UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10399
______________________________________________
HENDERSON GLOBAL FUNDS
______________________________________________________________________________
(Exact name of registrant as specified in charter)
737 NORTH MICHIGAN AVENUE, SUITE 1700
CHICAGO, ILLINOIS 60611
______________________________________________________________________________
(Address of principal executive offices)(Zip code)
(Name and Address of Agent for Service) Copy to:
CHRISTOPHER K. YARBROUGH CATHY G. O'KELLY
737 NORTH MICHIGAN AVENUE, SUITE 1700 VEDDER PRICE P.C.
CHICAGO, ILLINOIS 60611 222 NORTH LASALLE STREET
CHICAGO, ILLINOIS 60601
Registrant's telephone number, including area code: (312) 397-1122
Date of fiscal year end: July 31
Date of reporting period: January 31, 2008
Item 1: Report to Shareholders.
[LOGO: HENDERSON GLOBAL INVESTORS]
HENDERSON GLOBAL FUNDS
SEMI-ANNUAL REPORT
JANUARY 31, 2008
EUROPEAN FOCUS FUND
GLOBAL EQUITY INCOME FUND
GLOBAL OPPORTUNITIES FUND
GLOBAL TECHNOLOGY FUND
INTERNATIONAL OPPORTUNITIES FUND
JAPAN-ASIA FOCUS FUND
US FOCUS FUND
WORLDWIDE INCOME FUND
TABLE OF CONTENTS
LETTER TO SHAREHOLDERS ...................................................... 1
EUROPEAN FOCUS FUND
Commentary .................................................................. 2
Performance summary ......................................................... 3
GLOBAL EQUITY INCOME FUND
Commentary .................................................................. 4
Performance summary ......................................................... 5
GLOBAL OPPORTUNITIES FUND
Commentary .................................................................. 6
Performance summary ......................................................... 7
GLOBAL TECHNOLOGY FUND
Commentary .................................................................. 8
Performance summary ......................................................... 9
INTERNATIONAL OPPORTUNITIES FUND
Commentary .................................................................. 10
Performance summary ......................................................... 11
JAPAN-ASIA FOCUS FUND
Commentary .................................................................. 12
Performance summary ......................................................... 13
US FOCUS FUND
Commentary .................................................................. 14
Performance summary ......................................................... 15
WORLDWIDE INCOME FUND
Commentary .................................................................. 16
Performance summary ......................................................... 17
PORTFOLIOS OF INVESTMENTS ................................................... 18
STATEMENT OF ASSETS AND LIABILITIES ......................................... 40
STATEMENT OF OPERATIONS ..................................................... 42
STATEMENTS OF CHANGES IN NET ASSETS ......................................... 44
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY .............................. 52
FINANCIAL HIGHLIGHTS ........................................................ 60
NOTES TO FINANCIAL STATEMENTS ............................................... 68
OTHER INFORMATION ........................................................... 76
TRUSTEES AND OFFICERS ....................................................... 78
International investing involves certain risks and increased volatility not
associated with investing solely in the US. These risks include currency
fluctuations, economic or financial instability, lack of timely or reliable
financial information or unfavorable political or legal developments The Funds
may invest in securities issued by smaller companies, which typically involves
greater risk than investing in larger companies. Also, the Funds may invest in
limited geographic areas and/or sectors which may result in greater market
volatility. In addition, the Japan-Asia Focus Fund, the Global Opportunities
Fund and the Global Equity Income Fund are non-diversified meaning they may
invest in a smaller number of issuers. As such, investing in these Funds may
involve greater risk and volatility than investing in more diversified funds.
The Worldwide Income Fund invests in high yield, lower rated (junk) bonds which
involve a greater degree of risk than investment grade bonds in return for
higher yield potential. As such, securities rated below investment grade
generally entail greater credit, market, issuer and liquidity risk than
investment grade securities. Moreover, the Fund is subject to interest rate risk
which is the risk that debt securities in the Fund's portfolio will decline in
value because of increases in market interest rates.
Concentration in the technology field will subject the Global Technology Fund to
the risks associated with investing directly in that field (e.g. regulatory or
technological change), which may significantly impact the Global Technology
Fund's performance.
The views in this report were those of the Fund managers as of January 31, 2008,
and may not reflect the views of the managers on the date this report is first
published or anytime thereafter. These views are intended to assist shareholders
of the Funds in understanding their investment in the Funds and do not
constitute investment advice.
This page deliberately left blank.
HENDERSON GLOBAL FUNDS
LETTER TO SHAREHOLDERS
Dear fellow shareholder,
We are pleased to provide the semi-annual report for the Henderson Global Funds,
which covers the six months ended January 31, 2008.
Over the period, markets around the world have been volatile and unsettled. In
the second half of 2007, global economic growth was hindered by a continuing
recession in the US housing market, a credit squeeze and higher oil prices.
Global growth in 2008 is expected to be weak as continued sub-trend growth in
the US is accompanied by a slowdown in the rest of the world. Emerging economies
may be a relatively bright spot, as growth could remain strong by historical
standards, but they will probably not be completely immune to the slowdown.
Looking forward, we believe equity markets are likely to remain volatile in the
short term and could fall further if US interest rate cuts and the economic
stimulus package fail to support economic growth. However, if the US manages to
avoid a recession in 2008, the outlook for 2009 could be brighter. If that is
the case, equities may return to levels seen at the start of the year, since
modest output growth and lower interest rates have previously been a positive
combination for equity markets. Additionally, the speed of the decline in equity
markets in the fourth quarter of 2007 and January 2008 caused them to become
considerably oversold. We believe this has created a favorable environment for
our flexible bottom-up stock picking investment approach, which can be utilized
to seek investment opportunities even in slow-growing markets.
On February 11, we reopened the Henderson European Focus Fund, which had been
closed to new investors since August 1, 2007. Portfolio manager Stephen Peak
believes the current market environment will enable him to utilize the Fund's
flexible investment approach while allowing new investors into the Fund. Beyond
this, Stephen feels that recent market events have created attractive stock
picking opportunities, and we would like to provide new shareholders with the
opportunity to participate in these ideas. Potential new inflows may also create
additional cash in the Fund to help Stephen manage any further market
volatility, which we believe would be a benefit to both existing and new
shareholders.
In these uncertain times, we believe our best strategy is to continue our
unwavering focus on finding attractive global investment opportunities and
bringing them to your portfolios. Thank you for investing in the Henderson
Global Funds. We appreciate your trust and support in our Funds and look forward
to serving your financial needs in the years to come.
/s/ Sean Dranfield
Sean Dranfield
President, Henderson Global Funds
1
HENDERSON GLOBAL FUNDS
COMMENTARY
EUROPEAN FOCUS FUND
Global equity markets have experienced a volatile few months, predicated on
concerns of a hard landing in the US and contagion to the rest of the world. The
US authorities have acted quickly to revive the economy via aggressive cuts in
the Federal Funds Rate and the announcement of a $145 billion fiscal stimulus
package. Surveys of this marked sector in Europe are beginning to show signs of
weakness, increasing pressure on the European Central Bank (ECB) to cut interest
rates. However, with inflation above target and robust demand for European
exports from emerging economies, we may have to wait a little longer. The
outlook is somewhat worse for the UK due to a slowing housing market, weakness
in the manufacturing sector and waning consumer confidence.
The worsened macroeconomic outlook and increased likelihood of interest rate
cuts led us to initiate Euro and Sterling currency hedges. We believe that both
currencies are overvalued relative to the Dollar and are likely to come under
pressure.
European equity markets posted negative returns over the reporting period, led
by Financials and cyclical stocks. This weakness was worsened by disappointing
results from retailers and a host of broker and rating agency downgrades. The
Federal Reserve's interest rate cuts helped lift sentiment at the end of the
period and stocks posted something of a rally as a result.
A number of our holdings in the Materials sector performed strongly. Strong gold
prices and resource upgrades provided a strong tail wind to diversified miner
European Goldfields and gold miner Centamin. Irish building materials company,
CRH also performed well. We bought into the stock at the end of 2007 as we felt
the stock had been overly sold off due to its exposure to US construction. But
of this exposure, the bulk is in civil and commercial construction and only a
small portion of its revenues (less than 8%) are concentrated in the new build
area of the residential market which are of greatest concern. The stock bounced
strongly in January following strong results and announced a share buyback
program.
In relative performance terms, we benefited from a significant underweight
position in Financials. Gulf Finance was the standout performer in the sector.
The company specializes in financing infrastructure projects in the Middle East,
an area of huge growth potential. The company reported strong earnings during
the month of January and the shares reacted positively. In spite of the move, we
still believe the shares are attractively valued, and a high dividend gives us
further comfort.
Cyclical areas of the market have been particularly impacted by the recent
volatility in the market. Our holdings in the Industrials and Consumer
Discretionary sectors were hurt as a result. UK retailers Debenhams and Sports
Direct were sold off due to declining consumer confidence. Sports Direct's woes
were compounded by the news that the England soccer team had failed to qualify
for the European Championships, which is likely to have a significant impact on
sales. The Industrials sector had a negative effect on performance, due in part
to negative returns from plastic pipe manufacturer Wavin, which lowered its
revenue guidance for the current fiscal year. We continue to believe that the
company is poised to deliver strong growth due to its exposure to the recovering
German market and its rapidly growing Eastern European division.
Defensive areas such as Consumer Staples, Health Care and Utilities have
outperformed of late as investors have sought to mitigate risk in stocks with
high cash flow generation and relatively positive earnings outlooks. Looking
back to 2002 when the Fund posted positive returns in a very difficult (down)
market, part of this was attributable to a significant position in Tobacco
stocks. Again, the attractiveness of these stocks in difficult market conditions
was evident, the difference being that in 2002 these stocks were still
attractive from a valuation standpoint, and we could see upside from a share
price perspective. Today the defensive nature of these stocks has been fully
recognized by the market, and we believe upside is extremely limited.
So where are we finding opportunities? Interestingly, the areas where intrigue
is greatest are those where the market is most negative. Certain areas of the
market appear to have been sold off indiscriminately, particularly those with
exposure to the problem areas of housing, consumer spending and credit. However,
we believe certain companies within these areas are well run, have strong
balance sheets and have historically performed well in difficult markets. While
we believe markets may worsen over the coming months, it seems that the market
has already factored this into share prices. For many shares, the market is
factoring in the blackest of outcomes - if the reality is merely dark grey,
these shares have the potential to outperform.
We expect markets to remain volatile in the near term, as the prospect of a
consumer-led recession in the US affects investor sentiment and sell-side
analysts' earnings estimates are revised downwards to reflect the economic
outlook. This volatility is likely to continue to present opportunities to buy
stocks at attractive valuations and therefore creates a very interesting
environment for stock-picking. We are excited that the Fund has reopened to new
investors; we believe this may give us additional firepower to exploit these
potential opportunities.
- -------------------------------------------------
EUROPEAN FOCUS FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- -------------------------------------------------
CENTAMIN EGYPT, LTD. 3.4%
OAO GAZPROM, ADS 3.2
TEMENOS GROUP AG 3.1
LUNDIN PETROLEUM AB 2.9
GULF FINANCE HOUSE E.C. 2.8
ARCELORMITTAL 2.8
XSTRATA PLC 2.7
KINGDOM HOTEL
INVESTMENTS 2.6
AKZO NOBEL N.V. 2.5
TURKIYE HALK BANKASI A.S. 2.4
- -------------------------------------------------
2
HENDERSON GLOBAL FUNDS
PERFORMANCE SUMMARY
EUROPEAN FOCUS FUND
Pie charts:
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
United Kingdom 30.1%
Netherlands 8.7
Germany 7.7
France 5.9
Switzerland 5.7
Canada 4.2
Other 37.7
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
Materials 28.5%
Financials 22.2
Energy 13.9
Consumer Discretionary 11.4
Industrials 9.7
Information Technology 7.1
Other 7.2
Line chart:
INVESTMENT COMPARISON
Value of $10,000
European Focus Fund Class A w/out sales charge - $46,710
European Focus Fund Class A w/sales charge - $44,038
MSCI Europe Index - $20,752
European Focus Fund Class A European Focus Fund Class A
w/out sales charge w/sales charge MSCI Europe Index
8/31/01 10000 9425 10000
9910 9340 9002
10960 10330 9288
12120 11423 9661
12250 11546 9908
12110 11414 9391
12450 11734 9390
12980 12234 9902
13080 12328 9834
13280 12516 9816
12850 12111 9479
11610 10942 8426
11890 11206 8426
10610 10000 7318
11580 10914 8026
12520 11800 8420
12524 11804 8115
1/31/03 12353 11643 7732
11891 11207 7480
11700 11027 7372
13469 12694 8379
14665 13822 8932
15007 14144 9024
15549 14655 9209
16142 15214 9193
16786 15820 9381
17821 16796 10009
18650 17577 10436
20277 19111 11292
1/31/04 21819 20565 11426
23267 21929 11762
22696 21391 11398
22686 21381 11317
22485 21192 11495
23299 21959 11675
22062 20794 11355
21904 20644 11365
23193 21859 11820
24165 22776 12248
26072 24573 13150
27901 26296 13707
1/31/05 28252 26628 13455
29858 28141 14130
29284 27600 13779
28006 26396 13451
26822 25280 13518
27936 26329 13710
29659 27954 14211
30714 28948 14426
30726 28959 14776
29483 27788 14312
30420 28671 14559
31858 30026 15074
1/31/06 34457 32476 16061
35195 33171 16072
36532 34431 16703
39444 37176 17575
37282 35138 17120
36744 34631 17183
36694 34584 17448
37857 35680 18003
38144 35951 18158
40344 38024 18938
42593 40144 19616
44821 42244 20246
1/31/07 45538 42920 20368
45808 43175 20294
47743 44997 21039
49812 46948 22426
50718 47802 22861
50907 47980 22865
50096 47215 22380
48784 45979 22137
51597 48630 23259
54356 51231 24345
50542 47636 23571
50512 47607 23158
1/31/08 46710 44038 20752
TOTAL RETURNS AS OF JANUARY 31, 2008
SINCE
NASDAQ SIX ONE THREE FIVE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR YEARS* YEARS* (8/31/01)*
- ------------------------------------------------------------------------------------------------------------------------
Henderson European Focus Fund HFEAX Class A -6.63% 2.71% 18.32% 30.51% 27.15%
- ------------------------------------------------------------------------------------------------------------------------
Henderson European Focus Fund HFEBX Class B -6.98 1.93 17.45 29.57 26.23
- ------------------------------------------------------------------------------------------------------------------------
Henderson European Focus Fund HFECX Class C -6.98 1.93 17.45 29.57 26.23
- ------------------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- ------------------------------------------------------------------------------------------------------------------------
Henderson European Focus Fund Class A -12.00% -3.18% 16.00% 28.97% 25.99%
- ------------------------------------------------------------------------------------------------------------------------
Henderson European Focus Fund Class B -11.98 -2.07 16.72 29.50 26.23
- ------------------------------------------------------------------------------------------------------------------------
Henderson European Focus Fund Class C -7.98 1.93 17.45 29.57 26.23
- ------------------------------------------------------------------------------------------------------------------------
INDEX
- ------------------------------------------------------------------------------------------------------------------------
MSCI Europe Index -7.31% 1.86% 15.53% 21.82% 12.05%
- ------------------------------------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class B shares are subject to a CDSC which
declines from 5% the 1st year to 0% at the beginning of the 7th year. Class C
shares are subject to a CDSC of up to 1% on certain redemptions made within 12
months of purchase. Performance presented at Net Asset Value (NAV), which does
not include a sales charge, would be lower if this charge were reflected. NAV is
the value of one share of the Fund excluding any sales charges. Current
performance may be lower or higher than the performance data quoted. Investment
return and principal value will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than original cost. As stated in the current
prospectus, the Fund's annual operating expense ratios (gross) for Class A, B,
and C shares are 1.54%, 2.29%, and 2.29% respectively. The Fund's audited net
expense ratios based on the fiscal year from August 1, 2006 to July 31, 2007 for
Class A, B, and C shares are 1.53%, 2.28% and 2.28% respectively. Shares
redeemed within 30 days of purchase may be subject to a 2.0% redemption fee. For
the most recent month-end performance, please call 1.866.443.6337 or visit the
Funds' website at www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
certain periods shown. Absent these waivers, results would have been less
favorable for certain periods. All results assume the reinvestment of dividends
and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
The MSCI Europe Index is a market capitalization weighted index of approximately
500 stocks traded in 16 European markets. The Fund is professionally managed
while the Index is unmanaged and not available for investment. Results in the
table and graph do not reflect the deduction of taxes that a shareholder would
pay on Fund distributions or the redemption of Fund shares.
3
HENDERSON GLOBAL FUNDS
COMMENTARY
GLOBAL EQUITY INCOME FUND
The second half of 2007 saw equity markets globally affected by the on-going
problems in US mortgage-backed securities. The impact of the credit crunch was
initially confined to house builders and financial institutions, but as the year
drew to a close, global markets became increasingly concerned about its effects
on economic growth in the US and the rest of the world. These worries have
continued into 2008 and investors are faced with the prospect of an uncertain
period in the equity markets.
Against this background, the Fund has continued to follow its strategy of
focusing on dividend paying companies that we believe have strong balance sheet
positions and that are well managed. The Fund returned -1.73% (Class A shares at
NAV) during the period versus the benchmark, the MSI World Index, which posted a
return of -5.48%. During the second half of 2007, we bought companies with good
revenue visibility and had overweight positions versus the MSCI World Index in
tobacco, utilities and telecom stocks. In the Telecoms sector, we have positions
in Taiwan Cellular, Australian telecom Telstra, and O2 (Telefonica Czech
Republic), which are all leading providers in their respective markets. All of
these holdings allowed us to mitigate risk from regulatory and competitive
trends across a number of different markets.
The Fund's geographic exposure will vary throughout 2008 dependent on yield
opportunities in different markets at different times of the year. At the start
of 2008, the Fund was invested 42% in the UK (although half of the British Pound
exposure against the US Dollar was hedged), 15% in the US, 11% in Asia, and 11%
in Continental Europe. The exposure to Continental Europe is likely to increase
as we position the Fund for the European dividend season, as historically a
significant proportion of European companies have paid annual dividends in
April, May and June. We have maintained a low exposure to the Financial sector
because of the US sub-prime issues. However, we have started to build holdings
in this area given attractive valuations and the interest rate cuts that have
improved conditions in the sector. Further purchase in this area will depend
upon our confidence in the sustainability of dividend from banks.
In the current environment it is difficult to predict the outlook for the year
ahead, as much will be dependent on government and central bank responses to the
threat of slowing growth against a backdrop of inflationary pressures. We can
say that we believe the majority of companies we invest in have sound financial
positions, good cash flows, and attractive income yields versus the long bond,
which are characteristics we believe, underpin their valuations. There are also
signs that governments and central banks are acting to stimulate their
economies, which has often been a good sign for equity markets historically. We
are finding a wide range of investment opportunities around the world that may
allow us to achieve the Fund's primary objective of delivering income to our
investors, without compromising the ability to stock pick companies that could
also be poised to provide capital growth. We are confident about achieving these
goals in 2008.
- --------------------------------------------
GLOBAL EQUITY INCOME FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------
SCOTTISH & SOUTHERN
ENERGY PLC 3.8%
LLOYDS TSB GROUP PLC 3.2
GLAXOSMITHKLINE PLC 2.9
ATMOS ENERGY CORP. 2.8
KOREA EXCHANGE BANK 2.6
REYNOLDS AMERICAN, INC. 2.5
TELECOM CORPORATION OF
NEW ZEALAND, LTD. 2.5
PROGRESS ENERGY, INC. 2.5
COMPASS GROUP PLC 2.5
TELSTRA CORP., LTD. 2.5
- --------------------------------------------
4
HENDERSON GLOBAL FUNDS
PERFORMANCE SUMMARY
GLOBAL EQUITY INCOME FUND
Pie charts:
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
United Kingdom 42.8%
United States 16.7
Australia 6.1
Germany 5.2
Taiwan 3.3
Finland 3.1
Other 22.8
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
Financials 22.1%
Telecommunication Service 15.5
Consumer Discretionary 14.2
Utilities 11.9
Consumer Staples 10.4
Energy 7.8
Other 18.1
Line chart:
INVESTMENT COMPARISON
Value of $10,000
Global Equity Income Fund Class A w/out sales charge - $10,877
Global Equity Income Fund Class A w/sales charge - $10,252
MSCI World Index - $10,330
Global Equity Income Fund Global Equity Income Fund
Class A w/out sales charge MSCI World Index Class A w/sales charge
11/30/06 10000 10000 9425
10230 10206 9642
1/31/07 10300 10328 9708
10250 10279 9661
10600 10471 9991
11120 10939 10481
11393 11256 10738
11313 11173 10663
7/31/07 11068 10928 10432
11332 10925 10680
11801 11448 11123
12208 11802 11506
11806 11325 11127
11634 11183 10965
1/31/08 10877 10330 10252
TOTAL RETURNS AS OF JANUARY 31, 2008
SINCE
NASDAQ SIX ONE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR (11/30/06)*
- -------------------------------------------------------------------------------------------------------------------------
Henderson Global Equity Fund HFQAX Class A -1.73% 5.60% 7.47%
- -------------------------------------------------------------------------------------------------------------------------
Henderson Global Equity Fund HFQCX Class C -2.07 4.79 6.67
- -------------------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- -------------------------------------------------------------------------------------------------------------------------
Henderson Global Equity Fund Class A -7.38% -0.49% 2.16%
- -------------------------------------------------------------------------------------------------------------------------
Henderson Global Equity Fund Class C -3.08 4.79 6.67
- -------------------------------------------------------------------------------------------------------------------------
INDEX
- -------------------------------------------------------------------------------------------------------------------------
MSCI World Index -5.48% 0.02% 2.82%
- -------------------------------------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class C shares are subject to a CDSC of up to
1% on certain redemptions made within 12 months of purchase. Performance
presented at Net Asset Value (NAV), which does not include a sales charge, would
be lower if this charge were reflected. NAV is the value of one share of the
Fund excluding any sales charges. Current performance may be lower or higher
than the performance data quoted. Investment return and principal value will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than original cost. As stated in the current prospectus, the Fund's annual
operating expense ratios (gross) for Class A and C shares are 1.86% and 2.61%,
respectively. However, the Fund's adviser has agreed to contractually waive a
portion of its fees and/or reimburse expenses such that total operating expenses
do not exceed 1.40% and 2.15% for Class A and C shares, which is in effect until
July 31, 2020. The Fund's audited net expense ratios based on the fiscal year
from November 30, 2006 to July 31, 2007 for Class A and C shares are 1.40% and
2.15% respectively. Shares redeemed within 30 days of purchase may be subject to
a 2.0% redemption fee. For the most recent month-end performance, please call
1.866.443.6337 or visit the Funds' website at www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
periods shown. Absent these waivers, results would have been less favorable. All
results assume the reinvestment of dividends and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
The MSCI World Index is a free float-adjusted market capitalization index that
is designed to measure global developed market equity performance. The Fund is
professionally managed while the Index is unmanaged and not available for
investment. Results in the table and graph do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the redemption of Fund
shares.
5
HENDERSON GLOBAL FUNDS
COMMENTARY
GLOBAL OPPORTUNITIES FUND
During the second half of 2007, global equity markets were subjected to the
issues of the US sub-prime fallout and the lack of liquidity that followed. The
downward shift has been broad-based, with no sector or region immune to events.
Areas of the market that had been considered safe havens in the latter stages of
last year, such as technology and growth stocks, have been hit more recently. In
short, almost no area of the market has escaped unscathed. Over the period, the
Global Opportunities Fund returned -4.51% (Class A shares at NAV) versus the
benchmark, MSCI World Index, which returned -5.48%.
Many investors have taken a negative view of mergers and acquisitions (M&A)
deals, with even apparently secure situations being marked down, sometimes
severely. As a result, the market conditions for the US Equity Special
Situations sub-portfolio deteriorated. The portfolio manager replaced stocks
that may be vulnerable in these circumstances with new positions that typically
are less reliant on credit finance availability and on the risk appetite of the
corporate sector. The Fund reduced the exposure to this sub-portfolio, while
increasing the US Equity Fundamental sub-portfolio, which exhibits a more
defensive bias.
The European sub-portfolio continued to perform relatively well. The portfolio
consists mainly of quality companies with defensive earnings streams. In the
short run even these assets have not been immune to the downdraft that has swept
across markets, but in the medium term we anticipate their underlying
characteristics to be reflected in performance.
In Asia, the stock picks have generally been valuation-driven, and we believe
this has provided a degree of risk mitigation in the market pull-back. Asian
markets continue to offer many growth prospects, and the recent setback has left
some high quality assets trading on appealing valuations. We believe Japan
continues to offer considerable value, although the spark that may attract new
buying interest remains elusive.
Currency shifts have generally been helpful to returns in recent years, and
continued in early 2008. That said, we have recently moved, in an attempt to
insulate, investors' capital and sought to hedge some of the Fund's exposure to
the British pound (GBP). A combination of circumstances, including a large
current account deficit, weak fiscal position and falling interest rates,
suggest that the GBP may be entering a period of weakness. We have also hedged a
portion of the Fund's Euro exposure on the basis that the slowdown in global
growth may affect European outlook in due course and potentially cause a change
in European Central Bank interest rate policy.
In the short run, we believe, the market environment is likely to be
characterized by uncertainty regarding the economic outlook, continued concerns
about specific `event risk' and a further readjustment of portfolios based on
risk exposures rather than fundamental judgments. It is likely that this will
entail a certain amount of volatility, and we have positioned the Fund more
defensively as a result. We continue to believe that the medium term performance
of the Fund should be dictated by the quality of the stock picks made by our
managers. The valuation and growth prospects of the current holdings of the Fund
lead us to believe the Fund may be positioned for continued progress over the
medium term.
- ------------------------------------------------
GLOBAL OPPORTUNITIES FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- ------------------------------------------------
CARNIVAL PLC 3.5%
CRH PLC 3.3
ZURICH FINANCIAL
SERVICES AG 3.2
DEMAG CRANES AG 3.1
PUBLIC POWER CORP. S.A. 3.1
FORTIS 3.0
DEUTSCHE POST AG 3.0
COMPAGNIE FINANCIERE
RICHEMONT AG 2.9
FRESENIUS AG 2.7
TELEFONICA S.A. 2.7
- ------------------------------------------------
6
HENDERSON GLOBAL FUNDS
PERFORMANCE SUMMARY
GLOBAL OPPORTUNITIES FUND
Pie charts:
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
United States 32.1%
United Kingdom 11.9
Germany 11.3
Japan 9.2
Switzerland 7.5
Canada 4.4
Other 23.6
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
Financials 19.0%
Industrials 15.1
Consumer Discretionary 13.1
Materials 11.0
Information Technology 10.8
Telecommunication Service 8.1
Other 22.9
Line chart:
INVESTMENT COMPARISON
Value of $10,000
Global Opportunities Fund Class A w/out sales charge - $10,895
Global Opportunities Fund Class A w/sales charge - $10,269
MSCI World Index - $10,330
Global Opportunities Fund Global Opportunities Fund
Class A w/out sales charge MSCI World Index Class A w/sales charge
11/30/06 10000 10000 9425
10300 10206 9708
1/31/07 10430 10328 9830
10530 10279 9925
10720 10471 10104
11120 10939 10481
11700 11256 11027
11550 11173 10886
7/31/07 11410 10928 10754
11320 10925 10669
11840 11448 11159
12490 11802 11772
12040 11325 11348
11923 11183 11238
1/31/08 10895 10330 10269
TOTAL RETURNS AS OF JANUARY 31, 2008
SINCE
NASDAQ SIX ONE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR (11/30/06)*
- ------------------------------------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund HFPAX Class A -4.51% 4.46% 7.62%
- ------------------------------------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund HFPCX Class C -4.86 5.28 8.26
- ------------------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- ------------------------------------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund Class A -10.03% -1.58% 2.30%
- ------------------------------------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund Class C -5.86 5.28 8.26
- ------------------------------------------------------------------------------------------------------------------------
INDEX
- ------------------------------------------------------------------------------------------------------------------------
MSCI World Index -5.48% 0.02% 2.82%
- ------------------------------------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Due to the Fund's relatively small asset base in its initial
stages, performance was positively impacted by IPOs to a greater degree than it
may be in the future. IPO investments are not an integral component of the
Fund's investment process and may not be utilized to the same extent in the
future. Performance results with sales charges reflect the deduction of the
maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class C shares are subject to a CDSC of up to
1% on certain redemptions made within 12 months of purchase. Performance
presented at Net Asset Value (NAV), which does not include a sales charge, would
be lower if this charge were reflected. NAV is the value of one share of the
Fund excluding any sales charges. Current performance may be lower or higher
than the performance data quoted. Investment return and principal value will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than original cost. As stated in the current prospectus, the Fund's annual
operating expense ratios (gross) for Class A and C shares are 13.40% and 14.15%,
respectively. However, the Fund's adviser has agreed to contractually waive a
portion of its fees and/or reimburse expenses such that the total operating
expenses do not exceed 1.95% and 2.70% for Class A and C shares, which is in
effect until July 31, 2020. The Fund's audited net expense ratios based on the
fiscal year from November 30, 2006 to July 31, 2007 for Class A and C shares are
1.95% and 2.70% respectively. Shares redeemed within 30 days of purchase may be
subject to a 2.0% redemption fee. For the most recent month-end performance,
please call 1.866.443.6337 or visit the Funds' website at
www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
periods shown. Absent these waivers, results would have been less favorable. All
results assume the reinvestment of dividends and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
The MSCI World Index is a free float-adjusted market capitalization index that
is designed to measure global developed market equity performance. The Fund is
professionally managed while the Index is unmanaged and not available for
investment. Results in the table and graph do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the redemption of Fund
shares.
7
HENDERSON GLOBAL FUNDS
COMMENTARY
GLOBAL TECHNOLOGY FUND
Global technology markets have experienced a volatile six months. The period
began strongly, thanks to a largely solid start to the reporting season, with
particular strength from sector heavyweights such as Apple, Microsoft and
Google. However, following eight consecutive months of positive returns, the
technology sector corrected sharply in November. The catalyst for the fall was
quarterly results from broadband equipment manufacturer, Cisco Systems. While
the results were largely positive, weaker than expected enterprise revenues and
the company's failure to raise its earnings guidance were interpreted as
heralding a slowdown in US business spending. Volatility continued into the New
Year, on concerns of a hard landing in the US and contagion to the rest of the
world. Against this backdrop, many technology stocks have been sold off
aggressively as many investors have sought to take profits in one of last year's
best-performing sectors and rotated into more defensive areas.
In such a broad market sell-off and general reduction of risk appetite by
investors, the Fund ended the period in negative territory. However we were able
to mitigate the losses through stock selection and finished ahead of the MSCI AC
World IT Index. This can be attributed largely to strong returns from our
holding in the internet sector. The biggest negative came from the Computers &
Peripherals space, which was sold off as a result of its exposure to US
corporate spending.
Within the internet sector, online travel agent, Priceline.com was particularly
strong. The majority of the company's profits come from the fragmented and
under-penetrated European market. The company has been able to gain considerable
share here and was able to beat analysts forecasts as a result. Dutch online
printing and design company Vistaprint also impressed. The company reported
earnings growth of 35%, driven by international growth and strategic
partnerships.
In light of increased macroeconomic risks, we have made a few changes to the
portfolio. We have been increasing exposure to companies operating in niche
areas with stable cash flows, which we believe should hold up relatively well in
difficult markets. We have reduced holdings in stocks with significant exposure
to the US consumer.
We have been adding to Autonomy, a UK company that has a 90% market share in the
`unstructured search' market. The company may be distinctly positioned to
benefit from this area of growth and the tightening of compliance regulations
following the sub-prime crisis. We also increased our position in IBM as we
believe it is attractively valued and its recurring revenue streams should
support the share price amid volatile market conditions. We sold storage company
EMC, and PC maker Dell because of their exposure to US corporate spending.
We have become increasingly attracted to the alternative energy space due to
increasing global demand for energy, high oil prices and heightened awareness of
climate change. New holdings in this space include wind turbine manufacturer
Vestas and solar panel maker, Suntech Power. Suntech performed particularly well
during the period. The company reported exceptional third quarter results, as it
continued to benefit from growth in the industry and its low cost base.
We expect markets to remain volatile in the near term, as the prospect of a
consumer-led recession in the US affects investor sentiment and sell-side
analysts' earnings estimates are revised downwards to reflect the economic
outlook. However, recent market weakness has presented a number of potential
opportunities to buy stocks at attractive valuations. We believe the key
mid-term to long-term drivers for technology remain in place, namely emerging
market demand and strong product cycles for both consumer and corporate
applications.
- ------------------------------------------------
GLOBAL TECHNOLOGY FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- ------------------------------------------------
INTERNATIONAL BUSINESS
MACHINES CORP. 4.9%
NOKIA OYJ 3.9
MICROSOFT CORP. 3.4
QUALCOMM, INC. 3.4
TESSERA TECHNOLOGIES, INC. 3.2
AUTONOMY CORP. PLC 3.2
AUTOMATIC DATA
PROCESSING, INC. 3.0
ORACLE CORP. 3.0
VISTAPRINT, LTD. 2.9
NINTENDO CO., LTD. 2.9
- ------------------------------------------------
8
HENDERSON GLOBAL FUNDS
PERFORMANCE SUMMARY
GLOBAL TECHNOLOGY FUND
Pie charts:
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
United States 64.9%
United Kingdom 7.6
Netherlands 4.6
Korea 4.4
China 4.4
Finland 4.2
Other 9.9
PORTFOLIO COMPOSITION BY INDUSTRY
(AS A % OF LONG-TERM INVESTMENTS)
Software 25.3%
Semiconductors & Semi Equipment 18.2
Computers & Peripherals 13.1
Communications Equipment 9.5
Internet Software & Services 9.2
Household Durables 4.6
Other 20.1
Line Chart:
INVESTMENT COMPARISON
Value of $10,000
Global Technology Fund Class A w/out sales charge - $16,446
Global Technology Fund Class A w/sales charge - $15,496
MSCI AC World IT Index - $12,455
S&P 500 Index - $13,626
Global Technology Fund Global Technology Fund
Class A w/out Class A w/sales S&P 500 MSCI AC
sales charge charge Index World IT Index
8/31/01 10000 9425 10000 10000
7850 7399 9192 8223
8980 8464 9368 9555
10690 10075 10086 11151
11040 10405 10175 11045
10910 10283 10026 10966
9660 9105 9833 9829
10480 9877 10202 10463
9480 8935 9584 9293
8940 8426 9513 8908
8140 7672 8836 7876
7360 6937 8148 7129
6930 6532 8201 7042
5920 5580 7309 5825
6900 6503 7952 6952
7890 7436 8421 8058
6918 6520 7926 6895
1/31/03 6989 6587 7718 6802
6969 6568 7602 6864
6878 6482 7676 6741
7464 7035 8308 7380
8395 7912 8746 8020
8810 8303 8858 8099
9669 9113 9014 8626
10266 9676 9190 9199
10104 9523 9093 9135
10873 10248 9607 9948
11055 10419 9692 10002
11237 10591 10200 10222
1/31/04 11894 11211 10387 10798
12077 11382 10532 10571
11925 11239 10373 10413
11278 10629 10210 9794
11632 10963 10350 10055
12036 11344 10550 10312
10661 10048 10201 9399
10135 9552 10242 9044
10782 10162 10353 9285
11540 10877 10511 9720
12376 11665 10937 10217
12792 12057 11309 10535
1/31/05 12099 11403 11033 10039
12110 11413 11264 10185
11811 11132 11065 9893
11277 10629 10855 9511
12216 11514 11200 10160
11822 11142 11216 10055
12462 11745 11633 10514
12590 11866 11527 10486
12867 12127 11620 10685
12579 11856 11428 10404
13470 12695 11862 11188
13784 12991 11866 11278
1/31/06 14779 13929 12180 11753
14714 13868 12213 11519
15374 14490 12366 11803
15666 14765 12531 11859
14390 13562 12171 11023
14011 13205 12188 10854
13189 12430 12263 10485
13600 12818 12555 11230
14033 13226 12879 11598
14465 13634 13299 11953
15179 14307 13551 12402
15212 14337 13741 12391
1/31/07 15493 14602 13949 12460
15450 14561 13675 12212
15677 14776 13828 12281
16326 15387 14441 12899
17386 16387 14945 13307
17798 16774 14697 13582
17776 16754 14241 13599
18122 17080 14455 13856
19107 18008 14996 14437
20124 18967 14997 15188
18901 17814 14998 14114
18699 17624 14999 14145
1/31/08 16446 15496 13626 12455
TOTAL RETURNS AS OF JANUARY 31, 2008
SINCE
NASDAQ SIX ONE THREE FIVE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR YEARS* YEARS* (8/31/01)*
- -------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund HFGAX Class A -7.48% 6.15% 10.77% 18.67% 8.06%
- -------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund HFGBX Class B -7.80 5.37 9.94 17.82 7.33
- -------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund HFGCX Class C -7.81 5.31 9.94 17.76 7.28
- -------------------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- -------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund Class A -12.79% 0.07% 8.62% 17.28% 7.06%
- -------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund Class B -12.80 1.37 9.11 17.72 7.33
- -------------------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund Class C -8.81 5.31 9.94 17.76 7.28
- -------------------------------------------------------------------------------------------------------------------------
INDEX
- -------------------------------------------------------------------------------------------------------------------------
MSCI AC World IT Index -8.18% -0.04% 7.45% 12.86% 3.48%
- -------------------------------------------------------------------------------------------------------------------------
S&P 500 Index -4.32 -2.31 7.28 12.04 4.94
- -------------------------------------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class B shares are subject to a CDSC which
declines from 5% the 1st year to 0% at the beginning of the 7th year. Class C
shares are subject to a CDSC of up to 1% on certain redemptions made within 12
months of purchase. Performance presented at Net Asset Value (NAV), which does
not include a sales charge, would be lower if this charge were reflected. NAV is
the value of one share of the Fund excluding any sales charges. Current
performance may be lower or higher than the performance data quoted. Investment
return and principal value will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than original cost. As stated in the current
prospectus, the Fund's annual operating expense ratios (gross) for Class A, B,
and C shares are 1.87%, 2.62%, and 2.62% respectively. The Fund's audited net
expense ratios based on the fiscal year from August 1, 2006 to July 31, 2007 for
Class A, B, and C shares are 1.87%, 2.62% and 2.62% respectively. Shares
redeemed within 30 days of purchase may be subject to a 2.0% redemption fee. For
the most recent month-end performance, please call 1.866.443.6337 or visit the
Funds' website at www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
certain periods shown. Absent these waivers, results would have been less
favorable for certain periods. All results assume the reinvestment of dividends
and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index
and an industry focused index. The S&P 500 Index is a broad based measurement of
changes in stock market conditions based on the average of 500 widely held
common stocks. The MSCI AC World Info Tech Index is a free float-adjusted market
capitalization index designed to measure equity market performance in the global
developed and emerging markets, the index is comprised of 49 developed and
emerging market country indices. The Fund is professionally managed while the
Indices are unmanaged and not available for investment. Results in the table and
graph do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
9
HENDERSON GLOBAL FUNDS
COMMENTARY
INTERNATIONAL OPPORTUNITIES FUND
Over the period international equity indices held up reasonably well until
December, when they fell sharply. Equity markets were affected by the issues
surrounding US sub-prime problems and the subsequent credit crunch that
followed. There was an abrupt halt to the mergers and acquisitions (M&A) boom
and equity markets remained volatile for the rest of the year. The US Federal
Reserve cut its discount rate in September and twice in January, which has
helped spur the belief that central banks could continue to support economic
activity, if needed. Over the period, the International Opportunities Fund
returned -6.29% (Class A shares at NAV) versus the benchmark's, the MSCI EAFE
Index, return of -7.43%.
The Fund has seen little material change in sector or regional allocation. The
Fund continues to be overweight Information Technology where we believe we have
identified a number of companies with strong market positions and growing
end-markets. The Fund is also overweight European industrials which could
benefit from continued export growth to the Middle East and Asia. Due to a lack
of compelling bottom-up stock ideas, the Fund remains underweight in both the
Consumer Staples and Health Care sectors. The Fund is significantly overweight
Asia Pacific and emerging economies and remains underweight the rest of the
world. We believe this emphasis has made a positive contribution to performance.
Positive performance over the period was led generally by the Fund's holdings in
the two European sub-portfolios in a number of different sectors and countries,
such as: UK mining company Xstrata, German chemicals manufacturer Bayer and
Russian oil company Gazprom. In Europe, we currently believe the areas most
interesting are those where the market is most negative. Certain areas of the
market appear to have been sold off indiscriminately, particularly those with
exposure to the problem areas of housing, consumer spending and credit. However,
we believe certain companies within these areas are well run, have strong
balance sheets and currently have reasonable valuations.
The Fund's overweight exposure to Japanese financials has been a drag on
performance with Sumitomo Mitsui Bank continuing to disappoint. We remain
optimistic in this area as we believe that many Japanese financials offer
potential for growth opportunities and have been trading at a discount to their
global peers.
Towards the end of the period, the portfolio management teams of the Fund placed
a hedge against the British Pound and the Euro. We believe that the UK economy
is likely to move in a broadly similar fashion to the US: it has a large current
account deficit, high budget deficit and, now, falling interest rates. While the
British Pound has held up very well until recently, it may be entering a period
of weakness. With regards to the Euro, we think that, fundamentally, the Euro is
overvalued versus the US dollar. Until now, European Central Bank (ECB) has been
keeping the interest rates high, and they may start to ease off that position in
the next few months. If that is the case, we believe the ECB interest rate could
come down earlier than most were anticipating. Under that scenario (1 year),
there could be a little weakness of the Euro versus the US dollar for the
short-term.
Global economic growth in 2008 is expected to be the weakest in five years as
continued sub-trend growth in the US is accompanied by a slowdown in the rest of
the world. This is the likely result of past tightening of monetary policies and
recent disruption in credit and money markets. Although growth in emerging
markets may remain strong by historical standards, they will not be completely
immune to the slowdown. With this background, the recent volatile stock markets
have, in some cases, created attractive investment opportunities for bottom-up
stock pickers.
INTERNATIONAL OPPORTUNITIES FUND
TOP 10 LONG-TERM HOLDINGS
- ------------------------------------------------
AS A PERCENTAGE
SECURITY OF NET ASSETS
- ------------------------------------------------
XSTRATA PLC 3.4%
AKZO NOBEL N.V. 3.1
CONTINENTAL AG 2.6
CAPITA GROUP PLC 2.6
FRESENIUS AG 2.5
OAO GAZPROM, ADS 2.5
L'OREAL S.A. 2.4
SODEXHO ALLIANCE S.A. 2.4
KUEHNE & NAGEL
INTERNATIONAL AG 2.4
INDUSTRIA DE DISENO
TEXTIL S.A. 2.4
- ------------------------------------------------
10
HENDERSON GLOBAL FUNDS
PERFORMANCE SUMMARY
INTERNATIONAL OPPORTUNITIES FUND
Pie charts:
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
Japan 19.8%
Germany 12.3
France 11.5
United Kingdom 9.6
China 6.2
Italy 3.4
Other 37.2
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
Financials 23.6%
Industrials 17.3
Consumer Discretionary 15.7
Materials 14.1
Information Technology 11.4
Energy 6.6
Other 11.3
Line chart:
INVESTMENT COMPARISON
Value of $10,000
Int'l Opportunities Fund Class A w/out sales charge - $28,346
Int'l Opportunities Fund Class A w/sales charge - $26,717
MSCI EAFE Index - $19,970
Int'l Opportunities Fund Int'l Opportunities Fund
Class A w/out sales charge Class A w/sales charge MSCI EAFE Index
8/31/01 10000 9425 10000
9080 8558 8989
9930 9359 9219
11430 10773 9560
11640 10971 9617
11610 10942 9106
11290 10641 9171
11840 11159 9716
11950 11263 9741
11940 11253 9874
11540 10876 9484
10510 9906 8549
10410 9811 8531
9280 8746 7617
10060 9482 8027
10710 10094 8393
10328 9735 8111
1/31/03 10167 9583 7773
9553 9004 7595
9453 8909 7451
10500 9896 8191
11164 10522 8694
11647 10977 8909
12070 11376 9126
12906 12163 9348
13127 12372 9638
13973 13169 10239
13973 13169 10469
14890 14034 11287
1/31/04 15501 14610 11448
15878 14965 11714
16378 15436 11785
15889 14975 11528
15613 14716 11564
15950 15033 11836
15226 14351 11454
15196 14322 11507
15552 14658 11809
16164 15234 12213
17126 16141 13051
17902 16872 13624
1/31/05 17767 16746 13375
18492 17428 13955
18254 17204 13611
17705 16687 13306
17446 16443 13326
17622 16609 13508
18388 17331 13924
19164 18062 14280
19733 18599 14919
19288 18179 14485
19990 18842 14842
20852 19654 15534
1/31/06 22273 20993 16489
22165 20892 16455
23005 21683 17006
24156 22769 17831
23252 21916 17160
23317 21977 17167
23166 21835 17339
23769 22403 17821
23898 22525 17851
24727 23306 18547
25890 24402 19108
26697 25163 19709
1/31/07 26798 25259 19843
27091 25535 20006
27743 26150 20526
28812 27157 21456
29768 28058 21862
30309 28567 21894
30275 28535 21575
29971 28249 21243
32064 30222 22383
33605 31674 23265
31861 30031 22507
31603 29787 22000
1/31/08 28346 26717 19970
TOTAL RETURNS AS OF JANUARY 31, 2008
SINCE
NASDAQ SIX ONE THREE FIVE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR YEARS* YEARS* (8/31/01)*
- -------------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFOAX Class A -6.29% 5.87% 16.90% 22.78% 17.63%
- -------------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFOBX Class B -6.68 5.07 16.02 21.88 16.78
- -------------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFOCX Class C -6.64 5.08 16.03 21.87 16.77
- -------------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFORX Class R** -6.44 5.63 16.61 22.48 17.35
- -------------------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- -------------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund Class A -11.67% -0.21% 14.61% 21.33% 16.55%
- -------------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund Class B -11.68 1.07 15.27 21.79 16.78
- -------------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund Class C -7.64 5.08 16.03 21.87 16.77
- -------------------------------------------------------------------------------------------------------------------------
INDEX
- -------------------------------------------------------------------------------------------------------------------------
MSCI EAFE Index -7.43% 0.64% 14.29% 20.77% 11.38%
- -------------------------------------------------------------------------------------------------------------------------
* Average annual return.
** Class R shares inception was 9/30/05. The performance for Class R shares
for the period prior to 9/30/05 is based on the performance of Class A
shares, adjusted for the higher expenses applicable to R shares. Class R
shares are not subject to a front-end sales charge but are subject to a
distribution fee of 0.50%
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class B shares are subject to a CDSC which
declines from 5% the 1st year to 0% at the beginning of the 7th year. Class C
shares are subject to a CDSC of up to 1% on certain redemptions made within 12
months of purchase. Class R shares have no front-end sales charge or CDSC.
Performance presented at Net Asset Value (NAV), which does not include a sales
charge, would be lower if this charge were reflected. NAV is the value of one
share of the Fund excluding any sales charges. Current performance may be lower
or higher than the performance data quoted. Investment return and principal
value will fluctuate so that an investor's shares, when redeemed, may be worth
more or less than original cost. As stated in the current prospectus, the Fund's
annual operating expense ratios (gross) for Class A, B, C and R shares are
1.56%, 2.31%, 2.31%, and 181% respectively. The Fund's audited net expense
ratios based on the fiscal year from August 1, 2006 to July 31, 2007 for Class
A, B, C, and R shares are 1.56%, 2.31%, 2.31% and 1.81% respectively. Shares
redeemed within 30 days of purchase may be subject to a 2.0% redemption fee. For
the most recent month-end performance, please call 1.866.443.6337 or visit the
Funds' website at www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
certain periods shown. Absent these waivers, results would have been less
favorable for certain periods. All results assume the reinvestment of dividends
and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
The MSCI EAFE Index tracks the stocks of approximately 1,000 international
companies in Europe, Australasia, and the Far East. The Fund may invest in
emerging markets while the Index only consists of companies in developed
markets. The Fund is professionally managed while the Index is unmanaged and not
available for investment. Results in the table and graph do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
11
HENDERSON GLOBAL FUNDS
COMMENTARY
JAPAN-ASIA FOCUS FUND
After a steady, positive start to 2007, the Japanese market suffered in the
second half of the year after problems emerged in global credit markets.
Initially the issue was US sub-prime mortgage lending, followed swiftly by a
freeze in bank lending and then, more recently, heightened fears about a US
economic recession. In this environment, Japanese equities have been the most
severely punished of all the major equity markets, with the MSCI Japan Index
falling by more than 25% from mid-summer (in local currency terms). The S&P 500
Index, in comparison, has fallen by roughly half as much.
There have been a number of Japan-specific factors which help explain the
lackluster economic growth in Japan in recent quarters, as well as the poor
stock market performance. Firstly, and most importantly, what we believe to be a
serious policy mistake by the government has led to the worst quarter for
housing starts since records began in 1964. This problem, which was caused by a
lengthening of the housing application approvals process from 21 days to 10
weeks, has had an impact on the whole construction sector, which accounts for
close to 10% of Japanese GDP. This factor alone has knocked 0.5% off of the
gross domestic product (GDP) for 2007*, and probably nearer to 1.0% when taking
into account the indirect effects. Looking forward, however, we believe new
software may improve the pace of housing application approval levels by the end
of the first quarter, and there could be some pent-up demand to boost the
housing market throughout 2008.
For the period, the Fund returned -15.62% (Class A shares at NAV) versus the
benchmark, the MSCI Japan Index, which posted a return of -10.96%. Throughout
the period, the Fund was weighted towards domestic sectors in Japan and away
from export-related shares. This means very low weightings in the autos sector,
for example, where companies like Toyota Motor generated most of their profits
from overseas consumer markets. The Fund also had low weightings in sectors such
as steel, trading houses and shipping, which are all heavily dependent on
overseas demand. These shares performed very well throughout most of 2007, but
have started to underperform sharply as global growth expectations began to be
reduced. In general, the Fund was overweight smaller companies in Japan, rather
than the more export-dependent larger companies.
The Fund has focused on attractively valued companies with good earnings growth
in domestic-orientated sectors. This includes the housing construction sector,
where the Fund is currently heavily weighted in Leopalace21 and smaller company
Token. Both of these companies trade on low price/earnings (P/E) valuations,
enjoy dividend yields over 3%** and, we believe, have had a track record of
generating earnings growth.
Over the last few months we have also been actively cutting back the Fund's
exposure to Asian companies, specifically to seek to take advantage of the
growing number of attractive stocks in Japan.
We expect that the next few months will be full of negative news on the global
economy, as the extent of the current economic slowdown becomes clear. But the
Japanese equity market has already moved quickly to discount this eventuality,
and we believe has now firmly entered "buy" territory. This may not pay off for
a number of months, but the opportunity is there to buy many Japanese stocks at
rock-bottom valuations.
* Source: Henderson
** Past performance is not an indicator of future results and dividend yields
are not representative of the Henderson Japan-Asia Focus Fund.
P/E valuation is a valuation of ratio of a company's current share price
compared to its per-share earnings.
- ------------------------------------------------
JAPAN-ASIA FOCUS FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- ------------------------------------------------
SEKISUI CHEMICAL CO., LTD. 4.8%
NISHI-NIPPON CITY
BANK, LTD. 4.7
MITSUBISHI UFJ FINANCIAL
GROUP, INC. 4.5
TDK CORP. 4.4
TOKEN CORP. 4.4
NTT DOCOMO, INC. 3.9
LEOPALACE21 CORP. 3.9
SUMITOMO MITSUI FINANCIAL
GROUP, INC. 3.9
YAMATO HOLDINGS CO., LTD. 3.8
SHINKO ELECTRIC
INDUSTRIES CO., LTD. 3.8
- ------------------------------------------------
12
HENDERSON GLOBAL FUNDS
PERFORMANCE SUMMARY
JAPAN-ASIA FOCUS FUND
Pie charts:
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
Japan 95.7%
Malaysia 1.7
Singapore 1.4
China 1.2
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
Financials 28.6%
Consumer Discretionary 23.7
Information Technology 20.1
Materials 10.1
Industrials 5.8
Telecommunication Service 5.5
Other 6.2
Line Chart:
INVESTMENT COMPARISON
Value of $10,000
Japan-Asia Focus Fund Class A w/out sales charge - $8,551
Japan-Asia Focus Fund Class A w/sales charge - $8,059
MSCI Japan Index - $9,260
MSCI Japan Japan-Asia Focus Fund Japan-Asia Focus Fund
Index Class A w/out sales charge Class A w/sales charge
1/31/06 10000 10000 9425
9915 9860 9293
10169 10360 9764
4/30/06 10465 10490 9887
9814 9850 9284
9705 9920 9350
7/31/06 9652 9650 9095
9796 9830 9265
9639 9750 9189
10/31/06 9806 9870 9302
9876 9860 9293
10122 9860 9293
1/31/07 10208 9990 9416
10618 10220 9632
10482 10010 9434
4/30/07 10279 9710 9152
10446 9950 9378
10415 10150 9566
7/31/07 10398 10130 9548
10093 9730 9171
10330 9730 9171
10/31/07 10291 9770 9208
10102 9440 8897
9703 9090 8567
1/31/08 9260 8551 8059
TOTAL RETURNS AS OF JANUARY 31, 2008
SINCE
NASDAQ SIX INCEPTION
AT NAV SYMBOL CLASS MONTHS ONE YEAR (1/31/06)*
- -----------------------------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund HFJAX Class A -15.62% -14.43% -7.53%
- -----------------------------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund HFJCX Class C -16.08 -15.15 -8.24
- -----------------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- -----------------------------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund Class A -20.48% -19.36% -10.23%
- -----------------------------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund Class C -17.08 -15.15 -8.24
- -----------------------------------------------------------------------------------------------------------------------
INDEX
- -----------------------------------------------------------------------------------------------------------------------
MSCI Japan Index -10.96% -9.29% -3.77%
- -----------------------------------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Due to the Fund's relatively small asset base in initial stages,
performance was positively impacted by IPOs to a greater degree than it may be
in the future. IPO investments are not an integral component of the Fund's
investment process and may not be utilized to the same extent in the future.
Performance results with sales charges reflect the deduction of the maximum
front end sales charge or the deduction of the applicable contingent deferred
sales charge ("CDSC"). Class A shares are subject to a maximum front-end sales
charge of 5.75%. Class C shares are subject to a CDSC of up to 1% on certain
redemptions made within 12 months of purchase. Performance presented at Net
Asset Value (NAV), which does not include a sales charge, would be lower if this
charge were reflected. NAV is the value of one share of the Fund excluding any
sales charges. Current performance may be lower or higher than the performance
data quoted. Investment return and principal value will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than original cost.
As stated in the current prospectus, the Fund's annual operating expense ratio
(gross) for Class A and C shares are 1.83% and 2.58%, respectively. The Fund's
audited net expense ratios based on the fiscal year from August 1, 2006 to July
31, 2007 for Class A and C shares are 1.84% and 2.59% respectively. Shares
redeemed within 30 days of purchase may be subject to a 2.0% redemption fee. For
the most recent month-end performance, please call 1.866.443.6337 or visit the
Funds' website at www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
certain periods shown. Absent these waivers, results would have been less
favorable for certain periods. All results assume the reinvestment of dividends
and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
The MSCI Japan Index is a market capitalization weighted index designed to
measure equity market performance in Japan. The Fund may invest in emerging
markets while the Index only consists of companies in developed markets. The
Fund is professionally managed while the Index is unmanaged and not available
for investment. Results in the table and graph do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
13
HENDERSON GLOBAL FUNDS
COMMENTARY
US FOCUS FUND
An overwhelming gloom has settled over financial markets in the past few months,
as credit market problems and the increasing likelihood of a recession in the US
combined to offset positive policy responses. A near-term climax to the
sell-off, and a consequent aggressive 125 basis point (1.25%) US interest rate
cut from the Federal Reserve in January created a volatile market environment as
the belief that the slowdown is likely to be a mild recession rather than
something more severe has grown widespread.
It is our view that the US economy has already slowed very significantly, and
whether a recession occurs now or not is an academic issue, as the impact will
be felt regardless.
The US equity market has fallen to a level that appears to offer attractive
valuations, however, what is in question is the ability of companies to achieve
projected earnings. We believe the key to investment performance is using a
bottom-up approach to side-step the worst disappointments while gradually adding
exposure to a cyclical recovery that could become more evident in late 2008.
The Fund returned -7.01% (Class A shares at NAV) over the period versus the
benchmark, the S&P 500 Index, which posted a return of -4.32%. Over the course
of the year our stock selections gradually reshaped the portfolio to what we
felt was a reasonably defensive stance, in expectation of a slowing (but not
recessionary) macro environment. The fundamental sleeve of the portfolio
performed especially well, principally for stock specific reasons. A significant
underweight position in the Financial sector was detrimental for the period as a
whole, but was a positive contributor to performance in the second half of the
year. January 2008 has been disappointing as the Fund's winners from last year
ran into profit-taking and the Financial sector briefly rallied in the face of
the interest rate cuts.
Our new ideas for the Fund have been focused on investments that we think can
produce attractive returns in a wide variety of economic outcomes. A good
example is Owens Illinois, a glass container manufacturer based in Toledo, Ohio.
The company, and indeed the whole glass container industry, has consolidated and
rationalized to the point where excess capacity has been eliminated and pricing
appears to be more rational. More importantly, the underlying demand for the
products from food and beverage companies is very steady and somewhat
predictable in any economic environment. We envision that Owens Illinois is
poised for strong earnings growth in 2008 for these company specific reasons.
We remain underweight in the Financial sector as we struggle to find valuations
low enough to support these stocks in such an unpredictable environment, and we
anticipate a more normal credit cycle emerging as the economy weakens.
On a more positive note, we are seeing an increasingly large number of stocks
falling to levels that price in a dire economic outlook and are focused on
adding very selectively in more economically exposed areas such as retail and
transportation. As the cycle matures, and credit exposures are clarified, this
portfolio transition may also start to include more Financial companies.
While the Fund will struggle to produce positive returns in a falling market, we
may see plenty of opportunities to add value through stock-picking and remain
optimistic that the stock market could soon stabilize as policy response offsets
remaining economic weakness. The flexibility of the three sleeves, and the
ability to switch from some growth companies into value stocks, give us reason
to be optimistic.
- ------------------------------------------------
US FOCUS FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- ------------------------------------------------
OWENS-ILLINOIS, INC. 4.2%
ADOBE SYSTEMS, INC. 3.8
THE BRINK'S CO. 3.8
ABBOTT LABORATORIES 3.6
SOUTHERN CO. 3.5
AMERICAN TOWER CORP. 3.3
CORRECTIONS CORPORATION
OF AMERICA 3.3
APPLE, INC. 3.2
THE WILLIAMS
COMPANIES, INC. 3.2
COMVERSE TECHNOLOGY, INC. 3.2
- ------------------------------------------------
14
HENDERSON GLOBAL FUNDS
PERFORMANCE SUMMARY
US FOCUS FUND
Pie chart:
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
Industrials 19.7%
Information Technology 16.3
Consumer Staples 12.2
Energy 11.4
Materials 10.3
Financials 7.2
Other 22.9
Line chart:
INVESTMENT COMPARISON
Value of $10,000
US Focus Fund Class A w/out sales charge - $11,922
US Focus Fund Class A w/sales charge - $11,237
S&P 500 Index - $13,345
S&P 500 US Focus Fund Class A US Focus Fund Class A
Index w/out sales charge w/sales charge
4/30/04 10000 10000 9425
10137 10160 9576
10334 10380 9783
9992 9690 9133
10032 9420 8878
10140 9710 9152
10296 9930 9359
10713 10420 9821
11078 10902 10275
1/31/05 10808 10420 9821
11035 10510 9906
10840 10400 9802
10634 10108 9527
10972 10621 10010
10987 10641 10029
11396 10982 10351
11292 10850 10228
11384 10939 10313
11194 10780 10162
11617 10972 10342
11620 10952 10323
1/31/06 11928 11448 10790
11960 11306 10656
12110 11387 10733
12272 11590 10923
11919 10932 10304
11935 10892 10266
12009 10467 9865
12295 10983 10351
12612 11185 10542
13024 11367 10714
13271 11529 10866
13457 11597 10930
1/31/07 13669 11833 11152
13410 11833 11152
13569 12025 11334
14179 12485 11767
14683 13362 12594
14448 13181 12423
14010 12828 12090
14229 12763 12029
14770 13469 12695
15014 14047 13239
14395 13448 12675
14305 13402 12632
1/31/08 13445 11922 11237
TOTAL RETURNS AS OF JANUARY 31, 2008
SINCE
NASDAQ SIX INCEPTION
AT NAV SYMBOL CLASS MONTHS ONE YEAR THREE YEARS* (4/30/04)*
- ------------------------------------------------------------------------------------------------------------------------
Henderson US Focus Fund HFUAX Class A -7.01% 0.81% 4.61% 4.80%
- ------------------------------------------------------------------------------------------------------------------------
Henderson US Focus Fund HFUBX Class B -7.36 0.07 3.83 4.03
- ------------------------------------------------------------------------------------------------------------------------
Henderson US Focus Fund HFUCX Class C -7.36 0.07 3.83 4.03
- ------------------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- ------------------------------------------------------------------------------------------------------------------------
Henderson US Focus Fund Class A -12.35% -4.95% 2.57% 3.16%
- ------------------------------------------------------------------------------------------------------------------------
Henderson US Focus Fund Class B -12.36 -3.93 2.89 3.30
- ------------------------------------------------------------------------------------------------------------------------
Henderson US Focus Fund Class C -8.36 0.07 3.83 4.03
- ------------------------------------------------------------------------------------------------------------------------
INDEX
- ------------------------------------------------------------------------------------------------------------------------
S&P 500 Index -4.32% -2.31% 7.28% 8.00%
- ------------------------------------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class B shares are subject to a CDSC which
declines from 5% the 1st year to 0% at the beginning of the 7th year. Class C
shares are subject to a CDSC of up to 1% on certain redemptions made within 12
months of purchase. Performance presented at Net Asset Value (NAV), which does
not include a sales charge, would be lower if this charge were reflected. NAV is
the value of one share of the Fund excluding any sales charges. Current
performance may be lower or higher than the performance data quoted. Investment
return and principal value will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than original cost. As stated in the current
prospectus, the Fund's annual operating expense ratios (gross) for Class A, B,
and C shares are 2.95%, 3.70%, and 3.70% respectively. However, the Fund's
adviser has agreed to contractually waive a portion of its fees and/or reimburse
expenses such that the total operating expenses do not exceed 1.40%, 2.15%, and
2.15% for Class A, B, and C shares, which is in effect until July 31, 2020. The
Fund's audited net expense ratios based on the fiscal year from August 1, 2006
to July 31, 2007 for Class A, B, and C shares are 1.95%, 2.70% and 2.70%
respectively. Shares redeemed within 30 days of purchase may be subject to a
2.0% redemption fee. For the most recent month-end performance, please call
1.866.443.6337 or visit the Funds' website at www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
the periods shown. Absent these waivers, results would have been less favorable.
All results assume the reinvestment of dividends and capital gains.
The investment comparison graph above reflects the change in value of $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
Effective November 30, 2006, the U.S. Core Growth Fund changed its name and
certain investment policies and became the US Focus Fund. The Fund's historical
performance may not represent current investment policies. The S&P 500 Index is
a broad based measurement of changes in stock market conditions based on the
average of 500 widely held stocks. The Fund is professionally managed while the
Index is unmanaged and not available for investment. Results in the table and
graph do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
15
HENDERSON GLOBAL FUNDS
COMMENTARY
WORLDWIDE INCOME FUND
The combination of weak economic data and a massive withdrawal of liquidity and
risk appetite led to a fall in a wide range of financial securities during the
second half of 2007. In August, we saw a lock-up of inter-bank funding as banks
refused to lend money to each other for terms longer than a few days. The rise
in short term funding costs, and the closing of short term money markets caused
problems for some European and US financial institutions. In response to the
volatility, the Federal Reserve began cutting rates in October, despite
inflation worries.
At the start of 2008, economic data began to increasingly support the conclusion
that the US economy was in a limited recession, and the global economy felt the
impact of tighter lending standards. The Federal Reserve cut rates again in
January, this time by 125 basis points (1.25%). Canada and the UK also began
cutting rates, which highlighted the level of market concern.
Over the period, the Fund returned -1.07% (Class A share at NAV), versus the
benchmark, the Lehman Global Aggregate Bond (ex US MBS) Index, which posted a
return of 10.26%. The principal drag on the Fund's performance came from high
yield corporate bonds. Although none of the bonds we held had defaulted or even
traded at impaired levels, each one experienced some reduction in price. In
December, we began selling bonds where we felt there might be cause to question
the company's strategy or financial position, and our last purchase of high
yield bonds was on December 7th, 2007.
During the fourth quarter of 2007, we shifted the Fund's focus to emerging
market government bonds, and European banks and insurance companies such as
Allianz, Royal Bank of Scotland, and Old Mutual Insurance. In the emerging
market debt portion of the Fund, we sold down our exposure at the beginning of
the period, and began to buy some of it back cheaper later in the year. Most of
the Fund's emerging market debt was Latin American because we believe it had
been a stable, mature, and reasonably performing part of the world.
Late November through early December, we began reducing the Fund's equity
weighting. By the first week of January the exposure was almost halved, which
helped to mitigate some of the price weakness experienced by equities globally.
In October we began to moderately increase the Fund's exposure to foreign
currency, but by the end of 2007 the dollar began to stabilize and we believe it
became oversold. We increased the Fund's hedge to the dollar in stages, with the
largest in December. In July the Fund held a large cash allocation which we
began to spend throughout the period, mostly repurchasing at deep discounts
bonds that we had previously sold. By the end of the period, the Fund still held
a significant amount of cash (7.8%) which may allow us to take advantage of
potential future opportunities.
We believe the profits outlook for our corporate bond issuers remains robust
(although constrained), however more companies may come under financing pressure
if current conditions persist for more than the next few years. However, the
yield on high yield corporate debt is now well over 10% in many cases, compared
to the alternatives of 2-3% Treasury yields*, or the declining level of short
term interest rates. Market valuation is compelling for many corporate bond
issues and we believe compares favorably with all previous comparison periods.
However, in order to reduce inflated concerns the market needs technical factors
such as portfolio liquidation to ease, and some positive momentum to be
established.
* High yield corporate debt is more volatile than US Treasuries as they are
guaranteed to the timely payment of principal and interest. Both the
principal and yield of securities will fluctuate with changes in market
conditions. Therefore, from a risk/reward perspective, high yield corporate
debt is considered to have more risk (and greater potential reward) than
government securities.
- ------------------------------------------------
WORLDWIDE INCOME FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- ------------------------------------------------
REPUBLIC OF TURKEY 2.9%
REPUBLIC OF ARGENTINA 2.6
REPUBLIC OF SRI LANKA 2.5
ROYAL BANK OF SCOTLAND
GROUP PLC 2.5
STANDARD CHARTERED PLC 2.4
IMPRESS HOLDINGS B.V. 2.1
BARCLAYS BANK PLC 2.0
AXA S.A. 2.0
OLD MUTUAL CAPITAL
FUNDING 1.9
HCA, INC. 1.9
- ------------------------------------------------
16
HENDERSON GLOBAL FUNDS
PERFORMANCE SUMMARY
WORLDWIDE INCOME FUND
Pie charts:
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
United Kingdom 22.7%
United States 18.3
Netherlands 7.6
France 5.3
Germany 4.5
Luxembourg 3.8
Other 37.8
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
Sovereign 17.6%
Banking 17.2
Insurance 6.4
Telecommunication -
Integrated 6.1
Media - Cable 4.7
Beverage 4.3
Other 43.7
Line chart:
INVESTMENT COMPARISON
Value of $10,000
Worldwide Income Fund Class A w/out sales charge - $13,719
Worldwide Income Fund Class A w/sales charge - $13,068
Lehman Brothers Global Aggregate Bond (ex US MBS) Index - $13,132
Worldwide Income Fund Lehman Brothers Global Worldwide Income Fund
Class A w/out Aggregate Bond Class A w/sales
sales charge (ex US MBS) Index charge
9/30/03 10000 10000 9525
10220 9941 9735
10570 10089 10068
11023 10458 10499
1/31/04 11164 10492 10634
11154 10540 10624
11236 10669 10702
11143 10245 10614
10957 10308 10437
11072 10328 10546
7/31/04 11281 10310 10745
11496 10547 10950
11660 10690 11106
11889 10974 11324
12033 11316 11462
12195 11504 11616
1/31/05 12168 11355 11590
12359 11388 11772
11970 11233 11401
11832 11383 11270
12029 11195 11458
12227 11131 11646
7/31/05 12417 11037 11827
12465 11231 11873
12388 11034 11800
12243 10857 11660
12375 10762 11785
12507 10869 11911
1/31/06 12652 11022 12050
12821 10969 12212
12836 10858 12227
12939 11095 12326
12853 11263 12244
12803 11157 12195
7/31/06 12999 11261 12381
13191 11386 12564
13263 11372 12634
13468 11487 12830
13663 11789 13017
13797 11615 13145
1/31/07 13847 11482 13193
13948 11734 13291
14076 11761 13414
14270 11904 13600
14355 11702 13682
14179 11650 13515
7/31/07 13863 11911 13214
13937 12049 13286
14298 12348 13631
14509 12555 13834
14188 12796 13528
14249 12747 13587
1/31/08 13719 13132 13068
TOTAL RETURNS AS OF JANUARY 31, 2008
SINCE
NASDAQ SIX INCEPTION
AT NAV SYMBOL CLASS MONTHS ONE YEAR THREE YEARS* (9/30/03)*
- ------------------------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund HFAAX Class A -1.07% -0.93% 4.09% 7.57%
- ------------------------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund HFABX Class B -1.35 -1.67 3.33 6.75
- ------------------------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund HFACX Class C -1.35 -1.67 3.32 6.79
- ------------------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- ------------------------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund Class A -5.75% -5.66% 2.41% 6.37%
- ------------------------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund Class B -6.35 -5.67 2.38 6.38
- ------------------------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund Class C -2.34 -1.67 3.32 6.79
- ------------------------------------------------------------------------------------------------------------------------
INDEX
- ------------------------------------------------------------------------------------------------------------------------
Lehman Brothers Global Aggregate Bond
(ex US MBS) Index 10.26% 14.39% 4.97% 6.49%
- ------------------------------------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 4.75%. Class B shares are subject to a CDSC which
declines from 5% the 1st year to 0% at the beginning of the 7th year. Class C
shares are subject to a CDSC of up to 1% on certain redemptions made within 12
months of purchase. Performance presented at Net Asset Value (NAV), which does
not include a sales charge, would be lower if this charge were reflected. NAV is
the value of one share of the Fund excluding any sales charges. Current
performance may be lower or higher than the performance data quoted. Investment
return and principal value will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than original cost. As stated in the current
prospectus, the Fund's annual operating expense ratios (gross) for Class A, B,
and C shares are 1.77%, 2.52%, and 2.52%, respectively. However, the Fund's
adviser has agreed to contractually waive a portion of its fees and/or reimburse
expenses such that total operating expenses, do not exceed 1.30%, 2.05%, and
2.05%, for Class A, B, and C shares, which is in effect until July 31, 2020. The
Fund's audited net expense ratios based on the fiscal year from August 1, 2006
to July 31, 2007 for Class A, B, and C shares are 1.30%, 2.05% and 2.05%
respectively. Shares redeemed within 30 days of purchase may be subject to a
2.0% redemption fee. For the most recent month-end performance, please call
1.866.443.6337 or visit the Funds' website at www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
the periods shown. Absent these waivers, results would have been less favorable.
All results assume the reinvestment of dividends and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
Effective May 19, 2006, the Henderson Income Advantage Fund changed its name,
investment objective and policies and became the Henderson Worldwide Income
Fund. The Fund's historical performance may not represent current investment
policies. The Fund compares its performance to the Lehman Brothers Global
Aggregate Bond (ex US MBS) Index, which is a broad-based measure of the global
investment-grade fixed-rate debt markets, excluding US Mortgage-Backed
Securities. The Fund is professionally managed while the index is unmanaged and
not available for investment. Results in the table and graph do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
17
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
EUROPEAN FOCUS FUND
JANUARY 31, 2008
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
COMMON STOCKS - 98.26%
AUSTRALIA - 3.44%
4,000,000 Centamin Egypt, Ltd. * ...................... $ 5,378,218
28,125,000 Centamin Egypt, Ltd. * ...................... 36,022,141
--------------
41,400,359
--------------
AUSTRIA - 0.31%
76,000 Andritz AG .................................. 3,792,887
--------------
BAHRAIN - 2.84%
900,000 Gulf Finance House
E.C., GDR * (a), (c) ........................ 34,200,000
--------------
BELGIUM - 2.06%
466,666 Fortis VVPR Strip * (b) ..................... 6,938
1,100,000 Fortis ...................................... 24,759,689
--------------
24,766,627
--------------
CANADA - 4.11%
3,818,947 European Goldfields,
Ltd. * ...................................... 25,326,022
3,250,000 Lundin Mining Corp. * ....................... 24,148,796
--------------
49,474,818
--------------
CYPRUS - 3.13%
1,400,000 AFI Development plc,
GDR * ....................................... 11,270,000
8,100,000 Urals Energy Public
Co., Ltd.* .................................. 26,429,459
--------------
37,699,459
--------------
FRANCE - 5.75%
350,000 Cap Gemini S.A. ............................. 19,041,853
594,516 Rhodia S.A. * ............................... 16,585,438
200,000 Sanofi-Aventis .............................. 16,288,088
149,411 Schneider Electric S.A. ..................... 17,327,659
--------------
69,243,038
--------------
GERMANY - 7.62%
230,000 Beiersdorf AG ............................... 17,774,975
198,140 Continental AG .............................. 20,575,237
482,000 Gerresheimer AG * ........................... 24,215,674
120,000 RWE AG ...................................... 14,716,350
299,398 SAP AG ...................................... 14,422,562
--------------
91,704,798
--------------
GREECE - 3.42%
2,050,000 Marfin Investment
Group S.A. .................................. 14,917,372
200,000 National Bank of
Greece S.A. ................................. 12,251,111
1,000,000 Sidenor S.A. ................................ 14,070,465
--------------
41,238,948
--------------
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
IRELAND - 2.19%
700,000 CRH plc ..................................... $ 26,421,115
--------------
ITALY - 1.83%
800,000 Azimut Holding SpA .......................... 9,396,095
3,500,000 Parmalat SpA ................................ 12,652,151
--------------
22,048,246
--------------
LUXEMBOURG - 0.56%
2,016,000 GlobeOp Financial
Services * .................................. 6,765,047
--------------
NETHERLANDS - 8.52%
410,333 A&D Pharma Holding
N.V., GDR ................................... 8,845,605
280,000 Aalberts Industries N.V. .................... 4,880,752
400,000 Akzo Nobel N.V. ............................. 29,597,765
571,900 AMTEL Vredestein
N.V., GDR * ................................. 1,458,345
150,000 ArcelorMittal ............................... 9,971,019
352,420 ArcelorMittal ............................... 23,395,816
141,634 Ballast Nedam N.V. .......................... 5,071,665
300,000 Koninklijke BAM
Groep N.V. .................................. 5,667,835
1,200,000 Wavin N.V. .................................. 13,703,315
--------------
102,592,117
--------------
NORWAY - 1.22%
700,000 SeaDrill, Ltd. * ............................ 14,631,802
--------------
PORTUGAL - 0.28%
497,650 Sonae, SGPS, S.A. * ......................... 3,373,743
--------------
RUSSIA - 3.21%
800,000 OAO Gazprom, ADS ............................ 38,697,027
--------------
SPAIN - 2.96%
400,000 Industria de Diseno
Textil S.A. ................................. 20,079,510
1,743,966 Realia Business S.A. ........................ 15,582,570
--------------
35,662,080
--------------
SWEDEN - 2.88%
3,500,000 Lundin Petroleum AB * ....................... 34,622,842
--------------
SWITZERLAND - 5.61%
121,521 Compagnie Financiere
Richemont AG ................................ 6,950,036
24,000 Givaudan S.A. ............................... 23,590,792
1,558,649 Temenos Group AG * .......................... 37,077,953
--------------
67,618,781
--------------
TURKEY - 2.44%
3,965,321 Turkiye Halk Bankasi
A.S. * ...................................... 29,404,923
--------------
See Notes to Financial Statements.
18
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
EUROPEAN FOCUS FUND
JANUARY 31, 2008 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
UNITED ARAB EMIRATES - 2.62%
3,820,139 Kingdom Hotel Investments,
GDR * ....................................... $ 31,549,241
--------------
UNITED KINGDOM - 29.59%
1,900,000 Aero Inventory plc .......................... 21,528,220
1,514,393 Aricom plc * ................................ 1,862,016
2,500,000 Ashmore Group plc ........................... 12,884,446
11,500,000 Ashtead Group plc ........................... 18,220,886
763,158 BlueBay Asset
Management plc .............................. 4,055,202
903,876 Bovis Homes Group plc ....................... 10,980,199
800,000 British Land Co., plc ....................... 16,060,446
3,250,000 Compass Group plc ........................... 20,571,078
20,000,000 Corporate Services
Group plc * ................................. 616,451
1,000,000 Dana Petroleum plc * ........................ 26,368,172
6,500,000 Debenhams plc ............................... 9,462,529
1,206,699 Eurasian Natural Resources
Corp * ...................................... 18,476,775
3,459,793 Evolution Group plc ......................... 8,066,766
360,000 Gem Diamonds, Ltd. * ........................ 5,995,480
1,815,284 Hochschild Mining plc ....................... 13,320,099
4,493,021 Hogg Robinson Group
plc ......................................... 4,466,324
875,000 Investec plc ................................ 7,387,628
2,700,000 IP Group plc * .............................. 5,060,362
5,000,000 Juridica Investments Ltd * .................. 10,787,883
900,000 Kazakhmys plc ............................... 22,007,775
2,000,000 Lancashire Holdings, Ltd. ................... 11,533,590
250,000 NDS Group plc, ADR * ........................ 13,500,000
1,825,000 Prosperity Minerals
Holdings Ltd. ............................... 5,138,328
2,366,187 Regal Petroleum plc * ....................... 6,700,998
6,070,333 Sports Direct
International ............................... 12,932,051
7,500,000 Tau Capital plc * ........................... 7,124,340
3,119,625 Taylor Wimpey plc ........................... 11,216,739
1,500,000 Tullow Oil plc .............................. 17,870,572
420,000 Xstrata plc ................................. 32,107,741
--------------
.......................................................... 356,303,096
--------------
UNITED STATES - 1.67%
1,200,000 Virgin Media, Inc. .......................... 20,064,000
--------------
TOTAL LONG TERM
INVESTMENTS ................................. 1,183,274,994
(Cost $1,142,573,461) --------------
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
SHORT TERM INVESTMENT - 0.64%
7,717,903 Fidelity Institutional Treasury
Portfolio ................................... $ 7,717,903
--------------
TOTAL SHORT TERM
INVESTMENT .................................. 7,717,903
(Cost $7,717,903) --------------
TOTAL INVESTMENTS - 98.90% ................................ 1,190,992,897
(Cost $1,150,291,364) --------------
NET OTHER ASSETS AND
LIABILITIES -1.10% .......................... 13,265,467
--------------
TOTAL NET ASSETS - 100.00%................................. $1,204,258,364
==============
* Non income producing security
(a) 144A securities are those that are exempt from registration under Rule
144A of the Securities Act of 1933, as amended. These securities may
only be resold in transactions exempt from registration which are
normally those transactions with qualified institutional buyers.
(b) VVPR strip is an instrument available under Belgium law which improves
the tax treatment of the share dividend.
(c) Fair valued at January 31, 2008 as determined in good faith using
procedures approved by the Trustees of the Trust.
ADR American Depository Receipt
ADS American Depository Shares
GDR Global Depository Receipts
See Notes to Financial Statements.
19
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
EUROPEAN FOCUS FUND
JANUARY 31, 2008 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -------------------------------------------------------------------------------
Oil & Gas Exploration & Products........................... 9.30%
Diversified Metal & Mining................................. 8.19
Gold....................................................... 5.54
Real Estate Management & Development....................... 4.85
Investment Banking & Brokerage............................. 4.75
Steel...................................................... 3.94
Diversified Banks.......................................... 3.46
Specialty Chemicals........................................ 3.34
Trading Company & Distribution............................. 3.30
Integrated Oil & Gas....................................... 3.21
Asset Management & Custody Banks........................... 3.20
Systems Software........................................... 3.08
Construction Materials..................................... 2.62
Other Diversified Financial Services....................... 2.62
Diversified Chemicals...................................... 2.46
Application Software....................................... 2.32
Construction & Engineering................................. 2.03
Life Sciences Tools & Services............................. 2.01
Homebuilding............................................... 1.84
Tires & Rubber............................................. 1.83
Restaurants................................................ 1.71
Apparel Retail............................................. 1.67
Broadcasting & Cable TV.................................... 1.67
Industrial Conglomerates................................... 1.63
Precious Metal & Mineral................................... 1.60
IT Consulting & Other Services............................. 1.58
Personal Products.......................................... 1.48
Electric Components & Equipment............................ 1.44
Pharmaceuticals............................................ 1.35
Diversified REIT........................................... 1.33
Multi-Utilities............................................ 1.22
Oil & Gas Drilling......................................... 1.21
Specialty Stores........................................... 1.07
Packaged Foods & Meats..................................... 1.05
Reinsurance................................................ 0.96
Department Stores.......................................... 0.79
Industrial Machinery....................................... 0.72
Diversified Capital Markets................................ 0.61
Apparel, Accessories & Luxury Goods........................ 0.58
Diversified Commercial & Professional Services............. 0.37
Forest Products............................................ 0.28
Human Resources & Employment Services...................... 0.05
-------
Long Term Investments...................................... 98.26
Short Term Investment...................................... 0.64
-------
Total Investments.......................................... 98.90
Net Other Assets and Liabilities........................... 1.10
- -------------------------------------------------------------------------------
100.00%
=======
See Notes to Financial Statements.
20
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL EQUITY INCOME FUND
JANUARY 31, 2008
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
COMMON STOCKS - 96.25%
AUSTRALIA - 5.84%
143,000 Commonwealth Bank
of Australia ................................. $ 6,443,559
3,155,000 Telstra Corp., Ltd. .......................... 8,017,495
860,000 Transurban Group ............................. 5,145,459
--------------
19,606,513
--------------
BAHRAIN - 0.21%
18,453 Gulf Finance House
E.C., GDR (a), (b) * ......................... 701,214
--------------
CZECH REPUBLIC - 1.26%
150,000 Telefonica 02 Czech
Republic a.s. ................................ 4,235,067
--------------
FINLAND - 2.98%
150,000 Elisa Oyj .................................... 4,252,653
142,000 Fortum Oyj ................................... 5,743,051
--------------
9,995,704
--------------
FRANCE - 2.16%
100,000 Sodexho Alliance S.A. ........................ 5,427,328
25,000 Total S.A. ................................... 1,813,384
--------------
7,240,712
--------------
GERMANY - 4.99%
240,000 Deutsche Telekom AG .......................... 4,903,598
45,000 Siemens AG ................................... 5,830,829
78,000 Wincor Nixdorf AG ............................ 6,000,905
--------------
16,735,332
--------------
GREECE - 2.19%
75,000 EFG Eurobank Ergasias ........................ 2,117,876
150,000 OPAP S.A. .................................... 5,245,516
--------------
7,363,392
--------------
HONG KONG - 0.91%
620,000 Citic Pacific, Ltd. .......................... 3,070,095
--------------
ITALY - 2.58%
200,000 Enel SpA ..................................... 2,230,899
200,000 ENI SpA ...................................... 6,445,644
--------------
8,676,543
--------------
KOREA - 2.59%
600,000 Korea Exchange Bank .......................... 8,684,610
--------------
MALAYSIA - 1.37%
1,250,000 Malayan Banking Berhad ....................... 4,584,535
--------------
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
NETHERLANDS - 0.96%
98,671 ING Groep N.V. ............................... $ 3,212,335
--------------
NEW ZEALAND - 2.49%
2,638,333 Telecom Corporation of
New Zealand, Ltd. ............................ 8,371,453
--------------
NORWAY - 1.07%
250,000 ProSafe SE ................................... 3,598,906
--------------
SINGAPORE - 2.04%
2,200,000 Singapore Press Holdings, Ltd. ............... 6,848,044
--------------
SOUTH AFRICA - 2.12%
135,000 Impala Platinum Holdings, Ltd. ............... 5,056,335
1,300,000 Woolworths Holdings, Ltd. .................... 2,050,066
--------------
7,106,401
--------------
TAIWAN - 3.15%
3,710,000 Taiwan Mobile Co., Ltd. ...................... 5,304,901
281,399 Taiwan Semiconductor
Manufacturing Co., Ltd. ...................... 2,611,383
1,100,000 U-Ming Marine Transport
Corp. ........................................ 2,657,634
--------------
10,573,918
--------------
UNITED KINGDOM - 41.23%
300,000 Amlin plc .................................... 1,592,105
300,000 Aviva plc .................................... 3,757,513
500,000 Barclays plc ................................. 4,713,884
744,751 BP plc ....................................... 7,900,041
125,000 British American Tobacco plc ................. 4,476,568
375,000 British Land Co., plc ........................ 7,528,334
1,100,000 BT Group plc ................................. 5,714,626
1,300,000 Compass Group plc ............................ 8,228,431
800,000 DS Smith plc ................................. 2,496,516
750,000 Electrocomponents plc ........................ 2,847,227
910,000 Friends Provident plc ........................ 2,520,742
250,000 GKN plc ...................................... 1,318,298
405,000 GlaxoSmithKline plc .......................... 9,559,130
300,000 HBOS plc ..................................... 4,143,144
10,000 Imperial Tobacco Group plc ................... 487,195
500,000 Kingfisher plc ............................... 1,462,462
1,837,176 Kingston Communications
(Hull) plc ................................... 1,615,106
75,000 Land Securities Group plc .................... 2,396,164
1,200,000 Lloyds TSB Group plc ......................... 10,565,562
1,250,000 Marston's plc ................................ 6,852,347
100,000 Persimmon plc ................................ 1,543,530
800,000 Premier Farnell plc .......................... 2,246,021
1,000,000 Premier Foods plc ............................ 2,675,751
See Notes to Financial Statements.
21
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL EQUITY INCOME FUND
JANUARY 31, 2008 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
UNITED KINGDOM - (continued)
270,000 Provident Financial plc ...................... $ 4,399,247
150,000 Royal Dutch Shell plc,
Class A ...................................... 5,342,277
424,000 Scottish & Southern
Energy plc ................................... 12,883,258
2,980,000 Smiths News plc .............................. 6,208,561
1,650,000 The Sage Group plc ........................... 7,283,307
1,500,000 Topps Tiles plc .............................. 4,245,708
175,000 William Hill plc ............................. 1,420,134
--------------
138,423,189
--------------
UNITED STATES - 16.11%
74,438 Altria Group, Inc. ........................... 5,643,889
331,600 Atmos Energy Corp. ........................... 9,523,552
90,000 Bank of America Corp. ........................ 3,991,500
130,000 Bemis Co., Inc. .............................. 3,533,400
121,528 H.J. Heinz Co. ............................... 5,172,232
110,000 Idearc, Inc. ................................. 1,788,600
184,928 Progress Energy, Inc. ........................ 8,353,198
132,500 Reynolds American, Inc. ...................... 8,391,225
198,306 Verizon Communications,
Inc. ......................................... 7,702,205
--------------
54,099,801
--------------
TOTAL LONG TERM
INVESTMENTS .................................. 323,127,764
(Cost $349,545,234) --------------
SHORT TERM INVESTMENT - 4.76%
15,993,962 Fidelity Institutional
Treasury Portfolio ........................... 15,993,962
--------------
TOTAL SHORT TERM
INVESTMENT ................................... 15,993,962
(Cost $15,993,962) --------------
TOTAL INVESTMENTS - 101.01% ............................... 339,121,726
(Cost $365,539,196) --------------
NET OTHER ASSETS AND
LIABILITIES - (1.01)% ........................ (3,391,779)
--------------
TOTAL NET ASSETS - 100.00%................................. $ 335,729,947
==============
* Non income producing security
(a) 144A securities are those that are exempt from registration under Rule
144A of the Securities Act of 1933, as amended. These securities may
only be resold in transactions exempt from registration which are
normally those transactions with qualified institutional buyers.
(b) Fair valued at January 31, 2008 as determined in good faith using
procedures approved by the Trustees of the Trust.
GDR Global Depositary Receipts
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -------------------------------------------------------------------------------
Integrated Telecommunication Services...................... 13.35%
Diversified Banks.......................................... 12.29
Electric Utilities......................................... 8.70
Integrated Oil & Gas....................................... 6.40
Tobacco.................................................... 5.66
Restaurants................................................ 4.07
Pharmaceuticals............................................ 2.85
Gas Utilities.............................................. 2.84
Industrial Conglomerates................................... 2.65
Publishing................................................. 2.57
Packaged Foods & Meats..................................... 2.34
Diversified REIT........................................... 2.24
Application Software....................................... 2.17
Other Diversified Financial Services....................... 2.15
Brewers.................................................... 2.04
Casinos & Gaming........................................... 1.98
Distributors............................................... 1.85
Paper Packaging............................................ 1.80
Computer Hardware.......................................... 1.79
Home Improvement Retail.................................... 1.70
Multi-line Insurance....................................... 1.59
Wireless Telecommunication Services........................ 1.58
Highways & Railtracks...................................... 1.53
Technology Distributors.................................... 1.52
Precious Metal & Mineral................................... 1.51
Consumer Finance........................................... 1.31
Oil & Gas Equipment & Services............................. 1.07
Marine..................................................... 0.79
Semiconductors............................................. 0.78
Life & Health Insurance.................................... 0.75
Retail REIT................................................ 0.71
Department Stores.......................................... 0.61
Homebuilding............................................... 0.46
Auto Parts & Equipment..................................... 0.39
Investment Banking & Brokerage............................. 0.21
-------
Long Term Investments...................................... 96.25
Short Term Investment...................................... 4.76
-------
Total Investments.......................................... 101.01
Net Other Assets and Liabilities........................... (1.01)
-------
100.00%
=======
See Notes to Financial Statements.
22
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL OPPORTUNITIES FUND
JANUARY 31, 2008
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
COMMON STOCKS - 94.99%
AUSTRALIA - 0.63%
19,450 Transurban Group ............................. $ 116,371
--------------
BELGIUM - 2.99%
24,780 Fortis ....................................... 554,029
--------------
CANADA - 4.30%
6,102 ACE Aviation Holdings, Inc.,
Class A * .................................... 136,620
144 Aeroplan Income Fund ......................... 2,926
164 Aeroplan Income Fund * ....................... 3,332
9,974 BCE, Inc. .................................... 346,788
109 Jazz Air Income Fund ......................... 840
10,517 Oilexco, Inc. * .............................. 131,351
4,077 SNC-Lavalin Group, Inc. ...................... 175,335
--------------
797,192
--------------
CHINA - 0.79%
2,048 Focus Media Holding, Ltd.,
ADR * ........................................ 98,406
34,000 Lianhua Supermarket
Holdings, Ltd. ............................... 47,582
--------------
145,988
--------------
CYPRUS - 1.04%
18,529 Marfin Popular Bank Public
Co., Ltd. .................................... 192,089
--------------
FINLAND - 0.61%
3,083 Nokia Oyj .................................... 113,385
--------------
FRANCE - 0.44%
1,624 Seloger.com * ................................ 82,398
--------------
GERMANY - 8.37%
2,693 Bayer AG ..................................... 221,538
14,215 Demag Cranes AG .............................. 578,142
16,823 Deutsche Post AG ............................. 546,693
1,594 Siemens AG ................................... 206,541
--------------
1,552,914
--------------
GREECE - 3.11%
12,007 Public Power Corp. S.A. ...................... 575,800
--------------
HONG KONG - 1.35%
41,000 AMVIG Holdings, Ltd. ......................... 49,139
46,000 BOC Hong Kong Holdings,
Ltd. ......................................... 115,643
10,000 Henderson Land Development
Co., Ltd. .................................... 86,293
--------------
251,075
--------------
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
INDIA - 0.96%
2,936 ICICI Bank, Ltd. ............................. $ 178,391
--------------
IRELAND - 3.31%
16,362 CRH plc ...................................... 614,654
--------------
ITALY - 1.02%
25,719 UniCredito Italiano SpA ...................... 188,804
--------------
JAPAN - 8.97%
17,000 Daiwa Securities Group, Inc. ................. 150,346
51,000 Hokuhoku Financial
Group, Inc. .................................. 158,052
4,300 HOYA Corp. ................................... 117,215
5,900 Leopalace21 Corp. ............................ 142,514
700 Nintendo Co., Ltd. ........................... 349,931
5,800 NSD Co., Ltd. ................................ 72,339
85 NTT DoCoMo, Inc. ............................. 133,738
21,000 Sekisui Chemical Co., Ltd. ................... 137,428
18 Sumitomo Mitsui Financial
Group, Inc. .................................. 142,245
1,900 TDK Corp. .................................... 121,386
10,000 Yamato Holdings Co., Ltd. .................... 139,034
--------------
1,664,228
--------------
MALAYSIA - 0.61%
40,000 Tenaga Nasional Berhad ....................... 113,156
--------------
PHILIPPINES - 0.76%
70,000 Manila Electric Co. .......................... 140,525
--------------
SINGAPORE - 2.17%
8,000 DBS Group Holdings, Ltd. ..................... 100,199
39,000 Singapore Telecommunications, Ltd. ........... 101,327
67,000 Wilmar International, Ltd. ................... 200,012
--------------
401,538
--------------
SPAIN - 2.65%
16,813 Telefonica S.A. .............................. 492,319
--------------
SWITZERLAND - 7.33%
9,546 Compagnie Financiere
Richemont AG ................................. 545,956
474 Nestle S.A. .................................. 211,846
2,107 Zurich Financial Services AG ................. 600,377
--------------
1,358,179
--------------
TAIWAN - 0.59%
1,500 High Tech Computer Corp., GDR ................ 109,500
--------------
See Notes to Financial Statements.
23
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL OPPORTUNITIES FUND
JANUARY 31, 2008 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
UNITED KINGDOM - 11.66%
7,663 Admiral Group plc ............................ $ 149,925
5,523 Autonomy Corp., plc * ........................ 99,746
8,499 British Land Co., plc ........................ 170,622
15,049 Carnival plc ................................. 653,814
18,128 Compass Group plc ............................ 114,742
10,940 Daily Mail & General
Trust plc .................................... 115,524
6,128 Dana Petroleum plc * ......................... 161,584
48,617 Debenhams plc ................................ 70,775
3,695 Lonmin plc ................................... 212,495
13,867 Man Group plc ................................ 152,433
41,266 Taylor Wimpey plc ............................ 148,374
1,474 Xstrata plc .................................. 112,683
--------------
2,162,717
--------------
UNITED STATES - 31.33%
3,421 Abbott Laboratories .......................... 192,602
7,600 Adobe Systems, Inc. * ........................ 265,468
2,591 Altria Group, Inc. ........................... 196,450
2,716 American Express Co. ......................... 133,953
10,412 American Tower Corp.,
Class A * .................................... 390,762
935 Apple, Inc. * ................................ 126,562
1,718 Bank of America Corp. ........................ 76,193
1,625 Burlington Northern
Santa Fe Corp. ............................... 140,595
7,491 CB Richard Ellis Group, Inc.,
Class A * .................................... 145,400
3,179 Citrix Systems, Inc. * ....................... 110,057
6,180 Clear Channel Communications, Inc. ........... 189,788
3,458 Coach, Inc. * ................................ 110,829
15,761 Comverse Technology, Inc. * .................. 257,692
7,070 Corrections Corporation
of America * ................................. 187,638
6,261 CVS/Caremark Corp. ........................... 244,617
10,207 El Paso Corp. ................................ 168,211
3,500 Freeport-McMoRan Copper &
Gold, Inc. ................................... 311,605
2,775 General Cable Corp. * ........................ 160,978
7,648 Herbalife, Ltd. .............................. 303,473
14,977 Horsehead Holding Corp. * .................... 224,505
920 International Business
Machines Corp. ............................... 98,753
2,168 Merck & Co., Inc. ............................ 100,335
4,748 Owens-Illinois, Inc. * ....................... 239,299
3,119 Peabody Energy Corp. ......................... 168,488
2,712 PepsiCo, Inc. ................................ 184,931
945 Priceline.com, Inc. * ........................ 102,552
2,673 QUALCOMM, Inc. ............................... 113,389
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
UNITED STATES - (continued)
5,200 Southern Co. ................................. $ 189,020
2,446 Sunoco, Inc. ................................. 152,141
5,623 The Brink's Co. .............................. 340,923
5,667 The Williams Companies, Inc. ................. 181,174
--------------
5,808,383
--------------
TOTAL COMMON STOCK ........................... 17,613,635
(Cost $18,169,702)7 --------------
PREFERRED STOCK - 2.68%
GERMANY - 2.68%
6,352 Fresenius AG ................................. 496,257
--------------
TOTAL PREFERRED STOCK ........................ 496,257
(Cost $505,138) --------------
TOTAL LONG TERM
INVESTMENTS .................................. 18,109,892
(Cost $18,674,840) --------------
SHORT TERM INVESTMENT - 0.68%
126,617 Fidelity Institutional
Treasury Portfolio ........................... 126,617
--------------
TOTAL SHORT TERM
INVESTMENT ................................... 126,617
(Cost $126,617) --------------
TOTAL INVESTMENTS - 98.35% ................................ 18,236,509
(Cost $18,801,457) --------------
NET OTHER ASSETS AND
LIABILITIES - 1.65% .......................... 305,792
--------------
TOTAL NET ASSETS - 100.00%................................. $ 18,542,301
==============
* Non income producing security
ADR American Depository Receipt
GDR Global Depository Receipt
See Notes to Financial Statements.
24
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL OPPORTUNITIES FUND
JANUARY 31, 2008 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -------------------------------------------------------------------------------
Electric Utilities......................................... 5.49%
Integrated Telecommunication Services...................... 5.07
Diversified Banks.......................................... 4.95
Air Freight & Logistics.................................... 3.70
Apparel, Accessories & Luxury Goods........................ 3.54
Hotels, Resorts & Cruises.................................. 3.53
Diversified Metal & Mining................................. 3.50
Other Diversified Financial Services....................... 3.40
Construction Materials..................................... 3.31
Multi-line Insurance....................................... 3.24
Construction & Farm Machinery & Trucks..................... 3.12
Application Software....................................... 2.95
Diversified Commercial & Professional Services............. 2.85
Wireless Telecommunication Services........................ 2.83
Health Care Equipment...................................... 2.68
Communications Equipment................................... 2.61
Real Estate Management & Development....................... 2.02
Home Entertainment Software................................ 1.89
Oil & Gas Storage & Transportation......................... 1.88
Computer Hardware.......................................... 1.81
Personal Products.......................................... 1.64
Pharmaceuticals............................................ 1.58
Oil & Gas Exploration & Products........................... 1.58
Homebuilding............................................... 1.54
Drug Retail................................................ 1.32
Metal & Glass Containers................................... 1.29
Electronic Equipment Manufacturing......................... 1.29
Diversified Chemicals...................................... 1.19
Precious Metal & Mineral................................... 1.15
Packaged Foods & Meats..................................... 1.14
Industrial Conglomerates................................... 1.11
Agricultural Products...................................... 1.08
Tobacco.................................................... 1.06
Broadcasting & Cable TV.................................... 1.02
Advertising................................................ 1.01
Soft Drinks................................................ 1.00
Construction & Engineering................................. 0.95
Diversified REIT........................................... 0.92
Coal & Consumable Fuels.................................... 0.91
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -------------------------------------------------------------------------------
Electric Components & Equipment............................ 0.87%
Regional Banks............................................. 0.85
Asset Management & Custody Banks........................... 0.82
Oil & Gas Refining & Marketing............................. 0.82
Investment Banking & Brokerage............................. 0.81
Property & Casualty Insurance.............................. 0.81
Railroads.................................................. 0.76
Airlines................................................... 0.74
Consumer Finance........................................... 0.72
Highways & Railtracks...................................... 0.63
Publishing................................................. 0.62
Restaurants................................................ 0.62
Internet Retail............................................ 0.55
Department Stores.......................................... 0.38
Hypermarkets & Super Centers............................... 0.26
Paper Packaging............................................ 0.26
-------
Long Term Investments...................................... 97.67
Short Term Investment...................................... 0.68
-------
Total Investments.......................................... 98.35
Net Other Assets and Liabilities........................... 1.65
-------
100.00%
=======
See Notes to Financial Statements.
25
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL TECHNOLOGY FUND
JANUARY 31, 2008
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
COMMON STOCKS - 92.14%
CHINA - 4.01%
42,000 China High Speed
Transmission Equipment
Group Co., Ltd. * ............................ $ 77,369
138,250 Focus Media Holding,
Ltd., ADR * .................................. 6,642,913
52,100 Suntech Power Holdings Co.,
Ltd., ADR * .................................. 2,851,433
--------------
9,571,715
--------------
DENMARK - 1.69%
41,500 Vestas Wind Systems A/S * .................... 4,024,330
--------------
FINLAND - 3.87%
250,840 Nokia Oyj .................................... 9,225,292
--------------
FRANCE - 2.53%
100,000 France Telecom S.A. .......................... 3,531,905
49,136 Seloger.com * ................................ 2,493,032
--------------
6,024,937
--------------
JAPAN - 3.53%
44,900 Nihon Dempa Kogyo Co., Ltd ................... 1,560,784
13,700 Nintendo Co., Ltd. ........................... 6,848,643
--------------
8,409,427
--------------
KOREA - 4.10%
28,655 NHN Corp. * .................................. 6,250,329
5,500 Samsung Electronics Co., Ltd. ................ 3,526,548
--------------
9,776,877
--------------
NETHERLANDS - 4.20%
136,030 ASML Holding N.V. * .......................... 3,624,668
82,418 Tele Atlas N.V. * ............................ 3,237,843
57,199 TomTom N.V. * ................................ 3,158,066
--------------
10,020,577
--------------
TAIWAN - 1.41%
581,328 Powertech Technology,
Inc., GDR .................................... 3,361,994
--------------
UNITED KINGDOM - 7.02%
1,474,864 ARM Holdings plc ............................. 3,450,733
422,332 Autonomy Corp., plc * ........................ 7,627,383
33,469 NDS Group plc * .............................. 1,807,326
1,100,000 Vodafone Group plc ........................... 3,860,507
--------------
16,745,949
--------------
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
UNITED STATES - 59.78%
186,740 Adobe Systems, Inc. * ........................ $ 6,522,828
42,873 Amazon.com, Inc. * ........................... 3,331,232
45,445 Apple, Inc. * ................................ 6,151,435
84,550 Autodesk, Inc. * ............................. 3,479,232
178,777 Automatic Data Processing, Inc. .............. 7,252,983
144,718 Cisco Systems, Inc. * ........................ 3,545,591
95,701 Citrix Systems, Inc. * ....................... 3,313,169
93,600 Digital River, Inc. * ........................ 3,510,000
73,703 Electronic Arts, Inc. * ...................... 3,491,311
51,250 Garmin, Ltd. ................................. 3,697,687
5,977 Google, Inc., Class A * ...................... 3,372,821
82,111 Hewlett-Packard Co. .......................... 3,592,356
217,077 Ingram Micro, Inc., Class A * ................ 3,859,629
162,680 Intel Corp. .................................. 3,448,816
107,648 International Business
Machines Corp. ............................... 11,554,936
106,500 Lexmark International, Inc.,
Class A * .................................... 3,856,365
118,500 Microchip Technology, Inc. ................... 3,781,335
62,324 MICROS Systems, Inc. * ....................... 3,837,912
249,971 Microsoft Corp. .............................. 8,149,055
156,000 Network Appliance, Inc. * .................... 3,622,320
525,397 ON Semiconductor Corp. * ..................... 3,404,573
349,800 Oracle Corp. * ............................... 7,188,390
43,267 Priceline.com, Inc. * ........................ 4,695,335
191,000 QUALCOMM, Inc. ............................... 8,102,220
205,486 Take-Two Interactive Software,
Inc. * ....................................... 3,378,190
196,421 Tessera Technologies, Inc. * ................. 7,693,811
124,521 Texas Instruments, Inc. ...................... 3,851,435
119,235 Varian Semiconductor
Equipment Associates, Inc. * ................. 3,840,559
187,500 VistaPrint, Ltd. * ........................... 6,976,875
--------------
142,502,401
--------------
TOTAL LONG TERM
INVESTMENTS 219,663,499
(Cost $225,932,268) --------------
See Notes to Financial Statements.
26
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL TECHNOLOGY FUND
JANUARY 31, 2008 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
SHORT TERM INVESTMENT - 7.87%
18,749,455 Fidelity Institutional
Treasury Portfolio ........................... $ 18,749,455
--------------
TOTAL SHORT TERM
INVESTMENT ................................... 18,749,455
--------------
(Cost $18,749,455)
TOTAL INVESTMENTS - 100.01% ............................... 238,412,954
--------------
(Cost $244,681,723)
NET OTHER ASSETS AND
LIABILITIES - (0.01)% ........................ (24,234)
--------------
TOTAL NET ASSETS - 100.00%................................. $ 238,388,720
==============
* Non income producing security
ADR American Depository Receipt
GDR Global Depository Receipts
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -------------------------------------------------------------------------------
Semiconductors............................................. 10.41%
Application Software....................................... 9.54
Computer Hardware.......................................... 8.93
Communications Equipment................................... 8.76
Internet Software & Services............................... 8.44
Systems Software........................................... 8.04
Semiconductor Equipment.................................... 6.36
Home Entertainment Software................................ 5.75
Consumer Electronics....................................... 4.23
Advertising................................................ 3.83
Internet Retail............................................ 3.37
Computer Storage & Peripheral.............................. 3.14
Data Processing & Outsourced Services...................... 3.04
Heavy Electrical Equipment................................. 1.72
Wireless Telecommunication Services........................ 1.62
Technology Distributors.................................... 1.62
Integrated Telecommunication Services...................... 1.48
Electric Components & Equipment............................ 1.20
Electronic Equipment Manufacturing......................... 0.66
-------
Long Term Investments...................................... 92.14
Short Term Investment...................................... 7.87
-------
Total Investments.......................................... 100.01
Net Other Assets and Liabilities........................... (0.01)
-------
100.00%
=======
See Notes to Financial Statements.
27
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
INTERNATIONAL OPPORTUNITIES FUND
JANUARY 31, 2008
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
COMMON STOCKS - 87.12%
AUSTRALIA - 1.73%
2,015,000 BHP Billiton, Ltd. .......................... $ 67,662,346
--------------
BELGIUM - 2.07%
980,000 Fortis VVPR Strip (a) * ..................... 14,570
3,600,000 Fortis ...................................... 81,031,708
--------------
81,046,278
--------------
CHINA - 5.54%
59,700,000 Bank of China, Ltd.,
Class H ..................................... 24,353,109
7,372,000 China Shipping Development
Co., Ltd. ................................... 19,329,204
556,125 Focus Media Holding,
Ltd., ADR * ................................. 26,721,806
4,700,000 Harbin Power Equipment
Co., Ltd. ................................... 10,682,464
31,000,000 Huaneng Power International,
Inc., Class H ............................... 25,388,950
89,000,000 Industrial & Commercial Bank
of China, Ltd., Class H ..................... 53,089,562
89,063,000 SRE Group, Ltd. ............................. 16,854,745
23,810,000 Yanzhou Coal Mining Co.,
Ltd., Class H ............................... 40,612,899
--------------
217,032,739
--------------
DENMARK - 1.96%
7,755 A P Moller - Maersk A/S ..................... 76,725,579
--------------
FINLAND - 0.68%
728,729 Nokia Oyj ................................... 26,800,900
--------------
FRANCE - 10.32%
770,159 L'Oreal S.A. ................................ 95,243,264
2,490,777 Rhodia S.A. * ............................... 69,486,150
476,470 Schneider Electric S.A. ..................... 55,257,709
1,740,219 Sodexho Alliance S.A. (b) ................... 94,447,392
1,317,032 Vinci S.A. .................................. 89,821,568
--------------
404,256,083
--------------
GERMANY - 8.50%
320,000 Bayer AG .................................... 26,324,621
972,000 Beiersdorf AG ............................... 75,118,593
980,000 Continental AG .............................. 101,765,076
185,874 Puma AG Rudolf
Dassler Sport ............................... 67,101,555
1,299,000 SAP AG ...................................... 62,575,261
--------------
332,885,106
--------------
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
GREECE - 2.48%
7,750,000 Marfin Investment
Group S.A. .................................. $ 56,394,943
665,000 National Bank of
Greece S.A. ................................. 40,734,946
--------------
97,129,889
--------------
HONG KONG - 2.86%
9,437,000 Beijing Enterprises Holdings, Ltd. .......... 40,226,998
1,850,000 Hang Seng Bank, Ltd. ........................ 37,191,142
7,399 HKC Holdings, Ltd. * ........................ 285
24,565,000 Neo-China Group
(Holdings), Ltd. (c) ........................ 16,035,479
10,386,000 VST Holdings, Ltd. .......................... 2,259,758
3,000,000 Wharf Holdings, Ltd. ........................ 16,408,191
--------------
112,121,853
--------------
IRELAND - 0.44%
456,359 CRH plc ..................................... 17,225,019
--------------
ITALY - 3.09%
7,608,903 Parmalat SpA ................................ 27,505,426
2,690,000 Saipem SpA .................................. 93,551,600
--------------
121,057,026
--------------
JAPAN - 17.72%
7,446,000 Daiwa Securities Group,
Inc. ........................................ 65,851,542
24,272,000 Hokuhoku Financial
Group, Inc. ................................. 75,220,601
2,170,000 HOYA Corp. .................................. 59,152,751
2,914,000 Leopalace21 Corp. ........................... 70,387,384
48,400 Nintendo Co., Ltd. .......................... 24,195,207
2,888,000 NSD Co., Ltd. ............................... 36,019,874
48,319 NTT DoCoMo, Inc. ............................ 76,024,700
9,873,000 Sekisui Chemical Co., Ltd. .................. 64,610,729
10,398 Sumitomo Mitsui Financial
Group, Inc. ................................. 82,170,223
950,000 TDK Corp. ................................... 60,693,002
5,744,000 Yamato Holdings Co., Ltd. ................... 79,861,126
--------------
694,187,139
--------------
KOREA - 2.56%
2,022,490 Hyundai Marine & Fire
Insurance Co., Ltd. ......................... 45,111,576
90,000 Lotte Shopping Co., Ltd. .................... 31,766,446
107,500 NHN Corp. * ................................. 23,448,280
--------------
100,326,302
--------------
See Notes to Financial Statements.
28
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
INTERNATIONAL OPPORTUNITIES FUND
JANUARY 31, 2008 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
NETHERLANDS - 3.08%
1,630,000 Akzo Nobel N.V. ............................. $ 120,610,891
--------------
RUSSIA - 2.47%
2,000,000 OAO Gazprom, ADS ............................ 96,742,568
--------------
SINGAPORE - 2.72%
5,239,000 DBS Group Holdings, Ltd. .................... 65,617,610
32,924,000 Noble Group, Ltd. ........................... 41,097,005
--------------
106,714,615
--------------
SPAIN - 2.40%
1,876,310 Industria de Diseno
Textil S.A. ................................. 94,188,466
--------------
SWITZERLAND - 2.98%
389,420 Compagnie Financiere
Richemont S.A. .............................. 22,271,730
1,035,884 Kuehne & Nagel International AG ............. 94,356,267
--------------
116,627,997
--------------
TURKEY - 2.07%
10,960,102 Turkiye Halk Bankasi A.S. * ................. 81,274,873
--------------
UNITED KINGDOM - 8.58%
1,189,529 Autonomy Corp., plc * ....................... 21,483,081
7,627,179 Capita Group plc ............................ 99,925,526
14,104,801 Debenhams plc ............................... 20,533,398
8,104,063 Hochschild Mining plc ....................... 59,465,582
1,760,000 Xstrata plc ................................. 134,546,724
--------------
335,954,311
--------------
UNITED STATES - 2.87%
674,100 Adobe Systems, Inc. * ....................... 23,546,313
564,400 Citrix Systems, Inc. * ...................... 19,539,528
203,000 International Business
Machines Corp. .............................. 21,790,020
270,000 Priceline.com, Inc. * ....................... 29,300,400
426,258 QUALCOMM, Inc. .............................. 18,081,864
--------------
112,258,125
--------------
TOTAL COMMON STOCK .......................... 3,412,828,105
(Cost $3,399,423,406) --------------
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
PREFERRED STOCK - 2.50%
GERMANY - 2.50%
1,253,654 Fresenius AG ................................ $ 97,942,979
--------------
TOTAL PREFERRED STOCK ....................... 97,942,979
(Cost $72,895,910) --------------
TOTAL LONG TERM
INVESTMENTS ................................. 3,510,771,084
(Cost $3,472,319,316) --------------
SHORT TERM INVESTMENTS - 14.04%
482,098,473 Fidelity Institutional
Treasury Portfolio .......................... 482,098,473
67,976,017 State Street Navigator
Securities Lending
Prime Portfolio ............................. 67,976,017
--------------
TOTAL SHORT TERM
INVESTMENTS ................................. 550,074,490
(Cost $550,074,490) --------------
TOTAL INVESTMENTS - 103.66% ............................... 4,060,845,574
(Cost $4,022,393,806) --------------
NET OTHER ASSETS AND
LIABILITIES - (3.66)% ....................... (143,366,328)
--------------
TOTAL NET ASSETS - 100.00%................................. $3,917,479,246
==============
* Non income producing security
(a) VVPR strip is an instrument available under Belgian law which improves
the tax treatment of the share dividend.
(b) The security or a partial portion of the security was on loan at
January 31, 2008. The total value of securities on loan at January 31,
2008 was $63,946,790, which was collateralized by $67,976,017 invested
in State Street Navigator Securities Lending Prime Portfolio.
(c) Fair valued at January 31, 2008 as determined in good faith using
procedures approved by the Trustees of the Trust.
ADR American Depository Receipt
ADS American Depository Shares
See Notes to Financial Statements.
29
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
INTERNATIONAL OPPORTUNITIES FUND
JANUARY 31, 2008 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -------------------------------------------------------------------------------
Diversified Banks.......................................... 9.80%
Diversified Metal & Mining................................. 5.16
Marine..................................................... 4.86
Personal Products.......................................... 4.35
Application Software....................................... 4.17
Diversified Chemicals...................................... 3.75
Investment Banking & Brokerage............................. 3.12
Electronic Equipment Manufacturing......................... 3.06
Real Estate Management & Development....................... 3.06
Tires & Rubber............................................. 2.60
Human Resources & Employment Services...................... 2.55
Health Care Equipment...................................... 2.50
Integrated Oil & Gas....................................... 2.47
Restaurants................................................ 2.41
Apparel Retail............................................. 2.40
Oil & Gas Equipment & Services............................. 2.39
Construction & Engineering................................. 2.29
Other Diversified Financial Services....................... 2.07
Air Freight & Logistics.................................... 2.04
Wireless Telecommunication Services........................ 1.94
Regional Banks............................................. 1.92
Specialty Chemicals........................................ 1.77
Footwear................................................... 1.71
Homebuilding............................................... 1.65
Precious Metal & Mineral................................... 1.52
Electric Components & Equipment............................ 1.41
Department Stores.......................................... 1.34
Property & Casualty Insurance.............................. 1.15
Communications Equipment................................... 1.15
Trading Company & Distribution............................. 1.05
Coal & Consumable Fuels.................................... 1.04
Industrial Conglomerates................................... 1.03
Internet Retail............................................ 0.75
Packaged Foods & Meats..................................... 0.70
Advertising................................................ 0.68
Industrial Power Products.................................. 0.65
Home Entertainment Software................................ 0.62
Internet Software & Services............................... 0.60
Apparel, Accessories & Luxury Goods........................ 0.57
Computer Hardware.......................................... 0.55
Construction Materials..................................... 0.44
Heavy Electrical Equipment................................. 0.27
Technology Distributors.................................... 0.06
-------
Long Term Investments...................................... 89.62
Short Term Investments..................................... 14.04
-------
Total Investments.......................................... 103.66
Net Other Assets and Liabilities........................... (3.66)
-------
100.00%
=======
See Notes to Financial Statements.
30
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
JAPAN-ASIA FOCUS FUND
JANUARY 31, 2008
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
COMMON STOCKS - 96.81%
CHINA - 1.14%
1,950,000 Bank of China, Ltd. Class H .................. $ 795,453
--------------
JAPAN - 92.63%
88,000 Aeon Co., Ltd. ............................... 1,067,208
127,000 Bridgestone Corp. ............................ 2,155,630
155,000 Daiwa Securities Group, Inc. ................. 1,370,802
851,000 Furukawa-Sky Aluminum Corp. .................. 2,012,341
114,890 Hitachi Systems & Services, Ltd. ............. 2,317,432
720,000 Hokuhoku Financial Group, Inc. ............... 2,231,330
66,600 HOYA Corp. ................................... 1,815,472
43,200 ITOCHU Techno-Solutions Corp. ................ 1,240,924
361,000 Kanto Tsukuba Bank, Ltd. ..................... 2,116,824
42,600 Kappa Create Co., Ltd. ....................... 1,004,365
113,000 Leopalace21 Corp. ............................ 2,729,504
315,700 Mitsubishi UFJ Financial
Group, Inc. .................................. 3,126,790
495 Nippon Paper Group, Inc. ..................... 1,157,841
209 Nippon Telegraph &
Telephone Corp. .............................. 1,000,196
1,222,000 Nishi-Nippon City Bank, Ltd. ................. 3,291,472
36,600 NS Solutions Corp. ........................... 1,110,199
107,000 NSD Co., Ltd. ................................ 1,334,531
1,742 NTT DoCoMo, Inc. ............................. 2,740,848
133,300 Otsuka Kagu, Ltd. ............................ 1,573,083
70,200 Resorttrust, Inc. ............................ 1,182,505
515,000 Sekisui Chemical Co., Ltd. ................... 3,370,255
133,000 Sekisui House Ltd ............................ 1,471,929
154,400 Shinko Electric Industries
Co., Ltd. .................................... 2,668,216
340 Sumitomo Mitsui Financial
Group, Inc. .................................. 2,686,851
130,000 Tadano, Ltd. ................................. 1,223,700
32,000 Takeda Pharmaceutical Co., Ltd. .............. 1,943,378
48,300 TDK Corp. .................................... 3,085,760
87,210 Token Corp. .................................. 3,056,976
66,000 Toyo Seikan Kaisha, Ltd. ..................... 1,199,514
790,000 Ube Industries, Ltd. ......................... 2,470,747
97,300 Xebio Co., Ltd. .............................. 2,212,769
193,000 Yamato Holdings Co., Ltd. .................... 2,683,356
--------------
64,652,748
--------------
MALAYSIA - 1.62%%
400,000 Tenaga Nasional Berhad ....................... 1,131,557
--------------
SINGAPORE - 1.42%
79,000 DBS Group Holdings, Ltd. ..................... 989,462
--------------
TOTAL LONG TERM
INVESTMENTS .................................. 67,569,220
(Cost $81,408,587) --------------
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
SHORT TERM INVESTMENT - 2.17%
1,512,514 Fidelity Institutional
Treasury Portfolio ........................... $ 1,512,514
--------------
TOTAL SHORT TERM
INVESTMENT ................................... 1,512,514
(Cost $1,512,514) --------------
TOTAL INVESTMENTS - 98.98% ................................ 69,081,734
(Cost $82,921,101) --------------
NET OTHER ASSETS AND
LIABILITIES - 1.02% .......................... 715,319
--------------
TOTAL NET ASSETS - 100.00%................................. $ 69,797,053
==============
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -------------------------------------------------------------------------------
Homebuilding............................................... 11.32%
Regional Banks............................................. 10.95
Diversified Banks.......................................... 10.89
Electronic Equipment Manufacturing......................... 7.02
IT Consulting & Other Services............................. 6.69
Wireless Telecommunication Services........................ 3.93
Real Estate Management & Development....................... 3.91
Air Freight & Logistics.................................... 3.85
Semiconductors............................................. 3.82
Diversified Chemicals...................................... 3.54
Specialty Stores........................................... 3.17
Tires & Rubber............................................. 3.09
Aluminum................................................... 2.88
Pharmaceuticals............................................ 2.79
Home Furnishing Retail..................................... 2.25
Investment Banking & Brokerage............................. 1.96
Application Software....................................... 1.91
Construction & Farm Machinery & Trucks..................... 1.75
Metal & Glass Containers................................... 1.72
Hotels, Resorts & Cruises.................................. 1.69
Paper Products............................................. 1.66
Electric Utilities......................................... 1.62
Hypermarkets & Super Centers............................... 1.53
Restaurants................................................ 1.44
Integrated Telecommunication Services...................... 1.43
-------
Long Term Investments...................................... 96.81
Short Term Investment...................................... 2.17
-------
Total Investments.......................................... 98.98
Net Other Assets and Liabilities........................... 1.02
-------
100.00%
=======
See Notes to Financial Statements.
31
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
US FOCUS FUND
JANUARY 31, 2008
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
COMMON STOCKS - 92.60%
AIRLINES - 2.37%
11,059 ACE Aviation Holdings, Inc.,
Class A (Canada) * ........................... $ 247,604
1,339 Jazz Air Income Fund
(Canada) * ................................... 10,322
--------------
257,926
--------------
BEVERAGES - 3.19%
5,093 PepsiCo, Inc. ................................ 347,292
--------------
COMMERCIAL SERVICES
& SUPPLIES - 7.05%
13,542 Corrections Corporation
of America * ................................. 359,405
6,731 The Brink's Co. .............................. 408,100
--------------
767,505
--------------
COMMUNICATIONS
EQUIPMENT - 4.03%
3,669 Cisco Systems, Inc. * ........................ 89,890
21,354 Comverse Technology, Inc. * .................. 349,138
--------------
439,028
--------------
COMPUTER &
PERIPHERAL - 3.84%
2,610 Apple, Inc. * ................................ 353,290
600 International Business
Machines Corp. ............................... 64,404
--------------
417,694
--------------
CONSTRUCTION &
ENGINEERING - 3.20%
8,084 SNC-Lavalin Group,
Inc. (Canada) ................................ 347,659
--------------
CONSUMER FINANCE - 2.66%
5,858 American Express Co. ......................... 288,917
--------------
CONTAINERS &
PACKAGING - 4.17%
9,000 Owens-Illinois, Inc. * ....................... 453,600
--------------
DIVERSIFIED FINANCIAL
SERVICES - 1.44%
3,523 Bank of America Corp. ........................ 156,245
--------------
DIVERSIFIED TELECOMMUNICATION
SERVICES - 2.31%
7,235 BCE, Inc. (Canada) ........................... 251,555
--------------
ELECTRIC UTILITIES - 3.51%
10,500 Southern Co. ................................. 381,675
--------------
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 3.01%
5,642 General Cable Corp. * ........................ $ 327,292
--------------
FOOD & STAPLES
RETAILING - 2.84%
7,911 CVS/Caremark Corp. ........................... 309,083
--------------
HOUSEHOLD DURABLES - 0.66%
1,000 Garmin, Ltd. ................................. 72,150
--------------
INTERNET RETAIL - 1.05%
1,050 Priceline.com, Inc. * ........................ 113,946
--------------
INTERNET SOFTWARE
& SERVICES - 0.68%
2,000 VistaPrint, Ltd. * ........................... 74,420
--------------
MEDIA - 3.01%
2,265 Aeroplan Income Fund
(Canada) ..................................... 46,020
2,009 Aeroplan Income Fund
(Canada) * ................................... 40,818
7,850 Clear Channel
Communications, Inc. ......................... 241,073
--------------
327,911
--------------
METAL & MINING - 5.35%
3,559 Freeport-McMoRan Copper
& Gold, Inc. ................................. 316,858
17,727 Horsehead Holding Corp. * .................... 265,727
--------------
582,585
--------------
OIL, GAS & CONSUMABLE
FUELS - 10.56%
10,319 El Paso Corp ................................. 170,057
6,106 Peabody Energy Corp. ......................... 329,846
4,800 Sunoco, Inc. ................................. 298,560
10,970 The Williams Companies, Inc. ................. 350,711
--------------
1,149,174
--------------
PERSONAL PRODUCTS - 2.90%
7,945 Herbalife, Ltd. .............................. 315,258
--------------
PHARMACEUTICALS - 5.36%
6,861 Abbott Laboratories .......................... 386,274
4,250 Merck & Co., Inc. ............................ 196,690
--------------
582,964
--------------
ROAD & RAIL - 2.62%
3,300 Burlington Northern
Santa Fe Corp. ............................... 285,516
--------------
REAL ESTATE MANAGEMENT &
DEVELOPMENT - 2.64%
14,795 CB Richard Ellis Group,
Inc., Class A * .............................. 287,171
--------------
See Notes to Financial Statements.
32
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
US FOCUS FUND
JANUARY 31, 2008 (CONTINUED)
VALUE
SHARES (NOTE 2)
- -----------------------------------------------------------------------------
SEMICONDUCTOR &
SEMICONDUCTOR
EQUIPMENT - 0.82%
13,800 ON Semiconductor Corp. * ..................... $ 89,424
--------------
SOFTWARE - 5.71%
11,693 Adobe Systems, Inc. * ........................ 408,436
2,639 Autodesk, Inc. * ............................. 108,595
3,000 Citrix Systems, Inc. * ....................... 103,860
--------------
620,891
--------------
TEXTILE, APPAREL &
LUXURY GOODS - 1.96%
6,658 Coach, Inc. * ................................ 213,389
--------------
TOBACCO - 2.32%
3,330 Altria Group, Inc. ........................... 252,481
--------------
WIRELESS TELECOMMUNICATION
SERVICES - 3.34%
9,676 American Tower Corp.,
Class A * .................................... 363,140
--------------
TOTAL LONG TERM
INVESTMENTS .................................. 10,075,891
(Cost $9,716,909) --------------
SHORT TERM INVESTMENT - 2.64%
287,251 Fidelity Institutional
Treasury Portfolio ........................... 287,251
--------------
TOTAL SHORT TERM
INVESTMENT ................................... 287,251
(Cost $287,251) --------------
TOTAL INVESTMENTS - 95.24% ................................ 10,363,142
(Cost $10,004,160) --------------
NET OTHER ASSETS AND
LIABILITIES - 4.76% .......................... 517,773
--------------
TOTAL NET ASSETS - 100.00%................................. $ 10,880,915
==============
* Non income producing security
See Notes to Financial Statements.
33
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
WORLDWIDE INCOME FUND
JANUARY 31, 2008
FACE VALUE
AMOUNT COUPON MATURITY (NOTE 2)
- ------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS - 67.42%
BELGIUM - 2.44%
USD 1,515,000 Petroplus Finance, Ltd. (a) 7.000% 5/1/17 $ 1,382,438
EUR 1,900,000 WDAC Subsidiary Corp. 8.500 12/1/14 2,393,957
------------
3,776,395
------------
CANADA - 1.84%
EUR 2,000,000 Bombardier, Inc. 7.250 11/15/16 2,847,029
------------
CROATIA - 0.49%
EUR 550,000 Agrokor D.D. 7.000 11/23/11 765,435
------------
DENMARK - 1.71%
EUR 1,900,000 S Funding AS 8.875 5/15/16 2,641,121
------------
FINLAND - 0.80%
EUR 1,000,000 M-real OYJ (b) 9.323 12/15/10 1,243,773
------------
FRANCE - 4.49%
USD 400,000 AXA S.A. (c) 7.100 11/7/08 400,000
EUR 200,000 Belvedere S.A. (a) (b) 7.825 5/15/13 257,199
EUR 1,900,000 Belvedere S.A. (b) 7.825 5/15/13 2,443,390
USD 3,000,000 Credit Agricole S.A. (a) (c) 6.637 5/31/17 2,733,003
EUR 800,000 Crown European Holdings S.A. 6.250 9/1/11 1,126,918
------------
6,960,510
------------
GERMANY - 3.85%
EUR 2,000,000 Cognis GmbH 9.500 5/15/14 2,571,990
EUR 750,000 Escada AG 7.500 4/1/12 869,719
USD 400,000 Kabel Deutschland GmbH 10.625 7/1/14 407,000
EUR 1,400,000 Kabel Deutschland GmbH 10.750 7/1/14 2,112,599
------------
5,961,308
------------
GREECE - 0.26%
EUR 300,000 Hellas Telecommunications Luxembourg V (b) 8.076 10/15/12 409,772
------------
IRELAND - 1.76%
EUR 300,000 BCM Ireland Finance, Ltd. (a) (b) 9.575 8/15/16 409,214
EUR 1,700,000 BCM Ireland Finance, Ltd. (a) 9.575 8/15/16 2,318,879
------------
2,728,093
------------
ITALY - 3.38%
EUR 300,000 Lighthouse International Co., S.A. 8.000 4/30/14 427,612
EUR 1,900,000 Lottomatica SpA (b) 8.250 3/31/66 2,499,885
EUR 1,000,000 Wind Acquisition Finance S.A. 9.750 12/1/15 1,510,858
USD 750,000 Wind Acquisition Finance S.A. (a) 10.750 12/1/15 798,750
------------
5,237,105
------------
LUXEMBOURG - 3.49%
EUR 1,450,000 Cablecom Luxembourg SCA 8.000 11/1/16 1,897,028
EUR 1,900,000 Hellas Telecommunications Luxembourg II (b) 10.576 1/15/15 2,220,943
USD 1,700,000 Nell AF Sarl (a) 8.375 8/15/15 1,292,000
------------
5,409,971
------------
See Notes to Financial Statements.
34
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
WORLDWIDE INCOME FUND
JANUARY 31, 2008 (CONTINUED)
FACE VALUE
AMOUNT COUPON MATURITY (NOTE 2)
- ------------------------------------------------------------------------------------------------------------------------
NETHERLANDS - 6.72%
USD 2,575,000 Allianz Finance II B.V. (c) 7.250% 3/10/08 $ 2,572,829
USD 2,000,000 Arran Corporate Loans B.V. (b) 8.176 6/20/25 1,793,600
USD 500,000 Impress Holdings B.V. (a) (b) 7.383 9/15/13 462,500
EUR 2,000,000 Impress Holdings B.V. (b) 7.701 9/15/13 2,713,226
USD 3,000,000 Lukoil International Finance B.V. (a) 6.356 6/7/17 2,865,000
------------
10,407,155
------------
NORWAY - 1.88%
EUR 400,000 Nordic Telephone Company ApS 8.250 5/1/16 567,919
EUR 1,600,000 Nordic Telephone Company ApS (b) 9.881 5/1/16 2,343,038
------------
2,910,957
------------
RUSSIA - 0.19%
USD 300,000 VTB Capital S.A. (a) 6.250 6/30/35 289,890
------------
UKRAINE - 1.46%
USD 2,300,000 City of Kiev 8.000 11/6/15 2,267,135
------------
UNITED KINGDOM - 18.03%
USD 3,000,000 Aberdeen Asset Management plc (c) 7.900 5/29/12 2,673,750
GBP 350,000 Allied Domecq Financial Services plc 6.625 6/12/14 696,290
USD 3,250,000 Barclays Bank plc (a) (c) 5.926 12/15/16 3,030,102
USD 2,250,000 Catlin Insurance Co., Ltd. (a) (c) 7.249 1/19/17 2,022,367
EUR 400,000 FKI plc 6.625 2/22/10 511,425
EUR 260,000 Invensys plc 9.875 3/15/11 407,318
EUR 1,600,000 Lehman Brothers UK Capital Funding IV LP (c) 5.750 4/25/12 1,849,454
USD 3,191,000 Lloyds TSB Group plc (a) (c) 6.267 11/14/16 2,826,495
GBP 1,550,000 NTL Cable plc 9.750 4/15/14 2,689,265
USD 3,000,000 Old Mutual Capital Funding (c) 8.000 12/22/08 2,985,000
GBP 400,000 Pipe Holding plc 7.750 11/1/11 775,534
USD 3,700,000 Royal Bank of Scotland Group plc (c) 7.640 9/29/17 3,796,008
USD 4,000,000 Standard Chartered plc (c) 6.409 1/30/17 3,675,000
------------
27,938,008
------------
UNITED STATES - 14.63%
USD 3,000,000 AXA S.A. (a) (c) 6.463 12/14/18 2,617,920
USD 1,900,000 BayernLB Capital Trust I (c) 6.203 5/31/17 1,639,529
EUR 900,000 Central European Distribution Corp. 8.000 7/25/12 1,244,367
GBP 1,400,000 Constellation Brands, Inc. 8.500 11/15/09 2,749,170
EUR 650,000 Fresenius Medical Care Capital Trust V (Preferred) 7.375 6/15/11 990,514
GBP 1,450,000 HCA, Inc. 8.750 11/1/10 2,941,065
USD 1,550,000 Hertz Corp. 8.875 1/1/14 1,503,500
USD 1,400,000 Hertz Corp. 10.500 1/1/16 1,352,750
EUR 450,000 Huntsman International LLC (a) 7.500 1/1/15 652,289
EUR 2,000,000 Levi Strauss & Co. 8.625 4/1/13 2,627,741
USD 300,000 Mohegan Tribal Gaming Authority 6.125 2/15/13 282,750
EUR 400,000 Rockwood Specialties Group, Inc. 7.625 11/15/14 523,318
USD 500,000 Sungard Data Systems, Inc. (a) 10.250 8/15/15 502,500
USD 1,500,000 Swiss Re Capital I LP (a) (c) 6.854 5/25/16 1,453,295
GBP 300,000 WMG Acquisition Corp. 8.125 4/15/14 432,510
USD 1,200,000 Wynn Las Vegas LLC 6.625 12/1/14 1,162,500
------------
22,675,718
------------
TOTAL CORPORATE BONDS 104,469,375
(Cost $109,072,525) ------------
See Notes to Financial Statements.
35
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
WORLDWIDE INCOME FUND
JANUARY 31, 2008 (CONTINUED)
FACE VALUE
AMOUNT COUPON MATURITY (NOTE 2)
- ------------------------------------------------------------------------------------------------------------------------
FOREIGN SOVEREIGN BONDS - 16.20%
ARGENTINA - 2.64%
USD 7,400,000 Republic of Argentina (b) 3.084% 8/3/12 $ 4,082,950
------------
BRAZIL - 1.72%
USD 2,600,000 Federal Republic of Brazil 6.000 1/17/17 2,658,500
------------
COLUMBIA - 1.33%
USD 1,800,000 Republic of Columbia 8.250 12/22/14 2,064,600
------------
DOMINICAN REPUBLIC - 1.11%
USD 1,530,170 Dominican Republic 9.040 1/23/18 1,725,266
------------
EL SALVADOR - 1.29%
USD 1,800,000 Republic of El Salvador 8.500 7/25/11 2,000,700
------------
INDONESIA - 0.67%
USD 1,000,000 Republic of Indonesia 6.750 3/10/14 1,031,169
------------
PHILIPPINES - 0.88%
USD 1,200,000 Republic of Philippines 8.000 1/15/16 1,368,000
------------
SRI LANKA - 2.53%
USD 4,300,000 Republic of Sri Lanka (a) 8.250 10/24/12 3,913,000
------------
TURKEY - 2.85%
USD 3,900,000 Republic of Turkey 9.000 6/30/11 4,419,090
------------
URUGUAY - 1.18%
USD 1,500,000 Republic of Uruguay 9.250 5/17/17 1,830,000
------------
TOTAL FOREIGN SOVEREIGN BONDS 25,093,275
(Cost $25,227,127) ------------
TOTAL CORPORATE AND FOREIGN SOVEREIGN BONDS 129,562,650
(Cost $134,299,652) ------------
SHARES
- ------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 8.58%
AUSTRALIA - 0.61%
10,000 Commonwealth Bank of Australia 450,598
195,000 Telstra Corp., Ltd. 495,535
------------
946,133
------------
FINLAND - 0.38%
12,000 Elisa Oyj 340,213
6,250 Fortum Oyj 252,775
------------
592,988
------------
See Notes to Financial Statements.
36
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
WORLDWIDE INCOME FUND
JANUARY 31, 2008 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------------------------------------------------------------------------------------------------------------------
FRANCE - 0.36%
10,400 Sodexho Alliance S.A. $ 564,442
------------
GERMANY - 0.32%
3,800 Siemens AG 492,381
------------
NETHERLANDS - 0.28%
13,500 ING Groep N.V. 439,506
------------
NEW ZEALAND - 0.32%
157,778 Telecom Corp. of New Zealand, Ltd. 500,631
------------
NORWAY - 0.21%
23,000 ProSafe SE 331,099
------------
SINGAPORE - 0.43%
212,000 Singapore Press Holdings, Ltd. 659,903
------------
SOUTH AFRICA - 0.09%
86,000 Woolworths Holdings, Ltd. 135,620
------------
SOUTH KOREA - 0.39%
42,000 Korea Exchange Bank 607,923
------------
UNITED KINGDOM - 2.94%
44,000 Barclays plc 414,822
52,292 BP plc 554,694
15,516 British American Tobacco plc 555,667
28,000 British Land Co., plc 562,116
30,000 BT Group plc 155,853
85,000 Electrocomponents plc 322,686
36,000 GKN plc 189,835
21,100 GlaxoSmithKline plc 498,019
180,000 Kingston Communications plc 158,242
19,050 Scottish & Southern Energy plc 578,835
200,000 Smiths News plc 416,682
51,000 Topps Tiles plc 144,354
------------
4,551,805
------------
UNITED STATES - 2.25%
19,400 Atmos Energy Corp. 557,168
9,804 Bank of America Corp. 434,808
500 Bank of America Corp. 561,000
10,020 H.J. Heinz Co. 426,451
9,708 Progress Energy, Inc. 438,510
9,825 Reynolds American, Inc. 622,217
11,537 Verizon Communications, Inc. 448,097
------------
3,488,251
------------
TOTAL COMMON STOCK 13,310,682
(Cost $14,445,041) ------------
TOTAL LONG TERM INVESTMENTS 142,873,332
(Cost $148,744,693) ------------
See Notes to Financial Statements.
37
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
WORLDWIDE INCOME FUND
JANUARY 31, 2008 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------------------------------------------------------------------------------------------------------------------
SHORT TERM INVESTMENT - 7.92%
12,267,146 Fidelity Institutional Treasury Portfolio $ 12,267,146
------------
TOTAL SHORT TERM INVESTMENT 12,267,146
(Cost $12,267,146) ------------
TOTAL INVESTMENTS - 100.12% 155,140,478
(Cost $161,011,839) ------------
NET OTHER ASSETS AND LIABILITIES - (0.12)% (192,239)
------------
TOTAL NET ASSETS - 100.00% $154,948,239
============
(a) 144A securities are those that are exempt from registration under Rule 144A
of the Securities Act of 1933, as amended. These securities may only be
resold in transactions exempt from registration which are normally those
transactions with qualified institutional buyers.
(b) Security is a floating rate bond where the interest rate is adjusted
quarterly according to LIBOR interest rate changes.
(c) Maturity date is perpetual. Maturity date presented represents the next
call date.
See Notes to Financial Statements.
38
HENDERSON GLOBAL FUNDS
PORTFOLIO OF INVESTMENTS
(UNAUDITED)
WORLDWIDE INCOME FUND
JANUARY 31, 2008 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -------------------------------------------------------------------------------
Sovereign.................................................. 16.20%
Banking.................................................... 15.86
Insurance.................................................. 5.85
Telecommunication - Integrated............................. 5.66
Media - Cable.............................................. 4.32
Beverage................................................... 3.97
Investments & Miscellaneous Finance........................ 3.65
Packaging.................................................. 2.78
Energy..................................................... 2.74
Gaming..................................................... 2.55
Health Services............................................ 2.54
Chemicals.................................................. 2.42
Apparel/Textiles........................................... 2.26
Special Purpose Vehicle.................................... 1.99
Support Services........................................... 1.84
Diversified Manufacturing.................................. 1.84
Building................................................... 1.70
Advertising Services....................................... 1.55
Telecommunication - Wireless............................... 1.49
Integrated Telecommunication Services...................... 1.03
Electric Utilities......................................... 0.82
Wholesale.................................................. 0.80
Paper...................................................... 0.80
Tobacco.................................................... 0.76
Publishing................................................. 0.70
Diversified Capital........................................ 0.59
Technology Distributors.................................... 0.53
Steel Production........................................... 0.50
Food - Miscellaneous Diversified........................... 0.49
Food & Staples Retailing................................... 0.36
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- -------------------------------------------------------------------------------
Diversified REIT........................................... 0.36%
Gas Utilities.............................................. 0.36
Integrated Oil & Gas....................................... 0.36
Software/Services.......................................... 0.32
Pharmaceuticals............................................ 0.32
Other Diversified Financial Services....................... 0.28
Media Services............................................. 0.28
Media - Diversified........................................ 0.28
Packaged Foods & Meats..................................... 0.28
Cable TV................................................... 0.26
Oil & Gas Equipment & Services............................. 0.21
Auto Parts & Equipment..................................... 0.12
Home Improvement Retail.................................... 0.09
Department Stores.......................................... 0.09
-------
Long Term Investments...................................... 92.20
Short Term Investment...................................... 7.92
-------
Total Investments.......................................... 100.12
Net Other Assets and Liabilities........................... (0.12)
-------
100.00%
=======
See Notes to Financial Statements.
39
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 2008
EUROPEAN GLOBAL EQUITY GLOBAL
FOCUS INCOME OPPORTUNITIES
FUND FUND FUND
========================================================================================================================
ASSETS:
Investments, at value
Securities $1,183,274,994 $323,127,764 $18,109,892
Short-Term investments 7,717,903 15,993,962 126,617
- ------------------------------------------------------------------------------------------------------------------------
Total investments, at value 1,190,992,897 339,121,726 18,236,509
Cash -- -- --
Foreign cash, at value 1,133,521 851,857 1,902
Dividends and interest receivable 1,205,139 2,042,827 22,237
Receivable from investment adviser -- 6,939 14,663
Receivable for investment securities sold 21,892,735 -- 2,011,789
Receivable for fund shares sold 2,495,308 5,324,894 149,873
Prepaid expenses and other assets 96,585 47,181 19,922
- ------------------------------------------------------------------------------------------------------------------------
Total Assets 1,217,816,185 347,395,424 20,456,895
- ------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased 5,876,789 9,935,635 1,174,289
Payable for collateral on securities loaned -- -- --
Payable for fund shares redeemed 2,922,978 468,073 201,018
Foreign cash payable, at value -- -- --
Payable to custodian 128,136 -- 417,494
Payable for dividends -- 2,556 --
Payable to investment adviser 1,122,060 293,564 21,002
Payable for 12b-1 distribution and service fees 492,640 167,075 7,585
Forward foreign currency contracts 2,558,827 671,015 34,422
Accrued expenses and other payables 456,391 127,559 58,784
- ------------------------------------------------------------------------------------------------------------------------
Total Liabilities 13,557,821 11,665,477 1,914,594
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS $1,204,258,364 $335,729,947 $18,542,301
========================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $1,158,564,327 $362,245,856 $19,929,864
Accumulated undistributed net investment income/(loss) (30,824,725) 751,138 (25,640)
Accumulated net realized gain/(loss) on investments 38,391,177 (175,042) (763,720)
Net unrealized appreciation/(depreciation) of investments
and foreign currency translations 38,127,585 (27,092,005) (598,203)
- ------------------------------------------------------------------------------------------------------------------------
$1,204,258,364 $335,729,947 $18,542,301
========================================================================================================================
NET ASSETS:
Class A Shares $849,392,606 $181,469,375 $13,389,075
========================================================================================================================
Class B Shares 59,466,477 N/A N/A
========================================================================================================================
Class C Shares 295,399,281 154,260,572 5,153,226
========================================================================================================================
Class R Shares N/A N/A N/A
========================================================================================================================
SHARES OUTSTANDING:
Class A Shares (unlimited number of shares authorized) 27,617,244 17,937,718 1,238,073
========================================================================================================================
Class B Shares (unlimited number of shares authorized) 2,025,456 N/A N/A
========================================================================================================================
Class C Shares (unlimited number of shares authorized) 10,062,302 15,290,094 471,742
========================================================================================================================
Class R Shares (unlimited number of shares authorized) N/A N/A N/A
========================================================================================================================
CLASS A SHARES:
Net asset value and redemption price per share $30.76 $10.12 $10.81
- ------------------------------------------------------------------------------------------------------------------------
Maximum sales charge * 5.75% 5.75% 5.75%
Maximum offering price per share $32.64 $10.74 $11.47
========================================================================================================================
CLASS B SHARES:
Net asset value and offering price per share $29.36 N/A N/A
========================================================================================================================
CLASS C SHARES:
Net asset value and offering price per share $29.36 $10.09 $10.92
========================================================================================================================
CLASS R SHARES:
Net asset value and offering price per share N/A N/A N/A
========================================================================================================================
Investments, at cost $1,150,291,364 $365,539,196 $18,801,457
========================================================================================================================
Foreign cash, at cost $1,114,248 $848,969 $1,900
========================================================================================================================
GLOBAL INTERNATIONAL JAPAN-ASIA US WORLDWIDE
TECHNOLOGY OPPORTUNITIES FOCUS FOCUS INCOME
FUND FUND FUND FUND FUND
===================================================================================================================================
ASSETS:
Investments, at value
Securities $219,663,499 $3,510,771,084 $67,569,220 $10,075,891 $142,873,332
Short-Term investments 18,749,455 550,074,490 1,512,514 287,251 12,267,146
- -----------------------------------------------------------------------------------------------------------------------------------
Total investments, at value 238,412,954 4,060,845,574 69,081,734 10,363,142 155,140,478
Cash -- -- -- -- 18,748
Foreign cash, at value 1,291,016 2,337,836 34,572 -- 14,180
Dividends and interest receivable 102,469 4,014,149 69,473 12,319 2,481,451
Receivable from investment adviser -- -- -- 11,532 16,975
Receivable for investment securities sold 6,766,537 26,297,341 916,021 1,179,800 --
Receivable for fund shares sold 1,353,105 25,562,277 283,758 35,680 2,682,402
Prepaid expenses and other assets 40,305 162,869 22,349 10,311 30,118
- -----------------------------------------------------------------------------------------------------------------------------------
Total Assets 247,966,386 4,119,220,046 70,407,907 11,612,784 160,384,352
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased 8,529,237 113,245,309 146,203 669,589 3,353,995
Payable for collateral on securities loaned -- 67,976,017 -- -- --
Payable for fund shares redeemed 575,923 8,174,959 281,914 4,715 190,795
Foreign cash payable, at value -- -- -- -- --
Payable to custodian -- 13,205 26,013 1,750 --
Payable for dividends 67 -- -- 466,231
Payable to investment adviser 254,101 3,807,947 70,441 11,124 126,666
Payable for 12b-1 distribution and service fees 102,782 1,725,677 30,480 4,502 77,516
Forward foreign currency contracts -- 5,488,288 -- -- 1,123,579
Accrued expenses and other payables 115,556 1,309,398 55,803 40,189 97,331
- -----------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 9,577,666 201,740,800 610,854 731,869 5,436,113
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $238,388,720 $3,917,479,246 $69,797,053 $10,880,915 $154,948,239
===================================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $260,120,751 $3,822,807,275 $86,891,203 $10,313,401 $164,452,726
Accumulated undistributed net investment income/(loss) (1,286,820) (14,462,932) (336,453) (42,251) (282,521)
Accumulated net realized gain/(loss) on investments (14,180,199) 76,495,824 (2,883,037) 250,769 (1,476,079)
Net unrealized appreciation/(depreciation) of investments
and foreign currency translations (6,265,012) 32,639,079 (13,874,660) 358,996 (7,745,887)
- -----------------------------------------------------------------------------------------------------------------------------------
$238,388,720 $3,917,479,246 $69,797,053 $10,880,915 $154,948,239
===================================================================================================================================
NET ASSETS:
Class A Shares $162,148,048 $2,572,071,338 $45,699,280 $7,670,255 $82,212,960
===================================================================================================================================
Class B Shares 7,519,011 132,929,871 N/A 734,519 5,785,448
===================================================================================================================================
Class C Shares 68,721,661 1,211,294,548 24,097,773 2,476,141 66,949,831
===================================================================================================================================
Class R Shares N/A 1,183,489 N/A N/A N/A
===================================================================================================================================
SHARES OUTSTANDING:
Class A Shares (unlimited number of shares authorized) 10,834,166 111,073,506 5,575,794 797,031 7,924,506
===================================================================================================================================
Class B Shares (unlimited number of shares authorized) 525,547 6,022,819 N/A 78,664 558,974
===================================================================================================================================
Class C Shares (unlimited number of shares authorized) 4,815,919 54,915,521 2,985,101 265,428 6,453,795
===================================================================================================================================
Class R Shares (unlimited number of shares authorized) N/A 51,460 N/A N/A N/A
===================================================================================================================================
CLASS A SHARES:
Net asset value and redemption price per share $14.97 $23.16 $8.20 $9.62 $10.37
- -----------------------------------------------------------------------------------------------------------------------------------
Maximum sales charge * 5.75% 5.75% 5.75% 5.75% 4.75%
Maximum offering price per share $15.88 $24.57 $8.70 $10.21 $10.89
===================================================================================================================================
CLASS B SHARES:
Net asset value and offering price per share $14.31 $22.07 N/A $9.34 $10.35
===================================================================================================================================
CLASS C SHARES:
Net asset value and offering price per share $14.27 $22.06 $8.07 $9.33 $10.37
===================================================================================================================================
CLASS R SHARES:
Net asset value and offering price per share N/A $23.00 N/A N/A N/A
===================================================================================================================================
Investments, at cost $244,681,723 $4,022,393,806 $82,921,101 $10,004,160 $161,011,839
===================================================================================================================================
Foreign cash, at cost $1,285,082 $2,327,899 $34,546 -- $14,145
===================================================================================================================================
The Funds may impose a redemption fee of 2.00% on shares redeemed within 30 days
of purchase.
N/A Not Applicable, share class in not offered by the respective Fund.
* On sales of $50,000 or more, the sales charge will be reduced.
See Notes to Financial Statements.
40-41 spread
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 2008
EUROPEAN GLOBAL EQUITY GLOBAL
FOCUS INCOME OPPORTUNITIES
FUND FUND FUND
========================================================================================================================
INVESTMENT INCOME:
Dividends $10,820,099 $10,130,419 $112,542
Interest 1,433,571 393,077 16,226
Net securities lending income -- -- --
Foreign taxes withheld (309,013) (527,187) (6,763)
- ------------------------------------------------------------------------------------------------------------------------
Total Investment Income 11,944,657 9,996,309 122,005
- ------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 6,459,297 1,137,979 70,501
12b-1 distribution and service fees:
Class A Shares 1,245,386 173,274 11,225
Class B Shares 330,040 -- --
Class C Shares 1,696,138 571,326 19,191
Class R Shares -- -- --
Transfer agent fees 800,059 124,662 10,656
Custodian fees 625,215 92,490 32,498
Administrative fees 175,193 31,611 1,602
Printing and postage fees 120,440 20,986 1,077
Accounting fees 33,410 24,716 64,772
Legal fees 21,578 2,576 31
Chief Compliance Officer fees 20,374 2,747 83
Trustees' fees and expenses 17,763 2,706 184
Audit fees 17,269 25,214 23,698
Registration and filing fees 9,587 27,389 8,048
Offering expenses -- 17,069 17,153
Miscellaneous fees 421,913 7,666 790
- ------------------------------------------------------------------------------------------------------------------------
Total Expenses 11,993,662 2,262,411 261,509
- ------------------------------------------------------------------------------------------------------------------------
Fees waived and expenses reimbursed by investment adviser (373,077) (63,726) (122,138)
- ------------------------------------------------------------------------------------------------------------------------
Net Expenses 11,620,585 2,198,685 139,371
- ------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME/(LOSS) 324,072 7,797,624 (17,366)
- ------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) from:
Investment transactions 71,062,240 328,183 (730,960)
Foreign currency transactions (1,378,692) (333,163) (12,971)
Net change in unrealized appreciation/(depreciation) of:
Investments (158,053,582) (23,506,305) (775,822)
Translation of other assets and liabilities (2,552,030) (684,333) (32,132)
- ------------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized Loss (90,922,064) (24,195,618) (1,551,885)
- ------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS $(90,597,992) $(16,397,994) $(1,569,251)
========================================================================================================================
GLOBAL INTERNATIONAL JAPAN-ASIA US WORLDWIDE
TECHNOLOGY OPPORTUNITIES FOCUS FOCUS INCOME
FUND FUND FUND FUND FUND
========================================================================================================================
INVESTMENT INCOME:
Dividends $364,046 $18,422,178 $597,724 $51,267 $588,001
Interest 233,012 5,528,122 25,455 17,423 3,710,110
Net securities lending income -- 827,145 -- -- --
Foreign taxes withheld (23,263) (1,459,140) (63,093) (1,493) (31,308)
- ------------------------------------------------------------------------------------------------------------------------
Total Investment Income 573,795 23,318,305 560,086 67,197 4,266,803
- ------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 1,040,240 18,198,631 416,789 61,293 488,977
12b-1 distribution and service fees:
Class A Shares 183,046 3,138,437 66,216 11,591 77,864
Class B Shares 30,929 699,235 -- 4,485 27,557
Class C Shares 277,128 6,085,648 151,923 13,668 236,255
Class R Shares -- 2,518 -- -- --
Transfer agent fees 144,518 2,514,210 63,269 9,314 61,682
Custodian fees 51,636 1,639,309 44,748 14,575 44,067
Administrative fees 26,006 483,501 10,420 1,613 14,382
Printing and postage fees 17,871 323,421 7,600 1,104 9,374
Accounting fees 32,590 60,606 32,254 36,370 39,614
Legal fees 2,150 55,936 1,470 184 1,228
Chief Compliance Officer fees 1,971 51,509 1,405 177 1,230
Trustees' fees and expenses 2,428 47,900 1,226 184 1,322
Audit fees 17,023 18,898 16,560 14,536 17,482
Registration and filing fees 31,348 43,622 10,317 15,370 19,426
Offering expenses -- -- -- -- --
Miscellaneous fees 5,727 129,852 3,783 1,004 3,304
- ------------------------------------------------------------------------------------------------------------------------
Total Expenses 1,864,611 33,493,233 827,980 185,468 1,043,764
- ------------------------------------------------------------------------------------------------------------------------
Fees waived and expenses reimbursed
by investment adviser -- -- -- (81,527) (98,059)
- ------------------------------------------------------------------------------------------------------------------------
Net Expenses 1,864,611 33,493,233 827,980 103,941 945,705
- ------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME/(LOSS) (1,290,816) (10,174,928) (267,894) (36,744) 3,321,098
- ------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) from:
Investment transactions (11,222,866) 186,832,796 (2,759,488) 261,474 (298,299)
Foreign currency transactions (125,765) (3,681,270) (13,870) 77,910 (789,016)
Net change in unrealized
appreciation/(depreciation) of:
Investments (18,953,051) (461,209,834) (11,417,586) (1,115,892) (5,338,058)
Translation of other assets and liabilities 2,945 (5,842,361) (34,425) 10 (1,250,186)
- ------------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized Loss (30,298,737) (283,900,669) (14,225,369) (776,498) (7,675,559)
- ------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS $(31,589,553) $(294,075,597) $(14,493,263) $(813,242) $(4,354,461)
========================================================================================================================
See Notes to Financial Statements.
42-43 spread
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
EUROPEAN FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
Net investment income $324,072 $1,570,758
Net realized gain on investments and foreign currency transactions 69,683,548 108,538,292
Net change in unrealized appreciation/(depreciation) of investments
and foreign currency translations (160,605,612) 114,614,087
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations (90,597,992) 224,723,137
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (23,094,110) --
Class B Shares (1,230,976) --
Class C Shares (6,379,802) --
- ------------------------------------------------------------------------------------------------------------------------
(30,704,888) --
- ------------------------------------------------------------------------------------------------------------------------
Distribution to shareholders from net realized gains:
Class A Shares (86,292,903) (38,551,565)
Class B Shares (6,056,327) (3,570,555)
Class C Shares (31,345,585) (11,808,492)
- ------------------------------------------------------------------------------------------------------------------------
(123,694,815) (53,930,612)
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from Fund share transactions:
Class A Shares 10,544,982 517,056,361
Class B Shares 3,694,739 21,434,151
Class C Shares 9,705,267 200,992,402
- ------------------------------------------------------------------------------------------------------------------------
23,944,988 739,482,914
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (221,052,707) 910,275,439
NET ASSETS:
Beginning of period 1,425,311,071 515,035,632
- ------------------------------------------------------------------------------------------------------------------------
End of period $1,204,258,364 $1,425,311,071
========================================================================================================================
Accumulated undistributed net investment loss $(30,824,725) $(443,909)
========================================================================================================================
See Notes to Financial Statements.
44
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL EQUITY INCOME FUND
SIX MONTHS ENDED PERIOD ENDED
JANUARY 31, 2008 JULY 31, 2007*
========================================================================================================================
Net investment income $7,797,624 $5,404,060
Net realized gain/(loss) on investments and foreign currency transactions (4,980) 323,039
Net change in unrealized depreciation of investments
and foreign currency translations (24,190,638) (2,901,367)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations (16,397,994) 2,825,732
- ------------------------------------------------------------------------------------------------------------------------
Distribution to shareholders from net investment income:
Class A Shares (4,150,373) (2,970,395)
Class C Shares (3,073,998) (2,050,235)
- ------------------------------------------------------------------------------------------------------------------------
(7,224,371) (5,020,630)
- ------------------------------------------------------------------------------------------------------------------------
Distribution to shareholders from net realized gains:
Class A Shares (430,582) --
Class C Shares (330,899) --
- ------------------------------------------------------------------------------------------------------------------------
(761,481) --
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from Fund share transactions:
Class A Shares 100,894,236 95,255,778
Class C Shares 91,773,142 74,385,535
- ------------------------------------------------------------------------------------------------------------------------
192,667,378 169,641,313
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 168,283,532 167,446,415
NET ASSETS:
Beginning of period 167,446,415 --
- ------------------------------------------------------------------------------------------------------------------------
End of period $335,729,947 $167,446,415
========================================================================================================================
Accumulated undistributed net investment income $751,138 $177,885
========================================================================================================================
* Inception for the Henderson Global Equity Income Fund was November 30,
2006.
See Notes to Financial Statements.
45
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL OPPORTUNITIES FUND
SIX MONTHS ENDED PERIOD ENDED
JANUARY 31, 2008 JULY 31, 2007*
========================================================================================================================
Net investment loss $(17,366) $(2,289)
Net realized gain/(loss) on investments and foreign currency transactions (743,931) 62,680
Net change in unrealized appreciation/(depreciation) of investments
and foreign currency translations (807,954) 209,751
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations (1,569,251) 270,142
- ------------------------------------------------------------------------------------------------------------------------
Distribution to shareholders from net investment income:
Class A Shares (46,290) --
Class C Shares -- --
- ------------------------------------------------------------------------------------------------------------------------
(46,290) --
- ------------------------------------------------------------------------------------------------------------------------
Distribution to shareholders from net realized gains:
Class A Shares (66,331) --
Class C Shares (19,371) --
- ------------------------------------------------------------------------------------------------------------------------
(85,702) --
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from Fund share transactions:
Class A Shares 10,662,389 3,845,288
Class C Shares 2,998,910 2,466,815
- ------------------------------------------------------------------------------------------------------------------------
13,661,299 6,312,103
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 11,960,056 6,582,245
NET ASSETS:
Beginning of period 6,582,245 --
- ------------------------------------------------------------------------------------------------------------------------
End of period $18,542,301 $6,582,245
========================================================================================================================
Accumulated undistributed net investment income/(loss) $(25,640) $38,016
========================================================================================================================
* Inception for the Henderson Global Opportunities Fund was November 30,
2006.
See Notes to Financial Statements.
46
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL TECHNOLOGY FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
Net investment loss $(1,290,816) $(798,155)
Net realized gain/(loss) on investments and foreign currency transactions (11,348,631) 3,656,089
Net change in unrealized appreciation/(depreciation) of investments
and foreign currency translations (18,950,106) 13,120,974
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations (31,589,553) 15,978,908
- ------------------------------------------------------------------------------------------------------------------------
Distribution to shareholders from net realized gains:
Class A Shares (2,953,965) --
Class B Shares (128,096) --
Class C Shares (1,184,665) --
- ------------------------------------------------------------------------------------------------------------------------
(4,266,726) --
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from Fund share transactions:
Class A Shares 126,397,854 24,800,914
Class B Shares 5,954,144 977,190
Class C Shares 53,407,231 10,105,419
- ------------------------------------------------------------------------------------------------------------------------
185,759,229 35,883,523
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 149,902,950 51,862,431
NET ASSETS:
Beginning of period 88,485,770 36,623,339
- ------------------------------------------------------------------------------------------------------------------------
End of period $238,388,720 $88,485,770
========================================================================================================================
Accumulated undistributed net investment income/(loss) $(1,286,820) $3,996
========================================================================================================================
See Notes to Financial Statements.
47
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
INTERNATIONAL OPPORTUNITIES FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
Net investment loss $(10,174,928) $(4,784,976)
Net realized gain on investments and foreign currency transactions 183,151,526 259,486,849
Net change in unrealized appreciation/(depreciation) of investments
and foreign currency translations (467,052,195) 362,245,439
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations (294,075,597) 616,947,312
- ------------------------------------------------------------------------------------------------------------------------
Distribution to shareholders from net investment income:
Class A Shares -- (2,136,324)
Class B Shares -- --
Class C Shares -- --
Class R Shares -- (571)
- ------------------------------------------------------------------------------------------------------------------------
-- (2,136,895)
- ------------------------------------------------------------------------------------------------------------------------
Distribution to shareholders from net realized gains:
Class A Shares (224,251,818) (56,615,357)
Class B Shares (12,792,493) (4,176,812)
Class C Shares (113,562,527) (28,828,659)
Class R Shares (93,917) (10,914)
- ------------------------------------------------------------------------------------------------------------------------
(350,700,755) (89,631,742)
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from Fund share transactions:
Class A Shares 819,682,467 819,438,737
Class B Shares 25,000,026 30,601,289
Class C Shares 345,576,566 413,154,636
Class R Shares 457,200 696,610
- ------------------------------------------------------------------------------------------------------------------------
1,190,716,259 1,263,891,272
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 545,939,907 1,789,069,947
NET ASSETS:
Beginning of period 3,371,539,339 1,582,469,392
- ------------------------------------------------------------------------------------------------------------------------
End of period $3,917,479,246 $3,371,539,339
========================================================================================================================
Accumulated undistributed net investment loss $(14,462,932) $(4,288,004)
========================================================================================================================
See Notes to Financial Statements.
48
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
JAPAN-ASIA FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
Net investment loss $(267,894) $(586,398)
Net realized gain/(loss) on investments and foreign currency transactions (2,773,358) 4,184,937
Net change in unrealized depreciation of investments
and foreign currency translations (11,452,011) (563,463)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations (14,493,263) 3,035,076
- ------------------------------------------------------------------------------------------------------------------------
Distribution to shareholders from net realized gains:
Class A Shares (2,162,016) --
Class C Shares (1,242,495) --
- ------------------------------------------------------------------------------------------------------------------------
(3,404,511) --
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets from Fund share transactions:
Class A Shares (4,292,856) 19,818,182
Class C Shares (5,824,348) 17,069,362
- ------------------------------------------------------------------------------------------------------------------------
(10,117,204) 36,887,544
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (28,014,978) 39,922,620
NET ASSETS:
Beginning of period 97,812,031 57,889,411
- ------------------------------------------------------------------------------------------------------------------------
End of period $69,797,053 $97,812,031
========================================================================================================================
Accumulated undistributed net investment loss $(335,478) $(68,559)
========================================================================================================================
See Notes to Financial Statements.
49
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
US FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
Net investment loss $(36,744) $(90,471)
Net realized gain on investments and foreign currency transactions 339,384 2,371,991
Net change in unrealized appreciation/(depreciation) of investments
and foreign currency translations (1,115,882) 502,051
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations (813,242) 2,783,571
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A Shares (1,265,877) (558,014)
Class B Shares (124,734) (58,901)
Class C Shares (376,415) (147,453)
- ------------------------------------------------------------------------------------------------------------------------
(1,767,026) (764,368)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets from Fund share transactions:
Class A Shares 158,345 (3,135,931)
Class B Shares (82,107) (442,836)
Class C Shares 269,192 (673,216)
- ------------------------------------------------------------------------------------------------------------------------
345,430 (4,251,983)
- ------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets (2,234,838) (2,232,780)
NET ASSETS:
Beginning of period 13,115,753 15,348,533
- ------------------------------------------------------------------------------------------------------------------------
End of period $10,880,915 $13,115,753
========================================================================================================================
Accumulated undistributed net investment loss $(42,251) $(5,507)
========================================================================================================================
See Notes to Financial Statements.
50
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
WORLDWIDE INCOME FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
Net investment income $3,321,098 $2,794,061
Net realized loss on investments and foreign currency transactions (1,087,315) (246,052)
Net change in unrealized depreciation of investments
and foreign currency translations (6,588,244) (693,904)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets resulting from operations (4,354,461) 1,854,105
- ------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (2,255,625) (1,578,752)
Class B Shares (179,637) (268,356)
Class C Shares (1,533,663) (904,659)
- ------------------------------------------------------------------------------------------------------------------------
(3,968,925) (2,751,767)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets from Fund share transactions:
Class A Shares 47,217,127 22,042,048
Class B Shares 1,074,628 (250,622)
Class C Shares 40,755,326 17,043,610
- ------------------------------------------------------------------------------------------------------------------------
89,047,081 38,835,036
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 80,723,695 37,937,374
NET ASSETS:
- ------------------------------------------------------------------------------------------------------------------------
Beginning of period 74,224,544 36,287,170
- ------------------------------------------------------------------------------------------------------------------------
End of period $154,948,239 $74,224,544
========================================================================================================================
Accumulated undistributed net investment income/(loss) $(282,521) $365,306
========================================================================================================================
See Notes to Financial Statements.
51
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
EUROPEAN FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
AMOUNT
CLASS A SHARES:
Sold $129,982,814 $583,733,880
Issued as reinvestment of dividends 81,755,743 30,086,882
Redeemed (201,193,575) (96,764,401)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $10,544,982 $517,056,361
========================================================================================================================
CLASS B SHARES:
Sold $1,885,456 $23,725,492
Issued as reinvestment of dividends 6,174,569 3,135,149
Redeemed (4,365,286) (5,426,490)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $3,694,739 $21,434,151
========================================================================================================================
CLASS C SHARES:
Sold $26,511,977 $211,991,034
Issued as reinvestment of dividends 25,852,246 9,243,863
Redeemed (42,658,956) (20,242,495)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $9,705,267 $200,992,402
========================================================================================================================
SHARES
CLASS A SHARES:
Sold 3,753,414 16,600,158
Issued as reinvestment of dividends 2,464,007 936,119
Redeemed (5,892,492) (2,799,265)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 324,929 14,737,012
========================================================================================================================
CLASS B SHARES:
Sold 56,181 705,828
Issued as reinvestment of dividends 194,720 101,395
Redeemed (133,709) (165,424)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 117,192 641,799
========================================================================================================================
CLASS C SHARES:
Sold 794,150 6,198,864
Issued as reinvestment of dividends 815,271 298,960
Redeemed (1,328,952) (605,084)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 280,469 5,892,740
========================================================================================================================
See Notes to Financial Statements.
52
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL EQUITY INCOME FUND
SIX MONTHS ENDED PERIOD ENDED
JANUARY 31, 2008 JULY 31, 2007*
========================================================================================================================
AMOUNT
CLASS A SHARES:
Sold $132,487,480 $95,412,516
Issued as reinvestment of dividends 2,166,418 1,849,093
Redeemed (33,759,662) (2,005,831)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $100,894,236 $95,255,778
========================================================================================================================
CLASS C SHARES:
Sold $96,008,490 $74,660,145
Issued as reinvestment of dividends 1,345,532 1,156,689
Redeemed (5,580,880) (1,431,299)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $91,773,142 $74,385,535
========================================================================================================================
SHARES
CLASS A SHARES:
Sold 12,126,583 8,879,461
Issued as reinvestment of dividends 200,513 168,637
Redeemed (3,254,105) (183,371)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 9,072,991 8,864,727
========================================================================================================================
CLASS C SHARES:
Sold 8,813,486 6,909,729
Issued as reinvestment of dividends 124,867 105,451
Redeemed (528,679) (134,760)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 8,409,674 6,880,420
========================================================================================================================
* Inception for the Henderson Global Equity Income Fund was November 30,
2006.
See Notes to Financial Statements.
53
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL OPPORTUNITIES FUND
SIX MONTHS ENDED PERIOD ENDED
JANUARY 31, 2008 JULY 31, 2007*
========================================================================================================================
AMOUNT
CLASS A SHARES:
Sold $13,484,719 $3,950,905
Issued as reinvestment of dividends 98,102 --
Redeemed (2,920,432) (105,617)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $10,662,389 $3,845,288
========================================================================================================================
CLASS C SHARES:
Sold $3,221,455 $2,466,491
Issued as reinvestment of dividends 15,705 --
Redeemed (238,250) 324
- ------------------------------------------------------------------------------------------------------------------------
Net increase $2,998,910 $2,466,815
========================================================================================================================
SHARES
CLASS A SHARES:
Sold 1,138,656 365,208
Issued as reinvestment of dividends 8,088 --
Redeemed (263,878) (10,001)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 882,866 355,207
========================================================================================================================
CLASS C SHARES:
Sold 272,903 219,450
Issued as reinvestment of dividends 1,281 --
Redeemed (21,891) (1)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 252,293 219,449
========================================================================================================================
* Inception for the Henderson Global Opportunities Fund was November 30,
2006.
See Notes to Financial Statements.
54
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL TECHNOLOGY FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
AMOUNT
CLASS A SHARES:
Sold $164,023,071 $37,655,443
Issued as reinvestment of dividends 2,263,659 --
Redeemed (39,888,876) (12,854,529)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $126,397,854 $24,800,914
========================================================================================================================
CLASS B SHARES:
Sold $6,275,599 $1,155,565
Issued as reinvestment of dividends 95,909 --
Redeemed (417,364) (178,375)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $5,954,144 $977,190
========================================================================================================================
CLASS C SHARES:
Sold $56,672,061 $12,444,285
Issued as reinvestment of dividends 802,013 --
Redeemed (4,066,843) (2,338,866)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $53,407,231 $10,105,419
========================================================================================================================
SHARES
CLASS A SHARES:
Sold 9,529,228 2,545,756
Issued as reinvestment of dividends 129,057 --
Redeemed (2,496,718) (898,621)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 7,161,567 1,647,135
========================================================================================================================
CLASS B SHARES:
Sold 379,703 78,627
Issued as reinvestment of dividends 5,712 --
Redeemed (26,021) (13,131)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 359,394 65,496
========================================================================================================================
CLASS C SHARES:
Sold 3,409,459 876,252
Issued as reinvestment of dividends 47,910 --
Redeemed (264,555) (167,583)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 3,192,814 708,669
========================================================================================================================
See Notes to Financial Statements.
55
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
INTERNATIONAL OPPORTUNITIES FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
AMOUNT
CLASS A SHARES:
Sold $881,943,157 $996,738,165
Issued as reinvestment of dividends 181,187,644 48,254,983
Redeemed (243,448,334) (225,554,411)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $819,682,467 $819,438,737
========================================================================================================================
CLASS B SHARES:
Sold $20,334,469 $35,885,549
Issued as reinvestment of dividends 9,672,534 3,232,119
Redeemed (5,006,977) (8,516,379)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $25,000,026 $30,601,289
========================================================================================================================
CLASS C SHARES:
Sold $345,026,560 $465,540,531
Issued as reinvestment of dividends 78,279,665 21,797,360
Redeemed (77,729,659) (74,183,255)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $345,576,566 $413,154,636
========================================================================================================================
CLASS R SHARES:
Sold $510,501 $943,642
Issued as reinvestment of dividends 34,828 11,484
Redeemed (88,129) (258,516)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $457,200 $696,610
========================================================================================================================
SHARES
CLASS A SHARES:
Sold 33,179,188 40,856,884
Issued as reinvestment of dividends 6,834,671 2,059,538
Redeemed (9,443,349) (9,228,765)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 30,570,510 33,687,657
========================================================================================================================
CLASS B SHARES:
Sold 790,163 1,538,619
Issued as reinvestment of dividends 382,313 142,888
Redeemed (200,601) (361,696)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 971,875 1,319,811
========================================================================================================================
CLASS C SHARES:
Sold 13,455,066 19,789,822
Issued as reinvestment of dividends 3,096,506 964,485
Redeemed (3,188,500) (3,108,746)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 13,363,072 17,645,561
========================================================================================================================
CLASS R SHARES:
Sold 19,804 37,101
Issued as reinvestment of dividends 1,322 492
Redeemed (3,403) (9,967)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 17,723 27,626
========================================================================================================================
See Notes to Financial Statements.
56
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
JAPAN-ASIA FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
AMOUNT
CLASS A SHARES:
Sold $11,050,311 $47,666,150
Issued as reinvestment of dividends 1,632,806 --
Redeemed (16,975,973) (27,847,968)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) $(4,292,856) $19,818,182
========================================================================================================================
CLASS C SHARES:
Sold $4,011,388 $26,704,508
Issued as reinvestment of dividends 733,701 --
Redeemed (10,569,437) (9,635,146)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) $(5,824,348) $17,069,362
========================================================================================================================
SHARES
CLASS A SHARES:
Sold 1,208,609 4,768,595
Issued as reinvestment of dividends 175,006 --
Redeemed (1,858,208) (2,798,330)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) (474,593) 1,970,265
========================================================================================================================
CLASS C SHARES:
Sold 450,458 2,695,738
Issued as reinvestment of dividends 79,750 --
Redeemed (1,185,009) (979,648)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) (654,801) 1,716,090
========================================================================================================================
See Notes to Financial Statements.
57
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
US FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
AMOUNT
CLASS A SHARES:
Sold $1,701,129 $4,485,071
Issued as reinvestment of dividends 956,290 462,720
Redeemed (2,499,074) (8,083,722)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) $158,345 $(3,135,931)
========================================================================================================================
CLASS B SHARES:
Sold $73,710 $107,626
Issued as reinvestment of dividends 84,857 46,993
Redeemed (240,674) (597,455)
- ------------------------------------------------------------------------------------------------------------------------
Net decrease $(82,107) $(442,836)
========================================================================================================================
CLASS C SHARES:
Sold $352,994 $461,626
Issued as reinvestment of dividends 337,452 127,402
Redeemed (421,254) (1,262,244)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) $269,192 $(673,216)
========================================================================================================================
SHARES
CLASS A SHARES:
Sold 146,799 393,663
Issued as reinvestment of dividends 86,856 42,766
Redeemed (214,432) (720,552)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) 19,223 (284,123)
========================================================================================================================
CLASS B SHARES:
Sold 6,687 9,143
Issued as reinvestment of dividends 7,938 4,421
Redeemed (21,162) (55,027)
- ------------------------------------------------------------------------------------------------------------------------
Net decrease (6,537) (41,463)
========================================================================================================================
CLASS C SHARES:
Sold 32,605 40,784
Issued as reinvestment of dividends 31,567 11,985
Redeemed (36,720) (115,333)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) 27,452 (62,564)
========================================================================================================================
See Notes to Financial Statements.
58
HENDERSON GLOBAL FUNDS
FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
WORLDWIDE INCOME FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2008 JULY 31, 2007
========================================================================================================================
AMOUNT
CLASS A SHARES:
Sold $55,144,143 $33,703,105
Issued as reinvestment of dividends 1,179,347 715,957
Redeemed (9,106,363) (12,377,014)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $47,217,127 $22,042,048
========================================================================================================================
CLASS B SHARES:
Sold $1,689,304 $1,964,069
Issued as reinvestment of dividends 60,153 64,922
Redeemed (674,829) (2,309,613)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) $1,074,628 $(280,622)
========================================================================================================================
CLASS C SHARES:
Sold $47,423,690 $21,898,093
Issued as reinvestment of dividends 698,975 488,694
Redeemed (7,367,339) (5,343,177)
- ------------------------------------------------------------------------------------------------------------------------
Net increase $40,755,326 $17,043,610
========================================================================================================================
SHARES
CLASS A SHARES:
Sold 5,026,641 3,010,086
Issued as reinvestment of dividends 109,137 64,224
Redeemed (844,011) (1,104,123)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 4,291,767 1,970,187
========================================================================================================================
CLASS B SHARES:
Sold 154,163 176,021
Issued as reinvestment of dividends 5,561 8,545
Redeemed (62,241) (207,057)
- ------------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) 97,483 (22,491)
========================================================================================================================
CLASS C SHARES:
Sold 4,321,326 1,955,018
Issued as reinvestment of dividends 64,602 43,914
Redeemed (671,092) (480,101)
- ------------------------------------------------------------------------------------------------------------------------
Net increase 3,714,836 1,518,831
========================================================================================================================
See Notes to Financial Statements.
59
HENDERSON GLOBAL FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
------------------------------------------ ----------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL TOTAL
OF PERIOD (LOSS) INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
EUROPEAN FOCUS FUND
CLASS A
Period Ended 1/31/2008 $37.04 0.05 (b) (2.21) (2.16) (0.87) (3.25) (4.12)
Year Ended 7/31/2007 29.36 0.13 (b) 10.19 10.32 0.00 (2.64) (2.64)
Year Ended 7/31/2006 25.30 0.12 (b) 5.54 5.66 0.00 (1.60) (1.60)
Year Ended 7/31/2005 20.88 0.04 (b) 6.76 6.80 0.00 (2.38) (2.38)
Year Ended 7/31/2004 15.47 (0.01)(b) 6.30 6.29 (0.06) (0.82) (0.88)
Year Ended 7/31/2003 11.61 0.16 (b) 3.76 3.92 (0.06) 0.00 (0.06)
CLASS B
Period Ended 1/31/2008 $35.46 (0.08)(b) (2.11) (2.19) (0.66) (3.25) (3.91)
Year Ended 7/31/2007 28.41 (0.15)(b) 9.84 9.69 0.00 (2.64) (2.64)
Year Ended 7/31/2006 24.71 (0.11)(b) 5.41 5.30 0.00 (1.60) (1.60)
Year Ended 7/31/2005 20.57 (0.15)(b) 6.67 6.52 0.00 (2.38) (2.38)
Year Ended 7/31/2004 15.30 (0.21)(b) 6.30 6.09 0.00 (0.82) (0.82)
Year Ended 7/31/2003 11.54 0.02 (b) 3.76 3.78 (0.02) 0.00 (0.02)
CLASS C
Period Ended 1/31/2008 $35.46 (0.08)(b) (2.11) (2.19) (0.66) (3.25) (3.91)
Year Ended 7/31/2007 28.40 (0.10)(b) 9.80 9.70 0.00 (2.64) (2.64)
Year Ended 7/31/2006 24.70 (0.10)(b) 5.40 5.30 0.00 (1.60) (1.60)
Year Ended 7/31/2005 20.57 (0.14)(b) 6.65 6.51 0.00 (2.38) (2.38)
Year Ended 7/31/2004 15.30 (0.20)(b) 6.29 6.09 0.00 (0.82) (0.82)
Year Ended 7/31/2003 11.53 0.03 (b) 3.76 3.79 (0.02) 0.00 (0.02)
GLOBAL EQUITY INCOME FUND
CLASS A
Period Ended 1/31/2008 $10.65 0.35 (b) (0.51) (0.16) (0.34) (0.03) (0.37)
Period Ended 7/31/2007 (a) 10.00 0.83 (b) 0.25 1.08 (0.43) 0.00 (0.43)
CLASS C
Period Ended 1/31/2008 $10.62 0.31 (b) (0.50) (0.19) (0.31) (0.03) (0.34)
Period Ended 7/31/2007 (a) 10.00 0.77 (b) 0.25 1.02 (0.40) 0.00 (0.40)
GLOBAL OPPORTUNITIES FUND
CLASS A
Period Ended 1/31/2008 $11.41 0.00 (b),(*) (0.50) (0.50) (0.04) (0.06) (0.10)
Period Ended 7/31/2007 (a) 10.00 0.01 (b) 1.40 1.41 0.00 0.00 0.00
CLASS C
Period Ended 1/31/2008 $11.53 (0.05)(b) (0.50) (0.55) 0.00 (0.06) (0.06)
Period Ended 7/31/2007 (a) 10.00 (0.05)(b) 1.58 1.53 0.00 0.00 0.00
RATIOS TO AVERAGE NET ASSETS:
-----------------------------------------------------
ANNUALIZED RATIO OF
ANNUALIZED ANNUALIZED OPERATING EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
NET ASSET NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
VALUE, END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
THE PERIOD RETURN (c) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- ------------------------------------------------------------------------------------------------------------------------------------
EUROPEAN FOCUS FUND
CLASS A
Period Ended 1/31/2008 $30.76 (6.63)% $849,393 1.44% 0.26% 1.49% 41%
Year Ended 7/31/2007 37.04 36.52 1,010,786 1.53 0.39 1.53 61
Year Ended 7/31/2006 29.36 23.72 368,593 1.59 0.44 1.59 64
Year Ended 7/31/2005 25.30 34.43 182,831 2.00 0.18 1.73 51
Year Ended 7/31/2004 20.88 41.89 79,459 2.00 (0.04) 2.15 88
Year Ended 7/31/2003 15.47 33.93 20,647 2.00 1.20 4.60 76
CLASS B
Period Ended 1/31/2008 $29.36 (6.98)% $59,466 2.19% (0.49)% 2.24% 41%
Year Ended 7/31/2007 35.46 35.47 67,668 2.28 (0.46) 2.28 61
Year Ended 7/31/2006 28.41 22.79 35,977 2.34 (0.41) 2.34 64
Year Ended 7/31/2005 24.71 33.54 26,964 2.75 (0.67) 2.48 51
Year Ended 7/31/2004 20.57 40.92 15,246 2.75 (1.06) 2.90 88
Year Ended 7/31/2003 15.30 32.83 9,420 2.75 0.16 5.35 76
CLASS C
Period Ended 1/31/2008 $29.36 (6.98)% $295,399 2.19% (0.49)% 2.24% 41%
Year Ended 7/31/2007 35.46 35.52 346,856 2.28 (0.31) 2.28 61
Year Ended 7/31/2006 28.40 22.80 110,465 2.34 (0.39) 2.34 64
Year Ended 7/31/2005 24.70 33.48 74,207 2.75 (0.62) 2.48 51
Year Ended 7/31/2004 20.57 40.92 38,684 2.75 (1.02) 2.90 88
Year Ended 7/31/2003 15.30 32.94 22,285 2.75 0.24 5.35 76
GLOBAL EQUITY INCOME FUND
CLASS A
Period Ended 1/31/2008 $10.12 (1.73)% $181,469 1.40% 6.52% 1.45% 85%
Period Ended 7/31/2007 (a) 10.65 10.68 94,377 1.40 11.36 1.85 100
CLASS C
Period Ended 1/31/2008 $10.09 (2.07)% $154,261 2.15% 5.74% 2.20% 85%
Period Ended 7/31/2007 (a) 10.62 10.11 73,070 2.15 10.64 2.60 100
GLOBAL OPPORTUNITIES FUND
CLASS A
Period Ended 1/31/2008 $10.81 (4.51)% $13,389 1.95% (0.05)% 3.86% 71%
Period Ended 7/31/2007 (a) 11.41 14.10 4,052 1.95 0.15 13.40 40
CLASS C
Period Ended 1/31/2008 $10.92 (4.86)% $5,153 2.70% (0.79)% 4.61% 71%
Period Ended 7/31/2007 (a) 11.53 15.30 2,530 2.70 (0.66) 14.15 40
(a) The Henderson Global Equity Income and Global Opportunities Fund commenced
operations on November 30, 2006.
(b) Per share data was calculated using average shares outstanding during the
period.
(c) Non-annualized total return for the period excluding any applicable sales
charge.
(*) Amount represents less than $0.01.
See Notes to Financial Statements.
60-61 spread
HENDERSON GLOBAL FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
------------------------------------------ ----------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL TOTAL
OF PERIOD (LOSS) INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
GLOBAL TECHNOLOGY FUND
CLASS A
Period Ended 1/31/2008 $16.43 (0.09)(a) (1.10) (1.19) 0.00 (0.27) (0.27)
Year Ended 7/31/2007 12.19 (0.17)(a) 4.41 4.24 0.00 0.00 0.00
Year Ended 7/31/2006 11.68 (0.19)(a) 0.87 0.68 0.00 (0.17) (0.17)
Year Ended 7/31/2005 10.54 (0.14)(a) 1.91 1.77 0.00 (0.63) (0.63)
Year Ended 7/31/2004 9.56 (0.20)(a) 1.18 0.98 0.00 0.00 0.00
Year Ended 7/31/2003 7.36 (0.13)(a) 2.41 2.28 (0.08) 0.00 (0.08)
CLASS B
Period Ended 1/31/2008 $15.77 (0.14)(a) (1.05) (1.19) 0.00 (0.27) (0.27)
Year Ended 7/31/2007 11.79 (0.26)(a) 4.24 3.98 0.00 0.00 0.00
Year Ended 7/31/2006 11.39 (0.28)(a) 0.85 0.57 0.00 (0.17) (0.17)
Year Ended 7/31/2005 10.36 (0.21)(a) 1.87 1.66 0.00 (0.63) (0.63)
Year Ended 7/31/2004 9.48 (0.27)(a) 1.15 0.88 0.00 0.00 0.00
Year Ended 7/31/2003 7.31 (0.18)(a) 2.43 2.25 (0.08) 0.00 (0.08)
CLASS C
Period Ended 1/31/2008 $15.73 (0.14)(a) (1.05) (1.19) 0.00 (0.27) (0.27)
Year Ended 7/31/2007 11.76 (0.26)(a) 4.23 3.97 0.00 0.00 0.00
Year Ended 7/31/2006 11.35 (0.28)(a) 0.86 0.58 0.00 (0.17) (0.17)
Year Ended 7/31/2005 10.34 (0.21)(a) 1.85 1.64 0.00 (0.63) (0.63)
Year Ended 7/31/2004 9.45 (0.27)(a) 1.16 0.89 0.00 0.00 0.00
Year Ended 7/31/2003 7.31 (0.18)(a) 2.40 2.22 (0.08) 0.00 (0.08)
RATIOS TO AVERAGE NET ASSETS:
--------------------------------------------------
ANNUALIZED RATIO OF
ANNUALIZED ANNUALIZED OPERATING EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
NET ASSET NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
VALUE, END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
THE PERIOD RETURN (b) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- ------------------------------------------------------------------------------------------------------------------------------------
GLOBAL TECHNOLOGY FUND
CLASS A
Period Ended 1/31/2008 $14.97 (7.48)% $162,148 1.57% (1.02)% 1.57% 82%
Year Ended 7/31/2007 16.43 34.78 60,329 1.87 (1.14) 1.87 129
Year Ended 7/31/2006 12.19 5.83 24,685 1.99 (1.41) 2.50 159
Year Ended 7/31/2005 11.68 16.90 3,331 2.00 (1.26) 6.58 164
Year Ended 7/31/2004 10.54 10.25 1,371 2.00 (1.75) 7.01 234
Year Ended 7/31/2003 9.56 31.38 409 2.00 (1.74) 22.78 238
CLASS B
Period Ended 1/31/2008 $14.31 (7.80)% $7,519 2.32% (1.77)% 2.32% 82%
Year Ended 7/31/2007 15.77 33.76 2,621 2.62 (1.89) 2.62 129
Year Ended 7/31/2006 11.79 5.01 1,187 2.74 (2.20) 3.25 159
Year Ended 7/31/2005 11.39 16.10 906 2.75 (1.92) 7.33 164
Year Ended 7/31/2004 10.36 9.28 794 2.75 (2.45) 7.76 234
Year Ended 7/31/2003 9.48 31.10 816 2.75 (2.48) 23.53 238
CLASS C
Period Ended 1/31/2008 $14.27 (7.81)% $68,722 2.32% (1.77)% 2.32% 82%
Year Ended 7/31/2007 15.73 33.76 25,536 2.62 (1.89) 2.62 129
Year Ended 7/31/2006 11.76 5.11 10,752 2.74 (2.15) 3.25 159
Year Ended 7/31/2005 11.35 15.93 1,356 2.75 (1.96) 7.33 164
Year Ended 7/31/2004 10.34 9.42 957 2.75 (2.47) 7.76 234
Year Ended 7/31/2003 9.45 30.69 456 2.75 (2.50) 23.53 238
(a) Per share data was calculated using average shares outstanding during the
period.
(b) Non-annualized total return for the period excluding any applicable sales
charge.
See Notes to Financial Statements.
62-63 spread
HENDERSON GLOBAL FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
------------------------------------------ ----------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL TOTAL
OF PERIOD (LOSS) INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES FUND
CLASS A
Period Ended 1/31/2008 $26.91 (0.04)(b) (1.35) (1.39) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 21.52 0.02 (b) 6.43 6.45 (0.04) (1.02) (1.06)
Year Ended 7/31/2006 17.77 0.14 (b) 4.36 4.50 0.00 (0.75) (0.75)
Year Ended 7/31/2005 14.94 0.00 (b),(*) 3.08 3.08 0.00 (0.25) (0.25)
Year Ended 7/31/2004 11.99 (0.10)(b) 3.22 3.12 0.00 (0.17) (0.17)
Year Ended 7/31/2003 10.51 0.00 (b),(*) 1.55 1.55 (0.07) 0.00 (0.07)
CLASS B
Period Ended 1/31/2008 $25.85 (0.13)(b) (1.29) (1.42) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 20.82 (0.17)(b) 6.22 6.05 0.00 (1.02) (1.02)
Year Ended 7/31/2006 17.35 (0.03)(b) 4.25 4.22 0.00 (0.75) (0.75)
Year Ended 7/31/2005 14.70 (0.14)(b) 3.04 2.90 0.00 (0.25) (0.25)
Year Ended 7/31/2004 11.88 (0.22)(b) 3.21 2.99 0.00 (0.17) (0.17)
Year Ended 7/31/2003 10.44 (0.12)(b) 1.59 1.47 (0.03) 0.00 (0.03)
CLASS C
Period Ended 1/31/2008 $25.83 (0.13)(b) (1.28) (1.41) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 20.81 (0.16)(b) 6.20 6.04 0.00 (1.02) (1.02)
Year Ended 7/31/2006 17.33 (0.01)(b) 4.24 4.23 0.00 (0.75) (0.75)
Year Ended 7/31/2005 14.68 (0.13)(b) 3.03 2.90 0.00 (0.25) (0.25)
Year Ended 7/31/2004 11.88 (0.22)(b) 3.19 2.97 0.00 (0.17) (0.17)
Year Ended 7/31/2003 10.44 (0.12)(b) 1.59 1.47 (0.03) 0.00 (0.03)
CLASS R
Period Ended 1/31/2008 $26.78 (0.07)(b) (1.35) (1.42) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 21.46 0.01 (b) 6.38 6.39 (0.05) (1.02) (1.07)
Period Ended 7/31/2006 (a) 19.07 0.09 (b) 3.05 3.14 0.00 (0.75) (0.75)
JAPAN-ASIA FOCUS FUND
CLASS A
Period Ended 1/31/2008 $10.13 (0.02)(b) (1.51) (1.53) 0.00 (0.40) (0.40)
Year Ended 7/31/2007 9.65 (0.05)(b) 0.53 0.48 0.00 0.00 0.00
Period Ended 7/31/2006 (a) 10.00 (0.03)(b) (0.32) (0.35) 0.00 0.00 0.00
CLASS C
Period Ended 1/31/2008 $10.03 (0.05)(b) (1.51) (1.56) 0.00 (0.40) (0.40)
Year Ended 7/31/2007 9.62 (0.12)(b) 0.53 0.41 0.00 0.00 0.00
Period Ended 7/31/2006 (a) 10.00 (0.07)(b) (0.31) (0.38) 0.00 0.00 0.00
RATIOS TO AVERAGE NET ASSETS:
---------------------------------------------------
ANNUALIZED RATIO OF
ANNUALIZED ANNUALIZED OPERATING EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
NET ASSET NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
VALUE, END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
THE PERIOD RETURN (c) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES FUND
CLASS A
Period Ended 1/31/2008 $23.16 (6.29)% $2,572,071 1.47% (0.26)% 1.47% 48%
Year Ended 7/31/2007 26.91 30.69 2,166,598 1.56 0.07 1.56 79
Year Ended 7/31/2006 21.52 25.98 1,007,241 1.66 0.68 1.66 100
Year Ended 7/31/2005 17.77 20.77 332,370 2.00 (0.01) 1.84 79
Year Ended 7/31/2004 14.94 26.15 104,255 2.00 (0.68) 2.21 132
Year Ended 7/31/2003 11.99 14.84 8,371 2.00 0.01 7.21 190
CLASS B
Period Ended 1/31/2008 $22.07 (6.68)% $132,930 2.22% (1.00)% 2.22% 48%
Year Ended 7/31/2007 25.85 29.75 130,558 2.31 (0.71) 2.31 79
Year Ended 7/31/2006 20.82 24.97 77,695 2.41 (0.16) 2.41 100
Year Ended 7/31/2005 17.35 19.87 37,291 2.75 (0.84) 2.59 79
Year Ended 7/31/2004 14.70 25.29 16,559 2.75 (1.52) 2.96 132
Year Ended 7/31/2003 11.88 14.10 3,888 2.75 (1.13) 7.96 190
CLASS C
Period Ended 1/31/2008 $22.06 (6.64)% $1,211,295 2.22% (1.01)% 2.22% 48%
Year Ended 7/31/2007 25.83 29.72 1,073,481 2.31 (0.67) 2.31 79
Year Ended 7/31/2006 20.81 25.06 497,402 2.41 (0.05) 2.41 100
Year Ended 7/31/2005 17.33 19.90 161,712 2.75 (0.80) 2.59 79
Year Ended 7/31/2004 14.68 25.12 63,396 2.75 (1.46) 2.96 132
Year Ended 7/31/2003 11.88 14.12 7,560 2.75 (1.14) 7.96 190
CLASS R
Period Ended 1/31/2008 $23.00 (6.44)% $1,183 1.72% (0.51)% 1.72% 48%
Year Ended 7/31/2007 26.78 30.52 903 1.81 0.04 1.81 79
Period Ended 7/31/2006 (a) 21.46 17.07 131 1.91 0.54 1.91 100
JAPAN-ASIA FOCUS FUND
CLASS A
Period Ended 1/31/2008 $8.20 (15.62)% $45,699 1.71% (0.38)% 1.71% 31%
Year Ended 7/31/2007 10.13 4.97 61,316 1.84 (0.47) 1.83 61
Period Ended 7/31/2006 (a) 9.65 (3.50) 39,381 2.00 (0.63) 2.40 29
CLASS C
Period Ended 1/31/2008 $8.07 (16.08)% $24,098 2.46% (1.11)% 2.46% 31%
Year Ended 7/31/2007 10.03 4.26 36,496 2.59 (1.23) 2.58 61
Period Ended 7/31/2006 (a) 9.62 (3.80) 18,508 2.75 (1.37) 3.15 29
(a) The Henderson International Opportunities Fund Class R commenced operations
on September 30, 2005. The Henderson Japan-Asia Focus Fund commenced
operations on January 31, 2006.
(b) Per share data was calculated using average shares outstanding during the
period.
(c) Non-annualized total return for the period excluding any applicable sales
charge.
(*) Amount represents less than $0.01.
See Notes to Financial Statements.
64-65 spread
HENDERSON GLOBAL FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
------------------------------------------ ----------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL TOTAL
OF PERIOD (LOSS) INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
US FOCUS FUND
CLASS A
Period Ended 1/31/2008 $11.99 (0.02)(b) (0.61) (0.63) 0.00 (1.74) (1.74)
Year Ended 7/31/2007 10.35 (0.05)(b) 2.32 2.27 0.00 (0.63) (0.63)
Year Ended 7/31/2006 10.93 (0.13)(b) (0.38) (0.51) 0.00 (0.07) (0.07)
Year Ended 7/31/2005 9.69 (0.12)(b) 1.41 1.29 (0.05) 0.00 (0.05)
Period Ended 7/31/2004 (a) 10.00 (0.04)(b) (0.27) (0.31) 0.00 0.00 0.00
CLASS B
Period Ended 1/31/2008 $11.72 (0.06)(b) (0.58) (0.64) 0.00 (1.74) (1.74)
Year Ended 7/31/2007 10.20 (0.13)(b) 2.28 2.15 0.00 (0.63) (0.63)
Year Ended 7/31/2006 10.85 (0.21)(b) (0.37) (0.58) 0.00 (0.07) (0.07)
Year Ended 7/31/2005 9.67 (0.19)(b) 1.39 1.20 (0.02) 0.00 (0.02)
Period Ended 7/31/2004 (a) 10.00 (0.05)(b) (0.28) (0.33) 0.00 0.00 0.00
CLASS C
Period Ended 1/31/2008 $11.72 (0.06)(b) (0.59) (0.65) 0.00 (1.74) (1.74)
Year Ended 7/31/2007 10.20 (0.14)(b) 2.29 2.15 0.00 (0.63) (0.63)
Year Ended 7/31/2006 10.85 (0.21)(b) (0.37) (0.58) 0.00 (0.07) (0.07)
Year Ended 7/31/2005 9.67 (0.20)(b) 1.40 1.20 (0.02) 0.00 (0.02)
Period Ended 7/31/2004 (a) 10.00 (0.05)(b) (0.28) (0.33) 0.00 0.00 0.00
WORLDWIDE INCOME FUND
CLASS A
Period Ended 1/31/2008 $10.87 0.33 (b) (0.43) (0.10) (0.40) 0.00 (0.40)
Year Ended 7/31/2007 10.78 0.66 (b) 0.08 0.74 (0.65) 0.00 (0.65)
Year Ended 7/31/2006 11.03 0.71 (b) (0.22) 0.49 (0.74) 0.00 (0.74)
Year Ended 7/31/2005 10.73 0.66 (b) 0.40 1.06 (0.72) (0.04) (0.76)
Period Ended 7/31/2004 (a) 10.00 0.54 (b) 0.73 1.27 (0.54) 0.00 (0.54)
CLASS B
Period Ended 1/31/2008 $10.84 0.30 (b) (0.43) (0.13) (0.36) 0.00 (0.36)
Year Ended 7/31/2007 10.76 0.57 (b) 0.07 0.64 (0.56) 0.00 (0.56)
Year Ended 7/31/2006 11.00 0.62 (b) (0.20) 0.42 (0.66) 0.00 (0.66)
Year Ended 7/31/2005 10.72 0.58 (b) 0.38 0.96 (0.64) (0.04) (0.68)
Period Ended 7/31/2004 (a) 10.00 0.47 (b) 0.73 1.20 (0.48) 0.00 (0.48)
CLASS C
Period Ended 1/31/2008 $10.86 0.29 (b) (0.42) (0.13) (0.36) 0.00 (0.36)
Year Ended 7/31/2007 10.78 0.57 (b) 0.07 0.64 (0.56) 0.00 (0.56)
Year Ended 7/31/2006 11.02 0.63 (b) (0.21) 0.42 (0.66) 0.00 (0.66)
Year Ended 7/31/2005 10.73 0.58 (b) 0.39 0.97 (0.64) (0.04) (0.68)
Period Ended 7/31/2004 (a) 10.00 0.46 (b) 0.75 1.21 (0.48) 0.00 (0.48)
RATIOS TO AVERAGE NET ASSETS:
---------------------------------------------------
ANNUALIZED RATIO OF
ANNUALIZED ANNUALIZED OPERATING EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
NET ASSET NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
VALUE, END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
THE PERIOD RETURN (c) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- ------------------------------------------------------------------------------------------------------------------------------------
US FOCUS FUND
CLASS A
Period Ended 1/31/2008 $9.62 (7.01)% $7,670 1.40% (0.36)% 2.66% 51%
Year Ended 7/31/2007 11.99 22.55 9,328 1.95 (0.45) 2.95 167
Year Ended 7/31/2006 10.35 (4.69) 10,991 2.00 (1.18) 2.45 98
Year Ended 7/31/2005 10.93 13.34 14,752 2.00 (1.19) 3.37 80
Period Ended 7/31/2004 (a) 9.69 (3.10) 1,467 2.00 (1.41) 22.58 11
CLASS B
Period Ended 1/31/2008 $9.34 (7.36)% $735 2.15% (1.10)% 3.41% 51%
Year Ended 7/31/2007 11.72 21.67 998 2.70 (1.23) 3.70 167
Year Ended 7/31/2006 10.20 (5.38) 1,292 2.75 (1.92) 3.20 98
Year Ended 7/31/2005 10.85 12.46 3,002 2.75 (1.84) 4.12 80
Period Ended 7/31/2004 (a) 9.67 (3.30) 1,483 2.75 (2.21) 23.32 11
CLASS C
Period Ended 1/31/2008 $9.33 (7.36)% $2,476 2.15% (1.11)% 3.41% 51%
Year Ended 7/31/2007 11.72 21.67 2,789 2.70 (1.21) 3.70 167
Year Ended 7/31/2006 10.20 (5.38) 3,065 2.75 (1.93) 3.20 98
Year Ended 7/31/2005 10.85 12.46 3,849 2.75 (1.95) 4.12 80
Period Ended 7/31/2004 (a) 9.67 (3.30) 356 2.75 (2.21) 23.32 11
WORLDWIDE INCOME FUND
CLASS A
Period Ended 1/31/2008 $10.37 (1.07)% $82,213 1.30% 6.12% 1.47% 23%
Year Ended 7/31/2007 10.87 6.71 39,470 1.30 5.89 1.77 73
Year Ended 7/31/2006 10.78 4.70 17,927 1.30 6.51 1.93 161
Year Ended 7/31/2005 11.03 10.07 16,375 1.30 5.98 2.08 137
Period Ended 7/31/2004 (a) 10.73 12.81 7,628 1.30 5.89 3.49 327
CLASS B
Period Ended 1/31/2008 $10.35 (1.35)% $5,785 2.05% 5.46% 2.22% 23%
Year Ended 7/31/2007 10.84 5.93 5,003 2.05 5.17 2.52 73
Year Ended 7/31/2006 10.76 3.93 5,210 2.05 5.77 2.68 161
Year Ended 7/31/2005 11.00 9.07 4,751 2.05 5.23 2.83 137
Period Ended 7/31/2004 (a) 10.72 12.08 3,344 2.05 5.29 4.24 327
CLASS C
Period Ended 1/31/2008 $10.37 (1.35)% $66,950 2.05% 5.35% 2.22% 23%
Year Ended 7/31/2007 10.86 5.92 29,752 2.05 5.11 2.52 73
Year Ended 7/31/2006 10.78 3.92 13,150 2.05 5.78 2.68 161
Year Ended 7/31/2005 11.02 9.16 13,580 2.05 5.23 2.83 137
Period Ended 7/31/2004 (a) 10.73 12.18 8,047 2.05 5.26 4.24 327
(a) The Henderson US Focus Fund commenced operations on April 30, 2004. The
Henderson Worldwide Income Fund commenced operations on September 30, 2003.
(b) Per share data was calculated using average shares outstanding during the
period.
(c) Non-annualized total return for the period excluding any applicable sales
charge.
See Notes to Financial Statements.
66-67 spread
HENDERSON GLOBAL FUNDS
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. ORGANIZATION
Henderson Global Funds (the "Trust") was organized on May 11, 2001, as a
Delaware business trust and is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), as an open-end management investment company.
The Trust has an unlimited number of authorized shares that are divided among
ten series. Two series of the Trust, Henderson International Equity Fund and
Henderson Global Real Estate Equities Fund, are not included in this report
because their fiscal year end is December 31. Henderson European Focus Fund
("European Focus"), Henderson Global Equity Income Fund ("Global Equity
Income"), Henderson Global Opportunities Fund ("Global Opportunities"),
Henderson Global Technology Fund ("Global Technology"), Henderson International
Opportunities Fund ("International Opportunities"), Henderson Japan-Asia Focus
Fund ("Japan-Asia Focus"), Henderson US Focus Fund ("US Focus") and Henderson
Worldwide Income Fund ("Worldwide Income") collectively (the "Funds") are each a
separate series of the Trust. Each Fund except Global Equity Income, Global
Opportunities and Japan-Asia Focus is diversified. Each of the Funds except
Global Equity Income, Global Opportunities and Japan-Asia Focus, offer Class A
shares, Class B shares and Class C shares. Global Equity Income, Global
Opportunities and Japan-Asia Focus offer Class A shares and Class C shares.
Class A shares generally provide for a front-end sales charge, and Class B
shares and Class C shares provide for a contingent deferred sales charge.
International Opportunities also offers Class R shares which are not subject to
a front-end or contingent deferred sales charge. Each class of shares has equal
rights as to earnings and assets except that each class bears different
distribution and shareholder service expenses. Each class of shares has
exclusive voting rights with respect to matters that affect just that class.
Income, expenses (other than expenses attributable to a specific class), and
realized and unrealized gains and losses on investments are allocated to each
class of shares based on its relative net assets. Class B shares automatically
convert to Class A shares at the end of the month following the eighth
anniversary of issuance.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
SECURITY VALUATION
Securities traded on a recognized exchange or market are generally valued at the
last reported sale price or at the official closing price. Listed securities for
which no sale was reported on that date and other securities traded in the
over-the-counter market are valued at the mean between the last bid and asked
prices.
Debt securities are valued at the last sales price or market value by
independent pricing services approved by the Trustees of the Trust. If the
pricing services are unable to provide valuations, the securities are valued at
the mean between the last bid and asked prices or if no ask is available, then
the last bid price obtained from one or more broker dealers. Such pricing
services may use various pricing techniques, which take into account appropriate
factors such as yield, quality, coupon rate, maturity, type of issue, trading
characteristics and other data, as well as broker quotes.
Short-term investments purchased with an original or remaining maturity of 60
days or less are valued at amortized cost, which approximates market value.
If market quotations are not readily available, or if the investment adviser
determines that a quotation of a security does not represent a fair value, then
the security is valued at a fair value as determined in good faith using
procedures approved by the Trustees of the Trust. The Trust has retained an
independent statistical fair value pricing service to assist in the fair
valuation process for securities principally traded in a foreign market in order
to adjust for possible changes in value that may occur between the close of the
foreign exchange and the time at which Fund shares are priced. If a security is
valued at a "fair value", that value may be different from the last quoted
market price for the security. As a result, it is possible that fair value
prices will be used by European Focus, Global Equity Income, Global
Opportunities, Global Technology, International Opportunities, Japan-Asia Focus
and Worldwide Income.
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Investment transactions are accounted for on trade date. Interest income is
recorded on an accrual basis. Dividend income is recorded on the ex-dividend
date. Bond premium is amortized and discount is accreted over the expected life
of each applicable security. Corporate actions involving foreign securities,
including dividends, are recorded as soon as the information becomes available.
Withholding taxes on foreign dividends are accrued in accordance with the
applicable country's tax rules and rates. Securities gains and losses are
determined on the identified cost basis, which is the same basis used for
federal income tax purposes.
FOREIGN CURRENCY TRANSLATION
Investment securities and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollar amounts at the date of valuation.
Purchases and sales of investment securities and income and expense items
denominated in foreign currencies are translated into U.S. dollar amounts on the
respective dates of such transactions.
The Funds do not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments on
the Statement of Operations.
68
HENDERSON GLOBAL FUNDS
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
Reported net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized between the trade date and
settlement date on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Funds' books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in the
fair values of assets and liabilities, other than investments in securities at
fiscal period end, resulting from changes in exchange rates.
INDEMNIFICATIONS
Under the Trust's organizational documents, its Officers and Trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Trust. In addition, in the normal course of business the Trust
enters into contracts that provide general indemnifications to other parties.
The Trust's maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Trust that have not yet been
asserted.
USE OF ESTIMATES
The preparation of financial statements, in conformity with United States
generally accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results may differ from those estimates.
FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts primarily to hedge
against foreign currency exchange rate risks on their non-U.S. dollar
denominated investment securities. When entering into forward foreign currency
contracts, a Fund agrees to receive or deliver a fixed quantity of foreign
currency for an agreed-upon price on an agreed future date. Realized gains or
losses on forwards include net gains or losses on contracts that have matured or
which a Fund has terminated by entering into offsetting closing transactions.
Forward foreign currency contracts are valued daily and the unrealized
appreciation or depreciation is included in the Statement of Assets and
Liabilities. These instruments involve market risk, credit risk, or both kinds
of risks, in excess of the amount recognized in the Statement of Operations -
Net realized and unrealized gain/(loss). These risks arise from the possible
inability of counterparties to meet the terms of their contracts and from
unfavorable currency fluctuations.
The Funds held the following open forward foreign currency contracts at January
31, 2008:
LOCAL UNREALIZED
VALUE AMOUNT CURRENT APPRECIATION
DATE (000'S) VALUE (DEPRECIATION)
- ------------------------------------------------------------------
EUROPEAN FOCUS
- ------------------------------------------------------------------
British
Pound
Short 4/07/08 65,000,000 $65,433,606 $(433,606)
- ------------------------------------------------------------------
Euro
Short 4/24/08 100,000,000 102,125,181 (2,125,181)
==================================================================
GLOBAL EQUITY INCOME
- ------------------------------------------------------------------
British
Pound
Short 4/16/08 60,000,000 $60,671,015 $(671,015)
==================================================================
GLOBAL OPPORTUNITIES
- ------------------------------------------------------------------
British
Pound
Short 4/07/08 700,000 $704,669 $(4,669)
- ------------------------------------------------------------------
Euro
Short 4/24/08 1,400,000 1,429,753 (29,753)
==================================================================
INTERNATIONAL OPPORTUNITIES
- ------------------------------------------------------------------
British
Pound
Short 4/07/08 90,000,000 $90,600,396 $(600,396)
- ------------------------------------------------------------------
Euro
Short 4/24/08 230,000,000 234,887,892 (4,887,892)
==================================================================
WORLDWIDE INCOME
- ------------------------------------------------------------------
British
Pound
Short 2/26/08 14,540,815 $14,807,931 $(267,116)
- ------------------------------------------------------------------
Euro
Long 2/26/08 1,300,000 1,319,906 19,906
- ------------------------------------------------------------------
Euro
Short 2/26/08 45,261,672 46,138,041 (876,369)
==================================================================
69
HENDERSON GLOBAL FUNDS
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
SECURITIES LOANS
The Funds may make secured loans of its portfolio securities amounting to not
more than 33 1/3% of its total assets (taken at market value at the time of such
loan), thereby realizing additional income. The risks in lending portfolio
securities, as with other extensions of credit, consist of possible delay in
recovery of the securities, possible delay in recovery of the securities or
possible loss of rights in the collateral should the borrower fail financially.
Securities loans are made to banks and broker-dealers, via State Street Bank and
Trust Company as lending agent, pursuant to agreements requiring that loans be
continuously secured by collateral at least equal at all times to the value of
the securities on loan. Collateral is invested in a money market fund. The
borrower pays to the Funds an amount equal to any dividends or interest received
on securities lent. The Funds receive a fee from the borrower or retain all or a
portion of the interest received on investment of cash collateral. Income earned
from securities lending is reflected as Net securities lending income on the
Statement of Operations. The Fund may call such loans in order to sell the
securities involved. During the six months ended January 31, 2008, International
Opportunities transacted in securities lending.
EXPENSES
Expenses are recorded on an accrual basis. Expenses of the Trust that are
directly attributable to a specific Fund are charged to that Fund. Other
expenses are allocated proportionately among each Fund within the Trust based on
average daily net assets or on another reasonable basis.
DEFERRED OFFERING COSTS
Costs incurred in connection with the offering and initial registration of
Global Equity Income and Global Opportunities have been deferred in conformity
with United States generally accepted accounting principles and are being
amortized on a straight-line basis over the first twelve months after
commencement of operations.
FEDERAL INCOME TAXES
The Trust's policy is that each Fund continue to comply with the requirements of
Subchapter M of the Internal Revenue Code that are applicable to regulated
investment companies and to distribute substantially all its taxable income to
shareholders. Therefore, no federal income tax provision is required. The Funds
file tax returns with the U.S. Internal Revenue Service and various states.
Generally, the tax authorities can examine all tax returns filed for the last
three years.
The Funds intend to utilize provisions of the federal income tax laws which
allow them to carry a realized capital loss forward for eight years following
the year of loss and offset such losses against any future realized capital
gains. At July 31, 2007, Worldwide Income had $688,147 accumulated capital loss
carryforward, of which, for tax purposes $341,836 expires July 31, 2014 and
$346,311 expires July 31, 2015.
At July 31, 2007, the following funds deferred post-October losses which will be
recognized on the first day of the following year:
CURRENCY LOSS CAPITAL LOSS
DEFERRED DEFERRED
- -------------------------------------------------------------
International Opportunities $4,338,523 $--
Japan-Asia Focus 68,559 --
US Focus 5,303 --
Worldwide Income -- 198,215
=============================================================
On July 13th, 2006, the Financial Accounting Standards Board ("FASB") released
interpretation No. 48 "Accounting for Uncertainty in Income Taxes" ("FIN 48").
Fin 48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Fund's tax returns to determine whether the tax positions are
"more likely than not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more likely than not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be applied
to all open tax years as of the effective date. Management has concluded their
review of this standard and no material impact on the financial statements of
the Funds has been noted.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders are recorded on the ex-dividend date.
Distributions from net investment income and net realized capital gains are
determined in accordance with federal income tax regulations, which may differ
from United States generally accepted accounting principles. These book/tax
differences are either temporary or permanent in nature. To the extent these
differences are permanent, they are reclassified within the capital accounts
based on their federal tax-basis treatment.
70
HENDERSON GLOBAL FUNDS
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
The tax character of distributions paid during the six months ended January 31,
2008 and July 31, 2007 were as follows:
ESTIMATED ESTIMATED
SIX MONTHS ENDED ORDINARY LONG-TERM
JANUARY 31, 2008 INCOME CAPITAL GAINS
- ----------------------------------------------------------
European Focus $92,199,202 $62,200,501
Global Equity Income 7,985,852 --
Global Opportunities 131,992 --
Global Technology 2,249,601 2,017,125
Worldwide Income 3,968,925 --
Japan-Asia Focus 1,865,855 1,538,656
International Opportunities 272,640,686 78,060,069
US Focus 578,177 1,188,849
==========================================================
YEAR ENDED ORDINARY LONG-TERM
JULY 31, 2007 INCOME CAPITAL GAINS
- ----------------------------------------------------------
European Focus $22,099,995 $31,830,617
Global Equity Income 5,020,630 --
International Opportunities 49,724,872 42,043,765
US Focus 153,245 611,123
Worldwide Income 2,751,767 --
==========================================================
As of July 31, 2007, the components of distributable earnings on a tax basis
were as follows:
UNDISTRIBUTED UNDISTRIBUTED UNREALIZED
ORDINARY LONG-TERM APPRECIATION
INCOME CAPITAL GAIN (DEPRECIATION)
- ----------------------------------------------------------
European
Focus $73,374,682 $43,699,507 $173,617,542
- ----------------------------------------------------------
Global
Equity Income 945,239 -- (3,070,872)
- ----------------------------------------------------------
Global
Opportunities 105,310 -- 208,370
- ----------------------------------------------------------
Global
Technology 875,040 609,461 12,639,747
- ----------------------------------------------------------
International
Opportunities 200,586,422 44,238,566 498,961,859
- ----------------------------------------------------------
Japan-Asia
Focus 1,865,744 1,537,625 (2,531,185)
- ----------------------------------------------------------
US Focus 490,515 1,188,848 1,473,722
- ----------------------------------------------------------
Worldwide
Income 559,243 -- (798,910)
==========================================================
Ordinary income and net realized gains/losses may differ for book and tax basis
reporting purposes due to post-October losses, which are not recognized for tax
purposes until the first day of the following fiscal year, tax deferral on wash
sales and PFIC transactions.
NOTE 3. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to an Investment Advisory Agreement, Henderson Global Investors (North
America) Inc. ("HGINA") acts as the Funds' investment adviser. HGINA is an
indirect wholly owned subsidiary of Henderson Global Investors (Holdings) plc,
which is an indirect wholly owned subsidiary of Henderson Group plc. HGINA
supervises the investments of the Funds and receives a management fee for such
services. The fee is calculated daily and paid monthly based on each Fund's
average daily net assets (or average daily managed assets with the respect to
Worldwide Income) at the following annual rates:
European Focus First $500 million 1.00%
Next $1 billion 0.90%
Over $1.5 billion 0.85%
- --------------------------------------------------------------
Global Equity Income First $500 million 0.90%
Next $500 million 0.80%
Next $500 million 0.70%
Over $1.5 billion 0.60%
- --------------------------------------------------------------
Global Opportunities First $1 billion 1.10%
Next $1 billion 0.95%
Over $2 billion 0.85%
- --------------------------------------------------------------
Global Technology First $500 million 1.00%
Next $500 million 0.95%
Over $1 billion 0.90%
- --------------------------------------------------------------
International Opportunities First $1 billion 1.10%
Next $1 billion 0.95%
Over $2 billion 0.85%
- --------------------------------------------------------------
Japan-Asia Focus First $500 million 1.00%
Next $1 billion 0.90%
Over $1.5 billion 0.85%
- --------------------------------------------------------------
US Focus First $150 million 0.95%
Over $150 million 0.85%
- --------------------------------------------------------------
Worldwide Income1 First $500 million 0.85%
Next $500 million 0.75%
Next $500 million 0.70%
Over $1.5 billion 0.65%
==============================================================
1The fee for Worldwide Income is based upon the Fund's average daily managed
assets. Managed assets mean the total assets of the Fund (including any assets
attributable to any leverage that may be outstanding) minus the sum of accrued
liabilities (other than debt representing financial leverage). Since the Fund
pays the Adviser based on the Fund's average daily managed assets, the Adviser's
fee will be higher if the Fund is leveraged.
71
HENDERSON GLOBAL FUNDS
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
Pursuant to separate contractual Expense Limitation Agreements, HGINA has agreed
to waive or limit its advisory fee and, if necessary, to reimburse other
operating expenses of each Fund in order to limit total annual expenses, less
distribution and service fees, to 1.75% of average daily net assets for European
Focus, Global Technology, International Opportunities and Japan-Asia Focus, to
1.15% of average daily net assets for Global Equity and US Focus, to 1.70% of
average daily net assets for Global Opportunities and to 1.05% of average daily
net assets for Worldwide Income. These agreements are effective through July 31,
2020. Under the Expense Limitation Agreements, the annual expense limit
including distribution and service fees as a percentage of average daily net
assets is as follows:
Class A Class B or C Class R
- ---------------------------------------------------------
European
Focus 2.00% 2.75% N/A
- ---------------------------------------------------------
Global Equity
Income 1.40 2.15 N/A
- ---------------------------------------------------------
Global
Opportunities 1.95 2.70 N/A
- ---------------------------------------------------------
Global
Technology 2.00 2.75 N/A
- ---------------------------------------------------------
International
Opportunities 2.00 2.75 2.25%
- ---------------------------------------------------------
Japan-Asia
Focus 2.00 2.75 N/A
- ---------------------------------------------------------
US Focus 1.40 2.15 N/A
- ---------------------------------------------------------
Worldwide
Income 1.30 2.05 N/A
=========================================================
HGINA may recover from Global Equity Income and Global Opportunities reimbursed
expenses relating to previous years provided the Fund's current expense ratio
falls below the expense limitation. The recovery of reimbursed expenses is
effective through November 30, 2009. The remaining amount of potentially
recoverable expenses at January 31, 2008 for Global Equity Income and Global
Opportunities was $283,983 and $362,308, respectively.
During the period, HGINA reimbursed European Focus $373,000 for interest expense
paid to the United States Treasury for ordinary income not distributed in prior
years which was the result of additional passive foreign investment company
("PFIC") holdings identified in the portfolio. This amount is reflected in the
Statement of Operations - Fees waived and expenses reimbursed by investment
adviser.
Henderson Investment Management Limited ("HIML") is the sub-adviser for European
Focus, Global Equity Income, Global Opportunities, Global Technology,
International Opportunities, and Japan-Asia Focus pursuant to a Sub-Advisory
Agreement. HIML is a direct wholly owned subsidiary of Henderson Global
Investors (Holdings) plc.
HIML receives a fee for its services, paid by HGINA from its management fee,
based on each Fund's average daily net assets as set forth below:
European Focus First $500 million 0.45%
Next $1 billion 0.35%
Over $1.5 billion 0.30%
- ----------------------------------------------------------
Global Equity Income First $500 million 0.40%
Next $1 billion 0.30%
Next $500 million 0.25%
Over $2 billion 0.20%
- ----------------------------------------------------------
Global Opportunities First $1 billion 0.45%
Next $1 billion 0.30%
Over $2 billion 0.25%
- ----------------------------------------------------------
Global Technology First $500 million 0.45%
Next $500 million 0.40%
Over $1 billion 0.35%
- ----------------------------------------------------------
International Opportunities First $1 billion 0.50%
Next $1 billion 0.35%
Over $2 billion 0.25%
- ----------------------------------------------------------
Japan-Asia Focus First $500 million 0.45%
Next $1 billion 0.35%
Over $1.5 billion 0.30%
=========================================================
Shares of the Funds are often purchased through financial intermediaries who are
agents of the Funds for the limited purpose of completing purchases and sales.
These intermediaries may provide certain networking and sub-transfer agent
services with respect to Fund shares held by that intermediary for its
customers, and the intermediary may charge the Adviser a fee for those services.
Effective October 1, 2006, the Funds began reimbursing the Adviser for such fees
with limits specified by the Board of Trustees. The fees are included in
Transfer agent fees in the Statement of Operations.
The Funds bear a portion of the compensation paid to the Chief Compliance
Officer of the Trust. This compensation is reflected as Chief Compliance Officer
fees in the Statement of Operations.
At January 31, 2008, HGINA owned the following number of shares in the following
Funds:
SHARES
- ---------------------------------------------------------
Global Equity Income Class A 24,182
Global Equity Income Class C 2,672
Global Technology Class A 14,398
=========================================================
72
HENDERSON GLOBAL FUNDS
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
HGINA is a direct subsidiary of Henderson International Inc. ("HII"). At January
31, 2008, HII owned the following number of shares in the following Funds:
SHARES
- ---------------------------------------------------------
European Focus Class A 656
Global Equity Income Class A ` 757
Global Opportunities Class A 60,472
Global Opportunities Class C 5,023
Global Technology Class A 732
International Opportunities Class A 863
International Opportunities Class R 1,494
US Focus Class A 12,480
Worldwide Income Class A 3,403
=========================================================
NOTE 4. COMPENSATION OF TRUSTEES AND OFFICERS
Certain officers and trustees of the Trust are also officers of HGINA. None of
the Trust's officers, other than the Chief Compliance Officer, are compensated
by the Trust. The Trust makes no direct payment to trustees affiliated with
HGINA. Fees paid to Trustees are reflected as Trustees' fees and expenses in the
Statement of Operations.
NOTE 5. DISTRIBUTION
The Trust has adopted a distribution plan for Class A, Class B, Class C and
Class R shares of the Funds in accordance with Rule 12b-1 under the 1940 Act
(the "12b-1 Plan"). Under the 12b-1 Plan, each Fund pays the distributor an
annual fee of 0.25% of the average daily net assets attributable to its Class A
shares, an annual fee of 1.00% of the average daily net assets attributable to
its Class B and C shares, and an annual fee of .50% of average daily net assets
attributable to its Class R shares. The 12b-1 Plan is used to induce or
compensate financial intermediaries (including brokerage firms, depository
institutions and other firms) to provide distribution and/or services to the
Funds and their shareholders.
NOTE 6. INVESTMENT TRANSACTIONS
Purchases and sales of investment securities, excluding short-term investments,
for the Funds during the six months ended January 31, 2008, were as follows:
Purchases Sales
- ---------------------------------------------------------
European Focus $547,033,475 $574,081,669
Global Equity Income 392,216,653 199,887,040
Global Opportunities 21,967,826 8,644,476
Global Technology 324,633,832 158,691,956
International
Opportunities 2,379,238,457 1,732,307,531
Japan-Asia Focus 25,847,597 37,530,323
US Focus 6,447,312 8,353,718
Worldwide Income 116,330,198 23,924,346
=========================================================
The U.S. federal income tax basis of the Funds' investments excluding foreign
currency and forward foreign currency contracts at January 31, 2008, and the
gross unrealized appreciation and depreciation, were as follows:
GLOBAL
EUROPEAN EQUITY
FOCUS INCOME
- ---------------------------------------------------------------
Cost $1,175,030,989 $349,993,582
- ---------------------------------------------------------------
Gross unrealized appreciation 139,346,532 4,780,675
- ---------------------------------------------------------------
Gross unrealized depreciation (131,102,527) (31,646,493)
- ---------------------------------------------------------------
Net unrealized
appreciation/(depreciation) 8,244,005 (26,865,818)
===============================================================
GLOBAL GLOBAL
OPPORTUNITIES TECHNOLOGY
- ---------------------------------------------------------------
Cost $18,763,665 $227,301,294
- ---------------------------------------------------------------
Gross unrealized appreciation 478,018 8,510,433
- ---------------------------------------------------------------
Gross unrealized depreciation (1,131,791) (16,148,228)
- ---------------------------------------------------------------
Net unrealized depreciation (653,773) (7,637,795)
===============================================================
INTERNATIONAL JAPAN-ASIA
OPPORTUNITIES FOCUS
- ---------------------------------------------------------------
Cost $3,477,819,962 $82,346,071
- ---------------------------------------------------------------
Gross unrealized appreciation 326,635,569 --
- ---------------------------------------------------------------
Gross unrealized depreciation (293,684,447) (14,776,851)
- ---------------------------------------------------------------
Net unrealized
appreciation/(depreciation) 32,951,122 14,776,851)
===============================================================
73
HENDERSON GLOBAL FUNDS
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
WORLDWIDE
US FOCUS INCOME
- ---------------------------------------------------------------
Cost $9,725,875 $149,159,099
- ---------------------------------------------------------------
Gross unrealized appreciation 863,134 896,541
- ---------------------------------------------------------------
Gross unrealized depreciation (513,118) (7,182,308)
- ---------------------------------------------------------------
Net unrealized
appreciation/(depreciation) 350,016 (6,285,767)
===============================================================
Identified cost may differ for book and tax basis reporting purposes primarily
due to tax deferral of losses on wash sales, PFIC transactions and amortization
of premiums reflected as of January 31, 2008.
NOTE 7. SIGNIFICANT CONCENTRATIONS
European Focus, Global Equity Income, Global Opportunities, Global Technology,
International Opportunities, Japan-Asia Focus and Worldwide Income invest a
substantial percentage of their assets in securities of foreign issuers.
Worldwide Income may also invest a substantial percentage of its net assets in
securities of emerging market countries. These investments may involve certain
considerations and risks not typically associated with investments in the United
States as a result of, among other factors, the possibility of future political
and economic developments and the level of governmental supervision and
regulation of securities markets in the respective countries. Some countries in
which the Funds invest may require government approval for repatriation of
investment income, capital or the proceeds for sales of securities by foreign
investors. In addition, if there is deterioration in a country's balance of
payments or for other reasons, a country may impose temporary restrictions on
foreign capital remittances abroad. In addition, changes in currency exchange
rates will affect the value of investments denominated in a foreign currency, as
well as investment income derived from those securities.
Worldwide Income invests primarily in income producing securities with a focus
on foreign investment grade debt. It may also invest in lower quality high yield
securities. Investing in high yield securities may involve greater risks and
considerations not typically associated with investing in U.S. Government bonds
and other high quality fixed-income securities. These securities are
non-investment grade securities, often referred to as "junk bonds." Economic
downturns may disrupt the high yield market and impair the ability of issuers to
repay principal and interest. Also, an increase in interest rates would likely
have an adverse impact on the value of such obligations. More over, high yield
securities may be less liquid due to the extent that there is no established
secondary market and because of a decline in value of such securities.
The Funds may invest a high percentage of their net assets in specific sectors
of the market in order to achieve a potentially greater investment return. As a
result, the economic, political and regulatory developments in a particular
sector of the market, positive or negative, have a greater impact on a Fund's
net assets and will cause the value of its shares to fluctuate more than if the
Fund did not concentrate its investments in a particular sector. In particular,
Global Technology concentrates its investments in issuers within specific
industries of the technology and telecommunications sectors. Valuations of
companies in these sectors are typically subject to greater volatility than
other sectors.
NOTE 8. BORROWING ARRANGEMENTS
The Trust has a $140 million credit facility that was entered into to facilitate
portfolio liquidity. Interest is charged to each participating fund based on its
borrowings at a rate per annum equal to the Federal Funds rate plus 0.50%. In
addition, a commitment fee of 0.10% per annum is accrued and apportioned among
the participating funds based on their pro-rata portion of the utilized line of
credit. The commitment fee is included in Miscellaneous fees on the Statement of
Operations. No amounts were borrowed under this facility during the six months
ended January 31, 2008.
NOTE 9. REDEMPTION FEE
The Funds may impose a redemption fee of 2.00% on shares redeemed within 30 days
of purchase. The fee, which is not a sales charge, is retained by the Funds and
not paid to HGINA or its affiliates. Redemption fees are included in Amount
Redeemed on the Statements of Changes - Capital Stock Activity. Redemptions fees
during the six months ended January 31, 2008 were as follows:
REDEMPTION FEES
- ---------------------------------------------------------
European Focus $13,915
Global Equity Income 11,507
Global Opportunities 201
Global Technology 4,084
International Opportunities 48,391
Japan-Asia Focus 194
US Focus --
Worldwide Income 3,379
=========================================================
74
HENDERSON GLOBAL FUNDS
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 10. RECENT ACCOUNTING STANDARDS
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards No. 157, "Fair Value Measurements"
(FAS 157). This standard clarifies the definition of fair value for financial
reporting, establishes a framework for measuring fair value and requires
additional disclosures about the use of fair value measurements. FAS 157 is
effective for financial statements issued for fiscal years beginning after
November 15, 2007 and interim periods within those fiscal years. As of January
31, 2008, the Funds do not believe the adoption of FAS 157 will impact the
amounts reported in the financial statements, however, additional disclosures
will be required about the inputs used to develop the measurements of fair value
and the effect of certain of the measurements reported in the statement of
operations for a fiscal period.
NOTE 11. SUBSEQUENT EVENT
Effective August, 2007, European Focus was closed to new investors as described
in the Prospectus supplement dated May 11, 2007. This step was taken to
facilitate management of the Fund's portfolio. Effective February 11, 2008,
European Focus was reopened to new investors as described in the Prospectus
supplement dated February 6, 2008.
75
HENDERSON GLOBAL FUNDS
OTHER INFORMATION
(UNAUDITED)
PROXY VOTING POLICIES
The Funds have filed with the Securities and Exchange Commission their proxy
voting records for the 12-month period ending June 30, 2007 on Form N-PX, which
must be filed each year by August 31. Form N-PX is available on the Securities
and Exchange Commission's website at http://www.sec.gov. The Funds' proxy voting
records and proxy voting policies and procedures are also available without
charge, upon request, by calling 866.443.6337 or by visiting the Funds' website
at http://www.hendersonglobalfunds.com.
QUARTERLY PORTFOLIO OF INVESTMENTS
A Portfolio of Investments is filed as of the end of the first and third quarter
of each fiscal year on Form N-Q. The Funds have filed with the Securities and
Exchange Commission the Form N-Q and it is available on the Securities and
Exchange Commission's website at http://www.sec.gov. Additionally, the Portfolio
of Investments may be reviewed and copied at the Commission's Public Reference
Room in Washington, DC. Information on the operation of the Public Reference
Room may be obtained by calling 1.800.SEC.0330. The quarterly Portfolio of
Investments are also available without charge, upon request, by calling
866.443.6337 or by visiting the Funds' website at
http://www.hendersonglobalfunds.com.
FEDERAL TAX INFORMATION
Certain tax information for the Funds is required to be provided to shareholders
based on the Funds' income and distributions for the taxable year ended July 31,
2007. The amounts shown may differ from those elsewhere in this report due to
differences between tax and financial reporting requirements. In January 2008,
shareholders received Form 1099-DIV which included their share of foreign tax
credit, qualified dividends and capital gains distributed during the calendar
year 2007. Shareholders are advised to check with their tax advisors for
information on the treatment of these amounts on their individual income tax
returns.
SHAREHOLDER EXPENSE
As a shareholder of the Funds, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments and redemption fees
and (2) ongoing costs, including management fees, distribution (12b-1) fees,
shareholder services fees and other Fund expenses. The example in Table 1 and
Table 2 is intended to help you understand your ongoing costs of investing in
the Funds and to compare these costs with ongoing costs of investing in other
mutual funds. It is based on an investment of $1,000 invested at the beginning
of the period and held for the entire six-month period ended January 31, 2008.
ACTUAL EXPENSES
Table 1 provides information about actual account values and actual expenses.
You may use the information in this line, together with the amount invested, to
estimate the expenses that you incurred over the period. Simply divide your
account value at the end of the period by $1,000 (for example, an $8,600 account
value divided by $1,000 = 8.6), then multiply the result by the number under the
heading entitled "Expenses Paid During Period" to estimate the expenses
attributable to your investment during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
Table 2 provides information about hypothetical account values and hypothetical
expenses based on the Funds' actual expense ratios and an assumed rate of return
of 5% per year before expenses, which is not the Funds' actual return. Thus you
should not use the hypothetical account values and expenses to estimate your
actual ending account balance or the expense attributable to your investment
during the period. Rather, these figures are provided to enable you to compare
the ongoing costs of investing in the Funds and other funds. To do so, compare
the 5% hypothetical examples with the 5% hypothetical examples that appear in
the shareholder reports of other funds.
Expenses paid during the period include amounts reflected in the Funds'
Statement of Operations net of reimbursements by the investment advisor. The
annualized expense ratios used in the example are as follows:
CLASS A CLASS B CLASS C CLASS R
- ---------------------------------------------------------
European
Focus 1.44% 2.19% 2.19% N/A
- ---------------------------------------------------------
Global Equity
Income 1.40 N/A 2.15 N/A
- ---------------------------------------------------------
Global
Opportunities 1.95 N/A 2.70 N/A
- ---------------------------------------------------------
Global
Technology 1.57 2.32 2.32 N/A
- ---------------------------------------------------------
International
Opportunities 1.47 2.22 2.22 1.72%
- ---------------------------------------------------------
Japan-Asia
Focus 1.71 N/A 2.46 N/A
- ---------------------------------------------------------
US Focus 1.40 2.15 2.15 N/A
- ---------------------------------------------------------
Worldwide
Income 1.30 2.05 2.05 N/A
=========================================================
76
HENDERSON GLOBAL FUNDS
OTHER INFORMATION
(UNAUDITED)
Please note that the expenses do not reflect shareowner transaction costs such
as front end sales charges and redemption fees. These fees are described for
each Fund and share class in the Performance summary of this report on pages
3,5,7,9,11,13,15 and 17. Table 2 is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transaction costs were included, your costs would have
been higher.
TABLE 1
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE PAID
AUGUST 1, JANUARY 31, DURING
ACTUAL 2007 2008 THE PERIOD*
- ------------------------------------------------------------
European Focus
Class A $1,000.00 $933.70 $7.00
Class B 1,000.00 930.20 10.63
Class C 1,000.00 930.20 10.63
- ------------------------------------------------------------
Global Equity Income
Class A 1,000.00 982.69 6.98
Class C 1,000.00 979.24 10.70
- ------------------------------------------------------------
Global Opportunities
Class A 1,000.00 954.90 9.58
Class C 1,000.00 951.40 13.24
- ------------------------------------------------------------
Global Technology
Class A 1,000.00 925.20 7.60
Class B 1,000.00 922.05 11.21
Class C 1,000.00 921.85 11.21
- ------------------------------------------------------------
International Opportunities
Class A 1,000.00 937.10 7.16
Class B 1,000.00 933.20 10.79
Class C 1,000.00 933.60 10.79
Class R 1,000.00 935.60 8.37
- ------------------------------------------------------------
Japan-Asia Focus
Class A 1,000.00 843.83 7.93
Class C 1,000.00 839.21 11.37
- ------------------------------------------------------------
US Focus
Class A 1,000.00 929.89 6.79
Class B 1,000.00 926.43 10.41
Class C 1,000.00 926.43 10.41
- ------------------------------------------------------------
Worldwide Income
Class A 1,000.00 989.34 6.50
Class B 1,000.00 986.54 10.24
Class C 1,000.00 986.56 10.24
============================================================
TABLE 2
BEGINNING ENDING
HYPOTHETICAL ACCOUNT ACCOUNT EXPENSES
(ASSUMING A VALUE VALUE PAID
5% RETURN AUGUST 1, JANUARY 31, DURING
BEFORE EXPENSES) 2007 2008 THE PERIOD*
- ------------------------------------------------------------
European Focus
Class A $1,000.00 $1,017.76 $7.30
Class B 1,000.00 1,013.99 11.09
Class C 1,000.00 1,013.99 11.09
- ------------------------------------------------------------
Global Equity Income
Class A 1,000.00 1,017.96 7.10
Class C 1,000.00 1,014.19 10.89
- ------------------------------------------------------------
Global Opportunities
Class A 1,000.00 1,015.20 9.88
Class C 1,000.00 1,011.43 13.65
- ------------------------------------------------------------
Global Technology
Class A 1,000.00 1,017.11 7.96
Class B 1,000.00 1,013.34 11.74
Class C 1,000.00 1,013.34 11.74
- ------------------------------------------------------------
International Opportunities
Class A 1,000.00 1,017.61 7.46
Class B 1,000.00 1,013.84 11.24
Class C 1,000.00 1,013.84 11.24
Class R 1,000.00 1,016.35 8.72
- ------------------------------------------------------------
Japan-Asia Focus
Class A 1,000.00 1,016.40 8.67
Class C 1,000.00 1,012.63 12.45
- ------------------------------------------------------------
US Focus
Class A 1,000.00 1,017.96 7.10
Class B 1,000.00 1,014.19 10.89
Class C 1,000.00 1,014.19 10.89
- ------------------------------------------------------------
Worldwide Income
Class A 1,000.00 1,018.46 6.60
Class B 1,000.00 1,014.69 10.38
Class C 1,000.00 1,014.69 10.38
============================================================
* Expenses are equal to the Funds' Class A, Class B, Class C and Class R
shares annualized net expense ratio multiplied by the average account value
over the period multiplied by 184 days in the period and divided by 366 (to
reflect the one-half year period).
77
HENDERSON GLOBAL FUNDS
TRUSTEES AND OFFICERS
(UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
POSITION(S) TERM OF OTHER
NAME, ADDRESS AND WITH OFFICE AND PRINCIPAL OCCUPATIONS DIRECTORSHIPS
AGE1 THE TRUST2 TIME SERVED3 DURING PAST FIVE YEARS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
C . Gary Gerst, 68 Chairman Since 2001 President, KCI Inc. (private s-corporation Director, Florida Office
and Trustee investing in non-public investments.) Property Company Inc.
(real estate
investment fund).
Roland C. Baker, 68 Trustee Since 2001 Consultant to financial services industry. Director, Quanta
Capital Holdings, Inc.
(provider of property
and casualty reinsur-
ance); Director, North
American Company for
Life and Health
Insurance (a provider
of life insurance,
health insurance and
annuities); Trustee,
Scottish Widows
Investment Partnership
Trust.
Faris F. Chesley, 68 Trustee Since 2002 Chairman, Chesley, Taft & Associates, LLC, None
since 2001; Vice Chairman, ABN-AMRO, Inc.
(a financial services company), 1998-2001.
INTERESTED TRUSTEES AND OFFICERS OF THE TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
Charles H. Trustee Since 2001 Managing Director, Henderson Global None
Wurtzebach4, 58 Investors (North America) Inc. ("HGINA").
Sean M. Dranfield4, 41 Trustee and Since 2001 Director, North American Retail Distribution, None
President HGINA; Executive Director, North American
Business Development, Henderson
Investment Management Limited.
Kenneth A. Kalina, 47 Chief Since 2005 Chief Compliance Officer, HGINA, 2005; Chief N/A
Compliance Compliance Officer, Columbia Wanger Asset
Officer Management, L.P., 2004-2005; Compliance
Officer, Treasurer and Chief Financial Officer
Columbia Wanger Asset Management, L.P.,
2000-2005; Assistant Treasurer, Columbia
Acorn Trust and Wanger Advisors Trust,
1995-2005.
Alanna N. Palmer, 32 Vice President Since 2002 Director, Retail Marketing and Product N/A
Management, HGINA, since 2006 and
Associate Director, Head of Marketing and
Products Management, HGINA, 2003-2006;
and Product Manager 2001-2003.
Scott E. Volk, 36 Vice President Since 2001 Director, Retail Finance and Operations, N/A
HGINA.
Karen Buiter, 42 Treasurer Since 2004 Operations Manager, HGINA, since 2004; N/A
Assistant Controller, Code Hennessey &
Simmons, 2002-2004.
- ------------------------------------------------------------------------------------------------------------------------------------
78
HENDERSON GLOBAL FUNDS
TRUSTEES AND OFFICERS
(UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
POSITION(S) TERM OF OTHER
NAME, ADDRESS AND WITH OFFICE AND PRINCIPAL OCCUPATIONS DIRECTORSHIPS
AGE1 THE TRUST2 TIME SERVED3 DURING PAST FIVE YEARS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES AND OFFICERS OF THE TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
Christopher K. Secretary Since 2004 Legal Counsel, HGINA, since 2004; Attorney, N/A
Yarbrough, 32 Bell, Boyd & Lloyd LLC, 2000-2004.
Richard J. Mitchell, 44 Assistant Since 2007 Assistant Treasurer, HGINA, since 2007; N/A
Treasurer Assistant Treasurer, Bank of New York,
2006-2007; Supervisor, The BISYS Group;
2002-2006.
1. Each person's address is 737 North Michigan Avenue, Suite 1700, Chicago, IL
60611. Age is as of January 31, 2008.
2. Currently, all Trustees oversee all ten series of the Trust.
3. A Trustee may serve until his death, resignation or removal. The officers
of the Trust are elected annually by the Board.
4. These Trustees are interested persons of the Trust because of their
employment relationship with Henderson Global Investors (North America)
Inc., the investment adviser to the Funds.
THE STATEMENT OF ADDITIONAL INFORMATION FOR HENDERSON GLOBAL FUNDS INCLUDES
ADDITIONAL INFORMATION ABOUT THE TRUSTEES AND IS AVAILABLE WITHOUT CHARGE BY
CALLING 1.866.4HENDERSON (1.866.443.6337).
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81
HENDERSON GLOBAL FUNDS
TRUSTEES
C. Gary Gerst, Chairman
Roland C. Baker
Faris F. Chesley
Sean Dranfield
Charles H. Wurtzebach
OFFICERS
Sean Dranfield, President
Alanna N. Palmer, Vice President
Scott E. Volk, Vice President
Karen Buiter, Treasurer
Christopher K. Yarbrough, Secretary
Kenneth A. Kalina, Chief Compliance Officer
Richard J. Mitchell, Assistant Treasurer
INVESTMENT ADVISER
Henderson Global Investors (North America) Inc.
737 North Michigan Avenue, Suite 1700
Chicago, IL 60611
TRANSFER AGENT
State Street Bank & Trust Company
State Street Financial Center
One Lincoln Street
Boston, MA 02111
FOR MORE INFORMATION
Please call 1.866.4HENDERSON
(1.866.443.6337)
or visit our website:
www.hendersonglobalinvestors.com
The views expressed in this report and information about the Funds' portfolio
holdings are for the period covered by this report and are subject to change
hereafter. This report is submitted for the general information of the
shareholders of the Funds. It is not authorized for distribution to prospective
investors unless preceded or accompanied by an effective prospectus, which
includes information regarding the Funds' risks, objectives, fees and expenses,
experience of its management, and other information. Henderson Global Investors
is the name under which various subsidiaries of Henderson Group plc, a UK
limited company, provide investment products and services.
82
PRIVACY NOTICE
HENDERSON GLOBAL FUNDS
This notice describes the privacy practices followed by Henderson Global
Funds.
Your privacy is our top priority. Our policy is to respect the privacy of
current and former shareholders and to protect personal information entrusted to
us. We do not share any nonpublic personal information of shareholders or former
shareholders with any nonaffiliated third parties, except as permitted by law or
as authorized by our shareholders.
In the course of providing products and services to you, we collect
nonpublic personal information about you from various sources such as account
applications or agreements, other account forms, transactions in your account,
and from information captured on our website, including any information captured
through our use of "cookies." Such information may include your name, address,
account or tax identification number, the types and amounts of investments, and
bank account information. More detailed information about our Internet policy is
available on our website, www.hendersonglobalinvestors.com.
In the normal course of serving shareholders, we may share information we
collect with entities that help us process information or service your request,
such as transfer agents, custodians, broker-dealers and marketing service firms,
as well as with other financial institutions with whom we have joint marketing
agreements. We may share information in connection with servicing accounts or to
inform shareholders of products and services that we believe may be of interest
to them. The organizations that receive shareholder information will use that
information only for the services required and as allowed by applicable law or
regulation, and are not permitted to share or use this information for any other
purpose. We will disclose your personal information to government agencies, law
enforcement officials, and others in the limited circumstances where we believe,
in good faith, that such disclosure is required or permitted by law. For
example, we will disclose your personal information in order to comply with a
court order, to cooperate with government or industry regulators, or law
enforcement authorities.
Access to customers' nonpublic personal information is restricted to
employees who need to access that information. To guard shareholder's nonpublic
personal information, we use industry standard physical, electronic, and
procedural safeguards. A shareholder's right to privacy extends to all forms of
contact with us, including telephone, written correspondence, and electronic
media, such as the Internet.
For questions concerning this policy, please contact us by writing to:
Alanna Palmer, Henderson Global Investors (North America) Inc., 737 North
Michigan Avenue, Suite 1700, Chicago, Illinois 60611.
Henderson Global Funds
737 N. Michigan Avenue, Suite 1700
Chicago, IL 60611
1.866.4HENDERSON (1.866.443.6337)
www.hendersonglobalinvestors.com
Foreside Fund Services, LLC, Distributor (March, 2008)
ITEM 2. CODE OF ETHICS.
Not required.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not required.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not required.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Schedule of Investments is included as a part of the report to shareholders
filed under Item 1 of this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of trustees, where those
changes were implemented after the registrant last provided disclosure in
response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial
officer have evaluated the registrant's disclosure controls and procedures
within 90 days of this filing and have concluded that the registrant's
disclosure controls and procedures were effective, as of that date, in
ensuring that information required to be disclosed by the registrant in
this Form N-CSR was recorded, processed, summarized and reported timely.
(b) There were no changes in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) that occurred during the registrant's second fiscal quarter of the
period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal controls
over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR
270.30a-2(a)) are attached hereto.
(a)(3) Not applicable.
(b) The certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are
attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
HENDERSON GLOBAL FUNDS
By: /s/ Sean Dranfield
------------------
Sean Dranfield
President (principal executive officer) of Henderson Global Funds
Date: March 27, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Sean Dranfield
------------------
Sean Dranfield
President (principal executive officer) of Henderson Global Funds
Date: March 27, 2008
By: /s/ Karen Buiter
------------------
Karen Buiter
Treasurer (principal financial officer) of Henderson Global Funds
Date: March 27, 2008