities could become hard to value, or
to sell at a desired time and price.
The Sub-Fund’s risk level reflects the following factor:
Management risk Portfolio management techniques that have
• The Sub-Fund invests in stocks, which in general are riskier than worked well in normal market conditions could prove ineffective
bonds or money market instruments. or detrimental during unusual conditions.
Key Investor Information 1 of 2 Selectum Belgium Fund Class F Founder

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