Henderson Horizon Fund

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Henderson Horizon Fund

  1. 1. Henderson Horizon Fund Established in Luxembourg Singapore Prospectus This Singapore Prospectus incorporates and is not valid without the attached Luxembourg Prospectus dated 1 December 2007 for Henderson Horizon Fund (including any relevant supplements to the Luxembourg Prospectus dated 1 December 2007) (the "Luxembourg Prospectus"). Henderson Horizon Fund is an open-ended investment company established in Luxembourg and constituted outside Singapore. Henderson Horizon Fund has appointed Henderson Fund Management (Luxembourg) S.A. as its management company. The offeror of shares in the fourteen sub-funds of Henderson Horizon Fund recognised for retail distribution in Singapore has appointed Henderson Global Investors (Singapore) Limited as its agent for service of process (whose details appear on page 4 of this Singapore Prospectus) and as its Singapore Representative (whose details appear on page 4 of this Singapore Prospectus).
  2. 2. Table of ConTenTs ConTenTs Page ImPorTanT InformaTIon 1 1. THe fUnD 5 2. THe sUb-fUnDs 5 3. managemenT anD aDmInIsTraTIon 7 4. oTHer ParTIes 8 5. InVesTmenT obJeCTIVes anD PolICIes 10 6. fees, CHarges anD eXPenses 14 7. rIsK faCTors 16 8. sUbsCrIPTIon for sHares 17 9. reDemPTIon of sHares 18 10. sWITCHIng beTWeen sUb-fUnDs 19 11. obTaInIng PrICe InformaTIon 19 12. sUsPensIon of THe CalCUlaTIon of THe neT asseT ValUe anD IssUe, alloCaTIon, ConVersIon, reDemPTIon anD rePUrCHase of sHares 20 13. PerformanCe of THe sUb-fUnDs 20 14. sofT CommIssIons 23 15. ConflICTs of InTeresT 24 16. rePorTs 24 17. CerTaIn sIngaPore TaX ConsIDeraTIons 24 18. QUerIes anD ComPlaInTs 25 19. sUPPlemenTarY InformaTIon 25
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  4. 4. Important Information The collective investment schemes offered in this singapore Prospectus, i.e., the fourteen sub-funds of Henderson Horizon fund (the “Fund”) listed in Paragraph 2 of this singapore Prospectus (the “Sub-Funds”), are recognised schemes under the securities and futures act, Chapter 289 of singapore (the “SFA”). a copy of this singapore Prospectus has been lodged with and registered by the monetary authority of singapore (the “Authority”). The authority assumes no responsibility for the contents of this singapore Prospectus. The registration of this singapore Prospectus by the authority does not imply that the sfa or any other legal or regulatory requirements have been complied with. The authority has not, in any way, considered the investment merits of the sub-funds. The date of registration of this singapore Prospectus with the authority is 8 January 2008. This singapore Prospectus shall be valid for a period of 12 months from the date of the registration (up to and including 7 January 2009) and shall expire on 8 January 2009. This singapore Prospectus relating to the fourteen sub-funds incorporates and is not valid without the luxembourg Prospectus. Unless the context otherwise requires, terms defined in the luxembourg Prospectus shall have the same meaning when used in this singapore Prospectus except where specifically provided for by this singapore Prospectus. Certain defined terms can be found in the section “DefInITIons” of the luxembourg Prospectus. The fund is an open-ended investment company established on 30 may 1985 in luxembourg as a société d’investissement à capital variable (sICaV) pursuant to the luxembourg laws of 10 august 1915 on commercial companies (as amended). The fund is qualified as an undertaking for collective investment in transferable securities (UCITs) under Part I of the luxembourg law of 20 December 2002 and has obtained recognition under eC Council Directive 85/611 for marketing in certain member states of the european economic area. The fund has appointed Henderson fund management (luxembourg) s.a. as its management company. The assets of the fund are held in different sub-funds. each sub-fund is a separate portfolio of securities managed in accordance with specific investment objectives. separate classes (“Classes”) and sub-classes of shares may be issued in relation to the sub-funds (the “Shares”). The Class a shares of the fourteen sub-funds are listed on the luxembourg stock exchange. Please note that the Henderson Horizon fund - asian Dividend Income fund, the Henderson Horizon fund - Pan european alpha Plus fund, the Henderson Horizon fund - China fund and the Henderson Horizon fund - global financials fund intend to use or invest in financial derivative instruments other than for the purposes of hedging and/or efficient portfolio management, and may make use of advanced techniques utilising derivative instruments and strategies as a means of achieving its investment objectives and policies. These advanced techniques are further described under its investment objective and policy in paragraph 5.1 as well as under the Sub-section “GENERAL POLICIES APPLICABLE TO ALL FUNDS MAKING ACTIVE USE OF DERIVATIVES” under the Section “INVESTMENT OBJECTIVES AND POLICIES” of the Luxembourg Prospectus. For the avoidance of doubt, the other Sub-Funds only intend to use or invest in financial derivative instruments for the purposes of hedging and/or efficient portfolio management. If you are in any doubt about the contents of this singapore Prospectus, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser. shares are offered on the basis of the information contained in this singapore Prospectus and the documents referred to in this singapore Prospectus. no person is authorised to give any information or to make any representations concerning the fund or the sub-funds other than as contained in this singapore Prospectus. any purchase made by any person on the basis of statements or representations not contained in or inconsistent with the information and representations contained in this singapore Prospectus will be solely at the risk of the purchaser. Investors in the fund agree that data relating to them, their account and account activities may be stored, changed or used by HgIl or its associated companies within the HgIl marketing and regulatory group (the “Group”). storage and use of this data within the group is to develop and process the business relationship with investors and so investors may have access to their data in any jurisdiction where the data is kept. Data may be transmitted to other companies within the group, intermediaries and other parties in the business relationship. Data may be available in jurisdictions other than where this singapore Prospectus is sent. The directors of the fund (the “Directors”) have taken all reasonable care to ensure that the facts stated in this singapore Prospectus are true and accurate in all material respects and that there are no other material facts the omission of which makes any statement of fact or opinion in this singapore Prospectus misleading. The Directors accept responsibility accordingly.
  5. 5. The distribution of this singapore Prospectus and the offering of the shares may be restricted in certain jurisdictions. This singapore Prospectus is not an offer or solicitation in any jurisdiction where such offer or solicitation is unlawful, where the person making the offer or solicitation is not authorised to make it or a person receiving the offer or solicitation may not lawfully receive it. The information contained in this singapore Prospectus is supplemented by the most recent annual report of the fund and any subsequent semi-annual report of the fund, if available, copies of which can be obtained, free of charge, from the singapore representative, during normal singapore business hours. Persons interested in purchasing shares should inform themselves as to (a) the legal requirements within their own country for the purchase of shares, (b) any foreign exchange restrictions which may be applicable, and (c) the income and other tax consequences of purchase, conversion and redemption of shares. The articles of incorporation of the fund were first published on 20 June 1985. amendments to the articles of incorporation were published on 2 september 1989, 16 october 1997, 23 november 2001, 10 february 2004, 15 april 2005 and 31 october 2007 respectively. The consolidated version of the articles of incorporation (the “Articles of Incorporation”) has been deposited at the registre de Commerce et des sociétés de luxembourg where it is available for inspection and where copies may be obtained. Copies of the articles of Incorporation are also available for inspection by investors, free of charge, from the singapore representative, during normal singapore business hours. Investors are advised to carefully consider the risk factors set out under the section “InVesTmenT anD rIsK ConsIDeraTIons” of the luxembourg Prospectus, and to refer to Paragraph 7 of this singapore Prospectus. The delivery of this singapore Prospectus or the issue of shares in any sub-fund shall not, under any circumstances, create any implication that the affairs of the fund and/or the sub-funds have not changed since the date hereof. To reflect material changes, this singapore Prospectus may be updated from time to time and investors should investigate whether any more recent singapore Prospectus is available. Investors may wish to consult their independent financial adviser about the suitability of a particular sub-fund for their investment needs. all enquiries in relation to the sub-funds should be directed to the singapore representative at 6, battery road, #12-01, singapore 049909 or any appointed distributor. IMPORTANT: PLEASE READ AND RETAIN THIS SINGAPORE PROSPECTUS FOR FUTURE REFERENCE
  6. 6. Directory BOARD OF DIRECTORS OF FUND Robin Baillie (Chairman) (UK resident) non executive Director of companies, c/o Henderson global Investors, 4 broadgate, london eC2m 2Da, United Kingdom. Kate O’Neill (UK resident) Director of european Distribution, Director of Hedge fund business, Henderson global Investors, 4 broadgate, london, eC2m 2Da, United Kingdom. Jeremy Vickerstaff (luxembourg resident) general manager, Henderson fund management (luxembourg) s.a., 4a rue Henri schnadt, l-2530 gasperich, luxembourg, grand Duchy of luxembourg. Giorgio Giovannini (Italian resident) Country Head, Italy, Henderson global Investors, via agnello, 8 - 20121 milan, Italy. Jean-Claude Wolter (belgian resident) avocat honoraire, Director of companies, 232 rue edith Cavell, b-1180 brussels, belgium. REGISTERED OFFICE Henderson Horizon fund, 33 rue de gasperich, l-5826 Hesperange, grand Duchy of luxembourg INVESTMENT ADVISOR Henderson management s.a., 23 avenue de la Porte-neuve, l-2085 luxembourg, grand Duchy of luxembourg MANAGEMENT COMPANY Henderson fund management (luxembourg) s.a., 4a rue Henri schnadt, l-2530 gasperich, luxembourg, grand Duchy of luxembourg INVESTMENT MANAGER AND DISTRIBUTOR Henderson global Investors limited, 4 broadgate, london eC2m 2Da, United Kingdom
  7. 7. SUB-INVESTMENT MANAGER OF THE NORTH AMERICAN PORTFOLIO OF THE GLOBAL PROPERTY EQUITIES FUND Transwestern securities management llC, 150 north Wacker Drive, suite 800, Chicago, Illinois 60606, United states of america REGISTRAR, SECRETARY AND TRANSFER AGENT bnP Paribas securities services, luxembourg branch, 33 rue de gasperich l-5826 Hesperange, luxembourg, grand Duchy of luxembourg ADMINISTRATOR bnP Paribas fund services, 33 rue de gasperich, l-5826 Hesperange, luxembourg, grand Duchy of luxembourg CUSTODIAN Citibank International plc (luxembourg branch), atrium business Park, 31, Z.a. bourmicht, l-8070 bertrange, grand Duchy of luxembourg AGENT FOR SERVICE OF PROCESS IN SINGAPORE Henderson global Investors (singapore) limited (Company registration no. 199700782n), whose registered office is at one marina boulevard, #28-00, singapore 018989, singapore SINGAPORE REPRESENTATIVE Henderson global Investors (singapore) limited (Company registration no. 199700782n), whose principal place of business is at 6, battery road, #12-01, singapore 049909, singapore (Tel: 65 6836 3900) AUDITOR KPmg luxembourg, 31, allée scheffer, l-2520 luxembourg, grand Duchy of luxembourg LEGAL ADVISERS AS TO SINGAPORE LAW allen gledhill llP, one marina boulevard, #28-00, singapore 018989, singapore
  8. 8. 1. THE FUND The fund is an investment company organised as a société anonyme under the laws of the grand Duchy of luxembourg and qualifies as a sICaV. The fund was incorporated in luxembourg on 30 may 1985 pursuant to the luxembourg laws of 10 august 1915 on commercial companies (as amended) and is qualified as an undertaking for collective investment in transferable securities under Part I of the law of 20 December 2002 regarding undertakings for collective investments. The fund’s assets are held in different sub-funds. each sub-fund is a separate portfolio of securities managed in accordance with its specific investment objective. full details of the fund and the sub-funds are set out under the sections “KeY InformaTIon”, “DesCrIPTIon of THe ComPanY” and “fUrTHer InformaTIon” of the luxembourg Prospectus. The fund is referred to as the “Company” and each sub-fund, referred to as a “fund” in the luxembourg Prospectus. 2. THE SUB-FUNDS 2.1 The fund offers a range of sub-funds, which fall within different types of funds, such as specialist funds, regional funds and bond funds. The fund is currently offering to investors in singapore for subscription Class a accumulation shares in all the fourteen sub-funds listed below and Class a Distribution shares in six of the sub- funds as set out below. Class a shares refer to shares subject to an initial charge and trading fee (as described in Paragraph 6 of this singapore Prospectus). accumulation shares or ‘sub-class 2 shares’ are shares which do not entitle the shareholder to the distribution of gross income and net realised and unrealised capital gains, which are accumulated instead. Distribution shares or ‘sub-class 1 shares’ are shares which entitle the shareholder to the periodical distribution of gross income and net realised and unrealised capital gains. In respect of Distribution shares, the relevant sub-funds may distribute gross income and net realised and unrealised capital gains subject to the minimum capital requirement imposed by law, and in accordance with the luxembourg Prospectus (in particular, please refer to the sections “KeY feaTUres of THe ComPanY” and “DIVIDenD PolICY” of the luxembourg Prospectus), and distributions will be made on an annual basis save for the asian Dividend Income fund whose distributions will be made quarterly. no distributions will be made in respect of accumulation shares. In respect of the asian Dividend Income fund, payment of distributions (if any) will be made quarterly to singapore investors around ten or more (depending on any additional processing time required by the singapore representative and/or authorised distributors) singapore business Days (as defined under paragraph 8.3 below) from the receipt of such distributions (if any) on 20 January, 20 april, 20 July and 20 october or, if such day is not a bank business day in luxembourg and, in the case of payments in Us dollars, a day on which banks are open for business in new York, the following such day. In respect of all other sub-funds offering Class a Distribution shares, distributions (if any) are intended to be calculated on 30 september and payment of distributions (if any) will be made to singapore investors around ten or more (depending on any additional processing time required by the singapore representative and/or authorised distributors) singapore business Days from the receipt of such distributions (if any) paid on 20 october or, if such day is not a bank business day in luxembourg and, in the case of payments in Us dollars, a day on which banks are open for business in new York, the following such day. Investors should note that there is no guarantee, assurance and/or certainty that the intention to make periodic distributions in respect of the Distribution Shares will be achieved. The right to vary the frequency and/or amount of distributions, if any, will be at the Directors’ absolute discretion. regional sub-funds sub-fund Type of fund Currency of Classes currently Inception Date of denomination offered of sub-fund Henderson Horizon fund of shares Henderson Horizon fund – Pacific equity equity Us$ Class a 1 July 1985 fund (“Pacific Equity Fund”) accumulation shares Henderson Horizon fund – Japanese equity Us$ Class a 1 July 1985 equity fund (“Japanese Equity Fund”) accumulation shares
  9. 9. sub-fund Type of fund Currency of Classes currently Inception Date of denomination offered of sub-fund Henderson Horizon fund of shares Henderson Horizon fund – Continental equity euro Class a 1 July 1984 european equity fund (“Continental accumulation European Equity Fund”) shares Henderson Horizon fund – Pan equity euro Class a 19 november european equity fund (“Pan European accumulation 2001 Equity Fund”) shares Henderson Horizon fund – Pan equity euro Class a 1 september european equity Dividend fund (“Pan accumulation 2004 European Equity Dividend Fund”) shares and Class a Distribution shares Henderson Horizon fund – asian equity Us$ Class a 23 october Dividend Income fund (“Asian accumulation 2006 Dividend Income Fund”) shares and Class a Distribution shares specialist sub-funds sub-fund Type of fund Currency of Classes currently Inception Date of denomination of offered shares Henderson Horizon fund Henderson Horizon fund – global equity Us$ Class a 16 october Technology fund (“Global Technology accumulation 1996 Fund”) shares Henderson Horizon fund – global Property equity Us$ Class a 1 January 2005 equities fund (“Global Property Equities accumulation Fund”) shares and Class a Distribution shares Henderson Horizon fund – Pan european equity euro Class a 1 July 1998 Property equities fund (“Pan European accumulation Property Equities Fund”) shares and Class a Distribution shares Henderson Horizon fund – asia-Pacific equity Us$ Class a 3 october 2005 Property equities fund (“Asia-Pacific accumulation Property Equities Fund”) shares and Class a Distribution shares Henderson Horizon fund – Pan european equity euro Class a 1 December alpha Plus fund (“Pan European Alpha accumulation 2006 Plus Fund”) shares and Class a Distribution shares Henderson Horizon fund – China fund equity Us$ Class a not incepted as (“China Fund”) accumulation at 31 December shares 2007 Henderson Horizon fund – global equity euro Class a 3 December financials fund (“Global Financials accumulation 2007 Fund”) shares
  10. 10. sub-fund Type of fund Currency of Classes currently Inception Date of denomination of offered shares Henderson Horizon fund Henderson Horizon fund –global equity Us$ Class a 19 november opportunities fund (“Global accumulation 2001 Opportunities Fund”) shares full details of the different types of sub-funds are set out under the sections “KeY InformaTIon”, “DesCrIPTIon of THe ComPanY” and “InVesTmenT obJeCTIVes anD PolICIes” of the luxembourg Prospectus. Please see Paragraph 5 of this singapore Prospectus for the investment objective of each sub-fund. 2.2 The subscription proceeds of shares in a sub-fund are invested in one common underlying portfolio of investments. The allocation of the assets and liabilities of the fund to each sub-fund is described in the articles of Incorporation. all shares of the same Class have equal rights and privileges. each share is, upon issue, entitled to participate equally in assets of the sub-fund to which it relates on liquidation and in dividends and other distributions as declared for such sub-fund. The shares will carry no preferential or pre-emptive rights and each whole share will be entitled to one vote at all meetings of shareholders. 3. MANAGEMENT AND ADMINISTRATION full details on the management and administration of the fund are set out under the sections “DIreCTors, managemenT anD aDmInIsTraTIon” and “fUrTHer InformaTIon” of the luxembourg Prospectus. 3.1 Directors The Directors are responsible for the stewardship of all of the fund’s affairs. 3.2 The Investment advisor Henderson management s.a. is regulated by the luxembourg Commission de surveillance du secteur financier and has been appointed by the fund to advise it with respect to the investment of the monies raised by it under a fund management and advisory agreement (the “Fund Management and Advisory Agreement”) entered into amongst the fund, the management Company and the Investment advisor. Under this agreement, the Investment advisor was entrusted with advisory functions without power to enter into any investment transaction on behalf of or in any other way to bind the Company or the management Company. Henderson management s.a. is part of Henderson group, a substantial financial services company registered in the United Kingdom and australia. Henderson management s.a. has been managing collective investment schemes or discretionary funds in luxembourg since 1985. 3.3 The management Company Henderson fund management (luxembourg) s.a. is regulated by the luxembourg Commission de surveillance du secteur financier and has been appointed by the fund to act as its management company. The management Company is authorised to act as a fund management company in accordance with Chapter 13 of the law of 20 December 2002. Under the fund management and advisory agreement, the management Company was entrusted with the day to day management of the fund, with the responsibility for the management Company to perform directly or by way of delegation all operational functions relating to the fund’s investment management, administration, and marketing and distribution of the sub-funds. In agreement with the fund, the management Company has decided to delegate several of its functions as is further described in the luxembourg Prospectus. Henderson fund management (luxembourg) s.a. is part of Henderson group, a substantial financial services company registered in the United Kingdom and australia.
  11. 11. 3.4 Investment manager and Distributor Henderson global Investors limited is authorised and regulated by the financial services authority and has been appointed by the management Company under an investment management agreement dated 19 november 2001 (the “Investment Management Agreement”) as amended by a novation agreement dated 31 march 2005 to provide investment management services to the management Company in respect of all sub-funds and under a distribution agreement dated 19 november 2001 (the “Distribution Agreement”) to procure and co-ordinate the sale of shares. by way of an adherence and amendment agreement, the management Company has become a party to the Distribution agreement previously entered into by the fund. a summary of the Investment management agreement and the Distribution agreement appears under the section ‘fUrTHer InformaTIon’ of the luxembourg Prospectus. Henderson global Investors limited is a subsidiary of Henderson global Investors (Holdings) plc, part of Henderson group, an international financial services company. Henderson global Investors (Holdings) plc was originally established in 1934 to manage the financial affairs of the Henderson family and provides investment and administration services to a wide range of clients including investment trusts, pension funds, unit trusts, open ended investment companies, private clients and international offshore funds. Henderson global Investors limited has been managing collective investment schemes or discretionary funds for 72 years. funds under management totalled £61.6 billion as at 30 June 2007. 3.5 The management of the assets of the fund and the compliance by the fund with the overall investment policy and investment restrictions are organised under the control and the ultimate responsibility of the Directors. The fund has delegated to the management Company the duty to monitor compliance by the fund with its investment restrictions. 3.6 sub-Investment manager by an agreement dated 30 may 2007 between the Investment manager, the management Company and Transwestern securities management, llC (the “Sub-Investment Manager”), the sub-Investment manager has agreed to provide the Investment manager with investment management services relating to the north american portfolio of the global Property equities fund. The sub-Investment manager is a Delaware limited liability company and has been managing collective investment schemes or discretionary funds in the United states since 2005. Its parent company, Transwestern Investment Company, has been managing collective investment schemes or discretionary funds in the United states since 1996. as at 31 December 2006, assets under management in respect of the sub-Investment manager were Us$7.4 million. 4. OTHER PARTIES 4.1 The singapore representative 4.1.1 Henderson global Investors (singapore) limited has been appointed by the fund to act as the fund’s local agent in singapore to accept service of process on behalf of the fund. 4.1.2 Henderson global Investors (singapore) limited has been appointed by the fund as the representative for each of the sub-funds in singapore (the “Singapore Representative”) to provide and maintain certain administrative and other facilities in respect of the sub-funds. 4.1.3 The singapore representative shall carry out the following key functions in respect of the distribution of the sub-funds in singapore and/or the fund (as the case may be): (i) facilitate the issue and redemption of shares in each sub-fund, in particular: (a) receive and send immediately upon receipt applications for the issue or switching of shares and requests for the redemption of shares; and (b) receive and remit in such manner as the Distributor may direct in writing, subscription monies in respect of applications for the issue of shares, and issue to applicants receipts in respect of such monies; (ii) publish and provide information orally or in writing to shareholders on the most recent published purchase price and redemption price of shares;
  12. 12. (iii) facilitate the sending of reports of each sub-fund or the fund to shareholders; (iv) facilitate the inspection of instruments constituting the fund and each sub-fund; (v) maintain on behalf of the Distributor for inspection in singapore a subsidiary register of shareholders who subscribed for or purchased shares of each sub-fund in singapore; (vi) procure the payment of amounts due from each sub-fund to shareholders in respect of the proceeds of the redemption of shares or any liquidation proceeds; (vii) make available at the singapore representative’s office for public inspection free of charge, and offering copies free of charge to shareholders and/or applicants, of the articles of Incorporation, the latest annual report and semi-annual report of the fund and such other documents required under the sfa and the Code on Collective Investment schemes issued by the authority on 23 may 2002 (as may be amended from time to time) (the “Code”) to be made available; (viii) make available at the singapore representative’s office free of charge details or copies of any notices, advertisements, circulars and other documents of a similar nature which have been given or sent to shareholders; and (ix) accept on behalf of the fund service of all notices and other documents addressed to the fund by any shareholder and immediately despatch the same to the fund. 4.2 The registrar, secretary and Transfer agent 4.2.1 bnP Paribas securities services, luxembourg branch has been appointed by the fund as registrar, secretary and Transfer agent. by way of an adherence and amendment agreement, the management Company has become a party to the registrar and Transfer agency agreement previously entered into by the fund. bnP Paribas securities services is a bank organised as a limited company under french law and is a wholly owned subsidiary of bnP Paribas. Its equity capital as at 31 December 2006 amounted to €165,279,835. 4.2.2 The singapore share register (the “Singapore Register”) is available for inspection at 20 raffles Place, #13- 01/06 ocean Towers, singapore 048620 during normal business hours. The singapore register is conclusive evidence of the number of shares in the sub-funds held by each shareholder and the details in the singapore register shall prevail in the event of any discrepancy between the entries in the singapore register and the details appearing on any statement of holding, unless the shareholder proves to the satisfaction of the singapore representative that the singapore register is incorrect. 4.3 The administrator bnP Paribas fund services, a société anonyme incorporated in the grand Duchy of luxembourg, has been appointed by the fund as the administrator. by way of an adherence and amendment agreement, the management Company has become a party to the administration agreement previously entered into by the fund. bnP Paribas fund services is a luxembourg investment company and a wholly owned subsidiary of bnP Paribas. Its equity capital as at 31 December 2006 amounted to €23,499,990. 4.4 Custodian Citibank International plc (luxembourg branch) has been appointed by the fund under an agreement dated 29 november 1999 (the “Custodian Agreement”) to assure the safe custody of the fund’s assets, including all cash and securities of the fund, which will be held either directly or through correspondents, nominees, agents or delegates of the Custodian. The Custodian shall perform its custodial functions in accordance with the law relating to collective investment undertakings. a summary of the Custodian agreement appears under the section ‘fUrTHer InformaTIon’ of the luxembourg Prospectus. The Custodian shall further ensure that the subscription and redemptions of shares effected by the fund are carried out in accordance with the provisions of the law relating to collective investment undertakings and the articles of Incorporation, that in transactions involving the fund’s assets any consideration is remitted to the Custodian within
  13. 13. the usual time limits and that the fund’s income is applied in accordance with the provisions of the law relating to collective investment undertakings and the articles of Incorporation. Citibank International plc was registered in england on 21 December 1972 and re-registered as a public limited company on 1 march 1993, and has an authorised share capital of gbP 1,350,000,000. It is a wholly owned subsidiary of Citibank Investments limited, incorporated in the United Kingdom. It has been engaged in banking activities since its incorporation. 4.5 auditor of the fund The auditor of the fund is KPmg luxembourg as stated above. 5. INVESTMENT OBJECTIVES AND POLICIES 5.1 The respective investment objectives and policies of each type of sub-funds and each sub-fund are described under the heading “InVesTmenT obJeCTIVes anD PolICIes” in the luxembourg Prospectus, and for easy reference, the investment objectives and policies of the fourteen sub-funds on offer in singapore are reproduced below: regional sub-funds The regional sub-funds seek long term capital appreciation. These sub-funds invest in core markets and are designed to produce steady growth. each such sub-fund has its own investment objective and policy and will invest mainly in equities and equity related securities. name of sub-fund Investment objective and Policies Pacific equity fund The investment objective of the Pacific equity fund is to seek long-term capital appreciation by investing at least two-thirds of the sub-fund’s total assets in larger capitalisation companies in a variety of sectors across the Pacific region. The sub-fund does not invest in Japan, but may invest in australia and new Zealand as well as, but not limited to, Hong Kong, Thailand, malaysia, singapore, China, India, Philippines, south Korea, Taiwan and Indonesia. The sub-fund is denominated in Us$. Japanese equity fund The investment objective of the Japanese equity fund is to seek long- term capital appreciation by investing in Japanese companies across a variety of sectors, providing investors with diversification across large and small companies. The sub-fund is weighted towards large capitalisation companies, but the sub-fund may also invest in smaller companies where particular value has been identified. The sub-fund may invest in oTC markets. such markets are geographically decentralised and may be operated and regulated differently from other markets and accordingly may be subject to slightly more risks. The sub-fund is denominated in Us$. Continental european equity fund The investment objective of the Continental european equity fund is to seek long-term capital appreciation by investing at least 75% of its total assets in equity securities of companies having their registered office in the european economic area (“EEA”) in a variety of sectors within europe, excluding the United Kingdom. The sub-fund is denominated in €. Pan european equity fund The investment objective of the Pan european equity fund is to seek long- term capital appreciation by investing at least 75% of its total assets in equity securities of companies having their registered office in the eea. The sub-fund is denominated in €. Pan european equity Dividend The investment objective of the Pan european equity Dividend fund is to fund seek an above-average market dividend yield, with a secondary objective to seek long-term capital appreciation by investing at least 75% of its total assets in equity securities of companies having their registered office in the eea (including UK companies) in a variety of sectors with a focus on companies which offer prospects of paying above average dividends. The sub-fund is denominated in €. 0
  14. 14. name of sub-fund Investment objective and Policies asian Dividend Income fund The investment objective of the asian Dividend Income fund is to seek an above-benchmark dividend yield from a portfolio of asian stocks with a focus on value and long-term capital appreciation. at least two-thirds of the sub-fund’s total assets (after deduction of cash) will be invested in asian equity securities and equity instruments which in the view of the Investment manager offer prospects for above average dividends or reflect such prospects. The sub-fund is denominated in Us$. Investors should note that the Sub-Fund may make use of one or a combination of the following instruments / strategies in order to achieve the Sub-Fund’s objective: asset and mortgage-backed securities, convertible bonds, structured notes, options, futures and forwards on stocks, indices, bonds and interest rates, contracts for difference, warrants, OTC swaps including equity swaps, asset swaps and credit default swaps, warrants, equity linked notes and currency forwards. For further information, please refer to the Sub-section “GENERAL POLICIES APPLICABLE TO ALL FUNDS MAKING ACTIVE USE OF DERIVATIVES” under the Section “INVESTMENT OBJECTIVES AND POLICIES” of the Luxembourg Prospectus. 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. specialist sub-funds The specialist sub-funds seek long term capital appreciation. These sub-funds invest in markets that offer the potential for high returns, whilst often being subject to higher volatility. Investors should note that these sub-funds should be considered as part of a diversified portfolio since they operate in higher risk markets. each such sub-fund has its own investment objective and policy and will invest mainly in equities and equity related securities. name of sub-fund Investment objective and Policies global Technology fund The investment objective of the global Technology fund is to seek long- term capital appreciation by investing in a globally diversified portfolio of technology-related companies. The sub-fund aims to take advantage of market trends internationally. The sub-fund takes a geographically diversified approach and operates within broad asset allocation ranges. There are no specified limits on the amounts that the sub-fund can or must invest in any geographical region or single country. The sub-fund is denominated in Us$. global Property equities fund The investment objective of the global Property equities fund is to seek long-term capital appreciation by investing in the quoted equity securities of companies or real estate Investment Trusts (or their equivalents) listed or traded on a regulated market, which derive the main part of their revenue from the ownership, management and/or development of real estate, throughout the world. The sub-fund is denominated in Us$. The north american portfolio of the global Property equities fund will be sub-managed by Transwestern securities management, llC, whose investment approach is to produce a dividend yield in excess of the market with their portfolios consisting of companies that trade at discounted valuations. Transwestern securities management, llC’s stock research and selection process is primarily bottom-up with primary research performed by the principles.
  15. 15. name of sub-fund Investment objective and Policies Pan european Property equities The investment objective of the Pan european Property equities fund is to fund seek long-term capital appreciation by investing at 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 revenue from the ownership, management and/or development of real estate in europe. The sub-fund is denominated in €. asia-Pacific Property equities fund The investment objective of the asia-Pacific Property equities fund is to seek long-term capital appreciation by investing at least 75% of its total assets in the quoted equities of companies or real estate Investment Trusts (or their equivalents) having their registered offices in the asia-Pacific region listed or traded on a regulated market, which derive the predominant part of their revenue from the ownership, management and/or development of real estate in the asia-Pacific region. The sub-fund is denominated in Us$. Pan european alpha Plus fund The investment objective of the Pan european alpha Plus fund is to seek long-term capital appreciation, relative to the benchmark, through exposure primarily to european equities. at least two-thirds of the sub-fund’s total assets (after deduction of cash) will be invested in eea (including UK) securities in accordance with the section “InVesTmenT resTrICTIons” of the luxembourg Prospectus. There are no restrictions on the size of the companies in which the sub-fund may gain exposure. The sub-fund is denominated in €. Investors should note that although the Sub-Fund will focus on investments in equities of European companies, 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 Sub-Fund. In particular, the Investment Manager will employ a multi-strategy approach to investment decisions using Relative Value, Liquidity, Fundamental and Event-Driven strategies as further described under the Sub-section “GENERAL POLICIES APPLICABLE TO ALL FUNDS MAKING ACTIVE USE OF DERIVATIVES” under the Section “INVESTMENT OBJECTIVES AND POLICIES” in the Luxembourg Prospectus. This multi-strategy approach will be implemented by using the following instruments in accordance with the Section “INVESTMENT RESTRICTIONS” of the Luxembourg Prospectus: asset and mortgage backed securities, convertible bonds, structured notes, options, futures and forwards on stocks, indices, bonds and interest rates, contracts for difference, warrants, OTC swaps including equity swaps, asset swaps and credit default swaps, warrants, equity linked notes and currency forwards. On an ancillary basis, and for defensive purposes, the Sub-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.
  16. 16. name of sub-fund Investment objective and Policies China fund The investment objective of the China fund is to seek long-term capital appreciation through investment in securities listed primarily in China, Hong Kong and Taiwan. The Investment manager may also invest in companies incorporated elsewhere that have significant assets, business, production, trading activity or other interests in China, Hong Kong or Taiwan. at least two thirds of the total assets of the sub-fund will be invested in (i) companies having their registered office in China, Hong Kong or Taiwan (ii) companies with their registered office outside China, Hong Kong or Taiwan carrying out their business activities predominantly in China, Hong Kong or Taiwan, or (iii) holding companies, the interests of which are predominantly invested in companies with their registered office in China, Hong Kong or Taiwan. The sub-fund is denominated in Us$. Investors should note that 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 Sub- Fund. Particularly, the Investment Manager will employ an approach to investment decisions using primarily the following Fundamental strategy: The Investment Manager will seek to enhance the portfolio value through the application of “fundamental” research (dealing with the prospects and valuation of companies) to identify undervalued or overvalued securities. Fundamental trades will include both long and covered short directional positions and pairs trades. The approach will be implemented by using the following instruments in accordance with the Section “INVESTMENT RESTRICTIONS” of the Luxembourg Prospectus: quoted equity securities, structured notes, options, futures and forwards on stocks, indices, contracts for difference, OTC swaps including equity swaps and asset swaps, equity linked notes and 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, money market instruments and may hold cash or treasury bills pending reinvestment. The Investment Manager may from time to time consider hedging currency and interest rates exposure, but will not generally enter into contracts involving a speculative position in any currency or interest rate.
  17. 17. name of sub-fund Investment objective and Policies global financials fund The investment objective of the global financials fund is to achieve long- term capital appreciation, relative to the benchmark, through investment of at least two-thirds of its total assets (after deduction of cash) in securities of companies within the financial services industry in any geographical region. The sub-fund is denominated in €. Investors should note that 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 Sub- Fund. Particularly, the Investment Manager will employ an approach to investment decisions using primarily the following Fundamental strategy: The Investment Manager will seek to enhance the portfolio value through the application of “fundamental” research (dealing with the prospects and valuation of companies) to identify undervalued or overvalued securities. Fundamental trades will include both long and covered short directional positions and pairs trades. The Sub-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 the Luxembourg 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 Sub-Fund may also invest in government, government agency and corporate bonds and their associated derivative securities, preferred stock, money market instruments and may hold cash or treasury bills pending reinvestment. The Investment Manager may from time to time hedge currency exposures, but will not generally enter into a speculative position in any currency. global opportunities fund The investment objective of the global opportunities fund is to seek long- term capital appreciation by investing in companies in any geographical area in the world. The geographical asset allocation of the sub-fund will be based on the Investment manager’s then prevailing policy and stock selection will be carried out on a regional basis. The sub-fund is denominated in Us$. 5.2 Investors’ attention is drawn to the risk factors set out under the section “InVesTmenT anD rIsK ConsIDeraTIons” of the luxembourg Prospectus. 5.3 further details of the investments and investment restrictions applying to each of the sub-funds are set out under the headings “general PolICIes aPPlICable To all regIonal anD sPeCIalIsT fUnDs” in the section “InVesTmenT obJeCTIVes anD PolICIes” as well as under the heading “InVesTmenT resTrICTIons” in the section “fUrTHer InformaTIon” of the luxembourg Prospectus. 6. FEES, CHARGES AND EXPENSES The current fees, charges and expenses applicable to the fourteen sub-funds on offer in singapore are set out in the tables below.
  18. 18. Current fees, charges and Class A Shares of each Sub-Fund expenses payable by Shareholders Initial charge Up to 5% of the total amount invested (which equals a maximum of 5.26% of the net asset value of the shares). Trading fee Up to 1% of the gross amount being redeemed if redeemed within 90 calendar days of purchase. switching charge Up to 1% of the gross amount being switched between sub-funds. shareholder servicing fee (payable to 0.5% p.a. the Distributor) Current fees, charges and expenses payable by the Sub-Funds management fees (payable to the 1.0% p.a. for the Pan european equity Dividend fund; 1.2% p.a. for all management Company and the other sub-funds. Investment advisor) Performance fees* 20% of the relevant amount for the global Technology fund and the Pan european alpha Plus fund; 10% of the relevant amount for all other sub-funds, where the ‘Relevant Amount’ is equal to the amount by which the increase in total net asset value per share during the relevant performance period exceeds the increase in the relevant benchmark over the same period (or the growth in value of the net assets per share where the benchmark has declined), each performance period being from 1 July to 30 June. further details of the performance fees are set out below. Custodian fees and expenses between 0.02% p.a. and 0.10% p.a. registrar, secretarial, Transfer agency approximately 0.11% p.a.1 and administration fees and expenses Please refer to the section “fees, CHarges anD eXPenses” of the luxembourg Prospectus for further details on current fees, charges and expenses currently applicable to the fourteen sub-funds on offer in singapore. The fees payable to the singapore representative, if any, will be paid by the Distributor and not out of the assets of the sub-funds. * Performance Fees Please note that the performance fees described in the above table become due in the event of outperformance. outperformance is when the increase in the net asset value per share of a sub-fund as at 1 July in any year exceeds the increase in the relevant benchmark during the relevant performance period, in accordance with the high water mark (“High Water Mark”) principle. The High Water mark is the initial net asset value per share or, if higher, the net asset value per share as at the end of any previous performance period in which a performance fee was payable to the management Company. a sub-fund’s performance fee is accrued on each Dealing Day (as defined in the luxembourg Prospectus). The performance fee for a sub-fund accrued on each Dealing Day = outperformance per share x average number of shares in issue during the performance period x 10% (or 20% for the global Technology fund and the Pan european alpha Plus fund). where outperformance per share = net asset value per share (before deduction of any provision for the performance fee) - the greater of the High Water Mark or the Target net asset value per Share. 1 estimated amount based on the fund’s net assets as at 30 June 2007. actual fees will be disclosed in the semi annual and annual reports.
  19. 19. The Target net asset value per Share is a hypothetical net asset value per share determined by increasing/ decreasing the net asset value per share (as at the last time that a performance fee was paid or, if none has been paid, the date of introduction of the performance fee in relation to a particular sub-fund) in proportion to the percentage change in the relevant benchmark up to the date as at which the calculation is being made. If a new benchmark is introduced in relation to a particular sub-fund, the Target net asset value per Share shall be determined by increasing/decreasing the net asset value per share (as at the last time that a performance fee was paid or, if none has been paid, the date of introduction of the performance fee in relation to that sub-fund) in proportion to the percentage change in the new benchmark from the date of its introduction up to the date as at which the calculation is being made. on each Dealing Day, the accounting provision made on the immediately preceding Dealing Day is adjusted to reflect the sub-fund’s performance, positive or negative, calculated as described above. If the net asset value per share on any given Dealing Day is lower than the Target net asset value or the High Water mark, the accounting provision made as at such Dealing Day is reversed for the benefit of the sub-fund. The accounting provision may, however, never be negative. Under no circumstances will the management Company pay money into any sub- fund or to any shareholder for any underperformance. at the end of each performance period, should there be a positive accounting provision made over the performance period, such accrued performance fee will be payable to the management Company. Illustration: Assume that on 2 September, the net asset value per Share is US$15, the Target net asset value per Share is US$13 and the High Water Mark is US$10. Assume the average number of Shares over the period from the start of the performance period to 2 September is 500,000. The performance fee accrued on 2 September will therefore be: US$(15 –13) x 500,000 x 10% = US$100,000. On 3 September, the net asset value per Share is US$14. Assuming that the Target net asset value per share is still US$13, the accounting provision made on 2 September will therefore be reduced by US$1 x 500,000 x 10% = US$50,000. In other words, the adjusted accrued performance fee of US$(100,000 – 50,000) = US$50,000 will be reflected in the net asset value per Share. However, if the net asset value per Share on 3 September is lower than the Target net asset value per Share of US$13, all of the provision of US$100,000 made on 2 September will be reversed for the benefit of the Sub-Fund. since the performance fee is calculated in accordance with the High Water mark principle, if the net asset value per share at redemption is below the High Water mark, the performance fee is not charged against an investor whose net asset value per share at subscription is lower than the net asset value per share at redemption. on the contrary, if the net asset value per share at redemption is higher than the greater of the High Water mark or the Target net asset value per share, notwithstanding that investors whose subscription price per share is higher than the net asset value per share at redemption, they may still need to bear the performance fee as reflected in the redemption price. 7. RISK FACTORS Investors should consider and satisfy themselves as to the risks of investing in any of the sub-funds, the Directors cannot guarantee the extent to which the investment objectives will be achieved. The value of the shares in any sub-fund and the income from them can fall as well as rise and investors may not realise the value of their initial investment. an investment in the shares of any sub-fund may entail exchange rate risks, as the shares may be denominated in a currency other than the singapore Dollar and the underlying assets of the sub-fund may be denominated in a currency or currencies other than the currency of denomination of the shares. The general risk factors applicable to the sub-funds are contained under the heading “general rIsK ConsIDeraTIons aPPlICable To all fUnDs” in the section “InVesTmenT anD rIsKs ConsIDeraTIon” of the luxembourg Prospectus while the specific risk factors applicable can be found under the heading “sPeCIfIC rIsK ConsIDeraTIons aPPlICable To CerTaIn fUnDs” in the same section.
  20. 20. 8. SUBSCRIPTION FOR SHARES 8.1 subscription Procedure applications for shares may be made on relevant application forms through any authorised agent or distributor or any other sales channels, if applicable. There should be enclosed with the application form a certified copy of the identity card or passport of the applicant, in the case of natural persons, or a certified copy of the articles of incorporation and extract of the register of companies (or similar documents) in the case of a legal entity. The fund reserves the right to reject or scale down as it sees fit at its discretion any application in whole or in part. The fund will accept subscriptions only in the currency of denomination of the relevant sub-fund as set out in paragraph 2.1 of this singapore Prospectus (the “Sub-Fund Base Currency”), or any other currency currently accepted by the singapore representative, including Yen in respect of the Japanese equity fund and sgD in respect of the asian Dividend Income fund, the Pan european equity fund, the Pan european equity Dividend fund, the Pan european alpha Plus fund and the China fund. However, such other currencies accepted by the singapore representative are subject to change from time to time at the discretion of the singapore representative and/or the fund. for subscription amounts that are in currencies other than the sub-fund base Currency or such currencies currently accepted by the singapore representative, the necessary currency conversion will be arranged for by the relevant authorised distributors of the sub-fund at relevant rates of exchange and investors will have to bear the costs and risks of such exchange. 8.2 minimum Initial subscription amount and minimum subsequent subscription The minimum initial subscription and minimum subsequent subscription for shares in the sub-fund base Currency of, or any other currency set out below currently accepted by the singapore representative in respect of, the relevant sub-fund, are as follows. Us$ € Yen sgD minimum initial subscription 2,500 2,500 350,000 2,500 minimum subsequent subscription 500 500 75,000 500 These minima may be waived for reasons such as facilitating investments in regular savings schemes. 8.3 Dealing Deadline and Pricing basis save for subscriptions for shares of the China fund during its initial offer period (further details of which are set out in paragraph 8.6 below), shares of the sub-funds are issued on a forward pricing basis and the purchase price of shares will not be ascertainable at the time of application. In purchasing shares, applicants pay a fixed amount of money, e.g., Us$5,000, which will buy the applicant the number of shares obtained by dividing Us$5,000 by the purchase price per share (exclusive of any initial charge) when it has been ascertained later. The purchase price of shares of any sub-fund will vary from day to day in line with the net asset value of that sub-fund. applications for shares of any sub-fund made to the fund before 3.00 p.m. singapore time (the “Dealing Deadline”) on any singapore business Day (being a day on which the banks in singapore are open for business) which is also a Dealing Day (as defined in the luxembourg Prospectus), will be dealt with on that singapore business Day. applications received after the Dealing Deadline or on a singapore business Day which is not a Dealing Day will be dealt with on the next Dealing Day. shares are allocated at the purchase price per share calculated at 1.00 p.m. luxembourg time, and, for the global Property equities fund and the global Technology fund, at 4.00 p.m. luxembourg time, on the relevant Dealing Day using the latest available prices of assets. The purchase price per share is calculated based on the net asset value of shares of the relevant sub-fund expressed in the sub-fund base Currency, calculated by the administrator on each Dealing Day. The net asset value for each sub-fund is calculated by determining the value of the assets of the relevant sub-fund, including accrued income, and deducting all liabilities (including all fees and charges), and dividing the resultant sum by the total number of shares in the relevant sub-fund in issue or allotted at that time, (the resulting amount being rounded
  21. 21. to the nearest two or more decimal places) to give the net asset value per share of the sub-fund. Details of the calculation are set out under the heading “CalCUlaTIon of neT asseT ValUe anD PrICe Per sHare” in the section “bUYIng, reDeemIng anD sWITCHIng sHares” of the luxembourg Prospectus. shares will be issued to two or more decimal places. 8.4 numerical example of How shares are allotted The number of Class a shares allotted for a total investment amount of Us$5,000.00 at the net asset value per share of Us$10.00 (assuming an initial charge of 5%) is calculated as follows. e.g. Us$5,000.00 - Us$250.00 = Us$4,750.00 Total investment amount Initial charge (5%) Investment amount Us$4,750.00 / Us$10.00 = 475 shares Investment amount Purchase price number of shares allotted (net asset value per share) 8.5 Contract notes Contract notes will normally be sent out within ten singapore business Days from the date of issue of Units. The contract note will provide full details of the transaction. 8.6 Initial offer Period and Initial offer Price for the China fund The initial offer period for the China fund is expected to be for approximately two weeks within six months after the date of registration of this singapore Prospectus, or such other dates or for such other period to be determined by the Directors of the fund. The initial purchase price per share of the China fund during the initial offer period shall be Us$10 (or the equivalent amount in sgD), or such other price as shall be determined by the Directors of the fund. for subscriptions received after the initial offer period, shares will be issued in accordance with paragraph 8.3 above. 9. REDEMPTION OF SHARES 9.1 redemption orders and redemption Procedure redemption for shares may be made on relevant redemption forms through any authorised agent or distributor or any other sales channels, if applicable. The redemption order must contain the number, or value in the accounting currency of the sub-fund concerned, of shares to be redeemed, the sub-fund of shares to be redeemed, the sub- class of shares to be redeemed, and the name in which the shares are registered. If redemption proceeds are to be paid in any currency other than the sub-fund base Currency or such other currency currently accepted by the singapore representative for such purpose, the currency conversion of such redemption proceeds will be undertaken by the relevant authorised distributors of the sub-fund at applicable rates of exchange and investors will have to bear the costs of such exchange. 9.2 minimum Holding amount shareholders may redeem all or part of their holding, provided that, if the request would reduce a holding in a sub-fund to a value of less than Us$2,500, €2,500, Yen 350,000 or sgD2,500, such request will be treated as a request to redeem the entire shareholding, unless the fund otherwise determines. 9.3 Pricing basis redemption of shares of any sub-fund made to the fund before the Dealing Deadline, on any singapore business Day which is also a Dealing Day, will be dealt with on that singapore business Day. any request received after the
  22. 22. Dealing Deadline or on a singapore business Day which is not a Dealing Day will be dealt with on the next Dealing Day. This is subject to the circumstances described under the heading “PossIble Deferral or sUsPensIon of reDemPTIons” in the section “bUYIng, reDeemIng anD sWITCHIng sHares” of the luxembourg Prospectus. 9.4 numerical examples of calculation of redemption proceeds e.g. 1,000 shares x Us$10.01* = Us$10,010.00 redemption request net asset value redemption Proceeds or e.g. 1,000 shares x Us$9.50* = Us$9,500.00 redemption request net asset value redemption Proceeds * for illustrative purposes only. The redemption price depends on the net asset value at the relevant time and may be above or below the original purchase price. shareholders should note that a trading fee of up to 1% of the gross amount being redeemed may be imposed if Class a shares are redeemed within 90 calendar days of their purchase. 9.5 Payment of redemption Proceeds Contract notes will normally be sent out within ten singapore business Days of receipt and acceptance of the redemption form. redemption proceeds will normally be made in the currency of denomination of the Class a shares of the relevant sub-fund within ten singapore business Days. 10. SWITCHING BETWEEN SUB-FUNDS shareholders may switch all or part of their shares from one or more of the sub-funds into one or more of the other sub-funds on any Dealing Day. orders may be placed in the same manner as applications for subscription of shares. shareholders must provide details of the number of shares to be switched, the Class and sub-class of shares to be switched, the names of the relevant sub-funds and the name under which the shares are registered. The applicable Dealing Day for a switch order will be determined in the same manner as for applications for subscription of shares. The minimum amount that may be switched in respect of a sub-fund is Us$2,500, €2,500, Yen 350,000 or sgD2,500, or 250 shares, whichever value is the smaller. If an order relates to only a part of a shareholder’s holding in a sub-fund, the minimum amount of that shareholder’s holding in that sub-fund following the switch must Us$2,500, €2,500, Yen 350,000 or sgD2,500. If, as a result of a partial switch of shares, the value of the shareholder’s balance of shares falls below the relevant minimum level for that sub-fund, the fund may require that these shares be switched or redeemed. 11. OBTAINING PRICE INFORMATION The last available net asset value of the shares of all the relevant sub-funds for the relevant Dealing Day is published in The straits Times, The business Times and lianhe Zaobao in the relevant sub-fund base Currency two days after that Dealing Day and may be obtained from the website http://www.henderson.com. In addition, the Directors of the fund may, in their discretion, decide to issue indicative prices for each sub-fund in €, Us$ and sgD and any other currencies as deemed appropriate (if these currencies are not the sub-fund base Currencies of the sub-funds) as well as in Yen for the Japanese equity fund. as the pricing policy is forward, these should be treated as indicative only.
  23. 23. 12. SUSPENSION OF THE CALCULATION OF THE NET ASSET VALUE AND ISSUE, ALLOCATION, CONVERSION, REDEMPTION AND REPURCHASE OF SHARES The fund may, under the articles of Incorporation, suspend the determination of the net asset value of the shares of any particular sub-fund and the issue, redemption and switch of such shares in the circumstances described under the heading “PossIble Deferral or sUsPensIon of reDemPTIons” in the section “bUYIng, reDeemIng anD sWITCHIng sHares” of the luxembourg Prospectus. 13. PERFORMANCE OF THE SUB-FUNDS 13.1 Past Performance of accumulation shares of each sub-fund and its benchmark (as of 30 november 2007) regional sub-funds average annual compounded return sub-fund 2 1 year 3 years 5 years 10 years since Inception of accumulation shares* Pacific equity fund 34.7% 23.6% 21.7% 9.0% 8.1% msCI aC Pacific ex Japan free Index 42.9% 31.1% 30.4% 13.7% n.a. Japanese equity fund -9.6% 2.0% 7.8% 0.5% -1.0% msCI Japan Index 2.3% 11.9% 15.4% 4.4% 6.9% Continental european equity fund -0.1% 10.8% 7.0% 6.1% 5.0% fTse World europe ex UK Index 11.6% 19.9% 15.6% 8.9% n.a. Pan european equity fund 1.4% 11.2% 8.8% n.a. 4.3% fTse World europe Index 9.0% 17.9% 13.9% n.a. 7.3% Pan european equity Dividend fund -1.8% 9.2% n.a. n.a. 10.2% msCI europe Incl UK Index 8.5% 17.5% n.a. n.a. 17.9% asian Dividend Income fund 33.4% n.a. n.a. n.a. 38.8% msCI all Countries asia Pacific ex Japan 44.5% n.a. n.a. n.a. 48.8% Index *source: standard Poor’s micropal, based on the earliest available data since inception. 2 Performance calculations are on a naV-to-naV basis, on the assumption that all dividends and distributions are reinvested net of all charges payable upon reinvestment, in sub-fund currency, taking into account the maximum initial charge of 5% and trading fee (if any). 0
  24. 24. specialist sub-funds average annual compounded return sub-fund 2 1 year 3 years 5 years 10 years since Inception of accumulation shares* global Technology fund 17.2% 8.7% 9.4% 2.0% 6.0% msCI aC World Information Technology 13.5% 11.3% 11.8% 5.4% 8.4% Index3 Pan european Property equities fund -30.1% 8.2% 12.9% n.a. 6.8% fTse ePra/nareIT europe (UK restricted) -19.7% 13.8% 18.8% n.a. 13.5% global Property equities fund -3.9% n.a. n.a. n.a. 12.8% fTse ePra/nareIT global Total return Index 0.8% n.a. n.a. n.a. 18.2% asia-Pacific Property equities fund 13.0% n.a. n.a. n.a. 21.2% fTse ePra/nareIT Pure asia total return net 29.6% n.a. n.a. n.a. 35.5% dividend Index (Capital constrained)4 global opportunities fund 13.1% 10.4% 9.9% n.a. 3.9% msCI World Index 13.3% 15.2% 16.7% n.a. 10.7% *source: standard Poor’s micropal, based on the earliest available data since inception. as the China fund and the global financials fund are newly established schemes, a track record of at least one year is not available for the sub-funds. The benchmark against which the performance of the China fund will be measured is the msCI golden Dragon Index, and the benchmark against which the performance of the global financials fund will be measured is the msCI World financials (total return) net Dividend Index. The Pan european alpha Plus fund has been recently incepted on 1 December 2006 and as the latest available performance figures are as at 30 november 2007, a track record of at least one year is not available for the sub- fund as the sub-fund is only incepted for a period of one year on 1 December 2007. The benchmark against which the performance of the Pan european alpha Plus fund will be measured is the msCI europe Total return net Dividends Index. Past performance figures are not necessarily indicative of future performance of any Sub-Fund. 3 The benchmark of the global Technology fund was changed to the msCI all Countries World Information Technology Index with effect from 1 may 2005 from the previous fTse World Index. The reason for the change of the benchmark was because the Directors considered that the msCI all Countries World Information Technology Index was a more appropriate index for the purposes of performance fee calculation of the global Technology fund. 4 The fund’s benchmark will be customised (a) to exclude stocks that derive more than 40% of their earnings from countries outside asia, and (b) to cap the weight of any stock at 7.5%. as of august 2005, this adjustment has the effect of excluding six australian stocks that hold investments outside the region, mainly in the Us. These include Westfield group, the world’s biggest property company with a market cap of $22 billion and with around 60% of its assets in the Us and the UK. The adjustment also caps three stocks that would otherwise be more than 7.5%: sun Hung Kai of Hong Kong, plus mitsubishi estate and mitsui fudosan of Japan. australia is reduced by 10%, while Japan’s weight rises by 7%, Hong Kong and singapore each by around 1%. The impact of this adjustment may vary, resulting in a different composition on the index. for more information about the index, its current composition and level, investors may consult www.henderson. com/horizon.
  25. 25. 13.2 Past Performance of Distribution shares of each relevant sub-fund and its benchmark (as of 30 november 2007) average annual compounded return sub-fund 5 1 year 3 years 5 years 10 years since Inception of Distribution shares* Pan european equity Dividend fund -1.9% n.a. n.a. n.a. 7.9% msCI europe Incl UK Index 8.5% n.a. n.a. n.a. 17.0% Pan european Property equities fund -30.1% n.a. n.a. n.a. 5.5% fTse ePra/nareIT europe (UK -19.7% n.a. n.a. n.a. 13.4% restricted) global Property equities fund -3.9% n.a. n.a. n.a. 12.7% fTse ePra/nareIT global Total return 0.8% n.a. n.a. n.a. 18.2% Index asia-Pacific Property equities fund 13.1% n.a. n.a. n.a. 21.2% fTse ePra/nareIT Pure asia total 29.6% n.a. n.a. n.a. 35.5% return net dividend Index (Capital constrained)6 asian Dividend Income fund 33.3% n.a. n.a. n.a. 38.7% msCI all Countries asia Pacific ex 44.5% n.a. n.a. n.a. 48.8% Japan Index *source: standard Poor’s micropal, based on the earliest available data since inception. Distribution shares of the asia-Pacific Property equities fund were incepted on 3 october 2005, Distribution shares of the asian Dividend Income fund were incepted on 23 october 2006, Distribution shares of the Pan european alpha Plus fund were incepted on 1 December 2006 and Distribution shares of the other relevant sub-funds above were incepted on 17 January 2005. The Pan european alpha Plus fund has been recently incepted on 1 December 2006 and as the latest available performance figures are as at 30 november 2007, a track record of at least one year is not available for the sub- fund as the sub-fund is only incepted for a period of one year on 1 December 2007. The benchmark against which the performance of the Pan european alpha Plus fund will be measured is the msCI europe Total return net Dividends Index. Past performance figures are not necessarily indicative of future performance of any Sub-Fund. 5 Performance calculations are on a naV-to-naV basis, on the assumption that all dividends and distributions are reinvested net of all charges payable upon reinvestment, in sub-fund currency, taking into account the maximum initial charge of 5% and trading fee (if any). 6 The fund’s benchmark will be customised (a) to exclude stocks that derive more than 40% of their earnings from countries outside asia, and (b) to cap the weight of any stock at 7.5%. as of august 2005, this adjustment has the effect of excluding six australian stocks that hold investments outside the region, mainly in the Us. These include Westfield group, the world’s biggest property company with a market cap of $22 billion and with around 60% of its assets in the Us and the UK. The adjustment also caps three stocks that would otherwise be more than 7.5%: sun Hung Kai of Hong Kong, plus mitsubishi estate and mitsui fudosan of Japan. australia is reduced by 10%, while Japan’s weight rises by 7%, Hong Kong and singapore each by around 1%. The impact of this adjustment may vary, resulting in a different composition on the index. for more information about the index, its current composition and level, investors may consult www.henderson. com/horizon.
  26. 26. 13.3 expense ratios and Turnover ratios The expense ratios7 and the turnover ratios8 of the sub-funds for the year ended 30 June 2007 are: regional sub-funds sub-fund expense ratio (excluding expense ratio (including Turnover ratio (%) performance fee) (%) performance fee) (%) Pacific equity fund 2.20% 2.30% 82% Japanese equity fund 2.00% 2.00% 30% Continental european equity fund 2.03% 2.03% 116% Pan european equity fund 2.01% 2.01% 105% Pan european equity Dividend fund 1.87% 1.87% 55% asian Dividend Income fund 2.18% 3.17% 53% specialist sub-funds sub-fund expense ratio (excluding expense ratio (including Turnover ratio (%) performance fee) (%) performance fee) (%) global Technology fund 2.05% 2.05% 91% Pan european Property equities 2.00% 2.12% 47% fund global Property equities fund 2.00% 2.00% 133% asia-Pacific Property equities fund 2.03% 2.03% 108% Pan european alpha Plus fund 2.13% 2.13% -2% global opportunities fund 2.23% 2.83% 78% as the China fund and the global financials fund are newly established schemes, their expense ratio and turnover ratio are not available at the date of this singapore Prospectus. as the Pan european alpha Plus fund has been recently incepted on 1 December 2006, its expense ratio and turnover ratio are not available at the date of this singapore Prospectus. 14. SOFT COMMISSIONS no cash rebates were retained by the management Company, the sub-Investment manager or any of its connected persons. all transactions carried out on behalf of the fund were conducted on an arm’s length basis and were executed on the best available terms. The management Company, the sub-Investment manager and any of its connected persons may effect transactions by or through the agency of another person with whom the management Company, the sub-Investment manager and any of its connected persons have an arrangement under which that party will from time to time provide to or procure for the management Company, the sub-Investment manager and any of its connected persons goods, 7 The following expenses, where applicable, are excluded from the calculation of the expense ratios: (a) brokerage and other transaction costs; (b) interest expenses; (c) foreign exchange gains and losses; (d) front or back-end loads arising from the purchase or sale of other funds; (e) tax deducted at source or arising from income received; and (f) dividends and other distributions paid to shareholders. 8 The turnover ratios are calculated based on the lesser of purchases or sales expressed as a percentage over average net asset value, i.e., average daily net asset value, over the same period used for calculating the expense ratios.

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