Danske Invest Engros Kommuner 4 (the Fund), formerly known as Danske Invest Erhverv Kommuner 4, is a Denmark-based investment fund. It is primarily engaged in making specialty investments in Danish bonds, such as mortgage bonds and government bonds, denominated in Danish crowns, with a maximal average maturity of four years. As of November 30, 2012, the Fund�s main investments were the bonds of Nordea, Realkredit Danmark, Totalkredit, Nykredit, Dansk Statslaan and Alm. Brand Bank, among others. Danske Invest Engros Kommuner 4 is a division of Investeringsforeningen Danske Invest, an investor association based in Denmark.