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Dear Shareholder,

Please note that the board of directors of the Company (the “Board”) has decided to carry out certain amendments to the prospectus dated May 2021 (the “Prospectus”). Some of amendments, as specified further on, shall become effective as of 7 June 2021 (the “Effective Date”).
The amendments are as follows:

I. Update of the new members of the board of directors of the Management Company
Harald Ulrikson has been appointed as a new member of the board of directors of DNB Asset Management S.A.

II. Clarifications as regards the Company’s policy for compulsory redemptions as regards anti-money laundering and the fight against counter terrorist financing
Concerning shareholders of the Company that fail to provide information necessary to be an investor in the Company, including information regarding anti-money laundering and counter-terrorist financing, they could be considered in accordance with the Company’s internal policies as “Prohibited Persons” within the meaning of the Prospectus and their shares compulsorily redeemed. This was already the situation but, it has now been further clarified in the Prospectus.

III. Regulatory Update
Concerning the following matters:
- Risk wording
- Eligible benchmarks
- Updates in line with the amended and restated articles to bring the Prospectus in line with the Law of 10 August 1915 on commercial companies, as amended. Specifically to make further communications by email to shareholders of the Company.
- Certain clarifications as regards subscriptions, intermediaries subscribing shares in their own name but on behalf of underlying investors.
- Sub-funds’ base currency.
- Clarification on reception of subscriptions, redemptions, conversions and transfer of shares instructions being proceeded on business days in Luxembourg only.
- Clarification regarding the notices to investors that may be downloaded from the website of the Management Company and/or, as the case may be, is made available to investors in any other form required by laws or related regulations of the countries, where shares are sold, and/or may be requested at any time, free of charge, at the address of the Management Company.
- Clarifications in line with the Regulation 2019/2088 of 27 November 2019 on sustainability‐related disclosures in the financial services sector (“SFDR”), to: (i) include environmental, sustainable and governance risks; (ii) include the disclosures required as per article 6 and 7.2 of the SFDR for all sub-funds, as regards the integration of sustainability risks in the investment decision process and the consideration of negative impacts of investment decisions.

IV. Investments in IPOs
The Board has decided to include in the Prospectus the possibility for all the sub-funds of DNB Fund to invest, on an ancillary basis, up to 10 % of its assets in securities that are subject to initial public offerings (IPOs) on regulated markets. Please note that these investments will be considered as part of the trash ratio in accordance with article 41(2)(a) of the of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment, as amended (UCITS Law).

V. DNB FUND – ASIAN SMALL CAP
Concerning the sub-fund DNB FUND – ASIAN SMALL CAP the following amendments are intended to be made:
1) Renaming
The Board has decided to rename the sub-fund from “DNB FUND – ASIAN SMALL CAP” to “DNB FUND – ASIAN MID CAP”.
2) Amendment to the investment policy
The Sub-Fund’s investment main focus will be on the mid-caps, especially in listed equities or equity-related securities.
3) Benchmark Index
The Board has decided to change the used index from “MSCI AC Asia Pacific ex Japan Index Net” to “MSCI All countries Asia (ex-Japan) Mid Cap”.

VI. DNB FUND – DISRUPTIVE OPPORTUNITIES
Concerning the sub-fund DNB FUND – DISRUPTIVE OPPORTUNITIES the following amendments are intended to be made:
1) Amendment to the investment policy

VII. DNB FUND – GLOBAL ESG
Concerning the sub-fund DNB FUND – GLOBAL ESG the following amendments are intended to be made:
1) Renaming
The Board has decided to rename the sub-fund from “DNB FUND – GLOBAL ESG” to “DNB FUND – FUTURE WAVES” as a result of the revision of its investment policy described below.
2) Amendment to the investment policy
The sub-fund promotes among other characteristics, environmental or social characteristics, and the companies in which the investments are made follow good governance practices, in accordance with article 8 of SFDR. To achieve the alignment with article 8 of SFDR some portfolio reallocations and adjustments were required.

VIII. DNB FUND – GLOBAL EMERGING MARKETS ESG
Concerning the sub-fund DNB FUND – GLOBAL EMERGING MARKETS ESG the following amendments are intended to be made:
1) Renaming
The Board has decided to rename the sub-fund from “DNB FUND – GLOBAL EMERGING MARKETS ESG” to “DNB FUND – EMERGING MARKETS EQUITIES” as a result of the revision of its investment policy described below.
2) Amendments to the Investment Policy
The Sub-Fund promotes among other characteristics, environmental or social characteristics, and the companies in which the investments are made follow good governance practices, in accordance with article 8 of SFDR. To achieve the alignment with article 8 of SFDR some portfolio reallocations and adjustments were required.

IX. DNB FUND – NORDIC EQUITIES
Concerning sub-fund DNB FUND – NORDIC EQUITIES the following amendments are intended to be made:
1) Amendments to the Investment Policy
The Board has decided to clarify in the Prospectus the current geographical target of the sub-fund’s investment in equities.
The sub-fund promotes among other characteristics, environmental or social characteristics, and the companies in which the investments are made follow good governance practices, in accordance with article 8 of SFDR. To achieve the alignment with article 8 of SFDR some portfolio reallocations and adjustments were required.

X. DNB FUND – PRIVATE EQUITY
Concerning sub-fund DNB FUND – PRIVATE EQUITY the following amendments are intended to be made:
1) Benchmark Index
The Board has decided to change of benchmark index from “MSCI World Index” to “LPX50 Listed Private Equity Index”.

XI. DNB FUND – RENEWABLE ENERGY
Concerning sub-fund DNB FUND – RENEWABLE ENERGY the following amendments are intended to be made:
1) Amendments to the Investment Policy
The sub-fund has sustainable investment as its objective in accordance with article 9 of SFDR. Therefore, the disclosure requirements imposed by SFDR have been clarified. The following table compares the investment policy of the sub-fund applicable as of today that will be replaced with the new investment policy

XII. DNB FUND – TECHNOLOGY
Concerning sub-fund DNB FUND – TECHNOLOGY the following amendments are intended to be made:
1) Amendments to the Investment Policy
The sub-fund promotes among other characteristics, environmental or social characteristics, and the companies in which the investments are made follow good governance practices, in accordance with article 8 of SFDR. Therefore, the disclosure requirements imposed by SFDR have been clarified.

XIII. DNB FUND – TMT ABSOLUTE RETURN
1) Renaming
The Board has decided to rename the sub-fund from “DNB FUND – TMT ABSOLUTE RETURN” to “DNB FUND – TMT LONG/SHORT EQUITIES”.

XIV. DNB FUND – NORWAY INVESTMENT GRADE
1) Amendments to the Investment Policy
The sub-fund promotes among other characteristics, environmental or social characteristics, and the companies in which the investments are made follow good governance practices, in accordance with article 8 of SFDR. To achieve the alignment with article 8 of SFDR some portfolio reallocations and adjustments were required. The sub-fund will also cap its investments in other UCITS(s) or UCI(s) at 10% of its net assets.

XV. DNB FUND – MULTI ASSET
1) Amendments to the Investment Policy
The investment policy will be amended to include the following change, applicable as of the Effective Date:
The sub-fund’s investments in other UCITS(s) or UCI(s) will never exceed 10% of the net assets of the sub-fund.


For the complete notice please click on the following link: DNB Fund notice to shareholders May 2021

For the new Prospectus please click on the following link: DNB Fund Prospectus May 2021


Affected shareholders who do not agree with the changes listed in the point: IV, V (point 2, 3), VI, VII (point 2), VIII (point 2), IX, X, XIV and XV may redeem their shares of the respective sub-fund of the Company, free of any charge, from the date of this notice until 7 June 2021.
Any terms written with capital terms but not defined herein shall have the meaning given to them in the Prospectus.
All changes shall be reflected in an updated Prospectus, which will be made available to shareholders at the registered office of the Company.
Luxembourg, 3 May 2021

On behalf of the Board

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