Columbia 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 244354(the “SICAV”)

NOTICE TO THE SHAREHOLDERS OF
COLUMBIA THREADNEEDLE (LUX) – SUSTAINABLE OUTCOMES GLOBAL EQUITY(THE “FUND”)
IMPORTANT
15 September 2023
Dear Shareholder,
Important information: Amendment to the investment policy and SFDR RTS Annex of the Fundto allow it to be categorised as Article 9 under the Sustainable Finance Disclosure Regulation(“SFDR”) and reduction of Operating Expenses.
As you are an investor in the Fund, we are writing to inform you that the Board of Directors of the
SICAV (the “Board”) are amending the investment policy of the Fund and its corresponding SFDRRTS Annex to allow the Fund to be categorised under Article 9 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 Fund is currently classified under Article 8.
The Board is also reducing the Operating Expenses applicable to certain share classes of the Fund.
The investment policy and SFDR RTS Annex will be further amended to disclose that Columbia
Threadneedle Investments is a signatory to the Net Zero Asset Managers Initiative (“NZAMI”) and has
committed to an ambition, working in partnership with its clients, to reach net zero emissions by 2050
or sooner for a range of assets, including the Fund.
The amended investment policy and Operating Expense reductions 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 thedefinition in the “Glossary” section of the Prospectus which is available on our website
www.columbiathreadneedle.com.
What is changing?
The Fund will continue to target investment in companies that make positive contributions tosustainable outcomes for the environment and/or society through their products and services, andwhich display strong environmental, social and governance (“ESG”) practices. However, theinvestment policy will be amended to clarify that the Fund invests at least 80% of its total assets insustainable investments within the meaning of Article 2(17) of SFDR and will be classified under Article
9 of SFDR. The Fund has already had the opportunity to test in practice the methodology forsustainable investments.

The Fund is expected to invest at least 90% of its assets in sustainable investments, but the minimum
proportion of sustainable investments held by the fund is 80% to cover the fact that ancillary liquid
assets may be held by the fund under unfavourable market conditions.
The investment manager applies Sustainable Outcomes Investment Guidelines in managing the fund.
These Guidelines are comprised of two components: the application of a sustainable outcomesframework and the application of sustainable outcomes-based exclusions. Additionally, the investment
manager will consider the principle adverse impacts (“PAIs”) of its investment decisions that may
negatively harm sustainability factors through a combination of exclusions, investment research andmonitoring and engaging with investee companies.
As noted above, Columbia Threadneedle Investments is also a signatory to the NZAMI and has
committed to an ambition, working in partnership with its clients, to reach net zero emissions by 2050
or sooner for a range of assets. The Fund will be managed in line with Columbia Threadneedle’s Net
Zero methodology and the investment manager will use its proactive engagement with companies toassist with progressing this ambition.
The investment policy amendments have been summarised in Appendix A attached and will bereflected in the “Investment Objectives and Policies” section of the Prospectus and the SFDR RTS
Annex from the Effective Date. Details regarding the Sustainable Outcomes Investment Guidelines
and consideration of PAIs will be detailed in the SFDR RTS Annex of the Prospectus from the Effective
Date and are summarised in Appendix B attached.
Reduction of Operating Expenses
We regularly review our fees and charges and are committed to ensuring that these are fair andappropriate for investors. Following a recent review, the Board has also decided that the Operating
Expenses applicable to certain share classes of the Fund will be reduced from the Effective Date.
The changes are set out in the table below:
Current

From the Effective Date

Share Class

Asset
Management
Fee

OperatingExpenses

Share Class

Asset
Management
Fee

OperatingExpenses

A Class

1.50%

0.25%

A Class

1.50%

0.20%

D Class

2.00%

0.25%

D Class

2.00%

0.20%

I Class

0.65%

0.15%

I Class

0.65%

0.10%

L Class

0.35%

0.15%

L Class

0.35%

0.10%

X Class

0.00%

0.15%

X Class

0.00%

0.10%

Z Class

0.75%

0.20%

Z Class

0.75%

0.15%

Why are we making changes relating to the investment policy of the Fund allowing arecategorisation as Article 9 under the SFDR?
Following the introduction of SFDR, investors are increasingly requiring investment funds to embed thedevelopment of sustainable finance into their investment process and through the objective of thefunds. The changes being made will strengthen this commitment from an Article 8 to an Article 9 under
the SFDR and also make the Fund suitable for investors with stronger sustainability preferences under
MiFID II (the Markets in Financial Instruments Directive and Markets in Financial Instruments
Regulation - collectively known as MiFID II).
As mentioned above, the Fund has already had the opportunity to test in practice the methodology forsustainable investments and shareholders should note that we do not expect the introduction of theseadditional measures to result in significant changes to the way in which the Fund is currently managed
or its 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 Portfolio.
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 Portfolio of a small
number of these companies if they are held in the Portfolio, 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.

we

use

can

be

found

on

our

websiteMore immediately, and in addition to the existing revenue-based coal exclusions, the Portfolio will nolonger be able to invest in companies that make new investments in coal mining or power generation
projects. These exclusions are included in the SFDR RTS Annex of the Portfolio.
Whilst net zero will become a continuing ambition of the Portfolio, it is not an outcome whichis guaranteed, nor is any guarantee given that progress towards this ambition for the Portfolio
will necessarily result in better returns for investors. A Portfolio’s progress towards thisambition 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.
We do not expect that the amendments to the investment policy and SFDR RTS Annex related toqualify as an Article 9 fund under SFDR to result in significant changes to the way in which the Fund iscurrently managed or the risk profile.
Shareholders should note that, once the above changes enter into effect, the new prospectus may beobtained at the registered office of the SICAV and will also be available on our website
www.columbiathreadneedle.com, in accordance with the provisions of the Prospectus.
What can I do if I disagree with the changes?
Shareholders may redeem their shares in the Fund, 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 theProspectus. 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. Columbia Threadneedle (Lux) is a Luxembourg domiciled investment company
with variable 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 and may 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(where applicable) 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.
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 sub-fund is included in the register that is kept by the
AFM. Columbia Threadneedle (Lux) is authorised in Spain by the Comisión Nacional del Mercado de Valores (CNMV) andregistered with the relevant CNMV's Register with number 2022. Past performance is calculated according to the BVI methodin Germany.
Neither the SICAV nor any compartment has been approved by the Swiss Financial Market Supervisory Authority (“FINMA”)
for offering to non-qualified investors pursuant to Art. 120 para. 1 of the Swiss Federal Act on Collective Investment Schemesof 23 June 2006, as amended (“CISA”). In addition, the management company has not and does not intend to appoint a Swiss
representative or a Swiss paying agent for the shares offered in Switzerland. Accordingly, the shares may only be offered or
advertised, and this information may only be made available, in Switzerland to qualified investors within the meaning of CISA
who are not high-net-worth individuals (or private investment structures established for high-net-worth individuals) having
opted out to professional client status under Art. 5 para. 1 of the Swiss Federal Act on Financial Services. Investors in theshares do not benefit from the specific investor protection provided by CISA and the supervision by the FINMA in connection
with the approval for offering.
Columbia Threadneedle (Lux) is a collective investment scheme pursuant to Section 235 of the United Kingdom’s Financial
Services and Markets Act 2000, as amended (“FSMA”). Notification has been made to the FCA under the National Private
Placement Regime (NPPR) to market this fund in the UK. Prospective Investors are advised that all, or most, of the protections
afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not
be available under the United Kingdom Financial Services Compensation Scheme.
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 A - Changes to the investment policy of the Fund to allow it to be categorised as Article 9 under the SFDR and commitment to the Net
Zero Asset Managers Initiative
Current Investment Objective and Policy

Investment Objective and Policy as from the Effective Date

Objective
to generate capital growth through investment in companies that are positively exposed tosustainable outcome themes through their products and services and display strong or improving
environmental, social and governance (ESG) practices.

Objective
to generate capital growth by investing in companies globally that are delivering positive sustainableoutcomes for the environment and/or society through their products and services, and display strong
environmental, social and governance (ESG) practices.

Index
MSCI ACWI Index. For performance measurement.

Index
MSCI ACWI Index. For performance measurement.

Investment Policy
The fund is actively managed and invests a minimum of 90% of its total net assets in the equity
securities of companies globally, including through depositary receipts. Such investment may
include the equity securities of companies in emerging market countries which may represent a
core part of the fund’s investments.

Investment Policy
The fund is actively managed and invests at least 90% of its total net assets in the equity securities
of companies located anywhere in the world, including through depositary receipts, subject to thefund’s sustainable outcomes criteria. This includes companies located in emerging market countries
which may represent a core part of the fund’s investments.

For the purposes of managing liquidity, the fund may hold ancillary liquid assets (i.e. bankdeposits at sight) and may hold bank deposits, money market instruments or money market
funds for treasury purposes. In normal market conditions, investment in these assets andinstruments will not exceed 10% of the fund’s net asset value.

For the purposes of managing liquidity, the fund may hold ancillary liquid assets (i.e. bank deposits
at sight), and may also hold bank deposits, money market instruments or money market funds fortreasury purposes. In normal market conditions, investment in these assets or instruments will not
exceed 10% of the fund’s net asset value.

The investment manager focusses on selecting companies delivering sustainable outcomes orprogressing towards the delivery of sustainable outcomes, as outlined in the fund’s Sustainable
Outcomes Investment Guidelines. Those companies will offer products and services aligned to
the fund’s sustainable outcome themes and demonstrate strong or improving ESG practices.

The fund is actively managed in reference to the MSCI ACWI Index. The fund looks to outperformthe index over rolling 5-year periods, after deduction of charges. The index is broadly representativeof the companies in which the fund invests and provides a suitable target index against which fundperformance will be measured and evaluated over time. The index is used for the purposes above
and is not intended to be aligned with or used to attain the sustainable investment objective of thefund.

The fund is actively managed in reference to the MSCI ACWI Index. The fund looks to outperformthe index over rolling 5 year periods, after deduction of charges. The index is broadly representativeof the companies in which the fund invests and provides a suitable target index against which fundperformance will be measured and evaluated over time. Accordingly, the index is not designed to
specifically consider environmental or social characteristics. The investment manager has discretion
to select investments with weightings different to the index, and that are not in the index, and thefund may display significant divergence from the index.
Guidelines on the level of risk relative to the index will be considered as part of the investment
manager’s risk monitoring process, to ensure the overall level of risk is broadly consistent with theindex. In keeping with its Sustainable Outcomes Investment Guidelines, the fund may not invest insome sectors and companies in the index.
Sustainable Outcomes Investment Guidelines:
The investment manager has developed its own Sustainable Outcomes Investment criteria for thefund as set out in its Sustainable Outcomes Investment Guidelines, which may be amended fromtime to time. These are specific to the fund and are over and above the investment manager’s
normal responsible investment practices.

The investment manager has discretion to select investments with weightings different to the index,
and that are not in the index, and as a result of its sustainable investment objective, the fund will
display significant divergence from the index.
Deviations from the index, including guidance on the level of risk relative to the index, will beconsidered as part of the investment manager’s risk monitoring process.
Sustainable Outcomes Investment Guidelines:
The investment manager has developed its own Sustainable Outcomes Investment Guidelines forthe fund, which may be amended from time to time. The two main components of these Guidelines
are the application of a sustainable outcomes framework and the application of sustainableoutcomes-based exclusions. The investment manager considers the principal adverse impacts(“PAIs”) of its investment decisions that may negatively harm sustainability factors throughexclusions, investment research and monitoring and engagement of companies. The Sustainable
Outcomes Investment Guidelines and consideration of PAIs are described in the SFDR RTS Annex.

The fund’s Sustainable Outcomes Investment Guidelines are available on request and on the
Columbia Threadneedle Investments website.
There are two main components to the Sustainable Outcomes Investment Guidelines as outlined
below:
Within the universe of approved investments, the framework against which the investment manager
will assess its investments may include the extent to which companies:••

currently have the potential and are seeking to develop products and services that contributetowards a better future (such as in education, clean technology, healthcare, safety andsecurity);
evidence strong or improving ESG practices within their sectors which means that theinvestment manager may invest in companies that at the time of investment do notdemonstrate strong ESG practices, but are in the process of transitioning to such practices.

The investment manager will apply sustainable outcome-based exclusion screening to the fund’sinvestments, which aims to exclude companies that are unable to satisfy the fund’s Sustainable
Outcomes Investment Guidelines from time to time. By way of example, it may seek to exclude
companies where a substantial element of the business revenue is derived from products or services
such as alcohol, tobacco, gambling, adult entertainment, the manufacture of military weapons,
civilian firearms and nuclear power.
The investment manager will apply these non-financial selection criteria to at least 90% of the total
net assets of the fund, excluding ancillary liquid assets, bank deposits, money market funds or money
market instruments for liquidity or treasury purposes, and will use measurement methods such as
responsible investment rating and sustainable outcome-based exclusion screening to ensure thatthe fund’s ESG profile and exposure to sustainable outcome themes exceeds that of the index. In
addition to these measurements, the investment manager will publish an annual impact report.
The investment manager will monitor its investments against the fund’s Sustainable Outcomes
Investment Guidelines and may engage in dialogue with such companies if it believes that thestandards and practices applied by these companies can be improved. In evaluating the investment
universe, the investment manager may refer to additional sources, such as external rating providers
that score companies on their ESG performance, as well as the investment manager’s own analysis
and expertise in this area.
The fund is categorised as one that promotes environmental or social characteristics under EU
Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR),
and does not have a “sustainable investment” objective as defined by SFDR.
Derivatives and techniques
The fund may use derivatives for hedging (reducing risks), but not for investment purposes.
Strategy
A concentrated global equity strategy with a focus on high quality companies that seeks to deliver
both positive sustainable outcomes and financial returns.

Columbia Threadneedle Investments is a signatory to the Net Zero Asset Managers Initiative(“NZAMI”) and has committed to an ambition, in partnership with clients, to reach net zero emissions
by 2050 or sooner for a range of assets, including the fund. Accordingly, the investment manager
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 fund does not show progressin meeting minimum standards considered necessary for continued investment, then the fund willdisinvest from the company.
Derivatives and techniques
The fund may use derivatives for hedging (reducing risks), but not for investment purposes.
Strategy
A concentrated global equity strategy with a focus on high quality companies that seeks to deliver
both positive sustainable outcomes and financial returns.
SFDR Information
The fund is considered to be within the scope of Article 9 of SFDR as it has sustainable investment
as its objective.
Further information on the fund’s investment guidelines is included in the Sustainable Outcomes
Investment Guidelines available at columbiathreadneedle.com. The investment manager publishes
a sustainable outcome report each year which is also available at www.columbiathreadneedle.com.
Please also refer to the General Sustainability Disclosures Appendix in this Prospectus for further
information.
Information about the sustainable investment objective of the Portfolio is available in the SFDR RTS
of this Prospectus.

Appendix B – Sustainable Outcomes Investment Guidelines and PAIs
As from the Effective Date, the Fund will pursue a sustainable objective of providing positive sustainable outcomes for the environment and/or society by investing in companies
whose activities are aligned with one of the eight environmental or social themes of the Fund, which are in turn directly linked to the Sustainable Development Goals (“SDGs”),
and display strong environmental, social and governance (“ESG”) practices.
To achieve its sustainable investment objective, the Fund expects to invest at least 90% 1 of its total assets in sustainable investments within the meaning of SFDR. Sustainable
investments are considered for this Fund to be the equity securities of companies globally that are delivering positive sustainable outcomes through their products and/or services
in line with one or more of the fund’s eight environmental or social themes, as set out below:
Good health and well-being;
Reduced inequalities;
Decent work and economic growth;
Sustainable cities and communities;
Quality education;
Affordable and clean energy;
Industry, innovation and infrastructure; andResponsible consumption and production.
The investment manager will only consider companies that generate sales from products and/or services that are net positively aligned (i.e. sales that have a positive sustainable
contribution are offset by any sales that have a negative sustainable contribution). In addition, the investment manager will apply a set of revenue-based exclusions and will notinvest in companies which derive revenue above certain thresholds from industries or activities that the investment manager considers are contrary to the goals of making
positive contributions to society and/or the environment. Such as, but not limited to, tobacco production and distribution, alcohol production and distribution, thermal coal power
generation and conventional weapons. The investment manager also excludes companies that breach accepted international standards and principles as determined by theinvestment manager, such as, but not limited to, the United Nations Global Compact, the International Labour Organization Labour Standards, and the United Nations Guiding
Principles on Business and Human Rights.
The investment manager of the Fund will proactively consider the PAIs of the investment decisions it makes for the Fund that may negatively harm sustainability factors througha combination of exclusions, investment research and monitoring and engaging with investee companies.
More information on how the Fund will consider the PAIs of its investment decisions on sustainability factors will be made available in the annual reports.
Investments will be assessed to ensure they do not significantly harm (DNSH) sustainability objectives using an in-house data driven model and investment team due diligence
and will be hence reported as social investments.
The model will identify harm by using a quantitative threshold against a selection of principal adverse impact indicators. Issuers which fall below these thresholds will be flagged
as potentially harmful. This will then be considered taking account of the materiality of the harm, whether harm has or is occurring, and whether mitigating activities are underway
to address harm. Where data is not available, investment teams will endeavour to satisfy that no significant harm has taken place by deploying their best efforts to obtain theinformation by carrying out additional research or making reasonable assumptions through desk-based research or engagement with the management team of the company.

1 Even though the fund is expected to invest at least 90% of its assets in sustainable investments, the minimum proportion of sustainable investments held by the fund is 80% to cover the fact thatancillary liquid assets may be held by the fund under unfavourable market conditions, as described below in the asset allocation section.