HP Invest

Investment Fund - HP Invest

The Fund

The fund is a public unit trust approved by the Danish Financial Supervisory Authority

Object of the Fund

The object of the Fund is to receive, from the general public, funds which, in accordance with a principle of risk diversification, are placed in the instruments referred to in part 15 of the Danish Investment Associations and Special-Purpose Associations as well as other Collective Investment Schemes etc. Act and at the request of a member to redeem the said member's share of the assets with funds derived there from, cf section 12.

The Fund is a placement fund. The Fund has three subfunds Short Term Danish Bonds, Long Term Danish Bonds and Danish Bonds Acc.

Daily up-dates

Date 15th of May 2012
	Short Term Danish Bonds Securities code DK0060118610	Long Term Danish Bonds Securities code DK0060141786	Danish Bonds Acc. Securities code DK0060227239
NAV	107.32	115.14	108.75
Subscription price*	108.24	116.41	109.68
Redemption price*	107.21	115.02	108.64
Yield month to date 2011	0.20%	0.77%	0.06%
Yield year to date 2012	0.52%	1.36%	0.72%

* subscription and redemption prices are latest bankday prices.

Date 31st December 2010
	Short Term Danish Bonds Securities code DK0060118610	Long Term Danish Bonds Securities code DK0060141786	Danish Bonds Acc. Securities code DK0060227239
NAV	106.57	110.03	102.15
Dividend 26th of April 2010**	+4.25	+10.50
On account dividend*** 30st of September 2010	+1.75	+1.25
Yield year to date 2010	3.70%	5.70%	2.50%

** Value date 29th of April 2010

*** Value date 5th of October 2010

Date 31st December 2009
	Short Term Danish Bonds Securities code DK006014178-6	Long Term Danish Bonds Securities code DK006014178-6
NAV	108.62	115.36
On account dividend 24th September 2009	+1.75	+1.00
Dividend 30st April 2009	+2.25	-
Yield year to date 2009	8.53%	7.69%

Date 31st December 2008
	Short Term Danish Bonds Securities code DK006014178-6	Long Term Danish Bonds Securities code DK006014178-6
NAV	103.92	108.06
Dividend 5th September 200	+1.75	-
Yield year to date 2008	5.67%	8.06%

Short Term Danish Bonds

Investment Strategy

HP Invest - Short Danish Bonds invests in Danish government and mortgage bonds issued in DKK. The option adjusted modified duration of the funds portfolio will not exceed 3 years. The fund can invest as well in short and long-term bonds: the total duration, however, must be below 3 years.

Stable Return of Investment

The return of investment on HP Invest Short Danish Bands can be compared to the return of investment of an equivalent Danish government bond. The time of investment should be 1½ years at minimum.

Find more information about the subfund in the full prospectus or in the fact sheet under downloads.

Long Term Danish Bonds

Investment Strategy

HP Invest - Long Danish Bonds invests in Danish government and mortgage bonds issued in DKK. The option adjusted modified duration of the funds portfolio shall exceed 4 years. The fund can invest as well in short and long-term bonds: the total duration, however, must be above 4 years.

Stable Return of Investment

The return of investment on HP Invest Short Danish Bands can be compared to the return of investment of an equivalent Danish government bond. The time of investment should be 2-3 years.

Find more information about the subfund in the full prospectus or in the fact sheet under downloads.

New - HP Invest Danish Bonds Acc.

Investment Strategy

HP Invest - Danish Bonds Acc. Invests in Danish government and mortgage bonds issued in DKK of which minimum 85% will be placed in Grandfathered Danish mortgage bonds. The option adjusted modified duration of the funds portfolio will not exceed 5 years. At the current yield level the modified duration will be between 2 and 3 years. The fund can invest as well in short term as in long-term bonds; the total duration, however, must be below 5 years.

The subfund is an accumulation fund and will not make any distribution. Instead, net profit is allocated to the subfund’s assets.

Stable Return of Investment

The return of investment in HP Invest Danish Bonds Acc. can be compared to the return of investment of equivalent Danish government and mortgage bond. Investment horizon should be 1½ years at minimum.

Find more information about the subfund in the full prospectus or in the fact sheet under downloads.

Specialforeningen HP Invest

c/o Nykredit Portefølje Administration A/S

Otto Mønsteds Plads 9

DK1780 København V

Denmark