Threadneedle (Lux)Société d'Investissement à Capital Variable
Registered Office: 31, Z.A. Bourmicht, L-8070 Bertrange
Grand Duchy of Luxembourg
R.C.S. Luxembourg B 50 216(the “SICAV”)

NOTICE TO THE SHAREHOLDERS OF
THREADNEEDLE (LUX) – ASIA EQUITIESTHREADNEEDLE (LUX) – EUROPEAN SELECTTHREADNEEDLE (LUX) – EUROPEAN SMALLER COMPANIESTHREADNEEDLE (LUX) – GLOBAL EQUITY INCOME
THREADNEEDLE (LUX) – GLOBAL FOCUS
THREADNEEDLE (LUX) – GLOBAL SELECTTHREADNEEDLE (LUX) – PAN EUROPEAN SMALLER COMPANIES(THE “EQUITY PORTFOLIOS”)
THREADNEEDLE (LUX) – EUROPEAN HIGH YIELD BOND
(THE “BOND PORTFOLIO”)(TOGETHER, THE “PORTFOLIOS”)
IMPORTANT
14 September 2023
Dear Shareholder,
Important information: Amendment to the investment policies and SFDR RTS Annexes of thePortfolios to introduce additional measures that support the promotion of environmental andsocial characteristics.
From 1 December 2021, the Portfolios have been promoting environmental and social characteristics
as part of the investment process.
As you are an investor in one or more of the Portfolios, we are writing to inform you that the Board of
Directors of the SICAV (the “Board”) are now further amending the investment policies andcorresponding SFDR RTS Annexes to introduce additional measures that support the promotion ofenvironmental and social characteristics as part of the Sub-Advisor’s investment decision-making
process. The Board are also amending the investment policies to disclose that Columbia Threadneedle
Investments is a signatory to the Net Zero Asset Managers Initiative (“NZAMI”) and has committed toan ambition, working in partnership with its clients, to reach net zero emissions by 2050 or sooner fora range of assets, including the Portfolios.
The Portfolios will continue to be categorised as promoting environmental or social characteristics
under Article 8 of the EU Regulation 2019/2088 on sustainability-related disclosures in the financial
services sector (known as the Sustainable Finance Disclosure Regulation or “SFDR”).
The amended investment policies and SFDR RTS Annexes will be adopted from 20 November 2023
(the “Effective Date”).

For any capitalised terms that are not specifically defined within this letter, please refer to the definitionin the “Glossary” section of the Prospectus which is available on our website
www.columbiathreadneedle.com.
What is changing?
The Portfolios already aim to exclude companies that breach international standards and principles(e.g. the United Nations Global Compact and the United Nations Guiding Principles on Business andHuman Rights).
From the Effective Date, the Portfolios will not invest in companies which derive a certain level of theirrevenue from industries or activities such as, but not limited to, tobacco production, thermal coal power
generation and conventional weapons. The exclusion criteria may be extended or revised from time totime.
In addition, the Sub-Advisor will consider the principle adverse impacts (PAIs) of its investment
decisions that may negatively harm sustainability factors through a combination of exclusions,investment research and monitoring and engaging with investee companies.
Additionally, with the exception of the Asia Equities Portfolio, the Sub-Advisor will commit to holding aminimum proportion of 5% of its assets in sustainable investments, as further detailed in the SFDRRTS Annexes of the Portfolios. For the avoidance of doubt, these Portfolios will not have a sustainable
investment objective.
As noted above, Columbia Threadneedle Investments is a signatory to NZAMI and has committed toan ambition to reach net zero emissions by 2050 or sooner for a range of assets, working in partnershipwith its clients. The Portfolios will be managed in line with Columbia Threadneedle’s Net Zeromethodology and the Sub-Advisor will use its proactive engagement with companies held in the
Portfolios to assist with progressing this ambition.
For each Portfolio, the investment policy and SFDR RTS Annex will be amended to include reference
to the additional measures explained above. The Board are also taking this opportunity to provide
additional clarity on the Columbia Threadneedle ESG Materiality model, the Sub-Advisor’s approachto engagement and to simplify the approach and language used regarding how much of each Portfolio’s
assets are rated against the various measures. The changes have been summarised in the Appendix
attached and will be reflected in the investment policy of each Portfolio in the “Investment Objectives
and Policies” section of the Prospectus and the corresponding SFDR RTS Annex from the Effective
Date.
Why are we making these changes?
Following the introduction of SFDR, investors are increasingly requiring investment funds to embed thepromotion of environmental and social characteristics into their investment process. The changes being
made will strengthen this commitment and also make the Portfolios suitable for investors with certain
sustainability preferences under MiFID II (the Markets in Financial Instruments Directive and Markets
in Financial Instruments Regulation - collectively known as MiFID II).
Shareholders should note that we do not expect the introduction of these additional measures to resultin significant changes to the way in which the Portfolios are currently managed or their risk profiles.
Why has Columbia Threadneedle Investments signed up to NZAMI?
As a large global asset manager, we are committed to both delivering long-term financial returns forour clients, which includes managing the risks presented by climate change, and supporting thetransition to a low-carbon economy. As such, we are a signatory to NZAMI, which is an internationalgroup of asset managers committed to supporting the goal of net zero greenhouse gas emissions (“netzero”), and working in partnership with our clients, we aspire to reach net zero by 2050 or sooner acrossall our assets under management, including the Portfolios.

Full details of the commitment made by NZAMI signatories can be found at the following website
address: www.netzeroassetmanagers.org/commitment/
What does the NZAMI commitment mean for my investment?
Primarily, we use active ownership to engage with companies within our portfolios to influence themto lower their carbon emissions. Our current aim is for each Portfolio to hold at least 70% of its
portfolio emissions in net zero aligned or engaged companies, however this is not a binding target.
This approach is complemented by Columbia Threadneedle’s engagement focus list, where the goal
is to work constructively with globally significant high-emitting companies to encourage them to alignwith a net zero trajectory. However, this could result in the divestment from the Portfolios of a small
number of these companies if they are held in the Portfolios, if after a period of engagement, they failto meet minimum expectations in relation to their climate policies.
Further details on the methodology
www.columbiathreadneedle.com.

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websiteMore immediately, the Portfolios will no longer be able to invest in companies that derive over 30% of
their revenue from coal or that make new investments in coal mining or power generation projects.
These exclusions are included in the SFDR RTS Annex of each of the Portfolios.
Whilst net zero will become a continuing ambition of the Portfolios, it is not an outcome whichis guaranteed, nor is any guarantee given that progress towards this ambition for thePortfolios will necessarily result in better returns for investors. A Portfolio’s progress towards
this ambition may impact the performance of the Portfolio positively or negatively.
What do I need to do?
You do not need to do anything as a result of these changes, which will take effect automatically on
the Effective Date.
What can I do if I disagree with the changes?
Shareholders may redeem their shares in the Portfolios, or exchange their shares into shares of analternative Portfolio of the Threadneedle (Lux) SICAV, free of any charges, by submitting a written
request to the Registrar and Transfer Agent: International Financial Data Services (Luxembourg) S.A.
until 15.00 Luxembourg time on 19 November 2023. Such redemption or exchange requests will beprocessed in the normal manner in accordance with the “Redemption of Shares” section of theProspectus. Contact details for International Financial Data Services are available on the “Contact”
section of our website www.columbiathreadneedle.com.
We are unable to provide financial or tax advice and we therefore suggest that you seek professional
advice about potential tax implications.
Additional information
If you have any other questions regarding this notice, please speak to your financial adviser.
Yours faithfully,

The BoardImportant information: Your capital is at risk. Threadneedle (Lux) is a Luxembourg domiciled investment company withvariable capital ("SICAV"), managed by Threadneedle Management Luxembourg S.A.. This material should not be considered
as an offer, solicitation, advice or an investment recommendation. This communication is valid at the date of publication andmay be subject to change without notice. Information from external sources is considered reliable but there is no guarantee as
to its accuracy or completeness. The SICAV´s current Prospectus, the Key Investor Information Document (KIID)/Key
Information Document (KID) and the summary of investor rights are available in English and/or in local languages (whereapplicable) from the Management Company Threadneedle Management Luxembourg S.A., International Financial Data
Services (Luxembourg) S.A., your financial advisor and/or on our website www.columbiathreadneedle.com. These documents
are available in Switzerland from the Swiss Representative and Paying Agent CACEIS Investor Services Bank SA, Esch-surAlzette, Zurich branch, Bleicherweg 7, CH 8027 Zurich. Threadneedle Management Luxembourg S.A. may decide to terminate
the arrangements made for the marketing of the SICAV. Pursuant to article 1:107 of the Act of Financial Supervision, the subfund is included in the register that is kept by the AFM. Threadneedle (Lux) is authorised in Spain by the Comisión Nacionaldel Mercado de Valores (CNMV) and registered with the relevant CNMV's Register with number 177. Past performance iscalculated according to the BVI method in Germany.
In the EEA and Switzerland: Issued by Threadneedle Management Luxembourg S.A. registered with the Registre deCommerce et des Sociétés (Luxembourg), Registered No. B 110242, 44 rue de la Vallée, L-2661 Luxembourg, Grand Duchyof Luxembourg.
In the UK: Issued by Threadneedle Asset Management Limited. Registered in England and Wales, No. 573204. Registered
Office: 78 Cannon Street, London EC4N 6AG, United Kingdom. Authorised and regulated in the UK by the Financial Conduct
Authority.
In the Middle East: This document is distributed by Columbia Threadneedle Investments (ME) Limited, which is regulated by
the Dubai Financial Services Authority (DFSA). For Distributors: This document is intended to provide distributors’ withinformation about Group products and services and is not for further distribution. For Institutional Clients: The information inthis document is not intended as financial advice and is only intended for persons with appropriate investment knowledge andwho meet the regulatory criteria to be classified as a Professional Client or Market Counterparties and no other Person should
act upon it.
Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group ofcompanies.

Appendix - Changes regarding the promotion of Environmental and Social Characteristics by the Portfolios
FeatureCurrent Text

Summary of amendments from the Effective Date

Investment
Objective andPolicy(Promotion ofEnvironmental
and Social
Characteristics
section) and
SFDR RTS
Annex

Promotion of Environmental and Social
Characteristics

Promotion of Environmental and Social Characteristics

The Sub-Advisor promotes environmental and social
characteristics by integrating a range of responsible
investment measures into the investment decisionmaking process.
Over rolling 12-month periods, the Portfolio aims tocompare favourably with the [Index*] according to the
Columbia Threadneedle ESG Materiality Rating - a
proprietary model which builds on the Sustainability
and Accounting Standards Board (SASB®)
framework. This model identifies material
environmental, social and governance (“ESG”) factors
across a broad range of sectors, and provides aninsight into the management focus and standards ofoperating practices of a company. The Sub-Advisor
considers that companies that manage ESG risks
effectively are better positioned to address futurechallenges, and capitalise on unknown and known
future business opportunities. Companies that leadon the most material ESG metrics should be well
positioned to build competitive advantage and sustain
their long-term future.
The Portfolio also aims to exclude companies thatbreach accepted international standards andprinciples (e.g. the United Nations Global Compact).
Companies in breach may be assessed as suitablefor investment by the Portfolio, if in the opinion of the
Sub-Advisor there are tangible mitigating factors forthe company to be held.

The Sub-Advisor promotes environmental and social characteristics by integrating a rangeof responsible investment measures into the investment decision-making process, as wellas ensuring that the companies in which the Portfolio invests follow good governancepractices.
The Portfolio aims to compare favourably against the [Index*] over rolling 12-month periods,
when assessed using the Columbia Threadneedle ESG Materiality Rating Model (the“Model”).
This Model (developed and owned by Columbia Threadneedle Investments builds on the
Sustainability Accounting Standards Board (SASB®) materiality framework and identifies
the most financially material environmental, social and governance risk and opportunity
factors across a wide range of industries, based on subjective indicators.
Where sufficient data is available, the output of the Model is a rating from 1 to 5. The ratings
indicate how much exposure a company has to material ESG risks and opportunities in aparticular industry. A rating of 1 indicates that a company has minimal exposure to material
ESG risks and a rating of 5 indicates that a company has a higher exposure to such risks.
These ESG Materiality ratings are used by the Sub-Advisor to identify and assess potential
material ESG risk and opportunity exposures in the securities held or considered forinvestment by the Portfolio, as part of its decision-making process. The Sub-Advisor favours
companies which score highly (rating of 1-3) on the Model, giving the Portfolio a positive tilt
in favour of ESG characteristics when compared with those of the [Index*], on a rolling 12month basis.
The Sub-Advisor must invest at least 50% of the Portfolio in companies that have a strong
ESG Materiality rating (1 to 3). Where necessary, the Sub-Advisor may assess companies
that are not covered by its ESG Materiality Rating Model using its own research, or engage
with companies that have low ESG Materiality Ratings for improvement, in order to achieve
this 50% minimum commitment.

----------------For the Equity Portfolios:
The Sub-Advisor ensures that at least:• 90% of equity securities issued by large companies
domiciled in developed countries; and• 75% of equity securities issued by large companies
domiciled in Emerging Market Countries or by small
and medium companies,
held by the Portfolio are rated against the abovemeasures. For the purposes of this test, small
companies are those with a market capitalisation
below €5 billion, medium companies are thosebetween €5 billion and €10 billion and large
companies are those above €10 billion.
For the Bond Portfolio:

The Sub-Advisor ensures that at least [xx%**] of the total net assets of the Portfolio
excluding investments in ancillary liquid assets, bank deposits, Money Market Instruments
or money market funds for liquidity or treasury purposes are assessed by the Model.
The Portfolio does not invest in companies which derive revenue from industries andactivities above the thresholds shown below:
Threshold Exclusions
Exclusion

Factor

TobaccoThermalCoal

Production
Power Generation
Extraction
Development of new thermal coal mining or power generation
facilities
Military weapons
Civilian Firearms
Indirect products and services

Conventional
Weapons
NuclearWeapons

Revenue
Threshold
5%
30%
30%
0%
10%
10%
5%

Full Exclusions

The Sub-Advisor ensures that at least two thirds ofthe fixed income securities held by the Portfolio are
rated against the above measures.

Controversial Weapons
Nuclear Weapons - Direct involvement: issuers involved in warheads and missiles, fissile material,
exclusive-use components-----------------

These exclusion criteria may be extended or revised from time to time.

To support and enhance the promotion ofenvironmental and social characteristics, the SubAdvisor will seek proactive engagement withcompanies with a view to influencing management
teams to improve their practices, for example on
issues relating to carbon emissions.

The Portfolio excludes companies that breach international standards and principles, as
determined by the Sub-Advisor, such as:• the United Nations Global Compact;• the International Labour Organization Labour Standards; and• the United Nations Guiding Principles on Business and Human Rights

Further information on the Portfolio investment
guidelines, including the Columbia Threadneedle
ESG Materiality Rating methodology andIn line with its engagement policy, the Sub-Advisor may engage with companies that havepoorer ESG Materiality Ratings to encourage improvement of their ESG practices over timeon issues ranging from climate change to board independence and diversity.
Columbia Threadneedle Investments is a signatory to the Net Zero Asset Managers
Initiative (“NZAMI”) and has committed to an ambition to reach net zero emissions by 2050

engagement policy, is available atcolumbiathreadneedle.com.
The Portfolio is categorised as one that promotes
environmental or social characteristics under Article 8of the EU Regulation 2019/2088 on sustainabilityrelated disclosures in the financial services sector(SFDR).

or sooner for a range of assets, including the Portfolio. Accordingly, the Sub-Advisor will use
proactive engagement with companies to assist with progressing this ambition. If after anappropriate period of engagement, a high emitting company held in the Portfolio does notshow progress in meeting minimum standards considered necessary for continued
investment, then the Portfolio will disinvest from the company.
[While the Portfolio does not have a sustainable investment objective, it will hold a minimum
proportion of 5% of sustainable investments with an environmental or social objective.***]The Sub-Advisor considers the principal adverse impacts (“PAIs”) of its investment
decisions for this Portfolio that may negatively harm sustainability factors through a
combination of sector and thematic exclusions, investment research and monitoring andengaging with investee companies in respect of the PAI indicators detailed in the SFDRRTS Annex of the Prospectus.
The Portfolio is categorised as one that promotes environmental or social characteristics
under Article 8 of the EU Regulation 2019/2088 on sustainability-related disclosures in thefinancial services sector (SFDR).
Further information about the environmental or social characteristics promoted by the
Portfolio and their integration into the investment process is available in the SFDR RTS
Annex of the Prospectus.
Please also refer to the General Sustainability Disclosures Appendix of the Prospectus forfurther information.

*The Index for each Portfolio, as set out in the existing Investment Objectives and Policies section of the Prospectus.
**This value will be 90% for the Asia Equities, European Select, Global Focus, Global Select and Global Equity Income Portfolios, 75% for the European Smaller Companies andPan European Smaller Companies Portfolios and two-thirds (i.e. 67%) for the European High Yield Bond Portfolio.
***This language and the 5% minimum commitment to sustainable investments with an environmental or social objective only applies to the European Select, European Smaller
Companies, Global Equity Income, Global Focus, Global Select, Pan European Smaller Companies and European High Yield Bond Portfolios.