FACTSHEETS - fileRegistration Status – 31 May 2015 Page Henderson Horizon sub-funds Austria Belgium Bulgaria Chile* Denmark Finland France Germany Greece Hong Kong

As at 31 May 2015

Luxembourg-domiciled Henderson Fundshenderson.com

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1 Asia-Pacific Property Equities Fund P P O P P P P P P P

3 Asian Dividend Income Fund P P P P P P P P P P

5 Asian Growth Fund P P O O P P P P P P

7 China Fund P P O O P P P P P P

9 Euroland Fund P P P P P P P P P P

11 European Growth Fund P P O O P P P P P P

13 Global Equity Income Fund P P P O P P P P O 15 Global Natural Resources Fund P P O O P P P P O O

17 Global Opportunities Fund P P O O P P P P P O

19 Global Property Equities Fund P P P P P P P P P P

21 Global Technology Fund P P P P P P P P P P

23 Japan Opportunities Fund P P O O P P P P P P

25 Japanese Smaller Companies Fund P P O O P P P P P P

27 Pan European Alpha Fund P P O O P P P P P P

29 Pan European Equity Fund P P P P P P P P P P

31 Pan European Property Equities Fund P P P P P P P P P P

33 Pan European Smaller Companies Fund P P P P P P P P P P

35 US Growth Fund P P O O P P P P P O

37 Emerging Market Corporate Bond Fund P P O O P P P P O O

39 Euro Corporate Bond Fund P P O P P P P P O P

41 Euro High Yield Bond Fund P P P O P P P P O O

43 Global Corporate Bond Fund P P O O P P P P O O

45 Global High Yield Bond Fund P P P O P P P P O O

47 Total Return Bond Fund P P P O P P P P O O

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53 Global Growth Fund P P O P P P P P P

55 Latin American Fund P P O P P P P P P

57 Pan European Fund P P O P P P P P P

59 Pan European Smaller Companies Fund P P O P P P P P P

61 Japan Absolute Return Fund P P O O P P P P P

63 United Kingdom Absolute Return Fund P P O O O P P P P

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rSub-fund available on a restricted basis. See Country Specific Note and contact your usual representative

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Country Specific Notes

JerseyNo sub-fund will be registered under the December 2011 prospectus. However any of the sub-funds may be marketed under the exemption to the Law of the Financial Services Order 2009.

Singapore Euro High Yield Bond Fund, Continental European Fund, Global Natural Resources Fund, Japanese Smaller Companies Fund, Latin American Fund and United Kingdom Absolute Return Fund are registered as a Restricted Recognised Scheme (“RRS”) with the Monetary Authority of Singapore and therefore may only be offered to “relevant persons” or to persons pursuant to section 305(2) of the Securities and Futures Act (the “SFA”). However, Funds may also be offered to an “institutional investor”, which are exempt from the offering requirements under the SFA. H0166644/0615

HendersonHorizon

ASIA-PACIFIC PROPERTY EQUITIESFUND

Fund facts at 31 May 2015

StructureLuxembourg SICAV

Launch date03 October 2005

Base currencyUSD

BenchmarkFTSE EPRA/NAREIT Pure Asiatotal return net dividend Index

Minimum investment or currencyequivalent$2,500

Fund size$324.05m

NAV (USD)A1: 14.98A2: 16.83

YTD High/Low NAV (USD)A1: 15.31/13.98A2: 17.21/15.72

Last dividendn/a

Ongoing charge (%)1.94

Performance fee†

10% of the 'Relevant Amount'

Trading frequencyDaily

(A2) CodesISIN: LU0229494975Bloomberg: HENAPAA LX Valor: 2270416 Reuters: 65008839 WKN: A0F6DP

Fund risk statistics 3 years 5 yearsAlpha -0.7 -1.7Beta 1.0 1.0Sharpe Ratio 0.9 0.5Standard Deviation 15.3 18.2Tracking Error 2.2 3.1Information Ratio -0.3 -0.7

About the fundThe investment objective of the Asia-Pacific Property Equities Fund is to seek long-term capital appreciation by investing atleast 75% of its total assets in the quoted equities of companies or Real Estate Investment Trusts (or their equivalents) havingtheir registered offices in the Asia-Pacific Region and listed or traded on a regulated market, which derive the predominantpart of their revenue from the ownership, management and/or development of real estate in the Asia-Pacific Region.Tim has eleven years’ experience in the listed real estate sector. Before joining Henderson Global Investors in March 2011, Tim was European Fund Manager at AMP Capital Brookfield, responsible for portfolio construction and execution of a $1bn indirect real estate fund. Prior to this, Tim worked as an analyst for Morgan Stanley in their European Real Estate Investment Team, in London and Amsterdam, providing investment recommendations on property companies in the UK and Europe. Tim holds an MA (Hons) in Economics from St Andrews University, Scotland and received the Robert Trent Jones Scholarship to the University of Western Ontario, Canada.

To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Sun Hung Kai Properties 9.0Mitsui Fudosan 8.8Mitsubishi Estate 8.8Scentre Group 6.8Hongkong Land 4.6New World Development 4.5Japan Real Estate Investment 4.3CapitaLand Mall Trust 4.3Sumitomo Realty & Development 4.2Goodman Group 4.1Total number of holdings 26

Top 10 countries (%)Japan 37.9Hong Kong 29.6Australia 18.1Singapore 8.1China 2.9Indonesia 0.6 Cash 2.9

Performance in USDPercentage growth, 31 May 10 to 29 May 15.

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May11

May12

May13

May14

May15

Henderson Horizon Asia-Pacific Property Equities (47.2%)FTSE EPRA/NAREIT Pure Asia total return net dividend (66.3%)

Source: at 29 May 15. © 2015 Morningstar. All rights reserved, on a bid to bid basis, with gross income reinvested, rebased at 100. The information containedherein: (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.

Cumulative performance% change

A1 A2 Index

1 month -1.5 -1.5 -1.8

YTD 5.9 5.8 5.0

1 year 2.3 2.2 2.1

5 years 47.4 47.2 66.3

Since inception* 68.4 68.3 93.4Source: at 29 May 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.*The A1 share class was launched on 3 October 2005.

Discrete year performance% change

A1 A2 Index

31/03/2014 to 31/03/2015 8.3 8.3 7.8

28/03/2013 to 31/03/2014 -12.3 -12.3 -7.9

30/03/2012 to 28/03/2013 37.5 37.6 37.7

31/03/2011 to 30/03/2012 -9.6 -9.7 -1.9

31/03/2010 to 31/03/2011 12.4 12.4 10.1Source: at 31 Mar 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.

Past performance is not a guide to future performance.

1

HendersonHorizon

ASIA-PACIFIC PROPERTY EQUITIESFUND(continued)

Fund managerTim Gibson

For further information please visitour website atwww.henderson.com

General risks• The value of the funds and the income from them is not guaranteed and may fall as well as rise. You may get back less

than you originally invested.• Past performance is not a guide to future performance.

What are the risks specific to this fund?• There is no guarantee that investors will get back the invested amount given that the value of investments is subject to

market conditions and therefore may go down as well as up.• The performance of the value of the Company and its funds is primarily a comparison of the net asset values per Share at

the beginning and the end of a particular period of time. Hence, an investor in order to assess the actual performance ofhis investment in the Company must deduct from the performance declared at a certain time any subscription fee paid byhim when making his investment in the Company.

• The value of an investment in the Company will be affected by fluctuations in the value of the currency of denomination ofthe relevant Fund's Shares against the value of the currency of denomination of that Fund's underlying investments. Adversefluctuations in currency exchange rates can result in a decrease in return and in a loss of capital.

• The Horizon Asia Pacific Property Equities Fund may use techniques and instruments for hedging purposes only to protectportfolios against currency fluctuation, market movements and interest rates risks. The use of any of these derivativeinstruments will not reach a volume which could endanger the spirit of the investment policy.

• On the Horizon Asia Pacific Property Equities Fund, Class A and Class I shares may be made available in Euro, Sterling,US Dollar, may determine from time to time (if these currencies are not the base currencies of the Fund concerned). TheInvestment Manager will hedge the Shares of such Classes in relation to the Base Currency of the Horizon Asia PacificProperty Equities Fund. Where such hedging is undertaken, the Investment Manager may use financial swaps, futures,forward currency exchange contracts, options and other derivative transactions in order to preserve the value of the hedgedShare Class currency against the Base Currency of the Horizon Asia Pacific Property Equities Fund. Where undertaken,the effects of the hedging will be reflected in the Net Asset Value of the hedged Share Class. Any expenses arising fromsuch hedging transactions will be borne by the Share Class in relation to which they have been incurred and will therebyimpact on the performance of that Share Class. Where such hedging is undertaken it may substantially protect investorsagainst a decrease in the value of the Base Currency of the Horizon Asia Pacific Property Equities Fund.

• There are special risks associated with investment in securities of companies engaged in property markets. These includethe cyclical nature of property values, increases in property taxes, changes in zoning laws, regulatory limits on rents,environmental risks, depreciation in the value of buildings over time, and increases in interest rates.

• Investors should note that in certain market conditions, securities held by the Horizon Asia Pacific Property Equities Fundmay not be as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it maybe harder to attain a reasonable price and there is a risk that the price at which the security is valued may not be realisablein the event of sale. The Horizon Asia Pacific Property Equities Fund may therefore be unable to readily sell such securities.

• This fund is designed to be used only as one component in several in a diversified investment portfolio. Investors shouldconsider carefully the proportion of their portfolio invested into this fund.

Important information† Investors should refer to the prospectus for full details on performance fee.Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%. The Henderson Horizon Fund (the “Fund”) is a Luxembourg SICAV incorporated on 30 May 1985, managed by Henderson Management S.A. Any investment application will be made solely on the basis of the information contained in the Fund’s prospectus (including all relevant covering documents), which will contain investment restrictions. This communication has promotional purposes and is intended as a summary only and potential investors must read the Fund’s prospectus and key investor information document before investing. Information is provided on the Fund on the strict understanding that it is to - or for clients resident outside the USA. A copy of the Fund’s prospectus and key investor information document can be obtained from Henderson Global Investors Limited in its capacity as Investment Manager and Distributor. Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355) (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London, EC2M 3AE and authorised and regulated by the Financial Conduct Authority) provide investment products and services. Nothing in this communication is intended to or should be construed as advice. This communication is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. Deductions for charges and expenses are not made uniformly throughout the life of the investment but may be loaded disproportionately at subscription. If you withdraw from an investment up to 90 calendar days after subscribing you may be charged a Trading Fee as set out in the Fund’s prospectus. This may impact the amount of money which you will receive and you may not get back the amount invested. The value of an investment and the income from it can fall as well as rise significantly. Some Sub-Funds of the Fund can be subject to increased volatility due to the composition of their respective portfolios. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. The Fund is a recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme. The Fund is a foreign collective investment scheme registered in the Netherlands with the Authority for the Financial Markets and in Spain with the CNMV with the number 353. A list of distributors is available at www.cnmv.es. A copy of the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the local offices of Henderson Global Investors: 201 Bishopsgate, London, EC2M 3AE for UK, Swedish and Scandinavian investors; Via Dante 14, 20121 Milan, Italy, for Italian investors and Roemer Visscherstraat 43-45, 1054 EW Amersterdam, The Netherlands for Dutch investors; and the Fund’s: Austrian Paying Agent Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas Securities Services, 3, rue d’Antin, F-75002 Paris; German Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial Service Provider CACEIS Belgium S.A., Avenue du Port 86 C b320, B-1000 Brussels; Spanish Representative Allfunds Bank S.A. Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid; Singapore Representative Henderson Global Investors (Singapore) Limited, 6 Battery Road, #12-01 Singapore 049909; or Swiss Representative BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich who are also the Swiss Paying Agent. RBC Investor Services Trust Hong Kong Limited, a subsidiary of the joint venture UK holding company RBC Investor Services Limited, 51/F Central Plaza, 18 Harbour Road, Wanchai, Hong Kong, Tel: +852 2978 5656 is the Fund’s Representative in Hong Kong.

2

HendersonHorizon

ASIAN DIVIDEND INCOME FUND




Base currencyUSD

BenchmarkMSCI All Countries Asia Pacific (exJapan) Index

Yield* (%)Historic 5.2


Fund size$364.09m

NAV (USD)A1: 12.06A2: 19.13


Last dividend (A1)USD 0.13(01/04/15)


Performance fee†



(A2) CodesISIN: LU0264606111Bloomberg: HHAIACC.LX Valor: 2694741 Reuters: 026460611X.LU WKN: A0LA7R

RatingsMorningstar rating -QQQQFund risk statistics 3 years 5 yearsAlpha 0.5 1.0Beta 0.9 0.8Sharpe Ratio 1.0 0.6Standard Deviation 10.4 14.9Tracking Error 3.5 4.5Information Ratio -0.3 0.0

About the fundThe investment objective of the Asian Dividend Income Fund is to seek an above-benchmark dividend yield from a portfolio of Asian stocks witha focus on value and long-term capital appreciation. At least two-thirds of the Fund’s total assets (after deduction of cash) will be invested in Asianequity securities and equity instruments which in the view of the Investment Manager offer prospects for above average dividends or reflect suchprospects.The Investment Manager may selectively use derivatives within the limits set forth in the Section ‘Investment Restrictions’ of this Prospectus in order to enhance yields. Michael Kerley has been with Henderson Global Investors since 2004 when he joined as a Fund Manager for Pacific Equities. Currently he manages Henderson Far East Income Limited, the Henderson Horizon Asian Dividend Income Fund and also the Henderson Asian Dividend Income Fund. Michael joined INVESCO Asset Management in 1985 in their back office operations. He took up the position of Trainee Fund Manager, Asian Equities in 1993; became a Fund Manager, Global Equities in 1994 and Fund Manager, Emerging Market Equities in 1997. Six years later he moved to ISIS Asset Management Limited as Director, Pacific Basin Equities. Michael holds the Investment Management Certificate (IMC). Sat Duhra joined Henderson Global Investors in 2011 and is currently a Fund Manager in the Asia Pacific Equities team. Sat has 14 years industry experience and prior to joining Henderson, he held equity analyst positions at Nomura and Credit Suisse. He also qualified as a chartered accountant at PwC. Sat holds an Investment Management Certificate (IMC) and has a BSc in Economics from University College, London.

Please note that with effect from 8 October 2014, the investment policy changed.To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Bank of China 3.4Bharti Infratel 3.0Casetek 2.9Taiwan Semiconductor Manufacturing 2.6Gree Electric Appliances Inc of Zhuhai 2.5Yuanta Financial 2.4HKT Trust & HKT 2.4Scentre Group 2.4CapitaLand Mall Trust 2.4Vanguard International Semiconductor 2.4Total number of holdings 51

Top 10 countries (%)Australia 21.0China 19.4Taiwan 12.0Singapore 10.5South Korea 8.6Hong Kong 7.4India 6.9Thailand 3.5New Zealand 2.1Japan 2.1Cash 1.7


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Henderson Horizon Asian Dividend Income (51.5%)MSCI All Countries Asia Pacific (ex Japan) (53.0%)

Top 10 sectors (%)Financials 41.0Telecommunication Services 19.1Industrials 8.9Information Technology 8.6Consumer Discretionary 7.8Utilities 6.5Materials 4.4Energy 2.2



A1 A2 Index

1 month -0.7 -0.8 -2.7

YTD 6.4 6.3 7.7

1 year 5.1 5.1 5.3

5 years 52.5 51.5 53.0

Since inception 92.5 91.3 81.3Source: at 29 May 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.


A1 A2 Index

31/03/2014 to 31/03/2015 5.3 5.3 6.6

28/03/2013 to 31/03/2014 -1.8 -1.9 2.7

30/03/2012 to 28/03/2013 17.3 17.0 11.1

31/03/2011 to 30/03/2012 -2.5 -2.7 -6.7



3

HendersonHorizon

ASIAN DIVIDEND INCOME FUND(continued)

Fund managerMichael Kerley

Fund managerSat Duhra







• The value of an investment in the Company will be affected by fluctuations in the value of the currency of denomination ofthe relevant fund's Shares against the value of the currency of denomination of that fund's underlying investments. Adversefluctuations in currency exchange rates can result in a decrease in return and in a loss of capital.

• The Horizon Asian Dividend Income Fund may use techniques and instruments for hedging purposes only to protectportfolios against currency fluctuation, market movements and interest rates risks. The use of any of these derivativeinstruments will not reach a volume which could endanger the spirit of the investment policy.

• On the Horizon Asian Dividend Income Fund, Class A and Class I shares may be made available in Euro, Sterling, US Dollar,Singapore Dollars, Swiss Franc and Swedish Krona hedged versions or such other currencies as the Directors of theCompany may determine from time to time (if these currencies are not the base currencies of the Fund concerned). TheInvestment Manager will hedge the Shares of such Classes in relation to the Base Currency of the Horizon Asian DividendIncome Fund. Where such hedging is undertaken, the Investment Manager may use financial swaps, futures, forwardcurrency exchange contracts, options and other derivative transactions in order to preserve the value of the hedged ShareClass currency against the Base Currency of the Horizon Asian Dividend Income Fund. Where undertaken, the effects ofthe hedging will be reflected in the Net Asset Value of the hedged Share Class. Any expenses arising from such hedgingtransactions will be borne by the Share Class in relation to which they have been incurred and will thereby impact on theperformance of that Share Class. Where such hedging is undertaken it may substantially protect investors against adecrease in the value of the Base Currency of the Horizon Asian Dividend Income Fund.

• Investors should note that in certain market conditions, securities held by the Horizon Asian Dividend Income Fund may notbe as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harderto attain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in theevent of sale. The Horizon Asian Dividend Income Fund may therefore be unable to readily sell such securities.


Important information† Investors should refer to the prospectus for full details on performance fee. *Yields are shown net except for bond funds which are shown gross. The Historical Yieldreflects distributions declared over the past 12 months as a percentage of the mid-market share price, at the date shown. It does not include any preliminary charge andinvestors may be subject to tax on their distributions. Fund size at 12pm on last business day of month.Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%. The Henderson Horizon Fund (the “Fund”) is a Luxembourg SICAV incorporated on 30 May 1985, managed by Henderson Management S.A. Any investment application will be made solely on the basis of the information contained in the Fund’s prospectus (including all relevant covering documents), which will contain investment restrictions. This communication has promotional purposes and is intended as a summary only and potential investors must read the Fund’s prospectus and key investor information document before investing. Information is provided on the Fund on the strict understanding that it is to - or for clients resident outside the USA. A copy of the Fund’s prospectus and key investor information document can be obtained from Henderson Global Investors Limited in its capacity as Investment Manager and Distributor. Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355) (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London, EC2M 3AE and authorised and regulated by the Financial Conduct Authority) provide investment products and services. Nothing in this communication is intended to or should be construed as advice. This communication is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. Deductions for charges and expenses are not made uniformly throughout the life of the investment but may be loaded disproportionately at subscription. If you withdraw from an investment up to 90 calendar days after subscribing you may be charged a Trading Fee as set out in the Fund’s prospectus. This may impact the amount of money which you will receive and you may not get back the amount invested. The value of an investment and the income from it can fall as well as rise significantly. Some Sub-Funds of the Fund can be subject to increased volatility due to the composition of their respective portfolios. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. The Fund is a recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme. The Fund is a foreign collective investment scheme registered in the Netherlands with the Authority for the Financial Markets and in Spain with the CNMV with the number 353. A list of distributors is available at www.cnmv.es. A copy of the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the local offices of Henderson Global Investors: 201 Bishopsgate, London, EC2M 3AE for UK, Swedish and Scandinavian investors; Via Dante 14, 20121 Milan, Italy, for Italian investors and Roemer Visscherstraat 43-45, 1054 EW Amersterdam, The Netherlands for Dutch investors; and the Fund’s: Austrian Paying Agent Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas Securities Services, 3, rue d’Antin, F-75002 Paris; German Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial Service Provider CACEIS Belgium S.A., Avenue du Port 86 C b320, B-1000 Brussels; Spanish Representative Allfunds Bank S.A. Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid; Singapore Representative Henderson Global Investors (Singapore) Limited, 6 Battery Road, #12-01 Singapore 049909; or Swiss Representative BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich who are also the Swiss Paying Agent. RBC Investor Services Trust Hong Kong Limited, a subsidiary of the joint venture UK holding company RBC Investor Services Limited, 51/F Central Plaza, 18 Harbour Road, Wanchai, Hong Kong, Tel: +852 2978 5656 is the Fund’s Representative in Hong Kong.

4

HendersonHorizon

ASIAN GROWTH FUND



Launch date01 July 1985

Base currencyUSD

BenchmarkMSCI All Countries Asia (ex Japan)Index


Fund size$31.13m

NAV (USD)A2: 97.70

YTD High/Low NAV (USD)A2: 104.89/92.57

Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0011890851Bloomberg: HENPACI LX Valor: 595288 Reuters: 001189085X.LU WKN: 972769

Fund risk statistics 3 years 5 yearsAlpha 1.0 -2.2Beta 0.8 1.1Sharpe Ratio 1.1 0.4Standard Deviation 10.3 19.2Tracking Error 6.0 6.7Information Ratio -0.3 -0.3

About the fundThe investment objective of the Asian Growth Fund is to seek long-term capital appreciation by investing at least two thirdsof the Fund’s total assets in a variety of sectors across the Asian equity markets (Hong Kong, Thailand, Malaysia, Singapore,China, India, Philippines, South Korea, Taiwan, Indonesia, Australia and New Zealand amongst others). The Fund does notinvest in Japan.Andrew joined Henderson in 2014 as Head of Asia ex Japan Equities. Before joining Henderson, Andrew worked for Aberdeen Asset Management as an Asia & Emerging Markets equity fund manager. Previous to his role at Aberdeen he was a Graduate Trainee in UK equities at Murray Johnstone. Andrew graduated from the University of Edinburgh with a MA Joint Honours in French and European History. Andrew also holds the Investment Management Certificate.

Please note: as of 30 May 2014, Andrew Gillan took over sole management of this fund. On 1 July 2011, the Gartmore SICAV Asia Pacific Fund merged into theHenderson Horizon Asian Growth Fund.To obtain quarterly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Samsung Electronics 7.1Housing Development Finance 4.5Taiwan Semiconductor Manufacturing 4.2AIA Group 4.1Tencent 4.0DBS Group 3.9AYALA Corporation 3.4SK Hynix 3.4CK Hutchison 3.3Baidu 3.1Total number of holdings 38

Top 10 countries (%)China 22.8India 19.8South Korea 15.3Taiwan 11.2Hong Kong 11.0Singapore 7.8Thailand 4.5Philippines 3.4Indonesia 3.2 Cash 0.9


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Henderson Horizon Asian Growth (39.7%)MSCI All Countries Asia (ex Japan) (53.2%)

Top 10 sectors (%)Financials 31.5Information Technology 30.5Consumer Staples 9.5Consumer Discretionary 8.6Telecommunication Services 4.6Materials 4.0Health Care 3.9Industrials 3.3Utilities 1.7Energy 1.5



A2 Index

1 month -2.9 -2.6

YTD 4.0 9.6

1 year 5.5 10.6

5 years 39.7 53.2

Since inception* 1877.7 n/aSource: at 29 May 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.*The A1 share class was launched on 3 January 2005.


A2 Index

31/03/2014 to 31/03/2015 10.8 11.0

28/03/2013 to 31/03/2014 10.3 3.1

30/03/2012 to 28/03/2013 5.6 7.4

31/03/2011 to 30/03/2012 -9.1 -6.8

31/03/2010 to 31/03/2011 12.6 19.8Source: at 31 Mar 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.**Please note the index is MSCI AC Pacific ex Japan until 30 November 2009 and MSCI AC Asia ex Japan post this date.


5

HendersonHorizon

ASIAN GROWTH FUND(continued)

Fund managerAndrew Gillan








• The Horizon Asian Growth Fund may use techniques and instruments for hedging purposes only to protect portfolios againstcurrency fluctuation, market movements and interest rates risks. The use of any of these derivative instruments will notreach a volume which could endanger the spirit of the investment policy.

• Investors should note that in certain market conditions, securities held by the Horizon Asian Growth Fund may not be asliquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harder toattain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in the eventof sale. The Horizon Asian Growth Fund may therefore be unable to readily sell such securities.


Important information† Investors should refer to the prospectus for full details on performance feePlease note: due to rounding the figures in the holdings breakdowns may not add up to 100%. The Henderson Horizon Fund (the “Fund”) is a Luxembourg SICAV incorporated on 30 May 1985, managed by Henderson Management S.A. Any investment application will be made solely on the basis of the information contained in the Fund’s prospectus (including all relevant covering documents), which will contain investment restrictions. This communication has promotional purposes and is intended as a summary only and potential investors must read the Fund’s prospectus and key investor information document before investing. Information is provided on the Fund on the strict understanding that it is to - or for clients resident outside the USA. A copy of the Fund’s prospectus and key investor information document can be obtained from Henderson Global Investors Limited in its capacity as Investment Manager and Distributor. Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355) (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London, EC2M 3AE and authorised and regulated by the Financial Conduct Authority) provide investment products and services. Nothing in this communication is intended to or should be construed as advice. This communication is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. Deductions for charges and expenses are not made uniformly throughout the life of the investment but may be loaded disproportionately at subscription. If you withdraw from an investment up to 90 calendar days after subscribing you may be charged a Trading Fee as set out in the Fund’s prospectus. This may impact the amount of money which you will receive and you may not get back the amount invested. The value of an investment and the income from it can fall as well as rise significantly. Some Sub-Funds of the Fund can be subject to increased volatility due to the composition of their respective portfolios. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. The Fund is a recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme. The Fund is a foreign collective investment scheme registered in the Netherlands with the Authority for the Financial Markets and in Spain with the CNMV with the number 353. A list of distributors is available at www.cnmv.es. A copy of the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the local offices of Henderson Global Investors: 201 Bishopsgate, London, EC2M 3AE for UK, Swedish and Scandinavian investors; Via Dante 14, 20121 Milan, Italy, for Italian investors and Roemer Visscherstraat 43-45, 1054 EW Amersterdam, The Netherlands for Dutch investors; and the Fund’s: Austrian Paying Agent Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas Securities Services, 3, rue d’Antin, F-75002 Paris; German Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial Service Provider CACEIS Belgium S.A., Avenue du Port 86 C b320, B-1000 Brussels; Spanish Representative Allfunds Bank S.A. Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid; Singapore Representative Henderson Global Investors (Singapore) Limited, 6 Battery Road, #12-01 Singapore 049909; or Swiss Representative BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich who are also the Swiss Paying Agent. RBC Investor Services Trust Hong Kong Limited, a subsidiary of the joint venture UK holding company RBC Investor Services Limited, 51/F Central Plaza, 18 Harbour Road, Wanchai, Hong Kong, Tel: +852 2978 5656 is the Fund’s Representative in Hong Kong.

6

HendersonHorizon

CHINA FUND



Launch date25 January 2008

Base currencyUSD

BenchmarkMSCI China Index


Fund size$172.45m

No of holdings (long/short)48/9

NAV (USD)A1: 17.14A2: 17.24


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0327786744Bloomberg: HENCHFA LX Valor: 3537485 Reuters: 65101640 WKN: A0M7WU

Fund risk statistics 3 years 5 yearsAlpha 3.1 -4.7Beta 0.9 1.4Sharpe Ratio 1.2 0.4Standard Deviation 15.3 29.1Tracking Error 5.9 14.8Information Ratio 0.2 -0.2

About the fundThe investment aim of Henderson Horizon China Fund is to seek long-term capital appreciation through investment in securities listed primarilyin China, Hong Kong and Taiwan. It can also invest in companies incorporated elsewhere that have significant assets, business, production, tradingactivity or other interests in China, Hong Kong or Taiwan. At least two thirds of the total assets will be invested in companies having their registeredoffice in China, Hong Kong or Taiwan and companies with their registered office outside these territories that carry out their business activitiespredominantly in China, Hong Kong or Taiwan, The fund may invest in China A-Shares, directly through Shanghai-Hong Kong Stock Connect andother eligible exchanges or indirectly through derivative instruments. Exposure to China A-Shares will not be more than 35% of the fund’s netasset value. The fund will be using a diversified range of instruments with a view to enhancing the performance of the Fund. (Please see Prospectusfor full investment policy).

Charlie joined Henderson in 2011 as an Investment Manager. Charlie joined Gartmore in September 2001, with responsibility for research into the materials sector. In September 2003, Charlie assumed the role of Investment Manager and began supporting the management of the Gartmore China Opportunities Fund. As a sector specialist he conducted research into the industrials and materials sectors for Global Emerging markets products. Charlie spent six months working in Gartmore’s Hong Kong office focusing on opportunities in the Chinese market, returning in April 2006. Charlie was appointed Fund Manager of the Gartmore China Opportunities Fund on June 2006.

Charlie is a CFA charter holder and holds a first class Honours BSc in Geography from the University of Bristol.

Please note: As of 6 February 2015, Charlie Awdry took over management of this fund from Caroline Maurer. On 2 July 2012 the Fund changed its benchmark fromthe MSCI AC Golden Dragon Index to the MSCI China Index. As of 1 February 2013, Andrew Mattock was no longer co-manager.To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Tencent 8.8China Mobile 8.6China Life Insurance 7.6AIA Group 5.6China Construction Bank 4.8Industrial & Commercial Bank of China 4.6Bank of China 3.9China Vanke 3.5China Overseas Land & Investment 3.4Hong Kong Exchanges and Clearing 3.1Total number of holdings 57

Exchanges where the fund invests*(% )Hong Kong 81.9China B Shares 5.5US (including ADR's) 5.3China A shares 3.6Taiwan 1.8 Cash 1.8*Source: Henderson Global Investors. Pleasenote that the figures have been rounded andtherefore may not equal 100% whereapplicable. Represents net exposure.

Total exposure (%)Long Exposure 110.7Short Exposure -12.5Net Market Exposure 98.2Gross Market Exposure 123.2


60

80

100

120

140

160

180

May10

May11

May12

May13

May14

May15

Henderson Horizon China (48.4%)MSCI China (70.1%)

On 2 July 2012 the Fund changed its benchmark from the MSCI AC Golden Dragon Index to theMSCI China Index. The benchmark shown on the graph is the composite of the two.

Sector profile (%) Long Short NetFinancials 41.1 1.0 40.1Information Technology 18.3 0.0 18.3Telecommunication Services 10.5 0.8 9.7Consumer Discretionary 11.9 2.8 9.0Health Care 8.3 0.8 7.5Consumer Staples 8.1 2.0 6.1Industrials 5.3 0.0 5.3Utilities 4.1 2.1 2.0Materials 1.7 0.0 1.7Energy 1.5 2.9 -1.4 Total 110.7 12.5 98.2



A1 A2 Index

1 month -2.9 -3.0 -3.7

YTD 15.6 15.5 21.5

1 year 32.3 32.3 36.2

5 years 48.5 48.4 70.1

Since inception* 72.6 72.4 48.5Source: at 29 May 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.*The A1 share class was launched on 25 January 2008.


A1 A2 Index

31/03/2014 to 31/03/2015 22.5 22.5 24.0

28/03/2013 to 31/03/2014 10.8 10.8 2.2

30/03/2012 to 28/03/2013 5.6 5.7 5.5

31/03/2011 to 30/03/2012 -25.2 -25.2 -8.5



7

HendersonHorizon

CHINA FUND(continued)

Fund managerCharlie Awdry








• The fund may use investment techniques, including some that involve derivatives, to obtain or amplify its exposure to variousinvestments, and may also use these techniques for efficient portfolio management or to manage risks. Certain derivativescould behave unexpectedly or could expose the fund to losses that are significantly greater than the cost of the derivative.

• Investors should note that in certain market conditions, securities held by the Horizon China Fund may not be as liquid asthey would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harder to attain areasonable price and there is a risk that the price at which the security is valued may not be realisable in the event of sale.The Horizon China Fund may therefore be unable to readily sell such securities.

• The fund may access Chinese securities through the Shanghai-Hong Kong Stock Connect programme, whose currentregulations impose compulsory requirements which may restrict the fund’s ability to invest and so the Fund may not be ableto effectively pursue its investment strategy. The recognition of the fund’s beneficial ownership of the securities acquiredthrough this programme is untested and the Fund will be exposed to counterparty risk with brokers and with the ChinaSecurities Depository and Clearing Corporation Limited. Please see the fund’s prospectus for further information about therisks of investing through this programme.


Important informationThe exchanges table illustrates the financial exchanges where shares are purchased for the Fund. Shares in Chinese companies are often traded on exchanges outside of China even though they may relate toChinese based companies. Many Chinese companies are listed on the Hong Kong exchange as this is the primary source of foreign capital. An A-share is a domestic Chinese share class. A B-share is a domesticshare class that is traded in a currency other than the Chinese currency, such as the Hong Kong Dollar or US Dollar. An ADR is a stock listed in US stock markets to facilitate trading in shares of non-UScompanies.† Investors should refer to the prospectus for full details on performance fee. Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%. The Henderson Horizon Fund (the “Fund”) is a Luxembourg SICAV incorporated on 30 May 1985, managed by Henderson Management S.A. Any investment application will be made solely on the basis of the information contained in the Fund’s prospectus (including all relevant covering documents), which will contain investment restrictions. This communication has promotional purposes and is intended as a summary only and potential investors must read the Fund’s prospectus and key investor information document before investing. Information is provided on the Fund on the strict understanding that it is to - or for clients resident outside the USA. A copy of the Fund’s prospectus and key investor information document can be obtained from Henderson Global Investors Limited in its capacity as Investment Manager and Distributor. Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355) (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London, EC2M 3AE and authorised and regulated by the Financial Conduct Authority) provide investment products and services. Nothing in this communication is intended to or should be construed as advice. This communication is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. Deductions for charges and expenses are not made uniformly throughout the life of the investment but may be loaded disproportionately at subscription. If you withdraw from an investment up to 90 calendar days after subscribing you may be charged a Trading Fee as set out in the Fund’s prospectus. This may impact the amount of money which you will receive and you may not get back the amount invested. The value of an investment and the income from it can fall as well as rise significantly. Some Sub-Funds of the Fund can be subject to increased volatility due to the composition of their respective portfolios. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. The Fund is a recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme. The Fund is a foreign collective investment scheme registered in the Netherlands with the Authority for the Financial Markets and in Spain with the CNMV with the number 353. A list of distributors is available at www.cnmv.es. A copy of the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the local offices of Henderson Global Investors: 201 Bishopsgate, London, EC2M 3AE for UK, Swedish and Scandinavian investors; Via Dante 14, 20121 Milan, Italy, for Italian investors and Roemer Visscherstraat 43-45, 1054 EW Amersterdam, The Netherlands for Dutch investors; and the Fund’s: Austrian Paying Agent Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas Securities Services, 3, rue d’Antin, F-75002 Paris; German Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial Service Provider CACEIS Belgium S.A., Avenue du Port 86 C b320, B-1000 Brussels; Spanish Representative Allfunds Bank S.A. Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid; Singapore Representative Henderson Global Investors (Singapore) Limited, 6 Battery Road, #12-01 Singapore 049909; or Swiss Representative BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich who are also the Swiss Paying Agent. RBC Investor Services Trust Hong Kong Limited, a subsidiary of the joint venture UK holding company RBC Investor Services Limited, 51/F Central Plaza, 18 Harbour Road, Wanchai, Hong Kong, Tel: +852 2978 5656 is the Fund’s Representative in Hong Kong.

8

HendersonHorizon

EUROLAND FUND




Base currencyEUR

BenchmarkMSCI EMU Net Return EUR Index

Minimum investment or currencyequivalent€2,500

Fund size€994.40m

NAV (EUR)A2: 45.38

YTD High/Low NAV (EUR)A2: 46.59/36.89

Last dividend (A2)EUR 0.00(28/09/01)


Performance fee†



(A2) CodesISIN: LU0011889846Bloomberg: HENEUDI LX Valor: 595298 Reuters: 001188984X.LU WKN: 989226

RatingsMorningstar rating -QQQQQFund risk statistics 3 years 5 yearsAlpha 8.2 5.4Beta 0.8 0.8Sharpe Ratio 2.5 1.2Standard Deviation 10.3 12.3Tracking Error 5.5 5.8Information Ratio 1.0 0.7

About the fundThe investment objective of the Euroland Fund is to seek long-term capital appreciation by investing at least 75% of its totalassets in equity securities of companies incorporated or having their principal business activities in Euroland countries (i.e.countries having adopted the Euro as their national currency in the member states of the European Monetary Union). The Fundis denominated in €.Nicholas Sheridan joined Henderson following the acquisition of New Star. He is lead Manager of the Henderson Horizon Continental European Equity Fund which was renamed the Henderson Horizon Euroland Fund. He has proven fund manager experience in equities and has been managing money since 1989. He worked as a Senior Portfolio Manager at Wise Speke before joining BWD Rensburg in 1990 as their Director of Gross Funds and Manager of their Staff Pension Fund. Prior to joining New Star in 2007, he worked at Tilney from 2001 as director of European equities. Nicholas has passed the Securities Industry Diploma and holds a BA (Hons) in Politics from Liverpool University.

Please note: as at 8 November 2011, the fund changed its name to Euroland and has a new objective, benchmark and fund manager.To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Reed Elsevier 5.7ING Groep 3.9Sanofi 3.9Renault 3.4Total 3.4Natixis 3.1Continental 3.1Sampo 3.1Allianz 3.0UPM-Kymmene 3.0Total number of holdings 49

Top 10 countries (%)France 30.9Netherlands 21.5Germany 14.6Finland 10.3Italy 7.3Spain 6.3Denmark 3.2Ireland 2.6United Kingdom 1.1Portugal 1.0Cash 1.3

Performance in EURPercentage growth, 31 May 10 to 29 May 15.

70

100

130

160

190

220

May10

May11

May12

May13

May14

May15

Henderson Horizon Euroland (109.9%)MSCI EMU Net Return EUR (77.3%)

On 8 November 2011 the benchmark changed from the FTSE World Europeex UK Index to the EMU Net Return EUR. The benchmark shown on the graphis the composite of the two.

Top 10 sectors (%)Financials 23.2Consumer Services 19.1Consumer Goods 16.2Industrials 15.6Basic Materials 8.2Health Care 5.0Technology 4.5Oil & Gas 3.4Utilities 2.2Telecommunications 1.5



A2 Index

1 month 2.4 0.4

YTD 20.0 17.4

1 year 16.3 15.1

5 years 109.9 77.3

Since inception* 1344.8 n/aSource: at 29 May 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.*The A1 share class was launched on 3 January 2005.


A2 Index

31/03/2014 to 31/03/2015 15.8 20.5

28/03/2013 to 31/03/2014 35.6 23.9

30/03/2012 to 28/03/2013 22.6 11.2

31/03/2011 to 30/03/2012 0.0 -7.2

31/03/2010 to 31/03/2011 -1.7 8.3Source: at 31 Mar 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.


9

HendersonHorizon

EUROLAND FUND(continued)

Fund managerNick Sheridan








• The Horizon Euroland Fund may use techniques and instruments for hedging purposes only to protect portfolios againstcurrency fluctuation, market movements and interest rates risks. The use of any of these derivative instruments will notreach a volume which could endanger the spirit of the investment policy.

• Investors should note that in certain market conditions, securities held by the Horizon Euroland Fund may not be as liquidas they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harder to attain areasonable price and there is a risk that the price at which the security is valued may not be realisable in the event of sale.The Horizon Euroland Fund may therefore be unable to readily sell such securities.



10

HendersonHorizon

EUROPEAN GROWTH FUND



Launch date03 February 2011 (A2)16 August 2002 (R)

Base currencyEUR

BenchmarkFTSE World Europe (ex UK) Index


Fund size€118.00m

NAV (EUR)A2: 17.23R: 17.03

YTD High/Low NAV (EUR)A2: 17.37/13.84R: 17.17/13.69

Last dividendn/a


Performance fee†

10% of the 'Relevant Amount' (notapplicable for R share class)


(A2) CodesISIN: LU0503932328Bloomberg: HHEGA2E LX Valor: 11250094 WKN: A1CZNJ

(R) CodesISIN: LU0504465815Bloomberg: HHEUGRU LX Valor: 11243320 Reuters: 68052218 WKN: A1CZNK

Fund risk statistics 3 years 5 yearsAlpha 4.0 n/aBeta 0.8 n/aSharpe Ratio 2.3 n/aStandard Deviation 9.4 n/aTracking Error 6.0 n/aInformation Ratio -0.2 n/a

About the fundThe investment objective of the European Growth Fund is to achieve long term capital growth principally through investmentin the equity of companies located or listed in Europe (excluding the United Kingdom) or, in the opinion of the InvestmentManager, deriving a preponderant part of their income from Europe (excluding the United Kingdom).The Fund invests at least 75% of its total assets in equity securities of companies having their registered office in the EEA. Simon Rowe joined Henderson in 2009 from New Star Asset Management where he was Fund Manager for European Equities. Simon has extensive experience in this sector and has worked for a number of firms over the last 24 years. In 1985 Simon joined BT Financial News Service as a Financial Journalist and took a similar position in 1986 at Investors Chronicle, part of the Financial Times Group. In 1989 Simon moved to Radio Free Europe in Munich as Economics Editor before joining Kleinwort Benson as German Equity Analyst. From 1993 until 2001 Simon worked as a freelance Management Consultant and Private Equity Advisor. Simon graduated from Cambridge where he attained a BA in History.

Please note that as of 15 October 2014, Simon Rowe took over sole management of this fund. The New Star European Growth Fund merged with the HendersonHorizon European Growth Fund on 18 June 2010.To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Novo Nordisk 4.8DCC 4.6Sampo 4.1Zodiac Aerospace 3.9Atlas Copco 3.8Nordea Bank 3.7Reed Elsevier 3.7Kerry Group 3.6Novartis 3.5FUCHS PETROLUB 3.4Total number of holdings 44

Top 10 countries (%)Germany 17.0Switzerland 15.4France 14.6Netherlands 12.0Sweden 11.5Finland 10.4Denmark 6.9United Kingdom 4.6Ireland 3.6Belgium 2.7Cash 1.4


70

100

130

160

190

220

May10

May11

May12

May13

May14

May15

Henderson Horizon European Growth (104.1%)FTSE World Europe (ex UK) (88.4%)

Performance for the fund is a combination of the A2 and R Share Classes.The B share class launched on 18 January 2006. As of 1 Dec 2010, B andR share classes shall be closed to investments from new investors.

Top 10 sectors (%)Industrials 28.9Basic Materials 17.8Consumer Goods 15.6Financials 12.3Health Care 12.2Consumer Services 11.3Technology 0.5



A2 R Index

1 month 5.1 5.1 1.3

YTD 22.9 22.8 19.2

1 year 26.4 26.4 18.5

5 years n/a 104.1 88.4



A2 R Index

31/03/2014 to 31/03/2015 27.8 27.7 22.8

28/03/2013 to 31/03/2014 13.2 12.8 19.9

30/03/2012 to 28/03/2013 19.3 20.2 16.3

31/03/2011 to 30/03/2012 -2.9 -2.8 -5.9

31/03/2010 to 31/03/2011 n/a 13.4 8.3Source: at 31 Mar 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.


11

HendersonHorizon

EUROPEAN GROWTH FUND(continued)

Fund managerSimon Rowe








• The Horizon European Growth Fund may use techniques and instruments for hedging purposes only to protect portfoliosagainst currency fluctuation, market movements and interest rates risks. The use of any of these derivative instruments willnot reach a volume which could endanger the spirit of the investment policy.

• On the Horizon European Growth Fund, Class R shares may be made available in Euro, Sterling, US Dollar, SingaporeDollars, Swiss Franc and Swedish Krona hedged versions or such other currencies as the Directors of the Company maydetermine from time to time (if these currencies are not the base currencies of the Fund concerned). The InvestmentManager will hedge the Shares of such Classes in relation to the Base Currency of the Horizon European Growth Fund.Where such hedging is undertaken, the Investment Manager may use financial swaps, futures, forward currency exchangecontracts, options and other derivative transactions in order to preserve the value of the hedged Share Class currencyagainst the Base Currency of the Horizon European Growth Fund. Where undertaken, the effects of the hedging will bereflected in the Net Asset Value of the hedged Share Class. Any expenses arising from such hedging transactions will beborne by the Share Class in relation to which they have been incurred and will thereby impact on the performance of thatShare Class. Where such hedging is undertaken it may substantially protect investors against a decrease in the value ofthe Base Currency of the Horizon European Growth Fund.

• Investors should note that in certain market conditions, securities held by the Horizon European Growth Fund may not beas liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harder toattain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in the eventof sale. The Horizon European Growth Fund may therefore be unable to readily sell such securities.



12

HendersonHorizon

GLOBAL EQUITY INCOME FUND



Launch date06 May 2014

Base currencyUSD

BenchmarkMSCI World Index


Fund size$7.21m

NAV (USD)A2: 103.41




Performance fee†



(A2) USD CodesISIN: LU1059380805Bloomberg: HGEA2AU LX Valor Code: 24310816 WKN: A112TX

Fund risk statistics 3 years 5 yearsAlpha n/a n/aBeta n/a n/aSharpe Ratio n/a n/aStandard Deviation n/a n/aTracking Error n/a n/aInformation Ratio n/a n/a

About the fundThe investment objective of the Global Equity Income Fund is to provide an above-benchmark dividend yield with the potential for capital growth. The Fundwill invest primarily in equity and equity related securities of companies throughout the world. The Fund may also invest in fixed income securities, preferredstocks and convertible bonds.Alex Crooke joined Henderson Global Investors in 1994 as an Associate Director of Investment Trusts after starting his investment career as a US investment analyst with Equitable Life Assurance Society in 1990. In mid 1994 he was recruited by Henderson, to co-manage the UK assets of Witan Investment Trust. His role broadened out within Henderson to become fund manager for a number of income based Unit Trusts and Investment Trusts. Alex has managed The Bankers Investment Trust PLC since 2003 and Henderson High Income Trust PLC since 1997. He is also the co-manager of Henderson’s US domiciled mutual fund, Global Equity Income and lead manager of Henderson Dividend and Income Builder. In 2013 he was appointed Head of Global Equity Income, bringing together all the equity focussed income teams within Henderson. Alex graduated from Manchester University with a BSc (Hons) Physics with Astrophysics and is an Associate Member of the Society of Investment Professionals (ASIP). Andrew is a member of the Henderson Global Equity Income Team. Andrew has managed the team’s Global Equity Income OEIC with Ben Lofthouse since May 2012, and is also the fund manager of the Henderson Global Care UK Income Fund and a number of other institutional mandates. He joined Henderson in 2005 from Invesco Asset Management where he spent 10 years as a UK Equities fund manager, and was the co-manager of the Invesco Perpetual Income and Growth Fund for six years. Andrew graduated from Queens’ College, Cambridge with a BA (Hons) in Economics and holds the Securities Institute Diploma. Ben is a member of the Henderson Global Equity Income Team. Ben has managed the team’s Global Equity Income OEIC with Andrew Jones since May 2012, and has managed the Henderson International Income Trust plc since its launch in April 2011. In addition to fund management duties, Ben covers the Support Services and Food & Beverages sectors for Henderson’s Equity Department. He joined Henderson Global Investors in 2004 as an Investment Analyst and Assistant Fund Manager having previously trained as a Chartered Accountant with PricewaterhouseCoopers in their Banking and Capital Markets division. He also worked in the PricewaterhouseCoopers Business Recovery Services team. Ben graduated from Exeter University with a BA (Hons) in Business Economics. He is also a CFA Charterholder.

To obtain quarterly commentary from our fund manager and prospectus, please visit our website on: www.henderson.com.

Top 10 holdings (%)Pfizer 3.6Microsoft 3.4Novartis 3.4Roche 3.2Imperial Tobacco Group 2.6Reed Elsevier 2.4Deutsche Post 2.2Vodafone Group 2.1Reynolds American 2.1Wells Fargo 2.0Total number of holdings 69

Top 10 sectors (%)Pharmaceuticals 12.7Media 8.4Insurance 8.3Diversified Telecommunication Services 6.4Banks 6.2Tobacco 5.7Industrial Conglomerates 4.6Air Freight & Logistics 3.6Software 3.4Food Products 3.2Cash 0.8

Performance

Due to FCA regulations we are only permitted to show fundperformance over a minimum period of one year. As thisshareclass was launched in May 2014 we cannot show thesefigures until July 2015 when full performance is available.

13

HendersonHorizon

GLOBAL EQUITY INCOME FUND(continued)

Fund managerBen Lofthouse

Fund managerAndrew Jones

Fund managerAlex Crooke




What are the risks specific to this fund?• Where the funds invest in assets (including cash) which are denominated in currencies other than the base currency (USD)

then currency exchange rate movements may cause the value of investments to fall as well as rise.• If a fund’s management charge is taken from its capital, then this may allow more income to be paid, however, it may also

restrict capital growth or even result in capital erosion over time.• This fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should

consider carefully the proportion of their portfolio invested into this fund.


14

HendersonHorizon

GLOBAL NATURAL RESOURCES FUND




Base currencyUSD

BenchmarkS&P Global Natural ResourcesAccumulation Index


Fund size$6.40m

NAV (EUR)A2: 101.01


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU1073139583Bloomberg: HHGNA2E LX Valor: 24658713 WKN: A116RW


About the fundThe investment objective of the Global Natural Resources Fund is to achieve long-term capital appreciation by investing primarily in equity andequity related securities of companies in any geographic area in the world, which derive the main part of their revenue from the natural resourcessector, such as, but not limited to, companies engaged in mining, energy and agriculture.David joined 90 West in July 2011 as equal partner and shareholder. A geologist by training, David has more than three decades experience of natural resource investing. From 1997 to 2010, David was Head of Global Resources at Colonial First State Investments and a lead portfolio manager. He was responsible for the group’s initial move into the sector and oversaw growth in global resource assets to more than US5bn within a decade. David began his career in the early 1980s, working as an exploration geologist before holding analyst and portfolio management positions. Clive founded 90 West Asset Management in July 2008 and has 25 years’ investment experience. He is Managing Director and lead long/short portfolio manager. Clive is an agricultural expert and also a farmer. Prior to 90 West, Clive worked at Merrill Lynch, which he joined in 1998 where he became Head of the Melbourne Institutional desk. Daniel joined 90 West in May 2013 as a Resource Analyst and has 25 years’ industry experience. Prior to joining 90 West, Daniel worked at Goldman Sachs, Deutsche Asset Management, Zurich Scudder Investments and AMP Investments. He is a Mining Engineer and is experienced in managing resource equity funds. The Sub-Investment Manager for the Global Natural Resources Fund is 90 West Asset Management Ltd, a specialist natural resources investment manager. 90 West Asset Management Ltd, a regulated investment manager within Australia, has been managing collective investment schemes or discretionary funds in Australia since 2008.

To obtain quarterly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Kinder Morgan 5.0CF Industries 4.6Monsanto 4.6BHP Billiton 4.5Tyson Foods 4.3Lundin Mining 4.0Exxon Mobil 3.9Rio Tinto 3.8Syngenta 3.7EOG Resources 3.3Total number of holdings 55

Top 10 countries (%)United States 44.0Canada 25.8United Kingdom 9.2Switzerland 5.2Denmark 3.2Netherlands 3.1Australia 2.1Norway 1.6New Zealand 0.7Brazil 0.5Cash 3.8

Performance

Due to FCA regulations we are only permitted to show fundperformance over a minimum period of one year. As this fundwas launched in July 2014 we cannot show these figures untilAugust 2015 when full performance is available.

Top 10 sectors (%)Metals & Mining 30.4Oil, Gas & Consumable Fuels 26.8Chemicals 20.0Food Products 12.6Paper & Forest Products 2.3Pharmaceuticals 2.2Energy Equipment & Services 0.9Road & Rail 0.6Machinery 0.3Technology Hardware, Storage & Peripherals 0.0

15

HendersonHorizon

GLOBAL NATURAL RESOURCES FUND(continued)

Fund managerDavid Whitten

Fund managerClive Landale

Fund managerDaniel Sullivan








• Investors should note that in certain market conditions, securities held by the Global Natural Resources Fund may not beas liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harder toattain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in the eventof sale. The Global Natural Resources Fund may therefore be unable to readily sell such securities.

• The Global Natural Resources Fund may use techniques and instruments for hedging purposes only to protect portfoliosagainst currency fluctuation, market movements and interest rates risks. The use of any of these derivative instruments willnot reach a volume which could endanger the spirit of the investment policy.



16

HendersonHorizon

GLOBAL OPPORTUNITIES FUND



Launch date29 November 2001

Base currencyUSD

BenchmarkMSCI World Index


Fund size$7.35m

NAV (USD)A1: 20.45A2: 20.48


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0138809214Bloomberg: HENGEA2 LX Valor: 1330707 Reuters: 013880921X.LU WKN: 982682

RatingsMorningstar rating -QQQFund risk statistics 3 years 5 yearsAlpha -2.0 -3.0Beta 1.0 1.0Sharpe Ratio 1.5 0.8Standard Deviation 9.6 14.7Tracking Error 4.8 4.8Information Ratio -0.7 -0.6

About the fundThe investment objective of the Global Opportunities Fund is to seek long term capital appreciation by investing in companiesin any geographic area in the world. The geographic asset allocation of the Fund will be based on the Manager's then prevailingpolicy and stock selection will be carried out on a regional basis.Matthew joined Henderson in 2012 as Head of Global Equities, having managed global equities for over 18 years. His investment process and philosophy is similarly aligned to that of the Henderson Global Equity Team. Previously he had been Partner and Portfolio Manager at Trinity Street Asset Management, as well as Senior Portfolio Manager and Vice-President at JP Morgan Asset Management. Prior to this he had gained his first career experience as a Portfolio Manager at Mercury Asset Management/Merrill Lynch Investment Managers. Matthew graduated from the University of Manchester with a BA (Hons) degree in Politics and Modern History. He is also a CFA Charterholder.


Top 10 holdings (%)Vodafone Group 3.2Towers Watson 3.1eBay 3.1Sumitomo Mitsui Financial Group 3.1Citizens Financial Group 3.1Crown 3.1Gildan Activewear 3.0Lloyds Banking Group 3.0PVH 3.0Aon 3.0Total number of holdings 39

Top 10 countries (%)United States 51.0Japan 10.5United Kingdom 10.0France 7.7Italy 4.2Canada 3.0Spain 2.9Israel 2.8Belgium 2.7India 0.5Cash 4.6


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May15

Henderson Horizon Global Opportunities (65.0%)MSCI World (88.1%)

Top 10 sectors (%)Financials 21.8Information Technology 16.6Industrials 15.4Health Care 12.4Consumer Discretionary 10.1Telecommunication Services 7.0Energy 5.1Consumer Staples 3.8Materials 3.1



A1 A2 Index

1 month 2.7 2.7 0.4

YTD 7.5 7.5 5.4

1 year 3.8 4.0 6.3

5 years 65.2 65.0 88.1



A1 A2 Index

31/03/2014 to 31/03/2015 -2.6 -2.1 6.6

28/03/2013 to 31/03/2014 24.4 23.6 19.7

30/03/2012 to 28/03/2013 4.0 4.0 12.5

31/03/2011 to 30/03/2012 3.2 3.2 1.1



17

HendersonHorizon

GLOBAL OPPORTUNITIES FUND(continued)

Fund managerMatthew Beesley








• The Horizon Global Opportunities Fund may use techniques and instruments for hedging purposes only to protect portfoliosagainst currency fluctuation, market movements and interest rates risks. The use of any of these derivative instruments willnot reach a volume which could endanger the spirit of the investment policy.

• Investors should note that in certain market conditions, securities held by the Horizon Global Opportunities Fund may notbe as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harderto attain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in theevent of sale. The Horizon Global Opportunities Fund may therefore be unable to readily sell such securities.



18

HendersonHorizon

GLOBAL PROPERTY EQUITIES FUND



Launch date03 January 2005

Base currencyUSD

BenchmarkFTSE EPRA/NAREIT DevelopedIndex


Fund size$0.68bn

NAV (USD)A1: 15.76A2: 18.02




Performance fee†



(A2) CodesISIN: LU0209137388Bloomberg: HHGPEA2 LX Valor: 2032531 WKN: A0DPM3

RatingsMorningstar rating -QQQFund risk statistics 3 years 5 yearsAlpha -2.0 -2.7Beta 1.0 1.0Sharpe Ratio 0.9 0.7Standard Deviation 11.3 15.2Tracking Error 2.2 2.3Information Ratio -1.3 -1.4

About the fundThe investment objective of the Global Property Equities Fund is to seek long term capital appreciation by investing in thequoted equity securities of companies or Real Estate Investment Trusts (or equivalents) listed or traded on a regulated marketwhich derive the main part of their revenue from the ownership, management and/or development of real estate, throughoutthe world.Guy joined Henderson Global Investors in 2006 as an analyst with the Property Equities team. He subsequently became a Fund Manager in 2008 and deputy head of Global Property Equities in 2012. He began his career within the Financial Control function at UBS where he spent a period of three years. Guy holds a First Class BSc (Hons) degree in Mathematics and Management from Loughborough University and is a CFA charter holder. Tim has eleven years’ experience in the listed real estate sector. Before joining Henderson Global Investors in March 2011, Tim was European Fund Manager at AMP Capital Brookfield, responsible for portfolio construction and execution of a $1bn indirect real estate fund. Prior to this, Tim worked as an analyst for Morgan Stanley in their European Real Estate Investment Team, in London and Amsterdam, providing investment recommendations on property companies in the UK and Europe. Tim holds an MA (Hons) in Economics from St Andrews University, Scotland and received the Robert Trent Jones Scholarship to the University of Western Ontario, Canada.

Please note that as of 1 July 2014, Tim Gibson took over co-management of this fund from Patrick Sumner.On 1 July 2011 the Fund changed its benchmark from the FTSE Epra Nareit Developed Index Gross to the FTSE Epra Nareit Developed Index Net. To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Simon Property Group 6.4Mitsui Fudosan 4.4Ventas 3.8Sun Hung Kai Properties 3.8Equity Residential 3.4British Land 3.0Boston Properties 2.9Hongkong Land 2.8Essex Property Trust 2.5UDR 2.3Total number of holdings 72

Top 10 countries (%)United States 51.0Japan 9.7United Kingdom 8.3Hong Kong 6.3Australia 5.8Singapore 4.8Canada 3.7Netherlands 2.6France 2.6Germany 1.6Cash 0.9


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May14

May15

Henderson Horizon Global Property Equities (58.2%)FTSE EPRA/NAREIT Developed (77.8%)



A1 A2 Index

1 month -1.1 -1.1 -1.5

YTD -0.5 -0.5 0.8

1 year 2.9 2.9 5.1

5 years 58.3 58.2 77.8



A1 A2 Index

31/03/2014 to 31/03/2015 12.0 11.9 15.2

28/03/2013 to 31/03/2014 -2.9 -2.9 1.5

30/03/2012 to 28/03/2013 21.4 21.4 20.2

31/03/2011 to 30/03/2012 -0.4 -0.5 2.7



19

HendersonHorizon

GLOBAL PROPERTY EQUITIES FUND(continued)

Fund managerTim Gibson

Fund managerGuy Barnard







• The value of an investment in the Company will be affected by fluctuations in the value of the currency of denomination ofthe relevant fund's Shares against the value of the currency of denomination of that Fund's underlying investments. Adversefluctuations in currency exchange rates can result in a decrease in return and in a loss of capital.

• The Horizon Global Property Equities Fund may use techniques and instruments for hedging purposes only to protectportfolios against currency fluctuation, market movements and interest rates risks. The use of any of these derivativeinstruments will not reach a volume which could endanger the spirit of the investment policy.

• On the Horizon Global Property Equities Fund, Class A, Class I and Class S shares may be made available in Euro, Sterling,US Dollar, Singapore Dollars, Swiss Franc and Swedish Krona hedged versions or such other currencies as the Directorsof the Company may determine from time to time (if these currencies are not the base currencies of the Fund concerned).The Investment Manager will hedge the Shares of such Classes in relation to the Base Currency of the Horizon GlobalProperty Equities Fund. Where such hedging is undertaken, the Investment Manager may use financial swaps, futures,forward currency exchange contracts, options and other derivative transactions in order to preserve the value of the hedgedShare Class currency against the Base Currency of the Horizon Global Property Equities Fund. Where undertaken, theeffects of the hedging will be reflected in the Net Asset Value of the hedged Share Class. Any expenses arising from suchhedging transactions will be borne by the Share Class in relation to which they have been incurred and will thereby impacton the performance of that Share Class. Where such hedging is undertaken it may substantially protect investors againsta decrease in the value of the Base Currency of the Horizon Global Property Equities Fund.


• Investors should note that in certain market conditions, securities held by the Horizon Global Property Equities Fund maynot be as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may beharder to attain a reasonable price and there is a risk that the price at which the security is valued may not be realisable inthe event of sale. The Horizon Global Property Equities Fund may therefore be unable to readily sell such securities.



20

HendersonHorizon

GLOBAL TECHNOLOGY FUND




Base currencyUSD

BenchmarkMSCI All Countries WorldInformation Technology Index


Fund size$2.79bn

NAV (USD)A1: 53.20A2: 53.20


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0070992663Bloomberg: HENGLTI LX Valor: 539377 Reuters: 007099266X.LU WKN: 989234

RatingsMorningstar rating -QQQQFund risk statistics 3 years 5 yearsAlpha -2.4 -1.5Beta 1.0 1.0Sharpe Ratio 1.6 0.9Standard Deviation 9.9 14.9Tracking Error 3.6 3.9Information Ratio -0.8 -0.5

About the fundThe investment objective of the Global Technology Fund is to seek long-term capital appreciation by investing in a globally diversified portfolio oftechnology-related companies. The Fund aims to take advantage of market trends internationally. The Fund takes a geographically diversifiedapproach and operates within broad asset allocation ranges. There are no specified limits on the amounts that the Fund can or must invest in anygeographical region or single country.Stuart O’Gorman has been Director of Technology Investment at Henderson Global Investors since joining the company at the beginning of 2001. He is lead manager on the Henderson Horizon Global Technology Fund, Henderson Global Technology OEIC and a segregated mandate. Additionally, Stuart is co-manager on the Henderson Global Technology Mutual Fund. He has 18 years’ industry experience. Prior to joining Henderson, he spent five years as a specialist technology manager with Scottish Equitable Asset Management (now known as Aegon UK).Stuart holds a Master’s degree in Financial Economics and a Diploma in Investment Analysis from the Universities of Dundee and Stirling respectively. He is an Associate Member of the Society of Investment Professionals. Alison Porter joined Henderson in 2014 as a Portfolio Manager in the Global Technology team as deputy manager on the Henderson Horizon Global Technology Fund. Alison has 19 years industry experience having worked with Ignis Asset Management (formerly Resolution and Britannic Asset Management) in a variety of roles including, as an analyst covering Consumer, Healthcare and Technology, co-Manager of a Global Technology Fund, Portfolio Manager and Head and Co-Head of US Equities. Prior to working in the investment management industry, Alison gained a Masters in Investment Analysis from the University of Stirling. She has a BA (Hons) in Economics and Industrial Relations from the University of Strathclyde, holds the Investment Management Certificate (IMC), has passed the IIMR examinations and is a CFA member.

Please note that as of 1 November 2014, Alison Porter took over co-management of this fund from Ian Warmerdam.To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Apple 9.7Google 6.9Microsoft 5.6Facebook 4.2Oracle 4.1Cisco Systems 3.7Visa 3.7Samsung Electronics 3.4MasterCard 3.0Tencent 2.9Total number of holdings 69

Top 10 countries (%)United States 75.0China 5.9South Korea 5.7United Kingdom 2.5Taiwan 2.3Netherlands 1.9Japan 1.2France 0.8Israel 0.7Finland 0.7Cash 2.4


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Henderson Horizon Global Technology (87.7%)MSCI All Countries World Information Technology (103.5%)

Top 10 sectors (%)Internet Software & Services 19.4Technology Hardware, Storage & Peripherals 17.5Software 14.6Semiconductors & Semiconductor Equipment 14.2IT Services 13.5Communications Equipment 7.9Electronic Equipment, Instruments & Components 4.1Internet & Catalogue Retail 3.2Diversified Telecommunication Services 1.4Media 0.8



A1 A2 Index

1 month 2.2 2.2 1.5

YTD 4.7 4.7 6.4

1 year 12.7 12.7 16.4

5 years 87.7 87.7 103.5



A1 A2 Index

31/03/2014 to 31/03/2015 9.9 9.9 16.5

28/03/2013 to 31/03/2014 20.9 20.9 24.4

30/03/2012 to 28/03/2013 -1.3 -1.3 0.5

31/03/2011 to 30/03/2012 9.8 9.8 13.2



21

HendersonHorizon

GLOBAL TECHNOLOGY FUND(continued)

Fund managerStuart O'Gorman

Fund managerAlison Porter








• The Horizon Global Technology Fund may use techniques and instruments for hedging purposes only to protect portfoliosagainst currency fluctuation, market movements and interest rates risks. The use of any of these derivative instruments willnot reach a volume which could endanger the spirit of the investment policy.

• On the Horizon Global Technology Fund, Class A, Class I and Class S shares may be made available in Euro, Sterling, USDollar, Singapore Dollars, Swiss Franc and Swedish Krona hedged versions or such other currencies as the Directors ofthe Company may determine from time to time (if these currencies are not the base currencies of the Fund concerned).The Investment Manager will hedge the Shares of such Classes in relation to the Base Currency of the Horizon GlobalTechnology Fund. Where such hedging is undertaken, the Investment Manager may use financial swaps, futures, forwardcurrency exchange contracts, options and other derivative transactions in order to preserve the value of the hedged ShareClass currency against the Base Currency of the Horizon Global Technology Fund. Where undertaken, the effects of thehedging will be reflected in the Net Asset Value of the hedged Share Class. Any expenses arising from such hedgingtransactions will be borne by the Share Class in relation to which they have been incurred and will thereby impact on theperformance of that Share Class. Where such hedging is undertaken it may substantially protect investors against adecrease in the value of the Base Currency of the Horizon Global Technology Fund.

• Investors should note that in certain market conditions, securities held by the Horizon Global Technology Fund may not beas liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harder toattain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in the eventof sale. The Horizon Global Technology Fund may therefore be unable to readily sell such securities.



22

HendersonHorizon

JAPAN OPPORTUNITIES FUND




Base currencyJPY

BenchmarkTokyo SE First Section Index(TOPIX)


Fund size¥5.19bn

NAV (USD)A2: 14.62


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0011889929Bloomberg: HENJPDI LX Valor: 595703 Reuters: 001188992XX.LU WKN: 989227

RatingsMorningstar rating -QQQQFund risk statistics 3 years 5 yearsAlpha -1.5 0.7Beta 1.1 1.0Sharpe Ratio 1.2 0.7Standard Deviation 13.9 14.7Tracking Error 5.4 5.0Information Ratio 0.0 0.2

About the fundThe investment objective of the Japan Opportunities Fund is to seek long-term capital appreciation by investing primarily inequity and equity related securities of Japanese companies across a variety of sectors. The Fund is not restricted in the sizeof the companies in which it can invest.The Japanese Equities team at Henderson is a team of four investment professionals. It has fund managers located in both London and Singapore. The team can also draw on the professionals and research conducted by the Japanese Large Cap Equity team who are based in Singapore and Japan. The team has an average of 18 years’ experience investing Japanese equities within Henderson and an average of 22 years’ experience in the industry. It is a talented and experienced team of stock-pickers with a proven track record.

Please note that as of 1 April 2015, the Henderson Japanese Equity Fund changed its name, investment policy and benchmark to become the Henderson HorizonJapan Opportunities Fund. With effect from 17 November 2014, the base currency of the fund changed from USD to JPY. As of 1 October 2014, the Henderson JapaneseEquity Team took over management of this fund.To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Toyota Motor 5.4Mitsubishi UFJ Financial Group 5.4Sumitomo Mitsui Financial Group 4.6Tokyo Electron 4.2Murata Manufacturing 4.0Dai-ichi Life Insurance 3.8Daiwa Securities Group 3.8Rakuten 3.7Mizuho Financial Group 3.7Keyence 3.7Total number of holdings 33

Top 10 countries (%)Japan 96.9 Cash 3.1


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Henderson Horizon Japan Opportunities (60.5%)Tokyo SE First Section (TOPIX) (53.4%)

On 1 April 2015, the Fund changed its benchmark from the MSCI Japan Indexto the TOPIX. The benchmark shown is the composite of the two.

Top 10 sectors (%)Financials 34.7Information Technology 26.8Consumer Discretionary 22.4Industrials 5.0Materials 4.0Consumer Staples 2.0Telecommunication Services 2.0



A2 Index

1 month 1.1 1.3

YTD 21.3 15.7

1 year 21.8 16.2

5 years 60.5 53.4

Since inception* 194.8 391.6Source: at 29 May 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.*The A1 share class was launched on 3 January 2005.


A2 Index

31/03/2014 to 31/03/2015 15.4 12.4

28/03/2013 to 31/03/2014 6.1 7.8

30/03/2012 to 28/03/2013 5.8 8.7

31/03/2011 to 30/03/2012 5.5 0.4

31/03/2010 to 31/03/2011 2.0 1.6Source: at 31 Mar 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.


23

HendersonHorizon

JAPAN OPPORTUNITIES FUND(continued)

Fund managerHenderson Japanese EquityTeam








• The Horizon Japan Opportunities Fund may use techniques and instruments for hedging purposes only to protect portfoliosagainst currency fluctuation, market movements and interest rates risks. The use of any of these derivative instruments willnot reach a volume which could endanger the spirit of the investment policy.

• Investors should note that in certain market conditions, securities held by the Horizon Japan Opportunities Fund may notbe as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harderto attain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in theevent of sale. The Horizon Japan Opportunities Fund may therefore be unable to readily sell such securities.


Important information† Investors should refer to the prospectus for full details on performance fee.The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by the Tokyo Stock Exchange, Inc. and the Tokyo Stock Exchange, Inc. owns all rights and know-how relating to the TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. No Product is in any way sponsored, endorsed or promoted by the Tokyo Stock Exchange. Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%. The Henderson Horizon Fund (the “Fund”) is a Luxembourg SICAV incorporated on 30 May 1985, managed by Henderson Management S.A. Any investment application will be made solely on the basis of the information contained in the Fund’s prospectus (including all relevant covering documents), which will contain investment restrictions. This communication has promotional purposes and is intended as a summary only and potential investors must read the Fund’s prospectus and key investor information document before investing. Information is provided on the Fund on the strict understanding that it is to - or for clients resident outside the USA. A copy of the Fund’s prospectus and key investor information document can be obtained from Henderson Global Investors Limited in its capacity as Investment Manager and Distributor. Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355) (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London, EC2M 3AE and authorised and regulated by the Financial Conduct Authority) provide investment products and services. Nothing in this communication is intended to or should be construed as advice. This communication is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. Deductions for charges and expenses are not made uniformly throughout the life of the investment but may be loaded disproportionately at subscription. If you withdraw from an investment up to 90 calendar days after subscribing you may be charged a Trading Fee as set out in the Fund’s prospectus. This may impact the amount of money which you will receive and you may not get back the amount invested. The value of an investment and the income from it can fall as well as rise significantly. Some Sub-Funds of the Fund can be subject to increased volatility due to the composition of their respective portfolios. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. The Fund is a recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme. The Fund is a foreign collective investment scheme registered in the Netherlands with the Authority for the Financial Markets and in Spain with the CNMV with the number 353. A list of distributors is available at www.cnmv.es. A copy of the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the local offices of Henderson Global Investors: 201 Bishopsgate, London, EC2M 3AE for UK, Swedish and Scandinavian investors; Via Dante 14, 20121 Milan, Italy, for Italian investors and Roemer Visscherstraat 43-45, 1054 EW Amersterdam, The Netherlands for Dutch investors; and the Fund’s: Austrian Paying Agent Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas Securities Services, 3, rue d’Antin, F-75002 Paris; German Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial Service Provider CACEIS Belgium S.A., Avenue du Port 86 C b320, B-1000 Brussels; Spanish Representative Allfunds Bank S.A. Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid; Singapore Representative Henderson Global Investors (Singapore) Limited, 6 Battery Road, #12-01 Singapore 049909; or Swiss Representative BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich who are also the Swiss Paying Agent. RBC Investor Services Trust Hong Kong Limited, a subsidiary of the joint venture UK holding company RBC Investor Services Limited, 51/F Central Plaza, 18 Harbour Road, Wanchai, Hong Kong, Tel: +852 2978 5656 is the Fund’s Representative in Hong Kong.

24

HendersonHorizon

JAPANESE SMALLER COMPANIESFUND



Launch date30 August 1985

Base currencyJPY

BenchmarkTokyo SE Second Section Index


Fund size¥22.17bn

NAV (USD)A2: 41.13


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0011890265Bloomberg: HENJSDI LX Valor: 595701 Reuters: 024769992X.LU WKN: 972768

RatingsMorningstar rating -QQQQFund risk statistics 3 years 5 yearsAlpha 13.4 3.7Beta 0.7 0.9Sharpe Ratio 1.6 1.0Standard Deviation 11.7 13.1Tracking Error 10.2 9.8Information Ratio 0.8 0.3

About the fundThe investment objective of the Japanese Smaller Companies Fund is to seek long-term capital appreciation by investing atleast two-thirds of its total assets in smaller Japanese companies. For this purpose, companies falling within the bottom 25%of their relevant market by way of market capitalisation are considered to be smaller companies. The Fund may invest in OTCmarkets. Such markets are geographically de-centralised and may be operated and regulated differently from other marketsand accordingly may be subject to slightly more risks.Yun-Young Lee joined Henderson Global Investors in 2005 and is the Fund Manager for Japanese Equities, based in Singapore. He is also an ideas-generator in the International Equities process. Yun-Young began his career as a Market Analyst for Dow Chemical before moving to Tokyo Securities Co. in 1996. Yun-Young graduated from the Korea Advanced Institute of Science and Technology (KAIST) with an MS in Chemical Engineering and has an MBA from the University of Hawaii at Manoa. Yun-Young is a CFA Charterholder.

Please note that with effect on 17 November, the base currency of the fund has changed from USD to JPY.To obtain quarterly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Leopalace21 4.2J Trust 4.2Hitachi Zosen 4.0Ines 3.8Kandenko 3.6Futaba 3.6Round One 3.5Fancl 3.5Neturen 3.4Kadokawa Dwango 3.3Total number of holdings 52

Top 10 countries (%)Japan 96.8 Cash 3.2


70

100

130

160

190

220

May10

May11

May12

May13

May14

May15

Henderson Horizon Japanese Smllr Co's (83.3%)Tokyo SE Second Section (64.9%)

Top 10 sectors (%)Industrials 27.6Consumer Discretionary 26.9Financials 11.8Information Technology 10.4Materials 10.1Consumer Staples 8.5Energy 1.0Health Care 0.4



A2 Index

1 month -1.4 -1.4

YTD 12.3 7.8

1 year 16.6 14.5

5 years 83.3 64.9



A2 Index

31/03/2014 to 31/03/2015 10.7 13.4

28/03/2013 to 31/03/2014 16.0 6.5

30/03/2012 to 28/03/2013 15.9 9.5

31/03/2011 to 30/03/2012 11.0 6.2



25

HendersonHorizon

JAPANESE SMALLER COMPANIESFUND(continued)

Fund managerYun-Young Lee








• The Horizon Japanese Smaller Companies Fund may use techniques and instruments for hedging purposes only to protectportfolios against currency fluctuation, market movements and interest rates risks. The use of any of these derivativeinstruments will not reach a volume which could endanger the spirit of the investment policy.

• On the Horizon Japanese Smaller Companies Fund, Class A and Class I shares may be made available in Euro, Sterling,US Dollar, Singapore Dollars, Swiss Franc and Swedish Krona hedged versions or such other currencies as the Directorsof the Company may determine from time to time (if these currencies are not the base currencies of the Fund concerned).The Investment Manager will hedge the Shares of such Classes in relation to the Base Currency of the Horizon JapaneseSmaller Companies Fund. Where such hedging is undertaken, the Investment Manager may use financial swaps, futures,forward currency exchange contracts, options and other derivative transactions in order to preserve the value of the hedgedShare Class currency against the Base Currency of the Horizon Japanese Smaller Companies Fund. Where undertaken,the effects of the hedging will be reflected in the Net Asset Value of the hedged Share Class. Any expenses arising fromsuch hedging transactions will be borne by the Share Class in relation to which they have been incurred and will therebyimpact on the performance of that Share Class. Where such hedging is undertaken it may substantially protect investorsagainst a decrease in the value of the Base Currency of the Horizon Japanese Smaller Companies Fund.

• Securities of smaller companies may be less liquid than the securities of larger companies, as a result of inadequate tradingvolume or restrictions on trading. Securities in smaller companies may possess greater potential for capital appreciation,but also involve risks, such as limited product lines, markets and financial or managerial resources. Trading in such securitiesmay be subject to more abrupt price movements than trading in the securities of larger companies.

• Investors should note that in certain market conditions, securities held by the Horizon Japanese Smaller Companies Fundmay not be as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it maybe harder to attain a reasonable price and there is a risk that the price at which the security is valued may not be realisablein the event of sale. The Horizon Japanese Smaller Companies Fund may therefore be unable to readily sell such securities.



26

HendersonHorizon

PAN EUROPEAN ALPHA FUND


StructureLuxembourg SICAVUCITS

DomicileLuxembourg

Launch date01 December 2006

Minimum investments€2,500

Share classes availableEUR, SGD, USD, GBP

Base currencyEUR

No of holdings82

NAV (EUR)A1: 15.63A2: 15.69

YTD High/Low NAV (EUR)A1: 15.69/15.00A2: 15.75/15.03

Last dividendn/a


Performance fee†


BenchmarkEuro Base Rate (Euro MainRefinancing Rate)

ParametersNet exposure limits: Typically 0% to75%Gross exposure limits: Maximum 200% (typically 100% to 200%) Typical position sizes: 2-5% (long) 2-4% (short) Typical number of holdings: 70 to 100

About the fundThe investment objective of the Pan European Alpha Fund is to seek long-term capital appreciation through exposure primarily to European equities. At leasttwo-thirds of the Fund’s total assets (after deduction of cash) will be invested in equity securities and equity related instruments (excluding convertible debtsecurities) of companies that are domiciled in Europe (including the UK) or derive the majority of their revenue from business activities in this region.The Investment Manager will adopt a broad range of investment strategies using a diversified range of instruments with a view to enhancing the performance of the Fund. Particularly, the Investment Manager will employ an approach to investment decisions using primarily a Fundamental strategy as further described under the Section ‘General Policies applicable to Funds making active use of derivatives’ of this Prospectus. The Fund’s approach will be implemented principally through investment in equity securities and contracts-for-difference but may in addition use the following instruments in accordance with the Section ‘Investment Restrictions’ of this Prospectus: options, futures and forwards on stocks and indices, index baskets and derivatives, Real Estate Investment Trusts, warrants, preferred stock, OTC swaps including equity swaps and asset swaps, currency forwards. On an ancillary basis, and for defensive purposes, the Fund may also invest in government, government agency and corporate bonds and their associated derivative securities, preferred stock and monetary instruments, and may hold cash or treasury bills pending reinvestment. The Investment Manager may from time to time consider hedging currency and interest rate exposure, but will not generally enter into contracts involving a speculative position in any currency or interest rate. John Bennett has a 26-year track record of managing European equities. He joined Henderson as a Director of European Equities in April 2011, as part of the Gartmore acquisition. John manages a number of Continental and Pan European funds as well as European long/short funds. He received the Fund Manager of the Year 2014 award from Finanzen-Verlag. John joined Gartmore in 2010 from GAM where he spent 17 years as a fund manager. During this time he managed their flagship European long only and European equity L/S hedge fund, which was launched in June 1998. Prior to GAM, John was a fund manager at Ivory and Sime and has been a Member of the Chartered Institute of Bankers in Scotland since 1987.

Please note that as of 28 January 2015, John Bennett took over sole management of this fund. With effect from 8 October 2014, the benchmark changed from 50%MSCI Europe Index/50% ECB Benchmark Rate to the Euro Base Rate.To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Fund size €1670.62mInformation is relevant for A2 share class only.

EURNAV per share 15.691 month 1.69Year to date 3.981 year 5.37Since inception (annualised) 5.45Source: at 29 May 15. © 2015 Morningstar. All Rights Reserved, bid-bid, gross income reinvested.

Fund performance EUR

-40

-20

0

20

40

60

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

May15

Monthly performance (%)EUR 2007 2008 2009 2010 2011 2012 2013 2014

0.67 -25.24 34.78 5.50 1.35 4.61 20.27 6.42EUR Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year2015 1.92 0.20 0.58 -0.45 1.69 3.98Source: at 29 May 15. © 2015 Morningstar. All Rights Reserved, bid-bid, gross income reinvested.

Discrete year performance (%)EUR 31/03/2014 -

31/03/201528/03/2013 -31/03/2014

30/03/2012 -28/03/2013

31/03/2011 -30/03/2012

31/03/2010 -31/03/2011

A2 4.5 16.2 10.6 5.0 0.5

Source: at 31 Mar 15. © 2015 Morningstar. All Rights Reserved, bid-bid, gross income reinvested.

Holdings and credit exposures

Geographic profile (%) Net

United Kingdom 15.0Germany 9.6Switzerland 8.5Netherlands 6.8Sweden 5.0France 4.9Italy 4.0Ireland 2.9Denmark 2.7Belgium 2.7Norway 2.6Spain 2.4Index Derivatives -28.0

Sector profile (%) Net

Financials 16.8Health Care 16.6Consumer Discretionary 10.8Materials 7.1Consumer Staples 5.0Industrials 3.7Information Technology 2.5Telecommunication Services 2.2Energy 1.5Utilities 1.0Index Derivatives -28.0

Top 5 largest investments Sector (%)

Roche Health Care 5.0ING Groep Financials 4.0DNB Financials 2.6Intesa Sanpaolo Financials 2.5Fresenius Health Care 2.0

Total exposure (%)

Long Exposure 78.1Short Exposure -38.9Net Market Exposure 39.1Gross Market Exposure 117.0

27

HendersonHorizon

PAN EUROPEAN ALPHA FUND(continued)

Fund managerJohn Bennett







• The value of an investment in the Company will be affected by fluctuations in the value of the currency of denomination ofthe relevant fund's. Shares against the value of the currency of denomination of that fund's underlying investments. Adversefluctuations in currency exchange rates can result in a decrease in return and in a loss of capital.

• The Horizon Pan European Alpha Fund may use techniques and instruments for hedging purposes to protect portfoliosagainst currency fluctuation, market movements and interest rates risks.

• On the Horizon Pan European Alpha Fund Class A, Class I, Class S and Class X shares may be made available in Euro,Sterling, US Dollar, Singapore Dollars, Swiss Franc and Swedish Krona hedged versions or such other currencies as theDirectors of the Company may determine from time to time (if these currencies are not the base currencies of the Fundconcerned). The Investment Manager will hedge the Shares of such Classes in relation to the Base Currency of the HorizonPan European Alpha Fund. Where such hedging is undertaken, the Investment Manager may use financial swaps, futures,forward currency exchange contracts, options and other derivative transactions in order to preserve the value of the hedgedShare Class currency against the Base Currency of the Horizon Pan European Alpha Fund. Where undertaken, the effectsof the hedging will be reflected in the Net Asset Value of the hedged Share Class. Any expenses arising from such hedgingtransactions will be borne by the Share Class in relation to which they have been incurred and will thereby impact on theperformance of that Share Class. Where such hedging is undertaken it may substantially protect investors against adecrease in the value of the Base Currency of the Horizon Pan European Alpha Fund.

• The fund makes extensive use of investment techniques, particularly those that involve derivatives, to obtain both its longand short investment exposure. Certain derivatives could behave unexpectedly or could expose the fund to losses that aresignificantly greater than the cost of the derivative.

• Investors should note that in certain market conditions, securities held by the Horizon Pan European Alpha Fund may notbe as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harderto attain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in theevent of sale. The Horizon Pan European Alpha Fund may therefore be unable to readily sell such securities.



28

HendersonHorizon

PAN EUROPEAN EQUITY FUND




Base currencyEUR

BenchmarkFTSE World Europe Index


Fund size€4.63bn

NAV (EUR)A1: 27.59A2: 29.64


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0138821268Bloomberg: HENPEA2 LX Valor: 1330718 Reuters: 013882126X.LU WKN: 982670


About the fundThe investment objective of the Pan European Equity Fund is to seek long term capital appreciation by investing at least 75%of its total assets in equity securities of companies having their registered office in the EEA.Tim Stevenson is Director of European Equities in Henderson Global Investors. He joined the company in 1986 as a Fund Manager for Europe with responsibility for overseas clients. Tim worked as European Analyst at Savory Milln after graduation. Later in 1984 he teamed up with Aetna Montagu Asset Management Limited and was responsible for European Investments for ERISA clients and MIM Pension Funds. He also manages Henderson EuroTrust plc. Tim graduated from Sussex University with a BA (Hons) in Economics and European Studies.


Top 10 holdings (%)Fresenius 3.6Sodexo 3.1Fresenius Medical Care 3.1Credit Agricole 3.1Novartis 2.9Deutsche Post 2.7Roche 2.7Standard Life 2.6ING Groep 2.6Nestlé 2.5Total number of holdings 56

Top 10 countries (%)United Kingdom 30.2Germany 19.5France 19.1Switzerland 10.1Spain 5.2Denmark 4.9Netherlands 3.8Italy 3.0Sweden 1.8 Cash 2.5


70

100

130

160

190

220

May10

May11

May12

May13

May14

May15

Henderson Horizon Pan European Equity (101.2%)FTSE World Europe (88.9%)

Top 10 sectors (%)Financials 23.4Health Care 19.7Consumer Discretionary 17.6Industrials 11.8Telecommunication Services 8.6Consumer Staples 7.6Energy 3.1Information Technology 3.1Materials 1.6Utilities 1.0



A1 A2 Index

1 month 4.3 4.3 1.6

YTD 22.6 22.6 18.6

1 year 25.4 25.2 19.1

5 years 101.8 101.2 88.9



A1 A2 Index

31/03/2014 to 31/03/2015 23.7 23.5 22.5

28/03/2013 to 31/03/2014 18.6 18.6 16.3

30/03/2012 to 28/03/2013 15.2 15.2 15.6

31/03/2011 to 30/03/2012 2.5 2.4 -1.7



29

HendersonHorizon

PAN EUROPEAN EQUITY FUND(continued)

Fund managerTim Stevenson




What are the risks specific to this fund?• The performance of the value of the Company and its funds is primarily a comparison of the net asset values per Share at



• The Horizon Pan European Equity Fund may use techniques and instruments for hedging purposes only to protect portfoliosagainst currency fluctuation, market movements and interest rate risks. The use of any of these derivative instruments willnot reach a volume which could endanger the spirit of the investment policy.

• Investors should note that in certain market conditions, securities held by the Horizon Pan European Equity Fund may notbe as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harderto attain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in theevent of sale. The Horizon Pan European Equity Fund may therefore be unable to readily sell such securities.



30

HendersonHorizon

PAN EUROPEAN PROPERTY EQUITIESFUND




Base currencyEUR

BenchmarkFTSE EPRA/NAREIT DevelopedEurope Capped Index


Fund size€497.34m

NAV (EUR)A1: 34.16A2: 39.76


Last dividend (A2)EUR 0.04(16/11/01)


Performance fee†



(A2) CodesISIN: LU0088927925Bloomberg: HENEPSI LX Valor: 935853 Reuters: 008892792X.LU WKN: 989232


About the fundThe investment objective of the Pan European Property Equities Fund is to seek long-term capital appreciation by investingat least 75% of its total assets in quoted equity securities of companies or Real Estate Investment Trusts (or their equivalents)having their registered offices in the EEA and listed or traded on a regulated market, which derive the main part of their revenuefrom the ownership, management and/or development of real estate in Europe.Guy joined Henderson Global Investors in 2006 as an analyst with the Property Equities team. He subsequently became a Fund Manager in 2008 and deputy head of Global Property Equities in 2012. He began his career within the Financial Control function at UBS where he spent a period of three years. Guy holds a First Class BSc (Hons) degree in Mathematics and Management from Loughborough University and is a CFA charter holder.

Please note: that as of 1 July 2014, Guy Barnard took over sole management of this fund.To obtain quarterly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Land Securities Group 9.7British Land 9.5Unibail-Rodamco 7.0Eurocommercial Properties 5.6Great Portland Estates 5.3ICADE 4.7Klepierre 4.7Deutsche Wohnen 4.3Safestore 4.3Derwent London 3.9Total number of holdings 33

Top 10 countries (%)United Kingdom 49.2France 14.6Netherlands 12.5Germany 11.0Sweden 8.8Switzerland 2.4Spain 1.4Bermuda 0.0 Cash 0.1


100

130

160

190

220

250

May10

May11

May12

May13

May14

May15

Henderson Horizon Pan European Property Equities (139.2%)FTSE EPRA/NAREIT Developed Europe Capped (124.2%)

Previous to 1 July 2009 the benchmark was called FTSE/EPRA NAREITDeveloped Europe (UK Restricted) TR Index.



A1 A2 Index

1 month 1.2 1.2 -0.7

YTD 17.1 17.1 16.2

1 year 33.3 33.3 28.2

5 years 138.7 139.2 124.2



A1 A2 Index

31/03/2014 to 31/03/2015 41.7 41.7 40.9

28/03/2013 to 31/03/2014 25.6 25.6 17.6

30/03/2012 to 28/03/2013 15.4 15.3 15.6

31/03/2011 to 30/03/2012 -3.5 -3.5 -4.2



31

HendersonHorizon

PAN EUROPEAN PROPERTY EQUITIESFUND(continued)

Fund managerGuy Barnard








• The Horizon Pan European Property Equities Fund may use techniques and instruments for hedging purposes only toprotect portfolios against currency fluctuation, market movements and interest rates risks. The use of any of these derivativeinstruments will not reach a volume which could endanger the spirit of the investment policy.


• Investors should note that in certain market conditions, securities held by the Horizon Pan European Property Equities Fundmay not be as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it maybe harder to attain a reasonable price and there is a risk that the price at which the security is valued may not be realisablein the event of sale. The Horizon Pan European Property Equities Fund may therefore be unable to readily sell such securities.



32

HendersonHorizon

PAN EUROPEAN SMALLERCOMPANIES FUND



Launch date02 August 1993

Base currencyEUR

BenchmarkEuromoney Smaller CompaniesPan European Index


Fund size€0.57bn

NAV (EUR)A2: 40.63


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0046217351Bloomberg: HENESGI LX Valor: 148664 Reuters: 004621735X.LU WKN: 989229

Fund risk statistics 3 years 5 yearsAlpha -0.5 -0.4Beta 1.0 1.1Sharpe Ratio 2.1 1.0Standard Deviation 11.1 17.5Tracking Error 4.5 6.3Information Ratio -0.1 0.1

About the fundThe investment objective of the Pan European Smaller Companies Fund is to seek long-term capital appreciation by investingat least 75% of its total assets in equity securities having their registered offices in the EEA which will generally fall within thebottom 25% of their relevant market by way of market capitalisation. The Fund is denominated in EUR.Ollie Beckett is an Associate Director in the Pan European Smaller Companies team and is the Fund Manager for Henderson Horizon Pan European Smaller Companies Fund. Ollie first joined Henderson Global Investors after the merger of AMP Asset Management in 1998 as an Assistant Portfolio Manager for European Equities before becoming Fund Manager in 1999. In 2000, he became Fund Manager of the Global Technology Equities before joining Anglo-Suisse Capital for one year. Ollie returned to Henderson Global Investors in his current role in 2005. He also manages the TR European Growth Trust plc. Ollie holds a BA (Hons) degree in Economics and Government from the University of Manchester and is a member of the Institute of Investment Managers and Research.


Top 10 holdings (%)OC Oerlikon 2.3Optimal Payments 2.1Nexity 1.8Anima 1.6TKH Group 1.4Nobia 1.4OVS 1.4KION Group 1.4Nexans 1.3Aareal Bank 1.3Total number of holdings 125

Top 10 countries (%)Germany 17.8United Kingdom 17.1France 13.4Italy 10.4Switzerland 9.0Netherlands 6.8Spain 4.5Sweden 3.7Finland 3.6Luxembourg 3.1Cash 0.2


60

100

140

180

220

260

May10

May11

May12

May13

May14

May15

Henderson Horizon Pan European Smaller Companies (118.2%)Euromoney Smaller Companies Pan European (110.3%)

Top 10 sectors (%)Industrial Goods 26.1Financial 18.5Business Providers 15.0Consumer Goods 12.7Technology 10.5Basic Materials 8.9Retail Providers 8.2



A2 Index

1 month 3.4 3.1

YTD 25.2 23.2

1 year 15.8 19.1

5 years 118.2 110.3

Since inception 793.2 830.3Source: at 29 May 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.


A2 Index

31/03/2014 to 31/03/2015 11.6 15.0

28/03/2013 to 31/03/2014 36.0 33.1

30/03/2012 to 28/03/2013 11.5 15.7

31/03/2011 to 30/03/2012 -6.1 -7.8



33

HendersonHorizon

PAN EUROPEAN SMALLERCOMPANIES FUND(continued)

Fund managerOllie Beckett








• The Horizon Pan European Smaller Companies Fund may use techniques and instruments for hedging purposes only toprotect portfolios against currency fluctuation, market movements and interest rates risks. The use of any of these derivativeinstruments will not reach a volume which could endanger the spirit of the investment policy.

• Securities of smaller companies may be less liquid than the securities of larger companies, as a result of inadequate tradingvolume or restrictions on trading. Securities in smaller companies may possess greater potential for capital appreciation,but also involve risks, such as limited product lines, markets and financial or managerial resources. Trading in such securitiesmay be subject to more abrupt price movements than trading in the securities of larger companies.

• Investors should note that in certain market conditions, securities held by the Horizon Pan European Smaller CompaniesFund may not be as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner thenit may be harder to attain a reasonable price and there is a risk that the price at which the security is valued may not berealisable in the event of sale. The Horizon Pan European Smaller Companies Fund may therefore be unable to readily sellsuch securities.



34

HendersonHorizon

US GROWTH FUND




Base currencyUSD

BenchmarkRussell 3000 Growth Index


Fund size$40.33m

NAV (USD)A2: 19.90


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0138820294Bloomberg: HENAEA2 LX Valor: 1330716 Reuters: 0138820294X.LU WKN: 982674

RatingsMorningstar rating -QQQQFund risk statistics 3 years 5 yearsAlpha -3.9 -4.2Beta 1.1 1.1Sharpe Ratio 1.6 1.0Standard Deviation 9.7 14.3Tracking Error 3.7 4.5Information Ratio -0.9 -0.7

About the fundThe investment objective of the US Growth Fund is to seek long-term capital appreciation by investing primarily in companies in North America.Derek J. Pawlak is a Portfolio Manager at Henderson Geneva Capital Management. He joined Geneva in 2007, which was later acquired by Henderson Global Investors in October 2014. He is a member of the Investment Strategy Group that conducts high quality fundamental research and is responsible for the management and oversight of the Henderson Geneva growth equity products. Before joining Geneva, Mr Pawlak worked for Ziegler Capital Management, LLC. He graduated from the University of Wisconsin where he earned his BBA and Carroll College where he earned his BS. He later graduated from Marquette University where he earned his MBA. Michelle J. Picard, CFA, is a Portfolio Manager at Henderson Geneva Capital Management. She joined Geneva in 1999, which was later acquired by Henderson Global Investors in October 2014. She is a member of its Investment Strategy Group that conducts high quality fundamental research and is responsible for the management and oversight of the Henderson Geneva growth equity products. Before joining Geneva, Ms Picard worked for Strong Capital Management. Ms Picard graduated from the University of Wisconsin-Milwaukee. W. Scott Priebe serves as Portfolio Manager at Henderson Geneva Capital Management. He joined Geneva in 2004, which was later acquired by Henderson Global Investors in October 2014. He is a member of the Investment Strategy Group that conducts high quality fundamental research and is responsible for the management and oversight of the Henderson Geneva growth equity products. Before joining Geneva, Mr Priebe worked for Eli Lilly & Company. Mr Priebe graduated from DePauw University and earned his MBA from the University of Chicago.

Please note that as of 1 May 2015, the Henderson Horizon American Equity Fund changed its name, Sub-Investment Manager and benchmark to become the HendersonHorizon US Growth Fund.To obtain quarterly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Fiserv 3.9Walgreens Boots Alliance 3.6Starbucks 3.4Tractor Supply 3.2Intuit 3.2TJX Cos 3.2Costco Wholesale 3.2Cognizant Technology Solutions 3.1Middleby 3.1JM Smucker 3.1Total number of holdings 36

Top 10 countries (%)United States 98.4 Cash 1.6


60

100

140

180

220

260

May10

May11

May12

May13

May14

May15

Henderson Horizon US Growth (88.4%)Russell 3000 Growth (125.3%)

On 1 May 2015, the Fund changed its benchmark from the S&P 500 Indexto the Russell 3000 Growth Index. The benchmark shown is the compositeof the two.

Top 10 sectors (%)Information Technology 24.9Consumer Discretionary 18.4Industrials 17.4Health Care 17.3Consumer Staples 9.8Financials 5.3Materials 3.0Energy 2.4



A2 Index

1 month 1.8 1.6

YTD 2.5 5.9

1 year 10.4 15.0

5 years 88.4 125.3



A2 Index

31/03/2014 to 31/03/2015 9.3 12.7

28/03/2013 to 31/03/2014 17.9 21.9

30/03/2012 to 28/03/2013 6.6 14.0

31/03/2011 to 30/03/2012 7.2 8.5



35

HendersonHorizon

US GROWTH FUND(continued)

Fund managerW. Scott Priebe

Fund managerMichelle J. Picard

Fund managerDerek J. Pawlak








• The Horizon US Growth Fund may use techniques and instruments for hedging purposes only to protect portfolios againstcurrency fluctuation, market movements and interest rates risks. The use of any of these derivative instruments will notreach a volume which could endanger the spirit of the investment policy.

• On the Horizon US Growth Fund Class A and Class I shares may be made available in Euro, Sterling, US Dollar, SingaporeDollars, Swiss Franc and Swedish Krona hedged versions or such other currencies as the Directors of the company maydetermine from time to time (if these currencies are not the base currencies of the Fund concerned). The InvestmentManager will hedge the Shares of such Classes in relation to the Base Currency of the Horizon US Growth Fund. Wheresuch hedging is undertaken, the Investment Manager may use financial swaps, futures, forward currency exchangecontracts, options and other derivative transactions in order to preserve the value of the hedged Share Class currencyagainst the Base Currency of the Horizon US Growth Fund. Where undertaken, the effects of the hedging will be reflectedin the Net Asset Value of the hedged Share Class. Any expenses arising from such hedging transactions will be borne bythe Share Class in relation to which they have been incurred and will thereby impact on the performance of that ShareClass. Where such hedging is undertaken it may substantially protect investors against a decrease in the value of the BaseCurrency of the Horizon US Growth Fund.

• Investors should note that in certain market conditions, securities held by the Horizon US Growth Fund may not be as liquidas they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harder to attain areasonable price and there is a risk that the price at which the security is valued may not be realisable in the event of sale.The Horizon US Growth Fund may therefore be unable to readily sell such securities.

• Information relating to the risk management of the Horizon US Growth Fund will be provided to investors upon request.• This fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should



36

HendersonHorizon

EMERGING MARKET CORPORATEBOND FUND




Base currencyUSD

BenchmarkJP Morgan Corporate EmergingMarket Bond Index (CEMBI) BroadDiversified


Fund size$62.57m

NAV (USD)A2: 104.60


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU1120394736Bloomberg Code: HECA2AU LX WKN: A12DPW

About the fundThe investment objective of the Emerging Market Corporate Bond Fund is to provide a total return in excess of that generated by the designatedbenchmark, by investing primarily in emerging market corporate bonds and other fixed and floating rate securities. The Fund may invest up to50% of its net assets in non-investment grade securities including up to 20% of its net assets in distressed debt securities.The Fund may make use of a variety of instruments / strategies in order to achieve the Fund’s objective including, but not limited to, forward foreign exchange contracts (including non-deliverable forwards), interest rate futures, bond futures, options and OTC swaps such as interest rate swaps, credit default swaps, credit default swaps on indices. Steve Drew joined Henderson in 2014 as Head of Emerging Market Credit. He joined from Thames River Capital where he was a Portfolio Manager and Partner heading the Global Credit team. Steve started his career in 1991 at Salomon Brothers as a Credit and Fixed Income trader and then held trading roles at Lehman Brothers, Paribas and JP Morgan, where he was Co-head of European Credit Trading. He moved to Sigma in 2002 as a Portfolio Manager and then to Tudor Capital in 2003 in the same role. Steve graduated from Newcastle City University with a BSc (Hons) in Mathematics. The month-end duration of the fund was 4.9 years. Duration measures the sensitivity of a bond fund to interest rate changes: the larger the figure, the more sensitive is the bond fund to a movement in interest rates.

Top 10 countries (%)China 11.9Mexico 8.8India 7.0South Korea 5.2Indonesia 4.9United Arab Emirates 4.3Philippines 4.0Singapore 3.8Turkey 3.7Brazil 3.5

Credit rating breakdown (%)A 13.1AA 3.9AAA 1.3B 9.1BB 20.9BBB 36.3CCC & Below 0.8Not rated 5.9

Maturity structure (%)0-3 years 19.510-15 years 3.915+ years 11.53-5 years 24.25-7 years 13.67-10 years 18.8 Cash 8.5

Performance

Due to FCA regulations we are only permitted to show fundperformance over a minimum period of one year. As thisshareclass was launched in November 2014 we cannot showthese figures until January 2016 when full performance isavailable.

Top 10 sectors (%)

0 5 10 15 20 25 30 35Metals & Mining

Infrastructure

Consumer

Real Estate

Industrial

Utilities

TMT

Oil & Gas

Government

Financial

FundBenchmark

37

HendersonHorizon

EMERGING MARKET CORPORATEBOND FUND(continued)

Fund managerSteve Drew




What are the risks specific to this fund?• Where the funds invest in assets (including cash) which are denominated in currencies other than the base currency then

currency exchange rate movements may cause the value of investments to fall as well as rise.• Where share class hedging is undertaken, the Investment Manager may use financial swaps, futures, forward currency

exchange contracts, options and other derivative transactions in order to preserve the value of the hedged share classcurrency against the base currency of the Sub- Fund. The effects of the hedging will be reflected in the net asset value ofthe hedged share class. Any expenses arising from such hedging transactions will be borne by the share class in relationto which they have been incurred and will thereby impact on the performance of that share class. Where such hedging isundertaken it may substantially protect investors against a decrease in the value of the base currency of the Sub-Fund.

• Investments in emerging markets may be more volatile than investments in more developed markets. Some of these marketsmay have relatively unstable governments, economies based on only a few industries and securities markets that trade onlya limited number of securities. Many emerging markets do not have well-developed regulatory systems and disclosurestandards may be less stringent than those of developed markets. Common risks associated with emerging markets includefraudulent securities, lack of liquidity, currency fluctuations, investment and remittance restrictions, different accounting,auditing and financial reporting standards.

• The fund may use derivatives for hedging purposes to protect portfolios against currency fluctuation, market movementsand interest rates risks. Derivatives involve risks different from, and in certain cases, greater than, the risk presented bymore traditional investments. Where the investment policy allows, funds may engage various strategies in view of reducingcertain of their risk and for attempting to enhance return. These strategies may include the use of derivative instrumentssuch as options, warrants, swaps and/or futures.

• Investments in fixed income instruments are subject to default/credit risk of the issuers, interest rate risk as bond pricesmove inversely to changes in interest rates and liquidity risk when there is low liquidity in the secondary bond market.

• Non-investment grade securities (such as “high yield” securities) are considered higher risk investments that may causeincome and principal losses for the fund. They are instruments which credit agencies have given a rating which indicatesa higher risk of default. The market values for high yield bonds and other instruments tend to be volatile and they are lessliquid than investment grade securities.

• Investment in a security issued by a company that is either in default or in high risk of default (“Distressed Securities”)involves significant risk. Such investments will only be made when the Investment Manager believes either that the securitytrades at a materially different level from the Investment Manager’s perception of fair value or that it is reasonably likelythat the issuer of the securities will make an exchange offer or will be the subject of a plan of reorganisation; however,there can be no assurance that such an exchange offer will be made or that such a plan of reorganisation will be adoptedor that any securities or other assets received in connection with such an exchange offer or plan of reorganisation will nothave a lower value or income potential than anticipated when the investment was made.

• The fund may use leverage as part of its investment strategy. As a result profits and losses incurred by the fund can begreater than those of a fund that does not use leverage.

• The fund may engage in securities lending and borrowing and repurchase and reverse repurchase agreements. Under sucharrangements, funds will have a credit risk exposure to the counterparties to any securities lending and borrowing andrepurchase and reverse repurchase agreements.



38

HendersonHorizon

EURO CORPORATE BOND FUND



Launch date18 December 2009

Base currencyEUR

BenchmarkiBOXX Euro Corporates Index

Yield to maturity (%)1.8


Fund size€3.86bn

NAV (EUR)A1: 132.71A2: 149.42


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0451950314Bloomberg: HHECBAA LX WKN: A0YB5H

RatingsMorningstar rating -QQQQQFund risk statistics 3 years 5 yearsAlpha 0.4 1.5Beta 1.1 1.0Sharpe Ratio 2.2 1.7Standard Deviation 3.2 4.0Tracking Error 1.0 1.3Information Ratio 1.1 1.5

About the fundThe investment objective of the Euro Corporate Bond Fund is to provide a total return in excess of that generated by the iBoxx Euro CorporatesIndex by investing primarily in Euro denominated investment grade corporate bonds and other fixed and floating rate securities.The Fund may make use of a variety of instruments / strategies in order to achieve the Fund’s objective including, but not limited to, forward rate notes, forward foreign exchange contracts (including nondeliverable forwards), interest rate futures, bond futures and OTC swaps such as interest rate swaps, credit default swaps and credit default swaps on indices. Chris joined Henderson Global Investors in 2003 as a credit analyst. He has been co-manager on the absolute return credit funds since 2006 and subsequently launched the Euro Corporate Bond Fund and Euro High Yield Bond Funds in late 2009 and 2012 respectively. Chris trained as a management accountant with Zeneca and Accenture, before joining Insight Investment as a credit analyst. Chris graduated with a BEng (Hons) in Chemical Engineering from Aston University and is both a CFA charterholder and member of the Chartered Institute of Management Accountants. Stephen Thariyan joined Henderson in 2007 as Head of Credit, from Rogge Global Partners where he was a Portfolio Manager of Global Credit and its Absolute Return fund. Stephen started his career in 1988 at Ernst & Young as a Trainee Accountant and then moved to Chevron Corporation as a Senior Auditor. He moved to Gulf Oil in 1994 as a Business and Economic Adviser and then to NatWest Markets as a Director and Senior Credit Analyst. Stephen graduated from the University of Newcastle-Upon-Tyne with a BA (Hons) in Accountancy and Financial Analysis. The month-end duration of the fund was 5.0 years. Duration measures the sensitivity of a bond fund to interest rate changes: the larger the figure, the more sensitive is the bond fund to a movement in interest rates.


Top 10 countries (%)United Kingdom 19.8United States 18.3France 17.1Germany 10.3Netherlands 6.2Italy 5.9Spain 4.2Australia 3.8Switzerland 3.5Finland 1.8

Credit rating breakdown (%)AAA 3.2AA 3.1A 25.9BBB 55.0BB 8.5B 0.7Not rated 2.0

Maturity structure (%)0-3 years 5.83-5 years 17.35-7 years 35.07-10 years 25.510-15 years 9.615+ years 5.0 Cash 1.8


85

100

115

130

145

160

May10

May11

May12

May13

May14

May15

Henderson Horizon Euro Corporate Bond (41.8%)iBOXX Euro Corporates (30.1%)

Top 10 sectors (%)Financials 39.5Industrials 12.2Consumer Goods 11.0Utilities 8.5Telecommunications 7.0Consumer Services 5.5Basic Materials 4.1Health Care 3.7Oil & Gas 3.1Sov, Supra & Agency 2.6



A1 A2 Index

1 month -0.8 -0.8 -0.5

YTD 0.8 0.8 0.4

1 year 3.9 3.9 4.3

5 years 41.8 41.8 30.1

Since inception* 49.4 49.4 33.6Source: at 29 May 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.*The A1 share class was launched on 18 December 2009.


A1 A2 Index

31/03/2014 to 31/03/2015 7.3 7.3 7.2

28/03/2013 to 31/03/2014 4.6 4.6 4.1

30/03/2012 to 28/03/2013 10.8 10.8 8.1

31/03/2011 to 30/03/2012 9.1 9.2 7.5



39

HendersonHorizon

EURO CORPORATE BOND FUND(continued)

Fund managerChris Bullock

Fund managerStephen Thariyan








• On the Horizon Euro Corporate Bond Fund, Class A, Class I and Class Z shares may be made available in Euro, Sterling,US Dollar, Singapore Dollars, Swiss Franc and Swedish Krona hedged versions or such other currencies as the Directorsof the Company may determine from time to time (if these currencies are not the base currencies of the Fund concerned).The Investment Manager will hedge the Shares of such Classes in relation to the Base Currency of the Horizon EuroCorporate Bond Fund. Where such hedging is undertaken, the Investment Manager may use financial swaps, futures,forward currency exchange contracts, options and other derivative transactions in order to preserve the value of the hedgedShare Class currency against the Base Currency of the Horizon Euro Corporate Bond Fund. Where undertaken, the effectsof the hedging will be reflected in the Net Asset Value of the hedged Share Class. Any expenses arising from such hedgingtransactions will be borne by the Share Class in relation to which they have been incurred and will thereby impact on theperformance of that Share Class. Where such hedging is undertaken it may substantially protect investors against adecrease in the value of the Base Currency of the Horizon Euro Corporate Bond Fund.

• Investors should note that in certain market conditions, securities held by the Horizon Euro Corporate Bond Fund may notbe as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harderto attain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in theevent of sale. The Horizon Euro Corporate Bond Fund may therefore be unable to readily sell such securities.



40

HendersonHorizon

EURO HIGH YIELD BOND FUND




Base currencyEUR

BenchmarkBofA Merrill Lynch EuropeanCurrency Non-Financial High YieldConstrained Index (100% Hedged)


Fund size€154.60m

NAV (EUR)A1: 109.64A2: 127.17


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0828815570Bloomberg: HHEHA2E LX WKN: A1J4LV


About the fundThe investment objective of the Henderson Horizon Fund Euro High Yield Bond Fund is to provide a high overall yield and potential for capital growth.

The Fund will invest at least 70% of its net assets in sub investment grade corporate debt securities with a credit rating equivalent to BB+ or lower and denominated in Euros and Sterling. The Fund can invest in fixed and variable rate and index-related securities issued by corporate, government, supranational institutions and local and regional agencies. The Fund may make use of one or a combination of the following instruments / strategies in order to achieve the Fund’s objective including, but not limited to, asset and mortgage backed securities, convertible bonds, structured notes, options, OTC swaps, asset swaps and credit default swaps, credit default swaps on indices, and forward foreign exchange contracts. Chris joined Henderson Global Investors in 2003 as a credit analyst. He has been co-manager on the absolute return credit funds since 2006 and subsequently launched the Euro Corporate Bond Fund and Euro High Yield Bond Funds in late 2009 and 2012 respectively. Chris trained as a management accountant with Zeneca and Accenture, before joining Insight Investment as a credit analyst. Chris graduated with a BEng (Hons) in Chemical Engineering from Aston University and is both a CFA charterholder and member of the Chartered Institute of Management Accountants. Stephen Thariyan joined Henderson in 2007 as Head of Credit, from Rogge Global Partners where he was a Portfolio Manager of Global Credit and its Absolute Return fund. Stephen started his career in 1988 at Ernst & Young as a Trainee Accountant and then moved to Chevron Corporation as a Senior Auditor. He moved to Gulf Oil in 1994 as a Business and Economic Adviser and then to NatWest Markets as a Director and Senior Credit Analyst. Stephen graduated from the University of Newcastle-Upon-Tyne with a BA (Hons) in Accountancy and Financial Analysis. The month-end duration of the fund was 3.3 years. Duration measures the sensitivity of a bond fund to interest rate changes: the larger the figure, the more sensitive is the bond fund to a movement in interest.

Please note that with effect from 8 October 2014, the fund clarified its investment policy.To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 country exposures (%)United Kingdom 31.5Luxembourg 10.9Germany 9.8France 8.7Italy 8.4Netherlands 5.5United States 4.0Spain 3.0Brazil 2.0South Africa 1.7

Credit rating breakdown (%)BBB 6.1BB 37.0B 32.0CCC & Below 12.3Not rated 3.5Other Swaps -0.3

Top 10 issuers (%)Virgin Media Secured Finance 2.0Unitymedia 2.0Tesco 1.9ArcelorMittal 1.8Trafigura Funding 1.7Heidelberger Druckmaschinen 1.6Geo Debt Finance SCA 1.5Co-operative Group 1.5Paternoster III GmbH 1.4Keystone Financing 1.4Cash 9.3

Fund data reflects Net credit exposures including the impact of any credit derivative positions.

Performance in EURPercentage growth, 19 Nov 12 to 29 May 15.

100

110

120

130

140

150

Nov12

May13

Nov13

May14

Nov14

May15

Henderson Horizon Euro High Yield Bond (27.2%)BofAML Euro Cccy NonFin HiYld 2% Constrained € Hgd (23.3%)

Sector breakdown (%)Basic Industry 11.3Media 11.1Capital Goods 7.6Automotive 7.3Retail 7.2Services 7.1Consumer Goods 5.7Healthcare 4.6Telecommunications 4.3Energy 4.2Leisure 3.9Banking 3.8Real Estate 3.6Utility 3.4Insurance 2.5Technology & Electronics 1.6Financial Services 0.9Transportation 0.5 Sector weightings reflect Net credit exposures including theimpact of any credit derivative positions.



A1 A2 Index

1 month 0.5 0.5 0.3

YTD 6.0 6.0 4.3

1 year 4.8 4.7 5.2

5 years n/a n/a n/a



A1 A2 Index

31/03/2014 to 31/03/2015 5.6 5.6 5.7

28/03/2013 to 31/03/2014 12.5 12.4 10.2

30/03/2012 to 28/03/2013 n/a n/a n/a

31/03/2011 to 30/03/2012 n/a n/a n/a

31/03/2010 to 31/03/2011 n/a n/a n/aSource: at 31 Mar 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.

41

HendersonHorizon

EURO HIGH YIELD BOND FUND(continued)


Fund managerStephen Thariyan




What are the risks specific to this fund?• Fixed interest securities are the debts of governments and companies, generally in the form of bonds. These bonds are

particularly affected by changes in interest rates, inflation and the decline in credit worthiness of the issuer, which may inturn affect the bonds value.

• The fund will be subject to the risk of a counterparty being unable to perform its obligations with respect to transactions,whether due to insolvency, bankruptcy or other causes. The investment manager assesses the creditworthiness ofcounterparties as part of the risk management process.



• On the Horizon Euro High Yield Bond Fund, Class A, Class I and Class X shares may be made available in Euro, Sterling,US Dollar, Singapore Dollars, Swiss Franc and Swedish Krona hedged versions or such other currencies as the Directorsof the Company may determine from time to time (if these currencies are not the base currencies of the Fund concerned).The Investment Manager will hedge the Shares of such Classes in relation to the Base Currency of the Horizon Euro HighYield Bond Fund. Where such hedging is undertaken, the Investment Manager may use financial swaps, futures, forwardcurrency exchange contracts, options and other derivative transactions in order to preserve the value of the hedged ShareClass currency against the Base Currency of the Horizon Euro High Yield Bond Fund. Where undertaken, the effects ofthe hedging will be reflected in the Net Asset Value of the hedged Share Class. Any expenses arising from such hedgingtransactions will be borne by the Share Class in relation to which they have been incurred and will thereby impact on theperformance of that Share Class. Where such hedging is undertaken it may substantially protect investors against adecrease in the value of the Base Currency of the Horizon Euro High Yield Bond Fund.

• Investors should note that in certain market conditions, securities held by the Euro High Yield Bond Fund may not be asliquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harder toattain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in the eventof sale. The Horizon Euro High Yield Bond Fund may therefore be unable to readily sell such securities.

• High yield bonds are considered high risk investments that may cause income and principal losses for the Fund. The marketvalues for high yield bonds tend to be volatile and are less liquid than investment grade securities. Investments in high yieldbonds are susceptible to increased price sensitivity from changes in interest rates and a deteriorating economicenvironment; greater risk of loss due to default or declining credit quality; greater likelihood that adverse company specificevents will render the issuer unable to make interest and/or principal payments when due; and if a negative perception ofthe high yield market develops, greater risks that the price and liquidity of high yield securities may be depressed.



42

HendersonHorizon

GLOBAL CORPORATE BOND FUND




Base currencyUSD

BenchmarkBarclays Global AggregateCorporate Bond Index (hedged toUSD)


Fund size$19.57m

NAV (USD)A2: 102.42


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU1120392953Bloomberg: HGCA2AU LX WKN: A12DP0

About the fundThe investment objective of the Global Corporate Bond Fund is to provide a total return in excess of that generated by its designated benchmark,by investing primarily in investment grade corporate bonds and other fixed and floating rate securities globally. The Fund may invest up to 20%of its net assets in non-investment grade securities including distressed debt securities.The Fund may make use of a variety of instruments / strategies in order to achieve the Fund’s objective including, but not limited to, forward foreign exchange contracts (including non-deliverable forwards), interest rate futures, bond futures, options and OTC swaps such as interest rate swaps, credit default swaps, credit default swaps on indices. James Briggs joined the Credit Team at Henderson Global Investors in 2005 as a Credit Analyst. In 2010 he became the Portfolio Manager for selected Institutional portfolios whilst maintaining his Analyst responsibilities. Prior to this he was a Credit Analyst at BlueBay Asset Management and a High Yield Analyst with INVESCO Asset Management. James started his career at Deloitte and Touche in 1997 where he was an Accountant. James graduated from University College London with a BA (Hons) in Philosophy. He is a Chartered Accountant and a CFA charterholder. The month-end duration of the fund was 6.1 years. Duration measures the sensitivity of a bond fund to interest rate changes: the larger the figure, the more sensitive is the bond fund to a movement in interest rates.

Top 10 countries (%)United States 35.4United Kingdom 17.7Australia 6.9France 6.9Netherlands 5.2Continental Europe 3.2Switzerland 3.1Italy 1.9Ireland 1.8Spain 1.1

Credit rating breakdown (%)A 27.7AA 8.2AAA 1.9B 1.3BB 4.4BBB 42.2Not rated 0.6

Maturity structure (%)0-3 years 8.83-5 years 11.45-7 years 15.67-10 years 27.210-15 years 8.015+ years 19.2 Cash 10.0

Performance

Due to FCA regulations we are only permitted to show fundperformance over a minimum period of one year. As this fundwas launched in November 2014 we cannot show thesefigures until January 2016 when full performance is available.

Top 10 sectors (%)Consumer Non Cyclical 11.6Banking 11.3Energy 9.0Consumer Cyclical 8.9Insurance 8.7Communications 7.0REITS 4.9Electric 4.3Basic Industry 4.1Technology 3.5

43

HendersonHorizon

GLOBAL CORPORATE BOND FUND(continued)

Fund managerJames Briggs




What are the risks specific to this fund?• Where the funds invest in assets (including cash) which are denominated in currencies other than the base currency then

currency exchange rate movements may cause the value of investments to fall as well as rise.• Where share class hedging is undertaken, the Investment Manager may use financial swaps, futures, forward currency

exchange contracts, options and other derivative transactions in order to preserve the value of the hedged share classcurrency against the base currency of the Sub- Fund. The effects of the hedging will be reflected in the net asset value ofthe hedged share class. Any expenses arising from such hedging transactions will be borne by the share class in relationto which they have been incurred and will thereby impact on the performance of that share class. Where such hedging isundertaken it may substantially protect investors against a decrease in the value of the base currency of the Sub-Fund.

• The fund may use derivatives for hedging purposes to protect portfolios against currency fluctuation, market movementsand interest rates risks. Derivatives involve risks different from, and in certain cases, greater than, the risk presented bymore traditional investments. Where the investment policy allows, funds may engage various strategies in view of reducingcertain of their risk and for attempting to enhance return. These strategies may include the use of derivative instrumentssuch as options, warrants, swaps and/or futures.

• Investments in fixed income instruments are subject to default/credit risk of the issuers, interest rate risk as bond pricesmove inversely to changes in interest rates and liquidity risk when there is low liquidity in the secondary bond market.

• Non-investment grade securities (such as “high yield” securities) are considered higher risk investments that may causeincome and principal losses for the fund. They are instruments which credit agencies have given a rating which indicatesa higher risk of default. The market values for high yield bonds and other instruments tend to be volatile and they are lessliquid than investment grade securities.

• Investment in a security issued by a company that is either in default or in high risk of default (“Distressed Securities”)involves significant risk. Such investments will only be made when the Investment Manager believes either that the securitytrades at a materially different level from the Investment Manager’s perception of fair value or that it is reasonably likelythat the issuer of the securities will make an exchange offer or will be the subject of a plan of reorganisation; however,there can be no assurance that such an exchange offer will be made or that such a plan of reorganisation will be adoptedor that any securities or other assets received in connection with such an exchange offer or plan of reorganisation will nothave a lower value or income potential than anticipated when the investment was made.

• The fund may use leverage as part of its investment strategy. As a result profits and losses incurred by the fund can begreater than those of a fund that does not use leverage.

• The fund engage in securities lending and borrowing and repurchase and reverse repurchase agreements. Under sucharrangements, Funds will have a credit risk exposure to the counterparties to any securities lending and borrowing andrepurchase and reverse repurchase agreements.



44

HendersonHorizon

GLOBAL HIGH YIELD BOND FUND




Base currencyUSD

BenchmarkBofA Merrill Lynch Global HighYield Constrained Index (100%Hedged)


Fund size$91.67m

NAV (USD)A2: 112.04


Last dividendn/a


Performance fee†



(A2) CodesISIN: LU0978624194Bloomberg: HHGA2AU LX WKN: 22889090


About the fundThe investment objective of the Global High Yield Bond Fund is to provide a high overall yield and potential for capital growth.The Fund will invest at least 80% of its net assets in sub investment grade corporate debt securities of issuers with a credit rating equivalent to BB+ or lower. The Fund can invest in fixed and variable rate and index related securities issued by corporate, government, supranational institutions and local and regional agencies.

The Fund may also make use of one or a combination of the following instruments / strategies in order to achieve the Fund’s objective including, but not limited to asset and mortgage backed securities, convertible bonds, structured notes, exchange traded derivatives, OTC swaps (such as credit default swaps, credit default swaps on indices and interest rate swaps), forward foreign exchange contracts and preferred stocks. Kevin Loome joined Henderson Global Investors in 2013 as Head of US Credit, and in early 2013 launched a US-domiciled US high yield fund. His career began at Morgan Stanley before moving to T Rowe Price as an analyst and fund manager. Prior to joining Henderson, Kevin worked at Delaware Investments as Head of High Yield Investments and Senior Portfolio Manager. Chris joined Henderson Global Investors in 2003 as a credit analyst. He has been co-manager on the absolute return credit funds since 2006 and subsequently launched the Euro Corporate Bond Fund and Euro High Yield Bond Funds in late 2009 and 2012 respectively. Chris trained as a management accountant with Zeneca and Accenture, before joining Insight Investment as a credit analyst. Chris graduated with a BEng (Hons) in Chemical Engineering from Aston University and is both a CFA charterholder and member of the Chartered Institute of Management Accountants. The month-end duration of the fund was 4.0 years. Duration measures the sensitivity of a bond fund to interest rate changes: the larger the figure, the more sensitive is the bond fund to a movement in interest rates.

Please note: On 10 April 2014, the fund clarified its investment policy.To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 country exposures (%)United States 51.9United Kingdom 12.6Luxembourg 6.4Italy 3.3Netherlands 3.1Germany 3.0Brazil 2.5France 2.5Russian Federation 2.5Jamaica 1.4

Credit rating breakdown (%)BBB 3.7BB 25.3B 43.6CCC & Below 21.4Not rated 0.7Other Swaps 0.0

Top 10 issuers (%)ILFC E-Capital Trust II 1.7Argos Merger Sub 1.7CommScope Technologies Finance 1.7Plantronics 1.7Infor Software Parent 1.6Heidelberger Druckmaschinen 1.4Digicel Group 1.4Rite Aid 1.4Tesco 1.4RCN Telecom Services 1.3Cash 4.7

Fund data reflects Net credit exposures including the impact of any credit derivative positions.

Performance in USDPercentage growth, 19 Nov 13 to 29 May 15.

100

103

106

109

112

115

Nov13

Mar14

Jun14

Oct14

Feb15

May15

Henderson Horizon Global High Yield Bond (12.0%)BofA ML Global High Yield Constrained (100% Hedged) (8.5%)

Sector breakdown (%)Basic Industry 12.6Media 12.0Energy 10.4Retail 9.3Telecommunications 7.5Capital Goods 5.9Technology & Electronics 5.4Services 5.0Healthcare 4.8Financial Services 4.6Leisure 4.2Consumer Goods 4.0Banking 2.2Insurance 2.1Utility 1.8Real Estate 1.7Automotive 1.6Transportation -0.7 Sector weightings reflect Net credit exposures including theimpact of any credit derivative positions.



A2 Index

1 month 0.9 0.5

YTD 6.2 4.8

1 year 3.9 2.5

5 years n/a n/a



A2 Index

31/03/2014 to 31/03/2015 3.8 2.3

28/03/2013 to 31/03/2014 n/a n/a

30/03/2012 to 28/03/2013 n/a n/a

31/03/2011 to 30/03/2012 n/a n/a

31/03/2010 to 31/03/2011 n/a n/aSource: at 31 Mar 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.


45

HendersonHorizon

GLOBAL HIGH YIELD BOND FUND(continued)

Fund managerKevin Loome





What are the risks specific to this fund?• Fixed interest securities are the debts of governments and companies, generally in the form of bonds. These bonds are

particularly affected by changes in interest rates, inflation and the decline in credit worthiness of the issuer, which may inturn affect the bonds value.

• The fund will be subject to the risk of a counterparty being unable to perform its obligations with respect to transactions,whether due to insolvency, bankruptcy or other causes. The investment manager assesses the creditworthiness ofcounterparties as part of the risk management process.


• The fund may use investment techniques, including some that involve derivatives, to obtain or amplify its exposure to variousinvestments, and may also use these techniques for efficient portfolio management or to manage risks. Certain derivativescould behave unexpectedly or could expose the fund to losses that are significantly greater than the cost of the derivative

• On the Horizon Global High Yield Bond Fund, Class A, Class I and Class X shares may be made available in Euro, Sterling,US Dollar, Singapore Dollars, Swiss Franc and Swedish Krona hedged versions or such other currencies as the Directorsof the Company may determine from time to time (if these currencies are not the base currencies of the fund concerned).The Investment Manager will hedge the Shares of such Classes in relation to the Base Currency of the Horizon GlobalYield Bond Fund. Where such hedging is undertaken, the Investment Manager may use financial swaps, futures, forwardcurrency exchange contracts, options and other derivative transactions in order to preserve the value of the hedged ShareClass currency against the Base Currency of the Horizon Global High Yield Bond Fund. Where undertaken, the effects ofthe hedging will be reflected in the Net Asset Value of the hedged Share Class. Any expenses arising from such hedgingtransactions will be borne by the Share Class in relation to which they have been incurred and will thereby impact on theperformance of that Share Class. Where such hedging is undertaken it may substantially protect investors against adecrease in the value of the Base Currency of the Horizon Global High Yield Bond Fund.

• Investors should note that in certain market conditions, securities held by the Horizon Global High Yield Bond Fund maynot be as liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may beharder to attain a reasonable price and there is a risk that the price at which the security is valued may not be realisable inthe event of sale. The Horizon Global High Yield Bond Fund may therefore be unable to readily sell such securities.

• High yield bonds are considered high risk investments that may cause income and principal losses for the fund. The marketvalues for high yield bonds tend to be volatile and are less liquid than investment grade securities. Investments in high yieldbonds are susceptible to increased price sensitivity from changes in interest rates and a deteriorating economicenvironment; greater risk of loss due to default or declining credit quality; greater likelihood that adverse company specificevents will render the issuer unable to make interest and/or principal payments when due; and if a negative perception ofthe high yield market develops, greater risks that the price and liquidity of high yield securities may be depressed



46

HendersonHorizon

TOTAL RETURN BOND FUND



Launch date09 May 2012

Base currencyEUR

BenchmarkGIFS EUR Flexible Bond


Fund size€763.08m

NAV (EUR)A2: 107.68


Last dividendn/a



(A2) CodesISIN: LU0756065164Bloomberg: HHTRA2E LX Valor: 18218719 WKN: A1JX0G

Fund risk statistics 3 years 5 yearsAlpha n/a n/aBeta n/a n/aSharpe Ratio 1.2 n/aStandard Deviation 2.0 n/aTracking Error n/a n/aInformation Ratio n/a n/a

About the fundThe investment objective of the Total Return Bond Fund is to target a positive total return, in excess of cash over a rolling threeyear period, through income and capital gains by investing in a broad range of global fixed income asset classes and associatedderivative instruments.The Fund may make use of a variety of instruments / strategies in order to achieve the Fund’s objective including, but not limited to, floating rate notes, forward foreign exchange contracts (including non-deliverable forwards), interest rate futures, bond futures and OTC swaps such as interest rate swaps, credit default swaps and credit default swaps on indices. The Fund may invest up to 30% of the Fund’s total Net Asset Value in asset-backed securities (“ABS”) and mortgage backed securities (“MBS”), including up to 10% of its net assets in noninvestment grade ABS and/or MBS. ABS/MBS include, but are not limited to, residential mortgagebacked securities, commercial mortgage-backed securities, and collateralized loan obligations. The ABS and MBS may be leveraged. The month-end duration of the fund was 2.3 years. Duration measures the sensitivity of a bond fund to interest rate changes: the larger the figure, the more sensitive is the bond fund to a movement in interest rates.

Please note that with effect from 8 October, the investment policy changed. The fund was launched on 29 March 2012 and the Euro A2 share class was launched on9 May 2012.To obtain quarterly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Asset breakdown (%)Government Bonds 19.0Corporate bonds 51.6Secured credit 17.5Cash & derivatives 11.9 Total number of holdings 416

Credit rating breakdown (%)AAA 2.7AA 10.8A 15.5BBB 33.2<BBB 23.4Not rated 2.4Cash & other 11.9

Active currency exposure relative to the base currency of the share class.


97

100

103

106

109

112

May12

Dec12

Jul13

Mar14

Oct14

May15

Henderson Horizon Total Return Bond (7.7%)

Duration exposure yearsEuro 1.3United States 0.4United Kingdom 0.3Emerging Markets 0.2Asia Pacific ex Japan 0.1



A1 A2

1 month 0.1 0.1

YTD 2.0 2.0

1 year 0.1 0.1

5 years n/a n/a



A1 A2

31/03/2014 to 31/03/2015 0.7 0.7

28/03/2013 to 31/03/2014 -0.2 -0.2

30/03/2012 to 28/03/2013 n/a n/a

31/03/2011 to 30/03/2012 n/a n/a

31/03/2010 to 31/03/2011 n/a n/aSource: at 31 Mar 15. © 2015 Morningstar. All rights reserved, on a bid tobid basis, with gross income reinvested. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not becopied or distributed; and (3) is not warranted to be accurate, complete, ortimely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.


47

HendersonHorizon

TOTAL RETURN BOND FUND(continued)

Fund managerHenderson Fixed IncomeInvestment Strategy Group


Managers profileFixed Income Investment Strategy Group: Phillip Apel, Colin Fleury, James McAlevey, Stephen Thariyan, Kevin Adams, JoannaMurdock & Bill McQuaker.

General risks• The value of the fund and the income from them is not guaranteed and may fall as well as rise. You may get back less than

you originally invested.• Past performance is not a guide to future performance.



• The value of an investment in the Company will be affected by fluctuations in the value of the currency of denomination offluctuations in currency exchange rates can result in a decrease in return and in a loss of capital.


• On the Horizon Total Return Bond Fund, Class A, Class I shares may be made available in Euro, Sterling, US Dollar andhedged versions or such other currencies as the Directors of the Company may determine from time to time (if thesecurrencies are not the base currencies of the Fund concerned). The Investment Manager will hedge the Shares of suchClasses in relation to the Base Currency of the Horizon Total Return Bond Fund. Where such hedging is undertaken, theInvestment Manager may use financial swaps, futures, forward currency exchange contracts, options and other derivativetransactions in order to preserve the value of the hedged Share Class currency against the Base Currency of the HorizonTotal Return Bond Fund. Where undertaken, the effects of the hedging will be reflected in the Net Asset Value of thehedged Share Class. Any expenses arising from such hedging transactions will be borne by the Share Class in relation towhich they have been incurred and will thereby impact on the performance of that Share Class. Where such hedging isundertaken it may substantially protect investors against a decrease in the value of the Base Currency of the Horizon TotalReturn Bond Fund.

• Investors should note that in certain market conditions, securities held by the Horizon Total Return Bond Fund may not beas liquid as they would be in normal circumstances. If a security cannot be sold in a timely manner then it may be harder toattain a reasonable price and there is a risk that the price at which the security is valued may not be realisable in the eventof sale. The Horizon Total Return Bond Fund may therefore be unable to readily sell such securities.

• Asset Backed Securities and Mortgage Backed Securities may not receive in full the amounts owed to them by underlyingborrowers. These instruments are a type of bond backed by an income stream from an underlying pool of assets, such asa loan or a mortgage.


• If a fund’s management charge is taken from its capital, then this may allow more income to be paid, however, it may alsorestrict capital growth or even result in capital erosion over time.

Important informationFrom 1 January 2014, all charges will be taken from capital, and gross income will be distributed thereby increasing the amount of income (which may be taxable) but mayconstrain capital growth.Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%. The Henderson Horizon Fund (the “Fund”) is a Luxembourg SICAV incorporated on 30 May 1985, managed by Henderson Management S.A. Any investment application will be made solely on the basis of the information contained in the Fund’s prospectus (including all relevant covering documents), which will contain investment restrictions. This communication has promotional purposes and is intended as a summary only and potential investors must read the Fund’s prospectus and key investor information document before investing. Information is provided on the Fund on the strict understanding that it is to - or for clients resident outside the USA. A copy of the Fund’s prospectus and key investor information document can be obtained from Henderson Global Investors Limited in its capacity as Investment Manager and Distributor. Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355) (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London, EC2M 3AE and authorised and regulated by the Financial Conduct Authority) provide investment products and services. Nothing in this communication is intended to or should be construed as advice. This communication is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. Deductions for charges and expenses are not made uniformly throughout the life of the investment but may be loaded disproportionately at subscription. If you withdraw from an investment up to 90 calendar days after subscribing you may be charged a Trading Fee as set out in the Fund’s prospectus. This may impact the amount of money which you will receive and you may not get back the amount invested. The value of an investment and the income from it can fall as well as rise significantly. Some Sub-Funds of the Fund can be subject to increased volatility due to the composition of their respective portfolios. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. The Fund is a recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme. The Fund is a foreign collective investment scheme registered in the Netherlands with the Authority for the Financial Markets and in Spain with the CNMV with the number 353. A list of distributors is available at www.cnmv.es. A copy of the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the local offices of Henderson Global Investors: 201 Bishopsgate, London, EC2M 3AE for UK, Swedish and Scandinavian investors; Via Dante 14, 20121 Milan, Italy, for Italian investors and Roemer Visscherstraat 43-45, 1054 EW Amersterdam, The Netherlands for Dutch investors; and the Fund’s: Austrian Paying Agent Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas Securities Services, 3, rue d’Antin, F-75002 Paris; German Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial Service Provider CACEIS Belgium S.A., Avenue du Port 86 C b320, B-1000 Brussels; Spanish Representative Allfunds Bank S.A. Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid; Singapore Representative Henderson Global Investors (Singapore) Limited, 6 Battery Road, #12-01 Singapore 049909; or Swiss Representative BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich who are also the Swiss Paying Agent. RBC Investor Services Trust Hong Kong Limited, a subsidiary of the joint venture UK holding company RBC Investor Services Limited, 51/F Central Plaza, 18 Harbour Road, Wanchai, Hong Kong, Tel: +852 2978 5656 is the Fund’s Representative in Hong Kong.

48

HendersonGartmore

CONTINENTAL EUROPEAN FUND



Launch date29 September 2000

Base currencyEUR

BenchmarkMSCI Europe (ex UK) Index


Fund size€4.46bn

NAV (EUR)R€ Acc: 10.26

YTD High/Low NAV (EUR)R€ Acc: 10.56/8.29

Last dividendEUR 0.07(01/10/13)



(R) CodesISIN: LU0201071890Bloomberg: GAEUFAD LX Valor: 1974487 WKN: A0DLKB

RatingsMorningstar - QQQQFund risk statistics 3 years 5 yearsAlpha 4.0 3.0Beta 0.9 0.9Sharpe Ratio 2.4 1.3Standard Deviation 9.8 11.7Tracking Error 3.7 3.6Information Ratio 0.5 0.6

About the fundThe Fund aims to achieve a long-term return, in excess of the long-term return that is typically achieved from Continental European equity markets,by investing at any given time at least two thirds of its net assets in: - companies having their registered office in Continental Europe, - companiesthat do not have their registered office in Continental Europe but either (i) carry out a predominant proportion of their business activity in ContinentalEurope, or (ii) are holding companies which predominately own companies with registered offices in Continental Europe. The return will be acombination of capital and income returns.John Bennett has a 26-year track record of managing European equities. He joined Henderson as a Director of European Equities in April 2011, as part of the Gartmore acquisition. John manages a number of Continental and Pan European funds as well as European long/short funds. He received the Fund Manager of the Year 2014 award from Finanzen-Verlag. John joined Gartmore in 2010 from GAM where he spent 17 years as a fund manager. During this time he managed their flagship European long only and European equity L/S hedge fund, which was launched in June 1998. Prior to GAM, John was a fund manager at Ivory and Sime and has been a Member of the Chartered Institute of Bankers in Scotland since 1987. Asim Rahman joined Henderson in 2011. He previously worked with John Bennett at Gartmore and GAM where he was an Investment Analyst from 2003. Prior to joining GAM, Asim was a Financial Analyst in Goldman Sachs’ Investment Banking Division. Asim holds an MA in Economics from Cambridge University and is a CFA Charterholder.


Top 10 holdings (%)Roche 6.6Novartis 5.9ING Groep 4.8Autoliv 4.4Fresenius 4.1Nestlé 4.0Bayer 3.7Novo Nordisk 3.6Intesa Sanpaolo 3.6DNB 3.5Total number of holdings 51

Top 10 countries (%)Switzerland 19.8Germany 18.9France 14.7Sweden 10.8Netherlands 9.3Denmark 5.4Italy 4.4Norway 3.5Belgium 3.4Ireland 3.1


70

100

130

160

190

220

May10

May11

May12

May13

May14

May15

Henderson Gartmore Continental European (111.3%)MSCI Europe (ex UK) (90.8%)

Top 10 sectors (%)Health Care 29.6Financials 25.9Consumer Discretionary 14.6Consumer Staples 9.5Materials 7.8Industrials 5.1Telecommunication Services 2.4Utilities 1.5Information Technology 1.5Energy 0.7



R€ Acc Index

1 month 2.8 1.4

YTD 21.0 19.6

1 year 23.4 19.0

5 years 111.3 90.8



R€ Acc Index

31/03/2014 to 31/03/2015 25.2 23.2

28/03/2013 to 31/03/2014 20.3 20.7

30/03/2012 to 28/03/2013 22.6 16.3

31/03/2011 to 30/03/2012 -1.1 -5.0



49

HendersonGartmore

CONTINENTAL EUROPEAN FUND(continued)


Assistant managerAsim Rahman




Risk profile• This fund invests in shares, which may be more volatile than other asset classes such as cash or bonds. The fund may utilise

derivatives for efficient portfolio management.• As the fund invests in Continental Europe, it may have exposure to non-Euro currencies and thus to changes in exchange

rates which may cause the value of investments to fall or rise independently of the underlying holdings.• This fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should


Important informationPlease note: due to rounding the figures in the holdings breakdowns may not add up to 100%. The Henderson Gartmore Fund (the “Fund”) is a Luxembourg SICAVincorporated on 26 September 2000, managed by Henderson Management S.A. Any investment application will be made solely on the basis of the information containedin the Fund’s prospectus (including all relevant covering documents), which will contain investment restrictions. This document is intended as a summary only and potentialinvestors must read the Fund’s prospectus and key investor information document before investing. A copy of the Fund’s prospectus and key investor information documentcan be obtained from Gartmore Investment Limited in its capacity as Distributor or Henderson Global Investors Limited in its capacity as Investment Manager and Distributor.Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited (reg. no. 2607112),Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment AdvisorLimited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), Gartmore Investment Limited (reg. no. 1508030), (each incorporated and registered inEngland and Wales with registered office at 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investmentproducts and services. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment.It does not form part of any contract for the sale or purchase of any investment. The performance data does not take into account the commissions and costs incurred onthe issue and redemption of units. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Taxassumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third partyprovider you are advised to consult them directly as charges, performance and terms and conditions may differ materially. The Fund is a recognised collective investmentscheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by theUnited Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial ServicesCompensation Scheme. A copy of the Fund’s prospectus, key investor information document, articles of incorporation, annual and semi-annual reports can be obtained freeof cost from the Fund’s registered office in Luxembourg: 2 Rue de Bitbourg, L-1273 Luxembourg, in Germany: Henderson Global Investors, Bockenheimer Landstraße 24,60323 Frankfurt, in Austria: Bank Austria Creditanstalt AG, Am Hof 2, 1010 Wien, in Spain: offices of the Spanish distributors, a list of which may be obtained at www.cnmv.es(Henderson Gartmore Fund is registered with the CNMV under number 259); in Belgium: Belgian Financial Service Provider CACEIS Belgium S.A., Avenue du Port 86 Cb320, B-1000 Brussels; in Singapore: Singapore Representative Henderson Global Investors (Singapore) Limited, 6 Battery Road, #12-01 Singapore 049909; and inSwitzerland from the Swiss representative: BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich who are also the Swiss PayingAgent. Please note that Isle of Man investors will not be protected by statutory compensation arrangements in respect of the Henderson Gartmore Fund.

50

HendersonGartmore

EMERGING MARKETS FUND




Base currencyUSD

BenchmarkMSCI Emerging Markets Index


Fund size$56.95m






(R) CodesISIN: LU0201073169Bloomberg: GAEMKDA LX Valor: 1974086 WKN: A0DM8A

RatingsMorningstar - QQQFund risk statistics 3 years 5 yearsAlpha -0.4 -1.2Beta 1.0 1.0Sharpe Ratio 0.8 0.4Standard Deviation 12.2 14.3Tracking Error 5.6 5.1Information Ratio -0.2 -0.3

About the fundThe Fund aims to achieve a long-term return, in excess of the long-term return that is typically achieved from emerging equitymarkets, by investing at any given time at least two thirds of its net assets in: - companies having their registered office inemerging markets, - companies that do not have their registered office in emerging markets but either (i) carry out apredominant proportion of their business activity in these markets, or (ii) are holding companies which predominantly owncompanies with registered offices in emerging markets. The return will be a combination of capital and income returns. In thiscontext, the term “emerging markets” means countries with low or middle per capita income and which are referred to by theWorld Bank as developing countries.Glen Finegan joined Henderson in 2015 as Head of Emerging Markets Equities. Most recently, Glen was a senior portfolio manager at First State Stewart (formerly First State Investments) covering global emerging market all capitalisation equity strategies. He managed US$3bn as lead manager and was co-lead managing US$10bn of assets. While at First State, Glen was based in Edinburgh between 2001 and 2011, and in October 2011 he relocated to Singapore. Before joining First State Stewart in 2001, Glen spent three years working as a geophysicist within the oil and gas industry. Glen has both an MSc in Oceanography and a BEng (Hons) in Civil Engineering from the University of Southampton.

Please note that as of 1 February 2015, Glen Finegan took over sole management of this fund.To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)SABMiller 3.3Inversiones Aguas Metropolitanas 3.2Grupo Herdez 3.1Unilever 3.0Cia Cervecerias Unidas 3.0Tiger Brands 2.9China Mengniu Dairy 2.9Uni-President Enterprises 2.9Standard Bank Group 2.6Idea Cellular 2.6Total number of holdings 59

Top 10 countries (%)India 14.0Chile 10.6United Kingdom 10.2Taiwan 9.4South Africa 9.1Brazil 8.5China 7.6South Korea 4.6Mexico 4.1Malaysia 2.6Cash 3.6


85

100

115

130

145

160

May10

May11

May12

May13

May14

May15

Henderson Gartmore Emerging Markets (29.8%)MSCI Emerging Markets (38.9%)

Top 10 sectors (%)Consumer Staples 32.9Financials 15.7Information Technology 10.5Utilities 8.9Industrials 8.2Consumer Discretionary 7.2Telecommunication Services 6.3Materials 3.0Health Care 2.8Energy 0.9



R€ Acc Index

1 month 0.0 -1.9

YTD 13.4 16.8

1 year 24.2 24.9

5 years 29.8 38.9



R€ Acc Index

31/03/2014 to 31/03/2015 29.7 29.3

28/03/2013 to 31/03/2014 -11.0 -7.8

30/03/2012 to 28/03/2013 6.7 6.1

31/03/2011 to 30/03/2012 -7.2 -2.5



51

HendersonGartmore

EMERGING MARKETS FUND(continued)

Fund managerGlen Finegan





derivatives for efficient portfolio management.• As the fund invests in emerging markets, it is exposed to changes in exchange rates which may cause the value of

investments to fall or rise independently of the underlying holdings.• Emerging markets tend to be more volatile than more established markets and therefore your money could be at greater

risk. Other risk factors such as political and economic conditions should be considered. Investment in the Fund representsan above average risk and so investors must be able to accept this risk.



52

HendersonGartmore

GLOBAL GROWTH FUND




Base currencyUSD

BenchmarkMSCI AC World Index


Fund size$46.06m






(R) CodesISIN: LU0200076213Bloomberg: GAGLBDA LX Valor: 1974151 WKN: A0DNEW

RatingsMorningstar - QQQQFund risk statistics 3 years 5 yearsAlpha 2.4 -4.2Beta 1.1 1.3Sharpe Ratio 2.6 1.2Standard Deviation 9.4 12.7Tracking Error 5.7 6.0Information Ratio 0.8 0.0

About the fundThe Fund aims to achieve above average long-term capital growth, in excess of long-term capital growth that is typically achieved from globalequity markets. The Fund will invest principally in a concentrated portfolio of global securities with a bias to those securities where innovationdrives competitive advantage and where the fund manager considers them to be under appreciated and which offer sustainably high levels ofgrowth.Ian Warmerdam is Director of Global Growth Equities and lead manager of the Henderson Global Growth Fund, the Henderson Gartmore Global Growth Fund, and two growth sleeves of larger global equity portfolios. Having been Director of Technology Investment at Henderson from 2007 to 2014, he continues to provide coverage of the internet sector. Ian joined Henderson in 2001 and has 18 years’ industry experience. Prior to joining Henderson he worked at both Scottish Widows and Scottish Life where his career began as a US equities investment analyst. Ian has an MSc in investment analysis from the University of Stirling. He is an Associate Member of the Society of Investment Professionals and also has a BSc in Technology and Business Studies from the University of Strathclyde. Ronan Kelleher is an Investment Analyst focussed on the Global Growth strategy at Henderson. In January 2015, Ronan was appointed co-manager of an offshore global growth equities fund. He joined Henderson in January 2011, initially working as a fund manager assistant before becoming an investment analyst in 2012. Ronan is a generalist equities analyst for the Global Growth strategy, having previously covered IT Hardware stocks and Initial Public Offerings (IPOs) for the Technology team. Prior to working at Henderson, he worked at SIG in Dublin, Ireland as an operations associate. Ronan holds an MSc in Finance and Investment from the University of Edinburgh and a BSc (Hons) in Finance from University College Cork in Ireland. Ronan is a CFA charterholder and holds the Investment Management Certificate (IMC).

Please note that as of 1 January 2015, Ronan Kelleher also managed this fund.On 1 December 2013, the Henderson Gartmore Global Focus Fund changed its name to Henderson Gartmore Global Growth Fund. The investment policy and benchmark were also changed. To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Apple 3.7Walt Disney 3.2Baidu 2.8Delphi Automotive 2.7CVS Health 2.5ICON 2.5NetEase 2.4Cardinal Health 2.3Netflix 2.3Spirit Airlines 2.3Total number of holdings 50

Top 10 regions (%)North America 56.0Continental Europe 15.8Asia 9.1United Kingdom 5.8South Africa 5.0Asia Pacific ex Japan 0.6 Cash 7.7


70

100

130

160

190

220

May10

May11

May12

May13

May14

May15

Henderson Gartmore Global Growth (106.5%)MSCI AC World (108.2%)

On 1 December 2013 the fund changed its benchmark from the MSCI WorldIndex to the MSCI AC World Index. The index shown is the composite of thetwo.

Management of fund moved to current team on 2 January 2013.

Top 10 sectors (%)Information Technology 28.7Consumer Discretionary 25.4Health Care 14.6Industrials 9.6Consumer Staples 9.0Financials 3.2Materials 1.7



R€ Acc Index

1 month 4.0 2.2

YTD 19.5 16.3

1 year 42.7 31.5

5 years 106.5 108.2



R€ Acc Index

31/03/2014 to 31/03/2015 43.6 36.0

28/03/2013 to 31/03/2014 17.1 10.9

30/03/2012 to 28/03/2013 15.9 16.7

31/03/2011 to 30/03/2012 0.5 7.8



53

HendersonGartmore

GLOBAL GROWTH FUND(continued)

Fund managerIan Warmerdam

Fund managerRonan Kelleher





derivatives for efficient portfolio management.• The fund holds a limited number of investments. If one or more of these investments declines in value, or is otherwise

adversely affected, this could have a greater impact on the fund’s value than if a larger number of investments were held.• As the fund invests globally, it is exposed to changes in exchange rates which may cause the value of investments to fall

or rise independently of the underlying holdings.• The fund may invest in emerging markets which tend to be more volatile than more established markets and therefore your

money is at greater risk. Other risk factors such as political and economic conditions should be considered.• This fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should



54

HendersonGartmore

LATIN AMERICAN FUND




Base currencyUSD

BenchmarkMSCI EM Latin America Index


Fund size$62.19m






(R) CodesISIN: LU0200080918Bloomberg: GALATAA LX Valor: 1974137 WKN: A0DLD4

RatingsMorningstar - QQQFund risk statistics 3 years 5 yearsAlpha -2.0 -0.9Beta 0.9 1.0Sharpe Ratio -0.2 -0.2Standard Deviation 16.3 17.2Tracking Error 4.3 4.0Information Ratio -0.3 -0.2

About the fundThe Fund aims to achieve a long-term return, in excess of the long-term return that is typically achieved from Latin American equity markets, byinvesting at any given time at least two thirds of its net assets in: - companies having their registered office in Latin American markets, - companiesthat do not have their registered office in Latin American markets but either (i) carry out a predominant proportion of their business activity inthese markets, or (ii) are holding companies which predominantly own companies with registered offices in Latin American markets. The returnwill be a combination of capital and income returns. The Fund may also invest in American Depositary Receipt (‘ADRs’) investing in securitiesissued by companies incorporated in Latin America or in any similar listed securities of Latin American companies.Glen Finegan joined Henderson in 2015 as Head of Emerging Markets Equities. Most recently, Glen was a senior portfolio manager at First State Stewart (formerly First State Investments) covering global emerging market all capitalisation equity strategies. He managed US$3bn as lead manager and was co-lead managing US$10bn of assets. While at First State, Glen was based in Edinburgh between 2001 and 2011, and in October 2011 he relocated to Singapore. Before joining First State Stewart in 2001, Glen spent three years working as a geophysicist within the oil and gas industry. Glen has both an MSc in Oceanography and a BEng (Hons) in Civil Engineering from the University of Southampton.

Please note that as of 1 February 2015, Glen Finegan took over sole management of this fund.To obtain monthly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Top 10 holdings (%)Grupo Herdez 5.0ENTEL Chile 4.9Inversiones Aguas Metropolitanas 4.8Tractebel Energia 4.0Quinenco 3.6Banco Bradesco 3.6Aguas Andinas 3.5Cia Cervecerias Unidas 3.5Mahle-Metal Leve 3.3Duratex 3.1Total number of holdings 40

Top 10 countries (%)Brazil 34.0Chile 27.8Mexico 9.0United Kingdom 6.9United States 6.4France 4.0Panama 3.8Colombia 1.9Peru 1.7 Cash 4.5


70

80

90

100

110

120

130

May10

May11

May12

May13

May14

May15

Henderson Gartmore Latin American (-16.1%)MSCI EM Latin America (-13.3%)

Top 10 sectors (%)Consumer Staples 24.8Financials 17.9Industrials 16.4Utilities 12.4Consumer Discretionary 7.0Materials 5.9Telecommunication Services 4.9Information Technology 4.1Energy 2.2



R€ Acc Index

1 month -2.6 -5.0

YTD 2.9 2.5

1 year -3.1 -1.4

5 years -16.1 -13.3



R€ Acc Index

31/03/2014 to 31/03/2015 0.6 1.8

28/03/2013 to 31/03/2014 -22.3 -19.5

30/03/2012 to 28/03/2013 0.7 -0.6

31/03/2011 to 30/03/2012 -4.2 -2.1



55

HendersonGartmore

LATIN AMERICAN FUND(continued)

Fund managerGlen Finegan





derivatives for efficient portfolio management.• As the fund invests in latin america, it is exposed to changes in exchange rates which may cause the value of investments

to fall or rise independently of the underlying holdings.• The fund may hold a limited number of investments. If one or more of these investments declines in value, or is otherwise

adversely affected, this can have a greater impact on the fund’s value than if a larger number of investments were held.• The fund invests in emerging markets which tend to be more volatile than more established markets and therefore your

money is at greater risk. Other risk factors such as political and economic conditions should be considered. Investment inthe fund represents an above average risk and so investors must be able to accept this risk.



56

HendersonGartmore

PAN EUROPEAN FUND




Base currencyEUR

BenchmarkMSCI Europe


Fund size€1060.69m






(R) CodesISIN: LU0201075453Bloomberg: GAPAEAA LX Valor: 1974072 WKN: A0DNE8


About the fundThe Fund aims to achieve a long-term return, in excess of the long-term return that is typically achieved from European equity markets, by investingat any given time at least two thirds of its net assets in: - companies having their registered office in Europe (including the United Kingdom), -companies that do not have their registered office in Europe but either (i) carry out a predominant proportion of their business activity from Europe(including the United Kingdom), or (ii) are holding companies which predominantly own companies with registered offices in Europe (includingthe United Kingdom). The return will be a combination of capital and income returns.John Bennett has a 26-year track record of managing European equities. He joined Henderson as a Director of European Equities in April 2011, as part of the Gartmore acquisition. John manages a number of Continental and Pan European funds as well as European long/short funds. He received the Fund Manager of the Year 2014 award from Finanzen-Verlag. John joined Gartmore in 2010 from GAM where he spent 17 years as a fund manager. During this time he managed their flagship European long only and European equity L/S hedge fund, which was launched in June 1998. Prior to GAM, John was a fund manager at Ivory and Sime and has been a Member of the Chartered Institute of Bankers in Scotland since 1987. Asim Rahman joined Henderson in 2011. He previously worked with John Bennett at Gartmore and GAM where he was an Investment Analyst from 2003. Prior to joining GAM, Asim was a Financial Analyst in Goldman Sachs’ Investment Banking Division. Asim holds an MA in Economics from Cambridge University and is a CFA Charterholder.


Top 10 holdings (%)Roche 5.0ING Groep 4.3Novartis 4.3Autoliv 3.9Fresenius 3.6Novo Nordisk 3.0Nestlé 2.8Intesa Sanpaolo 2.8Bayer 2.6Henkel 2.5Total number of holdings 65

Top 10 countries (%)United Kingdom 22.3Germany 17.7Switzerland 14.3France 9.7Netherlands 8.4Sweden 8.3Denmark 4.5Ireland 3.4Belgium 2.9Italy 2.8


70

100

130

160

190

220

May10

May11

May12

May13

May14

May15

Henderson Gartmore Pan European (114.3%)MSCI Europe (90.3%)

Top 10 sectors (%)Financials 23.6Health Care 23.6Consumer Discretionary 17.1Consumer Staples 9.8Industrials 9.7Materials 7.1Telecommunication Services 2.8Energy 2.2Information Technology 2.0Utilities 1.3



R€ Acc Index

1 month 2.9 1.6

YTD 20.1 18.7

1 year 22.9 19.1

5 years 114.3 90.3



R€ Acc Index

31/03/2014 to 31/03/2015 23.8 22.7

28/03/2013 to 31/03/2014 21.2 16.6

30/03/2012 to 28/03/2013 21.7 15.4

31/03/2011 to 30/03/2012 2.6 -0.8



57

HendersonGartmore

PAN EUROPEAN FUND(continued)


Assistant managerAsim Rahman





derivatives for efficient portfolio management.• As the fund invests in Europe it may have exposure to non-Euro currencies and therefore to changes in exchange rates

which may cause the value of investments to fall or rise independently of the underlying holdings.• This fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should



58

HendersonGartmore

PAN EUROPEAN SMALLERCOMPANIES FUND




Base currencyEUR

BenchmarkEuromoney Europe SmallerCompanies Index


Fund size€123.01m






(R) CodesISIN: LU0201078713Bloomberg: GASMCAD LX Valor: 1974080 WKN: A0DNFA


About the fundThe Fund aims to achieve a long-term return, in excess of the long-term return that is typically achieved from European smaller companies equitymarkets, by investing at any given time at least two-thirds of its net assets in:- smaller companies having their registered office in Europe (including the United Kingdom), - smaller companies that do not have their registered office in Europe but either (i) carry out a predominant proportion of their business activity in Europe (including the United Kingdom), or (ii) are holding companies which predominantly own companies with registered offices in Europe (including the United Kingdom). The return will be a combination of capital and income returns. In this context the term “European smaller companies” means companies whose market capitalisation, at the time of purchase by the Investment Manager, does not exceed Euro 3.5 billion. This capitalisation figure may be adjusted from time to time, depending on market conditions. Ollie Beckett is an Associate Director in the Pan European Smaller Companies team and is the Fund Manager for Henderson Horizon Pan European Smaller Companies Fund. Ollie first joined Henderson Global Investors after the merger of AMP Asset Management in 1998 as an Assistant Portfolio Manager for European Equities before becoming Fund Manager in 1999. In 2000, he became Fund Manager of the Global Technology Equities before joining Anglo-Suisse Capital for one year. Ollie returned to Henderson Global Investors in his current role in 2005. He also manages the TR European Growth Trust plc. Ollie holds a BA (Hons) degree in Economics and Government from the University of Manchester and is a member of the Institute of Investment Managers and Research.


Top 10 holdings (%)OC Oerlikon 2.9Nexity 1.9Optimal Payments 1.9Anima 1.8KION Group 1.7FinecoBank Banca Fineco 1.7ASM International 1.7Nobia 1.7TKH Group 1.7Nexans 1.6Total number of holdings 78

Top 10 countries (%)Germany 17.3Italy 16.6United Kingdom 15.9France 14.3Netherlands 10.0Switzerland 7.2Spain 6.3Finland 2.4Denmark 2.3Sweden 1.7Cash 3.0


60

100

140

180

220

260

May10

May11

May12

May13

May14

May15

Henderson Gartmore Pan European Smllr Co's (140.0%)Euromoney Europe Smaller Companies (110.3%)

Top 10 sectors (%)Industrials 28.9Consumer Discretionary 25.3Financials 22.1Information Technology 9.4Materials 5.5Consumer Staples 2.1Telecommunication Services 1.3Energy 1.3Health Care 1.1



R€ Acc Index

1 month 3.2 3.1

YTD 25.3 23.2

1 year 20.5 19.1

5 years 140.0 110.3



R€ Acc Index

31/03/2014 to 31/03/2015 16.6 15.0

28/03/2013 to 31/03/2014 32.9 33.1

30/03/2012 to 28/03/2013 13.2 15.7

31/03/2011 to 30/03/2012 -1.3 -7.8



59

HendersonGartmore

PAN EUROPEAN SMALLERCOMPANIES FUND(continued)

Fund managerOllie Beckett





derivatives for efficient portfolio management.• As the fund invests In Europe it may have exposure to non-Euro currencies and thus to changes in exchange rates which

may cause the value of investments to fall or rise independently of the underlying holdings.• The fund will invest in smaller companies, which can be more risky than larger companies, due to lack of liquidity and

increased volatility. The shares of smaller companies may be subject to more abrupt price movements than shares of largercompanies.



60

HendersonGartmore

JAPAN ABSOLUTE RETURN FUND



DomicileLuxembourg


Base currencyJPY

NAV (JPY)R¥ Acc: 614.62

YTD High/Low NAV (JPY)R¥ Acc: 615.84/584.53

Last dividendn/a


Performance fee20% (relative to the hurdle rate andhigh water mark)


(R) CodesISIN: LU0201075024Bloomberg: GAJAPYA LX Valor: 1974084 WKN: A0DNE1

About the fundThe Fund aims to achieve a positive absolute return over the long term regardless of market conditions, by taking long and short positions at any given timein equities or equity related derivative contracts of: - companies having their registered office in Japan; and - companies that do not have their registeredoffice in Japan but either (i) carry out a predominant proportion of their business activity in these markets, or (ii) are holding companies which predominantlyown companies with registered offices in Japan although all or a substantial proportion of the assets of the Fund may at any time consist of cash, near cash,deposits and/or money market instruments. The Fund will invest in companies of any market capitalisation. Long positions may be held through a combinationof direct investment and/or derivative instruments, and short positions will be held through derivative positions, primarily swaps and futures. The use ofderivatives forms an important part of the investment strategy. The Fund may also invest at the Investment Manager’s discretion in other transferable securities,derivative instruments and collective investment schemes.John joined Henderson via the 2011 acquisition of Gartmore. He has been the lead manager of the AlphaGen Hokuto Fund since its inception in 2000, and of the AlphaGen Tenro Fund since 2010. Having spent 16 years in Tokyo, John moved to Singapore in August 2011. Before joining Gartmore in 1995, John worked for Prudential Portfolio Managers in London as a Japanese equity fund manager. He has been managing Japanese equity portfolios since 1992 and long/short strategies since 1999. John graduated from Loughborough University with a BSc Honours in Banking and Finance and is an associate member of the UK Society of Investment Professionals. Robert joined Henderson via the 2011 acquisition of Gartmore. He is co-manager for both the AlphaGen Hokuto and AlphaGen Tenro funds and financial sector analyst, and is based in Singapore. Prior to joining Gartmore in 2009, Robert worked for KBC Alternative Investment Management in Hong Kong as a portfolio manager running a long/short Japanese equity portfolio, prior to which he was financial sector research analyst at KBC Securities and Cazenove Securities in Tokyo. Robert graduated from Oxford University in 1991 with a BA in Chinese Studies. He is also a member of the Institute of Chartered Accountants in England and Wales.

On 30 April 2010 the Fund changed its name, investment objective, risk profile, Fund Manager and fee structure. The Fund was previously known as the GartmoreSICAV Japanese Fund.

Fund size ¥2.23bnJPY

NAV per share 614.621 month 1.93Year to date 3.411 year 8.13Since inception (annualised) 2.09Source: at 29 May 15. © 2015 Morningstar. All Rights Reserved, bid-bid, gross income reinvested.

Fund performance JPY

-6-30369

1215

Apr10

Apr11

Apr12

Apr13

Apr14

May15

Monthly performance (%)JPY 2010 2011 2012 2013

0.85† -0.77 -1.10 8.09JPY Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year2014 -0.98 -1.88 -0.45 -0.23 -0.50 1.00 0.40 0.23 1.14 -0.70 1.32 1.10 0.402015 -1.37 0.54 1.41 0.88 1.93 3.41Source: at 29 May 15. © 2015 Morningstar. All Rights Reserved, bid-bid, gross income reinvested.

Discrete year performance (%)JPY 31/03/2014 -

31/03/201528/03/2013 -31/03/2014

30/03/2012 -28/03/2013

31/03/2011 -30/03/2012

31/03/2010 -31/03/2011

R¥ Acc 4.4 2.0 0.5 -1.0 n/a



Sector profile (%) Long Short Gross Net

Autos & Auto Parts 6.2 3.9 10.2 2.3Banks 4.6 3.8 8.4 0.8Chemicals & Textiles 7.0 1.5 8.5 5.5Information & Communications 5.9 0.0 5.9 5.9Construction & Real Estate 6.4 2.3 8.8 4.1Electric or Gas Utilities 1.5 0.0 1.5 1.5Electronics 10.5 2.3 12.8 8.1Food 0.0 0.4 0.4 -0.4Glass & Ceramics 0.9 0.0 0.9 0.9Machinery 6.4 4.2 10.6 2.2Metal Products 2.4 2.3 4.6 0.1Oils 0.0 1.6 1.6 -1.6Other Financials 7.1 2.4 9.6 4.7Health Care 3.6 1.8 5.4 1.8Consumer 8.2 3.6 11.8 4.6Services 2.3 1.6 3.8 0.7Transportation 5.1 2.1 7.3 3.0Wholesale 0.5 0.0 0.5 0.5Index Derivatives 0.0 28.3 28.3 -28.3

Top five largest investments (%)

Sumitomo Mitsui Financial Group 2.6Nippon Telegraph & Telephone 2.5East Japan Railway 2.4Tokio Marine 2.1MEIJI 2.0

Total exposure (%)

Net Market Exposure 16.4Gross Market Exposure 140.9

Number of positions (including derivatives)

Long 61Short 29

61

HendersonGartmore

JAPAN ABSOLUTE RETURN FUND(continued)

Fund managerJohn Stewart

Fund managerRobert Tull




Risk profile• The fund aims to typically deliver absolute (more than zero) returns in each year, although an absolute return performance

is not guaranteed.• Over the short-term it may experience periods of negative returns and consequently the Fund may not achieve this objective.• The fund makes extensive use of investment techniques, particularly those that involve derivatives, to obtain both its long

and short investment exposure. Certain derivatives could behave unexpectedly or could expose the fund to losses that aresignificantly greater than the cost of the derivative.

• You should bear in mind that the value of all investments can go down as well as up.• The fund may employ leverage as part of its investment strategy when using derivatives.• The fund may trade instruments, the performance of which depends on the continued solvency of the counterparties to the

trade.• The investment approach for this fund may involve a high level of investment activity and turnover of investments which

may generate substantial transaction costs which will be borne by the fund.• The fund may be subject to a Performance Fee which may influence the Investment Manager to change the risk profile of

the fund.• Yen is the base currency of the fund but assets may be denominated in other currencies.• Changes in exchange rates may cause the value of the assets to fall or rise.• The fund will hedge on a best efforts basis, a significant proportion of this currency risk through forward foreign exchange

contracts and other methods but this will not entirely eliminate the fund's currency risk.• Also while the fund or its authorised agent may attempt to hedge currency risks in a Hedged Share Class, there can be no

guarantee that currency risk will be eliminated. The costs and gains or losses associated with any hedging transactions forHedged Share Classes will accrue solely to the Hedged Share Class to which it relates.

• Investors should note the Investment Information and Risks section in the full Prospectus.• This fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should



62

HendersonGartmore

UNITED KINGDOM ABSOLUTE RETURNFUND



DomicileLuxembourg

Launch date24 March 2005

Base currencyGBP

NAV (GBP)R£ Acc: 2.86

YTD High/Low NAV (GBP)R£ Acc: 2.87/2.73

Last dividendn/a


Performance fee20% (relative to the hurdle rate andhigh water mark)


(R) CodesISIN: LU0200083342Bloomberg: GARUKSA LX Valor: 1974466 WKN: A0DNFC

About the fundThe Fund aims to achieve a positive absolute return over the long term regardless of market conditions, by taking long and short positions primarilyin equities or equity related derivative contracts of:- companies having their registered office in the United Kingdom; and - companies that do not have their registered office in the United Kingdom but either (i) carry out a predominant proportion of their business activity in these markets, or (ii) are holding companies which predominantly own companies with registered offices in the United Kingdom although all or a substantial proportion of the assets of the Fund may at any time consist of cash, near cash, deposits and/or money market instruments. The Fund will invest in companies of any market capitalisation. Long positions may be held through a combination of direct investment and/or derivative instruments, and short positions will be held through derivative positions, primarily swaps and futures. The use of derivatives forms an important part of the investment strategy. The Fund may also invest at the Investment Manager’s discretion in other transferable securities, derivative instruments and collective investment schemes. Ben joined Henderson in 2011 as an Investment Manager. Prior to that, Ben was a Senior Investment Manager at Gartmore. Before joining Gartmore in 2002, Ben worked at Deutsche Asset Management, where he managed UK equity funds from 1997-2002. Ben graduated from the University of Edinburgh with a BCom (Hons). He is also a member of the UK Society of Investment Professionals. Luke joined Henderson in 2011 as Investment Manager for European Equities. Prior to that, Luke worked at Gartmore from June 2009 after joining from Altima Partners LLP to manage the Alphagen Octanis & Gartmore UK Absolute Return funds. Previously, Luke was a UK Fund Manager at Deutsche Asset Management running high performance retail and institutional mandates before moving to Foreign & Colonial in 2005, where he launched the F&C Special Situations fund and subsequently the F&C Enhanced Alpha fund which took advantage of the UCITSIII regulations to introduce an active shorting strategy. Luke graduated from the University of Warwick with a BSc Hons in Economics & Politics.

On 16 January 2014, the Fund changed its investment objective and policy.On 31 March 2010 the Fund changed its name, investment objective, risk profile, Fund Manager and fee structure. The Fund was previously known as the Gartmore SICAV United Kingdom Fund. To obtain quarterly commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Fund size £1613.44mGBP

NAV per share 2.861 month 1.39Year to date 4.171 year 7.34Since inception (annualised) 6.06Source: at 29 May 15. © 2015 Morningstar. All Rights Reserved, bid-bid, gross income reinvested.

Fund performance GBP

05

10152025303540

May10

May11

May12

May13

May14

May15

Monthly performance (%)GBP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year2010 0.68 -1.84 0.80 0.18 -0.22 1.68 0.49 -1.31 2.61 3.042011 0.62 1.54 -0.29 0.86 -0.05 0.19 -0.85 -2.10 -0.72 0.88 -0.33 -0.32 -0.612012 0.83 1.31 -0.45 -0.25 -2.62 0.44 0.57 0.64 0.53 0.78 1.24 1.28 4.302013 2.30 1.26 1.41 1.20 2.07 -0.32 3.28 0.19 1.39 1.73 0.02 1.01 16.632014 -0.19 2.03 -1.24 -0.12 0.90 -0.12 -0.32 1.22 -0.03 0.01 1.97 0.30 4.442015 1.30 0.37 0.83 0.22 1.39 4.17Source: at 29 May 15. © 2015 Morningstar. All Rights Reserved, bid-bid, gross income reinvested.

Discrete year performance (%)GBP 31/03/2014 -

31/03/201528/03/2013 -31/03/2014

30/03/2012 -28/03/2013

31/03/2011 -30/03/2012

31/03/2010 -31/03/2011

R£ Acc 6.5 11.7 7.7 -0.8 5.0



Sector profile (%) Long Short Gross Net

Financials 16.5 1.5 18.0 15.0Consumer Discretionary 13.1 2.4 15.5 10.8Industrials 6.6 0.3 6.8 6.3Information Technology 3.0 0.0 3.0 3.0Telecommunication Services 2.7 0.0 2.7 2.7Consumer Staples 4.7 2.3 7.0 2.4Health Care 1.8 0.0 1.8 1.8Utilities 1.6 0.5 2.2 1.1Materials 1.0 0.3 1.2 0.7Energy 1.5 1.8 3.3 -0.3Index Derivatives 0.0 13.3 13.3 -13.3

Top five largest investments (%)

Informa 2.8Aviva 2.5Legal & General Group 2.4Reed Elsevier 2.4Betfair Group 1.9

Total exposure (%)

Net Market Exposure 30.2Gross Market Exposure 74.8

Number of stock positions

Long 104Short 25

63

HendersonGartmore

UNITED KINGDOM ABSOLUTE RETURNFUND(continued)

Fund managerBen Wallace

Fund managerLuke Newman




Risk profile• The fund aims to typically deliver absolute (more than zero) returns in each year, although an absolute return performance

is not guaranteed.• Over the short-term it may experience periods of negative returns and consequently the Fund may not achieve this objective.• The fund makes extensive use of investment techniques, particularly those that involve derivatives, to obtain both its long

and short investment exposure. Certain derivatives could behave unexpectedly or could expose the fund to losses that aresignificantly greater than the cost of the derivative.

• You should bear in mind that the value of all investments can go down as well as up.• In aiming to achieve the investment objective and policy, the fund may invest in derivatives for efficient portfolio management

and investment purposes.• The fund may trade instruments, the performance of which depends on the continued solvency of the counterparties to the

trade.• The investment approach for this fund may involve a high level of investment activity and turnover of investments which

may generate substantial transaction costs which will be borne by the fund.• The Fund may be subject to a Performance Fee which may influence the Investment Manager to change the risk profile of

the fund.• GBP is the base currency of the fund but assets may be denominated in other currencies.• Changes in exchange rates may cause the value of the assets to fall or rise.• The fund will hedge on a best efforts basis, a significant proportion of this currency risk through forward foreign exchange

contracts and other methods but this will not entirely eliminate the fund’s currency risk. Also while the fund or its authorisedagent may attempt to hedge currency risks in a Hedged Share Class, there can be no guarantee that currency risk will beeliminated.

• The costs and gains or losses associated with any hedging transactions for Hedged Share Classes will accrue solely to theHedged Share Class to which it relates.

• Investors should note the Investment Information and Risks section in the full Prospectus.• This fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should



64

Our offices

For further information on the Luxembourg-domiciled Henderson fund range please contact your local sales office or visit our website on www.henderson.com

BeneluxHenderson Global Investors BVTel: +31 20 675 0146Fax: +31 20 675 7197Email: [email protected]

France/Monaco/GenevaHenderson Global Investors LtdTel: +33 1 53 05 44 80Fax: +33 1 44 51 94 22Email: [email protected]

GermanyHenderson Global Investors LtdTel: +49 69 86003 110 +49 69 7140 050Fax: +49 69 86003 355Email: [email protected]

ItalyHenderson Global Investors LtdTel: +39 02 7214 731Fax: +39 02 7214 7350Email: [email protected]

Latin AmericaHenderson Global Investors LtdTel: +44 (0)20 7818 6458Fax: +44 (0)20 7818 7458Email: [email protected]

NordicsHenderson Global Investors LtdTel: +44 (0)20 7818 1818 on ext 5011Fax: +44 (0)20 7818 1819Email: [email protected]

SpainHenderson Global Investors LtdTel: +34 91 562 6245Fax: + 34 91 564 6034Email: [email protected]

Switzerland (Germanic)Henderson Global Investors (Switzerland) LtdTel: +41 43 888 62 62Fax: +41 43 888 62 63Email: [email protected]

United KingdomHenderson Global Investors LtdTel: +44 (0)20 7818 1818Fax: +44 (0)20 7818 1819 Email: [email protected]

Documents

FACTSHEETS - fileRegistration Status – 31 May 2015 Page Henderson Horizon sub-funds Austria Belgium Bulgaria Chile* Denmark Finland France Germany Greece Hong Kong