Calendar Year Performance - Henderson Global Investors

henderson

Calendar Year Performance - Henderson Global Investors

Quarterly Mutual Fund

Data Guide

Third Quarter 2012 Edition

Information through September 30, 2012


Featured expert: Bill McQuaker

Global update

F

ollowers of central bankers could be forgiven for feeling exhausted after the

third quarter of 2012; such was the level of activity by the custodians of money

supply. Markets responded positively to the measures announced but appear

to have paused for breath in early October as they contemplate whether Spain

will request Eurozone aid and the impending US elections. Lead indicators,

however, suggest a reacceleration of the global economy is imminent, which should

create a positive environment for risk assets in the final quarter of 2012.

Policy in action

Have central bankers ever been so busy? In the third quarter of 2012, the Bank of

England and Bank of Japan expanded their asset purchase programs, the People’s

Bank of China and Bank of Sweden cut interest rates, while the US Federal Reserve

announced it would purchase $40 billion of mortgage-backed securities each month

until the employment picture improves. The market liked the latter’s move less for

the increased liquidity and more for the subtle dominance of promoting growth over

inflation targeting.

It was the European Central Bank (ECB), however, that stole the show. Actions may

speak louder than words but the ECB president, Mario Draghi, was determined to use

both. First, he cut interest rates by a further 0.25%, and then he announced that the

ECB was prepared to do “whatever it takes” to preserve the euro. Any doubts were

quickly dispelled when this was followed up in September with the announcement of

Outright Monetary Transactions (OMT) – an unlimited bond buying program that will

backstop sovereign borrowers as long as they subscribe to certain fiscal conditions.

With the markets sensing this could eliminate sovereign funding risk yields on

peripheral Eurozone debt, sovereign bonds began to fall in a meaningful way.

Not all sunny uplands…

The ECB may have offered to buy bonds but countries need to be willing participants.

Question marks still exist over whether Spain can come to an agreement with the ECB.

We suspect that any Spanish aid may come packaged up with other developments

such as negotiations with Greece or terms for Italy, thus preventing the destabilizing

piecemeal action that has plagued the market in the past.

We are also keeping a close eye on the price of gold and the behavior of inflation

protected securities versus conventional bonds to give some insight into whether

the market is growing concerned about the inflationary potential of unconventional

monetary policy. The US election and looming fiscal cliff also give cause for concern but

we are hopeful for compromise, whatever the result of the election.

1 Henderson Global Investors Quarterly Mutual Fund Data Guide

Bill McQuaker

Head of Multi-Asset

We expect the

lull in economic

activity to give

way to stronger

economic data by

the year end.

““

—Bill McQuaker

…but indicators are looking firmer

We expect the lull in global economic activity in the third quarter to give way to stronger economic data by the year end.

This reflects a pick-up in narrow real money growth over the past few months, which has historically heralded a rise in

economic activity, while consumer confidence surveys and new orders indices have also shown improvements. We believe

this will culminate in risk assets preforming well in the final quarter, with equities in particular favored because of the

potential for capital gain from inexpensive valuations and the income stream from dividends.

20

15

10

5

0

-5

-10

-15

G7 + E7 industrial output and leading indicators

Industrial output % 6m

Leading indicator

Leading indicator of leading indicator

9/05 9/06

9/07

9/08

9/09

9/10

9/11 9/12

Source: Thomson Reuters Datastream, Henderson Global Investors as of 9/30/12, leading indicator of leading indicator is a mathematical representation of internal momentum in the leading indicator.

Bill McQuaker

Head of Multi-Asset

Henderson Global Investors

How active is your fund manager?

A study presented by two Yale academics introduced the term “active share” as a measure of active portfolio

management. The term measures the degree of overlap with a benchmark. An active share of 100% implies zero

overlap with the benchmark. Benchmarks have an active share of 0%. Active share considers allocations to individual

stocks as opposed to traditional measures which focus on volatility of returns.

To seek outperformance, logic dictates that you must be different versus the benchmark. Active share measures the

degree to which managers differ from the benchmark at the stock level. The Yale study has shown that managers

with high active share have outperformed their benchmark. Check out the active share for the Henderson Global

Funds in the “Fund facts” sections in the following pages.

Source: Cremers, M. and Petajisto, A. 2006 “How Active Is Your Fund Manager? A New Measure That Predicts Performance”, Yale ICF Working

Paper No. 06-14

The study also found that some of those managers with high active share outperformed their benchmark. In the study, the researchers divided

active share into quintiles; the first quintile has an active share of 80-100%, the Fourth quintile is 60-80%, the Fourth quintile is 40%-60%, the

fourth quintile is 20%-40%, and the fifth quintile has an active share of 0%-20%. These quintiles were then measured against the alpha generated

in the funds researched. For example, the Fourth quintile (60-80% active share) was able to produce more alpha (0.0-0.5%) than the Fourth

quintile (40-60% active share) which lost alpha (-0.6-0.0%).

Henderson Global Investors is the name under which various subsidiaries of Henderson Group plc, a UK limited Company, provide investment

products and services.

Third Quarter 2012 Edition

2


About us Contents

History

The Henderson Administration was founded on March 13,

1934, to administer the estates of Alexander Henderson,

the first Lord Faringdon. Alexander Henderson was an

innovative entrepreneur who owned his own seat on the

London Stock Exchange at the extraordinary age of 22. By

identifying untapped resources in South America, Europe,

the Far East and Africa, his investments helped propel the

rapid industrialization that took place around the world at

the turn of the 19th century. The Henderson

Administration would eventually become known as

Henderson Global Investors.

Today

Henderson is a dynamic participant in global investment

markets, managing assets of $99.8 billion 1 and providing

a wide range of products and services to institutions and

individuals across the globe. Henderson employs more than

1060 people located in 16 countries. Known for its ability

to deliver value through innovative products, Henderson

focuses on unlocking the potential of global investment

opportunities. Henderson Global Investors (North America)

Inc., the US subsidiary of Henderson Group plc, has been

offering US investors the opportunity to “own a piece of the

world” since 2001 through its family of globally focused

mutual funds.

1 As of 6/30/12.

International investing involves certain risks and increased volatility not associated with investing solely in the US. These risks included currency fluctuations,

economic or financial instability, lack of timely or reliable financial information or unfavorable political or legal developments. The Funds may invest in

securities issued by smaller companies which typically involves greater risk than investing in larger companies. Also, the Funds may invest in limited

geographic areas and/or sectors which may result in greater market volatility. In addition, some of the Funds may invest in derivatives. Derivatives involve

special risks different from, and potentially greater than, the risks associated with investing directly in securities and may result in greater losses.

The All Asset Fund invests in a smaller number of securities than the average mutual fund and the change in value of a single holding may have a more

pronounced effect on the Fund’s net asset value and performance. The Fund may invest in derivatives and commodities. Investing in commodities

entails additional risks including instability regarding control and jurisdiction of governments, international companies and other entities. Asset

allocation strategies do not assure profit nor protect against loss. The Fund may be subject to frequent trading which may result in a turnover rate

of 100% or more. The Fund is subject to investment company and pooled vehicles risk, allocation risk, leverage risk, interest rate risk and high yield

securities risk. An investment in pooled vehicles, including closed-end funds, trusts, and ETFs, may involve paying a premium at the time of purchase

or receiving a discounted price at the time of sale. The Fund (and indirectly its shareholders) is responsible for a proportional share of the underlying

investment company’s expenses, in addition to its own. Investments in high yield securities may offer more attractive returns than higher-rated

securities, but the potentially higher yield is a function of the greater risk that a particular security may default.

The Dividend & Income Builder Fund invests in a smaller number of securities than the average mutual fund and the change in value of a single holding may

have a more pronounced effect on the Fund’s net asset value and performance. The Fund may invest in illiquid securities and is subject to investment company

and pooled vehicles risk, interest rate risk, credit/default risk and high yield securities risk. An investment in pooled vehicles, including closed-end funds, trusts,

and ETFs, may involve paying a premium at the time of purchase or receiving a discounted price at the time of sale. The Fund (and indirectly its shareholders) is

responsible for a proportional share of the underlying investment company’s expenses, in addition to its own. The Fund’s share price and yield will be affected

by interest rate movements, with bond prices generally moving in the opposite direction from interest rates. During periods of rising interest rates, the value of

a bond investment is at greater risk than during periods of stable or falling rates. The Fund may be subject to frequent trading which may result in a turnover

rate of 100% or more. Credit risk refers to the bond issuers ability to make timely payments of principal and interest. Investments in high yield securities may

offer more attractive returns than higher-rated securities, but the potentially higher yield is a function of the greater risk that a particular security may default.

Technology companies may react similarly to certain market pressure and events. This may be significantly affected by short product cycles, aggressive pricing

of products and services, competition from new market entrants, and obsolescence of existing technology. As a result, the Global Technology Fund’s returns

may be considerably more volatile than a fund that does not invest in technology companies.

The Strategic Income Fund may invest in high yield, lower rated (junk) bonds which involve a greater degree of risk than investment grade bonds in return

for higher yield potential. As such, securities rated below investment grade generally entail greater credit, market, issuer and liquidity risk than investment

grade securities. Moreover, the Fund is subject to interest rate risk which is the risk that debt securities in the Fund’s portfolio will decline in value because of

increases in market interest rates. The Fund may borrow money which may adversely affect the return to shareholders of the Fund, also known as leverage risk.

3 Henderson Global Investors Quarterly Mutual Fund Data Guide

What is the

Henderson

Difference?

• Differentiated products:

Our specialized investment

style seeks out differentiated

holdings to tap into overlooked

opportunities

• An opportunistic approach:

We are not tightly bound

by style orientation, and take

advantage of the ability to

invest in securities that others

may overlook or exclude

• Focused, nimble

portfolios: Our portfolios

generally consist of 40-80

holdings, allowing us to

focus on what we believe

are the most worthwhile

opportunities

Global perspective with

local insight: Our offices

around the world combined

with our headquarters in

London provide exposure to

new and innovative investment

opportunities that may not

reach the radar screen of many

other US-based managers or

investors

• A best ideas approach:

Many of our portfolios utilize a

team-based approach that

allows each portfolio manager

to run a focused list of their

“best ideas”

Performance spotlight ......................................................................................5-6

A focus on equity income ......................................................................................7-8

Global/International Funds

All Asset Fund .........................................................................................................................................................9-10

Emerging Markets Opportunities Fund ..........................................................................................11-12

Global Leaders Fund ......................................................................................................................................13-14

Global Technology Fund .............................................................................................................................15-16

International Opportunities Fund .........................................................................................................17-18

Regional Funds

European Focus Fund ..................................................................................................................................19-20

Japan Focus Fund ...........................................................................................................................................21-22

Income Funds

Dividend & Income Builder Fund .........................................................................................................23-24

Global Equity Income Fund .......................................................................................................................25-26

Strategic Income Fund .................................................................................................................................27-28

Money Market Fund

Henderson Money Market Fund ...................................................................................................................29

Important dates/Sales charge information ................................................ 30

Sales territory map ....................................................................................... 31-32

An investment in a money market fund is not insured or guaranteed

by the Federal Deposit Insurance Corporation or another government

agency. Although a money market fund seeks to preserve the value

of your investment at $1.00 per share, it is possible to lose money by

investing in a money market fund.

One should consider the investment objectives, risks, fees and expenses of any mutual

fund carefully before investing. This and other important information is available in the

Funds’ prospectus and summary prospectus available at www.hendersonglobalinvestors.

com or by contacting your financial adviser. Please read carefully before investing.

Third Quarter 2012 Edition

4


Performance spotlight

Through September 30, 2012

Henderson All Asset Fund Class A (HGAAX)

3-month LIBOR USD

Lipper Global Flexible Funds average

Lipper Global Flexible Funds ranking

Emerging Markets Opportunities Fund Class A (HEMAX)

MSCI Emerging Markets Index

Lipper Emerging Markets Funds average

Lipper Emerging Markets Funds ranking 1

Global Leaders Fund Class A (HFPAX)

MSCI World Index

Lipper Global Large-Cap Growth Funds average

Lipper Global Large-Cap Growth Funds ranking 1

Global Technology Fund Class A (HFGAX)

MSCI AC World IT Index

S&P 500 Index

Lipper Global Science & Tech Funds average

Lipper Global Science & Tech Funds ranking 1

International Opportunities Fund Class A (HFOAX)

MSCI EAFE Index

Lipper International Multi-Cap Growth Funds average

Lipper International Multi-Cap Growth Funds ranking 1

European Focus Fund Class A (HFEAX)

MSCI Europe Index

Lipper European Region Funds average

Lipper European Region Funds ranking 1

Japan Focus Fund Class A (HFJAX)

MSCI Japan Index

Lipper Japanese Funds average

Lipper Japanese Funds ranking 1

Dividend & Income Builder Fund Class A (HDAVX)

MSCI World Index

Lipper Global Equity Income Funds average

Lipper Global Equity Income Funds ranking 1

Global Equity Income Fund Class A (HFQAX)

MSCI World Index

MSCI World High Dividend Yield Index

Lipper Global Equity Income Funds average

Lipper Global Equity Income Funds ranking 1

Strategic Income Fund Class A (HFAAX)

50% ML Global HY/50% ML Global Corporate Index (USD-hedged)

Lipper Global Income Funds average

Lipper Global Income Funds ranking 1

Money Market Fund Class A (HFAXX)

Current 7-day yield

YTD

At NAV

N/A

Performance data quoted represents past performance and is no guarantee of future results. Performance results at offering price for equity funds reflect the deduction of the maximum front-end

sales charge of 5.75%. Performance results at offering price for the Strategic Income Fund reflect the deduction of the maximum front-end sales charge of 4.75%. Performance presented at NAV

which does not include a sales charge would be lower if this charge was reflected. Current performance may be lower or higher than the performance data quoted. Investment return and principal

value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. The Funds’ annual operating expenses will likely vary from year to year. A decline in

the Funds’ average net assets during the current fiscal year could cause the Funds’ expense ratios to be higher than the expense information presented. For most recent month-end performance call

1.866.443.6337 or visit the Funds’ website at www.hendersonglobalinvestors.com.

5 Henderson Global Investors Quarterly Mutual Fund Data Guide

-

-

-

16.10%

12.33%

11.50%

-

11.69%

13.56%

14.40%

-

17.49%

18.18%

16.44%

15.03%

-

12.38%

10.59%

11.89%

-

12.44%

12.02%

14.12%

-

1.82%

2.43%

2.97%

-

N/A

-

-

-

11.46%

13.56%

10.94%

10.89%

-

9.71%

12.05%

7.08%

-

0.04%

-

One year

At NAV w/ sales charge

N/A

-

-

-

21.65%

17.33%

16.09%

35/445

21.70%

22.32%

23.03%

64/78

21.35%

26.40%

30.20%

20.93%

18/36

13.71%

14.33%

17.10%

264/302

19.48%

18.13%

20.15%

47/87

-0.63%

-1.51%

0.07%

18/25

N/A

-

-

-

19.43%

22.32%

19.95%

20.25%

33/58

13.58%

16.17%

8.24%

17/190

0.05%

-

N/A

-

-

-

14.63%

-

-

-

14.67%

-

-

-

14.37%

-

-

-

-

7.18%

-

-

-

12.61%

-

-

-

-6.36%

-

-

-

N/A

-

-

-

12.54%

-

-

-

-

8.17%

-

-

-

N/A

-

Three years

At NAV w/ sales charge

N/A

-

-

-

N/A

-

-

-

6.64%

8.07%

8.10%

56/70

13.56%

11.08%

13.19%

11.29%

8/35

0.76%

2.59%

4.23%

238/267

4.40%

2.66%

3.81%

24/77

0.61%

-0.40%

1.84%

11/18

N/A

-

-

-

6.58%

8.07%

9.33%

7.36%

31/47

8.22%

10.43%

6.25%

33/139

0.06%

-

N/A

-

-

-

N/A

-

-

-

4.55%

-

-

-

11.34%

-

-

-

-

-1.22%

-

-

-

2.37%

-

-

-

-1.37%

-

-

-

N/A

-

-

-

4.51%

-

-

-

-

6.47%

-

-

-

N/A

-

Five years

At NAV w/ sales charge

N/A

-

-

-

N/A

-

-

-

-2.44%

-1.58%

-1.35%

45/61

3.93%

1.80%

1.05%

2.90%

4/20

-4.48%

-4.77%

-4.36%

96/193

-0.71%

-5.10%

-4.90%

4/68

-4.74%

-6.36%

-3.61%

7/12

N/A

-

-

-

-1.23%

-1.58%

-1.44%

-3.45%

6/26

2.19%

8.48%

5.58%

97/102

N/A

-

N/A

-

-

-

N/A

-

-

-

-3.59%

-

-

-

2.71%

-

-

-

-

-5.60%

-

-

-

-1.88%

-

-

-

-5.86%

-

-

-

N/A

-

-

-

-2.38%

-

-

-

1.20%

-

-

-

N/A

-

At NAV

N/A

-

-

-

N/A

-

-

-

N/A

-

-

-

14.62%

10.45%

8.01%

12.38%

2/17

10.64%

8.68%

8.77%

19/97

16.72%

9.35%

9.60%

4/56

N/A

-

-

-

N/A

-

-

-

N/A

-

-

-

-

N/A

-

-

-

N/A

-

Ten years

w/ sales charge

N/A

-

-

-

N/A

-

-

-

N/A

-

-

-

13.95%

-

-

-

-

9.98%

-

-

-

16.03%

-

-

-

N/A

-

-

-

N/A

-

-

-

N/A

-

-

-

-

N/A

-

-

-

N/A

-

Since inception

At NAV w/ sales charge

2 Gross expense

ratio3 0.80%

0.25%

1.29%

-

-7.43%

-4.70%

-6.45%

239/373

0.78%

0.96%

1.66%

38/54

7.88%

4.18%

4.21%

6.37%

3/14

8.81%

5.19%

5.56%

7/92

15.58%

5.39%

6.49%

1/53

-3.97%

-4.35%

-4.92%

4/11

3.80%

-4.42%

-4.04%

-

1.80%

0.96%

1.08%

-1.18%

3/23

5.32%

7.52%

5.41%

51/84

0.07%

-

1 Lipper rankings are based on total return and do not reflect a sales charge. Rankings are for Class A shares only, other share classes may vary.

2 Inception date for the International Opportunities Fund, European Focus Fund, and Global Technology Fund is 8/31/01; Inception date for the Strategic Income Fund is 9/30/03; Inception date for the Japan Focus Fund is 1/31/06; Inception date for the Global Equity

Income Fund and Global Leaders Fund is 11/30/06; Inception date for the Henderson Money Market Fund is 4/20/09; Inception date for the Emerging Markets Opportunities Fund is 12/31/10. Inception date for the All Asset Fund is 3/30/12. Inception date for the

Dividend & Income Builder Fund is 8/01/12.

3 As stated in the current prospectus.

4 This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is a percentage of average net assets. The expense ratio is unaudited and is based on annualized fiscal year-to-date results (YTD) from 8/01/12-8/31/12. For the Strategic Income

and Money Market Funds, the expense ratio is based on annualized fiscal year-to-date results from 1/01/12-8/31/12. The ratio may differ from that presented in the Funds’ prospectus that is based on the Funds’ then most recent previous fiscal year. As stated in the

current prospectus for Funds with current waivers, the Funds’ adviser has agreed to contractually waive a portion of its fees and/or reimburse expenses as detailed within the prospectus until 7/31/20 for the Global Leaders Fund, Global Technology Fund, International

Opportunities Fund, European Focus Fund, Japan Focus Fund, Global Equity Income Fund and Strategic Income Fund; until 7/31/15 for the Emerging Markets Opportunities Fund, All Asset Fund and Dividend & Income Builder Fund and until 4/30/13 for the Money

Market Fund.

All returns greater than one year are annualized.

Performance results for periods less than one year are at NAV and are not annualized. Performance results reflect expense subsidies and waivers in effect during the periods shown.

Absent these waivers, results would have been less favorable. All results are historical and assume the reinvestment of dividends and capital gains.

N/A

-

-

-

-10.51%

-

-

-

-0.24%

-

-

-

7.30%

-

-

-

-

8.23%

-

-

-

14.97%

-

-

-

-4.82%

-

-

-

N/A

-

-

-

0.77%

-

-

-

-

4.75%

-

-

-

N/A

-

2.23%

-

-

-

3.98%

-

-

-

2.09%

-

-

-

1.55%

-

-

-

-

1.44%

--

-

-

1.54%

-

-

-

1.76%

-

-

-

1.73%

-

-

-

1.32%

-

-

-

-

1.42%

-

-

-

0.61%

-

Fiscal YTD

expense ratio 4

1.65%

-

-

-

1.79%

-

-

-

1.40%

-

-

-

1.48%

-

-

-

-

1.47%

-

-

-

1.54%

-

-

-

1.35%

-

-

-

1.30%

-

-

-

1.27%

-

-

-

-

1.10%

-

-

-

0.36%

-

2011 2010 2009

At NAV At NAV At NAV

N/A

-

-

-

-24.77%

-18.17%

-20.19%

320/389

-8.33%

-5.02%

-11.74%

48/149

-8.88%

-4.10%

2.11%

-7.99%

26/38

-14.85%

-11.73%

-13.94%

132/201

-18.88%

-10.50%

-12.81%

78/88

-7.91%

-14.19%

-9.78%

8/25

N/A

-

-

-

-1.55%

-5.02%

4.84%

-6.81%

21/129

0.05%

4.13%

3.52%

155/175

0.05%

-

Annual performance

N/A

-

-

-

N/A

-

-

-

13.39%

12.34%

16.51%

95/123

22.44%

11.69%

15.06%

20.84%

24/44

5.65%

8.21%

15.14%

173/184

18.33%

4.49%

8.47%

10/89

18.31%

15.59%

11.36%

5/31

N/A

-

-

-

6.49%

12.34%

7.22%

14.20%

133/136

10.17%

11.39%

7.54%

37/160

0.06%

-

Third Quarter 2012 Edition

N/A

-

-

-

N/A

-

-

-

31.51%

30.79%

43.65%

71/107

66.74%

58.68%

26.46%

63.93%

12/41

32.74%

32.46%

40.11%

111/167

108.52%

36.81%

36.38%

2/83

2.48%

6.39%

7.07%

17/25

N/A

-

-

-

22.19%

30.79%

33.75%

32.85%

117/127

50.75%

37.30%

15.44%

1/142

N/A

-

6


Third Quarter 2012 Focus

Q: Why is now a good time to own equity

income?

A: We feel that the rush to safety among investors

has created a great valuation opportunity favoring

equities versus bonds for those seeking income.

Bond yields are at historic lows (with the gap

between dividend and bond yields at almost peak

levels), and it’s worth remembering bonds offer

no opportunity for yield growth. That said, not only

are you getting a low absolute yield, but also no

prospect of an improvement over time. In contrast,

in equities we’re seeing many companies choosing

to substantially increase their pay-out levels on the

back of balance sheet strength and earnings growth,

despite the macro environment. Texas Instruments,

for example, which we hold in the Dividend &

Q&A: A focus on equity income

Alex Crooke – Director of Value and Income

Job Curtis – Head of Value and Income

Income Builder Fund, increased its dividend by 24% in late September, and Rio Tinto recently increased its interim dividend by

34%. Across every region except for Continental Europe, dividends are predicted to increase this year.

Q: Why does going global make a difference?

Is the yield more attractive outside the US?

A: Going global has the advantage of being a

diversifier both geographically and at the sector level.

For example if we were restricted to US income our

weighting would likely be low in certain sectors such

as integrated oils, where names like Chevron and

Exxon pay yields less than 3%. However with our

global mandate, we can invest in companies such

as ENI and Total, both of which have a yield of more

than 5%.

Going global at the regional level also allows us to

0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

buy stocks in countries that have high economic

Source: Datastream as of 8/31/12. European dividend yield is based on the Datastream European Index.

growth, but remain on compelling valuations with

a high yield. For example the Australian market is on a 5% yield, is predicted to have decent economic growth (~3.5%) and

remains on a relatively low price/earnings multiple. To your question, yes the US is one of the lower yielding markets – the

dividend yield is on average 2.2% in the US versus 4.1% in the UK, 3.6% in Taiwan and 3.3% in China. However, the US

market is currently one of the highest growing markets for dividends, and we’ve recently seen many companies held in our

portfolios increase their dividend.

7 Henderson Global Investors Quarterly Mutual Fund Data Guide

Dividend

yield:

Source: DPS (dividend per share) growth forecasts, Citigroup, 8/31/12. Yields shown are not indicative of fund performance. Past

performance is not an indicator of future results.

Yield %

15

10

5

DPS Growth % 20

-5

7

6

5

4

3

2

1

0

Outlook for global dividend income

2012 DPS growth forecast

2013 DPS growth forecast

UK US Europe ex UK Japan Pacific ex Japan

4.2% 2.2% 4.0% 2.7% 4.4%

Equity valuations look attractive on a yield basis

European dividend yield German 10-year Bund US 10-year treasury S&P 500 dividend yield

3.7%

2.2%

1.6%

1.4%

Q: Where are you finding European

investments?

A: It goes without saying that the European markets

have been tough, and we’ve had to be wary of

dividend cuts in certain sectors such as Telecoms.

However, the European crisis has created some

opportunities to buy well-managed, global companies

at compelling valuations – ENI, for example, we still

hold in Italy, and it offers a yield of over 5.5% on under 9x earnings, and has had a successful history of oil and gas exploration

over the last few years.

Many of our holdings in both Dividend & Income Builder and Global Equity Income are domiciled in Northern Europe, where

companies continue to benefit from a robust consumer environment and are, in many cases, global exporters. For example

BASF, a global leader in chemicals or Deutsche Post which has a global express mail division.

Q: Would you consider equities a hedge

against inflation?

A: Yes, evidence shows that over time, real equity

income grows on average 1% per year, and real

equity returns (on a total return basis) grow 5-6%

per year, meaning equities can provide a good hedge

in the long-term for inflation. In comparison, a US

10-year government bond is currently negative in real

terms and does not have capacity to grow over time,

so would likely be a poor inflation hedge.

Q: What is the profile of a good dividend paying company?

A: As we feel there isn’t any one formula to guarantee a good dividend paying company, we look across a variety of factors

including track record of dividend growth (has the company ever cut the dividend and if so, why?), balance sheet strength

(does the gearing level look excessive?), free cash flow generation (is the company generating cash over and above its

requirements for capex, interest and tax?), management incentives (is management incentivized to grow the dividend and

maintain a strong dividend cover), as well as additional forward-looking, subjective factors such as, what is the future of the

industry? How is the company positioned competitively?

By considering all of these factors in conjunction, we can begin to build a picture of whether a company can sustain, and

ideally grow, its dividend in the future. It’s worth noting that a good dividend paying company isn’t necessarily the highest

yielding one – these are often value traps being (often correctly) priced for a dividend cut.

Dividends are not guaranteed and may be changed or cancelled at any time.

Dividend

yield

Forward

P/E

DPS 1 year

Growth

ENI 6.23% 7.85 4.00%

Deutsche Post

BASF

4.61% 11.29 7.69%

3.81% 11.12 13.64%

Source: Thomson as of 9/30/12. Forward 12-month P/E ratio is calculated using the closing price of portfolio holdings divided by the

sum of the 12-month forward earnings per share. Trailing 12-month P/E ratio is calculated using the closing price of portfolio holdings

divided by the sum of the 12-month trailing earnings per share.

10

8

4

Yield % 6

2

0

-2

Jan-52

Jan-56

US real 10-year Treasury yield minus

10 year inflation forecast

US Treasury yield adjusted to constant

maturity - 10-year median

Jan-60

Jan-64

Jan-68

US real 10-year Treasury yield

Jan-72

Jan-76

Jan-80

Source: Datastream as of 6/30/12. Treasury yield is the return on investment, expressed as a percentage, on the debt obligations of

the US government. Past performance is not an indicator of future results.

Jan-84

Jan-88

Jan-92

Jan-96

Jan-00

Jan-04

Jan-08

Jan-12

Third Quarter 2012 Edition

Global/Int’l Funds

International

Opportunities Fund

Income Funds

Global Equity

Income Fund

8

Global/Int’l Funds

All Asset Fund

Global/Int’l Funds

Emerging Markets

Opportunities Fund

Global/Int’l Funds

Global Leaders Fund

Global/Int’l Funds

Global Technology Fund

Regional Funds

European Focus Fund

Regional Funds

Japan Focus Fund

Income Funds

Dividend & Income

Builder Fund

Income Funds

Strategic Income Fund


All Asset Fund

HGAAX, HGACX, HGAIX

Portfolio management

With a combined 43 years of

experience, these award-winning

portfolio managers bring a wealth of

experience and global perspective.

Bill McQuaker’s years of asset

allocation experience and deep

knowledge of markets combined

with Chris Paine’s rigorous

systematic analysis bring a truly

differentiated approach to this Fund.

Fund facts

Inception date:

Minimum initial investment:

Benchmark:

Lipper Category:

Morningstar Category:

Total number of holdings:

% of holdings in top 10:

Class A expense ratio2 (%):

Portfolio turnover3 3/30/12

$500

3-month LIBOR USD

Global Flexible Fund

World Allocation

31

80.8

1.65

(%)

0

CUSIP numbers:

Class A: HGAAX

Class C: HGACX

Class I: HGAIX

Investment objective

The Fund seeks to provide total

return by investing in a broad range

of asset classes.

* An award-winning team

425067451

425067444

425067436

• Multi-Asset Manager of the Year Award 4

—The UK Pension Awards 2011

• Investment Week Fund Manager of the

Year 2010 5 (Cautious Managed Sector)

4 Henderson Global Investors, the advisor to the Henderson

Funds, received the 2011 UK Pension Award for Multi-Asset

Manager of the Year. The overall aim of the award is to

recognize providers that offer the highest level of innovation,

performance and service to occupational pension schemes and

their members - and have done the most to improve this level of

performance and service over the past year (the 12 months to

October 31, 2011).

5 Henderson’s Bill McQuaker was awarded Investment Week’s

2010 Fund Manager of the Year for the Cautious Managed

Sector. The awards are based on a variety of performance

screening criteria for the time period examined including a

weighted score based on percentile ranking over the previous

three years. This is a UK-based award.

Why invest in this Fund?

Performance

9 Henderson Global Investors Quarterly Mutual Fund Data Guide

• Blends an array of asset classes to produce a robust, all-weather portfolio

• Utilizes a flexible approach to dynamically allocate between asset classes

• Nimble portfolio identifies investment opportunities across the globe

• Award-winning* management team with 43 years of combined experience

Investment strategy

The Fund aims to deliver its investment objective within a risk-controlled framework through a strategy of

dynamic asset allocation, fund selection, diversified portfolio construction and efficient implementation of

investment ideas.

The Fund is a multi-asset portfolio which has the ability to invest in a broad range of both traditional

and alternative asset classes including: equities, fixed income, property, private equity, commodities,

currency and cash. The Fund is managed with a dynamic approach to asset allocation allowing managers

maximum flexibility to make strategic and tactical decisions.

Cash -27.1%

Bonds

Equities

Commodities

Property

Absolute Return Funds

Private Equity

-40

Source: Henderson Global Investors as of 9/30/12.

-20 0 20 40 60 80 100

September 30, 2012 3 months

Class A at NAV

w/ sales charge

Class C at NAV

w/ sales charge

Class I

3-month LIBOR USD

Lipper Global Flexible Funds average

Asset class investment ranges

10.3% 37.4%

3.7%

15.2%

2.7%

32.7%

35.4%

Long

Net

Hedge

Offset for futures

Permitted range

Since

inception 1

2.54 % 0.80 %

-

-

2.45

0.50

-

-

2.64

1.00

0.13

0.25

4.73

1.29

The Fund is new and therefore does not have an established performance history. Any performance shown is short term and may not be

indicative of Fund results over a longer time period.

Past performance is not an indicator of future results. Please see pages 5-6 for important performance and ranking disclosure.

1Inception date: 3/30/12

2This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is presented as a percentage of average net assets. The expense ratio is unaudited and based on results

since inception, 8/01/12-8/31/12.

3Fiscal YTD period 8/01/12-8/31/12. Portfolio turnover will fluctuate and may be higher or lower based upon investment considerations.

The Henderson Difference

Bonds

Top 10 holdings %

Cash 37.4

Euro Stoxx 50 Index Futures Dec12 8.9

FTSE 100 Index Futures Dec12 6.3

Legg Mason BW Global Opportunities Bond Fund 4.9

Vanguard Dividend Appreciation Index Fund 4.2

iShares MSCI Pacific ex-Japan Index Fund 4.2

iShares iBoxx $ Investment Grade Corporate Bond Fund 3.9

10yr US Treasury Note Futures Dec12 3.8

10yr Australian Tbond Futures Dec12 3.7

UK Long Gilt Bond Futures Dec12 3.7

These are not recommendations to buy or sell any security.

Dynamic asset allocation

Cash 1-18% 0-100%

Equities

Other

-3-12%

0 20 40 60 80 100

Henderson All Asset Fund permitted range Henderson All Asset Fund current allocation

14-33% 0-100%

Absolute Return

Funds

Commodities

Property

Private Equity

0-10%

0 10 20 30

Source: Henderson Global Investors as of 9/30/12. *Morningstar World Allocation Category range from 1/1/00-9/30/12.

51-74% 0-80%

0-30%

0-30%

0-30%

Morningstar World Allocation Category

historical average range*

Henderson All Asset Fund

‘Other’ category breakdown

0-100%

Morningstar World Allocation Category current allocation

Third Quarter 2012 Edition

10

Global/Int’l Funds

All Asset Fund

Global/Int’l Funds

Emerging Markets

Opportunities Fund

Global/Int’l Funds

Global Leaders Fund

Global/Int’l Funds

Global Technology Fund

Global/Int’l Funds

International

Opportunities Fund

Regional Funds

European Focus Fund

Regional Funds

Japan Focus Fund

Income Funds

Dividend & Income

Builder Fund

Income Funds

Global Equity

Income Fund

Income Funds

Strategic Income Fund


Emerging Markets Opportunities Fund

HEMAX, HEMCX, HEMIX

Portfolio management

Bill McQuaker, Head of Multi-Asset,

acts as the Fund’s Asset Allocation

Strategist. He joined Henderson

Global Investors in 2005 with an

already extensive career in investment

management. With over 26 years of

experience, he allocates assets of the

Fund to the Portfolio Managers who

represent an area of geographic or

sector expertise, as follows:

Asia: Andrew Beal

Europe, Middle East and Africa

(EMEA): Stephen Peak

Latin America: Nicholas Cowley

Sub-portfolio allocation

Asia

Latin America

Europe, Middle East, Africa

Cash

Fund facts

Inception date:

Minimum initial investment:

Benchmark:

Lipper Category:

Morningstar Category:

Total number of holdings:

Median market cap ($billions):

% of active share 2 :

Forward 12-month P/E ratio:

P/B ratio:

% of holdings in top 10:

Class A expense ratio 3 (%):

Portfolio turnover 4 (%)

CUSIP numbers:

Class A: HEMAX

Class C: HEMCX

Class I: HEMIX

59.1%

21.4%

17.1%

2.4%

12/31/10

$500

MSCI Emerging

Markets Index

Emerging Markets

Diversified

Emerging Markets

56

3.9

91.5

13.8

1.9

26.8

1.79

Investment objective

The Fund seeks to achieve long-term

capital appreciation primarily through

investment in equities of emerging

market economies.

Performance

11 Henderson Global Investors Quarterly Mutual Fund Data Guide

1

425067543

425067535

425067527

Why invest in this Fund? The Henderson Difference

• A multi-manager approach, with three portfolio management teams focused on specific areas

of geographical expertise

• Exposure to attractive emerging markets investment opportunities, with active selection of a

small number of securities representing each management team’s “best ideas”

• Bottom-up stock selection, with asset allocation decisions driven by the stock selection process

Investment strategy

The Fund primarily invests in equities in

emerging markets economies. Assets of

the Fund are allocated based on current

macroeconomic views to three sub-portfolios

representing Asia, Latin America and

Emerging Europe, Middle East and Africa

(EMEA). Each underlying manager selects

approximately 15-25 of their best stock ideas

to be added to the portfolio.

Mega

Large

Medium

Small

Market capitalization breakdown *

Underweight (%) Overweight (%) % of Fund

-13.9

-5.4

-7.0

26.3

-50 -25 0 25 50

Source: Henderson, Thomson Financial as of 9/30/12

September 30, 2012 YTD 1 year

3.3

36.5

27.8

32.4

Country allocation †*

-10 -5 0 5 10

†A company’s country classification is based on multiple factors including legal domicile and

underlying exposure of its business.

*Denotes both underweight and overweight are relative to the MSCI Emerging Markets Index.

Since

inception 1

Class A at NAV

16.10 %

21.65 %

-7.43 %

w/ sales charge

-

14.63

-10.51

Class C at NAV

15.37

20.74

-8.12

w/ sales charge

-

20.74

-8.12

Class I

16.37

22.05

-7.19

MSCI Emerging Markets Index

12.33

17.33

-4.70

Lipper Emerging Markets Funds average

11.50

16.09

-6.45

Lipper Emerging Markets Funds ranking

-

35/445

239/373

Past performance is not an indicator of future results. Please see pages 5-6 for important performance and ranking disclosure.

1Inception date 12/31/10

2See page 2 for important disclosure regarding active share.

3This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is a percentage of average net assets. The expense ratio is unaudited and is based on annualized year-todate

(YTD) results from 8/01/12-8/31/12. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous fiscal year.

4Fiscal YTD period 8/01/12-8/31/12. Portfolio turnover will fluctuate and may be higher or lower based upon investment considerations.

Korea

China

Brazil

India

UK

Hong Kong

Mexico

Australia

Philippines

Financials

Consumer Disc

Other

Energy

Industrials

Information Tech

Materials

Consumer Staples

Telecomm Service

Utilities

Health Care

Sector allocation *

Underweight (%) Overweight (%) % of Fund

-8.1

-5.3

-3.6

-2.1

-1.8

-1.9

-1.3

Underweight (%) Overweight (%) % of Fund

0.5

1.1

0.6

0.4

2.0

1.7

4.3

3.9

3.8

6.4

10.7

9.1

-15 -10 -5 0 5 10 15

22.8

18.7

17.4

15.8

12.1

10.1

3.1

0.0

0.0

0.0

16.2

15.5

13.7

9.0

6.4

6.3

5.3

3.8

2.6

21.2

Competitor analysis †

# of holdings

Sharpe ratio

Info ratio

Up capture (%)

Down capture (%)

Alpha (%)

Beta

Top 10 holdings analysis

3.3%

2.9%

2.8%

2.8%

2.6%

2.5%

2.5%

2.5%

2.4%

2.4%

Henderson Emerging Markets

Opportunities Fund 1 top 10 holdings

Samsung (Korea)

SK Innovation (Korea)

PetroChina (China)

Tata Motors (India)

Baidu (China)

GT Capital (Philippines)

Hyundai Glovis (Korea)

Prada (Italy)

Anhui Conch Cement (China)

Zhuzhou CSR Times Electric (China)

Henderson Emerging Markets

Opportunities Fund

56

-0.29

-0.28

81.60

96.88

-2.27

1.01

†Zephyr Style Advisor. Ratios, up and down capture, alpha and beta data are for the period 12/31/10-9/30/12 and these terms are defined on page 34.

% of

Fund

Holdings are for information purposes only and not a recommendation to purchase or sell any security.

1 Data from Henderson

2 Data latest from Morningstar as of 9/30/12 and subject to change

A company’s country classification is based on multiple factors including legal domicile and underlying exposure of its business.

Calendar Year Performance

YTD

2011

Percent held in Morningstar category funds’ top 10 2 Most common top 10 held in category 2

65.9%

0.0%

8.1%

0.6%

5.8%

0.6%

0.0%

1.2%

0.6%

0.0%

Morningstar Diversified Emerging Markets

Category Average

225

-0.28

-0.33

85.93

95.98

-1.93

0.92

Samsung (Korea) 65.9%

Taiwan Semiconductor (Taiwan) 47.4%

Petroleo Brasileiro (Brazil) 44.5%

China Mobile (China) 39.3%

America Movil (Mexico) 27.7%

Hyundai Motor (Korea) 24.3%

Sberbank Russia (Russia) 21.4%

Vale (Brazil) 20.8%

CNOOC (Hong Kong) 20.8%

China Construction Bank Corp (China) 17.3%

Year HEMAX MSCI Emerging Markets Index

16.10 % 12.33 %

-24.77

-18.17

Third Quarter 2012 Edition

Income Funds

Global Equity

Income Fund

12

Global/Int’l Funds

All Asset Fund

Global/Int’l Funds

Emerging Markets

Opportunities Fund

Global/Int’l Funds

Global Leaders Fund

Global/Int’l Funds

Global Technology Fund

Global/Int’l Funds

International

Opportunities Fund

Regional Funds

European Focus Fund

Regional Funds

Japan Focus Fund

Income Funds

Dividend & Income

Builder Fund

Income Funds

Strategic Income Fund


Global Leaders Fund

HFPAX, HFPCX, HFPIX

Portfolio management**

The Global Leaders Fund is run by

portfolio manager Matthew Beesley,

CFA, Head of Global Equities. He

joined Henderson from Trinity Asset

Management and has more than 15

years of investment management

experience.

Fund facts

Inception date:

Minimum initial investment:

Benchmark:

Lipper Category:

Morningstar Category:

Total number of holdings:

Median market cap ($billions):

% of active share 3 :

Forward 12-month P/E ratio:

P/B ratio:

% of holdings in top 10:

Class A expense ratio 4 (%):

Portfolio turnover 5 (%)

CUSIP numbers:

Class A: HFPAX

Class C: HFPCX

Class I: HFPIX

11/30/06

$500

MSCI World Index

Global Large-Cap Growth

World Stock

34

32.6

90.8

12.3

2.2

37.5

1.40

Investment objective

The Fund seeks to achieve long-term

growth of capital.

Performance

13 Henderson Global Investors Quarterly Mutual Fund Data Guide

4

425067733

425067725

425067477

**As of 6/7/12, Matthew Beesley has been

named Portfolio Manager of the Global

Leaders Fund.

Why invest in this Fund? The Henderson Difference

• A growth-at-a-reasonable-price philosophy

• Rigorous investment process involving a multi-factor ‘growth’ and ‘valuation’ based screening practice in

addition to fundamental research

• A fundamental approach, leveraging Henderson’s extensive investment capabilities

Investment strategy

The Fund primarily invests in equity securities

of US and non-US companies and utilizes

a fundamental approach with a growth-ata-reasonable-price

philosophy. The Fund

follows a bottom-up stock selection process,

which drives the country and sector allocation

decisions.

Mega

Large

Medium

Small

Market capitalization breakdown *

Underweight (%) Overweight (%) % of Fund

-9.0

-3.4

-0.6

Source: Henderson, Thomson Financial as of 9/30/12

13.0

-20 -10 0 10 20

22.4

67.0

10.6

September 30, 2012 YTD 1 year 3 years 5 years

0.0

Information Tech

Consumer Disc

Financials

Since

inception 1

Class A at NAV

11.69%

21.70%

6.64%

-2.44%

0.78 %

w/ sales charge

- 14.67 4.55 -3.59 -0.24

Class C at NAV

11.10 20.93 5.87 -3.16 0.30

w/ sales charge

- 20.93 5.87 -3.16 0.30

Class I 11.99 22.14 6.81 -2.35 0.86

13.56 22.32 8.07 -1.58 0.96

14.40 23.03 8.10 -1.35 1.66

- 64/78 56/70 45/61 38/54

2

MSCI World Index

Lipper Global Large-Cap Growth Funds average

Lipper Global Large-Cap Growth Funds ranking

Past performance is not an indicator of future results. Please see pages 5-6 for important performance and ranking disclosure.

1 Inception date 11/30/06, inception date of Class I Shares: 5/31/11

2 For periods prior to 5/31/11, Class I share rates of return are based on Class A shares at NAV.

3 See page 2 for important disclosure regarding active share.

4 This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is a percentage of average net assets. The expense ratio is unaudited and is based on annualized fiscal yearto-date

(YTD) results from 8/01/12-8/31/12. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous fiscal year.

5 Fiscal YTD period 8/01/12-8/31/12. Portfolio turnover will fluctuate and may be higher or lower based upon investment considerations.

Energy

Health Care

Industrials

Consumer Staples

Materials

Telecomm Services

North America

Utilities

UK

Europe

Japan

Asia Pacific

Sector allocation *

Underweight (%) Overweight (%) % of Fund

-3.3

-4.7

-0.5

-0.9

-3.0

-1.8

-0.6

-0.4

5.1

10.1

-20 -10 0 10 20

Regional allocation *

22.7

15.8

15.8

10.4

9.8

7.7

6.2

5.1

3.5

3.0

Underweight (%) Overweight (%) % of Fund

-10.1

-0.7

-1.5

-20 -10 0 10 20

*Denotes both underweight and overweight are relative to the MSCI World Index.

4.2

8.5

62.3

17.9

8.1

7.5

4.2

Competitor analysis †

# of holdings

Sharpe ratio

Info ratio

Up capture (%)

Down capture (%)

Alpha (%)

Beta

Top 10 holdings analysis

4.4%

4.2%

3.9%

3.8%

3.7%

3.6%

3.6%

3.5%

3.4%

3.4%

Henderson Global

Leaders Fund

34

-0.02

-0.04

103.53

102.64

-0.06

1.00

†Zephyr Style Advisor. Ratios, up and down capture, alpha and beta data are for the period 11/30/06-9/30/12 and these terms are defined on page 34.

% of

Fund

Morningstar World Stock

Category Average

144

Henderson Global Leaders Fund 1 top 10 holdings Percent held in Morningstar category funds’ top 10 2 Most common top 10 held in category 2

Apple (US)

Pfizer (US)

Bayer (Germany)

Occidental Petroleum (US)

Citigroup (US)

Google (US)

National Oilwell Varco (US)

Vodafone (UK)

Microsoft (US)

CBS (US)

Holdings are for information purposes only and not a recommendation to purchase or sell any security.

1 Data from Henderson

2 Data latest from Morningstar as of 9/30/12 and subject to change

A company’s country classification is based on multiple factors including legal domicile and underlying exposure of its business.

Calendar Year Performance

2011

2010

2009

2008

2007

30.5%

10.8%

2.2%

1.1%

2.2%

16.8%

0.0%

11.5%

17.9%

0.0%

-0.04

-0.20

99.49

101.01

-0.43

1.00

Apple (US) 30.5%

Microsoft (US) 17.9%

Google (US) 16.8%

Nestle (Switzerland) 14.0%

Johnson & Johnson (US) 12.5%

Vodafone (UK) 11.5%

Pfizer (US) 10.8%

Roche Holding (Switzerland)

Royal Dutch Shell (Netherlands)

British American Tobacco (UK)

Year HFPAX MSCI World Index

-8.33 % -5.02 %

13.39

31.51

-42.52

15.76

12.34

30.79

-40.33

9.57

9.7%

9.7%

8.2%

Third Quarter 2012 Edition

Income Funds

Global Equity

Income Fund

14

Global/Int’l Funds

All Asset Fund

Global/Int’l Funds

Emerging Markets

Opportunities Fund

Global/Int’l Funds

Global Leaders Fund

Global/Int’l Funds

Global Technology Fund

Global/Int’l Funds

International

Opportunities Fund

Regional Funds

European Focus Fund

Regional Funds

Japan Focus Fund

Income Funds

Dividend & Income

Builder Fund

Income Funds

Strategic Income Fund


Global Technology Fund

HFGAX, HFGBX, HFGCX, HFGIX

Portfolio management

Ian Warmerdam, Director of

Technology Investments, is the

Portfolio Manager of the Fund. Ian

joined Henderson in 2001 and

has over 16 years of investment

management experience. Stuart

O’Gorman, Director of Technology

Investments, joined Henderson in

2001 and works with Ian on the

Fund.

Fund facts

Inception date:

Minimum initial investment:

Benchmark:

Lipper Category:

Morningstar Category:

Total number of holdings:

Median market cap ($billions):

% of active share 3 :

Forward 12-month P/E ratio:

P/B ratio:

% of holdings in top 10:

Class A expense ratio 4 (%):

Portfolio turnover 5 (%)

CUSIP numbers:

Class A: HFGAX

Class B: HFGBX

Class C: HFGCX

Class I: HFGIX

8/31/01

$500

MSCI AC World IT Index

Global Science & Tech

Technology

50

14.3

65.2

15.4

3.5

33.8

1.48

Investment objective

The Fund seeks to achieve long-term

capital appreciation primarily through

investment in equities of technologyrelated

companies.

3

425067105

425067204

425067303

425067626

Why invest in this Fund?

• Exposure to attractive global technology themes, with a focus on international technology

• An opportunistic approach with a flexible methodology on stock capitalization

• An experienced portfolio management team with a combined 32 years of experience

Investment strategy

Performance

15 Henderson Global Investors Quarterly Mutual Fund Data Guide

The Fund primarily invests in common

stocks and related securities of US and

non-US technology-related companies.

Bottom-up stock selection drives the portfolio

construction process.

Mega

Large

Medium

Small

Market capitalization breakdown *

Underweight (%) Overweight (%) % of Fund

-26.8

-30 -15 0 15 30

Source: Henderson, Thomson Financial as of 9/30/12

September 30, 2012 YTD 1 year 3 years 5 years 10 years

Class A at NAV

w/ sales charge

Class B at NAV

w/ sales charge

Class C at NAV

w/ sales charge

Class I 2

MSCI AC World IT Index

S&P 500 Index

Lipper Global Science & Tech Funds average

Lipper Global Science & Tech Funds ranking

5.2

9.5

12.1

25.7

39.1

28.7

6.5

North America

Asia Pacific

Since

inception 1

17.49 % 21.35 % 13.56 % 3.93 % 14.62 % 7.88 %

- 14.37 11.34 2.71 13.95 7.30

16.69 20.30 12.65 3.13 13.99 7.34

- 16.30 11.85 2.96 13.99 7.34

16.79 20.33 12.70 3.15 13.79 7.09

- 20.33 12.70 3.15 13.79 7.09

17.69 21.59 13.84 4.13 14.73 7.97

18.18 26.40 11.08 1.80 10.45 4.18

16.44 30.20 13.19 1.05 8.01 4.21

15.03 20.93 11.29 2.90 12.38 6.37

- 18/36 8/35 4/20 2/17 3/14

Past performance is not an indicator of future results. Please see pages 5-6 for important performance and ranking disclosure.

1 Inception date 8/31/01, inception of Class I shares: 3/31/09

2 For periods prior to inception, rates of return are based on Class A shares at NAV.

3 Please see page 2 for important disclosure regarding active share.

4 This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is presented as a percentage of average net assets. The expense ratio is unaudited and is based on

annualized fiscal year-to-date (YTD) results from 8/01/12-8/31/12. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous

fiscal year.

5 Fiscal YTD period 8/01/12-8/31/12. Portfolio turnover will fluctuate and may be higher or lower based upon investment considerations.

UK

Europe

Japan

Other

Application Software

Internet Sftwr & Srvcs

Data Proc & Outsourced Srvcs

IT Consulting & Other Srvcs

Computer Hardware

Semiconductors

Comm Equipment

Systems Software

Comp Stor & Periph

Other

Regional allocation *

Underweight (%) Overweight (%) % of Fund

-8.0

-4.6

Industry allocation *

Underweight (%) Overweight (%) % of Fund

-11.0

-2.4

-8.1

-5.7

-1.1

-1.2

1.8

5.5

4.3

12.7

-20 -10 0 10 20

*Denotes both underweight and overweight are relative to the MSCI AC World IT Index.

2.7

10.3

-20 -10 0 10 20

64.4

11.6

10.9

9.1

1.8

2.2

17.4

15.9

10.4

9.1

8.9

7.0

6.9

5.4

4.9

14.1

The Henderson Difference

Competitor analysis †

# of holdings

Sharpe ratio

Info ratio

Up capture (%)

Down capture (%)

Alpha (%)

Beta

Top 10 holdings analysis

Henderson Global

Technology Fund

50

0.25

0.56

113.99

99.82

3.80

1.00

† Zephyr Style Advisor. Ratios, up and down capture, alpha and beta data are for the period 8/31/01-9/30/12 and these terms are defined on page 34.

% of

Fund

8.3%

3.6%

3.5%

3.3%

3.3%

3.2%

3.2%

1.9%

1.8%

1.8%

Henderson Global Technology Fund 1

top 10 holdings

Apple (US)

Cognizant Technology Solutions (US)

Samsung (Korea)

Nuance Communications (US)

Cisco Systems (US)

Cadence Design Systems (US)

MasterCard (US)

Wirecard (Germany)

LinkedIn (US)

Tencent Holdings (China)

Holdings are for information purposes only and not a recommendation to purchase or sell any security.

1 Data from Henderson

2 Data latest from Morningstar as of 9/30/12 and subject to change

Country classifications are based on a company’s legal domicile rather than the underlying exposure of its business.

Calendar Year Performance

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

86.0%

12.0%

10.0%

4.0%

38.0%

0.0%

2.0%

0.0%

4.0%

2.0%

Morningstar Technology

Category Average

84

0.07

-0.17

106.55

105.58

-0.68

1.04

Percent held in Morningstar category funds’ top 10 2 Most common top 10 held in category 2

-8.88 % -4.10 %

22.44

66.74

-43.30

22.92

10.36

7.75

13.84

62.43

-37.34

Apple (US) 86.0%

Google (US) 78.0%

Qualcomm (US) 68.0%

Microsoft (US) 60.0%

Oracle (US) 58.0%

Amazon.com (US) 40.0%

Cisco Systems (US) 38.0%

Year HFGAX MSCI AC World IT Index

11.69

58.68

-44.45

13.89

9.87

7.05

3.05

48.27

-37.58

EMC (US) 36.0%

eBay (US) 36.0%

Visa (US) 32.0%

Third Quarter 2012 Edition

Global/Int’l Funds

International

Opportunities Fund

Income Funds

Global Equity

Income Fund

16

Global/Int’l Funds

All Asset Fund

Global/Int’l Funds

Emerging Markets

Opportunities Fund

Global/Int’l Funds

Global Leaders Fund

Global/Int’l Funds

Global Technology Fund

Regional Funds

European Focus Fund

Regional Funds

Japan Focus Fund

Income Funds

Dividend & Income

Builder Fund

Income Funds

Strategic Income Fund


International Opportunities Fund

HFOAX, HFOBX, HFOCX, HFOIX, HFORX

Portfolio management **

Lead Portfolio Manager/Europe-1

Stephen Peak

Asset Allocation Strategist

Bill McQuaker

Asia Pacific

John Crawford and Andrew Mattock, CFA

Europe-2

Tim Stevenson

Global Technology

Ian Warmerdam and Stuart O’Gorman

Japan

Michael Wood-Martin

Sub-portfolio allocation

Europe - 1

Europe - 2

Asia Pacific

Japan

Global Technology

Cash

Fund facts

Inception date:

Minimum initial investment:

Benchmark:

Lipper Category:

Morningstar Category: Foreign Large Blend

Total number of holdings:

Median market cap ($billions):

% of active share 4 :

Forward 12-month P/E ratio:

P/B ratio:

% of holdings in top 10:

Class A expense ratio 5 (%):

Portfolio turnover 6 (%)

CUSIP numbers:

Class A: HFOAX

Class B: HFOBX

Class C: HFOCX

Class I: HFOIX

Class R: HFORX

26.4%

26.3%

19.3%

18.0%

7.7%

2.3%

8/31/01

$500

MSCI EAFE Index

Int’l Multi-Cap Growth

Investment objective

The Fund seeks to achieve long-term

capital appreciation primarily through

investment in equities of non-US

companies.

58

20.8

91.3

11.3

0.8

28.6

1.47

2

425067840

425067832

425067824

425067592

425067741

17 Henderson Global Investors Quarterly Mutual Fund Data Guide

Why invest in this Fund? The Henderson Difference

• A multi-manager approach, with five portfolio management teams focused on specific areas of sector or

geographical expertise

• Exposure to attractive international investment opportunities, with active selection of a small number of

securities representing each management team’s “best ideas”

• Bottom-up stock selection, with asset allocation decisions driven by the stock selection process

Investment strategy

The Fund primarily invests in equities listed

on European, Australasian and Far Eastern

(EAFE) exchanges. Assets of the Fund are

allocated based on current macroeconomic

views to five sub-portfolio managers

with regional and sector expertise. Each

underlying manager selects approximately

10-15 of their best stock ideas to be added

to the portfolio.

†A company’s country classification is based on multiple factors including legal domicile

and underlying exposure of its business.

*Denotes both underweight and overweight are relative to the MSCI EAFE Index.

**As of 4/02/12, Stephen Peak was named lead Portfolio Manager and Bill McQuaker was

made sole Asset Allocation Strategist of the Henderson International Opportunities Fund.

Mega

Large

Medium

Small

Performance

Market capitalization breakdown *

September 30, 2012

Underweight (%) Overweight (%) % of Fund

-5.0

-10 -5 0 5 10

Source: Henderson, Thomson Financial as of 9/30/12

0.5

1.8

2.7

Class A at NAV

w/ sales charge

Class B at NAV

w/ sales charge

Class C at NAV

w/ sales charge

Class I 2

Class R 3

MSCI EAFE Index

Lipper Int’l Multi-Cap Growth Funds average

Lipper Int’l Multi-Cap Growth Funds ranking

11.1

60.3

24.4

4.2

Information Tech

Consumer Disc

Financials

Industrials

Sector allocation *

YTD 1 year 3 years 5 years 10 years

Since

inception 1

12.38 % 13.71 % 0.76 % -4.48 % 10.64 % 8.81 %

- 7.18 -1.22 -5.60 9.98 8.23

11.64 12.78 -0.03 -5.21 9.99 8.24

- 8.78 -1.04 -5.46 9.99 8.24

11.65 12.78 -0.03 -5.21 9.81 8.00

- 12.78 -0.03 -5.21 9.81 8.00

12.61 14.06 1.01 -4.30 10.74 8.91

12.03 13.24 0.43 -4.75 10.34 8.53

10.59 14.33 2.59 -4.77 8.68 5.19

11.89 17.10 4.23 -4.36 8.77 5.56

- 264/302 238/267 96/193 19/97 7/92

Past performance is not an indicator of future results. Please see pages 5-6 for important performance and ranking disclosure.

1 Inception date 8/31/01, inception of Class R shares: 9/30/05, inception of Class I shares: 3/31/09

2 For periods prior to inception, rates of return are based on class A shares at NAV.

3 For periods prior to inception, rates of return are based on Class A NAVs adjusted for the higher expenses associated with Class R shares.

4 Please see page 2 for important disclosure regarding active share.

5 This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is presented as a percentage of average net assets. The expense ratio is unaudited and is based on

annualized fiscal year-to-date (YTD) results from 8/01/12-8/31/12. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous

fiscal year.

6 Fiscal YTD period 8/01/12-8/31/12. Portfolio turnover will fluctuate and may be higher or lower based upon investment considerations.

Energy

Materials

Health Care

Consumer Staples

Telecomm Services

Utilities

Country allocation †*

Underweight (%) Overweight (%) % of Fund

Japan

-1.6

18.4

Germany

7.3

15.8

UK -12.7

10.0

France

0.1

8.9

US

6.1

6.1

Korea

5.6

5.6

Sweden

2.2

5.4

China

5.1

5.1

Hong Kong

1.7

4.8

Other

19.9

-20 -10 0 10 20

Underweight (%) Overweight (%) % of Fund

-9.5

-8.1

-3.5

-4.3

-3.1

-4.1

-0.6

-0.6

10.6

23.2

-30 -15 0 15 30

27.5

20.7

15.5

11.7

7.7

6.2

5.9

2.5

2.3

0.0

Competitor analysis †

# of holdings

Sharpe ratio

Info ratio

Up capture (%)

Down capture (%)

Alpha (%)

Beta

Top 10 holdings analysis

Henderson International Opportunities Fund 1

top 10 holdings

Samsung (Korea)

Capita (UK)

Fresenius SE (Germany)

Deutsche Post (Germany)

Roche Holding (Switzerland)

SAP (Germany)

Continental (Germany)

Svenska Cellulosa (Sweden)

Renault (France)

Ericsson (Sweden)

Henderson International

Opportunities Fund

58

0.36

0.55

110.83

96.61

3.72

0.98

† Zephyr Style Advisor. Ratios, up and down capture, alpha and beta data are for the period 8/31/01-9/30/12 and these terms are defined on page 34.

% of

Fund

3.5%

3.0%

2.9%

2.9%

2.8%

2.8%

2.7%

2.7%

2.7%

2.5%

Morningstar Foreign Large

Blend Category Average

330

Percent held in Morningstar category funds’ top 10 2 Most common top 10 held in category 2

12.7%

1.4%

1.8%

1.8%

43.6%

8.6%

0.0%

0.5%

0.0%

0.5%

Holdings are for information purposes only and not a recommendation to purchase or sell any security.

1 Data from Henderson

2 Data latest from Morningstar as of 9/30/12 and subject to change

A company’s country classification is based on multiple factors including legal domicile and underlying exposure of its business.

Calendar Year Performance

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

0.13

-0.43

97.73

101.53

-0.93

1.00

Nestle (Switzerland) 50.5%

Vodafone (UK) 49.1%

Roche Holding (Switzerland) 43.6%

Novartis (Switzerland) 43.2%

Royal Dutch Shell (Netherlands) 42.7%

-14.85 % -11.73 %

5.65

32.74

-39.89

18.38

28.03

16.48

20.23

44.17

-11.27

HSBC (UK) 41.8%

GlaxoSmithKline (UK) 25.0%

Year HFOAX MSCI EAFE Index

BP (UK) 23.6%

Sanofi (France) 22.7%

8.21

32.46

-43.06

11.63

26.86

14.02

20.70

39.17

-15.66

Toyota (Japan) 20.5%

Third Quarter 2012 Edition

Global/Int’l Funds

International

Opportunities Fund

Income Funds

Global Equity

Income Fund

18

Global/Int’l Funds

All Asset Fund

Global/Int’l Funds

Emerging Markets

Opportunities Fund

Global/Int’l Funds

Global Leaders Fund

Global/Int’l Funds

Global Technology Fund

Regional Funds

European Focus Fund

Regional Funds

Japan Focus Fund

Income Funds

Dividend & Income

Builder Fund

Income Funds

Strategic Income Fund


European Focus Fund

HFEAX, HFEBX, HFECX, HFEIX

Portfolio management

Stephen Peak, Director of

International Equities, joined

Henderson in 1986 via Touche

Remnant and has more than 37

years of experience in investment

management and research. Mr. Peak

manages several European equity

funds and is supported by a team

of regional and sector specialists.

He has been the Fund’s Portfolio

Manager since its inception.

Fund facts

Inception date:

Minimum initial investment:

Benchmark:

Lipper Category:

Morningstar Category:

Total number of holdings:

Median market cap ($billions):

% of active share 3 :

Forward 12-month P/E ratio:

P/B ratio:

% of holdings in top 10:

Class A expense ratio 4 (%):

Portfolio turnover 5 (%)

CUSIP numbers:

Class A: HFEAX

Class B: HFEBX

Class C: HFECX

Class I: HFEIX

8/31/01

$500

MSCI Europe Index

European

Europe Stock

58

2.7

93.3

10.6

1.2

33.7

1.54

Investment objective

The Fund seeks to achieve long-term

capital appreciation primarily through

investment in equities of European

companies.

3

425067709

425067808

425067881

425067642

• An opportunistic investing approach with a flexible methodology on stock capitalization and growth/value orientation

• A growth-at-a-reasonable-price philosophy

19 Henderson Global Investors Quarterly Mutual Fund Data Guide

Why invest in this Fund? The Henderson Difference

• Bottom-up stock selection, with country and sector allocation decisions driven by the stock selection process

• A Portfolio Manager who we believe is among the most respected stock pickers in the UK

Investment strategy

The Fund primarily invests in equities listed

on European exchanges. The Fund’s manager

employs a pragmatic, high conviction, bottomup

approach to investing. The Fund is made

up of the Portfolio Manager’s best ideas

regardless of market cap or style constraints

and employs a valuation driven, contrarian

approach. The Fund generally holds a focused

list of 50-70 stocks.

Mega

Large

Medium

Small

-37.0

Performance

Market capitalization breakdown *

September 30, 2012

Underweight (%) Overweight (%) % of Fund

-15.8

12.2

Class A at NAV

w/ sales charge

Class B at NAV

w/ sales charge

Class C at NAV

w/ sales charge

Class I 2

MSCI Europe Index

Lipper European Region Funds average

Lipper European Region Funds ranking

40.6

-50 -25 0 25 50

Source: Henderson, Thomson Financial as of 9/30/12

*Denotes both underweight and overweight are relative to the MSCI Europe Index.

5.7

22.5

30.8

41.0

Past performance is not an indicator of future results. Please see pages 5-6 for important performance and ranking disclosure.

1 Inception date 8/31/01, inception date of Class I shares: 3/31/09

2 For periods prior to inception, rates of return are based on Class A shares at NAV.

3 Please see page 2 for important disclosure regarding active share.

4 This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is presented as a percentage of average net assets. The expense ratio is unaudited and is based on

annualized fiscal year-to-date (YTD) results from 8/01/12-8/31/12. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous

fiscal year.

5 Fiscal YTD period 8/01/12-8/31/12. Portfolio turnover will fluctuate and may be higher or lower based upon investment considerations.

UK

Germany

France

Switzerland

Netherlands

Australia

Ireland

Spain

Kazakhstan

Other

Energy

Industrials

Consumer Disc

Materials

Health Care

Financials

Consumer Staples

Telecomm Services

Information Tech

Utilities

Country allocation †*

Underweight (%) Overweight (%) % of Fund

Sector allocation *

YTD 1 year 3 years 5 years 10 years

-7.9

-8.6

Since

inception 1

12.44 % 19.48 % 4.40 % -0.71 % 16.72 % 15.58 %

- 12.61 2.37 -1.88 16.03 14.97

11.71 18.51 3.59 -1.47 16.03 14.98

- 14.51 2.65 -1.68 16.03 14.98

11.81 18.57 3.61 -1.46 15.86 14.73

- 18.57 3.61 -1.46 15.86 14.73

12.69 19.88 4.68 -0.52 16.83 15.68

12.02 18.13 2.66 -5.10 9.35 5.39

14.12 20.15 3.81 -4.90 9.60 6.49

- 47/87 24/77 4/68 4/56 1/53

-13.1

-11.1

-0.9

Underweight (%) Overweight (%) % of Fund

-5.0

-4.0

-1.5

-3.6

3.6

4.2

3.6

-15 -10 -5 0 5 10 15

8.0

9.7

17.0

-30 -15 0 15 30

28.4

18.8

18.1

13.2

7.3

6.0

3.8

2.1

1.5

0.8

†A company’s country classification is based on multiple factors including legal domicile

and underlying exposure of its business.

1.0

0.2

4.1

3.2

38.9

14.0

5.5

4.6

4.4

4.2

4.2

3.5

3.2

17.5

Competitor analysis †

# of holdings

Sharpe ratio

Info ratio

Up capture (%)

Down capture (%)

Alpha (%)

Beta

Top 10 holdings analysis

Henderson European

Focus Fund

58

0.57

1.02

132.72

94.04

10.08

1.06

† Zephyr Style Advisor. Ratios, up and down capture, alpha and beta data are for the period 8/31/01-9/30/12 and these terms are defined on page 34.

% of

Fund

5.5%

4.1%

3.4%

3.4%

3.2%

3.1%

2.8%

2.8%

2.8%

2.7%

Morningstar Europe Stock

Category Average

91

Henderson European Focus Fund 1 top 10 holdings Percent held in Morningstar category funds’ top 10 2 Most common top 10 held in category 2

BP (UK)

African Petroleum (Australia)

African Minerals (UK)

Sky Deutschland (Germany)

G4S (UK)

Zhaikmunai (Kazakhstan)

Providence Resources (Ireland)

Continental (Germany)

Svenska Cellulosa (Sweden)

Renault (France)

Holdings are for information purposes only and not a recommendation to purchase or sell any security.

1 Data from Henderson

2 Data latest from Morningstar as of 9/30/12 and subject to change

A company’s country classification is based on multiple factors including legal domicile and underlying exposure of its business.

Calendar Year Performance

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

20.6%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

2.9%

0.0%

0.0%

0.18

0.03

99.55

99.37

0.22

0.99

Vodafone (UK) 58.8%

Royal Dutch Shell (Netherlands) 47.1%

Nestle (Switzerland) 44.1%

British American Tobacco (UK) 41.2%

Sanofi (France) 35.3%

Novartis (Switzerland) 29.4%

Roche Holding (Switzerland) 26.5%

Anheuser-Busch Inbev (Belgium) 26.5%

Sberbank of Russia (Russia) 26.5%

Year HFEAX MSCI Europe Index

-18.88 % -10.50 %

18.33

108.52

-56.20

12.70

40.69

14.18

37.60

61.87

2.23

4.49

36.81

-46.08

14.39

34.36

9.93

21.39

39.14

-18.09

HSBC (UK) 26.5%

Third Quarter 2012 Edition

Global/Int’l Funds

International

Opportunities Fund

Income Funds

Global Equity

Income Fund

20

Global/Int’l Funds

All Asset Fund

Global/Int’l Funds

Emerging Markets

Opportunities Fund

Global/Int’l Funds

Global Leaders Fund

Global/Int’l Funds

Global Technology Fund

Regional Funds

European Focus Fund

Regional Funds

Japan Focus Fund

Income Funds

Dividend & Income

Builder Fund

Income Funds

Strategic Income Fund


Japan Focus Fund

HFJAX, HFJCX, HFJIX

Portfolio management

Michael Wood-Martin, Director

of Japanese Equities, began his

investment career at Henderson

in 1987 and has over 25 years

of experience in the investment

industry.

Fund facts

Inception date:

Minimum initial investment:

Benchmark:

Lipper Category:

Morningstar Category:

Total number of holdings:

Median market cap ($billions):

% of active share 3 :

Forward 12-month P/E ratio:

P/B ratio:

% of holdings in top 10:

Class A expense ratio 4 (%):

Portfolio turnover 5 (%)

CUSIP numbers:

Class A: HFJAX

Class C: HFJCX

Class I: HFJIX

1/31/06

$500

MSCI Japan Index

Japanese

Japan Stock

30

10.3

91.1

8.5

0.4

44.4

1.35

Investment objective

The Fund seeks to achieve long-term

capital appreciation primarily through

investment in equities of Japanese

companies.

3

425073103

425073202

425067469

21 Henderson Global Investors Quarterly Mutual Fund Data Guide

Why invest in this Fund? The Henderson Difference

• Bottom-up security selection with an emphasis based on valuation

• Idea-sharing among an experienced team of Japanese specialists provides support to the Portfolio Manager

• An experienced Portfolio Manager who is value conscious and conducts rigorous fair value analysis

Investment strategy

The Fund primarily invests in equities listed on Japanese exchanges. The Portfolio Manager employs

a bottom-up approach to individual security selection, based on an analysis of a company’s valuations,

earnings growth prospects and unique competitive advantages.

Financials

Consumer Disc

Information Tech

Industrials

Telecomm Services

Energy

Materials

Consumer Staples

Health Care

Utilities

Performance

Sector allocation *

September 30, 2012 YTD 1 year 3 years 5 years

Class A at NAV

w/ sales charge

Class C at NAV

w/ sales charge

Class I 2

MSCI Japan Index

Lipper Japanese Funds average

Lipper Japanese Funds ranking

Underweight (%) Overweight (%) % of Fund

-10.1

-7.3

-3.4

-4.6

-3.0

-1.6

*Denotes both underweight and overweight are relative to the MSCI Japan Index.

1.6

10.2

7.0

11.1

-20 -10 0 10 20

29.0

26.4

22.5

10.1

3.4

3.2

3.0

2.4

0.0

0.0

Past performance is not an indicator of future results. Please see pages 5-6 for important performance and ranking disclosure.

1 Inception date 1/31/06, inception date of Class I Shares: 5/31/11

2 For periods prior to inception, rates of return are based on Class A shares at NAV.

3 Please see page 2 for important disclosure regarding active share.

4 This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is presented as a percentage of average net assets. The expense ratio is unaudited and is based on

annualized fiscal year-to-date (YTD) results from 8/01/12-8/31/12. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous

fiscal year.

5 Fiscal YTD period 8/01/12-8/31/12. Portfolio turnover will fluctuate and may be higher or lower based upon investment considerations.

Mega

Large

Medium

Small

Market capitalization breakdown *

Underweight (%) Overweight (%) % of Fund

-5.2

Since

inception 1

1.82 % -0.63 % 0.61 % -4.74 % -3.97 %

- -6.36 -1.37 -5.86 -4.82

1.31 -1.27 -0.10 -5.43 -4.67

- -1.27 -0.10 -5.43 -4.67

2.10 -0.28 0.77 -4.65 -3.90

2.43 -1.51 -0.40 -6.36 -4.35

2.97 0.07 1.84 -3.61 -4.92

- 18/25 11/18 7/12 4/11

-1.7

-10 -5 0 5 10

1.2

5.7

0.0

52.6

44.8

2.6

Competitor analysis †

# of holdings

Sharpe ratio

Info ratio

Up capture (%)

Down capture (%)

Alpha (%)

Beta

Top 10 holdings analysis

Henderson Japan

Focus Fund

30

-0.32

0.06

98.65

97.97

0.72

1.03

† Zephyr Style Advisor. Ratios, up and down capture, alpha and beta data are for the period 1/31/06-9/30/12 and these terms are defined on page 34.

% of

Fund

6.2%

5.5%

5.2%

4.4%

4.2%

4.0%

4.0%

3.9%

3.7%

3.4%

Morningstar Japan Stock

Category Average

191

Henderson Japan Focus Fund 1 top 10 holdings Percent held in Morningstar category funds’ top 10 2 Most common top 10 held in category 2

Mitsubishi UFJ Financial

Rakuten

Yamada Denki

Sumitomo Mitsui Financial

Tokio Marine

Daiwa Securities

Canon

Mizuho Financial

Keyence

Nippon Telegraph and Telephone

Holdings are for information purposes only and not a recommendation to purchase or sell any security.

1 Data from Henderson

2 Data latest from Morningstar as of 9/30/12 and subject to change

Calendar Year Performance

2011

2010

2009

2008

2007

40.0%

6.7%

0.0%

26.7%

0.0%

0.0%

20.0%

6.7%

6.7%

33.3%

-0.50

-0.59

113.14

118.87

-2.79

1.15

Mitsubishi UFJ Financial 40.0%

Nippon Telegraph and Telephone 33.3%

-7.91 % -14.19 %

18.31

2.48

-26.15

-7.81

Honda 33.3%

Sumitomo Mitsui Financial 26.7%

Toyota 26.7%

Marubeni 20.0%

Orix 20.0%

Nissan 20.0%

Takeda Pharmaceutical 20.0%

Year HFJAX MSCI Japan Index

15.59

6.39

-29.11

-4.14

Kao 20.0%

Third Quarter 2012 Edition

Global/Int’l Funds

International

Opportunities Fund

Income Funds

Global Equity

Income Fund

22

Global/Int’l Funds

All Asset Fund

Global/Int’l Funds

Emerging Markets

Opportunities Fund

Global/Int’l Funds

Global Leaders Fund

Global/Int’l Funds

Global Technology Fund

Regional Funds

European Focus Fund

Regional Funds

Japan Focus Fund

Income Funds

Dividend & Income

Builder Fund

Income Funds

Strategic Income Fund


Dividend & Income Builder Fund

HDAVX, HDCVX, HDIVX

Portfolio management

Alex Crooke and Job Curtis are

responsible for the equity security

selection while Jenna Barnard and

John Pattullo are responsible for

the fixed income security selection.

Alex Crooke oversees the top-down

asset allocation across the equity

and fixed income portfolios.

Equity

Alex Crooke

Job Curtis

Fixed Income

Jenna Barnard, CFA

John Pattullo

Fund facts

Inception date:

Minimum initial investment:

Benchmark:

Lipper Category:

Morningstar Category:

Total number of holdings:

Median market cap ($billions):

% of active share 2 :

Forward 12-month P/E ratio:

P/B ratio:

Dividend frequency:

% of holdings in top 10:

Class A expense ratio 3 (%):

Portfolio turnover 4 (%)

CUSIP numbers:

Class A: H DAVX

Class C: HDCVX

Class I: HDIVX

8/01/12

$500

MSCI World Index

Global Equity Income

World Allocation

65

23.6

88.9

11.5

2.0

Quarterly

24.4

1.30

Investment objective

The Fund’s primary objective is to

seek to provide current income from

a portfolio of securities that exceeds

the average yield on global stocks,

and aims to provide a growing

stream of income per share over

time. The Fund’s secondary objective

is to seek to provide long-term

capital appreciation.

0

425067428

425067410

425067394

23 Henderson Global Investors Quarterly Mutual Fund Data Guide

Why invest in this Fund? The Henderson Difference

• Respected equity and fixed income teams with nearly 80 years of combined investment management experience

• Flexible portfolio utilizes a combination of quality high yield equities and fixed income securities

• Seeks high and rising dividends as well as capital appreciation

Top 10 holdings analysis

Global diversified portfolio of income-producing securities 2.7% Medtronic (US)

Investment strategy

The Fund is a global diversified portfolio

of income-producing securities, primarily

dividend-paying equities of US and non-US

companies with an allocation to fixed income

securities, including but not exclusively

high yield and investment grade corporate

bonds. The Fund employs a bottom-up

stock selection process with asset allocation

decisions driven by assessment of the relative

attractiveness of income opportunities and

views on the market environment.

Mega

Large

Medium

Small

Performance

Market capitalization breakdown *

Underweight (%) Overweight (%) % of Fund

-5.5

-2.3

-10 -5 0 5 10

Source: Henderson, Thomson Financial as of 9/30/12

September 30, 2012 1 month

Class A at NAV

w/ sales charge

Class C at NAV

w/ sales charge

Class I

MSCI World Index

Lipper Global Equity Income Funds average

2.4

5.4

20.4

51.7

22.0

5.9

2.17%

-

2.07

-

2.16

2.79

2.05

Financials

Industrials

Consumer Staples

Health Care

Information Tech

Consumer Disc

Equity sector allocation *

Underweight (%) Overweight (%) % of Fund

Since

inception 1

3.80%

-

3.70

-

3.90

4.42

4.04

The Fund is new and therefore does not have an established performance history. Any performance shown is short term and may not

be indicative of Fund results over a longer time period.

Past performance is not an indicator of future results. Please see pages 5-6 for important performance and ranking disclosure.

1 Inception date 8/01/12

2 Please see page 2 for important disclosure regarding active share.

3 This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is a percentage of average net assets. The expense ratio is unaudited and is based on annualized

fiscal year-to-date (YTD) results from 8/01/12-8/31/12. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous

fiscal year.

4 Fiscal YTD period 8/01/12-8/31/12. Portfolio turnover will fluctuate and may be higher or lower based upon investment considerations.

Energy

Telecomm Services

Materials

Utilities

Country allocation †*

Underweight (%) Overweight (%) % of Fund

US -9.7

43.3

UK

14.1 23.6

Switzerland

1.9

5.5

Singapore

4.4

5.2

Germany

1.3

4.8

Taiwan

3.8

3.8

Thailand

2.7

2.7

Hong Kong

1.3

2.6

Brazil

2.1

2.1

Other

6.4

-20 -10 0 10 20

-2.7

-2.8

-2.7

-1.2

-0.1

-10 -5 0 5 10

*Denotes both underweight and overweight are relative to the MSCI World Index.

†A company’s country classification is based on multiple factors including legal domicile

and underlying exposure of its business.

0.5

0.5

1.5

3.5

3.5

20.7

14.1

11.4

11.2

9.9

9.5

8.0

7.6

4.2

3.4

% of

Fund

2.6%

2.6%

2.6%

2.6%

2.5%

2.4%

2.3%

2.1%

2.0%

Henderson Dividend & Income Builder Fund 1

top 10 holdings

Roche Holding (Switzerland)

General Electric (US)

Asustek Computer (Taiwan)

Kasikornbank (Thailand)

Kraft Foods (US)

Wells Fargo (US)

Vodafone (UK)

Pfizer (US)

Merck & Co. (US)

Holdings are for information purposes only and not a recommendation to purchase or sell any security.

1 Data from Henderson

2 Data latest from Lipper as of 9/30/12 and subject to change

A company’s country classification is based on multiple factors including legal domicile and underlying exposure of its business.

Asset class allocation

Equities

Fixed Income

Cash

83.9%

9.3%

6.8%

Percent held in Lipper category funds’ top 10 2 Most common top 10 held in category 2

3.7%

14.8%

7.4%

0.0%

0.0%

0.0%

11.1%

14.8%

22.2%

22.2%

Royal Dutch Shell (Netherlands) 29.6%

Johnson & Johnson (US) 29.6%

Merck & Co. (US) 22.2%

Sanofi (France) 22.2%

Pfizer (US) 22.2%

Chevron (US) 22.2%

IBM (US) 22.2%

TOTAL (France) 18.5%

British American Tobacco (UK) 18.5%

McDonalds (US) 18.5%

Third Quarter 2012 Edition

Global/Int’l Funds

International

Opportunities Fund

Income Funds

Global Equity

Income Fund

24

Global/Int’l Funds

All Asset Fund

Global/Int’l Funds

Emerging Markets

Opportunities Fund

Global/Int’l Funds

Global Leaders Fund

Global/Int’l Funds

Global Technology Fund

Regional Funds

European Focus Fund

Regional Funds

Japan Focus Fund

Income Funds

Dividend & Income

Builder Fund

Income Funds

Strategic Income Fund


Global Equity Income Fund

HFQAX, HFQCX, HFQIX

Portfolio management

The Fund is run by a Value and

Income Team with portfolio

managers Alex Crooke and Job

Curtis. Alex Crooke, Director

of Value and Income, joined

Henderson in 1994 and has

over 22 years of investment

management experience. Job

Curtis, Head of Value and Income,

joined Henderson in 1987 via

Touche Remnant and has over 27

years of investment management

experience.

Fund facts

Inception date:

Minimum initial investment:

Benchmark:

Lipper Category:

Morningstar Category:

Total number of holdings:

Median market cap ($billions):

% of active share 3 :

Forward 12-month P/E ratio:

P/B ratio:

Dividend frequency:

% of holdings in top 10:

Class A expense ratio 4 (%):

Portfolio turnover 5 (%)

CUSIP numbers:

Class A: HFQAX

Class C: HFQCX

Class I: HFQIX

11/30/06

$500

MSCI World Index

Global Equity Income

World Stock

Investment objective

The Fund seeks to achieve a high

level of current income and, as a

Thirdary objective, steady growth of

capital.

80

11.6

90.8

10.5

1.9

Monthly

24.3

1.27

11

425067717

425067691

425067634

25 Henderson Global Investors Quarterly Mutual Fund Data Guide

Why invest in this Fund? The Henderson Difference

• Invests in global income-producing equities, with a focus on international equities

• Uses a specialized regional rotation strategy among global markets seeking to capitalize on the seasonality

of dividends

• 100% equities with no leverage and dividends distributed monthly

Investment strategy

The Fund primarily invests in global

income producing equities with a focus

on international securities. The Fund’s

management team constructs a nimble

portfolio of 60-80 holdings representing their

best ideas for high yielding quality companies.

The Fund may also seek to enhance the level

of dividend income it receives by engaging in

regional rotation trading.

Mega

Large

Medium

Small

Performance

Market capitalization breakdown *

Underweight (%) Overweight (%) % of Fund

-13.3

-9.7

-20 -10 0 10 20

Source: Henderson, Thomson Financial as of 9/30/12

September 30, 2012 YTD 1 year 3 years 5 years

Class A at NAV

w/ sales charge

Class C at NAV

w/ sales charge

Class I 2

MSCI World Index

MSCI World High Dividend Yield Index

Lipper Global Equity Income Funds average

Lipper Global Equity Income Funds ranking

9.0

13.9

16.2

40.8

33.4

9.6

Past performance is not an indicator of future results. Please see pages 5-6 for important performance and ranking disclosure.

1 Inception date 11/30/06, inception of Class I shares: 3/31/09

2 For periods prior to inception, rates of return are based on Class A shares at NAV.

3 Please see page 2 for important disclosure regarding active share.

4 This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is a percentage of average net assets. The expense ratio is unaudited and is based on annualized

fiscal year-to-date (YTD) results from 8/01/12-8/31/12. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous

fiscal year.

5 Fiscal YTD period 8/01/12-8/31/12. Portfolio turnover will fluctuate and may be higher or lower based upon investment considerations.

UK

North America

Europe

Asia Pacific

Japan

Other

Financials

Industrials

Health Care

Utilities

Telecomm Services

Energy

Consumer Staples

Consumer Disc

Information Tech

Materials

-37.8

Regional allocation *

Underweight (%) Overweight (%) % of Fund

Sector allocation *

Since

inception 1

11.46 % 19.43 % 6.58 % -1.23 % 1.80%

- 12.54 4.51 -2.38 0.77

10.88 18.63 5.82 -1.96 1.04

- 18.63 5.82 -1.96 1.04

11.67 19.73 6.90 -1.03 1.97

13.56 22.32 8.07 -1.58 0.96

10.94 19.95 9.33 -1.44 1.08

10.89 20.25 7.36 -3.45 -1.18

- 33/58 31/47 6/26 3/23

-7.3

-8.2

Underweight (%) Overweight (%) % of Fund

-2.1

-3.9

-2.6

-0.3

-1.4

6.5

5.7

-20 -10 0 10 20

*Denotes both underweight and overweight are relative to the MSCI World Index.

0.6

12.3

3.1

2.3

30.1

-50 -25 0 25 50

39.6

20.2

18.7

18.1

0.0

3.4

22.2

13.0

10.4

10.1

9.8

9.4

8.8

6.8

5.3

4.2

Competitor analysis †

# of holdings

Sharpe ratio

Info ratio

Up capture (%)

Down capture (%)

Alpha (%)

Beta

Top 10 holdings analysis

Henderson Global Equity Income Fund 1

top 10 holdings

Pfizer (US)

Merck & Co. (US)

ENI (Italy)

Royal Dutch Shell (Netherlands)

RSA Insurance (UK)

British American Tobacco (UK)

BAE Systems (UK)

Amlin (UK)

Diageo (UK)

BT Group (UK)

Henderson Global Equity

Income Fund

80

0.03

0.14

77.37

82.03

0.78

0.80

† Lipper. Ratios, up and down capture, alpha and beta data are for the period 11/30/06-9/30/12 and these terms are defined on page 34.

% of

Fund

3.1%

3.1%

2.7%

2.5%

2.4%

2.2%

2.1%

2.1%

2.0%

2.0%

Lipper Global Equity Income

Category Average

99

Yield 2 Lipper category 2 top 10 holdings Yield 2

3.5%

3.7%

6.2%

4.9%

8.4%

4.1%

5.8%

5.8%

2.5%

3.6%

Royal Dutch Shell (Netherlands)

Johnson & Johnson (US)

Merck & Co. (US)

Sanofi (France)

Pfizer (US)

Chevron (US)

IBM (US)

TOTAL (France)

British American Tobacco (UK)

McDonalds (US)

Yield data shown is not a reflection of the Henderson Global Equity Income Fund. Past performance is not an indicator of future results.

Dividend yield is a stock’s annual dividend divided by its current share price. As a stock price declines, its dividend yield increases, and vice versa. Dividend payouts are one of the ways a company seeks to increase shareholder value. Share buybacks

and mergers and acquisitions are also strategies used by companies to increase shareholder value. Dividend yields are part of total return, which may be more or less than a fund’s dividend yield.

1Data from Henderson

2Data latest from Lipper as of 9/30/12 and subject to change

A company’s country classification is based on multiple factors including legal domicile and underlying exposure of its business.

Calendar Year Performance

2011

2010

2009

2008

2007

-0.04

-0.12

88.20

94.58

-0.21

Year HFQAX MSCI World Index

0.95

-1.55 % -5.02 %

6.49

22.19

-33.21

13.71

12.34

30.79

-40.33

9.57

4.9%

3.5%

3.7%

4.0%

3.5%

3.1%

1.6%

5.9%

4.1%

3.1%

Third Quarter 2012 Edition

Global/Int’l Funds

International

Opportunities Fund

Income Funds

Global Equity

Income Fund

26

Global/Int’l Funds

All Asset Fund

Global/Int’l Funds

Emerging Markets

Opportunities Fund

Global/Int’l Funds

Global Leaders Fund

Global/Int’l Funds

Global Technology Fund

Regional Funds

European Focus Fund

Regional Funds

Japan Focus Fund

Income Funds

Dividend & Income

Builder Fund

Income Funds

Strategic Income Fund


Strategic Income Fund

HFAAX, HFABX, HFACX, HFAIX

Portfolio management

The Fund is run by portfolio

managers Jenna Barnard, CFA and

John Pattullo, who are responsible

for global retail fixed income

portfolios investing in investment

grade and higher yielding fixed

income securities. Ms. Barnard,

Deputy Head of Retail Fixed

Income, joined Henderson Global

Investors in 2002 and has over 10

years experience in the industry.

Mr. Pattullo, Head of Retail Fixed

Income, joined Henderson in

1997 and has over 19 years of

experience in the industry.

Fund facts

Inception date:

Minimum initial investment:

Benchmark: 50% ML Global High Yield/

50% ML Global Corporate Index

(USD-hedged)

Lipper Category:

Morningstar Category:

Total number of holdings:

Dividend frequency:

% of holdings in top 10:

Class A expense ratio 3 (%):

Portfolio turnover 4 (%)

CUSIP numbers:

Class A: HFAAX

Class B: HFABX

Class C: HFACX

Class I: HFAIX

9/30/03

Investment objective

The Fund seeks to achieve total

return through current income and

capital appreciation.

$500

Global Income

Multisector Bond

85

Monthly

36.9

1.10

31

425067816

425067790

425067782

425067485

27 Henderson Global Investors Quarterly Mutual Fund Data Guide

Why invest in this Fund? The Henderson Difference

• An opportunistic portfolio with exposure to different sectors within the global fixed income universe

• A investment process that combines bottom-up security selection with strategic asset allocation process

• An experienced portfolio management team with a combined 29 years of industry experience

Investment strategy

The Fund invests in securities across a

variety of fixed income sectors. The Fund is

constructed by leveraging multiple sources of

uncorrelated returns, structuring the portfolio

to earn yield and actively manage duration.

UK

US

Netherlands

Germany

Ireland

France

Belgium

Switzerland

Canada

Performance

Country allocation ††

0% 10% 20% 30% 40% 50%

September 30, 2012 YTD 1 year 3 years 5 years

Class A at NAV

w/ sales charge

Class B at NAV

w/ sales charge

Class C at NAV

w/ sales charge

Class I 2

50% ML Global High Yield/50% ML Global

Corporate Index (USD-hedged)

Lipper Global Income Funds average

Lipper Global Income Funds ranking

% of Fund

41.1

32.2

9.2

5.8

3.5

3.2

2.5

1.5

1.0

††A company’s country classification is based on multiple factors including legal domicile

and underlying exposure of its business.

9.71%

13.58 % 8.22 % 2.19 % 5.32 %

- 8.17 6.47 1.20 4.75

9.19 12.81 7.40 1.51 4.66

- 8.81 6.53 1.32 4.66

9.14 12.65 7.41 1.33 4.49

- 12.65 7.41 1.33 4.49

10.05 14.02 8.36 2.26 5.36

12.05

7.08

-

16.17

8.24

17/190

BB: 39.8%

BBB: 24.8%

B: 17.8%

Bond (non-US)

*Net exposure

Bond (US)

Sovereign

10.43

6.25

33/139

8.48

5.58

97/102

Since

inception 1

7.52

5.41

51/84

Past performance is not an indicator of future results. Please see pages 5-6 for important performance and ranking disclosure.

1 Inception date: 9/30/03, inception date of Class I Shares: 5/31/11

2 For periods prior to 5/31/11, Class I share rates of return are based on Class A shares at NAV.

3 This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is presented as a percentage of average net assets. The expense ratio is unaudited and is based on

annualized fiscal year-to-date (YTD) results from 1/01/12-8/31/12. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous

fiscal year.

4 Fiscal YTD period 1/01/12-8/31/12. Portfolio turnover will fluctuate and may be higher or lower based upon investment considerations.

† Credit quality ratings are primarily sourced from Standard & Poor’s (“S&P”) but in the event that S&P has not assigned a rating the Fund will use Moody’s or Fitch. If these ratings are in conflict

the most conservative rating will be used. If none of the major rating agencies have assigned a rating the Fund will assign a rating of NR (non-rated security). The ratings represent their (S&P,

Moody’s and Fitch) opinions as to the quality of the securities they rate. Ratings are relative and subjective, are not absolute standards of quality and are measured on a scale that generally

ranges from AAA (highest) to D (lowest).

†† A company’s country classification is based on multiple factors including legal domicile and underlying exposure of its business.

Cash

Derivatives

Credit quality † %

Asset allocation *

AA: 6.9%

A: 6.9%

CCC: 3.8%

0% 20% 40% 60% 80%

% of Fund

63.3

20.9

6.3

5.4

4.1

Competitor analysis1 30 day SEC yield at NAV (%)

Standard deviation (%)

Duration (years) 2

% non-US holdings

Correlation to US government debt 3

Correlation to US corporate investment grade debt 4

Correlation to Global Bond Index 5

Henderson Strategic

Income Fund

2.74

11.51

3.70

67.82

-0.18

0.63

0.37

1 Zephyr Style Advisor and Morningstar. Correlations data are for the period 9/30/03-9/30/12 and these terms are defined below.

2 Duration for the Strategic Income Fund is an estimate based on Henderson calculations.

3 As measured by the Barclays Capital Intermediate Government Index

4 As measured by the Barclays Capital US Corporate Investment Grade Index

5 As measured by the Merrill Lynch Global Broad Market Index

Morningstar Multisector Bond

Category Average

3.66

Standard deviation indicates the volatility of a fund’s total returns. Standard deviation is useful because it identifies the spread of a fund’s short term fluctuations. In general, the higher the standard deviation, the greater the volatility of return. Duration

is a measure of the sensitivity of the price of a fixed income investment to a change in interest rates. Alpha is the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by Beta. Correlation is

computed into what is known as the correlation coefficient which ranges between -1 and +1. A perfect positive correlation of +1 implies that as one security moves up or down, the other security will move by an equal amount in the same direction. If

the correlation is 0, the movements of the securities are completely random and have no correlation.

Top 10 holdings %

CDX ITRAXX Crossover S18 • (US) 10.9

Daily Mail + General Trust • (UK) 3.4

US Treasury 02/21 3.625 • (US) 3.3

US Treasury 09/14 0.25 • (US) 3.0

Service Corp • (US) 2.9

Legal + General Group • (UK) 2.9

Constellation Brands • (US) 2.9

UPC Holding • (Netherlands) 2.9

UnityMedia • (Germany) 2.4

Virgin Media Finance • (UK) 2.3

These are not recommendations to buy or sell any security.

Calendar Year Performance

Year HFAAX

2011

2010

2009

2008

2007

2006

2005

2004

6.06

4.23

22.49

0.01

0.77

0.57

0.05 % 4.13 %

10.17

50.75

-38.69

3.36

10.31

2.60

10.65

50% ML Global High Yield/50% ML Global

Broad Market Corp Index (USD-hedged)

11.39

37.30

-15.81

2.58

7.85

3.50

8.35

Third Quarter 2012 Edition

28

Global/Int’l Funds

All Asset Fund

Global/Int’l Funds

Emerging Markets

Opportunities Fund

Global/Int’l Funds

Global Leaders Fund

Global/Int’l Funds

Global Technology Fund

Global/Int’l Funds

International

Opportunities Fund

Regional Funds

European Focus Fund

Regional Funds

Japan Focus Fund

Income Funds

Dividend & Income

Builder Fund

Income Funds

Global Equity

Income Fund

Income Funds

Strategic Income Fund


Money Market Fund

HFAXX, HFBXX, HFCXX

Portfolio management

The Master Portfolio in which the

Fund invests is managed by State

Street Global Advisors Funds

Management, Inc. On September 30,

2012, net assets of the Portfolio were

in excess of $26 billion. State Street

Global Advisors had over $2.06

trillion in assets under management

as of September 30, 2012.

Fund facts

Inception date:

Minimum initial investment:

Days to maturity:

Class A expense ratio 2 (%):

CUSIP numbers:

Class A: HFAXX

Class B: HFBXX

Class C: HFCXX

4/20/09

$500

Investment objective

The Fund seeks to maximize current

income, to the extent consistent

with the preservation of capital and

liquidity and the maintenance of a

stable $1.00 per share net asset

value.

37

0.40

425067584

425067576

425067568

Investment strategy

• The Fund seeks to achieve its investment objective by investing all of its assets in a money market portfolio

managed by State Street Global Advisors Funds Management, Inc.

• The Fund invests substantially all investable assets in the Master Portfolio, the State Street Money Market Portfolio,

which has the same investment objective, policies and risks as the Fund

Master Portfolio principal investment strategies

• US Treasury bills, notes, and bonds

• Other obligations issued or guaranteed as to interest or principal by the US government, its agencies or

instrumentalities

• Instruments of US and foreign banks, such as certificates of deposit, bankers’ acceptances and time deposits,

including Eurodollar Certificates of Deposit (“ECDs”), Eurodollar Time Deposits (“ETDs”) and Yankee Certificates of

Deposits (“YCDs”)

• Commercial paper of US and foreign companies

• Mortgage- and asset-backed securities

• Corporate obligations of US and foreign companies

• Variable and floating rate notes

• Repurchase agreements

Performance

September 30, 2012

Class A at NAV

Class B at NAV

Class C at NAV

w/ sales charge

w/ sales charge

29 Henderson Global Investors Quarterly Mutual Fund Data Guide

YTD 1 year 3 years

Since

inception

0.04

0.05

0.06

0.07

0.08

1

Current

7-day yield

% % % % %

0.04

-

0.04

-

0.05

-3.95

0.05

0.05

1 Inception date: 4/20/09

2 This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is presented as a percentage of average net assets. The expense ratio is unaudited and is based on

annualized fiscal year-to-date results from 1/01/12-8/31/12. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous fiscal year.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or

another governmental agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per

share, it is possible to lose money by investing in a money market fund.

ECDs are US dollar denominated certificates of deposit issued by a bank outside the US. ETDs are US dollar denominated deposits in foreign branches of US banks and foreign banks. YCDs are

US dollar denominated certificates of deposit issued by US branches of foreign banks.

0.06

-0.95

0.06

0.06

Past performance is not an indicator of future results. Please see pages 5-6 for important performance and ranking disclosure.

0.07

-0.81

0.07

0.07

0.08

-

0.08

-

Important dates

Fiscal year end

Prospectus date

Annual report

Semi-annual report

Contingent deferred sales charge (CDSC)

A 1.00% CDSC applies to:

Class A shares redeemed within one year of purchase that were bought without paying a front-end sales charge as part of an investment of at least $1 million redeemed.

Class C shares redeemed within twelve months of purchase.

Upon redemption, the following schedule applies to Class B 1 shares within six years of purchase:

Years since purchase CDSC

First ......................................................................................................................................................................................................................................................................................... 5.00%

Third ....................................................................................................................................................................................................................................................................................... 4.00

Third ...................................................................................................................................................................................................................................................................................... 4.00

Fourth ................................................................................................................................................................................................................................................................................... 3.00

Fifth ........................................................................................................................................................................................................................................................................................ 2.00

Sixth ....................................................................................................................................................................................................................................................................................... 1.00

Seventh and thereafter .......................................................................................................................................................................................................................................... 0.00

For more information on general calculations, waivers and the aging schedule please request a prospectus by calling

1.866.443.6337 or visit our website at www.hendersonglobalinvestors.com.

Distribution and service (12b-1) fees

All Asset Fund, Dividend & Income Builder Fund, Emerging Markets Opportunities

Fund, European Focus Fund, Global Equity Income Fund, Global Leaders Fund,

Global Technology Fund, International Opportunities Fund, Japan Focus Fund

Annual rate as a percentage of the average daily net assets of the Fund

Class A shares ......................................................................................................................................................................................................................................................... 0.25%

Class B 1 shares ....................................................................................................................................................................................................................................................... 1.00

Class C shares ......................................................................................................................................................................................................................................................... 1.00

Class R shares ......................................................................................................................................................................................................................................................... 0.50

(Class R shares are for the International Opportunities Fund only)

Sales charges and dealer reallowance schedule

July 31

November 30

July 31

January 31

Important fee, sales charge and distribution information

For more information on sales charge reductions and waivers, please see our prospectus.

Class B 1 shares: Advance commission is up to 4% of the purchase price

Class C shares: Advance commission is up to 1% of the purchase price

Class A shares: The current sales charge rates are as follows:

(Chart refers to Class A shares sales charges and dealer reallowance schedule.)

All Asset Fund, Dividend & Income Builder Fund, Emerging Markets Opportunities

Fund, European Focus Fund, Global Equity Income Fund, Global Leaders Fund,

Global Technology Fund, International Opportunities Fund, Japan Focus Fund

Money Market Fund,

Strategic Income Fund

December 31

April 30

December 31

June 30

Strategic Income Fund

Sales charge2 as a percentage of: Sales charge2 as a percentage of:

Amount of purchase Offering price Net amount invested

Dealer reallowance as %

of offering price Offering price Net amount invested

Less than $50,000

$50,000 but less than

$100,000

$100,000 but less than

$250,000

$250,000 but less than

$500,000

$500,000 but less than

$1,000,000

$1,000,000 or more

5.75%

4.75

4.00

3.00

2.20

None 3

6.10%

4.99

4.17

3.09

2.25

None 3

5.00%

4.50

3.75

2.75

1.95

None 4

1Effective November 30, 2010, the Henderson Global Funds will not accept new or additional investments in Class B shares. Please refer to the current prospectus for more information.

2Because of rounding in the calculation of offering price, actual sales charges you pay may be more or less than those calculated using these percentages.

3No initial sales charge applies on investments of $1 million or more. However, a CDSC of 1% is imposed on certain redemptions of such investments within one year of purchase.

4Foreside Fund Services, LLC, the Funds’ distributor (“Distributor”), may pay a sales commission of up to 1.00% of the offering price of Class A shares to brokers that initiate and are responsible for purchases of $1 million or more. Please note if a client or financial

intermediary is unable to provide account verification on purchases receiving million dollar breakpoints due to rights of accumulation, sales commissions will be forfeited. Purchases eligible for sales charge waivers as described under “Sales Charge Waivers – Class A

Shares” are not eligible for sales commissions on purchases of $1 million or more. Please see the Funds’ prospectus for more information.

Third Quarter 2012 Edition

30

4.75%

4.50

3.50

2.50

2.00

None 3

4.99%

4.71

3.63

2.56

2.04

None 3

Dealer reallowance as %

of offering price

4.25%

4.00

3.00

2.25

1.75

None 4


Henderson US Retail sales territories

Chicago Office

737 N. Michigan Avenue

Suite 1700

Chicago, IL 60611

Phone 866-443-6337

Fax 312-915-9134

www.hendersonglobalinvestors.com

DIRECTOR OF US RETAIL DISTRIBUTION

Chuck Thompson

Chicago, IL

312-915-9147

Chuck.Thompson@henderson.com

AK

Divisional & Regional Directors

WEST

Jonathan Linstra

Divisional Director

San Clemente, CA

949-701-3755

Jonathan.Linstra@henderson.com

HEARTLAND

Joel Christman

Regional Director

Denver, CO

303-229-4327

Joel.Christman@henderson.com

TEXAS

Chris Egan

Regional Director

Katy, TX

713-252-5430

Chris.Egan@henderson.com

MIDWEST

Peter MacEntee

Regional Director

Chicago, IL

312-804-5088

Peter.MacEntee@henderson.com

31 Henderson Global Investors Quarterly Mutual Fund Data Guide

OHIO VALLEY

Eddie Nassar

Regional Director

West Lake, OH

216-272-2907

Edward.Nassar@henderson.com

LOWER ATLANTIC

Terry Muldoon

Regional Director

Atlanta, GA

404-786-7171

Terry.Muldoon@henderson.com

MID-ATLANTIC

Neil Lilley

Regional Director

Washington, DC

202-815-3656

Neil.Lilley@henderson.com

UPPER ATLANTIC

Diane Snowden

Divisional Director

Lumberton, NJ

609-932-0263

Diane.Snowden@henderson.com

HI CA

OR

WA

NV

ID

AZ

UT

NORTHEAST

Rob Cutler

Divisional Director

Warwick, RI

401-732-1882

Rob.Cutler@henderson.com

NEW YORK METRO

Jim Ambrosio

Regional Director

Lloyd Harbor, NY

631-367-1606

Jim.Ambrosio@henderson.com

FLORIDA

Kevin Glavin

Regional Director

Orange Park, FL

904-874-2647

Kevin.Glavin@henderson.com

MT

WY

NM

CO

HEARTLAND

TEXAS, WEST

Kevin Vanderbilt

Internal Consultant

Chicago, IL

866-443-6337

Kevin.Vanderbilt@

henderson.com

ND

SD

NE

TX

KS

Suzanne White

Chicago, IL

312-915-9127

Suzanne.White@henderson.com

OK

MN

IA

UPPER ATLANTIC

MIDWEST

Patrick Caragher

Internal Consultant

Chicago, IL

866-443-6337

Patrick.Caragher@

henderson.com

MO

AR

LA

WI

IL

IN

TN

MI

KY

OH

MS AL GA

Internal Consultants

NY METRO

OHIO VALLEY

Kyle McClure

Internal Consultant

Chicago, IL

866-443-6337

Kyle.McClure@

henderson.com

National Accounts

Leslie Hudson

Denver, CO

312-475-6697

Leslie.Hudson@henderson.com

WV

SC

FL

PA

VA

NC

NORTHEAST

FLORIDA

Brian Naujokas

Internal Consultant

Chicago, IL

866-443-6337

Brian.Naujokas@

henderson.com

NY

VT

ME

NH

DE

MD

NJNYCTRIMA

DC

Third Quarter 2012 Edition

MID-ATLANTIC

LOWER ATLANTIC

Anni Koci

Internal Consultant

Chicago, IL

866-443-6337

Anni.Koci@

henderson.com

32


Page intentionally left blank

For more information

Visit www.hendersonglobalinvestors.com

Contact us directly at 1.866.443.6337

Call your financial adviser

Index definitions

The Barclays Capital Intermediate Government Index is comprised of high-quality investment grade Treasury and Government related fixed income securities with maturities greater than one. The Barclays Capital US Corporate Investment Grade Index is

composed of all publicly issued, fixed-rate, nonconvertible, investment-grade US corporate debt. The Merrill Lynch Global Broad Market Index tracks the performance of investment grade debt publicly issued in the major domestic and eurobond markets,

including sovereign, quasi-government, corporate, securitized and collateralized securities. The MSCI Europe Index is a free float-adjusted market capitalization Index that is designed to measure the equity market performance of the developed markets

in Europe. The MSCI AC World IT Index is a free float-adjusted market capitalization index designed to measure equity market performance of the Information Technology stocks within the MSCI AC World Index. The MSCI EAFE Index (Europe, Australasia,

Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada. The MSCI Japan Index is a market capitalization weighted index that is

designed to measure developed equity market performance in Japan. The S&P 500 Index is a broad based measurement of changes in stock market conditions based on the average of 500 widely held common stocks. The Merrill Lynch Global High

Yield Index (USD-hedged) tracks the performance in US dollars on a hedged basis of Canadian dollar, British sterling, US dollar and Euro denominated developed market below investment grade corporate debt publicly issued in the major US or Eurobond

markets. The Merrill Lynch Global Corporate Index (USD-hedged) tracks the performance in US dollars on a hedged basis of developed market investment grade corporate debt publicly issued in the major US and Eurobond markets. It is not possible to

invest directly in an index or average. The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. The MSCI World High Dividend Yield Index is designed to reflect

the performance of the high dividend yield opportunity set within the MSCI World Index. zzOne cannot invest directly in an index or average.

Other definitions

Sharpe ratio is a risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk. Information Ratio is the quotient of the annualized excess return and the annualized standard deviation of excess return.

Up and down capture is a measure of how well a manager can improve on phases of positive benchmark returns, or how badly the manager was affected by phases of negative benchmark returns. The up capture is the quotient of the annualized return

of the Fund after dropping all time periods where the benchmark return is zero or negative, divided by the annualized return of the benchmark after dropping similar time periods. The down capture is calculated analogously. For example, up capture of

120.0 and down capture of 80.0 shows that in the past, when the overall market went up, the Fund’s returns increased more than the increase in the market. Correspondingly, when the market went down, the Fund’s returns decreased less than the

market. Alpha is a measure of risk (beta)-adjusted return. Beta is the measure of a fund’s relative volatility as compared to its benchmark, where a Beta less than 1 means that the security will be less volatile than the Index and more than 1 means the

security will be more volatile than the Index. Forward 12-month P/E ratio is calculated using the closing price of portfolio holdings divided by the sum of the 12-month forward earnings per share. P/B ratio is calculated using the closing price of portfolio

holdings divided by the most recent fiscal year end book value.

The top 10 holdings are subject to change based on the activity of the portfolio managers. The Lipper categories are compiled by Lipper, Inc., an independent mutual fund research and rating service.

©2012 Morningstar, Inc. All Rights Reserved. The information herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar

nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Foreside Fund Services, LLC, Distributor (10/12)

For instant access to current market updates

and Henderson Global Funds information

follow us on Facebook, Twitter and YouTube.

@HendersonMF

www.facebook.com/hendersonglobalfunds

www.youtube.com/hendersonglobalfunds

www.getglobalinsights.com

Not FDIC Insured, Not Bank Guaranteed, and May Lose Money

Third Quarter 2012 Edition

34


Henderson Global Investors (North America) Inc.

737 North Michigan Avenue, Suite 1700, Chicago, Illinois 60611

1.866.443.6337 • www.hendersonglobalinvestors.com

HGF-24617-12 HGF-GUIDE-3Q12

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