an investment company with variable share capital ...selector management fund an investment company...

SELECTOR MANAGEMENT FUNDAn investment company with variable share capital incorporated

under the laws of the Grand Duchy of Luxembourg

S I M P L I F I E D

P R O S P E C T U S

NOVEMBER 2009

Subscriptions for Shares shall be made on the basis of this prospectus & Articles of Incorporation or simplifiedprospectus accompanied by the subscription form, the latest annual report and the latest semi-annual report, ifpublished thereafter, of the SICAV.

The historical performances of the last three financial years may be consulted in the simplified prospectus.

Copies of the complete prospectus, the simplified prospectus and the latest financial reports of the SICAV maybe obtained, free of charge, upon request at the SICAV’s registered office, 14B, rue des Violettes, L-8023Strassen .

Please consider the country-specific information for distribution in other countries.

SELECTOR MANAGEMENT FUNDAn investment company with variable share capital

with several Sub-Funds

______________________________________________________________________________

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TABLE OF CONTENT

THE PROSPECTUS

« SELECTOR MANAGEMENT FUND – SELECTOR GLOBAL VALUE ».......................................... 4

« SELECTOR MANAGEMENT FUND – SELECTOR EUROPEAN VALUE » .................................. 13

« SELECTOR MANAGEMENT FUND – SELECTOR US LARGE CAP VALUE » ........................... 21

« SELECTOR MANAGEMENT FUND – SELECTOR WORLD VALUE » ......................................... 28

« SELECTOR MANAGEMENT FUND – SELECTOR WORLD SHARIAH VALUE »...................... 37

« SELECTOR MANAGEMENT FUND – SELECTOR GLOBAL GROWTH »................................... 45

« SELECTOR MANAGEMENT FUND – SELECTOR EUROPEAN GROWTH ».............................. 52

« SELECTOR MANAGEMENT FUND – SELECTOR EMERGING MARKETS » ............................ 58

« SELECTOR MANAGEMENT FUND – SELECTOR JAPAN »........................................................... 64

« SELECTOR MANAGEMENT FUND - SELECTOR W&R US LARGE CAP GROWTH » ............ 73

« SELECTOR MANAGEMENT FUND – SELECTOR W&R SCIENCE AND TECHNOLOGY » ... 81

« SELECTOR MANAGEMENT FUND – SELECTOR ASIA EX JAPAN»........................................... 90

« SELECTOR MANAGEMENT FUND – SELECTOR SHORT TERM BOND FUND» ..................... 96

« SELECTOR MANAGEMENT FUND – SELECTOR IVY ASSET STRATEGY»........................... 101

The shares in the SICAV (“Shares”) are not registered in accordance with the United StatesSecurities Act of 1933 as amended nor have they been approved by the Securities and ExchangeCommission or any other controlling body at local level. Furthermore, the SICAV is not registeredunder the Investment Company Act of 1940 as last amended. Consequently, the SICAV may notoffer subscriptions to US Persons.

Only the Information given in this prospectus or the documents mentioned herein is legally binding.



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PRESENTATION OF THE SICAV« SELECTOR MANAGEMENT FUND »

Date of Incorporation August 13, 2001

Registered Office 14B, rue des Violettes

L-8023 Strassen

Legal Form SICAV with multiple Sub-Funds

Duration Unlimited

Promoter Lemanik SA.

Management Company Lemanik Asset Management Luxembourg SA

Advisor > SELECTOR ADVISORS, Ltd.

Custodian Bank RBC Dexia Investor Services Bank SA, Luxembourg

Sub-Administrative, Sub-Registrar Agent

RBC Dexia Investor Services Bank SA, Luxembourg

Representative in Switzerland CARNEGIE FUND SERVICES S.A., Switzerland

Auditor ERNST & YOUNG, Luxembourg

Supervisory Authority COMMISSION DE SURVEILLANCE DU SECTEURFINANCIER, Luxembourg



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PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR GLOBAL VALUE »

Paying Agents Luxembourg : RBC Dexia Investor Services Bank SA.

Sweden: Skandinaviska Enskilda Banken AB, Stockholm

INVESTMENT POLICY OF THE SUB-FUND

Investment Objective The Sub-Fund seeks long-term capital appreciation.

Investment Policy The Sub-Fund uses a bottom-up value-oriented global equityapproach. The Sub-Fund invests at least two thirds of its totalassets in equity securities of undervalued companies on theassumption that stock prices are more volatile than theunderlying intrinsic value of the businesses. The InvestmentManager’s approach in selecting investments for the Sub-Fundis oriented to individual stock selection and is value driven.

The Sub-Fund may not invest more than 10% of its net asstsin units of other UCITS or other UCIs.

The Sub-Fund may hold liquid assets on an ancillary basis.For the purpose of placing its liquid assets, the Sub-Fund mayinvest in any UCI investing in money market instruments or indebt securities that meet one of the following conditions:

at the time of their being acquired by the UCI, their initial orresidual maturity, taking into account the related financialinstruments, does not exceed twelve months;

based on their issue conditions, their interest rate isadjusted at least annually in line with market conditions.

The Sub-Fund will only invest in derivatives for the purpose ofcurrency hedging.

Currency of Reference Euro (EUR)

Risk Profile Relation Volatility/ Performance: 4 (1= very low, 5=veryhigh)

Investing in equities means participating in the business of acompany. As a shareholder, the investor provides a capitalthat is used to finance the activity of the company. Theinvestor will then profit from the performance of the company.Nevertheless, stock markets are subject to unpredictablefluctuations, which can lead to long-term depreciations.

The attention of the investor is drawn to the fact thatinvestments in emerging markets may offer higher risk:The emerging markets are at an early stage ofdevelopment and suffer from increased risk ofexpropriation, nationalization and social, political andeconomic insecurity. It is proposed that the investor readthe section 4 “Investment Restrictions and RiskWarnings” and take note of inherent risks of investmentsin emerging markets. The following list of risk factors thatthe investors may care to consider: securities may becounterfeited; the markets in securities and currenciesmay be subject to liquidity difficulties and unpredictableprice fluctuations as well as export restrictions. The



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nature of the financial systems in certain countries maydiffer from those in developed and prudently regulatedfinancial markets. Financial transactions and the custodyof financial assets may be subject to specific risks andrestrictions, accounting and financial reporting offinancial assets may be different.

For the reasons mentioned, this Sub-Fund is especiallysuitable for investors who are aware of the risks.

Investor Profile Investment horizon: more than 2 years

The investment policy of the Sub-Fund is aimed at investorswho are interested in the financial markets and who considerthis Sub-Fund as a practical mean of investment that allowsthem to participate in the evolution of the capital markets. It istherefore recommended to have experience with products ofcapital markets when investing in the Sub-Fund. The Investorshould also be aware of the high volatility of the capitalmarkets.

The investor should be prepared to eventually makesubstantial losses due to fluctuations of the stock markets andmust accept the risk that he might eventually not recover theamounts he initially invested. Therefore, the Sub-Fund isespecially aimed at investors that wish to invest their capitalfor a period of more than 2 years.

Investment Manager Brandes Investment Partners L.P.

The Sub-Funds investments are team-managed by aninvestment committee of the Investment Manager whosemembers are senior portfolio management professionals ofthe firm. The Investment Manager is registered as aninvestment adviser under the U.S. Investment Advisers Act of1940, as amended. The Investment Manager currentlymanages over $100 billion in assets for various clients,including corporations, public and corporate pension plans,foundations and charitable endowments, and individuals.

SUBSCRIPTION, REDEMPTION AND CONVERSION FEES (CHARGED TO THE INVESTOR)

SHARE CLASS MAXIMUMSUBSCRIPTION

FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil

A4 Nil 5% if held 1 year

4% if held > 1 year and 2 years

3% if held > 2 years and 3 years



0% if held > 5 years

A5 5 % Nil

B1 5% Nil

B2 5% Nil



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B3 5% Nil

B4 Nil 5% if held 1 year






B5 5% Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil

C4 Nil 5% if held 1 year






C5 5 % Nil

The subscription fee (Classes A1, A2, A3, A5, B1, B2, B3, B5, C1, C2, C3 and C5 only) may bebetween 0 and 5% of the total value of the Shares purchased. The subscription fee will be in favour ofthe Distributor(s). In certain jurisdictions, the correspondent banks may charge intervention chargesto the investors.

The redemption fee (Classes A4, B4 and C4) may be between 0% and 5% of the historic purchasevalue of the Shares redeemed, depending on the length of time held prior to redemption. Theredemption fee will be in favour of the Advisor.No conversion fee will be charged.

FEES AND OTHER EXPENSES (CHARGED TO THE SUB-FUND)

Maximum Rate of Aggregate AdvisoryFee

(calculated on the basis of the average Net Asset

Value during the relevant quarter)

Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.

Class B2 1.45% p.a.

Class B3 3.00% p.a.

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.



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Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.

Other Management CompanyFees

Maximum rate of 0,125% p.a. on the average net assetspayable monthly with a minimum not exceeding EUR 20,000.

Sub-Administrative, RegistrarAgent and Custodian Bank Fee(this fee does not include thetransactions fees and the sub-custodian fees)

> Average fee of 0.20% per annum of the net assets of theSICAV. Depending on the assets of the SICAV and thetransaction made such fee may be higher or lower than theaverage fee indicated above.

Other Fees and Commissions Moreover, the Sub-Fund shall bear all of its operating costs.The details of the operating costs are stated in the art. 30 ofthe articles of incorporation.

TAXATION

Taxation of the SICAV No tax to be paid in Luxemburg except:

Incorporation tax of EUR 1,250

Subscription tax of 0.05% p.a.

Any of the Sub-Fund’s net assets invested in undertakings forcollective investment which are already subject to thesubscription tax pursuant to Article 129 of the law fromDecember 20, 2002 concerning Undertaking for CollectiveInvestments are exempt from the subscription tax.

Taxation of the investors Dividends payments and redemption proceeds due toshareholders may be subject to a withholding tax as providedin the European directive 2003/48/CE of 3 June 2003 ontaxation of savings income in the form of interest payments. Incase such a payment would be subject to the withholding tax,the investor would have the option to avoid such tax should heproduces a tax-exemption certificate or should he signs amandate enabling the transfer agent to proceed to theexchange of information (if offered by the transfer agent).

The investor is advised to get professional fiscal advice on hispersonally applicable fiscal regime, as it depends on hispersonal situation and is subject to frequent changes.

SHARE CLASSES CHARACTERISTICS

NAME OF CLASS DISTRIBUTION POLICY MINIMUM INITIALINVESTMENT

ISSUING PRICE

Class A1 Capitalisation EUR 1000 orequivalent

EUR 1000 orequivalent

Class A2 Capitalisation EUR 250 000or equivalent






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Class B1 Distribution EUR 1000 orequivalent


Class B2 Distribution EUR 250 000or equivalent






Class B5 Capitalisation EUR 250 000or equivalent


Class C1 Capitalisation USD 1000 USD 1000

Class C2 Capitalisation USD 250 000 USD 1000




Share Classes Shares may only be issued as registered Shares. Shares maybe issued up to one thousandth of a Share.

The A5 and C5 share classes are reserved to SelectorAdvisors or to third party investment managers, distributors,financial institutions, and any other investors which areapproved by Selector Advisors.

Subscription, Redemption andConversion

Applications for subscriptions and redemptions receivedbefore 5.00 pm on a Valuation Day will normally be executedon such Valuation Day. Applications for subscriptions andredemptions received after 5.00 pm on a Valuation Day willnormally be executed on the following Valuation Day.

Applications for conversions received before 5.00 pm on abank business day in Luxembourg will normally be executedon the first Valuation Day following the date of receipt of theapplication by the Sub-registrar Agent. Applications forconversions received after 5.00 pm on a bank business day inLuxembourg will normally be executed on the secondValuation Day following the date of receipt of the applicationby the Sub-registrar Agent.

Minimum for subsequent subscriptions per investor are:- of EUR 800 or equivalent for class A4, B4- of USD 800 for class C4- of EUR 1,000 or equivalent for classes A1, A2, A5, B1, B2,B5- of USD 1,000 for classes C1, C2, C5- of EUR 25 or equivalent for classes A3, B3- of USD 25 for class C3.

Payment of subscriptions and redemptions must be madeimmediately upon subscription or redemption in the currencyof the relevant Share class and must be in principle receivedby the SICAV, respectively paid by the SICAV not later than



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three (3) business days following the relevant Valuation Day.

The Directors may, from time to time, accept payment to bemade and make payment in USD, SEK, CHF or GBP, if suchpossibility is provided for the relevant Share class. Thepossibility to pay in USD, in SEK, in CHF or in GBP is offeredto registered shareholders only and upon the terms of thepayment instructions contained in the subscription form.

Distribution of Dividends The Directors may at their discretion and in compliance withthe Law of December 20th, 2002 offer distribution Sharesand/or capitalisation Shares.

Distribution Shares grant the shareholder the right to receive adividend.

Capitalisation Shares do not grant the shareholder the right toreceive a dividend. Corresponding revenues will remain withthe Sub-Fund and be reinvested.

The board of directors of the SICAV may propose to theannual general meeting of shareholders to decide thepayment of a cash dividend for the different Sub-Funds.Distributions may be made out of income, realised andunrealised capital gains, provided however that the net assetsof the Company will always remain above 1,250,000 EUR.

The SICAV may thus distribute its net income on investments,allowing for realized or unrealized depreciations and realizedor unrealized gains on capital. The board of directors of theSICAV shall normally make the payment of these dividendsafter the closing of the SICAV’s accounts. However, it mayalso decide to pay interim dividends.

Valuation Day The Net Asset Value is normally calculated on each businessday in Luxembourg. The Net Asset Value is issued in USD forShare classes C1, C2, C3, C4 and C5 and in EUR for all theother Share classes. In addition, the Directors may, at theirdiscretion, publish a Net Asset Value, for one or several Shareclasses, in USD, SEK, CHF and/or in GBP.

Publication of the NAV The Net Asset Value is available at any time during businesshours at the SICAV's registered office and will be published inany newspaper as decided by the Directors as appropriateand in compliance with any applicable laws, depending on thelocations where the Sub-Fund is distributed. The Net AssetValue is available on www.SelectorManagement.com.

FURTHER INFORMATION

ISIN Code A1 LU0147530280

A2 LU0147530447

A3 LU0147530793

A4 LU0147539406

A5 LU0366802618

B1 LU0147530876

B2 LU0147531098

B3 LU0147531767

B4 LU0147539588



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B5 LU0147539661

C1 LU0147532229

C2 LU0147532492

C3 LU0147532575

C4 LU0147539828

C5 LU0366802709

Listing on LuxembourgStock-Exchange

No

PERFORMANCES

Global Value class A1 (EUR):

Class A2 EUR



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Class B1 EUR



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2006 2007 2008YTD

(24/04/09)

Selector Management FundGlobal Value A2 13.584% -9.413% -40.827% -6.951%

Selector Management FundGlobal Value A1 12.964% -9.857% -41.152% -7.213%

Selector Management FundGlobal Value B1 9.574% -12.411% -43.190% -7.213%

CONTACTS

Subscription,Redemption andConversion

THE SUB-REGISTRAR AGENT

RBC Dexia Investor Services Bank SA

Fax:+352-2460 9500

Documentation > RBC DEXIA INVESTOR SERVICES BANK S.A.14, Porte de France,L-4360 Esch-sur-Alzette, Luxembourg



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PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR EUROPEAN VALUE »

Paying Agents Luxembourg : RBC Dexia Investor Services Bank SA,Luxembourg

Austria : ERSTE BANK der oesterreichischen Sparkassen AG,Vienna

Italy: BANCA INTESA S.p.A., Milan

Liechtenstein : IFOS International Fonds Service AG, Vaduz


Switzerland : Banque Cantonale de Genève, Genève



Investment Policy The Sub-Fund uses a bottom-up value-oriented equityapproach. The Sub-Fund invests at least two thirds of its totalassets in equity securities of companies domiciled in or carryingout the predominant part of their business activities in Europeand listed on a stock exchange or regulated market. TheInvestment Manager’s approach in selecting investments for theSub-Fund is oriented to individual stock selection and is valuedriven.









The attention of the investor is drawn to the fact thatinvestments in small companies may fluctuate in valuemore than other investments because of the greaterpotential volatility of share prices of small companies.




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Investment Manager Brandes Investment Partners L.P.

The Sub-Funds investments are team-managed by aninvestment committee of the Investment Manager whosemembers are senior portfolio management professionals ofthe firm. The Investment Manager is registered as aninvestment adviser under the U.S. Investment Advisers Act of1940, as amended. The Investment Manager currentlymanages over $100 billion in assets for various clients,including corporations, public and corporate pension plans,foundations and charitable endowments, and individuals.



FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil







A5 5 % Nil

B1 5% Nil

B2 5% Nil

B3 5% Nil








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B5 5% Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil







C5 5 % Nil




Maximum Rate of AggregateAdvisory Fee

(calculated on the basis of the averageNet Asset Value during the relevant

quarter)

Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.

Class B2 1.45% p.a.

Class B3 3.00% p.a.

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.

Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.



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- 16 -



Sub-Administrative agent fee,Registrar Agent fee andCustodian Bank Fee (this feedoes not include thetransactions fees and the sub-custodian fees)

> Average fee of 0.20% per annum of the net assets of theSICAV. Depending on the assets of the SICAV and the transactionmade such fee may be higher or lower than the average fee indicatedabove.


TAXATION









ISSUING PRICE













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- 17 -
















Share Classes Shares may only be issued as registered Shares. Shares maybe issued up to one thousandth of a Share. The A5 and C5share classes are reserved to Selector Advisors or to thirdparty investment managers, distributors, financial institutions,and any other investors which are approved by SelectorAdvisors.



Applications for conversions received before 5.00 pm on abank business day in Luxembourg will normally be executedon the first Valuation Day following the date of receipt of theapplication by the Sub-registrar Agent. Applications forconversions received after 5.00 pm on a bank business day inLuxembourg will normally be executed on the secondValuation Day following the date of receipt of the applicationby the Sub-registrar Agent.


Payment of subscriptions and redemptions must be madeimmediately upon subscription or redemption in the currencyof the relevant Share class and must be in principle receivedby the SICAV, respectively paid by the SICAV not later thanthree (3) business days following the relevant Valuation Day.

The Directors may, from time to time, accept payment to bemade and make payment in USD, SEK, CHF or GBP, if suchpossibility is provided for the relevant Share class. Thepossibility to pay in USD, in SEK, in CHF or in GBP is offered



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to registered shareholders only and upon the terms of thepayment instructions contained in the subscription form.






Valuation Day The Net Asset Value is normally calculated on each businessday in Luxembourg. The Net Asset Value is issued in USD forShare classes C1, C2, C3,C4 and C5 and in EUR for all theother Share classes. In addition, the Directors may, at theirdiscretion, publish a Net Asset Value, for one or several Shareclasses, in USD, SEK, CHF and/or GBP.


FURTHER INFORMATION


A2 LU0147521297

A3 LU0147520729

A4 LU0147535164

A5 LU0366803004

B1 LU0147522774

B2 LU0147523079

B3 LU0147523152

B4 LU0147535321

B5 LU0147536055

C1 LU0147523319

C2 LU0147523582



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- 19 -

C3 LU0147523665

C4 LU0147536139

C5 LU0366803186


No

PERFORMANCES

European value Class A1 (EUR) :

Class A2 (EUR):



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2006 2007 2008YTD

(24/04/09)

Selector Management FundEuropean Value A1 20.949% -9.303% -50.335% 5.203%

Selector Management FundEuropean Val A2 20.476% -8.856% -50.049% 5.417%

CONTACTS




Fax:+352-2460 9500

Documentation > RBC Dexia Investor Services Bank SA

14, Porte de France

L-4360 Esch-sur-Alzette



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PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR US LARGE CAP VALUE »

Paying Agents Luxembourg : RBC Dexia Investor Services Bank SA








Investment Policy The Sub-Fund invests at least two thirds of its total assets inequity securities of companies domiciled in or carrying out themajority of their business activities in the US that have more ofa value bias. The Investment Manager’s approach to selectinginvestments for the Sub-Fund is oriented to individual stockselection and is value driven.

The Sub-Fund may not invest more than 10% of its net assetsin units of other UCITS or other UCIs.

The Sub-Fund may hold liquid assets on an ancillary basis.For the purpose of placing its liquid assets, the Sub-Fund mayinvest in any UCI investing in money market instruments or indebt securities.







The investor should be prepared to eventually makesubstantial losses due to fluctuations of the stock markets andmust accept the risk that he might eventually not recover the



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amounts he initially invested. Therefore, the Sub-Fund isespecially aimed at investors that wish to invest their capitalfor a period of more than 2 years.

Investment Manager Wasatch Advisors, INC.

The Sub-Fund is managed using a team approach, with asenior portfolio manager ultimately responsible for makinginvestment decisions in accordance with the Sub-Fund’sinvestment objective and strategies. The Investment Manageris registered as an investment adviser under the U.S.Investment Advisers Act of 1940, as amended. TheInvestment Manager currently manages over $5 billion inassets for various clients, including U.S. registered investmentcompanies, investment companies exempt from registration,corporations, public and corporate pension plans, foundationsand charitable endowments, and individuals.



FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil







A5 5 % Nil

B1 5% Nil

B2 5% Nil

B3 5% Nil







B5 5% Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil



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- 23 -







C5 5 % Nil




Maximum Rate of Aggregate Advisory Fee

(calculated on the basis of the average Net AssetValue during the relevant quarter)

Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.

Class B2 1.45% p.a.

Class B3 3.00% p.a.

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.

Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.



Sub-Administrative agent fee,Registrar Agent fee andCustodian Bank Fee (this feedoes not include thetransactions fees and the sub-




______________________________________________________________________________

- 24 -

custodian fees)


TAXATION









ISSUING PRICE

















Class B4 Distribution EUR 800 or EUR 1000 or



______________________________________________________________________________

- 25 -

equivalent equivalent












Applications for conversions received before 5.00 pm on abank business day in Luxembourg will normally be executedon the first Valuation Day following the date of receipt of theapplication by the Sub-Registrar Agent. Applications forconversions received after 5.00 pm on a bank business day inLuxembourg will normally be executed on the secondValuation Day following the date of receipt of the applicationby the Sub-Registrar Agent.




During the initial subscription period on November 16, 2009,the initial subscription price is fixed at EUR 1,000 per share forthe A share classes, and at USD 1000 per share for the Cshare classes. The initial subscription price is payable at thelatest on November 16, 2009. The first Net Asset Value will bedated on November 16, 2009.



______________________________________________________________________________

- 26 -






FURTHER INFORMATION


A2 LU0219204871

A3 LU0219205175

A4 LU0219207205

A5 LU0464267623

B1 LU0219205332

B2 LU0219205506

B3 LU0219205761

B4 LU0219207460

B5 LU0219205928

C1 LU0219206066

C2 LU0219206140

C3 LU0219206223

C4 LU0219207627

C5 LU0464267896


No

PEFORMANCES

The performance is not yet available..



______________________________________________________________________________

- 27 -

CONTACTS




Fax:+352-2460 9500


14, Porte de France




______________________________________________________________________________

- 28 -

PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR WORLD VALUE »









Investment Policy The Sub-Fund uses a bottom-up value-oriented global equityapproach. The Sub-Fund invests at least two thirds of its totalassets in equity securities of undervalued companies on theassumption that stock prices are more volatile than theunderlying intrinsic value of the businesses. From ageographical point of view, the Sub-Fund will invest throughoutthe world including emerging markets such as developingcountries of South America, Eastern Europe, Africa and SouthEast Asia.









The attention of the investor is drawn to the fact thatinvestments in emerging markets may offer higher risk:The emerging markets are at an early stage ofdevelopment and suffer from increased risk ofexpropriation, nationalization and social, political andeconomic insecurity. It is proposed that the investor read



______________________________________________________________________________

- 29 -

the section 4 “Investment Restrictions and RiskWarnings” and take note of inherent risks of investmentsin emerging markets. The following list of risk factors thatthe investors may care to consider: securities may becounterfeited; the markets in securities and currenciesmay be subject to liquidity difficulties and unpredictableprice fluctuations as well as export restrictions. Thenature of the financial systems in certain countries maydiffer from those in developed and prudently regulatedfinancial markets. Financial transactions and the custodyof financial assets may be subject to specific risks andrestrictions, accounting and financial reporting offinancial assets may be different.





Investment Manager Acadian Asset Management LLC

Acadian Asset Management LLC is a Boston-headquarteredinvestment management firm with wholly owned affiliateslocated in Singapore and London. Acadian specializes in activeglobal and international equity strategies, employingsophisticated analytical models for active stock selection as wellas peer group (country, region and industry) valuation. As ofJune 2007 Acadian has approximately $ 78 billion in assetsunder management.



FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil








______________________________________________________________________________

- 30 -


A5 5 % Nil

B1 5% Nil

B2 5% Nil

B3 5% Nil







B5 5% Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil







C5 5 % Nil







Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.



______________________________________________________________________________

- 31 -

Other ManagementCompany Fees

Maximum rate of 0,125% p.a. on the average net assets payablemonthly with a minimum not exceeding EUR 20,000.

Sub-Administrativeagent fee, RegistrarAgent fee andCustodian Bank Fee(this fee does notinclude thetransactions fees andthe sub-custodian fees)

> Average fee of 0.20% per annum of the net assets of the SICAV.Depending on the assets of the SICAV and the transaction made suchfee may be higher or lower than the average fee indicated above.

Other Fees andCommissions

Moreover, the Sub-Fund shall bear all of its operating costs. Thedetails of the operating costs are stated in the art. 30 of the articles ofincorporation.

TAXATION




Any of the Sub-Fund’s net assets invested in undertakings forcollective investment which are already subject to the subscription taxpursuant to Article 129 of the law from December 20, 2002 concerningUndertaking for Collective Investments are exempt from thesubscription tax.

Taxation of theinvestors

Dividends payments and redemption proceeds due to shareholdersmay be subject to a withholding tax as provided in the Europeandirective 2003/48/CE of 3 June 2003 on taxation of savings income inthe form of interest payments. In case such a payment would besubject to the withholding tax, the investor would have the option toavoid such tax should he produces a tax-exemption certificate orshould he signs a mandate enabling the transfer agent to proceed tothe exchange of information (if offered by the transfer agent).

The investor is advised to get professional fiscal advice on hispersonally applicable fiscal regime, as it depends on his personalsituation and is subject to frequent changes.

Class B2 1.45% p.a.

Class B3 3.00% p.a.

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.

Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.



______________________________________________________________________________

- 32 -



ISSUING PRICE






























Applications for conversions received before 5.00 pm on abank business day in Luxembourg will normally be executedon the first Valuation Day following the date of receipt of theapplication by the Sub-registrar Agent. Applications forconversions received after 5.00 pm on a bank business day inLuxembourg will normally be executed on the second



______________________________________________________________________________

- 33 -

Valuation Day following the date of receipt of the applicationby the Sub-registrar Agent.











FURTHER INFORMATION



______________________________________________________________________________

- 34 -


A2 LU0232231984

A3 LU0232232107

A4 LU0232243054

A5 LU0366803855

B1 LU0232232289

B2 LU0232232529

B3 LU0232232958

B4 LU0232243567

B5 LU0232233170

C1 LU0232233253

C2 LU0232233410

C3 LU0232233501

C4 LU0232243641

C5 LU0366803939


No

PERFORMANCE

World Value A1 (EUR) :



______________________________________________________________________________

- 35 -

Class A2 (EUR) :

2006 2007 2008 YTD



______________________________________________________________________________

- 36 -

(24/04/09)

Selector Management FundWorld Value A2 8.720% 1.678% -46.161% -4.701%

Selector Management FundWorld Value A1 4.750% 1.143% -46.455% -4.872%

CONTACTS




Fax:+352-2460 9500


14, Porte de France




______________________________________________________________________________

- 37 -

PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR WORLD SHARIAH VALUE »



Investment Objective The Sub-Fund will seek long-term capital appreciation byinvesting primarily in common stocks of global issuers. Thiswill include both large and small-cap issuers as well asopportunistic exposure to issuers in the emerging markets.The Fund’s performance benchmark is the Dow Jones IslamicMarket Index.

Investment Policy The Sub-Fund SELECTOR MANAGEMENT FUND –SELECTOR WORLD SHARIAH VALUE will be principallyinvested in securities listed in the Dow Jones Islamic MarketIndex.

The fund may hold any security received as the result of acorporate action from a security in the Dow Jones IslamicMarket Index.

Securities ceasing to be included in the Dow Jones IslamicMarket Index will be divested within 90 days.

The Sub-Fund will generally hold 10% cash or less.The Sub-Fund will not purchase securities on margin, usederivatives or purchase Rule 144A securities



Investing in equities means participating in the business of acompany. As a shareholder, the investor provides capital thatis used to finance the activity of the company. The investor willthen profit from the performance of the company.Nevertheless, stock markets are subject to unpredictablefluctuations, which can lead to long-term depreciations.

The attention of the investor is drawn to the fact thatinvestments in emerging markets may offer higher risk:The emerging markets are at an early stage ofdevelopment and suffer from increased risk ofexpropriation, nationalization and social, political andeconomic insecurity. It is proposed that the investor readthe section 4 “Investment Restrictions and RiskWarnings” and take note of inherent risks of investmentsin emerging markets. The following list of risk factors thatthe investors may care to consider: securities may becounterfeited; the markets in securities and currenciesmay be subject to liquidity difficulties and unpredictableprice fluctuations as well as export restrictions. Thenature of the financial systems in certain countries maydiffer from those in developed and prudently regulatedfinancial markets. Financial transactions and the custodyof financial assets may be subject to specific risks andrestrictions, accounting and financial reporting of



______________________________________________________________________________

- 38 -

financial assets may be different.









FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil







A5 5 % Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil





______________________________________________________________________________

- 39 -





C5 5 % Nil

The subscription fee (Classes A1, A2, A3, A5, C1, C2, C3 and C5 only) may be between 0 and 5% ofthe total value of the Shares purchased. The subscription fee will be in favour of the Distributor(s). Incertain jurisdictions, the correspondent banks may charge intervention charges to the investors.

The redemption fee (Classes A4 and C4) may be between 0% and 5% of the historic purchase valueof the Shares redeemed, depending on the length of time held prior to redemption. The redemptionfee will be in favour of the Advisor.No conversion fee will be charged.


Other ManagementCompany Fees

Maximum rate of 0,125% p.a. on the average net assets payablemonthly with a minimum not exceeding EUR 20,000.

Sub-Administrativeagent fee, RegistrarAgent fee andCustodian Bank Fee(this fee does notinclude thetransactions fees andthe sub-custodian fees)

> Average fee of 0.20% per annum of the net assets of the SICAV.Depending on the assets of the SICAV and the transaction made suchfee may be higher or lower than the average fee indicated above.

Other Fees andCommissions

Moreover, the Sub-Fund shall bear all of its operating costs. Thedetails of the operating costs are stated in the art. 30 of the articles ofincorporation.

TAXATION




Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class C1 2.00% p.a.

Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.



______________________________________________________________________________

- 40 -




Any of the Sub-Fund’s net assets invested in undertakings forcollective investment which are already subject to the subscription taxpursuant to Article 129 of the law from December 20, 2002 concerningUndertaking for Collective Investments are exempt from thesubscription tax.

Taxation of theinvestors

Dividends payments and redemption proceeds due to shareholdersmay be subject to a withholding tax as provided in the Europeandirective 2003/48/CE of 3 June 2003 on taxation of savings income inthe form of interest payments. In case such a payment would besubject to the withholding tax, the investor would have the option toavoid such tax should he produces a tax-exemption certificate orshould he signs a mandate enabling the transfer agent to proceed tothe exchange of information (if offered by the transfer agent).

The investor is advised to get professional fiscal advice on hispersonally applicable fiscal regime, as it depends on his personalsituation and is subject to frequent changes.



ISSUING PRICE



















Applications for subscriptions and redemptions receivedbefore 5.00 pm on a Valuation Day will normally be executed



______________________________________________________________________________

- 41 -

on such Valuation Day. Applications for subscriptions andredemptions received after 5.00 pm on a Valuation Day willnormally be executed on the following Valuation Day.


Minimum for subsequent subscriptions per investor are:- of EUR 800 or equivalent for class A4,- of USD 800 for class C4- of EUR 1,000 or equivalent for classes A1, A2, A5- of USD1,000 for classes C1, C2, C5- of EUR 25 or equivalent for classes A3- of USD 25 for class C3.



During the initial subscription period on 2nd

June 2008, theinitial subscription price is fixed at EUR 1,000 per share. Theinitial subscription price is payable at the latest on 5

thJune

2008. The first Net Asset Value will be on 6th

June 2008.






Valuation Day The Net Asset Value is normally calculated on each business



______________________________________________________________________________

- 42 -

day in Luxembourg. The Net Asset Value is issued in USD forShare classes C1, C2, C3, C4 and C5 and in EUR for all theother Share classes. In addition, the Directors may, at theirdiscretion, publish a Net Asset Value, for one or several Shareclasses, in USD, SEK, CHF and/or in GBP.


FURTHER INFORMATION


A2 LU0366805397

A3 LU0366805470

A4 LU0366805553

A5 LU0366805637

C1 LU0366805710

C2 LU0366805801

C3 LU0366805983

C4 LU0366806015

C5 LU0366806106


No

PERFORMANCESWorld Shariah Value class A1( EUR) :



______________________________________________________________________________

- 43 -

Class A2 (EUR) :

2006 2007 2008YTD

(24/04/09)



______________________________________________________________________________

- 44 -

Selector Management FundShariah Value A1

-28.497%starting

08/29/08 -1.844%

Selector Management FundShariah Value A2

-33.869%starting

06/10/08 -1.678%

CONTACTS




Fax:+352-2460 9500




______________________________________________________________________________

- 45 -

PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR GLOBAL GROWTH »



Investment Objective The Sub-Fund has a global equity approach. The Sub-Fundseeks capital appreciation by investing at least two thirds of itstotal assets in equity securities of companies that have theability to show strong growth developments.

Investment Policy The Sub-Fund invests in equity securities of companies world-wide. Investments will take place both in developed andemerging markets. The Sub-Fund will maintain at least twothirds of its net assets of the investments in equities listed onstock exchanges in developed markets. The focus will shift overtime between various regions of the world but always with somerepresentation of North America and/or Europe in the Sub-Fund.









The attention of the investor is drawn to the fact thatinvestments in emerging markets may offer higher risk:The emerging markets are at an early stage ofdevelopment and suffer from increased risk ofexpropriation, nationalization and social, political andeconomic insecurity. It is proposed that the investor readthe section 4 “Investment Restrictions and RiskWarnings” and take note of inherent risks of investments



______________________________________________________________________________

- 46 -

in emerging markets. The following list of risk factors thatthe investors may care to consider: securities may becounterfeited; the markets in securities and currenciesmay be subject to liquidity difficulties and unpredictableprice fluctuations as well as export restrictions. Thenature of the financial systems in certain countries maydiffer from those in developed and prudently regulatedfinancial markets. Financial transactions and the custodyof financial assets may be subject to specific risks andrestrictions, accounting and financial reporting offinancial assets may be different.





Investment Manager Marvin & Palmer Associates, Inc. (“Marvin & Palmer”)

Marvin & Palmer is an investment management firm based inWilmington, Delaware, that as of 29 December 2006 hadapproximately USD 12.4 bn in assets under management. Thecompany was started some 14 years ago by the sameindividuals that still lead the investment making process today.The focus has historically been on managing corporatepension accounts.



FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil







A5 5 % Nil



______________________________________________________________________________

- 47 -

B1 5% Nil

B2 5% Nil

B3 5% Nil







B5 5% Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil







C5 5% Nil

The subscription fee (Classes A1, A2, A3, A5, B1, B2, B3, B5, C1, C2, C3 and C5 only) may be between0 and 5% of the total value of the Shares purchased. The subscription fee will be in favour of theDistributor(s). In certain jurisdictions, the correspondent banks may charge intervention charges to theinvestors.

The redemption fee (Classes A4, B4 and C4) may be between 0% and 5% of the historic purchase valueof the Shares redeemed, depending on the length of time held prior to redemption. The redemption feewill be in favour of the Advisor.No conversion fee will be charged.



(calculated on the basis of the average NetAsset Value during the relevant quarter)

Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.

Class B2 1.45% p.a.

Class B3 3.00% p.a.



______________________________________________________________________________

- 48 -

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.

Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.



Sub-Administrative agent fee,Registrar Agent fee and



TAXATION









ISSUING PRICE



Class A2 Capitalisation EUR 250 000 EUR 1000 or



______________________________________________________________________________

- 49 -

or equivalent equivalent






























______________________________________________________________________________

- 50 -










FURTHER INFORMATION


No

PERFORMANCE

No performance is available as this sub-fund has not been activated.

CONTACTS



______________________________________________________________________________

- 51 -




Fax:+352-2460 9500




______________________________________________________________________________

- 52 -

PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR EUROPEAN GROWTH »



Investment Objective The Sub-Fund seeks capital appreciation.

Investment Policy The Sub-Fund invests at least two thirds of its total assets inequity securities of companies domiciled in or carrying out themajority of their business activities in European countries thathave growth characteristics. However, from time to time, themanager may choose to, on a temporary basis, also invest incompanies that have more of a value profile. The Sub-Fund willmaintain a clear majority, at least 55% of the investments inequities listed on exchanges in developed markets.









The attention of the investor is drawn to the fact thatinvestments in emerging markets may offer higher riskdue to amongst other reasons: political instability, lack ofcapital structure, poor information flow and the liquidityof the exchange.


The investment policy of the Sub-Fund is aimed at investorswho are interested in the financial markets and who considerthis Sub-Fund as a practical mean of investment that allowsthem to participate in the evolution of the capital markets. It istherefore recommended to have experience with products of



______________________________________________________________________________

- 53 -

capital markets when investing in the Sub-Fund. The Investorshould also be aware of the high volatility of the capitalmarkets.


Investment Manager Oechsle International Advisors, LLC.

Oechsle International Advisors, LLC. Was founded in 1986. Itis a Boston-based investment management firm managingUSD 20bn as of 31 December 2006 with offices in London,Frankfurt and Tokyo. Currently over USD 12.5bn of its assetsunder management are US pension assets.



FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil







A5 5 % Nil

B1 5% Nil

B2 5% Nil

B3 5% Nil







B5 5% Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil





______________________________________________________________________________

- 54 -





C5 5 % Nil






quarter)

Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.

Class B2 1.45% p.a.

Class B3 3.00% p.a.

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.

Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.




Custodian Bank Fee (this feedoes not include thetransactions fees and the sub-




______________________________________________________________________________

- 55 -

custodian fees)


TAXATION









ISSUING PRICE

















Class B4 Distribution EUR 800 or EUR 1000 or



______________________________________________________________________________

- 56 -

















Distribution of Dividends The Directors may at their discretion and in compliance withthe Law of December 20th, 2002 offer distribution Shares icapitalisation Shares.




______________________________________________________________________________

- 57 -






PERFORMANCE


CONTACTS




Fax:+352-2460 9500




______________________________________________________________________________

- 58 -

PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR EMERGING MARKETS »

Paying Agent Luxembourg : RBC Dexia Investor Services Bank SA



Investment Policy The Sub-Fund invests at least two thirds of its total assets inequity securities of companies domiciled in or carrying out themajority of their business activities in emerging markets. Allmarkets that are included in the International FinanceCorporation Composite and/or, in the MSCI Emerging MarketIndex with net dividends reinvested, are considered to beemerging markets, as well as other countries which are at asimilar level of economic development or in which new equitymarkets are being constituted. This Sub-Fund will be investedin a number of industries with no particular market capitalizationrequirement for the respective companies.









The attention of the investor is drawn to the fact thatinvestments in emerging markets may offer higher risk:The emerging markets are at an early stage ofdevelopment and suffer from increased risk ofexpropriation, nationalization and social, political andeconomic insecurity. It is proposed that the investor readthe section 4 “Investment Restrictions and RiskWarnings” and take note of inherent risks of investmentsin emerging markets. The following list of risk factors thatthe investors may care to consider: securities may be



______________________________________________________________________________

- 59 -

counterfeited; the markets in securities and currenciesmay be subject to liquidity difficulties and unpredictableprice fluctuations as well as export restrictions. Thenature of the financial systems in certain countries maydiffer from those in developed and prudently regulatedfinancial markets. Financial transactions and the custodyof financial assets may be subject to specific risks andrestrictions, accounting and financial reporting offinancial assets may be different.





Investment Manager To be decided at a later point at the discretion of the Directors



FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil







A5 5 % Nil

B1 5% Nil

B2 5% Nil

B3 5% Nil






______________________________________________________________________________

- 60 -




B5 5% Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil







C5 5 % Nil






quarter)

Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.

Class B2 1.45% p.a.

Class B3 3.00% p.a.

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.

Class C2 1.45% p.a.

Class C3 3.00% p.a.



______________________________________________________________________________

- 61 -

Class C4 2.15% p.a.

Class C5 0.95% p.a.




Custodian Bank Fee (this feedoes not include thetransactions fees and the sub-custodian fees)



TAXATION









ISSUING PRICE







Class A4 Capitalisation EUR 800 or EUR 1000 or



______________________________________________________________________________

- 62 -

























Payment of subscriptions and redemptions must be madeimmediately upon subscription or redemption in the currencyof the relevant Share class and must be in principle receivedby the SICAV, respectively paid by the SICAV not later than



______________________________________________________________________________

- 63 -

three (3) business days following the relevant Valuation Day.







Valuation Day The Net Asset Value is normally calculated on each businessday in Luxembourg. The Net Asset Value is issued in USD forShare classes C1, C2, C3 and C4 and in EUR for all the otherShare classes. In addition, the Directors may, at theirdiscretion, publish a Net Asset Value, for one or several Shareclasses, in USD, SEK, CHF and/or in GBP.


PERFORMANCE


CONTACTS




Fax:+352-2460 9500




______________________________________________________________________________

- 64 -

PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR JAPAN »


Austria : ERSTE BANK der österreichischen Sparkassen AG,Vienna






Investment Objective The Sub-Fund seeks to generate a high total return consistentwith preservation of capital.

Investment Policy The Sub-Fund invests at least two thirds of its total assets inequity securities of companies domiciled in or carrying out themajority of their business activities in Japan and is broadlydiversified across sectors. The Sub-Fund may includecompanies with both growth and value characteristics.Furthermore, the investment manager may also choose toinclude companies with both small and large marketcapitalizations.

The Sub-Fund may not invest more than 10% of its net assts inunits of other UCITS or other UCIs.

The Sub-Fund may hold liquid assets on an ancillary basis. Forthe purpose of placing its liquid assets, the Sub-Fund mayinvest in any UCI investing in money market instruments or indebt securities that meet one of the following conditions:






Investing in equities means participating in the business of acompany. As a shareholder, the investor provides a capital thatis used to finance the activity of the company. The investor willthen profit from the performance of the company.Nevertheless, stock markets are subject to unpredictablefluctuations, which can lead to long-term depreciations.

The attention of the investor is drawn to the fact thatinvestments in small companies may fluctuate in valuemore than other investments because of the greaterpotential volatility of share prices of small companies.



______________________________________________________________________________

- 65 -



The investor should be prepared to eventually makesubstantial losses due to fluctuations of the stock markets andmust accept the risk that he might eventually not recover theamounts he initially invested. Therefore, the Sub-Fund isespecially aimed at investors that wish to invest their capital fora period of more than 2 years.





FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil







A5 5 % Nil

B1 5% Nil

B2 5% Nil

B3 5% Nil









______________________________________________________________________________

- 66 -

B5 5% Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil







C5 5 % Nil





(calculated on the basis of the average

Net Asset Value during the relevant

quarter)

Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.

Class B2 1.45% p.a.

Class B3 3.00% p.a.

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.

Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.



______________________________________________________________________________

- 67 -







TAXATION









ISSUING PRICE













______________________________________________________________________________

- 68 -



















Applications for subscriptions, redemptions and conversionsreceived before 5.00 pm on a bank business day inLuxembourg will normally be executed on the first ValuationDay following the date of receipt of the application by the Sub-Registrar Agent. Applications for subscriptions, redemptionsand conversions received after 5.00 pm on a bank businessday in Luxembourg will normally be executed on the secondValuation Day following the date of receipt of the applicationby the Sub-Registrar Agent.

Minimum for subsequent subscriptions per investor are:- of EUR 800 or equivalent for class A4, B4- of USD 800 for class C4- of EUR 1,000 or equivalent forclasses A1, A2, A5, B1, B2, B5- of USD 1,000 for classes C1, C2, C5- of EUR 25 or equivalent for classes A3, B3- of USD 25 for class C3.


The Directors may, from time to time, accept payment to bemade and make payment in USD, in SEK, in JPY, in CHF or inGBP if such possibility is provided for the relevant Shareclass. The possibility to pay in USD, in SEK, in JPY, in CHF orin GBP is offered to registered shareholders only and upon theterms of the payment instructions contained in the subscriptionform.



______________________________________________________________________________

- 69 -






Valuation Day The Net Asset Value is normally calculated on each businessday in Luxembourg. The Net Asset Value is issued in USD forShare classes C1, C2, C3, C4 and C5 and in EUR for all theother Share classes. In addition, the Directors may, at theirdiscretion, publish a Net Asset Value, for one or several Shareclasses, in USD, SEK, JPY, CHF and/or GBP.


FURTHER INFORMATION


A2 LU0245681134

A3 LU0245681217

A4 LU0245683007

A5 LU0366804077

B1 LU0245681563

B2 LU0245681720

B3 LU0245682025

B4 LU0245683262

B5 LU0245682371

C1 LU0245682611

C2 LU0245682702

C3 LU0245682884



______________________________________________________________________________

- 70 -

C4 LU0245687503

C5 LU0366804150


No

PERFORMANCES

class A1 (EUR)

Class A2 :



______________________________________________________________________________

- 71 -

Class B1 :



______________________________________________________________________________

- 72 -

2006 2007 2008YTD

(27/04/09)

Selector ManagementFund Japan A1

-7.769%starting

03/16/06 -16.397% -34.072% -4.136%

Selector ManagementFund Japan A2

-8.460%starting

03/01/06 -15.960% -33.704% -3.945%

Selector ManagementFund Japan B1 -16.416% -34.135% -6.129%

CONTACTS




Fax:+352-2460 9500




______________________________________________________________________________

- 73 -

PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND - SELECTOR W&R US LARGE CAP GROWTH »




Investment Objective The Sub-Fund seeks long-term capital growth.

Investment Policy The Sub-Fund invests at least two thirds of its total assets inequity securities issued by companies with a marketcapitalization greater than USD 5 billion and domiciled in orcarrying out the majority of their business activities in the US,with a focus on large cap growth-oriented companies. The Sub-Fund may not invest more than 10% of its net assts in units ofother UCITS or other UCIs.










The investor should be prepared to eventually makesubstantial losses due to fluctuations of the stock markets andmust accept the risk that he might eventually not recover theamounts he initially invested. Therefore, the Sub-Fund isespecially aimed at investors that wish to invest their capital



______________________________________________________________________________

- 74 -

for a period of more than 2 years.

Investment Manager Waddell & Reed Investment Management Company(“WRIMCO”).

WRIMCO is a registered investment adviser and is an indirectsubsidiary of Waddell & Reed Financial, Inc. (WDR on theNYSE) (“Waddell & Reed”). The Waddell & Reed organizationwas founded in 1937 and has over 65 years of investmentmanagement experience. Waddell & Reed, through itsinvestment management subsidiaries, currently managesmore than $45 billion on behalf of more than 2 millioninstitutional and retail accounts. Waddell & Reed uses aconservative and consistent investment process that seeks todeliver competitive performance while focusing on risk-adjusted returns and rigorous research and analysis.



FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil







A5 5 % Nil

B1 5% Nil

B2 5% Nil

B3 5% Nil







B5 5% Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil






______________________________________________________________________________

- 75 -




C5 5 % Nil





(calculated on the basis of the average NetAsset Value during the relevant quarter)

Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.

Class B2 1.45% p.a.

Class B3 3.00% p.a.

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.

Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.





> Average fee of 0.20% per annum of the net assets of theSICAV. Depending on the assets of the SICAV and the transactionmade such fee may be higher or lower than the average fee indicatedabove.

Other Fees and Commissions Moreover, the Sub-Fund shall bear all of its operating costs.



______________________________________________________________________________

- 76 -

The details of the operating costs are stated in the art. 30 ofthe articles of incorporation.

TAXATION









ISSUING PRICE



















Class B5 Capitalisation EUR 250 000 EUR 1000 or



______________________________________________________________________________

- 77 -

or equivalent equivalent



















______________________________________________________________________________

- 78 -





FURTHER INFORMATION


A2 LU0232234228

A3 LU0232234491

A4 LU0232243724

A5 LU0366804234

B1 LU0232234731

B2 LU0232235035

B3 LU0232235381

B4 LU0232243997

B5 LU0232235464

C1 LU0232235548

C2 LU0232236199

C3 LU0232236512

C4 LU0232244292

C5 LU0366804408


No

PERFORMANCES



______________________________________________________________________________

- 79 -

W&R US Large Cap Growth class A1 (EUR):

Class A2 (EUR) :

2006 2007 2008 YTD



______________________________________________________________________________

- 80 -

(24/04/09)

Selector Management Fund WRUS Large Cap A1

-2.121%starting

12/15/06 6.057% -35.270% 0.550%

Selector Management Fund WRUS Large Cap A2

-2.097%starting

12/15/06 6.641% -34.914% -0.010%

CONTACTS




Fax:+352-2460 9500




______________________________________________________________________________

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PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR W&R SCIENCE AND TECHNOLOGY »





Investment Objective The Sub-Fund seeks long-term capital growth.

Investment Policy The Sub-Fund seeks to achieve its objective of growth byconcentrating at least two thirds of its total assets ininvestments in equity securities of US and foreign science andtechnology companies, globally. The Sub-Fund invests at leasttwo thirds of its net assets in equity securities issued bycompanies carrying out business in or the majority of theirbusiness in the areas of science and technology or companiesbenefited by the application of scientific or technologicaldiscoveries.









The attention of the investor is drawn to the fact thatinvestments in emerging markets may offer higher risk:The emerging markets are at an early stage ofdevelopment and suffer from increased risk ofexpropriation, nationalization and social, political andeconomic insecurity.It is proposed that the investor readthe section 4 “Investment Restrictions and RiskWarnings” and take note of inherent risks of investmentsin emerging markets. The following list of risk factors thatthey investors may care to consider: securities may be



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counterfeited; the markets in securities and currenciesmay be subject to liquidity difficulties and unpredictableprice fluctuations as well as export restrictions. Thenature of the financial systems in certain countries maydiffer from those in developed and prudently regulatedfinancial markets. Financial transactions and the custodyof financial assets may be subject to specific risks andrestrictions, accounting and financial reporting offinancial assets may be different.









FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil








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A5 5 % Nil

B1 5% Nil

B2 5% Nil

B3 5% Nil







B5 5% Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil







C5 5 % Nil






quarter)

Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.



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Class B2 1.45% p.a.

Class B3 3.00% p.a.

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.

Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.







TAXATION









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ISSUING PRICE



Class A2 Capitalisation EUR 250 000 orequivalent


Class A3 Capitalisation EUR 25 or equivalent EUR 1000 orequivalent

Class A4 Capitalisation EUR 800 or equivalent EUR 1000 orequivalent

Class A5 Capitalisation EUR 500 000 orequivalent




Class B2 Distribution EUR 250 000 orequivalent


Class B3 Distribution EUR 25 or equivalent EUR 1000 orequivalent

Class B4 Distribution EUR 800 or equivalent EUR 1000 orequivalent

Class B5 Capitalisation EUR 250 000 orequivalent











Applications for conversions received before 5.00 pm on abank business day in Luxembourg will normally be executedon the first Valuation Day following the date of receipt of theapplication by the Sub-Registrar Agent. Applications forconversions received after 5.00 pm on a bank business day inLuxembourg will normally be executed on the second



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Valuation Day following the date of receipt of the applicationby the Sub-Registrar Agent.











FURTHER INFORMATION



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A2 LU0232239532

A3 LU0232239615

A4 LU0232244961

A5 LU0366804747

B1 LU0232239888

B2 LU0232240035

B3 LU0232240118

B4 LU0232245000

B5 LU0232240209

C1 LU0232240464

C2 LU0232240548

C3 LU0232240894

C4 LU0232245695

C5 LU0366804820


No

PERFORMANCESW&R Science and Technology class A1 (EUR) :



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Class A2 (EUR) :

2006 2007 2008YTD

(24/04/09)

Selector Management Fund WRScience and Technology A2

-2.061%starting 6.764% -34.935% 8.989%



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12/15/06

Selector Management Fund WRScience and Technology A1

-2.085%starting

12/15/06 6.230% -35.291% 9.205%

CONTACTS




Fax:(+352) 2460 9500




______________________________________________________________________________

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PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR ASIA EX JAPAN»

Paying Agent Luxembourg : RBC Dexia Investor Services Bank SA



Investment Policy The Sub-Fund invests at least two thirds of its total assets inequity securities of companies domiciled in or carrying out themajority of their business activities in Asia outside Japan. ThisSub-Fund will be invested in a number of industries with noparticular market capitalization requirement for the respectivecompanies.

The Sub-Fund may not invest more than 10% of its net assts inunits of other UCITS or other UCIs.

The Sub-Fund may hold liquid assets on an ancillary basis. Forthe purpose of placing its liquid assets, the Sub-Fund mayinvest in any UCI investing in money market instruments or indebt securities that meet one of the following conditions:






Investing in equities means participating in the business of acompany. As a shareholder, the investor provides a capital thatis used to finance the activity of the company. The investor willthen profit from the performance of the company.Nevertheless, stock markets are subject to unpredictablefluctuations, which can lead to long-term depreciations.

The attention of the investor is drawn to the fact thatinvestments in emerging markets may offer higher risk:The emerging markets are at an early stage ofdevelopment and suffer from increased risk ofexpropriation, nationalization and social, political andeconomic insecurity.It is proposed that the investor readthe section 4 “Investment Restrictions and RiskWarnings” and take note of inherent risks of investmentsin emerging markets. The following list of risk factors thatthey investors may care to consider: securities may becounterfeited; the markets in securities and currenciesmay be subject to liquidity difficulties and unpredictableprice fluctuations as well as export restrictions. Thenature of the financial systems in certain countries maydiffer from those in developed and prudently regulated



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financial markets. Financial transactions and the custodyof financial assets may be subject to specific risks andrestrictions, accounting and financial reporting of financialassets may be different.




The investor should be prepared to eventually makesubstantial losses due to fluctuations of the stock markets andmust accept the risk that he might eventually not recover theamounts he initially invested. Therefore, the Sub-Fund isespecially aimed at investors that wish to invest their capital fora period of more than 2 years.

Investment Manager To be decided at a later point at the discretion of the Directors



FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil







A5 5 % Nil

B1 5% Nil

B2 5% Nil

B3 5% Nil







B5 5% Nil



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C1 5% Nil

C2 5% Nil

C3 5% Nil







C5 5 % Nil






quarter)

Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.

Class B2 1.45% p.a.

Class B3 3.00% p.a.

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.

Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.

Other Management Company Maximum rate of 0,125% p.a. on the average net assetspayable monthly with a minimum not exceeding EUR 20,000.



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Fees





TAXATION









ISSUING PRICE















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Applications for subscriptions, redemptions and conversionsreceived before 5.00 pm on a bank business day inLuxembourg will normally be executed on the first ValuationDay following the date of receipt of the application by the Sub-Registrar Agent. Applications for subscriptions, redemptionsand conversions received after 5.00 pm on a bank businessday in Luxembourg will normally be executed on the secondValuation Day following the date of receipt of the applicationby the Sub-Registrar Agent.

Minimum for subsequent subscriptions per investor are:- of EUR 800 or equivalent for class A4, B4- of USD 800 for class C4- of EUR 1,000 or equivalent forclasses A1, A2, A5, B1, B2, B5- of USD 1,000 for classes C1, C2, C5- of EUR 25 or equivalent for classes A3, B3- of USD 25 for class C3.




Distribution Shares grant the shareholder the right to receive a



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dividend.






PERFORMANCE


CONTACTS




Fax:+352-2460 9500




______________________________________________________________________________

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PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR SHORT TERM BOND FUND»

Paying Agents Luxembourg : RBC DEXIA INVESTOR SERVICES BANK S.A.


Investment Objective The Sub-Fund seeks absolute total return.

Investment Policy The SICAV’s investment strategy is based on a disciplinedand rigorous investment process which is a combination oftwo approaches, i.e. the “top-down” approach (determining thesensitivity of the portfolio and the positioning on the yieldcurve according to yield expectations for the various maturitysegments) and the “bottom-up” approach (securities selectedby means of a rigorous analysis based on quantitative andqualitative evaluation models).

Following an analysis of macroeconomic fundamentalsincluding growth, inflation and monetary policy forecasts, theInterest Rate Investment Committee determines the bestsensitivity strategy for the portfolio, positioning on the ratecurve, spread strategies between the various governmentbond markets (the spread being the difference between 2interest rate levels) and selection of government bonds. ThisInterest Rate Investment Committee bases its judgement on abond evaluation framework and on quantitative and qualitativemodels.

At least 2/3 of the portfolio shall be invested in fixed orvariable income bonds denominated in Euros issued bygovernments, the public sector and/or good qualitysupranational organisations (buying rating higher thanInvestment Grade – BBB-/Baa3).

The SICAV may also invest in other types of bonds, such asinflation-linked bonds and bonds issued by private sectorentities (buying rating higher than Investment Grade – BBB-/Baa3).

The range of sensitivity to interest rate is 0 to 3 years.

Furthermore, as a secondary activity and in order to managecash flow, the SICAV may, on a temporary basis, for cash flowmanagement purposes, make use of deposits and temporarystock acquisitions and transfers.

The SICAV may make use of derivatives traded on regulatedmarkets or on OTC markets to expose the portfolio to orhedge it against the interest rate risk. The manager shall alsouse these instruments to intervene rapidly on the markets toadjust the interest rate risk exposure. The exposure ofderivatives positions shall not exceed 200% of the assets on



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the interest rate market.



The Sub-Fund’s investments are subject to market fluctuationsand there is a risk that investors will not get back the fullamount invested. The Sub-Fund is aimed at investors whowish to benefit from a cautious bond management style andare seeking a moderate medium-term yield.The SICAV may carry out operations involving the use ofderivative instruments either for the purpose of efficientportfolio management or risk hedging. Under no circumstanceshould these transactions cause the sub-fund to diverge fromits investment objectives.The use of derivative instruments may increase or decreasethe SICAV's volatility depending on whether risk exposure isincreased or decreased.The SICAV is exposed to the risk of default by a selectedissuer, the funds being mainly invested in government andpublic sector issues considered of good quality. Credit riskexists but is limited by the fact of the minimum rating of theissuers (Investment Grade - BBB-/Baa3 when issued).A rise in interest rates may cause a fall in the net asset value ifthe portfolio’s value is not protected.

Investor Profile Investment horizon: minimum 2 years.

The Sub-Fund is aimed at investors who wish to benefit from acautious bond management style and are seeking a moderatemedium-term yield.

Investment Manager DEXIA ASSET MANAGEMENT LUXEMBOURG S.A.

Dexia Asset Management (hereinafter "Dexia AM"), a sociétéanonyme with its registered office at 136 route d'Arlon, L-1150Luxembourg.

Dexia AM was established in Luxembourg on 10 July 1991. Itstarted its management activities on 1 February 1999 and is asubsidiary of Dexia Banque Internationale à Luxembourg andof Dexia Banque Belgique S.A. Dexia AM received approvalas a Management Company within the meaning of Article 77of Chapter 13 of the Law, and is authorized to perform theactivities of collective portfolio management, investmentportfolio management and investment consultancy. Its articlesof association were published in Mémorial C (Recueil desSociétés et Associations) number 612 of 15 June 2004.

Dexia AM is entered in the Luxembourg Companies’ Registerunder number B-37 647. The capital of the ManagementCompany is EUR 225,110,610.53, represented by 15,386registered shares. It has an unlimited term. Its financial yearends on 31 December of each year.



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FEE

MAXIMUM

REDEMPTION FEE

A6 Nil Nil

A7 Nil Nil

In certain jurisdictions, the correspondent banks may charge intervention charges to the investors.No conversion fee will be charged.





Class A6 0.80% p.a.

Class A7 0.50% p.a.





Other Fees and Commissions Moreover, the Sub-Fund shall bear all of its operating costs.The details of the operating costs are stated in the art. 30 of thearticles of incorporation.

TAXATION

Taxation of the SICAV No tax to be paid in Luxembourg except:

Subscription tax of 0,05% p.a.




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Taxation of the investors Dividends payments and redemption proceeds due toshareholders may be subject to a withholding tax as providedin the European directive 2003/48/CE of 3 June 2003 ontaxation of savings income in the form of interest payments.In case such a payment would be subject to the withholdingtax, the investor would have the option to avoid such taxshould he produce a tax-exemption certificate or should hesign a mandate enabling the transfer agent to proceed to theexchange of information (if offered by the transfer agent).




ISSUING PRICE





Share Classes Shares may only be issued as registered Shares. Shares maybe issued up to one thousandth of a Share. The A5 and C5share classes are reserved to Selector Advisors or to thirdparty investment managers, distributors, financial institutions,and any other investors which are approved by SelectorAdvisors.


Applications for subscriptions, redemptions and conversionsreceived on a Luxembourg bank business day before 5.00 pmwill normally be executed on the first Valuation Day whichoccurs following the date of receipt of the application by theSub-Registrar Agent.

Applications for subscriptions, redemptions and conversionsreceived after 5.00 pm on a Luxembourg bank business willnormally be executed on the second Valuation Day followingthe date of receipt of the application by the Sub-RegistrarAgent.

Minimum for subsequent subscriptions per investor are:- of EUR 1,000 or equivalent for classes A6 and A7


The Directors may, from time to time, accept payment to bemade and make payment in USD, if such possibility isprovided for the relevant Share class. The possibility to pay inUSD or in SEK is offered to registered shareholders only andupon the terms of the payment instructions contained in thesubscription form.

The Sub-Fund is to be launched at a later stage upon



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Director’s discretion.



FURTHER INFORMATION

ISIN CODE A6 LU0464265502

A7 LU0464265684


No

PERFORMANCE

The performance is not yet available.

CONTACTS


THE SUB-REGISTRAR AGENTRBC DEXIA INVESTOR SERVICES BANK S.A.

Fax: +352 2460 9500




______________________________________________________________________________

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PRESENTATION OF THE SUB-FUND« SELECTOR MANAGEMENT FUND – SELECTOR IVY ASSET STRATEGY»

Paying Agents Luxembourg : RBC DEXIA INVESTOR SERVICES BANK S.A.




Paying and Information Agentin Germany

Marcard, Stein & Co GmbH & Co KG, Hamburg


Investment Objective The Sub-Fund seeks total return.

Investment Policy The Sub-Fund seeks to achieve its objective by allocatingfrom 0-100% of its assets among stocks, bonds and short-term instruments anywhere in the world. The Sub-Fund mayinvest also in emerging markets such as developing countriesof South America, Eastern Europe, Africa and South EastAsia.

The Sub-Fund may invest up to 5% in Frontier Market (asdefined by MSCI) local currencies exposition.

The Sub-Fund may invest up to 10% in ETFS (ETC).

The Sub-Fund may not invest more than 10% of its net assetsin units of other UCITS or other UCIs, including open-endedExchange Traded Funds.

The Sub-Fund may hold liquid assets on an ancillary basis.

The Sub-Fund may also invest in any UCI investing in moneymarket instruments or in debt securities.

The Sub-Fund may invest in financial derivative instrumentsfor the purpose of currency hedging or efficient portfoliomanagement, provided that these financial derivativeinstruments comply with the eligibility criteria set out in therespective UCITS law and CSSF circular 08/339. However,the total net exposure of financial derivative instruments usedfor purposes other than hedging may not exceed 50% of thetotal net assets of the Sub-Fund.




The attention of the investor is drawn to the fact thatinvestments in emerging markets may offer higher riskdue to amongst other reasons: political instability, lack ofcapital structure, poor information flow and the liquidityof the exchange.



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FEE

MAXIMUM

REDEMPTION FEE

A1 5% Nil

A2 5% Nil

A3 5% Nil







A5 5 % Nil

B1 5% Nil

B2 5% Nil

B3 5% Nil




______________________________________________________________________________

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B5 5% Nil

C1 5% Nil

C2 5% Nil

C3 5% Nil







C5 5 % Nil


The redemption fee (Classes A4, B4 and C4) may be between 0% and 5% of the historic purchasevalue of the Shares redeemed, depending on the length of time held prior to redemption. Theredemption fee will be in favour of the Advisor.The conversion fee (between different Sub-Funds) may be between 0% and 1%. The conversion feewill be in favour of the redeemed Sub-Fund.





Class A1 2.00% p.a.

Class A2 1.45% p.a.

Class A3 3.00% p.a.

Class A4 2.15% p.a.

Class A5 0.95% p.a.

Class B1 2.00% p.a.

Class B2 1.45% p.a.

Class B3 3.00% p.a.

Class B4 2.15% p.a.

Class B5 0.50% p.a.

Class C1 2.00% p.a.



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Class C2 1.45% p.a.

Class C3 3.00% p.a.

Class C4 2.15% p.a.

Class C5 0.95% p.a.


Maximum rate of 0,125% p.a. on the average net assetspayable monthly with a minimum not exceeding EUR 20,000p.a.




TAXATION


Subscription tax of 0,05% p.a.


Taxation of the investors Dividends payments and redemption proceeds due toshareholders may be subject to a withholding tax as providedin the European directive 2003/48/CE of 3 June 2003 ontaxation of savings income in the form of interest payments.In case such a payment would be subject to the withholdingtax, the investor would have the option to avoid such taxshould he produce a tax-exemption certificate or should hesign a mandate enabling the transfer agent to proceed to theexchange of information (if offered by the transfer agent).

The investor is advised to get professional fiscal advice onhis personally applicable fiscal regime, as it depends on hispersonal situation and is subject to frequent changes.



ISSUING PRICE



______________________________________________________________________________

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Share Classes Shares may only be issued as registered Shares. Sharesmay be issued up to one thousandth of a Share. The A5 andC5 share classes are reserved to Selector Advisors or tothird party investment managers, distributors, financialinstitutions, and any other investors which are approved bySelector Advisors.


Applications for subscriptions, redemptions and conversionsreceived on a Luxembourg bank business day before 5.00pm will normally be executed on the first Valuation Day whichoccurs following the date of receipt of the application by theSub-Registrar Agent.

Applications for subscriptions, redemptions and conversionsreceived after 5.00 pm on a Luxembourg bank business willnormally be executed on the second Valuation Day followingthe date of receipt of the application by the Sub-RegistrarAgent.

Minimum for subsequent subscriptions per investor are:- of EUR 800 or equivalent for class A4, B4- of USD 800 for class C4- of EUR 1,000 or equivalent for classes A1, A2, A5, B1, B2,B5- of USD 1,000 for classes C1, C2, C5



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- of EUR 25 or equivalent for classes A3, B3- of USD 25 for class C3.


The Directors may, from time to time, accept payment to bemade and make payment in USD or SEK, if such possibilityis provided for the relevant Share class. The possibility topay in USD or in SEK is offered to registered shareholdersonly and upon the terms of the payment instructionscontained in the subscription form.

The Sub-Fund is to be launched at a later stage uponDirector’s discretion.


Distribution Shares grant the shareholder the right to receivea dividend.

Capitalisation Shares do not grant the shareholder the rightto receive a dividend. Corresponding revenues will remainwith the Sub-Fund and be reinvested.

The board of directors of the SICAV may propose to theannual general meeting of shareholders to decide thepayment of a cash dividend for the different Sub-Funds.Distributions may be made out of income, realised andunrealised capital gains, provided however that the netassets of the Company will always remain above 1.250.000Euro.

The SICAV may thus distribute its net income oninvestments, allowing for realized or unrealized depreciationsand realized or unrealized gains on capital. The board ofdirectors of the SICAV shall normally make the payment ofthese dividends after the closing of the SICAV’s accounts.However, it may also decide to pay interim dividends.

Valuation Day The Net Asset Value is normally calculated on each businessday in Luxembourg. The Net Asset Value is issued in USDfor Share classes C1, C2, C3, C4 and C5 and in EUR for allthe other Share classes. In addition, the Directors may, attheir discretion, publish a Net Asset Value, for one or severalShare classes, in USD, SEK, CHF and/or in GBP.

Publication of the NAV The Net Asset Value is available at any time during businesshours at the SICAV's registered office and will be publishedin any newspaper as decided by the Directors as appropriateand in compliance with any applicable laws, depending onthe locations where the Sub-Fund is distributed. The NetAsset Value is available on www.SelectorManagement.com.

FURTHER INFORMATION


A2 LU0464265841



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A3 LU0464265924

A4 LU0464266062

A5 LU0464266229

B1 LU0464266575

B2 LU0464266658

B3 LU0464266732

B4 LU0464266815

B5 LU0464267037

C1 LU0464267110

C2 LU0464267201

C3 LU0464267383

C4 LU0464267466

C5 LU0464267540


No

PERFORMANCE

The performance is not yet available.

CONTACTS


THE SUB-REGISTRAR AGENTRBC DEXIA INVESTOR SERVICES BANK S.A.

Fax: (+352) 2460 9500


an investment company with variable share capital ...selector management fund an investment company...

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