This document provides key information about the KB Star Funds - KB Value Focus Korea Equity fund (the Sub-Fund), including its objectives and investment strategy. The Sub-Fund seeks long-term capital appreciation primarily through investing in Korean companies using a value-oriented strategy. It may also invest in Korean bonds. The value of investments may rise or fall and investors may get back less than they invested. Risks include emerging market volatility and liquidity issues. No dividends are distributed and charges include ongoing charges of 1.45%.

1. 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.
KB Star Funds - KB Value Focus Korea Equity (the "Sub-Fund")
I2 Acc EUR (LU1361298562) (the "Share Class")
A Sub-Fund of KB Star Funds (the "Fund")
Management Company: Carne Global Fund Managers (Luxembourg) S.A.
Objectives and Investment Policy
Objective
The objective of the Sub-Fund is to achieve long-term capital
appreciation. The Sub-Fund invests primarily in shares of
Korean companies. The Sub-Fund may also invest in
government bonds and corporate investment grade bonds
issued from South Korea as well as in other asset classes to
earn additional interest income.
Principal Investment Strategy
The Sub-Fund seeks capital appreciation by executing a
value-oriented strategy. Both value factors and growth
potentials are looked into simultaneously while sound
fundamentals lie at the core of the Sub-Fund's investment
approach. These methods encompass both conventional
intrinsic value analysis and growth-potential returns.
Distribution Policy
The Sub-Fund does not intend to distribute dividends. Any
income arising from the Sub-Fund's investment is reinvested
and reflected in the value of your shares.
Management Discretion
The Investment Manager has the discretion to buy and sell
investment on behalf of the Sub-Fund within the limits of the
Objective and Investment Policy.
Purchase and Sell
Shares can usually be bought and sold on any whole
business day on which banks and stock exchanges in
Luxembourg and the South Korea are open.
Benchmark
The benchmark of the Share Class is the KOSPI Index.
Risk and Reward Profile
Lower Risk Higher Risk
Potentially lower reward Potentially higher reward
1 2 3 4 5 6 7
The risk category may not be a reliable indication of the future
risk profile of the Sub-Fund, is not guaranteed and may
change over time.
The lowest category does not mean a "risk free" investment.
The Share Class is in this category because it can take higher
risks in search of higher rewards and its price may rise and fall
accordingly.
Within this classification, categories 1-2 indicate a low level of
historical fluctuations, 3-5 a medium level and 6-7 a high level.
The value of your investment may fall as well as rise and you
may get back less than you originally invested.
Emerging market Risk: Emerging markets may be more
volatile and it could be harder to sell or trade securities. There
may be less supervision, regulation and less well-defined
procedures than in more developed countries. Emerging
markets can be sensitive to political instability, which can result
in greater volatility and uncertainty, subjecting the Fund to the
risk of losses.
Liquidity Risk: Liquidity is a measure of how easily an
investment can be converted into cash. Under certain market
conditions assets may be more difficult to sell.
Currency Risk: Movements in currency exchange rates can
adversely affect the return of your investment.
Additional information on these and other risks associated with
an investment in the Fund can be found in the prospectus, in
the section entitled "Risk Considerations".

2. This Fund is authorized in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
Carne Global Fund Managers (Luxembourg) S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
This Key Investor Information Document is accurate as at 05 April 2017.
Charges
The charges you pay are used to pay the costs of running the Sub-Fund, including the costs of marketing and distributing it. These
charges reduce the potential growth of your investment.
One-off charges taken before or after you invest
Entry charge None
Exit charge None
Charges taken from the Sub-Fund over a financial period
Ongoing charges 1.45 %
Charges taken from the Sub-Fund under certain specific
conditions
Performance Fee None
The ongoing charges figure shown here is an estimate of the
charges as the Share Class has not been priced for a full
financial year twelve months period.
The Fund's annual report for each financial year will include
details on the exact charges made. The amount charged may
vary from year to year.
More information about charges can be found in the "Charges
and Expenses" section of the Fund's prospectus.
Past Performance
▀ I2 Acc EUR (LU1361298562) Fund Launch Date: 20.06.2016
The share/unit class has not yet been launched
Base currency of the Fund: USD
Past Performance of the Share Class is calculated in EUR
Performance is calculated after deduction of ongoing charges
and is inclusive of gross income reinvested and gross of tax.
Any entry/exit charges are excluded from the calculation.
Past Performance is not a guide to future performance.
Practical Information
This Key Investor Information Document (KIID) is specific to
this Share Class. Other share classes are available for this
Fund as described in the Fund's prospectus.
Depositary Bank: HSBC Bank Plc, Luxembourg Branch
Further Information: Copies of the Prospectus and the latest
annual and semi-annual report, which are prepared for the KB
Star Funds are available in English. Other practical information
such as the latest net asset value of the shares, other share
classes of the Sub-Fund and other sub-funds of KB Star Funds
are also available in English. They can be obtained free of
charge from www.kbam.co.kr or from HSBC Bank Plc,
Luxembourg Branch and Carne Global Fund Managers
(Luxembourg) S.A..
Details of the up-to-date remuneration policy, including, but not
limited to, a description of how remuneration and benefits are
calculated, the identity of persons responsible for awarding the
remuneration and benefits, are available at
www.carnegroup.com under the section “Policies and
Procedures”. A hard copy version of the remuneration policy
will be made available free of charge upon request.
Conversion of Shares: Subject to conditions, you are entitled
to switch your shares in one Sub-Fund into shares of another
Sub-Fund or to request the conversion of your shares in one
share class into another share class of the same Sub-Fund,
which is subject to the payment of a conversion charge.
Please refer to the Fund's Prospectus for more information.
Tax Legislation: You should be aware that the tax legislation
of Luxembourg, the Fund's home state, may have an impact
on your personal tax position as an investor. Shareholders
who are not residents of Luxembourg may be taxed in
accordance with the laws of other jurisdictions. Before
investing in the Fund, investors should discuss with their tax
advisers the implications of acquiring, holding, transferring and
redeeming shares.
Liability: KB Star Funds may be held liable solely on the basis
of any statement contained in this document that is
misleading, inaccurate or inconsistent with the relevant parts of
the Prospectus for the Fund.
Umbrella Fund: This Key Investor Information Document
describes a Share Class of sub-fund of the Fund and the
Prospectus and period reports are prepared for the Fund as a
whole. The assets and liabilities of the sub-funds of the Fund
are legally segregated between each other.
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
-1000%
-800%
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-200%
0%
200%
400%
600%
800%
1000%
Please note that there is not a complete calendar
year of performance available for this Share Class.