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Mutual funds overview

The overall Morningstar Rating for each Fund is derived from a historical weighted average of risk-adjusted performance.

Emerging Markets Opportunities Fund (HEMAX, HEMCX, HEMIX)

The Fund seeks to achieve long-term growth of capital primarily through the investment of equities from emerging market countries. Fund investment performance will be derived primarily from stock selection. Asset allocation will be reviewed monthly based upon strategic views related to the growth prospects, valuations and pricing associated with emerging markets equity regions and sectors. Assets of the Fund are allocated to teams of managers who have experience with respect to a particular geographic region.

European Focus Fund (HFEAX, HFEBX, HFECX, HFEIX)

Morningstar as of 12/31/2011
Category: Europe StockNumber of funds in category: 103

The Fund seeks to achieve long-term capital appreciation primarily through investment in equities of European companies. Fund performance will be primarily derived from stock selection. The Portfolio Manager follows a ‘growth at a reasonable price’ philosophy, with a focus on investment opportunities which seek to maximize absolute returns irrespective of style. Country and sector allocation decisions are driven by the stock selection process. The Fund is managed by Stephen Peak.

Global Equity Income Fund (HFQAX, HFQCX, HFQIX)

Morningstar as of 12/31/2011
Category: World StockNumber of funds in category: 697

The Fund seeks to achieve a high level of current income and, as a secondary objective, steady growth of capital. With two experienced co-portfolio managers, the Fund invests in income-producing equities, with a focus on international equities. The Fund is managed by a Value and Income team with Portfolio Managers Alex Crooke and Job Curtis.

Global Leaders Fund (HFPAX, HFPCX, HFPIX)

Morningstar as of 12/31/2011
Category: World StockNumber of funds in category: 697

The Fund seeks to achieve long-term capital appreciation primarily through investment in equity securities of US and non-US companies. With two experienced co-portfolio managers, the Fund utilizes a fundamental approach with a growth-at-a-reasonable-price philosophy. The Fund is managed by Brian O-Neill and Yu-Jen Shih.

Global Technology Fund (HFGAX, HFGBX, HFGCX, HFGIX)

Morningstar as of 12/31/2011
Category: TechnologyNumber of funds in category: 186

The Fund seeks to achieve long-term capital appreciation primarily through investments in common stocks and related securities of US and non-US technology-related companies. We define technology-related companies as those companies that suggest rapid and sustainable growth potential from the development, advancement or use of technology to improve their business processes and applications. The Fund is managed by Ian Warmerdam. Stuart O'Gorman provides advice on the Fund to Mr. Warmerdam.

International All Cap Equity Fund (HFNAX, HFNCX, HIEIX)

Morningstar as of 12/31/2011
Category: Foreign Large GrowthNumber of funds in category: 213

The Fund seeks to achieve long-term capital appreciation primarily through investment in equities of non-US companies. In choosing investments, the manager applies a fundamental, bottom-up approach. The managers generally seek companies which they believe can offer above average growth sustainably, or those whose growth has been underestimated by the market. Normally, the Fund’s investments will be divided among Continental Europe, the United Kingdom, Japan and the markets of the Pacific Basin. However, selective investments may also be made in Latin America and in other parts of the world. The Fund may invest in emerging markets and may invest in new companies, both through initial public offerings and private placements. The Fund is managed by Brian O'Neill and Yu-Jen Shih.

International Opportunities Fund (HFOAX, HFOBX, HFOCX, HFOIX, HFORX)

Morningstar as of 12/31/2011
Category: Foreign Large BlendNumber of funds in category: 737

The Fund seeks to achieve long-term capital appreciation primarily through investment in equities of non-US companies. Fund performance will be primarily derived from stock selection. A strategic asset allocation process will be a secondary contributor to the investment process. The Fund is managed by a team of Portfolio Managers. The Asset Allocation Strategists, Iain Clark and Bill McQuaker, oversee the management of the Fund and the allocation of the Fund’s assets among countries, regions and sectors. Individual members of the team manage the Fund’s investment in specific countries, regions and sectors.

Japan Focus Fund (HFJAX, HFJCX, HFJIX)

Morningstar as of 12/31/2011
Category: Japan StockNumber of funds in category: 30

The Fund seeks to achieve long-term capital appreciation primarily through investment in equities of Japanese companies and secondarily through investment in equities of other Asian companies. The Fund employs a bottom-up approach to individual security selection, based on an analysis of a company's valuations, earnings growth prospects and unique competitive advantages. The Fund is managed by Michael Wood-Martin.

Money Market Fund (HFAXX, HFBXX, HFCXX)

The Fund seeks to maximize current income, to the extent consistent with the preservation of capital and liquidity and the maintenance of a stable $1.00 per share NAV. The Fund invests as part of a 'master-feeder' structure, in which the Fund invests substantially all of its investable assets in a master fund, the State Street Money Market Portfolio. SSgA Funds Management, Inc. is the investment adviser of the Master Portfolio.

Strategic Income Fund (HFAAX, HFABX, HFACX, HFAIX)

Morningstar as of 12/31/2011
Category: Multisector BondNumber of funds in category: 190

The Fund seeks to achieve total return through current income and capital appreciation. The Fund invests in securities across a variety of fixed income sectors including international investment grade corporate and government debt, international high yield debt, emerging market debt, US government and corporate debt. The Fund may also invest in dividend-paying international equities. The Fund is managed by Jenna Barnard and John Pattullo.

 

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Morningstar Rating is for the A share class only; rankings for other share classes will vary. Past performance is no guarantee of future results.

 

For the period ending December 31, 2011, the Henderson International Opportunities Fund was rated against the following numbers of US domiciled Foreign Large Blend funds over the following time periods: 737 funds in the last three years, 563 funds in the last five years and 317 funds in the last ten years. With respect to these Foreign Large Blend funds, the Fund received a Morningstar Rating of 2 stars for the three- period, 3 stars for the five-year period and 5 stars for the ten-year period, respectively. For the same period, the Henderson European Focus Fund was rated against the following numbers of US domiciled Europe Stock funds over the following time periods: 103 funds in the last three years, 93 funds in the last five years and 75 funds in the last ten years. With respect to these Europe Stock funds, the Fund received a Morningstar Rating of 5 stars for the three-period, 4 stars for the five-year period and 5 stars for the ten-year period, respectively. For the same period, the Henderson Global Technology Fund was rated against the following numbers of US domiciled Technology funds over the following time periods: 186 funds in the last three years, 169 funds in the last five years and 133 funds in the last ten years. With respect to these Technology funds, the Fund received a Morningstar Rating of 3 stars for the three-period and 4 stars for the five- and ten-year periods, respectively. For the same period, the Henderson Strategic Income Fund was rated against the following numbers of US domiciled World Bond funds over the following time period: 190 funds in the last three years and 151 funds in the last five years. With respect to these World Bond funds, the Fund received a Morningstar Rating of 4 stars for the three-year period and 1 star for the five-year period. For the same period, the Henderson Japan Focus Fund was rated against the following number of US domiciled Japan Stock funds over the following time period: 30 funds in the last three years and 14 funds in the last five years. With respect to these Japan Stock funds, the Fund received a Morningstar Rating of 3 stars for the three- and five-year periods. For the same period, the Henderson Global Equity Income Fund was rated against the following number of US domiciled World Stock funds over the following time period: 697 funds in the last three years and 490 funds in the last five years. With respect to these World Stock funds, the Fund received a Morningstar Rating of 2 stars for the three-year period and 4 stars for the five-year period. For the same period, the Henderson Global Leaders Fund was rated against the following number of US domiciled World Stock funds over the following time period: 697 funds in the last three years and 490 funds in the last five years. With respect to these World Stock funds, the Fund received a Morningstar Rating of 2 stars for the three-year period and 3 stars for the five-year period. For the same period, the Henderson International All Cap Equity Fund was rated against the following numbers of US domiciled Foreign Large Growth funds over the following time periods: 213 funds in the last three years. With respect to these Foreign Large Growth funds, the Fund received a Morningstar Rating of 1 star for the three-year period.

 

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