SID, KIM and SAI

Three documents, three jobs, and the exam loves to swap their names, so pin them down once. The SID, the Scheme Information Document, is the detailed guide to one scheme: its objective, asset allocation, risk factors, fees and load, plans and options, and how to transact. Beside it, the KIM, the Key Information Memorandum, is the short summary of the SID, and its defining feature is that it must accompany the application form, so it is the document most investors actually hold in their hands. The third, the SAI, the Statement of Additional Information, is different in scope: it carries the statutory and legal detail common to all of the fund’s schemes, so it is fund-wide, not scheme-specific.

The part the deeper questions test is that these documents are living. The SID and SAI are updated regularly, typically the SID at least once a year, and any change in between is made through an addendum that becomes part of the documents until the next full update. The KIM is likewise kept current so the version handed out with the form reflects the latest terms. In practice: read the SID to decide, glance at the KIM for the summary, and consult the SAI for the fund-wide legalities, and never quote yesterday’s document when an addendum may have changed the terms.