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: July 31
Date of reporting period: January 31, 2009
ITEM 1: REPORT TO SHAREHOLDERS.
[LOGO] Henderson Henderson Global Funds
Global Investors [PHOTO]
SEMI-ANNUAL REPORT
JANUARY 31, 2009
EUROPEAN FOCUS FUND
GLOBAL EQUITY INCOME FUND
GLOBAL OPPORTUNITIES FUND
GLOBAL TECHNOLOGY FUND
INDUSTRIES OF THE FUTURE FUND
INTERNATIONAL OPPORTUNITIES FUND
JAPAN-ASIA FOCUS FUND
US FOCUS FUND
WORLDWIDE INCOME FUND
TABLE OF CONTENTS
LETTER TO SHAREHOLDERS .................................................... 1
EUROPEAN FOCUS FUND
Commentary ................................................................ 2
Performance summary ....................................................... 4
GLOBAL EQUITY INCOME FUND
Commentary ................................................................ 6
Performance summary ....................................................... 7
GLOBAL OPPORTUNITIES FUND
Commentary ................................................................ 8
Performance summary ....................................................... 10
GLOBAL TECHNOLOGY FUND
Commentary ................................................................ 12
Performance summary ....................................................... 13
INDUSTRIES OF THE FUTURE FUND
Commentary ................................................................ 14
Performance summary ....................................................... 15
INTERNATIONAL OPPORTUNITIES FUND
Commentary ................................................................ 16
Performance summary ....................................................... 17
JAPAN-ASIA FOCUS FUND
Commentary ................................................................ 18
Performance summary ....................................................... 19
US FOCUS FUND
Commentary ................................................................ 20
Performance summary ....................................................... 21
WORLDWIDE INCOME FUND
Commentary ................................................................ 22
Performance summary ....................................................... 23
PORTFOLIOS OF INVESTMENTS ................................................. 24
STATEMENT OF ASSETS AND LIABILITIES ....................................... 48
STATEMENT OF OPERATIONS ................................................... 50
STATEMENTS OF CHANGES IN NET ASSETS ....................................... 52
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY ............................ 61
FINANCIAL HIGHLIGHTS ...................................................... 70
NOTES TO FINANCIAL STATEMENTS ............................................. 78
OTHER INFORMATION ......................................................... 88
TRUSTEES AND OFFICERS ..................................................... 90
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, some of the Funds 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.
Technology companies may react similarly to certain market pressure and events.
This may be significantly affected by short product cycles, aggressive pricing
of products and services, competition from new market entrants, and obsolescence
of existing technology. As a result, the Global Technology Fund's returns may be
considerably more volatile than a fund that does not invest in technology
companies.
The Worldwide Income Fund may invest in high yield, lower rated (junk) bonds
which involve a greater degree of risk than investment grade bonds in return for
higher yield potential. As such, securities rated below investment grade
generally entail greater credit, market, issuer and liquidity risk than
investment grade securities. Moreover, the Fund is subject to interest rate risk
which is the risk that debt securities in the Fund's portfolio will decline in
value because of increases in market interest rates.
The Industries of the Future Fund invests in securities of companies that meet
its "Industries of the Future" guidelines. As a result, investing in these
securities may entail greater risk and volatility than investing in a wider
variety of economic themes.
The views in this report were those of the Fund managers as of January 31, 2009,
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 semi-annual report for the Henderson Global Funds,
which covers the six months ended January 31, 2009.
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. Presently market levels are significantly below the average levels of
2008 and we expect this situation to persist in the short to medium term.
However, Henderson's competitive long-term investment performance, diversity of
revenues and active cost management should provide some support. We remain
committed to providing clients with higher value-add investment products in all
market conditions. Overall, Henderson remains in satisfactory shape despite the
economic climate.
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
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Sean Dranfield
President, Henderson Global Funds
1
HENDERSON GLOBAL FUNDS COMMENTARY
EUROPEAN FOCUS FUND
Volatility remained high during the reporting period, as many investors'
attentions turned from the financial crisis to its impact on the real economy.
October and November saw sharp declines in equity markets as economic data
showed rising unemployment and collapsing consumer and business confidence. 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. During the period the Bank of England
(BoE) cut interest rates by four percentage points and the Federal Reserve (Fed)
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 year end rally lost steam early in January, driven by deteriorating economic
data and weaker corporate earnings. After an initial lackluster reaction, stock
markets soon responded positively to Barack Obama's inauguration as US President
as speculation mounted that his administration would intensify the focus on
fiscal stimulus plans. There was further weakness in the Banking sector, as a
second round of government bailouts led to fears of outright nationalisation and
further dilution for shareholders. The US government agreed to invest $20
billion of fresh capital in Bank of America in exchange for preferred stock;
while in the UK, the government announced a series of initiatives aimed at
increasing the flow of credit to consumers and companies.
Having collapsed in December, euro area confidence indicators showed some signs
of stabilisation in January. The euro area flash composite Purchasing Managers
Survey (PMI)(1) was broadly unchanged thanks to a surprising rise in France that
more than offset a further decline in Germany.
The Fund was down in absolute terms and relative to its benchmark, the MSCI
Europe Index. Over the period the Fund posted a return of -50.04% (Class A
shares at NAV) versus -43.91% for the MSCI Europe Index. This was a period where
macroeconomic factors dominated bottom-up considerations. With hindsight, we had
been too close to the individual companies, and should have taken more of a step
back to account for the broader market trends.
We underestimated the speed and ferocity of the deterioration in market
conditions in the fourth quarter. In October, many company managers were telling
us that they were seeing very little impact from the credit crisis on their
businesses, and that orders were still strong. Then, in November and December,
demand fell sharply. For example, truck maker Volvo had net orders for around
40,000 new trucks 3Q07. A year later, orders stood at just 115. This is a
picture that has been seen throughout the world, and across industries.
During the period we were underweight 'defensives' (Consumer Staples,
Healthcare, Telecoms and Utilities). We have had some exposure to these sectors,
i.e. France Telecom, Parmalat, and they have done well in relative terms, but
broadly speaking we felt that these areas were overpriced, despite their
defensive qualities. Healthcare was cheap, but there were long term concerns
about growth given patent expirations and generic risk. Our apprehensions were
proven to be wrong, as these areas have held up very well in awful market
conditions. We still believe these areas do not offer attractive valuations, and
if anything are less attractive now that they have performed well relative to
the rest of the market.
Similarly, we underestimated the sharp decline in commodity prices and our
exposure to natural resources-related names was impacted as a result. The sector
took a beating in the third quarter, and we decided that it was not wise to sell
at extremely depressed levels and crystallize losses. This was not the correct
decision in the short-term, as these stocks continued to suffer, but at the end
the fourth quarter had shown some reversal in this trend, as many
(1) The Purchasing Managers Index is a measure of the economic health of the
Manufacturing sector.
EUROPEAN FOCUS FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
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CENTAMIN EGYPT, LTD. 6.5%
NDS GROUP PLC, ADR 5.2
TULLOW OIL PLC 4.2
FRESNILLO PLC 3.4
CAIRN ENERGY PLC 3.2
EUROPEAN GOLDFIELDS, LTD. 3.1
TEMENOS GROUP AG 3.1
OAO GAZPROM, ADR 2.9
JURIDICA INVESTMENTS, LTD. 2.7
AERO INVENTORY PLC 2.7
2
HENDERSON GLOBAL FUNDS COMMENTARY
EUROPEAN FOCUS FUND
investors' focus had begun to return to company fundamentals and the 'throw out
the baby with the bathwater' mentality had started to subside. As a result of
this trend, the Fund's performance in both absolute and relative terms picked up
considerably in the second half of December and into the new year.
This pick up in relative performance is very gratifying, not least because it is
a result of a rebound in a number of stocks that underperformed last year. These
are areas where we could have capitulated last year, but chose not to as we felt
valuations had undershot on the downside and did not want to lock-in losses at
such levels.
Several of the Fund's holdings in the precious metals space have performed well
of late as rising gold prices and falling costs had a positive impact on
margins. The Fund's largest holding, Centamin, was particularly strong. Centamin
controls the largest goldfield not controlled by one of the major mining
corporations. It is on track to begin production later this year, which we
believe will cause more conservative investors to reappraise the stock. Oil
explorer Tullow Oil has also performed well thanks to positive news regarding
its sites in West Africa. This is a company with a prolific exploration
portfolio and an impressive exploration track record which in our opinion is not
fully priced into the share price. The company has a recently strengthened
balance sheet and a heavy exploration newsflow period ahead - a significant
catalyst for further re-rating in our opinion.
NDS (digital pay TV provider) and Tanganyka Mining (oil exploration) also
performed well during the period. These are very different companies, but the
catalyst for the share price appreciation was similar. Both were bid for and the
strong performance was a result of a narrowing in the discount to cash terms as
confidence grew that the acquisitions would go through.
The biggest negative during the period was Russia's Gazprom. The shares suffered
from the falling oil price, rising financing costs and geopolitical tensions in
the region. We continue to believe that the long term investment case is very
much intact. The company has large reserves and we believe trades at a
significant discount to its peers.
We have not made too many changes to the overall shape of the portfolio. We have
taken some profits in some of the areas that have done relatively well, such as
media holdings, Vivendi and Wolters Kluwer.
We initiated a position in Anheuser-Busch InBev, the beer brewer. The company
had a discounted rights issue as part of the financing of its merger with InBev.
The discount reflected the market's discomfort with the level of debt at the new
entity. We felt that this was fully priced into the shares and believed that
this was a good opportunity to buy into a well-run company with an excellent
track record of growing volumes and profits and keeping tight control on costs.
The stock performed very well since purchase and we took profits late in the
period.
We also purchased Sampo, the Finnish insurer. A large stake was sold at a
discount by a distressed Icelandic investment company following problems in the
country and we were able to take advantage. We think these deals might set the
tone for the near-term future, that is to say capital raisings and placements at
distressed levels that have the potential to be solid investments on a longer
term view. We also initiated a position in Swiss watchmaker Swatch, as we feel
that the difficult outlook for watch sales has been more than discounted in its
valuation. Swatch has one of the strongest track records in the industry during
downturns and has been a major beneficiary of the increasing relevance of the
emerging middle class in China and other developing nations.
Economic growth has stalled dramatically in recent months and we are now seeing
a rapid slew of downgrades in forecasts for company profits in 2009. We expect
to see increased fundraising activity as companies seek to improve their
financing structure as many are still carrying too much debt to weather a
significant downturn. After several years when corporations have been
withdrawing equity from the markets through buybacks and leveraged buy-outs, the
opposite is likely to be true this year. We continue to believe that as the
unparalleled policy response from both policymakers globally begins to take
effect, confidence will return, highlighting the attractive valuation levels
that many equities have fallen to.
3
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
EUROPEAN FOCUS FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United Kingdom 46.4%
Australia 7.2
Netherlands 5.7
Switzerland 5.4
France 4.5
Canada 3.5
Other 27.3
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Materials 26.2%
Energy 20.4
Financials 17.2
Consumer Discretionary 12.4
Industrials 10.8
Information Technology 9.2
Other 3.8
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
European Focus Fund European Focus Fund
Class A w/out sales Class A w/sales MSCI Europe Index
charge - $21,702 charge - $20,454 - $11,110
8/31/01 $ 10,000 $ 9,425 $ 10,000
9,910 9,340 9,002
10,960 10,330 9,288
12,120 11,423 9,661
12,250 11,546 9,908
12,110 11,414 9,391
12,450 11,734 9,390
12,980 12,234 9,902
1/31/02 13,080 12,328 9,834
13,280 12,516 9,816
12,850 12,111 9,480
11,610 10,942 8,426
11,890 11,206 8,426
10,610 10,000 7,318
11,580 10,914 8,026
12,520 11,800 8,420
12,524 11,804 8,115
1/31/03 12,353 11,643 7,732
11,891 11,207 7,480
11,700 11,027 7,373
13,469 12,694 8,379
14,665 13,822 8,932
15,007 14,144 9,024
15,549 14,655 9,209
16,142 15,214 9,193
16,786 15,820 9,380
17,821 16,796 10,009
18,650 17,577 10,435
20,277 19,111 11,292
1/31/04 21,819 20,565 11,425
23,267 21,929 11,761
22,696 21,391 11,398
22,686 21,381 11,318
22,485 21,192 11,517
23,299 21,959 11,676
22,062 20,794 11,357
21,904 20,644 11,365
23,193 21,859 11,821
24,165 22,776 12,248
26,072 24,573 13,150
27,901 26,296 13,707
1/31/05 28,252 26,628 13,454
29,858 28,141 14,129
29,284 27,600 13,778
28,006 26,396 13,450
26,822 25,280 13,517
27,936 26,329 13,709
29,659 27,954 14,210
30,714 28,948 14,424
30,726 28,959 14,775
29,483 27,788 14,311
30,420 28,671 14,556
31,858 30,026 15,068
1/31/2006 34,457 32,476 16,054
35,195 33,171 16,069
36,532 34,431 16,701
39,444 37,176 17,572
37,282 35,138 17,118
36,744 34,631 17,182
36,694 34,584 17,446
37,857 35,680 18,001
38,144 35,951 18,156
40,344 38,024 18,936
42,593 40,144 19,615
44,821 42,244 20,245
1/31/07 45,538 42,920 20,367
45,808 43,175 20,295
47,743 44,997 21,039
49,812 46,948 22,425
50,718 47,802 22,861
50,907 47,980 22,864
50,096 47,215 22,381
48,784 45,979 22,137
51,597 48,630 23,258
54,356 51,231 24,346
50,542 47,636 23,572
50,513 47,609 23,159
1/31/08 46,864 44,169 20,746
48,460 45,674 21,083
47,533 44,800 21,179
49,069 46,247 22,175
51,654 48,684 22,330
47,214 44,499 20,392
43,443 40,945 19,808
40,994 38,637 19,031
32,069 30,225 16,164
23,842 22,472 12,731
21,698 20,451 11,864
22,124 20,852 12,488
1/31/09 21,702 20,454 11,110
TOTAL RETURNS AS OF JANUARY 31, 2009
SINCE
NASDAQ SIX ONE THREE FIVE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR YEARS* YEARS* (8/31/01)*
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Henderson European Focus Fund HFEAX Class A -50.04% -53.69% -14.28% -0.11% 11.01%
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Henderson European Focus Fund HFEBX Class B -50.25 -54.05 -14.94 -0.85 10.19
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Henderson European Focus Fund HFECX Class C -50.25 -54.05 -14.94 -0.84 10.19
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WITH SALES CHARGE
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Henderson European Focus Fund Class A -52.91% -56.35% -15.96% -1.28% 10.12%
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Henderson European Focus Fund Class B -55.25 -58.05 -16.34 -1.06 10.19
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Henderson European Focus Fund Class C -51.25 -54.05 -14.94 -0.84 10.19
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INDEX
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MSCI Europe Index -43.91% -46.45% -11.55% -0.56% 1.43%
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* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class B shares are subject to a CDSC which
declines from 5% the 1st year to 0% at the beginning of the 7th year. Class C
shares are subject to a CDSC of up to 1% on certain redemptions made within 12
months of purchase. Performance presented at Net Asset Value (NAV), which does
not include a sales charge, would be lower if this charge were reflected. NAV is
the value of one share of the Fund excluding any sales charges. Current
performance may be lower or higher than the performance data quoted. Investment
return and principal value will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than original cost. As stated in the current
prospectus, the Fund's annual operating expense ratios (gross) for Class A, B,
and C shares are 1.46%, 2.21%, and 2.21% respectively. Shares redeemed within 30
days of purchase may be subject to a 2.0% redemption fee. For the most recent
month-end performance, please call 1.866.443.6337 or visit the Funds' website at
www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
certain periods shown. Absent these waivers, results would have been less
favorable for certain periods. All results assume the reinvestment of dividends
and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
The MSCI Europe Index is a free float-adjusted market capitalization weighted
index that is designed to measure the equity market performance of the developed
markets in Europe. 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.
4
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HENDERSON GLOBAL FUNDS COMMENTARY
GLOBAL EQUITY INCOME FUND
Global equity markets fell sharply over the period. Volatility increased
significantly as banking liquidations and fund redemptions forced some entities
to sell regardless of price and valuation, and the sell-offs extended across
almost all asset classes. The sharp reduction of consumer credit and trade
finance has resulted in a rapid slow down of economic activity across many
sectors and economies worldwide. While governments around the world continued to
announce additional measures to combat slowing economic growth, there remained
considerable investor uncertainty about the timing and magnitude of their
effect, which has resulted in continued volatility in equity markets.
Against this background, the Fund has continued to follow its strategy of
focusing on dividend paying companies that we believe have strong balance sheet
positions and that are well managed. The Fund returned -27.68% (Class A shares
at NAV) during the period versus the benchmark, the MSCI World Index, which
posted a return of -37.82%. During the period the Fund remained underweight
commodities and banking, and overweight areas that we believed have more
defensive earnings streams and cash flows that may support ongoing dividend
payments. The Fund's focus on cash generative companies with strong balance
sheets and defensive revenues was beneficial for performance relative to the
market. The strongest performers included the Fund's holdings in consumer
staples companies, such as food manufacturer Conagra, and tobacco companies
British American Tobacco and Imperial Tobacco. Other strong performers included
holdings in non-life operations insurers Munich Re and Hiscox, which face an
improving outlook as excess capital is taken out of the market by some
participants and insurance premium pricing hardens in response.
The Fund's Asian holdings were amongst the most significant negative
contributors; China Steel sold off on concerns that global steel demand would
fall, despite strong results in which it announced price rises, and industrial
conglomerate Keppel and shipping container terminal operator Cosco Pacific fell
on macroeconomic concerns.
The Fund's geographic exposure varied throughout the period and was dependent on
yield opportunities in different markets at different times of the year. At the
beginning of the period, the Fund reduced its exposure to European companies
that had paid their semi-annual dividends and increased holdings in US
companies, whose income enabled the Fund to pay investors dividends in a quiet
period for income in the rest of the world. The Fund also further reduced its
exposure to the Banking sector on dividend cut announcements.
Equity markets have been and are likely to remain volatile, swinging between
extreme pessimism on company profit warnings and optimism on the next government
or central bank measure to promote lending and economic growth. The market has
spent the year attempting to price in deteriorating economic conditions.
Exacerbated by a continuing lack of liquidity in the financial system, these
conditions have not been seen in most analysts' and CEOs' careers, which has
made it hard to forecast what the effect on company earnings might be. In this
environment the attitude has often seemed to be, "if in doubt, sell", which has
given us the opportunity to add positions in what we deem high-quality companies
on low valuations. While 2009 may likely see continued volatility in equity
markets, we see this as an opportunity to refresh the portfolio and seek to
continue to generate income for investors.
GLOBAL EQUITY INCOME FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
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ATMOS ENERGY CORP. 3.1%
VODAFONE GROUP PLC 2.9
BRITISH AMERICAN TOBACCO PLC 2.8
SCOTTISH & SOUTHERN ENERGY PLC 2.8
PROGRESS ENERGY, INC. 2.7
FRANCE TELECOM S.A. 2.5
COMPASS GROUP PLC 2.5
BRISTOL-MYERS SQUIBB CO. 2.4
BP PLC 2.4
TOTAL S.A. 2.4
6
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
GLOBAL EQUITY INCOME FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United Kingdom 31.6%
United States 24.8
France 11.2
Taiwan 5.2
Italy 4.7
Germany 4.7
Other 17.8
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Telecommunication Service 17.9%
Utilities 14.2
Financials 10.9
Consumer Staples 10.9
Energy 10.7
Industrials 9.4
Other 26.0
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Global Equity Income Global Equity Income
Fund Class A w/out Fund Class A w/sales MSCI World
sales charge - $7,206 charge - $6,791 Index - $6,090
11/30/06 $ 10,000 $ 9,425 $ 10,000
10,230 9,642 10,206
1/31/07 10,300 9,708 10,328
10,250 9,661 10,279
10,600 9,991 10,472
11,120 10,481 10,939
11,393 10,738 11,257
11,313 10,663 11,174
7/31/07 11,068 10,432 10,929
11,332 10,680 10,925
11,801 11,123 11,449
12,208 11,506 11,802
11,806 11,127 11,325
11,634 10,965 11,182
1/31/08 10,877 10,252 10,330
10,692 10,077 10,276
10,588 9,979 10,182
10,823 10,201 10,726
10,943 10,314 10,902
10,079 9,499 10,037
7/31/08 9,963 9,390 9,794
9,886 9,318 9,661
8,835 8,327 8,516
7,527 7,094 6,904
7,438 7,010 6,462
7,771 7,324 6,672
1/31/09 7,206 6,791 6,090
TOTAL RETURNS AS OF JANUARY 31, 2009
SINCE
NASDAQ SIX ONE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR (11/30/06)*
- --------------------------------------------------------------------------------------------
Henderson Global Equity Income Fund HFQAX Class A -27.67% -33.75% -14.01%
- --------------------------------------------------------------------------------------------
Henderson Global Equity Income Fund HFQCX Class C -27.93 -34.25 -14.65
- --------------------------------------------------------------------------------------------
WITH SALES CHARGE
- --------------------------------------------------------------------------------------------
Henderson Global Equity Income Fund Class A -31.83% -37.58% -16.32%
- --------------------------------------------------------------------------------------------
Henderson Global Equity Income Fund Class C -28.93 -34.25 -14.65
- --------------------------------------------------------------------------------------------
INDEX
- --------------------------------------------------------------------------------------------
MSCI World Index -37.82% -41.05% -20.46%
- --------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class C shares are subject to a CDSC of up to
1% on certain redemptions made within 12 months of purchase. Performance
presented at Net Asset Value (NAV), which does not include a sales charge, would
be lower if this charge were reflected. NAV is the value of one share of the
Fund excluding any sales charges. Current performance may be lower or higher
than the performance data quoted. Investment return and principal value will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than original cost. As stated in the current prospectus, the Fund's annual
operating expense ratios (gross) for Class A and C shares are 1.44% and 2.19%,
respectively. However, the Fund's adviser has agreed to contractually waive a
portion of its fees and/or reimburse expenses such that total operating expenses
do not exceed 1.40% and 2.15% for Class A and C shares, which is in effect until
July 31, 2020. Shares redeemed within 30 days of purchase may be subject to a
2.0% redemption fee. For the most recent month-end performance, please call
1.866.443.6337 or visit the Funds' website at www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
periods shown. Absent these waivers, results would have been less favorable. All
results assume the reinvestment of dividends and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
The MSCI World Index is a free float-adjusted market capitalization weighted
index that is designed to measure the equity market performance of developed
markets. The Fund is professionally managed while the Index is unmanaged and not
available for investment. Results in the table and graph do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
7
HENDERSON GLOBAL FUNDS COMMENTARY
GLOBAL OPPORTUNITIES FUND
Volatility remained high during the reporting period, as many investors'
attentions turned from the financial crisis to its impact on the real economy.
October and November saw sharp declines in equity markets as economic data
showed rising unemployment and collapsing consumer and business confidence. 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. Together with huge fiscal stimulus
packages announced by the Chinese and US governments, this helped equity markets
to rally into the year end.
The year end rally lost steam early in January, driven by deteriorating economic
data and weaker corporate earnings. After an initial lacklustre reaction, stock
markets soon responded positively to Barack Obama's inauguration as US President
as speculation mounted that his administration would intensify the focus on
fiscal stimulus plans. There was further weakness in the Banking sector, as a
second round of government bailouts led to fears of outright nationalisation and
further dilution for shareholders. The US government agreed to invest $20
billion of fresh capital in Bank of America in exchange for preferred stock;
while in the UK, the government announced a series of initiatives aimed at
increasing the flow of credit to consumers and companies.
During the period we made the decision to simplify the structure of the Fund. It
now has a singlesleeve approach. Manraj Sekhon, who previously ran the Global
sleeve of the Fund, is now the lead fund manager.
Over the reporting period, the Fund returned -37.03% (Class A shares at NAV),
but finished marginally ahead of the MSCI World Index which was down -37.82. A
number of our defensive growth names held up relatively well, particularly
Fresenius (Healthcare), Nestle (Consumer Staples) and Syngenta (Agricultural
Chemicals), thanks to their relatively stable revenues. In the Consumer Staples
sector, Anheuser-Busch InBev performed strongly thanks to easing concerns over
the newlymerged company's debt burden and rising expectations of cost-cutting
potential. Wilmar International, the world's largest palm oil supplier, also
rallied on speculation that China's demand for palm oil will rise.
Our holdings in the Materials sector disappointed as macroeconomic concerns
continued to weigh on commodity prices. Lonmin and Afren were both down as a
result. The Fund's holdings in Energy-related names were impacted by the
collapse in the oil price. El Paso in the US was impacted as well as Keppel Corp
in Singapore and Seadrill in Europe.
Chinese life insurer China Life performed well. We initiated a position in the
stock due to its strong market position in under-penetrated rural areas of China
and attractive valuation. The company announced strong policy sales growth in
December and a shift towards longer term policies and the stock performed
strongly as a result.
Our underweight position in the Banking sector was a positive during the period
as the sector came under further pressure, although our holding in Northern
Trust bucked the trend by rallying on impressive earnings. We have recently been
making selective investments in the Financials sector in companies that we
believe will be the long-term survivors of the current turmoil. New positions
include DBS, Singapore's largest bank, and Credit Suisse, which is benefiting
from the difficulties at rival UBS.
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 have potential to exhibit
GLOBAL OPPORTUNITIES FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
ROCHE HOLDING AG 2.9%
NESTLE S.A. 2.9
VODAFONE GROUP PLC 2.6
NINTENDO CO., LTD. 2.5
FRESENIUS SE 2.5
SYNGENTA AG 2.1
WILMAR INTERNATIONAL, LTD. 2.0
SERCO GROUP PLC 1.9
PEPSICO, INC. 1.8
REPUBLIC SERVICES, INC. 1.8
8
HENDERSON GLOBAL FUNDS COMMENTARY
GLOBAL OPPORTUNITIES FUND
above-average growth over the long-term, and whose valuations are attractive.
We are particularly attracted to companies that offer strong defensive growth
characteristics, which we believe should continue to grow despite the difficult
macroeconomic backdrop. During the period, a new position was initiated in AT&T
and America Movil, the telecom operators, as we believe their services are more
defensive in a downturn than valuations currently imply. We also added Red
Electrica, the Spanish utility company, and Secom, the Japanese electronic
security system company, both of which we believe should prove resilient to the
economic slowdown.
We have been increasing our exposure to China, and particularly to companies
which we believe are well positioned to 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 betterpositioned 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
could benefit from the long-term outlook for commercial property in China and
its valuation may already reflect short-term industry concerns.
We increased our stake in Anheuser-Busch Inbev, the recently merged brewer. The
merger has created a dominant global beer company with a diversified and
balanced footprint. We believe the revenue and cost synergies that could be
extracted by a very efficient management team should generate substantial
shareholder value. We believe the stock was 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 cut our position in
Greek bank Marfin Popolar, when we became concerned about growth in the region
and the impact of depreciating currencies. We also sold our position in Lonza,
the Swiss manufacturer of active ingredients for the pharmaceutical industry.
The shares were approaching our fair value target and we felt that the company's
upcoming earnings announcements had some scope for disappointment.
Economic growth has stalled dramatically in recent months and we are now seeing
a rapid slew of downgrades in forecasts for company profits in 2009. We expect
to see increased fundraising activity as companies seek to improve their
financing structure as many are still carrying too much debt to weather a
significant downturn. We continue to believe that as the unparalleled policy
response from both policymakers globally begins to take effect, confidence may
return, highlighting the attractive valuation levels that many equities have
fallen to.
9
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
GLOBAL OPPORTUNITIES FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United States 46.4%
Switzerland 10.7
United Kingdom 8.2
Japan 7.6
Germany 6.1
Singapore 5.2
Other 15.8
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Financials 17.6%
Health Care 16.8
Consumer Staples 15.7
Information Technology 11.3
Industrials 11.2
Energy 7.8
Other 19.6
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Global Opportunities Global Opportunities
Fund Class A w/out Fund Class A w/sales MSCI World
sales charge - $6,347 charge - $5,982 Index - $6,090
11/30/06 $ 10,000 $ 9,425 $ 10,000
10,300 9,708 10,206
1/31/07 10,430 9,830 10,328
10,530 9,925 10,279
10,720 10,104 10,472
11,120 10,481 10,939
11,700 11,027 11,257
11,550 10,886 11,174
7/31/07 11,410 10,754 10,929
11,320 10,669 10,925
11,840 11,159 11,449
12,490 11,772 11,802
12,040 11,348 11,325
11,923 11,237 11,182
1/31/08 10,915 10,288 10,330
10,885 10,259 10,276
10,613 10,003 10,182
11,238 10,592 10,726
11,480 10,820 10,902
10,482 9,879 10,037
7/31/08 10,079 9,499 9,794
9,827 9,262 9,661
8,365 7,884 8,516
6,763 6,374 6,904
6,521 6,146 6,462
6,854 6,459 6,672
1/31/09 6,347 5,982 6,090
TOTAL RETURNS AS OF JANUARY 31, 2009
SINCE
NASDAQ SIX ONE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR (11/30/06)*
- -----------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund HFPAX Class A -37.03% -41.86% -18.89%
- -----------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund HFPCX Class C -37.42 -42.45 -18.98
- -----------------------------------------------------------------------------------------------
WITH SALES CHARGE
- -----------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund Class A -40.65% -45.20% -21.07%
- -----------------------------------------------------------------------------------------------
Henderson Global Opportunities Fund Class C -38.42 -42.45 -18.98
- -----------------------------------------------------------------------------------------------
INDEX
- -----------------------------------------------------------------------------------------------
MSCI World Index -37.82% -41.05% -20.46%
- -----------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Due to the Fund's relatively small asset base in its initial
stages, performance was positively impacted by IPOs to a greater degree than it
may be in the future. IPO investments are not an integral component of the
Fund's investment process and may not be utilized to the same extent in the
future. Performance results with sales charges reflect the deduction of the
maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class C shares are subject to a CDSC of up to
1% on certain redemptions made within 12 months of purchase. Performance
presented at Net Asset Value (NAV), which does not include a sales charge, would
be lower if this charge were reflected. NAV is the value of one share of the
Fund excluding any sales charges. Current performance may be lower or higher
than the performance data quoted. Investment return and principal value will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than original cost. As stated in the current prospectus, the Fund's annual
operating expense ratios (gross) for Class A and C shares are 3.13% and 4.02%,
respectively. However, the Fund's adviser has agreed to contractually waive a
portion of its fees and/or reimburse expenses such that the total operating
expenses do not exceed 1.96% and 2.71% for Class A and C shares, which is in
effect until July 31, 2020. Shares redeemed within 30 days of purchase may be
subject to a 2.0% redemption fee. For the most recent month-end performance,
please call 1.866.443.6337 or visit the Funds' website at
www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
periods shown. Absent these waivers, results would have been less favorable. All
results assume the reinvestment of dividends and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
The MSCI World Index is a free float-adjusted market capitalization weighted
index that is designed to measure the equity market performance of developed
markets. The Fund is professionally managed while the Index is unmanaged and not
available for investment. Results in the table and graph do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
10
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HENDERSON GLOBAL FUNDS COMMENTARY
GLOBAL TECHNOLOGY FUND
Global Equities performed very badly over the period, with dramatic falls in
October and November, as the financial crisis finally bit hard on the real world
economy. With credit markets effectively shut, even companies with strong
businesses and balance sheets suddenly found it difficult to raise short term
financing. Global trade, so dependant on letters of credit, also collapsed. This
led to some severe profits warnings in the Technology sector, especially from
areas with highly cyclical revenues such as the Components and Semiconductors
sectors. December saw a rebound as many investors hoped that the synchronized
efforts across the globe would reignite the global economy.
The 2008 year end rally lost steam early in January, driven by deteriorating
economic data and weaker corporate earnings. After an initial lackluster
reaction, stock markets soon responded positively to Barack Obama's inauguration
as US President as speculation mounted that his administration would intensify
the focus on fiscal stimulus plans.
The Information Technology (IT) sector performed inline with the broader market.
Within the sector, the more defensive areas of Software and IT Services
outperformed more cyclical areas such as Semiconductors and Communications
Equipment as some investors focussed on companies with strong balance sheets and
the potential to preserve margins in spite of the macroeconomic turmoil.
The Fund returned -33.07% (Class A shares at NAV) over the period, but finished
ahead of the MSCI AC World IT Index which returned -37.91%. The Fund benefited
on a relative basis from our rotation away from companies with net debt on their
balance sheets. The top-performing sector was Software, where companies are
generally well-capitalised and have recurring revenues from software
maintenance. McAfee and Oracle both performed well relative to the collapsing
market.
The Fund's largest holding, IBM, reported strong numbers during the period as
weakness in its more cyclical hardware businesses was tempered by strong
performance in software and services. Other strong performers were mostly driven
by robust product cycles and market dominance, with Autonomy, Apple, Vistaprint
and Starent being particularly notable.
Our Semiconductor stock holdings had a negative effect on performance with ON
Semiconductor and Marvell Technology performing particularly poorly as personal
computer demand began to weaken. Another area of weakness was alternative
energy, where First Solar and Vestas Wind Systems declined sharply on fears that
capital projects would be curtailed because of their dependency on
debt-financing.
Our holdings in the internet space also performed strongly, particularly Shanda
Interactive, the Chinese online gaming company, and Tencent, the online
messaging service. The shares were up sharply after the company posted very
strong results in early December. However, late in the period, the space saw
some selling as many investors became concerned that it would not be immune to
the global macroeconomic environment. Anecdotal evidence of reduced footfall in
Chinese internet cafes supported this view and we reduced our exposure as a
result.
Our focus remains on companies that we believe have strong balance sheets and
defensive revenue streams. To that end, we initiated a new position in Computer
Associates, a systems management software company. The company's revenues derive
primarily from subscriptions and are therefore somewhat insulated from the
macroeconomic environment. We increased positions in more defensive companies
such as IBM and purchased Cap Gemini, a European IT services firm with a high
level of recurring revenues. Over the course of November and December we
gradually reduced our cash positions as valuations became increasingly
attractive.
While we remain positive on wireless data growth over the long term, we have
further reduced our exposure due to near term concerns on emerging market
demand, causing us to take some profits in Tekelec and sell out of Powerwave and
CommScope. We increased positions in Starent due to its almost entirely
developed market exposure and its pristine balance sheet and continued new
business wins despite the grim economic environment.
We have increased our exposure to the entertainment software theme by adding a
position in Ubisoft to existing positions in Nintendo and Activision Blizzard.
Historically this is an area that has held up well in a difficult macroeconomic
environment. Finally we increased our exposure to Apple, given the considerable
weakness in the stock recently, and ahead of its earnings release, which proved
better than anticipated.
Sales in the internet space included Shanda Interactive and Sohu.com. Having
increased the Fund's Semiconductor weightings in December, we reversed this in
January and reduced weightings sharply as the deterioration in the health of
inventory levels became apparent. We completely removed holdings in Applied
Materials, Intel and Texas Instruments.
Late in the period, we initiated a position in Amazon, the online retailer
following impressive quarterly results. The company has managed to grow its top
and bottom lines despite the difficult retail environment and we believe the
long term secular shift to online retailing will outweigh any short to medium
term cyclical concerns.
The near-term rally that we had hoped for did occur, but sadly fizzled out under
the weight of bad news. We believe avoiding the names dependant on a positive
outcome to survive positioned the Fund well and we continue to own those names
with strong market positions, clean balance sheets and compelling product
offerings that we believe will dominate their markets once we exit this economic
downturn. However, our core belief remains that the economic malaise will be
much deeper and more prolonged than consensus currently expects.
GLOBAL TECHNOLOGY FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
INTERNATIONAL BUSINESS MACHINES CORP. 5.3%
HEWLETT-PACKARD CO. 4.8
VISTAPRINT, LTD. 3.9
GOOGLE, INC., CLASS A 3.5
STARENT NETWORKS CORP. 3.4
AUTONOMY CORP., PLC 3.3
APPLE, INC. 3.3
CAP GEMINI S.A. 3.3
ORACLE CORP. 3.1
SAP AG 3.0
12
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
GLOBAL TECHNOLOGY FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United States 67.6%
United Kingdom 7.2
France 6.0
China 3.5
Germany 3.3
Taiwan 3.1
Other 9.3
PORTFOLIO COMPOSITION BY INDUSTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Software 26.8%
Internet Software & Service 17.6
Computers & Peripherals 16.6
Communications Equipment 15.3
IT Services 8.5
Semiconduct & Semi Equipment 6.4
Other 8.8
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Global Technology Fund Global Technology Fund
Class A w/out sales Class A w/sales MSCI AC World IT S&P 500
charge - $10,206 charge - $9,619 Index - $7,550 Index - $8,362
8/31/01 $ 10,000 $ 9,425 $ 10,000 $ 10,000
7,850 7,399 8,223 9,193
8,980 8,464 9,556 9,368
10,690 10,075 11,152 10,086
11,040 10,405 11,046 10,175
1/31/02 10,910 10,283 10,967 10,026
9,660 9,105 9,830 9,833
10,480 9,877 10,464 10,203
9,480 8,935 9,294 9,584
8,940 8,426 8,908 9,514
8,140 7,672 7,877 8,836
7,360 6,937 7,129 8,147
6,930 6,532 7,042 8,201
5,920 5,580 5,825 7,309
6,900 6,503 6,951 7,953
7,890 7,436 8,058 8,421
6,918 6,520 6,895 7,926
1/31/03 6,989 6,587 6,802 7,718
6,969 6,568 6,863 7,603
6,878 6,482 6,741 7,676
7,464 7,035 7,381 8,309
8,395 7,912 8,021 8,747
8,810 8,303 8,100 8,858
9,669 9,113 8,627 9,014
10,266 9,676 9,200 9,190
10,104 9,523 9,135 9,093
10,873 10,248 9,949 9,607
11,055 10,419 10,003 9,691
11,237 10,591 10,223 10,200
1/31/04 11,894 11,211 10,799 10,387
12,077 11,382 10,572 10,531
11,925 11,239 10,413 10,372
11,278 10,629 9,795 10,210
11,632 10,963 10,055 10,350
12,036 11,344 10,312 10,551
10,661 10,048 9,400 10,202
10,135 9,552 9,044 10,243
10,782 10,162 9,284 10,354
11,540 10,877 9,720 10,512
12,376 11,665 10,217 10,937
12,792 12,057 10,535 11,310
1/31/05 12,099 11,403 10,039 11,034
12,110 11,413 10,185 11,266
11,811 11,132 9,893 11,067
11,277 10,629 9,512 10,857
12,216 11,514 10,161 11,202
11,822 11,142 10,055 11,218
12,462 11,745 10,515 11,635
12,590 11,866 10,486 11,529
12,867 12,127 10,685 11,622
12,579 11,856 10,404 11,429
13,470 12,695 11,189 11,861
13,784 12,991 11,278 11,865
1/31/06 14,779 13,929 11,752 12,179
14,714 13,868 11,518 12,212
15,374 14,490 11,803 12,364
15,666 14,765 11,858 12,530
14,390 13,562 11,021 12,170
14,011 13,205 10,853 12,186
13,189 12,430 10,484 12,261
13,600 12,818 11,228 12,553
14,033 13,226 11,597 12,877
14,465 13,634 11,952 13,296
15,179 14,307 12,402 13,549
15,212 14,337 12,391 13,739
1/31/07 15,493 14,602 12,461 13,947
15,450 14,561 12,213 13,674
15,677 14,776 12,282 13,827
16,326 15,387 12,867 14,439
17,386 16,387 13,275 14,943
17,798 16,774 13,548 14,695
17,776 16,754 13,566 14,239
18,122 17,080 13,822 14,453
19,107 18,008 14,400 14,993
20,124 18,967 15,149 15,232
18,901 17,814 14,078 14,595
18,699 17,623 14,112 14,494
1/31/08 16,446 15,501 12,456 13,625
15,677 14,776 12,292 13,182
15,370 14,486 12,213 13,125
16,293 15,356 13,101 13,764
17,314 16,319 13,722 13,943
15,600 14,703 12,399 12,767
15,249 14,372 12,160 12,660
15,743 14,838 12,226 12,843
13,524 12,746 10,423 11,699
11,107 10,468 8,487 9,734
10,151 9,568 7,601 9,035
10,602 9,992 7,839 9,132
1/31/09 10,206 9,619 7,550 8,362
TOTAL RETURNS AS OF JANUARY 31, 2009
SINCE
NASDAQ SIX ONE THREE FIVE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR YEARS* YEARS* (8/31/01)*
- ----------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund HFGAX Class A -33.07% -37.94% -11.61% -3.02% 0.28%
- ---------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund HFGBX Class B -33.36 -38.43 -12.30 -3.75 -0.42
- ---------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund HFGCX Class C -33.36 -38.40 -12.27 -3.74 -0.44
- ---------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- ---------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund Class A -36.93% -41.50% -13.33% -4.16% -0.52%
- ---------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund Class B -38.36 -42.43 -13.62 -3.99 -0.42
- ---------------------------------------------------------------------------------------------------------------
Henderson Global Technology Fund Class C -34.36 -38.40 -12.27 -3.74 -0.44
- ---------------------------------------------------------------------------------------------------------------
INDEX
- ---------------------------------------------------------------------------------------------------------------
MSCI AC World IT Index -37.91% -39.39% -13.71% -6.91% -3.72%
- ---------------------------------------------------------------------------------------------------------------
S&P 500 -33.95 -38.63 -11.78 -4.24 -2.38
- ---------------------------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class B shares are subject to a CDSC which
declines from 5% the 1st year to 0% at the beginning of the 7th year. Class C
shares are subject to a CDSC of up to 1% on certain redemptions made within 12
months of purchase. Performance presented at Net Asset Value (NAV), which does
not include a sales charge, would be lower if this charge were reflected. NAV is
the value of one share of the Fund excluding any sales charges. Current
performance may be lower or higher than the performance data quoted. Investment
return and principal value will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than original cost. As stated in the current
prospectus, the Fund's annual operating expense ratios (gross) for Class A, B,
and C shares are 1.58%, 2.33%, and 2.33% respectively. Shares redeemed within 30
days of purchase may be subject to a 2.0% redemption fee. For the most recent
month-end performance, please call 1.866.443.6337 or visit the Funds' website at
www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
certain periods shown. Absent these waivers, results would have been less
favorable for certain periods. All results assume the reinvestment of dividends
and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index
and an industry focused index. The S&P 500 Index is a broad based measurement of
changes in stock market conditions based on the average of 500 widely held
common stocks. The MSCI AC World Info Tech Index is a free float-adjusted market
capitalization weighted index designed to measure the equity market performance
of the Information Technology stocks within the MSCI AC World Index. The Fund is
professionally managed while the Indices are unmanaged and not available for
investment. Results in the table and graph do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the redemption of Fund
shares.
13
HENDERSON GLOBAL FUNDS COMMENTARY
INDUSTRIES OF THE FUTURE FUND
Global markets were extremely weak over the period as the ever widening impact
of the credit crunch shocked investors. The collapse of Lehman Brothers marked
the biggest bankruptcy in history. Multiple bailouts or takeovers of failing
financial institutions have been necessary and confidence in the economy is
shattered as a result.
Not only were there sharp falls in stock markets, but commodities and currencies
also experienced extreme volatility with the oil price halving from $100 per
barrel to less than $50 per barrel, and the British pound falling by some 25%
against the US dollar. The near paralysis of the credit markets has a knock-on
effect not just on consumer spending, but also on corporate investment. It's our
view that we need to see the reopening of credit markets later this year in
order to see some light at the end of this economic tunnel.
INDUSTRIES OF THE FUTURE FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
QUANTA SERVICES, INC. 2.5%
DANAHER CORP. 2.4
SHIMANO, INC. 2.3
QUEST DIAGNOSTICS, INC. 2.3
QIAGEN N.V. 2.1
EMERSON ELECTRIC CO. 2.1
MILLIPORE CORP. 2.1
APOLLO GROUP, INC., CLASS A 2.0
THERMO FISHER SCIENTIFIC, INC. 1.9
ITRON, INC. 1.9
The Fund returned -37.50% (Class A shares at NAV) for the since inception
(8/29/08) period versus the benchmark, the MSCI World Index, which posted a
return of -36.97% during the same period. The Cleaner Energy theme performed
particularly badly with a severe sell-off of smaller and more highly rated
companies, compounded by concerns about how the availability of finance would
impact the growth of investment in renewables. The Water Management theme was
also weak as many investors took the view that many of these companies were not
as defensive as they had thought. Against this we had a very strong contribution
from the Knowledge theme as several companies reported strong enrollments. This
theme may be seen as countercyclical as more people enter education in times of
higher unemployment. We also had positive contributions from the Safety, Health,
and Environmental Services themes, with many of these themes anticipating some
benefit from government stimulus spending around the world.
We initiated holdings in Reed Elsevier (Knowledge), irrigation equipment
manufacturer Lindsay Corp (Water), Meridian Bioscience (Health), Eurofins
Scientific (Safety) and Ormat (Cleaner Energy): we were attracted to Reed's
defensive growth characteristics and Lindsay's potential growth prospects in its
market; we bought Meridian after meeting the management and being impressed with
the quality of the products and the new products intended for launch in 2009;
Eurofins Scientific was purchased following share-price weakness and Ormat's
valuation did not seem to reflect its future growth potential.
We sold out of hospital operator Community Health (Health) on concerns over the
impact of rising unemployment on bad debts. We also sold out of health club
operator Life Time Fitness (Quality of Life) on concerns over the weaker
consumer environment and disposed of Roth & Rau (Cleaner Energy) on worries over
reduced investment in new capacity in the solar industry.
The Fund remained defensively positioned as we expect the macro-economic
backdrop to remain difficult for some time. The Fund has defensive exposure in
the Health, Knowledge and Safety themes, and has started to add to early
cyclicals in the Efficiency theme where shares have been hit hard and may have
seen the worst of the earnings downgrades. We are continually watching for
opportunities afforded by the volatility in the market to buy into companies we
deem quality or add to our positions and expect that there may be some
attractive buying opportunities in the coming months. The credit crunch is
affecting all areas of the economy, but we believe the political and regulatory
support for our themes is now stronger than ever and may result in growth
opportunities for companies we own.
14
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
INDUSTRIES OF THE FUTURE FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United States 49.8%
Japan 10.1
United Kingdom 8.0
Germany 6.0
France 4.6
Netherlands 4.4
Other 17.1
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Industrials 38.3%
Health Care 30.4
Consumer Discretionary 13.1
Information Technology 7.0
Utilities 5.9
Materials 4.0
Other 1.3
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Industries of the Future Industries of the Future
Fund Class A w/out sales Fund Class A w/sales MSCI World
charge - $6,250 charge - $5,891 Index - $6,303
8/31/08 $ 10,000 $ 9,425 $ 10,000
9/30/08 8,690 8,190 8,815
10/31/08 6,750 6,362 7,146
11/30/08 6,310 5,947 6,688
12/31/08 6,640 6,258 6,906
1/31/09 6,250 5,891 6,303
TOTAL RETURNS AS OF JANUARY 31, 2009
SINCE
NASDAQ INCEPTION
AT NAV SYMBOL CLASS (8/29/08)
- -------------------------------------------------------------------------------
Henderson Industries of The Future Fund HFNAX Class A -37.50%
- -------------------------------------------------------------------------------
Henderson Industries of The Future Fund HFNCX Class C -37.10
- -------------------------------------------------------------------------------
WITH SALES CHARGE
- -------------------------------------------------------------------------------
Henderson Industries of The Future Fund Class A -41.09%
- -------------------------------------------------------------------------------
Henderson Industries of The Future Fund Class C -38.10
- -------------------------------------------------------------------------------
INDEX
- -------------------------------------------------------------------------------
MSCI World Index -36.97%
- -------------------------------------------------------------------------------
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge and/or the deduction of the applicable
contingent deferred sales charge (CDSC). Class A shares are subject to a maximum
front end sales charge of 5.75%. Class C shares may be subject to a CDSC of up
to 1% on certain redemptions made within 12 months of purchase. Performance
presented at NAV which does not include these sales charges would be lower if
these charges were reflected. As stated in the current prospectus, the Fund's
annual operating expense ratio (gross) for Class A and C shares are 2.03% and
2.78%, respectively. However, the Fund's adviser has agreed to contractually
waive a portion of its fees and/or reimburse expenses such that total operating
expenses do not exceed 1.95% and 2.70%, for Class A and Class C shares, which is
in effect until July 31, 2020. Shares redeemed within 30 days of purchase may be
subject to a 2.0% redemption fee. For the most recent month-end performance,
please call 1.866.443.6337 or visit the Fund's website at
www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
periods shown. Absent these waivers, results would have been less favorable. All
results assume the reinvestment of dividends and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
The MSCI World Index is a free float-adjusted market capitalization weighted
index that is designed to measure the equity market performance of developed
markets. The Fund is professionally managed while the Index is unmanaged and not
available for investment. Results in the table and graph do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares..
15
HENDERSON GLOBAL FUNDS COMMENTARY
INTERNATIONAL OPPORTUNITIES FUND
Financial markets were dreadful in the last quarter of 2008, as the housing and
credit crises quickly escalated from concern to disaster. Most economies held up
relatively well in the first three quarters supported largely by exports and
interest rate cuts. After the failure of Lehman Brothers in September,
inter-bank lending rates quickly soared and the credit markets froze.
Consequently, economic activity and corporate profitability plunged. No sector,
style, nor capitalization was spared in the equity markets, as all the major
market indexes declined significantly for the full year.
Most of the G7(1) countries have now entered recession. Emerging market
economies have also slowed, some sharply. Chinese Gross Domestic Product appears
to have slowed to less than 8%. The global economy has now become reliant on
government spending to help spur growth. Policymakers kept the stream of
interest rate cuts, monetary operations, bailouts and fiscal package
announcements steady.
Over the period, the International Opportunities Fund returned -36.41% (Class A
shares at NAV) versus the benchmark, the MSCI EAFE Index, return of -40.66%.
Positive performance was largely led by strong stock selection. Forced selling
and capital raisings have been creating opportunities such as: Finnish insurer
Sampo, and the Anheuser-Busch InBev placement. The currency hedge against both
Sterling and the euro was also positive for performance.
The largest detractor to performance was found in the Fund's exposure to natural
resources- related holdings as the entire sector was depressed with many quality
names pushed lower indiscriminately.
Russian natural gas provider Gazprom is arguably one of the cheapest stocks in
the world (trading at 50-70% discount to its peers) and the sector is trading at
historic lows. The stock suffered from the falling oil price, rising financing
costs and geopolitical tensions in the region. We continue to believe that the
long term investment case is very much intact. The company has large reserves
and trades at a significant discount to its peers.
There was little change made to the sub-portfolio allocation over the period.
The Fund mildly reduced its allocation to the Europe-1 sub-portfolio and added
to the Asia-Pacific allocation. We believe Asian markets have fallen sharply,
been oversold and, China in particular, may have a better opportunity to kick
start their economy through fiscal measures.
Towards the end of the period, the Fund closed all currency hedges(2). Sterling
had been undermined due to investor concerns regarding the government's
seemingly patchy approach to repairing the banking system and thus fell sharply.
We believe that the US dollar will not remain strong on a secular basis. While
this has been a very strong rally, we believe that trend will not continue
forever. The dollar still has weak secular stories such as: a very high account
deficit and a very high (and rising) fiscal deficit.
While 2008 will be remembered for the havoc and destruction within financial
markets, 2009 is set to be another challenging year as the decline in economic
activity takes hold. It is too early to begin to see the results of the huge
amounts of government spending and planned stimulus. The results won't begin to
appear, we believe, until end of the 2nd quarter at best, but this remains to be
seen. Any recovery when it comes is unlikely to be swift.
Though the credit markets, in certain places, are beginning to reopen, it is a
very difficult time for companies that are anything other than a top quality.
Thus it is important that we remain focused on those sound balance sheets of
companies that we believe will be around for years to come.
(1) G7: The Group of Seven, or the seven largest industrialized countries: US,
Japan, Great Britain, France, Germany, Italy, and Canada. Each has a Finance
Minister who attends G-7 meetings to discuss economic policy issues.
(2) Currency hedging: a hedge is an investment made to reduce the risk of
adverse price movements in a security by taking an off-setting position in a
related security or in this case, a related currency.
INTERNATIONAL OPPORTUNITIES FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
FRESENIUS AG 3.2%
CAPITA GROUP PLC 3.1
CRH PLC 3.1
CAIRN ENERGY PLC 3.1
AKZO NOBEL N.V. 2.9
INDUSTRIA DE DISENO TEXTIL S.A. 2.8
SUMITOMO MITSUI FINANCIAL GROUP, INC. 2.8
SODEXHO ALLIANCE S.A. 2.6
KUEHNE & NAGEL INTERNATIONAL AG 2.6
CHINA MOBILE, LTD. 2.6
16
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
INTERNATIONAL OPPORTUNITIES FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Japan 23.5%
France 15.4
United Kingdom 12.6
Switzerland 7.8
China 5.9
Germany 5.7
Other 29.1
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Financials 23.2%
Industrials 17.8
Consumer Discretionary 12.9
Information Technology 11.1
Materials 9.8
Telecommunication Service 7.1
Other 18.1
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Int'l Opportunities Fund Int'l Opportunities Fund
Class A w/out sales Class A w/sales MSCI EAFE
charge - $17,222 charge - $16,233 Index - $11,298
8/31/01 $ 10,000 $ 9,425 $ 10,000
9,080 8,558 8,989
9,930 9,359 9,219
11,430 10,773 9,560
11,640 10,971 9,617
11,610 10,942 9,106
11,290 10,641 9,171
11,840 11,159 9,671
11,950 11,263 9,741
11,940 11,253 9,874
11,540 10,876 9,484
10,510 9,906 8,549
10,410 9,811 8,531
9,280 8,746 7,617
10,060 9,482 8,027
10,710 10,094 8,393
10,328 9,735 8,111
1/31/03 10,167 9,583 7,773
9,553 9,004 7,595
9,453 8,909 7,452
10,500 9,896 8,191
11,164 10,522 8,695
11,647 10,977 8,910
12,070 11,376 9,127
12,906 12,163 9,349
13,127 12,372 9,639
13,973 13,169 10,240
13,973 13,169 10,469
14,890 14,034 11,288
1/31/04 15,501 14,610 11,448
15,878 14,965 11,714
16,378 15,436 11,785
15,889 14,975 11,528
15,613 14,716 11,578
15,950 15,033 11,837
15,226 14,351 11,454
15,196 14,322 11,507
15,552 14,658 11,810
16,164 15,234 12,213
17,126 16,141 13,051
17,902 16,872 13,624
1/31/05 17,767 16,746 13,375
18,492 17,428 13,956
18,254 17,204 13,611
17,705 16,687 13,306
17,446 16,443 13,326
17,622 16,609 13,509
18,388 17,331 13,924
19,164 18,062 14,280
19,733 18,599 14,918
19,288 18,179 14,484
19,990 18,842 14,842
20,852 19,654 15,533
1/31/06 22,273 20,993 16,488
22,165 20,892 16,455
23,005 21,683 17,005
24,156 22,769 17,830
23,252 21,916 17,159
23,317 21,977 17,165
23,166 21,835 17,337
23,769 22,403 17,818
23,898 22,525 17,849
24,727 23,306 18,545
25,890 24,402 19,104
26,697 25,163 19,705
1/31/07 26,798 25,259 19,840
27,091 25,535 20,003
27,743 26,150 20,522
28,812 27,157 21,452
29,768 28,058 21,857
30,309 28,567 21,891
30,275 28,535 21,571
29,971 28,249 21,239
32,064 30,222 22,379
33,605 31,674 23,261
31,861 30,031 22,502
31,604 29,789 21,997
1/31/08 28,407 26,775 19,967
28,444 26,810 20,260
28,371 26,741 20,056
29,939 28,219 21,170
30,784 29,015 21,417
27,795 26,198 19,670
27,084 25,528 19,040
25,529 24,062 18,273
22,221 20,945 15,638
18,228 17,181 12,483
17,762 16,742 11,814
18,998 17,907 12,526
1/31/09 17,222 16,233 11,298
TOTAL RETURNS AS OF JANUARY 31, 2009
SINCE
NASDAQ SIX ONE THREE FIVE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR YEARS* YEARS* (8/31/01)*
- -------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFOAX Class A -36.41% -39.37% -8.22% 2.13% 7.60%
- -------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFOBX Class B -36.66 -39.81 -8.90 1.38 6.82
- -------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFOCX Class C -36.67 -39.83 -8.89 1.36 6.82
- -------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund HFORX Class R** -36.47 -39.48 -8.41 1.90 7.35
- -------------------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- -------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund Class A -40.07% -42.85% -10.01% 0.92% 6.75%
- -------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund Class B -41.66 -43.81 -10.12 1.19 6.82
- -------------------------------------------------------------------------------------------------------------------
Henderson Int'l Opportunities Fund Class C -37.67 -39.83 -8.89 1.36 6.82
- -------------------------------------------------------------------------------------------------------------------
INDEX
- -------------------------------------------------------------------------------------------------------------------
MSCI EAFE Index -40.66% -43.42% -11.84% -0.26% 1.66%
- -------------------------------------------------------------------------------------------------------------------
* Average annual return.
** Class R shares inception was 9/30/05. The performance for Class R shares
for the period prior to 9/30/05 is based on the performance of Class A
shares, adjusted for the higher expenses applicable to R shares. Class R
shares are not subject to a front-end sales charge but are subject to a
distribution fee of 0.50%
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class B shares are subject to a CDSC which
declines from 5% the 1st year to 0% at the beginning of the 7th year. Class C
shares are subject to a CDSC of up to 1% on certain redemptions made within 12
months of purchase. Class R shares have no front-end sales charge or CDSC.
Performance presented at Net Asset Value (NAV), which does not include a sales
charge, would be lower if this charge were reflected. NAV is the value of one
share of the Fund excluding any sales charges. Current performance may be lower
or higher than the performance data quoted. Investment return and principal
value will fluctuate so that an investor's shares, when redeemed, may be worth
more or less than original cost. As stated in the current prospectus, the Fund's
annual operating expense ratios (gross) for Class A, B, C and R shares are
1.47%, 2.22%, 2.22%, and 1.72% respectively. Shares redeemed within 30 days of
purchase may be subject to a 2.0% redemption fee. For the most recent month-end
performance, please call 1.866.443.6337 or visit the Funds' website at
www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
certain periods shown. Absent these waivers, results would have been less
favorable for certain periods. All results assume the reinvestment of dividends
and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
The MSCI EAFE Index is a free float-adjusted market capitalization weighted
index that is designed to measure the equity market performance of developed
markets, excluding the US and Canada. The Fund may invest in emerging markets
while the Index only consists of companies in developed markets. The Fund is
professionally managed while the Index is unmanaged and not available for
investment. Results in the table and graph do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the redemption of Fund
shares.
17
HENDERSON GLOBAL FUNDS COMMENTARY
JAPAN-ASIA FOCUS FUND
Over the period, volatility was incredible, with Japanese stocks regularly
moving greater than 10% per day through a combination of panic and forced
selling. Economic data was equally troubling: production fell by over 20% on a
yearly comparison in December, thereby eclipsing the collapse during the first
oil crisis in 1973; the rise in the yen has had a negative influence on export
related companies; and forecasts for overall activity in upcoming months are
poor.
In order to help combat the decline, the Japanese government announced plans for
a stimulus package with a focus on housing and consumer sectors and the Bank of
Japan lowered the overnight call rate (an interest rate banks charge to brokers
to finance margin calls) from 30 basis points (0.30%) to an almost zero figure
of 10 basis points (0.10%). We believe where Japan might gain a foothold in the
year ahead is the relative attractiveness of its underleveraged economy and a
favorable response to policy initiative. The caveat remains the strengthening
currency which, if it persists, could serve as a drag on the economy.
For the period ended January 31, 2009, the Fund returned -25.68% (Class A shares
at NAV) versus the benchmark, the MSCI Japan Index, which posted a return of
- -27.64%. On a sector basis the overweight positions in Consumer Discretionary
and Telecom Service (both domestic facing sectors) were the largest positive
contributors. The overweight in Financials was the largest detractor. At stock
level, the largest positive contributors were NTT DoCoMo (Telecom Service),
Bridgestone (Consumer Discretionary) and Nippon Paper (Materials); the latter
two have since been sold on performance grounds. Financial and related stocks
were among the largest detractors and the commitment to this area has been
somewhat reduced.
Throughout the period, the Fund was weighted towards domestic sectors in Japan
and away from export-related shares. This was beneficial to performance while
the yen gained strength. Towards the end of the period, the Fund sold out of a
number of smaller company holdings which were replaced by larger stocks. An
increase in the Fund's Asian weighting also took place. Markets have corrected
substantially thus providing the opportunity to raise the Asian weighting from
1% to 5% as an initial step.
Just as authorities in various parts of the world have learned that an orderly
dismantling of an asset bubble is nearly impossible, dealing with the aftermath
of an asset collapse is by necessity a protracted affair. While economic
activity is subsiding at such a rapid rate it is unrealistic to expect a swift
recovery, and a meaningful upturn in the global economy may be some way off.
Japan is suffering from a dramatic drop in production which is being further
compounded by strength in the yen. Conditions have deteriorated and the year
ahead will possibly be the most severe which the corporate sector has had to
face.
The portfolio will continue to focus on companies which we believe exhibit
balance sheet strength and are leaders in their respective business areas. This
covers both external and domestic sectors although the bias of the portfolio
will most likely remain towards the latter while export markets remain weak.
JAPAN-ASIA FOCUS FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
NTT DOCOMO, INC. 6.3%
LEOPALACE21 CORP. 5.3
MITSUBISHI UFJ FINANCIAL GROUP, INC. 5.1
SUMITOMO MITSUI FINANCIAL GROUP, INC. 4.9
TDK CORP. 4.6
HOKUHOKU FINANCIAL GROUP, INC. 3.9
YAMATO HOLDINGS CO., LTD. 3.7
DAIWA HOUSE INDUSTRY CO., LTD. 3.7
SECOM CO., LTD. 3.6
WEST JAPAN RAILWAY CO. 3.6
18
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
JAPAN-ASIA FOCUS FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Japan 95.4%
Hong Kong 3.1
Singapore 1.5
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Financials 34.7%
Information Technology 24.4
Consumer Discretionary 14.3
Industrials 10.9
Telecommunication Service 8.1
Health Care 3.1
Other 4.5
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Japan-Asia Focus Fund Japan-Asia Focus Fund
Class A w/out sales Class A w/sales MSCI Japan
charge - $6,004 charge - $5,659 Index - $6,411
1/31/06 $ 10,000 $ 9,425 $ 10,000
9,860 9,293 9,915
10,360 9,764 10,169
10,490 9,887 10,465
9,850 9,284 9,814
9,920 9,350 9,706
7/31/06 9,650 9,095 9,652
9,830 9,265 9,797
9,750 9,189 9,640
9,870 9,302 9,807
9,860 9,293 9,877
9,860 9,293 10,123
1/31/07 9,990 9,416 10,208
10,220 9,632 10,619
10,010 9,434 10,483
9,710 9,152 10,279
9,950 9,378 10,447
10,150 9,566 10,416
7/31/07 10,130 9,548 10,399
9,730 9,171 10,094
9,730 9,171 10,330
9,770 9,208 10,291
9,440 8,897 10,103
9,090 8,567 9,703
1/31/08 8,548 8,056 9,260
8,235 7,762 9,324
8,089 7,624 8,951
8,819 8,312 9,602
8,975 8,459 9,844
8,194 7,722 9,173
7/31/08 8,079 7,614 8,860
7,453 7,025 8,508
7,016 6,612 7,559
5,911 5,571 6,441
5,942 5,600 6,361
6,713 6,327 6,878
1/31/09 6,004 5,659 6,411
TOTAL RETURNS AS OF JANUARY 31, 2009
SINCE
NASDAQ SIX ONE THREE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR YEARS* (1/31/06)*
- -------------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund HFJAX Class A -25.68% -29.76% -15.64% -15.62%
- -------------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund HFJCX Class C -25.79 -30.11 -16.21 -16.20
- -------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- -------------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund Class A -29.93% -33.79% -17.28% -17.27%
- -------------------------------------------------------------------------------------------------------
Henderson Japan-Asia Focus Fund Class C -26.79 -30.11 -16.21 -16.20
- -------------------------------------------------------------------------------------------------------
INDEX
- -------------------------------------------------------------------------------------------------------
MSCI Japan Index -27.65% -30.77% -13.77% -13.77%
- -------------------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Due to the Fund's relatively small asset base in initial stages,
performance was positively impacted by IPOs to a greater degree than it may be
in the future. IPO investments are not an integral component of the Fund's
investment process and may not be utilized to the same extent in the future.
Performance results with sales charges reflect the deduction of the maximum
front end sales charge or the deduction of the applicable contingent deferred
sales charge ("CDSC"). Class A shares are subject to a maximum front-end sales
charge of 5.75%. Class C shares are subject to a CDSC of up to 1% on certain
redemptions made within 12 months of purchase. Performance presented at Net
Asset Value (NAV), which does not include a sales charge, would be lower if this
charge were reflected. NAV is the value of one share of the Fund excluding any
sales charges. Current performance may be lower or higher than the performance
data quoted. Investment return and principal value will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than original cost.
As stated in the current prospectus, the Fund's annual operating expense ratio
(gross) for Class A and C shares are 1.75% and 2.50%, respectively. Shares
redeemed within 30 days of purchase may be subject to a 2.0% redemption fee. For
the most recent month-end performance, please call 1.866.443.6337 or visit the
Funds' website at www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
certain periods shown. Absent these waivers, results would have been less
favorable for certain periods. All results assume the reinvestment of dividends
and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
The MSCI Japan Index is a free float-adjusted market capitalization weighted
index designed to measure equity market performance in Japan. The Fund may
invest in emerging markets while the Index only consists of companies in
developed markets. The Fund is professionally managed while the Index is
unmanaged and not available for investment. Results in the table and graph do
not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
19
HENDERSON GLOBAL FUNDS COMMENTARY
US FOCUS FUND
US equities suffered a terrible six months as the financial crisis claimed a
number of high profile victims and resulted in a wave of panic selling that
peaked in October. While Lehman Brothers was allowed to fail, there were public
bailouts for the mortgage giants, Fannie Mae and Freddie Mac, as well as the
insurance behemoth, AIG. Meanwhile, Merrill Lynch, Wachovia and Washington
Mutual were all forced into the arms of larger rivals. The response from the
Federal Reserve was unprecedented, with interest rates cut to a record low of
0.00%-0.25%, coupled with a significant expansion of Federal Reserve's balance
sheet in an effort to restore confidence in the financial system.
Economic news deteriorated throughout the period, with unemployment rising
sharply, a steep drop in industrial activity, and confirmation of a recession.
There was respite in terms of inflation as the oil price collapsed along with
other commodities, but this resulted in the Materials and Energy sectors being
the worst performers of the period. Defensive sectors, such as Healthcare and
Consumer Staples, performed better although were not immune from the downward
direction of markets.
The Fund returned -35.90% (Class A shares at NAV) over the period versus the
benchmark, the S&P 500 Index, which posted a return of -33.95%. Disappointing
performers included General Cable in Industrials, Marathon Oil in the Energy
sector, and Bank of America in the Financials sector. Stock winners were limited
to companies in defensive sectors, notably Pepsico in Consumer Staples, Abbott
Laboratories and Bristol-Myers Squibb in Healthcare, and Southern in the
Utilities sector.
In the Financials sector, the Fund added three companies that we believe are
poised to benefit from the dislocation that the credit crisis has brought on the
sector, taking the weighting in the sector to overweight. Lazard is a provider
of investment management services and advice for mergers and acquisitions as
well as restructurings, both of which may accelerate as the recession forces
consolidation or bankruptcies in various sectors. Charles Schwab provides
financial services for individual investors and independent advisers, and has
market share opportunities from the turmoil at its major retail brokerage
competitors, such as Merrill Lynch. Finally, Aon is an insurance broker that we
expect may see better business as a result of the fallout from the AIG collapse.
In the Healthcare sector, the Fund bought Bristol-Myers Squibb and sold Merck.
Bristol-Myers Squibb offers a resilient earnings growth profile owing to the
success of a number of recent product launches coupled with a compelling
valuation. While Merck is also attractively valued, questions over their
cholesterol franchise coupled with a loss of momentum in other key products
prompted an exit.
The market remains extremely volatile and we believe this looks set to 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 believe that as
the unparalleled policy response from both the Treasury and the Federal Reserve
begins to take effect, confidence will return, highlighting the attractive
valuations that equities have fallen to and potentially lead to a broad market
recovery.
US FOCUS FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
GENENTECH, INC. 6.4%
SOUTHERN CO. 5.0
REPUBLIC SERVICES, INC. 5.0
AMERICAN TOWER CORP., CLASS A 4.9
PEPSICO, INC. 4.0
PRAXAIR, INC. 4.0
BRISTOL-MYERS SQUIBB CO. 3.8
LAZARD LTD., CLASS A 3.8
CVS CAREMARK CORP. 3.7
AON CORP. 3.7
20
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
US FOCUS FUND
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Health Care 17.6%
Industrials 16.7
Information Technology 16.4
Financials 10.5
Utilities 8.2
Consumer Staples 8.1
Other 22.5
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
US Focus Fund Class US Focus Fund Class
A w/out sales A w/sales S&P 500
charge - $7,630 charge - $7,191 Index - $8,190
4/30/04 $ 10,000 $ 9,425 $ 10,000
10,160 9,576 10,137
10,380 9,783 10,334
9,690 9,133 9,992
9,420 8,878 10,033
9,710 9,152 10,141
9,930 9,359 10,296
10,420 9,821 10,713
10,902 10,275 11,077
1/31/05 10,420 9,821 10,807
10,510 9,906 11,035
10,400 9,802 10,839
10,108 9,527 10,634
10,621 10,010 10,972
10,641 10,029 10,988
10,982 10,351 11,396
10,850 10,228 11,292
10,939 10,313 11,384
10,780 10,162 11,194
10,972 10,342 11,618
10,952 10,323 11,622
1/31/06 11,448 10,790 11,929
11,306 10,656 11,962
11,387 10,733 12,111
11,590 10,923 12,273
10,932 10,304 11,920
10,892 10,266 11,936
10,467 9,865 12,010
10,983 10,351 12,295
11,185 10,542 12,612
11,367 10,714 13,023
11,529 10,866 13,271
11,597 10,930 13,457
1/31/07 11,833 11,152 13,661
11,833 11,152 13,393
12,025 11,334 13,543
12,485 11,767 14,143
13,362 12,594 14,637
13,181 12,423 14,394
12,828 12,090 13,947
12,763 12,029 14,156
13,469 12,695 14,686
14,047 13,239 14,919
13,448 12,675 14,296
13,402 12,632 14,196
1/31/08 11,928 11,242 13,345
11,965 11,277 12,911
11,705 11,032 12,856
12,362 11,651 13,482
13,031 12,281 13,656
12,126 11,429 12,505
11,903 11,219 12,400
11,903 11,219 12,579
10,454 9,853 11,458
8,522 8,032 9,534
7,915 7,460 8,850
7,986 7,527 8,944
1/31/09 7,630 7,191 8,190
TOTAL RETURNS AS OF JANUARY 31, 2009
SINCE
NASDAQ SIX ONE THREE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR YEARS* (4/30/04)*
- ------------------------------------------------------------------------------------------
Henderson US Focus Fund HFUAX Class A -35.90% -36.03% -12.65% -5.53%
- ------------------------------------------------------------------------------------------
Henderson US Focus Fund HFUBX Class B -36.10 -36.51 -13.27 -6.23
- ------------------------------------------------------------------------------------------
Henderson US Focus Fund HFUCX Class C -36.10 -36.51 -13.27 -6.23
- ------------------------------------------------------------------------------------------
WITH SALES CHARGE
- ------------------------------------------------------------------------------------------
Henderson US Focus Fund Class A -39.61% -39.73% -14.36% -6.70%
- ------------------------------------------------------------------------------------------
Henderson US Focus Fund Class B -41.10 -40.51 -14.62 -6.77
- ------------------------------------------------------------------------------------------
Henderson US Focus Fund Class C -37.10 -36.51 -13.27 -6.23
- ------------------------------------------------------------------------------------------
INDEX
- ------------------------------------------------------------------------------------------
S&P 500 -33.95% -38.63% -11.78% -4.12%
- ------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 5.75%. Class B shares are subject to a CDSC which
declines from 5% the 1st year to 0% at the beginning of the 7th year. Class C
shares are subject to a CDSC of up to 1% on certain redemptions made within 12
months of purchase. Performance presented at Net Asset Value (NAV), which does
not include a sales charge, would be lower if this charge were reflected. NAV is
the value of one share of the Fund excluding any sales charges. Current
performance may be lower or higher than the performance data quoted. Investment
return and principal value will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than original cost. As stated in the current
prospectus, the Fund's annual operating expense ratios (gross) for Class A, B,
and C shares are 2.67%, 3.42%, and 3.42% respectively. However, the Fund's
adviser has agreed to contractually waive a portion of its fees and/or reimburse
expenses such that the total operating expenses do not exceed 1.40%, 2.15%, and
2.15% for Class A, B, and C shares, which is in effect until July 31, 2020.
Shares redeemed within 30 days of purchase may be subject to a 2.0% redemption
fee. For the most recent month-end performance, please call 1.866.443.6337 or
visit the Funds' website at www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
the periods shown. Absent these waivers, results would have been less favorable.
All results assume the reinvestment of dividends and capital gains.
The investment comparison graph above reflects the change in value of $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
Effective November 30, 2006, the U.S. Core Growth Fund changed its name and
certain investment policies and became the US Focus Fund. The Fund's historical
performance may not represent current investment policies. The S&P 500 Index is
a broad based measurement of changes in stock market conditions based on the
average of 500 widely held stocks. The Fund is professionally managed while the
Index is unmanaged and not available for investment. Results in the table and
graph do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
21
HENDERSON GLOBAL FUNDS COMMENTARY
WORLDWIDE INCOME FUND
At the beginning of the reporting period there was increased concern of
inflation and rising inflation expectations caused by record high oil and
commodity prices. The hedge fund industry seemed almost universally long
commodities and short banks. The fairly draconian rise in European interest
rates popped this speculative bubble with somewhat spectacular effect. This
caused extraordinary sector shifts in equity and bond markets and intense
volatility. This action started a period of unwinding in leverage across the
industry as risk assets became less attractive versus rising LIBOR(1) rates. The
rolling snow ball of forced deleveraging spread from asset class to asset class
across the world. Risk aversion began in US asset backed bonds reflecting the
subprime meltdown and housing crisis. The leveraged loan market, financial
bonds, high yield bonds, and eventually emerging market bonds and equities
followed and collapsed. No area of the credit market was immune from this
dramatic repricing of default risk.
Volatility in equity, credit and sovereign markets was exceptional, making
portfolio management very challenging. September recorded the largest fall in
equity markets since 1987, the worst ever return for investment grade credit and
one of the worst months ever for high yield bonds. November was little better
with equities hitting new lows.
Subsequently we have seen enormous government sponsored bank bailouts and
unprecedented monetary and fiscal economic stimulation to help stop the impeding
threat of deflation.
For the period ended January 31, 2009, the Fund returned -31.53% (Class A share
at NAV), versus the benchmark, the Lehman Global Aggregate Bond (ex US MBS)
Index, which posted a return of -3.69%. The principal drag on the Fund's
performance relative to the benchmark came from the Fund's allocation to high
yield corporate bonds. The months of November and December saw very strong
performance from the government bond market, particularly at the longer end of
the yield curve as investors focused on the prospect of 'quantitative easing' in
addition to further interest rate cuts. This rather technical term refers to the
prospect of unconventional monetary policy actions being taken by central banks,
notably the purchase of government bonds or other financial securities.
The Fund finished the period substantially invested and further trimmed its
exposure to high-dividend stocks to zero. We believe the yield available from
depressed bond markets offers equity-like return prospects but with historically
reduced vulnerability to lower earnings. The Fund also reduced our previously
favored emerging market exposure because the financing crisis has impacted more
heavily on some of the countries in the sector.
Effective December 22, 2008, the portfolio manager of the Worldwide Income Fund,
Chris Wozniak, was replaced by John Pattullo and Jenna Barnard. The change in
management was due to Mr. Wozniak leaving Henderson Global Investors.
While enormous government action has taken place, we believe we still must
suffer a serious economic downturn. However, the bond markets are pricing at
default levels akin to the 1930s. For this reason, we are now cautiously
optimistic that there are reasons to believe global capital markets will recover
but this will take considerable time and patience.
(1) LIBOR: London Interbank Offered Rate is an interest rate at which banks can
borrow funds, in marketable size, from other banks in the London interbank
market. The LIBOR is fixed on a daily basis by the British Bankers' Association.
WORLDWIDE INCOME FUND
TOP 10 LONG-TERM HOLDINGS
AS A PERCENTAGE
SECURITY OF NET ASSETS
- --------------------------------------------------------------------------------
UNITED STATES TREASURY NOTE 5.8%
ABERDEEN ASSET MANAGEMENT PLC 4.1
NORDIC TELEPHONE COMPANY APS 3.8
HCA, INC. 3.4
HERTZ CORP. 3.4
FS FUNDING AS 3.1
LEVI STRAUSS & CO. 3.0
LUKOIL INTERNATIONAL FINANCE B.V. 2.9
WIND ACQUISITION FINANCE S.A. 2.8
AXA S.A. 2.7
22
HENDERSON GLOBAL FUNDS PERFORMANCE SUMMARY
WORLDWIDE INCOME FUND
PORTFOLIO COMPOSITION BY COUNTRY
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
United States 30.6%
United Kingdom 23.7
Netherlands 9.2
France 8.4
Italy 5.4
Norway 4.3
Other 18.4
PORTFOLIO COMPOSITION BY SECTOR
(AS A % OF LONG-TERM INVESTMENTS)
[PIE CHART]
Financial 30.0%
Communications 20.6
Consumer, Non - cyclical 19.9
Industrial 7.8
Consumer, Cyclical 7.6
Government 6.5
Other 7.6
INVESTMENT COMPARISON
Value of $10,000
[LINE CHART]
Lehman Brothers
Worldwide Income Fund Worldwide Income Fund Global Aggregate
Class A w/out sales Class A w/sales Bond (ex US MBS)
charge - $8,796 charge - $8,397 Index - $12,772
9/30/03 $ 10,000 $ 9,525 $ 10,000
10,220 9,735 9,941
10,570 10,068 10,089
11,023 10,499 10,458
11,164 10,634 10,492
11,154 10,624 10,540
11,236 10,702 10,669
11,143 10,614 10,245
10,957 10,437 10,308
11,072 10,546 10,328
11,281 10,745 10,310
11,496 10,950 10,547
11,660 11,106 10,690
11,889 11,324 10,974
12,033 11,462 11,316
12,195 11,616 11,504
1/31/05 12,168 11,590 11,355
12,359 11,772 11,388
11,970 11,401 11,233
11,832 11,270 11,383
12,029 11,458 11,195
12,227 11,646 11,131
12,417 11,827 11,037
12,465 11,873 11,231
12,388 11,800 11,034
12,243 11,660 10,857
12,375 11,785 10,762
12,507 11,911 10,869
1/31/06 12,652 12,050 11,022
12,821 12,212 10,969
12,836 12,227 10,858
12,939 12,326 11,095
12,853 12,244 11,263
12,803 12,195 11,157
12,999 12,381 11,261
13,191 12,564 11,386
13,263 12,634 11,372
13,468 12,830 11,487
13,663 13,017 11,789
13,797 13,145 11,615
1/31/07 13,847 13,193 11,482
13,948 13,291 11,734
14,076 13,414 11,761
14,270 13,600 11,904
14,355 13,682 11,702
14,176 13,512 11,650
13,859 13,211 11,911
13,937 13,286 12,049
14,298 13,631 12,348
14,509 13,834 12,561
14,188 13,528 12,802
14,249 13,587 12,753
1/31/08 13,706 13,070 13,126
13,477 12,853 13,380
13,338 12,721 13,683
13,764 13,129 13,380
13,815 13,178 13,223
13,282 12,671 13,237
12,951 12,356 13,261
13,056 12,457 12,980
11,632 11,099 12,605
9,224 8,803 12,090
8,969 8,561 12,412
8,727 8,330 13,283
1/31/09 8,796 8,397 12,772
TOTAL RETURNS AS OF JANUARY 31, 2009
SINCE
NASDAQ SIX ONE THREE FIVE INCEPTION
AT NAV SYMBOL CLASS MONTHS YEAR YEARS* YEARS (9/30/03)*
- --------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund HFAAX Class A -32.04% -35.75% -11.34% -4.61% -2.33%
- --------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund HFABX Class B -32.28 -36.16 -11.96 -5.29 -3.05
- --------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund HFACX Class C -32.46 -36.40 -12.07 -5.37 -3.09
- --------------------------------------------------------------------------------------------------------
WITH SALES CHARGE
- --------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund Class A -35.26% -38.82% -12.76% -5.54% -3.22%
- --------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund Class B -37.28 -40.16 -13.27 -5.54 -3.26
- --------------------------------------------------------------------------------------------------------
Henderson Worldwide Income Fund Class C -33.46 -36.40 -12.07 -5.37 -3.09
- --------------------------------------------------------------------------------------------------------
INDEX
- --------------------------------------------------------------------------------------------------------
Barclays Capital Global Aggregate Bond (ex US MBS) Index -3.61% -2.70% 5.06% 4.02% 3.85%
- --------------------------------------------------------------------------------------------------------
* Average annual return.
Performance data quoted represents past performance and is no guarantee of
future results. Performance results with sales charges reflect the deduction of
the maximum front end sales charge or the deduction of the applicable contingent
deferred sales charge ("CDSC"). Class A shares are subject to a maximum
front-end sales charge of 4.75%. Class B shares are subject to a CDSC which
declines from 5% the 1st year to 0% at the beginning of the 7th year. Class C
shares are subject to a CDSC of up to 1% on certain redemptions made within 12
months of purchase. Performance presented at Net Asset Value (NAV), which does
not include a sales charge, would be lower if this charge were reflected. NAV is
the value of one share of the Fund excluding any sales charges. Current
performance may be lower or higher than the performance data quoted. Investment
return and principal value will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than original cost. As stated in the current
prospectus, the Fund's annual operating expense ratios (gross) for Class A, B,
and C shares are 1.46%, 2.21%, and 2.21%, respectively. However, the Fund's
adviser has agreed to contractually waive a portion of its fees and/or reimburse
expenses such that total operating expenses, do not exceed 1.31%, 2.05%, and
2.05%, for Class A, B, and C shares, which is in effect until July 31, 2020.
Shares redeemed within 30 days of purchase may be subject to a 2.0% redemption
fee. For the most recent month-end performance, please call 1.866.443.6337 or
visit the Funds' website at www.hendersonglobalinvestors.com.
Performance results also reflect expense subsidies and waivers in effect during
the periods shown. Absent these waivers, results would have been less favorable.
All results assume the reinvestment of dividends and capital gains.
The investment comparison graph above reflects the change in value of a $10,000
hypothetical investment since the Fund's inception, including reinvested
dividends and distributions, compared to a broad based securities market index.
Effective May 19, 2006, the Henderson Income Advantage Fund changed its name,
investment objective and policies and became the Henderson Worldwide Income
Fund. The Fund's historical performance may not represent current investment
policies. The Fund compares its performance to the Barclays Capital Global
Aggregate Bond (ex US MBS) Index, which is a broad-based measure of the global
investment-grade fixed-rate debt markets, excluding US Mortgage-Backed
Securities. On November 3, 2008, the Lehman Brothers Global Aggregate Bond Index
changed its name to the Barclays Capital Global Aggregate Bond Index. 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.
23
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
EUROPEAN FOCUS FUND
JANUARY 31, 2009
VALUE
SHARES (NOTE 2)
- ------------ ---------------
COMMON STOCKS - 90.06%
AUSTRALIA - 6.46%
28,125,000 Centamin Egypt, Ltd. * ....................... $ 17,118,672
4,000,000 Centamin Egypt, Ltd. * ....................... 2,381,244
---------------
19,499,916
---------------
CANADA - 3.13%
3,818,947 European Goldfields, Ltd. * .................. 9,463,853
---------------
CYPRUS - 0.42%
1,400,000 AFI Development plc, GDR (a) (b) ............. 1,284,500
---------------
DENMARK - 0.91%
82,764 Carlsberg A/S * .............................. 2,757,900
---------------
FINLAND - 1.86%
350,026 Sampo Oyj, A Shares .......................... 5,633,538
---------------
FRANCE - 4.03%
150,000 France Telecom S.A. .......................... 3,372,574
750,000 Rhodia S.A. .................................. 3,362,010
210,000 Vivendi S.A. ................................. 5,434,145
---------------
12,168,729
---------------
GERMANY - 1.05%
155,000 Gerresheimer AG .............................. 3,175,392
---------------
GREECE - 1.85%
150,000 National Bank of Greece S.A. ................. 2,531,351
900,000 Sidenor S.A. ................................. 3,042,230
---------------
5,573,581
---------------
IRELAND - 2.66%
345,473 CRH plc ...................................... 8,019,689
---------------
ITALY - 1.21%
708,421 Azimut Holding SpA ........................... 3,646,390
---------------
KAZAKHSTAN - 2.48%
590,000 KazMunaiGas Exploration
Production, GDR .............................. 7,493,000
---------------
LUXEMBOURG - 0.67%
2,016,000 GlobeOp Financial
Services ..................................... 2,023,199
---------------
VALUE
SHARES (NOTE 2)
- ------------ ---------------
NETHERLANDS - 5.13%
410,333 A&D Pharma Holding N.V., GDR * ............... $ 1,050,781
170,000 Akzo Nobel N.V. .............................. 6,103,410
414,902 AMTEL Vredestein N.V., GDR (a) (c) * ......... --
546,000 New World Resources B.V., Class A ............ 1,908,922
240,235 TNT N.V. ..................................... 4,200,235
700,000 Wavin N.V. ................................... 2,240,700
---------------
15,504,048
---------------
NORWAY - 0.83%
300,000 Seadrill, Ltd. ............................... 2,503,826
---------------
PORTUGAL - 2.21%
624,238 Galp Energia, SGPS, S.A., B Shares ........... 6,665,947
---------------
RUSSIA - 2.92%
680,000 OAO Gazprom, ADR ............................. 8,819,600
---------------
SPAIN - 1.00%
1,409,360 Realia Business S.A. ......................... 3,013,589
---------------
SWITZERLAND - 4.87%
220,000 Compagnie Financiere Richemont SA ............ 3,224,416
19,888 Swatch Group AG .............................. 2,227,305
1,052,637 Temenos Group AG * ........................... 9,256,744
---------------
14,708,465
---------------
TURKEY - 1.00%
1,154,330 Turkiye Halk Bankasi A.S. .................... 3,006,562
---------------
UNITED ARAB EMIRATES - 2.34%
3,820,139 Kingdom Hotel Investments, GDR * ............. 7,067,257
---------------
See Notes to Financial Statements.
24
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
EUROPEAN FOCUS FUND
JANUARY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------ ---------------
UNITED KINGDOM - 41.75%
2,067,037 Aero Inventory plc $ ......................... 8,147,895
4,725,000 Afren plc * .................................. 1,489,324
3,919,946 Ashmore Group plc ............................ 7,228,799
11,000,000 Ashtead Group plc ............................ 6,376,479
364,018 Cairn Energy plc * ........................... 9,601,133
1,563,132 Daily Mail & General Trust plc ............... 5,969,040
386,616 Dana Petroleum plc * ......................... 5,062,164
4,511,697 Debenhams plc ................................ 2,059,580
650,000 Eurasian Natural Resources Corp. ............. 2,990,786
1,429,097 Evolution Group plc .......................... 1,869,120
2,000,000 Fresnillo plc ................................ 10,274,826
750,000 Hochschild Mining plc ........................ 1,619,481
396,825 Impellam Group plc * ......................... 132,268
2,018,781 Informa plc .................................. 7,014,167
2,000,000 IP Group plc * ............................... 1,565,136
5,000,000 Juridica Investments, Ltd. (c)* .............. 8,187,979
900,100 Kazakhmys plc ................................ 2,918,650
1,000,000 Lancashire Holdings, Ltd. * .................. 6,601,105
253,256 NDS Group plc, ADR * ......................... 15,684,144
2,222,917 Regal Petroleum plc * ........................ 1,224,151
5,700,000 Sports Direct International .................. 4,026,964
7,500,000 Tau Capital plc * ............................ 1,331,250
1,251,973 Tullow Oil plc ............................... 12,555,364
260,000 Xstrata plc .................................. 2,145,830
---------------
126,075,635
---------------
UNITED STATES - 1.28%
850,000 Virgin Media, Inc. ........................... 3,859,000
---------------
TOTAL LONG TERM INVESTMENTS
(Cost $625,870,739) .......................... 271,963,616
---------------
SHORT TERM INVESTMENT - 10.10%
30,500,293 Fidelity Institutional Treasury Portfolio .... 30,500,293
---------------
TOTAL SHORT TERM INVESTMENT
(Cost $30,500,293) ........................... 30,500,293
---------------
VALUE
SHARES (NOTE 2)
- ------------ ---------------
TOTAL INVESTMENTS - 100.16%
(Cost $656,371,032) .......................... $ 302,463,909
---------------
NET OTHER ASSETS AND LIABILITIES - (0.16)% .................. (484,042)
---------------
TOTAL NET ASSETS - 100.00% .................................. $ 301,979,867
===============
* Non income producing security
(a) Fair valued at January 31, 2009 as determined in good faith using
procedures approved by the Trustees of the Trust.
(b) Represents a restricted security, purchased under Rule 144A, section 4(2)g
which is exempt from registration under the securities Act of 1933 as
amended. At January 31, 2009, the security had an aggregate value of
$1,284,500, which represented 0.43% of net assets.
(c) The security has been deemed illiquid according to the policies and
procedures adopted by the Board of Trustees.
ADR American Depositary Receipts
GDR Global Depositary Receipts
See Notes to Financial Statements.
25
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
EUROPEAN FOCUS FUND
JANUARY 31, 2009 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Oil & Gas Exploration & Production ................................. 12.39%
Gold ............................................................... 9.59
Application Software ............................................... 8.26
Integrated Oil & Gas ............................................... 5.13
Trading Company & Distribution ..................................... 4.81
Asset Management & Custody Banks ................................... 4.56
Publishing ......................................................... 4.30
Precious Metal & Mineral ........................................... 3.94
Diversified Metal & Mining ......................................... 3.30
Real Estate Management & Development ............................... 2.77
Industrial Conglomerates ........................................... 2.75
Construction Materials ............................................. 2.66
Reinsurance ........................................................ 2.19
Diversified Chemicals .............................................. 2.02
Multi-line Insurance ............................................... 1.87
Diversified Banks .................................................. 1.83
Apparel, Accessories & Luxury Goods ................................ 1.80
Movies & Entertainment ............................................. 1.80
Air Freight & Logistics ............................................ 1.39
Specialty Stores ................................................... 1.33
Cable & Satellite .................................................. 1.28
Integrated Telecommunication Services .............................. 1.12
Specialty Chemicals ................................................ 1.11
Life Sciences Tools & Services ..................................... 1.05
Steel .............................................................. 1.01
Diversified Real Estate ............................................ 1.00
Brewers ............................................................ 0.91
Oil & Gas Drilling ................................................. 0.83
Construction & Engineering ......................................... 0.74
Department Stores .................................................. 0.68
Other Diversified Financial Services ............................... 0.67
Investment Banking & Brokerage ..................................... 0.62
Pharmaceuticals .................................................... 0.35
--------
Long Term Investments .............................................. 90.06
Short Term Investment .............................................. 10.10
--------
Total Investments .................................................. 100.16
Net Other Assets and Liabilities ................................... (0.16)
--------
100.00%
========
See Notes to Financial Statements.
26
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL EQUITY INCOME FUND
JANUARY 31, 2009
VALUE
SHARES (NOTE 2)
- ------------ ---------------
CONVERTIBLE BONDS - 0.59%
UNITED KINGDOM - 0.59%
1,550,000 Barclays Bank plc (a) ........................ $ 1,554,895
---------------
TOTAL CONVERTIBLE BONDS ...................... 1,554,895
---------------
(Cost $2,494,492)
COMMON STOCKS - 85.32%
AUSTRALIA - 0.70%
1,179,298 Qantas Airways, Ltd. ......................... 1,835,848
---------------
CHINA - 1.62%
57,753 PetroChina Co., Ltd., ADR .................... 4,260,439
---------------
CYPRUS - 0.70%
480,000 ProSafe SE * ................................. 1,836,717
---------------
CZECH REPUBLIC - 1.46%
204,337 Telefonica 02 Czech Republic a.s. ............ 3,838,161
---------------
FINLAND - 0.52%
64,680 Kone OYJ, Class B ............................ 1,360,671
---------------
FRANCE - 8.33%
20,000 Casino Guichard- Perrachon S.A. .............. 1,317,660
295,766 France Telecom S.A. .......................... 6,649,950
31,252 Neopost S.A. ................................. 2,523,550
50,000 Sodexo ....................................... 2,542,554
125,000 Total S.A. ................................... 6,269,958
70,890 Zodiac S.A. .................................. 2,572,352
---------------
21,876,024
---------------
GERMANY - 4.08%
140,238 Deutsche Telekom AG .......................... 1,700,440
25,000 Muenchener Rueckversicherungs-
Gesellschaft AG ........................... 3,319,437
101,150 Siemens AG ................................... 5,695,957
---------------
10,715,834
---------------
GREECE - 1.90%
171,238 OPAP S.A. .................................... 4,998,971
---------------
HONG KONG - 3.55%
2,800,000 BOC Hong Kong (Holdings), Ltd. ............... 2,899,571
1,902,295 Cosco Pacific, Ltd. .......................... 1,736,886
9,000,000 PCCW, Ltd. ................................... 4,677,435
---------------
9,313,892
---------------
VALUE
SHARES (NOTE 2)
- ------------ ---------------
ITALY - 4.08%
275,000 ENI SpA ...................................... $ 5,859,110
1,600,000 Terna - Rete Elettrica Nationale SpA ......... 4,870,641
---------------
10,729,751
---------------
SINGAPORE - 1.93%
1,100,000 Keppel Corp., Ltd. ........................... 2,951,113
1,400,000 Singapore Technologies Engineering, Ltd. ..... 2,114,467
---------------
5,065,580
---------------
SOUTH AFRICA - 1.25%
135,000 Impala Platinum Holdings, Ltd. ............... 1,572,785
1,300,000 Woolworths Holdings, Ltd. .................... 1,712,956
---------------
3,285,741
---------------
SWITZERLAND - 2.02%
127,885 Novartis AG .................................. 5,301,070
---------------
TAIWAN - 4.54%
2,440,614 China Steel Corp. ............................ 1,660,320
3,585,230 Chungwha Telecom Co., Ltd. ................... 5,459,683
639,271 Taiwan Semiconductor Manufacturing Co.,
Ltd., ADR ................................. 4,820,103
---------------
11,940,106
---------------
UNITED KINGDOM - 26.99%
65,000 AstraZeneca plc .............................. 2,516,028
453,403 Aviva plc .................................... 2,050,063
892,190 BP plc ....................................... 6,393,695
271,818 British American Tobacco plc ................. 7,484,453
1,304,240 Compass Group plc ............................ 6,487,783
703,429 Dairy Crest Group plc ........................ 2,038,818
2,159,481 DS Smith plc ................................. 2,534,911
661,172 ICAP plc ..................................... 2,261,282
580,764 Ladbrokes plc ................................ 1,521,270
3,400,000 Legal & General Group plc .................... 3,035,204
800,000 Marston's plc ................................ 1,208,633
779,716 Pennon Group plc ............................. 5,096,139
724,838 Premier Farnell plc .......................... 1,423,339
270,000 Provident Financial plc ...................... 3,040,276
1,605,696 RSA Insurance Group plc ...................... 3,064,625
426,103 Scottish & Southern Energy plc ............... 7,379,225
2,980,000 Smiths News plc .............................. 2,418,425
1,310,753 The Sage Group plc ........................... 3,440,072
4,000,000 Vodafone Group plc ........................... 7,518,448
---------------
70,912,689
---------------
See Notes to Financial Statements.
27
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL EQUITY INCOME FUND
JANUARY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------ ---------------
UNITED STATES - 21.65%
218,322 AT&T, Inc. ................................... $ 5,375,088
331,600 Atmos Energy Corp. ........................... 8,140,780
130,000 Bemis Co., Inc. .............................. 2,934,100
299,604 Bristol-Myers Squibb Co. ..................... 6,414,522
151,894 CBS Corp., Class B ........................... 868,834
364,175 ConAgra Foods, Inc ........................... 6,227,392
121,528 H.J. Heinz Co. ............................... 4,435,772
93,520 Paychex, Inc. ................................ 2,271,601
145,143 Pitney Bowes, Inc. ........................... 3,230,883
184,928 Progress Energy, Inc. ........................ 7,160,412
60,000 Reynolds American, Inc. ...................... 2,290,800
137,719 The Dow Chemical Co. ......................... 1,596,163
198,306 Verizon Communications, Inc. ................. 5,923,400
---------------
56,869,747
---------------
TOTAL COMMON STOCK
(Cost $331,844,040) .......................... 224,141,241
---------------
REIT - 1.47%
FRANCE - 1.47%
28,611 Unibail-Rodamco .............................. 3,854,030
---------------
TOTAL REIT ................................... 3,854,030
---------------
(Cost $4,195,425)
TOTAL LONG TERM INVESTMENTS .................. 229,550,166
---------------
(Cost $338,533,957)
SHORT TERM INVESTMENT - 6.45%
16,939,433 Fidelity Institutional Treasury Portfolio .... 16,939,433
---------------
TOTAL SHORT TERM INVESTMENT .................. 16,939,433
---------------
(Cost $16,939,433)
TOTAL INVESTMENTS - 93.83% .................................. 246,489,599
---------------
(Cost $355,473,390)
NET OTHER ASSETS AND LIABILITIES - 6.17% .................... 16,212,586
---------------
TOTAL NET ASSETS - 100.00% .................................. $ 262,702,185
---------------
* Non income producing security
(a) Fair valued at January 31, 2009 as determined in good faith using
procedures approved by the Trustees of the Trust.
ADR American Depositary Receipts
REIT Real Estate Investment Trust
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Integrated Telecommunication Services .............................. 12.80%
Integrated Oil & Gas ............................................... 8.67
Electric Utilities ................................................. 7.39
Pharmaceuticals .................................................... 5.42
Packaged Foods & Meats ............................................. 4.84
Tobacco ............................................................ 3.72
Restaurants ........................................................ 3.44
Industrial Conglomerates ........................................... 3.29
Gas Utilities ...................................................... 3.10
Wireless Telecommunication Services ................................ 2.86
Casinos & Gaming ................................................... 2.48
Paper Packaging .................................................... 2.08
Multi-line Insurance ............................................... 1.95
Water Utilities .................................................... 1.94
Semiconductors ..................................................... 1.83
Aerospace & Defense ................................................ 1.78
Diversified Banks .................................................. 1.70
Retail REIT ........................................................ 1.47
Application Software ............................................... 1.31
Reinsurance ........................................................ 1.26
Office Services & Supply ........................................... 1.23
Consumer Finance ................................................... 1.16
Life & Health Insurance ............................................ 1.16
Office Electronics ................................................. 0.96
Distributors ....................................................... 0.92
Data Processing & Outsourced Services .............................. 0.86
Investment Banking & Brokerage ..................................... 0.86
Oil & Gas Equipment & Services ..................................... 0.70
Airlines ........................................................... 0.70
Marine Ports & Services ............................................ 0.66
Department Stores .................................................. 0.65
Steel .............................................................. 0.63
Diversified Chemicals .............................................. 0.61
Precious Metal & Mineral ........................................... 0.60
Technology Distributors ............................................ 0.54
Industrial Machinery ............................................... 0.52
Food Retail ........................................................ 0.50
Brewers ............................................................ 0.46
Broadcasting ....................................................... 0.33
--------
Long Term Investments .............................................. 87.38
Short Term Investment .............................................. 6.45
--------
Total Investments .................................................. 93.83
Net Other Assets and Liabilities ................................... 6.17
--------
100.00%
========
See Notes to Financial Statements.
28
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL OPPORTUNITIES FUND
JANUARY 31, 2009
VALUE
SHARES (NOTE 2)
- ------------ ---------------
COMMON STOCKS - 100.43%
BELGIUM - 1.62%
8,755 Anheuser-Busch InBev N.V. .................... $ 223,189
---------------
BRAZIL - 1.41%
7,395 Petroleo Brasileiro S.A., ADR ................ 193,749
---------------
CANADA - 1.48%
2,516 Kinross Gold Corp. ........................... 44,585
4,310 Shoppers Drug Mart Corp. ..................... 159,466
---------------
204,051
---------------
CHINA - 4.27%
237,000 Bank of China, Ltd., Class H ................. 63,267
107,000 China Communications Construction Co., Ltd.,
Class H ................................... 106,527
48,000 China Life Insurance Co., Ltd., Class H ...... 128,755
7,000 China Medical Technologies, Inc., ADR ........ 107,380
130,500 China Railway Construction Corp., Ltd.,
Class H * ................................. 181,759
---------------
587,688
---------------
GERMANY - 3.82%
4,430 Bayer AG ..................................... 236,019
2,480 Fresenius Medical Care AG & Co. .............. 111,170
1,341 Muenchener Rueckversicherungs-
Gesellschaft AG ........................... 178,055
---------------
525,244
---------------
HONG KONG - 1.53%
92,000 Hang Lung Properties, Ltd. ................... 211,188
---------------
INDONESIA - 0.56%
480,500 PT Bank Mandiri .............................. 76,846
---------------
ITALY - 0.72%
6,465 Saipem SpA ................................... 99,168
---------------
JAPAN - 7.79%
5,600 Canon, Inc. .................................. 154,283
3,400 HOYA Corp. ................................... 61,691
27,100 Mitsubishi UFJ Financial Group, Inc. ......... 153,849
1,100 Nintendo Co., Ltd. ........................... 346,524
3,700 Secom Co., Ltd. .............................. 157,333
3,310 Yamada Denki Co., Ltd. ....................... 198,596
---------------
1,072,276
---------------
VALUE
SHARES (NOTE 2)
- ------------ ---------------
MEXICO - 1.25%
6,012 America Movil SAB de C.V., Series L., ADR .... $ 171,402
---------------
SINGAPORE - 5.33%
114,000 Capitaland, Ltd. ............................. 181,240
22,000 DBS Group Holdings, Ltd. ..................... 128,537
13,000 Keppel Corp., Ltd. ........................... 34,877
81,000 StarHub, Ltd. ................................ 109,459
145,000 Wilmar International, Ltd. ................... 278,551
---------------
732,664
---------------
SPAIN - 3.48%
17,232 Banco Bilbao Vizcaya Argentaria, S.A. ........ 161,728
27,620 Iberdrola Renovables S.A. * .................. 112,460
4,947 Red Electrica Corp., S.A. .................... 203,959
---------------
478,147
---------------
SWITZERLAND - 11.01%
13,828 ABB, Ltd. .................................... 180,495
9,064 Credit Suisse Group AG ....................... 233,183
11,563 Nestle S.A. .................................. 400,553
2,872 Roche Holding AG ............................. 404,591
1,519 Syngenta AG .................................. 295,314
---------------
1,514,136
---------------
UNITED KINGDOM - 8.43%
6,990 Cairn Energy plc * ........................... 184,364
39,611 Man Group plc ................................ 118,396
41,926 Serco Group plc .............................. 266,885
45,014 Tesco plc .................................... 233,669
189,348 Vodafone Group plc ........................... 355,901
---------------
1,159,215
---------------
UNITED STATES - 47.73%
3,974 Abbott Laboratories .......................... 220,319
5,563 American Tower Corp., Class A * .............. 168,781
4,609 AON Corp. .................................... 170,763
1,718 Apple, Inc. * ................................ 154,843
8,320 AT&T, Inc. ................................... 204,838
11,777 Bank of America Corp. ........................ 77,493
10,535 Bristol-Myers Squibb Co. ..................... 225,554
2,390 Burlington Northern Santa Fe Corp. ........... 158,337
10,113 The Charles Schwab Corp. ..................... 137,437
8,508 Cisco Systems, Inc. * ........................ 127,365
12,689 Comcast Corp., Class A ....................... 185,894
13,563 Corrections Corporation of America * ......... 186,898
See Notes to Financial Statements.
29
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL OPPORTUNITIES FUND
JANUARY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------ ---------------
UNITED STATES - (continued)
8,022 CVS Caremark Corp. ........................... $ 215,631
13,999 El Paso Corp. ................................ 114,512
5,074 Electronic Arts, Inc. * ...................... 78,343
10,391 EMC Corp. * .................................. 114,717
2,139 Equinix, Inc. * .............................. 114,116
3,520 Express Scripts, Inc. * ...................... 189,235
5,529 Fidelity National Financial, Inc., Class A ... 80,834
6,758 Fidelity National Information
Services, Inc. ............................ 107,520
6,435 GameStop Corp., Class A * .................... 159,459
4,376 General Cable Corp. * ........................ 72,029
3,303 Genzyme Corp. * .............................. 227,643
2,611 Hess Corp. ................................... 145,198
3,390 Kellogg Co. .................................. 148,109
6,198 Lazard, Ltd., Class A ........................ 164,247
5,387 Lender Processing Services, Inc. ............. 139,631
3,084 Lorillard, Inc. .............................. 183,375
7,882 Marathon Oil Corp. ........................... 214,627
3,881 Northern Trust Corp. ......................... 223,235
11,889 Oracle Corp. * ............................... 200,092
4,831 PepsiCo, Inc. ................................ 242,661
3,767 Philip Morris International, Inc. ............ 139,944
3,292 Praxair, Inc. ................................ 204,960
3,041 Psychiatric Solutions, Inc. * ................ 79,066
4,343 Range Resources Corp. ........................ 155,653
9,312 Republic Services, Inc. ...................... 240,808
7,049 Southern Co. ................................. 235,789
3,751 Target Corp. ................................. 117,031
6,670 Thermo Fisher Scientific, Inc. * ............. 239,653
---------------
6,566,640
---------------
TOTAL COMMON STOCK ........................... 13,815,603
---------------
(Cost $14,071,468)
PREFERRED STOCK - 2.45%
GERMANY - 2.45%
6,075 Fresenius SE ................................. 337,506
---------------
TOTAL PREFERRED STOCK ........................ 337,506
---------------
(Cost $328,354)
TOTAL LONG TERM INVESTMENTS .................. 14,153,109
---------------
(Cost $14,399,822)
VALUE
SHARES (NOTE 2)
- ------------ ---------------
SHORT TERM INVESTMENT - 0.34%
46,825 Fidelity Institutional
Treasury Portfolio ........................... $ 46,825
---------------
TOTAL SHORT TERM INVESTMENT .................. 46,825
---------------
(Cost $46,825)
TOTAL INVESTMENTS - 103.22% ................................. 14,199,934
---------------
(Cost $14,446,647)
NET OTHER ASSETS AND LIABILITIES - (3.22)% .................. (442,828)
---------------
TOTAL NET ASSETS - 100.00% .................................. $ 13,757,106
===============
* Non income producing security
ADR American Depositary Receipts
See Notes to Financial Statements.
30
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL OPPORTUNITIES FUND
JANUARY 31, 2009 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Pharmaceuticals .................................................... 7.90%
Wireless Telecommunication Service ................................. 5.86
Diversified Banks .................................................. 4.25
Integrated Oil & Gas ............................................... 4.02
Packaged Foods & Meats ............................................. 3.99
Environment & Facilities Service ................................... 3.69
Health Care Equipment .............................................. 3.23
Electric Utilities ................................................. 3.20
Home Entertainment Software ........................................ 3.09
Divers Real Estate ................................................. 2.85
Drug Retail ........................................................ 2.73
Computer & Electronic Retail ....................................... 2.60
Security & Alarm Service ........................................... 2.50
Asset Management & Custody Banks ................................... 2.48
Oil & Gas Exploration & Production ................................. 2.47
Tobacco ............................................................ 2.35
Investment Banking & Brokerage ..................................... 2.19
Health Care Services ............................................... 2.18
Fertilizer & Agriculture Chemicals ................................. 2.15
Agricultural Products .............................................. 2.03
Data Processing & Outsourced Service ............................... 1.80
Soft Drinks ........................................................ 1.77
Life Sciences Tools & Services ..................................... 1.74
Food Retail ........................................................ 1.70
Diversified Capital Markets ........................................ 1.70
Biotechnology ...................................................... 1.66
Brewers ............................................................ 1.62
Industrial Gases ................................................... 1.49
Integrated Telecommunication Service ............................... 1.49
Systems Software ................................................... 1.45
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Cable & Satellite .................................................. 1.35%
Building Heavy Construction ........................................ 1.32
Heavy Electrical Equipment ......................................... 1.31
Reinsurance ........................................................ 1.29
Insurance Brokers .................................................. 1.24
Railroads .......................................................... 1.15
Computer Hardware .................................................. 1.13
Office Electronics ................................................. 1.12
Life & Health Insurance ............................................ 0.94
Communications Equipment ........................................... 0.93
General Merchandise Store .......................................... 0.85
Computer Storage & Peripheral ...................................... 0.83
Oil, Gas Storage & Transportation .................................. 0.83
Internet Software & Service ........................................ 0.83
Industrial Power Production & Energy Trade ......................... 0.82
Construction & Engineering ......................................... 0.77
Oil & Gas Equipment & Service ...................................... 0.72
Property & Casualty Insurance ...................................... 0.59
Health Care Facilities ............................................. 0.58
Other Diversified Financial Service ................................ 0.56
Electric Component & Equipment ..................................... 0.52
Electronic Components .............................................. 0.45
Gold ............................................................... 0.32
Industrial Conglomerates ........................................... 0.25
--------
Long Term Investments .............................................. 102.88
Short Term Investment .............................................. 0.34
--------
Total Investments .................................................. 103.22
Net Other Assets and Liabilities ................................... (3.22)
--------
100.00%
========
See Notes to Financial Statements.
31
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL TECHNOLOGY FUND
JANUARY 31, 2009
VALUE
SHARES (NOTE 2)
- ------------- ---------------
COMMON STOCKS - 90.71%
CHINA - 3.18%
67,369 NetEase.com, Inc., ADR * ..................... $ 1,280,685
208,954 Tencent Holdings, Ltd. ....................... 1,304,236
---------------
2,584,921
---------------
FRANCE - 5.44%
76,682 Cap Gemini S.A. .............................. 2,655,867
45,594 Meetic * ..................................... 810,878
67,884 UbiSoft Entertainment S.A. * ................. 962,190
---------------
4,428,935
---------------
GERMANY - 2.96%
67,452 SAP AG ....................................... 2,405,280
---------------
ISRAEL - 1.72%
61,678 Check Point Software
Technologies, Ltd. * ......................... 1,398,240
---------------
JAPAN - 1.78%
4,600 Nintendo Co., Ltd. ........................... 1,449,101
---------------
KOREA - 1.74%
98,036 Gmarket, Inc., ADR * ......................... 1,412,699
---------------
SWEDEN - 1.67%
170,206 Telefonaktiebolaget LM Ericsson, B Shares .... 1,359,084
---------------
SWITZERLAND - 1.54%
8,883 Roche Holding AG ............................. 1,251,386
---------------
TAIWAN - 2.78%
148,000 HTC Corp ..................................... 1,415,392
316,372 Powertech Technology, Inc., GDR .............. 847,750
---------------
2,263,142
---------------
UNITED KINGDOM - 6.56%
1,037,233 ARM Holdings plc ............................. 1,379,147
170,314 Autonomy Corp., plc * ........................ 2,700,200
670,550 Vodafone Group plc ........................... 1,260,374
---------------
5,339,721
---------------
VALUE
SHARES (NOTE 2)
- ------------- ---------------
UNITED STATES - 61.34%
38,172 Accenture, Ltd., Class A $ ................... 1,204,708
262,260 Activision Blizzard, Inc. * .................. 2,297,398
21,570 Amazon.com, Inc. * ........................... 1,270,168
6,048 Amphenol Corp., Class A ...................... 158,155
50,144 ANSYS, Inc * ................................. 1,246,580
29,538 Apple, Inc. * ................................ 2,662,260
32,600 Automatic Data Processing, Inc. .............. 1,184,358
41,771 Bankrate, Inc * .............................. 1,393,481
154,897 Cisco Systems, Inc. * ........................ 2,318,808
64,750 Cognizant Technology Solutions Corp. * ....... 1,212,767
66,273 ComScore, Inc. * ............................. 835,703
55,262 F5 Networks, Inc. * .......................... 1,225,159
9,089 First Solar, Inc. * .......................... 1,297,909
8,385 Google, Inc., Class A * ...................... 2,838,574
112,213 Hewlett-Packard Co. .......................... 3,899,402
92,179 Intel Corp. .................................. 1,189,109
46,956 International Business Machines Corp. ........ 4,303,517
53,151 Intuit, Inc. * ............................... 1,203,870
42,310 McAfee, Inc. * ............................... 1,290,032
132,353 Microsoft Corp. .............................. 2,263,236
34,540 NetFlix, Inc. * .............................. 1,281,811
150,237 Oracle Corp. * ............................... 2,528,489
69,444 QUALCOMM, Inc. ............................... 2,399,290
189,704 Starent Networks Corp. * ..................... 2,788,649
95,046 Tekelec * .................................... 1,180,471
136,766 VistaPrint, Ltd. * ........................... 3,131,941
75,957 Xilinx, Inc. ................................. 1,279,875
---------------
49,885,720
---------------
TOTAL LONG TERM INVESTMENTS .................. 73,778,229
---------------
(Cost $86,037,993)
See Notes to Financial Statements.
32
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
GLOBAL TECHNOLOGY FUND
JANUARY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------ ---------------
SHORT TERM INVESTMENT - 9.81%
7,976,186 Fidelity Institutional Treasury Portfolio .... $ 7,976,186
---------------
TOTAL SHORT TERM INVESTMENT .................. 7,976,186
---------------
(Cost $7,976,186)
TOTAL INVESTMENTS - 100.52% ................................. 81,754,415
---------------
(Cost $94,014,179)
NET OTHER ASSETS AND LIABILITIES - (0.52)% .................. (424,474)
---------------
TOTAL NET ASSETS - 100.00% .................................. $ 81,329,941
===============
* Non income producing security
ADR American Depositary Receipts
GDR Global Depositary Receipts
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Internet Software & Services ....................................... 15.99%
Computer Hardware .................................................. 15.10
Communications Equipment ........................................... 13.86
Application Software ............................................... 9.29
Systems Software ................................................... 9.20
IT Consulting & Other Services ..................................... 6.24
Home Entertainment Software ........................................ 5.79
Semiconductors ..................................................... 5.77
Internet Retail .................................................... 3.14
Electric Components & Equipment .................................... 1.60
Wireless Telecommunications Service ................................ 1.55
Pharmaceuticals .................................................... 1.54
Data Processing & Outsourced Services .............................. 1.45
Electronic Components .............................................. 0.19
--------
Long Term Investments .............................................. 90.71
Short Term Investment .............................................. 9.81
--------
Total Investments .................................................. 100.52
Net Other Assets and Liabilities ................................... (0.52)
--------
100.00%
========
See Notes to Financial Statements.
33
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
INDUSTRIES OF THE FUTURE FUND
JANUARY 31, 2009
VALUE
SHARES (NOTE 2)
- ------------ ---------------
COMMON STOCKS - 97.15%
AUSTRALIA - 1.09%
3,723 Ceramic Fuel Cells, Ltd. * ................... $ 128
196 CSL, Ltd. .................................... 4,670
1,543 Plantic Technologies, Ltd. * ................. 154
---------------
4,952
---------------
AUSTRIA - 0.96%
114 Oesterreichische
Elektrizitaetswirtschafts AG, Class A ........ 4,375
---------------
BELGIUM - 1.06%
258 Umicore ...................................... 4,826
---------------
CANADA - 1.23%
773 Canadian Hydro Developers, Inc. * ............ 2,137
158 Stantec, Inc. * .............................. 3,439
---------------
5,576
---------------
CHINA - 1.18%
7,740 China South Locomotive & Rolling
Stock Corp., Ltd., Class H * .............. 3,713
619 JA Solar Holdings Co., Ltd., ADR * ........... 1,647
---------------
5,360
---------------
DENMARK - 0.83%
77 Vestas Wind Systems A/S * .................... 3,763
---------------
FRANCE - 4.56%
47 Eurofins Scientific .......................... 2,136
114 Nexans S.A. .................................. 6,578
97 Orpea * ...................................... 3,394
98 Schneider Electric S.A. ...................... 6,244
103 Veolia Environnement ......................... 2,328
---------------
20,680
---------------
GERMANY - 4.32%
113 Envitec Biogas AG * .......................... 2,424
190 Gerresheimer AG .............................. 3,892
80 Linde AG ..................................... 5,352
68 Pfeiffer Vacuum Technology AG ................ 3,446
211 Solarworld AG ................................ 4,482
---------------
19,596
---------------
HONG KONG - 0.71%
16,529 China Everbright International, Ltd. ......... 3,240
---------------
VALUE
SHARES (NOTE 2)
- ------------- ---------------
IRELAND - 0.93%
469 Experian plc ................................. $ 2,938
376 Kingspan Group plc ........................... 1,292
---------------
4,230
---------------
ITALY - 1.47%
2,011 Hera SpA ..................................... 3,669
745 Landi Renzo SpA .............................. 3,014
---------------
6,683
---------------
JAPAN - 9.99%
200 Benesse Corp. ................................ 8,571
100 East Japan Railway Co. ....................... 6,846
300 Horiba, Ltd. ................................. 4,802
200 HOYA Corp. ................................... 3,629
200 Secom Co., Ltd. .............................. 8,505
300 Shimano, Inc. ................................ 10,352
300 Torishima Pump Manufacturing Co., Ltd. ....... 2,638
---------------
45,343
---------------
KOREA - 0.33%
120 Woongjin Thinkbig Co., Ltd. * ................ 1,492
---------------
NETHERLANDS - 4.31%
524 Arcadis N.V. ................................. 5,743
238 Koninklijke (Royal) Philips
Electronics N.V. ............................. 4,327
553 Qiagen N.V. * ................................ 9,484
---------------
19,554
---------------
SINGAPORE - 1.95%
6,000 ComfortDelgro Corp., Ltd. .................... 5,803
4,000 Parkway Holdings, Ltd. ....................... 3,073
---------------
8,876
---------------
SPAIN - 1.89%
2,106 Iberdrola Renovables S.A. * .................. 8,575
---------------
SWEDEN - 1.15%
390 Getinge AB, B Shares ......................... 5,210
---------------
SWITZERLAND - 2.04%
39 Alcon, Inc. .................................. 3,340
61 Geberit AG ................................... 5,922
---------------
9,262
---------------
See Notes to Financial Statements.
34
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
INDUSTRIES OF THE FUTURE FUND
JANUARY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------ ---------------
UNITED KINGDOM - 7.95%
231 Berkeley Group Holdings plc * ................ $ 2,650
1,404 Eaga plc ..................................... 2,930
740 FirstGroup plc ............................... 2,925
1,166 Informa plc .................................. 4,051
522 Intertek Group plc ........................... 6,457
2,566 Phytopharm plc * ............................. 139
1,036 Plant Health Care plc * ...................... 2,597
741 Reed Elsevier plc ............................ 5,573
4,758 Sirius Real Estate, Ltd. ..................... 960
492 Spectris plc ................................. 3,435
402 Synergy Health plc ........................... 2,330
1,635 Trading Emissions plc * ...................... 2,038
---------------
36,085
---------------
UNITED STATES - 49.20%
296 Acuity Brands, Inc. .......................... 7,954
339 Agilent Technologies, Inc. * ................. 6,129
130 American Ecology Corp. ....................... 2,593
111 Apollo Group, Inc., Class A * ................ 9,042
71 C.R. Bard, Inc. .............................. 6,075
113 Chemed Corp. ................................. 4,535
179 Clarcor, Inc. ................................ 5,431
191 Danaher Corp. ................................ 10,683
138 DaVita, Inc. * ............................... 6,486
290 Emerson Electric Co. ......................... 9,483
313 Energy Recovery, Inc. * ...................... 1,956
511 Gentex Corp. ................................. 4,287
218 Henry Schein, Inc. * ......................... 8,160
145 HMS Holdings Corp. * ......................... 4,488
222 IDEX Corp. ................................... 5,019
133 Itron, Inc. * ................................ 8,685
355 Johnson Controls, Inc. ....................... 4,441
131 Lindsay Corp. ................................ 3,406
203 LKQ Corp. * .................................. 2,345
210 MEDNAX, Inc. * ............................... 7,050
192 Medtronic, Inc. .............................. 6,430
146 Meridian Bioscience, Inc. .................... 3,104
171 Millipore Corp. * ............................ 9,432
522 Nalco Holding Co. ............................ 5,121
115 Ocean Power Technologies, Inc. * ............. 775
170 Ormat Technologies, Inc. ..................... 5,268
116 Pentair, Inc. ................................ 2,653
326 Polycom, Inc. * .............................. 4,580
3,066 Polyfuel, Inc. * ............................. 178
314 Psychiatric Solutions, Inc. * ................ 8,164
527 Quanta Services, Inc. * ...................... 11,267
208 Quest Diagnostics, Inc. ...................... 10,265
164 ResMed, Inc. * ............................... 6,544
201 Roper Industries, Inc. ....................... 8,269
91 Stericycle, Inc. * ........................... 4,452
243 Thermo Fisher Scientific, Inc. * ............. 8,731
178 Union Pacific Corp. .......................... 7,795
56 Zimmer Holdings, Inc. * ...................... 2,038
---------------
223,314
---------------
VALUE
SHARES (NOTE 2)
- ------------ ---------------
TOTAL COMMON STOCK ........................... $ 440,992
---------------
(Cost $609,395)
PREFERRED STOCK - 1.62%
GERMANY - 1.62%
132 Fresenius SE ................................. 7,334
---------------
TOTAL PREFERRED STOCK ........................ 7,334
---------------
(Cost $9,883)
TOTAL LONG TERM INVESTMENTS .................. 448,326
---------------
(Cost $619,278)
SHORT TERM INVESTMENT - 1.63%
7,392 Fidelity Institutional Treasury Portfolio .... 7,392
---------------
TOTAL SHORT TERM INVESTMENT .................. 7,392
---------------
(Cost $7,392)
TOTAL INVESTMENTS - 100.40%
(Cost $626,670) .............................. 455,718
---------------
NET OTHER ASSETS AND LIABILITIES - (0.40)% .................. (1,809)
---------------
TOTAL NET ASSETS - 100.00% .................................. $ 453,909
===============
* Non income producing security
ADR American Depositary Receipts
See Notes to Financial Statements.
35
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
INDUSTRIES OF THE FUTURE FUND
JANUARY 31, 2009 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Electric Component & Equipment ..................................... 9.87%
Health Care Equipment .............................................. 8.09
Health Care Services ............................................... 7.74
Life Sciences Tools & Services ..................................... 7.42
Industrial Machinery ............................................... 7.01
Electronic Equipment & Instruments ................................. 5.08
Education Services ................................................. 3.88
Construction & Engineering ......................................... 3.75
Industrial Power Production & Energy Trade ......................... 3.52
Railroads .......................................................... 3.23
Health Care Facilities ............................................. 3.22
Research & Consulting Services ..................................... 2.83
Auto Parts & Equipment ............................................. 2.59
Publishing ......................................................... 2.45
Leisure Products ................................................... 2.28
Environment & Facilities Service ................................... 2.27
Specialty Chemicals ................................................ 2.19
Trucking ........................................................... 1.92
Security & Alarm Service ........................................... 1.87
Health Care Distributors ........................................... 1.80
Building Products .................................................. 1.59
Construction, Farm Machinery & Truck ............................... 1.57
Multi-Utilities .................................................... 1.36
Homebuilding ....................................................... 1.23
Industrial Gases ................................................... 1.18
Biotechnology ...................................................... 1.03
Communications Equipment ........................................... 1.01
Heavy Electrical Equipment ......................................... 1.00
Electric Utilities ................................................. 0.96
Industrial Conglomerates ........................................... 0.95
Electronic Components .............................................. 0.80
Health Care Supplies ............................................... 0.74
Fertilizer & Agriculture Chemicals ................................. 0.57
Coal & Consumable Fuels ............................................ 0.53
Distributors ....................................................... 0.52
Specialized Finance ................................................ 0.45
Real Estate Operating Companies .................................... 0.21
Commodity Chemicals ................................................ 0.03
Pharmaceuticals .................................................... 0.03
--------
Long Term Investments .............................................. 98.77
Short Term Investment .............................................. 1.63
--------
Total Investments .................................................. 100.40
Net Other Assets and Liabilities ................................... (0.40)
--------
100.00%
========
See Notes to Financial Statements.
36
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
INTERNATIONAL OPPORTUNITIES FUND
JANUARY 31, 2009
VALUE
SHARES (NOTE 2)
- ------------ ---------------
COMMON STOCKS - 87.93%
AUSTRALIA - 1.07%
1,500,000 QBE Insurance Group, Ltd. .................... $ 22,590,205
---------------
CHINA - 5.36%
169,979,000 Bank of China, Ltd., Class H ................. 44,546,784
30,985,000 China Communications
Construction Co., Ltd., Class H .............. 30,180,279
14,448,000 China Shipping Development Co., Ltd. ......... 13,991,746
21,000,000 PetroChina Co., Ltd., Class H ................ 15,521,785
125,809,000 SRE Group, Ltd. .............................. 8,608,261
---------------
112,848,855
---------------
DENMARK - 1.25%
5,450 A P Moller - Maersk A/S ...................... 26,304,986
---------------
FINLAND - 2.16%
2,824,275 Sampo Oyj, A Shares .......................... 45,455,652
---------------
FRANCE - 14.02%
209,369 Cap Gemini S.A. .............................. 7,251,457
1,250,000 Carrefour S.A. ............................... 42,877,392
1,395,373 Essilor International S.A. ................... 53,384,667
1,500,000 France Telecom S.A. .......................... 33,725,733
3,838,351 Rhodia S.A. .................................. 17,206,099
604,929 Schneider Electric S.A. ...................... 38,541,659
1,096,196 Sodexho Alliance S.A. ........................ 55,742,753
1,800,000 Vivendi Universal S.A. ....................... 46,578,387
---------------
295,308,147
---------------
GERMANY - 2.04%
849,770 Deutsche Boerse AG ........................... 42,977,794
---------------
GREECE - 0.48%
600,000 National Bank of Greece S.A. ................. 10,125,402
---------------
HONG KONG - 3.72%
6,060,000 China Mobile, Ltd. ........................... 54,667,093
7,399 HKC Holdings, Ltd. * ......................... 24
24,622,000 Sino Land Co. Ltd. ........................... 23,586,750
---------------
78,253,867
---------------
IRELAND - 3.06%
2,780,000 CRH plc ...................................... 64,533,947
---------------
VALUE
SHARES (NOTE 2)
- ------------- ---------------
JAPAN - 21.42%
9,468,000 Daiwa Securities
Group, Inc. $ ................................ 51,775,780
1,268,000 Disco Corp. .................................. 30,799,451
11,143,000 Hokuhoku Financial Group, Inc. ............... 22,008,575
1,733,000 HOYA Corp. ................................... 30,789,661
5,661,100 Leopalace21 Corp. ............................ 47,533,656
3,725,200 NSD Co., Ltd. ................................ 28,760,283
27,155 NTT DoCoMo, Inc. ............................. 47,288,681
7,059,000 Sekisui Chemical Co., Ltd. ................... 39,191,677
1,464,800 Sumitomo Mitsui Financial Group, Inc. ........ 58,026,719
1,402,400 TDK Corp. .................................... 52,288,215
4,213,000 Yamato Holdings Co., Ltd. .................... 42,761,459
---------------
451,224,157
---------------
NETHERLANDS - 2.90%
1,700,000 Akzo Nobel N.V ............................... 61,034,102
---------------
RUSSIA - 2.46%
3,999,985 OAO Gazprom, ADR ............................. 51,879,806
---------------
SINGAPORE - 2.59%
6,793,500 DBS Group Holdings, Ltd. ..................... 39,220,411
5,850,000 Keppel Corp., Ltd. ........................... 15,371,824
---------------
54,592,235
---------------
SPAIN - 2.82%
1,550,344 Industria de Diseno
Textil S.A. .................................. 59,313,602
---------------
SWITZERLAND - 7.12%
4,175,330 ABB, Ltd. .................................... 54,499,954
2,727,612 Compagnie Financiere Richemont S.A. .......... 39,977,070
1,007,829 Kuehne & Nagel International AG .............. 55,609,153
---------------
150,086,177
---------------
TURKEY - 1.41%
11,411,491 Turkiye Halk Bankasi A.S. .................... 29,722,307
---------------
UNITED KINGDOM - 11.52%
610,645 Autonomy Corp., plc * ........................ 9,681,316
2,442,338 Cairn Energy plc * ........................... 64,417,729
6,451,491 Capita Group plc ............................. 65,259,504
14,104,801 Debenhams plc ................................ 6,438,812
8,000,000 Hochschild Mining plc ........................ 17,274,461
1,353,552 Reckitt Benckiser Group plc .................. 52,471,923
3,298,047 Xstrata plc .................................. 27,219,417
---------------
242,763,162
---------------
See Notes to Financial Statements.
37
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
INTERNATIONAL OPPORTUNITIES FUND
JANUARY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------ ---------------
UNITED STATES - 2.53%
706,028 Activision Blizzard, Inc. * .................. $ 6,184,805
14,538 Google, Inc., Class A * ...................... 4,946,112
265,760 Hewlett-Packard Co. .......................... 9,235,160
103,218 International Business Machines Corp. ........ 9,459,930
262,206 McAfee, Inc. * ............................... 7,994,661
519,990 Oracle Corp. * ............................... 8,751,432
172,366 QUALCOMM, Inc. ............................... 5,955,245
38,000 VistaPrint, Ltd. * ........................... 850,094
---------------
53,377,439
---------------
TOTAL COMMON STOCK ........................... 1,852,391,842
---------------
(Cost $2,975,245,410)
PREFERRED STOCK - 3.17%
GERMANY - 3.17%
1,202,292 Fresenius AG ................................. 66,795,198
---------------
TOTAL PREFERRED STOCK
(Cost $68,846,995) ........................... 66,795,198
---------------
TOTAL LONG TERM INVESTMENTS .................. 1,919,187,040
---------------
(Cost $3,044,092,405)
SHORT TERM INVESTMENT - 8.93%
188,012,034 Fidelity Institutional
Treasury Portfolio ........................... $ 188,012,034
---------------
TOTAL SHORT TERM INVESTMENT .................. 188,012,034
---------------
(Cost $188,012,034)
TOTAL INVESTMENTS - 100.03%
(Cost $3,232,104,439) ........................ 2,107,199,074
---------------
NET OTHER ASSETS AND LIABILITIES - (0.03)% .................. (615,158)
---------------
TOTAL NET ASSETS - 100.00% .................................. $ 2,106,583,916
===============
* Non income producing security
ADR American Depositary Receipts
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Diversified Banks .................................................. 8.62%
Wireless Telecommunication Service ................................. 4.84
Marine ............................................................. 4.55
Electronic Components .............................................. 3.94
Integrated Oil & Gas ............................................... 3.20
Health Care Equipment .............................................. 3.17
Human Resource & Employment Services ............................... 3.10
Construction Materials ............................................. 3.06
Oil & Gas Exploration & Production ................................. 3.06
Diversified Chemicals .............................................. 2.90
Apparel Retail ..................................................... 2.82
Restaurants ........................................................ 2.65
Heavy Electrical Equipment ......................................... 2.59
Health Care Supplies ............................................... 2.53
Household Products ................................................. 2.49
Investment Banking & Brokerage ..................................... 2.46
Diversified Real Estate ............................................ 2.26
Movies & Entertainment ............................................. 2.21
Multi-line Insurance ............................................... 2.16
Specialized Finance ................................................ 2.04
Hypermarkets & Super Center ........................................ 2.04
Air Freight & Logistics ............................................ 2.03
Apparel, Accessories & Luxury Goods ................................ 1.90
Homebuilding ....................................................... 1.86
Electric Component & Equipment ..................................... 1.83
Application Software ............................................... 1.82
Integrated Telecommunication Service ............................... 1.60
Real Estate Development ............................................ 1.53
Semiconductor Equipment ............................................ 1.46
Construction & Engineering ......................................... 1.43
Diversified Metal & Mining ......................................... 1.29
Property & Casualty Insurance ...................................... 1.07
Regional Banks ..................................................... 1.04
Computer Hardware .................................................. 0.89
Precious Metal & Mineral ........................................... 0.82
Specialty Chemicals ................................................ 0.82
Systems Software ................................................... 0.79
Industrial Conglomerates ........................................... 0.73
IT Consulting & Other Services ..................................... 0.34
Department Stores .................................................. 0.31
Home Entertainment Software ........................................ 0.29
Communications Equipment ........................................... 0.28
Internet Software & Service ........................................ 0.28
--------
Long Term Investments .............................................. 91.10
Short Term Investment .............................................. 8.93
--------
Total Investments .................................................. 100.03
Net Other Assets and Liabilities ................................... (0.03)
--------
100.00%
========
See Notes to Financial Statements.
38
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
JAPAN-ASIA FOCUS FUND
JANUARY 31, 2009
VALUE
SHARES (NOTE 2)
- ------------ ---------------
COMMON STOCKS - 99.44%
HONG KONG - 3.04%
63,000 China Mobile, Ltd. ........................... $ 568,321
449,000 Sino Land Co., Ltd. .......................... 430,122
---------------
998,443
---------------
JAPAN - 94.90%
59,900 Aeon Co., Ltd. ............................... 478,011
67,300 Credit Saison Co., Ltd. ...................... 655,977
136,000 Daiwa House Industry Co., Ltd. ............... 1,210,864
206,000 Daiwa Securities Group, Inc. ................. 1,126,511
44,600 Disco Corp. .................................. 1,083,325
22,250 Hakuhodo DY Holdings, Inc. .. ............. 992,422
109,790 Hitachi Systems & Services, Ltd. ............. 1,148,360
653,000 Hokuhoku Financial Group, Inc. ............... 1,289,742
60,000 HOYA Corp. ................................... 1,066,001
183,000 J Front Retailing Co., Ltd. .................. 650,322
207,800 Leopalace21 Corp. ............................ 1,744,801
299,300 Mitsubishi UFJ Financial Group, Inc. ......... 1,659,937
43,600 Mitsui Sumitomo Insurance
Group Holdings, Inc. ...................... 1,116,800
2,600 Nintendo Co., Ltd. ........................... 799,843
72,400 NS Solutions Corp. ........................... 861,688
73,400 NSD Co., Ltd. ................................ 566,682
1,186 NTT DoCoMo, Inc. ............................. 2,065,343
138,000 Otsuka Kagu, Ltd. ............................ 990,852
28,000 Secom Co., Ltd. .............................. 1,173,685
120,000 Sekisui Chemical Co., Ltd. ................... 666,242
112,400 Shinko Electric Industries Co., Ltd. ......... 945,908
40,700 Sumitomo Mitsui Financial Group, Inc. ........ 1,612,293
21,600 Takeda Pharmaceutical Co., Ltd. .............. 1,009,179
40,500 TDK Corp. .................................... 1,510,035
38,700 Tokyo Broadcasting System, Inc. .............. 521,045
458,000 Ube Industries, Ltd. ......................... 981,766
287 West Japan Railway Co. ....................... 1,166,670
46,700 Xebio Co., Ltd. .............................. 851,483
121,000 Yamato Holdings Co., Ltd. .................... 1,228,136
---------------
31,173,923
---------------
SINGAPORE - 1.50%
85,500 DBS Group Holdings, Ltd. ..................... 493,611
---------------
VALUE
SHARES (NOTE 2)
- ------------ ---------------
TOTAL LONG TERM INVESTMENTS .................. $ 32,665,977
---------------
(Cost $47,696,596)
SHORT TERM INVESTMENT - 3.65%
1,199,737 Fidelity Institutional Treasury Portfolio .... 1,199,737
---------------
TOTAL SHORT TERM INVESTMENT .................. 1,199,737
---------------
(Cost $1,199,737)
TOTAL INVESTMENTS - 103.09% .................. 33,865,714
---------------
(Cost $48,896,333)
NET OTHER ASSETS AND LIABILITIES - (3.09)% .................. (1,016,915)
---------------
TOTAL NET ASSETS - 100.00% .................................. $ 32,848,799
===============
See Notes to Financial Statements.
39
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
JAPAN-ASIA FOCUS FUND
JANUARY 31, 2009 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Diversified Banks .................................................. 11.46%
Divers Real Estate ................................................. 9.00
Wireless Telecommunication Service ................................. 8.02
Electronic Components .............................................. 7.84
IT Consulting & Other Services ..................................... 6.12
Regional Banks ..................................................... 3.93
Air Freight & Logistics ............................................ 3.74
Security & Alarm Service ........................................... 3.57
Railroads .......................................................... 3.55
Investment Banking & Brokerage ..................................... 3.43
Property & Casualty Insurance ...................................... 3.40
Semiconductor Equipment ............................................ 3.30
Pharmaceuticals .................................................... 3.07
Advertising ........................................................ 3.02
Home Furnishing Retail ............................................. 3.02
Diversified Chemicals .............................................. 2.99
Semiconductors ..................................................... 2.88
Specialty Stores ................................................... 2.59
Home Entertainment Software ........................................ 2.43
Homebuilding ....................................................... 2.03
Consumer Finance ................................................... 2.00
Department Stores .................................................. 1.98
Application Software ............................................... 1.72
Broadcasting ....................................................... 1.59
Hypermarkets & Super Center ........................................ 1.45
Real Estate Development ............................................ 1.31
--------
Long Term Investments .............................................. 99.44
Short Term Investment .............................................. 3.65
--------
Total Investments .................................................. 103.09
Net Other Assets and Liabilities ................................... (3.09)
--------
100.00%
========
See Notes to Financial Statements.
40
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
US FOCUS FUND
JANUARY 31, 2009
VALUE
SHARES (NOTE 2)
- ------------ ---------------
COMMON STOCKS - 95.84%
BEVERAGES - 3.99%
3,993 PepsiCo, Inc. ................................ $ 200,568
---------------
BIOTECHNOLOGY - 6.40%
3,960 Genentech, Inc. * ............................ 321,710
---------------
CAPITAL MARKETS - 5.28%
7,300 Lazard, Ltd., Class A ........................ 193,450
5,300 The Charles Schwab Corp. ..................... 72,027
---------------
265,477
---------------
CHEMICALS - 3.96%
3,200 Praxair, Inc. ................................ 199,232
---------------
COMMERCIAL SERVICES & SUPPLIES - 11.59%
12,250 Cenveo, Inc. * ............................... 48,387
12,642 Corrections Corporation of America * ......... 174,207
9,689 Republic Services, Inc. ...................... 250,557
4,155 The Brink's Co. .............................. 109,817
---------------
582,968
---------------
COMMUNICATIONS EQUIPMENT - 1.17%
1,710 QUALCOMM, Inc. ............................... 59,080
---------------
COMPUTER & PERIPHERAL - 5.94%
1,885 Apple, Inc. * ................................ 169,895
1,723 Hewlett-Packard Co. .......................... 59,874
755 International Business
Machines Corp. ............................... 69,196
---------------
298,965
---------------
DIVERSIFIED CONSUMER SERVICES - 1.89%
4,155 Brink's Home Security Holdings, Inc. * ....... 95,025
---------------
DIVERSIFIED FINANCIAL SERVICES - 1.13%
8,600 Bank of America Corp. ........................ 56,588
---------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 2.06%
4,200 AT&T, Inc. ................................... 103,404
---------------
ELECTRIC UTILITIES - 4.99%
7,500 Southern Co. ................................. 250,875
---------------
VALUE
SHARES (NOTE 2)
- ------------ ---------------
ELECTRICAL EQUIPMENT - 2.52%
7,692 General Cable Corp. * ........................ $ 126,610
---------------
FOOD & STAPLES RETAILING - 3.74%
7,000 CVS Caremark Corp. ........................... 188,160
---------------
INSURANCE - 3.66%
4,975 AON Corp. .................................... 184,324
---------------
INTERNET SOFTWARE & SERVICES - 2.33%
140 Google, Inc., Class A * ...................... 47,631
3,034 VistaPrint, Ltd. * ........................... 69,478
---------------
117,109
---------------
LIFE SCIENCES TOOLS & SERVICES - 3.57%
5,000 Thermo Fisher Scientific, Inc. * ............. 179,650
---------------
METAL & MINING - 3.14%
6,291 Freeport-McMoRan Copper & Gold, Inc. ......... 158,156
---------------
MULTI-UTILITIES - 2.83%
4,842 Puget Energy, Inc. ........................... 142,355
---------------
OIL, GAS & CONSUMABLE FUELS - 5.69%
14,687 El Paso Corp. ................................ 120,140
6,100 Marathon Oil Corp. ........................... 166,103
---------------
286,243
---------------
PHARMACEUTICALS - 6.89%
2,761 Abbott Laboratories .......................... 153,070
9,036 Bristol-Myers Squibb Co. ..................... 193,461
---------------
346,531
---------------
ROAD & RAIL - 1.87%
1,420 Burlington Northern Santa Fe Corp. ........... 94,075
---------------
SOFTWARE - 6.27%
4,576 Activision Blizzard, Inc. * .................. 40,086
1,542 McAfee, Inc. * ............................... 47,015
2,700 NDS Group plc, ADR * ......................... 167,211
3,631 Oracle Corp. * ............................... 61,110
---------------
315,422
---------------
See Notes to Financial Statements.
41
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
US FOCUS FUND
JANUARY 31, 2009 (CONTINUED)
VALUE
SHARES (NOTE 2)
- ------------ ---------------
WIRELESS TELECOMMUNICATION SERVICES - 4.93%
8,176 American Tower Corp., Class A * .............. $ 248,060
---------------
TOTAL LONG TERM INVESTMENTS
(Cost $6,424,800) ............................ 4,820,587
---------------
SHORT TERM INVESTMENTS - 5.38%
270,495 Fidelity Institutional Treasury Portfolio .... 270,495
---------------
TOTAL SHORT TERM INVESTMENT .................. 270,495
---------------
(Cost $270,495)
TOTAL INVESTMENTS - 101.22% ................................. 5,091,082
---------------
(Cost $6,695,295)
NET OTHER ASSETS AND LIABILITIES - (1.22)% .................. (61,350)
---------------
TOTAL NET ASSETS - 100.00% .................................. $ 5,029,732
===============
* Non income producing security
ADR American Depositary Receipts
See Notes to Financial Statements.
42
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
WORLDWIDE INCOME FUND
JANUARY 31, 2009
FACE VALUE
AMOUNT COUPON MATURITY (NOTE 2)
- --------------- ------- -------- -----------
CORPORATE BONDS - 82.31%
BELGIUM - 0.34%
EUR 600,000 WDAC Subsidiary Corp. ............................. 8.500% 12/1/14 $ 176,695
-----------
CANADA - 1.83%
EUR 1,000,000 Bombardier, Inc. .................................. 7.250 11/15/16 953,898
-----------
CROATIA - 0.96%
EUR 550,000 Agrokor D.D. ...................................... 7.000 11/23/11 499,996
-----------
DENMARK - 3.09%
EUR 1,950,000 FS Funding AS ..................................... 8.875 5/15/16 1,610,423
-----------
FRANCE - 7.46%
USD 140,000 AXA S.A. (a) ...................................... 7.100 5/7/09 91,700
EUR 1,910,000 Belvedere S.A. (b) (c) ............................ 8.106 5/15/13 648,074
USD 1,500,000 Credit Agricole S.A. (a) .......................... 6.637 5/31/17 533,388
EUR 1,120,000 Crown European Holdings S.A. ...................... 6.250 9/1/11 1,369,516
EUR 2,000,000 Rhodia S.A. (d) ................................... 5.362 10/15/13 1,241,988
-----------
3,884,666
-----------
GERMANY - 3.50%
EUR 1,100,000 Cognis GmbH ....................................... 9.500 5/15/14 753,515
USD 1,100,000 Kabel Deutschland GmbH ............................ 10.625 7/1/14 1,067,000
-----------
1,820,515
-----------
IRELAND - 2.45%
EUR 300,000 BCM Ireland Finance, Ltd. (b) (d) ................. 9.245 8/15/16 184,378
EUR 745,000 BCM Ireland Finance, Ltd. ......................... 9.245 8/15/16 457,871
USD 1,000,000 VIP Finance Ireland, Ltd. (b) ..................... 9.125 4/30/18 635,000
-----------
1,277,249
-----------
ITALY - 4.80%
EUR 300,000 Lighthouse International Co., S.A ................. 8.000 4/30/14 186,298
EUR 900,000 Lottomatica SpA (a) ............................... 8.250 3/31/16 846,985
EUR 700,000 Wind Acquisition Finance S.A ...................... 9.750 12/1/15 797,689
USD 750,000 Wind Acquisition Finance S.A. (b) ................. 10.750 12/1/15 671,250
-----------
2,502,222
-----------
LUXEMBOURG - 3.71%
EUR 1,100,000 Cablecom Luxembourg SCA ........................... 8.000 11/1/16 1,098,583
GBP 400,000 Glencore Finance Europe S.A. ...................... 6.500 2/27/19 301,194
EUR 2,300,000 Hellas Telecommunications Luxembourg II (d) ....... 8.612 1/15/15 530,086
-----------
1,929,863
-----------
NETHERLANDS - 8.17%
USD 1,275,000 Allianz Finance II B.V. (a) ....................... 7.250 3/10/09 886,125
USD 2,000,000 Arran Corporate Loans B.V., Class E3 (d) (e) ...... 4.775 6/20/25 607,400
USD 500,000 Impress Holdings B.V. (b) (d) ..................... 4.219 9/15/13 242,500
EUR 1,000,000 Impress Holdings B.V. (d) ......................... 5.737 9/15/13 1,011,516
USD 2,000,000 Lukoil International Finance B.V. (b) ............. 6.356 6/7/17 1,510,000
-----------
4,257,541
-----------
See Notes to Financial Statements.
43
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
WORLDWIDE INCOME FUND
JANUARY 31, 2009 (CONTINUED)
FACE VALUE
AMOUNT COUPON MATURITY (NOTE 2)
- --------------- ------- -------- -----------
NORWAY - 3.82%
EUR 1,600,000 Nordic Telephone Company ApS (d) ..................... 7.601% 5/1/16 $ 1,567,210
EUR 400,000 Nordic Telephone Company ApS ......................... 8.250 5/1/16 419,971
------------
1,987,181
------------
RUSSIA - 0.34%
USD 300,000 VTB Capital S.A. (b) ................................. 6.250 6/30/35 175,500
------------
UNITED KINGDOM - 21.02%
USD 3,800,000 Aberdeen Asset Management plc (a) .................... 7.900 5/29/12 2,128,000
GBP 850,000 Allied Domecq Financial Services plc ................. 6.625 6/12/14 1,108,511
USD 1,650,000 Barclays Bank plc (a) (b) ............................ 5.926 12/15/16 709,879
USD 3,000,000 Catlin Insurance Co., Ltd. (a) (b) ................... 7.249 1/19/17 715,032
EUR 1,000,000 Colt Telecom Group S.A. .............................. 7.625 12/15/09 1,190,772
EUR 200,000 Investec Tier I UK LP plc (a) ........................ 7.075 6/24/15 72,983
USD 3,191,000 Lloyds TSB Group plc (a) (b) ......................... 6.267 11/14/16 792,884
USD 2,650,000 Old Mutual Capital Funding (a) ....................... 8.000 3/22/09 954,000
GBP 550,000 Pipe Holding plc ..................................... 7.750 11/1/11 334,765
USD 3,700,000 Royal Bank of Scotland Group plc (a) ................. 7.640 9/29/17 573,722
USD 4,000,000 Standard Chartered plc (a) ........................... 6.409 1/30/17 1,300,000
GBP 900,000 Virgin Media plc ..................................... 9.750 4/15/14 1,069,509
------------
10,950,057
------------
UNITED STATES - 20.82%
USD 3,000,000 AXA S.A. (a) (b) ..................................... 6.463 12/14/18 1,317,507
USD 1,900,000 BayernLB Capital Trust I (a) ......................... 6.203 5/31/17 450,300
EUR 900,000 Central European Distribution Corp. .................. 8.000 7/25/12 916,126
EUR 650,000 Fresenius Medical Care Capital Trust V (Preferred) ... 7.375 6/15/11 867,631
GBP 1,700,000 HCA, Inc. ............................................ 8.750 11/1/10 1,786,139
USD 1,550,000 Hertz Corp. .......................................... 8.875 1/1/14 1,019,125
USD 1,400,000 Hertz Corp. .......................................... 10.500 1/1/16 736,750
EUR 450,000 Huntsman International LLC ........................... 7.500 1/1/15 221,829
EUR 2,500,000 Lehman Brothers UK Capital
Funding IV LP (a) (c) (e) (f) ..................... 5.750 4/25/12 --
EUR 1,700,000 Levi Strauss & Co. ................................... 8.625 4/1/13 1,567,209
USD 500,000 Sungard Data Systems, Inc. ........................... 10.250 8/15/15 342,500
USD 1,500,000 Swiss Re Capital I LP (a) (b) ........................ 6.854 5/25/16 521,571
GBP 300,000 WMG Acquisition Corp. ................................ 8.125 4/15/14 219,554
USD 1,200,000 Wynn Las Vegas LLC ................................... 6.625 12/1/14 880,500
------------
10,846,741
------------
TOTAL CORPORATE BONDS ................................ 42,872,547
------------
(Cost $88,295,075)
U.S. GOVERNMENT AGENCY OBLIGATIONS - 5.75%
UNITED STATES - 5.75%
USD 1,900,000 United States Treasury Note .......................... 2.000 11/30/13 1,918,555
USD 1,000,000 United States Treasury Note .......................... 3.750 11/15/18 1,077,193
------------
2,995,748
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS ............. 2,995,748
------------
(Cost $3,041,648)
See Notes to Financial Statements.
44
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
WORLDWIDE INCOME FUND
JANUARY 31, 2009 (CONTINUED)
FACE VALUE
AMOUNT (NOTE 2)
- --------------- ------------
TOTAL CORPORATE AND U.S. GOVERNMENT AGENCY BONDS ... $ 45,868,295
------------
(Cost $91,336,723)
PREFERRED STOCK - 0.48%
UNITED STATES - 0.48%
500 Bank of America Corp. .............................. 252,250
------------
TOTAL PREFERRED STOCK .............................. 252,250
------------
(Cost $500,000)
TOTAL LONG TERM INVESTMENTS ........................ 46,120,545
------------
(Cost $91,836,723)
SHORT TERM INVESTMENT - 9.68%
5,043,119 Fidelity Institutional Treasury Portfolio .......... 5,043,119
------------
TOTAL SHORT TERM INVESTMENT ........................ 5,043,119
------------
(Cost $5,043,119)
TOTAL INVESTMENTS - 98.22% ........................................... 51,163,664
------------
(Cost $96,879,842)
NET OTHER ASSETS AND LIABILITIES - 1.78% ............................. 925,197
------------
TOTAL NET ASSETS - 100.00% ........................................... $ 52,088,861
============
(a) Maturity date is perpetual. Maturity date presented represents the next
call date.
(b) Represents a restricted security, purchased under Rule 144A, section 4(2)g
which is exempt from registration under the securities Act of 1933 as
amended. At January 31, 2009 the securities had an aggregate value of
$7,948,075, which represented 15.26% of net assets.
(c) In default
(d) Security is a floating rate bond where the interest rate is adjusted
quarterly according to LIBOR interest rate changes.
(e) The security has been deemed illiquid according to the policies and
procedures adopted by the Board of Trustees.
(f) Fair valued at January 31, 2009, as determined in good faith using
procedures approved by the Trustees of the Trust.
See Notes to Financial Statements.
45
HENDERSON GLOBAL FUNDS PORTFOLIO OF INVESTMENTS
(UNAUDITED)
WORLDWIDE INCOME FUND
JANUARY 31, 2009 (CONTINUED)
OTHER INFORMATION:
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Telecommunication Services ......................................... 10.15%
Commercial Banks Non-US ............................................ 6.74
Multi-line Insurance ............................................... 5.78
Sovereign .......................................................... 5.75
Special Purpose Entity ............................................. 5.29
Beverages - Wine / Spirits ......................................... 5.13
Containers - Metal / Glass ......................................... 5.04
Cable TV ........................................................... 4.16
Investment Management / Advisory Service ........................... 4.08
Medical - Hospitals ................................................ 3.43
Rental Auto / Equipment ............................................ 3.37
Building - Maintenance & Service ................................... 3.09
Apparel Manufacturers .............................................. 3.01
Finance - Other Services ........................................... 2.90
Chemicals - Specialty .............................................. 2.81
Telephone - Integrated ............................................. 2.05
Diversified Manufacturing Operation ................................ 1.83
Casino Hotels ...................................................... 1.69
INDUSTRY CONCENTRATION AS % OF NET
A PERCENTAGE OF NET ASSETS: ASSETS
- --------------------------------------------------------------------------------
Medical Products ................................................... 1.67
Lottery Services ................................................... 1.63
Diversified Banking Institution .................................... 1.59
Chemicals - Diversified ............................................ 1.45
Cellular Telecommunication ......................................... 1.22
Other ABS .......................................................... 1.16
Food - Miscellaneous / Diversified ................................. 0.96
Computer Services .................................................. 0.66
Diversified Operations ............................................. 0.64
Music .............................................................. 0.42
Multimedia ......................................................... 0.36
Advertising Services ............................................... 0.34
Finance - Commercial ............................................... 0.14
--------
Long Term Investments .............................................. 88.54
Short Term Investment .............................................. 9.68
--------
Total Investments .................................................. 98.22
Net Other Assets and Liabilities ................................... 1.78
--------
100.00%
========
See Notes to Financial Statements.
46
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HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 2009
EUROPEAN GLOBAL EQUITY GLOBAL
FOCUS INCOME OPPORTUNITIES
FUND FUND FUND
- ------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at value Securities $ 271,963,616 $ 229,550,166 $ 14,153,109
Short Term investments 30,500,293 16,939,433 46,825
- -------------------------------------------------------------------------------------------------------------
Total investments, at value 302,463,909 246,489,599 14,199,934
Cash -- -- --
Foreign cash, at value -- 11,663,626 31
Dividends and interest receivable 663,404 1,634,634 38,276
Receivable for investment securities sold 86,400 -- 66,369
Receivable for fund shares sold 248,208 1,864,675 2,400
Forward foreign currency contracts 2,846,200 3,140,980 --
Receivable from investment adviser -- -- --
Prepaid expenses and other assets 47,299 33,966 19,454
- -------------------------------------------------------------------------------------------------------------
Total Assets 306,355,420 264,827,480 14,326,464
- -------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased 2,244,461 -- 114,872
Payable for fund shares redeemed 1,425,330 1,637,164 393,667
Payable to custodian -- -- --
Payable for dividends -- 2,474 --
Payable for open forward foreign currency contracts -- -- --
Payable to investment adviser 341,147 213,319 5,906
Payable for 12b-1 distribution and service fees 132,481 135,263 8,381
Accrued expenses and other payables 232,134 137,075 46,532
- -------------------------------------------------------------------------------------------------------------
Total Liabilities 4,375,553 2,125,295 569,358
- -------------------------------------------------------------------------------------------------------------
NET ASSETS $ 301,979,867 $ 262,702,185 $ 13,757,106
=============================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 848,867,941 $ 441,296,074 $ 22,524,504
Accumulated undistributed net investment income (loss) (15,160,836) 1,158,158 (26,363)
Accumulated net realized loss on investments and foreign (180,619,966) (73,085,395) (8,492,642)
currency transactions
Net unrealized depreciation of investments and
foreign currencies (351,107,272) (106,666,652) (248,393)
- -------------------------------------------------------------------------------------------------------------
$ 301,979,867 $ 262,702,185 $ 13,757,106
=============================================================================================================
NET ASSETS:
Class A Shares $ 203,294,692 $ 146,255,254 $ 6,792,305
=============================================================================================================
Class B Shares $ 20,256,437 N/A N/A
=============================================================================================================
Class C Shares $ 78,428,738 $ 116,446,931 $ 6,964,801
=============================================================================================================
Class R Shares N/A N/A N/A
=============================================================================================================
SHARES OUTSTANDING:
Class A Shares (unlimited number of shares authorized) 17,206,111 23,531,390 1,085,779
=============================================================================================================
Class B Shares (unlimited number of shares authorized) 1,796,028 N/A N/A
=============================================================================================================
Class C Shares (unlimited number of shares authorized) 6,954,553 18,789,889 1,106,556
=============================================================================================================
Class R Shares (unlimited number of shares authorized) N/A N/A N/A
=============================================================================================================
CLASS A SHARES:
Net asset value and redemption price per share $ 11.82 $ 6.22 $ 6.26
- -------------------------------------------------------------------------------------------------------------
Maximum sales charge* 5.75% 5.75% 5.75%
Maximum offering price per share $ 12.54 $ 6.60 $ 6.64
=============================================================================================================
CLASS B SHARES:
Net asset value and offering price per share $ 11.28 N/A N/A
=============================================================================================================
CLASS C SHARES:
Net asset value and offering price per share $ 11.28 $ 6.20 $ 6.29
=============================================================================================================
CLASS R SHARES:
Net asset value and offering price per share N/A N/A N/A
=============================================================================================================
Investments, at cost $ 656,371,032 $ 355,473,390 $ 14,446,647
=============================================================================================================
Foreign cash, at cost $ -- $ 12,434,555 $ 46
=============================================================================================================
The Funds may impose a redemption fee of 2.00% on shares redeemed within 30 days
of purchase.
* On sales of $50,000 or more, the sales charge will be reduced.
See Notes to Financial Statements.
48
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 2009 (CONTINUED)
GLOBAL INDUSTRIES INTERNATIONAL JAPAN-ASIA
TECHNOLOGY OF THE OPPORTUNITIES FOCUS
FUND FUTURE FUND FUND FUND
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments, at value Securities $ 73,778,229 $ 448,326 $ 1,919,187,040 $ 32,665,977
Short Term investments 7,976,186 7,392 188,012,034 1,199,737
- ------------------------------------------------------------------------------------------------------------------------------------
Total investments, at value 81,754,415 455,718 2,107,199,074 33,865,714
Cash -- 2,847 -- --
Foreign cash, at value 2,872,195 -- -- 10,474
Dividends and interest receivable 37,057 353 3,118,258 57,351
Receivable for investment securities sold 3,265,917 1,686 19,284,991 351,902
Receivable for fund shares sold 53,457 28,385 6,051,864 10,928
Forward foreign currency contracts -- -- 11,235,000 --
Receivable from investment adviser -- -- -- --
Prepaid expenses and other assets 28,960 30,381 155,137 16,504
- ------------------------------------------------------------------------------------------------------------------------------------
Total Assets 88,012,001 519,370 2,147,044,324 34,312,873
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased 6,067,548 -- 28,554,744 1,194,357
Payable for fund shares redeemed 407,071 -- 7,728,178 127,426
Payable to custodian -- -- -- 57,340
Payable for dividends 67 -- -- --
Payable for open forward foreign currency contracts -- -- -- --
Payable to investment adviser 91,835 27,041 2,301,529 23,746
Payable for 12b-1 distribution and service fees 40,810 151 915,311 16,096
Accrued expenses and other payables 74,729 38,269 960,646 45,109
- ------------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 6,682,060 65,461 40,460,408 1,464,074
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 81,329,941 $ 453,909 $ 2,106,583,916 $ 32,848,799
====================================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 175,860,905 $ 652,518 $ 3,692,495,853 $ 66,153,214
Accumulated undistributed net investment income (loss) (765,821) (1,976) (2,818,216) (165,168)
Accumulated net realized loss on investments and foreign
currency transactions (81,418,331) (25,679) (469,147,952) (18,069,316)
Net unrealized depreciation of investments and
foreign currencies (12,346,812) (170,954) (1,113,945,769) (15,069,931)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 81,329,941 $ 453,909 $ 2,106,583,916 $ 32,848,799
====================================================================================================================================
NET ASSETS:
Class A Shares $ 46,639,726 $ 366,063 $ 1,455,729,429 $ 20,064,373
====================================================================================================================================
Class B Shares $ 4,470,751 N/A $ 72,343,296 N/A
====================================================================================================================================
Class C Shares $ 30,219,464 $ 87,846 $ 577,167,701 $ 12,784,426
====================================================================================================================================
Class R Shares N/A N/A 1,343,490 N/A
===================================================================================================================================
SHARES OUTSTANDING:
Class A Shares (unlimited number of shares authorized) 5,021,325 58,593 105,689,271 3,480,500
====================================================================================================================================
Class B Shares (unlimited number of shares authorized) 507,302 N/A 5,509,301 N/A
====================================================================================================================================
Class C Shares (unlimited number of shares authorized) 3,438,190 13,963 43,981,015 2,268,582
====================================================================================================================================
Class R Shares (unlimited number of shares authorized) N/A N/A 98,285 N/A
====================================================================================================================================
CLASS A SHARES:
Net asset value and redemption price per share $ 9.29 $ 6.25 $ 13.77 $ 5.76
- ------------------------------------------------------------------------------------------------------------------------------------
Maximum sales charge* 5.75% 5.75% 5.75% 5.75%
Maximum offering price per share $ 9.86 $ 6.63 $ 14.61 $ 6.11
====================================================================================================================================
CLASS B SHARES:
Net asset value and offering price per share $ 8.81 N/A $ 13.13 N/A
====================================================================================================================================
CLASS C SHARES:
Net asset value and offering price per share $ 8.79 $ 6.29 $ 13.12 $ 5.64
====================================================================================================================================
CLASS R SHARES:
Net asset value and offering price per share N/A N/A $ 13.67 N/A
====================================================================================================================================
Investments, at cost $ 94,014,179 $ 626,670 $ 3,232,104,439 $ 48,896,333
====================================================================================================================================
Foreign cash, at cost $ 2,997,435 N/A $-- $ 10,468
====================================================================================================================================
US WORLDWIDE
FOCUS INCOME
FUND FUND
- -----------------------------------------------------------------------------------------------
ASSETS:
Investments, at value Securities $ 4,820,587 $ 46,120,545
Short Term investments 270,495 5,043,119
- -----------------------------------------------------------------------------------------------
Total investments, at value 5,091,082 51,163,664
Cash -- 357
Foreign cash, at value -- 52
Dividends and interest receivable 12,212 1,316,178
Receivable for investment securities sold 120,934 --
Receivable for fund shares sold -- 240,467
Forward foreign currency contracts -- --
Receivable from investment adviser 6,359 --
Prepaid expenses and other assets 7,717 24,744
- -----------------------------------------------------------------------------------------------
Total Assets 5,238,304 52,745,462
- -----------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased 47,631 --
Payable for fund shares redeemed 121,261 232,724
Payable to custodian 9,375 --
Payable for dividends -- 163,799
Payable for open forward foreign currency contracts -- 138,352
Payable to investment adviser -- 33,540
Payable for 12b-1 distribution and service fees 2,995 29,813
Accrued expenses and other payables 27,310 58,373
- -----------------------------------------------------------------------------------------------
Total Liabilities 208,572 656,601
- -----------------------------------------------------------------------------------------------
NET ASSETS $ 5,029,732 $ 52,088,861
===============================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 8,067,553 $ 118,127,746
Accumulated undistributed net investment income (loss) 1,065 (44,458)
Accumulated net realized loss on investments and foreign (1,434,673) (19,635,725)
currency transactions (1,604,213) (46,358,702)
Net unrealized depreciation of investments and $ 5,029,732 $ 52,088,861
foreign currencies $ 2,481,177 $ 24,389,910
- -----------------------------------------------------------------------------------------------
$ 645,463 $ 3,462,039
===============================================================================================
NET ASSETS:
Class A Shares $ 1,903,092 $ 24,236,912
===============================================================================================
Class B Shares N/A N/A
===============================================================================================
Class C Shares
===============================================================================================
Class R Shares 413,462 4,053,339
===============================================================================================
SHARES OUTSTANDING:
Class A Shares (unlimited number of shares authorized) 111,803 575,203
===============================================================================================
Class B Shares (unlimited number of shares authorized) 329,592 4,029,492
===============================================================================================
Class C Shares (unlimited number of shares authorized) N/A N/A
===============================================================================================
Class R Shares (unlimited number of shares authorized)
===============================================================================================
CLASS A SHARES:
Net asset value and redemption price per share $ 6.00 $ 6.02
- -----------------------------------------------------------------------------------------------
Maximum sales charge* 5.75% 4.75%
Maximum offering price per share $ 6.37 $ 6.32
===============================================================================================
CLASS B SHARES:
Net asset value and offering price per share $ 5.77 $ 6.02
===============================================================================================
CLASS C SHARES:
Net asset value and offering price per share $ 5.77 $ 6.01
===============================================================================================
CLASS R SHARES:
Net asset value and offering price per share N/A N/A
===============================================================================================
Investments, at cost $ 6,695,295 $ 96,879,842
===============================================================================================
Foreign cash, at cost N/A $ 53
===============================================================================================
See Notes to Financial Statements.
49
HENDERSON GLOBAL FUNDSFINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED JANUARY 31, 2009
EUROPEAN GLOBAL EQUITY GLOBAL
FOCUS INCOME OPPORTUNITIES
FUND FUND FUND
- ------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 10,855,028 $ 9,977,703 $ 153,577
Interest 12,007 80,213 3,630
Foreign taxes withheld (618,811) (461,579) (3,775)
- ------------------------------------------------------------------------------------------------------------
Total Investment Income 10,248,224 9,596,337 153,432
- ------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 2,677,629 1,282,034 88,340
12b-1 distribution and service fees:
Class A Shares 476,283 189,551 12,518
Class B Shares 152,197 -- --
Class C Shares 686,255 665,800 30,217
Class R Shares -- -- --
Transfer agent fees 552,458 182,722 8,273
Custodian fees 159,054 61,234 19,869
Administrative fees 95,241 49,065 3,352
Printing and postage fees 91,823 46,194 2,644
Accounting fees 29,417 26,970 46,012
Registration and filing fees 24,662 29,172 14,239
Audit fees 19,320 14,300 14,361
Compliance Officer fees 21,662 8,599 519
Legal fees 14,868 6,322 307
Trustees' fees and expenses 12,074 6,259 338
Offering expenses -- -- --
Miscellaneous fees 47,364 16,405 1,221
- ------------------------------------------------------------------------------------------------------------
Total Expenses 5,060,307 2,584,627 242,210
- ------------------------------------------------------------------------------------------------------------
Fees waived and expenses reimbursed by investment adviser -- (91,217) (62,963)
- ------------------------------------------------------------------------------------------------------------
Net Expenses -- 2,493,410 179,247
- ------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME/(LOSS) 5,187,917 7,102,927 (25,815)
- ------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) from:
Investment transactions (216,385,421) (66,791,773) (7,361,260)
Foreign currency transactions 38,052,233 17,953,164 405,334
Net change in unrealized appreciation/(depreciation) of:
Investments (287,555,011) (55,974,962) 1,221,256
Translation of other assets and liabilities 576,221 2,911,519 (22,839)
Net Realized and Unrealized Loss (465,311,978) (101,902,052) (5,757,509
============================================================================================================
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS $(460,124,061) $ (94,799,125) $ (5,783,324)
============================================================================================================
* Inception date for the Industries of the Future Fund was August 29, 2008.
See Notes to Financial Statements.
50
HENDERSON GLOBAL FUNDSFINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF OPERATIONS
(CONTINUED)
GLOBAL INDUSTRIES INTERNATIONAL JAPAN-ASIA
TECHNOLOGY OF THE OPPORTUNITIES FOCUS
FUND FUTURE FUND* FUND FUND
- ------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 607,253 $ 1,472 $ 42,467,949 $ 435,052
Interest 40,417 185 1,006,418 848
Foreign taxes withheld (25,419) (30) (2,619,721) (29,289)
- ------------------------------------------------------------------------------------------------------------------------------
Total Investment Income 622,251 1,627 40,854,646 406,611
- ------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment advisory fees 633,964 1,717 13,725,341 195,071
12b-1 distribution and service fees:
Class A Shares 96,610 345 2,418,483 29,913
Class B Shares 28,720 -- 453,562 --
Class C Shares 218,571 339 3,930,458 75,355
Class R Shares -- -- 4,083 --
Transfer agent fees 136,636 303 2,634,758 49,122
Custodian fees 15,726 27,553 432,788 20,413
Administrative fees 22,349 60 481,562 6,988
Printing and postage fees 23,103 305 487,355 7,500
Accounting fees 28,464 20,808 47,679 30,528
Registration and filing fees 27,581 701 102,505 12,206
Audit fees 19,139 13,775 18,127 17,604
Compliance Officer fees 4,693 22 90,858 1,200
Legal fees 3,204 61 68,581 920
Trustees' fees and expenses 2,818 61 62,725 860
Offering expenses -- 23,366 -- --
Miscellaneous fees 8,997 554 187,462 3,246
- ------------------------------------------------------------------------------------------------------------------------------
Total Expenses 1,270,575 89,970 25,146,327 450,926
- ------------------------------------------------------------------------------------------------------------------------------
Fees waived and expenses reimbursed by investment adviser -- (86,367) -- (15,780)
- ------------------------------------------------------------------------------------------------------------------------------
Net Expenses -- 3,603 -- 435,146
- ------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME/(LOSS) (648,324) (1,976) 15,708,319 (28,535)
- ------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) from:
Investment transactions (44,786,286) (25,074) (465,587,833) (8,191,119)
Foreign currency transactions (252,100) (605) 62,517,146 (6,731)
Net change in unrealized appreciation/(depreciation) of:
Investments (10,978,894) (170,952) (1,045,714,241) (4,674,401)
Translation of other assets and liabilities (80,942) (2) 6,089,066 (444)
Net Realized and Unrealized Loss (56,098,222) (196,633) (1,442,695,862) (12,872,695)
==============================================================================================================================
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS $(56,746,546) $ (198,609) $(1,426,987,543) $(12,901,230)
==============================================================================================================================
US WORLDWIDE
FOCUS INCOME
FUND FUND
- -------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 59,615 $ 202,244
Interest 1,852 4,918,203
Foreign taxes withheld (72) (9,551)
- -------------------------------------------------------------------------------------------
Total Investment Income 61,395 5,110,896
- -------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 33,593 385,993
12b-1 distribution and service fees:
Class A Shares 5,295 53,756
Class B Shares 3,017 22,007
Class C Shares 11,151 216,935
Class R Shares -- --
Transfer agent fees 6,443 48,587
Custodian fees 3,716 12,158
Administrative fees 1,232 16,289
Printing and postage fees 1,567 13,709
Accounting fees 30,824 34,818
Registration and filing fees 16,835 21,002
Audit fees 13,381 19,930
Compliance Officer fees 218 3,245
Legal fees 184 2,270
Trustees' fees and expenses 184 2,115
Offering expenses -- --
Miscellaneous fees 1,156 6,403
- -------------------------------------------------------------------------------------------
Total Expenses 128,796 859,217
- -------------------------------------------------------------------------------------------
Fees waived and expenses reimbursed by investment adviser (68,670) (89,667)
- -------------------------------------------------------------------------------------------
Net Expenses 60,126 769,550
- -------------------------------------------------------------------------------------------
NET INVESTMENT INCOME/(LOSS) 1,269 4,341,346
- -------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) from:
Investment transactions (1,403,936) (22,137,380)
Foreign currency transactions 11,391 11,116,762
Net change in unrealized appreciation/(depreciation) of:
Investments (2,063,708) (31,072,702)
Translation of other assets and liabilities -- (744,076)
Net Realized and Unrealized Loss (3,456,253) (42,837,396)
===========================================================================================
NET DECREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ (3,454,984) $ (38,496,050)
===========================================================================================
See Notes to Financial Statements.
51
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
EUROPEAN FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ----------------------------------------------------------------------------------------------------------------------
Net investment income $ 5,187,917 $ 8,146,332
Net realized gain/(loss) on investments and foreign currency transactions (178,333,188) 83,041,917
Net change in unrealized appreciation/(depreciation) of investments and foreign (286,978,790) (262,861,679)
currency translations
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (460,124,061) (171,673,430)
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (9,029,476) (23,094,109)
Class B Shares (631,796) (1,230,976)
Class C Shares (2,549,728) (6,379,802)
- ----------------------------------------------------------------------------------------------------------------------
(12,211,000) (30,704,887)
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A Shares (25,932,744) (86,292,903)
Class B Shares (2,721,828) (6,056,327)
Class C Shares (10,984,428) (31,345,585)
- ----------------------------------------------------------------------------------------------------------------------
(39,639,000) (123,694,815)
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in Fund share transactions:
Class A Shares (159,417,461) (62,680,371)
Class B Shares (2,943,589) (617,540)
Class C Shares (44,511,623) (15,113,427)
- ----------------------------------------------------------------------------------------------------------------------
(206,872,673) (78,411,338)
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets (718,846,734) (404,484,470)
NET ASSETS:
Beginning of period 1,020,826,601 1,425,311,071
- ----------------------------------------------------------------------------------------------------------------------
End of period $ 301,979,867 $ 1,020,826,601
======================================================================================================================
Accumulated undistributed net investment loss $ (15,160,836) $ (8,137,753)
======================================================================================================================
See Notes to Financial Statements.
52
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL EQUITY INCOME FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ----------------------------------------------------------------------------------------------------------------------
Net investment income $ 7,102,927 $ 25,940,308
Net realized loss on investments and foreign currency transactions (48,838,609) (25,191,076)
Net change in unrealized appreciation/(depreciation) of investments and foreign (53,063,443) (50,701,842)
currency translations
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (94,799,125) (49,952,610)
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (4,284,112) (13,162,566)
Class C Shares (3,255,955) (10,263,709)
- ----------------------------------------------------------------------------------------------------------------------
(7,540,067) (23,426,275)
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A Shares -- (430,582)
Class C Shares -- (330,899)
- ----------------------------------------------------------------------------------------------------------------------
-- (761,481)
- ----------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares 10,874,241 135,758,138
Class C Shares (2,267,945) 127,370,894
- ----------------------------------------------------------------------------------------------------------------------
8,606,296 263,129,032
- ----------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (93,732,896) 188,988,666
NET ASSETS:
Beginning of period 356,435,081 167,446,415
- ----------------------------------------------------------------------------------------------------------------------
End of period $ 262,702,185 $ 356,435,081
======================================================================================================================
Accumulated undistributed net investment income $ 1,158,158 $ 1,595,298
======================================================================================================================
See Notes to Financial Statements.
53
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL OPPORTUNITIES FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ----------------------------------------------------------------------------------------------------------------------
Net investment income (loss) $ (25,815) $ 80,000
Net realized loss on investments and foreign currency transactions (6,955,926) (1,518,247)
Net change in unrealized appreciation/(depreciation) of investments and foreign 1,198,417 (1,656,561)
currency translations
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (5,783,324) (3,094,808)
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (76,547) (46,290)
Class C Shares (10,953) --
- ----------------------------------------------------------------------------------------------------------------------
(87,500) (46,290)
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A Shares -- (66,331)
Class C Shares -- (19,371)
- ----------------------------------------------------------------------------------------------------------------------
-- (85,702)
- ----------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares (2,338,177) 10,624,227
Class C Shares 4,393,026 3,593,409
- ----------------------------------------------------------------------------------------------------------------------
2,054,849 14,217,636
- ----------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (3,815,975) 10,990,836
NET ASSETS:
Beginning of period 17,573,081 6,582,245
- ----------------------------------------------------------------------------------------------------------------------
End of period $ 13,757,106 $ 17,573,081
======================================================================================================================
Accumulated undistributed net investment income/(loss) $ (26,363) $ 86,952
======================================================================================================================
See Notes to Financial Statements.
54
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL TECHNOLOGY FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ----------------------------------------------------------------------------------------------------------------------
Net investment loss $ (648,324) $ (2,176,239)
Net realized loss on investments and foreign currency transactions (45,038,386) (32,877,112)
Net change in unrealized appreciation/(depreciation) of investments and foreign
currency translations (11,059,836) (13,972,070)
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (56,746,546) (49,025,421)
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A Shares -- (2,002,409)
Class B Shares -- (86,833)
Class C Shares -- (803,051)
- ----------------------------------------------------------------------------------------------------------------------
-- (2,892,293)
- ----------------------------------------------------------------------------------------------------------------------
Return of capital:
Class A Shares -- (951,556)
Class B Shares -- (41,263)
Class C Shares -- (381,614)
- ----------------------------------------------------------------------------------------------------------------------
-- (1,374,433)
- ----------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares (41,424,391) 98,975,948
Class B Shares (534,900) 6,506,346
Class C Shares (12,353,342) 51,713,203
- ----------------------------------------------------------------------------------------------------------------------
(54,312,633) 157,195,497
- ----------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (111,059,179) 103,903,350
NET ASSETS:
Beginning of period 192,389,120 88,485,770
- ----------------------------------------------------------------------------------------------------------------------
End of period $ 81,329,941 $ 192,389,120
======================================================================================================================
Accumulated undistributed net investment loss $ (765,821) $ (117,497)
======================================================================================================================
See Notes to Financial Statements.
55
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
INDUSTRIES OF THE FUTURE FUND
PERIOD ENDED
JANUARY 31, 2009*
- ---------------------------------------------------------------------------------------------------
Net investment loss $ (1,976)
Net realized loss on investments and foreign currency transactions (25,679)
Net change in unrealized appreciation/(depreciation) of investments and foreign
currency translations (170,954)
- ---------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (198,609)
- ---------------------------------------------------------------------------------------------------
Net increase in Fund share transactions:
Class A Shares 528,498
Class C Shares 124,020
- ---------------------------------------------------------------------------------------------------
652,518
- ---------------------------------------------------------------------------------------------------
Net increase in net assets 453,909
NET ASSETS:
Beginning of period --
- ---------------------------------------------------------------------------------------------------
End of period $ 453,909
===================================================================================================
Accumulated undistributed net investment loss $ (1,976)
===================================================================================================
* Inception date for the Henderson Industries of the Future Fund was August
29, 2008.
See Notes to Financial Statements.
56
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
INTERNATIONAL OPPORTUNITIES FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ----------------------------------------------------------------------------------------------------------------------
Net investment income $ 15,708,319 $ 19,147,983
Net realized gain/(loss) on investments and foreign currency transactions (403,070,687) 46,410,247
Net change in unrealized appreciation/(depreciation) of investments and foreign
currency translations (1,039,625,175) (574,011,868)
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (1,426,987,543) (508,453,638)
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (21,443,683) --
Class B Shares (473,431) --
Class C Shares (3,941,909) --
Class R Shares (17,177) --
- ----------------------------------------------------------------------------------------------------------------------
(25,876,200) --
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A Shares (9,075,899) (224,251,818)
Class B Shares (469,620) (12,792,493)
Class C Shares (3,910,176) (113,562,527)
Class R Shares (8,105) (93,917)
- ----------------------------------------------------------------------------------------------------------------------
(13,463,800) (350,700,755)
- ----------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares (345,214,001) 1,205,596,480
Class B Shares (7,735,773) 24,831,979
Class C Shares (169,172,638) 350,640,217
Class R Shares 123,876 1,456,373
- ----------------------------------------------------------------------------------------------------------------------
(521,998,536) 1,582,525,049
- ----------------------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (1,988,326,079) 723,370,656
NET ASSETS:
Beginning of period 4,094,909,995 3,371,539,339
- ----------------------------------------------------------------------------------------------------------------------
End of period $ 2,106,583,916 $ 4,094,909,995
======================================================================================================================
Accumulated undistributed net investment income/(loss) $ (2,818,216) $ 7,349,664
======================================================================================================================
See Notes to Financial Statements.
57
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
JAPAN-ASIA FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ----------------------------------------------------------------------------------------------------------------------
Net investment loss $ (28,535) $ (131,578)
Net realized loss on investments and foreign currency transactions (8,197,850) (9,924,109)
Net change in unrealized appreciation/(depreciation) of investments and foreign
currency translations (4,674,845) (7,972,438)
Increase from payments by affiliate -- 217,824
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (12,901,230) (17,810,301)
- ----------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A Shares -- (2,162,016)
Class C Shares -- (1,242,495)
- ----------------------------------------------------------------------------------------------------------------------
-- (3,404,511)
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in Fund share transactions:
Class A Shares (4,023,337) (16,062,623)
Class C Shares (2,167,637) (8,593,593)
- ----------------------------------------------------------------------------------------------------------------------
(6,190,974) (24,656,216)
- ----------------------------------------------------------------------------------------------------------------------
Net decrease in net assets (19,092,204) (45,871,028)
NET ASSETS:
Beginning of period 51,941,003 97,812,031
- ----------------------------------------------------------------------------------------------------------------------
End of period $ 32,848,799 $ 51,941,003
======================================================================================================================
Accumulated undistributed net investment loss $ (165,168) $ (136,632)
======================================================================================================================
See Notes to Financial Statements.
58
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
US FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ---------------------------------------------------------------------------------------------------
Net investment income (loss) $ 1,269 $ (52,895)
Net realized gain/(loss) on investments and foreign currency
transactions (1,392,545) 255,902
Net change in unrealized appreciation/(depreciation) of
investments and foreign currency translations (2,063,708) (1,015,383)
- ---------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (3,454,984) (812,376)
- ---------------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A Shares (77,460) (1,265,868)
Class B Shares (14,827) (124,735)
Class C Shares (55,713) (376,415)
- ---------------------------------------------------------------------------------------------------
(148,000) (1,767,018)
- ---------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares (1,508,806) (1,303,100)
Class B Shares 262,660 (150,728)
Class C Shares 662,002 134,329
- ---------------------------------------------------------------------------------------------------
(584,144) (1,319,499)
- ---------------------------------------------------------------------------------------------------
Net decrease in net assets (4,187,128) (3,898,893)
NET ASSETS:
Beginning of period 9,216,860 13,115,753
- ---------------------------------------------------------------------------------------------------
End of period $ 5,029,732 $ 9,216,860
===================================================================================================
Accumulated undistributed net investment income/(loss) $ 1,065 $ (204)
===================================================================================================
See Notes to Financial Statements.
59
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES IN NET ASSETS
WORLDWIDE INCOME FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ---------------------------------------------------------------------------------------------------------
Net investment income $ 4,341,346 $ 8,461,110
Net realized loss on investments and foreign currency transactions (11,020,618) (7,298,977)
Net change in unrealized appreciation/(depreciation) of investments
and foreign currency translations (31,816,778) (13,777,600)
- ---------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations (38,496,050) (12,615,467)
- ---------------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A Shares (2,329,508) (4,903,337)
Class B Shares (235,894) (369,541)
Class C Shares (2,184,342) (3,726,741)
- ---------------------------------------------------------------------------------------------------------
(4,749,744) (8,999,619)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) in Fund share transactions:
Class A Shares (19,919,440) 36,286,829
Class B Shares (312,790) 1,617,551
Class C Shares (17,815,198) 42,868,245
- ---------------------------------------------------------------------------------------------------------
(38,047,428) 80,772,625
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) in net assets (81,293,222) 59,157,539
NET ASSETS:
Beginning of period 133,382,083 74,224,544
- ---------------------------------------------------------------------------------------------------------
End of period $ 52,088,861 $ 133,382,083
=========================================================================================================
Accumulated undistributed net investment income/(loss) $ (44,458) $ 363,940
=========================================================================================================
See Notes to Financial Statements.
60
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
EUROPEAN FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ----------------------------------------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 48,697,265 $ 218,204,655
Issued as reinvestment of dividends 27,130,212 81,755,743
Redeemed* (235,244,938) (362,640,769)
- ----------------------------------------------------------------------------------------------------------------
Net decrease $ (159,417,461) $ (62,680,371)
================================================================================================================
CLASS B SHARES:
Sold $ 939,659 $ 3,376,551
Issued as reinvestment of dividends 2,839,196 6,174,569
Redeemed* (6,722,444) (10,168,660)
- ----------------------------------------------------------------------------------------------------------------
Net decrease $ (2,943,589) $ (617,540)
================================================================================================================
CLASS C SHARES:
Sold $ 8,470,032 $ 41,167,940
Issued as reinvestment of dividends 9,824,556 25,852,246
Redeemed* (62,806,211) (82,133,613)
- ----------------------------------------------------------------------------------------------------------------
Net decrease $ (44,511,623) $ (15,113,427)
================================================================================================================
SHARES
CLASS A SHARES:
Sold 3,117,125 6,537,985
Issued as reinvestment of dividends 2,439,767 2,464,006
Redeemed (13,540,440) (11,104,647)
- ----------------------------------------------------------------------------------------------------------------
Net decrease (7,983,548) (2,102,656)
================================================================================================================
CLASS B SHARES:
Sold 69,495 104,921
Issued as reinvestment of dividends 267,093 194,720
Redeemed (415,459) (333,006)
- ----------------------------------------------------------------------------------------------------------------
Net decrease (78,871) (33,365)
================================================================================================================
CLASS C SHARES:
Sold 581,474 1,274,126
Issued as reinvestment of dividends 924,229 815,271
Redeemed (3,757,276) (2,665,104)
- ----------------------------------------------------------------------------------------------------------------
Net decrease (2,251,573) (575,707)
================================================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
61
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL EQUITY INCOME FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ---------------------------------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 63,507,895 $ 199,747,411
Issued as reinvestment of dividends 2,439,102 6,732,521
Redeemed* (55,072,756) (70,721,794)
- ---------------------------------------------------------------------------------------------------------
Net increase $ 10,874,241 $ 135,758,138
=========================================================================================================
CLASS C SHARES:
Sold $ 33,158,242 $ 144,142,506
Issued as reinvestment of dividends 1,571,406 4,268,408
Redeemed* (36,997,593) (21,040,020)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ (2,267,945) $ 127,370,894
=========================================================================================================
SHARES
CLASS A SHARES:
Sold 9,484,902 19,000,396
Issued as reinvestment of dividends 343,371 680,072
Redeemed (7,716,302) (7,125,776)
- ---------------------------------------------------------------------------------------------------------
Net increase 2,111,971 12,554,692
=========================================================================================================
CLASS C SHARES:
Sold 4,919,036 13,774,272
Issued as reinvestment of dividends 221,063 432,490
Redeemed (5,276,868) (2,160,524)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) (136,769) 12,046,238
=========================================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
62
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL OPPORTUNITIES FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ---------------------------------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 12,019,524 $ 15,328,797
Issued as reinvestment of dividends 35,625 98,102
Redeemed* (14,393,326) (4,802,672)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ (2,338,177) $ 10,624,227
=========================================================================================================
CLASS C SHARES:
Sold $ 6,472,482 $ 4,351,904
Issued as reinvestment of dividends 6,021 15,705
Redeemed* (2,085,477) (774,200)
- ---------------------------------------------------------------------------------------------------------
Net increase $ 4,393,026 $ 3,593,409
=========================================================================================================
SHARES
CLASS A SHARES:
Sold 1,860,889 1,309,014
Issued as reinvestment of dividends 5,673 8,087
Redeemed (2,009,556) (443,535)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) (142,994) 873,566
=========================================================================================================
CLASS C SHARES:
Sold 885,493 375,458
Issued as reinvestment of dividends 951 1,281
Redeemed (304,625) (71,451)
- ---------------------------------------------------------------------------------------------------------
Net increase 581,819 305,288
=========================================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
63
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
GLOBAL TECHNOLOGY FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ---------------------------------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 7,607,463 $ 188,184,755
Issued as reinvestment of dividends -- 2,263,659
Redeemed* (49,031,854) (91,472,466)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ (41,424,391) $ 98,975,948
=========================================================================================================
CLASS B SHARES:
Sold $ 397,623 $ 7,198,389
Issued as reinvestment of dividends -- 95,909
Redeemed* (932,523) (787,952)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ (534,900) $ 6,506,346
=========================================================================================================
CLASS C SHARES:
Sold $ 1,392,130 $ 62,161,721
Issued as reinvestment of dividends -- 802,013
Redeemed* (13,745,472) (11,250,531)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ (12,353,342) $ 51,713,203
=========================================================================================================
SHARES
CLASS A SHARES:
Sold 661,108 11,162,143
Issued as reinvestment of dividends -- 129,057
Redeemed (4,508,148) (6,095,434)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) (3,847,040) 5,195,766
=========================================================================================================
CLASS B SHARES:
Sold 38,084 445,232
Issued as reinvestment of dividends -- 5,712
Redeemed (95,371) (52,508)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) (57,287) 398,436
=========================================================================================================
CLASS C SHARES:
Sold 129,720 3,803,017
Issued as reinvestment of dividends -- 47,910
Redeemed (1,377,443) (788,119)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) (1,247,723) 3,062,808
=========================================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
64
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
INDUSTRIES OF THE FUTURE FUND
PERIOD ENDED
JANUARY 31, 2009*
- --------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 534,017
Redeemed (5,519)
- --------------------------------------------------------------------------------
Net increase $ 528,498
================================================================================
CLASS C SHARES:
Sold $ 124,020
- --------------------------------------------------------------------------------
Net increase $ 124,020
================================================================================
SHARES
CLASS A SHARES:
Sold 59,612
Redeemed (1,019)
- --------------------------------------------------------------------------------
Net increase 58,593
================================================================================
CLASS C SHARES:
Sold 13,963
Redeemed --
- --------------------------------------------------------------------------------
Net increase 13,963
================================================================================
* Inception date for the Industries of the Future Fund was August 29, 2008.
See Notes to Financial Statements.
65
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
INTERNATIONAL OPPORTUNITIES FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ---------------------------------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 288,819,844 $ 1,650,273,824
Issued as reinvestment of dividends 22,901,083 181,190,040
Redeemed* (656,934,928) (625,867,384)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ (345,214,001) $ 1,205,596,480
=========================================================================================================
CLASS B SHARES:
Sold $ 3,386,583 $ 26,898,413
Issued as reinvestment of dividends 702,060 9,672,534
Redeemed* (11,824,416) (11,738,968)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ (7,735,773) $ 24,831,979
=========================================================================================================
CLASS C SHARES:
Sold $ 45,614,885 $ 463,213,087
Issued as reinvestment of dividends 5,597,689 78,279,669
Redeemed* (220,385,212) (190,852,539)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ (169,172,638) $ 350,640,217
=========================================================================================================
CLASS R SHARES:
Sold $ 395,073 $ 1,863,708
Issued as reinvestment of dividends 11,294 34,828
Redeemed* (282,491) (442,163)
- ---------------------------------------------------------------------------------------------------------
Net increase $ 123,876 $ 1,456,373
=========================================================================================================
SHARES
CLASS A SHARES:
Sold 18,000,369 65,709,665
Issued as reinvestment of dividends 1,681,427 6,834,762
Redeemed (41,130,509) (25,909,439)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) (21,448,713) 46,634,988
=========================================================================================================
CLASS B SHARES:
Sold 219,138 1,084,139
Issued as reinvestment of dividends 54,005 382,314
Redeemed (775,341) (505,898)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) (502,198) 960,555
=========================================================================================================
CLASS C SHARES:
Sold 2,897,231 18,734,494
Issued as reinvestment of dividends 430,593 3,096,506
Redeemed (14,391,038) (8,339,220)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) (11,063,214) 13,491,780
=========================================================================================================
CLASS R SHARES:
Sold 22,626 77,320
Issued as reinvestment of dividends 835 1,322
Redeemed (18,781) (18,774)
- ---------------------------------------------------------------------------------------------------------
Net increase 4,680 59,868
=========================================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
66
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
JAPAN-ASIA FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ----------------------------------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 1,200,147 $ 13,163,437
Issued as reinvestment of dividends -- 1,632,825
Redeemed* (5,223,484) (30,858,885)
- ----------------------------------------------------------------------------------------------------------
Net decrease $ (4,023,337) $ (16,062,623)
==========================================================================================================
CLASS C SHARES:
Sold $ 1,621,739 $ 5,782,866
Issued as reinvestment of dividends -- 733,701
Redeemed (3,789,376) (15,110,160)*
- ----------------------------------------------------------------------------------------------------------
Net decrease $ (2,167,637) $ (8,593,593)
==========================================================================================================
SHARES
CLASS A SHARES:
Sold 191,398 1,487,337
Issued as reinvestment of dividends -- 175,008
Redeemed (844,713) (3,578,917)
- ----------------------------------------------------------------------------------------------------------
Net decrease (653,315) (1,916,572)
==========================================================================================================
CLASS C SHARES:
Sold 269,777 683,295
Issued as reinvestment of dividends -- 79,750
Redeemed (621,626) (1,782,516)
- ----------------------------------------------------------------------------------------------------------
Net decrease (351,849) (1,019,471)
==========================================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
67
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
US FOCUS FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ---------------------------------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 648,507 $ 1,803,221
Issued as reinvestment of dividends 54,830 956,290
Redeemed* (2,212,143) (4,062,611)
- ---------------------------------------------------------------------------------------------------------
Net decrease $ (1,508,806) $ (1,303,100)
=========================================================================================================
CLASS B SHARES:
Sold $ 342,794 $ 133,562
Issued as reinvestment of dividends 10,720 84,857
Redeemed* (90,854) (369,147)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ 262,660 $ (150,728)
=========================================================================================================
CLASS C SHARES:
Sold $ 1,462,381 $ 404,143
Issued as reinvestment of dividends 46,745 337,451
Redeemed* (847,124) (607,265)
- ---------------------------------------------------------------------------------------------------------
Net increase $ 662,002 $ 134,329
=========================================================================================================
SHARES
CLASS A SHARES:
Sold 86,716 157,209
Issued as reinvestment of dividends 9,138 86,856
Redeemed (330,386) (373,879)
- ---------------------------------------------------------------------------------------------------------
Net decrease (234,532) (129,814)
=========================================================================================================
CLASS B SHARES:
Sold 51,066 13,087
Issued as reinvestment of dividends 1,855 7,938
Redeemed (12,401) (34,943)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) 40,520 (13,918)
=========================================================================================================
CLASS C SHARES:
Sold 201,207 37,863
Issued as reinvestment of dividends 8,087 31,567
Redeemed (130,443) (56,665)
- ---------------------------------------------------------------------------------------------------------
Net increase 78,851 12,765
=========================================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
68
HENDERSON GLOBAL FUNDS FINANCIAL STATEMENTS
(UNAUDITED)
STATEMENTS OF CHANGES - CAPITAL STOCK ACTIVITY
WORLDWIDE INCOME FUND
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 2009 JULY 31, 2008
- ---------------------------------------------------------------------------------------------------------
AMOUNT
CLASS A SHARES:
Sold $ 4,162,536 $ 65,114,608
Issued as reinvestment of dividends 1,225,189 2,520,171
Redeemed* (25,307,165) (31,347,950)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ (19,919,440) $ 36,286,829
=========================================================================================================
CLASS B SHARES:
Sold $ 763,628 $ 2,700,545
Issued as reinvestment of dividends 75,783 117,361
Redeemed* (1,152,201) (1,200,355)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ (312,790) $ 1,617,551
=========================================================================================================
CLASS C SHARES:
Sold $ 4,708,698 $ 57,057,085
Issued as reinvestment of dividends 991,307 1,642,537
Redeemed* (23,515,203) (15,831,377)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) $ (17,815,198) $ 42,868,245
=========================================================================================================
SHARES
CLASS A SHARES:
Sold 518,431 6,022,496
Issued as reinvestment of dividends 179,035 243,976
Redeemed (3,487,320) (3,056,018)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) (2,789,854) 3,210,454
=========================================================================================================
CLASS B SHARES:
Sold 102,686 255,183
Issued as reinvestment of dividends 11,346 11,344
Redeemed (152,280) (114,567)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) (38,248) 151,960
=========================================================================================================
CLASS C SHARES:
Sold 607,957 5,279,726
Issued as reinvestment of dividends 145,602 159,668
Redeemed (3,380,724) (1,521,696)
- ---------------------------------------------------------------------------------------------------------
Net increase/(decrease) (2,627,165) 3,917,698
=========================================================================================================
* Amounts shown are inclusive of redemption fees.
See Notes to Financial Statements.
69
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
-------------------------------------------------- ----------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL TOTAL
OF PERIOD (LOSS) (b) INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS
- ----------------------------------------------------------------------------------------------------------------------------
EUROPEAN FOCUS
CLASS A
Period Ended 1/31/2009 $ 28.57 0.20 (14.64) (14.44) (0.60) (1.71) (2.31)
Year Ended 7/31/2008 37.04 0.28 (4.64) (4.36) (0.87) (3.25) (4.12)
Year Ended 7/31/2007 29.36 0.13 10.19 10.32 0.00 (2.64) (2.64)
Year Ended 7/31/2006 25.30 0.12 5.54 5.66 0.00 (1.60) (1.60)
Year Ended 7/31/2005 20.88 0.04 6.76 6.80 0.00 (2.38) (2.38)
Year Ended 7/31/2004 15.47 (0.01) 6.30 6.29 (0.06) (0.82) (0.88)
CLASS B
Period Ended 1/31/2009 $ 27.17 0.11 (13.89) (13.78) (0.40) (1.71) (2.11)
Year Ended 7/31/2008 35.46 0.04 (4.43) (4.39) (0.66) (3.25) (3.91)
Year Ended 7/31/2007 28.41 (0.15) 9.84 9.69 0.00 (2.64) (2.64)
Year Ended 7/31/2006 24.71 (0.11) 5.41 5.30 0.00 (1.60) (1.60)
Year Ended 7/31/2005 20.57 (0.15) 6.67 6.52 0.00 (2.38) (2.38)
Year Ended 7/31/2004 15.30 (0.21) 6.30 6.09 0.00 (0.82) (0.82)
CLASS C
Period Ended 1/31/2009 $ 27.17 0.12 (13.90) (13.78) (0.40) (1.71) (2.11)
Year Ended 7/31/2008 35.46 0.03 (4.42) (4.39) (0.66) (3.25) (3.91)
Year Ended 7/31/2007 28.40 (0.10) 9.80 9.70 0.00 (2.64) (2.64)
Year Ended 7/31/2006 24.70 (0.10) 5.40 5.30 0.00 (1.60) (1.60)
Year Ended 7/31/2005 20.57 (0.14) 6.65 6.51 0.00 (2.38) (2.38)
Year Ended 7/31/2004 15.30 (0.20) 6.29 6.09 0.00 (0.82) (0.82)
GLOBAL EQUITY INCOME
CLASS A
Period Ended 1/31/2009 $ 8.85 0.20 (2.63) (2.43) (0.20) 0.00 (0.20)
Year Ended 7/31/2008 10.65 0.89 (1.88) (0.99) (0.78) (0.03) (0.81)
Year Ended 7/31/2007 (a) 10.00 0.83 0.25 1.08 (0.43) 0.00 (0.43)
CLASS C
Period Ended 1/31/2009 $ 8.82 0.17 (2.61) (2.44) (0.18) 0.00 (0.18)
Year Ended 7/31/2008 10.62 0.82 (1.88) (1.06) (0.71) (0.03) (0.74)
Year Ended 7/31/2007 (a) 10.00 0.77 0.25 1.02 (0.40) 0.00 (0.40)
HENDERSON GLOBAL OPPORTUNITIES
CLASS A
Period Ended 1/31/2009 $ 10.00 0.00* (3.70) (3.70) (0.04) 0.00 (0.04)
Year Ended 7/31/2008 11.41 0.08 (1.39) (1.31) (0.04) (0.06) (0.10)
Year Ended 7/31/2007 (a) 10.00 0.01 1.40 1.41 0.00 0.00 0.00
CLASS C
Period Ended 1/31/2009 $ 10.07 (0.03) (3.74) (3.77) (0.01) 0.00 (0.01)
Year Ended 7/31/2008 11.53 (0.01) (1.39) (1.40) 0.00 (0.06) (0.06)
Year Ended 7/31/2007 (a) 10.00 (0.05) 1.58 1.53 0.00 0.00 0.00
(a) The Global Equity Income Fund and Global Opportunities Fund commenced
operations on November 30, 2006.
(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.
(*) Amount represents less than $0.01.
See Notes to Financial Statements.
70
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
RATIOS TO AVERAGE NET ASSETS:
-------------------------------------------
ANNUALIZED
RATIO OF
OPERATING
ANNUALIZED ANNUALIZED EXPENSES TO
RATIO OF RATIO OF AVERAGE NET
NET ASSET NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
VALUE, END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
REDEMPTION END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
FEES THE PERIOD RETURN (c) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- ------------------------------------------------------------------------------------------------------------------------------------
EUROPEAN FOCUS
CLASS A
Period Ended 1/31/2009 0.00* $ 11.82 (50.04)% $ 203,295 1.62% 2.13% 1.62% 12%
Year Ended 7/31/2008 0.01 28.57 (13.28) 719,752 1.46 0.85 1.49 70
Year Ended 7/31/2007 0.00 37.04 36.52 1,010,786 1.53 0.39 1.53 61
Year Ended 7/31/2006 0.00 29.36 23.72 368,593 1.59 0.44 1.59 64
Year Ended 7/31/2005 0.00 25.30 34.43 182,831 2.00 0.18 1.73 51
Year Ended 7/31/2004 0.00 20.88 41.89 79,459 2.00 (0.04) 2.15 88
CLASS B
Period Ended 1/31/2009 0.00* $ 11.28 (50.25)% $ 20,256 2.37% 1.33% 2.37% 12%
Year Ended 7/31/2008 0.01 27.17 (13.92) 50,949 2.21 0.11 2.24 70
Year Ended 7/31/2007 0.00 35.46 35.47 67,668 2.28 (0.46) 2.28 61
Year Ended 7/31/2006 0.00 28.41 22.79 35,977 2.34 (0.41) 2.34 64
Year Ended 7/31/2005 0.00 24.71 33.54 26,964 2.75 (0.67) 2.48 51
Year Ended 7/31/2004 0.00 20.57 40.92 15,246 2.75 (1.06) 2.90 88
CLASS C
Period Ended 1/31/2009 0.00* $ 11.28 (50.25)% $ 78,429 2.37% 1.35% 2.37% 12%
Year Ended 7/31/2008 0.01 27.17 (13.92) 250,126 2.21 0.10 2.24 70
Year Ended 7/31/2007 0.00 35.46 35.52 346,856 2.28 (0.31) 2.28 61
Year Ended 7/31/2006 0.00 28.40 22.80 110,465 2.34 (0.39) 2.34 64
Year Ended 7/31/2005 0.00 24.70 33.48 74,207 2.75 (0.62) 2.48 51
Year Ended 7/31/2004 0.00 20.57 40.92 38,684 2.75 (1.02) 2.90 88
GLOBAL EQUITY INCOME
CLASS A
Period Ended 1/31/2009 0.00* $ 6.22 (27.67)% $ 146,255 1.40% 5.36% 1.46% 54%
Year Ended 7/31/2008 0.00* 8.85 (9.99) 189,490 1.40 8.83 1.44 155
Year Ended 7/31/2007 (a) 0.00 10.65 10.68 94,377 1.40 11.36 1.85 100
CLASS C
Period Ended 1/31/2009 0.00* $ 6.20 (27.93)% $ 116,447 2.15% 4.56% 2.21% 54%
Year Ended 7/31/2008 0.00* 8.82 (10.66) 166,946 2.15 8.12 2.19 155
Year Ended 7/31/2007 (a) 0.00 10.62 10.11 73,070 2.15 10.64 2.60 100
HENDERSON GLOBAL OPPORTUNITIES
CLASS A
Period Ended 1/31/2009 0.00* $ 6.26 (37.03)% $ 6,792 1.95% (0.04)% 2.73% 140%
Year Ended 7/31/2008 0.00* 10.00 (11.67) 12,291 1.95 0.74 3.12 135
Year Ended 7/31/2007 (a) 0.00 11.41 14.10 4,052 1.95 0.15 13.40 40
CLASS C
Period Ended 1/31/2009 0.00* $ 6.29 (37.42)% $ 6,965 2.70% (0.79)% 3.48% 140%
Year Ended 7/31/2008 0.00* 10.07 (12.26) 5,282 2.70 (0.06) 4.01 135
Year Ended 7/31/2007 (a) 0.00 11.53 15.30 2,530 2.70 (0.66) 14.15 40
See Notes to Financial Statements.
71
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
-------------------------------------------------- -------------------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED RETURN
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL OF TOTAL
OF PERIOD (LOSS) (b) INVESTMENTS OPERATIONS INCOME GAINS CAPITAL DISTRIBUTIONS
- ---------------------------------------------------------------------------------------------------------------------------------
GLOBAL TECHNOLOGY
CLASS A
Period Ended 1/31/2009 $ 13.88 (0.04) (4.55) (4.59) 0.00 0.00 0.00 0.00
Year Ended 7/31/2008 16.43 (0.13) (2.15) (2.28) 0.00 (0.18) (0.09) (0.27)
Year Ended 7/31/2007 12.19 (0.17) 4.41 4.24 0.00 0.00 0.00 0.00
Year Ended 7/31/2006 11.68 (0.19) 0.87 0.68 0.00 (0.17) 0.00 (0.17)
Year Ended 7/31/2005 10.54 (0.14) 1.91 1.77 0.00 (0.63) 0.00 (0.63)
Year Ended 7/31/2004 9.56 (0.20) 1.18 0.98 0.00 0.00 0.00 0.00
CLASS B
Period Ended 1/31/2009 $ 13.22 (0.08) (4.33) (4.41) 0.00 0.00 0.00 0.00
Year Ended 7/31/2008 15.77 (0.23) (2.06) (2.29) 0.00 (0.18) (0.09) (0.27)
Year Ended 7/31/2007 11.79 (0.26) 4.24 3.98 0.00 0.00 0.00 0.00
Year Ended 7/31/2006 11.39 (0.28) 0.85 0.57 0.00 (0.17) 0.00 (0.17)
Year Ended 7/31/2005 10.36 (0.21) 1.87 1.66 0.00 (0.63) 0.00 (0.63)
Year Ended 7/31/2004 9.48 (0.27) 1.15 0.88 0.00 0.00 0.00 0.00
CLASS C
Period Ended 1/31/2009 $ 13.19 (0.08) (4.32) (4.40) 0.00 0.00 0.00 0.00
Year Ended 7/31/2008 15.73 (0.23) (2.04) (2.27) 0.00 (0.18) (0.09) (0.27)
Year Ended 7/31/2007 11.76 (0.26) 4.23 3.97 0.00 0.00 0.00 0.00
Year Ended 7/31/2006 11.35 (0.28) 0.86 0.58 0.00 (0.17) 0.00 (0.17)
Year Ended 7/31/2005 10.34 (0.21) 1.85 1.64 0.00 (0.63) 0.00 (0.63)
Year Ended 7/31/2004 9.45 (0.27) 1.16 0.89 0.00 0.00 0.00 0.00
INDUSTRIES OF THE FUTURE
CLASS A
Period Ended 1/31/2009 (a) $ 10.00 (0.03) (3.72) (3.75) 0.00 0.00 0.00 0.00
CLASS C
Period Ended 1/31/2009 (a) $ 10.00 (0.05) (3.66) (3.71) 0.00 0.00 0.00 0.00
(a) The Industries of the Future Fund commenced operations on August 29, 2008.
(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.
(*) Amount represents less than $0.01.
See Notes to Financial Statements.
72
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
RATIOS TO AVERAGE NET ASSETS:
-------------------------------------------
ANNUALIZED
RATIO OF
OPERATING
ANNUALIZED ANNUALIZED EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
NET ASSET NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
VALUE, END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
REDEMPTION END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
FEES THE PERIOD RETURN (c) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- -----------------------------------------------------------------------------------------------------------------------------------
GLOBAL TECHNOLOGY
CLASS A
Period Ended 1/31/2009 0.00* $ 9.29 (33.07)% $ 46,640 1.71% (0.71)% 1.71% 80%
Year Ended 7/31/2008 0.00* 13.88 (14.22) 123,129 1.57 (0.80) 1.57 196
Year Ended 7/31/2007 0.00 16.43 34.78 60,329 1.87 (1.14) 1.87 129
Year Ended 7/31/2006 0.00 12.19 5.83 24,685 1.99 (1.41) 2.50 159
Year Ended 7/31/2005 0.00 11.68 16.90 3,331 2.00 (1.26) 6.58 164
Year Ended 7/31/2004 0.00 10.54 10.25 1,371 2.00 (1.75) 7.01 234
CLASS B
Period Ended 1/31/2009 0.00* $ 8.81 (33.36)% 4,471 2.46% (1.54)% 2.46% 80%
Year Ended 7/31/2008 0.01 13.22 (14.82) 7,465 2.32 (1.52) 2.32 196
Year Ended 7/31/2007 0.00 15.77 33.76 2,621 2.62 (1.89) 2.62 129
Year Ended 7/31/2006 0.00 11.79 5.01 1,187 2.74 (2.20) 3.25 159
Year Ended 7/31/2005 0.00 11.39 16.10 906 2.75 (1.92) 7.33 164
Year Ended 7/31/2004 0.00 10.36 9.28 794 2.75 (2.45) 7.76 234
CLASS C
Period Ended 1/31/2009 0.00* $ 8.79 (33.36)% $ 30,219 2.46% (1.50)% 2.46% 80%
Year Ended 7/31/2008 0.00* 13.19 (14.79) 61,795 2.32 (1.52) 2.32 196
Year Ended 7/31/2007 0.00 15.73 33.76 25,536 2.62 (1.89) 2.62 129
Year Ended 7/31/2006 0.00 11.76 5.11 10,752 2.74 (2.15) 3.25 159
Year Ended 7/31/2005 0.00 11.35 15.93 1,356 2.75 (1.96) 7.33 164
Year Ended 7/31/2004 0.00 10.34 9.42 957 2.75 (2.47) 7.76 234
INDUSTRIES OF THE FUTURE
CLASS A
Period Ended 1/31/2009 (a) 0.00 $ 6.25 (37.50)% $ 366 1.95% (0.98)% 52.24% 16%
CLASS C
Period Ended 1/31/2009 (a) 0.00 $ 6.29 (37.10)% $ 88 2.70% (1.76)% 52.99% 16%
SEE NOTES TO FINANCIAL STATEMENTS.
73
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
-------------------------------------------------- ----------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL TOTAL
OF PERIOD (LOSS) (b) INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS
- -------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES
CLASS A
Period Ended 1/31/2009 $ 22.11 0.11 (8.16) (8.05) (0.20) (0.09) (0.29)
Year Ended 7/31/2008 26.91 0.19 (2.63) (2.44) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 21.52 0.02 6.43 6.45 (0.04) (1.02) (1.06)
Year Ended 7/31/2006 17.77 0.14 4.36 4.50 0.00 (0.75) (0.75)
Year Ended 7/31/2005 14.94 0.00* 3.08 3.08 0.00 (0.25) (0.25)
Year Ended 7/31/2004 11.99 (0.10) 3.22 3.12 0.00 (0.17) (0.17)
CLASS B
Period Ended 1/31/2009 $ 21.00 0.05 (7.74) (7.69) (0.09) (0.09) (0.18)
Year Ended 7/31/2008 25.85 (0.02) (2.47) (2.49) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 20.82 (0.17) 6.22 6.05 0.00 (1.02) (1.02)
Year Ended 7/31/2006 17.35 (0.03) 4.25 4.22 0.00 (0.75) (0.75)
Year Ended 7/31/2005 14.70 (0.14) 3.04 2.90 0.00 (0.25) (0.25)
Year Ended 7/31/2004 11.88 (0.22) 3.21 2.99 0.00 (0.17) (0.17)
CLASS C
Period Ended 1/31/2009 $ 20.99 0.05 (7.74) (7.69) (0.09) (0.09) (0.18)
Year Ended 7/31/2008 25.83 (0.01) (2.47) (2.48) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 20.81 (0.16) 6.20 6.04 0.00 (1.02) (1.02)
Year Ended 7/31/2006 17.33 (0.01) 4.24 4.23 0.00 (0.75) (0.75)
Year Ended 7/31/2005 14.68 (0.13) 3.03 2.90 0.00 (0.25) (0.25)
Year Ended 7/31/2004 11.88 (0.22) 3.19 2.97 0.00 (0.17) (0.17)
CLASS R
Period Ended 1/31/2009 $ 21.94 0.09 (8.09) (8.00) (0.18) (0.09) (0.27)
Year Ended 7/31/2008 26.78 0.15 (2.63) (2.48) 0.00 (2.36) (2.36)
Year Ended 7/31/2007 21.46 0.01 6.38 6.39 (0.05) (1.02) (1.07)
Year Ended 7/31/2006 (a) 19.07 0.09 3.50 3.14 0.00 (0.75) (0.75)
JAPAN-ASIA FOCUS
CLASS A
Period Ended 1/31/2009 $ 7.75 0.00* (1.99) (1.99) 0.00 0.00 0.00
Year Ended 7/31/2008 10.13 0.01 (2.02) (2.01) 0.00 (0.40) (0.40)
Year Ended 7/31/2007 9.65 (0.05) 0.53 0.48 0.00 0.00 0.00
Year Ended 7/31/2006 (a) 10.00 (0.03) (0.32) (0.35) 0.00 0.00 0.00
CLASS C
Period Ended 1/31/2009 $ 7.60 (0.02) (1.94) (1.96) 0.00 0.00 0.00
Year Ended 7/31/2008 10.03 (0.06) (2.00) (2.06) 0.00 (0.40) (0.40)
Year Ended 7/31/2007 9.62 (0.12) 0.53 0.41 0.00 0.00 0.00
Year Ended 7/31/2006 (a) 10.00 (0.07) (0.31) (0.38) 0.00 0.00 0.00
(a) The Henderson International Opportunities Fund Class R commenced
operations on September 30, 2005.The Henderson Japan-Asia Focus Fund
commenced operations on January 31, 2006.
(b) Per share data was calculated using average shares outstanding during the
period.
(c) 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.
(d) Total returns include the $0.03 impact from payment by affiliates. Absent
this payment, results would have been lower.
(*) Amount represents less than $0.01.
See Notes to Financial Statements.
74
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
NET ASSET NET ASSETS,
PAYMENT VALUE, END OF
REDEMPTION BY END OF TOTAL PERIOD
FEES AFFILIATES THE PERIOD RETURN (c) (000)
- ------------------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES
CLASS A
Period Ended 1/31/2009 0.00* 0.00 $ 13.77 (36.41)% $ 1,455,729
Year Ended 7/31/2008 0.00* 0.00 22.11 (10.54) 2,811,488
Year Ended 7/31/2007 0.00 0.00 26.91 30.69 2,166,598
Year Ended 7/31/2006 0.00 0.00 21.52 25.98 1,007,241
Year Ended 7/31/2005 0.00 0.00 17.77 20.77 332,370
Year Ended 7/31/2004 0.00 0.00 14.94 26.15 104,255
CLASS B
Period Ended 1/31/2009 0.00* 0.00 13.13 (36.66)% $ 72,343
Year Ended 7/31/2008 0.00* 0.00 21.00 (11.20) 126,231
Year Ended 7/31/2007 0.00 0.00 25.85 29.75 130,558
Year Ended 7/31/2006 0.00 0.00 20.82 24.97 77,695
Year Ended 7/31/2005 0.00 0.00 17.35 19.87 37,291
Year Ended 7/31/2004 0.00 0.00 14.70 25.29 16,559
CLASS C
Period Ended 1/31/2009 0.00* 0.00 13.12 (36.67)% $ 577,168
Year Ended 7/31/2008 0.00* 0.00 20.99 (11.17) 1,155,137
Year Ended 7/31/2007 0.00 0.00 25.83 29.72 1,073,481
Year Ended 7/31/2006 0.00 0.00 20.81 25.06 497,402
Year Ended 7/31/2005 0.00 0.00 17.33 19.90 161,712
Year Ended 7/31/2004 0.00 0.00 14.68 25.12 63,396
CLASS R
Period Ended 1/31/2009 0.00* 0.00 13.67 (36.47)% $ 1,343
Year Ended 7/31/2008 0.00* 0.00 21.94 (10.75) 2,053
Year Ended 7/31/2007 0.00 0.00 26.78 30.52 903
Year Ended 7/31/2006 (a) 0.00 0.00 21.46 17.07 131
JAPAN-ASIA FOCUS
CLASS A
Period Ended 1/31/2009 0.00* 0.00 5.76 (25.68)% $ 20,064
Year Ended 7/31/2008 0.00* 0.03 7.75 (20.25)(d) 32,021
Year Ended 7/31/2007 0.00 0.00 10.13 4.97 61,316
Year Ended 7/31/2006 (a) 0.00 0.00 9.65 (3.50) 39,381
CLASS C
Period Ended 1/31/2009 0.00 0.00 5.64 (25.79)% $ 12,784
Year Ended 7/31/2008 0.00* 0.03 7.60 (20.97)(d) 19,920
Year Ended 7/31/2007 0.00 0.00 10.03 4.26 36,496
Year Ended 7/31/2006 (a) 0.00 0.00 9.62 (3.80) 18,508
RATIOS TO AVERAGE NET ASSETS:
-----------------------------------------------------------
ANNUALIZED RATIO OF
ANNUALIZED ANNUALIZED OPERATING EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
OPERATING NET INVESTMENT ASSETS WITHOUT
EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
AVERAGE TO AVERAGE EXPENSES TURNOVER
NET ASSETS NET ASSETS REIMBURSED RATE
- ----------------------------------------------------------------------------------------
INTERNATIONAL OPPORTUNITIES
CLASS A
Period Ended 1/31/2009 1.55% 1.35% 1.55% 33%
Year Ended 7/31/2008 1.45 0.75 1.45 83
Year Ended 7/31/2007 1.56 0.07 1.56 79
Year Ended 7/31/2006 1.66 0.68 1.66 100
Year Ended 7/31/2005 2.00 (0.01) 1.84 79
Year Ended 7/31/2004 2.00 (0.68) 2.21 132
CLASS B
Period Ended 1/31/2009 2.30% 0.57% 2.30% 33%
Year Ended 7/31/2008 2.20 (0.08) 2.20 83
Year Ended 7/31/2007 2.31 (0.71) 2.31 79
Year Ended 7/31/2006 2.41 (0.16) 2.41 100
Year Ended 7/31/2005 2.75 (0.84) 2.59 79
Year Ended 7/31/2004 2.75 (1.52) 2.96 132
CLASS C
Period Ended 1/31/2009 2.30% 0.61% 2.30% 33%
Year Ended 7/31/2008 2.20 (0.06) 2.20 83
Year Ended 7/31/2007 2.31 (0.67) 2.31 79
Year Ended 7/31/2006 2.41 (0.05) 2.41 100
Year Ended 7/31/2005 2.75 (0.80) 2.59 79
Year Ended 7/31/2004 2.75 (1.46) 2.96 132
CLASS R
Period Ended 1/31/2009 1.80% 1.06% 1.80% 33%
Year Ended 7/31/2008 1.70 0.61 1.70 83
Year Ended 7/31/2007 1.81 0.04 1.81 79
Year Ended 7/31/2006 (a) 1.91 0.54 1.91 100
JAPAN-ASIA FOCUS
CLASS A
Period Ended 1/31/2009 1.94% 0.15% 2.02% 38%
Year Ended 7/31/2008 1.75 0.12 1.75 68
Year Ended 7/31/2007 1.84 (0.47) 1.83 61
Year Ended 7/31/2006 (a) 2.00 (0.63) 2.40 29
CLASS C
Period Ended 1/31/2009 2.69% (0.62)% 2.77% 38%
Year Ended 7/31/2008 2.50 (0.71) 2.50 68
Year Ended 7/31/2007 2.59 (1.23) 2.58 61
Year Ended 7/31/2006 (a) 2.75 (1.37) 3.15 29
See Notes to Financial Statements.
75
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED
INCOME (LOSS) FROM INVESTMENT OPERATIONS: LESS DISTRIBUTIONS:
-------------------------------------------------- ----------------------------------------
NET DIVIDENDS DISTRIBUTIONS
NET ASSET NET REALIZED AND TOTAL FROM FROM NET
VALUE, INVESTMENT UNREALIZED GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT INVESTMENT CAPITAL TOTAL
OF PERIOD (LOSS) (b) INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS
- ----------------------------------------------------------------------------------------------------------------------
US FOCUS
CLASS A
Period Ended 1/31/2009 $ 9.61 0.01 (3.46) (3.45) 0.00 (0.16) (0.16)
Year Ended 7/31/2008 11.99 (0.03) (0.61) (0.64) 0.00 (1.74) (1.74)
Year Ended 7/31/2007 10.35 (0.05) 2.32 2.27 0.00 (0.63) (0.63)
Year Ended 7/31/2006 10.93 (0.13) (0.38) (0.51) 0.00 (0.07) (0.07)
Year Ended 7/31/2005 9.69 (0.12) 1.41 1.29 (0.05) 0.00 (0.05)
Year Ended 7/31/2004 (a) 10.00 (0.04) (0.27) (0.31) 0.00 0.00 0.00
CLASS B
Period Ended 1/31/2009 $ 9.28 (0.01) (3.34) (3.35) 0.00 (0.16) (0.16)
Year Ended 7/31/2008 11.72 (0.10) (0.60) (0.70) 0.00 (1.74) (1.74)
Year Ended 7/31/2007 10.20 (0.13) 2.28 2.15 0.00 (0.63) (0.63)
Year Ended 7/31/2006 10.85 (0.21) (0.37) (0.58) 0.00 (0.07) (0.07)
Year Ended 7/31/2005 9.67 (0.19) 1.39 1.20 (0.02) 0.00 (0.02)
Year Ended 7/31/2004 (a) 10.00 (0.05) (0.28) (0.33) 0.00 0.00 0.00
CLASS C
Period Ended 1/31/2009 $ 9.28 (0.01) (3.34) (3.35) 0.00 (0.16) (0.16)
Year Ended 7/31/2008 11.72 (0.10) (0.60) (0.70) 0.00 (1.74) (1.74)
Year Ended 7/31/2007 10.20 (0.14) 2.29 2.15 0.00 (0.63) (0.63)
Year Ended 7/31/2006 10.85 (0.21) (0.37) (0.58) 0.00 (0.07) (0.07)
Year Ended 7/31/2005 9.67 (0.20) 1.40 1.20 (0.02) 0.00 (0.02)
Year Ended 7/31/2004 (a) 10.00 (0.05) (0.28) (0.33) 0.00 0.00 0.00
WORLDWIDE INCOME
CLASS A
Period Ended 1/31/2009 $ 9.45 0.38 (3.37) (2.99) (0.44) 0.00 (0.44)
Year Ended 7/31/2008 10.87 0.71 (1.37) (0.66) (0.76) 0.00 (0.76)
Year Ended 7/31/2007 10.78 0.66 0.08 0.74 (0.65) 0.00 (0.65)
Year Ended 7/31/2006 11.03 0.71 (0.22) 0.49 (0.74) 0.00 (0.74)
Year Ended 7/31/2005 10.73 0.66 0.40 1.06 (0.72) (0.04) (0.76)
Year Ended 7/31/2004 (a) 10.00 0.54 0.73 1.27 (0.54) 0.00 (0.54)
CLASS B
Period Ended 1/31/2009 $ 9.44 0.35 (3.37) (3.02) (0.40) 0.00 (0.40)
Year Ended 7/31/2008 10.84 0.64 (1.36) (0.72) (0.68) 0.00 (0.68)
Year Ended 7/31/2007 10.76 0.57 0.07 0.64 (0.56) 0.00 (0.56)
Year Ended 7/31/2006 11.00 0.62 (0.20) 0.42 (0.66) 0.00 (0.66)
Year Ended 7/31/2005 10.72 0.58 0.38 0.96 (0.64) (0.04) (0.68)
Year Ended 7/31/2004 (a) 10.00 0.47 0.73 1.20 (0.48) 0.00 (0.48)
CLASS C
Period Ended 1/31/2009 $ 9.45 0.36 (3.40) (3.04) (0.40) 0.00 (0.40)
Year Ended 7/31/2008 10.86 0.64 (1.37) (0.73) (0.68) 0.00 (0.68)
Year Ended 7/31/2007 10.78 0.57 0.07 0.64 (0.56) 0.00 (0.56)
Year Ended 7/31/2006 11.02 0.63 (0.21) 0.42 (0.66) 0.00 (0.66)
Year Ended 7/31/2005 10.73 0.58 0.39 0.97 (0.64) (0.04) (0.68)
Year Ended 7/31/2004 (a) 10.00 0.46 0.75 1.21 (0.48) 0.00 (0.48)
(a) The Henderson US Focus Fund commenced operations on April 30, 2004. The
Henderson Worldwide Income Fund commenced operations on September 30, 2003.
(b) Per share data was calculated using average shares outstanding during the
period.
(c) 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.
(*) Amount represents less than $0.01.
See Notes to Financial Statements.
76
HENDERSON GLOBAL FUNDS FINANCIAL HIGHLIGHTS
(UNAUDITED)
RATIOS TO AVERAGE NET ASSETS:
-------------------------------------------
ANNUALIZED
RATIO OF
OPERATING
ANNUALIZED ANNUALIZED EXPENSES
RATIO OF RATIO OF TO AVERAGE NET
NET ASSET NET ASSETS, OPERATING NET INVESTMENT ASSETS WITHOUT
VALUE, END OF EXPENSES TO INCOME/(LOSS) WAIVERS AND/OR PORTFOLIO
REDEMPTION END OF TOTAL PERIOD AVERAGE TO AVERAGE EXPENSES TURNOVER
FEES THE PERIOD RETURN (c) (000) NET ASSETS NET ASSETS REIMBURSED RATE
- ---------------------------------------------------------------------------------------------------------------------------------
US FOCUS
CLASS A
Period Ended 1/31/2009 0.00* $ 6.00 (35.90)% $ 2,481 1.40% 0.32% 3.34% 64%
Year Ended 7/31/2008 0.00 9.61 (7.20) 6,227 1.40 (0.24) 2.67 95
Year Ended 7/31/2007 0.00 11.99 22.55 9,328 1.95 (0.45) 2.95 167
Year Ended 7/31/2006 0.00 10.35 (4.69) 10,991 2.00 (1.18) 2.45 98
Year Ended 7/31/2005 0.00 10.93 13.34 14,752 2.00 (1.19) 3.37 80
Year Ended 7/31/2004 (a) 0.00 9.69 (3.10) 1,467 2.00 (1.41) 22.58 11
CLASS B
Period Ended 1/31/2009 0.00* 5.77 (36.10)% $ 645 2.15% (0.37)% 4.09% 64%
Year Ended 7/31/2008 0.00 9.28 (7.95) 662 2.15 (0.99) 3.42 95
Year Ended 7/31/2007 0.00 11.72 21.67 998 2.70 (1.23) 3.70 167
Year Ended 7/31/2006 0.00 10.20 (5.38) 1,292 2.75 (1.92) 3.20 98
Year Ended 7/31/2005 0.00 10.85 12.46 3,002 2.75 (1.84) 4.12 80
Year Ended 7/31/2004 (a) 0.00 9.67 (3.30) 1,483 2.75 (2.21) 23.32 11
CLASS C
Period Ended 1/31/2009 0.00* 5.77 (36.10)% $ 1,903 2.15% (0.39)% 4.09% 64%
Year Ended 7/31/2008 0.00 9.28 (7.95) 2,328 2.15 (0.98) 3.42 95
Year Ended 7/31/2007 0.00 11.72 21.67 2,789 2.70 (1.21) 3.70 167
Year Ended 7/31/2006 0.00 10.20 (5.38) 3,065 2.75 (1.93) 3.20 98
Year Ended 7/31/2005 0.00 10.85 12.46 3,849 2.75 (1.95) 4.12 80
Year Ended 7/31/2004 (a) 0.00 9.67 (3.30) 356 2.75 (2.21) 23.32 11
WORLDWIDE INCOME
CLASS A
Period Ended 1/31/2009 0.00* 6.02 (32.04)% $ 24,390 1.30% 9.94% 1.50% 17%
Year Ended 7/31/2008 0.00* 9.45 (6.47) 64,687 1.30 6.87 1.45 41
Year Ended 7/31/2007 0.00 10.87 6.71 39,470 1.30 5.89 1.77 73
Year Ended 7/31/2006 0.00 10.78 4.70 17,927 1.30 6.61 1.93 161
Year Ended 7/31/2005 0.00 11.03 10.07 16,375 1.30 5.98 2.08 137
Year Ended 7/31/2004 (a) 0.00 10.73 12.81 7,628 1.30 5.89 3.49 327
CLASS B
Period Ended 1/31/2009 0.00* 6.02 (32.28)% $ 3,462 2.05% 9.42% 2.25% 17%
Year Ended 7/31/2008 0.00* 9.44 (7.00) 5,789 2.05 6.13 2.20 41
Year Ended 7/31/2007 0.00 10.84 5.93 5,003 2.05 5.17 2.52 73
Year Ended 7/31/2006 0.00 10.76 3.93 5,210 2.05 5.77 2.68 161
Year Ended 7/31/2005 0.00 11.00 9.07 4,751 2.05 5.23 2.83 137
Year Ended 7/31/2004 (a) 0.00 10.72 12.08 3,344 2.05 5.29 4.24 327
CLASS C
Period Ended 1/31/2009 0.00* 6.01 (32.46)% $ 24,237 2.05% 9.21% 2.25% 17%
Year Ended 7/31/2008 0.00* 9.45 (7.09) 62,906 2.05 6.17 2.20 41
Year Ended 7/31/2007 0.00 10.86 5.92 29,752 2.05 5.11 2.52 73
Year Ended 7/31/2006 0.00 10.78 3.92 13,150 2.05 5.78 2.68 161
Year Ended 7/31/2005 0.00 11.02 9.16 13,580 2.05 5.23 2.83 137
Year Ended 7/31/2004 (a) 0.00 10.73 12.18 8,047 2.05 5.26 4.24 327
See Notes to Financial Statements.
77
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1.ORGANIZATION
Henderson Global Funds (the "Trust") was organized on May 11, 2001, as a
Delaware business trust and is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), as an open-end management investment company.
The Trust has an unlimited number of authorized shares that are divided among
eleven series. Two series of the Trust, Henderson Global Real Estate Equities
Fund and Henderson International Equity Fund, are not included in this report
because their fiscal year end is December 31. Henderson European Focus Fund
("European Focus"), Henderson Global Equity Income Fund ("Global Equity
Income"), Henderson Global Opportunities Fund ("Global Opportunities"),
Henderson Global Technology Fund ("Global Technology"), Henderson Industries of
the Future Fund ("Industries of the Future"), Henderson International
Opportunities Fund ("International Opportunities"), Henderson Japan-Asia Focus
Fund ("Japan-Asia Focus"), Henderson US Focus Fund ("US Focus") and Henderson
Worldwide Income Fund ("Worldwide Income"), collectively, (the "Funds") are each
a separate series of the Trust. Each Fund except Global Equity Income, Global
Opportunities and Japan-Asia Focus is diversified. Each of the Funds except
Global Equity Income, Global Opportunities and Japan-Asia Focus, offer Class A
shares, Class B shares and Class C shares. Global Equity Income, Global
Opportunities and Japan-Asia Focus offer Class A shares and Class C shares.
Class A shares generally provide for a front-end sales charge, and Class B
shares and Class C shares provide for a contingent deferred sales charge.
International Opportunities also offers Class R shares which are not subject to
a front-end or contingent deferred sales charge. Each class of shares has equal
rights as to earnings and assets except that each class bears different
distribution and shareholder service expenses. Each class of shares has
exclusive voting rights with respect to matters that affect just that class.
Income, expenses (other than expenses attributable to a specific class), and
realized and unrealized gains and losses on investments are allocated to each
class of shares based on its relative net assets. Class B shares automatically
convert to Class A shares at the end of the month following the eighth
anniversary of issuance.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
SECURITY VALUATION
Securities traded on a recognized exchange or market are generally valued at the
last reported sale price or at the official closing price. Listed securities for
which no sale was reported on that date and other securities traded in the
over-the-counter market are valued at the mean between the last bid and asked
prices.
Debt securities are valued at the last sales price or market value by
independent pricing services approved by the Trustees of the Trust. If the
pricing services are unable to provide valuations, the securities are valued at
the mean between the last bid and asked prices or if no ask is available, then
the last bid price obtained from one or more broker dealers. Such pricing
services may use various pricing techniques, which take into account appropriate
factors such as yield, quality, coupon rate, maturity, type of issue, trading
characteristics and other data, as well as broker quotes.
Short-term investments purchased with an original or remaining maturity of 60
days or less are valued at amortized cost, which approximates market value.
If market quotations are not readily available, or if the investment adviser
determines that a quotation of a security does not represent a fair value, then
the security is valued at a fair value as determined in good faith using
procedures approved by the Trustees of the Trust. The Trust has retained an
independent statistical fair value pricing service to assist in the fair
valuation process for securities principally traded in a foreign market in order
to adjust for possible changes in value that may occur between the close of the
foreign exchange and the time at which Fund shares are priced. If a security is
valued at a "fair value", that value may be different from the last quoted
market price for the security. As a result, it is possible that fair value
prices will be used by European Focus, Global Equity Income, Global
Opportunities, Global Technology, Industries of the Future, International
Opportunities, Japan-Asia Focus and Worldwide Income.
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Investment transactions are accounted for on trade date. Interest income is
recorded on an accrual basis. Dividend income is recorded on the ex-dividend
date. Bond premium is amortized and discount is accreted over the expected life
of each applicable security. Corporate actions involving foreign securities,
including dividends, are recorded as soon as the information becomes available.
Withholding taxes on foreign dividends are accrued in accordance with the
applicable country's tax rules and rates. Securities gains and losses are
determined on the identified cost basis, which is the same basis used for
federal income tax purposes.
FOREIGN CURRENCY TRANSLATION
Investment securities and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollar amounts at the date of valuation.
Purchases and sales
78
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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.
INDEMNIFICATIONS
Under the Trust's organizational documents, its Officers and Trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Trust. In addition, in the normal course of business the Trust
enters into contracts that provide general indemnifications to other parties.
The Trust's maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Trust that have not yet been
asserted.
USE OF ESTIMATES
The preparation of financial statements, in conformity with United States
generally accepted accounting principles, requires management to make estimates
and assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results may differ from those estimates.
FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts primarily to hedge
against foreign currency exchange rate risks on their non-U.S. dollar
denominated investment securities. When entering into forward foreign currency
contracts, a Fund agrees to receive or deliver a fixed quantity of foreign
currency for an agreed-upon price on an agreed future date. Realized gains or
losses on forwards include net gains or losses on contracts that have matured or
which a Fund has terminated by entering into offsetting closing transactions.
Forward foreign currency contracts are valued daily and the unrealized
appreciation or depreciation is included in the 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 held the following open forward foreign currency contracts at January
31, 2009:
LOCAL UNREALIZED
VALUE AMOUNT CURRENT APPRECIATION
DATE (000'S) VALUE (DEPRECIATION)
- ------------------------------------------------------------------------------
EUROPEAN FOCUS
- ------------------------------------------------------------------------------
Euro Short 4/9/09 38,000 $ 48,612,942 $ 3,447,058
- ------------------------------------------------------------------------------
Euro Long 4/9/09 38,000 48,612,942 (600,858)
==============================================================================
GLOBAL EQUITY INCOME
- ------------------------------------------------------------------------------
British Pound Short 4/9/09 42,000 $ 60,820,820 $ 3,140,980
==============================================================================
INTERNATIONAL OPPORTUNITIES
- ------------------------------------------------------------------------------
Euro Short 4/9/09 65,000 $ 83,153,717 $ 5,896,283
- ------------------------------------------------------------------------------
Euro Short 4/9/09 85,000 108,739,475 7,710,525
- ------------------------------------------------------------------------------
Euro Long 4/9/09 85,000 108,739,475 (1,344,025)
- ------------------------------------------------------------------------------
Euro Long 4/9/09 65,000 83,153,717 (1,027,483)
==============================================================================
WORLDWIDE INCOME
- ------------------------------------------------------------------------------
British Pound Short 2/25/09 4,307 $ 6,239,537 $ (304,492)
- ------------------------------------------------------------------------------
British Pound Long 2/25/09 839 1,215,860 15,860
- ------------------------------------------------------------------------------
Euro Short 2/25/09 16,253 20,803,524 179,310
- ------------------------------------------------------------------------------
Euro Long 2/25/09 915 1,170,970 (29,030)
==============================================================================
79
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
SECURITIES LOANS
The Funds may make secured loans of its portfolio securities amounting to not
more than 33 1/3% of its total assets (taken at market value at the time of such
loan), thereby realizing additional income. The risks in lending portfolio
securities, as with other extensions of credit, consist of possible delay in
recovery of the securities, 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 six months ended
January 31, 2009, 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.
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
Industries of the Future have been deferred in conformity with United States
generally accepted accounting principles and are being amortized on a
straight-line basis over the first twelve months after commencement of
operations.
FEDERAL INCOME TAXES
The Trust's policy is that each Fund continue to comply with the requirements of
Subchapter M of the Internal Revenue Code that are applicable to regulated
investment companies and to distribute substantially all its taxable income to
shareholders. Therefore, no federal income tax provision is required. The Funds
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 July 31, 2008, the last tax year end, Global Equity Income had
$506,123 accumulated capital loss carryforward, expiring on July 31, 2016.
Japan-Asia Focus had $949,426 accumulated capital loss carryforward expiring on
July 31, 2016. Worldwide Income had $1,028,576 accumulated capital loss
carryforward, of which for tax purposes, $341,836 expires on July 31, 2014,
$207,447 expiring on July 31, 2015 and $479,293 expiring on July 31, 2016.
At July 31, 2008, the following funds deferred post-October losses which will be
recognized on the first day of the following year:
CURRENCY LOSS CAPITAL LOSS
DEFERRED DEFERRED
- --------------------------------------------------------------------------------
Global Equity Income -- $ 22,920,771
Global Opportunities -- 1,411,385
Global Technology $ 117,497 35,369,524
International Opportunities -- 56,011,086
Japan-Asia Focus 136,632 5,817,118
Worldwide Income -- 6,915,512
================================================================================
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
80
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
previously filed tax returns, the Fund's tax return for the period ended July
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.
The tax character of distributions paid during the six months ended January 31,
2009, and July 31, 2008, were as follows:
ESTIMATED ESTIMATED
SIX MONTHS ENDED ORDINARY LONG-TERM
JANUARY 31, 2009 INCOME CAPITAL GAINS
- --------------------------------------------------------------------------------
European Focus $ 12,211,000 $ 39,639,000
Global Equity Income 7,540,067 --
Global Opportunities 87,500 --
International Opportunities 25,876,200 13,463,800
US Focus -- 148,000
Worldwide Income 4,749,744 --
LONG-TERM
YEAR ENDED ORDINARY CAPITAL TAX RETURN
JULY 31, 2008 INCOME GAINS OF CAPITAL
- --------------------------------------------------------------------------------
European Focus $ 92,199,201 $ 62,200,501 --
Global Equity 24,187,756 -- --
Global Opportunities 131,992 -- --
Global Technology 875,260 2,017,033 $ 1,374,433
International Opportunities 272,640,686 78,060,069 --
Japan-Asia Focus 1,865,937 1,538,574 --
US Focus 555,866 1,211,152 --
Worldwide Income 8,999,619 -- --
================================================================================
As of July 31, 2008, the components of distributable earnings on a tax basis
were as follows:
UNDISTRIBUTED UNDISTRIBUTED UNREALIZED
ORDINARY LONG-TERM APPRECIATION
INCOME CAPITAL GAIN (DEPRECIATION)
- --------------------------------------------------------------------------------
European Focus $ 12,220,537 $ 39,575,891 $ (86,710,441)
- --------------------------------------------------------------------------------
Global Equity Income 1,595,298 -- (54,423,102)
- --------------------------------------------------------------------------------
Global Opportunities 86,909 -- (1,572,099)
- --------------------------------------------------------------------------------
Global Technology -- (2,297,397)
- --------------------------------------------------------------------------------
International Opportunities 20,769,876 21,779 (84,364,964)
- --------------------------------------------------------------------------------
Japan-Asia Focus -- -- (13,500,007)
- --------------------------------------------------------------------------------
US Focus -- 147,706 417,457
- --------------------------------------------------------------------------------
Worldwide Income 521,967 -- (14,991,237)
================================================================================
Ordinary income and net realized gains/losses may differ for book and tax basis
reporting purposes due to post-October losses, which are not recognized for tax
purposes until the first day of the following fiscal year, tax deferral on wash
sales and PFIC transactions.
NOTE 3. INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to an Investment Advisory Agreement, Henderson Global Investors (North
America) Inc. ("HGINA") acts as the Funds' investment adviser. HGINA is an
indirect wholly owned subsidiary of Henderson Global Investors (Holdings) plc,
which is an indirect wholly owned subsidiary of Henderson Group plc. HGINA
supervises the investments of the Funds and receives a management fee for such
services. The fee is calculated daily and paid monthly based on each Fund's
average daily net assets (or average daily managed
81
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
assets with the respect to Worldwide Income) at the following annual rates:
European Focus First $500 million 1.00%
Next $1 billion 0.90%
Over $1.5 billion 0.85%
- -------------------------------------------------------------------------------
Global Equity Income First $500 million 0.90%
Next $500 million 0.80%
Next $500 million 0.70%
Over $1.5 billion 0.60%
- -------------------------------------------------------------------------------
Global Opportunities First $1 billion 1.10%
Next $1 billion 0.95%
Over $2 billion 0.85%
- -------------------------------------------------------------------------------
Global Technology First $500 million 1.00%
Next $500 million 0.95%
Over $1 billion 0.90%
- -------------------------------------------------------------------------------
Industries of the Future First $500 million 1.00%
Next $1 billion 0.90%
Over $1.5 billion 0.85%
- -------------------------------------------------------------------------------
International Opportunities First $1 billion 1.10%
Next $1 billion 0.95%
Over $2 billion 0.85%
- -------------------------------------------------------------------------------
Japan-Asia Focus First $500 million 1.00%
Next $1 billion 0.90%
Over $1.5 billion 0.85%
- -------------------------------------------------------------------------------
US Focus First $150 million 0.95%
Over $150 million 0.85%
- -------------------------------------------------------------------------------
Worldwide Income (1) First $500 million 0.85%
Next $500 million 0.75%
Next $500 million 0.70%
Over $1.5 billion 0.65%
===============================================================================
(1) The fee for Worldwide Income is based upon the Fund's average daily managed
assets. Managed assets mean the total assets of the Fund (including any assets
attributable to any leverage that may be outstanding) minus the sum of accrued
liabilities (other than debt representing financial leverage). Since the Fund
pays the HGINA based on the Fund's average daily managed assets, the HGINA's fee
will be higher if the Fund is leveraged.
Pursuant to separate contractual Expense Limitation Agreements, HGINA has agreed
to waive or limit its advisory fee and, if necessary, to reimburse other
operating expenses of each Fund in order to limit total annual expenses, less
distribution and service fees, to 1.75% of average daily net assets for European
Focus, Global Technology, International Opportunities and Japan-Asia Focus, to
1.15% of average daily net assets for Global Equity and US Focus, to 1.70% of
average daily net assets for Global Opportunities and Industries of the Future
and 1.05% of average daily net assets for Worldwide Income. These agreements are
effective through July 31, 2020. Under the Expense Limitation Agreements, the
annual expense limit including distribution and service fees as a percentage of
average daily net assets was as follows:
CLASS A CLASS B & C CLASS R
- ------------------------------------------------------------------------------
European Focus 2.00% 2.75% N/A
- ------------------------------------------------------------------------------
Global Equity Income 1.40 2.15 N/A
- ------------------------------------------------------------------------------
Global Opportunities 1.95 2.70 N/A
- ------------------------------------------------------------------------------
Global Technology 2.00 2.75 N/A
- ------------------------------------------------------------------------------
Industries of the Future 1.95 2.70 N/A
- ------------------------------------------------------------------------------
International Opportunities 2.00 2.75 2.25%
- ------------------------------------------------------------------------------
Japan-Asia Focus 2.00 2.75 N/A
- ------------------------------------------------------------------------------
US Focus 1.40 2.15 N/A
- ------------------------------------------------------------------------------
Worldwide Income 1.30 2.05 N/A
==============================================================================
HGINA may recover from Global Equity Income and Global Opportunities reimbursed
expenses relating to previous years provided the Fund's current expense ratio
falls below the expense limitation. The recovery of reimbursed expenses is
effective through November 30, 2009. The remaining amount of potentially
recoverable expenses at January 31, 2009 for Global Equity Income and Global
Opportunities was $380,977 and $441,959, respectively.
During the year ended July 31, 2008, HGINA reimbursed European Focus $373,077
for interest expense paid to the United States Treasury for ordinary income not
distributed in prior years which was the result of additional passive foreign
investment company ("PFIC') holdings identified in the portfolio. This amount
was reflected in the Statement of Operations - Fees waived and expenses
reimbursed by investment adviser.
Shares of the Funds are often purchased through financial intermediaries who are
agents of the Funds for the limited purpose of completing purchases and sales.
These intermediaries may provide certain networking and subtransfer agent
services with respect to Fund shares held by that intermediary for its
customers, and the intermediary may charge HGINA a fee for those services.
Effective
82
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
October 1, 2006, the Funds began reimbursing HGINA for such fees with limits
specified by the Board of Trustees. The fees are included in Transfer agent fees
in the Statement of Operations.
The Funds bear a portion of the compensation paid to the Compliance Officeres
who perform services for the Trust. This compensation is reflected as Compliance
Officer Fees in the Statements of Operations.
At January 31, 2009, HGINA owned the following number of shares in the following
Funds:
SHARES
- --------------------------------------------------------------------------------
Industries of the Future Class A 40,000
Industries of the Future Class C 5,000
================================================================================
HGINA is a direct subsidiary of Henderson International Inc.
("HII"). At January 31, 2009, HII owned the following
number of shares in the following Funds:
SHARES
- --------------------------------------------------------------------------------
European Focus Class A 793
Global Equity Income Class A 816
Global Opportunities Class A 60,830
Global Opportunities Class C 5,032
Global Technology Class A 732
International Opportunities Class A 882
International Opportunities Class R 1,523
US Focus Class A 12,813
Worldwide Income Class A 3,769
================================================================================
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. DISTRIBUTION
The Trust has adopted a distribution plan for Class A, Class B, Class C and
Class R shares of the Funds in accordance with Rule 12b-1 under the 1940 Act
(the "12b-1 Plan"). Under the 12b-1 Plan, each Fund pays the distributor an
annual fee of 0.25% of the average daily net assets attributable to its Class A
shares, an annual fee of 1.00% of the average daily net assets attributable to
its Class B and C shares, and an annual fee of .50% of average daily net assets
attributable to its Class R shares. The 12b-1 Plan is used to induce or
compensate financial intermediaries (including brokerage firms, depository
institutions and other firms) to provide distribution and/or services to the
Funds and their shareholders.
NOTE 6. INVESTMENT TRANSACTIONS
Purchases and sales of investment securities, excluding short-term investments
and U.S. government securities, for the Funds during the period ended January
31, 2009, were as follows:
PURCHASES SALES
- --------------------------------------------------------------------------------
European Focus $ 67,860,941 $ 556,916,028
Global Equity Income 148,852,254 263,884,300
Global Opportunities 25,831,876 22,178,428
Global Technology 94,864,150 117,931,877
Industries of the Future 711,061 420,498
International Opportunities 871,175,728 2,662,946,274
Japan-Asia Focus 14,930,211 39,592,855
US Focus 4,401,110 6,867,543
Worldwide Income 13,931,877 83,725,653
================================================================================
The U.S. federal income tax basis of the Funds' investments excluding foreign
currency and forward currency contracts at January 31, 2009, and the gross
unrealized appreciation and depreciation, were as follows:
EUROPEAN GLOBAL EQUITY
FOCUS INCOME
- --------------------------------------------------------------------------------
Cost $ 656,915,803 $ 355,751,093
- --------------------------------------------------------------------------------
Gross unrealized appreciation 14,320,855 1,757,632
- --------------------------------------------------------------------------------
Gross unrealized depreciation 368,772,749 111,019,126
- --------------------------------------------------------------------------------
Net unrealized depreciation (354,451,894) (109,261,494)
================================================================================
GLOBAL GLOBAL
OPPORTUNITIES TECHNOLOGY
- --------------------------------------------------------------------------------
Cost $ 14,901,409 $ 98,775,512
- --------------------------------------------------------------------------------
Gross unrealized appreciation 328,708 1,418,681
- --------------------------------------------------------------------------------
Gross unrealized depreciation 1,030,183 18,439,778
- --------------------------------------------------------------------------------
Net unrealized depreciation (701,475) (17,021,097)
================================================================================
83
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
INDUSTRIES OF INTERNATIONAL
THE FUTURE OPPORTUNITIES
- --------------------------------------------------------------------------------
Cost $ 630,088 $ 3,233,923,077
- --------------------------------------------------------------------------------
Gross unrealized appreciation 926 21,060,921
- --------------------------------------------------------------------------------
Gross unrealized depreciation 175,296 1,147,784,924
- --------------------------------------------------------------------------------
Net unrealized depreciation (174,370) (1,126,724,003)
================================================================================
JAPAN-ASIA US
FOCUS FOCUS
- --------------------------------------------------------------------------------
Cost $ 51,457,442 $ 6,765,488
- --------------------------------------------------------------------------------
Gross unrealized appreciation 501,329 78,791
- --------------------------------------------------------------------------------
Gross unrealized depreciation 18,093,057 1,753,197
- --------------------------------------------------------------------------------
Net unrealized depreciation (17,591,728) (1,674,406)
================================================================================
WORLDWIDE
INCOME
- --------------------------------------------------------------------------------
Cost $ 97,150,062
- --------------------------------------------------------------------------------
Gross unrealized appreciation --
- --------------------------------------------------------------------------------
Gross unrealized depreciation 45,986,398
- --------------------------------------------------------------------------------
Net unrealized depreciation (45,986,398)
================================================================================
Identified cost may differ for book and tax basis reporting purposes primarily
due to tax deferral of losses on wash sales, PFIC transactions and amortization
of premiums reflected as of January 31, 2009.
NOTE 7. SIGNIFICANT CONCENTRATIONS
European Focus, Global Equity Income, Global Opportunities, Global Technology,
Industries of the Future, International Opportunities, Japan-Asia Focus and
Worldwide Income invest a substantial percentage of their assets in securities
of foreign issuers. Worldwide Income may also invest a substantial percentage of
its net assets in securities of emerging market countries. These investments may
involve certain considerations and risks not typically associated with
investments in the United States as a result of, among other factors, the
possibility of future political and economic developments and the level of
governmental supervision and regulation of securities markets in the respective
countries. Some countries in which the Funds invest may require government
approval for repatriation of investment income, capital or the proceeds for
sales of securities by foreign investors. In addition, if there is deterioration
in a country's balance of payments or for other reasons, a country may impose
temporary restrictions on foreign capital remittances abroad. In addition,
changes in currency exchange rates will affect the value of investments
denominated in a foreign currency, as well as investment income derived from
those securities.
Worldwide Income invests primarily in income producing securities with a focus
on foreign investment grade debt. It may also invest in lower quality high yield
securities. Investing in high yield securities may involve greater risks and
considerations not typically associated with investing in U.S. Government bonds
and other high quality fixed-income securities. These securities are
non-investment grade securities, often referred to as "junk bonds". Economic
downturns may disrupt the high yield market and impair the ability of issuers to
repay principal and interest. Also, an increase in interest rates would likely
have an adverse impact on the value of such obligations. More over, high yield
securities may be less liquid due to the extent that there is no established
secondary market and because of a decline in value of such securities.
The Funds may invest a high percentage of their net assets in specific sectors
of the market in order to achieve a potentially greater investment return. As a
result, the economic, political and regulatory developments in a particular
sector of the market, positive or negative, have a greater impact on a Fund's
net assets and will cause the value of its shares to fluctuate more than if the
Fund did not concentrate its investments in a particular sector. In particular,
Global Technology concentrates its investments in issuers within specific
industries of the technology and telecommunications sectors. Valuations of
companies in these sectors are typically subject to greater volatility than
other sectors.
NOTE 8. BORROWING ARRANGEMENTS
The Trust has a $100 million credit facility that was entered into to facilitate
portfolio liquidity. Interest is charged to each participating fund based on its
borrowings at a rate per annum equal to the Federal Funds rate plus 0.50%. In
addition, a commitment fee of 0.10% per annum is accrued and apportioned among
the participating funds based on their pro-rata portion of the utilized line of
credit. The commitment fee is included in Miscellaneous fees on the Statement of
Operations. No amounts were borrowed under this facility during the six months
ended January 31, 2009.
84
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 9. REDEMPTION FEE
The Funds may impose a redemption fee of 2.00% on shares redeemed within 30 days
of purchase. The fee, which is not a sales charge, is retained by the Funds and
not paid to HGINA or its affiliates. Redemption fees are included in Amount
Redeemed on the Statements of Changes - Capital Stock Activity. Redemptions fees
during the six months ended January 31, 2009 were as follows:
REDEMPTION FEES
- --------------------------------------------------------------------------------
European Focus $ 9,756
Global Equity Income 24,917
Global Opportunities 2,118
Global Technology 4,664
Industries of the Future --
International Opportunities 54,101
Japan-Asia Focus 183
US Focus 1,632
Worldwide Income 6,512
================================================================================
NOTE 10. 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 January 31, 2009 in valuing
the Funds' investments carried at value:
EUROPEAN FOCUS
OTHER
INVESTMENTS IN FINANCIAL
VALUATION INPUTS SECURITIES INSTRUMENTS*
- --------------------------------------------------------------------------------
Level 1 - Quoted Prices $ 100,369,965 --
Level 2 - Other Significant
Observable Inputs 202,093,944 $ 2,846,200
Level 3 - Significant
Unobservable Inputs -- --
--------------------------------
Total $ 302,463,909 $ 2,846,200
================================
INVESTMENTS IN
SECURITIES
- --------------------------------------------------------------------------------
Balance as of 7-31-08 $ 663,843
Accrued discounts/premiums --
Realized gain (loss) --
Change in unrealized
appreciation/depreciation (663,843)
Net purchases (sales) --
Net transfers in and/or out of Level 3
- --------------------------------------------------------------------------------
Balance, as of 1/31/09 $ --
Net change in unrealized
appreciation/depreciation from
investments still held as of 1/31/09 $ (4,563,922)
GLOBAL EQUITY INCOME
OTHER
INVESTMENTS IN FINANCIAL
VALUATION INPUTS SECURITIES INSTRUMENTS*
- --------------------------------------------------------------------------------
Level 1 - Quoted Prices $ 99,842,919 --
Level 2 - Other Significant
Observable Inputs 146,646,680 $ 3,140,980
Level 3 - Significant
Unobservable Inputs -- --
--------------------------------
Total $ 246,489,599 $ 3,140,980
================================
Following is a reconciliation of investments in which significant unobservable
inputs (Level 3) were used in determining value:
85
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
GLOBAL OPPORTUNITIES
OTHER
INVESTMENTS IN FINANCIAL
VALUATION INPUTS SECURITIES INSTRUMENTS*
- --------------------------------------------------------------------------------
Level 1 - Quoted Prices $ 14,199,934 $ 0
Level 2 - Other Significant Observable Inputs -- --
Level 3 - Significant Unobservable Inputs -- --
--------------------------------
Total $ 14,199,934 $ 0
================================
GLOBAL TECHNOLOGY
OTHER
INVESTMENTS IN FINANCIAL
VALUATION INPUTS SECURITIES INSTRUMENTS*
- --------------------------------------------------------------------------------
Level 1 - Quoted Prices $ 67,329,782 $ 0
Level 2 - Other Significant Observable Inputs 14,424,633 --
Level 3 - Significant Unobservable Inputs -- --
--------------------------------
Total $ 81,754,415 $ 0
================================
INDUSTRIES OF THE FUTURE
OTHER
INVESTMENTS IN FINANCIAL
VALUATION INPUTS SECURITIES INSTRUMENTS*
- --------------------------------------------------------------------------------
Level 1 - Quoted Prices $ 269,072 $ 0
Level 2 - Other Significant Observable Inputs 186,646 --
Level 3 - Significant Unobservable Inputs -- --
--------------------------------
Total $ 455,718 $ 0
================================
INTERNATIONAL OPPORTUNITIES
OTHER
INVESTMENTS IN FINANCIAL
VALUATION INPUTS SECURITIES INSTRUMENTS*
- --------------------------------------------------------------------------------
Level 1 -
Quoted Prices $ 488,082,082 $ --
Level 2 - Other Significant
Observable Inputs 1,619,116,992 11,235,000
Level 3 - Significant Unobservable Inputs -- --
--------------------------------
Total $ 2,107,199,074 $ 11,235,000
================================
JAPAN-ASIA FOCUS
OTHER
INVESTMENTS IN FINANCIAL
VALUATION INPUTS SECURITIES INSTRUMENTS*
- --------------------------------------------------------------------------------
Level 1 -
Quoted Prices $ 7,916,369 $ 0
Level 2 - Other Significant
Observable Inputs 25,949,345 --
Level 3 - Significant Unobservable Inputs -- --
--------------------------------
Total $ 33,865,714 $ 0
================================
US FOCUS
OTHER
INVESTMENTS IN FINANCIAL
VALUATION INPUTS SECURITIES INSTRUMENTS*
- --------------------------------------------------------------------------------
Level 1 -
Quoted Prices $ 5,091,082 $ 0
Level 2 - Other Significant
Observable Inputs -- --
Level 3 - Significant Unobservable Inputs -- --
--------------------------------
Total $ 5,091,082 $ 0
================================
86
HENDERSON GLOBAL FUNDS NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
WORLDWIDE INCOME
OTHER
INVESTMENTS IN FINANCIAL
VALUATION INPUTS SECURITIES INSTRUMENTS*
- --------------------------------------------------------------------------------
Level 1 - Quoted Prices $ 8,291,117 $ 0
Level 2 - Other Significant Observable Inputs 42,265,147 (138,352)
Level 3 - Significant Unobservable Inputs 607,400 --
--------------------------------
Total $ 51,163,664 $ (138,352)
================================
Following is a reconciliation of investments in which significant unobservable
inputs (Level 3) were used in determining value:
INVESTMENTS IN
SECURITIES
- --------------------------------------------------------------------------------
Balance as of 7-31-08 $ 4,544,618
Accrued discounts/premiums 260
Realized gain (loss) --
Change in unrealized
appreciation/depreciation (2,597,130)
Net purchases (sales) --
Net transfers in and/or out of Level 3 (1,340,348)
- --------------------------------------------------------------------------------
Balance, as of 1/31/09 $ 607,400
Net change in unrealized
appreciation/depreciation from
investments still held as of 1/31/09 $ (4,353,531)
* Other financial instruments include futures, forwards and swap contracts.
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.
NOTE 11. SUBSEQUENT EVENT
On December 12, 2008, the Board of Directors approved a Plan of Liquidation
under which U.S. Focus Fund will be liquidated as of March 31, 2009.
87
HENDERSON GLOBAL FUNDS OTHER INFORMATION
(UNAUDITED)
PROXY VOTING POLICIES
The Funds have filed with the Securities and Exchange Commission their proxy
voting records for the 12-month period ending June 30, 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
866.443.6337or by visiting the Funds' website at
http://www.hendersonglobalfunds.com.
FEDERAL TAX INFORMATION
Certain tax information for the Funds is required to be provided to shareholders
based on the Funds' income and distributions for the taxable year ended July 31,
2009. The amounts shown may differ from those elsewhere in this report due to
differences between tax and financial reporting requirements. In January 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.
During the period ended January 31, 2009, US Focus designated long-term capital
gains of $148,000. This information is being provided in the semi-annual
shareholder report to shareholders because US Focus is scheduled to close on
March 31, 2009.
SHAREHOLDER EXPENSE
As a shareholder of the Funds, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments and redemption fees
and (2) ongoing costs, including management fees, distribution (12b-1) fees,
shareholder services fees and other Fund expenses. The example in Table 1 and
Table 2 is intended to help you understand your ongoing costs of investing in
the Funds and to compare these costs with ongoing costs of investing in other
mutual funds. It is based on an investment of $1,000 invested at the beginning
of the period and held for the entire six-month period ended January 31, 2009.
ACTUAL EXPENSES
Table 1 provides information about actual account values and actual expenses.
You may use the information in this line, together with the amount invested, to
estimate the expenses that you incurred over the period. Simply divide your
account value at the end of the period by $1,000 (for example, an $8,600 account
value divided by $1,000 = 8.6), then multiply the result by the number under the
heading entitled "Expenses Paid During Period" to estimate the expenses
attributable to your investment during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
Table 2 provides information about hypothetical account values and hypothetical
expenses based on the Funds' actual expense ratios and an assumed rate of return
of 5% per year before expenses, which is not the Funds' actual return. Thus you
should not use the hypothetical account values and expenses to estimate your
actual ending account balance or the expense attributable to your investment
during the period. Rather, these figures are provided to enable you to compare
the ongoing costs of investing in the Funds and other funds. To do so, compare
the 5% hypothetical examples with the 5% hypothetical examples that appear in
the shareholder reports of other funds.
Expenses paid during the period include amounts reflected in the Funds'
Statement of Operations net of reimbursements by the investment advisor. The
annualized expense ratios used in the example are as follows:
CLASS A CLASS B CLASS C CLASS R
- ------------------------------------------------------------------------------
European Focus 1.62% 2.37% 2.37% N/A
- ------------------------------------------------------------------------------
Global Equity Income 1.40 N/A 2.15 N/A
- ------------------------------------------------------------------------------
Global Opportunities 1.95 N/A 2.70 N/A
- ------------------------------------------------------------------------------
Global Technology 1.71 2.46 2.46 N/A
- ------------------------------------------------------------------------------
Industries of the Future 1.95 N/A 2.70 N/A
- ------------------------------------------------------------------------------
International Opportunities 1.55 2.30 2.30 1.80%
- ------------------------------------------------------------------------------
Japan-Asia Focus 1.94 N/A 2.69 N/A
- ------------------------------------------------------------------------------
US Focus 1.40 2.15 2.15 N/A
- ------------------------------------------------------------------------------
Worldwide Income 1.30 2.05 2.05 N/A
- ------------------------------------------------------------------------------
88
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 4,
7, 10, 13, 15, 17, 19, 21 and 23. Table 2 is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transaction costs were included, your
costs would have been higher.
TABLE 1
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE PAID
AUGUST 1, JANUARY 31, DURING
ACTUAL 2008 2009 THE PERIOD*
- -------------------------------------------------------------------------
European Focus
Class A $ 1,000.00 $ 499.60 $ 6.11
Class B 1,000.00 497.50 8.92
Class C 1,000.00 497.50 8.92
- -------------------------------------------------------------------------
Global Equity Income
Class A 1,000.00 723.25 6.08
Class C 1,000.00 720.65 9.32
- -------------------------------------------------------------------------
Global Opportunities
Class A 1,000.00 629.71 8.01
Class C 1,000.00 625.77 11.06
- -------------------------------------------------------------------------
Global Technology
Class A 1,000.00 669.30 7.19
Class B 1,000.00 666.40 10.33
Class C 1,000.00 666.40 10.33
- -------------------------------------------------------------------------
Industries of the Future
Class A 1,000.00 625.00 6.77
Class C 1,000.00 629.00 9.40
- -------------------------------------------------------------------------
International Opportunities
Class A 1,000.00 635.90 6.37
Class B 1,000.00 633.40 9.44
Class C 1,000.00 633.30 9.44
Class R 1,000.00 635.30 7.40
- -------------------------------------------------------------------------
Japan-Asia Focus
Class A 1,000.00 743.23 8.52
Class C 1,000.00 742.11 11.81
- -------------------------------------------------------------------------
US Focus
Class A 1,000.00 641.00 5.79
Class B 1,000.00 639.00 8.88
Class C 1,000.00 639.00 8.88
- -------------------------------------------------------------------------
Worldwide Income
Class A 1,000.00 679.61 5.49
Class B 1,000.00 677.19 8.64
Class C 1,000.00 675.40 8.64
=========================================================================
TABLE 2
BEGINNING ENDING
HYPOTHETICAL ACCOUNT ACCOUNT EXPENSES
(ASSUMING A VALUE VALUE PAID
5% RETURN AUGUST 1, JANUARY 31, DURING
BEFORE EXPENSES) 2008 2009 THE PERIOD*
- -------------------------------------------------------------------------
European Focus
Class A $ 1,000.00 $ 1016.86 $ 8.21
Class B 1,000.00 1013.09 11.99
Class C 1,000.00 1013.09 11.99
- -------------------------------------------------------------------------
Global Equity Income
Class A 1,000.00 1,017.94 7.12
Class C 1,000.00 1,014.16 10.92
- -------------------------------------------------------------------------
Global Opportunities
Class A 1,000.00 1,015.17 9.90
Class C 1,000.00 1,011.39 13.69
- -------------------------------------------------------------------------
Global Technology
Class A 1,000.00 1016.38 8.69
Class B 1,000.00 1012.60 12.48
Class C 1,000.00 1012.60 12.48
- -------------------------------------------------------------------------
Industries of the Future
Class A 1,000.00 1,016.67 8.40
Class C 1,000.00 1,013.46 11.62
- -------------------------------------------------------------------------
International Opportunities
Class A 1,000.00 1017.21 7.86
Class B 1,000.00 1013.44 11.64
Class C 1,000.00 1013.44 11.64
Class R 1,000.00 1015.95 9.12
- -------------------------------------------------------------------------
Japan-Asia Focus
Class A 1,000.00 1,015.22 9.85
Class C 1,000.00 1,011.44 13.64
- -------------------------------------------------------------------------
US Focus
Class A 1,000.00 1017.94 7.12
Class B 1,000.00 1014.16 10.92
Class C 1,000.00 1014.16 10.92
- -------------------------------------------------------------------------
Worldwide Income
Class A 1,000.00 1,018.46 6.60
Class B 1,000.00 1,014.69 10.38
Class C 1,000.00 1,014.69 10.38
=========================================================================
* Expenses are equal to the Funds' Class A, Class B, Class C and Class R
shares annualized net expense ratio multiplied by the average account
value over the period multiplied by 184 days in the period and divided by
365 (to reflect the one-half year period). Expenses for Industries of the
Future Fund Class A and Class C annualized net expense ratio multiplied by
the average account value over the period multiplied by 156 days in the
period and divided by 365 (to reflect the one-half year period
89
HENDERSON GLOBAL FUNDS TRUSTEES AND OFFICERES
(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
reinsurance); 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), 42 Trustee and Since 2001 Director, Global Distribution, None
President Henderson 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.
90
HENDERSON GLOBAL FUNDS TRUSTEES AND OFFICERES
(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 LLC,
2000-2004.
Troy M. Statczar, 37 Treasurer Since Head of US Fund Administration and N/A
September 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 1.866.4HENDERSON (1.866.443.6337).
91
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 1.866.4HENDERSON
(1.866.443.6337)
or visit our website:
www.hendersonglobalinvestors.com
The views expressed in this report and information about the Funds' portfolio
holdings are for the period covered by this report and are subject to change
hereafter. This report is submitted for the general information of the
shareholders of the Funds. It is not authorized for distribution to prospective
investors unless preceded or accompanied by an effective prospectus, which
includes information regarding the Funds' risks, objectives, fees and expenses,
experience of its management, and other information. Henderson Global Investors
is the name under which various subsidiaries of Henderson Group plc, a UK
limited company, provide investment products and services.
92
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 (March, 2009)
ITEM 2. CODE OF ETHICS.
Not required.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not required.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not required.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. 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 31, 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 31, 2009
By: /s/ Troy Statczar
-----------------
Troy Statczar
Treasurer (principal financial officer) of Henderson Global Funds
Date: March 31, 2009