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
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HENDERSON GLOBAL FUNDS
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(Exact name of registrant as specified in charter)
737 NORTH MICHIGAN AVENUE, SUITE 1700
CHICAGO, ILLINOIS 60611
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(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: December 31
Date of reporting period: December 31, 2008
ITEM 1: REPORT TO SHAREHOLDERS.
Logo: Henderson
Global Investors
HENDERSON GLOBAL FUNDS
PICTURE OF TWO GLOBES
ANNUAL REPORT
DECEMBER 31, 2008
GLOBAL REAL ESTATE EQUITIES FUND
INTERNATIONAL EQUITY FUND
TABLE OF CONTENTS
LETTER TO SHAREHOLDERS..............................................2
GLOBAL REAL ESTATE EQUITIES FUND....................................
Commentary..........................................................3
Performance summary.................................................5
INTERNATIONAL EQUITY FUND...........................................
Commentary..........................................................6
Performance summary.................................................8
PORTFOLIOS OF INVESTMENTS...........................................9
STATEMENTS OF ASSETS AND LIABILITIES................................14
STATEMENTS OF OPERATIONS............................................15
STATEMENTS OF CHANGES IN NET ASSETS.................................16
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY......................17
FINANCIAL HIGHLIGHTS................................................18
NOTES TO FINANCIAL STATEMENTS.......................................20
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.............25
OTHER INFORMATION...................................................26
TRUSTEES AND OFFICERS...............................................28
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 Global Real Estate Equities Fund and the
International Equity 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 Global Real Estate Equities Fund is concentrated in a single industry
meaning the Fund carries greater risk of adverse developments in that industry
than a fund that invests in a wide variety of industries. Special risks are also
associated with investments in securities of companies engaged in property
markets.
The views in this report were those of the Fund managers as of December 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.
HENDERSON GLOBAL FUNDS LETTER TO SHAREHOLDERS
Dear fellow shareholder,
We are pleased to provide the annual report for the Henderson Global Real Estate
Equities Fund and the Henderson International Equity Fund, which covers the
period ended December 31, 2008.
Over the past six months, governments and central banks around the world have
continued to implement fiscal and monetary stimuli in response to the ongoing
economic crisis. Consumer confidence has plummeted globally as unemployment has
risen and the economic outlook has deteriorated. There is widespread belief that
if policymakers cannot repair the monetary transmission mechanism, business and
consumer confidence will continue to slide further and may even prompt a
prolonged period of deflation.
In response, central banks have cut interest rates to historic lows and
governments have injected capital into troubled firms. Given the already low
levels of interest rates, the practice of "quantitative easing," or injecting
new money into the financial system, may be one of the most powerful weapons
still available to central governments to battle this crisis and we expect to
see more of it in the months to come.
Most of us have not experienced markets like these in our lifetimes. Some have
asked whether Henderson is at risk like much of the rest of the Financial
sector. Let me reassure you, we are not a leveraged business with the capital
constraints of those firms which have perished. There should be no doubt that
Henderson is a stable business with a consistent strategy and a strong balance
sheet.
In the midst of all of this turmoil, we believe there are reasons to stay the
course. While individual company fundamentals were all but ignored in 2008, as
large-scale macroeconomic events led to an indiscriminate global market
sell-off, we are anticipating an environment in 2009 where individual companies
are once again differentiated by the market. We expect the next several years to
be a time in which businesses will be differentiated on the basis of core
fundamentals, with particular attention given to balance sheet quality. As
winners and losers emerge within industries, their respective stock prices
should be rewarded or punished accordingly. We believe this "macro to micro"
shift is a theme that will increasingly take hold globally throughout 2009, and
it is within this transitional phase of equity markets that we feel
opportunities will be ripe for stock pickers.
We realize that there remains a good deal of uncertainty about market direction
in the shorter term. However, when equity markets do eventually enter the
recovery phase, Henderson's bottom-up, opportunistic portfolios should be
well-positioned to capitalize on some of the extreme mis-pricings which exist as
a result of previous indiscriminate selling. We will continue to focus on
companies we believe are high quality with reasonably sound balance sheets and
companies with attractive yields. We look forward to the opportunities that lie
ahead as we seek to identify differentiated investment ideas that will bring
value to our clients' portfolios. 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
2
HENDERSON GLOBAL FUNDS COMMENTARY
GLOBAL REAL ESTATE EQUITIES FUND
The total return for the period ended December 31, 2008, was -41.0% (at NAV)*.
The FTSE EPRA NAREIT Global Property Index declined 44.4% over the period.
Global financial markets witnessed a series of seismic shocks for the period
under review with focus shifting from the financial crisis to the possibility of
a severe global recession. Within the property sector, the paralysis in the debt
markets continues to raise concerns about the extent and duration of value
erosion, and news of several large retailers going into administration added to
concerns over the occupational market in 2009. Against such a backdrop,
volatility remained at all-time highs and the sector posted its largest declines
on record, underperforming wider equity markets.
North America was the best performing market of all regions, although still
posted an overall decline of 37.8%**. The property sector made gains through the
second and third quarters of 2008, but in a delayed reaction to a meltdown in
financial stocks, property shares plunged in October and November. While it is
of little consolation, US property stocks surged 17.1%** in December.
Having been overweight in North America for much of the year, we moved to a more
neutral position in October. This proved well timed with regional allocation
adding value. The market was characterized by rapid share price movements, often
unaccompanied by fundamental news. Investments in Equity Residential and
Brandywine Realty added value over the period, but equally important to relative
performance were underweight positions in General Growth Properties and
Developers Diversified Realty, which were driven lower on financing concerns.
Late in the year, given the sharp decline in valuations, we selectively reduced
exposures to certain "blue chip" names while adding weight or initiating new
positions in what we believed to be value opportunities. We reduced our active
allocation to Simon Property Group and placed greater emphasis on what appeared
to be a far cheaper alternative, The Macerich Co. We also reduced exposure and
closed positions in stocks where we saw increased risk in the occupier market;
Boston Properties, Entertainment Properties and Starwood Hotels fell into this
category. Overall, we remain broadly neutral among the major property sectors,
with a continuing focus on individual stock selection and relative value,
expecting fundamentals and relative value to determine relative performance over
the medium term.
Asian property equities declined by 45.9%** over the period. Japan outperformed
its regional peers, but still fell 27.3%**. Property equities in Singapore
declined 53.5%** as investors doubted their ability to refinance a wave of
short-term debt due in 2009. Australian property companies, down 59.0%** during
the period, continued to be hurt by dysfunctional credit markets and saw a
number of dilutive rights offerings. Hong Kong and Chinese stocks rebounded
particularly strongly at year end, down 36.9%** overall, in response to interest
rate cuts and a four trillion Yuan government stimulus package.
The Fund saw outperformance at a regional level within Asia-Pacific in 2008.
Much of the outperformance can be attributed to the successful asset allocation
comprising of a significant strategic underweight in Australia, a strategic
shift into China and a high cash position. Some performance was lost by being
underweight the Japanese Real Estate Investment Trust (REIT) sector, but the
strategic underweight in Japanese developers continued to pay off as the sector
was sold in response to escalating office vacancies and declines in export
growth.
GLOBAL REAL ESTATE EQUITIES FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- ------------------------------------------
SUN HUNG KAI
PROPERTIES, LTD. 5.7%
MITSUI FUDOSAN CO., LTD. 5.6
MITSUBISHI ESTATE CO., LTD. 5.6
WESTFIELD GROUP 4.8
HENDERSON LAND
DEVELOPMENT CO., LTD. 4.4
UNIBAIL-RODAMCO 3.8
CHINA OVERSEAS LAND &
INVESTMENT, LTD. 3.1
SIMON PROPERTY GROUP, INC. 3.0
PUBLIC STORAGE 2.7
VENTAS, INC. 2.7
3
HENDERSON GLOBAL FUNDS COMMENTARY
Over the period, we rotated slightly from defensive names to higher beta stocks
in view of their distressed valuations and improving risk-return profiles. In
Singapore, our preference for Singapore REITs such as CapitaMall Trust and
Ascendas REIT over developers such as Keppel Land and Allgreen proved
beneficial. In Japan we reduced our underweight position over the period by
increasing holdings in large-cap stocks Mitsui Fudoson and Sumitomo Realty.
At the end of the period our stock exposure in the Asia-Pacific region was 30.5%
vs. a benchmark position of 31.7%. Within the region, we remain underweight in
Australia and Japan. However, we increasingly see good value in these countries
albeit with few catalysts.
The overall European Index return for the period was -53.6%**, with UK property
shares down 62.2%**, both declines accentuated by dollar strength relative to
local currencies. Stocks in Austria were the hardest hit, down 85%**, driven by
corporate governance concerns. Stocks in Belgium, down 18.7%**, and Switzerland,
down 11.6%**, showed relative strength due to their defensive qualities. Sweden
also performed well in local currency, boosted by larger than expected rate
cuts.
The Fund's underweight position in Europe throughout the period added value
compared to the benchmark, however, stock selection within the region detracted.
The underperformance was attributed to stocks with exposure to Central Eastern
Europe and Russia. These stocks saw heavy declines as sentiment towards the
region soured and investors looked to reduce risky assets in an illiquid sector.
Elsewhere our underweight position in the UK majors proved positive compared to
the benchmark, as was our overweight in Sweden, with Wihlborgs and Castellum
making strong contributions. French stock ICADE also made strong gains towards
the end of the year.
Within Europe, we are focusing on quality companies, where quality refers to the
portfolio, balance sheet and management. We significantly reduced exposure to
developers and emerging markets during the second half of the year. As of the
end of the period, overall exposure to Central Eastern Europe and Russia stood
at 1.1%, down from 2.5% at the end of June. We remain underweight in the UK, as
we expect companies to need to raise additional equity to support balance sheets
in 2009. In the UK we prefer Hammerson and British Land of the majors. We
increased our exposure in France over the period, participating in the Klepierre
rights issue. We also increased our position in Unibail-Rodamco, which remains
the Fund's largest position in Europe, based on the quality of its balance sheet
and security of its dividend yield. Elsewhere we added several more defensive
names: PSP Swiss in Switzerland, Corio and Wereldhave in the Netherlands.
At a stock level, we expect 2009 to be a year of both distress and potential
opportunity. Performance for any given company is likely to continue to reflect
the theme of balance sheet strength. We expect to see opportunities in
identifying those stocks currently priced for distress but where we feel
survival is the more likely outcome.
A sustainable recovery in global capital markets we believe will require a
return to more normal levels of consumer and lending activity. Recent government
stimuli should have long-term positive implications, which could help the
deleveraging process and ultimately stabilize the investment markets. This may
encourage yield-hungry investors to revisit the real estate market, which is
currently offering attractive dividend yields. Barring further unforeseen
economic shocks, we believe many real estate stocks are already valued at
attractive levels, and we continue to position the portfolio in the regions,
countries and sectors that we think are best placed to weather the current
climate.
* Inception date is February 29, 2008
** Relates to the regional benchmarks of the EPRA / NAREIT Global Total Return
Index. All in US$. Past performance is not an indicator of future results.
Beta is a measure of the volatility, or systematic risk, of a security or
portfolio in comparison to the market as a whole.
4
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
GLOBAL REAL ESTATE EQUITIES FUND
PIE CHART:
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
UNITED STATES 41.6%
JAPAN 16.2
HONG KONG 14.0
AUSTRALIA 7.1
FRANCE 5.0
UNITED KINGDOM 4.7
OTHER 11.4
PIE CHART:
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
REAL ESTATE INVESTMENT TRUSTS 65.8%
REAL ESTATE MANAGEMENT
& DEVELOPMENT 33.2
WIRELESS TELECOMMUNICATION
SERVICES 0.7
HOTELS, RESTAURANT & LEISURE 0.3
MOUNTAIN CHART:
INVESTMENT COMPARISON
Value of $10,000
Global Real Estate Equities Fund Class I - $5,902
2/29/08 10,000
3/31/08 10,250
4/30/08 10,860
5/31/08 10,680
6/30/08 9,350
07/31/08 9,450
08/31/08 9,200
09/30/08 8,570
10/31/08 6,150
11/30/08 5,230
12/31/08 5,902
FTSE EPRA/NAREIT Global Index - $5,570
2/29/08 10,000
3/31/08 10,038
4/30/08 10,665
5/31/08 10,403
6/30/08 9,178
7/31/08 9,254
8/31/08 9,062
9/30/08 8,224
10/31/08 5,938
11/30/08 5,076
12/31/08 5,570
TOTAL RETURNS AS OF DECEMBER 31, 2008
SINCE
NASDAQ THREE SIX INCEPTION
SYMBOL CLASS MONTHS MONTHS (2/29/08)
- ------------------------------------------------------------------------------------------------------------------------
Global Real Estate Equities Fund HGPIX Class I -31.14% -36.88% -40.98%
- ------------------------------------------------------------------------------------------------------------------------
INDEX
- ------------------------------------------------------------------------------------------------------------------------
FTSEEPRA/NAREIT Global Index -32.27% -39.31% -44.30%
- ------------------------------------------------------------------------------------------------------------------------
Performance data quoted represents past performance and is no guarantee of
future results. 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 the original
cost. Shares redeemed within 30 days of purchase may be subject to a 2%
redemption fee. As stated in the current prospectus, the Fund's annual operating
expense ratio (gross) is 1.33%. However, the Fund's adviser has agreed to
voluntarily waive a portion of its fees and or reimburse expenses such that
total operating expenses do not exceed 1.15% which is in effect until July 31,
2020. Had certain expenses not been waived or reimbursed during the period,
total returns would have been lower. For most recent month end performance,
please call 1.800.657.1493.
Returns include reinvestment of dividend and capital gains. Performance results
reflect expense subsidies and waivers in effect during periods shown.
Absent these waivers, results would have been less favorable.
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 FTSE EPRA/NAREIT Global Index is broken down into eight index families and
141 indices in Asia Pacific, Europe and North America. These include 18
real-time indices covering the world's largest investment markets in various
currencies. 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
INTERNATIONAL EQUITY FUND
2008 was a terrible year for equity markets. Since the fund's inception, the
total return for the period ended December 31, 2008, was -40.2% (at NAV). The
MSCI EAFE Index declined 37.3% over the period. The credit crisis worsened
throughout the year, culminating in the collapse of Lehman Brothers in
mid-September. With hindsight, we believe allowing Lehman to go under was a
policy mistake, which led to an abrupt freeze in economic activity worldwide. In
the second half of the year, equity markets across the globe fell sharply as
concern shifted from the credit crisis to its impact on the real economy. With
credit markets effectively closed and the macroeconomic environment
deteriorating rapidly, policymakers globally recognized that the time for
concern about moral hazard had passed. They increased efforts to stimulate their
economies with fiscal and monetary policy. The Bank of England cut interest
rates by 3.5% to 2.0%, while the Federal Reserve cut to a range of 0-0.25%.
Together with huge fiscal stimulus packages announced by the Chinese and US
governments, this helped equity markets to rally into the year end.
The ongoing global growth scare and resulting re-rating of growth has impacted
our investment style, and the portfolio has underperformed the MSCIEAFE Index as
a result. Much of the underperformance can be attributed to our holdings in
Energy-related names which were impacted by the oil price environment. Brazil's
Petrobras was impacted as well as exploration and production companies Saipem
and Cairn Energy.
A number of our defensive growth names held up relatively well, particularly
Fresenius (healthcare), Nestle (consumer staples), Secom (security) and Syngenta
(agricultural chemicals), thanks to their stable revenues. Our holdings in the
materials sector disappointed as macroeconomic concerns continued to weigh on
commodity prices. Rio Tinto was particularly weak following rival BHP Billiton's
decision to pull out of its takeover approach.
Of our small cap holdings, German foundation engineering company Bauer was the
standout performer. The company operates in a true niche area, with significant
barriers to entry due to the complexity of the projects it undertakes. It posted
very strong results during the period and raised its earnings guidance.
In the current environment, we believe it is important to remain faithful to our
investment philosophy and process. We remain focused on company fundamentals and
seek to invest in companies that we believe will exhibit competitive growth over
the long-term, and whose valuations are attractive.
We are particularly attracted to companies that we believe offer strong
defensive growth characteristics, which should continue to grow despite the
difficult macroeconomic backdrop. During the period, a new position was
initiated in America Moviles, the South American telecom operators, as we
believe that its services are more defensive in a downturn than valuations
currently imply. We also added Red Electrica, the Spanish utility and Japanese
electronic security system company Secom both of which should prove resilient to
the economic slowdown.
We have been increasing our exposure to China, and particularly to companies
which we believe may benefit from the Chinese government's recently announced
fiscal stimulus package. Examples include China Communications Construction and
China Railway Construction. We believe that the Chinese economy is
better-positioned than most to weather the current crisis, not least because of
the government's extensive foreign currency reserves. We also initiated a
position in Hong Kong based Hang Lung Properties. Hang Lung should benefit from
the long-term outlook for commercial
INTERNATIONAL EQUITY FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- -------------------------------------------
FRESENIUS SE 4.5%
NINTENDO CO., LTD. 4.3
NESTLE S.A. 4.1
ROCHE HOLDING AG 4.0
VODAFONE GROUP PLC 3.7
WILMAR INTERNATIONAL, LTD. 2.8
SYNGENTA AG 2.6
INBEV NV 2.6
MITSUBISHI UFJ FINANCIAL
GROUP, INC. 2.6
SERCO GROUP PLC 2.5
6
HENDERSON GLOBAL FUNDS COMMENTARY
property in China and its valuation already reflects short-term industry
concerns.
We increased our stake in Anheuser-Busch Inbev, the Belgian beer brewer. The
merger of Anheuser-Busch has created a dominant global beer company with a
diversified and balanced footprint. The revenue and cost synergies that could be
extracted by a very efficient management team may generate substantial
shareholder value. The stock sold off excessively due to fears created by the
rights issue needed to part finance the acquisition and we took advantage of the
opportunity presented.
True to our strict sell-discipline, we have cut positions where we believe our
investment thesis has been compromised. For example, we sold our position in
Singaporean jack-up rig builder Keppel Corp. The company announced contract
cancellations from two key customers which we felt would have a significant
impact on growth in 2009. During the period we sold Russian food producer, Wimm
Bill Dann which, despite its attractive long-term growth prospects is likely to
continue to suffer from the volatile political environment in Russia.
Additionally, we sold our position in Japanese mining and construction equipment
manufacturer Komatsu. In-depth research conducted confirmed that it was having
difficulty passing on the rising cost of its raw materials to its customers and
is being adversely affected by slower economic growth.
The market remains extremely volatile and we believe this volatility will
continue until investors can ascertain a realistic worst case scenario for the
economy. The length and depth of the recession remains difficult to predict,
with the financial crisis having complicated historical comparisons. Earnings
estimates continue to be cut, but are slowly becoming more believable. We
continue to believe that as the unparalleled response from policymakers
worldwide begin to take effect, confidence may return, highlighting the
attractive valuation that many equities have fallen to. On a longer term horizon
we remain of the view that the current environment does present an opportunity
to buy into international markets at attractive valuations.
7
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
INTERNATIONAL EQUITY FUND
PIE CHART:
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
SWITZERLAND 18.2%
JAPAN 15.8
UNITED KINGDOM 14.2
GERMANY 12.7
SINGAPORE 7.4
CHINA 6.8
OTHER 24.9
PIE CHART:
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
FINANCIALS 21.0%
INDUSTRIALS 17.7
HEALTH CARE 15.8
CONSUMER STAPLES 12.2
INFORMATION TECHNOLOGY 9.3
CONSUMER DISCRETIONARY 7.3
OTHER 16.7
MOUNTAIN CHART:
INVESTMENT COMPARISON
Value of $10,000
INTERNATIONAL EQUITY FUND CLASS I - $5,985
1/31/08 10,000
2/29/08 10,020
3/31/08 10,020
4/30/08 10,800
5/31/08 11,170
6/30/08 10,580
07/31/08 10,020
08/31/08 9,350
09/30/08 7,830
10/31/08 6,020
11/30/08 5,500
12/31/08 5,985
MSCI EAFE INDEX - $6,273
1/31/08 10,000
2/29/08 10,146
3/31/08 10,045
4/30/08 10,603
5/31/08 10,726
6/30/08 9,851
7/31/08 9,536
8/31/08 9,151
9/30/08 7,832
10/31/08 6,252
11/30/08 5,917
12/31/08 6,273
TOTAL RETURNS AS OF DECEMBER 31, 2008
SINCE
NASDAQ THREE SIX INCEPTION
SYMBOL CLASS MONTHS MONTHS (1/31/08)
- ------------------------------------------------------------------------------------------------------------------------
International Equity Fund HIEIX Class I -23.57% -43.44% -40.15%
- ------------------------------------------------------------------------------------------------------------------------
INDEX
- ------------------------------------------------------------------------------------------------------------------------
MSCI EAFE Index -19.90% -36.32% -37.27%
- ------------------------------------------------------------------------------------------------------------------------
Performance data quoted represents past performance and is no guarantee of
future results. 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 the original
cost. Shares redeemed within 30 days of purchase may be subject to a 2%
redemption fee. As stated in the current prospectus, the Fund's annual operating
expense ratio (gross) is 1.31%. However, the Fund's adviser has agreed to
voluntarily waive a portion of its fees and or reimburse expenses such that
total operating expenses do not exceed 1.15% which is in effect until July 31,
2020. Had certain expenses not been waived or reimbursed during the period,
total returns would have been lower. For most recent month end performance,
please call 1.800.657.1493.
Returns include reinvestment of dividend and capital gains. Performance results
reflect expense subsidies and waivers in effect during periods shown. Absent
these waivers, results would have been less favorable.
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 is a capitalization-weighted index that monitors the
performance of stocks from Europe, Australasia and The Far East. 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.
8
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
GLOBAL REAL ESTATE EQUITIES FUND
DECEMBER 31, 2008
VALUE
SHARES (NOTE 2)
------ --------
COMMON STOCKS - 32.25%
AUSTRIA - 0.28%
947 Warimpex Finanz-und
Beteiligungs AG ................. $ 1,647
--------
FINLAND - 0.44%
650 Technopolis Oyj ................. 2,616
--------
HONG KONG - 13.23%
13,000 China Overseas Land &
Investment, Ltd. ................ 18,275
7,000 Henderson Land Development
Co., Ltd. ....................... 26,150
4,000 Sun Hung Kai Properties,
Ltd. ............................ 33,633
--------
78,058
--------
JAPAN - 13.74%
2,000 Mitsubishi Estate Co., Ltd. ..... 32,982
2,000 Mitsui Fudosan Co., Ltd. ........ 33,236
1,000 Sumitomo Realty & Development
Co., Ltd. ....................... 14,899
--------
81,117
--------
SINGAPORE - 1.12%
3,000 CapitaLand, Ltd. ................ 6,591
--------
SWEDEN - 1.46%
600 Castellum AB .................... 4,667
310 Wihlborgs Fastigheter AB ........ 3,942
--------
8,609
--------
SWITZERLAND - 1.01%
120 PSP Swiss Property AG ........... 5,955
--------
UNITED KINGDOM - 0.30%
450 Development
Securities plc .................. 1,744
--------
UNITED STATES - 0.67%
244 SBA Communications Corp.
Class A ......................... 3,982
--------
TOTAL COMMON STOCK .............. 190,319
(Cost $253,016) --------
REIT AND REIT - LIKE INSTRUMENTS - 62.19%
AUSTRALIA - 6.67%
8,500 Dexus Property Group ............ 4,939
11,025 Goodman Group ................... 5,846
3,100 Westfield Group ................. 28,563
--------
39,348
--------
VALUE
SHARES (NOTE 2)
------ --------
CANADA - 4.25%
327 Boardwalk Real Estate
Investment Trust ................ $ 6,771
789 Calloway Real Estate
Investment Trust ................ 7,254
379 Canadian Real Estate
Investment Trust ................ 6,929
313 Northern Property Real Estate
Investment Trust ................ 4,110
--------
25,064
--------
FRANCE - 4.75%
240 Klepierre ....................... 5,838
150 Unibail-Rodamco ................. 22,206
--------
28,044
--------
JAPAN - 1.52%
1 Japan Real Estate
Investment Corp. ................ 8,987
--------
NETHERLANDS - 2.22%
95 Corio N.V. ...................... 4,343
100 Wereldhave N.V. ................. 8,758
--------
13,101
--------
UNITED KINGDOM - 4.16%
1,200 British Land Co., plc ........... 9,506
400 Derwent London plc .............. 4,170
850 Great Portland
Estates plc ..................... 3,177
1,000 Hammerson plc ................... 7,692
--------
24,545
--------
UNITED STATES - 38.62%
303 Acadia Realty Trust ............. 4,324
148 Alexandria Real Estate
Equities, Inc. .................. 8,930
399 Apartment Investment &
Management Co., Class A ......... 4,608
153 AvalonBay Communities, Inc. ..... 9,269
607 BioMed Realty Trust, Inc. ....... 7,114
875 Brandywine Realty Trust ......... 6,746
521 Cogdell Spencer, Inc. ........... 4,877
234 Digital Realty Trust, Inc. ...... 7,687
491 Douglas Emmett, Inc. ............ 6,412
190 EastGroup Properties, Inc. ...... 6,760
120 Equity Lifestyle Properties, Inc. 4,603
464 Equity Residential .............. 13,837
90 Essex Property Trust, Inc. ...... 6,908
140 Federal Realty Investment Trust 8,691
379 Inland Real Estate Corp. ........ 4,919
468 LaSalle Hotel Properties ........ 5,171
136 Mid-America Apartment
Communities, Inc. ............... 5,054
See Notes to Financial Statements.
9
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
GLOBAL REAL ESTATE EQUITIES FUND
DECEMBER 31, 2008 (CONTINUED)
VALUE
SHARES (NOTE 2)
------ --------
UNITED STATES - (continued)
298 National Retail Properties, Inc. $ 5,123
347 Nationwide Health Properties, Inc. 9,966
338 Omega Healthcare Investors, Inc. 5,398
894 ProLogis ........................ 12,418
87 PS Business Parks, Inc. ......... 3,885
203 Public Storage .................. 16,139
168 Regency Centers Corp. ........... 7,846
334 Simon Property Group, Inc. ...... 17,745
288 SL Green Realty Corp. ........... 7,459
862 Sunstone Hotel Investors, Inc. .. 5,336
265 The Macerich Co. ................ 4,812
474 Ventas, Inc. .................... 15,912
--------
227,949
--------
TOTAL REIT AND
REIT - LIKE INSTRUMENTS ......... 367,038
(Cost $456,361) --------
RIGHTS - 0.03%
HONG KONG - 0.03%
520 China Overseas Land &
Investment, Ltd.
Expires 1/21/2009 ............... 187
--------
TOTAL RIGHTS .................... 187
(Cost $0) --------
TOTAL LONG TERM
INVESTMENTS ..................... 557,544
(Cost $709,327) --------
SHORT TERM INVESTMENT - 0.83%
4,924 Fidelity Institutional Treasury
Portfolio ....................... 4,924
--------
TOTAL SHORT TERM
INVESTMENT ...................... 4,924
(Cost $4,924) --------
TOTAL INVESTMENTS - 95.30% ................... 562,468
(Cost $714,301) --------
NET OTHER ASSETS AND
LIABILITIES - 4.70% ............. 27,757
--------
TOTAL NET ASSETS - 100.00%................ $590,225
========
REIT - Real Estate Investment Trust
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- ---------------------------------------------------------
Diversified Real Estate....................... 24.99%
Retail REIT................................... 21.05
Specialized REIT.............................. 11.51
Office REIT................................... 10.28
Residential REIT.............................. 9.35
Diversified REIT.............................. 5.76
Industrial REIT............................... 4.24
Real Estate Operating Companies............... 3.21
Real Estate Development....................... 3.13
Wireless Telecomm Services.................... 0.67
Hotels, Resorts & Cruise...................... 0.28
--------
Long Term Investments......................... 94.47
Short Term Investment......................... 0.83
--------
Total Investments............................. 95.30
Net Other Assets and Liabilities.............. 4.70
--------
100.00%
========
See Notes to Financial Statements.
10
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
INTERNATIONAL EQUITY FUND
DECEMBER 31, 2008
VALUE
SHARES (NOTE 2)
------ --------
COMMON STOCKS - 91.97%
AUSTRIA - 1.64%
654 Andritz AG ...................... $ 16,538
414 Schoeller-Bleckmann Oilfield
Equipment AG .................... 12,701
--------
29,239
--------
BELGIUM - 4.09%
1,784 Anheuser-Busch InBev N.V. * ..... 10
745 EVS Broadcast Equipment, S.A. ... 26,408
2,009 InBev NV ........................ 46,301
--------
72,719
--------
BRAZIL - 1.50%
1,092 Petroleo Brasileiro, S.A., ADR .. 26,743
--------
CHINA - 6.47%
17,000 China Communications
Construction Co., Ltd.,
Class H ......................... 20,970
7,000 China Life Insurance Co., Ltd.,
Class H ......................... 21,270
1,851 China Medical Technologies,
Inc., ADR ....................... 37,501
23,803 China Railway Construction
Corp., Ltd., Class H * .......... 35,443
--------
115,184
--------
CYPRUS - 0.35%
2,330 Marfin Popular Bank Public
Co., Ltd. ....................... 6,154
--------
GERMANY - 8.79%
541 Bauer AG ........................ 22,400
621 Bayer AG ........................ 36,168
384 Bilfinger Berger AG ............. 20,114
431 Fresenius Medical Care AG
& Co. ........................... 20,081
896 GFK AG .......................... 27,517
168 Muenchener Rueckversicherungs-
Gesellschaft AG ................. 26,157
676 Wirecard AG ..................... 3,943
--------
156,380
--------
HONG KONG - 2.08%
17,000 Hang Lung Properties, Ltd. ...... 36,938
--------
INDONESIA - 1.12%
105,500 PT Bank Mandiri ................. 19,950
--------
VALUE
SHARES (NOTE 2)
------ --------
ITALY - 3.79%
2,100 Autogrill SpA ................... $ 15,766
1,156 Saipem SpA ...................... 19,161
13,239 UniCredito Italiano SpA ......... 32,452
--------
67,379
--------
JAPAN - 15.03%
1,300 Aeon Fantasy Co., Ltd. .......... 11,429
800 Canon, Inc. ..................... 24,791
100 Cocokara Fine Holdings, Inc. * .. 1,585
600 Daiichikosho Co., Ltd. .......... 6,178
200 Disco Corp. ..................... 4,088
200 Hikari Tsushin, Inc. ............ 3,803
200 Hitachi Systems & Services, Ltd. 2,070
200 IT Holdings Corp. * ............. 3,090
14,000 Juki Corp. ...................... 14,541
7,400 Mitsubishi UFJ Financial
Group, Inc. ..................... 45,435
200 Nintendo Co., Ltd. .............. 76,052
200 Sanei-International Co., Ltd. ... 1,962
600 Secom Co., Ltd. ................. 30,705
300 Xebio Co., Ltd. ................. 5,784
520 Yamada Denki Co., Ltd. .......... 35,816
--------
267,329
--------
MEXICO - 1.50%
860 America Movil SAB de C.V.,
Series L, ADR ................... 26,651
--------
NETHERLANDS - 0.05%
288 Wavin N.V. ...................... 933
--------
QATAR - 1.03%
3,850 Commercial Bank of Qatar,
GDR, (a) (b) (c) * .............. 18,287
--------
SINGAPORE - 7.08%
64,000 Banyan Tree Holdings, Ltd. ...... 18,879
15,000 CapitaLand, Ltd. ................ 32,379
18,000 SC Global Developments, Ltd. .... 6,746
13,000 StarHub, Ltd. ................... 17,505
26,000 Wilmar International, Ltd. ...... 50,349
--------
125,858
--------
SPAIN - 4.07%
2,690 Banco Bilbao Vizcaya
Argentaria, S.A. ................ 32,646
789 Red Electrica Corp., S.A. ....... 39,689
--------
72,335
--------
See Notes to Financial Statements.
11
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
INTERNATIONAL EQUITY FUND
DECEMBER 31, 2008 (CONTINUED)
VALUE
SHARES (NOTE 2)
------ --------
SWITZERLAND - 17.37%
2,462 ABB, Ltd. * ..................... $ 36,486
1,375 Credit Suisse Group AG .......... 37,372
469 Lonza Group AG .................. 43,143
1,881 Nestle S.A. ..................... 73,809
468 Roche Holding AG ................ 71,730
244 Syngenta AG ..................... 46,418
---------
308,958
---------
TAIWAN - 2.47%
6,036 Fubon Financial Holding
Co., Ltd., GDR (c) .............. 43,958
---------
UNITED KINGDOM - 13.54%
997 Cairn Energy plc * .............. 28,884
6,397 Eros International plc * ........ 10,347
4,972 ICAP plc ........................ 20,552
5,871 Man Group plc ................... 20,047
6,825 Serco Group plc ................. 44,206
2,200 Spectris plc .................... 16,922
6,672 Tesco plc ....................... 34,534
32,720 Vodafone Group plc .............. 65,390
---------
240,882
---------
TOTAL COMMON STOCK .............. 1,635,877
(Cost $2,356,705) ---------
PREFERRED STOCK - 3.34%
GERMANY - 3.34%
1,017 Fresenius SE .................... 59,324
---------
TOTAL PREFERRED STOCK ........... 59,324
(Cost $81,972) ---------
TOTAL LONG TERM INVESTMENTS .................. 1,695,201
(Cost $2,438,677) ---------
SHORT TERM INVESTMENT - 4.20%
74,792 Fidelity Institutional
Treasury Portfolio .............. 74,792
---------
TOTAL SHORT TERM
INVESTMENT ...................... 74,792
(Cost $74,792) ---------
TOTAL INVESTMENTS - 99.51% ................... 1,769,993
(Cost $2,513,469) ---------
VALUE
SHARES (NOTE 2)
------ --------
NET OTHER ASSETS AND
LIABILITIES - 0.49% ............. $ 8,669
----------
TOTAL NET ASSETS - 100.00%.................... $1,778,662
==========
* Non income producing security
(a) Restricted security.
(b) 144A securities are those that are exempt from registration under 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. At December 31, 2008 this
security represents $18,287, which represented 1.03% of net assets.
(c) Fair valued at December 31, 2008 as determined in good faith using
procedures approved by the Trustees of the Trust.
ADR American Depositary Receipts
GDR Global Depositary Receipts
See Notes to Financial Statements.
12
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
INTERNATIONAL EQUITY FUND
DECEMBER 31, 2008 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- ---------------------------------------------------------
Diversified Banks........................... 8.71%
Wireless Telecommunication Services......... 6.16
Pharmaceuticals............................. 6.07
Health Care Equipment....................... 5.44
Home Entertainment Software................. 4.27
Packaged Foods & Meats...................... 4.15
Diversified Real Estate..................... 3.90
Construction & Engineering.................. 3.62
Agricultural Products....................... 2.83
Fertilizer & Agriculture Chemicals.......... 2.61
Brewers..................................... 2.60
Environment & Facilities Services........... 2.49
Industrial Conglomerates.................... 2.47
Life Sciences Tools & Services.............. 2.43
Electric Utilities.......................... 2.23
Computer & Electronic Retail................ 2.23
Diversified Capital Markets................. 2.10
Heavy Electrical Equipment.................. 2.05
Building Heavy Construction................. 1.99
Food Retail................................. 1.94
Oil & Gas Equipment & Services.............. 1.79
Security & Alarm Service.................... 1.73
Oil & Gas Exploration & Production.......... 1.62
Research & Consulting Services.............. 1.55
Integrated Oil & Gas........................ 1.50
Communications Equipment.................... 1.48
Reinsurance................................. 1.47
Office Electronics.......................... 1.39
Life & Health Insurance..................... 1.20
Investment Banking & Brokerage.............. 1.16
Health Care Services........................ 1.13
Asset Management & Custody Banks............ 1.13
Hotels, Resorts & Cruise.................... 1.06
Electronic Equipment & Instruments.......... 0.95
Industrial Machinery........................ 0.93
Movies & Entertainment...................... 0.93
Restaurants................................. 0.89
Household Appliances........................ 0.82
Leisure Facilities.......................... 0.64
Real Estate Development..................... 0.38
Specialty Stores............................ 0.33
IT Consulting & Other Services.............. 0.29
Semiconductor Equipment..................... 0.23
Data Processing & Outsourced Services....... 0.22
Apparel, Accessories & Luxury Goods......... 0.11
Drug Retail................................. 0.09
--------
Long Term Investments....................... 95.31
Short Term Investment....................... 4.20
--------
Total Investments........................... 99.51
Net Other Assets and Liabilities............ 0.49
--------
100.00%
========
See Notes to Financial Statements.
13
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2008
GLOBAL REAL INTERNATIONAL
ESTATE EQUITIES EQUITY
FUND FUND
=======================================================================================================================
ASSETS:
Investments, at value
Securities $557,544 $1,695,201
Short Term investments 4,924 74,792
- -----------------------------------------------------------------------------------------------------------------------
Total investments, at value 562,468 1,769,993
Cash 11,201 --
Foreign cash, at value -- 15
Dividends and interest receivable 4,235 5,653
Receivable from investment adviser 35,332 23,881
Receivable for investment securities sold 519 13,822
Prepaid expenses and other assets 25,030 20,183
- -----------------------------------------------------------------------------------------------------------------------
Total Assets 638,785 1,833,547
- -----------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased -- 3,726
Accrued expenses and other payables 48,560 51,159
- -----------------------------------------------------------------------------------------------------------------------
Total Liabilities 48,560 54,885
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS $590,225 $1,778,662
=======================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $1,024,564 $4,059,233
Accumulated undistributed net investment income (loss) (1,153) 52,305
Accumulated net realized loss on investments
and foreign currency transactions (281,355) (1,588,978)
Net unrealized depreciation of investments
and foreign currency transalations (151,831) (743,898)
- -----------------------------------------------------------------------------------------------------------------------
$590,225 $1,778,662
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Class I Shares $590,225 $1,778,662
=======================================================================================================================
SHARES OUTSTANDING:
Class I Shares (unlimited number of shares authorized) 113,057 313,719
=======================================================================================================================
CLASS I SHARES:
Net asset value and redemption price per share $5.22 $5.67
=======================================================================================================================
Investments, at cost $714,301 $2,513,469
=======================================================================================================================
Foreign cash, at cost $-- $15
=======================================================================================================================
The Funds may impose a redemption fee of 2.00% on shares redeemed within 30 days
of purchase.
See Notes to Financial Statements.
14
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED DECEMBER 31, 2008
GLOBAL REAL INTERNATIONAL
ESTATE EQUITIES EQUITY
FUND* FUND*
=======================================================================================================================
INVESTMENT INCOME:
Dividends $29,532 $81,464
Interest 603 2,952
Foreign taxes withheld (1,874) (7,047)
- -----------------------------------------------------------------------------------------------------------------------
Total Investment Income 28,261 77,369
- -----------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 6,141 26,172
Accounting fees 46,906 47,508
Audit fees 38,706 38,647
Offering expenses 41,245 40,791
Custodian fees 21,528 20,041
Organization expense 13,073 6,465
Printing and postage fees 1,960 11,841
Transfer agent fees 1,628 1,857
Registration and filing fees 1,528 1,944
Administrative fees 272 945
Compliance Officer fees 99 220
Trustees' fees and expenses 61 150
Legal fees 61 90
Miscellaneous fees 821 856
- -----------------------------------------------------------------------------------------------------------------------
Total Expenses 174,029 197,527
- -----------------------------------------------------------------------------------------------------------------------
Fees waived and expenses reimbursed by investment adviser (165,720) (162,118)
- -----------------------------------------------------------------------------------------------------------------------
Net Expenses 8,309 35,409
- -----------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 19,952 41,960
- -----------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized loss from :
Investment transactions (259,587) (1,521,391)
Foreign currency transactions (18,309) (7,172)
Net change in unrealized appreciation/(depreciation) of:
Investments (151,833) (743,476)
Translation of other assets and liabilities 2 (422)
- -----------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized Loss (429,727) (2,272,461)
- -----------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS $(409,775) $(2,230,501)
=======================================================================================================================
* Inception date for the Global Real Estate Equities Fund and International
Equity Fund was February 29, 2008 and January 31, 2008, respectively.
See Notes to Financial Statements.
15
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL REAL ESTATE EQUITIES FUND
PERIOD ENDED
DECEMBER 31, 2008*
=======================================================================================================================
Net investment income $19,952
Net realized loss on investments and foreign currency transactions (277,896)
Net change in unrealized depreciation of investments and
foreign currency translations (151,831)
- -----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (409,775)
- -----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class I Shares (65,809)
- -----------------------------------------------------------------------------------------------------------------------
(65,809)
- -----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from Fund share transactions:
Class I Shares 1,065,809
- -----------------------------------------------------------------------------------------------------------------------
1,065,809
- -----------------------------------------------------------------------------------------------------------------------
Net increase in net assets 590,225
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period --
- -----------------------------------------------------------------------------------------------------------------------
End of period $590,225
=======================================================================================================================
Accumulated undistributed net investment loss $(1,153)
=======================================================================================================================
* Inception date for the Global Real Estate Equities Fund was February 29,
2008.
INTERNATIONAL EQUITY FUND
PERIOD ENDED
DECEMBER 31, 2008*
=======================================================================================================================
Net investment income $41,960
Net realized loss on investments and foreign currency transactions (1,528,563)
Net change in unrealized depreciation of investments and
foreign currency translations (743,898)
- -----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (2,230,501)
- -----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class I Shares (90,861)
- -----------------------------------------------------------------------------------------------------------------------
(90,861)
- -----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from Fund share transactions:
Class I Shares 4,100,024
- -----------------------------------------------------------------------------------------------------------------------
4,100,024
- -----------------------------------------------------------------------------------------------------------------------
Net increase in net assets 1,778,662
- -----------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period --
- -----------------------------------------------------------------------------------------------------------------------
End of period $1,778,662
=======================================================================================================================
Accumulated undistributed net investment income $52,305
=======================================================================================================================
* Inception date for the International Equity Fund was January 31, 2008.
16
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL REAL ESTATE EQUITIES FUND
PERIOD ENDED
DECEMBER 31, 2008*
=======================================================================================================================
AMOUNT
CLASS I SHARES
Sold $1,000,000
Issued as reinvestment of dividends 65,809
- -----------------------------------------------------------------------------------------------------------------------
Net increase $1,065,809
=======================================================================================================================
SHARES
CLASS I SHARES:
Sold 100,000
Issued as reinvestment of dividends 13,057
- -----------------------------------------------------------------------------------------------------------------------
Net increase 113,057
=======================================================================================================================
* Inception date for the Global Real Estate Equities Fund was February 29,
2008.
INTERNATIONAL EQUITY FUND
PERIOD ENDED
DECEMBER 31, 2008*
=======================================================================================================================
AMOUNT
CLASS I SHARES
Sold $5,108,300
Issued as reinvestment of dividends 90,861
Redeemed (1,099,137)
- -----------------------------------------------------------------------------------------------------------------------
Net increase $4,100,024
=======================================================================================================================
SHARES
CLASS I SHARES:
Sold 488,715
Issued as reinvestment of dividends 16,491
Redeemed (191,487)
- -----------------------------------------------------------------------------------------------------------------------
Net increase 313,719
=======================================================================================================================
* Inception date for the International Equity Fund was January 31, 2008.
See Notes to Financial Statements.
17
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
----------------------------------------- ----------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET REALIZED AND TOTAL FROM FROM NET
VALUE, NET UNREALIZED FROM NET REALIZED
BEGINNING INVESTMENT LOSS ON INVESTMENT INVESTMENT CAPITAL TOTAL
OF PERIOD INCOME INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS
- -----------------------------------------------------------------------------------------------------------------------------------
GLOBAL REAL ESTATE EQUITIES FUND
CLASS I
Period Ended 12/31/2008 (a) $10.00 0.20(b) (4.32) (4.12) (0.66) 0.00 (0.66)
INTERNATIONAL EQUITY FUND
CLASS I
Period Ended 12/31/2008 (a) $10.00 0.11(b) (4.13) (4.02) (0.31) 0.00 (0.31)
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 WAIVERS AND/OR PORTFOLIO
END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
PERIOD RETURN (C) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- -------------------------------------------------------------------------------------------------------------------------
$5.22 (40.98)% $590 1.15% 2.75% 24.01% 183%
$5.67 (40.15)% $1,779 1.15% 1.36% 6.40% 114%
(a) The Henderson Global Real Estate Equities Fund and International Equity
Fund commenced operations on February 29, 2008 and January 31, 2008,
respectively.
(b) Per share data was calculated using average shares outstanding during the
period.
(c) Total returns are historical and assume changes in share price,
reinvestment of all dividends and distributions and no sales charge. Had
certain expenses not been reduced during the periods shown, total returns
would have been lower. Total returns for periods of less than one year are
not annualized.
See Notes to Financial Statements
Spread 18 and 19
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
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 11
series. Nine series of the Trust, Henderson European Focus Fund, Henderson
Global Equity Income Fund, Henderson Global Opportunities Fund, Henderson Global
Technology Fund, Henderson Industries of the Future Fund, Henderson
International Opportunities Fund, Henderson Japan-Asia Focus Fund, Henderson US
Focus Fund and Henderson Worldwide Income Fund are not included in this report
because their fiscal year end is July 31. Henderson Global Real Estate Equities
Fund ("Real Estate Equities") and Henderson International Equity Fund
("International Equity"), collectively, (the "Funds") are each a separate series
of the Trust. Each Fund is non-diversified and each Fund offers Class I shares.
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 Real Estate Equities and International Equity.
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. Distributions received from REITs are recorded on the ex-dividend date.
Each REIT reports annually the tax character of its distributions. Dividend
income, capital gain distributions received and unrealized appreciation
(depreciation) reflect amounts of taxable income, capital gain and return of
capital report by the REITs, and management's estimates of such amounts for REIT
distributions for which actual information has not been reported. 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.
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.
20
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
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 arragements 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 Statements of Assets and
Liabilities. These instruments involve market risk, credit risk, or both kinds
of risks, in excess of the amount recognized in the Statements of Operations.
These risks arise from the possible inability of counterparties to meet the
terms of their contracts and from unfavorable currency fluctuations. The Funds
had no outstanding forward foreign currency contracts as of December 31, 2008.
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 Fund 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. The Funds
retain all or a portion of the interest received on investment of the cash
collateral or receives a fee from the borrower. 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 period ended December 31, 2008, the Funds had no
transactions in securities lending.
RESTRICTED SECURITIES
A restricted security is a security which has been purchased through a private
offering and cannot be resold to the general public without prior registration
under the Securities Act of 1933 (the "1933 Act") or pursuant to the resale
limitations provided by Rule 144 under the 1933 Act, or an exemption from the
registration requirements of the 1933 Act. Certain restricted securities may be
resold in transactions exempt from registration, normally to qualified
institutional buyers, and may be deemed liquid by the investment adviser based
on procedures established by the Board of Trustees. Therefore, not all
restricted securities are considered illiquid. At December 31, 2008, the
International Equity Fund held restricted securities that were illiquid,
representing 1.03% of net assets, as follows:
AS A %
ACQUISITION ACQUISITION OF NET
DATE COST ($) VALUE ($) ASSETS
- --------------------------------------------------------------------------------
Commercial
Bank of
Qatar June 27, 2008 47,250 18,287 1.03
- --------------------------------------------------------------------------------
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 Real
Estate Equities and International Equity 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. These amounts are reflected as offering expenses in the statement 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
21
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
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 intend to 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 December 31, 2008 Global Real Estate Equities had $109,754 accumulated
capital loss carryforward expiring on December 31, 2016. International Equity
had $335,950 accumulated capital loss carryforward expiring on December 31,
2016.
At December 31, 2008, the following funds deferred post-October losses which
will be recognized on the first day of the following year:
CAPITAL LOSS
DEFERRED
- ------------------------------------------------------------------------------
Real Estate Equities $ 88,108
International Equity 1,158,963
==============================================================================
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. Management has
concluded that there are no significant uncertain tax positions that would
require recognition in the financial statements. Since tax authorities can
examine previously filed tax returns, the Fund's tax return for the period ended
December 31, 2008 is subject to review by the taxing authorities.
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.
Accordingly, at December 31, 2008, the Funds reclassified the following amounts
between paid-in capital, undistributed net investment income (loss) and
accumulated net realized gain (loss):
ACCUMULATED
UNDISTRIBUTED
NET ACCUMULATED
PAID-IN INVESTMENT NET REALIZED
CAPITAL INCOME/(LOSS) GAIN/(LOSS)
- --------------------------------------------------------------------------
Real Estate Equities $(41,245) $44,704 $ (3,459)
- --------------------------------------------------------------------------
International Equity (40,791) 101,206 (60,415)
- --------------------------------------------------------------------------
These reclassifications relate to the deductibility of certain expenses and the
character of realized gain/losses on foreign currency transactions and PFIC
transactions for tax purposes and had no impact on the net asset value of the
Funds.
The tax character of distributions paid during the period ended December
31, 2008 were as follows:
YEAR ENDED ORDINARY
DECEMBER 31, 2008 INCOME
- -----------------------------------------------------------------------------
Real Estate Equities $65,809
International Equity 90,861
=============================================================================
As of December 31, 2008, the components of distributable earnings on a tax basis
were as follows:
UNDISTRIBUTED UNREALIZED
ORDINARY APPRECIATION
INCOME (DEPRECIATION)
- ----------------------------------------------------------------------------
Real Estate Equities $ 7,951 $(236,808)
- ----------------------------------------------------------------------------
International Equity 54,279 (838,562)
- ----------------------------------------------------------------------------
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 at the following annual rates:
Real Estate Equities First $250 million 0.85%
Next $250 million 0.80%
Next $500 million 0.75%
Over $1 billion 0.65%
- ---------------------------------------------------------------
International Equity First $250 million 0.85%
Next $250 million 0.80%
Next $500 million 0.75%
Over $1 billion 0.65%
===============================================================
22
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
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 1.15% of average daily net assets for Real
Estate Equities and International Equity. These agreements are effective through
July 31, 2020.
Henderson Investment Management Limited ("HIML") is the sub-adviser for Real
Estate Equities and International Equity 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:
Real Estate Equities First $250 million 0.35%
Next $250 million 0.30%
Next $500 million 0.25%
Over $1 billion 0.20%
- --------------------------------------------------------------
International Equity First $250 million 0.35%
Next $250 million 0.30%
Next $500 million 0.25%
Over $1 billion 0.20%
===============================================================
Transwestern Securities Management, LLC. ("TSM") is another sub-adviser for Real
Estate Equities pursuant to a Sub-Advisory Agreement. TSM receives a fee for its
services, paid by HGINA from its management fee.
The Funds bear a portion of the compensation paid to the Compliance Officers of
the Trust and HIML. This compensation is reflected as Compliance Officer fees in
the Statements of Operations.
At December 31, 2008, HGINA owned the following number of shares in the
following Funds:
% SHARES
- ----------------------------------------------------------
Real Estate Equities 100.00 113,057
International Equity 33.64 105,548
==========================================================
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
Statements of Operations.
NOTE 5. INVESTMENT TRANSACTIONS
Purchases and sales of investment securities, excluding short-term investments
and U.S. government securities, for the Funds during the period ended December
31, 2008, were as follows:
PURCHASES SALES
- -----------------------------------------------------------
Real Estate Equities $2,504,061 $1,511,032
International Equity 7,795,248 3,839,168
===========================================================
The U.S. federal income tax basis of the Funds' investments, excluding foreign
currency contracts, at December 31, 2008, and the gross unrealized appreciation
and depreciation, were as follows:
REAL ESTATE INTERNATIONAL
EQUITIES EQUITY
==============================================================
Cost $799,271 $2,608,080
- --------------------------------------------------------------
Gross unrealized appreciation 30,724 35,542
- --------------------------------------------------------------
Gross unrealized depreciation 267,527 873,629
- --------------------------------------------------------------
Net unrealized depreciation (236,803) (838,087)
==============================================================
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 December 31, 2008.
NOTE 6. SIGNIFICANT CONCENTRATIONS
Real Estate Equities and International Equity invest a substantial percentage of
their assets in securities of foreign issuers. 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.
Real Estate Equities invests a substantial percentage of its assets in REITs (or
their equivalents) listed or traded on a regulated market which derive the main
part of their revenue from the ownership, management and/or development of real
estate.
23
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
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.
NOTE 7. BORROWING ARRANGEMENTS
The Trust has a $175 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 Statements
of Operations. No amounts were borrowed by the Funds under this facility during
the period ended December 31, 2008.
NOTE 8. 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. There were no
redemptions fees during the period ended December 31, 2008.
NOTE 9. RECENT ACCOUNTING STANDARDS
The Funds adopted Financial Accounting Standards Board ("FASB") Statement of
Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"). In
accordance with FAS 157, fair value is defined as the price that the Fund would
receive upon selling an investment in a timely transaction to an independent
buyer in the principal or most advantageous market of the investment.
Various inputs are used in determining the value of the Fund's investments. FAS
157 established a three-tier hierarchy of inputs to establish classification of
fair value measurements for disclosure purposes. These inputs may be observable
or unobservable. Observable inputs are inputs that reflect the assumptions
market participants would use in pricing the asset or liability developed based
on market data obtained from sources independent of the reporting entity.
Unobservable inputs are inputs that reflect the reporting entity's own
assumptions about the assumptions market participants would use in pricing the
asset or liability developed based on the best information available under the
circumstances. The inputs used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. The
three-tier hierarchy of inputs is summarized in the three broad Levels listed
below.
o Level 1 - quoted prices in active markets for identical investments
o Level 2 - other significant observable inputs (including quoted prices
for similar investments, interest rates, prepayment speeds, credit
risk, etc.)
o Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of December 31, 2008 in valuing
the Funds' investments carried at value:
REAL ESTATE EQUITIES
INVESTMENTS IN
VALUATION INPUTS SECURITIES
- -----------------------------------------------------------
Level 1 - Quoted Prices $348,180
- -----------------------------------------------------------
Level 2 - Other Significant
Observable Inputs 214,288
- -----------------------------------------------------------
Level 3 - Significant
Unobservable Inputs --
- -----------------------------------------------------------
Total $562,468
===========================================================
INTERNATIONAL EQUITY
INVESTMENTS IN
VALUATION INPUTS SECURITIES
- -----------------------------------------------------------
Level 1 -
Quoted Prices $1,440,419
- -----------------------------------------------------------
Level 2 - Other Significant
Observable Inputs 329,574
- -----------------------------------------------------------
Level 3 - Significant
Unobservable Inputs --
- -----------------------------------------------------------
Total $1,769,993
===========================================================
In March 2008, the FASB issued Statement of Financial Accounting Standards No.
161, "Disclosures about Derivative Instruments and Hedging Activities" FAS No.
161("FAS 161"). FAS 161 is effective for fiscal years and interim periods
beginning after November 15, 2008. FAS 161 requires enhanced disclosures about
Funds' derivative and hedging activities. Management is currently evaluating the
impact the adoption of FAS 161 will have on the Funds' financial statement
disclosures.
24
HENDERSON GLOBAL FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Trustees and Shareholders
Henderson Global Funds
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Henderson Global Real Estate Equities Fund and
the Henderson International Equity Fund (collectively, the "Funds"), comprising
the Henderson Global Funds, as of December 31, 2008, and the related statements
of operations, the statements of changes in net assets and the financial
highlights for the period indicated therein. These financial statements and
financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Funds' internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2008, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios constituting the Henderson Global Funds at December
31, 2008, and the results of their operations, changes in their net assets and
their financial highlights for the periods indicated therein in conformity with
U.S. generally accepted accounting principles.
/S/ Ernst & Young LLP
Chicago, Illinois
February 16, 2009
25
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 period ending June 30, 2008 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 December
31, 2008. The amounts shown may differ from those elsewhere in this report due
to differences between tax and financial reporting requirements. In February
2009, shareholders will receive Form 1099-DIV which will include their share of
foreign tax credit, qualified dividends and capital gains distributed during the
calendar year 2008. Shareholders are advised to check with their tax advisors
for information on the treatment of these amounts on their individual income tax
returns.
Under Section 854 of the Internal Revenue Code, the Funds designated qualified
dividends for the fiscal year ended December 31, 2008 were as follow:
Real Estate Equities $ 2,259
International Equity 51,356
==========================================================
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 December 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 I
- --------------------------------------------------------------
Real Estate Equities 1.15%
- --------------------------------------------------------------
International Equity 1.15
==============================================================
26
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 5
and 8. 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
JULY 1, DECEMBER 31, DURING
ACTUAL 2008 2008 THE PERIOD*
- --------------------------------------------------------------
Real Estate Equities
Class I $1,000.00 $631.19 $4.72
- --------------------------------------------------------------
International Equity
Class I 1,000.00 565.65 4.53
==============================================================
TABLE 2
BEGINNING ENDING
HYPOTHETICAL ACCOUNT ACCOUNT EXPENSES
(ASSUMING A VALUE VALUE PAID
5% RETURN JULY 1, DECEMBER 31, DURING
BEFORE EXPENSES) 2008 2008 THE PERIOD*
- --------------------------------------------------------------
Real Estate Equities
Class I $1,000.00 $1,019.22 $5.84
- --------------------------------------------------------------
International Equity
Class I 1,000.00 1,019.22 5.84
==============================================================
* Expenses are equal to the Funds' Class I 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).
27
HENDERSON GLOBAL FUNDS TRUSTEES AND OFFICERS
(UNAUDITED)
POSITION(S) TERM OF OTHER
NAME, ADDRESS AND WITH OFFICE AND PRINCIPAL OCCUPATIONS DIRECTORSHIPS
AGE(1) THE TRUST(2) TIME SERVED(3) DURING PAST FIVE YEARS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
C . Gary Gerst, 69 Chairman Since 2001 President, KCI Inc. (private s-corporation None
and Trustee investing in non-public investments.)
Roland C. Baker, 70 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; Trustee, Allstate
Financial Investment
Trust; Director, Midland
National Life Insurance
Company (an affiliate
of North American
Company for Life and
Health Insurance).
Faris F. Chesley, 70 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
- ------------------------------------------------------------------------------------------------------------------------------------
Sean M. Dranfield(4), Trustee and Since 2001 Director, Global Distribution, Henderson None
42 President Global Investors.
Kenneth A. Kalina, 49 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.
Alanna N. Nensel, 33 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.
Scott E. Volk, 37 Vice President Since 2001 Director, Retail Finance and Operations, N/A
HGINA.
28
HENDERSON GLOBAL FUNDS TRUSTEES AND OFFICERS
(UNAUDITED)
POSITION(S) TERM OF OTHER
NAME, ADDRESS AND WITH OFFICE AND PRINCIPAL OCCUPATIONS DIRECTORSHIPS
AGE(1) THE TRUST(2) TIME SERVED(3) DURING PAST FIVE YEARS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES AND OFFICERS OF THE TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
Christopher K. Secretary Since 2004 Legal Counsel, HGINA, since 2004; N/A
Yarbrough, 34 Attorney, Bell, Boyd & Lloyd LLP,
2000-2004.
Troy M. Treasurer Since September Head of US Fund Administration and N/A
Statczar, 37 2008 Accounting, HGINA, since July 2008,
Senior Vice President, Citigroup
2005-2008.
Richard J. Mitchell, 45 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 December 31, 2008.
2. Currently, all Trustees oversee all eleven 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 1.800.657.1493.
29
HENDERSON GLOBAL FUNDS
TRUSTEES
C. Gary Gerst, Chairman
Roland C. Baker
Faris F. Chesley
Sean Dranfield
OFFICERS
Sean Dranfield, President
Alanna N. Nensel, Vice President
Scott E. Volk, Vice President
Christopher K. Yarbrough, Secretary
Kenneth A. Kalina, Chief Compliance Officer
Troy M. Statczar, Treasurer
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 1.800.657.1493
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.
30
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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 Nensel, 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 (February, 2009)
ITEM 2. CODE OF ETHICS.
(a) Henderson Global Funds (the "Trust" or the "registrant") has adopted a Code
of Ethics that applies to the Trust's principal executive officer and
principal financial officer (the "Code").
(b) No disclosures are required by this Item 2(b).
(c) There have been no amendments to the Code during the reporting period for
Form N-CSR.
(d) There have been no waivers granted by the Trust to individuals covered by
the Code during the reporting period for Form N-CSR.
(e) Not applicable.
(f) A copy of the Code may be obtained free of charge by calling 866-343-6337.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) The Board of Trustees of the Trust has determined that it has three
audit committee financial experts serving on the Trust's Audit
Committee that possess the attributes identified in Item 3(b) to Form
N-CSR.
(2) The names of the audit committee financial experts are:
Roland C. Baker
Faris F. Chesley
C. Gary Gerst
Each audit committee financial expert has been deemed to be
"independent" as that term is defined in Item 3(a)(2) of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
As of December 31, 2008, the registrant had eleven series. The following series
of the registrant have a fiscal year ended December 31: Henderson Global Real
Estate Equities Fund and Henderson International Equity Fund (the "12/31
Henderson Funds").
The following series of the registrant have a fiscal year ended July 31:
Henderson European Focus Fund, Henderson Global Technology Fund, Henderson
Global Equity Income Fund, Henderson Global Opportunities Fund, Henderson
Industries of the Future Fund, Henderson International Opportunities Fund,
Henderson Japan-Asia Focus Fund, Henderson US Focus Fund and Henderson Worldwide
Income Fund (the "7/31 Henderson Funds").
Information provided in response to Item 4 includes amounts billed during the
applicable fiscal years for services rendered by the registrant's principal
accountant to the 12/31 Henderson Funds and the 7/31 Henderson Funds. No 2007
information is available for the 12/31 Henderson Funds because the Funds
commenced operations in 2008.
(a) Audit Fees - The aggregate fees billed for the last two fiscal years ended
July 31 for the 7/31 Henderson Funds and for the fiscal year ended December 31,
2008 for the 12/31 Henderson Funds for professional services rendered by the
principal accountant to the registrant for the audit of the registrant's annual
financial statements or services normally provided by the accountant in
connection with statutory and regulatory filings or engagements for the those
fiscal years are set forth below.
---------------------- ------------------------ ---------------------
12/31 7/31
Henderson Funds Henderson Funds
---------------------- ------------------------ ---------------------
Year ended 12/31/08 $61,000 N/A
---------------------- ------------------------ ---------------------
Year ended 7/31/08 N/A $208,500
---------------------- ------------------------ ---------------------
Year ended 7/31/07 N/A $180,100
---------------------- ------------------------ ---------------------
(b) Audit Related Fees - There were no fees billed for the last two fiscal years
ended July 31 for the 7/31 Henderson Funds and the fiscal year ended December
31, 2008 for the two 12/31 Henderson Funds for assurance and related services
rendered by the principal accountant to the registrant that are reasonably
related to the performance of the audit of the registrant's financial statements
and are not reported under paragraph (a) of this Item 4.
There were no fees billed for the last two fiscal years ended July 31 for the
7/31 Henderson Funds and the fiscal year ended December 31, 2008 for the two
12/31 Henderson Funds for assurance and related services rendered by the
principal accountant to the investment adviser that are reasonably related to
the performance of the audit of the registrant's financial statements that were
required to be pre-approved by the Audit Committee as described in paragraph
(e)(1) of this Item 4.
(c) Tax Fees - The aggregate fees billed for the last two fiscal years ended
July 31 for the 7/31 Henderson Funds and for the fiscal year ended December 31,
2008 for the 12/31 Henderson Funds for professional services rendered by the
principal accountant to the registrant for tax compliance, tax advice, tax
planning and tax return preparation are set forth below. These services
consisted of the principal accountant reviewing the registrant's excise tax
returns, distribution requirements and RIC tax returns, as well as consults
regarding the tax consequences of specific investments.
---------------------- ------------------------ ---------------------
12/31 7/31
Henderson Funds Henderson Funds
---------------------- ------------------------ ---------------------
Year ended 12/31/08 $18,176 N/A
---------------------- ------------------------ ---------------------
Year ended 7/31/08 N/A $93,824
---------------------- ------------------------ ---------------------
Year ended 7/31/07 N/A $77,900
---------------------- ------------------------ ---------------------
The aggregate fees billed for the last two fiscal years ended July 31 for the
7/31 Henderson Funds and for the fiscal year ended December 31, 2008 for the
12/31 Henderson Funds for professional services rendered by the principal
accountant to the investment adviser for tax compliance, tax advice and tax
planning that were required to be pre-approved by the Audit Committee as
described in paragraph (e)(1) of this Item 4 are set forth below.
---------------------- ------------------------ ---------------------
12/31 7/31
Henderson Funds Henderson Funds
---------------------- ------------------------ ---------------------
Year ended 12/31/08 $0 N/A
---------------------- ------------------------ ---------------------
Year ended 7/31/08 N/A $6,300
---------------------- ------------------------ ---------------------
Year ended 7/31/07 N/A $0
---------------------- ------------------------ ---------------------
(d) All Other Fees - There were no fees billed for the last two fiscal years
ended July 31 for the 7/31 Henderson Funds and for the fiscal year ended
December 31, 2008 for the 12/31 Henderson Funds for products and services
provided by the principal accountant to the registrant, other than the services
reported in paragraph (a) - (c) of this Item 4.
There were no fees billed for the last two fiscal years ended July 31 for the
7/31 Henderson Funds and for the fiscal year ended December 31, 2008 for the
12/31 Henderson Funds for products and services provided by the
principal accountant to the investment adviser that were required to be
pre-approved by the Audit Committee as described in paragraph (e)(1) of this
Item 4.
(e) Pre-Approval Policies and Procedures
(1) Pursuant to the registrant's Audit Committee Charter, the Audit Committee
shall pre-approve any engagement of the independent auditors to provide any
services (other than prohibited non-audit services) to the Trust, the investment
adviser and any entity controlling, controlled by, or under common control with
the investment adviser that provides ongoing services to the Trust (if the
engagement relates directly to the operations and financial reporting of the
Trust) (collectively, the "Adviser"), including the fees and other compensation
to be paid to the independent auditors. Any member of the Audit Committee may
grant such pre-approval. Any such delegated pre-approval shall be presented to
the Audit Committee by the member who approved the engagement. Pre-approval of
non-audit services is not required, if: (a) the aggregate amount of all
non-audit services provided to the Trust is less than 5% of the total fees paid
by the Trust to its independent auditors during the fiscal year in which the
non-audit services are provided; (b) the services were not recognized by
management at the time of the engagement as non-audit services; and (c) such
services are promptly brought to the attention of the Audit Committee by
management and the Audit Committee approves them (which may be by delegation as
provided for above) prior to the completion of the audit.
The independent auditors shall not perform any of the following non-audit
services for the Trust ("prohibited non-audit services"): (a) bookkeeping or
other services related to the accounting records or financial statements of the
Trust; (b) financial information systems design and implementation; (c)
appraisal or valuation services, fairness opinions, or contribution-in-kind
reports; (d) actuarial services; (e) internal audit outsourcing services; (f)
management functions or human resources; (g) broker or dealer, investment
adviser, or investment banking services; (h) legal services and expert services
unrelated to the audit; and (i) any other services that the Public Company
Accounting Oversight Board determines are impermissible.
(2) None of the services provided to the registrant described in paragraphs
(b)-(d) of Item 4 were pre-approved by the Audit Committee pursuant to paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X. All of the fees billed for services
provided to the Adviser described in paragraphs (b)-(d) of Item 4 were required
to be pre-approved by the Audit Committee as described in paragraph (e)(1) of
Item 4.
(f) No disclosures are required by this Item 4(f).
(g) The approximate aggregate non-audit fees billed for the last two fiscal
years ended July 31 for the 7/31 Henderson Funds and for the fiscal year ended
December 31, 2008 for the 12/31 Henderson Funds for services rendered by the
principal accountant to the registrant are set forth below.
---------------------- ------------------------ ---------------------
12/31 7/31
Henderson Funds Henderson Funds
---------------------- ------------------------ ---------------------
Year ended 12/31/08 $18,176 N/A
---------------------- ------------------------ ---------------------
Year ended 7/31/08 N/A $93,824
---------------------- ------------------------ ---------------------
Year ended 7/31/07 N/A $77,900
---------------------- ------------------------ ---------------------
$620,203 are the approximate aggregate non-audit fees billed in the fiscal year
ended December 31, 2008 for services rendered by the principal accountant to the
Adviser and its affiliates that provide ongoing services to the registrant.
(h) The registrant's Audit Committee has determined that the non-audit services
the principal accountant has rendered to the Adviser that were not required to
be pre-approved by the Audit Committee because they did not relate directly to
the operations and financial reporting of the registrant were compatible with
maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) Schedule of Investments is included as a part of the report to shareholders
filed under Item 1 of this Form N-CSR.
(b) Not applicable.
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 6, 2009
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 6, 2009
By: /s/ Troy Statczar
------------------
Troy Statczar
Treasurer (principal financial officer) of Henderson Global Funds
Date: March 6, 2009