Danske Invest SICAV A Luxembourg UCITS Prospectus January 2020

 
Danske Invest
SICAV
A Luxembourg UCITS
Prospectus • January 2020
danskeinvest.com
Contents
A Word to Potential Investors                       3      Global Portfolio Solution — Balanced            32
                                                           Global Portfolio Solution — Defensive           33
Fund Descriptions                                   4
                                                           Global Portfolio Solution — Equities            34
 ACTIVE FUNDS                                              Global Portfolio Solution — Fixed Income        35
  Aktiv Förmögenhetsförvaltning                      5     Global Portfolio Solution — Opportunity         36
  China                                              6     Global Small Cap                                37
  Danish Bond                                       7      Global StockPicking                             38
  Danish Mortgage Bond                               8     Global Sustainable 130/30                       39
  Denmark Focus                                      9     India                                           41
  Eastern Europe                                    10     Japan                                           42
  Eastern Europe Absolute                           11     Multi Asset Inflation Strategy                  43
  Eastern Europe Ex. Russia                         13     Nordic Corporate Bond                           44
  Emerging and Frontier Markets                     14     Russia                                          45
  Emerging Markets Debt Hard Currency               15     Sverige                                         46
  Euro High Yield Bond                              16     Sverige Kort Ränta                              47
  Description valid through 30 January 2020
                                                           Sverige Ränta                                   48
  Euro Sustainable High Yield Bond                  17     Sverige Real Ränta                              49
  Description valid starting 31 January 2020
                                                           Sverige Småbolag                                50
  Euro Investment Grade Corporate Bond              18     Swedish Bond                                    51
  Europa (SEK)                                      19     US High Yield Bond                              52
  Europe                                            20
                                                          INDEX FUNDS
  Europe High Dividend                              21
                                                           Global Index                                    53
  Europe Long-Short Equity Factors                  22
                                                           SRI Global                                      54
  Europe Small Cap                                  23
                                                           Sverige Beta                                    55
  European Bond                                     24
  European Corporate Sustainable Bond               25    Fund Fees and Costs                              56
  Global Corporate Sustainable Bond                 26
                                                          Sustainable Investment Policy                    57
  Global Emerging Markets                           27
  Global Emerging Markets Small Cap                 28    Risk Descriptions                                58
  Global High Dividend                              29    General Investment Powers and Restrictions       63
  Global Inflation Linked Bond                      30
                                                          How the Funds Use Instruments and Techniques     67
  Global Inflation Linked Bond Short Duration       31

                                                         Investing in the Funds                            70

                                                         The SICAV                                         78

                                                         The Management Company                            81

                                                         Additional Information for Investors in Austria   85

                                                         Additional Information for Investors in Denmark   86

                                                         Additional Information for Investors in the UK    87

January 2020 Prospectus       Danske Invest SICAV                                                           2
A Word to Potential Investors
All investments involve risk                                     Who can invest in these funds

With these funds, as with most investments, future               Distributing this prospectus, offering these shares for sale,
performance may differ from past performance. There is no        or investing in these shares is legal only where the shares
guarantee that any fund will meet its objectives or achieve      are registered for public sale or where sale is not prohibited
any particular level of performance.                             by local law or regulation. This prospectus is not an offer or
                                                                 solicitation in any jurisdiction, or to any investor, where not
Fund investments are not bank deposits. The value of your        legally permitted or where the person making the offer or
investment can go up and down, and you could lose some or        solicitation is not qualified to do so.
all of your invested money. Levels of income could also go
up or down (as a rate or in absolute terms). No fund in this     Neither these shares nor the SICAV are registered with
prospectus is intended as a complete investment plan, nor        the US Securities and Exchange Commission or any
are all funds appropriate for all investors.                     other US entity, federal or otherwise. Therefore, unless
                                                                 the management company is satisfied that it would not
Before investing in any fund, you should understand its          constitute a violation of US securities laws, these shares are
risks, costs and terms of investment, and how well these         not sold in the USA and are not available to, or for the benefit
characteristics align with your own financial circumstances      of, US persons.
and risk tolerance.
                                                                 For more information on restrictions on share ownership,
As a potential investor, it is your responsibility to know and   contact us (see below).
follow all applicable laws and regulations, including any
foreign exchange restrictions, and to be aware of potential      Which information to rely on
tax consequences. We recommend that you consult an
investment adviser, legal adviser and tax adviser before         In deciding whether or not to invest in a fund, you should look
investing.                                                       at (and read completely) the most recent prospectus, and the
Any difference among portfolio security currencies, share        relevant Key Investor Information Documents (KIIDs), along
class currencies, and your home currency may expose you          with the most recent financial reports, which are considered
to currency risk. If your home currency is different from your   part of the prospectus. All of these documents are available
share class currency, the performance you experience as an       online at danskeinvest/documents. By subscribing for shares
investor could be very different from that of the share class.   in any of these funds, you are considered to accept the terms
                                                                 described in these documents.
                                                                 Together, all these documents contain the only approved
                                                                 information about the funds and the SICAV and no person is
                                                                 authorised to give any other information or make any other
                                                                 representations. The board is not liable for any statements
                                                                 or information about the funds or the SICAV that is not
                                                                 contained in these documents, and investors rely on such
                                                                 statements and information at their own risk. Information in
                                                                 this prospectus, or any document about the SICAV or funds,
                                                                 may have changed since the publication date. In case of any
                                                                 inconsistency in translations of this prospectus, or of the
                                                                 financial reports, the English version will prevail.

   TO CONTACT US
   Danske Invest Management A/S,
   Luxembourg Branch
   13, rue Edward Steichen
   2540 Luxembourg
   Luxembourg
   danskeinvest.com

January 2020 Prospectus      Danske Invest SICAV                                                                                   3
Fund Descriptions
All of the funds described in this prospectus are        Terms with specific meanings
                                                         The terms below have the following meanings in this prospectus.
part of Danske Invest SICAV, which functions as
                                                         2010 Law The Luxembourg law of December 17, 2010 on
an umbrella structure for them. The SICAV exists         Undertakings for Collective Investment, as amended.
                                                         articles The Articles of Incorporation of the SICAV, as amended.
to offer investors access to professional investment
                                                         base currency The currency in which a fund does the accounting for
                                                         its portfolio and maintains its primary NAV.
management through a range of funds, each aiming
                                                         board The Board of Directors of the SICAV.
to achieve as high a degree of total return as is        business day Any day that is a full business day for banks in
                                                         Luxembourg, except 31 December. In Fund Descriptions section, any
compatible with sound risk diversification and           day that is a full business day for banks in the country indicated.
                                                         CSSF The Commission de Surveillance du Secteur Financier, the
the principles of sustainable investing. The index
                                                         Luxembourg financial regulator.
tracking funds use a passive indexing approach to        Danske Bank Asset Management Danske Bank Asset Management
                                                         divisions of Danske Bank A/S, including its branches and subsidiaries.
management. All other funds employ active portfolio      eligible state Any state that the board considers to be consistent with
                                                         a given fund’s investment portfolio.
management.
                                                         ESMA European Securities and Markets Authority.
                                                         Finanstilsynet The Danish financial regulator.
By law, each fund is permitted to invest as described    financial reports The annual report of the SICAV, along with any semi-
                                                         annual report that has been issued since the most recent annual report.
in “General Investment Powers and Restrictions” on
                                                         fund Except where indicated otherwise, any fund for which the SICAV
page 63, and equally is required to comply with          serves as an umbrella UCITS.
                                                         institutional investors Investors within the meaning of article 174 of
the restrictions stated in that same section. However,   the 2010 Law, such as credit institutions and other financial professionals
                                                         investing on the behalf of themselves or other investors (whether retail on
each fund also has its own investment policy, which      the basis of a discretionary management agreement or institutional), as
                                                         well as insurance companies, pension funds, or other UCIs.
is generally narrower than what is permitted by law.     KIID Key Investor Information Document.

Descriptions of the specific investment objectives,      member state A member state of the EU or of the European Economic
                                                         Area.
main investments, and other key characteristics of       NAV Net asset value per share; the value of one share of a fund.
                                                         prospectus This document, as amended from time to time.
each fund begin on the next page.
                                                         regulated market A regulated market within the meaning of Directive
                                                         2004/39/EC of the European Parliament, or any other market in an
The board of the SICAV has overall responsibility for    eligible state that the directors of the management company consider
                                                         to be regulated, regularly operating, recognised, and open to the public.
the SICAV’s business operations and its investment       Recently issued securities whose terms of issue include a commitment
                                                         to apply for official listing on a regulated market within 12 months of
activities, including the investment activities of all   issue are considered to be traded on a regulated market.
                                                         SICAV Danske Invest SICAV.
of the funds. The board has delegated the day-to-
                                                         US person Any of the following:
day management of the funds to the management            • an individual who is a US citizen        any of its states, territories or
                                                           or resident                              possessions
company, which in turn has delegated some of its         • a partnership, company or           •   an estate or trust whose gross
                                                           other entity that is organised or        income is subject to US income
responsibilities to investment managers and service        incorporated under the laws of           tax
                                                           the USA or
providers. The board retains supervision over the
                                                         we, us The SICAV, acting through the board or through any
management company.                                      service providers described in this prospectus except for the auditor and
                                                         any distributors.
                                                         you Any past, current or prospective shareholder, or an agent for the
More information about the SICAV, the board, the         same.

management company and the service providers
appears in the final sections of this prospectus, “The   Currency abbreviations
SICAV” and “The Management Company”.                     CAD    Canadian dollar                 ISK       Icelandic krona

                                                         CHF    Swiss franc                     JPY       Japanese yen

                                                         DKK    Danish krone                    NOK       Norwegian krone

                                                         EUR    Euro                            SEK       Swedish krona

                                                         GBP    British pound sterling          USD       US dollar

January 2020 Prospectus   Danske Invest SICAV                                                                                           4
ACTIVE FUNDS

Aktiv Förmögenhetsförvaltning
Investment Objective and Policy                                                        Main Risks
Objective To achieve above-market performance.                                         See “Risk Descriptions” for more information.
Distribution shares — Each May, the fund intends (but does                             Risks typically associated with ordinary market conditions
not guarantee) to distribute dividends that are between 2.5%                           • Active management            • Hedging
and 4.5% above the level of Swedish inflation (measured by                             • Concentration                • Interest rate
the Swedish CPI) for the previous year.                                                • Credit                       • Investment fund
Benchmark (for performance comparison) 1/2 SIX Return                                  • Derivatives                  • Market
Index (gross dividends reinvested) and 1/2 OMRX Total                                  • Equity
Market Index.                                                                          Risks typically associated with unusual market conditions
Investment policy The fund invests mainly in Swedish                                   • Counterparty and custody • Liquidity
equities, bonds and money market instruments.                                          • Default                     • Operational
Specifically, the fund invests at least two-thirds of net assets                       Risk management method Commitment.
in equities and equity-related securities, as well as corporate
or government bonds and other debt instruments, that are                               Planning your Investment
traded on a regulated market in Sweden, or, if traded on a
regulated market elsewhere, are issued by companies that                               Suitability The fund is suitable for mass market distribution
are domiciled, or do most of their business, in Sweden. These                          through all distribution channels, with or without advice.
investments are mainly denominated in SEK. The fund may
invest up to 20% of net assets in SEK-denominated bonds                                Investor profile Designed for investors who understand the
issued or guaranteed by issuers that are domiciled, or do                              risks of the fund and plan to invest for at least 3 years.
most of their business, outside Sweden.                                                The fund may appeal to professional and retail investors with
Derivatives The fund may use derivatives for hedging and                               basic investment knowledge who:
efficient portfolio management, as well as for investment                              • are looking for an income-oriented investment
purposes.                                                                              • are interested in a diversified, SEK-based mixed investment
Strategy In actively managing the fund’s portfolio, the
                                                                                       • have a medium risk profile
management team selects securities that appear to offer                                • can bear moderate temporary losses
superior investment characteristics.                                                   Subscriptions, switches and redemptions Orders
                                                                                       received and accepted by the registrar agent by 2:00 PM
Duration The total modified duration for the fixed income
                                                                                       Luxembourg time any business day in Sweden (or by 10.00
part, including cash, is 1 to 5 years.
                                                                                       AM Luxembourg time any day on which banks are open half a
Investment manager(s) Danske Bank A/S.                                                 day in Sweden) are ordinarily processed the same day.

Base currency SEK.                                                                     Settlement of subscriptions and redemptions occurs no later
                                                                                       than 3 business days after the orders have been processed.

Costs for base share classes

                          A                 I                SA                 SI                WA                 WI                ZA                 ZI
    One-off charges taken before or after you invest (maximum %)
    Subscription         3.00              3.00              Zero              Zero               Zero               Zero              Zero               Zero
    Switch               1.00              1.00              Zero              Zero               Zero               Zero              Zero               Zero
    Redemption           1.00              1.00              Zero              Zero               Zero               Zero              Zero               Zero
    Charges taken from the fund over a year (maximum %)
    Management           1.13              1.13              1.13               1.13              1.13               1.13              0.65               0.65
                   1
    Oper./Admin.         0.50              0.50              0.17               0.17              0.50               0.50              0.50               0.50
    Performance fee (maximum; charged as a % of outperformance)
    Performance          Zero              Zero              Zero              Zero               Zero               Zero              Zero               Zero
1
    Includes the Luxembourg taxe d’abonnement and 0.02% custody and regulatory expenses.

Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during
a one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation
of information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

January 2020 Prospectus            Danske Invest SICAV                                                                                                            5
China
Investment Objective and Policy                                                         Main Risks
Objective To achieve above-market performance.                                          See “Risk Descriptions” for more information.
Benchmark (for performance comparison) MSCI China                                       Risks typically associated with ordinary market conditions
Index (net dividends reinvested).                                                       • Active management            • Equity
Investment policy The fund invests mainly in Chinese                                    • Concentration                • Hedging
equities.                                                                               • Country risk – China         • Investment fund
                                                                                        • Currency                     • Market
Specifically, the fund invests at least two-thirds of net assets                        • Emerging markets             • Securities handling
in equities and equity-related securities that are traded
on a regulated market and are issued by companies that                                  Risks typically associated with unusual market conditions
are domiciled, or do most of their business, in the People’s                            • Counterparty and custody • Operational
Republic of China (PRC), Hong Kong or Macao.                                            • Liquidity
The fund may be exposed to the People’s Republic of China                               Risk management method Commitment.
equity markets through investments in A-Shares traded via
Shanghai- or Shenzhen-Hong Kong Stock Connect.                                          Planning your Investment
Derivatives The fund may use derivatives for hedging and
                                                                                        Suitability The fund is suitable for mass market distribution
efficient portfolio management.
                                                                                        through all distribution channels, with or without advice.
Strategy In actively managing the fund’s portfolio, the
                                                                                        Investor profile Designed for investors who understand the
management team selects securities that appear to offer
                                                                                        risks of the fund and plan to invest for at least 7 years.
superior investment characteristics.
                                                                                        The fund may appeal to professional and retail investors with
Investment manager(s) Danske Bank A/S.
                                                                                        basic investment knowledge who:
Sub-investment manager(s) Allianz Global Investors Asia                                 • are looking for investment growth
Pacific Limited.                                                                        • are interested in diversifying a core portfolio
Base currency USD.                                                                      • have a high risk profile
                                                                                        • can bear significant temporary losses
                                                                                        Subscriptions, switches and redemptions Orders received
                                                                                        and accepted by the registrar agent by 5:30 PM Luxembourg
                                                                                        time any business day in Luxembourg are ordinarily
                                                                                        processed the following business day in Luxembourg that
                                                                                        is also a trading day on the main stock exchanges in the
                                                                                        People’s Republic of China, Hong Kong and Macao.
                                                                                        Settlement of subscriptions and redemptions occurs no later
                                                                                        than 2 business days after the orders have been processed.
                                                                                        As this fund qualifies as an equity fund in the German
                                                                                        Investment Fund Tax Act, it is eligible for the partial tax
                                                                                        exemption in Germany.

Costs for base share classes

                        A               I               RA               RI              WA               WI               Y               ZA               ZI
 One-off charges taken before or after you invest (maximum %)
 Subscription          3.00            3.00             3.00            3.00             Zero            Zero             3.00            Zero             Zero
 Switch                1.00            1.00             1.00            1.00             Zero            Zero             1.00            Zero             Zero
 Redemption            1.00            1.00             1.00            1.00             Zero            Zero             1.00            Zero             Zero
 Charges taken from the fund over a year (maximum %)
 Management            1.60            0.90             1.60            1.60             1.60            1.60             1.60            0.90             0.90
 Oper./Admin.          0.50            0.50             0.50            0.50             0.50            0.50             0.50            0.50             0.50
 Taxe d’abon.          0.05            0.01             0.05            0.01             0.05            0.01             0.05            0.05             0.01
 Performance fee (maximum; charged as a % of outperformance)
 Performance          Zero             Zero            Zero             Zero            Zero             Zero             Zero            Zero             Zero
Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during
a one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation
of information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

January 2020 Prospectus           Danske Invest SICAV                                                                                                             6
Danish Bond
Investment Objective and Policy                                                         Main Risks
Objective To achieve performance that is at least equal to                              See “Risk Descriptions” for more information.
that of medium-term Danish bonds.
                                                                                        Risks typically associated with ordinary market conditions
Benchmark None.                                                                         • Active management            • Hedging
Investment policy The fund invests mainly in highly rated                               • Concentration                • Interest rate
investment grade Danish bonds.                                                          • Covered bond                 • Investment fund
                                                                                        • Credit                       • Market
Specifically, the fund invests at least two-thirds of net                               • Currency
assets in bonds (including covered bonds) that are traded
on a regulated market and are issued by companies, credit                               Risks typically associated with unusual market conditions
institutions, government, municipalities and other public                               • Counterparty and custody • Liquidity
organisations. These securities are denominated in DKK.                                 • Default                     • Operational
The fund usually invests in securities that are rated AAA                               Risk management method Commitment.
(or similar) at the time of purchase. However, it may hold
securities with a lower credit rating as a result of a credit                           Planning your Investment
downgrade.
The fund may invest up to 20% of net assets in securities                               Suitability The fund is suitable for mass market distribution
denominated in EUR, SEK and NOK.                                                        through all distribution channels, with or without advice.

Derivatives The fund may use derivatives for hedging and                                Investor profile Designed for investors who understand the
efficient portfolio management.                                                         risks of the fund and plan to invest for at least 3 years.

Strategy In actively managing the fund’s portfolio, the                                 The fund may appeal to professional and retail investors with
management team selects securities that appear to offer                                 basic investment knowledge who:
superior investment characteristics.                                                    • are looking for an income-oriented investment
                                                                                        • are interested in a core bond investment (in particular
Duration The total modified duration, including cash and the                              within a DKK-based investment portfolio
adjustment for estimated premature redemption risk, is 2 to                             • have a low risk profile
5 years.
                                                                                        • can bear moderate temporary losses
Investment manager(s) Danske Bank A/S.                                                  Subscriptions, switches and redemptions Orders received
Base currency DKK.                                                                      and accepted by the registrar agent by 5:30 PM Luxembourg
                                                                                        time any business day in Luxembourg are ordinarily
                                                                                        processed the following business day in Luxembourg that is
                                                                                        also a trading day on the main stock exchanges in Denmark.
                                                                                        Settlement of subscriptions and redemptions occurs no later
                                                                                        than 2 business days after the orders have been processed.

Costs for base share classes

                        A               I               RA               RI              WA               WI               Y               ZA               ZI
 One-off charges taken before or after you invest (maximum %)
 Subscription          2.00            2.00             2.00            2.00             Zero            Zero             2.00            Zero             Zero
 Switch                Zero            Zero             Zero            Zero             Zero            Zero             Zero            Zero             Zero
 Redemption            Zero            Zero             Zero            Zero             Zero            Zero             Zero            Zero             Zero
 Charges taken from the fund over a year (maximum %)
 Management            0.80            0.60             0.80            0.80             0.80            0.80             0.80            0.40             0.40
 Oper./Admin.          0.50            0.50             0.50            0.50             0.50            0.50             0.50            0.50             0.50
 Taxe d’abon.          0.05            0.01             0.05            0.01             0.05            0.01             0.05            0.05             0.01
 Performance fee (maximum; charged as a % of outperformance)
 Performance           Zero            Zero             Zero            Zero             Zero            Zero             Zero            Zero             Zero
Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during
a one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation
of information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

January 2020 Prospectus           Danske Invest SICAV                                                                                                             7
Danish Mortgage Bond
Investment Objective and Policy                                                        Main Risks
Objective To achieve a performance that is at least equal to                           See “Risk Descriptions” for more information.
that of long-term Danish bonds.
                                                                                       Risks typically associated with ordinary market conditions
Benchmark None.                                                                        • Active management            • Hedging
Investment policy The fund invests mainly in highly rated                              • Concentration                • Interest rate
investment grade mortgage bonds that are denominated in                                • Covered bond                 • Investment fund
Danish Krone (DKK).                                                                    • Credit                       • Market
                                                                                       • Currency
Specifically, the fund invests at least two-thirds of net assets
in mortgage bonds (including covered bonds) that are issued                            Risks typically associated with unusual market conditions
by Danish mortgage credit institutions and are traded on a                             • Counterparty and custody • Liquidity
regulated market. These securities are denominated in DKK.                             • Default                     • Operational
The fund usually invests in securities that are rated AAA                              Risk management method Commitment.
(or similar) at the time of purchase. However, it may hold
securities with a lower credit rating as a result of a credit                          Planning your Investment
downgrade.
The fund may invest up to 20% of net assets in securities                              Suitability The fund is suitable for mass market distribution
denominated in EUR, SEK and NOK.                                                       through all distribution channels, with or without advice.

Derivatives The fund may use derivatives for hedging and                               Investor profile Designed for investors who understand the
efficient portfolio management.                                                        risks of the fund and plan to invest for at least 3 years.

Strategy In actively managing the fund’s portfolio, the                                The fund may appeal to professional and retail investors with
management team selects securities that appear to offer                                basic investment knowledge who:
superior investment characteristics.                                                   • are looking for an income-oriented investment that is
                                                                                         comparatively conservative
Duration The total modified duration, including cash and the                           • are interested in a core bond investment (in particular
adjustment for estimated premature redemption risk, is 3 to                              within a DKK-based investment portfolio)
9 years.                                                                               • have a medium risk profile
Investment manager(s) Danske Bank A/S.                                                 • can bear moderate temporary losses
Base currency DKK.                                                                     Subscriptions, switches and redemptions Orders received
                                                                                       and accepted by the registrar agent by 5:30 PM Luxembourg
                                                                                       time any business day in Luxembourg are ordinarily
                                                                                       processed the following business day in Luxembourg that is
                                                                                       also a trading day on the main stock exchanges in Denmark.
                                                                                       Settlement of subscriptions and redemptions occurs no later
                                                                                       than 2 business days after the orders have been processed.

Costs for base share classes

                        A               I               RA               RI              WA               WI               Y               ZA               ZI
 One-off charges taken before or after you invest (maximum %)
 Subscription          2.00            2.00             2.00            2.00             Zero            Zero             2.00            Zero             Zero
 Switch                Zero            Zero             Zero            Zero             Zero            Zero             Zero            Zero             Zero
 Redemption            Zero            Zero             Zero            Zero             Zero            Zero             Zero            Zero             Zero
 Charges taken from the fund over a year (maximum %)
 Management            0.80            0.60             0.80            0.80             0.80            0.80             0.80            0.40             0.40
 Oper./Admin.          0.50            0.50             0.50            0.50             0.50            0.50             0.50            0.50             0.50
 Taxe d’abon.          0.05            0.01             0.05            0.01             0.05            0.01             0.05            0.05             0.01
 Performance fee (maximum; charged as a % of outperformance)
 Performance          Zero             Zero            Zero             Zero            Zero             Zero             Zero            Zero             Zero
Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during
a one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation
of information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

January 2020 Prospectus           Danske Invest SICAV                                                                                                             8
Denmark Focus
Investment Objective and Policy                                                         Main Risks
Objective To achieve above-market performance.                                          See “Risk Descriptions” for more information.
Benchmark (for performance comparison) OMX                                              Risks typically associated with ordinary market conditions
Copenhagen Cap GI Index (net dividends reinvested).                                     • Active management            • Hedging
Investment policy The fund invests mainly in a narrow and                               • Concentration                • Investment fund
focused selection of Danish equities.                                                   • Equity                       • Market
Specifically, the fund invests at least two-thirds of net assets                        Risks typically associated with unusual market conditions
in equities and equity-related securities that are traded                               • Counterparty and custody • Operational
on the Nasdaq OMX Copenhagen (a regulated market in                                     • Liquidity
Denmark).                                                                               Risk management method Commitment.
Derivatives The fund may use derivatives for hedging and
efficient portfolio management.                                                         Planning your Investment
Strategy In actively managing the fund’s portfolio, the
management team selects securities that appear to offer                                 Suitability The fund is suitable for mass market distribution
superior investment characteristics.                                                    through all distribution channels, with or without advice.

Investment manager(s) Danske Bank A/S.                                                  Investor profile Designed for investors who understand the
                                                                                        risks of the fund and plan to invest for at least 5 years.
Base currency DKK.
                                                                                        The fund may appeal to professional and retail investors with
                                                                                        basic investment knowledge who:
                                                                                        • are looking for investment growth
                                                                                        • are interested in a core equity investment (in particular
                                                                                          within a DKK-based investment portfolio)
                                                                                        • have a high risk profile
                                                                                        • can bear significant temporary losses
                                                                                        Subscriptions, switches and redemptions Orders received
                                                                                        and accepted by the registrar agent by 5:30 PM Luxembourg
                                                                                        time any business day in Luxembourg are ordinarily
                                                                                        processed the following business day in Luxembourg that is
                                                                                        also a trading day on the main stock exchanges in Denmark.
                                                                                        Settlement of subscriptions and redemptions occurs no later
                                                                                        than 2 business days after the orders have been processed.
                                                                                        As this fund qualifies as an equity fund in the German
                                                                                        Investment Fund Tax Act, it is eligible for the partial tax
                                                                                        exemption in Germany.

Costs for base share classes

                        A               I               RA               RI              WA               WI               Y               ZA               ZI
 One-off charges taken before or after you invest (maximum %)
 Subscription          3.00            3.00             3.00            3.00             Zero            Zero             3.00            Zero             Zero
 Switch                1.00            1.00             1.00            1.00             Zero            Zero             1.00            Zero             Zero
 Redemption            1.00            1.00             1.00            1.00             Zero            Zero             1.00            Zero             Zero
 Charges taken from the fund over a year (maximum %)
 Management            1.50            0.90             1.50            1.50             1.50            1.50             1.50             0.90            0.90
 Oper./Admin.          0.50            0.50             0.50            0.50             0.50            0.50             0.50            0.50             0.50
 Taxe d’abon.          0.05            0.01             0.05            0.01             0.05            0.01             0.05            0.05             0.01
 Performance fee (maximum; charged as a % of outperformance)
 Performance          Zero             Zero            Zero             Zero            Zero             Zero             Zero            Zero             Zero
Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during
a one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation
of information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

January 2020 Prospectus           Danske Invest SICAV                                                                                                             9
Eastern Europe
Investment Objective and Policy                                                         Main Risks
Objective To achieve above-market performance.                                          See “Risk Descriptions” for more information.
Benchmark (for performance comparison) MSCI EM                                          Risks typically associated with ordinary market conditions
Europe 10/40 Net Total Return Index in EUR (net dividends                               • Active management            • Equity
reinvested).                                                                            • Concentration                • Hedging
Investment policy The fund invests mainly in Eastern                                    • Country risk – Russia        • Investment fund
European and Turkish equities. To a small extent, the fund                                and Ukraine                  • Market
may invest in equities from countries bordering Eastern                                 • Currency                     • Securities handling
Europe. The fund may invest in countries considered as                                  • Emerging markets
emerging markets.                                                                       Risks typically associated with unusual market conditions
Specifically, the fund invests at least two-thirds of net assets                        • Counterparty and custody • Operational
in equities and equity-related securities that are traded on                            • Liquidity
a regulated market and are issued by companies that are                                 Risk management method Commitment.
domiciled, or do most of their business in Eastern Europe or in
Turkey. These securities may be traded on regulated markets
elsewhere.                                                                              Planning your Investment
The fund defines its geographical area(s) as follows:                                   Suitability The fund is suitable for mass market distribution
• Eastern Europe: Albania, Bosnia-Herzegovina, Belarus,                                 through all distribution channels, with or without advice.
  Bulgaria, Croatia, Czech Republic, Estonia, Hungary,
  Kosovo, Latvia, Lithuania, Macedonia, Moldova,                                        Investor profile Designed for investors who understand the
  Montenegro, Poland, Romania, Russia, Serbia, Slovakia,                                risks of the fund and plan to invest for at least 7 years.
  Slovenia and Ukraine                                                                  The fund may appeal to professional and retail investors with
• countries bordering Eastern Europe: any EU member                                     basic investment knowledge who:
  state bordering Eastern Europe plus Azerbaijan, Georgia,                              • are looking for investment growth
  Kazakhstan and Norway                                                                 • are interested in diversifying a core portfolio
The management company defines regulated markets as                                     • have a high risk profile
including Public Joint-Stock Company Moscow Exchange                                    • can bear significant temporary losses
MICEX-RTS, PFTS Ukraine Stock Exchange, Ukrainian                                       Subscriptions, switches and redemptions Orders received
Exchange and Kazakhstan Stock Exchange.                                                 and accepted by the registrar agent by 5:30 PM Luxembourg
Derivatives The fund may use derivatives for hedging and                                time any business day in Luxembourg are ordinarily
efficient portfolio management.                                                         processed the following business day in Luxembourg that is
                                                                                        also a trading day on the main stock exchanges in Moscow.
Strategy In actively managing the fund’s portfolio, the
management team selects securities that appear to offer                                 Settlement of subscriptions and redemptions occurs no later
superior investment characteristics.                                                    than 2 business days after the orders have been processed.

Investment manager(s) Danske Bank A/S.                                                  As this fund qualifies as an equity fund in the German
                                                                                        Investment Fund Tax Act, it is eligible for the partial tax
Base currency EUR.                                                                      exemption in Germany.

Costs for base share classes

                        A               I               RA               RI              WA               WI               Y               ZA               ZI
 One-off charges taken before or after you invest (maximum %)
 Subscription          3.00            3.00             3.00            3.00             Zero            Zero             3.00            Zero             Zero
 Switch                1.00            1.00             1.00            1.00             Zero            Zero             1.00            Zero             Zero
 Redemption            1.00            1.00             1.00            1.00             Zero            Zero             1.00            Zero             Zero
 Charges taken from the fund over a year (maximum %)
 Management            1.70            0.90             1.70            1.70             1.70            1.70             1.70            0.90             0.90
 Oper./Admin.          0.50            0.50             0.50            0.50             0.50            0.50             0.50            0.50             0.50
 Taxe d’abon.          0.05            0.01             0.05            0.01             0.05            0.01             0.05            0.05             0.01
 Performance fee (maximum; charged as a % of outperformance)
 Performance          Zero             Zero            Zero             Zero            Zero             Zero             Zero            Zero             Zero
Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during
a one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation
of information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

January 2020 Prospectus           Danske Invest SICAV                                                                                                             10
Eastern Europe Absolute
Investment Objective and Policy                                    Main Risks
Objective To achieve investment growth in any type of              See “Risk Descriptions” for more information.
market condition (absolute return).
                                                                   Risks typically associated with ordinary market conditions
Benchmark None.
                                                                   • Active management            • Emerging markets
Investment policy The fund invests mainly in a focused             • Concentration                • Equity
selection of long and short positions in Eastern European and
Turkish equities. To a small extent, the fund may also invest
                                                                   • Country risk – Russia and • Hedging
in equities from countries bordering Eastern Europe. Some
                                                                     Ukraine (with respect to     • Investment fund
Eastern European and non-European securities may be from
                                                                     Russia only)                 • Leverage
emerging markets.                                                  • Currency                     • Market
                                                                   • Derivatives                  • Securities handling
Specifically, the fund invests at least two-thirds of net assets
in equities and equity-related securities that are traded on       Risks typically associated with unusual market conditions
a regulated market and are issued by companies that are            • Counterparty and custody • Operational
domiciled, or do most of their business in Eastern Europe or in    • Liquidity
Turkey. These securities may be traded on regulated markets
elsewhere.                                                         Risk management method Absolute VaR.

The fund defines its geographical area(s) as follows:              Leverage Expected: 90% to 200% of net assets; maximum:
• Eastern Europe: Albania, Bosnia-Herzegovina, Belarus,            250%. Not guaranteed.
  Bulgaria, Croatia, Czech Republic, Estonia, Hungary,
  Kosovo, Latvia, Lithuania, Macedonia, Moldova,
  Montenegro, Poland, Romania, Russia, Serbia, Slovakia,           Planning your Investment
  Slovenia and Ukraine
• countries bordering Eastern Europe: any EU member                Suitability The fund is only suitable for distribution to retail
  state bordering Eastern Europe plus Norway, Armenia,             investors with advice or discretionary portfolio management
  Azerbaijan, Georgia and Kazakhstan                               and to professional investors with or without advice.
The management company defines regulated markets as                Investor profile Designed for investors who understand the
including Public Joint-Stock Company Moscow Exchange               risks of the fund and plan to invest for at least 5 years.
MICEX-RTS, PFTS Ukraine Stock Exchange, Ukrainian
Exchange and Kazakhstan Stock Exchange.                            The fund may appeal to professional and retail investors with
                                                                   investment knowledge who:
The fund’s gross exposure to equities is up to 300% of net
assets and its long exposure is up to 150%.                        • want to build up capital
                                                                   • are looking for exposure to Eastern European equities with
Derivatives The fund may use derivatives for hedging and             potentially lower volatility
efficient portfolio management, as well as for investment
purposes. Derivatives are an integral part of the investment
                                                                   • have a medium to high risk profile
policy.                                                            • can bear significant temporary losses
In addition to core derivatives (see “How the Funds Use            Subscriptions, switches and redemptions Orders
Instruments and Techniques” on page 67), the fund                  received and accepted by the registrar agent by 10:00 AM
may use total return swaps (TRSs), including contracts for         Luxembourg time any business day in Luxembourg that is
difference.                                                        also a trading day on the main stock exchanges in the UK and
                                                                   Moscow are ordinarily processed the following business day
TRS usage — expected: 80% to 100% of net assets;
maximum: 120%.                                                     in Luxembourg.

Strategy In actively managing the fund’s portfolio, the            Settlement of subscriptions and redemptions occurs no later
management team uses a long-short strategy, taking long            than 2 business days after the orders have been processed.
exposure to equities it believes will increase in price and
short exposure to equities it believes will decline in price or    As this fund qualifies as an equity fund in the German
offset the volatility of its long positions.                       Investment Fund Tax Act, it is eligible for the partial tax
                                                                   exemption in Germany.
Investment manager(s) Danske Bank A/S.
Base currency EUR.

January 2020 Prospectus      Danske Invest SICAV                                                                                 11
Eastern Europe Absolute Continued

 Costs for base share classes

                         A               I               RA               RI              WA               WI               Y               ZA               ZI
  One-off charges taken before or after you invest (maximum %)
  Subscription          3.00            3.00             3.00            3.00             Zero            Zero             3.00            Zero             Zero
  Switch                1.00            1.00             1.00            1.00             Zero            Zero             1.00            Zero             Zero
  Redemption            1.00            1.00             1.00            1.00             Zero            Zero             1.00            Zero             Zero
  Charges taken from the fund over a year (maximum %)
  Management            1.50            0.90             1.50            1.50             1.50            1.50             1.50            O.50             0.50
  Oper./Admin.          0.50            0.50             0.50            0.50             0.50            0.50             0.50            0.50             0.50
  Taxe d’abon.          0.05            0.01             0.05            0.01             0.05            0.01             0.05            0.05             0.01
  Performance fee (maximum; charged as a % of outperformance)
  Performance           20               20              20               20              20               20               20              20               20
 Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during
 a one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation
 of information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

 January 2020 Prospectus           Danske Invest SICAV                                                                                                             12
Eastern Europe Ex. Russia
Investment Objective and Policy                                                         Main Risks
Objective To achieve above-market performance.                                          See “Risk Descriptions” for more information.
Benchmark (for performance comparison) 85% Dow                                          Risks typically associated with ordinary market conditions
Jones STOXX EU Enlarged Total Market Index (TMI) (net                                   • Active management            • Emerging markets
dividends reinvested) and 15 % MSCI Turkey (net dividends                               • Concentration                • Equity
reinvested). Benchmarks are rebalanced annually on 1                                    • Country risk – Russia and • Hedging
January.                                                                                  Ukraine (with respect to     • Investment fund
Investment policy The fund invests mainly in Eastern                                      Ukraine only)                • Market
European and Turkish equities, excluding equities from                                  • Currency                     • Securities handling
Russia. To a small extent, the fund may invest in equities from                         Risks typically associated with unusual market conditions
countries bordering Eastern Europe. The fund may invest in
countries considered as emerging markets.
                                                                                        • Counterparty and custody • Operational
                                                                                        • Liquidity
Specifically, the fund invests at least two-thirds of net assets                        Risk management method Commitment.
in equities and equity-related securities that are traded on
a regulated market and are issued by companies that are
domiciled, or do most of their business in Eastern Europe or in                         Planning your Investment
Turkey. These securities may be traded on regulated markets
elsewhere.                                                                              Suitability The fund is suitable for mass market distribution
                                                                                        through all distribution channels, with or without advice.
The fund defines its geographical area(s) as follows:
• Eastern Europe: Bulgaria, Croatia, Cyprus, Czech Republic,                            Investor profile Designed for investors who understand the
  Estonia, Hungary, Latvia, Lithuania, Malta, Poland,                                   risks of the fund and plan to invest for at least 7 years.
  Romania, Slovakia, Slovenia and Ukraine                                               The fund may appeal to professional and retail investors with
• countries bordering Eastern Europe: any EU member state                               basic investment knowledge who:
  bordering Eastern Europe plus Norway                                                  • are looking for investment growth
The management company defines regulated markets                                        • are interested in diversifying a core portfolio
as including PFTS Ukraine Stock Exchange and Ukrainian                                  • have a high risk profile
Exchange.                                                                               • can bear significant temporary losses
Derivatives The fund may use derivatives for hedging and                                Subscriptions, switches and redemptions Orders received
efficient portfolio management.                                                         and accepted by the registrar agent by 5:30 PM Luxembourg
                                                                                        time any business day in Luxembourg are ordinarily
Strategy In actively managing the fund’s portfolio, the                                 processed the following business day.
management team selects securities that appear to offer
superior investment characteristics.                                                    Settlement of subscriptions and redemptions occurs no later
                                                                                        than 2 business days after the orders have been processed.
Investment manager(s) Danske Bank A/S.
                                                                                        As this fund qualifies as an equity fund in the German
Base currency EUR.                                                                      Investment Fund Tax Act, it is eligible for the partial tax
                                                                                        exemption in Germany.

Costs for base share classes

                        A               I               RA               RI              WA               WI               Y               ZA               ZI
 One-off charges taken before or after you invest (maximum %)
 Subscription          3.00            3.00             3.00            3.00             Zero            Zero             3.00            Zero             Zero
 Switch                1.00            1.00             1.00            1.00             Zero            Zero             1.00            Zero             Zero
 Redemption            1.00            1.00             1.00            1.00             Zero            Zero             1.00            Zero             Zero
 Charges taken from the fund over a year (maximum %)
 Management            1.60            1.00             1.60            1.60             1.60            1.60             1.60            0.90             0.90
 Oper./Admin.          0.50            0.50             0.50            0.50             0.50            0.50             0.50            0.50             0.50
 Taxe d’abon.          0.05            0.01             0.05            0.01             0.05            0.01             0.05            0.05             0.01
 Performance fee (maximum; charged as a % of outperformance)
 Performance          Zero             Zero            Zero             Zero            Zero             Zero             Zero            Zero             Zero
Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during
a one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation
of information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

January 2020 Prospectus           Danske Invest SICAV                                                                                                             13
Emerging and Frontier Markets
Investment Objective and Policy                                                          Main Risks
Objective To achieve above-market performance.                                           See “Risk Descriptions” for more information.
Benchmark (for performance comparison) MSCI Emerging                                     Risks typically associated with ordinary market conditions
Markets Net Total Return Index in EUR (net dividends                                     • Active management            • Emerging markets
reinvested).                                                                             • Country risk – China         • Equity
Investment policy The fund invests mainly in emerging and                                • Country risk – Russia and • Hedging
frontier market equities.                                                                  Ukraine (with respect to     • Investment fund
                                                                                           Russia only)                 • Market
Specifically, the fund invests in transferable securities that                           • Currency                     • Securities handling
are traded on a regulated market. At least two-thirds of net                             • Derivatives                  • Small and mid-cap stock
assets are invested in equities and equity-related securities
issued by companies that are domiciled, or do most of their                              Risks typically associated with unusual market conditions
business, in emerging and frontier markets (defined as                                   • Counterparty and custody • Operational
countries that are not recognised as developed countries by                              • Liquidity
MSCI including Russia). Issuers are mainly small and medium                              Risk management method Commitment.
sized companies.
The fund may invest in, or be exposed to, the following                                  Planning your Investment
investments in the People’s Republic of China equity markets
up to the percentage of net assets indicated:                                            Suitability The fund is suitable for mass market distribution
• China A-Shares traded via Shanghai- or Shenzhen-Hong                                   through all distribution channels, with or without advice.
  Kong Stock Connect: 10%
                                                                                         Investor profile Designed for investors who understand the
• P-notes: 5%                                                                            risks of the fund and plan to invest for at least 7 years.
Public Joint-Stock Company Moscow Exchange MICEX-RTS
                                                                                         The fund may appeal to professional and retail investors with
is among others considered as a regulated market.
                                                                                         basic investment knowledge who:
For managing excess liquidity, the fund may invest in short-term                         • are looking for investment growth
bonds and money market instruments that are denominated in                               • are interested in diversifying a core portfolio
EUR and issued by an EU member state or a credit institution.                            • have a high risk profile
Derivatives The fund may use derivatives for hedging and efficient                       • can bear significant temporary losses
portfolio management, as well as for investment purposes.                                Subscriptions, switches and redemptions Orders received
Strategy In actively managing the fund’s portfolio, the                                  and accepted by the registrar agent by 5:30 PM Luxembourg
management team selects securities that appear to offer                                  time any business day in Luxembourg are ordinarily
superior investment characteristics.                                                     processed the following business day.

The management team assesses liquidity of securities                                     Settlement of subscriptions and redemptions occurs no later
before trades are made, and it seeks to ensure that, in normal                           than 2 business days after the orders have been processed.
market conditions, a third of fund’s assets could be liquidated                          As this fund qualifies as an equity fund in the German
within three trading days.                                                               Investment Fund Tax Act, it is eligible for the partial tax
Investment manager(s) Danske Bank A/S.                                                   exemption in Germany.

Base currency EUR.

Costs for base share classes

                        A                I               RA               RI              WA                WI               Y               ZA               ZI
 One-off charges taken before or after you invest (maximum %)
 Subscription          3.00             3.00             3.00             3.00            Zero             Zero             3.00             Zero             Zero
 Switch                1.00             1.00             1.00             1.00            Zero             Zero             1.00             Zero             Zero
 Redemption            1.00             1.00             1.00             1.00            Zero             Zero             1.00             Zero             Zero
 Charges taken from the fund over a year (maximum %)
 Management            1.80             1.50             1.80             1.80             1.80            1.80             1.80             1.50             1.50
 Oper./Admin.          0.50             0.50             0.50             0.50            0.50             0.50             0.50             0.50             0.50
 Taxe d’abon.          0.05             0.01             0.05             0.01            0.05             0.01             0.05             0.05             0.01
 Performance fee (maximum; charged as a % of outperformance)
 Performance           Zero             Zero            Zero             Zero             Zero             Zero             Zero             Zero             Zero
Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during a
one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation of
information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

January 2020 Prospectus            Danske Invest SICAV                                                                                                               14
Emerging Markets Debt Hard Currency
Investment Objective and Policy                                                        Base currency USD.

Objective To achieve above-market performance.                                         Main Risks
Benchmark (for performance comparison) JPM EMBI                                        See “Risk Descriptions” for more information.
Global Diversified Composite (hedged into the respective
class currency].                                                                       Risks typically associated with ordinary market conditions
Investment policy The fund invests mainly in corporate and                             • Active management            • Hedging
government bonds from emerging markets. To a small extent,                             • Credit                       • Interest rate
the fund may invest in bonds issued in the European Union or                           • Derivatives                  • Investment fund
the USA.                                                                               • Distressed bond              • Market
                                                                                       • Emerging markets             • Securities handling
Specifically, the fund invests at least two-thirds of net
assets in bonds and other debt instruments that are traded                             Risks typically associated with unusual market conditions
on a regulated market and are issued in emerging market                                • Counterparty and custody • Liquidity
countries (defined as countries represented in the fund’s                              • Default                     • Operational
benchmark). These securities are denominated in CHF, CAD,                              Risk management method Commitment.
EUR, GBP, JPY, USD or in local currencies of the countries
that are constituents of the fund’s benchmark.
                                                                                       Planning your Investment
The fund may invest in, or be exposed to, the following
investments up to the percentage of net assets indicated:                              Suitability The fund is suitable for mass market distribution
• corporate bonds from emerging markets: 30%                                           through all distribution channels, with or without advice.
• debt instruments other than bonds: 15%                                               Investor profile Designed for investors who understand the
• bonds with a rating of Caa/CCC (or similar) or lower or                              risks of the fund and plan to invest for at least 3 years.
  unrated bonds: 15%
• debt instruments that are unrated or are considered to be                            The fund may appeal to professional and retail investors with
  in default because they have failed to make one or more                              basic investment knowledge who:
  required payments on schedule: 10%                                                   • are looking for an income-oriented investment
                                                                                       • are interested in diversifying a core portfolio
At least 90% of the fund’s investments are denominated in,                             • have a medium risk profile
or hedged into, USD.
                                                                                       • can bear moderate temporary losses
Derivatives The fund may use derivatives for hedging and                               Subscriptions, switches and redemptions Orders
efficient portfolio management, as well as for investment                              received and accepted by the registrar agent by 10:00
purposes. The fund may take short positions through derivatives.                       AM Luxembourg time any business day in Luxembourg are
In addition to core derivatives (see “How the Funds Use                                ordinarily processed the following business day.
Instruments and Techniques” on page 67), the fund may                                  Settlement of subscriptions and redemptions occurs no later
use credit default swaps with or without underlying assets.                            than 2 business days after the orders have been processed.
Strategy In actively managing the fund’s portfolio, the
management team selects securities that appear to offer
superior investment characteristics.
Duration The total duration, including cash, is the
benchmark duration plus/minus 2 years.
Investment manager(s) Danske Bank A/S.

Costs for base share classes

                        A               I               RA               RI              WA               WI               Y               ZA               ZI
 One-off charges taken before or after you invest (maximum %)
 Subscription          2.00            2.00             2.00            2.00             Zero            Zero             2.00            Zero             Zero
 Switch                Zero            Zero             Zero            Zero             Zero            Zero             Zero            Zero             Zero
 Redemption           Zero             Zero             Zero            Zero             Zero            Zero             Zero            Zero             Zero
 Charges taken from the fund over a year (maximum %)
 Management            1.20            0.60             1.20            1.20             1.20            1.20             1.20            0.60             0.60
 Oper./Admin.          0.50            0.50             0.50            0.50             0.50            0.50             0.50            0.50             0.50
 Taxe d’abon.          0.05            0.01             0.05            0.01             0.05            0.01             0.05            0.05             0.01
 Performance fee (maximum; charged as a % of outperformance)
 Performance          Zero             Zero            Zero             Zero            Zero             Zero             Zero            Zero             Zero
Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during
a one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation
of information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

January 2020 Prospectus           Danske Invest SICAV                                                                                                             15
Euro High Yield Bond
The fund will be managed as described on this page through 30 January 2020. See page 17 for new fund description.

Investment Objective and Policy                                                         Main Risks
Objective To achieve above-market performance.                                          See “Risk Descriptions” for more information.
Benchmark (for performance comparison) Bloomberg-                                       Risks typically associated with ordinary market conditions
Barclays Capital Euro High Yield 3% Issuer Capped Index in                              • Active management            • Hedging
EUR.                                                                                    • CoCo bonds                   • Interest rate
Investment policy The fund invests mainly in below                                      • Convertible securities       • Investment fund
investment grade (high yield) corporate bonds from anywhere                             • Credit                       • Market
in the world that are denominated in Euro (EUR). The fund                               • Derivatives                  • Securities handling
may invest in countries considered as emerging markets.                                 • Emerging markets
Specifically, the fund invests at least two-thirds of net assets in                     Risks typically associated with unusual market conditions
bonds and other debt instruments that are traded on a regulated                         • Counterparty and custody • Liquidity
market and are denominated in EUR. These investments may                                • Default                     • Operational
include convertible bonds and contingency convertible bonds                             Risk management method Commitment.
(CoCo bonds). The fund may invest up to one-third of net assets
in debt securities denominated in CAD, CHF, GBP, ISK, JPY,
NOK, SEK and USD. While the fund invests mainly in below                                Planning your Investment
investment grade bonds, it may invest up 50% of net assets in
bonds with a minimum rating of Baa3/BBB- (or similar).                                  Suitability The fund is suitable for mass market distribution
                                                                                        through all distribution channels, with or without advice.
At least 90% of the fund’s investments are denominated in,
or hedged into, EUR.                                                                    Investor profile Designed for investors who understand the
                                                                                        risks of the fund and plan to invest for at least 3 years.
Derivatives The fund may use derivatives for hedging and
efficient portfolio management, as well as for investment                               The fund may appeal to professional and retail investors with
purposes. The fund may take short positions through derivatives.                        basic investment knowledge who:
                                                                                        • are looking for an income-oriented investment
In addition to core derivatives (see “How the Funds Use                                 • are interested in diversifying a core portfolio
Instruments and Techniques” on page 67), the fund may
use credit default swaps with or without underlying assets.
                                                                                        • have a medium risk profile
                                                                                        • can bear moderate temporary losses
Strategy In actively managing the fund’s portfolio, the
                                                                                        Subscriptions, switches and redemptions Orders
management team selects securities that appear to offer
                                                                                        received and accepted by the registrar agent by 10:00
superior investment characteristics.
                                                                                        AM Luxembourg time any business day in Luxembourg are
Duration The total duration, including cash, is the                                     ordinarily processed the following business day.
benchmark duration plus/minus 2 years.
                                                                                        Settlement of subscriptions and redemptions occurs no later
Investment manager(s) Danske Bank A/S.                                                  than 2 business days after the orders have been processed.

Base currency EUR.

Costs for base share classes

                        A               I               RA               RI              WA               WI               Y               ZA               ZI
 One-off charges taken before or after you invest (maximum %)
 Subscription          2.00            2.00             2.00            2.00             Zero            Zero             2.00            Zero             Zero
 Switch                Zero            Zero             Zero            Zero             Zero            Zero             Zero            Zero             Zero
 Redemption            Zero            Zero             Zero            Zero             Zero            Zero             Zero            Zero             Zero
 Charges taken from the fund over a year (maximum %)
 Management            1.00            0.80             1.00            1.00             1.00            1.00             1.00            0.40             0.40
 Oper./Admin.          0.50            0.50             0.50            0.50             0.50            0.50             0.50            0.50             0.50
 Taxe d’abon.          0.05            0.01             0.05            0.01             0.05            0.01             0.05            0.05             0.01
 Performance fee (maximum; charged as a % of outperformance)
 Performance          Zero             Zero            Zero             Zero            Zero             Zero             Zero            Zero             Zero
Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during
a one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation
of information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

January 2020 Prospectus           Danske Invest SICAV                                                                                                             16
Euro Sustainable High Yield Bond
The fund will be managed as described on this page starting 31 January 2020. See page 16 for old fund description.

                                                                                        Duration The total duration, including cash, is the
Investment Objective and Policy                                                         benchmark duration plus/minus 2 years.
Objective To achieve above-market performance.                                          Investment manager(s) Danske Bank A/S.
Benchmark (for performance comparison) Bloomberg-                                       Base currency EUR.
Barclays Capital Euro High Yield 3% Issuer Capped Index in EUR.
Investment policy The fund invests mainly in below                                      Main Risks
investment grade (high yield) corporate bonds from
anywhere in the world, including emerging markets, that are                             See “Risk Descriptions” for more information.
denominated in Euro (EUR) and issued by companies that
have a positive or an improving Environment, Social and                                 Risks typically associated with ordinary market conditions
Governance (ESG) profile.                                                               • Active management            • Hedging
                                                                                        • CoCo bonds                   • Interest rate
Specifically, the fund invests at least two-thirds of net assets in                     • Convertible securities       • Investment fund
bonds and other debt instruments that are traded on a regulated                         • Credit                       • Market
market and are denominated in EUR. These investments                                    • Derivatives                  • Securities handling
may include convertible bonds and contingent convertible                                • Emerging markets
bonds (CoCo bonds). While the fund invests mainly in below
investment grade bonds, it may invest up 50% of net assets in                           Risks typically associated with unusual market conditions
bonds with a minimum rating of Baa3/BBB- (or similar).                                  • Counterparty and custody • Liquidity
In addition to the sustainable investment policy that applies
                                                                                        • Default                     • Operational
to all funds in the SICAV, this fund seeks to minimise or avoid                         Risk management method Commitment.
exposure to companies whose revenues mainly originate from
sectors such as controversial weapons, tobacco, alcohol,
pornography, fossil fuels and gambling.                                                 Planning your Investment
Although the fund may invest up to one-third of net assets in                           Suitability The fund is suitable for mass market distribution
debt securities denominated in AUD, CAD, CHF, DKK, GBP,                                 through all distribution channels, with or without advice.
ISK, JPY, NOK, SEK and USD, at least 90% of investments are                             Investor profile Designed for investors who understand the
denominated in, or hedged into, EUR.                                                    risks of the fund and plan to invest for at least 3 years.
Derivatives The fund may use derivatives for hedging and                                The fund may appeal to professional and retail investors with
efficient portfolio management, as well as for investment                               basic investment knowledge who:
purposes. The fund may take short positions through derivatives.
                                                                                        • are looking for an income-oriented sustainable investment
In addition to core derivatives (see “How the Funds Use                                 • are interested in diversifying a core portfolio
Instruments and Techniques” on page 67), the fund may                                   • have a medium risk profile
use credit default swaps with or without underlying assets.                             • can bear moderate temporary losses
Strategy In actively managing the fund’s portfolio, the                                 Subscriptions, switches and redemptions Orders
management team selects securities that appear to offer                                 received and accepted by the registrar agent by 10:00
superior investment characteristics, using both financial                               AM Luxembourg time any business day in Luxembourg are
and ESG criteria to assess risks and opportunities. Drawing                             ordinarily processed the following business day.
on external ESG data and research as well as internal ESG
expertise and advice, the management team integrates                                    Settlement of subscriptions and redemptions occurs no later
material ESG considerations into all stages of the investment                           than 2 business days after the orders have been processed.
process. The management team also engages proactively
with issuers on sustainability and strategy matters.

Costs for base share classes

                        A               I               RA               RI              WA               WI               Y               ZA               ZI
 One-off charges taken before or after you invest (maximum %)
 Subscription          2.00            2.00             2.00            2.00             Zero            Zero             2.00            Zero             Zero
 Switch                Zero            Zero             Zero            Zero             Zero            Zero             Zero            Zero             Zero
 Redemption            Zero            Zero             Zero            Zero             Zero            Zero             Zero            Zero             Zero
 Charges taken from the fund over a year (maximum %)
 Management            1.00            0.80             1.00            1.00             1.00            1.00             1.00            0.40             0.40
 Oper./Admin.          0.50            0.50             0.50            0.50             0.50            0.50             0.50            0.50             0.50
 Taxe d’abon.          0.05            0.01             0.05            0.01             0.05            0.01             0.05            0.05             0.01
 Performance fee (maximum; charged as a % of outperformance)
 Performance          Zero             Zero            Zero             Zero            Zero             Zero             Zero            Zero             Zero
Actual fees and expenses may be lower, and prior to any increase in them, shareholders will receive notice and the opportunity to redeem shares free of charge during
a one-month period before the increase. See “Fund Fees and Costs” immediately following the last fund description and go to danskeinvest.com for a fuller explanation
of information regarding fees and expenses, including the performance fee. For a current and complete listing of available share classes, go to danskeinvest.com.

January 2020 Prospectus           Danske Invest SICAV                                                                                                             17
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