Henderson's SMA Portfolios allow investors to reap the benefits of a professionally managed portfolio while maintaining the flexibility to manage their own tax implications and set customized investment parameters.

Global Equity Income portfolio

The Portfolio seeks a high level of current income and long-term growth of capital. In selecting investments, the Fund primarily seeks to identify companies with attractive long-term business prospects that generate cash and produce attractive levels of dividend income, and which are, in the opinion of the mangers, undervalued or inexpensive relative to other similar investments.  The investment process is driven by bottom-up security selection.  The Portfolio will invest globally with a focus on international securities and uses a specialized dividend capture strategy. Security selection will be based upon an analysis of a broad range of appropriate value metrics, including price-to-earnings ratios, valuation relative to asset values, and a particular focus on cash flow generation and the ability to service growing dividend streams in the medium-term.

International ADR portfolio

This Portfolio seeks to achieve long-term capital appreciation primarily through investment in the American Depository Receipts (ADRs) of non-US companies. The Portfolio employs a process that combines a bottom-up approach to individual security selection. Security selection will be based upon an analysis of a company's valuations relative to earnings forecasts or other valuation criteria, earnings growth prospects of a company, the quality of a company's management and the unique competitive advantages of a company.

International Equity portfolio

This Portfolio seeks to achieve long-term capital appreciation primarily through investment in the ADRs of non-US companies. In addition, where ADRs are not available, the Portfolio will invest in Foreign Shares (F-Shares). The Portfolio employs a process that combines a bottom-up approach to individual security selection. Security selection will be based upon an analysis of a company's valuations relative to earnings forecasts or other valuation criteria, earnings growth prospects of a company, the quality of a company's management and the unique competitive advantages of a company.

*Important Note: Henderson has made a strategic decision to exit the separately managed account business. Please contact your financial advisor for more information and specific timelines.